FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-257737-13 | ||
BBCMS 2024-5C25 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herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities.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., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., KeyBanc Capital Markets 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 |
1 | 25 | ||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 8.1% | 100.0% | DBNY, Barclays, WFBNA | GACC, Barclays | Group A | NAP | 2655 Richmond Avenue |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 7.3% | 100.0% | DBRI | GACC | NAP | NAP | 228 Duffield Street |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 7.3% | 100.0% | 3650 REIT 2 | 3650 REIT, BMO | NAP | NAP | 304 East 45th Street |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 7.1% | 100.0% | UBS AG, JPMCB | UBS AG | NAP | NAP | 901, 951, 1001, 1051 and 1101 Sandisk Drive |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 6.1% | 100.0% | 3650 REIT 2 | 3650 REIT | NAP | NAP | 50 West 225th Street |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 5.8% | 100.0% | MSBNA, JPMCB, Barclays | Barclays | Group A | NAP | 101 Jordan Creek Parkway |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 5.6% | 100.0% | WFBNA, GSBI, SGFC | SGFC, 3650 REIT | Group A | NAP | 7875 Montgomery Road |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 4.9% | 100.0% | CREFI | CREFI | NAP | NAP | 8610-8730 Garfield Avenue |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 3.9% | 100.0% | CREFI | CREFI | NAP | NAP | 5303 West Kennedy Boulevard |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 3.8% | 100.0% | Barclays | Barclays | NAP | NAP | 350 West Washington Street |
11 | Loan | 1 | The Glen | 3.2% | 100.0% | AREF2 | AREF2 | NAP | NAP | 1831 West Northpark Boulevard | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 3.0% | 100.0% | 3650 REIT 2 | 3650 REIT | NAP | NAP | 707 Franklin Gateway Southeast |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 2.8% | 100.0% | DBNY, GSBI, JPMCB, BMO | GACC | NAP | NAP | 1961 Chain Bridge Road |
14 | Loan | 16 | 1 | 460 Beaver Creek | 2.8% | 100.0% | CREFI | CREFI | NAP | NAP | 460 Beaver Creek Drive |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 2.7% | Barclays | Barclays | NAP | NAP | Various | |
15.01 | Property | 1 | 509 & 515 West 110th Street | 1.3% | 49.2% | 509 and 515 West 110th Street | |||||
15.02 | Property | 1 | 517 West 113th Street | 0.5% | 16.9% | 517 West 113th Street | |||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | 0.4% | 15.6% | 652 and 664 West 163rd Street | |||||
15.04 | Property | 1 | 21 5th Avenue | 0.3% | 10.1% | 21 5th Avenue | |||||
15.05 | Property | 1 | 603 West 140th Street | 0.2% | 8.2% | 603 West 140th Street | |||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 2.6% | 100.0% | BSPRT | BSPRT | NAP | NAP | 717 East Artesia Boulevard |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 2.6% | 100.0% | Barclays | Barclays | NAP | NAP | 279 North Street |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 2.4% | 100.0% | SMC | SMC | NAP | NAP | 115 Chestnut Street & 42 Vesey Street |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 2.0% | SGFC | SGFC | NAP | NAP | Various | |
19.01 | Property | 1 | Prime Storage - North Hampton | 1.2% | 58.5% | 219 Lafayette Road | |||||
19.02 | Property | 1 | Prime Storage - Derry | 0.8% | 41.5% | 23 Ashleigh Drive | |||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 1.7% | 100.0% | CREFI | CREFI | NAP | NAP | 1200 South Clearview Parkway |
21 | Loan | 18 | 1 | Views at Lake Havasu | 1.6% | 100.0% | 3650 REIT 2 | 3650 REIT | NAP | NAP | 2110 Swanson Avenue |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 1.4% | 100.0% | Barclays | Barclays | NAP | NAP | 3400 Creek Pointe Drive |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 1.4% | 100.0% | Barclays | Barclays | NAP | NAP | 2807 East Busch Boulevard |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 1.3% | 100.0% | BMO | BMO | NAP | NAP | 700 Ottawa Avenue North |
25 | Loan | 2 | 1 | 15 West 18th Street | 1.3% | 100.0% | CREFI | CREFI | NAP | NAP | 15 West 18th Street |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 1.1% | 100.0% | BMO | BMO, CREFI, GACC | NAP | NAP | 10100 International Drive |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 1.1% | 100.0% | KeyBank | KeyBank | NAP | NAP | 7007 MacFarlane Boulevard |
28 | Loan | 1 | Meadow Park | 1.1% | 100.0% | KeyBank | KeyBank | Group B | NAP | 2800 Mustang Road | |
29 | Loan | 1 | Newport Oaks | 0.9% | 100.0% | KeyBank | KeyBank | Group B | NAP | 800 East South Street | |
30 | Loan | 20 | 1 | Hill Road Plaza | 0.9% | 100.0% | GACC | GACC | NAP | NAP | 1111 Hill Road North |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 0.8% | 100.0% | SMC | SMC | NAP | NAP | 11135-11191 Tara Boulevard & 2004-2012 McDonough Road |
32 | Loan | 19, 23 | 1 | Waterside Commons | 0.7% | 100.0% | Barclays | Barclays | NAP | NAP | 9825 South Mason Road |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 0.6% | 100.0% | DBNY, BANA, SGFC | SGFC | Group A | NAP | 1299 Galleria at Tyler |
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 | City | County | State | Zip Code | General Property Type | Detailed Property Type | Year Built | Year Renovated |
2 | 2 | |||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | Staten Island | Richmond | NY | 10314 | Retail | Super Regional Mall | 1972 | 1993, 2018 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | Brooklyn | Kings | NY | 11201 | Hospitality | Full Service | 2010 | 2019 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | New York | New York | NY | 10017 | Office | CBD | 1929 | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | Milpitas | Santa Clara | CA | 95035 | Mixed Use | R&D / Office | 1991-1995 | 2012 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | Bronx | Bronx | NY | 10468 | Retail | Anchored | 1949, 2002, 2009 | 2002, 2016, 2022 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | West Des Moines | Dallas | IA | 50266 | Retail | Super Regional Mall | 2004 | NAP |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | Cincinnati | Hamilton | OH | 45236 | Retail | Super Regional Mall | 1958 | 1988, 2003, 2009, 2019-2023 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | South Gate | Los Angeles | CA | 90280 | Retail | Anchored | 2000 | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | Tampa | Hillsborough | FL | 33609 | Hospitality | Full Service | 1973 | 2019 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | Tempe | Maricopa | AZ | 85281 | Office | Suburban | 2008 | NAP |
11 | Loan | 1 | The Glen | San Bernardino | San Bernardino | CA | 92407 | Multifamily | Student Housing | 2015 | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | Marietta | Cobb | GA | 30067 | Multifamily | Garden | 1969 | 2022 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | McLean | Fairfax | VA | 22102 | Retail | Super Regional Mall | 1968 | 1989, 2005 |
14 | Loan | 16 | 1 | 460 Beaver Creek | Martinsville | Henry | VA | 24112 | Industrial | Warehouse / Distribution | 1993, 2023 | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | Various | Various | NY | Various | Multifamily | Various | Various | Various |
15.01 | Property | 1 | 509 & 515 West 110th Street | New York | New York | NY | 10025 | Multifamily | High Rise | 1909 | 1988, 2019-2023 | |
15.02 | Property | 1 | 517 West 113th Street | New York | New York | NY | 10025 | Multifamily | Mid Rise | 1919 | 1987, 2019-2023 | |
15.03 | Property | 1 | 652 & 664 West 163rd Street | New York | New York | NY | 10032 | Multifamily | Mid Rise | 1923 | 1987, 2019-2023 | |
15.04 | Property | 1 | 21 5th Avenue | Pelham | Westchester | NY | 10803 | Multifamily | Mid Rise | 1922 | 2019-2023 | |
15.05 | Property | 1 | 603 West 140th Street | New York | New York | NY | 10031 | Multifamily | Mid Rise | 1910 | 1987, 2019-2023 | |
16 | Loan | 16, 30 | 1 | Cedarlane Foods | Carson | Los Angeles | CA | 90746 | Industrial | Manufacturing / Cold Storage | 1973 | 2016 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | Buffalo | Erie | NY | 14201 | Multifamily | Garden | 2019 | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | Newark | Essex | NJ | 07105 | Multifamily | Mid Rise | 2023 | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | Various | Rockingham | NH | Various | Self Storage | Self Storage | Various | NAP |
19.01 | Property | 1 | Prime Storage - North Hampton | North Hampton | Rockingham | NH | 03862 | Self Storage | Self Storage | 2017 | NAP | |
19.02 | Property | 1 | Prime Storage - Derry | Derry | Rockingham | NH | 03038 | Self Storage | Self Storage | 2016 | NAP | |
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | Elmwood | Jefferson | LA | 70123 | Retail | Anchored | 1977 | 2020 |
21 | Loan | 18 | 1 | Views at Lake Havasu | Lake Havasu City | Mohave | AZ | 86403 | Multifamily | Independent Living | 2019 | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | East Point | Fulton | GA | 30344 | Hospitality | Select Service | 2008 | 2018 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | Tampa | Hillsborough | FL | 33612 | Hospitality | Limited Service | 2008 | 2018-2019 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | Golden Valley | Hennepin | MN | 55422 | Industrial | Warehouse | 2023 | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | New York | New York | NY | 10011 | Mixed Use | Office / Retail / Multifamily | 1903 | 2014 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | Orlando | Orange | FL | 32821 | Hospitality | Full Service | 1981 | 2018, 2022 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | Charlotte | Mecklenburg | NC | 28262 | Hospitality | Extended Stay | 2021 | NAP |
28 | Loan | 1 | Meadow Park | Alvin | Brazoria | TX | 77511 | Multifamily | Garden | 1984 | 2022 | |
29 | Loan | 1 | Newport Oaks | Alvin | Brazoria | TX | 77511 | Multifamily | Garden | 1980 | 2019 | |
30 | Loan | 20 | 1 | Hill Road Plaza | Pickerington | Fairfield | OH | 43147 | Retail | Anchored | 1989 | 2011 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | Hampton | Clayton | GA | 30228 | Retail | Anchored | 1995 | NAP |
32 | Loan | 19, 23 | 1 | Waterside Commons | Richmond | Fort Bend | TX | 77406 | Retail | Anchored | 2007 | NAP |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | Riverside | Riverside | CA | 92503 | Retail | Super Regional Mall | 1970 | 1991, 2007 |
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 | Number of Units | Unit of Measure | Loan Per Unit ($) | Original Balance ($) | Cut-off Date Balance ($) | Maturity/ARD Balance ($) | Interest Rate % | Administrative Fee Rate % | Net Mortgage Rate % | Monthly Debt Service (P&I) ($) | Monthly Debt Service (IO) ($) | Annual Debt Service (P&I) ($) |
3 | 6, 7 | 6, 7 | 6, 7 | 8 | 9 | 9 | 9 | |||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 995,900 | SF | 200.82 | 71,500,000 | 71,500,000 | 71,500,000 | 7.53400% | 0.01484% | 7.51916% | NAP | 455,135.57 | NAP |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 321 | Rooms | 264,797.51 | 65,000,000 | 65,000,000 | 65,000,000 | 7.48000% | 0.01484% | 7.46516% | NAP | 410,793.98 | NAP |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 342,079 | SF | 190.01 | 65,000,000 | 65,000,000 | 65,000,000 | 6.91500% | 0.01484% | 6.90016% | NAP | 379,764.76 | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 577,956 | SF | 218.01 | 63,000,000 | 63,000,000 | 63,000,000 | 6.84400% | 0.01484% | 6.82916% | NAP | 364,300.42 | NAP |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 123,896 | SF | 433.83 | 53,750,000 | 53,750,000 | 53,750,000 | 7.18500% | 0.01484% | 7.17016% | NAP | 326,297.96 | NAP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 940,038 | SF | 180.84 | 51,000,000 | 51,000,000 | 51,000,000 | 7.02000% | 0.01609% | 7.00391% | NAP | 302,493.75 | NAP |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 1,033,141 | SF | 251.66 | 50,000,000 | 50,000,000 | 50,000,000 | 6.27100% | 0.01609% | 6.25491% | NAP | 264,920.72 | NAP |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 297,482 | SF | 144.55 | 43,000,000 | 43,000,000 | 43,000,000 | 7.24000% | 0.01484% | 7.22516% | NAP | 263,036.57 | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 222 | Rooms | 157,657.66 | 35,000,000 | 35,000,000 | 35,000,000 | 8.49000% | 0.04359% | 8.44641% | NAP | 251,064.24 | NAP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 246,501 | SF | 137.93 | 34,000,000 | 34,000,000 | 34,000,000 | 8.24800% | 0.01484% | 8.23316% | NAP | 236,939.07 | NAP |
11 | Loan | 1 | The Glen | 593 | Beds | 48,060.71 | 28,500,000 | 28,500,000 | 28,500,000 | 6.92100% | 0.05359% | 6.86741% | NAP | 166,656.72 | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 181 | Units | 146,408.84 | 26,500,000 | 26,500,000 | 26,500,000 | 6.20000% | 0.01484% | 6.18516% | NAP | 138,818.29 | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 1,793,638 | SF | 395.84 | 25,000,000 | 25,000,000 | 25,000,000 | 6.60060% | 0.0162025% | 6.5843975% | NAP | 139,422.40 | NAP |
14 | Loan | 16 | 1 | 460 Beaver Creek | 544,000 | SF | 45.04 | 24,500,000 | 24,500,000 | 24,500,000 | 7.58000% | 0.01484% | 7.56516% | NAP | 156,907.75 | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 435 | Units | 193,333.33 | 24,100,000 | 24,100,000 | 24,100,000 | 6.91000% | 0.02484% | 6.88516% | NAP | 140,703.28 | NAP |
15.01 | Property | 1 | 509 & 515 West 110th Street | 176 | Units | 11,858,002 | 11,858,002 | 11,858,002 | ||||||||
15.02 | Property | 1 | 517 West 113th Street | 45 | Units | 4,074,935 | 4,074,935 | 4,074,935 | ||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | 106 | Units | 3,759,715 | 3,759,715 | 3,759,715 | ||||||||
15.04 | Property | 1 | 21 5th Avenue | 53 | Units | 2,432,925 | 2,432,925 | 2,432,925 | ||||||||
15.05 | Property | 1 | 603 West 140th Street | 55 | Units | 1,974,423 | 1,974,423 | 1,974,423 | ||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 96,786 | SF | 237.64 | 23,000,000 | 23,000,000 | 23,000,000 | 8.55000% | 0.01484% | 8.53516% | NAP | 166,151.04 | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 126 | Units | 180,555.56 | 22,750,000 | 22,750,000 | 22,750,000 | 6.69000% | 0.01484% | 6.67516% | NAP | 128,592.80 | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 72 | Units | 291,666.67 | 21,000,000 | 21,000,000 | 21,000,000 | 6.33000% | 0.01484% | 6.31516% | NAP | 112,313.54 | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 115,769 | SF | 152.89 | 17,700,000 | 17,700,000 | 17,700,000 | 6.42300% | 0.01484% | 6.40816% | NAP | 96,055.07 | NAP |
19.01 | Property | 1 | Prime Storage - North Hampton | 58,629 | SF | 10,360,000 | 10,360,000 | 10,360,000 | ||||||||
19.02 | Property | 1 | Prime Storage - Derry | 57,140 | SF | 7,340,000 | 7,340,000 | 7,340,000 | ||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 804,807 | SF | 105.62 | 15,000,000 | 15,000,000 | 15,000,000 | 6.60000% | 0.01484% | 6.58516% | NAP | 83,645.83 | NAP |
21 | Loan | 18 | 1 | Views at Lake Havasu | 92 | Units | 158,695.65 | 14,600,000 | 14,600,000 | 14,600,000 | 7.18000% | 0.01484% | 7.16516% | NAP | 88,569.95 | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 128 | Rooms | 97,578.13 | 12,490,000 | 12,490,000 | 12,217,717 | 8.27800% | 0.01484% | 8.26316% | 94,079.17 | 87,356.85 | 1,128,950.04 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 123 | Rooms | 101,422.76 | 12,475,000 | 12,475,000 | 12,239,406 | 7.93800% | 0.01484% | 7.92316% | 90,998.52 | 83,668.27 | 1,091,982.24 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 50,801 | SF | 233.26 | 11,850,000 | 11,850,000 | 11,850,000 | 5.17000% | 0.01484% | 5.15516% | NAP | 51,762.83 | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | 44,180 | SF | 264.83 | 11,700,000 | 11,700,000 | 11,700,000 | 7.05000% | 0.01484% | 7.03516% | NAP | 69,692.19 | NAP |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 1,042 | Rooms | 81,573.90 | 10,000,000 | 10,000,000 | 10,000,000 | 7.75000% | 0.01484% | 7.73516% | NAP | 65,480.32 | NAP |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 122 | Rooms | 81,778.69 | 9,977,000 | 9,977,000 | 9,977,000 | 6.92000% | 0.02359% | 6.89641% | NAP | 58,333.12 | NAP |
28 | Loan | 1 | Meadow Park | 160 | Units | 61,081.25 | 9,773,000 | 9,773,000 | 9,773,000 | 6.82000% | 0.02359% | 6.79641% | NAP | 56,314.65 | NAP | |
29 | Loan | 1 | Newport Oaks | 168 | Units | 47,636.90 | 8,003,000 | 8,003,000 | 8,003,000 | 6.82000% | 0.02359% | 6.79641% | NAP | 46,115.43 | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | 90,040 | SF | 87.96 | 7,920,000 | 7,920,000 | 7,546,767 | 7.52000% | 0.01484% | 7.50516% | 55,486.29 | NAP | 665,835.48 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 77,133 | SF | 94.64 | 7,300,000 | 7,300,000 | 7,300,000 | 7.51000% | 0.01484% | 7.49516% | NAP | 46,320.36 | NAP |
32 | Loan | 19, 23 | 1 | Waterside Commons | 39,826 | SF | 150.66 | 6,000,000 | 6,000,000 | 6,000,000 | 7.54000% | 0.01484% | 7.52516% | NAP | 38,223.61 | NAP |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 565,913 | SF | 265.06 | 5,000,000 | 5,000,000 | 5,000,000 | 7.91900% | 0.01609% | 7.90291% | NAP | 33,454.11 | NAP |
A-1-3 |
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 | Annual Debt Service (IO) ($) | Amortization Type | ARD Loan (Yes / No) | Interest Accrual Method | Original Interest-Only Period (Mos.) | Remaining Interest-Only Period (Mos.) | Original Term To Maturity / ARD (Mos.) | Remaining Term To Maturity / ARD (Mos.) |
9 | 11 | |||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 5,461,626.84 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 4,929,527.76 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 4,557,177.12 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 4,371,605.04 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 3,915,575.52 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 3,629,925.00 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 3,179,048.64 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 3,156,438.84 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 3,012,770.88 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 2,843,268.84 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
11 | Loan | 1 | The Glen | 1,999,880.64 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 1,665,819.48 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 1,673,068.80 | Interest Only | No | Actual/360 | 60 | 57 | 60 | 57 |
14 | Loan | 16 | 1 | 460 Beaver Creek | 1,882,893.00 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 1,688,439.36 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 |
15.01 | Property | 1 | 509 & 515 West 110th Street | |||||||||
15.02 | Property | 1 | 517 West 113th Street | |||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | |||||||||
15.04 | Property | 1 | 21 5th Avenue | |||||||||
15.05 | Property | 1 | 603 West 140th Street | |||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 1,993,812.48 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 1,543,113.60 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 1,347,762.50 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 1,152,660.84 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
19.01 | Property | 1 | Prime Storage - North Hampton | |||||||||
19.02 | Property | 1 | Prime Storage - Derry | |||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 1,003,749.96 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 |
21 | Loan | 18 | 1 | Views at Lake Havasu | 1,062,839.40 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 1,048,282.20 | Interest Only, Amortizing Balloon | No | Actual/360 | 24 | 23 | 60 | 59 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 1,004,019.24 | Interest Only, Amortizing Balloon | No | Actual/360 | 30 | 29 | 60 | 59 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 621,153.96 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
25 | Loan | 2 | 1 | 15 West 18th Street | 836,306.28 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 785,763.84 | Interest Only | No | Actual/360 | 60 | 57 | 60 | 57 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 699,997.44 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 |
28 | Loan | 1 | Meadow Park | 675,775.80 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | |
29 | Loan | 1 | Newport Oaks | 553,385.16 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | |
30 | Loan | 20 | 1 | Hill Road Plaza | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 60 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 555,844.31 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 458,683.32 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 401,449.32 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 |
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 | Original Amortization Term (Mos.) | Remaining Amortization Term (Mos.) | Origination Date | Seasoning (Mos.) | Payment Due Date | First Payment Date | First P&I Payment Date | Maturity Date or Anticipated Repayment Date | Final Maturity Date |
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 0 | 0 | 1/18/2024 | 1 | 1 | 3/1/2024 | NAP | 2/1/2029 | 2/1/2029 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 0 | 0 | 1/31/2024 | 1 | 6 | 3/6/2024 | NAP | 2/6/2029 | 2/6/2029 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 0 | 0 | 2/20/2024 | 0 | 5 | 4/5/2024 | NAP | 3/5/2029 | 3/5/2029 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 0 | 0 | 2/9/2024 | 1 | 11 | 3/11/2024 | NAP | 2/11/2029 | 2/11/2029 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 0 | 0 | 2/29/2024 | 0 | 5 | 4/5/2024 | NAP | 3/5/2029 | 3/5/2029 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 0 | 0 | 2/1/2024 | 1 | 1 | 3/1/2024 | NAP | 2/1/2029 | 2/1/2029 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 0 | 0 | 2/9/2024 | 0 | 1 | 4/1/2024 | NAP | 3/1/2029 | 3/1/2029 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 0 | 0 | 2/6/2024 | 1 | 6 | 3/6/2024 | NAP | 2/6/2029 | 2/6/2029 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 0 | 0 | 2/7/2024 | 0 | 6 | 4/6/2024 | NAP | 3/6/2029 | 3/6/2029 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 0 | 0 | 2/14/2024 | 0 | 6 | 4/6/2024 | NAP | 3/6/2029 | 3/6/2029 |
11 | Loan | 1 | The Glen | 0 | 0 | 1/11/2024 | 1 | 6 | 3/6/2024 | NAP | 2/6/2029 | 2/6/2029 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 0 | 0 | 1/9/2024 | 1 | 5 | 3/5/2024 | NAP | 2/5/2029 | 2/5/2029 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 0 | 0 | 12/4/2023 | 3 | 6 | 1/6/2024 | NAP | 12/6/2028 | 12/6/2028 |
14 | Loan | 16 | 1 | 460 Beaver Creek | 0 | 0 | 2/27/2024 | 0 | 6 | 4/6/2024 | NAP | 3/6/2029 | 3/6/2029 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 0 | 0 | 1/4/2024 | 2 | 6 | 2/6/2024 | NAP | 1/6/2029 | 1/6/2029 |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||||||||||
15.02 | Property | 1 | 517 West 113th Street | ||||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||||||||||
15.04 | Property | 1 | 21 5th Avenue | ||||||||||
15.05 | Property | 1 | 603 West 140th Street | ||||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 0 | 0 | 1/19/2024 | 1 | 6 | 3/6/2024 | NAP | 2/6/2029 | 2/6/2029 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 0 | 0 | 2/29/2024 | 0 | 6 | 4/6/2024 | NAP | 3/6/2029 | 3/6/2029 |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 0 | 0 | 2/16/2024 | 0 | 6 | 4/6/2024 | NAP | 3/6/2029 | 3/6/2029 |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 0 | 0 | 1/31/2024 | 1 | 1 | 3/1/2024 | NAP | 2/1/2029 | 2/1/2029 |
19.01 | Property | 1 | Prime Storage - North Hampton | ||||||||||
19.02 | Property | 1 | Prime Storage - Derry | ||||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 0 | 0 | 12/20/2023 | 2 | 6 | 2/6/2024 | NAP | 1/6/2029 | 1/6/2029 |
21 | Loan | 18 | 1 | Views at Lake Havasu | 0 | 0 | 2/26/2024 | 0 | 5 | 4/5/2024 | NAP | 3/5/2029 | 3/5/2029 |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 360 | 360 | 1/25/2024 | 1 | 6 | 3/6/2024 | 3/6/2026 | 2/6/2029 | 2/6/2029 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 360 | 360 | 1/24/2024 | 1 | 6 | 3/6/2024 | 9/6/2026 | 2/6/2029 | 2/6/2029 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 0 | 0 | 2/14/2024 | 0 | 6 | 4/6/2024 | NAP | 3/6/2029 | 3/6/2029 |
25 | Loan | 2 | 1 | 15 West 18th Street | 0 | 0 | 1/31/2024 | 1 | 6 | 3/6/2024 | NAP | 2/6/2029 | 2/6/2029 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 0 | 0 | 11/30/2023 | 3 | 6 | 1/6/2024 | NAP | 12/6/2028 | 12/6/2028 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 0 | 0 | 12/18/2023 | 2 | 1 | 2/1/2024 | NAP | 1/1/2029 | 1/1/2029 |
28 | Loan | 1 | Meadow Park | 0 | 0 | 2/15/2024 | 0 | 1 | 4/1/2024 | NAP | 3/1/2029 | 3/1/2029 | |
29 | Loan | 1 | Newport Oaks | 0 | 0 | 2/15/2024 | 0 | 1 | 4/1/2024 | NAP | 3/1/2029 | 3/1/2029 | |
30 | Loan | 20 | 1 | Hill Road Plaza | 360 | 360 | 2/9/2024 | 0 | 6 | 4/6/2024 | 4/6/2024 | 3/6/2029 | 3/6/2029 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 0 | 0 | 2/2/2024 | 1 | 6 | 3/6/2024 | NAP | 2/6/2029 | 2/6/2029 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 0 | 0 | 2/13/2024 | 0 | 6 | 4/6/2024 | NAP | 3/6/2029 | 3/6/2029 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 0 | 0 | 12/13/2023 | 2 | 1 | 2/1/2024 | NAP | 1/1/2029 | 1/1/2029 |
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 | Grace Period - Late Fee (Days) | Grace Period - Default (Days) | Prepayment Provision | Most Recent EGI ($) | Most Recent Expenses ($) | Most Recent NOI ($) | Most Recent NOI Date | Most Recent Description | Second Most Recent EGI ($) | Second Most Recent Expenses ($) |
10 | 12 | 16 | ||||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 0 | 0 | L(25),D(28),O(7) | 62,702,116 | 26,119,900 | 36,582,216 | 10/31/2023 | T-12 | 64,758,020 | 31,478,198 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 0 | 0 | L(25),D(28),O(7) | 23,670,992 | 10,896,374 | 12,774,618 | 11/30/2023 | T-12 | 21,072,127 | 10,279,326 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 0 | 0 | L(24),D(29),O(7) | 16,940,263 | 3,380,373 | 13,559,890 | 12/31/2023 | T-12 | 17,072,830 | 3,395,913 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 0 | 0 | L(12),YM1(13),DorYM1(28),O(7) | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 0 | 0 | L(24),D(32),O(4) | 7,941,199 | 2,605,494 | 5,335,705 | 12/31/2023 | T-12 | 7,952,104 | 3,003,301 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 0 | 0 | L(25),D(31),O(4) | 38,499,461 | 14,452,236 | 24,047,225 | 12/1/2023 | T-12 | 34,880,800 | 13,031,356 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 0 | 0 | L(24),D(29),O(7) | 51,156,712 | 13,470,861 | 37,685,851 | 12/31/2023 | T-12 | 50,448,758 | 13,294,184 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 0 | 0 | L(25),D(29),O(6) | 7,538,974 | 2,604,069 | 4,934,905 | 12/31/2023 | T-12 | 8,682,423 | 2,638,202 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 0 | 0 | L(24),D(31),O(5) | 15,168,839 | 10,061,487 | 5,107,352 | 12/31/2023 | T-12 | 13,403,634 | 8,799,024 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 0 | 0 | L(24),D(29),O(7) | 8,967,244 | 1,843,787 | 7,123,457 | 12/31/2023 | T-12 | 8,615,705 | 1,676,876 |
11 | Loan | 1 | The Glen | 3 | 0 | L(25),D(31),O(4) | 6,093,416 | 3,337,754 | 2,755,661 | 11/30/2023 | T-12 | 5,826,124 | 3,368,741 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 0 | 0 | L(25),D(31),O(4) | 3,286,974 | 1,189,823 | 2,097,150 | 11/30/2023 | T-12 | 2,998,933 | 1,205,546 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 5 | 0 | L(27),DorYM1(26),O(7) | 129,617,825 | 44,086,503 | 85,531,322 | 9/30/2023 | T-12 | 127,448,218 | 42,843,235 |
14 | Loan | 16 | 1 | 460 Beaver Creek | 0 | 0 | L(24),D(29),O(7) | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 0 | 0 | L(26),D(27),O(7) | 13,344,153 | 6,164,591 | 7,179,562 | 10/31/2023 | T-12 | 11,502,552 | 6,038,913 |
15.01 | Property | 1 | 509 & 515 West 110th Street | 6,352,039 | 2,915,170 | 3,436,869 | 10/31/2023 | T-12 | 5,146,167 | 2,783,030 | ||||
15.02 | Property | 1 | 517 West 113th Street | 2,112,121 | 807,087 | 1,305,034 | 10/31/2023 | T-12 | 1,914,463 | 803,167 | ||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | 2,438,746 | 1,309,524 | 1,129,222 | 10/31/2023 | T-12 | 2,203,824 | 1,331,904 | ||||
15.04 | Property | 1 | 21 5th Avenue | 1,130,878 | 383,907 | 746,971 | 10/31/2023 | T-12 | 1,031,358 | 393,686 | ||||
15.05 | Property | 1 | 603 West 140th Street | 1,310,369 | 748,903 | 561,467 | 10/31/2023 | T-12 | 1,206,740 | 727,125 | ||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 0 | 0 | L(25),D(30),O(5) | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 0 | 0 | L(24),D(29),O(7) | 2,491,242 | 581,107 | 1,910,135 | 12/31/2023 | T-12 | 1,985,578 | 679,943 |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 0 | 0 | L(24),D(31),O(5) | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 5 | 0 | L(25),D(28),O(7) | 2,334,062 | 721,435 | 1,612,627 | 12/31/2023 | T-12 | 2,163,939 | 669,516 |
19.01 | Property | 1 | Prime Storage - North Hampton | 1,306,219 | 357,295 | 948,924 | 12/31/2023 | T-12 | 1,151,417 | 339,100 | ||||
19.02 | Property | 1 | Prime Storage - Derry | 1,027,843 | 364,140 | 663,703 | 12/31/2023 | T-12 | 1,012,522 | 330,416 | ||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 0 | 0 | YM1(53),O(7) | 18,317,264 | 5,587,147 | 12,730,117 | 10/31/2023 | T-12 | 16,828,146 | 4,953,143 |
21 | Loan | 18 | 1 | Views at Lake Havasu | 0 | 0 | L(24),D(31),O(5) | 3,288,217 | 2,256,657 | 1,031,560 | 12/31/2023 | T-12 | 3,144,353 | 2,148,425 |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 0 | 0 | L(25),D(28),O(7) | 4,590,452 | 2,740,830 | 1,849,622 | 11/30/2023 | T-12 | 4,321,630 | 2,700,722 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 0 | 0 | L(25),D(28),O(7) | 4,647,863 | 2,814,068 | 1,833,795 | 11/30/2023 | T-12 | 4,478,745 | 2,664,844 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 0 | 0 | L(24),D(31),O(5) | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
25 | Loan | 2 | 1 | 15 West 18th Street | 0 | 0 | YM1(53),O(7) | 1,931,874 | 838,415 | 1,093,459 | 12/31/2023 | T-12 | 2,075,236 | 810,168 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 0 | 0 | L(27),DorYM1(26),O(7) | 56,210,937 | 41,814,367 | 14,396,570 | 10/31/2023 | T-12 | 51,734,974 | 39,744,081 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 15 | 0 | L(26),D(28),O(6) | 2,918,401 | 1,325,355 | 1,593,046 | 10/31/2023 | T-12 | 2,789,690 | 1,334,006 |
28 | Loan | 1 | Meadow Park | 0 | 0 | L(24),D(33),O(3) | 2,102,234 | 1,022,045 | 1,080,188 | 11/30/2023 | T-12 | 1,962,175 | 1,151,301 | |
29 | Loan | 1 | Newport Oaks | 0 | 0 | L(24),D(33),O(3) | 1,957,346 | 1,093,199 | 864,147 | 11/30/2023 | T-12 | 1,946,591 | 1,275,734 | |
30 | Loan | 20 | 1 | Hill Road Plaza | 0 | 0 | L(24),YM1(31),O(5) | 1,331,706 | 399,757 | 931,949 | 12/31/2023 | T-12 | 1,288,897 | 400,573 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 0 | 0 | L(25),DorYM1(30),O(5) | 1,085,662 | 358,489 | 727,173 | 12/31/2023 | T-12 | 1,146,586 | 374,967 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 0 | 0 | L(24),D(29),O(7) | 936,712 | 302,661 | 634,051 | 12/31/2023 | T-12 | 827,653 | 284,228 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 0 | 0 | L(26),D(27),O(7) | 35,273,885 | 11,275,921 | 23,997,964 | 11/30/2023 | T-12 | 35,459,583 | 11,035,894 |
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 | Second Most Recent NOI ($) | Second Most Recent NOI Date | Second Most Recent Description | Third Most Recent EGI ($) | Third Most Recent Expenses ($) | Third Most Recent NOI ($) | Third Most Recent NOI Date | Third Most Recent Description | Underwritten Economic Occupancy (%) | Underwritten EGI ($) |
16 | 16 | |||||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 33,279,822 | 12/31/2022 | T-12 | 56,053,376 | 32,087,459 | 23,965,918 | 12/31/2021 | T-12 | 87.5% | 63,861,272 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 10,792,801 | 12/31/2022 | T-12 | 12,677,356 | 6,784,021 | 5,893,335 | 12/31/2021 | T-12 | 89.7% | 23,670,992 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 13,676,917 | 12/31/2022 | T-12 | 16,450,497 | 3,226,216 | 13,224,282 | 12/31/2021 | T-12 | 95.0% | 14,499,629 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 19,594,476 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 4,948,802 | 12/31/2022 | T-12 | 7,020,635 | 3,058,841 | 3,961,794 | 12/31/2021 | T-12 | 95.0% | 8,625,123 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 21,849,444 | 12/31/2022 | T-12 | 31,769,738 | 13,191,313 | 18,578,424 | 12/31/2021 | T-12 | 98.0% | 39,618,452 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 37,154,574 | 12/31/2022 | T-12 | 46,624,468 | 12,851,993 | 33,772,475 | 12/31/2021 | T-12 | 94.5% | 50,721,444 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 6,044,221 | 12/31/2022 | T-12 | 8,471,139 | 2,358,544 | 6,112,595 | 12/31/2021 | T-12 | 95.0% | 7,751,226 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 4,604,609 | 12/31/2022 | T-12 | 10,189,247 | 7,051,942 | 3,137,304 | 12/31/2021 | T-12 | 77.8% | 15,168,839 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 6,938,829 | 12/31/2022 | T-12 | 8,547,109 | 1,778,198 | 6,768,911 | 12/31/2021 | T-12 | 71.3% | 7,409,136 |
11 | Loan | 1 | The Glen | 2,457,383 | 12/31/2022 | T-12 | 5,006,213 | 2,775,960 | 2,230,253 | 12/31/2021 | T-12 | 83.9% | 6,325,563 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 1,793,387 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 96.2% | 3,526,230 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 84,604,983 | 12/31/2022 | T-12 | 126,677,910 | 43,141,634 | 83,536,276 | 12/31/2021 | T-12 | 92.2% | 140,618,916 |
14 | Loan | 16 | 1 | 460 Beaver Creek | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 3,163,324 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 5,463,639 | 12/31/2022 | T-12 | 9,911,489 | 5,817,077 | 4,094,413 | 12/31/2021 | T-12 | 92.4% | 13,747,876 |
15.01 | Property | 1 | 509 & 515 West 110th Street | 2,363,137 | 12/31/2022 | T-12 | 4,144,718 | 2,741,760 | 1,402,958 | 12/31/2021 | T-12 | 94.8% | 6,679,828 | |
15.02 | Property | 1 | 517 West 113th Street | 1,111,296 | 12/31/2022 | T-12 | 1,628,518 | 798,145 | 830,373 | 12/31/2021 | T-12 | 90.0% | 2,085,421 | |
15.03 | Property | 1 | 652 & 664 West 163rd Street | 871,919 | 12/31/2022 | T-12 | 2,056,740 | 1,216,755 | 839,986 | 12/31/2021 | T-12 | 87.5% | 2,484,822 | |
15.04 | Property | 1 | 21 5th Avenue | 637,672 | 12/31/2022 | T-12 | 907,410 | 397,783 | 509,628 | 12/31/2021 | T-12 | 92.0% | 1,148,585 | |
15.05 | Property | 1 | 603 West 140th Street | 479,616 | 12/31/2022 | T-12 | 1,174,103 | 662,635 | 511,468 | 12/31/2021 | T-12 | 94.8% | 1,349,219 | |
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 3,287,582 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 1,305,636 | 12/31/2022 | T-12 | 1,566,839 | 970,323 | 596,516 | 12/31/2021 | T-12 | 95.0% | 2,450,877 |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 96.5% | 2,110,193 |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 1,494,423 | 12/31/2022 | T-12 | 1,861,752 | 636,513 | 1,225,239 | 12/31/2021 | T-12 | 92.7% | 2,373,559 |
19.01 | Property | 1 | Prime Storage - North Hampton | 812,317 | 12/31/2022 | T-12 | 961,809 | 315,134 | 646,675 | 12/31/2021 | T-12 | 95.0% | 1,351,862 | |
19.02 | Property | 1 | Prime Storage - Derry | 682,106 | 12/31/2022 | T-12 | 899,942 | 321,379 | 578,564 | 12/31/2021 | T-12 | 89.9% | 1,021,697 | |
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 11,875,003 | 12/31/2022 | T-12 | 16,380,798 | 4,136,012 | 12,244,786 | 12/31/2021 | T-12 | 90.8% | 20,116,855 |
21 | Loan | 18 | 1 | Views at Lake Havasu | 995,928 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV | NAV | 87.1% | 3,651,724 |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 1,620,908 | 12/31/2022 | T-12 | 3,139,229 | 2,147,124 | 992,105 | 12/31/2021 | T-12 | 73.8% | 4,590,452 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 1,813,901 | 12/31/2022 | T-12 | 3,370,622 | 2,296,359 | 1,074,263 | 12/31/2021 | T-12 | 70.1% | 4,647,863 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | 100.0% | 1,600,357 |
25 | Loan | 2 | 1 | 15 West 18th Street | 1,265,068 | 12/31/2022 | T-12 | 2,128,422 | 936,212 | 1,192,210 | 12/31/2021 | T-12 | 95.0% | 2,199,113 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 11,990,892 | 12/31/2022 | T-12 | 33,498,506 | 27,824,649 | 5,673,856 | 12/31/2021 | T-12 | 77.0% | 56,210,937 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 1,455,684 | 12/31/2022 | T-12 | 2,028,568 | 1,080,969 | 947,599 | 12/31/2021 | T-12 | 88.4% | 2,918,401 |
28 | Loan | 1 | Meadow Park | 810,874 | 12/31/2022 | T-12 | 1,995,564 | 1,037,899 | 957,665 | 12/31/2021 | T-12 | 90.1% | 2,071,648 | |
29 | Loan | 1 | Newport Oaks | 670,857 | 12/31/2022 | T-12 | 1,921,218 | 1,013,696 | 907,522 | 12/31/2021 | T-12 | 89.0% | 1,945,054 | |
30 | Loan | 20 | 1 | Hill Road Plaza | 888,324 | 12/31/2022 | T-12 | 1,183,849 | 365,957 | 817,892 | 12/31/2021 | T-12 | 95.0% | 1,311,068 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 771,619 | 12/31/2022 | T-12 | 790,157 | 311,924 | 478,234 | 12/31/2021 | T-12 | 95.0% | 1,190,963 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 543,425 | 12/31/2022 | T-12 | 751,743 | 247,979 | 503,764 | 12/31/2021 | T-12 | 92.7% | 984,049 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 24,423,689 | 12/31/2022 | T-12 | 30,204,741 | 10,695,470 | 19,509,271 | 12/31/2021 | T-12 | 87.9% | 36,420,340 |
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 Expenses ($) | Underwritten Net Operating Income ($) | Underwritten Replacement / FF&E Reserve ($) | Underwritten TI / LC ($) | Underwritten Net Cash Flow ($) | Underwritten NOI DSCR (x) | Underwritten NCF DSCR (x) | Underwritten NOI Debt Yield (%) | Underwritten NCF Debt Yield (%) | Appraised Value ($) |
15 | 15 | 7, 14 | 7, 14 | 7 | 7 | 5 | ||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 30,795,311 | 33,065,961 | 199,180 | 995,900 | 31,870,881 | 2.16 | 2.09 | 16.5% | 15.9% | 467,000,000 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 11,267,781 | 12,403,211 | 946,840 | 0 | 11,456,371 | 1.92 | 1.78 | 14.6% | 13.5% | 145,000,000 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 3,186,789 | 11,312,840 | 68,416 | 342,079 | 10,902,345 | 2.48 | 2.39 | 17.4% | 16.8% | 138,000,000 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 4,495,012 | 15,099,464 | 57,796 | 809,839 | 14,231,829 | 1.73 | 1.63 | 12.0% | 11.3% | 197,000,000 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 3,225,077 | 5,400,046 | 24,779 | 83,010 | 5,292,256 | 1.38 | 1.35 | 10.0% | 9.8% | 87,700,000 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 15,095,846 | 24,522,606 | 263,211 | 940,038 | 23,319,357 | 2.03 | 1.93 | 14.4% | 13.7% | 321,000,000 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 12,770,752 | 37,950,692 | 206,628 | 1,604,875 | 36,139,189 | 2.30 | 2.19 | 14.6% | 13.9% | 571,200,000 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 2,622,514 | 5,128,711 | 73,280 | 277,396 | 4,778,035 | 1.62 | 1.51 | 11.9% | 11.1% | 78,900,000 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 10,108,164 | 5,060,674 | 606,754 | 0 | 4,453,921 | 1.68 | 1.48 | 14.5% | 12.7% | 60,000,000 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 1,819,515 | 5,589,621 | 49,300 | 182,658 | 5,357,663 | 1.97 | 1.88 | 16.4% | 15.8% | 73,500,000 |
11 | Loan | 1 | The Glen | 3,503,956 | 2,821,607 | 74,125 | 0 | 2,747,482 | 1.41 | 1.37 | 9.9% | 9.6% | 45,700,000 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 1,171,779 | 2,354,451 | 36,200 | 0 | 2,318,251 | 1.41 | 1.39 | 8.9% | 8.7% | 48,300,000 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 43,516,369 | 97,102,547 | 358,728 | 1,793,638 | 94,950,181 | 2.04 | 2.00 | 13.7% | 13.4% | 1,800,000,000 |
14 | Loan | 16 | 1 | 460 Beaver Creek | 526,040 | 2,637,285 | 54,400 | 94,900 | 2,487,985 | 1.40 | 1.32 | 10.8% | 10.2% | 46,200,000 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 6,280,414 | 7,467,461 | 108,750 | 0 | 7,358,711 | 1.27 | 1.25 | 8.9% | 8.7% | 130,600,000 |
15.01 | Property | 1 | 509 & 515 West 110th Street | 3,015,421 | 3,664,408 | 44,000 | 0 | 3,620,408 | 63,500,000 | |||||
15.02 | Property | 1 | 517 West 113th Street | 829,529 | 1,255,892 | 11,250 | 0 | 1,244,642 | 21,600,000 | |||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | 1,310,133 | 1,174,689 | 26,500 | 0 | 1,148,189 | 22,000,000 | |||||
15.04 | Property | 1 | 21 5th Avenue | 392,860 | 755,725 | 13,250 | 0 | 742,475 | 12,100,000 | |||||
15.05 | Property | 1 | 603 West 140th Street | 732,472 | 616,747 | 13,750 | 0 | 602,997 | 11,400,000 | |||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 653,819 | 2,633,764 | 9,679 | 38,714 | 2,585,371 | 1.32 | 1.30 | 11.5% | 11.2% | 44,000,000 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 567,428 | 1,883,449 | 30,000 | 0 | 1,853,449 | 1.22 | 1.20 | 8.3% | 8.1% | 32,250,000 |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 390,754 | 1,719,439 | 0 | 0 | 1,719,439 | 1.28 | 1.28 | 8.2% | 8.2% | 33,000,000 |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 691,065 | 1,682,494 | 17,365 | 0 | 1,665,128 | 1.46 | 1.44 | 9.5% | 9.4% | 26,300,000 |
19.01 | Property | 1 | Prime Storage - North Hampton | 339,364 | 1,012,498 | 8,794 | 0 | 1,003,703 | 15,400,000 | |||||
19.02 | Property | 1 | Prime Storage - Derry | 351,701 | 669,996 | 8,571 | 0 | 661,425 | 10,900,000 | |||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 5,957,736 | 14,159,119 | 169,009 | 0 | 13,990,109 | 2.49 | 2.46 | 16.7% | 16.5% | 208,100,000 |
21 | Loan | 18 | 1 | Views at Lake Havasu | 2,260,791 | 1,390,933 | 23,000 | 0 | 1,367,933 | 1.31 | 1.29 | 9.5% | 9.4% | 25,000,000 |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 2,644,574 | 1,945,878 | 183,618 | 0 | 1,762,260 | 1.72 | 1.56 | 15.6% | 14.1% | 18,900,000 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 2,886,443 | 1,761,420 | 185,915 | 0 | 1,575,505 | 1.61 | 1.44 | 14.1% | 12.6% | 19,000,000 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 49,846 | 1,550,511 | 0 | 0 | 1,550,511 | 2.50 | 2.50 | 13.1% | 13.1% | 23,800,000 |
25 | Loan | 2 | 1 | 15 West 18th Street | 811,494 | 1,387,619 | 8,398 | 59,712 | 1,319,509 | 1.66 | 1.58 | 11.9% | 11.3% | 23,800,000 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 41,647,834 | 14,563,103 | 2,180,884 | 0 | 12,382,219 | 2.18 | 1.85 | 17.1% | 14.6% | 143,000,000 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 1,404,796 | 1,513,606 | 116,736 | 0 | 1,396,870 | 2.16 | 2.00 | 15.2% | 14.0% | 16,600,000 |
28 | Loan | 1 | Meadow Park | 1,152,048 | 919,600 | 40,000 | 0 | 879,600 | 1.36 | 1.30 | 9.4% | 9.0% | 16,000,000 | |
29 | Loan | 1 | Newport Oaks | 1,182,747 | 762,307 | 42,000 | 0 | 720,307 | 1.38 | 1.30 | 9.5% | 9.0% | 14,300,000 | |
30 | Loan | 20 | 1 | Hill Road Plaza | 400,166 | 910,903 | 18,008 | 54,024 | 838,871 | 1.37 | 1.26 | 11.5% | 10.6% | 11,000,000 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 374,578 | 816,385 | 15,427 | 61,706 | 739,252 | 1.47 | 1.33 | 11.2% | 10.1% | 11,250,000 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 313,048 | 671,001 | 5,974 | 38,458 | 626,568 | 1.46 | 1.37 | 11.2% | 10.4% | 9,200,000 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 11,434,747 | 24,985,593 | 209,388 | 1,131,826 | 23,644,379 | 2.07 | 1.96 | 16.7% | 15.8% | 300,000,000 |
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 | Appraised Value Type | Appraisal Date | Cut-off Date LTV Ratio (%) | LTV Ratio at Maturity / ARD (%) | Leased Occupancy (%) | Occupancy Date | Single Tenant (Y/N) | Largest Tenant | Largest Tenant SF |
5 | 5, 7 | 5, 7 | 3, 4 | 22, 23, 30 | 23 | ||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | As Is | 8/22/2023 | 42.8% | 42.8% | 87.3% | 11/30/2023 | No | Primark | 73,647 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | As Is | 12/19/2023 | 58.6% | 58.6% | 89.7% | 11/30/2023 | NAP | NAP | NAP |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | As Is | 1/1/2024 | 47.1% | 47.1% | 99.7% | 1/5/2024 | No | UN Development Programme | 195,452 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | As Is | 9/5/2023 | 64.0% | 64.0% | 100.0% | 2/9/2024 | Yes | Western Digital Technologies, Inc. | 577,956 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | As Is | 1/17/2024 | 61.3% | 61.3% | 93.9% | 1/14/2024 | No | Marshalls | 35,000 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | As Is | 12/1/2023 | 53.0% | 53.0% | 97.1% | 12/31/2023 | No | Von Maur | 152,000 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | As Is | 1/23/2024 | 45.5% | 45.5% | 95.2% | 12/31/2023 | No | Macy's | 262,829 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | As Is | 1/10/2024 | 54.5% | 54.5% | 99.3% | 12/31/2023 | No | Edwards Theatres, Inc. (Regal) | 108,436 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | As Is | 11/27/2023 | 58.3% | 58.3% | 77.8% | 12/31/2023 | NAP | NAP | NAP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | As Is | 12/13/2023 | 46.3% | 46.3% | 92.3% | 2/1/2024 | No | First Solar | 81,385 |
11 | Loan | 1 | The Glen | As Is | 12/7/2023 | 62.4% | 62.4% | 88.5% | 1/10/2024 | NAP | NAP | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | As Is | 12/20/2023 | 54.9% | 54.9% | 96.1% | 12/27/2023 | NAP | NAP | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | As Is | 10/5/2023 | 39.4% | 39.4% | 95.4% | 11/1/2023 | No | Bloomingdale's | 252,754 |
14 | Loan | 16 | 1 | 460 Beaver Creek | As Is | 8/29/2023 | 53.0% | 53.0% | 100.0% | 2/27/2024 | Yes | Keeco, LLC | 544,000 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | As Is | 11/16/2023 | 64.4% | 64.4% | 95.4% | 12/13/2023 | |||
15.01 | Property | 1 | 509 & 515 West 110th Street | As Is | 11/16/2023 | 97.7% | 12/13/2023 | NAP | NAP | NAP | |||
15.02 | Property | 1 | 517 West 113th Street | As Is | 11/16/2023 | 95.6% | 12/13/2023 | NAP | NAP | NAP | |||
15.03 | Property | 1 | 652 & 664 West 163rd Street | As Is | 11/16/2023 | 91.5% | 12/13/2023 | NAP | NAP | NAP | |||
15.04 | Property | 1 | 21 5th Avenue | As Is | 11/16/2023 | 94.3% | 12/13/2023 | NAP | NAP | NAP | |||
15.05 | Property | 1 | 603 West 140th Street | As Is | 11/16/2023 | 96.4% | 12/13/2023 | NAP | NAP | NAP | |||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | As Is | 11/8/2023 | 52.3% | 52.3% | 100.0% | 1/19/2024 | Yes | Cedarlane Foods, Inc. | 96,786 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | As Is | 1/3/2024 | 70.5% | 70.5% | 99.2% | 1/31/2024 | NAP | NAP | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | As Is | 1/26/2024 | 63.6% | 63.6% | 91.7% | 1/26/2024 | NAP | NAP | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | As Is | 1/2/2024 | 67.3% | 67.3% | 90.3% | 12/31/2023 | |||
19.01 | Property | 1 | Prime Storage - North Hampton | As Is | 1/2/2024 | 93.1% | 12/31/2023 | NAP | NAP | NAP | |||
19.02 | Property | 1 | Prime Storage - Derry | As Is | 1/2/2024 | 87.4% | 12/31/2023 | NAP | NAP | NAP | |||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | As Is | 11/10/2023 | 40.8% | 40.8% | 92.0% | 11/21/2023 | No | Home Depot | 101,860 |
21 | Loan | 18 | 1 | Views at Lake Havasu | As Is | 1/9/2024 | 58.4% | 58.4% | 85.9% | 2/5/2024 | NAP | NAP | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | As Is (Extraordinary Assumption) | 12/8/2023 | 66.1% | 64.6% | 73.8% | 11/30/2023 | NAP | NAP | NAP |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | As Is | 12/11/2023 | 65.7% | 64.4% | 70.1% | 11/30/2023 | NAP | NAP | NAP |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | As Is | 11/20/2023 | 49.8% | 49.8% | 100.0% | 2/14/2024 | Yes | Tesla, Inc | 50,801 |
25 | Loan | 2 | 1 | 15 West 18th Street | As Is | 12/18/2023 | 49.2% | 49.2% | 100.0% | 1/11/2024 | No | Grata Inc. | 8,360 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | As Is | 5/28/2023 | 59.4% | 59.4% | 77.0% | 10/31/2023 | NAP | NAP | NAP |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | As Is | 11/15/2023 | 60.1% | 60.1% | 88.4% | 10/31/2023 | NAP | NAP | NAP |
28 | Loan | 1 | Meadow Park | As Is | 12/4/2023 | 61.1% | 61.1% | 90.0% | 12/1/2023 | NAP | NAP | NAP | |
29 | Loan | 1 | Newport Oaks | As Is | 12/4/2023 | 56.0% | 56.0% | 88.7% | 12/1/2023 | NAP | NAP | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | As Is | 10/26/2023 | 72.0% | 68.6% | 100.0% | 1/1/2024 | No | Big Lots | 35,000 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | As Is | 12/23/2023 | 64.9% | 64.9% | 98.3% | 1/15/2024 | No | Food Depot All American Quality Foods, Inc. | 47,955 |
32 | Loan | 19, 23 | 1 | Waterside Commons | As Is | 12/23/2023 | 65.2% | 65.2% | 93.8% | 1/2/2024 | No | Dollar Tree | 10,159 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | As Is | 10/12/2023 | 50.0% | 50.0% | 90.3% | 12/18/2023 | No | AMC | 70,000 |
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 | Largest Tenant % of NRA | Largest Tenant Lease Expiration Date | Second Largest Tenant | Second Largest Tenant SF | Second Largest Tenant % of NRA | Second Largest Tenant Lease Expiration Date | Third Largest Tenant | Third Largest Tenant SF |
23 | 23, 30 | 23 | 23, 30 | 23 | 23 | |||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 7.4% | 6/30/2027 | AMC Theatres | 54,000 | 5.4% | 2/28/2034 | Hobby Lobby | 42,768 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 57.1% | 12/31/2027 | United Nations | 145,627 | 42.6% | 12/31/2027 | NAP | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 100.0% | 1/1/2039 | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 28.2% | 7/31/2029 | Elderserve Health Inc. | 24,500 | 19.8% | 4/30/2032 | Planet Fitness | 15,804 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 16.2% | 1/31/2043 | Scheels | 122,025 | 13.0% | 7/31/2029 | Residence Inn | 94,037 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 25.4% | 9/10/2028 | Dillard's | 240,656 | 23.3% | 1/31/2029 | Arhaus Furniture | 16,925 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 36.5% | 7/31/2036 | Adir International, LLC dba Curacao | 105,951 | 35.6% | 4/30/2031 | SoCal South Gate, LLC dba Planet Fitness | 16,475 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 33.0% | 12/31/2029 | Caris | 59,285 | 24.1% | 11/30/2026 | Bryan University | 46,769 |
11 | Loan | 1 | The Glen | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 14.1% | 7/22/2028 | Macy's | 237,076 | 13.2% | 7/24/2028 | Nordstrom | 201,000 |
14 | Loan | 16 | 1 | 460 Beaver Creek | 100.0% | 8/31/2043 | NAP | NAP | NAP | NAP | NAP | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | ||||||||
15.01 | Property | 1 | 509 & 515 West 110th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.02 | Property | 1 | 517 West 113th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.03 | Property | 1 | 652 & 664 West 163rd Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.04 | Property | 1 | 21 5th Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.05 | Property | 1 | 603 West 140th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 100.0% | 1/31/2037 | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | ||||||||
19.01 | Property | 1 | Prime Storage - North Hampton | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.02 | Property | 1 | Prime Storage - Derry | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 12.7% | 1/31/2028 | Ochsner Fitness | 98,832 | 12.3% | 3/31/2033 | Hobby Lobby | 43,222 |
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 100.0% | 11/30/2038 | NAP | NAP | NAP | NAP | NAP | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | 18.9% | 6/30/2024 | Kyma | 7,000 | 15.8% | 10/31/2036 | Nofar Method | 4,180 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
28 | Loan | 1 | Meadow Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
29 | Loan | 1 | Newport Oaks | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | 38.9% | 1/31/2032 | Planet Fitness | 20,990 | 23.3% | 3/31/2033 | Scrambler Marie's | 5,050 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 62.2% | 3/3/2031 | Five Below | 9,373 | 12.2% | 5/31/2034 | Stellar Salon Suites | 2,925 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 25.5% | 2/29/2028 | Las Mananitas | 4,847 | 12.2% | 12/31/2028 | AON Jiu Jitsu | 3,181 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 12.4% | 12/31/2028 | Barnes & Noble | 25,000 | 4.4% | 1/31/2029 | H&M | 20,799 |
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 % of NRA | Third Largest Tenant Lease Expiration Date | Fourth Largest Tenant | Fourth Largest Tenant SF | Fourth Largest Tenant % of NRA | Fourth Largest Tenant Lease Expiration Date | Fifth Largest Tenant | Fifth Largest Tenant SF |
23 | 23 | 23 | ||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 4.3% | 5/31/2033 | Dave & Buster's | 41,241 | 4.1% | 1/31/2033 | Lidl | 37,403 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 12.8% | 8/31/2032 | Chick-fil-A | 7,500 | 6.1% | 3/31/2043 | Foot Locker | 4,727 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 10.0% | 11/30/2029 | Century Theatres | 69,914 | 7.4% | 8/31/2029 | Barnes & Noble Bookseller | 29,969 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 1.6% | 1/31/2032 | Forever 21 | 16,638 | 1.6% | MTM | Pottery Barn | 15,913 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 5.5% | 10/31/2034 | Satellite Healthcare of Los Angeles LLC | 10,000 | 3.4% | 7/31/2028 | KESG, LLC dba Royal Kids | 9,521 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 19.0% | 7/31/2026 | Sequoia | 15,663 | 6.4% | 9/30/2025 | RLI | 12,405 |
11 | Loan | 1 | The Glen | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 11.2% | 3/31/2025 | AMC Theatres | 105,122 | 5.9% | 9/30/2025 | Primark | 50,186 |
14 | Loan | 16 | 1 | 460 Beaver Creek | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | ||||||||
15.01 | Property | 1 | 509 & 515 West 110th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.02 | Property | 1 | 517 West 113th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.03 | Property | 1 | 652 & 664 West 163rd Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.04 | Property | 1 | 21 5th Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.05 | Property | 1 | 603 West 140th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | ||||||||
19.01 | Property | 1 | Prime Storage - North Hampton | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.02 | Property | 1 | Prime Storage - Derry | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 5.4% | 7/31/2029 | Marshall's | 36,380 | 4.5% | 10/31/2027 | Ashley Furniture | 36,000 |
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | 9.5% | 3/31/2026 | Birddogs, Inc | 4,180 | 9.5% | 1/31/2025 | Lili App, Inc. | 4,180 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
28 | Loan | 1 | Meadow Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
29 | Loan | 1 | Newport Oaks | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | 5.6% | 9/30/2024 | RE/MAX | 3,750 | 4.2% | 1/31/2027 | Cali Tacos Polaris LLC | 3,000 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 3.8% | 6/30/2033 | Ranchero Mexican Restaurant | 2,600 | 3.4% | 12/31/2028 | Express In & Out Laundromat | 2,600 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 8.0% | 8/31/2027 | Waterside Dental Care | 2,850 | 7.2% | 3/31/2027 | Fred Astaire Dance Studio | 2,822 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 3.7% | 1/31/2032 | Glo Mini Golf | 14,961 | 2.6% | 5/31/2028 | Old Navy | 14,504 |
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 |
23 | 17 | 17 | ||||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 3.8% | 1/31/2039 | 9/5/2023 | NAP | 9/5/2023 | NAP | NAP | No | Fee | NAP |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | NAP | NAP | 12/21/2023 | NAP | 12/21/2023 | NAP | NAP | No | Fee | NAP |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | NAP | NAP | 10/18/2023 | NAP | 10/18/2023 | NAP | NAP | No | Fee | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | NAP | NAP | 6/26/2023 | NAP | 6/26/2023 | 6/21/2023 | 14% | No | Fee | NAP |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 3.8% | 3/31/2031 | 2/1/2024 | NAP | 1/29/2024 | NAP | NAP | Yes - AE | Fee | NAP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 3.2% | 1/31/2025 | 12/1/2023 | NAP | 12/1/2023 | NAP | NAP | No | Fee | NAP |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 1.5% | 1/31/2030 | 1/17/2024 | NAP | 1/16/2024 | NAP | NAP | No | Fee | NAP |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 3.2% | 5/31/2034 | 1/22/2024 | NAP | 1/22/2024 | 1/18/2024 | 14% | No | Fee | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | NAP | NAP | 12/6/2023 | NAP | 12/12/2023 | NAP | NAP | Yes - AE | Fee / Leasehold | 7/30/2024 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 5.0% | 8/31/2027 | 12/19/2023 | NAP | 12/19/2023 | NAP | NAP | No | Leasehold | 12/31/2085 |
11 | Loan | 1 | The Glen | NAP | NAP | 12/19/2023 | NAP | 12/19/2023 | 12/19/2023 | 10% | No | Fee | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | NAP | NAP | 12/26/2023 | NAP | 12/22/2023 | NAP | NAP | No | Fee | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 2.8% | 5/31/2034 | 8/2/2023 | NAP | 8/7/2023 | NAP | NAP | No | Fee / Leasehold | 8/31/2035 |
14 | Loan | 16 | 1 | 460 Beaver Creek | NAP | NAP | 9/11/2023 | NAP | 9/11/2023 | NAP | NAP | No | Fee | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | ||||||||||
15.01 | Property | 1 | 509 & 515 West 110th Street | NAP | NAP | 11/28/2023 | NAP | 11/28/2023 | NAP | NAP | No | Fee | NAP | |
15.02 | Property | 1 | 517 West 113th Street | NAP | NAP | 11/28/2023 | NAP | 11/28/2023 | NAP | NAP | No | Fee | NAP | |
15.03 | Property | 1 | 652 & 664 West 163rd Street | NAP | NAP | 11/28/2023 | NAP | 11/28/2023 | NAP | NAP | No | Fee | NAP | |
15.04 | Property | 1 | 21 5th Avenue | NAP | NAP | 11/28/2023 | NAP | 11/28/2023 | NAP | NAP | No | Fee | NAP | |
15.05 | Property | 1 | 603 West 140th Street | NAP | NAP | 11/28/2023 | NAP | 11/28/2023 | NAP | NAP | No | Fee | NAP | |
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAP | NAP | 11/14/2023 | NAP | 11/14/2023 | 11/14/2023 | 15% | No | Fee | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | 1/5/2024 | NAP | 1/5/2024 | NAP | NAP | No | Fee | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | 12/13/2023 | NAP | 12/13/2023 | NAP | NAP | No | Fee | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | ||||||||||
19.01 | Property | 1 | Prime Storage - North Hampton | NAP | NAP | 1/4/2024 | NAP | 1/4/2024 | NAP | NAP | No | Fee | NAP | |
19.02 | Property | 1 | Prime Storage - Derry | NAP | NAP | 1/4/2024 | NAP | 1/4/2024 | NAP | NAP | No | Fee | NAP | |
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 4.5% | 6/30/2025 | 11/29/2023 | NAP | 11/29/2023 | NAP | NAP | Yes - AE | Fee | NAP |
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | 1/18/2024 | NAP | 1/19/2024 | NAP | NAP | No | Fee | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | NAP | NAP | 12/19/2023 | NAP | 12/19/2023 | NAP | NAP | No | Fee | NAP |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | NAP | NAP | 12/19/2023 | NAP | 12/19/2023 | NAP | NAP | No | Fee | NAP |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAP | NAP | 11/15/2023 | NAP | 11/14/2023 | NAP | NAP | No | Fee | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | 9.5% | 11/30/2025 | 12/19/2023 | NAP | 12/19/2023 | NAP | NAP | No | Fee | NAP |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | NAP | NAP | 6/22/2023 | NAP | 11/10/2023 | NAP | NAP | No | Fee | NAP |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | NAP | NAP | 11/27/2023 | NAP | 11/27/2023 | NAP | NAP | No | Fee | NAP |
28 | Loan | 1 | Meadow Park | NAP | NAP | 12/12/2023 | NAP | 12/12/2023 | NAP | NAP | No | Fee | NAP | |
29 | Loan | 1 | Newport Oaks | NAP | NAP | 12/12/2023 | NAP | 12/12/2023 | NAP | NAP | Yes - AE | Fee | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | 3.3% | 6/30/2032 | 11/8/2023 | NAP | 11/8/2023 | NAP | NAP | No | Fee | NAP |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 3.4% | 1/31/2032 | 12/27/2023 | NAP | 12/27/2023 | NAP | NAP | No | Fee | NAP |
32 | Loan | 19, 23 | 1 | Waterside Commons | 7.1% | 3/30/2028 | 1/8/2024 | NAP | 1/8/2024 | NAP | NAP | No | Fee | NAP |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 2.6% | 6/30/2029 | 10/12/2023 | NAP | 10/12/2023 | 10/12/2023 | 14% | 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 ($) | Upfront Replacement / PIP Reserve ($) |
17 | 17 | 17 | 18 | 19 | 18 | 19 | 18 | |||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | NAP | NAP | NAP | 11,334 | 4,054 | 66,500 | Springing | 0 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | NAP | NAP | NAP | 14,655 | 7,327 | 0 | Springing | 0 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | NAP | NAP | NAP | 363,419 | 121,140 | 0 | Springing | 0 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | NAP | NAP | NAP | 157,206 | 78,603 | 93,824 | 10,425 | 0 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 1, 5-year option | 2,432 | No | 143,971 | 28,794 | 95,210 | 8,655 | 0 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | None | 410,112 | Yes | 0 | 0 | 67,698 | 6,770 | 0 |
11 | Loan | 1 | The Glen | NAP | NAP | NAP | 283,105 | 56,621 | 146,266 | 24,378 | 0 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | NAP | NAP | NAP | 98,138 | 24,535 | 0 | Springing | 0 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | None | 1,565,412 | No | 0 | Springing | 0 | Springing | 0 |
14 | Loan | 16 | 1 | 460 Beaver Creek | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 0 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 0 | 283,486 | 38,703 | 38,703 | 0 | |||
15.01 | Property | 1 | 509 & 515 West 110th Street | NAP | NAP | NAP | ||||||
15.02 | Property | 1 | 517 West 113th Street | NAP | NAP | NAP | ||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | NAP | NAP | NAP | ||||||
15.04 | Property | 1 | 21 5th Avenue | NAP | NAP | NAP | ||||||
15.05 | Property | 1 | 603 West 140th Street | NAP | NAP | NAP | ||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAP | NAP | NAP | 24,556 | 12,278 | 118,440 | 11,844 | 0 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | NAP | 35,208 | 8,802 | 21,184 | 7,061 | 0 |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | NAP | 8,149 | Springing | 12,773 | 3,193 | 90,000 |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 32,002 | 16,001 | 0 | Springing | 0 | |||
19.01 | Property | 1 | Prime Storage - North Hampton | NAP | NAP | NAP | ||||||
19.02 | Property | 1 | Prime Storage - Derry | NAP | NAP | NAP | ||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | NAP | NAP | NAP | 164,331 | 164,331 | 0 | Springing | 0 |
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | NAP | 0 | 6,759 | 52,723 | 4,793 | 0 |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | NAP | NAP | NAP | 41,938 | 20,969 | 17,196 | 8,598 | 0 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | NAP | NAP | NAP | 51,404 | 17,135 | 23,267 | 11,633 | 0 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 40,000 |
25 | Loan | 2 | 1 | 15 West 18th Street | NAP | NAP | NAP | 125,443 | 41,814 | 80,830 | 8,981 | 0 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | NAP | NAP | NAP | 207,641 | 103,820 | 484,118 | Springing | 0 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | NAP | NAP | NAP | 6,127 | 6,127 | 56,802 | 6,311 | 9,728 |
28 | Loan | 1 | Meadow Park | NAP | NAP | NAP | 59,910 | 29,955 | 137,760 | 11,480 | 3,333 | |
29 | Loan | 1 | Newport Oaks | NAP | NAP | NAP | 60,716 | 30,358 | 88,382 | 12,054 | 3,500 | |
30 | Loan | 20 | 1 | Hill Road Plaza | NAP | NAP | NAP | 27,203 | 13,602 | 0 | Springing | 156,582 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | NAP | NAP | NAP | 37,507 | 9,377 | 9,004 | 4,502 | 0 |
32 | Loan | 19, 23 | 1 | Waterside Commons | NAP | NAP | NAP | 23,210 | 11,605 | 18,236 | 3,647 | 0 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | NAP | NAP | NAP | 0 | Springing | 0 | Springing | 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 ($) | Monthly TI/LC Reserve ($) | TI/LC Caps ($) | Upfront Debt Service Reserve ($) | Monthly Debt Service Reserve ($) | Debt Service Reserve Cap ($) | Upfront Deferred Maintenance Reserve ($) |
19 | 20 | 18 | 19 | 20 | 18 | 19 | 20 | 18 | |||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | Springing | 497,950 | 4,580,787 | Springing | 1,991,800 | 0 | 0 | 0 | 0 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 4% of Gross Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10,313 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 5,701 | 205,247 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 2,062 | 74,228 | 0 | 6,907 | 0 | 0 | 0 | 0 | 0 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | Springing | 470,019 | 0 | Springing | 1,880,076 | 0 | 0 | 0 | 0 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | Springing | 516,571 | 0 | 129,143 | 3,099,423 | 0 | 0 | 0 | 0 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 6,107 | 73,280 | 0 | Springing | 277,396 | 0 | 0 | 0 | 5,625 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 50,563 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,500 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 4,108 | 0 | 3,000,000 | Springing | 3,000,000 | 0 | 0 | 0 | 0 |
11 | Loan | 1 | The Glen | 6,177 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60,225 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 3,017 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58,850 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | Springing | 896,819 | 0 | Springing | 3,587,276 | 0 | 0 | 0 | 0 |
14 | Loan | 16 | 1 | 460 Beaver Creek | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 9,063 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80,463 |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||||||||||
15.02 | Property | 1 | 517 West 113th Street | ||||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||||||||||
15.04 | Property | 1 | 21 5th Avenue | ||||||||||
15.05 | Property | 1 | 603 West 140th Street | ||||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 807 | 0 | 0 | 3,226 | 0 | 0 | 0 | 0 | 26,250 |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 2,625 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 1,447 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,375 |
19.01 | Property | 1 | Prime Storage - North Hampton | ||||||||||
19.02 | Property | 1 | Prime Storage - Derry | ||||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 14,084 | 0 | 5,800,000 | Springing | 2,500,000 | 0 | 0 | 0 | 2,000,549 |
21 | Loan | 18 | 1 | Views at Lake Havasu | 1,917 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 7,651 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13,125 |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 15,493 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51,961 |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 |
25 | Loan | 2 | 1 | 15 West 18th Street | 700 | 0 | 0 | 8,333 | 275,000 | 0 | 0 | 0 | 0 |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 4% of Gross Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 9,728 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
28 | Loan | 1 | Meadow Park | 3,333 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29,063 | |
29 | Loan | 1 | Newport Oaks | 3,500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19,375 | |
30 | Loan | 20 | 1 | Hill Road Plaza | 1,501 | 0 | 0 | 4,563 | 162,072 | 0 | 0 | 0 | 2,400 |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 0 | 0 | 0 | 6,428 | 300,000 | 0 | 0 | 0 | 0 |
32 | Loan | 19, 23 | 1 | Waterside Commons | 498 | 0 | 0 | 3,319 | 0 | 0 | 0 | 0 | 0 |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 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 | Upfront Other Reserve ($) | Monthly Other Reserve ($) | Other Reserve Description |
18 | 19 | ||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 403,197 | Springing | Gap Rent Reserve (Upfront: $403,197.39), Anchor Tenant Reserve (Monthly: Springing) |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 0 | Springing | PIP Reserve |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 0 | 0 | |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 0 | Springing | Material Tenant Reserve |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 0 | 0 | |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 5,000,000 | Springing | Upfront General Reserve (Upfront: $5,000,000), Anchor Tenant Reserve (Monthly: Springing) |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 3,966,953 | 0 | Existing TI/LC Reserve (Upfront: $3,732,395.48), Gap Rent Reserve (Upfront: $234,557.94) |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 3,164,902 | 0 | Unfunded Obligations Reserve |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 162,000 | Springing | Seasonality Reserve (Upfront: $162,000; Monthly: Springing), PIP Reserve (Monthly: Springing), Franchise Renewal Reserve (Springing) |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 481,881 | Springing | Ground Lease Reserve (Upfront: $208,747; Monthly: Springing), Outstanding TI Reserve (Upfront: $192,225), Free Rent Reserve (Upfront: $80,909.38) |
11 | Loan | 1 | The Glen | 0 | 0 | ||
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 0 | 0 | |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 39,775,125 | 0 | Outstanding TI/LC ($30,769,199), Gap Rent Reserve ($9,005,926) |
14 | Loan | 16 | 1 | 460 Beaver Creek | 0 | 0 | |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 6,357,572 | 0 | Violations Reserve |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||||
15.02 | Property | 1 | 517 West 113th Street | ||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||||
15.04 | Property | 1 | 21 5th Avenue | ||||
15.05 | Property | 1 | 603 West 140th Street | ||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 0 | 0 | |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 0 | 0 | |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 975,000 | 0 | Holdback Reserve |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 0 | 0 | |
19.01 | Property | 1 | Prime Storage - North Hampton | ||||
19.02 | Property | 1 | Prime Storage - Derry | ||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 2,262,243 | 0 | Unfunded Obligations Reserve |
21 | Loan | 18 | 1 | Views at Lake Havasu | 400,000 | 0 | Performance Reserve |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 2,403,178 | 0 | PIP Reserve ($2,300,000), Insurance Renewal Reserve ($103,177.66) |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 0 | 0 | |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 0 | 0 | |
25 | Loan | 2 | 1 | 15 West 18th Street | 52,500 | 0 | Unfunded Obligations Reserve ($35,000), Free Rent Reserve ($17,500) |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 81,403 | 81,403 | Seasonality Reserve |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 2,500 | Springing | Comfort Letter Reserve (Upfront: $2,500), Required Future PIP Renovations Reserve (Monthly: Springing) |
28 | Loan | 1 | Meadow Park | 0 | 0 | ||
29 | Loan | 1 | Newport Oaks | 0 | 0 | ||
30 | Loan | 20 | 1 | Hill Road Plaza | 0 | 0 | |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 149,968 | 0 | Five Below Rent Holdback Reserve |
32 | Loan | 19, 23 | 1 | Waterside Commons | 52,725 | Springing | Outstanding TI Reserve (Upfront: $52,725), Major Tenant Reserve (Monthly: Springing) |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 9,924,378 | 0 | General Reserve ($5,000,000), Outstanding Landlord Obligations Reserve ($4,687,691.09), Gap Rent Reserve ($236,687) |
A-1-15 |
ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Other Reserve Cap ($) | Holdback/ Earnout Amount ($) | Holdback/ Earnout Description | Lockbox Type | Cash Management | Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) | Tenant Specific Excess Cash Trap Trigger (Y/N) | Pari Passu (Y/N) | Pari Passu in Trust Controlling (Y/N) | Trust Pari Passu Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) |
20 | 26 | 30 | |||||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 0 | NAP | NAP | Hard | Springing | Yes | No | Yes | Yes | 71,500,000 | 128,500,000 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 0 | NAP | NAP | Hard | Springing | Yes | No | Yes | Yes | 65,000,000 | 20,000,000 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 0 | NAP | NAP | Hard | In Place | Yes | Yes | No | NAP | NAP | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 0 | NAP | NAP | Hard | Springing | Yes | Yes | Yes | Yes | 63,000,000 | 63,000,000 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 0 | NAP | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 0 | NAP | NAP | Hard | Springing | Yes | No | Yes | No | 51,000,000 | 119,000,000 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 0 | NAP | NAP | Hard | Springing | Yes | Yes | Yes | No | 50,000,000 | 210,000,000 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 0 | NAP | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 0 | NAP | NAP | Hard | Springing | Yes | No | No | NAP | NAP | NAP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 0 | NAP | NAP | Hard | In Place | Yes | Yes | No | NAP | NAP | NAP |
11 | Loan | 1 | The Glen | 0 | NAP | NAP | Soft | Springing | Yes | No | No | NAP | NAP | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 0 | NAP | NAP | Soft | Springing | Yes | No | No | NAP | NAP | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 0 | NAP | NAP | Hard | Springing | Yes | No | Yes | No | 25,000,000 | 685,000,000 |
14 | Loan | 16 | 1 | 460 Beaver Creek | 0 | NAP | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 0 | NAP | NAP | Springing | Springing | Yes | No | Yes | No | 24,100,000 | 60,000,000 |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||||||||||||
15.02 | Property | 1 | 517 West 113th Street | ||||||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||||||||||||
15.04 | Property | 1 | 21 5th Avenue | ||||||||||||
15.05 | Property | 1 | 603 West 140th Street | ||||||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | 0 | NAP | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | 0 | NAP | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | 0 | NAP | NAP | Soft | Springing | Yes | No | No | NAP | NAP | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | 0 | NAP | NAP | Hard | Springing | Yes | No | No | NAP | NAP | NAP |
19.01 | Property | 1 | Prime Storage - North Hampton | ||||||||||||
19.02 | Property | 1 | Prime Storage - Derry | ||||||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 0 | NAP | NAP | Hard | Springing | Yes | No | Yes | No | 15,000,000 | 70,000,000 |
21 | Loan | 18 | 1 | Views at Lake Havasu | 0 | NAP | NAP | Soft | Springing | Yes | No | No | NAP | NAP | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 0 | NAP | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 0 | NAP | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | 0 | NAP | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | 0 | NAP | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 0 | NAP | NAP | Hard | Springing | Yes | No | Yes | No | 10,000,000 | 75,000,000 |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 0 | NAP | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
28 | Loan | 1 | Meadow Park | 0 | NAP | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP | |
29 | Loan | 1 | Newport Oaks | 0 | NAP | NAP | Springing | Springing | Yes | No | No | NAP | NAP | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | 0 | NAP | NAP | Springing | Springing | Yes | Yes | No | NAP | NAP | NAP |
31 | Loan | 19, 23 | 1 | Lovejoy Station | 0 | NAP | NAP | Springing | Springing | Yes | Yes | No | NAP | NAP | NAP |
32 | Loan | 19, 23 | 1 | Waterside Commons | 0 | NAP | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 0 | NAP | NAP | Hard | Springing | Yes | Yes | Yes | No | 5,000,000 | 145,000,000 |
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 | Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Subordinate Companion Loan Cut-off Date Balance ($) | Subordinate Companion Loan Interest Rate | Whole Loan Cut-off Date Balance ($) | Whole Loan Monthly Debt Service ($) | Whole Loan Cut-off Date LTV Ratio (%) | Whole Loan Underwritten NCF DSCR (x) | Whole Loan Underwritten NOI Debt Yield (%) |
9 | 9 | 9 | 14 | ||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 817,970.91 | 1,273,106.48 | NAP | NAP | 200,000,000 | 1,273,106.48 | 42.8% | 2.09 | 16.5% |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 126,398.15 | 537,192.13 | NAP | NAP | 85,000,000 | 537,192.13 | 58.6% | 1.78 | 14.6% |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 364,300.41 | 728,600.83 | NAP | NAP | 126,000,000 | 728,600.83 | 64.0% | 1.63 | 12.0% |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 705,818.75 | 1,008,312.50 | NAP | NAP | 170,000,000 | 1,008,312.50 | 53.0% | 1.93 | 14.4% |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 1,112,667.01 | 1,377,587.73 | NAP | NAP | 260,000,000 | 1,377,587.73 | 45.5% | 2.19 | 14.6% |
8 | Loan | 19 | 1 | El Paseo Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 1 | The Glen | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 3,820,173.64 | 3,959,596.04 | NAP | NAP | 710,000,000 | 3,959,596.04 | 39.4% | 2.00 | 13.7% |
14 | Loan | 16 | 1 | 460 Beaver Creek | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 350,298.61 | 491,001.89 | NAP | NAP | 84,100,000 | 491,001.89 | 64.4% | 1.25 | 8.9% |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||||||||||
15.02 | Property | 1 | 517 West 113th Street | ||||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||||||||||
15.04 | Property | 1 | 21 5th Avenue | ||||||||||
15.05 | Property | 1 | 603 West 140th Street | ||||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19.01 | Property | 1 | Prime Storage - North Hampton | ||||||||||
19.02 | Property | 1 | Prime Storage - Derry | ||||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | 390,347.23 | 473,993.06 | NAP | NAP | 85,000,000 | 473,993.06 | 40.8% | 2.46 | 16.7% |
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 491,102.43 | 556,582.75 | NAP | NAP | 85,000,000 | 556,582.75 | 59.4% | 1.85 | 17.1% |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
28 | Loan | 1 | Meadow Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
29 | Loan | 1 | Newport Oaks | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
31 | Loan | 19, 23 | 1 | Lovejoy Station | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
32 | Loan | 19, 23 | 1 | Waterside Commons | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 970,169.15 | 1,003,623.26 | NAP | NAP | 150,000,000 | 1,003,623.26 | 50.0% | 1.96 | 16.7% |
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 | Mezzanine Debt Cut-off Date Balance($) | Mezzanine Debt Interest Rate (%) | Total Debt Cut-off Date Balance ($) | Total Debt Monthly Debt Service ($) | Total Debt Cut-off Date LTV Ratio (%) | Total Debt Underwritten NCF DSCR (x) | Total Debt Underwritten NOI Debt Yield (%) | Future Additional Debt Permitted (Y/N) | Future Debt Permitted Type |
9 | 14 | 13 | 13 | ||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
8 | Loan | 19 | 1 | El Paseo Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
11 | Loan | 1 | The Glen | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 4,250,000 | 10.75000% | 30,750,000 | 177,420.00 | 63.7% | 1.09 | 7.7% | Yes | Future Mezzanine Loan |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
14 | Loan | 16 | 1 | 460 Beaver Creek | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||||||||||
15.02 | Property | 1 | 517 West 113th Street | ||||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||||||||||
15.04 | Property | 1 | 21 5th Avenue | ||||||||||
15.05 | Property | 1 | 603 West 140th Street | ||||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
19.01 | Property | 1 | Prime Storage - North Hampton | ||||||||||
19.02 | Property | 1 | Prime Storage - Derry | ||||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
28 | Loan | 1 | Meadow Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | |
29 | Loan | 1 | Newport Oaks | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
31 | Loan | 19, 23 | 1 | Lovejoy Station | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
32 | Loan | 19, 23 | 1 | Waterside Commons | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | NAP |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | 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 | Sponsor |
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | BPR Nimbus LLC |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | LAM Group |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | Michael T. Cohen, Robert Getreu and Andrew H. Roos |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | Blue Owl Capital, Inc. and Blue Owl Real Estate Capital, LLC |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | James P. Levin, Paul A. Travis, Aaron Malinsky and Kessler-Sachs Family Partnership, LP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | Brookfield Properties Retail Holding LLC |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | Brookfield Properties Retail Holding LLC and Teachers' Retirement System of the State of Illinois |
8 | Loan | 19 | 1 | El Paseo Shopping Center | Benjamin Noble |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | Sotherly Hotels LP |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | Chesnut Family Trust Dated February 2, 1994 and Lee M. Chesnut |
11 | Loan | 1 | The Glen | James R. Watson, Judy R. Watson and The James R. Watson and Judy R. Watson Revocable Trust Dated July 11, 2005 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | Ravindra Gupta and Vikram Raya |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | The Macerich Partnership, L.P. and Alaska Permanent Fund Corporation |
14 | Loan | 16 | 1 | 460 Beaver Creek | Alexander Dembitzer |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | Fred Ohebshalom |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||
15.02 | Property | 1 | 517 West 113th Street | ||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||
15.04 | Property | 1 | 21 5th Avenue | ||
15.05 | Property | 1 | 603 West 140th Street | ||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | Robert Atallah and Robert Atallah Family Trust |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | William Paladino and Andrew Plant |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | Manuel A. Fernandez |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | Robert J. Moser and Prime Storage Fund II, LP |
19.01 | Property | 1 | Prime Storage - North Hampton | ||
19.02 | Property | 1 | Prime Storage - Derry | ||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | Lauricella Land Company, LLC |
21 | Loan | 18 | 1 | Views at Lake Havasu | Galen Ishii, John Yu, Ryan Tanaka and Bryan Ziebart |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | Munira Kapadia and Faysal Kapadia |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | Barkat Gilliani and Dharmisth Patel |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | Jeffrey A. Pori |
25 | Loan | 2 | 1 | 15 West 18th Street | Michael Namer |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | BLT Real Estate JV5 LLC |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | William Michael Mikkelson and Adam Mikkelson |
28 | Loan | 1 | Meadow Park | Rockstar Capital | |
29 | Loan | 1 | Newport Oaks | Rockstar Capital | |
30 | Loan | 20 | 1 | Hill Road Plaza | Ziki Zaffir |
31 | Loan | 19, 23 | 1 | Lovejoy Station | David Garfunkel |
32 | Loan | 19, 23 | 1 | Waterside Commons | Joel Ospovat |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | Brookfield Properties Retail Holding LLC and Teachers' Retirement System of the State of Illinois |
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 | Non-Recourse Carveout Guarantor | Delaware Statutory Trust (Y/N) | Tenants-in-common (Y/N) |
24, 30 | |||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | BPR Nimbus LLC | No | No |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | Kin Chung Lam (a/k/a John Lam), Keith Lam, Cindy Luk (a/k/a Cindy Lam), Yuk Jin Lam (a/k/a Shirley Lam) and Suey Jin Lam Tang (a/k/a Jeannie Tang) | No | No |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | Michael T. Cohen, Robert Getreu and Andrew H. Roos | No | No |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | Blue Owl Real Estate Fund VI LP, Blue Owl Real Estate Fund VI (A) LP, Blue Owl Real Estate Fund VI (B) LP | No | No |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | James P. Levin, Paul A. Travis, Aaron Malinsky and Kessler-Sachs Family Partnership, LP | No | No |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | BPR Nimbus LLC | No | No |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | GGP-TRS L.L.C. | No | No |
8 | Loan | 19 | 1 | El Paseo Shopping Center | Benjamin Noble and Sperry Equities, LLC | No | No |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | Sotherly Hotels LP | No | No |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | Chesnut Family Trust Dated February 2, 1994 and Lee M. Chesnut | No | No |
11 | Loan | 1 | The Glen | James R. Watson, Judy R. Watson and The James R. Watson and Judy R. Watson Revocable Trust Dated July 11, 2005 | No | No | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | Ravindra Gupta and Vikram Raya | No | No |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | The Macerich Partnership, L.P. | No | No |
14 | Loan | 16 | 1 | 460 Beaver Creek | Alexander Dembitzer | No | No |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | Fred Ohebshalom | No | No |
15.01 | Property | 1 | 509 & 515 West 110th Street | ||||
15.02 | Property | 1 | 517 West 113th Street | ||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | ||||
15.04 | Property | 1 | 21 5th Avenue | ||||
15.05 | Property | 1 | 603 West 140th Street | ||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | Robert Atallah and Robert Atallah Family Trust | No | No |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | William Paladino and Andrew Plant | No | No |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | Manuel A. Fernandez | No | No |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | Robert J. Moser and Prime Storage Fund II, LP | No | No |
19.01 | Property | 1 | Prime Storage - North Hampton | ||||
19.02 | Property | 1 | Prime Storage - Derry | ||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | Lauricella Land Company, LLC | No | No |
21 | Loan | 18 | 1 | Views at Lake Havasu | Galen Ishii, John Yu, Ryan Tanaka and Bryan Ziebart | No | No |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | Munira Kapadia and Faysal Kapadia | No | No |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | Barkat Gilliani and Dharmisth Patel | No | No |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | Jeffrey A. Pori | Yes | No |
25 | Loan | 2 | 1 | 15 West 18th Street | Michael Namer | No | No |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | BLT Real Estate JV5 LLC | No | No |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | William Michael Mikkelson and Adam Mikkelson | No | No |
28 | Loan | 1 | Meadow Park | Robert Martinez | No | No | |
29 | Loan | 1 | Newport Oaks | Robert Martinez | No | No | |
30 | Loan | 20 | 1 | Hill Road Plaza | Zvi Zaffir a/k/a Ziki Zaffir | No | No |
31 | Loan | 19, 23 | 1 | Lovejoy Station | David Garfunkel | No | No |
32 | Loan | 19, 23 | 1 | Waterside Commons | Sandalwood Management, Inc. | No | No |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | GGP-TRS L.L.C. | No | No |
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 | Loan Purpose | Property Located Within a Qualified Opportunity Zone (Y/N) | Sources: Loan Amount ($) | Sources: Principal's New Cash Contribution ($) | Sources: Subordinate Debt ($) | Sources: Other Sources ($) | Sources: Total Sources ($) | Uses: Loan Payoff ($) | Uses: Purchase Price ($) |
29 | |||||||||||||
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | Refinance | No | 200,000,000 | 11,179,744 | 0 | 0 | 211,179,744 | 204,429,707 | 0 |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | Refinance | No | 85,000,000 | 0 | 0 | 0 | 85,000,000 | 79,802,301 | 0 |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | Refinance | No | 65,000,000 | 18,114,296 | 0 | 0 | 83,114,296 | 80,330,534 | 0 |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | Recapitalization | No | 126,000,000 | 70,581,281 | 0 | 0 | 196,581,281 | 0 | 192,450,000 |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | Refinance | No | 53,750,000 | 3,227,623 | 0 | 0 | 56,977,623 | 53,230,201 | 0 |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | Refinance | No | 170,000,000 | 8,657,092 | 0 | 0 | 178,657,092 | 173,058,858 | 0 |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | Refinance | No | 260,000,000 | 0 | 0 | 0 | 260,000,000 | 211,601,763 | 0 |
8 | Loan | 19 | 1 | El Paseo Shopping Center | Refinance | No | 43,000,000 | 0 | 0 | 0 | 43,000,000 | 38,387,366 | 0 |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | Refinance | No | 35,000,000 | 0 | 0 | 0 | 35,000,000 | 24,425,485 | 0 |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | Refinance | No | 34,000,000 | 4,418,530 | 0 | 0 | 38,418,530 | 33,721,048 | 0 |
11 | Loan | 1 | The Glen | Refinance | No | 28,500,000 | 8,609,599 | 0 | 0 | 37,109,599 | 34,171,816 | 0 | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | Refinance | No | 26,500,000 | 2,799,993 | 4,250,000 | 0 | 33,549,993 | 30,780,537 | 0 |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | Refinance | No | 710,000,000 | 0 | 0 | 0 | 710,000,000 | 666,692,845 | 0 |
14 | Loan | 16 | 1 | 460 Beaver Creek | Refinance | No | 24,500,000 | 0 | 0 | 0 | 24,500,000 | 10,876,146 | 0 |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | Refinance | 84,100,000 | 0 | 0 | 0 | 84,100,000 | 64,662,370 | 0 | |
15.01 | Property | 1 | 509 & 515 West 110th Street | No | |||||||||
15.02 | Property | 1 | 517 West 113th Street | No | |||||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | No | |||||||||
15.04 | Property | 1 | 21 5th Avenue | No | |||||||||
15.05 | Property | 1 | 603 West 140th Street | No | |||||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | Refinance | No | |||||||
17 | Loan | 16, 27 | 1 | The Residences at 279 North | Refinance | No | |||||||
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | Refinance | No | |||||||
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | Refinance | ||||||||
19.01 | Property | 1 | Prime Storage - North Hampton | No | |||||||||
19.02 | Property | 1 | Prime Storage - Derry | No | |||||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | Refinance | No | |||||||
21 | Loan | 18 | 1 | Views at Lake Havasu | Refinance | No | |||||||
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | Acquisition | No | |||||||
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | Acquisition | No | |||||||
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | Acquisition | No | |||||||
25 | Loan | 2 | 1 | 15 West 18th Street | Refinance | No | |||||||
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | Refinance | No | |||||||
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | Acquisition | No | |||||||
28 | Loan | 1 | Meadow Park | Refinance | No | ||||||||
29 | Loan | 1 | Newport Oaks | Refinance | No | ||||||||
30 | Loan | 20 | 1 | Hill Road Plaza | Refinance | No | |||||||
31 | Loan | 19, 23 | 1 | Lovejoy Station | Refinance | No | |||||||
32 | Loan | 19, 23 | 1 | Waterside Commons | Refinance | No | |||||||
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | 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 | Uses: Closing Costs ($) | Uses: Reserves ($) | Uses: Principal Equity Distribution ($) | Uses: Other Uses ($) | Uses: Total Uses ($) | Franchise Agreement Expiration | Underwritten ADR ($) | Underwritten RevPAR ($) | Underwritten Hotel Occupancy (%) |
1 | Loan | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | 1,766,053 | 4,983,984 | 0 | 0 | 211,179,744 | NAP | NAP | NAP | NAP |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 1,594,894 | 88,147 | 3,514,659 | 0 | 85,000,000 | 5/20/2036 | 221.35 | 198.53 | 89.7% |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | 2,769,108 | 14,655 | 0 | 0 | 83,114,296 | NAP | NAP | NAP | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | 4,131,281 | 0 | 0 | 0 | 196,581,281 | NAP | NAP | NAP | NAP |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | 3,384,004 | 363,419 | 0 | 0 | 56,977,623 | NAP | NAP | NAP | NAP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | 598,234 | 5,000,000 | 0 | 0 | 178,657,092 | NAP | NAP | NAP | NAP |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | 3,205,539 | 3,966,953 | 41,225,744 | 0 | 260,000,000 | NAP | NAP | NAP | NAP |
8 | Loan | 19 | 1 | El Paseo Shopping Center | 978,818 | 3,421,557 | 212,259 | 0 | 43,000,000 | NAP | NAP | NAP | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 817,691 | 403,680 | 9,353,144 | 0 | 35,000,000 | 6/30/2029 | 177.05 | 137.78 | 77.8% |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | 1,147,903 | 3,549,579 | 0 | 0 | 38,418,530 | NAP | NAP | NAP | NAP |
11 | Loan | 1 | The Glen | 2,448,187 | 489,596 | 0 | 0 | 37,109,599 | NAP | NAP | NAP | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | 2,612,468 | 156,988 | 0 | 0 | 33,549,993 | NAP | NAP | NAP | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | 3,532,030 | 39,775,125 | 0 | 0 | 710,000,000 | NAP | NAP | NAP | NAP |
14 | Loan | 16 | 1 | 460 Beaver Creek | 431,807 | 0 | 13,192,047 | 0 | 24,500,000 | NAP | NAP | NAP | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | 6,041,478 | 6,476,738 | 6,919,414 | 0 | 84,100,000 | NAP | NAP | NAP | NAP |
15.01 | Property | 1 | 509 & 515 West 110th Street | NAP | NAP | NAP | NAP | ||||||
15.02 | Property | 1 | 517 West 113th Street | NAP | NAP | NAP | NAP | ||||||
15.03 | Property | 1 | 652 & 664 West 163rd Street | NAP | NAP | NAP | NAP | ||||||
15.04 | Property | 1 | 21 5th Avenue | NAP | NAP | NAP | NAP | ||||||
15.05 | Property | 1 | 603 West 140th Street | NAP | NAP | NAP | NAP | ||||||
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAP | NAP | NAP | NAP | |||||
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | NAP | NAP | |||||
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | NAP | NAP | |||||
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | NAP | NAP | NAP | NAP | |||||
19.01 | Property | 1 | Prime Storage - North Hampton | NAP | NAP | NAP | NAP | ||||||
19.02 | Property | 1 | Prime Storage - Derry | NAP | NAP | NAP | NAP | ||||||
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | NAP | NAP | NAP | NAP | |||||
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | NAP | NAP | |||||
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 1/25/2039 | 121.88 | 89.92 | 73.8% | |||||
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 1/24/2039 | 143.25 | 100.43 | 70.1% | |||||
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAP | NAP | NAP | NAP | |||||
25 | Loan | 2 | 1 | 15 West 18th Street | NAP | NAP | NAP | NAP | |||||
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 5/31/2030 | 132.13 | 101.70 | 77.0% | |||||
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 12/31/2040 | 72.32 | 63.93 | 88.4% | |||||
28 | Loan | 1 | Meadow Park | NAP | NAP | NAP | NAP | ||||||
29 | Loan | 1 | Newport Oaks | NAP | NAP | NAP | NAP | ||||||
30 | Loan | 20 | 1 | Hill Road Plaza | NAP | NAP | NAP | NAP | |||||
31 | Loan | 19, 23 | 1 | Lovejoy Station | NAP | NAP | NAP | NAP | |||||
32 | Loan | 19, 23 | 1 | Waterside Commons | NAP | NAP | NAP | NAP | |||||
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | NAP | NAP | NAP | 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 | 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 | 1, 7, 12, 24, 27 | 1 | Staten Island Mall | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 1, 2, 7, 12, 16, 27, 30 | 1 | Sheraton Hotel Brooklyn | 221.35 | 198.53 | 89.7% | 203.43 | 176.16 | 86.6% | 198.44 | 165.77 | 83.5% |
3 | Loan | 5, 17, 20, 27 | 1 | 304 East 45th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 1, 7, 12, 16, 19 | 1 | Western Digital Milpitas Campus | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 2, 3, 4, 20 | 1 | Shops at Marble Hill | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
6 | Loan | 1, 2, 3, 7, 12, 18, 19, 20, 30 | 1 | Jordan Creek Town Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 1, 4, 7, 12, 14, 19, 20, 23 | 1 | Kenwood Towne Centre | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 19 | 1 | El Paseo Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 17, 19 | 1 | Hilton Tapestry - Hotel Alba Tampa | 177.05 | 137.78 | 77.8% | 165.11 | 125.92 | 76.3% | 143.09 | 104.15 | 72.8% |
10 | Loan | 16, 17, 19, 23, 27, 28, 30 | 1 | Papago Gateway Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 1 | The Glen | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, 16, 18 | 1 | Elevate at the Pointe | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 1, 3, 4, 7, 12, 23 | 1 | Tysons Corner Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 16 | 1 | 460 Beaver Creek | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
15 | Loan | 6, 7 | 5 | Acquisition America Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
15.01 | Property | 1 | 509 & 515 West 110th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.02 | Property | 1 | 517 West 113th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.03 | Property | 1 | 652 & 664 West 163rd Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.04 | Property | 1 | 21 5th Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15.05 | Property | 1 | 603 West 140th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 16, 30 | 1 | Cedarlane Foods | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 16, 27 | 1 | The Residences at 279 North | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 14, 16, 27 | 1 | Centurion Ironbound | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 3, 6 | 2 | Prime Storage - New Hampshire Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19.01 | Property | 1 | Prime Storage - North Hampton | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.02 | Property | 1 | Prime Storage - Derry | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 5, 7 | 1 | Elmwood Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
21 | Loan | 18 | 1 | Views at Lake Havasu | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 16 | 1 | Courtyard Atlanta Airport West | 121.88 | 89.92 | 73.8% | 122.89 | 64.32 | 69.8% | 106.08 | 64.32 | 60.6% |
23 | Loan | 16, 28 | 1 | Holiday Inn Express - Tampa, FL | 143.25 | 100.43 | 70.1% | 132.58 | 72.62 | 72.6% | 109.88 | 72.62 | 66.1% |
24 | Loan | 16, 28 | 1 | Tesla - Golden Valley | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
25 | Loan | 2 | 1 | 15 West 18th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
26 | Loan | 1, 7, 19 | 1 | DoubleTree by Hilton Hotel Orlando at SeaWorld | 132.13 | 101.70 | 77.0% | 119.71 | 95.16 | 79.5% | 88.69 | 62.37 | 70.3% |
27 | Loan | 19 | 1 | WoodSpring Suites - Charlotte | 72.32 | 63.93 | 88.4% | 67.64 | 61.02 | 90.2% | 60.69 | 44.42 | 73.2% |
28 | Loan | 1 | Meadow Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
29 | Loan | 1 | Newport Oaks | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
30 | Loan | 20 | 1 | Hill Road Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
31 | Loan | 19, 23 | 1 | Lovejoy Station | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
32 | Loan | 19, 23 | 1 | Waterside Commons | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
33 | Loan | 1, 7, 12, 19 | 1 | Galleria at Tyler | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-23 |
BBCMS-2024-5C25
Footnotes to Annex A-1
(1) | “Barclays” denotes Barclays Capital Real Estate Inc. as Mortgage Loan Seller, “3650 REIT” denotes 3650 Real Estate Investment Trust 2 LLC as Mortgage Loan Seller, “SGFC” denotes Societe Generale Financial Corporation as Mortgage Loan Seller, “KeyBank” denotes KeyBank National Association 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, “SMC” denotes Starwood Mortgage Capital LLC as Mortgage Loan Seller, “CREFI” denotes Citi Real Estate Funding Inc., “GACC” denotes German American Capital Corporation as Mortgage Loan Seller and “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. 1, Staten Island Mall, the mortgage loan is part of a whole loan that was co-originated by Deutsche Bank AG, New York Branch, Barclays and Wells Fargo Bank, National Association.
With respect to Loan No. 2, Sheraton Hotel Brooklyn, the mortgage loan is part of a whole loan that was originated by DBR Investments Co. Limited. Such mortgage loan was subsequently acquired by GACC.
With respect to Loan No. 4, Western Digital Milpitas Campus, the mortgage loan is part of a whole loan that was co-originated by UBS AG and JPMorgan Chase Bank, National Association.
With respect to Loan No. 6, Jordan Creek Town Center, the mortgage loan is part of a whole loan that was co-originated by Morgan Stanley Bank, N.A., JPMorgan Chase Bank, National Association and Barclays.
With respect to Loan No. 7, Kenwood Towne Centre, the mortgage loan is part of a whole loan that was co-originated by Wells Fargo Bank, National Association, Goldman Sachs Bank USA and SGFC.
With respect to Loan No. 13, Tysons Corner Center, the mortgage loan is part of a whole loan that was co-originated by Deutsche Bank AG, New York Branch, Goldman Sachs Bank USA, JPMorgan Chase Bank, National Association and Bank of Montreal. Such mortgage loan was subsequently acquired by GACC.
With respect to Loan No. 26, DoubleTree by Hilton Hotel Orlando at SeaWorld, the mortgage loan is part of a whole loan as to which separate notes are being sold by BMO, CREFI and GACC. The whole loan was originated by BMO and partially assigned to CREFI and Deutsche Bank AG, New York Branch. GACC has acquired or will acquire the portion of such mortgage loan as to which it is acting as mortgage loan seller from Deutsche Bank AG, New York Branch on or prior to the closing date.
With respect to Loan No. 33, Galleria at Tyler, the mortgage loan is part of a whole loan that was co-originated by Deutsche Bank AG, New York Branch, Bank of America, N.A. and SGFC.
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(2) | With respect to Loan No. 2, Sheraton Hotel Brooklyn, the mortgaged property is comprised of a 321-room full-service hotel in addition to, among others, a restaurant, Lady Chow Kitchen Inc, which occupies 3,500 square feet, a café and a rooftop bar, Kimoto Rooftop, which occupies 4,500 square feet.
With respect to Loan No. 5, Shops at Marble Hill, the mortgaged property is a retail property with approximately 18.4% of underwritten effective gross income generated from office tenants.
With respect to Loan No. 6, Jordan Creek Town Center, the collateral includes a Residence Inn that occupies the mortgaged property through a ground lease with a lease expiration date in November 2029. The Residence Inn consists of 122 keys and 94,037 square feet and pays approximately $147,018 per annum in ground rent. There are five, five-year automatic renewal options remaining that trigger unless Residence Inn provides notice of their intention to leave the mortgaged property at least 270 days, and at most one year, prior to the current expiration date.
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A-1-24 |
With respect to Loan No. 25, 15 West 18th Street, the mortgaged property is comprised of 10 stories totaling 44,180 square feet and is 100% occupied by eight commercial tenants and three residential tenants. The usage of space within the building consists of office (27,060 square feet, 58.0% of gross rent), retail (11,180 square feet, 33.0% of gross rent), and residential (three units, 5,940 square feet, 9.1% of gross rent). The tenant, 77 Ventures, is currently using residential unit 4W as a live-work office studio. Additionally, the tenant, Birddogs space, is configured as a loft apartment that is being used as office space; if Birddogs were to vacate the premises, the space could be re-leased to a residential tenant at similar or higher rents with no capex needed for the conversion, which would bring the multifamily rent component to 18.4% (if rented at its current rate). | |
(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. 5, Shops at Marble Hill, the mortgaged property is comprised of four buildings, K1, K2, K3 and K4. K1 is a single-story, multi-tenant, shopping center built in 2002; K2 is a single-story free-standing restaurant originally built in 1949 and renovated in 2002 and 2022; and K3 and K4 are two contiguous multi-tenant commercial buildings, subdivided into separate retail and office condominium units. K3 was originally built in 2009 as a two-story multi-tenant commercial building with retail space on the ground floor and office space on the second floor, which was later expanded in 2016 to include the interconnected three-story building, K4, which is entirely office space. The net rentable area of 123,896 square feet includes the area of all four buildings (K1, K2, K3 and K4).
With respect to Loan No. 6, Jordan Creek Town Center, the mortgaged property is a super-regional mall consisting of 940,038 square feet of owned improvements and a 197,760 square foot space attributed to non-collateral Dillard’s, totaling 1,137,798 square feet. Additionally, the collateral includes Residence Inn, a 122-key hotel consisting of 94,037 square feet, which operates at the mortgaged property under a ground lease.
With respect to Loan No. 13, Tysons Corner Center, the fee interest of the mortgaged property is subject to an affiliate ground lease between Tysons Corner Property Holdings LLC (the “Fee Borrower”), as ground lessor, and Tysons Corner Holdings LLC (the “Leasehold Borrower”), as ground lessee. The mortgage is a fee and leasehold mortgage that encumbers each of the fee estate owned by the Fee Borrower and the leasehold estate owned by the Leasehold Borrower. The term of the ground lease commenced on November 26, 1962 and terminates on August 31, 2035. The ground lease does not provide for any further extension options. The annual base rent for the ground lease may never be less than an amount equal to 6% of the product of $1.00 times the total number of square feet in the total area of the mortgaged property. The annual ground rent under the ground lease is currently $1,565,412.
With respect to Loan No. 19, Prime Storage – New Hampshire Portfolio, occupancy is inclusive of 112 exterior non-climate units, 838 interior climate units, 19 covered parking spaces and 14 uncovered parking spaces.
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(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 five 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, Shops at Marble Hill, the mortgaged property does not include the shadow anchor tenant, Target, which owns and occupies a contiguous building.
With respect to Loan No. 7, Kenwood Towne Centre, occupancy includes all tenants in place and excludes the 137,836 square feet of non-collateral space occupied by Nordstrom. As of December 31, 2023, the Kenwood Towne Centre mortgaged property was 95.2% occupied, excluding the non-collateral Nordstrom space.
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A-1-25 |
With respect to Loan No. 13, Tysons Corner Center, the Fifth Largest Tenant, Primark, has signed its lease but is not yet in occupancy. Primark is expected to commence a ten-year lease on April 22, 2024. Primark has three, five-year renewal options exercisable. Primark has various options to terminate its lease (i) if it has not opened by a date determined by a formula specified in the lease, (ii) if the delivery date has not occurred in accordance with a formula specified in the lease or (iii) if the floor area is more than 3% less than specified in the lease. In addition, Primark has the right to terminate its lease effective as of the end of its fifth lease year if the tenant’s gross sales during its fourth lease year do not equal or exceed $23,000,000. Such termination right must be exercised by notice given at any time during the 90-day period following the end of the fourth lease year. At origination $9,005,926 was deposited into a gap rent reserve for various tenants, including $1,170,894 for Primark. | |
(5) | With respect to all mortgage loans, with the exceptions of the mortgage loans identified in “Description of the Mortgage Pool—Definitions” in the preliminary prospectus, the Cut-off Date LTV Ratio (%) and the LTV Ratio at Maturity / ARD (%) are based on the Appraised Value ($) even though, for certain mortgage loans, the appraisal provided “as-stabilized” values based on certain criteria being met.
With respect to Loan No. 3, 304 East 45th Street, the Appraised Value is the “as is” value of $138,000,000 as of January 1, 2024, which is based on the extraordinary assumptions that (i) the UN Development Programme (the “UNDP”) and the United Nations (the “UN”) will consolidate to 50% of their respective current footprint as of January 1, 2028 (and extend the term of their respective leases by five years), and again consolidate to 50% of their respective then-current footprint on January 1, 2033 (and again extend the term of their respective leases), (ii) the balance of the space at the mortgaged property will then be leased at prevailing market terms, and (iii) the leasehold condominium structure in place at the mortgaged property will remain in place, but the reversion of ownership of the condominium units to the borrower will thereafter be assessed a full tax liability. According to the related appraisal, the current contract rents are below market. The term of each of the UNDP and UN leases is scheduled to expire on December 31, 2027, with one, five-year renewal option exercisable by the UN (but no renewal option exercisable by the UNDP). Although the appraisal indicates the observed tenant utilization at the mortgaged property is less than 50%, neither the UNDP nor the UN has given the borrower notice of an intention to downsize its space or to not exercise its renewal option, as applicable.
With respect to Loan No. 20, Elmwood Shopping Center, the Appraised Value ($) includes two release parcels valued at $63,800 and $678,704. The Appraised Value excluding these release parcels would be $207,357,496 resulting in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 41.0%.
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(6) | For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), 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. 15, Acquisition America Portfolio ● Loan No. 19, Prime Storage – New Hampshire Portfolio
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(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, Staten Island Mall ● Loan No. 2, Sheraton Hotel Brooklyn ● Loan No. 4, Western Digital Milpitas Campus ● Loan No. 6, Jordan Creek Town Center ● Loan No. 7, Kenwood Towne Centre ● Loan No. 13, Tysons Corner Center ● Loan No. 15, Acquisition America Portfolio ● Loan No. 20, Elmwood Shopping Center ● Loan No. 26, DoubleTree by Hilton Hotel Orlando at SeaWorld ● Loan No. 33, Galleria at Tyler
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A-1-26 |
(8) | The Administrative Fee Rate % includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.
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(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.
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(10) | Intentionally Left Blank
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(11) | Intentionally Left Blank
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(12) | 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, Staten Island Mall, the lockout period will be at least 25 payment dates beginning with and including the first payment date in March 2024. Defeasance of the Staten Island Mall whole loan in whole but not in part is permitted 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) January 18, 2027. The assumed defeasance lockout period of 25 payment dates is based on the expected closing date of the BBCMS 2024-5C25 securitization in March 2024. The actual lockout period may be longer.
With respect to Loan No. 1, Staten Island Mall, a cash sweep period due to a debt yield event can be terminated upon the date that (A) the debt yield is equal to or in excess of 10.5% for two consecutive calendar quarters, (B) delivery to the lender of cash or letter of credit or receipt by the lender of a debt yield cure prepayment, or (C) in the case of a cash sweep period due to the occurrence of an event of default if such event of default is thereafter cured or waived. The Staten Island Mall Whole Loan may be partially prepaid at any time to cure a cash management trigger period due to the Staten Island Mall Whole Loan debt yield being less than 11.0%, provided that any prepayment prior to the payment date occurring in August 2028 will be subject to payment of a yield maintenance premium.
With respect to Loan No. 2, Sheraton Hotel Brooklyn, the lockout period will be at least 25 payment dates beginning with and including the first payment date in March 2024. Defeasance of the Sheraton Hotel Brooklyn whole loan in whole but not in part is permitted 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) January 31, 2027. The assumed defeasance lockout period of 25 payment dates is based on the expected closing date of the BBCMS 2024-5C25 securitization in March 2024. The actual lockout period may be longer.
With respect to Loan No. 4, Western Digital Milpitas Campus, defeasance of the whole loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note to be securitized and (b) February 9, 2027. The whole loan may be voluntarily prepaid in whole, but not in part, on or after March 11, 2025, with the payment of a yield maintenance premium if such prepayment occurs prior to August 11, 2028. The whole loan may be voluntarily prepaid at any time on or after August 11, 2028, without the payment of a yield maintenance premium. The assumed defeasance lockout period of 25 payments is based on the expected closing date of the BBCMS 2024-5C25 securitization in March 2024. The actual defeasance lockout period may be longer.
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A-1-27 |
With respect to Loan No. 6, Jordan Creek Town Center, the lockout period will be at least 25 months beginning with and including the first payment date on March 1, 2024. Defeasance of the Jordan Creek 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 pari passu note to be securitized and (ii) August 1, 2027. The assumed lockout period of 25 payment dates is based on the expected BBCMS 2024-5C25 securitization closing date in March 2024. The actual lockout period may be longer. The Jordan Creek Town Center Whole Loan may be partially prepaid at any time to cure a cash management trigger period due to the Jordan Creek Town Center Whole Loan debt yield being less than 12.0%, provided that any prepayment prior to the payment date occurring in November 2028 will be subject to payment of a yield maintenance premium.
With respect to Loan No. 7, Kenwood Towne Centre, the lockout period will be at least 24 payment dates beginning with and including the first payment date in April 2024. Defeasance of the Kenwood Towne Centre whole loan in full is permitted at any time after the earlier to occur of (i) February 9, 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 24 payment dates is based on the anticipated closing date of the BBCMS 2024-5C25 securitization trust in March 2024. The actual lockout period may be longer. The Kenwood Towne Centre Whole Loan may be partially prepaid at any time to cure a cash management trigger period due to the Kenwood Towne Centre Whole Loan debt yield being less than 9.75% for two consecutive calendar quarters, provided that any prepayment prior to the payment date occurring in September 2028 will be subject to payment of a yield maintenance premium.
With respect to Loan No. 13, Tysons Corner Center, the lockout period will be at least 27 payment dates beginning with and including the first payment date in January 2024. Defeasance or prepayment (with a yield maintenance premium if prior to the monthly payment date in June 2028) of the Tysons Corner Center whole loan in whole but not in part is permitted 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) the monthly payment date occurring in December 2026. The assumed defeasance lockout period of 27 payment dates is based on the expected closing date of the BBCMS 2024-5C25 securitization in March 2024. The actual lockout period may be longer.
With respect to Loan No. 33, Galleria at Tyler, the lockout period will be at least 26 payment dates beginning with and including the first payment date in February 2024. Defeasance of the Galleria at Tyler whole loan in full is permitted at any time after the earlier to occur of (i) December 13, 2026 and (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 26 payment dates is based on the expected closing date of the BBCMS 2024-5C25 securitization in March 2024. The actual lockout period may be longer. The Galleria at Tyler Whole Loan may be partially prepaid at any time to cure a cash management trigger period due to the Galleria at Tyler Whole Loan debt yield being less than 14.0% for two consecutive calendar quarters, provided that any prepayment prior to the payment date occurring in July 2028 will be subject to payment of a yield maintenance premium. | |
(13) | 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. 12, Elevate at the Pointe, the related mezzanine loan is secured by a pledge of the equity interests in the related borrower and is structured with (a) an initial advance funded on the origination date in the amount of $4,250,000 (the “Initial Advance”) and (b) one or more additional advances (each and “Additional Advance”) of up to $2,500,000 in the aggregate, to be funded for the reimbursement of project expenditures in connection with unit renovations at the mortgaged property (the “Unit Renovations”), upon satisfaction of certain conditions set forth in the related mezzanine loan documents including, among other things, that (i) no event of default or cash trap event period has occurred and is continuing, (ii) the mezzanine borrower may not receive any Additional Advances from and after July 9, 2026, (iii) no more than one Additional Advance will be permitted during any calendar quarter and no Additional Advance may be requested or advanced for an amount less than the lesser of (1) $500,000 and (2) the remaining amount available as an Additional Advance under the mezzanine loan agreement (other than the last requested Additional Advance, if less), (iv) the aggregate debt yield, taking into account the applicable Additional Advance, is equal to or greater than 7.25%, and (v) the mezzanine lender has approved the applicable project expenditures to be funded by such Additional Advance and the Unit Renovations that are the subject of such Additional Advance. The mezzanine loan has an interest rate per annum equal to, with respect to (i) the Initial Advance, 10.75%, and (ii)
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A-1-28 |
each Additional Advance, 12%, and is coterminous with the related mortgage loan. The related mortgage loan documents require the borrower to diligently prosecute the completion of all Unit Renovations commenced by the borrower substantially in accordance with the mezzanine loan agreement, the mortgage loan documents and all applicable laws. | |
(14) | 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.
With respect to Loan No. 7, Kenwood Towne Centre, the Underwritten NOI DSCR and Underwritten NCF DSCR do not include the non-collateral Nordstrom space.
With respect to Loan No. 18, Centurion Ironbound, the UW NOI DSCR and UW NCF DSCR, which both equal 1.28x, assume a stabilized underwritten vacancy of 3.5% versus an in-place economic vacancy of 9.5%. Assuming the in-place economic vacancy, the UW NOI DSCR and the UW NCF DSCR would both be 1.19x. The mortgage loan was structured to include a $975,000 holdback reserve to be released to the borrower, upon the satisfaction of certain conditions, including, but not limited to, the lender receiving (i) documentation of a certified trailing one-month operating statement reflecting at least $161,383 in base rental income, (ii) a certified rent roll reflecting a minimum 97% in-place occupancy and (iii) documentation that no tenant rental concessions remain outstanding.
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(15) | In certain cases, Underwritten TI / LC ($) is inclusive of certain credits for upfront reserves taken at closing.
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(16) | 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. 2, Sheraton Hotel Brooklyn, historical cash flows are not available due to the effect of COVID-19 on the hospitality industry in 2020, and the subsequent recovery in 2021.
With respect to Loan No. 4, Western Digital Milpitas Campus, historical financial information is not available as the mortgaged property was acquired in September 2023.
With respect to Loan No. 10, Papago Gateway Center, Fourth Most Recent cash flows are not available as the borrower sponsor was not required to provide more than three years of historical operating statements.
With respect to Loan No. 12, Elevate at the Pointe, the historical cash flows are not available as the mortgaged property was acquired in December 2021.
With respect to Loan No. 14, 460 Beaver Creek, historical cash flows are not available as the 460 Beaver Creek property was recently acquired in 2021 and subsequently expanded in 2023.
With respect to Loan No. 16, Cedarlane Foods, historical financials are not available as the single tenant of the mortgaged property is owned by the mortgage loan sponsor and entered into a new lease at closing.
With respect to Loan No. 17, The Residences at 279 North, Fourth Most Recent cash flows are not available as the mortgaged property was opened in 2020.
With respect to Loan No. 18, Centurion Ironbound, historical financial information is not available as the mortgaged property was built in 2023.
With respect to Loan No. 22, Courtyard Atlanta Airport West, Fourth Most Recent cash flows are not available as the mortgaged property was acquired in January 2024.
With respect to Loan No. 23, Holiday Inn Express - Tampa, FL, Fourth Most Recent cash flows are not available as the mortgaged property was acquired in January 2024.
With respect to Loan No. 24, Tesla - Golden Valley, historical financials are not available as the mortgaged property was built in 2023. |
A-1-29 |
(17) | With respect to Loan No. 3, 304 East 45th Street, the mortgaged property is subject to a condominium regime in order for the mortgaged property to benefit from a real property tax exemption based on the tax exempt status of the UN Tenants (as defined below), whereby title to eight of the nine condominium units comprising the mortgaged property is held by the United Nations or the United Nations Development Programme (collectively, the “UN Tenants”), as applicable, with the borrower having a reversionary interest in fee title to the condominium units owned by the UN Tenants. The borrower has retained fee ownership of and responsibility to pay real property taxes on the remaining condominium unit, representing approximately 1.64% of the interest in the condominium’s common elements. Each deed from the borrower to the UN Tenants contains such reversionary interest and states that the reversion is automatic upon the occurrence of certain events (e.g., (i) if the applicable overlease/master lease or space lease goes away, (ii) if the UN Tenants attempt to convey, assign or encumber its fee interest, (iii) if the UN Tenants default under a space lease beyond the applicable cure period (and 30 days has elapsed since the expiration of such cure period) or (iv) if the borrower gives notice that one of the other condominium units has been reconveyed back to the borrower and the borrower is electing to have the condominium unit in question conveyed back to the borrower). The reversion is also discussed in certain escrow agreements pursuant to which First American Title Insurance Company is holding the deeds with the reversionary interests from the UN Tenants back to the borrower. Each of the condominium units is master leased from the UN Tenants to the borrower pursuant to various “overleases”, and the borrower then subleases each of the condominium units back to the UN Tenants pursuant to separate space leases for each of the condominium units. All rent due under the master leases has been paid in full. The condominium documents provide that for so long as the overleases are in effect, the borrower has control over each of the condominium units despite title being held by the UN Tenants. Similar to a loan with a payment in lieu of taxes (“PILOT”) structure, the lender has a fee and leasehold mortgage that is secured by: (i) the borrower’s leasehold interest in the mortgaged property, (ii) the borrower’s fee or reversionary interest in the fee interest in the mortgaged property and (iii) the fee interest in the mortgaged property through the UN Tenants joinder to the mortgage. As such, the lender has the ability to foreclose on either: (i) the leasehold interest in the mortgaged property or (ii) both the fee and the leasehold interests in the mortgaged property. If the lender elects to only foreclose on the borrower’s leasehold interest in the mortgaged property and keep the UN Tenants as a tenant (i.e., a scenario in which the borrower is in default under the loan documents, but the UN Tenants are not in default under the applicable space lease), the lender has retained the ability to ultimately obtain fee title to the mortgaged property if the UN Tenants were to default on any of its space leases at a later date. In connection with the foregoing, pursuant to an escrow arrangement among the borrower, the UN Tenants, the lender and First American Title Insurance Company, the UN Tenants has delivered deeds “in blank” to First American Title Insurance Company.
With respect to Loan No. 9, Hilton Tapestry - Hotel Alba Tampa, a portion of the mortgaged property used for parking measuring approximately 2,400 square feet is ground leased by the borrower, Tampa Hotel Associates LLC, as ground lessee, under a ground lease with the State of Florida Department of Transportation, as ground lessor. The borrower entered into the ground lease on April 25, 2019, which expires on July 30, 2024, with one, five-year extension option remaining. The annual base ground rent is $2,432, plus applicable tax.
With respect to Loan No. 10, Papago Gateway Center, the mortgaged property is subject to a master ground lease between Salt River Project Agricultural Improvement and Power District, as master ground lessor, and Papago Park Center, Inc., as master ground lessee The mortgaged property is sub ground leased by the borrower, LMC-Mill/Washington, LLC, as the sub ground lessee, under a sub ground lease with Papago Park Center, Inc., as the sub ground lessor. The borrower assumed the ground lease on January 1, 2006, which expires on December 31, 2085, and has no extension options. The annual sub ground rent under the sub ground lease is $410,112, subject to an increase every five years, with the next scheduled increase in January 2026. The sub ground rent increase is subject to the cost-of-living adjustments every five years and the consumer price index of all urban consumers, all items index 1985-84 (San Diego), with a maximum increase of 17.0%.
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(18) | 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. 6, Jordan Creek Town Center, the borrowers provided a limited payment guaranty, guaranteeing up to $260,628 in lieu of deposits of amounts due at loan origination for the gap rent reserve.
With respect to Loan No. 6, Jordan Creek Town Center, the borrowers provided a limited payment guaranty, guaranteeing up to $7,584,188 in lieu of deposits of amounts due at loan origination for the rollover reserve.
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A-1-30 |
With respect to Loan No. 12, Elevate at the Pointe, at origination, the borrower deposited approximately $58,850 for required repairs to cover the cost of pavement and parking repairs, inspect and repair balconies and to remove and replace all affected finishes from water damage in the end unit of building 15.
With respect to Loan No. 21, Views at Lake Havasu, at origination, the borrower deposited approximately $400,000 for performance reserve funds. | |
(19) | 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. 4, Western Digital Milpitas Campus, on each monthly payment date, the borrower is required to deposit an amount equal to 1/12th of the taxes that the lender reasonably estimates will be payable during the next ensuing 12 months, provided, however, the borrower is not required to make deposits into the tax account so long as (a) no event of default has occurred and is continuing, (b) the lease with Western Digital Technologies, Inc. (“WD”) (or a replacement qualified lease) is in full force and effect and (x) no material monetary (including, without limitation, any failure to pay rent due thereunder) or material non-monetary event of default, beyond any applicable notice and cure periods, under the WD lease (or a replacement qualified lease) exists and (y) no other material tenant trigger event exists, (c) WD (or a material tenant under a replacement qualified lease) is required under its lease to make the payments relating to the obligations and liabilities for which the applicable reserve account was established and (d) WD (or a material tenant under a replacement qualified lease) continues to make the payments relating to the obligations and liabilities for which the applicable reserve account was established and the borrower delivers evidence of the same to the lender in a timely manner.
With respect to Loan No. 4, Western Digital Milpitas Campus, on each monthly payment date during a material tenant trigger event period, the borrower is required to deposit an amount equal to 1/12th of the insurance premiums that the lender reasonably estimates will be payable in the next 12 months for the renewal of the required supplemental terrorism insurance. In addition, on each monthly payment date, the borrower is 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 insurance policies, provided, however, (X) if all of the required insurance coverages are provided through an approved blanket policy, the borrower is not required to make deposits on account of insurance premiums and (Y) the borrower is not required to make the monthly insurance deposit on account of insurance premiums (other than the monthly supplemental terrorism insurance deposits) so long as (a) no event of default has occurred and is continuing, (b) the WD lease (or a replacement qualified lease) is in full force and effect and (x) no material monetary (including, without limitation, any failure to pay rent due thereunder) or material non-monetary event of default, beyond any applicable notice and cure periods, under the WD lease (or a replacement qualified lease) exists and (y) no other material tenant trigger event exists, (c) WD (or a material tenant under a replacement qualified lease) is required under its lease to make the payments relating to the obligations and liabilities for which the applicable reserve account was established, (d) WD (or a material tenant under a replacement qualified lease) continues to make the payments relating to the obligations and liabilities for which the applicable reserve account was established and the borrower delivers evidence of the same to the lender in a timely manner and (e) the borrower maintains the required supplemental insurance coverage (including any supplemental terrorism insurance policies).
With respect to Loan No. 4, Western Digital Milpitas Campus, on each monthly payment date, the borrower is required to deposit an amount equal to approximately $7,224 for capital expenditures, provided, however, the borrower is not required to make deposits into the capital expenditures account so long as (a) no event of default has occurred and is continuing, (b) the WD lease (or a replacement qualified lease) is in full force and effect and no material tenant trigger event exists and is continuing and (c) WD is obligated to maintain the mortgaged property in good, clean, sanitary, safe and working order, condition and repair (or a material tenant under a replacement qualified lease is obligated pursuant to its lease to maintain the mortgaged property in a commercially reasonable manner and condition), and WD (or a material tenant under a replacement qualified lease) is in compliance with such obligations.
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A-1-31 |
With respect to Loan No. 4, Western Digital Milpitas Campus, on each monthly payment date during a material tenant trigger event period, the borrower is required to deposit all material tenant trigger event excess cash for tenant allowances, tenant improvements and leasing commissions that may be incurred or required to be reimbursed by the borrower in connection with an extension of a material tenant lease upon terms and conditions reasonably acceptable to the lender or leasing material tenant space pursuant to qualified leases. During the continuance of a material tenant trigger event period, the amount of the material tenant funds deposited into the material tenant account or the applicable material tenant subaccount will not exceed an aggregate amount equal to (A) during the continuance of any material tenant trigger period caused by the occurrence of (i) a material tenant giving written notice to the borrower of its intention to terminate or not extend its material tenant lease, (ii) on or prior to the date that is 12 months prior to the then applicable expiration date under its material tenant lease, a material tenant not extending such material tenant lease in accordance with the terms thereof, (iii) on or prior to the date by which a material tenant is required under its material tenant lease to notify the borrower of its election to extend such material tenant lease, such material tenant not giving such notice, (iv) a monetary or material non-monetary event of default occurring under a material tenant lease and continuing beyond any applicable notice and cure periods or (v) both material tenant and material tenant lease guarantor (for the avoidance of doubt, analyzed separately) failing to maintain any two of the following credit ratings: (a) a long term local issuer credit rating of at least “BB-” by S&P, (b) a senior unsecured debt rating of at least “Ba3” by Moody’s and (c) a senior unsecured debt rating of at least “BB-” by Fitch, an aggregate amount equal to the aggregate base rent scheduled to be paid by the material tenant to the borrower under such material tenant lease from the date of the commencement of such material tenant trigger event period until the date that is 24 months thereafter or (B) during the continuance of any material tenant trigger period caused by the occurrence of (i) any bankruptcy action of a material tenant or any material tenant lease guarantor, (ii) a material tenant lease terminating (in whole or in part) or (iii) a material tenant “going dark”, vacating, ceasing to occupy or discontinuing its operations at all or a portion exceeding 20% of its material tenant space at the mortgaged property, in each case, in violation of the terms of its material tenant lease, an aggregate amount equal to the aggregate base rent scheduled to be paid by the material tenant to the borrower under such material tenant lease from the date of the commencement of such material tenant trigger event period until the date that is 36 months thereafter. During the continuance of any material tenant trigger period caused by the occurrence of both material tenant and material tenant lease guarantor (for the avoidance of doubt, analyzed separately) failing to maintain all of the following credit ratings: (a) a long term local issuer credit rating of at least “B+” by S&P, (b) a senior unsecured debt rating of at least “B1” by Moody’s and (c) a senior unsecured debt rating of at least “B+” by Fitch; provided, however, that if only two of such rating agencies assign a particular required rating then only two of such ratings will be required to satisfy the criteria set forth above, there will be no cap on the amount of the material tenant funds deposited into the material tenant account or the applicable material tenant subaccount.
With respect to Loan No. 6, Jordan Creek Town Center, on each monthly payment date during a cash management period and/or from and after the Upfront General Reserve Account Disbursement Date (as described in the mortgage loan documents), the borrowers are required to deposit an amount equal to $19,584, an amount equal to 1/12th of $0.25 per owned leasable square foot at the mortgaged property, into a replacement reserve account and $78,337, an amount equal to 1/12th of $1.00 per owned leasable square foot at the mortgaged property, into a rollover reserve account.
With respect to Loan No. 6, Jordan Creek Town Center, on each monthly payment date during a cash management period and/or from and after the Upfront General Reserve Account Disbursement Date, the borrowers are required to deposit into a tax reserve on a monthly basis 1/12th of the taxes that the lender estimates will be payable during the next ensuing 12 months. The borrowers are also required to deposit into an insurance reserve on a monthly basis 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by such policies; provided, however, such insurance reserve has been conditionally waived so long as the borrowers maintain a blanket policy meeting the requirements of the mortgaged loan documents.
With respect to Loan No. 7, Kenwood Towne Centre, during the continuance of a reserve trigger period or cash management period, on each monthly payment date thereafter, the borrower is required to escrow approximately $21,524 for monthly replacement reserves.
With respect to Loan No. 7, Kenwood Towne Centre, during the continuance of an anchor trigger event, on each monthly payment date, the borrower is required to escrow an amount equal to the anchor reserve monthly deposit for tenant improvements and leasing commissions, construction costs, required landlord work and other related costs associated with re-tenanting the applicable space or any other space at the mortgaged property. |
A-1-32 |
With respect to Loan No. 7, Kenwood Towne Centre, during the continuance of a reserve trigger period or cash management period, the borrower is required to deposit, on a monthly basis, (A) 1/12th of the taxes and (B) 1/12th of the insurance premiums that the lender reasonably estimates will be payable during the next ensuing 12 months. With respect to the insurance reserve deposits, the lender will waive the requirements for insurance deposits if the borrower maintains insurance pursuant to a blanket policy and premiums have been paid at least 30 days prior to expiration of the policies. All funds remaining in the tax and insurance escrow fund will be returned to the borrower upon the earliest to occur of (i) payment in full of the debt, (ii) a defeasance event or (iii) the termination of a reserve management period or cash management period (provided no event of default has occurred and is continuing).
With respect to Loan No. 8, El Paseo Shopping Center, the borrower is required to deposit into an eligible account (the “Leasing Reserve Account”) on each monthly payment date the sum of $23,116.37 (the “Leasing Reserve Monthly Deposit”) for tenant improvements and leasing commissions provided, however, that notwithstanding the foregoing, the borrower will have no obligation to make the Leasing Reserve Monthly Deposit on any monthly payment date to the extent such deposit would cause the amount of leasing reserve funds to exceed $277,396 (the “Leasing Reserve Cap”) provided, further, that so long as no trigger period has occurred and is continuing, the borrower will have no obligation to make the Leasing Reserve Monthly Deposit until the monthly payment date occurring in March, 2027.
With respect to Loan No. 9, Hilton Tapestry - Hotel Alba Tampa, the borrower is required to deposit into an eligible account (the “FF&E Reserve Account”) on each monthly payment date, an amount equal to the greater of (i) the FF&E Payment (as defined herein) and (ii) the amount of deposit if any then required by the franchisor on account under the franchise agreement. The “FF&E Payment” means an amount equal to 1/12th of 4% of the greater of (a) the annual gross revenues for the hotel related operations at the Hilton Tapestry - Hotel Alba Tampa mortgaged property for the immediately preceding calendar year as reasonably determined by the lender and (b) the projected annual gross revenues for the hotel related operations for the calendar year in which such monthly payment date occurs as set forth in the approved annual budget, or where no approved annual budget exists as of the date of determination, the amount of the FF&E Payment will be determined by the lender in its reasonable discretion. The initial monthly FF&E Payment was determined to be approximately $50,563.
With respect to Loan No. 9, Hilton Tapestry - Hotel Alba Tampa, the borrower is required to deposit into an eligible account (the “Seasonality Reserve Account”) on each monthly payment date occurring in the months of December through April (inclusive) in each calendar year, an amount equal to the applicable seasonality reserve monthly deposit; provided that the borrower will have no obligation to make the seasonality reserve monthly deposit on any monthly payment date if the seasonality reserve waiver condition is satisfied on such monthly payment date.
With respect to Loan No. 9, Hilton Tapestry - Hotel Alba Tampa, if the borrower elects to satisfy the Franchise Renewal Cure Conditions (as defined below), the borrower will deposit $1,500,000 into the franchise renewal reserve account.
“Franchise Renewal Cure Conditions” will be deemed to exist if the borrower deposits into the franchise renewal reserve account (or delivers a letter of credit) an amount equal to $1,500,000 on the date that is 24 months prior to the maturity date and the date that is 12 months prior to the maturity date.
With respect to Loan No. 10, Papago Gateway Center, if the balance in the rollover reserve is less than the rollover reserve cap of $3,000,000, the borrower is required on a monthly basis to deposit $30,812.63 into the rollover reserve account. To the extent the sum of the rollover reserve account equals the rollover reserve cap, the borrower will no longer be required to make the monthly rollover reserve deposit.
With respect to Loan No. 10, Papago Gateway Center, if the lender determines that amounts on deposit in the ground lease reserve account are insufficient to pay the ensuing six months of ground rent in full, the borrower will be required to make a true up payment with respect to such insufficiency into the ground lease reserve account.
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A-1-33 |
With respect to Loan No. 26, DoubleTree by Hilton Hotel Orlando at SeaWorld, the borrower deposited approximately $81,403 into a seasonality reserve at origination. On each monthly payment date thereafter, other than the payment dates occurring in August and September of each year, the borrower is required to deposit approximately $81,403 into the seasonality reserve. The seasonality reserve is subject to adjustment such that it funds a "Seasonality Shortfall Amount" equal to, as of any date of calculation, the product of (i) the amount, if any, by which gross income from operations with respect to the immediately preceding 12-month period was deficient for purposes of paying debt service for such period, multiplied by (ii) 1.10.
With respect to Loan No. 27, WoodSpring Suites – Charlotte, if there are insufficient funds in the replacement reserve to fully pay for the required future PIP renovations, the borrower is required to deposit into the PIP reserve, within 20 days following the date of the applicable required PIP plan, an amount equal to 120% of the amount determined by the lender to complete the applicable required future PIP renovations.
With respect to Loan No. 27, WoodSpring Suites – Charlotte, in accordance with the loan documents and based on the annual operating statements and proposed budget at the mortgaged property, the lender may adjust the Monthly Replacement / FF&E Reserve ($) monthly deposit, initially estimated at $9,728.00 to be equal to the greater of (a) the amount required pursuant to the terms of the franchise agreement and (b) 1/12th of 4.0% of the greater of the (i) total gross income from operations for the immediately preceding calendar year and (ii) total projected gross income from operations set forth in the approved annual budgets for the immediately following calendar year.
With respect to Loan No. 31, Lovejoy Station, the borrower is required to deposit $6,428 monthly into a joint TI/LC and replacements reserve which is capped at $300,000. For presentation purposes, the joint TI/LC and replacements reserve is shown in the Monthly TI/LC Reserve ($) field.
With respect to Loan No. 32, Waterside Commons, provided the major tenant renewal criteria set forth in the related loan agreement has not been satisfied, on February 28, 2027, the borrower is required to pay a one-time deposit in the amount of $60,000 for the major tenant reserve.
With respect to Loan No. 33, Galleria at Tyler, during the continuance of a cash management period or from and after a general reserve disbursement date, on each payment date thereafter, the borrower is required to escrow approximately $17,449 for monthly replacement reserves.
With respect to Loan No. 33, Galleria at Tyler, during the continuance of a cash management period or from and after a general reserve disbursement date, on each payment date thereafter, the borrower is required to escrow $94,318 for monthly rollover reserves. | |
(20) | 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. 3, 304 East 45th Street, the borrower is required to deposit for replacement reserves on a monthly basis an amount equal to $5,701.32. Provided that no event of default is continuing, the borrower is not required to deposit with the lender the replacement reserve monthly deposit so long as the balance of replacement reserve funds on deposit in the replacement reserve subaccount is equal to or greater than the replacement reserve cap of $205,247.40.
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With respect to Loan No. 5, Shops at Marble Hill, the borrower is required to deposit for replacement reserves on a monthly basis an amount equal to $2,061.88. Provided that no event of default is continuing, the borrower is not required to deposit with the lender the replacement reserve monthly deposit so long as the balance of replacement reserve funds on deposit in the replacement reserve subaccount is equal to or greater than the replacement reserve cap of $74,228.00.
With respect to Loan No. 6, Jordan Creek Town Center, the replacement reserve account is subject to a cap upon amounts being equal to or greater than the product of (x) 24 and (y) the replacement reserve monthly deposit, which initially will be $470,019.
With respect to Loan No. 6, Jordan Creek Town Center, the rollover reserve account is subject to a cap upon amounts being equal to or greater than the product of (x) 24 and (y) the rollover reserve monthly deposit, which initially will be $1,880,076.
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A-1-34 |
With respect to Loan No. 7, Kenwood Towne Centre, during the continuance of a reserve trigger period or cash management period, the borrower is required to deposit with the lender on each monthly payment date an amount equal to $21,524 for replacement reserves. In the event the balance of funds contained in the replacement reserve is equal to or greater than $516,571 (the “Reserve Cap”), the borrower will not be required to pay to the lender the replacement reserve monthly deposit; provided, however, that upon such time as the balance of funds then contained in the replacement reserve has been reduced to an amount less than the Reserve Cap, the borrower will be required to recommence paying to the lender the replacement reserve monthly deposit until such time as the balance of funds then contained in the replacement reserve is equal to or greater than the Reserve Cap.
With respect to Loan No. 7, Kenwood Towne Centre, the borrower is required to deposit monthly into the TI/LC reserve account an amount equal to $129,142.63 if the balance of the TI/LC reserve account is less than $3,099,423, until the amounts on deposit in the TI/LC reserve account are equal to or exceed $3,099,423. The upfront existing TI/LC of $3,732,395 does not apply towards the capped amount.
With respect to Loan No. 30, Hill Road Plaza, the monthly payments into the TI/LC reserve will be suspended if the balance in the TI/LC reserve is at least $162,072 and the debt coverage service ratio is greater than or equal to 1.20x. | |
(21) | 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. |
(22) | 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.
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(23) | 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. 7, Kenwood Towne Centre, the Second Largest Tenant, Dillard’s, has a one-time option to surrender its expansion premises (approximately 90,000 square feet).
With respect to Loan No. 10, Papago Gateway Center, the Largest Tenant, First Solar, has the right to terminate its lease upon its delivery of written notice to the landlord on or before April 1, 2026, effective as of December 31, 2026, with a payment of a termination fee of $1,462,357.34.
With respect to Loan No. 13, Tysons Corner Center, the Fifth Largest Tenant, Primark, which has not yet opened for business, has the right to terminate its lease effective as of the end of the fifth lease year if the tenant’s gross sales during the fourth lease year do not equal or exceed $23,000,000. Such termination right must be exercised by notice given at any time during the 90-day period following the end of the fourth lease year.
With respect to Loan No. 31, Lovejoy Station, the Second Largest Tenant, Five Below, executed a new 10-year lease at the mortgaged property for 9,373 square feet. Five Below’s space is expected to be completed and delivered in June 2024. If the borrower fails to deliver possession of the space to the tenant with the landlord's work at substantial completion on or before August 31, 2024, Five Below has the right to either (a) terminate the lease by notice to the landlord, given any time thereafter but prior to delivery of the premises, or (b) not terminate the lease, but to continue to accrue free rent until the premises are delivered to the tenant. Additionally, on the expiration of the 60th full calendar month of the lease term, Five Below has a one-time termination option exercisable with 90 days’ notice delivered prior to the termination date.
With respect to Loan No. 32, Waterside Commons, the Third Largest Tenant, AON Jiu Jitsu, has a one-time right to terminate its lease (a) upon its delivery of (i) written notice to the landlord at any time during the 37th month of the term, September 2024, which termination will occur 30 days following the date of the early termination notice and (ii) an early termination fee equal to the scheduled base rent and an additional rent for four months from the termination date and (b) provided no event of default exists under the lease, including the time between the delivery of the early termination notice and the termination date.
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A-1-35 |
(24) | With respect to Loan No. 1, Staten Island Mall, the non-recourse carveout guarantor’s recourse obligations with respect to bankruptcy or insolvency related events is capped at 20% of the outstanding principal balance of the related Whole Loan.
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(25) | Each letter identifies a group of related borrowers.
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(26) | 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.
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(27) | With respect to Loan No. 1, Staten Island Mall, portions of the mortgaged property benefit from either a New York City Industrial and Commercial Incentive Program (“ICIP”) exemption or a New York City Industrial and Commercial Abatement Program (“ICAP”) abatement. Of the 16 tax parcels comprising the mortgaged property, two currently benefit from an ICIP exemption and three from an ICAP abatement. The appraisal estimates the current tax benefits of these programs to be $1,168,787 for the 2023-2024 tax year, and the net present value of these tax benefits through the 2043-2044 tax year to be approximately $24,067,286. The appraisal estimate assumes that additional parcels will benefit from these programs over the remaining period of the programs. Real estate taxes were underwritten based on the appraisal real estate taxes for the 2023-2024 tax year, which give effect to the ICIP exemptions and ICAP abatements.
With respect to Loan No. 2, Sheraton Hotel Brooklyn, the Mortgaged Property benefits from a 25-year Industrial & Commercial Incentive Program tax abatement program, which took effect in the 2009-2010 tax year and will continue until expiration in the 2034-2035 tax year, but the tax burden is reached in the 2033-2034 tax year. The taxable assessment for the improvements is reduced by 100% of the exemption for the first 16 years of the exemption period, then by a sliding scale of 10% per year for the remaining nine years of the exemption period. The benefit amount is equal to the value of the project (determined by the NYC Department of Finance), which is then multiplied by the benefit phase out percentage. The most recent 2023-2024 actual assessed value is $18.2 million, which, according to the appraisal, is assumed to grow to the total transitional assessed value of $23.1 million over the next five years.
With respect to Loan No. 3, the 304 East 45th Street mortgaged property, the lender has a fee and leasehold mortgage that is secured by: (i) the borrower’s leasehold interest in the mortgaged property, (ii) the borrower’s reversionary interest in the fee interest in the mortgaged property and (iii) the fee interest in the mortgaged property through the UN Tenants joinder to the mortgage. The borrower sponsor divided the mortgaged property into nine condominium units to enable the mortgaged property to benefit from a tax exemption based on the tax exempt status of the UN Tenants. The not-for-profit property tax exemption is applied directly to the tenant, which owns its respective units. Five of the condominium units are owned by the UN and three condominium units are owned by the UNDP. The borrower retains ownership of one unit and pays its pro rata share of real estate taxes on that portion of the mortgaged property. The ownership is structured as a condominium, such that the condominium units where the UNDP is a tenant (so long as the UNDP is the tenant at the mortgaged property), are exempt from paying real estate taxes. Should one or both tenants vacate its respective units, the condominium structure and tax abatement for such units would dissolve, and ownership of the units would return to the borrower. Since the borrower benefits from the tax structure in place at the mortgaged property, the borrower has agreed to credit a portion of the benefit back to the UNDP in the form of a real estate tax credit. The UN currently pays the borrower a gross rent, of which a portion is then credited back to the UN. Historically the same structure has been in place for the UNDP, but upon renewal of the UNDP lease, the borrower structured the new lease to be the equivalent of a net rent.
With respect to Loan No. 10, Papago Gateway Center, the borrower is exempt from real estate taxes for the duration of the sub ground lease as the master ground lessor is the Salt River Project Agricultural Improvement and Power District, which is a quasi-government entity. The mortgaged property is exempt from property taxes for the duration of the ground lease.
With respect to Loan No. 17, The Residences at 279 North, the mortgaged property was approved for a 485-A property tax exemption from the city of Buffalo. The 485-A tax exemption is a 12-year partial tax exemption from real property taxation and special ad valorem levies for non-residential property converted to a mix of residential and commercial uses. Throughout the first eight years of the tax exemption, 100% of the total assessment less base assessment, equal to $12,670,000, is exempt from property taxes. The appraisal estimates the projected savings in 2023/2024 to be $237,226 and projects total projected savings to be $2,041,551 over the remaining 10 years of the tax exemption period. The appraisal estimated the present value of the remaining 10 years of the tax exemption to be approximately $1,615,000. |
A-1-36 |
With respect to Loan No. 18, Centurion Ironbound, the mortgaged property benefits from a 25-year payment-in-lieu of taxes (“PILOT”) program with the City of Newark. In connection with the PILOT program, the borrower is required to reserve at least 14 of the units (the “Affordable Units”) at the mortgaged property for tenants earning no more than 80% of the area median income, subject to certain rental restrictions. The annual payment due under the PILOT program, which commenced on November 14, 2023, is based on the annual gross revenue of the mortgaged property, such that: (i) the payment for the first 15 years equals the sum of (a) 7.5% of the annual gross revenue from the Affordable Units and (b) 10% of the annual gross revenue of the market rate units; (ii) the payment for years 16 through 21 equals the sum of (a) the greater of 7.5% of the annual gross revenue from the Affordable Units or 20% of the taxes that would otherwise be due on the value of the Affordable Units and (b) the greater of 10% of the annual gross revenue of the market rate units or 20% of the taxes that would otherwise be due on the value of the market rate units; (iii) the payment for years 22 through 23 equals the sum of (a) the greater of 7.5% of the annual gross revenue from the Affordable Units or 40% of the taxes that would otherwise be due on the value of the Affordable Units and (b) the greater of 10% of the annual gross revenue of the market rate units or 40% of the taxes that would otherwise be due on the value of the market rate units; (iv) the payment for year 24 equals the sum of (a) the greater of 7.5% of the annual gross revenue from the Affordable Units or 60% of the taxes that would otherwise be due on the value of the Affordable Units and (b) the greater of 10% of the annual gross revenue of the market rate units or 60% of the taxes that would otherwise be due on the value of the market rate units; and (v) the payment for year 25 equals the sum of (a) the greater of 7.5% of the annual gross revenue from the Affordable Units or 80% of the taxes that would otherwise be due on the value of the Affordable Units and (b) the greater of 10% of the annual gross revenue of the market rate units or 80% of the taxes that would otherwise be due on the value of the market rate units. In addition, such annual payment will include an annual fee equal to 2% of such payment. The full unabated taxes for the 2024-2025 tax year are projected by the appraiser to be $360,000 compared to the underwritten abated taxes of $187,692.
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(28) | With respect to Loan No. 10, Papago Gateway Center, the mortgaged property is subject to a master ground lease between Salt River Project Agricultural Improvement and Power District, as master ground lessor, and Papago Park Center, Inc. as master ground lessee. The borrower, LMC-Papago Investment Company, LLC, as ground sublessee, entered into a ground sublease with Papago Park Center, Inc., as ground sublessor, on January 1, 2006, with an expiration date of December 31, 2085.
With respect to Loan No. 23, Holiday Inn Express – Tampa, FL, the mortgaged property is subject to a master lease between Blessed Dream Real Estate, LLC (co-borrower), as lessor, and Blessed Dream Hospitality, LLC (co-borrower), as lessee. The base rent under the master lease, which is scheduled to expire on December 31, 2033, is $10,000 per month plus a monthly amount equal to all principal, interest, escrow and all additional charges the landlord is obligated to pay.
With respect to Loan No. 24, Tesla - Golden Valley, the mortgaged property is subject to a master lease between KB Golden Valley, DST, as lessor, and KB Golden Valley MT, LLC, as lessee.
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(29) | Intentionally Left Blank |
(30) | With respect to Loan No. 2, Sheraton Hotel Brooklyn, the hotel received an initial “red zone” letter in 2017 for low guest satisfaction scores and has since received “red zone” letters on five additional occasions, with the most recent received in February 2023. To no longer be in the “red zone,” the hotel is required to earn a “Clean Slate”. To earn a Clean Slate, the hotel must achieve either “Green” or “Clear” zone status under the Marriott system for two consecutive six-month tracking periods (January through June 2024 and July through December 2024) or achieve “Green”, “Clear”, or “Yellow” zone status for four consecutive tracking periods. The hotel received a “Yellow” zone status for guest satisfaction for the last reporting period in January through June 2023 and July through December 2023. The whole loan will enter a trigger period upon the receipt by the borrower of a “Red Zone” notice if a new Forbearance Agreement that is not in full force and effect is not delivered within 30 days of the date of the “Red Zone” notice, and the trigger period will end if the hotel has achieved “Clean Slate” status or the franchisor delivers an executed Forbearance Agreement that is in full force and effect.
With respect to Loan No. 6, Jordan Creek Town Center, the Second Largest Tenant, Scheels, operates the mortgaged property under a ground lease that is currently set to expire in July 2029. Scheels has six, five-year renewal options remaining.
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A-1-37 |
With respect to Loan No. 10, Papago Gateway Center, a trigger period commenced on the origination date and will be ongoing until a replacement tenant takes occupancy of the First Solar space for a term of at least five years, among other conditions as described in the mortgage loan documents. As of the origination date, on each monthly payment date approximately $383,772, or approximately $4.6 million per annum, of excess cash is reserved.
With respect to Loan No. 16, Cedarlane Foods, the guarantors have guaranteed lease payments under the sole lease at the mortgaged property. |
A-1-38 |