FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-257737-11 | ||
BBCMS 2023-5C23 Disclaimer
STATEMENT REGARDING THIS FREE WRITING PROSPECTUS The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-257737) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-888-603-5847 (8 a.m. – 5 p.m. EST). Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time. STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Barclays Capital Inc., SG Americas Securities, LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., UBS Securities LLC, Drexel Hamilton, LLC and Bancroft Capital, LLC . or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us. This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement. IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined, or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials. The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale. IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS Any legends, disclaimers or other notices that may appear at the bottom of any 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) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system. | ||||
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
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 |
1 | 24 | |||||||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 9.1% | 100.0% | SGFC | SGFC | NAP | NAP | 1099 Germantown Avenue | Philadelphia | Philadelphia | PA |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 9.0% | 100.0% | SMC | SMC | NAP | NAP | 323 West 96th Street | New York | New York | NY |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 9.0% | 100.0% | Barclays, WFBNA, JPMCB | Barclays | NAP | NAP | 1201 and 1113 Market Street | Philadelphia | Philadelphia | PA |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 7.8% | 100.0% | GSBI, WFBNA | UBS AG | NAP | NAP | 1500 New Britain Avenue | West Hartford | Hartford | CT |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 7.6% | 100.0% | AREF2, GSBI | AREF2 | NAP | NAP | 2150 Town Square Place | Sugar Land | Fort Bend | TX |
6 | Loan | 1 | Rockridge Apartments | 7.5% | 100.0% | SMC | SMC | NAP | NAP | 16818 City View Place | Houston | Harris | TX | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 5.9% | 100.0% | SGFC | SGFC | NAP | NAP | 4405 & 4408 Milestrip Road and 3540 & 3560 McKinley Parkway | Buffalo | Erie | NY |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 5.4% | 100.0% | SMC | SMC | NAP | NAP | 40 Flatbush Avenue Extension | Brooklyn | Kings | NY |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 4.5% | 100.0% | SMC, BMO | SMC, BMO | NAP | NAP | 400-500 Arcola Road | Collegeville | Montgomery | PA |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 3.5% | 100.0% | UBS AG | UBS AG | NAP | NAP | 200 Schultz Drive and 331 Newman Springs Road | Red Bank | Monmouth | NJ |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 3.2% | 100.0% | DBRI | GACC | NAP | NAP | 13146 Ballantyne Corporate Place | Charlotte | Mecklenburg | NC |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 3.0% | CREFI, BMO | BMO | NAP | NAP | Various | New York | New York | NY | |
12.01 | Property | 1 | 369 Lexington Avenue | 1.6% | 54.5% | 369 Lexington Avenue | New York | New York | NY | |||||
12.02 | Property | 1 | 2 West 46th Street | 1.4% | 45.5% | 2 West 46th Street | New York | New York | NY | |||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 2.8% | 100.0% | UBS AG, LMF, BANA | UBS AG, BMO | NAP | NAP | 11 West 42nd Street | New York | New York | NY |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 2.5% | 100.0% | Barclays | Barclays | NAP | NAP | 725 Main Street | Bishop | Inyo | CA | |
15 | Loan | 1 | Homewood Suites PDX Airport | 2.4% | 100.0% | SMC | SMC | NAP | NAP | 11936 Northeast Glenn Widing Drive | Portland | Multnomah | OR | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | 2.3% | 100.0% | SMC | SMC | NAP | NAP | 1818 Prospect Avenue | Bronx | Bronx | NY |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 1.8% | 100.0% | SMC | SMC | NAP | NAP | 1611 Airport Commerce Drive | Austin | Travis | TX |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 1.7% | 100.0% | LMF | LMF | NAP | NAP | 106 Mount Hope Place | Bronx | Bronx | NY |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | 1.3% | 100.0% | BSPRT | BSPRT | NAP | NAP | 1500 West Hamlin Road | Rochester Hills | Oakland | MI |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 1.1% | 100.0% | BMO | BMO | NAP | NAP | 275 Baker Street Northwest & 250 Park Avenue West | Atlanta | Fulton | GA |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 1.1% | 100.0% | Barclays | Barclays | NAP | NAP | 121 7th Street | Pittsburgh | Allegheny | PA |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 1.1% | 100.0% | SGFC | SGFC | NAP | NAP | 131 Orchard Street | New York | New York | NY |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 1.1% | 100.0% | SMC | SMC | NAP | NAP | 10 West 18th Street | New York | New York | NY |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 1.1% | 100.0% | Barclays | Barclays | NAP | NAP | 22 Gateway Commerce Center Drive | Edwardsville | Madison | IL |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 0.9% | 100.0% | DBRI | GACC | NAP | NAP | 14 Union Street North | Concord | Cabarrus | NC |
26 | Loan | 15 | 1 | 47 East 129th Street | 0.8% | 100.0% | Barclays | Barclays | NAP | NAP | 47 East 129th Street | New York | New York | NY |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 0.7% | Barclays | Barclays | Group 1 | NAP | Various | Various | Various | CT | |
27.01 | Property | 1 | Plainfield | 0.5% | 63.0% | 28 Bishop Crossing Road | Plainfield | Windham | CT | |||||
27.02 | Property | 1 | East Haven | 0.3% | 37.0% | 42 Thompson Street | East Haven | New Haven | CT | |||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 0.7% | 100.0% | DBRI | GACC | NAP | NAP | 3720 East State Street | Rockford | Winnebago | IL |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 0.6% | 100.0% | SMC | SMC | NAP | NAP | 123 Park Avenue | Brooklyn | Kings | NY |
30 | Loan | 1 | Inwood Storage | 0.4% | 100.0% | Barclays | Barclays | Group 1 | NAP | 8235 Antoine Drive | Houston | Harris | TX | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 0.3% | 100.0% | LMF | LMF | NAP | NAP | 919-921 Lombard Street | Philadelphia | Philadelphia | PA |
A-1-1 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) |
2 | 2 | 3 | 7 | 6, 7 | 6, 7 | |||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 19123 | Multifamily | Luxury High Rise | 2022-2023 | NAP | 695 | Units | 267,482.01 | 65,900,000 | 65,900,000 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 10025 | Multifamily | High Rise | 2001 | NAP | 173 | Units | 375,722.54 | 65,000,000 | 65,000,000 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 19107 | Hospitality | Full Service | 1990, 1995 | 2023 | 1,408 | Rooms | 152,698.86 | 65,000,000 | 65,000,000 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 06110 | Retail | Super Regional Mall | 1974 | 2013 | 501,990 | SF | 482.08 | 56,000,000 | 56,000,000 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 77479 | Mixed Use | Office / Retail | 2003 | 2019-2022 | 803,247 | SF | 130.72 | 55,000,000 | 55,000,000 |
6 | Loan | 1 | Rockridge Apartments | 77060 | Multifamily | Garden | 1976-1978, 1990, 1999 | NAP | 881 | Units | 61,293.98 | 54,000,000 | 54,000,000 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 14219 | Retail | Anchored | 1990-1991 | 1991 | 411,013 | SF | 103.40 | 42,500,000 | 42,500,000 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 11201 | Office | CBD | 1915 | 2006 | 297,831 | SF | 130.95 | 39,000,000 | 39,000,000 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 19426 | Mixed Use | Office / Lab | 1900, 1992, 2003, 2007 | NAP | 1,853,053 | SF | 51.27 | 32,500,000 | 32,500,000 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 07701 | Office | Suburban | 1984-1985, 1990 | 2021 | 553,039 | SF | 99.45 | 25,000,000 | 25,000,000 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 28277 | Office | Suburban | 2020 | NAP | 320,801 | SF | 293.02 | 23,000,000 | 23,000,000 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | Various | Office | CBD | Various | Various | 302,093 | SF | 335.82 | 21,725,000 | 21,725,000 |
12.01 | Property | 1 | 369 Lexington Avenue | 10016 | Office | CBD | 1937 | 2018 | 157,122 | SF | 11,831,506 | 11,831,506 | ||
12.02 | Property | 1 | 2 West 46th Street | 10036 | Office | CBD | 1926 | 2011 | 144,971 | SF | 9,893,494 | 9,893,494 | ||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 10036 | Office | CBD | 1927 | 2018 | 960,568 | SF | 285.25 | 20,000,000 | 20,000,000 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 93514 | Hospitality | Limited Service | 1993 | 2017-2018, 2021 | 87 | Rooms | 206,896.55 | 18,000,000 | 18,000,000 | |
15 | Loan | 1 | Homewood Suites PDX Airport | 97220 | Hospitality | Extended Stay | 2000 | 2017-2018 | 105 | Rooms | 166,666.67 | 17,500,000 | 17,500,000 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | 10457 | Multifamily | Mid Rise | 2023 | NAP | 44 | Units | 375,000.00 | 16,500,000 | 16,500,000 |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 78741 | Hospitality | Extended Stay | 2009 | 2017-2018 | 161 | Rooms | 80,745.34 | 13,000,000 | 13,000,000 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 10453 | Multifamily | Mid Rise | 2023 | NAP | 44 | Units | 284,090.91 | 12,500,000 | 12,500,000 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | 48309 | Industrial | Flex | 2017 | NAP | 100,000 | SF | 92.50 | 9,250,000 | 9,250,000 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 30313 | Hospitality | Full Service | 2008 | 2019 | 242 | Rooms | 163,223.14 | 8,000,000 | 8,000,000 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 15222 | Multifamily | Mid Rise | 1900 | 2015 | 40 | Units | 196,250.00 | 7,850,000 | 7,850,000 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 10002 | Multifamily | Low Rise | 1910 | NAP | 16 | Units | 481,250.00 | 7,700,000 | 7,700,000 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 10011 | Mixed Use | Office / Retail | 1901 | 1986 | 27,000 | SF | 281.48 | 7,600,000 | 7,600,000 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 62025 | Industrial | Warehouse / Distribution | 2007 | NAP | 155,700 | SF | 48.81 | 7,600,000 | 7,600,000 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 28025 | Multifamily | Mid Rise | 1927 | 2017 | 40 | Units | 157,500.00 | 6,300,000 | 6,300,000 |
26 | Loan | 15 | 1 | 47 East 129th Street | 10035 | Multifamily | Low Rise | 1889 | 1989, 2023 | 10 | Units | 550,000.00 | 5,500,000 | 5,500,000 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | Various | Self Storage | Self Storage | Various | NAP | 74,982 | SF | 70.88 | 5,315,000 | 5,315,000 |
27.01 | Property | 1 | Plainfield | 06374 | Self Storage | Self Storage | 1979-2002 | NAP | 47,110 | SF | 3,350,000 | 3,350,000 | ||
27.02 | Property | 1 | East Haven | 06513 | Self Storage | Self Storage | 1987-2002 | NAP | 27,872 | SF | 1,965,000 | 1,965,000 | ||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 61108 | Self Storage | Self Storage | 1980 | 2020 | 40,008 | SF | 121.98 | 4,880,000 | 4,880,000 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 11205 | Multifamily | Mid Rise | 1920 | 2023 | 8 | Units | 525,000.00 | 4,200,000 | 4,200,000 |
30 | Loan | 1 | Inwood Storage | 77088 | Self Storage | Self Storage | 1996 | NAP | 60,100 | SF | 49.92 | 3,000,000 | 3,000,000 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 19147 | Multifamily | Mid Rise | 1928 | 2023 | 6 | Units | 333,333.33 | 2,000,000 | 2,000,000 |
A-1-2 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
6, 7 | 8 | 9 | 9 | 9 | 9 | ||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 65,900,000 | 4.67614% | 0.01771% | 4.65843% | NAP | 260,364.66 | NAP | 3,124,375.92 | Interest Only |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 65,000,000 | 6.07000% | 0.01771% | 6.05229% | NAP | 333,358.22 | NAP | 4,000,298.61 | Interest Only |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 65,000,000 | 8.70500% | 0.01771% | 8.68729% | NAP | 478,069.73 | NAP | 5,736,836.76 | Interest Only |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 56,000,000 | 7.79500% | 0.01771% | 7.77729% | NAP | 368,818.98 | NAP | 4,425,827.76 | Interest Only |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 55,000,000 | 7.96600% | 0.01771% | 7.94829% | NAP | 370,179.28 | NAP | 4,442,151.36 | Interest Only |
6 | Loan | 1 | Rockridge Apartments | 54,000,000 | 8.00000% | 0.01771% | 7.98229% | NAP | 365,000.00 | NAP | 4,380,000.00 | Interest Only | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 42,500,000 | 7.95000% | 0.01771% | 7.93229% | NAP | 285,473.09 | NAP | 3,425,677.08 | Interest Only |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 39,000,000 | 7.99000% | 0.01771% | 7.97229% | NAP | 263,281.60 | NAP | 3,159,379.17 | Interest Only |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 32,500,000 | 7.29000% | 0.01771% | 7.27229% | NAP | 200,179.69 | NAP | 2,402,156.25 | Interest Only |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 25,000,000 | 7.98500% | 0.01771% | 7.96729% | NAP | 168,664.64 | NAP | 2,023,975.68 | Interest Only |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 23,000,000 | 7.38750% | 0.01771% | 7.36979% | NAP | 143,560.33 | NAP | 1,722,723.96 | Interest Only |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 21,725,000 | 7.96000% | 0.01771% | 7.94229% | NAP | 146,110.68 | NAP | 1,753,328.16 | Interest Only |
12.01 | Property | 1 | 369 Lexington Avenue | 11,831,506 | |||||||||
12.02 | Property | 1 | 2 West 46th Street | 9,893,494 | |||||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 20,000,000 | 7.44000% | 0.01896% | 7.42104% | NAP | 125,722.22 | NAP | 1,508,666.64 | Interest Only |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 18,000,000 | 8.62500% | 0.01771% | 8.60729% | NAP | 131,171.88 | NAP | 1,574,062.56 | Interest Only | |
15 | Loan | 1 | Homewood Suites PDX Airport | 17,500,000 | 8.36000% | 0.01771% | 8.34229% | NAP | 123,609.95 | NAP | 1,483,319.44 | Interest Only | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | 16,500,000 | 7.59700% | 0.01771% | 7.57929% | NAP | 105,909.57 | NAP | 1,270,914.79 | Interest Only |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 13,000,000 | 8.12000% | 0.01771% | 8.10229% | NAP | 89,188.43 | NAP | 1,070,261.11 | Interest Only |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 12,500,000 | 8.13000% | 0.01771% | 8.11229% | NAP | 85,863.72 | NAP | 1,030,364.64 | Interest Only |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | 9,250,000 | 8.32000% | 0.04771% | 8.27229% | NAP | 65,024.07 | NAP | 780,288.84 | Interest Only |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 8,000,000 | 8.39000% | 0.01771% | 8.37229% | NAP | 56,710.19 | NAP | 680,522.28 | Interest Only |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 7,850,000 | 7.08000% | 0.01771% | 7.06229% | NAP | 46,958.26 | NAP | 563,499.12 | Interest Only |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 7,700,000 | 6.99000% | 0.01771% | 6.97229% | NAP | 45,475.45 | NAP | 545,705.40 | Interest Only |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 7,600,000 | 7.34400% | 0.01771% | 7.32629% | NAP | 47,158.00 | NAP | 565,896.00 | Interest Only |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 7,600,000 | 8.54800% | 0.01771% | 8.53029% | NAP | 54,889.24 | NAP | 658,670.88 | Interest Only |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 6,300,000 | 7.03800% | 0.01771% | 7.02029% | NAP | 37,462.69 | NAP | 449,552.28 | Interest Only |
26 | Loan | 15 | 1 | 47 East 129th Street | 5,500,000 | 7.41000% | 0.01771% | 7.39229% | NAP | 34,434.20 | NAP | 413,210.40 | Interest Only |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 5,315,000 | 8.10400% | 0.01771% | 8.08629% | NAP | 36,392.49 | NAP | 436,709.88 | Interest Only |
27.01 | Property | 1 | Plainfield | 3,350,000 | |||||||||
27.02 | Property | 1 | East Haven | 1,965,000 | |||||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 4,880,000 | 7.16300% | 0.01771% | 7.14529% | NAP | 29,534.11 | NAP | 354,409.32 | Interest Only |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 4,200,000 | 7.19000% | 0.01771% | 7.17229% | NAP | 25,514.51 | NAP | 306,174.17 | Interest Only |
30 | Loan | 1 | Inwood Storage | 3,000,000 | 7.22200% | 0.01771% | 7.20429% | NAP | 18,305.76 | NAP | 219,669.12 | Interest Only | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 2,000,000 | 7.06000% | 0.01771% | 7.04229% | NAP | 11,930.09 | NAP | 143,161.08 | Interest Only |
A-1-3 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
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Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 9/21/2023 | 2 | 8 | 11/8/2023 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/6/2023 | 1 | 6 | 12/6/2023 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/25/2023 | 1 | 6 | 12/6/2023 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | No | Actual/360 | 60 | 57 | 60 | 57 | 0 | 0 | 8/31/2023 | 3 | 6 | 10/6/2023 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/3/2023 | 1 | 6 | 12/6/2023 |
6 | Loan | 1 | Rockridge Apartments | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/18/2023 | 1 | 6 | 12/6/2023 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/16/2023 | 1 | 1 | 12/1/2023 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/13/2023 | 1 | 6 | 12/6/2023 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | No | Actual/360 | 60 | 57 | 60 | 57 | 0 | 0 | 8/15/2023 | 3 | 6 | 10/6/2023 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 10/11/2023 | 2 | 6 | 11/6/2023 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | No | Actual/360 | 56 | 54 | 56 | 54 | 0 | 0 | 9/13/2023 | 2 | 6 | 11/6/2023 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 9/28/2023 | 2 | 1 | 11/1/2023 |
12.01 | Property | 1 | 369 Lexington Avenue | |||||||||||||
12.02 | Property | 1 | 2 West 46th Street | |||||||||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | No | Actual/360 | 60 | 55 | 60 | 55 | 0 | 0 | 6/30/2023 | 5 | 6 | 8/6/2023 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 10/3/2023 | 2 | 6 | 11/6/2023 | |
15 | Loan | 1 | Homewood Suites PDX Airport | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/12/2023 | 1 | 6 | 12/6/2023 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/2/2023 | 1 | 6 | 12/6/2023 |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/6/2023 | 1 | 6 | 12/6/2023 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/27/2023 | 1 | 6 | 12/6/2023 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/1/2023 | 1 | 6 | 12/6/2023 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/10/2023 | 1 | 6 | 12/6/2023 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/3/2023 | 1 | 6 | 12/6/2023 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/3/2023 | 1 | 5 | 12/5/2023 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/23/2023 | 1 | 6 | 12/6/2023 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/31/2023 | 1 | 6 | 12/6/2023 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/3/2023 | 1 | 6 | 12/6/2023 |
26 | Loan | 15 | 1 | 47 East 129th Street | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 10/4/2023 | 2 | 6 | 11/6/2023 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 10/3/2023 | 2 | 6 | 11/6/2023 |
27.01 | Property | 1 | Plainfield | |||||||||||||
27.02 | Property | 1 | East Haven | |||||||||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 11/6/2023 | 1 | 6 | 12/6/2023 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 9/29/2023 | 2 | 6 | 11/6/2023 |
30 | Loan | 1 | Inwood Storage | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/31/2023 | 1 | 6 | 12/6/2023 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/31/2023 | 1 | 6 | 12/6/2023 |
A-1-4 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) |
10 | 10 | 11 | |||||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAP | 10/8/2028 | 10/8/2028 | 0 | 0 | L(25),D(31),O(4) | NAV | NAV | NAV |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),YM1(31),O(4) | 8,762,149 | 4,247,041 | 4,515,108 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),DorYM0.5(28),O(7) | 106,555,128 | 72,995,206 | 33,559,922 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | NAP | 9/6/2028 | 9/6/2028 | 0 | 0 | L(27),D(26),O(7) | 48,528,897 | 17,617,481 | 30,911,416 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(28),O(7) | 25,812,548 | 13,707,487 | 12,105,061 |
6 | Loan | 1 | Rockridge Apartments | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(30),O(5) | 8,962,076 | 2,882,281 | 6,079,795 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | NAP | 11/1/2028 | 11/1/2028 | 5 | 5 | L(25),D(28),O(7) | 7,737,714 | 2,896,927 | 4,840,787 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(31),O(4) | 10,983,869 | 4,535,311 | 6,448,557 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAP | 9/6/2028 | 9/6/2028 | 0 | 0 | L(27),D(28),O(5) | NAV | NAV | NAV |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | NAP | 10/6/2028 | 10/6/2028 | 0 | 0 | L(26),D(27),O(7) | 11,626,350 | 5,276,821 | 6,349,529 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAP | 6/6/2028 | 6/6/2028 | 5 | 0 | L(23),YM1(3),DorYM1(24),O(6) | NAV | NAV | NAV |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | NAP | 10/1/2028 | 10/1/2028 | 0 | 5 | L(26),D(27),O(7) | 17,641,792 | 6,786,560 | 10,855,233 |
12.01 | Property | 1 | 369 Lexington Avenue | 9,537,640 | 3,684,263 | 5,853,377 | |||||||
12.02 | Property | 1 | 2 West 46th Street | 8,104,152 | 3,102,297 | 5,001,856 | |||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | NAP | 7/6/2028 | 7/6/2028 | 0 | 0 | L(23),YM1(6),DorYM1(24),O(7) | 62,683,274 | 35,986,252 | 26,697,022 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | 10/6/2028 | 10/6/2028 | 0 | 0 | L(26),D(27),O(7) | 5,771,885 | 2,793,298 | 2,978,588 | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(29),O(6) | 6,094,679 | 3,327,297 | 2,767,382 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(30),O(5) | NAV | NAV | NAV |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(31),O(4) | 5,485,614 | 3,396,462 | 2,089,152 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(31),O(4) | 1,456,944 | 152,545 | 1,304,399 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(30),O(5) | NAV | NAV | NAV |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(24),YM1(32),O(4) | 19,803,987 | 14,146,776 | 5,657,210 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | 11/6/2028 | 11/6/2028 | 5 | 0 | L(25),D(28),O(7) | 1,038,404 | 339,433 | 698,971 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | 11/5/2028 | 11/5/2028 | 0 | 0 | L(25),D(28),O(7) | 946,872 | 305,627 | 641,245 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(29),O(6) | 1,101,355 | 416,765 | 684,590 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(28),O(7) | 1,236,165 | 367,195 | 868,970 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(28),O(7) | 830,549 | 239,154 | 591,395 |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | 10/6/2028 | 10/6/2028 | 0 | 0 | L(25),YM1(28),O(7) | 625,860 | 104,297 | 521,563 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | NAP | 10/6/2028 | 10/6/2028 | 0 | 0 | L(26),D(30),O(4) | 852,838 | 238,190 | 614,648 |
27.01 | Property | 1 | Plainfield | 525,066 | 148,595 | 376,471 | |||||||
27.02 | Property | 1 | East Haven | 327,772 | 89,595 | 238,177 | |||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(23),YM1(32),O(5) | 729,134 | 357,986 | 371,147 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | 10/6/2028 | 10/6/2028 | 0 | 0 | L(26),D(30),O(4) | NAV | NAV | NAV |
30 | Loan | 1 | Inwood Storage | NAP | 11/6/2028 | 11/6/2028 | 0 | 0 | L(25),D(31),O(4) | 600,692 | 276,528 | 324,164 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | 11/6/2028 | 11/6/2028 | 5 | 0 | L(23),YM1(33),O(4) | 218,724 | 38,025 | 180,699 |
A-1-5 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) |
15 | 15 | |||||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 9/30/2023 | T-12 | 7,672,728 | 4,265,352 | 3,407,376 | 12/31/2022 | T-12 | 5,824,051 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 9/30/2023 | T-12 | 85,149,141 | 59,158,454 | 25,990,687 | 12/31/2022 | T-12 | 26,916,192 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 6/30/2023 | T-12 | 47,139,850 | 18,215,282 | 28,924,568 | 12/31/2022 | T-12 | 47,635,108 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 9/30/2023 | T-12 | 25,030,189 | 13,191,986 | 11,838,203 | 12/31/2022 | T-12 | 24,653,353 |
6 | Loan | 1 | Rockridge Apartments | 9/30/2023 | T-12 | 8,332,793 | 2,831,595 | 5,501,197 | 12/31/2022 | T-12 | 8,172,654 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 7/31/2023 | T-12 | 7,439,064 | 2,782,137 | 4,656,927 | 12/31/2022 | T-12 | 7,647,085 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 8/31/2023 | T-12 | 11,017,602 | 4,519,720 | 6,497,882 | 12/31/2022 | T-12 | 11,397,611 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 8/31/2023 | T-12 | 11,659,746 | 5,534,454 | 6,125,292 | 12/31/2022 | T-12 | 6,970,024 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 7/31/2023 | T-12 | 16,980,535 | 6,788,475 | 10,192,060 | 12/31/2022 | T-12 | 17,670,387 |
12.01 | Property | 1 | 369 Lexington Avenue | 7/31/2023 | T-12 | 9,119,180 | 3,865,245 | 5,253,935 | 12/31/2022 | T-12 | 10,116,921 | |
12.02 | Property | 1 | 2 West 46th Street | 7/31/2023 | T-12 | 7,861,355 | 2,923,230 | 4,938,124 | 12/31/2022 | T-12 | 7,553,466 | |
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 3/31/2023 | T-12 | 61,168,739 | 34,495,528 | 26,673,211 | 12/31/2022 | T-12 | 60,959,925 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 7/31/2023 | T-12 | 5,632,397 | 2,862,699 | 2,769,698 | 12/31/2022 | T-12 | 5,237,994 | |
15 | Loan | 1 | Homewood Suites PDX Airport | 8/31/2023 | T-12 | 5,950,890 | 3,230,429 | 2,720,461 | 12/31/2022 | T-12 | 4,775,559 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 9/30/2023 | T-12 | 5,026,073 | 3,034,829 | 1,991,244 | 12/31/2022 | T-12 | 3,884,748 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 9/30/2023 | T-3 Ann. | NAV | NAV | NAV | NAV | NAV | NAV |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 8/31/2023 | T-12 | 18,162,800 | 12,607,894 | 5,554,905 | 12/31/2022 | T-12 | 14,284,994 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 9/30/2023 | T-12 | 1,025,216 | 315,040 | 710,176 | 12/31/2022 | T-12 | 895,853 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 8/31/2023 | T-12 | 831,879 | 299,322 | 532,557 | 12/31/2022 | T-12 | 553,409 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 8/31/2023 | T-12 | 1,119,301 | 402,548 | 716,753 | 12/31/2022 | T-12 | 721,222 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 8/31/2023 | T-12 | 1,301,858 | 385,192 | 916,666 | 12/31/2022 | T-12 | 870,333 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 9/30/2023 | T-12 | 768,811 | 188,185 | 580,626 | 12/31/2022 | T-12 | 721,789 |
26 | Loan | 15 | 1 | 47 East 129th Street | 8/30/2023 | T-12 | NAV | NAV | NAV | NAV | NAV | NAV |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 7/31/2023 | T-12 | 765,970 | 221,887 | 544,084 | Various | T-12 | 255,837 |
27.01 | Property | 1 | Plainfield | 7/31/2023 | T-12 | 479,011 | 132,222 | 346,789 | 3/31/2023 | T-12 | NAV | |
27.02 | Property | 1 | East Haven | 7/31/2023 | T-12 | 286,959 | 89,664 | 197,295 | 12/31/2022 | T-12 | 255,837 | |
28 | Loan | 2, 4 | 1 | 3720 East State Street | 9/30/2023 | T-12 | 667,577 | 360,076 | 307,501 | 12/31/2022 | T-12 | 390,521 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
30 | Loan | 1 | Inwood Storage | 9/30/2023 | T-12 | 613,610 | 278,475 | 335,135 | 12/31/2022 | T-12 | 544,563 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 10/31/2023 | T-3 Ann. | NAV | NAV | NAV | NAV | NAV | NAV |
A-1-6 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) | Underwritten TI / LC ($) |
15 | 29 | 29 | 14 | |||||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAV | NAV | NAV | NAV | 95.0% | 25,836,537 | 3,971,583 | 21,864,954 | 180,700 | 35,111 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 4,233,639 | 1,590,412 | 12/31/2021 | T-12 | 92.6% | 9,007,212 | 3,962,315 | 5,044,897 | 43,250 | 0 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 29,338,995 | (2,422,803) | 12/31/2021 | T-12 | 60.2% | 111,076,788 | 76,576,225 | 34,500,562 | 5,424,586 | 0 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 17,859,759 | 29,775,349 | 12/31/2021 | T-12 | 96.4% | 51,139,577 | 16,217,012 | 34,922,565 | 306,214 | 968,038 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 12,402,273 | 12,251,080 | 12/31/2021 | T-12 | 75.3% | 26,423,334 | 14,017,142 | 12,406,192 | 160,649 | 1,004,059 |
6 | Loan | 1 | Rockridge Apartments | 2,821,277 | 5,351,377 | 12/31/2021 | T-12 | 95.2% | 8,731,649 | 3,055,569 | 5,676,080 | 220,250 | 0 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 2,110,964 | 5,536,121 | 12/31/2021 | T-12 | 95.0% | 7,474,487 | 2,425,161 | 5,049,325 | 82,203 | 308,260 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 4,039,175 | 7,358,436 | 12/31/2021 | T-12 | 72.9% | 9,789,257 | 4,702,503 | 5,086,754 | 56,588 | 74,458 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAV | NAV | NAV | NAV | 92.6% | 37,055,156 | 21,577,456 | 15,477,699 | 426,202 | 926,527 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 2,546,386 | 4,423,637 | 12/31/2021 | T-6 | 82.9% | 13,584,111 | 5,503,947 | 8,080,165 | 110,608 | 0 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAV | NAV | NAV | NAV | 92.4% | 12,750,089 | 2,792,400 | 9,957,689 | 44,912 | 144,900 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 6,933,759 | 10,736,628 | 12/31/2021 | T-12 | 92.2% | 18,446,425 | 7,103,097 | 11,343,328 | 109,765 | 590,707 |
12.01 | Property | 1 | 369 Lexington Avenue | 3,936,010 | 6,180,911 | 12/31/2021 | T-12 | 90.0% | 9,928,894 | 3,861,406 | 6,067,488 | 51,760 | 291,470 | |
12.02 | Property | 1 | 2 West 46th Street | 2,997,748 | 4,555,717 | 12/31/2021 | T-12 | 95.0% | 8,517,531 | 3,241,691 | 5,275,840 | 58,005 | 299,238 | |
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 34,523,645 | 26,436,280 | 12/31/2021 | T-12 | 95.0% | 70,904,067 | 39,203,449 | 31,700,618 | 192,114 | 2,881,704 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 2,591,635 | 2,646,358 | 12/31/2021 | T-12 | 85.0% | 5,737,144 | 2,849,584 | 2,887,561 | 286,857 | 0 | |
15 | Loan | 1 | Homewood Suites PDX Airport | 2,603,450 | 2,172,109 | 12/31/2021 | T-12 | 85.0% | 5,805,757 | 3,182,225 | 2,623,532 | 232,230 | 0 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAV | NAV | NAV | NAV | 97.0% | 1,810,195 | 185,408 | 1,624,786 | 11,000 | 0 |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 2,451,751 | 1,432,997 | 12/31/2021 | T-12 | 78.6% | 5,485,614 | 3,426,867 | 2,058,747 | 219,425 | 0 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAV | NAV | NAV | NAV | 98.0% | 1,465,540 | 173,221 | 1,292,319 | 8,800 | 0 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAV | NAV | NAV | NAV | 95.0% | 1,380,826 | 279,926 | 1,100,900 | 10,000 | 0 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 9,706,403 | 4,578,591 | 12/31/2021 | T-12 | 73.0% | 20,279,498 | 14,258,935 | 6,020,563 | 773,034 | 29,066 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 292,068 | 603,785 | 12/31/2021 | T-12 | 95.0% | 1,037,916 | 349,174 | 688,743 | 10,000 | 0 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 283,027 | 270,382 | 12/31/2021 | T-12 | 95.0% | 1,044,876 | 340,916 | 703,960 | 4,323 | 0 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 372,118 | 349,104 | 12/31/2021 | T-12 | 80.0% | 1,201,704 | 424,171 | 777,532 | 5,400 | 0 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 255,568 | 614,765 | 12/31/2021 | T-4 Ann. | 95.0% | 1,214,699 | 371,960 | 842,740 | 15,570 | 33,159 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 198,131 | 523,658 | 12/31/2021 | T-12 | 95.0% | 857,089 | 214,864 | 642,225 | 13,760 | 18,801 |
26 | Loan | 15 | 1 | 47 East 129th Street | NAV | NAV | NAV | NAV | 97.0% | 640,037 | 119,335 | 520,702 | 3,000 | 0 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 94,165 | 161,672 | 12/31/2021 | T-12 | 87.7% | 852,549 | 276,281 | 576,269 | 6,292 | 0 |
27.01 | Property | 1 | Plainfield | NAV | NAV | NAV | NAV | 85.0% | 531,074 | 171,436 | 359,639 | 4,711 | 0 | |
27.02 | Property | 1 | East Haven | 94,165 | 161,672 | 12/31/2021 | T-12 | 92.5% | 321,475 | 104,845 | 216,630 | 1,581 | 0 | |
28 | Loan | 2, 4 | 1 | 3720 East State Street | 288,299 | 102,222 | 12/31/2021 | T-12 | 88.0% | 775,259 | 305,048 | 470,211 | 9,826 | 9,563 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAV | NAV | NAV | NAV | 97.0% | 420,204 | 43,481 | 376,723 | 2,000 | 0 |
30 | Loan | 1 | Inwood Storage | 243,721 | 300,841 | 12/31/2021 | T-12 | 84.0% | 576,706 | 241,181 | 335,524 | 4,765 | 0 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAV | NAV | NAV | NAV | 98.0% | 219,810 | 34,167 | 185,643 | 1,200 | 0 |
A-1-7 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
7, 13 | 7, 13 | 7 | 7 | 5 | 5 | |||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 21,649,143 | 2.48 | 2.46 | 11.8% | 11.6% | 470,600,000 | As Is | 6/27/2023 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 5,001,647 | 1.26 | 1.25 | 7.8% | 7.7% | 100,000,000 | As Is | 10/19/2023 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 29,075,976 | 1.82 | 1.53 | 16.0% | 13.5% | 391,300,000 | As Is | 9/7/2023 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 33,648,313 | 1.83 | 1.76 | 14.4% | 13.9% | 547,800,000 | As Is | 7/6/2023 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 11,241,484 | 1.46 | 1.33 | 11.8% | 10.7% | 209,000,000 | As Is | 9/22/2023 |
6 | Loan | 1 | Rockridge Apartments | 5,455,830 | 1.30 | 1.25 | 10.5% | 10.1% | 86,300,000 | As Is | 9/21/2023 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 4,658,863 | 1.47 | 1.36 | 11.9% | 11.0% | 68,000,000 | As Is | 8/11/2023 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 4,955,708 | 1.61 | 1.57 | 13.0% | 12.7% | 89,000,000 | As Is | 8/15/2023 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 14,124,970 | 2.20 | 2.01 | 16.3% | 14.9% | 195,000,000 | As Is | 3/14/2023 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 7,969,557 | 1.81 | 1.79 | 14.7% | 14.5% | 114,200,000 | As Is | 9/22/2023 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 9,767,877 | 1.41 | 1.39 | 10.6% | 10.4% | 150,700,000 | As Is | 6/10/2023 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 10,642,855 | 1.39 | 1.30 | 11.2% | 10.5% | 171,000,000 | As Is | 7/19/2023 |
12.01 | Property | 1 | 369 Lexington Avenue | 5,724,258 | 97,000,000 | As Is | 7/19/2023 | |||||
12.02 | Property | 1 | 2 West 46th Street | 4,918,597 | 74,000,000 | As Is | 7/19/2023 | |||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 28,626,800 | 1.53 | 1.39 | 11.6% | 10.4% | 555,000,000 | As Is | 4/19/2023 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 2,600,704 | 1.83 | 1.65 | 16.0% | 14.4% | 27,400,000 | As Is | 8/24/2023 | |
15 | Loan | 1 | Homewood Suites PDX Airport | 2,391,301 | 1.77 | 1.61 | 15.0% | 13.7% | 27,500,000 | As Is | 9/7/2023 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | 1,613,786 | 1.28 | 1.27 | 9.8% | 9.8% | 25,000,000 | As Is | 9/28/2023 |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 1,839,323 | 1.92 | 1.72 | 15.8% | 14.1% | 27,000,000 | Hypothetical As Is, as if Complete | 8/31/2023 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 1,283,519 | 1.25 | 1.25 | 10.3% | 10.3% | 20,400,000 | As Is | 10/5/2023 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | 1,090,900 | 1.41 | 1.40 | 11.9% | 11.8% | 16,950,000 | As Is | 9/26/2023 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 5,218,463 | 1.79 | 1.55 | 15.2% | 13.2% | 76,300,000 | As Is | 9/15/2023 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 678,743 | 1.22 | 1.20 | 8.8% | 8.6% | 11,375,000 | As Is | 10/9/2023 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 699,637 | 1.29 | 1.28 | 9.1% | 9.1% | 11,850,000 | As Is | 8/3/2023 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 772,132 | 1.37 | 1.36 | 10.2% | 10.2% | 15,000,000 | As Is | 9/21/2023 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 794,011 | 1.28 | 1.21 | 11.1% | 10.4% | 14,000,000 | As Is | 8/28/2023 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 609,664 | 1.43 | 1.36 | 10.2% | 9.7% | 11,100,000 | As Is | 9/12/2023 |
26 | Loan | 15 | 1 | 47 East 129th Street | 517,702 | 1.26 | 1.25 | 9.5% | 9.4% | 8,600,000 | As Is | 8/23/2023 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 569,977 | 1.32 | 1.31 | 10.8% | 10.7% | 8,200,000 | As Is | 8/30/2023 |
27.01 | Property | 1 | Plainfield | 354,928 | 5,200,000 | As Is | 8/30/2023 | |||||
27.02 | Property | 1 | East Haven | 215,049 | 3,000,000 | As Is | 8/30/2023 | |||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 450,823 | 1.33 | 1.27 | 9.6% | 9.2% | 7,800,000 | As Is | 9/15/2023 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 374,723 | 1.23 | 1.22 | 9.0% | 8.9% | 6,600,000 | As Is | 8/21/2023 |
30 | Loan | 1 | Inwood Storage | 330,759 | 1.53 | 1.51 | 11.2% | 11.0% | 4,710,000 | As Is | 10/9/2023 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 184,443 | 1.30 | 1.29 | 9.3% | 9.2% | 2,780,000 | As Is | 9/28/2023 |
A-1-8 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
5, 7 | 5, 7 | 3, 4 | 20, 22 | 22 | 22 | 22 | |||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 39.5% | 39.5% | 91.9% | 8/3/2023 | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 65.0% | 65.0% | 94.2% | 11/1/2023 | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 54.9% | 54.9% | 57.1% | 9/30/2023 | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 44.2% | 44.2% | 95.9% | 8/25/2023 | No | Forever 21 | 22,512 | 4.5% | 1/31/2023 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 50.2% | 50.2% | 72.0% | 10/1/2023 | No | Coffeyville Resources | 51,175 | 6.4% | 5/31/2035 |
6 | Loan | 1 | Rockridge Apartments | 62.6% | 62.6% | 97.5% | 10/4/2023 | NAP | NAP | NAP | NAP | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 62.5% | 62.5% | 100.0% | 8/16/2023 | No | Home Depot USA Inc | 106,400 | 25.9% | 10/31/2027 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 43.8% | 43.8% | 71.2% | 10/11/2023 | No | Brooklyn Lab Charter School | 32,500 | 10.9% | 6/30/2027 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 48.7% | 48.7% | 86.6% | 8/1/2023 | No | Dow Chemical | 927,828 | 50.1% | 12/31/2028 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 48.2% | 48.2% | 84.0% | 10/6/2023 | No | Sycamore Medical | 41,925 | 7.6% | 5/31/2034 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 62.4% | 62.4% | 92.5% | 9/13/2023 | No | Credit Karma | 224,201 | 69.9% | 6/30/2031 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 59.3% | 59.3% | 93.8% | 9/1/2023 | |||||
12.01 | Property | 1 | 369 Lexington Avenue | 92.0% | 9/1/2023 | No | Jay Suites II, LLC | 18,982 | 12.1% | 12/31/2031 | |||
12.02 | Property | 1 | 2 West 46th Street | 95.8% | 9/1/2023 | No | Royal Chain, Inc. | 18,546 | 12.8% | 12/31/2024 | |||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 49.4% | 49.4% | 98.6% | 5/1/2023 | No | Michael Kors (USA), Inc | 254,485 | 26.5% | 11/30/2023 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 65.7% | 65.7% | 86.0% | 7/31/2023 | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | 63.6% | 63.6% | 89.2% | 8/31/2023 | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | 66.0% | 66.0% | 100.0% | 11/1/2023 | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 48.1% | 48.1% | 78.6% | 9/30/2023 | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 61.3% | 61.3% | 100.0% | 9/30/2023 | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | 54.6% | 54.6% | 100.0% | 11/1/2023 | Yes | TA Systems | 100,000 | 100.0% | 11/30/2038 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 51.8% | 51.8% | 73.0% | 8/31/2023 | NAP | NAP | NAP | NAP | NAP |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 69.0% | 69.0% | 95.0% | 9/30/2023 | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 65.0% | 65.0% | 93.8% | 10/19/2023 | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 50.7% | 50.7% | 77.8% | 10/19/2023 | No | Lazzoni Furniture | 3,000 | 11.1% | 3/31/2027 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 54.3% | 54.3% | 100.0% | 8/23/2023 | No | Interco Trading, Inc. | 52,500 | 33.7% | 5/31/2027 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 56.8% | 56.8% | 95.0% | 10/27/2023 | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 15 | 1 | 47 East 129th Street | 64.0% | 64.0% | 100.0% | 7/14/2023 | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 64.8% | 64.8% | 91.5% | 7/31/2023 | |||||
27.01 | Property | 1 | Plainfield | 89.7% | 7/31/2023 | NAP | NAP | NAP | NAP | NAP | |||
27.02 | Property | 1 | East Haven | 94.6% | 7/31/2023 | NAP | NAP | NAP | NAP | NAP | |||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 62.6% | 62.6% | 87.2% | 9/30/2023 | NAP | NAP | NAP | NAP | NAP |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 63.6% | 63.6% | 100.0% | 9/28/2023 | NAP | NAP | NAP | NAP | NAP |
30 | Loan | 1 | Inwood Storage | 63.7% | 63.7% | 78.8% | 9/30/2023 | NAP | NAP | NAP | NAP | NAP | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 71.9% | 71.9% | 100.0% | 10/3/2023 | NAP | NAP | NAP | NAP | NAP |
A-1-9 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
22 | 22 | 22 | 22 | 20, 22 | 22 | 22 | |||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | HM | 15,121 | 3.0% | 1/31/2032 | Pottery Barn | 14,187 | 2.8% |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | Southwest Water | 41,114 | 5.1% | 12/31/2038 | Industrial Info Resources, Inc | 25,298 | 3.1% |
6 | Loan | 1 | Rockridge Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | BJ's Wholesale Club | 104,710 | 25.5% | 11/30/2030 | JOANN | 48,592 | 11.8% |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | Gersh Academy (Master Lease) | 25,000 | 8.4% | 11/1/2033 | Callen-Lorde Community Health Center | 24,207 | 8.1% |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | Wyeth Pharmaceuticals | 677,311 | 36.6% | 8/15/2028 | NAP | NAP | NAP |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | Life Time Fitness (Office) | 40,212 | 7.3% | 5/31/2039 | Wells Fargo | 37,520 | 6.8% |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | Endurance Services Limited | 43,123 | 13.4% | 12/31/2032 | Compass North | 7,935 | 2.5% |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | |||||||
12.01 | Property | 1 | 369 Lexington Avenue | Cafe Con Tutti Corp | 14,039 | 8.9% | 11/30/2028 | Body Sculpt of Long Island LLC | 8,928 | 5.7% | |
12.02 | Property | 1 | 2 West 46th Street | 5th Ave Dollar LLC | 11,990 | 8.3% | 3/31/2027 | Taba Casting | 5,657 | 3.9% | |
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | First-Citizens Bank & Trust Company | 153,680 | 16.0% | 5/31/2034 | New York University | 117,382 | 12.2% |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | TEJ Beauty Enterprises | 3,000 | 11.1% | 6/30/2024 | Bodyrok NYC | 3,000 | 11.1% |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | Portable Moving and Storage of Cntrl Ill (PODS) | 30,000 | 19.3% | 1/31/2027 | BL Logistics, LLC | 30,000 | 19.3% |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | |||||||
27.01 | Property | 1 | Plainfield | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
27.02 | Property | 1 | East Haven | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
30 | Loan | 1 | Inwood Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-10 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
22 | 20, 22 | 22 | 22 | 22 | 22 | 22 | |||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 1/31/2027 | Gap Gap Kids | 13,093 | 2.6% | 1/31/2025 | Anthropologie | 11,673 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 8/31/2030 | Contract Land Staff, LLC | 24,458 | 3.0% | 1/31/2025 | Amica Mutual Insurance | 22,721 |
6 | Loan | 1 | Rockridge Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 1/31/2030 | OfficeMax North America | 23,500 | 5.7% | 11/30/2027 | Party City | 18,052 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 12/1/2038 | NYC Police Department | 24,203 | 8.1% | 6/23/2029 | Northside Center For Child Development | 21,000 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 11/30/2027 | McGraw-Hill | 30,800 | 5.6% | 8/31/2029 | Perspecta Labs | 27,635 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 6/30/2033 | Strategic Wealth | 3,540 | 1.1% | 5/31/2033 | NAP | NAP |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | |||||||
12.01 | Property | 1 | 369 Lexington Avenue | 3/31/2027 | Mingxue Yang Medical P.C | 8,655 | 5.5% | 10/31/2029 | Government of Morocco | 8,500 | |
12.02 | Property | 1 | 2 West 46th Street | 6/30/2029 | Pomann Sound Production Inc | 5,505 | 3.8% | 4/30/2024 | Carelle Ltd. | 3,430 | |
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 6/30/2027 | Kohn Pedersen Fox Associates, P.C. | 92,788 | 9.7% | 4/30/2027 | Burberry (Wholesale) Limited | 45,509 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 2/28/2025 | Oden Technologies | 3,000 | 11.1% | 7/1/2024 | Luxury Catalogs | 3,000 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 10/31/2026 | Lewis-Goetz and Company, Inc. (ERIKS North America) | 15,000 | 9.6% | 3/31/2028 | Contegra Construction Company | 14,700 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | |||||||
27.01 | Property | 1 | Plainfield | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
27.02 | Property | 1 | East Haven | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
30 | Loan | 1 | Inwood Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-11 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
22 | 22 | 16 | 16 | |||||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAP | NAP | 6/21/2023 | NAP | 6/20/2023 | NAP | NAP | No | Fee | NAP |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | NAP | 10/26/2023 | NAP | 10/26/2023 | NAP | NAP | No | Leasehold | 10/24/2099 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | NAP | NAP | 9/20/2023 | NAP | 9/15/2023 | NAP | NAP | No | Fee | NAP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 2.3% | 1/31/2027 | 7/17/2023 | NAP | 7/17/2023 | NAP | NAP | No | Fee | NAP |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 2.8% | 7/31/2029 | 9/29/2023 | NAP | 9/29/2023 | NAP | NAP | No | Fee / Leasehold | 9/30/2102 |
6 | Loan | 1 | Rockridge Apartments | NAP | NAP | 9/28/2023 | NAP | 9/28/2023 | NAP | NAP | No | Fee | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 4.4% | 1/31/2026 | 8/25/2023 | NAP | 8/25/2023 | NAP | NAP | No | Fee / Leasehold | 2/28/2122 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 7.1% | 8/31/2028 | 8/23/2023 | NAP | 8/23/2023 | NAP | NAP | No | Fee | NAP |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAP | NAP | 3/17/2023 | NAP | 3/10/2023 | NAP | NAP | No | Fee | NAP |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 5.0% | 10/31/2028 | 4/14/2023 | NAP | 4/14/2023 | NAP | NAP | No | Fee | NAP |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAP | NAP | 6/8/2023 | NAP | 6/8/2023 | NAP | NAP | No | Fee | NAP |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | ||||||||||
12.01 | Property | 1 | 369 Lexington Avenue | 5.4% | 12/31/2032 | 7/27/2023 | NAP | 7/27/2023 | NAP | NAP | No | Fee | NAP | |
12.02 | Property | 1 | 2 West 46th Street | 2.4% | 8/31/2025 | 7/27/2023 | NAP | 7/27/2023 | NAP | NAP | No | Fee | NAP | |
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 4.7% | 8/31/2037 | 4/24/2023 | NAP | 5/19/2023 | NAP | NAP | No | Fee | NAP |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | NAP | 8/1/2023 | NAP | 9/26/2023 | 8/18/2023 | 11% | No | Fee | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | NAP | 9/21/2023 | NAP | 9/12/2023 | 10/2/2023 | 7% | No | Fee | NAP | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | NAP | 10/11/2023 | NAP | 10/12/2023 | NAP | NAP | No | Fee | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | NAP | 9/13/2023 | NAP | 10/24/2023 | NAP | NAP | No | Fee | NAP |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | NAP | 10/17/2023 | NAP | 10/17/2023 | NAP | NAP | No | Fee | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | NAP | 10/5/2023 | NAP | 10/5/2023 | NAP | NAP | No | Fee | NAP |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | NAP | NAP | 9/27/2023 | NAP | 9/27/2023 | NAP | NAP | No | Fee | NAP |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | NAP | 10/6/2023 | NAP | 10/6/2023 | NAP | NAP | No | Fee | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | NAP | 8/11/2023 | NAP | 8/11/2023 | NAP | NAP | No | Fee | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 11.1% | 11/24/2025 | 10/11/2023 | NAP | 9/27/2023 | NAP | NAP | No | Fee | NAP |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 9.4% | 12/31/2025 | 9/29/2023 | NAP | 9/29/2023 | NAP | NAP | No | Fee | NAP |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | NAP | 9/22/2023 | NAP | 9/22/2023 | NAP | NAP | No | Fee | NAP |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | NAP | 8/30/2023 | NAP | 8/30/2023 | NAP | NAP | No | Fee | NAP |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | ||||||||||
27.01 | Property | 1 | Plainfield | NAP | NAP | 9/13/2023 | NAP | 9/13/2023 | NAP | NAP | No | Fee | NAP | |
27.02 | Property | 1 | East Haven | NAP | NAP | 9/13/2023 | NAP | 9/13/2023 | NAP | NAP | No | Fee | NAP | |
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | NAP | 9/21/2023 | NAP | 9/20/2023 | NAP | NAP | No | Fee | NAP |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | NAP | 8/30/2023 | NAP | 8/28/2023 | NAP | NAP | No | Fee | NAP |
30 | Loan | 1 | Inwood Storage | NAP | NAP | 9/19/2023 | NAP | 9/19/2023 | NAP | NAP | No | Fee | NAP | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | NAP | 10/16/2023 | NAP | 10/16/2023 | NAP | NAP | No | Fee | NAP |
A-1-12 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) | Upfront Replacement / PIP Reserve ($) |
16 | 16 | 16 | 17 | 18 | 17 | 18 | 17 | |||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAP | NAP | NAP | 260,924 | 19,042 | 144,517 | Springing | 0 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | None | 1,512,903 | No | 809,033 | 134,839 | 42,776 | 8,555 | 0 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | None | 10 | No | 0 | Springing | 0 | Springing | 0 |
6 | Loan | 1 | Rockridge Apartments | NAP | NAP | NAP | 1,000,398 | 83,366 | 526,667 | 55,667 | 0 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | None | 1,175,000 | Yes | 350,839 | 96,354 | 225,463 | 25,051 | 0 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | NAP | NAP | NAP | 1,149,723 | 191,620 | 0 | Springing | 0 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAP | NAP | NAP | 454,721 | 606,182 | 103,636 | 51,818 | 0 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | NAP | NAP | NAP | 102,854 | 102,854 | 0 | 19,240 | 0 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 1,532,209 | 383,052 | 185,941 | 20,549 | 0 | |||
12.01 | Property | 1 | 369 Lexington Avenue | NAP | NAP | NAP | ||||||
12.02 | Property | 1 | 2 West 46th Street | NAP | NAP | NAP | ||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | NAP | NAP | 158,761 | 22,680 | 3,331 | 3,331 | 0 | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | NAP | NAP | 12,390 | 12,390 | 15,750 | 5,250 | 0 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | NAP | NAP | 882 | 441 | 11,904 | 2,976 | 0 |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | NAP | NAP | 361,533 | 30,128 | 89,342 | 17,868 | 0 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | NAP | NAP | 405 | 128 | 8,879 | 2,114 | 0 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | NAP | NAP | 43,773 | 8,755 | 3,472 | 1,736 | 0 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | NAP | NAP | NAP | 58,012 | 58,012 | 0 | Springing | 0 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | NAP | NAP | 23,621 | 3,937 | 0 | Springing | 0 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | NAP | NAP | 100,067 | 20,013 | 19,307 | 3,218 | 0 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | NAP | NAP | NAP | 117,396 | 19,566 | 19,124 | 1,366 | 0 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | NAP | NAP | NAP | 33,796 | 16,898 | 3,151 | 1,575 | 0 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | NAP | NAP | 0 | 5,136 | 0 | Springing | 0 |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | NAP | NAP | 2,726 | 2,726 | 3,044 | 1,522 | 0 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 0 | 6,604 | 0 | Springing | 0 | |||
27.01 | Property | 1 | Plainfield | NAP | NAP | NAP | ||||||
27.02 | Property | 1 | East Haven | NAP | NAP | NAP | ||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | NAP | NAP | 14,848 | 4,949 | 0 | Springing | 0 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | NAP | NAP | 345 | 345 | 2,727 | 567 | 0 |
30 | Loan | 1 | Inwood Storage | NAP | NAP | NAP | 52,560 | 4,778 | 1,789 | 1,789 | 0 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | NAP | NAP | 11,439 | 1,210 | 1,511 | 480 | 0 |
A-1-13 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Monthly Replacement / FF&E Reserve ($) | Replacement Reserve Caps ($) | Upfront TI/LC Reserve ($) |
18 | 19 | 17 | |||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | Springing | 0 | 11,304,598 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 3,604 | 0 | 0 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | Springing | 0 | 0 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 20,916 | 0 | 0 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 13,387 | 0 | 5,750,000 |
6 | Loan | 1 | Rockridge Apartments | 18,354 | 0 | 0 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 6,850 | 0 | 500,000 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 4,650 | 0 | 3,000,000 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 35,517 | 0 | 0 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 9,217 | 221,216 | 7,000,000 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | Springing | 0 | 0 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 9,147 | 0 | 2,500,000 |
12.01 | Property | 1 | 369 Lexington Avenue | ||||
12.02 | Property | 1 | 2 West 46th Street | ||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | Springing | 288,170 | 10,000,000 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 19,493 | 0 | 0 | |
15 | Loan | 1 | Homewood Suites PDX Airport | 19,353 | 0 | 0 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | 917 | 0 | 0 |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 9,143 | 0 | 0 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 733 | 0 | 0 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | 833 | 0 | 500,000 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | Retail: $485.00; FF&E: Up to and including the Payment Date in May 2025, a monthly amount equal to the greater of (i) the amount of deposit required by Franchisor under the Franchise Agreement, (ii) $100,000 and (iii) 4% of the average gross revenues for the hotel related operations at the Park Pavilion Hotel Unit for the 2 calendar months preceding such Payment Date. After the Payment Date occurring in May 2025, an amount equal to 4% of the average gross revenues for the hotel related operations at the Park Pavilion Hotel Unit for the 2 calendar months preceding such Payment Date. | 30,000 | 0 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 919 | 0 | 0 |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 360 | 0 | 0 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 450 | 0 | 275,000 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 1,298 | 0 | 0 |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 1,147 | 0 | 0 |
26 | Loan | 15 | 1 | 47 East 129th Street | 250 | 0 | 0 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 625 | 0 | 0 |
27.01 | Property | 1 | Plainfield | ||||
27.02 | Property | 1 | East Haven | ||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 819 | 0 | 0 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 167 | 0 | 0 |
30 | Loan | 1 | Inwood Storage | 397 | 0 | 0 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 100 | 0 | 0 |
A-1-14 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Monthly TI/LC Reserve ($) | 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 ($) |
18 | 19 | 17 | 18 | 19 | 17 | 17 | 18 | |||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | Springing | 0 | 0 | 0 | 0 | 0 | 1,911,036 | 3,250 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 0 | 0 | 0 | 0 | 0 | 27,801 | 0 | 126,075 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Springing |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 41,833 | 0 | 0 | 0 | 0 | 0 | 3,402,016 | 0 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | Springing | 5,750,000 | 0 | 0 | 0 | 0 | 22,108,718 | 0 |
6 | Loan | 1 | Rockridge Apartments | 0 | 0 | 0 | 0 | 0 | 52,281 | 0 | 0 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 25,688 | 1,250,000 | 0 | 0 | 0 | 0 | 885,024 | 0 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | Springing | 500,000 | 0 | 0 | 0 | 37,400 | 0 | 0 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 0 | 0 | 0 | 0 | 0 | 22,550 | 0 | Springing |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | Springing | 0 | 0 | 0 | 0 | 0 | 10,506,835 | Springing |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | Springing | 2,500,000 | 0 | 0 | 0 | 7,920 | 0 | 0 |
12.01 | Property | 1 | 369 Lexington Avenue | |||||||||
12.02 | Property | 1 | 2 West 46th Street | |||||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 240,142 | 0 | 0 | 0 | 0 | 0 | 19,165,251 | 0 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 0 | 0 | 0 | 0 | 0 | 7,993 | 800,000 | 0 | |
15 | Loan | 1 | Homewood Suites PDX Airport | 0 | 0 | 0 | 0 | 0 | 0 | 498,139 | 0 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | 0 | 0 | 333,342 | 0 | 0 | 0 | 500,000 | 0 |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 0 | 0 | 0 | 0 | 0 | 16,250 | 3,000,000 | 18,286 |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | 0 | 0 | 0 | 0 | 0 | 0 | 300,000 | 0 |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | 0 | 0 | 0 | 0 | 0 | 0 | 98,750 | 0 |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 2,422 | 75,000 | 0 | 0 | 0 | 0 | 6,157,060 | Springing |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Springing |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | 0 | 0 | 100,000 | 0 | 0 | 0 | 710,000 | 0 |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | 0 | 0 | 0 | 0 | 0 | 0 | 289,350 | 0 |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | 3,244 | 155,700 | 0 | 0 | 0 | 20,420 | 0 | Springing |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 1,567 | 0 | 0 | 0 | 0 | 15,625 | 0 | 0 |
26 | Loan | 15 | 1 | 47 East 129th Street | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 0 | 0 | 0 | 0 | 0 | 44,313 | 0 | 0 |
27.01 | Property | 1 | Plainfield | |||||||||
27.02 | Property | 1 | East Haven | |||||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 797 | 0 | 0 | 0 | 0 | 40,188 | 0 | 0 |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 0 | 0 | 0 | 0 | 0 | 7,875 | 0 | 0 |
30 | Loan | 1 | Inwood Storage | 0 | 0 | 0 | 0 | 0 | 5,625 | 0 | 0 | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
A-1-15 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Other Reserve Description | Other Reserve Cap ($) | Holdback/ Earnout Amount ($) |
19 | |||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | Free Rent Reserve (Upfront: $1,021,685), Residential Concessions Reserve (Upfront: $889,351), Common Charges Reserve (Monthly: $3,250) | 0 | NAP |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | Ground Rent Reserve | 0 | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | Condominium Reserve | 0 | NAP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | Outstanding TI/LC Reserve ($3,103,791), Gap Rent/Free Rent Reserve ($298,225.34) | 0 | NAP |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | Outstanding TI/LC Reserve ($10,496,773.52), Free and Gap Rent Reserve ($6,611,943.99), Earnout Reserve ($5,000,000) | 0 | 5,000,000 |
6 | Loan | 1 | Rockridge Apartments | 0 | NAP | ||
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | Unfunded Obligations Reserve | 0 | NAP |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 0 | NAP | |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | Major Tenant Reserve | 0 | NAP |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | TATILC ($8,332,476.77); Rent Concessions ($2,174,357.79); Material Tenant Funds (Springing) | 0 | NAP |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 0 | NAP | |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 0 | NAP | |
12.01 | Property | 1 | 369 Lexington Avenue | ||||
12.02 | Property | 1 | 2 West 46th Street | ||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | Outstanding TI/LC Reserve ($13,479,707.20), Free Rent Reserve ($5,685,543.94) | 0 | NAP |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | Initial Renovations Reserve | 0 | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | PIP Reserve | 0 | NAP | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | Performance Reserve | 0 | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | PIP Reserve (Upfront: $2,500,000, Monthly: $18,286), Earnout Reserve (Upfront: $500,000) | 0 | NAP |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | Melendez Reserve | 0 | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | Rent Abatement Reserve | 0 | NAP |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | PIP Reserve (Upfront: $5,500,000), Unfunded Obligations Reserve (Upfront: $597,060), Seasonality Reserve (Upfront: $60,000, Monthly: Springing) | Seasonality Reserve ($60,000) | NAP |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | Major Tenant Reserve | 0 | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | East Coast MMA Space Rollover Reserve | 0 | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | Certificate of Occupancy Reserve ($250,000), Rent Concession Reserve ($39,349.63) | 0 | NAP |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | Anchor Tenant Reserve | 131,835 | NAP |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | 0 | NAP | |
26 | Loan | 15 | 1 | 47 East 129th Street | 0 | NAP | |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | 0 | NAP | |
27.01 | Property | 1 | Plainfield | ||||
27.02 | Property | 1 | East Haven | ||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | 0 | NAP | |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | 0 | NAP | |
30 | Loan | 1 | Inwood Storage | 0 | NAP | ||
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | 0 | NAP |
A-1-16 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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) |
25 | |||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAP | Soft (Residential); Hard (Commercial) | In Place | Yes | No |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | Soft | In Place | Yes | No |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | NAP | Soft | Springing | Yes | No |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | NAP | Hard | Springing | Yes | No |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | $5,000,000 deposited into the Earnout Reserve to be distributed to the borrower upon certain conditions in the loan agreement. | Hard | Springing | Yes | Yes |
6 | Loan | 1 | Rockridge Apartments | NAP | Springing | Springing | Yes | No | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | NAP | Hard | Springing | Yes | Yes |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | NAP | Soft | Springing | Yes | Yes |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAP | Hard | Springing | Yes | Yes |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | NAP | Hard | Springing | Yes | Yes |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAP | Hard | Springing | Yes | Yes |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | NAP | Hard | Springing | Yes | Yes |
12.01 | Property | 1 | 369 Lexington Avenue | ||||||
12.02 | Property | 1 | 2 West 46th Street | ||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | NAP | Hard | Springing | Yes | Yes |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | Hard | Springing | Yes | No | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | Springing | Springing | Yes | No | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | Springing | Springing | Yes | No |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | Hard | Springing | Yes | No |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | Springing | Springing | Yes | No |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | Springing | Springing | Yes | Yes |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | NAP | Hard | Springing | Yes | No |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | Springing | Springing | Yes | Yes |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | Springing | Springing | Yes | No |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | NAP | Springing | Springing | Yes | Yes |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | NAP | Springing | Springing | Yes | Yes |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | Springing | Springing | Yes | No |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | Springing | Springing | No | No |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | NAP | Springing | Springing | Yes | No |
27.01 | Property | 1 | Plainfield | ||||||
27.02 | Property | 1 | East Haven | ||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | Hard | Springing | Yes | No |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | Springing | Springing | Yes | No |
30 | Loan | 1 | Inwood Storage | NAP | Springing | Springing | Yes | No | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | Springing | Springing | Yes | No |
A-1-17 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) | Whole Loan Monthly Debt Service ($) |
9 | 9 | 9 | ||||||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | Yes | No | 65,900,000 | 120,000,000 | 474,109 | 734,473 | NAP | NAP | 185,900,000 | 734,473 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | Yes | Yes | 65,000,000 | 150,000,000 | 1,103,238 | 1,581,308 | NAP | NAP | 215,000,000 | 1,581,308 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | Yes | No | 56,000,000 | 186,000,000 | 1,225,006 | 1,593,825 | NAP | NAP | 242,000,000 | 1,593,825 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | Yes | Yes | 55,000,000 | 50,000,000 | 336,527 | 706,706 | NAP | NAP | 105,000,000 | 706,706 |
6 | Loan | 1 | Rockridge Apartments | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | Yes | No | 32,500,000 | 62,500,000 | 384,961 | 585,141 | NAP | NAP | 95,000,000 | 585,141 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | Yes | No | 25,000,000 | 30,000,000 | 202,398 | 371,062 | NAP | NAP | 55,000,000 | 371,062 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | Yes | No | 23,000,000 | 71,000,000 | 443,165 | 586,725 | NAP | NAP | 94,000,000 | 586,725 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | Yes | No | 21,725,000 | 79,725,000 | 536,188 | 682,298 | NAP | NAP | 101,450,000 | 682,298 |
12.01 | Property | 1 | 369 Lexington Avenue | |||||||||||
12.02 | Property | 1 | 2 West 46th Street | |||||||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | Yes | No | 20,000,000 | 254,000,000 | 1,596,672 | 1,722,394 | NAP | NAP | 274,000,000 | 1,722,394 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | Yes | No | 8,000,000 | 31,500,000 | 223,296 | 280,007 | NAP | NAP | 39,500,000 | 280,007 |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 15 | 1 | 47 East 129th Street | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27.01 | Property | 1 | Plainfield | |||||||||||
27.02 | Property | 1 | East Haven | |||||||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
30 | Loan | 1 | Inwood Storage | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-18 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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) |
13 | 9 | 13 | |||||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 39.5% | 2.46 | 11.8% | 126,100,000 | 8.50000% | 312,000,000 | 1,640,087 | 66.3% | 1.10 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 54.9% | 1.53 | 16.0% | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 44.2% | 1.76 | 14.4% | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 50.2% | 1.33 | 11.8% | NAP | NAP | NAP | NAP | NAP | NAP |
6 | Loan | 1 | Rockridge Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 48.7% | 2.01 | 16.3% | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 48.2% | 1.79 | 14.7% | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 62.4% | 1.39 | 10.6% | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 59.3% | 1.30 | 11.2% | NAP | NAP | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 369 Lexington Avenue | ||||||||||
12.02 | Property | 1 | 2 West 46th Street | ||||||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 49.4% | 1.39 | 11.6% | 56,000,000 | 14.00000% | 330,000,000 | 2,384,802 | 59.5% | 1.00 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 51.8% | 1.55 | 15.2% | NAP | NAP | NAP | NAP | NAP | NAP |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27.01 | Property | 1 | Plainfield | ||||||||||
27.02 | Property | 1 | East Haven | ||||||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
30 | Loan | 1 | Inwood Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-19 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Total Debt Underwritten NOI Debt Yield (%) | Future Additional Debt Permitted (Y/N) | Future Debt Permitted Type | Sponsor |
12 | 12 | |||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 7.0% | No | NAP | Matthew Pestronk and Michael Pestronk |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | No | NAP | Joel Wiener |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | NAP | Yes | Future Mezzanine Loan | Oaktree Capital Management, LLC, Clearview Hotel Capital, LLC and Host Hotels & Resorts LP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | NAP | No | NAP | The Taubman Realty Group LLC |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | NAP | No | NAP | Lionstone Commercial Real Estate Alpha Driver Partners, L.P. |
6 | Loan | 1 | Rockridge Apartments | NAP | No | NAP | Dr. Fercan E. Kalkan | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | NAP | No | NAP | Barry M. Funt and Geoffrey Adler |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | NAP | No | NAP | Samuel J. Jemal, Isaac S. Jemal, Edward Friedman and Jack Jemal |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAP | No | NAP | David Werner |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | NAP | No | NAP | Richard Chera and Maurice Zekaria |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAP | No | NAP | John Kukral or Michael Profenius |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | NAP | No | NAP | Faraj Srour and Joseph Stavrach |
12.01 | Property | 1 | 369 Lexington Avenue | |||||
12.02 | Property | 1 | 2 West 46th Street | |||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 9.6% | No | NAP | Tishman Speyer Properties, L.P. and Silverstein Properties, LLC |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | NAP | No | NAP | Michael J. Leffell and Phil Hospod | |
15 | Loan | 1 | Homewood Suites PDX Airport | NAP | No | NAP | Dipen Patel and Ganesh Sonpatki | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | No | NAP | Isidore Heimann |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | NAP | No | NAP | Armando Batarse Cardenas |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | Yes | Future Mezzanine Loan | Andrea Gjini and Lulzim Leguci |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | No | NAP | John Bennett Donaldson and Bradley J. Berlin |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | NAP | No | NAP | David D. Marvin |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | No | NAP | Peter Fuscaldo, Forrest Passerin, Alicia Passerin, David DelFiandra and Ethan Fellheimer |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | No | NAP | Sassan Mahfar and Sina Mahfar |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | NAP | No | NAP | Joseph Moinian |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | NAP | No | NAP | Giorgi Khmiadashvili and Zipporah Goldstein |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | No | NAP | Abigail Lipsky, John Patrick Reilly, Joshua Nathaniel Lipsky, Dolan Flay Blalock, David Franco, Daniel Agresta, Gabriel Lipsky and Jeffrey D. Blum |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | No | NAP | Salomon Smeke Saba and Alberto Smeke Saba |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | NAP | No | NAP | George Thacker, Lawrence Charles Kaplan, Peter J. Veltri and Richard Schontz |
27.01 | Property | 1 | Plainfield | |||||
27.02 | Property | 1 | East Haven | |||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | No | NAP | Israel Rabinowitz |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | No | NAP | Abraham Gelbstein and Issac Gelbstein |
30 | Loan | 1 | Inwood Storage | NAP | No | NAP | George Thacker, Lawrence Charles Kaplan, Peter J. Veltri and Richard Schontz | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | Yes | Future Mezzanine Loan | Abe Cohen |
A-1-20 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) |
23 | 29 | 28 | |||||||||
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | Matthew Pestronk and Michael Pestronk | No | No | Refinance | No | 185,900,000 | 20,203,569 |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | Joel Wiener | No | No | Refinance | No | 65,000,000 | 0 |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | Oaktree Real Estate Opportunities Fund VI, L.P. | No | No | Refinance | No | 215,000,000 | 24,286,718 |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | The Taubman Realty Group LLC | No | No | Refinance | No | 242,000,000 | 3,317,606 |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | Lionstone Commercial Real Estate Alpha Driver Partners, L.P. | No | No | Refinance | No | 105,000,000 | 8,538,028 |
6 | Loan | 1 | Rockridge Apartments | Dr. Fercan E. Kalkan | No | No | Refinance | No | 54,000,000 | 0 | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | Barry M. Funt and Geoffrey Adler | No | Yes | Refinance | No | 42,500,000 | 0 |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | Samuel J. Jemal, Isaac S. Jemal, Edward Friedman and Jack Jemal | No | No | Refinance | Yes | 39,000,000 | 427,099 |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | David Werner | No | No | Acquisition | No | 95,000,000 | 90,000,000 |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | Richard Chera and Maurice Zekaria | No | No | Refinance | No | 55,000,000 | 1,208,852 |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | Northwood Real Estate Partners LP, Northwood Real Estate Partners TE LP, Northwood Employees LP, Northwood Real Estate Co-Investors LP, Northwood Employees Co-Invest LP and Northwood Real Estate Co-Investors TE LP | No | No | Refinance | No | 94,000,000 | 0 |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | Joseph Stavrach and Faraj Srour | No | Yes | Refinance | 101,450,000 | 100,000 | |
12.01 | Property | 1 | 369 Lexington Avenue | No | |||||||
12.02 | Property | 1 | 2 West 46th Street | No | |||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | NAP | No | No | Refinance | No | 274,000,000 | 13,988,916 |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | Michael J. Leffell and Phil Hospod | No | No | Acquisition | No | 18,000,000 | 9,109,449 | |
15 | Loan | 1 | Homewood Suites PDX Airport | Dipen Patel and Ganesh Sonpatki | No | No | Acquisition | No | 17,500,000 | 9,663,476 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | Isidore Heimann | No | No | Refinance | No | ||
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | Armando Batarse Cardenas | No | No | Refinance | No | ||
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | Andrea Gjini and Lulzim Leguci | No | No | Refinance | No | ||
19 | Loan | 4 | 1 | 1500 West Hamlin Road | John Bennett Donaldson and Bradley J. Berlin | No | No | Acquisition | No | ||
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | David D. Marvin | No | No | Refinance | No | ||
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | Peter Fuscaldo, Forrest Passerin, Alicia Passerin, David DelFiandra and Ethan Fellheimer | No | No | Refinance | No | ||
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | Sassan Mahfar and Sina Mahfar | No | No | Refinance | No | ||
23 | Loan | 2, 22 | 1 | 10 West 18th Street | Joseph Moinian | No | No | Recapitalization | No | ||
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | Giorgi Khmiadashvili and Zipporah Goldstein | No | Yes | Refinance | No | ||
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | Abigail Lipsky, John Patrick Reilly, Joshua Nathaniel Lipsky, Dolan Flay Blalock, David Franco, Daniel Agresta, Gabriel Lipsky and Jeffrey D. Blum | No | No | Refinance | No | ||
26 | Loan | 15 | 1 | 47 East 129th Street | Salomon Smeke Saba and Alberto Smeke Saba | No | No | Refinance | No | ||
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | George Thacker, Lawrence Charles Kaplan, Peter J. Veltri and Richard Schontz | No | No | Acquisition | |||
27.01 | Property | 1 | Plainfield | No | |||||||
27.02 | Property | 1 | East Haven | No | |||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | Israel Rabinowitz | No | No | Refinance | No | ||
29 | Loan | 15, 28 | 1 | 123 Park Avenue | Abraham Gelbstein and Issac Gelbstein | No | No | Refinance | Yes | ||
30 | Loan | 1 | Inwood Storage | George Thacker, Lawrence Charles Kaplan, Peter J. Veltri and Richard Schontz | No | No | Acquisition | No | |||
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | Abe Cohen | No | No | Refinance | No |
A-1-21 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
1 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | 126,100,000 | 0 | 332,203,569 | 294,834,291 | 0 | 23,748,203 | 13,621,075 | 0 | 0 | 332,203,569 | NAP |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | 0 | 0 | 65,000,000 | 57,000,000 | 0 | 6,378,948 | 879,610 | 741,442 | 0 | 65,000,000 | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 0 | 0 | 239,286,718 | 237,270,647 | 0 | 2,016,071 | 0 | 0 | 0 | 239,286,718 | NAP |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | 0 | 0 | 245,317,606 | 240,789,383 | 0 | 1,126,207 | 3,402,016 | 0 | 0 | 245,317,606 | NAP |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | 0 | 0 | 113,538,028 | 82,885,094 | 0 | 2,794,216 | 27,858,718 | 0 | 0 | 113,538,028 | NAP |
6 | Loan | 1 | Rockridge Apartments | 0 | 0 | 54,000,000 | 47,720,671 | 0 | 2,853,796 | 1,579,345 | 1,846,188 | 0 | 54,000,000 | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | 0 | 0 | 42,500,000 | 39,323,740 | 0 | 952,786 | 1,961,326 | 262,148 | 0 | 42,500,000 | NAP |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | 0 | 0 | 39,427,099 | 34,712,135 | 0 | 527,842 | 4,187,123 | 0 | 0 | 39,427,099 | NAP |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | 0 | 0 | 185,000,000 | 0 | 171,299,601 | 13,119,492 | 580,907 | 0 | 0 | 185,000,000 | NAP |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | 0 | 0 | 56,208,852 | 35,000,000 | 0 | 3,599,163 | 17,609,689 | 0 | 0 | 56,208,852 | NAP |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | 0 | 0 | 94,000,000 | 70,399,685 | 0 | 5,166,611 | 0 | 18,433,705 | 0 | 94,000,000 | NAP |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | 0 | 0 | 101,550,000 | 93,560,335 | 0 | 3,763,595 | 4,226,070 | 0 | 0 | 101,550,000 | NAP |
12.01 | Property | 1 | 369 Lexington Avenue | NAP | |||||||||||
12.02 | Property | 1 | 2 West 46th Street | NAP | |||||||||||
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | 56,000,000 | 0 | 343,988,916 | 301,013,950 | 0 | 13,809,715 | 29,165,251 | 0 | 0 | 343,988,916 | NAP |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 0 | 0 | 27,109,449 | 0 | 25,500,000 | 639,365 | 970,084 | 0 | 0 | 27,109,449 | NAP | |
15 | Loan | 1 | Homewood Suites PDX Airport | 0 | 0 | 27,163,476 | 0 | 26,000,000 | 637,197 | 526,279 | 0 | 0 | 27,163,476 | 10/31/2038 | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | ||||||||||
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 2/15/2034 | ||||||||||
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | ||||||||||
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | ||||||||||
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 9/1/2028 | ||||||||||
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | ||||||||||
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | ||||||||||
23 | Loan | 2, 22 | 1 | 10 West 18th Street | NAP | ||||||||||
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | NAP | ||||||||||
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | ||||||||||
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | ||||||||||
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | NAP | ||||||||||
27.01 | Property | 1 | Plainfield | NAP | |||||||||||
27.02 | Property | 1 | East Haven | NAP | |||||||||||
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | ||||||||||
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | ||||||||||
30 | Loan | 1 | Inwood Storage | NAP | |||||||||||
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP |
A-1-22 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 | Loan | 7, 11, 12, 15, 18, 25, 29 | 1 | Piazza Alta | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 16, 25 | 1 | 323 West 96th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 1, 7, 11, 12, 16, 18, 25, 29 | 1 | Philadelphia Marriott Downtown | 233.09 | 140.33 | 60.2% | 230.42 | 131.55 | 57.1% | 221.64 | 102.75 | 46.4% | 181.77 | 37.37 | 20.6% |
4 | Loan | 1, 3, 7, 11, 17, 22 | 1 | Westfarms | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 1, 2, 4, 5, 7, 10, 11, 16, 17, 18, 22, 29 | 1 | Sugar Land Town Square | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
6 | Loan | 1 | Rockridge Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7 | Loan | 16, 18, 29 | 1 | BJ's Plaza & McKinley Milestrip Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 4, 18, 22, 27, 28 | 1 | The Howard | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 1, 2, 7, 15, 22 | 1 | Arcola Corporate Campus | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 4, 7, 14, 15, 18, 20, 22 | 1 | River Centre | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 7, 10, 15, 20 | 1 | Overlook at Ballantyne | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 1, 2, 6, 7, 10, 11, 22, 29 | 2 | 369 Lexington Avenue & 2 West 46th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 369 Lexington Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.02 | Property | 1 | 2 West 46th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
13 | Loan | 1, 4, 7, 11, 12, 18, 20, 22, 23 | 1 | 11 West 42nd Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Creekside Inn - Sierra Nevada | 183.10 | 155.64 | 85.0% | 185.05 | 159.12 | 86.0% | 185.62 | 154.81 | 83.3% | 181.36 | 154.81 | 85.4% | |
15 | Loan | 1 | Homewood Suites PDX Airport | 175.19 | 148.91 | 85.0% | 175.19 | 156.32 | 89.2% | 172.28 | 152.82 | 88.7% | 151.62 | 122.92 | 81.1% | |
16 | Loan | 15, 26 | 1 | 1818 Prospect Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 5, 18 | 1 | Staybridge Suites – Austin Airport | 117.87 | 92.62 | 78.6% | 117.87 | 92.62 | 78.6% | 103.81 | 84.64 | 82.0% | 83.48 | 65.20 | 78.1% |
18 | Loan | 12, 15 | 1 | 106 Mount Hope Place | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 4 | 1 | 1500 West Hamlin Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 2, 7, 17, 18, 19, 29 | 1 | Hilton Garden Inn Atlanta Downtown | 200.40 | 146.22 | 73.0% | 200.40 | 146.22 | 73.0% | 193.68 | 136.26 | 70.4% | 159.60 | 102.92 | 64.5% |
21 | Loan | 2, 10, 18, 26 | 1 | Aria Cultural District Lofts | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 2, 17, 18 | 1 | 131 Orchard | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 2, 22 | 1 | 10 West 18th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
24 | Loan | 18, 29 | 1 | 22 Gateway Commerce Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
25 | Loan | 2, 4 | 1 | The View at Hotel Concord | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 15 | 1 | 47 East 129th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 2, 6, 15 | 2 | All Purpose Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27.01 | Property | 1 | Plainfield | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
27.02 | Property | 1 | East Haven | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
28 | Loan | 2, 4 | 1 | 3720 East State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
29 | Loan | 15, 28 | 1 | 123 Park Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
30 | Loan | 1 | Inwood Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
31 | Loan | 10, 12, 15 | 1 | 919-921 Lombard Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-23 |
Footnotes to Annex A-1
(1) | “Barclays” denotes Barclays Capital Real Estate Inc. as Mortgage Loan Seller, “SGFC” denotes Société Générale Financial Corporation as Mortgage Loan Seller, “BMO” denotes Bank of Montreal as Mortgage Loan Seller, “AREF2” denotes Argentic Real Estate Finance 2 LLC as Mortgage Loan Seller, “BSPRT” denotes BSPRT CMBS Finance, LLC as Mortgage Loan Seller, “LMF” denotes LMF Commercial, LLC as Mortgage Loan Seller, and “SMC” denotes Starwood Mortgage Capital LLC as Mortgage Loan Seller, “GACC” denotes German American Capital Corporation as Mortgage Loan Seller, “UBS AG” denotes UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York as Mortgage Loan Seller. With respect to Loan No. 3, Philadelphia Marriott Downtown, the mortgage loan is part of a whole loan that was co-originated by Barclays, Wells Fargo Bank, National Association and JPMorgan Chase Bank, National Association. With respect to Loan No. 4, Westfarms, the mortgage loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA and Wells Fargo Bank, National Association. With respect to Loan No. 5, Sugar Land Town Square, the mortgage loan is part of a whole loan that was co-originated by AREF2 and Goldman Sachs Bank USA. With respect to Loan No. 9, Arcola Corporate Campus, the mortgage loan is part of a whole loan that was co-originated by SMC and BMO. With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, the mortgage loan is part of a whole loan that was co-originated by Citi Real Estate Funding Inc. and BMO. With respect to Loan No. 13, 11 West 42nd Street, the mortgage loan is part of a whole loan that was co-originated by Bank of America, N.A., LMF and UBS AG. |
(2) | With respect to Loan No. 5, Sugar Land Town Square, the mortgaged property is comprised of 414,286 square feet of office space, 276,843 square feet of first floor retail space, and 112,118 square feet of second floor retail space. With respect to Loan No. 9, Arcola Corporate Campus, the mortgaged property is comprised of 57.0% office space and 43.0% laboratory space. With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, the 369 Lexington Avenue mortgaged property consists of 20,383 square feet of ground floor retail space, and the 2 West 46th Street mortgaged property consists of 13,340 square feet of retail space. With respect to Loan No. 20, Hilton Garden Inn Atlanta Downtown, the mortgaged property consists of 242 hotel rooms and 29,066 square feet of retail space. With respect to Loan No. 21, Aria Cultural District Lofts, the mortgaged property has 6,850 square feet of commercial space. With respect to Loan No. 22, 131 Orchard Street, the property consists of a five story, 16-unit, walkup multifamily property that includes 2,150 square feet of commercial space. With respect to Loan No. 23, 10 West 18th Street, the related mixed-use mortgaged property is comprised of 77.8% office space and 22.2% retail space. With respect to Loan No. 25, The View at Hotel Concord, the mortgaged property is comprised of 40 multifamily units and 18,801 square feet of retail space. |
A-1-24 |
With respect to Loan No. 27, All Purpose Portfolio, the East Haven mortgaged property has 5,886 square feet of retail space, 4,306 square feet of multifamily space and 1,872 square feet of industrial space. With respect to Loan No. 28, 3720 East State Street, the mortgaged property is 59,133 rentable square feet comprised of approximately 68% self-storage space and approximately 32% retail space. The self storage portion is 40,008 rentable square feet comprising 417 climate-controlled self storage units. The retail portion is 19,125 rentable square feet comprising three retail spaces. | |
(3) | Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property. With respect to Loan No. 4, Westfarms, the mortgaged property is part of a larger mall, which consists of 501,990 square feet of owned improvements, 560,820 square feet of leased fee improvements and a 208,790 square foot non-collateral Macy’s, totaling 1,271,600 square feet. |
(4) | In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but that have not yet commenced paying rent and/or are not in occupancy. For tenants that are one of the top 5 tenants (by net rentable area leased) for the 15 largest mortgage loans, certain of such tenants have not taken possession or commenced paying rent or sublease a material portion of their property. See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in the preliminary prospectus. With respect to Loan No. 5, Sugar Land Town Square, a portion of the premises leased by Coffeyville Resource, the Largest Tenant, is under construction and unoccupied. The tenant was relocated to swing space suites while the construction is completed and is in a rent abatement period that is expected to end in November 2023. In addition, Southwest Water, the Second Largest Tenant, signed a lease dated and effective as of October 24, 2023, and with a commencement date of January 1, 2024, at which point the tenant will be required to begin paying rent. The space is currently leased to Coca-Cola, which is not occupying the space, with a lease expiration date of July 31, 2029. As a condition to perfect the effectiveness of the Southwest Water lease, the borrower and Coca-Cola are required to execute a termination agreement by December 5, 2023, providing for, among other things, the termination of Coca-Cola’s lease as of December 31, 2023, and Coca-Cola’s vacation of and Southwest Water’s early access to the leased premises. Coca-Cola is also expected to pay the borrower a lease termination payment of approximately $6,600,000 to be held in escrow until Southwest Water has taken occupancy of the leased premises and will be disbursed as follows: (i) $2,500,000 will be transferred to a capital expense reserve subaccount and (ii) the remainder will be disbursed to the borrower. With respect to Loan No. 8, The Howard, the Second Largest Tenant, Gersh Academy, is expected to sign a lease in November 2023. Gersh Academy (“Gersh”) has not yet begun paying rent or taken possession of its space. At closing of mortgage loan, the borrower entered into a ten-year master lease with the borrower sponsors, as master tenant, for the related 25,000 square feet (the “Master Lease”). The Master Lease has a base rent of $36.00 per square foot and may only be terminated upon the lender’s receipt and satisfactory review of (i) a fully executed satisfactory Gersh lease and (ii) evidence (including, but not limited to, a satisfactory tenant estoppel certificate from Gersh) confirming that (x) Gersh has taken possession of its leased space and (y) is paying full unabated rent (or any free rent, partial rent, rebate of rent or other similar credits, allowances or abatements required to be given by the borrower to Gersh has been reserved with the lender). |
A-1-25 |
With respect to Loan No. 10, River Centre, Leased Occupancy (%) is inclusive of (i) amenity and storage space totaling 20,072 square feet for which no rent is associated or underwritten, (ii) a management office totaling 1,299 square feet for which no rent is associated or underwritten and (iii) six leases totaling 59,890 square feet with rent commencement dates after the Cut-off Date. There can be no assurance that the tenants with leases with rent commencement dates after the Cut-off Date will: (x) take occupancy of their respective leased spaces at the mortgaged property (or in the case of Sycamore Medical and Woolston Consulting, take occupancy of their expansion spaces at the mortgaged property); or (y) begin paying rent on their respective leased spaces, in each case as expected or at all. | |
With respect to Loan No. 13, 11 West 42nd Street, the Third Largest Tenant, New York University, has approximately $1.65 million in outstanding borrower obligations related to leasing expenses and two months of free rent totaling approximately $1,125,423 ($557,140 in December 2023 and $568,283 in December 2024). All outstanding borrower obligations and free rent was reserved at origination. With respect to Loan No. 19, 1500 West Hamlin Road, the sole tenant, TA Systems, signed a lease that commenced on November 1, 2023, but the tenant is not yet in occupancy. TA Systems is in a free rent period in November and December 2023. At origination, the borrower deposited $98,750 into the rent abatement reserve, which amount is equal to one month of rent due. On November 1, 2023, the sole tenant, TA Systems entered into a sublease with Jenoptik Automotive North America, LLC (“Jenoptik”), the prior owner and prior sole tenant of the mortgaged property. The sublease will remain in place as Jenoptik finishes building its space at another non-collateral property. The sublease covers the entire building at the mortgaged property (100,000 square feet) through April 30, 2024 and 50,000 square feet through December 31, 2024. After May 1, 2024, Jenoptik has the right to terminate its sublease at any time with 30 days’ notice. According to the borrower sponsor, TA Systems is expected to take occupancy of 50% of its premises by May 1, 2024, and full occupancy is expected to be prior to December 31, 2024. With respect to Loan No. 25, The View at Hotel Concord, the Leased Occupancy (%) represents the occupancy of the multifamily portion of the mortgaged property as of October 27, 2023. The occupancy of the retail portion of the mortgaged property as of October 27, 2023 was 100.0%. The current occupancy for the entire mortgaged property as of October 27, 2023 was 97.5%. With respect to Loan No. 28, 3720 East State Street, the Leased Occupancy (%) represents the occupancy of the self storage portion of the mortgaged property as of September 30, 2023. The occupancy of the retail portion of the mortgaged property as of September 30, 2023 was 100.0%. The current occupancy for the entire mortgaged property as of September 30, 2023 was 91.3%. | |
(5) | With respect to all mortgage loans, with the exceptions of the mortgage loans identified in “Description of the Mortgage Pool—Definitions” in the preliminary prospectus, the Cut-off Date LTV Ratio (%) and the LTV Ratio at Maturity / ARD (%) are based on the Appraised Value ($) even though, for certain mortgage loans, the appraisal provided “as-stabilized” values based on certain criteria being met. With respect to Loan No. 5, Sugar Land Town Square, the “As Is” appraised value of $209,000,000 is based on the extraordinary assumption that leases with each of Southwest Water and PuttShack will be transacted in a timely manner. As of the origination date, a letter of intent to lease has been negotiated with PuttShack but has not been signed. However, the portion of space that is intended for PuttShack is currently leased to two tenants. With respect to Loan No. 17, Staybridge Suites – Austin Airport, the appraised value of $27,000,000 is the “Hypothetical As Is, as if Complete” value, which assume that scheduled property improvement plan has been completed as of August 31, 2023. At origination, the borrowers deposited $2,500,000 for PIP work. The “as-is” appraised value is $24,000,000. Such |
A-1-26 |
“as-is” appraised value results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 54.2%. | |
(6) | For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Cut-off Date Balance ($) and Maturity/ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation. ● Loan No. 12, 369 Lexington Avenue & 2 West 46th Street ● Loan No. 27, All Purpose Portfolio |
(7) | The Original Balance ($), Cut-off Date Balance ($), and Maturity/ARD Balance ($) represent only the mortgage loan included in the issuing entity. The Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%) and Loan per Unit ($) are calculated based on the mortgage loan included in the issuing entity and the related pari passu companion loans in the aggregate but exclude any subordinate companion loan(s). For more information regarding the mortgage loans secured by the mortgaged properties identified under the column heading in this Annex A-1, see the charts titled “Whole Loan Summary” and “Whole Loan Control Notes and Non-Control Notes” in “Description of the Mortgage Pool—The Whole Loans” in the preliminary prospectus. ● Loan No. 1, Piazza Alta ● Loan No. 3, Philadelphia Marriott Downtown ● Loan No. 4, Westfarms ● Loan No. 5, Sugar Land Town Square ● Loan No. 9, Arcola Corporate Campus ● Loan No. 10, River Centre ● Loan No. 11, Overlook at Ballantyne ● Loan No. 12, 369 Lexington Avenue & 2 West 46th Street ● Loan No. 13, 11 West 42nd Street ● Loan No. 20, Hilton Garden Inn Atlanta Downtown |
(8) | The Administrative Fee Rate % includes the Servicing Fee, the Operating Advisor Fee, the Certificate Administrator/Trustee Fee, the Asset Representations Reviewer Fee and the CREFC® Intellectual Property Royalty License Fee applicable to each Mortgage Loan. |
(9) | For the mortgage loans with an interest-only period that accrues interest on an Actual/360 basis, the Monthly Debt Service (IO) ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360. |
(10) | With respect to Loan No. 5, Sugar Land Town Square, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period. With respect to Loan No. 11, Overlook at Ballantyne, a Grace Period - Late Fee (Days) of five days is permitted once during any 12-month period. With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, a Grace Period – Default (Days) is zero days for the outstanding principal balance due at maturity and five days for the monthly payment of interest. With respect to Loan No. 21, Aria Cultural District Lofts, the Grace Period – Late Fee (Days) of 5 days is permitted, before the borrower has to pay the lesser of (i) 5.0% of the unpaid sum or (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by the lender to process the delinquent payment and to compensate the lender for the loss of the use of the delinquent payment. |
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With respect to Loan No. 31, 919-921 Lombard Street, a Grace Period – Late Fee (Days) is zero days for the outstanding principal balance due at maturity and five days is allowed during the term of the loan for the monthly payment of principal and interest. | |
(11) | The “L” component of the prepayment provision represents lockout payments. The “D” component of the prepayment provision represents defeasance payments. The “YM” component of the prepayment provision represents yield maintenance payments. The “O” Component of the prepayment provision represents the free payments including the Maturity Date. Certain mortgage loans permit the release of a portion of a mortgaged property (or an individual mortgaged property, in connection with a portfolio mortgage loan) under various circumstances, as described in the preliminary prospectus. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in the preliminary prospectus. With respect to loan No. 1, Piazza Alta, the lockout period will be at least 25 payment dates beginning with and including the first payment date in November 2023. Defeasance of the Piazza Alta whole loan in full is permitted at any time on or after the earlier to occur of (i) September 21, 2026, or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 25 months is based on the anticipated closing date of this transaction in December 2023. The actual lockout period may be longer. With respect to Loan No. 3, Philadelphia Marriott Downtown, the lockout period will be at least 25 months beginning with and including the first payment date on December 6, 2023. Defeasance of the Philadelphia Marriott Downtown 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) October 25, 2026. In addition, voluntary prepayment of the Philadelphia Marriott Downtown Whole Loan in full, but not in part, 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) October 25, 2026 with the payment of a yield maintenance premium. No such prepayment penalty will be due in the event that the Philadelphia Marriott Downtown whole loan is prepaid on or after May 6, 2028. The assumed lockout period of 25 payments is based on the expected BBCMS 2023-5C23 securitization closing date in December 2023. The actual lockout period may be longer. With respect to Loan No. 4, Westfarms, defeasance of the Westfarms whole loan in full is permitted at any time on or after the expiration of the period from the origination date to but excluding the first monthly payment date following the earlier to occur of (i) August 31, 2026 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note of the Westfarms whole loan to be securitized. The assumed lockout period of 27 payments is based on the expected BBCMS 2023-5C23 securitization closing date in December 2023. The actual lockout period may be longer. |
With respect to Loan No. 5, Sugar Land Town Square, the lockout period will be at least 25 months beginning with and including the first payment date on December 6, 2023. Defeasance of the Sugar Land Town Square Whole Loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last note to be securitized and (ii) November 3, 2026. The assumed lockout period of 25 payments is based on the anticipated closing date of the BBCMS 2023-5C23 securitization trust in December 2023. The actual lockout period may be longer. |
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With respect to Loan No. 5, Sugar Land Town Square, the borrower is permitted to release a certain retail parking unit and office parking unit (together, the “Release Parcel”) from the lien of the mortgage, provided, among other conditions, that (i) the City of Sugar Land, Texas exercises a certain right to reverter to the Release Parcel, (ii) satisfaction of all REMIC requirements and (iii) if immediately following the release, the loan-to-value ratio is greater than 125%, the principal balance of the Sugar Land Town Square Whole Loan is paid down in an amount equal to either (a) an amount necessary to satisfy the ratio described above or (b) a lesser amount provided the lender receives a REMIC opinion. The Release Parcel was not afforded any material value in the appraisal and is not necessary for compliance with zoning requirements. With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, the lockout period will be at least 26 payment dates beginning with and including the first payment date on November 1, 2023. Defeasance of the 369 Lexington Avenue & 2 West 46th Street whole loan is permitted at any time following the earlier to occur of (i) September 28, 2027 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 26 payments is based on the expected BBCMS 2023-5C23 securitization closing date in December 2023. The actual lockout period may be longer. | |
With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, provided that no event of default has occurred is continuing, the borrowers have the right, (I) at any time on or after April 1, 2028 (such period, the “Open Prepayment Period”), to partially prepay the 369 Lexington Avenue & 2 West 46th Street whole loan and obtain the release of any single one of the 369 Lexington Avenue & 2 West 46th Street mortgaged properties, and (II) at any time after (x) the earlier of (a) September 28, 2027 and (b) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the 369 Lexington Avenue & 2 West 46th Street whole loan to be securitized, but prior to (y) the Open Prepayment Period, to deliver defeasance collateral and obtain release of any single 369 Lexington Avenue & 2 West 46th Street mortgaged property, in each case, provided that, among other conditions, (i) the defeasance collateral or partial prepayment, as applicable, is in an amount equal to the greater of (a) 125% of the allocated loan amount with respect to such individual 369 Lexington Avenue & 2 West 46th Street mortgaged property and (b) the applicable net sales proceeds, (ii) the borrowers deliver a REMIC opinion, (iii) the borrowers deliver (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 369 Lexington Avenue & 2 West 46th Street mortgaged property is equal to or greater than the greater of (a) the debt service coverage ratio for all of the 369 Lexington Avenue & 2 West 46th Street mortgaged properties immediately prior to the date of notice of the partial release or the consummation of the partial release, as applicable and (b) 1.30x, (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 debt yield with respect to the remaining 369 Lexington Avenue & 2 West 46th Street mortgaged property is equal to or greater than the greater of (a) 10.40% and (b) the debt yield for all of the 369 Lexington Avenue & 2 West 46th Street mortgaged properties immediately prior to the date of notice of the partial release or the consummation of the partial release, as applicable, and (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 loan-to-value ratio with respect to the remaining 369 Lexington Avenue & 2 West 46th Street mortgaged property is no greater than the lesser of (a) 60.0% and (b) the loan-to-value ratio for all of the 369 Lexington Avenue & 2 West 46th Street mortgaged properties immediately prior to the date of notice of the partial release or the consummation of the partial release, as applicable. With respect to Loan No. 13, 11 West 42nd Street, the borrower is permitted to prepay the 11 West 42nd Street whole loan in whole but not in part (i) on or after the payment date occurring in January 2028 without the payment of any prepayment premium or (ii) beginning on the payment |
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date in July 2025 with the payment of a yield maintenance premium. Defeasance of the 11 West 42nd Street whole loan in whole but not in part is permitted after the date that is earlier of (i) two years from the closing date of the securitization that includes the last note of the 11 West 42nd Street whole loan to be securitized and (ii) August 6, 2026. The assumed defeasance lockout period of 29 payments is based on the anticipated closing date of the BBCMS 2023-5C23 securitization trust in December 2023. The actual lockout period may be longer. | |
(12) | Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness,” “—Preferred Equity” and “Certain Legal Aspects of the Mortgage Loans” in the preliminary prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future. With respect to Loan No. 1, Piazza Alta, concurrently with the origination of the Piazza Alta mortgage loan, a $126.1 million mezzanine loan was originated, secured by, among other things, the pledge of the direct equity interest in the Piazza Alta borrower. Interest on the outstanding principal balance of the Piazza Alta mezzanine loan will accrue at a rate of 10.50000% per annum (the “Piazza Alta Mezzanine Loan Interest Rate”), comprised of a current pay interest rate of 8.50000% per annum (the “Current Pay Rate”) and an accrual component interest rate of 2.00000% per annum (the “Accrual Pay Rate”). On each payment date, (i) the mezzanine borrower is required to pay a monthly debt service on the Piazza Alta Mezzanine Loan in an amount equal to $905,614 and (ii) if any additional amount derived from the Piazza Alta mortgaged property is then available pursuant to the Piazza Alta mortgage loan documents, then such amount is required to be applied to that portion of the mezzanine monthly debt service payment amount accruing interest at the accrual pay rate (the “Mezzanine Monthly Debt Service (Accrual Component)”). To the extent such additional amount derived from the Piazza Alta mortgaged property is insufficient to pay any portion of the monthly debt service (Accrual Component), such unpaid portion will be added to the aggregate accrual component (any Mezzanine Monthly Debt Service (Accrual Component) that has not been paid due to insufficient cash flow will comprise the aggregate accrual component) and accrue interest at the Piazza Alta Mezzanine Loan Interest Rate. Alternatively, to the extent such additional amount derived from the Piazza Alta mortgaged property exceeds the Mezzanine Monthly Debt Service (Accrual Component), then such excess will be applied to the aggregate accrual component then outstanding, to reduce the balance of the aggregate accrual component. To the extent the aggregate accrual component is remaining unpaid at the maturity date of the Piazza Alta mortgage loan, the aggregate accrual component will be due and payable in full at the maturity date. The monthly mezzanine debt service payment amount means the unpaid principal accrued and accruing through the last day of the applicable interest period (whether the same is actually due and payable or has been deferred pursuant to the terms of the mezzanine loan documents, it being understood that the mezzanine monthly debt service (Current Pay) may not be deferred at any time). The $126.1 million mezzanine loan is not included in the BBCMS 2023-5C23 securitization trust. |
With respect to Loan No. 3, Philadelphia Marriott Downtown, the mortgage loan documents permit future mezzanine debt following the securitization that includes the last note of the whole loan to be securitized, provided that, among other conditions (i) no event of default has occurred and is continuing, (ii) the mezzanine loan, together with the mortgage loan, will have a combined loan-to-value ratio that is not more than 54.9%, (iii) the debt yield is equal to or greater than 13.2%, (iv) the combined debt service coverage ratio based on the mortgage loan and the permitted mezzanine loan is at least equal to or greater than 1.50x, (v) the permitted mezzanine loan will have an initial maturity not earlier than November 6, 2028, and (vi) the permitted mezzanine lender executes an intercreditor agreement reasonably acceptable to the lender and satisfactory to the rating agencies providing for the subordination of the mezzanine loan to the mortgage loan in all respects. |
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With respect to Loan No. 13, 11 West 42nd Street, concurrently with the funding of the 11 West 42nd Street whole loan, Bank of America, N.A. originated a mezzanine loan in the amount of $56,000,000 secured by the mezzanine borrower’s equity interests in the 11 West 42nd Street whole loan borrower (the “Mezzanine Loan”). The Mezzanine Loan is coterminous with the 11 West 42nd Street whole loan. The Mezzanine Loan accrues interest at a rate of 14.00000% per annum and requires interest-only payments until its maturity date. An intercreditor agreement was executed at loan origination between the lender and the lender of the Mezzanine Loan. Subsequent to loan origination, the Mezzanine Loan was sold by Bank of America, N.A. to an affiliate of Taconic Capital. With respect to Loan No. 13, 11 West 42nd Street, the borrower is permitted to enter into a “Property-Assessed Clean Energy loan” or any similar indebtedness (a “PACE Loan”) for an amount not to exceed $10,000,000, subject to the lender’s approval (not to be unreasonably withheld, conditioned or delayed) and delivery of a rating agency confirmation, which PACE Loan 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. | |
With respect to Loan No. 18, 106 Mount Hope Place, future mezzanine debt is permitted, subject to the satisfaction of certain conditions including, among others, (i) immediately after giving effect to the mezzanine debt, and based on the combined balance of the mortgage loan and the mezzanine loan (x) the combined loan-to-value ratio does not exceed 61.3%, (y) the debt service coverage ratio is equal to or greater than 1.15x, (ii) execution of a subordination and intercreditor agreement reasonably acceptable to the lender, and (iii) receipt of a rating agency confirmation from each applicable rating agency. With respect to Loan No. 31, 919-921 Lombard Street, future mezzanine debt is permitted, subject to the satisfaction of certain conditions including, among others, (i) immediately after giving effect to the mezzanine debt, and based on the combined balance of the mortgage loan and the mezzanine loan (x) the combined loan-to-value ratio does not exceed 71.9%, (y) the debt service coverage ratio is equal to or greater than 1.15x, (ii) execution of a subordination and intercreditor agreement reasonably acceptable to the lender, and (iii) receipt of a rating agency confirmation from each applicable rating agency. | |
(13) | The Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) for all partial interest-only mortgage loans were calculated based on the first 12 principal and interest payments after the Origination Date during the term of the mortgage loan. |
(14) | In certain cases, Underwritten TI / LC ($) is inclusive of certain credits for upfront reserves taken at closing. With respect to Loan No. 10, River Centre, due to the upfront tenant improvement and leasing commissions reserve of $7,000,000, no Underwritten TI / LC ($) was included. The $7,000,000 initial deposit was placed into a reserve and disbursements can be made for tenant improvements and leasing commissions. |
(15) | With respect to some mortgage loans, historical financial information may not be available as a result of acquisition financing and/or recent construction. With respect to Loan No. 1, Piazza Alta, historical financials are not available as the mortgaged property was built in several stages from 2022 to 2023. |
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With respect to Loan No. 9, Arcola Corporate Campus, historical financial information is not available because the Arcola Corporate Campus mortgaged property was acquired by the borrower in August 2023 in a sale-leaseback transaction. With respect to Loan No. 10, River Centre, the third most recent period includes partial-year information as the mortgaged property was acquired in June 2021. The mortgaged property was renovated in 2021. With respect to Loan No. 11, Overlook at Ballantyne, the historical cash flows are not available, as the mortgaged property was built in 2020 and was still leasing up in 2021 and 2022. With respect to Loan No. 16, 1818 Prospect Avenue, historical financial information is not available as the mortgaged property was built in 2023. With respect to Loan No. 18, 106 Mount Hope Place, historical financial information is not available as the mortgaged property was finished in 2023. With respect to Loan No. 26, 47 East 129th Street, certain historical information prior to 2023 is not available as the property underwent a complete alteration and restoration throughout 2021 and 2022 and received a certificate of occupancy as of August 18, 2023. With respect to Loan No. 27, All Purpose Portfolio, with respect to the Plainfield mortgaged property, the Third Most Recent cash flows are not available as they are not provided by the sponsor. With respect to Loan No. 29, 123 Park Avenue, historical financial information is not available as the mortgaged property was redeveloped in 2023. With respect to Loan No. 31, 919-921 Lombard Street, historical financial information is not available as the mortgaged property was acquired and renovated in 2023. | |
(16) | With respect to Loan No. 2, 323 West 96th Street, the mortgage loan is secured by a first lien mortgage on the borrower’s leasehold interest, along with a pledge of 100% of the ownership interest in the Sponsor TIC (as defined in the mortgage loan documents), which is owned by an entity controlled by the borrower sponsor and holds a 50% tenancy-in-common interest in the fee estate of the mortgaged property. The borrower has a leasehold interest in the mortgaged property pursuant to a ground lease. The borrower, Hudson Park NY LLC, assumed the ground lease on August 7, 2007, which expires on October 24, 2099 and has no remaining extension options. The current rent is $126,075.24 per month or $1,512,902.88 per annum, subject to 10% increases every five years followed by a fair market reset in November 2049. The next ground rent increase will occur in November 2025. The Sponsor TIC is responsible for 50% of the ground rent. The ground lessee’s interest in the ground lease is freely assignable to the lender without the consent of the ground lessor and, in the event that it is so assigned, is further assignable by the lender without the need to obtain the consent of the ground lessor. With respect to Loan No. 3, Philadelphia Marriott Downtown, the mortgaged property is substantially owned in fee by the borrowers. However, (i) a skybridge (the "Bridge") connecting the main building of the Philadelphia Marriott Downtown mortgaged property and the Pennsylvania Convention Center and (ii) a parcel of land, which allows for an overhang and partial driveway at one of the entrances to the mortgaged property (the "Tunnel") are subject to certain sub-ground leases, each with a nominal annual rent due. The sub-ground leases are between one of the two related borrowers, Philadelphia Market Street HMC Hotel Limited Partnership, as the subtenant, and the Redevelopment Authority of the City of Philadelphia ("Sublandlord"), which in turn leases the same premises from the City of Philadelphia, as the landlord. The Bridge sublease is also subject to a reciprocal easement agreement with the Pennsylvania Convention Center Authority with respect to maintenance of the Bridge. The sub- |
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ground lease agreements extend to 2042 (which is less than 20 years beyond the stated maturity date of the related mortgage loan) for the Bridge and 2091 for the Tunnel. With respect to Loan No. 5, Sugar Land Town Square, approximately 396 square feet of the mortgaged property is encumbered by a ground lease between the borrower, as ground lessee, and the Sugar Land Town Square Development Authority, as ground lessor. The annual rent under the ground lease is $10.00 and the lease expires on September 30, 2102 with no extension options. With respect to Loan No. 7, BJ’s Plaza & McKinley Milestrip Center, the BJ’s Plaza & McKinley Milestrip Center mortgage property are each subject to ground leases between certain of the BJ’s Plaza & McKinley Milestrip Center borrowers, as ground lessor, and certain of the BJ’s Plaza & McKinley Milestrip Center borrowers, as ground lessee, which expire on February 28, 2122, with an aggregate ground lease rent of $1,175,000 per annum and is subject to 2.0% annual increases through March 31, 2044. Commencing on April 1, 2044 (or earlier, if requested by the BJ’s Plaza & McKinley Milestrip Center borrowers from time to time in connection with the origination of a new qualifying mortgage (an “Early CPI Reset Request”), the ground rent will increase to the then applicable target ground rent payment amount (which is based on adjustments to the consumer price index (“CPI”)) and increase each lease year thereafter by 2.0% for a period of 10 years, or 10 years following a ground rent adjustment due to an Early CPI Reset Request. The annual ground lease rent increase is subject to a cap of 3.5%. The lien of the BJ’s Plaza & McKinley Milestrip Center mortgage loan documents is secured by both the fee and leasehold interest under the related ground leases. With respect to Loan No. 7, BJ’s Plaza & McKinley Milestrip Center, a portion of the surface parking at each of the BJ’s Plaza & McKinley Milestrip Center mortgaged properties, equal to 4.64 acres at the BJ’s Plaza mortgaged property and 5.65 acres at the McKinley Milestrip Center mortgaged property, is ground leased from Niagara Mohawk Power Corporation under separate ground leases with lease expirations of July 31, 2074. The aggregate ground lease rent under the ground leases is currently set at $58,048 per year and increases every five years based on the CPI. The next rent step is scheduled to occur on August 1, 2025. | |
(17) | Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related mortgage loan documents. With respect to Loan No. 4, Westfarms, the Upfront Other Reserve ($) consists of $3,103,791 for the Outstanding TI/LC Reserve and $298,225.34 for the Gap Rent/Free Rent Reserve. With respect to Loan No. 5, Sugar Land Town Square, the borrower deposited $5,000,000 into an earnout reserve at loan origination. The earnout reserve funds may be disbursed to the borrower upon, among other conditions, the net cash flow debt yield being greater than or equal to 11.25% (the “Earnout Satisfaction Event”). If the borrower is not entitled to a disbursement of the earnout reserve funds as of November 3, 2025 (the “Stabilization Date”), the borrower will be entitled to a partial disbursement of the earnout reserve funds, so long as the borrower has satisfied the conditions precedent for the Earnout Satisfaction Event, in the amount which would cause the net cash flow debt yield to be greater than or equal to 11.25%. The lender will, in its sole discretion, apply all funds remaining in the earnout reserve as of the Stabilization Date (after any permitted partial disbursement) to prepay a portion of the outstanding principal balance of the whole loan subject to the applicable yield maintenance premium. The Cut-Off Date LTV, Maturity Date LTV, and UW NOI Debt Yield net of the earnout reserve are 47.8%, 47.8%, and 12.4%, respectively. With respect to Loan No. 20, Hilton Garden Inn Atlanta Downtown, the Upfront Other Reserve ($) consists of $5,500,000 for the PIP Reserve, $597,060 for the Unfunded Obligations Reserve and $60,000 for the Seasonality Reserve. |
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With respect to Loan No. 22, 131 Orchard, the borrower sponsor has represented that it has reason to believe that one of the retail tenants, which occupies 800 square feet of space under a lease expiring in December 2024 may vacate its space prior to its lease expiration. In accordance with the mortgage loan documents, the borrower escrowed $710,000 into a reserve, equal to 13 months’ rent and expense recoveries equaling $70,000 under the existing space lease, plus 4 years of base rent at market rents as determined by the appraisal, plus $30,000 for tenant improvements and leasing commissions. | |
(18) | Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being triggered in the respective mortgage loan documents. With respect to Loan. No. 1, Piazza Alta, on a monthly basis, the borrower is required to escrow 1/12th of the taxes that the lender estimates will be payable during the next 12 months in order to accumulate sufficient funds to pay all such taxes (including, until the occurrence of a Tax Parcel Event (as defined below), taxes attributable to the non-collateral Unit 2 as described under “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” in the Preliminary Prospectus, which is part of a shared tax lot with the mortgaged property) at least 30 days prior to their respective due dates. Currently, the borrower is required to pay $19,042 for taxes attributed to the mortgaged property, representing Unit 1 of the condominium regime. As of the date of origination, the borrower has represented to the lender that it has taken the necessary steps (including filing the paperwork and the payment of all fees) with the appropriate governmental authorities for the Tax Parcel Event. The borrower is required to (i) periodically update the lender with respect to any progress made towards achieving the Tax Parcel Event, (ii) promptly provide the lender with any correspondence relating to the Tax Parcel Event and (iii) immediately notify the lender upon the occurrence of the Tax Parcel Event and deliver to the lender evidence in form and substance satisfactory to the lender of the occurrence of the Tax Parcel Event. A “Tax Parcel Event” will occur upon (i) Unit 2 being a separate tax lot and not a part of any tax lot of the mortgaged property and not included in the tax bills for the mortgaged property and (ii) the mortgaged property being comprised of one or more parcels with separate tax lots and not being comprised of a portion of any other tax lot that is not a part of the mortgaged property. With respect to Loan No. 1, Piazza Alta, on a monthly basis, the borrower is required to escrow 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of coverage afforded by the polices upon the expiration in order to accumulate with the lender sufficient funds to pay all such insurance premiums at least 30 days prior to the expiration. The borrower will not be required to make monthly insurance deposits so long as (i) no event of default has occurred and is continuing, (ii) the borrower provides the lender evidence of renewal of the policies, (iii) the borrower provides the lender with paid receipts evidencing payment of the insurance premiums by no later than 10 business days prior to the expiration dates of the policies, and (iv) there is on deposit in the tax and insurance subaccount with respect to insurance premiums an amount equal to no less than the Static Insurance Reserve Amount (as defined below) (the foregoing clauses (i) through (iv) are collectively referred to as the “Insurance Premium Waiver Conditions”). In the event the Insurance Premium Waiver Conditions are no longer satisfied, the borrower will commence making all monthly insurance deposits as required pursuant to the Piazza Alta whole loan documents. Additionally, so long as the mortgaged property is insured under a blanket insurance policy the borrower will not be required to make monthly insurance deposits into the tax and insurance subaccount. As of the date of origination, the mortgaged property is insured under a blanket insurance policy. Notwithstanding the above, in the event that such blanket insurance policy is no longer in effect, the borrower will be required to escrow $144,517 (the “Static Insurance Reserve Amount”). In accordance with the Piazza Alta whole loan documents, the lender may from time to time, upon written notice to the borrower, increase the Static Insurance Reserve Amount required to reflect any increases in the insurance premiums for the coverages afforded by the policies on a stand-alone basis, such that the Static |
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Insurance Reserve Amount is not less than three months of the insurance premiums that the lender reasonably estimates will be payable for the renewal of coverage afforded by the policies on a stand-alone basis. | |
With respect to Loan No. 1, Piazza Alta, commencing on the payment date occurring in November 2025 and continuing for each payment thereafter, the borrower is required to escrow $15,058 for replacement reserves. With respect to Loan No. 1, Piazza Alta, commencing on the payment date occurring in November 2025 and continuing for each payment thereafter, the borrower is required to escrow $2,926 for tenant improvements and leasing costs. Additionally, the borrower is required to pay any lease termination payments received from non-residential tenants to the lender for transfer into the tenant improvement and leasing subaccount. With respect to Loan No. 1, Piazza Alta, on each monthly payment date, the borrower is required to deposit an amount equal to the monthly amount (currently estimated at $3,250 per month) as set forth in the approved operating budget for common charges payable on such payment date (plus any other amounts that may be due for common charges which are not included in the approved operating budget) in order to accumulate with the lender sufficient funds to pay all condominium common charges during the next three months prior to their respective due dates. With respect to Loan No. 3, Philadelphia Marriott Downtown, on each monthly payment date during a trigger period, the borrowers are required to deposit into a replacement reserve an amount equal to the greater of (i) 4% of the gross revenue generated in the immediately preceding calendar month and (ii) required replacement reserve pursuant to the management agreement (“FF&E Reserve Monthly Deposit”). Notwithstanding to the foregoing, if the Qualified Hotel Management Condition is satisfied and the manager is collecting the replacement reserve pursuant to the management agreement, the requirement for the borrowers to make deposits to the replacement reserve will be waived. However, if the Qualified Hotel Management Condition is satisfied but the manager is collecting replacement reserve in an amount less than the reserve pursuant to the management agreement, the borrowers will be required to deposit on each monthly payment date, an amount equal to the difference between (i) the FF&E Reserve Monthly Deposit and (ii) the required replacement reserve pursuant to the management agreement. With respect to Loan No. 3, Philadelphia Marriott Downtown, on each monthly payment date during a trigger period, the borrowers are required to deposit into a real estate tax reserve an amount equal to $329,289.63. With respect to Loan No. 3, Philadelphia Marriott Downtown, on each monthly payment date during a trigger period, the borrowers are required to deposit into a condominium reserve an amount sufficient to pay for the projected assessments and other expenses when due under the condominium documents. Notwithstanding to the foregoing, during such period as the property is managed by the manager under the management agreement in effect as of the origination date and the manager is paying such condominium expenses as operating expenses directly to the related condominium association with evidence reasonably satisfactory to the lender that the condominium expenses have been paid, the requirement for the borrowers to make deposits to the condominium reserve will be waived. With respect to Loan No. 5, Sugar Land Town Square, the borrower is required to escrow approximately $83,672 monthly for tenant improvements and leasing commissions if at any time the balance in the TI/LC Reserve is less than $5,750,000, excluding certain amounts deposited therein in respect of certain lease termination payments and ongoing lease matters. With respect to Loan No. 7, BJ’s Plaza & McKinley Milestrip Center, if at any time the rollover reserve account is less than $1,250,000, the borrowers are required to deposit on the each monthly payment date (i) an amount initially equal to 1/12th of the product obtained by multiplying |
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the aggregate number of rentable square feet by $0.75, initially $25,688.31 per month and (ii) all lease termination payments received by the borrowers. | |
With respect to Loan No. 8, The Howard, the borrower is required to escrow 1/12th of the annual estimated insurance payments; however, such monthly insurance escrow is suspended so long as the borrower maintains a blanket policy acceptable to the lender and no event of default is ongoing. The monthly insurance escrow is currently suspended. With respect to Loan No. 8, The Howard, on a monthly basis, the borrower is required to escrow $19,855 for tenant improvement and leasing commission reserves. The reserve is subject to a cap of $500,000. The ongoing TI/LC reserve is currently suspended. With respect to Loan No. 10, River Centre, on each monthly payment date, the borrowers are required to deposit an amount equal to 1/12th of the insurance premiums that the lender reasonably estimates will be payable for the renewal of the coverages afforded by the policies upon the expiration thereof in order to accumulate sufficient funds to pay all such insurance premiums at least 30 days prior to the expiration of the policies. If all of the insurance coverages required are provided through an approved blanket policy, the borrowers are not required to make deposits on account of insurance premiums; provided that (i) such blanket policy is maintained in full force and effect, (ii) the insurance premiums for such blanket policy are not paid in installments or financed and (iii) not less than 15 days prior to the expiration date of such blanket policy, the borrowers provide the lender with (a)(1) a certificate of insurance evidencing the renewal of such blanket policy or (2) a certificate of insurance evidencing a new blanket policy approved by the lender and (b) evidence reasonably satisfactory of the payment in full of the insurance premiums then due thereunder. With respect to Loan No. 10, River Centre, on each monthly payment date following the first instance when the balance of the rollover funds is equal to, or less than $2,000,000, the borrowers are required to deposit an amount equal to approximately $64,521 to pay for tenant allowances, tenant improvements and leasing commissions. With respect to Loan No. 10, River Centre, on each monthly payment date during a material tenant trigger event period, the borrowers are required to deposit the monthly material tenant deposit for tenant allowances, tenant improvements and leasing commissions that may be incurred or required to be reimbursed by the borrowers in connection with leasing material tenant space pursuant to qualified leases. With respect to Loan No. 13, 11 West 42nd Street, the borrower is not required to make monthly tax deposit as long as (i) no cash sweep period exists and (ii) the borrower provides the lenders with paid receipts or other evidence reasonably satisfactory that all taxes have been and continue to be fully and timely paid. With respect to Loan No. 13, 11 West 42nd Street, the borrower is not required to make monthly insurance deposit as long as (i) no cash sweep period exists and (ii) the insurance is maintained pursuant to one or more blanket policies, and the borrower timely provides the lender with evidence of the renewal of such policies. | |
With respect to Loan No. 13, 11 West 42nd Street, during a cash sweep period, the borrower is required to deposit monthly amounts of approximately $16,009 into a reserve for replacements for the mortgaged property, subject to a cap of approximately $288,170. With respect to Loan No. 17, Staybridge Suites – Austin Airport, the borrowers are required to make monthly deposits into the FF&E reserve account in an amount equal to 1/12th of (i) 2.0% of the annual gross revenues of the mortgaged property, initially $9,143 until the earlier of (x) two years from the first monthly payment date or (y) until such PIP work at the mortgaged property is completed and (ii) 4.0% of the annual gross revenues at the mortgaged property thereafter. |
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With respect to Loan No. 17, Staybridge Suites – Austin Airport, the borrowers are required to make monthly deposits into a PIP reserve account in an amount equal to $18,286 until such PIP work at the mortgaged property is completed. With respect to Loan No. 20, Hilton Garden Inn Atlanta Downtown, the borrower is required to deposit into an FF&E Reserve, on a monthly basis, (i) up to and including May 6, 2025, an amount equal to the greater of (A) 4.0% of the average gross revenues for the hotel-related operations at the Park Pavilion Hotel Unit for the two calendar months immediately preceding such monthly payment date, as reasonably determined by the lender and (B) $100,000 and (ii) after May 6, 2025, an amount equal to 4.0% of the average gross revenues for the hotel-related operations at the Park Pavilion Hotel Unit for the two calendar months immediately preceding such monthly payment date, as reasonably determined by the lender. With respect to Loan No. 20, Hilton Garden Inn Atlanta Downtown, the borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which would be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies; provided, however, such insurance reserve has been conditionally waived so long as the borrower maintains a blanket policy meeting the requirements of the Hilton Garden Inn Atlanta Downtown whole loan documents. At origination of the Hilton Garden Inn Atlanta Downtown whole loan, an acceptable blanket policy was in place. With respect to Loan No. 21, Aria Cultural District Lofts, on each monthly payment date during a major tenant trigger event, the borrower is required to deposit $9,500 into a major tenant reserve. With respect to Loan No. 22, 131 Orchard Street, in the event that any debt service disbursement is made on any payment date on or before May 5, 2025, the borrower will be required to deposit an amount in the debt service reserve subaccount and amount equal to such debt service disbursement, so that the balance in the debt service reserve subaccount is equal to the initial debt service reserve deposit totaling $100,000. | |
With respect to Loan No. 24, 22 Gateway Commerce Center, on each monthly payment date during an anchor tenant trigger period, the borrowers are required to deposit into an anchor tenant reserve an amount equal to $10,987 (“Monthly Anchor Tenant Deposit”). If the anchor tenant trigger period is caused by (i) the anchor tenant terminating the anchor tenant lease or giving notice of its intention to terminate or not renew the anchor tenant lease or (ii) the anchor tenant failing to renew the anchor tenant lease by the earlier of (a) the date that is 12 months prior to the expiration date of the anchor tenant lease and (b) the last date on which the anchor tenant is required to provide notice of renewal under the anchor tenant lease, the borrowers will only be required to deposit the Monthly Anchor Tenant Deposit until such time that an amount equal to no less than $131,835 has been deposited into the anchor tenant reserve. | |
(19) | Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. With respect to Loan No. 20, Hilton Garden Inn Atlanta Downtown, the reserves have various caps as follows: Replacement Reserve: $30,000; TI/LC: $75,000; and Seasonality Reserve: $60,000. |
(20) | In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date and may not include smaller spaces with different expiration dates. With respect to Loan No. 10, River Centre, the Largest Tenant, Sycamore Medical, has 25,000 square feet expiring on May 31, 2034 and 16,925 square feet expiring on December 31, 2036. |
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With respect to Loan No. 10, River Centre, the Third Largest Tenant, Wells Fargo, has 25,762 square feet expiring on August 31, 2029 and 11,758 square feet expiring on November 30, 2027. With respect to Loan No. 11, Overlook at Ballantyne, the Third Largest Tenant, Compass North, representing approximately 2.5% of the total net rentable square footage, subleases 7,935 square feet (representing 100.0%) of its space to Waste Connections of North Carolina, Inc. as of June 8, 2023 for a 24-month term. With respect to Loan No. 13, 11 West 42nd Street, the Largest Tenant, Michael Kors (USA), Inc, has 330 square feet of storage space that expires on November 30, 2023, 6,436 square feet of office space that expires on March 31, 2025, 236,974 square feet of office and storage space that expires on March 31, 2026 and 10,745 square feet of office space that expires on September 30, 2029. With respect to Loan No. 13, 11 West 42nd Street, the Fourth Largest Tenant, Kohn Pedersen Fox Associates, P.C., has 15,400 square feet of office space that expires on April 30, 2027 and 77,388 square feet of office space that expires on May 31, 2038. | |
(21) | With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any mortgaged property. |
(22) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. 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 subject lease. With respect to Loan No. 4, Westfarms, the Largest Tenant, Forever 21, is currently occupying its space on a month-to-month basis. With respect to Loan No. 5, Sugar Land Town Square, the Second Largest Tenant, Southwest Water, executed a new lease in October 2023 and is expected to take occupancy in January 2024. With respect to Loan No. 5, Sugar Land Town Square, the Fifth Largest Tenant, Amica Mutual Insurance, has the option to terminate its lease as of May 31, 2027, by providing written notice to the landlord at least 12 months prior to such termination and paying a termination fee calculated under the related lease. With respect to Loan No. 8, The Howard, the Fourth Largest Tenant, NYC Police Department has the ongoing right to terminate its suite lease effective September 19, 2024 with 270 days’ notice. With respect to Loan No. 9, Arcola Corporate Campus, the Largest Tenant, Dow Chemical, subleases 20,642 square feet to Keller Williams for $17.00 per square foot. The Keller Williams sublease terminates on June 30, 2028. With respect to Loan No. 10, River Centre, the Third Largest Tenant, Wells Fargo, has the right to terminate its lease for two suites consisting of 25,762 square feet effective August 31, 2027, exercisable upon 12 months' written notice and payment of a fee equal to approximately $290,283. Additionally, Wells Fargo has the right to surrender either (x) 11,758 square feet or (y) 4,881 square feet effective as of August 31, 2025, exercisable upon 12 months' prior written notice to the landlord and payment of a fee equal to approximately $159,744 in the case of (x) or approximately $66,313 in the case of (y). |
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With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, the Fourth Largest Tenant at the 369 Lexington Avenue mortgaged property, Mingxue Yang Medical P.C, representing approximately 5.5% of the net rentable square footage at the mortgaged property, has the ongoing right to terminate its lease upon not less than 180 days’ written notice. In no event may the accelerated termination date be a date prior to July 1, 2026. If the tenant accelerates the expiration date to July 1, 2026, the tenant must pay a termination fee of $600,000. After July 1, 2026, the fee is reduced by $14,285.71 each month. With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, the Fourth Largest Tenant at the 2 West 46th Street mortgaged property, Pomann Sound Production Inc, representing approximately 3.8% of the net rentage square footage at the mortgaged property, has a unilateral option to terminate its lease at any time upon at least 30 days’ prior notice. | |
With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, the Fifth Largest Tenant at the 369 Lexington Avenue mortgaged property, the Government of Morocco, representing approximately 5.4% of the net rentable square footage at the mortgaged property, has the ongoing right to terminate its lease on or after September 1, 2025 upon not less than 180 days’ written notice. If the tenant terminates its lease on September 1, 2025, the tenant will forfeit its security deposit and pay a termination fee of $1,150,000. After September 1, 2025, the termination fee is reduced by $14,743.58 each month. With respect to Loan No. 13, 11 West 42nd Street, the Largest Tenant, Michael Kors (USA), Inc, subleases three spaces (totaling 28,107 square feet, which is approximately 11.0% of Michael Kors (USA), Inc’s NRA) to Aston Martin Lagonda of North America, Inc., ExpandEd Schools, Inc. and National Public Radio, Inc. Additionally, according to the borrower sponsors, Michael Kors (USA), Inc is currently renovating its space at the tenant’s sole cost and is in discussions with the borrower sponsors for an early renewal of a portion of its lease. If this proposed lease amendment is executed, Michael Kors (USA), Inc would renew 204,481 square feet of its expiring space (202,068 square feet of office and 2,413 square feet of storage), terminate the non-subleased portion of its lease on the 22nd floor (19,238 square feet), vacate 14,924 square feet on the third floor in March 2026, vacate 6,436 square feet on the 19th floor in March 2025 (at least 4,888 square feet of the 6,436 square feet will switch to a direct lease to National Public Radio, Inc), and vacate 9,406 square feet of subleased space on the 22nd floor in March 2026. We cannot assure you that this amendment will be signed as expected or at all. With respect to Loan No. 13, 11 West 42nd Street, the Fifth Largest Tenant, Burberry (Wholesale) Limited, has the option to terminate its lease on December 31, 2033 by giving a 20 months’ prior written notice and paying a termination fee. With respect to Loan No. 23, 10 West 18th Street, the Fourth Largest Tenant, Oden Technologies, has the ongoing right to terminate its lease with 60 days’ written notice. | |
(23) | With respect to Loan No. 13, 11 West 42nd Street, there is no non-recourse carveout guarantor or environmental indemnitor separate from the borrower. |
(24) | Each number identifies a group of related borrowers. |
(25) | The classification of the lockbox types is described in the preliminary prospectus. See “Description of the Mortgage Pool—Certain Calculations and Definitions” and “—Definitions” in the preliminary prospectus for further details. With respect to Loan No. 1, Piazza Alta, the Piazza Alta whole loan is structured with a soft (for residential tenants) and hard (for commercial tenants) lockbox and in-place cash management. At origination, the Piazza Alta borrower was required to notify each non-residential tenant of the Piazza Alta Property to remit all amounts due with respect to the Piazza Alta Property directly to the lockbox account. Following the addition of any additional real estate to the condominium in |
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accordance with the Piazza Alta whole loan Documents, the borrower will deliver any rents received by the condominium association, including rents from the garage unit into the lockbox account. All rents received by the borrower or property manager (including, rents received from residential tenants, non-residential tenants, payments received from residential tenants in connection with the early termination or cancellation of residential leases and any rents pertaining to the garage unit) are required to be deposited within two business days of receipt into the lockbox account. All funds in the lockbox account are required to be swept on a daily basis into the lender-controlled cash management account and applied and disbursed in accordance with the Piazza Alta whole loan documents. During the continuance of a cash trap period any excess cash flow will be deposited into the cash collateral reserve subaccount. As long as no cash trap period is in effect any excess cash flow is required to transferred to the borrower. With respect to Loan No. 2, 323 West 96th Street, the mortgage loan was structured with a soft lockbox. The borrower or property manager, as applicable, is required to deposit all rent into the lockbox account. During the continuance of a sweep event period (as defined in the loan documents), tenants are required to deposit rent directly into the lockbox account. With respect to Loan No. 3, Philadelphia Marriott Downtown, the mortgage loan documents are structured with a soft lockbox, pursuant to which all cash generated at the related mortgaged property which the borrowers and operating lessee are entitled to receive pursuant to the related management agreement is required to be deposited to the lockbox account by the related property manager within one business day after the borrowers or operating lessee are entitled to distributions thereto so long as the following conditions are satisfied: (i) the related mortgaged property is managed by the hotel manager under the management agreement as in effect as of the origination of the mortgage loan; (ii) such management agreement remains in full force and effect; and (iii) such hotel manager is maintaining the cash management system and FF&E reserves as set forth in the management agreement (collectively, the “Qualified Hotel Management Condition”). However, if the Qualified Hotel Management Condition is not satisfied, the borrowers and operating lessee are required to, or cause the property manager to, (i) deposit all gross revenue and all forfeited security deposits into the lockbox account within one business day of receipt thereof, and (ii) send direction letters to (x) all tenants then occupying space at the mortgaged property instructing them to pay all rent and other sums due under the related leases directly into the lockbox account and (y) each applicable credit card company and credit card clearing bank instructing them to deliver all receipts payable with respect to the mortgaged property directly to the lockbox account. | |
(26) | With respect to Loan No. 16, 1818 Prospect Avenue, the mortgaged property benefits from a 35-year 421-a tax abatement from the NYC Department of Housing Preservation & Development, and the borrower is required to reserve at least 30% of the units for households earning up to 130% of area median income under affordable housing guidelines, which 421-a tax abatement phases out in 2058/2059. With respect to Loan No. 21, Aria Cultural District Lofts, the mortgaged property benefits from a 10-year tax abatement that is scheduled to expire in 2026. The tax abatement declines over the 10-year term. The abatement is 100% in years one and two, 90% in years three and four, 80% in years five and six, 70% in years seven and eight and 60% in years nine and ten. According to the appraisal, the total estimated property taxes in 2024 including the tax abatement are approximately $26,080 and excluding the tax abatement are approximately $67,345. |
(27) | With respect to Loan No. 8, The Howard, the borrower entered into a 10-year master lease for 25,000 square feet with the borrower sponsors. The master lease has a base rent of $36.00 per square foot and may only be terminated upon the lender’s receipt and satisfactory review of (i) a fully executed satisfactory Gersh Academy lease and (ii) evidence (including, but not limited to, a satisfactory tenant estoppel certificate from Gersh Academy) confirming that (x) Gersh Academy has taken possession of its leased space and (y) is paying full unabated rent (or any free rent, |
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partial rent, rebate of rent or other similar credits, allowances or abatements required to be given by the borrower to Gersh Academy has been reserved with the lender). | |
(28) | With respect to Loan No. 8, The Howard, the mortgaged property is located in a Qualified Opportunity Zone. With respect to Loan No. 29, 123 Park Avenue, the mortgaged property is located in a Qualified Opportunity Zone. |
(29) | With respect to Loan No. 1, Piazza Alta, the City of Philadelphia maintains a tax abatement program to promote the development of new housing. Under this program, the assessment attributable to newly constructed or rehabilitated improvements and their resulting real estate taxes are abated for a period of ten years. The tax abatement applicable to the improvements at the mortgaged property will terminate in December 2033. As such, 2034 will be the first year that the full, unabated real estate taxes will be due at the mortgaged property. According to the mortgaged property’s real estate tax schedule, the unabated taxes would be approximately $1,499,586 for 2024 compared to the abated taxes of $239,766. Additionally, the Piazza Alta Property is subject to the Northern Liberties business improvement district taxes of $22,659 in 2024. Based on the lender’s underwriting, real estate taxes were underwritten to $262,425. With respect to Loan No. 1, Piazza Alta, the mortgaged property is subject to a two unit condominium regime comprised of (i) the collateral multifamily and retail component referred to as Unit 1 in the condominium regime and (ii) a yet-to-be developed multifamily component to be constructed on an adjacent non-collateral parcel referred to as Unit 2 in the condominium regime, which will not be part of the collateral (other than with respect to the lender’s security interest in any related common elements). The borrower holds a 99.99% interest in the condominium regime as of the date of origination and, following completion of Unit 2, will hold approximately a 62.65% interest in the condominium regime (subject to change in accordance with the condominium declaration; however, the condominium estoppel provides that in no event will lender not constitute the “Mortgagee Majority” under the condominium as described under “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” in the preliminary prospectus). Each unit owner of the condominium has the right to appoint one board member to the condominium board; the borrower will generally not have control of the condominium because of unanimous consent requirements amongst the two unit owners for most events or actions under the condominium regime. The condominium documents provide for binding arbitration in the event of an unresolved dispute between the parties. With respect to Loan No. 1, Piazza Alta, the borrower has the right to acquire additional real estate as a general common element, subject to the condominium declaration and subject to certain conditions set forth in the Piazza Alta Whole Loan documents, including that: (i) no acceleration of the Piazza Alta Whole Loan and no event of default has occurred, (ii) the proposed acquisition will not be permitted within thirty (30) days prior to or following a securitization and (iii) receipt of rating agency confirmations. The additional real estate consists of two parcels: (i) a vacant strip of land which was formerly known as Germantown Avenue and (ii) a parking garage located at 145 W. Wildey Street (which exists beneath the roof amenity unit/pool which is already a general common element of the Piazza Alta condominium). |
With respect to Loan No. 3, Philadelphia Marriott Downtown, in addition to the whole loan there is a $23,000,000 preferred equity investment made by Oaktree Capital Management, LLC, Clearview Hotel Capital, LLC and Host LP in one of the related borrowers, Philadelphia Market Street HMC Hotel Limited Partnership. The preferred equity investment will be only repaid from net cash distributions from the cash flow generated by the Philadelphia Marriott Downtown mortgaged property. With respect to Loan No. 5, Sugar Land Town Square, the borrower holds interests in two separate condominium regimes: (i) a 75.04% aggregate interest in the common elements of the |
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“Sugar Land Town Square Parking Condominium”, with respect to certain parking units, and (ii) a 31.35% aggregate interest in the common elements of the “Town Square Plaza Condominium”, with respect to a certain retail unit that is part of the condominium. Pursuant to the loan documents, among other conditions, the borrower (i) must pay all common charges and other assessments as required by the related condominium documents in respect of the mortgaged property; (ii) must not, without first obtaining lender’s written consent, and unless directed otherwise in writing by the lender, (a) vote for, consent to or permit to occur any modification of, amendment to, or relaxation in the enforcement of, any material provision of the related condominium documents, unless such action is legally required, (b) vote in opposition to a motion to repair, restore or rebuild, unless the loan is repaid in full pursuant to the loan documents, (c) partition, subdivide or combine any of the condominium units or (d) vote in favor of the imposition of special assessments for capital improvements pursuant to the related condominium units; and (iii) must observe, in all material respects, all material requirements and agreements under the related condominium acts and documents. With respect to Loan No. 7, BJ’s Plaza & McKinley Milestrip Center, 4408 Milestrip BJ LLC, Buffalo T1 LLC and Buffalo T2 LLC own the leasehold interest in the 4408 parcel as tenants-in-common and 4405 Milestrip HD Lessee LLC, Buffalo T3 LLC and Buffalo T4 LLC own the leasehold interest in the 4405 parcel as tenants-in-common. The 4408 parcel and 4405 parcel represent the BJ’s Plaza & McKinley Milestrip Center mortgaged property. With respect to Loan No. 12, 369 Lexington Avenue & 2 West 46th Street, the borrowers own the related mortgaged property as tenants-in-common. With respect to Loan No. 20, Hilton Garden Inn Atlanta Downtown, the mortgaged property is subject to two separate condominium regimes: “Park Pavilion Master Condominium” and the “Centennial Park West Condominium”. The Park Pavilion Master Condominium has eight total units, and the borrower owns five condominium units (one hotel unit and four retail units), representing 93.5% of the condominium units, common areas and all other property interests comprising the mortgaged property that are subject to the Park Pavilion Master Condominium documents. The Centennial Park West Condominium consists of four commercial condominium units owned by the borrower (which represent an undivided 10.4% ownership percentage in the Centennial Park West Condominium common elements as set forth in the Centennial Park West Condominium documents) and 94 residential condominium units, which are not owned by the borrower and are not part of the collateral securing the Hilton Garden Inn Atlanta Downtown whole loan. With respect to Loan No. 24, 22 Gateway Commerce Center, the borrowers own the related mortgaged property as tenants-in-common. |
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