FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-262701-03 | ||
FREE WRITING PROSPECTUS, DATED May 3, 2023
The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-262701) 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 website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BMO Capital Markets Corp., Barclays Capital Inc., Drexel Hamilton, LLC, Siebert Williams Shank & Co., LLC or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146.
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. 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.
The information in this File is preliminary and 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in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.
The securities related to this File are being offered when, as and if issued. This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicer, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, any risk retention consultation parties, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates. Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.
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 being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, 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.
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Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | % of Initial Pool Balance | % of Loan Balance | Mortgage Loan Originator | Mortgage Loan Seller | Related Group | Crossed Group | Address | City | County | State | Zip Code | General Property Type | Detailed Property Type | Year Built | Year Renovated | Number of Units | Unit of Measure | Loan Per Unit ($) | Original Balance ($) | Cut-off Date Balance ($) | Maturity/ARD Balance ($) | Interest Rate % | Administrative Fee Rate % | Net Mortgage Rate % | Monthly Debt Service (P&I) ($) | Monthly Debt Service (IO) ($) | Annual Debt Service (P&I) ($) | Annual Debt Service (IO) ($) | Amortization Type | ARD Loan (Yes / No) | Interest Accrual Method | Original Interest-Only Period (Mos.) | Remaining Interest-Only Period (Mos.) | Original Term To Maturity / ARD (Mos.) | Remaining Term To Maturity / ARD (Mos.) | Original Amortization Term (Mos.) | Remaining Amortization Term (Mos.) | Origination Date | Seasoning (Mos.) | Payment Due Date | First Payment Date | First P&I Payment Date | Maturity Date or Anticipated Repayment Date | Final Maturity Date | Grace Period - Late Fee (Days) | Grace Period - Default (Days) | Prepayment Provision | Most Recent EGI ($) | Most Recent Expenses ($) | Most Recent NOI ($) | Most Recent NOI Date | Most Recent Description | Second Most Recent EGI ($) | Second Most Recent Expenses ($) | Second Most Recent NOI ($) | Second Most Recent NOI Date | Second Most Recent Description | Third Most Recent EGI ($) | Third Most Recent Expenses ($) | Third Most Recent NOI ($) | Third Most Recent NOI Date | Third Most Recent Description | Underwritten Economic Occupancy (%) | Underwritten EGI ($) | Underwritten Expenses ($) | Underwritten Net Operating Income ($) | Underwritten Replacement / FF&E Reserve ($) | Underwritten TI / LC ($) | Underwritten Net Cash Flow ($) | Underwritten NOI DSCR (x) | Underwritten NCF DSCR (x) | Underwritten NOI Debt Yield (%) | Underwritten NCF Debt Yield (%) | Appraised Value ($) | Appraised Value Type | Appraisal Date | Cut-off Date LTV Ratio (%) | LTV Ratio at Maturity / ARD (%) | Leased Occupancy (%) | Occupancy Date | Single Tenant (Y/N) | Largest Tenant | Largest Tenant SF | Largest Tenant % of NRA | Largest Tenant Lease Expiration Date | Second Largest Tenant | Second Largest Tenant SF | Second Largest Tenant % of NRA | Second Largest Tenant Lease Expiration Date | Third Largest Tenant | Third Largest Tenant SF | Third Largest Tenant % of NRA | Third Largest Tenant Lease Expiration Date | Fourth Largest Tenant | Fourth Largest Tenant SF | Fourth Largest Tenant % of NRA | Fourth Largest Tenant Lease Expiration Date | Fifth Largest Tenant | Fifth Largest Tenant SF | Fifth Largest Tenant % of NRA | Fifth Largest Tenant Lease Expiration Date | Environmental Phase I Report Date | Environmental Phase II Report Date | Engineering Report Date | Seismic Report Date | PML or SEL (%) | Flood Zone | Ownership Interest | Ground Lease Expiration Date | Ground Lease Extension Terms | Annual Ground Lease Payment as of the Cut-off Date ($) | Annual Ground Rent Increases (Y/N) | Upfront RE Tax Reserve ($) | Monthly RE Tax Reserve ($) | Upfront Insurance Reserve ($) | Monthly Insurance Reserve ($) | Upfront Replacement / PIP Reserve ($) | Monthly Replacement / FF&E Reserve ($) | Replacement Reserve Caps ($) | Upfront TI/LC Reserve ($) | Monthly TI/LC Reserve ($) | TI/LC Caps ($) | Upfront Debt Service Reserve ($) | Monthly Debt Service Reserve ($) | Debt Service Reserve Cap ($) | Upfront Deferred Maintenance Reserve ($) | Upfront Other Reserve ($) | Monthly Other Reserve ($) | Other Reserve Description | Other Reserve Cap ($) | Holdback/ Earnout Amount ($) | Holdback/ Earnout Description | Lockbox Type | Cash Management | Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) | Tenant Specific Excess Cash Trap Trigger (Y/N) | Pari Passu (Y/N) | Pari Passu in Trust Controlling (Y/N) | Trust Pari Passu Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Subordinate Companion Loan Cut-off Date Balance ($) | Subordinate Companion Loan Interest Rate | Whole Loan Cut-off Date Balance ($) | Whole Loan Monthly Debt Service ($) | Whole Loan Cut-off Date LTV Ratio (%) | Whole Loan Underwritten NCF DSCR (x) | Whole Loan Underwritten NOI Debt Yield (%) | Mezzanine Debt Cut-off Date Balance($) | Mezzanine Debt Interest Rate (%) | Total Debt Cut-off Date Balance ($) | Total Debt Monthly Debt Service ($) | Total Debt Cut-off Date LTV Ratio (%) | Total Debt Underwritten NCF DSCR (x) | Total Debt Underwritten NOI Debt Yield (%) | Future Additional Debt Permitted (Y/N) | Future Debt Permitted Type | Sponsor | Non-Recourse Carveout Guarantor | Delaware Statutory Trust (Y/N) | Tenants-in-common (Y/N) | Loan Purpose | Property Located Within a Qualified Opportunity Zone (Y/N) | Sources: Loan Amount ($) | Sources: Principal's New Cash Contribution ($) | Sources: Subordinate Debt ($) | Sources: Other Sources ($) | Sources: Total Sources ($) | Uses: Loan Payoff ($) | Uses: Purchase Price ($) | Uses: Closing Costs ($) | Uses: Reserves ($) | Uses: Principal Equity Distribution ($) | Uses: Other Uses ($) | Uses: Total Uses ($) | Franchise Agreement Expiration | Underwritten ADR ($) | Underwritten RevPAR ($) | Underwritten Hotel Occupancy (%) | Most Recent ADR ($) | Most Recent RevPAR ($) | Most Recent Hotel Occupancy (%) | Second Most Recent ADR ($) | Second Most Recent RevPAR ($) | Second Most Recent Hotel Occupancy (%) | Third Most Recent ADR ($) | Third Most Recent RevPAR ($) | Third Most Recent Hotel Occupancy (%) |
1 | 2 | 2 | 3 | 4 | 4 | 5 | 6 | 6 | 6 | 6 | 6 | 4 | 4 | 9 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Loan | 8, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 | 7 | ICP/IRG Holdings Portfolio | 8.7% | JPMCB, 3650 REIT | JPMCB, 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | Various | Various | Various | Various | Various | Various | Various | Various | Various | 4,662,982 | SF | 38.60 | 75,000,000 | 75,000,000 | 75,000,000 | 7.35000% | 0.04137% | 7.30863% | NAP | 465,755.21 | NAP | 5,589,062.52 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/20/2023 | 0 | 1 | 6/1/2023 | NAP | 5/1/2028 | NAP | 0 | 0 | L(24),DorYM1(30),O(6) | 25,667,400 | 9,768,107 | 15,899,293 | 1/31/2023 | T-12 | 25,431,479 | 9,747,541 | 15,683,939 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 92.9% | 28,073,041 | 8,814,659 | 19,258,383 | 509,872 | 107,889 | 18,640,621 | 1.44 | 1.39 | 10.7% | 10.4% | 317,250,000 | As Is | Various | 56.7% | 56.7% | 94.2% | 907,455 | 247,190 | 0 | Springing | 0 | 58,287 | 0 | 3,000,000 | Springing | 1,830,000 | 0 | 0 | 0 | 851,224 | 0 | 0 | NAP | 0 | 0 | NAP | Hard | Springing | Yes | Yes | Yes | Yes | 75,000,000 | 105,000,000 | 652,057.29 | 1,117,812.50 | NAP | NAP | 180,000,000 | 1,117,812.50 | 56.7% | 1.39 | 10.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Industrial Commercial Properties and Industrial Realty Group | Holdings Ohio, LLC and Christopher Semarjian | No | Yes | Refinance | 180,000,000 | 0 | 0 | 0 | 180,000,000 | 132,024,335 | 0 | 9,870,791 | 4,758,679 | 33,346,195 | 0 | 180,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||
1.01 | Property | 1 | Romulus - Huron | 2.2% | 25.5% | 38481 West Huron River Drive | Romulus | Wayne | Michigan | 48174 | Industrial | Manufacturing/Warehouse | 1956 | NAP | 1,112,004 | SF | 19,125,000 | 19,125,000 | 19,125,000 | 6,044,161 | 1,910,668 | 4,133,493 | 1/31/2023 | T-12 | 5,982,826 | 1,888,220 | 4,094,606 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 5,669,096 | 1,288,804 | 4,380,293 | 111,200 | 7,542 | 4,261,550 | 70,700,000 | As Is | 9/6/2022 | 100.0% | 3/31/2023 | No | Renaissance Global Logistics, LLC | 826,604 | 74.3% | 8/31/2025 | Home Depot U.S.A., Inc. | 285,400 | 25.7% | 1/31/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/10/2023 | NAP | 3/29/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.02 | Property | 1 | Warren Perkins Jones | 2.0% | 22.5% | 541 Perkins Jones Road Northeast | Warren | Trumbull | Ohio | 44483 | Industrial | Warehouse/Distribution | 1982 | 2022 | 1,365,535 | SF | 16,875,000 | 16,875,000 | 16,875,000 | 5,542,599 | 1,663,702 | 3,878,897 | 1/31/2023 | T-12 | 5,423,911 | 1,658,112 | 3,765,799 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 99.2% | 5,932,793 | 1,612,491 | 4,320,302 | 136,554 | (26,713) | 4,210,462 | 60,900,000 | As Is | 9/6/2022 | 99.3% | 3/31/2023 | No | The Step2 Company, LLC | 586,000 | 42.9% | 11/3/2030 | The HC Companies, Inc. | 413,395 | 30.3% | 5/31/2030 | Hemasource, Inc. | 187,267 | 13.7% | 12/31/2033 | Berk Enterprises | 169,139 | 12.4% | 10/31/2025 | NAP | NAP | NAP | NAP | 4/7/2023 | NAP | 8/26/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.03 | Property | 1 | Cleveland American Industrial | 1.5% | 17.0% | 1 American Road | Cleveland | Cuyahoga | Ohio | 44144 | Industrial | Warehouse/Distribution | 1978 | 2022 | 1,142,265 | SF | 12,750,000 | 12,750,000 | 12,750,000 | 6,005,883 | 3,007,758 | 2,998,125 | 1/31/2023 | T-12 | 5,889,950 | 2,982,766 | 2,907,184 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 85.3% | 6,633,718 | 2,048,816 | 4,584,903 | 123,365 | 30,380 | 4,431,158 | 65,800,000 | As Is | 9/23/2022 | 85.6% | 3/31/2023 | No | Graphic Packaging International, LLC | 173,759 | 15.2% | 11/30/2025 | TRG Studios, Inc. | 156,523 | 13.7% | 7/31/2031 | Taylor Exhibition Services, Inc. | 100,773 | 8.8% | MTM | Inogen, Inc | 93,634 | 8.2% | 9/30/2024 | American Greetings | 90,446 | 7.9% | 6/29/2024 | 4/7/2023 | NAP | 3/29/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.04 | Property | 1 | Cleveland American Office | 1.3% | 14.5% | 100 American Road | Cleveland | Cuyahoga | Ohio | 44144 | Office | Suburban | 1978 | 2020 | 344,355 | SF | 10,875,000 | 10,875,000 | 10,875,000 | 4,736,522 | 1,681,765 | 3,054,757 | 1/31/2023 | T-12 | 4,731,453 | 1,655,425 | 3,076,028 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 5,124,002 | 2,042,870 | 3,081,132 | 68,871 | 56,484 | 2,955,777 | 46,600,000 | As Is | 9/23/2022 | 100.0% | 3/31/2023 | Yes | Medical Mutual of Ohio | 344,355 | 100.0% | 12/31/2035 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/7/2023 | NAP | 8/29/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.05 | Property | 1 | Miles North Randall | 1.1% | 13.0% | 21201 Miles Road | North Randall | Cuyahoga | Ohio | 44128 | Industrial | Warehouse/Distribution | 2021 | NAP | 302,400 | SF | 9,750,000 | 9,750,000 | 9,750,000 | 1,449,373 | 1,074,383 | 374,990 | 1/31/2023 | T-12 | 1,509,218 | 1,137,995 | 371,224 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 68.3% | 2,056,816 | 1,067,776 | 989,040 | 30,240 | 21,783 | 937,017 | 39,000,000 | As Is | 9/2/2022 | 68.5% | 3/31/2023 | No | Pipeline Packaging Co. | 207,132 | 68.5% | 4/30/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/7/2023 | NAP | 8/29/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | Yes | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.06 | Property | 1 | Invacare | 0.5% | 6.0% | 1166 and 1200 Taylor Street and 39400 Taylor Parkway | Elyria | Lorain | Ohio | 44035 | Industrial | Flex | 1972, 1980, 1986, 1989, 1991, 1993, 1997 | 2013 | 301,000 | SF | 4,500,000 | 4,500,000 | 4,500,000 | 1,470,641 | 12,136 | 1,458,505 | 1/31/2023 | T-12 | 1,460,849 | 18,048 | 1,442,801 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 2,043,114 | 474,043 | 1,569,071 | 30,100 | 4,605 | 1,534,365 | 30,100,000 | As Is | 9/2/2022 | 100.0% | 3/31/2023 | Yes | Invacare Corporation | 301,000 | 100.0% | 4/30/2035 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/10/2023 | NAP | 4/4/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.07 | Property | 1 | Stop Eight Vandalia | 0.1% | 1.5% | 3345 Stop Eight Road | Dayton | Montgomery | Ohio | 45414 | Industrial | Warehouse/Distribution | 1970 | 2020 | 95,423 | SF | 1,125,000 | 1,125,000 | 1,125,000 | 418,221 | 417,695 | 526 | 1/31/2023 | T-12 | 433,272 | 406,975 | 26,297 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 613,502 | 279,859 | 333,643 | 9,542 | 13,808 | 310,292 | 4,150,000 | As Is | 9/1/2022 | 100.0% | 3/31/2023 | No | AMERI AmeriWater, LLC | 65,057 | 68.2% | 9/24/2025 | L&W Supply | 30,366 | 31.8% | 5/31/2035 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/10/2023 | NAP | 8/26/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Loan | 8, 21, 22, 23, 24 | 2 | Austin Multifamily Portfolio | 8.7% | CREFI | CREFI | NAP | NAP | Various | Austin | Travis | Texas | 78753 | Multifamily | Garden | Various | 2019-2022 | 840 | Units | 130,952.38 | 75,000,000 | 75,000,000 | 75,000,000 | 7.37000% | 0.01578% | 7.35422% | NAP | 467,022.57 | NAP | 5,604,270.84 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/21/2023 | 0 | 6 | 6/6/2023 | NAP | 5/6/2028 | NAP | 0 | 0 | L(24),D(32),O(4) | 15,842,006 | 5,559,308 | 10,282,697 | 3/31/2023 | T-3 Ann | 10,889,433 | 5,399,051 | 5,490,382 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 95.0% | 15,971,152 | 5,778,518 | 10,192,634 | 210,000 | 0 | 9,982,634 | 1.24 | 1.21 | 9.3% | 9.1% | 187,000,000 | As Is | 3/27/2023 | 58.8% | 58.8% | 96.0% | 832,492 | 166,498 | 0 | Springing | 0 | 17,500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 458,628 | 0 | 0 | Debt Yield Reserve | 0 | 0 | NAP | Springing | Springing | Yes | No | Yes | Yes | 75,000,000 | 35,000,000 | 217,943.87 | 684,966.44 | NAP | NAP | 110,000,000 | 684,966.44 | 58.8% | 1.21 | 9.3% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Wesley Ivan Keller, Nathan Ivan Keller and Jonathan Sheffield Keller | Wesley Ivan Keller, Nathan Ivan Keller and Jonathan Sheffield Keller | No | No | Refinance | 110,000,000 | 0 | 0 | 0 | 110,000,000 | 84,804,226 | 0 | 1,843,610 | 1,291,119 | 22,061,044 | 0 | 110,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||
2.01 | Property | 1 | Starburst Apartments | 5.2% | 60.0% | 8800 North Interstate Highway 35 | Austin | Travis | Texas | 78753 | Multifamily | Garden | 1983 | 2019-2022 | 504 | Units | 45,000,000 | 45,000,000 | 45,000,000 | 9,065,128 | 3,282,686 | 5,782,442 | 3/31/2023 | T-3 Ann | 6,429,614 | 3,276,271 | 3,153,343 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 95.0% | 9,254,352 | 3,488,215 | 5,766,137 | 126,000 | 0 | 5,640,137 | 113,000,000 | As Is | 3/27/2023 | 95.2% | 3/17/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/29/2023 | NAP | 3/29/2023 | NAP | NAP | Yes - AE | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.02 | Property | 1 | Orbit Apartments | 3.5% | 40.0% | 8900 North Interstate Highway 35 | Austin | Travis | Texas | 78753 | Multifamily | Garden | 1981 | 2019-2022 | 336 | Units | 30,000,000 | 30,000,000 | 30,000,000 | 6,776,878 | 2,276,623 | 4,500,255 | 3/31/2023 | T-3 Ann | 4,459,819 | 2,122,780 | 2,337,039 | 12/31/2022 | T-12 | 3,533,774 | 2,183,597 | 1,350,177 | 12/31/2021 | T-12 | 95.0% | 6,716,800 | 2,290,303 | 4,426,498 | 84,000 | 0 | 4,342,498 | 74,000,000 | As Is | 3/27/2023 | 97.0% | 3/17/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/29/2023 | NAP | 3/29/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Loan | 8, 25, 26, 27, 28, 29, 30 | 1 | Cumberland Mall | 7.6% | 100.0% | DBNY, MSBNA, BMO | GACC, BMO | Group 1 | NAP | 2860 Cumberland Mall Southeast | Atlanta | Cobb | Georgia | 30339 | Retail | Super Regional Mall | 1973 | 2006-2016 | 709,318 | SF | 253.76 | 65,000,000 | 65,000,000 | 65,000,000 | 7.87000% | 0.01578% | 7.85422% | NAP | 432,212.38 | NAP | 5,186,548.56 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/14/2023 | 0 | 1 | 6/1/2023 | NAP | 5/1/2028 | NAP | 0 | 0 | L(24),D(32),O(4) | 32,341,156 | 8,275,516 | 24,065,640 | 1/31/2023 | T-12 | 32,192,386 | 7,869,157 | 24,323,229 | 12/31/2022 | T-12 | 30,319,446 | 7,094,622 | 23,224,824 | 12/31/2021 | T-12 | 96.5% | 32,871,677 | 8,090,891 | 24,780,787 | 177,330 | 739,588 | 23,863,869 | 1.73 | 1.66 | 13.8% | 13.3% | 368,000,000 | As Is | 2/28/2023 | 48.9% | 48.9% | 98.7% | 3/31/2023 | No | Costco | 147,409 | 20.8% | 11/30/2026 | Round 1 Bowling & Amusement | 83,600 | 11.8% | 2/28/2031 | Dick's Sporting Goods | 70,984 | 10.0% | 1/31/2031 | Forever 21 | 25,748 | 3.6% | 1/31/2027 | H&M | 24,655 | 3.5% | 1/31/2032 | 3/1/2023 | NAP | 3/1/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 | Springing | 353,853 | 1,987,019 | Springing | 1,415,412 | 0 | 0 | 0 | 0 | 267,919 | 0 | Gap Rent Reserve | 0 | 0 | NAP | Hard | Springing | Yes | Yes | Yes | Yes | 65,000,000 | 115,000,000 | 764,683.45 | 1,196,895.83 | NAP | NAP | 180,000,000 | 1,196,895.83 | 48.9% | 1.66 | 13.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | BPR Nimbus LLC | BPR Nimbus LLC | No | No | Refinance | No | 180,000,000 | 0 | 0 | 0 | 180,000,000 | 160,491,051 | 0 | 1,638,600 | 2,254,938 | 15,615,412 | 0 | 180,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 8, 11, 31, 32, 33, 34, 35, 36, 37, 38 | 1 | Harborside 2-3 | 7.6% | 100.0% | CREFI, BMO | CREFI, BMO | NAP | NAP | 200-210 Hudson Street | Jersey City | Hudson | New Jersey | 07311 | Office | CBD | 1930 | 2021 | 1,599,029 | SF | 140.71 | 65,000,000 | 65,000,000 | 65,000,000 | 5.84000% | 0.01578% | 5.82422% | NAP | 320,726.85 | NAP | 3,848,722.20 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 4/4/2023 | 1 | 6 | 5/6/2023 | NAP | 4/6/2028 | NAP | 0 | 0 | L(25),D(28),O(7) | 49,314,096 | 17,827,217 | 31,486,880 | 12/31/2022 | T-12 | 47,450,874 | 18,047,218 | 29,403,655 | 12/31/2021 | T-12 | 44,617,062 | 18,489,525 | 26,127,537 | 12/31/2020 | T-12 | 74.5% | 51,753,039 | 18,582,167 | 33,170,872 | 319,806 | 1,387,420 | 31,463,647 | 2.49 | 2.36 | 14.7% | 14.0% | 396,000,000 | As Is | 2/7/2023 | 56.8% | 56.8% | 75.1% | 3/22/2023 | No | MUFG Bank Ltd. | 137,076 | 8.6% | 8/31/2029 | E-Trade Financial Corporation | 132,265 | 8.3% | 1/31/2031 | Collectors Universe | 130,419 | 8.2% | 11/30/2038 | Sumitomo Mitsui Banking | 111,605 | 7.0% | 12/31/2036 | Arch Insurance Company | 106,815 | 6.7% | 5/31/2024 | 3/24/2023 | NAP | 3/3/2023 | NAP | NAP | Yes - AE | Fee | NAP | NAP | NAP | NAP | 696,822 | 696,822 | 272,774 | 136,387 | 8,000,000 | 26,650 | 0 | 15,000,000 | Springing | 15,000,000 | 0 | 0 | 0 | 0 | 40,614,319 | 0 | Sea Wall Repair Reserve ($25,000,000), Unfunded Obligations Reserve ($14,195,734), Elevator Modernization Reserve ($1,418,585.35) | 0 | 0 | NAP | Hard | Springing | Yes | No | Yes | Yes | 65,000,000 | 160,000,000 | 789,481.48 | 1,110,208.33 | NAP | NAP | 225,000,000 | 1,110,208.33 | 56.8% | 2.36 | 14.7% | 55,000,000 | 10.50000% | 280,000,000 | 1,598,142.36 | 70.7% | 1.64 | 11.8% | Yes | Mezzanine only permitted in connection with the assumption of the Mortgage Loan and simultaneous repayment of the Mezzanine Loan (Max Combined LTV of 75.0%; Min Combined DSCR of 1.25x; Min Mortgage DSCR of 1.81x; Intercreditor Agreement is required) | Mark Karasick and Michael Silberberg | Mark Karasick and Michael Silberberg | No | Yes | Acquisition | No | 225,000,000 | 119,820,041 | 74,000,000 | 49,633,468 | 468,453,509 | 0 | 377,000,000 | 26,869,593 | 64,583,916 | 0 | 0 | 468,453,509 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 39, 40 | 1 | Soho Warehouse | 7.3% | 100.0% | DBRI | GACC | NAP | NAP | 1000 South Santa Fe Avenue | Los Angeles | Los Angeles | California | 90021 | Mixed Use | Retail/Hospitality | 1917 | 2019 | 80,587 | SF | 781.76 | 63,000,000 | 63,000,000 | 60,247,365 | 7.82950% | 0.01578% | 7.81372% | 454,805.67 | NAP | 5,457,668.04 | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 60 | 360 | 360 | 4/17/2023 | 0 | 6 | 6/6/2023 | 6/6/2023 | 5/6/2028 | NAP | 0 | 0 | L(24),D(23),O(13) | 7,106,318 | 0 | 7,106,318 | 4/4/2023 | T-12 | 6,833,004 | 0 | 6,833,004 | 4/4/2022 | T-12 | 6,658,560 | 0 | 6,658,560 | 4/4/2021 | T-12 | 95.0% | 8,206,077 | 951,782 | 7,254,294 | 56,646 | 0 | 7,197,648 | 1.33 | 1.32 | 11.5% | 11.4% | 114,000,000 | As Is | 3/8/2023 | 55.3% | 52.8% | 100.0% | 5/6/2023 | Yes | LA 1000 Santa Fe, LLC | 80,587 | 100.0% | 4/30/2041 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/10/2023 | NAP | 3/10/2023 | 3/10/2023 | 17% | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | NAP | 0 | 0 | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | James G. Dinan and Daniel A. Schwartz | Gerard Alexander Sponsor LLC | No | No | Refinance | No | 63,000,000 | 5,125,515 | 0 | 0 | 68,125,515 | 65,711,971 | 0 | 2,413,544 | 0 | 0 | 0 | 68,125,515 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
6 | Loan | 41, 42 | 1 | 400 West 14th Street | 7.0% | 100.0% | GSBI | GSMC | NAP | NAP | 400 West 14th Street | New York | New York | New York | 10014 | Mixed Use | Office/Retail | 1886 | 2021-2023 | 23,250 | SF | 2,580.65 | 60,000,000 | 60,000,000 | 60,000,000 | 6.08000% | 0.11578% | 5.96422% | NAP | 308,222.22 | NAP | 3,698,666.64 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/28/2023 | 0 | 6 | 6/6/2023 | NAP | 5/6/2028 | NAP | 0 | 0 | L(24),YM1(29),O(7) | 2,583,186 | 987,815 | 1,595,371 | 2/28/2023 | T-12 | 1,911,781 | 965,244 | 946,537 | 12/31/2022 | T-12 | 2,055,124 | 987,540 | 1,067,584 | 12/31/2021 | T-12 | 96.6% | 6,848,183 | 1,132,761 | 5,715,422 | 4,883 | 68,656 | 5,641,884 | 1.55 | 1.53 | 9.5% | 9.4% | 93,000,000 | As Is | 3/21/2023 | 64.5% | 64.5% | 100.0% | 4/26/2023 | No | Identity Media | 9,500 | 40.9% | 9/30/2024 | Gucci | 9,250 | 39.8% | 2/13/2033 | Barry Callebaut USA | 4,500 | 19.4% | 7/31/2032 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/4/2023 | NAP | 4/4/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 348,302 | 58,910 | 0 | Springing | 0 | 484 | 0 | 0 | 2,906 | 0 | 0 | 0 | 0 | 0 | 1,414,000 | 0 | Unfunded Obligations Reserve | 0 | 0 | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Steven Feldman, Gary Feldman and Irving Feldman | Steven Feldman, Gary Feldman and Irving Feldman | No | No | Refinance | No | 60,000,000 | 0 | 0 | 0 | 60,000,000 | 53,109,441 | 0 | 4,059,298 | 1,762,302 | 1,068,959 | 0 | 60,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 8, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56 | 1 | Green Acres | 5.8% | 100.0% | GSBI, MSBNA, BMO, DBRI | GSMC, BMO, GACC | Group 2 | NAP | 2034 Green Acres Road | Valley Stream | Nassau | New York | 11581 | Retail | Regional Mall | 1956, 2016 | 1982, 2006, 2007 | 2,081,286 | SF | 177.77 | 50,000,000 | 50,000,000 | 50,000,000 | 5.89900% | 0.01578% | 5.88322% | NAP | 249,205.44 | NAP | 2,990,465.28 | Interest Only | No | Actual/360 | 60 | 56 | 60 | 56 | 0 | 0 | 1/3/2023 | 4 | 6 | 2/6/2023 | NAP | 1/6/2028 | NAP | 5 | 0 | L(28),YM1(27),O(5) | 76,986,549 | 31,812,161 | 45,174,388 | 9/30/2022 | T-12 | 76,903,875 | 30,285,085 | 46,618,790 | 12/31/2021 | T-12 | 69,008,722 | 28,007,136 | 41,001,586 | 12/31/2020 | T-12 | 96.2% | 83,514,884 | 35,580,356 | 47,934,528 | 455,855 | 1,113,906 | 46,364,767 | 2.17 | 2.10 | 13.0% | 12.5% | 679,000,000 | As Is | 10/30/2022 | 54.5% | 54.5% | 97.7% | 12/12/2022 | No | Macy's | 390,503 | 18.8% | 8/18/2026 | Walmart | 173,450 | 8.3% | 8/31/2028 | SEARS | 144,537 | 6.9% | 10/31/2028 | BJ's Wholesale Club | 127,750 | 6.1% | 1/31/2027 | KOHL'S | 116,392 | 5.6% | 1/31/2031 | 12/20/2022 | NAP | 12/20/2022 | NAP | NAP | Yes - AE | Fee / Leasehold | 8/12/2026 | 2, 6-year extension options | 1,080,000 | No | 0 | Springing | 0 | Springing | 0 | Springing | 619,992 | 4,068,135 | 0 | 0 | 0 | 0 | 0 | 0 | 743,644 | Springing | Gap Rent Reserve (Upfront: $743,643.75), Rollover Reserve (Monthly: Springing) | Rollover Reserve: $2,094,342 | 0 | NAP | Hard | Springing | Yes | Yes | Yes | Yes | 50,000,000 | 320,000,000 | 1,594,914.81 | 1,844,120.25 | NAP | NAP | 370,000,000 | 1,844,120.25 | 54.5% | 2.10 | 13.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | The Macerich Partnership, L.P. | The Macerich Partnership, L.P. | No | No | Refinance | No | 370,000,000 | 11,744,495 | 0 | 0 | 381,744,495 | 364,192,834 | 0 | 12,739,883 | 4,811,779 | 0 | 0 | 381,744,495 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 8, 57, 58, 59, 60 | 1 | Heritage Plaza | 4.7% | 100.0% | GSBI, MSBNA | GSMC | Group 1 | NAP | 1111 and 1200 Bagby Street | Houston | Harris | Texas | 77002 | Office | CBD | 1986 | 2021 | 1,158,165 | SF | 148.51 | 40,000,000 | 40,000,000 | 40,000,000 | 7.63000% | 0.01703% | 7.61297% | NAP | 257,865.74 | NAP | 3,094,388.88 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/13/2023 | 0 | 6 | 6/6/2023 | NAP | 5/6/2028 | NAP | 5 | 0 | YM1(24),DorYM1(29),O(7) | 47,511,670 | 19,723,321 | 27,788,349 | 12/31/2022 | T-12 | 41,405,549 | 22,550,623 | 18,854,926 | 12/31/2021 | T-12 | 46,993,596 | 19,123,848 | 27,869,748 | 12/31/2020 | T-12 | 69.1% | 43,938,879 | 22,147,467 | 21,791,413 | 364,421 | 871,468 | 20,555,523 | 1.64 | 1.54 | 12.7% | 12.0% | 521,800,000 | As Is | 2/1/2023 | 33.0% | 33.0% | 70.1% | 2/28/2023 | No | EOG Resources Inc. | 376,333 | 32.5% | 3/31/2035 | Deloitte LLP | 205,125 | 17.7% | 2/28/2031 | Perella Weinberg Partners Group LP | 63,446 | 5.5% | 8/31/2027 | Lime Rock Management LP | 56,984 | 4.9% | 3/31/2024 | S&P Global Inc. | 28,560 | 2.5% | 2/28/2029 | 2/9/2023 | NAP | 2/8/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 | 19,303 | 231,636 | 5,000,000 | 144,771 | 10,000,000 | 0 | 0 | 0 | 0 | 10,489,446 | 0 | Outstanding TI/LC Reserve ($10,303,667), Free Rent Reserve ($185,778.77) | 0 | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 40,000,000 | 132,000,000 | 850,956.95 | 1,108,822.69 | NAP | NAP | 172,000,000 | 1,108,822.69 | 33.0% | 1.54 | 12.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | Yes | Mezzanine (Max Combined LTV of 33.0%; Min Combined Debt Yield of 12.67%; Intercreditor Agreement is required) | AEW CPT REIT, LLC, AEW Core Property (U.S.), L.P., Brookfield Office Properties Inc. and Brookfield Property Partners, L.P. | Brookfield Properties Investor LLC | No | No | Refinance | Yes | 172,000,000 | 5,793,688 | 0 | 0 | 177,793,688 | 156,217,116 | 0 | 6,087,126 | 15,489,446 | 0 | 0 | 177,793,688 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 61, 62, 63 | 1 | Tudor Wharf (Leasehold) | 4.4% | 100.0% | BMO | BMO | Group 3 | NAP | 34-44 Charles River Avenue | Charlestown | Suffolk | Massachusetts | 02129 | Hospitality | Extended Stay | 2003 | 2013 | 168 | Rooms | 224,404.76 | 37,700,000 | 37,700,000 | 37,700,000 | 7.99000% | 0.01578% | 7.97422% | NAP | 254,505.54 | NAP | 3,054,066.48 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/25/2023 | 0 | 6 | 6/6/2023 | NAP | 5/6/2028 | NAP | 0 | 0 | L(24),D(31),O(5) | 13,723,007 | 8,027,088 | 5,695,919 | 3/31/2023 | T-12 | 13,105,210 | 7,626,423 | 5,478,787 | 12/31/2022 | T-12 | 8,580,966 | 6,135,826 | 2,445,139 | 12/31/2021 | T-12 | 78.2% | 13,723,007 | 8,491,634 | 5,231,373 | 548,920 | 0 | 4,682,453 | 1.71 | 1.53 | 13.9% | 12.4% | 65,000,000 | As Is | 2/13/2023 | 58.0% | 58.0% | 78.2% | 3/31/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/17/2023 | NAP | 2/17/2023 | NAP | NAP | Yes - AE | Leasehold | 2/29/2088 | None | 800,000 | No | 152,365 | 76,183 | 0 | Springing | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10,350,000 | 66,667 | PIP Reserve (Upfront: $9,950,000; Monthly: Springing), Ground Lease Reserve (Upfront: $400,000; Monthly: $66,666.67), Seasonality Reserve (Monthly: Springing) | 0 | 0 | NAP | Hard | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Warren Q. Fields, Richard M. Kelleher and James R. Dina | Warren Q. Fields and Richard M. Kelleher | No | No | Refinance | No | 37,700,000 | 7,008,582 | 0 | 0 | 44,708,582 | 32,610,217 | 0 | 1,596,000 | 10,502,365 | 0 | 0 | 44,708,582 | 5/30/2028 | 271.95 | 212.64 | 78.2% | 271.95 | 212.64 | 78.2% | 271.07 | 203.20 | 75.0% | 200.34 | 131.38 | 65.6% |
10 | Loan | 1 | Encino Target | 4.3% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | 17401 Ventura Boulevard | Encino | Los Angeles | California | 91316 | Retail | Anchored | 1989 | 2021 | 104,943 | SF | 349.05 | 36,630,000 | 36,630,000 | 36,630,000 | 6.32000% | 0.06500% | 6.25500% | NAP | 195,597.42 | NAP | 2,347,169.04 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 3/2/2023 | 2 | 5 | 4/5/2023 | NAP | 3/5/2028 | NAP | 0 | 0 | L(12),YM1(14),DorYM1(30),O(4) | 4,891,768 | 1,411,662 | 3,480,106 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 97.0% | 4,947,162 | 1,473,645 | 3,473,517 | 20,989 | 79,943 | 3,372,585 | 1.48 | 1.44 | 9.5% | 9.2% | 56,000,000 | As Is | 12/15/2022 | 65.4% | 65.4% | 100.0% | 1/1/2023 | No | Target | 49,420 | 47.1% | 1/31/2033 | Planet Fitness | 20,911 | 19.9% | 10/31/2036 | Salon Republic | 6,246 | 6.0% | 1/15/2035 | Butterly Loft | 4,061 | 3.9% | 9/30/2024 | Spectrum | 3,565 | 3.4% | 5/31/2026 | 2/16/2023 | NAP | 12/23/2022 | 2/17/2023 | 13% | No | Fee | NAP | NAP | NAP | NAP | 0 | 30,607 | 6,235 | 6,235 | 0 | 1,750 | 75,000 | 250,000 | Springing | 250,000 | 0 | 0 | 0 | 18,125 | 0 | 0 | NAP | 0 | 0 | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Eran Bitton and Doron Kadosh | Eran Bitton and Doron Kadosh | No | No | Acquisition | No | 36,630,000 | 20,204,178 | 0 | 0 | 56,834,178 | 0 | 55,500,000 | 1,059,818 | 274,360 | 0 | 0 | 56,834,178 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
11 | Loan | 8, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73 | 1 | Scottsdale Fashion Square | 4.1% | 100.0% | GSBI, DBNY | GSMC, GACC | Group 2 | NAP | 7014 East Camelback Road | Scottsdale | Maricopa | Arizona | 85251 | Retail | Super Regional Mall | 1961, 1977, 1982, 1992, 1996, 2006, 2015 | 1991, 2017-2020, 2023-2024 | 1,555,459 | SF | 450.03 | 35,000,000 | 35,000,000 | 35,000,000 | 6.21425% | 0.01978% | 6.19447% | NAP | 183,766.30 | NAP | 2,205,195.60 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 3/3/2023 | 2 | 6 | 4/6/2023 | NAP | 3/6/2028 | NAP | 5 | 0 | L(26),DorYM1(27),O(7) | 97,949,617 | 17,988,634 | 79,960,983 | 12/31/2022 | T-12 | 85,107,087 | 17,534,916 | 67,572,171 | 12/31/2021 | T-12 | 73,178,391 | 17,139,268 | 56,039,123 | 12/31/2020 | T-12 | 95.0% | 105,121,522 | 18,973,779 | 86,147,743 | 327,531 | 1,009,838 | 84,810,375 | 1.95 | 1.92 | 12.3% | 12.1% | 1,825,000,000 | As Is | 1/4/2023 | 38.4% | 38.4% | 96.0% | 12/2/2022 | No | Macy's | 235,899 | 15.2% | 1/31/2030 | Nordstrom | 225,000 | 14.5% | 2/28/2029 | Neiman Marcus | 100,071 | 6.4% | 10/18/2031 | Harkins Theatres | 81,177 | 5.2% | 1/31/2031 | DICK'S Sporting Goods | 50,646 | 3.3% | 1/31/2026 | 2/13/2023 | NAP | 2/13/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 | Springing | 402,666 | 0 | Springing | 1,651,332 | 0 | 0 | 0 | 0 | 14,539,077 | 0 | Outstanding TI/LC Reserve ($10,222,200), Gap Rent Reserve ($4,316,877) | 0 | 0 | NAP | Hard | Springing | Yes | No | Yes | No | 35,000,000 | 665,000,000 | 3,491,559.80 | 3,675,326.10 | NAP | NAP | 700,000,000 | 3,675,326.10 | 38.4% | 1.92 | 12.3% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | The Macerich Partnership, L.P. and Institutional Mall Investors LLC | The Macerich Partnership, L.P. and Institutional Mall Investors LLC | No | No | Refinance | No | 700,000,000 | 0 | 0 | 0 | 700,000,000 | 404,875,080 | 0 | 1,932,303 | 14,539,077 | 278,653,540 | 0 | 700,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 74 | 3 | KY & MN Warehouse Distribution Portfolio | 3.8% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | Various | Various | Various | Various | Various | Industrial | Various | Various | Various | 741,140 | SF | 44.61 | 33,061,300 | 33,061,300 | 33,061,300 | 6.68500% | 0.06500% | 6.62000% | NAP | 186,737.03 | NAP | 2,240,844.36 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/10/2023 | 0 | 5 | 6/5/2023 | NAP | 5/5/2028 | NAP | 0 | 0 | L(24),DorYM1(29),O(7) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 5,218,690 | 821,278 | 4,397,412 | 111,171 | 0 | 4,286,241 | 1.96 | 1.91 | 13.3% | 13.0% | 70,100,000 | As Is | Various | 47.2% | 47.2% | 100.0% | 0 | Springing | 0 | Springing | 0 | 9,264 | 75,000 | 0 | Springing | 3,000,000 | 0 | 0 | 0 | 33,750 | 0 | 0 | NAP | 0 | 0 | NAP | Hard | In Place | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Michael K. Press | Michael K. Press | No | No | Acquisition | 33,061,300 | 17,308,916 | 0 | 0 | 50,370,216 | 0 | 48,000,000 | 2,336,466 | 33,750 | 0 | 0 | 50,370,216 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||
12.01 | Property | 1 | 4813 Nashville | 1.8% | 46.4% | 4813 Nashville Road | Bowling Green | Warren | Kentucky | 42101 | Industrial | Warehouse/Distribution | 2015 | NAP | 341,150 | SF | 15,350,000 | 15,350,000 | 15,350,000 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 32,300,000 | As Is | 2/9/2023 | 100.0% | 5/5/2023 | Yes | iMedia Brands, Inc. | 341,150 | 100.0% | 4/30/2048 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 12/7/2022 | NAP | 12/7/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.02 | Property | 1 | 4811 Nashville | 1.4% | 35.4% | 4811 Nashville Road | Bowling Green | Warren | Kentucky | 42101 | Industrial | Warehouse/Distribution | 1990 | 2015 | 260,800 | SF | 11,711,000 | 11,711,000 | 11,711,000 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 24,700,000 | As Is | 2/9/2023 | 100.0% | 5/5/2023 | Yes | iMedia Brands, Inc. | 260,800 | 100.0% | 4/30/2048 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 12/6/2022 | NAP | 12/6/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.03 | Property | 1 | 6740 Shady Oak | 0.7% | 18.1% | 6740 Shady Oak Road | Eden Prairie | Hennepin | Minnesota | 55344 | Industrial | Flex | 1981 | 2021 | 139,190 | SF | 6,000,300 | 6,000,300 | 6,000,300 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 13,100,000 | As Is | 2/8/2023 | 100.0% | 5/5/2023 | Yes | iMedia Brands, Inc. | 139,190 | 100.0% | 4/30/2048 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/24/2023 | NAP | 12/2/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | Loan | 75 | 1 | Showboat Apartments | 3.8% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | 801 Boardwalk | Atlantic City | Atlantic | New Jersey | 08401 | Multifamily | High Rise | 2003 | 2020 | 255 | Units | 129,411.76 | 33,000,000 | 33,000,000 | 33,000,000 | 6.82000% | 0.06500% | 6.75500% | NAP | 190,154.86 | NAP | 2,281,858.32 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 3/15/2023 | 1 | 5 | 5/5/2023 | NAP | 4/5/2028 | NAP | 0 | 0 | L(25),D(31),O(4) | 4,914,967 | 1,169,590 | 3,745,377 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 5,832,534 | 1,384,365 | 4,448,169 | 63,750 | 0 | 4,384,419 | 1.95 | 1.92 | 13.5% | 13.3% | 65,700,000 | As Is | 1/17/2023 | 50.2% | 50.2% | 95.7% | 1/1/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/10/2023 | NAP | 1/31/2023 | NAP | NAP | Yes - AE | Fee | NAP | NAP | NAP | NAP | 13,963 | 6,981 | 26,130 | 2,178 | 0 | 5,313 | 191,250 | 0 | 0 | 0 | 0 | 0 | 0 | 529,688 | 295,227 | Springing | Cozy Suites Reserve | 295,227 | 0 | NAP | Hard | In Place | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 12,000,000 | 12.00000% | 45,000,000 | 311,821.53 | 68.5% | 1.17 | 9.9% | No | NAP | Bart Blatstein | Bart Blatstein | No | No | Refinance | No | 33,000,000 | 0 | 12,000,000 | 0 | 45,000,000 | 24,388,664 | 0 | 2,679,275 | 865,008 | 17,067,053 | 0 | 45,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 76, 77, 78 | 1 | Motel 6 Tropicana | 2.6% | 100.0% | BCREI | Barclays | NAP | NAP | 195 East Tropicana Avenue | Las Vegas | Clark | Nevada | 89109 | Hospitality | Limited Service | 1971 | 2015-2021 | 306 | Rooms | 74,346.41 | 22,750,000 | 22,750,000 | 21,951,392 | 7.79153% | 0.01578% | 7.77575% | 160,604.91 | NAP | 1,927,258.94 | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 60 | 360 | 360 | 4/13/2023 | 0 | 6 | 6/6/2023 | 6/6/2023 | 5/6/2028 | NAP | 0 | 0 | L(24),D(29),O(7) | 9,208,070 | 4,996,232 | 4,211,838 | 3/31/2023 | T-12 | 8,824,511 | 5,104,073 | 3,720,438 | 12/31/2022 | T-12 | 7,955,462 | 4,353,238 | 3,602,224 | 12/31/2021 | T-12 | 85.2% | 9,208,070 | 4,982,679 | 4,225,391 | 368,323 | 0 | 3,857,068 | 2.19 | 2.00 | 18.6% | 17.0% | 44,300,000 | As Is (Extraordinary Assumption) | 3/13/2023 | 51.4% | 49.6% | 85.2% | 3/31/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/28/2023 | NAP | 3/27/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 9,902 | 9,902 | 0 | Springing | 0 | 30,694 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,241,136 | 0 | PIP Reserve | 0 | 0 | NAP | Hard | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5,000,000 | 13.00000% | 27,750,000 | 217,912.96 | 62.6% | 1.48 | 15.2% | No | NAP | Jagmohan Dhillon | Jagmohan Dhillon | No | No | Refinance | No | 22,750,000 | 3,037,900 | 5,000,000 | 0 | 30,787,900 | 28,665,513 | 0 | 871,349 | 1,251,038 | 0 | 0 | 30,787,900 | 3/16/2037 | 95.66 | 81.47 | 85.2% | 95.66 | 81.47 | 85.2% | 92.73 | 78.23 | 84.4% | 85.25 | 70.60 | 82.8% |
15 | Loan | 8, 79, 80 | 1 | PetSmart HQ | 2.6% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | 19601 North 27th Avenue | Phoenix | Maricopa | Arizona | 85027 | Office | Suburban | 1997 | 2008 | 365,672 | SF | 185.96 | 22,350,000 | 22,350,000 | 22,350,000 | 4.28000% | 0.06500% | 4.21500% | NAP | 80,822.15 | NAP | 969,865.80 | Interest Only | No | Actual/360 | 84 | 59 | 84 | 59 | 0 | 0 | 3/31/2021 | 25 | 5 | 5/5/2021 | NAP | 4/5/2028 | NAP | 0 | 0 | L(40),D(40),O(4) | 11,412,304 | 3,353,222 | 8,059,082 | 12/31/2020 | T-12 | 13,654,879 | 1,656,081 | 11,998,799 | 12/31/2019 | T-12 | 13,618,149 | 1,336,267 | 12,281,882 | 12/31/2018 | T-12 | 92.5% | 10,582,368 | 3,449,559 | 7,132,809 | 102,388 | 365,672 | 6,664,749 | 2.42 | 2.26 | 10.5% | 9.8% | 110,500,000 | As Is | 3/10/2021 | 61.5% | 61.5% | 100.0% | 5/5/2023 | Yes | PetSmart Home Office, Inc. | 365,672 | 100.0% | 3/31/2032 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/15/2021 | NAP | 3/15/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 | 8,532 | 0 | 0 | 30,473 | 0 | 0 | 0 | 0 | 146,929 | 9,141,800 | 0 | PetSmart TI Reserve | 0 | 0 | NAP | Hard | In Place | Yes | Yes | Yes | No | 22,350,000 | 45,650,000 | 165,079.70 | 245,901.85 | NAP | NAP | 68,000,000 | 245,901.85 | 61.5% | 2.26 | 10.5% | 12,000,000 | 12.00000% | 80,000,000 | 367,568.52 | 72.4% | 1.51 | 8.9% | No | NAP | Walter C. Bowen | Walter C. Bowen | No | No | Acquisition | No | 68,000,000 | 41,555,271 | 12,000,000 | 0 | 121,555,271 | 0 | 110,000,000 | 2,266,543 | 9,288,729 | 0 | 0 | 121,555,271 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
16 | Loan | 8, 81, 82, 83, 84 | 5 | National Warehouse & Distribution Portfolio | 2.6% | CREFI | CREFI | NAP | NAP | Various | Various | Various | Various | Various | Industrial | Various | Various | Various | 3,951,338 | SF | 39.70 | 22,000,000 | 21,981,280 | 20,797,209 | 6.81000% | 0.01703% | 6.79297% | 143,570.12 | NAP | 1,722,841.44 | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 59 | 360 | 359 | 3/10/2023 | 1 | 6 | 5/6/2023 | 5/6/2023 | 4/6/2028 | NAP | 0 | 0 | L(25),D(28),O(7) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 24,103,590 | 3,755,768 | 20,347,822 | 395,134 | 987,835 | 18,964,854 | 1.65 | 1.54 | 13.0% | 12.1% | 276,700,000 | As Is | Various | 56.7% | 53.6% | 100.0% | 0 | Springing | 0 | Springing | 0 | 32,928 | 790,268 | 0 | Springing | 0 | 0 | 0 | 0 | 227,688 | 6,147,412 | 0 | Cash Collateral Reserve | 0 | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 21,981,280 | 134,885,127 | 880,998.44 | 1,024,568.56 | NAP | NAP | 156,866,406 | 1,024,568.56 | 56.7% | 1.54 | 13.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Samuel Bert Malouf | Samuel Bert Malouf | No | No | Refinance | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||
16.01 | Property | 1 | 1700 Schuster Road | 1.0% | 39.9% | 1700 Schuster Road | Delano | Kern | California | 93215 | Industrial | Warehouse/Distribution | 1993, 1996 | NAP | 1,213,366 | SF | 8,785,987 | 8,778,511 | 8,305,637 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 8,214,920 | 1,247,682 | 6,967,238 | 121,337 | 303,342 | 6,542,560 | 100,200,000 | As Is | 1/31/2023 | 100.0% | 5/6/2023 | Yes | CVB, Inc. | 1,213,366 | 100.0% | 2/28/2038 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/9/2023 | NAP | 2/9/2023 | 2/7/2023 | 4% | Yes - A | Fee | NAP | NAP | NAP | NAP | Yes | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16.02 | Property | 1 | 101 Michelin Drive | 0.5% | 20.0% | 101 Michelin Drive | Laurens | Laurens | South Carolina | 29360 | Industrial | Warehouse/Distribution | 1993 | NAP | 1,170,972 | SF | 4,408,408 | 4,404,656 | 4,167,390 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 5,566,712 | 941,614 | 4,625,098 | 117,097 | 292,743 | 4,215,257 | 61,300,000 | As Is | 1/23/2023 | 100.0% | 5/6/2023 | Yes | CVB, Inc. | 1,170,972 | 100.0% | 2/28/2038 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/9/2023 | NAP | 2/9/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16.03 | Property | 1 | 1525 West 2960 South | 0.4% | 16.0% | 1525 West 2960 South | Nibley | Cache | Utah | 84321 | Industrial | Flex | 2015 | NAP | 260,000 | SF | 3,520,000 | 3,517,005 | 3,327,553 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 3,760,728 | 394,661 | 3,366,067 | 26,000 | 65,000 | 3,275,067 | 45,300,000 | As Is | 1/30/2023 | 100.0% | 5/6/2023 | Yes | CVB, Inc. | 260,000 | 100.0% | 2/28/2038 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/9/2023 | NAP | 2/9/2023 | 2/8/2023 | 7% | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16.04 | Property | 1 | 5685 Raiders Road, Building B | 0.3% | 13.4% | 5685 Raiders Road | Frazeysburg | Muskingum | Ohio | 43822 | Industrial | Warehouse/Distribution | 1994 | 2022 | 812,000 | SF | 2,942,675 | 2,940,171 | 2,781,792 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 3,945,576 | 742,838 | 3,202,738 | 81,200 | 203,000 | 2,918,538 | 37,700,000 | As Is | 1/27/2023 | 100.0% | 5/6/2023 | Yes | CVB, Inc. | 812,000 | 100.0% | 2/28/2038 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/9/2023 | NAP | 2/9/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16.05 | Property | 1 | 840 Complex Street Southwest | 0.3% | 10.6% | 840 Complex Street Southwest | Lenoir | Caldwell | North Carolina | 28645 | Industrial | Warehouse/Distribution | 1970 | 2022 | 495,000 | SF | 2,342,930 | 2,340,936 | 2,214,837 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 2,615,654 | 428,973 | 2,186,682 | 49,500 | 123,750 | 2,013,432 | 32,200,000 | As Is | 1/23/2023 | 100.0% | 5/6/2023 | Yes | CVB, Inc. | 495,000 | 100.0% | 2/28/2038 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/9/2023 | NAP | 2/9/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | Yes | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | Loan | 8, 85, 86, 87, 88, 89, 90, 91 | 1 | Patewood Corporate Center | 2.4% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | 10 & 30 Patewood Drive and 50 & 80 International Drive | Greenville | Greenville | South Carolina | 29615 | Office | Suburban | 1985-1998 | 1998-2017 | 447,282 | SF | 153.15 | 20,500,000 | 20,500,000 | 20,500,000 | 4.13000% | 0.06500% | 4.06500% | NAP | 71,534.09 | NAP | 858,409.08 | Interest Only | No | Actual/360 | 84 | 61 | 84 | 61 | 0 | 0 | 5/11/2021 | 23 | 5 | 7/5/2021 | NAP | 6/5/2028 | NAP | 0 | 0 | L(38),D(42),O(4) | 8,680,540 | 2,859,435 | 5,821,105 | 3/31/2021 | T-12 | 8,591,324 | 2,922,878 | 5,668,446 | 12/31/2020 | T-12 | 8,366,227 | 3,076,169 | 5,290,058 | 12/31/2019 | T-12 | 88.9% | 9,308,176 | 3,041,693 | 6,266,483 | 84,984 | 117,401 | 6,064,099 | 2.18 | 2.11 | 9.1% | 8.9% | 111,300,000 | As Is | 4/8/2021 | 61.5% | 61.5% | 89.8% | 4/30/2021 | No | RealPage, Inc. | 46,118 | 10.3% | 10/31/2026 | Day & Zimmermann | 45,253 | 10.1% | 3/1/2025 | The Gordian Group | 43,785 | 9.8% | 6/30/2030 | Wood Group | 42,648 | 9.5% | 8/31/2023 | Ogletree Deakins | 41,508 | 9.3% | 4/30/2024 | 12/15/2020 | NAP | 12/15/2020 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 420,905 | 70,152 | 32,337 | 5,390 | 0 | 7,082 | 0 | 3,000,000 | Springing | 3,000,000 | 0 | 0 | 0 | 0 | 682,885 | Springing | Specified Leasing Reserve (Upfront: $298,808), Rent Replication Reserve (Upfront: $201,192; Ongoing: Springing; Cap: $100,596), Outstanding TI/LC Reserve (Upfront: $137,947), Free Rent Reserve (Upfront: $44,938.13) | 100,596 | 0 | NAP | Hard | In Place | Yes | Yes | Yes | No | 20,500,000 | 48,000,000 | 167,494.44 | 239,028.53 | NAP | NAP | 68,500,000 | 239,028.53 | 61.5% | 2.11 | 9.1% | 10,000,000 | 10.00000% | 78,500,000 | 323,519.27 | 70.5% | 1.56 | 8.0% | No | NAP | Joseph Friedland | Joseph Friedland | No | No | Refinance | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||||||||||
18 | Loan | 92, 93, 94, 107 | 1 | Fairfield Inn & Suites Locust Grove | 1.0% | 51.6% | BCREI | Barclays | Group 4 | Group A | 690 Market Place Boulevard | Locust Grove | Henry | Georgia | 30248 | Hospitality | Limited Service | 2018 | NAP | 76 | Rooms | 108,424.29 | 8,250,000 | 8,240,246 | 7,887,583 | 7.80500% | 0.01578% | 7.78922% | 59,417.87 | NAP | 713,014.44 | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 58 | 360 | 358 | 3/10/2023 | 2 | 6 | 4/6/2023 | 4/6/2023 | 3/6/2028 | NAP | 0 | 0 | L(26),D(27),O(7) | 2,589,299 | 1,482,323 | 1,106,976 | 1/31/2023 | T-12 | 2,568,543 | 1,518,697 | 1,049,846 | 12/31/2022 | T-12 | 1,353,367 | 710,047 | 643,320 | 5/31/2021 | T-5 Ann | 81.0% | 2,589,299 | 1,494,308 | 1,094,991 | 103,572 | 0 | 991,419 | 1.58 | 1.44 | 13.7% | 12.5% | 12,300,000 | As Is | 12/19/2022 | 66.3% | 63.5% | 81.0% | 1/31/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 12/28/2022 | NAP | 12/22/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 33,350 | 6,670 | 14,037 | 2,807 | 0 | 4,316 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | NAP | 0 | 0 | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Munira Kapadia | Munira Kapadia | No | No | Refinance | No | 1/28/2040 | 113.55 | 91.97 | 81.0% | 113.55 | 91.97 | 81.0% | 112.96 | 91.19 | 80.7% | 93.43 | 30.34 | 51.8% | ||||||||||||
19 | Loan | 92, 93, 94, 117, 118 | 1 | Holiday Inn Express Jackson | 0.9% | 48.4% | BCREI | Barclays | Group 4 | Group A | 116 Hospitality Drive | Jackson | Butts | Georgia | 30233 | Hospitality | Limited Service | 2020 | NAP | 74 | Rooms | 104,605.91 | 7,750,000 | 7,740,837 | 7,409,547 | 7.80500% | 0.01578% | 7.78922% | 55,816.79 | NAP | 669,801.48 | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 58 | 360 | 358 | 3/10/2023 | 2 | 6 | 4/6/2023 | 4/6/2023 | 3/6/2028 | NAP | 0 | 0 | L(26),D(27),O(7) | 2,500,974 | 1,340,516 | 1,160,458 | 1/31/2023 | T-12 | 2,425,170 | 1,339,911 | 1,085,259 | 12/31/2022 | T-12 | 1,353,366 | 766,853 | 586,513 | 5/31/2021 | T-5 Ann | 75.0% | 2,389,816 | 1,295,815 | 1,094,000 | 95,593 | 0 | 998,408 | 1.58 | 1.44 | 13.7% | 12.5% | 11,800,000 | As Is | 12/19/2022 | 66.3% | 63.5% | 78.5% | 1/31/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 12/28/2022 | NAP | 12/28/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 25,324 | 4,221 | 12,670 | 2,534 | 0 | 3,983 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | NAP | 0 | 0 | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Munira Kapadia | Munira Kapadia | No | No | Refinance | No | 11/16/2041 | 116.45 | 87.34 | 75.0% | 116.45 | 91.45 | 78.5% | 116.77 | 88.78 | 76.0% | 108.60 | 49.68 | 45.8% | ||||||||||||
20 | Loan | 95, 96, 97 | 27 | Bed Stuy Portfolio | 1.8% | DBRI | GACC | NAP | NAP | Various | Brooklyn | Kings | New York | Various | Multifamily | Garden | Various | Various | 185 | Units | 82,432.43 | 15,250,000 | 15,250,000 | 15,250,000 | 6.52150% | 0.01578% | 6.50572% | NAP | 84,028.47 | NAP | 1,008,341.64 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 3/13/2023 | 1 | 6 | 5/6/2023 | NAP | 4/6/2028 | NAP | 0 | 0 | L(25),D(28),O(7) | 2,209,322 | 997,035 | 1,212,287 | 12/31/2022 | T-12 | 2,041,168 | 1,264,462 | 776,706 | 12/31/2021 | T-12 | 1,893,267 | 967,359 | 925,908 | 12/31/2020 | T-12 | 94.4% | 2,300,996 | 948,806 | 1,352,190 | 36,889 | 0 | 1,315,301 | 1.34 | 1.30 | 8.9% | 8.6% | 26,450,000 | As Is | Various | 57.7% | 57.7% | 97.8% | 12,986 | 3,427 | 27,744 | 5,549 | 0 | 3,074 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51,500 | 0 | 0 | NAP | 0 | 0 | NAP | Hard (Commercial); Soft (Multifamily) | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Larry Hirschfield | Larry Hirschfield | No | No | Refinance | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||
20.01 | Property | 1 | 150-152 Tompkins Avenue | 0.2% | 11.3% | 150-152 Tompkins Avenue | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1931 | 1992 | 20 | Units | 1,729,679 | 1,729,679 | 1,729,679 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 3,000,000 | As Is | 1/24/2023 | 95.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/1/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.02 | Property | 1 | 375 Kosciuszko Street | 0.1% | 7.2% | 375 Kosciuszko Street | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1931 | 1994 | 4 | Units | 1,095,463 | 1,095,463 | 1,095,463 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,900,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.03 | Property | 1 | 1078 Putnam Avenue | 0.1% | 6.8% | 1078 Putnam Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1899 | 1996 | 13 | Units | 1,037,807 | 1,037,807 | 1,037,807 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,800,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.04 | Property | 1 | 1438 Broadway | 0.1% | 6.8% | 1438 Broadway | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1930 | NAP | 9 | Units | 1,037,807 | 1,037,807 | 1,037,807 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,800,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.05 | Property | 1 | 607 Willoughby Avenue | 0.1% | 6.4% | 607 Willoughby Avenue | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1910 | 1992 | 9 | Units | 980,151 | 980,151 | 980,151 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | �� | 1,700,000 | As Is | 1/24/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/1/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.06 | Property | 1 | 315 Pulaski Street | 0.1% | 5.3% | 315 Pulaski Street | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1931 | 1994 | 8 | Units | 807,183 | 807,183 | 807,183 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,400,000 | As Is | 1/26/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.07 | Property | 1 | 609 Willoughby Avenue | 0.1% | 5.3% | 609 Willoughby Avenue | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1905 | 1992 | 9 | Units | 807,183 | 807,183 | 807,183 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,400,000 | As Is | 1/24/2023 | 88.9% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/1/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.08 | Property | 1 | 675 Halsey Street | 0.1% | 5.1% | 675 Halsey Street | Brooklyn | Kings | New York | 11233 | Multifamily | Garden | 1910 | NAP | 6 | Units | 778,355 | 778,355 | 778,355 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,350,000 | As Is | 1/24/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.09 | Property | 1 | 143 Marcus Garvey Boulevard | 0.1% | 4.3% | 143 Marcus Garvey Boulevard | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1931 | 1994 | 7 | Units | 663,043 | 663,043 | 663,043 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,150,000 | As Is | 1/26/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.10 | Property | 1 | 611 Willoughby Avenue | 0.1% | 4.3% | 611 Willoughby Avenue | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1905 | 1992 | 9 | Units | 663,043 | 663,043 | 663,043 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,150,000 | As Is | 1/24/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/1/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.11 | Property | 1 | 399 Kosciuszko Street | 0.1% | 4.2% | 399 Kosciuszko Street | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1931 | 1992 | 12 | Units | 634,216 | 634,216 | 634,216 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,100,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.12 | Property | 1 | 104 Ralph Avenue | 0.1% | 4.0% | 104 Ralph Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1910 | NAP | 7 | Units | 605,388 | 605,388 | 605,388 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 1,050,000 | As Is | 1/24/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.13 | Property | 1 | 1064 Putnam Avenue | 0.1% | 3.6% | 1064 Putnam Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1905 | 1996 | 5 | Units | 547,732 | 547,732 | 547,732 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 950,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.14 | Property | 1 | 403 Kosciuszko Street | 0.0% | 2.6% | 403 Kosciuszko Street | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1931 | 1992 | 13 | Units | 403,592 | 403,592 | 403,592 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 700,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.15 | Property | 1 | 639 Willoughby Avenue | 0.0% | 2.6% | 639 Willoughby Avenue | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1899 | 1992 | 4 | Units | 403,592 | 403,592 | 403,592 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 700,000 | As Is | 1/24/2023 | 75.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/1/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.16 | Property | 1 | 671 Halsey Street | 0.0% | 2.5% | 671 Halsey Street | Brooklyn | Kings | New York | 11233 | Multifamily | Garden | 1910 | NAP | 6 | Units | 374,764 | 374,764 | 374,764 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 650,000 | As Is | 1/24/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.17 | Property | 1 | 706 MacDonough Street | 0.0% | 2.3% | 706 MacDonough Street | Brooklyn | Kings | New York | 11233 | Multifamily | Garden | 1905 | 1995 | 4 | Units | 345,936 | 345,936 | 345,936 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 600,000 | As Is | 1/24/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.18 | Property | 1 | 981 Lafayette Avenue | 0.0% | 2.3% | 981 Lafayette Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1931 | 1994 | 3 | Units | 345,936 | 345,936 | 345,936 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 600,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.19 | Property | 1 | 22 Stuyvesant Avenue | 0.0% | 2.1% | 22 Stuyvesant Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1931 | 1994 | 8 | Units | 317,108 | 317,108 | 317,108 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 550,000 | As Is | 1/26/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.20 | Property | 1 | 1074 Putnam Avenue | 0.0% | 1.9% | 1074 Putnam Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1899 | 1995 | 3 | Units | 288,280 | 288,280 | 288,280 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 500,000 | As Is | 1/25/2023 | 66.7% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.21 | Property | 1 | 1001 Putnam Avenue | 0.0% | 1.7% | 1001 Putnam Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1920 | 1995 | 6 | Units | 259,452 | 259,452 | 259,452 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 450,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/6/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.22 | Property | 1 | 540A Kosciuszko Street | 0.0% | 1.7% | 540A Kosciuszko Street | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1931 | 1994 | 6 | Units | 259,452 | 259,452 | 259,452 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 450,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.23 | Property | 1 | 162 Vernon Avenue | 0.0% | 1.7% | 162 Vernon Avenue | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1901 | 1992 | 4 | Units | 259,452 | 259,452 | 259,452 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 450,000 | As Is | 1/24/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/1/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.24 | Property | 1 | 903 Lafayette Avenue | 0.0% | 1.7% | 903 Lafayette Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1899 | 1994 | 2 | Units | 259,452 | 259,452 | 259,452 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 450,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.25 | Property | 1 | 409 Kosciuszko Street | 0.0% | 0.8% | 409 Kosciuszko Street | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1899 | 1992 | 3 | Units | 115,312 | 115,312 | 115,312 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 200,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.26 | Property | 1 | 983 Lafayette Avenue | 0.0% | 0.8% | 983 Lafayette Avenue | Brooklyn | Kings | New York | 11221 | Multifamily | Garden | 1899 | 1994 | 3 | Units | 115,312 | 115,312 | 115,312 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 200,000 | As Is | 1/25/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.27 | Property | 1 | 340 Hart Street | 0.0% | 0.8% | 340 Hart Street | Brooklyn | Kings | New York | 11206 | Multifamily | Garden | 1899 | 1994 | 2 | Units | 115,312 | 115,312 | 115,312 | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 200,000 | As Is | 1/26/2023 | 100.0% | 1/23/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/7/2023 | NAP | 2/2/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21 | Loan | 98 | 1 | 909 North Michigan Avenue | 1.7% | 100.0% | DBRI | GACC | NAP | NAP | 909 North Michigan Avenue | Chicago | Cook | Illinois | 60611 | Retail | Unanchored | 1962 | NAP | 5,666 | SF | 2,513.41 | 14,241,000 | 14,241,000 | 14,241,000 | 6.75400% | 0.01578% | 6.73822% | NAP | 81,266.33 | NAP | 975,195.96 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 3/17/2023 | 1 | 6 | 5/6/2023 | NAP | 4/6/2028 | NAP | 0 | 0 | L(25),D(30),O(5) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 2,380,912 | 283,395 | 2,097,517 | 1,500 | 5,666 | 2,090,351 | 2.15 | 2.14 | 14.7% | 14.7% | 28,600,000 | As Is | 2/16/2023 | 49.8% | 49.8% | 100.0% | 2/28/2023 | No | Burdeen's Jewelry | 2,174 | 38.4% | 3/31/2033 | Bulgari | 1,937 | 34.2% | 7/31/2030 | Swatch Group (Omega) | 1,555 | 27.4% | 7/31/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 10/26/2022 | NAP | 10/21/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 20,378 | 6,793 | 878 | Springing | 0 | 125 | 4,500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 357,212 | Springing | Omega TI/LC Reserve (Upfront: $357,212), REA Charges Reserve (Monthly: Springing) | 0 | 0 | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Daniel J. Blatteis | Daniel J. Blatteis | No | No | Acquisition | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||||||||||
22 | Loan | 8, 99, 100, 101, 102 | 1 | Meadowood Mall | 1.4% | 100.0% | 3650 Real Estate Investment Trust 2 LLC, BCREI, WFBNA, BMO | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | 5000 Meadowood Mall Circle | Reno | Washoe | Nevada | 89502 | Retail | Regional Mall | 1978 | 2013 | 456,841 | SF | 169.23 | 12,500,000 | 12,079,678 | 10,911,360 | 3.93000% | 0.06500% | 3.86500% | 65,497.43 | NAP | 785,969.16 | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 43 | 300 | 283 | 11/5/2021 | 17 | 1 | 1/1/2022 | 1/1/2022 | 12/1/2026 | NAP | 0 | 0 | L(41),D(12),O(7) | 19,676,247 | 5,271,584 | 14,404,663 | 8/31/2021 | T-12 | 19,340,687 | 6,237,429 | 13,103,258 | 12/31/2020 | T-12 | 20,898,165 | 5,421,321 | 15,476,844 | 12/31/2019 | T-12 | 89.1% | 20,594,293 | 4,726,478 | 15,867,815 | 114,210 | 770,276 | 14,983,329 | 3.15 | 2.98 | 20.5% | 19.4% | 227,100,000 | As Is | 10/11/2021 | 34.0% | 30.7% | 90.0% | 10/13/2021 | No | Macy's | 98,721 | 21.6% | 3/31/2030 | Dick's Sporting Goods | 50,133 | 11.0% | 1/31/2027 | Crunch Fitness | 25,183 | 5.5% | 8/31/2029 | H&M | 22,100 | 4.8% | 1/31/2024 | Forever 21 | 20,022 | 4.4% | 1/31/2023 | 10/15/2021 | NAP | 10/15/2021 | 10/29/2021 | 12% | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 3,000,000 | Springing | 228,420 | 0 | 76,140 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | NAP | 0 | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 12,079,678 | 65,230,263 | 353,686.12 | 419,183.55 | 27,715,118 | 10.75000% | 105,025,060 | 688,569.51 | 46.2% | 1.81 | 15.1% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Simon Property Group, L.P. | Simon Property Group, L.P. | No | No | Refinance | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||||||||||
23 | Loan | 103, 104 | 1 | 325 Gold Street | 1.4% | 100.0% | CREFI | CREFI | NAP | NAP | 325 Gold Street | Brooklyn | Kings | New York | 11201 | Mixed Use | Office/Retail | 1920 | 2016 | 49,300 | SF | 243.41 | 12,000,000 | 12,000,000 | 12,000,000 | 7.55000% | 0.01578% | 7.53422% | NAP | 76,548.61 | NAP | 918,583.32 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 3/31/2023 | 1 | 6 | 5/6/2023 | NAP | 4/6/2028 | NAP | 0 | 0 | L(3),YM1(51),O(6) | 2,062,834 | 614,745 | 1,448,089 | 12/31/2022 | T-12 | 1,999,725 | 600,894 | 1,398,831 | 12/31/2021 | T-12 | 2,021,003 | 632,873 | 1,388,130 | 12/31/2020 | T-12 | 95.0% | 2,088,640 | 667,888 | 1,420,752 | 7,171 | 68,629 | 1,344,951 | 1.55 | 1.46 | 11.8% | 11.2% | 27,000,000 | As Is | 3/3/2023 | 44.4% | 44.4% | 100.0% | 2/14/2023 | No | NYU | 8,600 | 17.4% | 5/31/2026 | Team Obsolete | 8,530 | 17.3% | 7/31/2031 | Ark Media | 6,000 | 12.2% | 7/31/2023 | Clocktower Properties | 6,000 | 12.2% | 4/6/2031 | Makelab Inc | 3,750 | 7.6% | 8/31/2025 | 3/6/2023 | NAP | 3/6/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 33,079 | 33,079 | 14,011 | 4,670 | 0 | 598 | 100,000 | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | NAP | 0 | 0 | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Robert Iannucci and Sonia Ewers | Robert Iannucci and Sonia Ewers | No | No | Refinance | Yes | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||||||||||
24 | Loan | 105, 106 | 1 | Pepper Tree Apartments | 1.3% | 100.0% | CREFI | CREFI | NAP | NAP | 4600 Oakwood Drive | Odessa | Ector | Texas | 79761 | Multifamily | Garden | 1975 | 2022 | 181 | Units | 60,497.24 | 10,950,000 | 10,950,000 | 10,950,000 | 7.03000% | 0.01578% | 7.01422% | NAP | 65,039.70 | NAP | 780,476.40 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/21/2023 | 0 | 6 | 6/6/2023 | NAP | 5/6/2028 | NAP | 0 | 0 | L(24),D(33),O(3) | 1,736,215 | 881,324 | 854,891 | 2/28/2023 | T-12 | 1,706,704 | 866,081 | 840,623 | 12/31/2022 | T-12 | 1,569,482 | 771,853 | 797,629 | 12/31/2021 | T-12 | 94.0% | 2,121,390 | 988,839 | 1,132,551 | 51,947 | 0 | 1,080,604 | 1.45 | 1.38 | 10.3% | 9.9% | 16,500,000 | As Is | 3/14/2023 | 66.4% | 66.4% | 96.1% | 4/17/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/16/2023 | NAP | 3/16/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 62,028 | 12,406 | 74,447 | 14,889 | 0 | 4,329 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66,180 | 0 | 0 | NAP | 0 | 0 | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Brian Lefkowitz, A Lefkowitz 2016 Family Trust and R Lefkowitz 2016 Family Trust | Brian Lefkowitz, A Lefkowitz 2016 Family Trust and R Lefkowitz 2016 Family Trust | No | No | Refinance | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||||||||||
25 | Loan | 1 | Tudor Wharf (Leased Fee) | 1.2% | 100.0% | BMO | BMO | Group 3 | NAP | 34-44 Charles River Avenue | Charlestown | Suffolk | Massachusetts | 02129 | Other | Leased Fee | NAP | NAP | 67,170 | SF | 159.30 | 10,700,000 | 10,700,000 | 10,700,000 | 7.37000% | 0.01578% | 7.35422% | NAP | 66,628.55 | NAP | 799,542.60 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 4/25/2023 | 0 | 6 | 6/6/2023 | NAP | 5/6/2028 | NAP | 0 | 0 | L(24),D(31),O(5) | 300,000 | 0 | 300,000 | 3/31/2023 | T-12 | 300,000 | 0 | 300,000 | 12/31/2022 | T-12 | 322,550 | 0 | 322,550 | 12/31/2021 | T-12 | 100.0% | 800,000 | 0 | 800,000 | 0 | 0 | 800,000 | 1.00 | 1.00 | 7.5% | 7.5% | 16,000,000 | As Is | 2/13/2023 | 66.9% | 66.9% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/17/2023 | NAP | 2/17/2023 | NAP | NAP | Yes - AE | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | NAP | 0 | 0 | NAP | Hard | Springing | No | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Warren Q. Fields and Richard M. Kelleher | Warren Q. Fields and Richard M. Kelleher | No | No | Refinance | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||||||||||
26 | Loan | 8, 108, 109, 110, 111, 112, 113, 114, 115, 116 | 1 | 1201 Third Avenue | 0.9% | 100.0% | JPMCB, MSBNA | JPMCB | NAP | NAP | 1201 Third Avenue | Seattle | King | Washington | 98101 | Office | CBD | 1988 | NAP | 1,129,710 | SF | 150.48 | 8,000,000 | 8,000,000 | 8,000,000 | 5.58500% | 0.01703% | 5.56797% | NAP | 37,750.46 | NAP | 453,005.52 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 2/10/2023 | 2 | 9 | 4/9/2023 | NAP | 3/9/2028 | NAP | 0 | 0 | L(24),YM1(2),DorYM1(27),O(7) | 51,796,212 | 20,401,758 | 31,394,453 | 12/31/2022 | T-12 | 52,866,426 | 19,817,047 | 33,049,379 | 12/31/2021 | T-12 | 55,173,622 | 18,678,980 | 36,494,642 | 12/31/2020 | T-12 | 81.1% | 51,349,507 | 21,283,998 | 30,065,509 | 225,942 | 3,282,704 | 26,556,863 | 3.12 | 2.76 | 17.7% | 15.6% | 556,500,000 | As Is | 12/1/2022 | 30.5% | 30.5% | 81.1% | 1/1/2023 | No | Perkins Coie | 296,843 | 26.3% | 12/31/2026 | WeWork | 114,679 | 10.2% | 6/30/2034 | Kimley-Horn | 46,058 | 4.1% | 12/31/2034 | Accolade, Inc. | 45,083 | 4.0% | 3/31/2030 | Hargis Engineering | 44,609 | 3.9% | 12/31/2024 | 12/8/2022 | NAP | 12/8/2022 | 12/8/2022 | 14% | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 | 0 | 0 | 17,567,429 | 0 | 0 | 0 | 0 | 0 | 0 | 3,755,350 | Springing | Free Rent Reserve (Upfront: $3,755,350), Perkins Coie Funds (Monthly: Springing), Perkins Coie Prepaid Rent Funds (Monthly: Springing) | 0 | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 8,000,000 | 162,000,000 | 764,446.88 | 802,197.34 | NAP | NAP | 170,000,000 | 802,197.34 | 30.5% | 2.76 | 17.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | MetLife, Inc. and New York Common Retirement Fund | NAP | No | No | Refinance | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||||||||||
27 | Loan | 119 | 1 | Chicago Heights | 0.5% | 100.0% | CREFI | CREFI | NAP | NAP | 480 East Lincoln Highway | Chicago Heights | Cook | Illinois | 60411 | Industrial | Warehouse/Distribution | 1958 | 1993 | 281,847 | SF | 15.97 | 4,500,000 | 4,500,000 | 4,500,000 | 7.28000% | 0.01578% | 7.26422% | NAP | 27,679.17 | NAP | 332,150.04 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 3/27/2023 | 1 | 6 | 5/6/2023 | NAP | 4/6/2028 | NAP | 0 | 0 | L(25),D(28),O(7) | 1,111,902 | 594,830 | 517,072 | 12/31/2022 | T-12 | 1,181,919 | 734,663 | 447,256 | 12/31/2021 | T-12 | 1,003,148 | 699,246 | 303,902 | 12/31/2020 | T-12 | 95.0% | 1,249,283 | 647,108 | 602,175 | 81,736 | 69,878 | 450,562 | 1.81 | 1.36 | 13.4% | 10.0% | 8,100,000 | As Is | 2/20/2023 | 55.6% | 55.6% | 100.0% | 4/1/2023 | No | Gerresheimer Glass, Inc. | 209,135 | 74.2% | 11/30/2026 | Morgan Li, LLC | 72,712 | 25.8% | 5/14/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/3/2023 | NAP | 3/3/2023 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 43,364 | 43,364 | 0 | Springing | 0 | 6,811 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53,763 | 0 | Springing | Gerresheimer Glass Renewal Reserve (Monthly: Springing), Morgan Li Renewal Reserve (Monthly: Springing) | 0 | 0 | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | Ian Quint | Ian Quint | No | No | Acquisition | Yes | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Footnotes to Annex A | |
(1) | The Administrative Fee Rate includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Trustee/Certificate Administrator Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan. |
(2) | The Monthly Debt Service (P&I)($) and Annual Debt Service (P&I) ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period. |
(3) | The open period is inclusive of the Maturity Date or Anticipated Repayment Date. |
(4) | Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) are calculated based on amortizing debt service payments (except for interest-only loans). |
(5) | Leased Occupancy (%) includes tenants that have signed leases, but are not yet in occupancy or may not be paying rent. |
(6) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the lease. See “Description of the Mortgage Pool—Tenant Issues” in the Preliminary Prospectus for certain examples of the foregoing. |
(7) | If the purpose of the Mortgage Loan was to finance an acquisition of the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash investment by one or more of the equity owners in the borrower in connection with such acquisition. If the purpose of the Mortgage Loan was to refinance the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash contributed to the borrower by one or more of the equity owners at the time the Mortgage Loan was originated. |
(8) | The Cut-off Date Balance ($) reflects only the Mortgage Loan included in the Issuing Entity (which may be evidenced by one or more promissory notes); however, such Mortgage Loan is part of a whole loan comprised of such Mortgage Loan and one or more Pari Passu Companion Loan(s) and/or Subordinate Companion Loan(s) that are held outside the Issuing Entity, each of which is evidenced by one or more separate promissory notes. With respect to each such Mortgage Loan that is part of a whole loan, the Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NCF DSCR (x), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%) and Loan Per Unit ($) calculations include any related Pari Passu Companion Loan(s) but exclude any related Subordinate Companion Loan(s). See “Description of the Mortgage Pool—The Whole Loans” in the Preliminary Prospectus for additional information regarding the whole loan(s). |
(9) | Property Located Within a Qualified Opportunity Zone (Y/N) reflects Mortgaged Properties that are located in qualified opportunity zones ("QOZs") under Internal Revenue Code § 1400Z-2 - Notice 2018-48 and Notice 2019-42. According to the Internal Revenue Service, (1) a QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment, and (2) localities qualify as QOZs if they have been nominated for that designation by a state, the District of Columbia, or a U.S. territory and that nomination has been certified by the Secretary of the Treasury via his or her delegation of authority to the Internal Revenue Service. No representation is made as to whether any Mortgaged Properties located in QOZs or the related borrowers are eligible for such preferential tax treatment or whether any qualifying investment has been made in a QOZ. |
(10) | The Mortgage Loan is part of a whole loan that was co-originated by JPMorgan Chase Bank, National Association and 3650 Real Estate Investment Trust 2 LLC. |
(11) | The Mortgage Loan has one or more borrowers that own all or a portion of the related Mortgaged Property as tenants–in–common. |
(12) | The Largest Tenant at the ICP/IRG Holdings Portfolio - Invacare property, Invacare Corporation, and two affiliated companies reportedly filed for Chapter 11 bankruptcy on January 31, 2023 in the United States Bankruptcy Court for the South District of Texas, Houston Division. In connection with the foregoing, the Whole Loan documents provide full recourse to the related guarantors for the payment of all rents due under the lease between the borrowers and Invacare Corporation, the sole tenant at the Invacare Mortgaged Property, in an amount up to 10% of the outstanding principal balance of the Whole Loan, plus all reasonable costs and expenses incurred by the lender (including reasonable attorneys’ fees and expenses) in connection with the collection of amounts due under the guaranty (the “Invacare Payment Guaranty”). The obligations of the guarantors under the Invacare Payment Guaranty will terminate upon, among other things, (a) the debt service coverage ratio based on the trailing 3 month period immediately preceding the date of determination being equal to or greater than 1.30x and (b)(i) court approval of Invacare Corporation’s assumption of the related lease in connection with the bankruptcy proceeding described under “Description of the Mortgage Pool—Statistical Characteristics of the Mortgage Loan—Property Types— Industrial Properties” in the Preliminary Prospectus, or (ii) in the event that such lease is rejected, an acceptable replacement lease being entered into and the tenant under such replacement lease being in occupancy and paying full unabated rent with no outstanding obligations with respect to such lease other than those reserved with the lender (the “Payment Guaranty Release Event”). See “Description of the Mortgage Pool—Statistical Characteristics of the Mortgage Loans—Property Types” and “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Single-Purpose Entity Covenants” in the Preliminary Prospectus for additional information. |
(13) | From and after a Payment Guaranty Release Event and the second anniversary of the first monthly due date or the date that is (x) two years from the closing date of the securitization REMIC trust which holds the portion of the note last to be securitized and (y) the third anniversary of the first monthly due date, as applicable, if the borrowers have elected to defease or prepay a portion of the related Whole Loan in connection with the release of an individual Mortgaged Property, and provided that no event of default or cash sweep event is continuing, the borrowers may obtain the release of an individual Mortgaged Property upon the satisfaction of certain conditions, including, but not limited to, the following: (i) the amount of the outstanding principal balance of the Whole Loan to be defeased equals or exceeds 115% of the loan amount allocated to the individual Mortgaged Property being released, (ii) subsequent to such release, each borrower continues to be a special purpose entity pursuant to, and in accordance with, the Mortgage Loan documents, (iii) the borrowers deliver a REMIC opinion, (iv) the borrowers deliver a rating agency confirmation, (v) after giving effect to the release of the applicable individual Mortgaged Property (including the portion of the Whole Loan defeased pursuant to the Mortgage Loan documents), the debt service coverage ratio for the remaining properties based on the trailing 12-month period immediately preceding the release of the applicable individual Mortgaged Property is equal to or greater than the greater of (x) 1.31x and (y) the debt service coverage ratio for all of the remaining properties (including the remaining individual Mortgaged Property requested to be released) immediately preceding such release, and (vi) the satisfaction of the customary REMIC requirement. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases” in the Preliminary Prospectus for additional information. |
(14) | The Largest Tenant at the Warren Perkins Jones Mortgaged Property, The Step2 Company, LLC, has the right to exclusively lease additional space in the related building, in increments of at least 25,000 square feet (each, an ”Increment”), provided, however, that, among other conditions, such Increment is not leased to another tenant or otherwise occupied. The borrower and The Step2 Company, LLC each have the right to terminate the lease of all or a portion of the Increments leased to The Step2 Company, LLC upon thirty days’ prior written notice to the other party, provided, however, that the terminating party is required to terminate in increments of at least 25,000 square feet. |
(15) | The Second Largest Tenant at the Romulus – Huron Mortgaged Property, Home Depot U.S.A., Inc., has the right to terminate its lease with 30 days’ notice if it is required during the last two years of its lease term (or any extension of the lease term, if applicable) by applicable legal requirements to make alterations to or modifications of its space reasonably estimated to cost in excess of $100,000. |
(16) | The Largest Tenant at the Romulus – Huron Mortgaged Property, Renaissance Global Logistics, LLC, leases 370,514 SF expiring on August 31, 2025, 270,220 SF expiring on January 31, 2027, and 185,870 SF expiring on October 31, 2026. |
(17) | The historical cash flows prior to 2022 are unavailable for the entire portfolio as (i) the Miles North Randall Mortgaged Property had just completed construction in 2021 and (ii) the Cleveland American Industrial Mortgaged Property, Cleveland American Office Mortgaged Property, and Warren Perkins Jones Mortgaged Property were each in a lease-up period. |
(18) | The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily driven by (i) recent construction at the Miles North Randall Mortgaged Property and (ii) recent leasing activity the Cleveland American Industrial Mortgaged Property, Cleveland American Office Mortgaged Property, and Warren Perkins Jones Mortgaged Property. |
(19) | The Administrative Fee Rate for the ICP/IRG Holdings Portfolio Mortgage Loan includes the weighted average of 3650 Real Estate Investment Trust 2 LLC's subservicing fee rate of 0.049220% and JPMCB's subservicing fee rate of 0.000% plus the Servicing Fee Rate, the Operating Advisor Fee Rate, the Trustee/Certificate Administrator Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to the ICP/IRG Holdings Portfolio Mortgage Loan. |
(20) | The Third Largest tenant at the Cleveland American Industrial Mortgaged Property, Taylor Exhibition Services, Inc., is on a month-to-month lease, which the tenant may terminate with a 90 days’ prior written notice. |
(21) | The lockout period will be at least 24 payment dates beginning with and including the first payment date on June 6, 2023. Defeasance of the Austin Multifamily Portfolio Whole Loan in full (or in part) is permitted at any time following the earlier to occur of (i) April 21, 2027 or (ii) the second anniversary of 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 2023-V2 securitization closing date in May 2023. The actual lockout period may be longer. |
(22) | Historical cash flows are unavailable at the Austin Multifamily Portfolio Properties as the borrower sponsors renovated the units between 2019 and 2022. |
(23) | The cash flow analysis relies on the T-3 annualized period for the most recent period to reflect the performances of the Starburst Apartments Mortgaged Property and Orbit Apartments Mortgaged Property following the renovations, which included upgrades to 397 units across the portfolio. |
(24) | The borrowers are required to deposit into a debt yield reserve, within 90 days of the origination date of the Austin Multifamily Portfolio Whole Loan, an amount equal to $2,000,000 in the form of cash or a letter of credit. Upon the occurrence of the Collateral Cure Conditions (as hereinafter defined), the funds in the debt yield reserve account shall be disbursed to the borrowers. "Collateral Cure Conditions" will exist provided that the debt yield is equal to or greater than 9.0% for two consecutive calendar quarters and further provided that no event of default is ongoing. |
(25) | The mortgage loan is part of a whole loan that was co-originated by Deutsche Bank AG, New York Branch, Morgan Stanley Bank, N.A., and Bank of Montreal. |
(26) | The lockout period will be at least 24 payment dates beginning with and including the first payment date in June 2023. Defeasance of the Cumberland Mall Whole Loan in full is permitted at any time after the first payment date following the earlier to occur of (i) April 14, 2026 or (ii) the date that is two years from the closing date of the securitization that includes the last Cumberland Mall Whole Loan note to be securitized. The assumed lockout period of 24 payments is based on the expected Benchmark 2023-V2 securitization closing date in May 2023. The actual lockout period may be longer. |
(27) | The Second Largest Tenant, Round 1 Bowling & Amusement ("Round 1”), has a one-time right to terminate its lease if between March 2026 and the last day of February 2027 Round 1’s net sales fail to exceed $7,500,000. Round 1 has 90 days following such one year period to terminate its lease by providing the landlord with 180 days’ prior notice and payment of a termination fee equal to the unamortized portion of its construction allowance and the broker fee paid by the landlord to Round 1’s broker. Additionally, if for a period of 18 months (x) less than 65% of the square footage within the in-line area of the Mortgaged Property and 2 anchor tenants (excluding the leased premises) are operating and open for business with the general public and (y) Round 1’s net sales have declined by more than 10%, Round 1 may elect to terminate its lease by providing 90 days’ advance written notice to the landlord within 60 days following such 18-month period. |
(28) | The Third Largest Tenant, Dick's Sporting Goods (“DSG”) may terminate its lease if Foot Locker prohibits or otherwise restricts DSG’s use of its leased premises via Foot Locker's exclusivity right and such failure continues for 15 days following written notice from DSG to the landlord. Additionally, DSG will pay the lesser of 3% of its gross sales and minimum rent if Costco and Macy’s (or their acceptable replacement tenants) and at least 65% of the remaining interior in-line area of the Mortgaged Property are not operating and open for business with the general public for over 180 days (the “Ongoing Co-Tenancy Requirement”) from the beginning of the first full calendar month following such 180 day period and continuing until the month the Ongoing Co-Tenancy Requirement is rectified. If the violation continues for over 12 months, DSG can terminate its lease by providing 60 days’ prior written notice to the landlord within 60 days following the expiration of such 12-month period. |
(29) | The Fifth Largest Tenant, H&M, may terminate its lease if (x) its net sales fail to exceed $7,050,000 between January 1, 2027 and December 31, 2027 or (y) its net sales fail to exceed $7,755,000 between January 1, 2029 and December 31, 2029, in either case by providing 365 days’ prior written notice to the landlord within 180 days following the expiration of such 12-month period and payment of a termination fee equal to 50% of the unamortized portion of its construction allowance (amortized on a straight line basis over 10 years commencing on the date H&M opened for business at the Cumberland Mall Property. |
(30) | The Fifth Largest Tenant by underwritten base rent, Foot Locker (d/b/a Footaction), had its lease expire on April 30, 2023. Foot Locker is still open and operating in its leased space while it continues negotiating a lease extension with the landlord. There is no assurance that Foot Locker will continue to be open and operate its space or that it will reach an agreement to extend its lease with the landlord. |
(31) | The Harborside 2-3 Mortgage Loan is part of a whole loan that was co-originated by Citi Real Estate Funding Inc. and Bank of Montreal. |
(32) | The lockout period will be at least 25 payment dates beginning with and including the first payment date on May 6, 2023. Defeasance of the Harborside 2-3 Whole Loan in full (but not in part) is permitted at any time following the earlier to occur of (i) April 4, 2026 or (ii) the second anniversary of the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected Benchmark 2023-V2 securitization closing date in May 2023. The actual lockout period may be longer. |
(33) | The Harborside 2-3 Whole Loan is structured with a $55,000,000 mezzanine loan (the "Harborside 2-3 Mezzanine Loan") that accrues interest at (i) a rate per annum equal to 7.00% to be paid as part of each payment of the mezzanine monthly debt service payment amount resulting in a mezzanine monthly debt service payment amount of $325,289.35 and (ii) a rate per annum equal to 3.5% that accrues through the term of the Harborside 2-3 Mezzanine Loan and is scheduled to be due and payable on the maturity date resulting in a monthly debt service accrual amount of $162,644.68. The Mezzanine Debt Interest Rate (%), Total Debt Monthly Debt Service ($) and Total Debt Underwritten NCF DSCR (x) are based on an aggregate Harborside 2-3 Mezzanine Loan interest rate of 10.5% per annum. |
(34) | In addition to the interest accruing on the outstanding principal balance of the Harborside 2-3 Mezzanine Loan at a rate of 7.0000% per annum to be paid as part of each monthly debt service payment amount and an additional 3.5000% per annum which shall accrue through the loan term and be due on the maturity date, the outstanding principal balance of the Harborside 2-3 Mezzanine Loan will accrue PIK interest at a rate of 2.29% per annum (the "PIK Interest"). The PIK Interest shall be due and payable together with each mezzanine monthly debt service payment amount if either of the following conditions are not satisfied as of April 6, 2028: (i) the PIK Leasing Condition (as defined below) or (ii) if the Harborside 2-3 Mezzanine Loan is not prepaid in full. If the PIK Leasing Condition has not been satisfied as of April 6, 2028 or the Harborside 2-3 Mezzanine Loan has not been prepaid in full prior to such date, then all accrued PIK Interest will automatically be converted and added to the outstanding principal balance of the Harborside 2-3 Mezzanine Loan as of such date, and become immediately due and payable by the borrowers to lender together with all other outstanding principal. The "PIK Leasing Condition" means delivery by the borrowers of evidence reasonably satisfactory to lender that 75% of the aggregate rentable square feet of the Harborside 2-3 Mortgaged Property and the neighboring Harborside 1 property is leased and occupied by tenants under leases satisfying the requirements set forth in their respective loan documents. |
(35) | The borrowers are permitted to obtain mezzanine financing in connection with the assumption of the Harborside 2-3 Mortgage Loan, provided that the Harborside 2-3 Mezzanine Loan is repaid simultaneously with such assumption. Future mezzanine debt is permitted subject to certain conditions, including, without limitation: (i) no event of default is continuing, (ii) the mezzanine loan is made by a lender reasonably acceptable to the mortgage lender and acceptable to the applicable rating agencies, (iii) the only collateral for such mezzanine loan is the direct equity interest in (x) the mortgage borrower and (y) the equity interest in the sole member entity holding the liquor license for the operation of the property (note – the mortgage loan is secured, in part, by a pledge of the direct equity interest in the holder of the liquor license), (iv) the mezzanine loan documents are reasonably satisfactory to the mortgage lender, (v) the mezzanine loan is non-recourse except for non-recourse carveouts substantially similar to those of the mortgage loan, (vi) the mezzanine lender enters into an intercreditor agreement reasonably acceptable to the mortgage lender and acceptable to the rating agencies, (vii) the mezzanine loan has a fixed rate of interest or a floating rate subject to delivery of an interest rate cap agreement, (viii) the maturity date of the mezzanine loan is not earlier than the maturity date of the Harborside 2-3 Whole Loan, (ix) borrower delivers a rating agency confirmation, (x) the LTV (inclusive of the mezzanine loan) shall not exceed 75%, (xi) the DSCR (whole loan only) as of the date of closing of the mezzanine loan is at least 1.81x and (xii) the DSCR (inclusive of the mezzanine loan) as of the date of closing of the mezzanine loan is at least 1.25x. |
(36) | The Harborside 2-3 Whole Loan is structured with a $19,000,000 preferred equity investment made by Nonghyup Bank, in its capacity as Trustee of Milestone Harbor East Private Investment Trust. The preferred equity investment is made in an entity (the “Pref JV”) that is the indirect owner of one of the two TIC borrowers of the Harborside 2-3 Whole Loan and one of the two TIC owners of the neighboring Harborside 1 property. The preferred equity investment will be repaid only from net cash distributions to the Pref JV from capital transactions with respect to the Harborside 1 property and/or the Harborside 2-3 Mortgaged Property. |
(37) | The third largest tenant, Collectors Universe, representing approximately 8.2% of the net rentable area, is in a free rent period through November 28, 2023. |
(38) | Other Sources primarily consists of a Sea Wall credit of $27,610,000, tenant improvement and rent credits of approximately $12,104,859, a rate buydown credit of $6,250,000, and approximately $3,668,609 in other miscellaneous credits. |
(39) | The mortgaged property is comprised of 48 hotel rooms with a retail component comprised of 2 restaurants, two bars, and a public market on the ground floor. |
(40) | The borrower, GA Holdings 1000 SSF Owner LP, leases the entire Soho Warehouse property on a triple net basis to LA 1000 Santa Fe, LLC with an initial term through April 2041, followed by two, 10-year extension options. The Soho Warehouse property had an initial annual rent of $6.4 million, on an absolute net basis. Beginning in April 2019, there are annual CPI increases with a minimum of 2.0 percent and a maximum of 4.0 percent. The lease does not contain any contraction or termination options. |
(41) | The Gucci tenant is inclusive of Gucci’s signage space which consists of 0 square feet in the underwritten rent roll and accounts for $1,230,000 of UW Base Rent. |
(42) | Gucci has a right to terminate its lease for a period of ninety (90) days after the later of (1) the fifth lease year or (2) if such lease year is not a full calendar year, the fifth full calendar year immediately following the rent commencement date (the "Measuring Period") to the extent Gucci's gross sales do not exceed $12,000,000 in the Measuring Period as more particularly described in Section 6 of its lease. The right to terminate is subject to Gucci's payment to the landlord on or before the date specified in the related termination notice of the then unamortized portion of (i) its tenant improvement allowance and (ii) fifty percent (50%) of any brokerage commission paid by the landlord to any broker in respect of the lease as of such termination date, calculated on a straight line basis over the term of the lease. |
(43) | The Mortgage Loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Bank of Montreal and DBR Investments Co. Limited. |
(44) | Both Green Acres Mall (excluding the Walmart Parcel) and Green Acres Commons benefit from 10-year tax abatements pursuant to respective payment-in-lieu of taxes agreements dated May 1, 2015 (the “PILOT Agreements”), between the borrowers and the Town of Hempstead Industrial Development Agency (the “Hempstead IDA”), which expire on December 31, 2026, with one, five-year extension period. The extension of the PILOT documents requires the consent of the Hempstead IDA. In connection with the PILOT Agreements, the borrowers lease the Green Acres Property (excluding the Walmart Parcel) to the Hempstead IDA pursuant to the master leases, and the Hempstead IDA subleases the Green Acres Property (excluding the Walmart parcel) back to the borrowers. Such leases will be terminated upon the termination of the PILOT Agreements. Pursuant to the terms of the PILOT Agreements and the related leases, the borrowers are obligated to, among other things, (i) comply with certain full-time employment commitments and (ii) in exchange for certain exemptions from property taxes on real and personal property, make annual payment-in-lieu of taxes payments for the 2016 through the 2026 tax years. A failure of the borrowers to comply with the PILOT Agreements may result in an early termination of the PILOT Agreements or a return of certain tax benefits received by the borrowers to the Hempstead IDA. Total annual payment-in-lieu of taxes payments payable by the borrowers commenced at $14,140,000 and increased to $15,400,000 during the fourth and fifth tax abatement years, and are equal to $16,300,000 during the second five tax abatement years. Real estate taxes were underwritten based on the actual tax bills for all of the property tax parcels at the Green Acres Property (including the Walmart Parcel), inclusive of any tax reimbursements or expenses payable by the tenants and payment-in-lieu of taxes (“PILOT”) payable by the borrowers for 2022 under the related PILOT documents. According to the appraisal, the tax benefits for 2023 under the PILOT documents are expected to be $15,365,892, and if the PILOT documents are not renewed, the total amount of real estate taxes payable by the borrowers is expected to increase by approximately $17.1 million in 2027. |
(45) | The borrowers are required to cause rents to be deposited by the tenants into a lockbox account established at origination under the Green Acres Whole Loan documents, and the borrowers will have access to the funds in the lockbox account and use the lockbox account as an operating account so long as no Trigger Period, as defined in the Green Acres Whole Loan documents, continues. During the continuance of a Trigger Period, the borrowers will not have any further access to the funds in the lockbox account except as otherwise expressly provided in the Green Acres Whole Loan documents. |
(46) | A Grace Period (Late Payment) of five days is allowed. |
(47) | The as-is appraised value is based on an extraordinary assumption made by the appraiser that the PILOT documents will be extended an additional 5-years to 2031. In the absence of the PILOT tax benefits beyond 2026, the as-is value of the Green Acres Property would otherwise be reduced by approximately $58.0 million resulting in an estimated appraised value of $621.0 million resulting in a Mortgage Loan Cut-off Date LTV Ratio (Other Than “As-Is”) and Mortgage Loan LTV Ratio at Maturity Date (Other Than “As-Is”) of 59.6%. |
(48) | The lockout period will be at least 28 payment dates beginning with and including the first payment date in February 2023. Prepayment of the Green Acres Whole Loan in full is permitted at any time on or after the earlier to occur of (i) the monthly payment date occurring in January 2026 and (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 28 payments is based on the expected Benchmark 2023-V2 closing date in May 2023. The actual lockout period may be longer. |
(49) | The borrowers may obtain a release of one or more Release Parcels. A “Release Parcel” is a parcel on the Green Acres Property that is (a) non-income producing and unimproved for tenant occupancy and (b) the release of which does not have any adverse material effect), subject to satisfaction of certain conditions including, but not limited to, (i) no event of default has occurred and is continuing, (ii) regardless of whether such release of the Release Parcel is successfully consummated, the borrowers pay to the lender a processing fee in the amount of $15,000, (iii) the remaining property constitutes a separate tax lot (or the borrowers have filed an application for a separate tax lot and the borrower sponsor guarantees the payment of taxes on the Release Parcel pending the final issuance of such separate tax lot), (iv) the borrowers certify to the lender that the remaining property with all easements appurtenant and other permitted encumbrances thereto will not, strictly as a result of such transfer, be in violation of certain reciprocal easement agreements, the Walmart ground lease, the PILOT Lease Agreements or any then applicable law, statute, rule or regulation and (v) satisfaction of any REMIC release conditions. |
(50) | The fee interest in a portion of the Mortgaged Property is owned by Walmart, an anchor tenant at the Walmart Property, and Valley Stream Green Acres LLC (“Valley Stream”), a borrower, owns the leasehold interest in the Walmart Property pursuant to a 36-year ground lease, dated as of February 22, 1989, between Walmart, as ground lessor, and Valley Stream, as ground lessee. Valley Stream leased the Walmart Property back to Walmart under two separate leases. According to the estoppel delivered by Walmart, the term of the ground lease commenced on August 13, 1990 and expires on August 12, 2026, with two additional six-year extension options. The base rent under the ground lease is a fixed amount equal to approximately $1,080,000 per annum (approximately $90,000 per month) during the initial term and approximately $1,500,000 per annum (approximately $125,000 per month) during the extension terms. |
(51) | The Largest Tenant, Macy’s, leases 266,676 sq. ft. expiring on August 18, 2026 and 123,827 sq. ft. expiring on July 31, 2034. |
(52) | The Fourth Largest Tenant, BJ’s Wholesale Club, leases 127,750 sq. ft. and includes a recently executed lease for a 5,000 sq. ft. fueling station that has an expected rent commencement date of September 1, 2023. |
(53) | The Ninth Largest Tenant, Primark, leases 49,069 sq. ft. and is expected to take occupancy in May 2023. |
(54) | The lender is insured under an environmental insurance policy obtained (i) in lieu of obtaining a Phase II Environmental Site Assessment, (ii) in lieu of providing an indemnity or guaranty from a borrower sponsor or (iii) to address environmental conditions or concerns. For additional information, see “Risk Factors—Risks Related to the Mortgage Loans—Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses” and “Description of the Mortgage Pool—Environmental Considerations” in this Preliminary Prospectus. |
(55) | The borrower is permitted to enter into a “Property-Assessed Clean Energy loan” (a “PACE Loan”) or other indebtedness for an amount not to exceed $10,000,000, without the consent of the lender or rating agency confirmation, which is (i) incurred for improvements to the Mortgaged Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Mortgaged Property. The lien resulting from any unpaid and delinquent PACE Loan payments would have property tax lien status. |
(56) | At such time as the balance of the rollover account reaches an amount equal to 24 times the required monthly deposit without taking into account any amounts deposited therein in respect of lease termination and modification payments (the “Rollover Account Cap”), the borrowers’ obligation to make monthly deposits into the rollover account will be suspended until such time as the balance of the rollover account falls below the Rollover Account Cap, at which time, the borrowers’ obligation to make monthly deposits will be reinstated as of the immediately succeeding monthly payment date. The borrowers’ upfront deposit of approximately $743,644 in respect of gap rent is not included in the calculation of the rollover reserve balance for purposes of calculating the Rollover Reserve Cap. |
(57) | The Mortgage Loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA and Morgan Stanley Bank, N.A. |
(58) | The borrower is required to pay to the lender, concurrently with the closing of a prospective transfer, non-refundable assumption fees in an amount equal to $250,000 (or, if material modifications of the loan documents are required in connection with such transfer due to a request by the borrower or the transferee, an amount equal to $350,000). |
(59) | A Grace Period (Late Payment) of five days is allowed once per 12-month period. |
(60) | There is a 10% credit for the $5.0 million upfront TI/LC reserve. |
(61) | Annual payment of the ground lease will be equal to $800,000 per annum. |
(62) | The borrower will deposit on a monthly basis into the FF&E Reserve Account, an amount equal to the greater of (i) 4% of the operating income (plus gross rents) for the Tudor Wharf Property for the preceding month or (ii) the amount of the monthly deposit required by franchisor on account of FF&E under the franchise agreement, if any. Monthly deposits into the FF&E Reserve Account have been waived for the first 11 payment dates. |
(63) | Upon the occurrence of a Trigger Period, the borrower is required to deposit excess cash into the seasonality reserve on payment dates occurring in March through November, subject to a cap equal to 110% of the sum of the negative monthly amounts for the applicable calendar year, to be applied to shortfalls on monthly payment dates occurring in December through February. |
(64) | The Mortgage Loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA and Deutsche Bank AG, New York Branch. |
(65) | For purposes of calculating interest and other amounts payable on the Scottsdale Fashion Square Whole Loan, each note was divided into multiple components with varying interest rates. The interest rate of the Scottsdale Fashion Square Mortgage Loan represents the weighted average interest rate of three components. Prepayments of the Scottsdale Fashion Square Mortgage Loan will be applied to the components in sequential order. As a result of the components having different interest rates and the allocation of prepayments to sequentially reduce the components, the per annum weighted average interest rate of the components (and, therefore, the interest rate of the Scottsdale Fashion Square Mortgage Loan) may increase over time. |
(66) | A Grace Period – Late Fee (Days) of five days is allowed for the monthly payment of interest and any other principal, interest or other sum due. No grace period is permitted for repayment of principal on the maturity date. |
(67) | The lockout period will be at least 26 months beginning with and including the first payment date on April 6, 2023. Defeasance of the Scottsdale Fashion Square Whole Loan in full is permitted at any time after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last pari passu note to be securitized and (ii) March 6, 2026 (the “Scottsdale Fashion Square Lockout Release Date”). In addition, voluntary prepayment of the Scottsdale Fashion Square Whole Loan in full, but not in part, is permitted from and after the Scottsdale Fashion Square Lockout Release Date with (prior to the open prepayment date on September 6, 2027) the payment of a yield maintenance premium. The assumed lockout period of 26 months is based on the expected Benchmark 2023-V2 securitization closing date in May 2023. The actual lockout period may be longer. |
(68) | The borrower may transfer and obtain a release of one or more Release Parcels (as defined below), subject to satisfaction of certain conditions including, but not limited to, (i) no event of default has occurred and is continuing, (ii) regardless of whether such release of the Release Parcel is successfully consummated, the borrower pays to the lender a processing fee in the amount of $15,000, reimburses lender for reasonable costs and expenses, and pays all title insurance and survey costs, (iii) the borrower delivers to the lender evidence reasonably satisfactory to a prudent lender that the Release Parcel has been (or will be upon recordation of the applicable transfer documentation which will occur contemporaneously with the release of the Release Parcel) legally subdivided from the remainder of the Mortgaged Property and constitutes a separate tax lot (or, if not a separate tax lot, the Release Parcel owner is contractually obligated to pay its share of all taxes and other charges with respect to the Release Parcel until the Release Parcel has been designated as a separate tax lot), and the borrower certifies to the lender that after giving effect to such transfer, each of the Release Parcel and the remaining portion of the Mortgaged Property conforms to and is in compliance in all material respects with applicable law, (iv) the borrower certifies to the lender that the remaining property with all easements appurtenant and other permitted encumbrances thereto will not, strictly as a result of such transfer and release of the Release Parcel, be in violation of certain reciprocal easement agreements or any then applicable law, statute, rule or regulation and (v) satisfaction of any REMIC- related release conditions. A ”Release Parcel” is (x) a parcel on the Mortgaged Property that is (a) non-income producing and unimproved for tenant occupancy and (b) the release of which does not have any adverse material effect on (i) the value of the Mortgaged Property or the use or operation of the Mortgaged Property as a first-class regional shopping center (with related entertainment, dining and other compatible, commercial uses), (ii) the business, profits, operations or financial condition of the borrower, (iii) the ability of the borrower to perform its material obligations under the Scottsdale Fashion Square Whole Loan documents or (iv) the ongoing operations of the remaining Mortgaged Property; and/or (y) a parcel on the Scottsdale Fashion Square Property that is, as of the date of any potential release, non-income producing and improved by structures that (A) were vacant as of the origination date and (B) have been vacant and non-income producing continuously since the origination date and for at least three years prior to the date of any potential release. Improvements that are not material to the use and operation of the Mortgaged Property as a retail shopping center or which may be relocated without material and permanent adverse effects on the operation of the Scottsdale Fashion Square Property (as evidenced by a certification from the borrower) do not render the subject property “improved”. |
(69) | The Sixth Largest Tenant, Life Time Fitness, leases 37,000 sq. ft. and opened in March 2023. |
(70) | The borrower is permitted to enter into a Property-Assessed Clean Energy loan (a "PACE Loan") or other indebtedness for an amount not to exceed $10,000,000, without the consent of the lender or rating agency confirmation, which is (i) incurred for improvements to the Mortgaged Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Mortgaged Property. The lien resulting from any unpaid and delinquent PACE Loan payments would have property tax lien status. |
(71) | The Capital Expenditure Reserve is funded during a trigger period in the amount of $0.25 multiplied by the NRA excluding non-collateral square feet, “Excluded Premises” (i.e., Macy's, Nordstrom, Neiman Marcus, DICK’S Sporting Goods, Harkins Theatre, Life Time Fitness and any replacement tenant that leases all or substantially all of any such premises as defined in the related loan agreement) and any other tenant that is required to pay for all repairs and maintenance costs for its entire leased premises, roof and structural components, resulting in a total square footage of 805,331, divided by 12. The Capital Expenditure Account is subject to a cap of an amount equal to 24 times the required monthly deposit ($402,666). |
(72) | The Rollover Reserve is funded during a trigger period in the amount of $1.00 multiplied by the NRA excluding non-collateral square feet and “Excluded Premises,” (i.e., Macy's, Nordstrom, Neiman Marcus, DICK’S Sporting Goods, Harkins Theatre, Life Time Fitness and any replacement tenant that leases all or substantially all of any such premises as defined in the related loan agreement) resulting in a total square footage of 825,666, divided by 12. The Rollover Account is subject to a cap of an amount equal to 24 times the required monthly deposit ($1,651,332). |
(73) | The Upfront Other Reserve ($) includes $10,222,200 of a reserve for tenant improvements and leasing commissions and approximately $4,316,877 of a gap rent reserve. |
(74) | The amounts listed under the headings “Original Balance ($)” and “Cut–off Date Balance ($)” reflect the Allocated Loan Amount for each respective property in the portfolio. |
(75) | The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to the Mortgaged Property’s lease up to stabilized levels and commercial income. |
(76) | The Cut-off Date LTV Ratio and Maturity Date LTV Ratio were calculated using the “As Is (Extraordinary Assumption)” appraised value. |
(77) | The monthly debt service payment amount is calculated using the average of twelve payments following the cut-off date based on the amortization schedule provided in the Mortgage Loan agreement. |
(78) | The Mortgage Loan is structured with a $5,000,000 mezzanine loan that accrues interest at a rate per annum equal to 13.0%. The monthly debt service payment amount of $57,308.05 is calculated using the average of twelve payments following the cut-off date based on the amortization schedule provided in the Mortgage Loan agreement. |
(79) | The lockout period will be at least 40 payment dates beginning with and including the first payment date of May 5, 2021. Defeasance of the PetSmart HQ 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) August 30, 2024. The assumed defeasance lockout period of 40 payment dates is based on the expected Benchmark 2023-V2 securitization closing date in May 2023. The actual lockout period may be longer. |
(80) | NE-SW Debt Holdings, LP (the “Mezzanine Lender”) has provided $12.0 million of mezzanine financing secured by the equity interests in the related borrower. The mezzanine loan is coterminous with the PetSmart HQ Whole Loan and will require interest-only payments through maturity at a fixed coupon of 12.00000%. |
(81) | Provided no event of default, borrower shall have the right at any time after the earlier of (a) the third anniversary of the origination date of the Whole Loan, and (b) the date that is two years after the closing date of the securitization that includes the last note to be securitized, to either deliver defeasance collateral or partially prepay the Whole Loan and obtain release of one or more individual Mortgaged Properties, in each case, provided that, among other conditions, (i) the defeasance collateral or partial prepayment, as applicable, is in an amount equal to the Release Price (as defined below) (and in the case of a partial prepayment prior to October 6, 2027, payment of the yield maintenance premium), (ii) the borrower delivers a REMIC opinion, (iii) the borrower delivers (in the case of a partial prepayment, if requested by the lender) a rating agency confirmation, (iv) as of the date of notice of the partial release and the consummation of the partial release (whether by partial prepayment or partial defeasance), after giving effect to the release, the debt service coverage ratio with respect to the remaining Mortgaged Properties is greater than the greater of (a) 1.54x, and (b) the debt service coverage ratio for all of the Mortgaged Properties immediately prior to the date of notice of the partial release or the consummation of the partial release, as applicable, (v) as of the date of notice of the partial release and the consummation of the partial release (whether by partial prepayment or partial defeasance), after giving effect to the release, the loan-to-value ratio with respect to the remaining Mortgaged Properties is no greater than the lesser of (a) 56.7% and (b) the loan-to-value ratio for all of the Mortgaged Properties immediately prior to the date of notice of the partial release or the consummation of the partial release, as applicable, (vi) as of the date of notice of the partial release and the consummation of the partial release (whether by partial prepayment or partial defeasance), after giving effect to the release, the debt yield with respect to the remaining Mortgaged Properties is greater than the greater of (a) 12.08%, and (b) the debt yield for all of the Mortgaged Properties immediately prior to the date of notice of the partial release or the consummation of the partial release, as applicable, and (vii) the 1525 West 2960 South Mortgaged Property is required to be the first or second individual property released. “Release Price” means, as applicable, (i) with respect to any individual National Warehouse & Distribution Portfolio Mortgaged Property (other than the 1525 West 2960 South Mortgaged Property and the 1700 Schuster Road Mortgaged Property), an amount equal to the greater of (a) 130% of the allocated loan amount with respect to such individual National Warehouse & Distribution Portfolio Mortgaged Property and (b) 95% of the net sales proceeds applicable to such individual National Warehouse & Distribution Portfolio Mortgaged Property, (ii) with respect to the 1525 West 2960 South Mortgaged Property, an amount equal to the greater of (a) 125% of the allocated loan amount with respect to the 1525 West 2960 South Mortgaged Property and (b) 95% of the net sales proceeds applicable to the 1525 West 2960 South Mortgaged Property, and (iii) with respect to the 1700 Schuster Road property, an amount equal to the greater of (a) $100,000,000 and (b) 95% of the net sales proceeds applicable to the 1700 Schuster Road property. |
(82) | The sole tenant at each of the respective mortgaged properties, CVB, Inc., is an affiliate of the related borrower. The guarantor of each tenant’s lease, Samuel Bert Malouf, is the guarantor of the National Warehouse & Distribution Portfolio Whole Loan. |
(83) | With respect to the 101 Michelin Drive Mortgaged Property, CVB, Inc. currently leases approximately 818,486 square feet representing approximately 69.9% of net rentable area, and Michelin leases the remaining approximately 352,486 square feet, representing approximately 30.1% of net rentable area. The lease for the current tenant, Michelin, expires on July 31, 2023. Upon such expiration, CVB, Inc. will lease such space. It is assumed that CVB, Inc. is leasing 100% of the 101 Michelin Drive Mortgaged Property. |
(84) | The historical cash flows are not available as the Mortgaged Properties were recently acquired by the borrower sponsor between 2016 and 2022. |
(85) | The lockout period will be at least 38 payment dates beginning with and including the first payment date of July 5, 2021. Defeasance of the Patewood Corporate Center 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) August 30, 2024. The assumed defeasance lockout period of 38 payment dates is based on the expected Benchmark 2023-V2 securitization closing date in May 2023. The actual lockout period may be longer. |
(86) | The borrower (property owner and master landlord) entered into a master lease with Space Equities, LLC, a Delaware limited liability company, for 8,383 sq. ft. of space at the Mortgaged Property commonly known as Suite 250 in the building located at 10 Patewood Drive. The master lease structure is set up in connection with the proposed lease of such space by Raytheon (or an alternative bona-fide third party tenant approved by the lender) and (subject to certain conditions) is structured to terminate in the event a lease for such space is executed. The master lease is fully subordinate to the Mortgage Loan and is terminable by the lender upon a foreclosure or other taking of title to the Mortgaged Property by the lender (or its designee or assignee). In addition, a default by the master lessee under the master lease is an event of default under the Mortgage Loan. |
(87) | The Fourth Largest Tenant, Wood Group (9.5% of NRA), occupies two spaces at the Mortgaged Property with various lease expiration dates, including (i) Suite 150 (3,115 sq. ft.) expiring on July 31, 2023 and (ii) Suite 200 of Patewood building one and two with an aggregate of 39,533 sq. ft. expiring on August 31, 2023. |
(88) | The Largest Tenant at the Mortgaged Property, RealPage, Inc., has a one-time option to terminate its lease effective on February 29, 2024, by providing prior written notice on or before June 1, 2023, and paying to the landlord a termination fee. |
(89) | At origination, the borrower was required to deposit with the lender $3,000,000 and on each monthly payment date, the borrower will be required to deposit with the lender the sum of approximately $37,274 for tenant improvements and leasing commissions that may be incurred following the origination date. The borrower will also be required to deliver to the lender all lease termination payments other than lease termination payments relating to a lease sweep lease (as described in the related Mortgage Loan documents). The monthly deposit is not required if the amount in the TI/LC reserve is equal to or greater than $3,000,000 and will not be required until the amount has been reduced to less than $1,500,000. |
(90) | At origination, the borrower was required to deposit with the lender $201,192, which amount equals the master lease rent for the 12 calendar months following the origination date, for the purpose of creating a reserve to replicate the payment of rents under the master lease (the “Rent Replication Reserve”). In addition, if on any monthly payment date, the balance of Rent Replication Reserve on deposit is less than $100,596, the borrower will be required to deposit with the lender the amount necessary to cause the amount of the Rent Replication Reserve to equal to $100,596. |
(91) | TCM CRE REIT LLC (the “Mezzanine Lender”) has provided $10.0 million of mezzanine financing secured by the equity interests in the related borrower. The mezzanine loan is coterminous with the Patewood Corporate Center Whole Loan and will require interest-only payments through maturity at a fixed coupon of 10.00000%. |
(92) | The respective Mortgage Loans are cross-collateralized and cross-defaulted with one another. The lender has the unilateral right to elect to uncross any individual Mortgaged Property and any collateral related to such individual Mortgaged Property. The % of Loan Balance, Loan Per Unit ($), Cut-off Date LTV Ratio (%), LTV Ratio at Maturity/ARD (%), Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Underwritten NOI Debt Yield (%) and Underwritten NCF Debt Yield (%) are calculated based on the aggregate amount of both Mortgage Loans. |
(93) | After May 6, 2025, the Cross-Default, Cross-Collateralization And Contribution Agreement permits the borrower to obtain the release of either individual Mortgaged Property provided that, among other conditions, (i) no event of default has occurred, (ii) the borrower pays the release price, with respect to any individual Mortgaged Property, in an amount equal to 115% of the original principal amount of the Mortgage Loan secured by such individual Mortgaged Property, (iii) after giving effect to such release, the debt service coverage ratio (as calculated under the Mortgage Loan documents) for the remaining Mortgaged Property is greater than the greater of (x) the debt service coverage ratio for the 12 full calendar months immediately preceding the origination date and (y) the debt service coverage ratio for both of the Mortgaged Properties for the 12 full calendar months immediately preceding the release of the individual Mortgaged Property, (iv) after giving effect to such release, the loan to value ratio (as calculated under the Mortgage Loan documents) for the remaining Mortgaged Property is not greater than the lesser of (x) the loan to value ratio immediately preceding the origination date and (y) the loan to value ratio for both of the Mortgaged Properties immediately preceding the release of the individual Mortgaged Property, (v) immediately following such release, the Mortgage Loan secured by the released Mortgaged Property is reduced to zero, and the Mortgage Loan secured by the remaining individual Mortgaged Property is reduced pro rata by the difference between the release price of the released Mortgaged Property and the outstanding amount of the Mortgage Loan secured by the released Mortgaged Property, and (vi) satisfaction of customary REMIC requirements. |
(94) | The third most recent cash flows are calculated based on the months of January - May annualized. |
(95) | The historical cash flows are not available for 2019 as the Mortgaged Properties were acquired by the borrower sponsor in 2019. |
(96) | The ownership is fee interest because in addition to the borrower mortgaging all of its rights and interest in the properties, the nominee entity that holds the fee title to the properties on behalf of the borrower entity granted the lender a mortgage on the fee interest in the properties as requested by borrower. At closing, the lender obtained a mortgage from the nominee and the borrower that grants the lender the full power and authority to foreclose on the fee interest in the properties and obtain fee title to the properties free and clear of the nominee agreement, but subject to the applicable New York City Department of Housing Preservation and Development regulatory agreements. |
(97) | The low DSCR trigger associated with a cash management trigger event will commence if the DSCR is less than (i) 1.15x from loan origination to May 8, 2026, (ii) 1.20x for the period from May 9, 2026 to May 8, 2027, or (iii) 1.25x for the period from May 9, 2027 to May 8, 2028. |
(98) | The historical cash flows are not available as the Mortgaged Property was recently acquired by the borrower sponsor. |
(99) | The Mortgage Loan is part of a Whole Loan that was co-originated by 3650 REIT, Barclays Capital Real Estate, Inc., Wells Fargo Bank, National Association, Bank of Montreal and 3650 Cal Bridge Reno LLC. |
(100) | The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to the Mortgaged Property’s lease up to stabilized levels and contractual rent steps. |
(101) | The lockout period will be at least 41 payment dates beginning with and including the first payment date of January 1, 2022 and ending on but including May 1, 2025. Defeasance of the Meadowood Mall 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) January 1, 2026. The assumed defeasance lockout period of 41 payment dates is based on the expected Benchmark 2023-V2 securitization closing date in May 2023. The actual lockout period may be longer. |
(102) | The Fifth Largest Tenant, Forever 21, leases 20,022 SF of space with an expiration date of January 31, 2023, but has renewed their lease, which now expires January 15, 2024. |
(103) | The Fifth Largest Tenant, Makelab Inc, leases 300 SF of space that expires on July 31, 2025 and 3,450 SF of space that expires on August 31, 2025. |
(104) | The Second Largest Tenant, Team Obsolete, representing approximately 17.3% of the net rentable square footage, is an affiliate of the related borrower sponsor. Additionally, the Fourth Largest Tenant, Clocktower Properties, representing approximately 12.2% of the net rentable square footage, is an affiliate of the related borrower sponsor. |
(105) | The fourth most recent cash flows are based on approximately 11 months of operations as the borrower acquired the property in January 2020. |
(106) | The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to an increase in rents per unit at the Pepper Tree Apartments. |
(107) | On a monthly basis, the borrower is required to deposit into a replacement reserve an amount equal to one-twelfth of: (a) 2% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget during the first year of the term of the Mortgage Loan; (b) 3% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget during the second year of the term of the Mortgage Loan; and (c) 4% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget from and after the third year of the term of the Mortgage Loan. The monthly replacement reserve deposit as of the first payment date is $4,315.50. |
(108) | The 1201 Third Avenue Mortgage Loan is part of a whole loan that was co-originated by JPMorgan Chase Bank, National Association and Morgan Stanley Bank, N.A. |
(109) | The 1201 Third Avenue Mortgaged Property is a 1,129,710 square-foot office building which includes 58,112 square feet of retail tenant space representing approximately 5.1% of net rentable area at the 1201 Third Avenue Mortgaged Property. |
(110) | The borrower has the option to (a) prepay the 1201 Third Avenue Whole Loan on or after April 9, 2025, with the payment of the greater of (i) yield maintenance premium or (ii) 1% of the principal balance of the Whole Loan or (b) defease the Whole Loan upon the earlier to occur of (i) February 10, 2026, or (ii) the date that is two years from the closing date of the securitization that includes the last note to be securitized. The assumed defeasance lockout period of 26 months is based on the expected closing date of the Benchmark 2023-V2 securitization in May 2023. The actual lockout period may be longer. |
(111) | The Largest Tenant, Perkins Coie, subleases 2,584 square feet (representing 0.9%) of its space to Perkins Coie Trust Company pursuant to a sublease which expires on December 31, 2026. |
(112) | The Largest Tenant, Perkins Coie, has the right to terminate its lease as of the end of any month occurring during the last two years of its term (which expires on December 31, 2026) with 15 months’ prior written notice and the payment of a termination fee equal to the number of square feet of the net rentable area of the premises immediately prior to the termination date multiplied by a certain early termination payment per rentable square foot corresponding to a termination effective January 1, 2025, set forth in the lease. In the event Perkins Coie exercises its termination option, a cash management sweep period may be triggered pursuant to the 1201 Third Avenue Mortgage Loan documents, subject to a cap of $90 per square foot. |
(113) | The Third Largest Tenant, Kimley-Horn, has the right to terminate its lease as of December 31, 2031, with notice by December 31, 2030, and the payment of a termination fee equal to (a) the sum of one month of monthly base rent and certain rent adjustment deposits at the rate that would have been applicable during the last 12 months of the lease term, plus (b) the unamortized portion as of the early termination date of the transactional costs equal to all costs paid or incurred by the landlord with respect to the premises, including, without limitation, leasing commissions, any construction costs for improvements or alterations, abatements and any other concessions amortized on a straight line basis. |
(114) | The Fourth Largest Tenant, Accolade, Inc., which leases approximately 4.0% of the net rentable area at such Mortgaged Property, has the right to terminate its lease as of October 31, 2027 with a written notice given by July 31, 2026 and the payment of the termination fee of $2,254,401.01. |
(115) | The Third Largest Tenant, Kimley-Horn, which leases 4.1% of the net rentable area at the 1201 Third Avenue Mortgaged Property, has executed its lease but has not yet taken occupancy. The Kimley-Horn lease is expected to commence on January 1, 2024. At loan origination, $3,755,350 was reserved for free or gap rent for various tenants, including approximately $1,396,142 allocable to Kimley-Horn. |
(116) | There is no separate non-recourse carveout guarantor, and the related single purpose entity borrower is the only indemnitor under the related environmental indemnity agreement. |
(117) | The fourth most recent cash flows are unavailable as the Mortgaged Property was built in 2020. The Fourth Most Recent NCF DSCR is consequently not shown. |
(118) | The borrower is required to deposit into a replacement reserve an amount equal to one-twelfth of: (a) 2% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget during the first year of the term of the Mortgage Loan; (b) 3% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget during the second year of the term of the Mortgage Loan; and (c) 4% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget from and after the third year of the term of the Holiday Inn Express Jackson Mortgage Loan. The monthly replacement reserve deposit as of the first payment date is $3,983.03. |
(119) | The increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to contractual rent steps and an increase in tenant reimbursements. |