FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-259741-06 | ||
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Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | % of Initial Pool Balance | % of Loan Balance | Mortgage Loan Originator(1) | Mortgage Loan Seller(1) | Related Group | Crossed Group | Address | City | County | State | Zip Code | General Property Type | Detailed Property Type |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 9.9% | 100.0% | BANA | BANA | NAP | NAP | 3663 South Las Vegas Boulevard | Las Vegas | Clark | NV | 89109 | Retail | Regional Mall |
2 | Loan | 5 | 1 | Brandon Mall | 9.6% | 100.0% | WFB | WFB | NAP | NAP | 175, 459, 303-675, 686 & 901 Brandon Town Center Drive | Brandon | Hillsborough | FL | 33511 | Retail | Super Regional Mall |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 8.9% | 100.0% | WFB | WFB | NAP | NAP | 222 Berkeley Street and 500 Boylston Street | Boston | Suffolk | MA | 02116 | Office | CBD |
4 | Loan | 10 | 1 | Park West Shopping Center | 8.7% | 100.0% | WFB | WFB | NAP | NAP | 9712-9868 West Northern Avenue | Peoria | Maricopa | AZ | 85345 | Retail | Anchored |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 7.8% | WFB | WFB | NAP | NAP | Various | Bakersfield | Kern | CA | 93311 | Various | Various | |
5.01 | Property | 1 | Shops at Riverwalk | 6.9% | 88.5% | 10100-11150 Stockdale Highway | Bakersfield | Kern | CA | 93311 | Retail | Shadow Anchored | |||||
5.02 | Property | 1 | River Walk Corporate Center | 0.9% | 11.5% | 11000 River Run Boulevard | Bakersfield | Kern | CA | 93311 | Office | Suburban | |||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 7.7% | JPMCB | JPMCB | NAP | NAP | Various | Various | Various | Various | Various | Various | Various | |
6.01 | Property | 1 | Romulus - Huron | 2.0% | 25.5% | 38481 Huron River Drive | Romulus | Wayne | MI | 48174 | Industrial | Manufacturing/Warehouse | |||||
6.02 | Property | 1 | Warren Perkins Jones | 1.7% | 22.5% | 541 Perkins Jones Road Northeast | Warren | Trumbull | OH | 44483 | Industrial | Warehouse/Distribution | |||||
6.03 | Property | 1 | Cleveland American Industrial | 1.3% | 17.0% | 1 American Road | Cleveland | Cuyahoga | OH | 44144 | Industrial | Warehouse/Distribution | |||||
6.04 | Property | 1 | Cleveland American Office | 1.1% | 14.5% | 100 American Road | Cleveland | Cuyahoga | OH | 44144 | Office | Suburban | |||||
6.05 | Property | 1 | Miles North Randall | 1.0% | 13.0% | 21201 Miles Road | North Randall | Cuyahoga | OH | 44128 | Industrial | Warehouse/Distribution | |||||
6.06 | Property | 1 | Invacare | 0.5% | 6.0% | 1200 Taylor Street | Elyria | Lorain | OH | 44035 | Industrial | Flex | |||||
6.07 | Property | 1 | Stop Eight Vandalia | 0.1% | 1.5% | 3345 Stop Eight Road | Vandalia | Montgomery | OH | 45414 | Industrial | Warehouse/Distribution | |||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 5.7% | JPMCB | JPMCB | NAP | NAP | Various | Various | Various | AL | Various | Hospitality | Various | |
7.01 | Property | 1 | HGI Madison | 1.8% | 31.0% | 145 Graphics Drive | Madison | Madison | AL | 35758 | Hospitality | Full Service | |||||
7.02 | Property | 1 | Home2 Madison | 1.5% | 26.7% | 135 Graphics Drive | Madison | Madison | AL | 35758 | Hospitality | Extended Stay | |||||
7.03 | Property | 1 | Home2 Opelika | 1.2% | 21.2% | 3150 Capps Way | Opelika | Lee | AL | 36801 | Hospitality | Extended Stay | |||||
7.04 | Property | 1 | Home2 Decatur | 1.2% | 21.1% | 807 Island Way Northwest | Decatur | Morgan | AL | 35601 | Hospitality | Extended Stay | |||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 5.5% | 100.0% | JPMCB | JPMCB | NAP | NAP | 38-25 Main Street | Flushing | Queens | NY | 11354 | Mixed Use | Retail/Office |
9 | Loan | 5 | 1 | 503-511 Broadway | 5.3% | 100.0% | MSBNA | MSMCH | NAP | NAP | 503-511 Broadway | New York | New York | NY | 10012 | Mixed Use | Office/Retail |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 5.0% | 100.0% | WFB | WFB | NAP | NAP | 235 East Main Street | Norfolk | Norfolk | VA | 23510 | Hospitality | Full Service |
11 | Loan | 22, 23 | 1 | The Read House | 4.9% | 100.0% | WFB | WFB | NAP | NAP | 107 West Martin Luther King Boulevard | Chattanooga | Hamilton | TN | 37402 | Hospitality | Full Service |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 4.2% | MSBNA | MSMCH | NAP | NAP | Various | Various | Various | Various | Various | Industrial | Warehouse/Distribution | |
12.01 | Property | 1 | 2301 Denso Drive | 1.1% | 25.4% | 2301 Denso Drive | Athens | McMinn | TN | 37303 | Industrial | Warehouse/Distribution | |||||
12.02 | Property | 1 | 300-310 N Alloy Drive | 0.9% | 22.2% | 300-310 North Alloy Drive | Fenton | Genesee | MI | 48430 | Industrial | Warehouse/Distribution | |||||
12.03 | Property | 1 | 55210 Rudy Road | 0.8% | 20.0% | 55210 Rudy Road | Dowagiac | Cass | MI | 49047 | Industrial | Warehouse/Distribution | |||||
12.04 | Property | 1 | 555 S Fenway Drive | 0.8% | 20.0% | 555 South Fenway Drive | Fenton | Genesee | MI | 48430 | Industrial | Warehouse/Distribution | |||||
12.05 | Property | 1 | 405 N Industrial Drive | 0.3% | 6.4% | 405 North Industrial Drive | Bremen | Marshall | IN | 46506 | Industrial | Warehouse/Distribution | |||||
12.06 | Property | 1 | 1139 S Fenway Circle | 0.3% | 6.0% | 1139 South Fenway Circle | Fenton | Genesee | MI | 48430 | Industrial | Warehouse/Distribution | |||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 3.7% | 100.0% | BANA/JPMCB | BANA/JPMCB | NAP | NAP | 2001 and 2005 Market Street | Philadelphia | Philadelphia | PA | 19103 | Office | CBD |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 3.3% | 100.0% | MSBNA | MSMCH | NAP | NAP | 1111 & 1200 Bagby Street | Houston | Harris | TX | 77002 | Office | CBD |
15 | Loan | 5, F | 1 | 6330 West Loop South | 2.6% | 100.0% | BANA | BANA | NAP | NAP | 6330 West Loop South | Bellaire | Harris | TX | 77401 | Office | Medical |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 2.4% | 100.0% | MSBNA | MSMCH | NAP | NAP | 110 & 140 West Sandy Lake Road | Coppell | Dallas | TX | 75019 | Retail | Anchored | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 1.5% | 100.0% | MSBNA | MSMCH | NAP | NAP | 1201 Third Avenue | Seattle | King | WA | 98101 | Office | CBD |
18 | Loan | 1 | 218 West 234th Street | 1.4% | 100.0% | MSBNA | MSMCH | NAP | NAP | 218 West 234th Street | Bronx | Bronx | NY | 10463 | Retail | Anchored | |
19 | Loan | 1 | Terre Haute Industrial | 1.0% | 100.0% | MSBNA | MSMCH | NAP | NAP | 1383 and 1441 Aberdeen Street & 3910 East Third Parkway | Terre Haute | Vigo | IN | 47804 | Industrial | Warehouse/Distribution | |
20 | Loan | 1 | UCC Environmental HQ | 1.0% | 100.0% | MSBNA | MSMCH | NAP | NAP | 2100 Norman Drive | Waukegan | Lake | IL | 60085 | Mixed Use | Office/Lab/R&D |
A-1-1 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Year Built | Year Renovated | Number of Units | Unit of Measure | Loan Per Unit ($) | Original Balance ($) | Cut-off Date Balance ($) | Maturity/ARD Balance ($) | Interest Rate % | Administrative Fee Rate %(3) | Net Mortgage Rate % | Monthly Debt Service (P&I) ($) | Monthly Debt Service (IO) ($) | Annual Debt Service (P&I) ($) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 2000 | 2007-2008; 2022-2023 | 503,484 | SF | 844.12 | 67,000,000 | 67,000,000 | 67,000,000 | 6.99105% | 0.02428% | 6.96677% | NAP | 395,754.93 | NAP |
2 | Loan | 5 | 1 | Brandon Mall | 1995 | 2022 | 659,882 | SF | 183.37 | 65,000,000 | 65,000,000 | 65,000,000 | 7.62000% | 0.02128% | 7.59872% | NAP | 418,482.64 | NAP |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 1987; 1991 | 2016-2022 | 1,283,670 | SF | 370.03 | 60,000,000 | 60,000,000 | 60,000,000 | 6.29800% | 0.02128% | 6.27672% | NAP | 319,273.61 | NAP |
4 | Loan | 10 | 1 | Park West Shopping Center | 2007 | NAP | 253,789 | SF | 230.90 | 58,600,000 | 58,600,000 | 58,600,000 | 7.25000% | 0.03128% | 7.21872% | NAP | 358,958.91 | NAP |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | Various | Various | 313,317 | SF | 167.42 | 52,500,000 | 52,455,546 | 49,695,189 | 6.83500% | 0.02128% | 6.81372% | 343,485.60 | NAP | 4,121,827.20 |
5.01 | Property | 1 | Shops at Riverwalk | 2005-2022 | NAP | 269,759 | SF | 46,480,920 | 46,441,562 | 43,997,678 | ||||||||
5.02 | Property | 1 | River Walk Corporate Center | 2008 | 2020 | 43,558 | SF | 6,019,080 | 6,013,983 | 5,697,511 | ||||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | Various | Various | 4,662,982 | SF | 38.60 | 52,200,000 | 52,200,000 | 52,200,000 | 7.35000% | 0.02003% | 7.32997% | NAP | 324,165.63 | NAP |
6.01 | Property | 1 | Romulus - Huron | 1956 | NAP | 1,112,004 | SF | 13,311,000 | 13,311,000 | 13,311,000 | ||||||||
6.02 | Property | 1 | Warren Perkins Jones | 1982 | 2022 | 1,365,535 | SF | 11,745,000 | 11,745,000 | 11,745,000 | ||||||||
6.03 | Property | 1 | Cleveland American Industrial | 1978 | 2022 | 1,142,265 | SF | 8,874,000 | 8,874,000 | 8,874,000 | ||||||||
6.04 | Property | 1 | Cleveland American Office | 1978 | 2020 | 344,355 | SF | 7,569,000 | 7,569,000 | 7,569,000 | ||||||||
6.05 | Property | 1 | Miles North Randall | 2021 | NAP | 302,400 | SF | 6,786,000 | 6,786,000 | 6,786,000 | ||||||||
6.06 | Property | 1 | Invacare | 1972 | 2013 | 301,000 | SF | 3,132,000 | 3,132,000 | 3,132,000 | ||||||||
6.07 | Property | 1 | Stop Eight Vandalia | 1970 | 2020 | 95,423 | SF | 783,000 | 783,000 | 783,000 | ||||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | Various | NAP | 361 | Rooms | 106,648.20 | 38,500,000 | 38,500,000 | 38,500,000 | 7.35000% | 0.02003% | 7.32997% | NAP | 239,087.67 | NAP |
7.01 | Property | 1 | HGI Madison | 2021 | NAP | 102 | Rooms | 11,946,000 | 11,946,000 | 11,946,000 | ||||||||
7.02 | Property | 1 | Home2 Madison | 2019 | NAP | 97 | Rooms | 10,289,000 | 10,289,000 | 10,289,000 | ||||||||
7.03 | Property | 1 | Home2 Opelika | 2017 | NAP | 81 | Rooms | 8,155,000 | 8,155,000 | 8,155,000 | ||||||||
7.04 | Property | 1 | Home2 Decatur | 2017 | NAP | 81 | Rooms | 8,110,000 | 8,110,000 | 8,110,000 | ||||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 2007 | NAP | 95,123 | SF | 600.28 | 37,100,000 | 37,100,000 | 37,100,000 | 7.55000% | 0.02003% | 7.52997% | NAP | 236,662.79 | NAP |
9 | Loan | 5 | 1 | 503-511 Broadway | 1900 | 2020 | 121,164 | SF | 478.69 | 36,000,000 | 36,000,000 | 36,000,000 | 7.36000% | 0.02128% | 7.33872% | NAP | 223,866.67 | NAP |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 1991 | 2019 | 407 | Rooms | 82,309.58 | 33,500,000 | 33,500,000 | 33,500,000 | 7.91500% | 0.02128% | 7.89372% | NAP | 224,029.31 | NAP |
11 | Loan | 22, 23 | 1 | The Read House | 1926; 1964 | 2019 | 242 | Rooms | 136,258.44 | 33,000,000 | 32,974,542 | 31,405,302 | 7.30600% | 0.02128% | 7.28472% | 226,372.98 | NAP | 2,716,475.76 |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | Various | Various | 616,415 | SF | 46.40 | 28,600,000 | 28,600,000 | 28,600,000 | 6.74000% | 0.02128% | 6.71872% | NAP | 162,867.73 | NAP |
12.01 | Property | 1 | 2301 Denso Drive | 1999 | 2008 | 153,100 | SF | 7,256,717 | 7,256,717 | 7,256,717 | ||||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | 1993 | 1996 | 124,617 | SF | 6,342,004 | 6,342,004 | 6,342,004 | ||||||||
12.03 | Property | 1 | 55210 Rudy Road | 1979 | NAP | 149,805 | SF | 5,732,196 | 5,732,196 | 5,732,196 | ||||||||
12.04 | Property | 1 | 555 S Fenway Drive | 1996 | NAP | 31,267 | SF | 5,732,196 | 5,732,196 | 5,732,196 | ||||||||
12.05 | Property | 1 | 405 N Industrial Drive | 1998 | 2021 | 44,813 | SF | 1,829,424 | 1,829,424 | 1,829,424 | ||||||||
12.06 | Property | 1 | 1139 S Fenway Circle | 1986 | NAP | 112,813 | SF | 1,707,463 | 1,707,463 | 1,707,463 | ||||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 1987; 1992 | 2013 | 1,896,143 | SF | 116.03 | 25,000,000 | 25,000,000 | 25,000,000 | 7.78750% | 0.02128% | 7.76622% | NAP | 164,492.91 | NAP |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 1986 | 2021 | 1,158,165 | SF | 148.51 | 22,000,000 | 22,000,000 | 22,000,000 | 7.63000% | 0.02128% | 7.60872% | NAP | 141,826.16 | NAP |
15 | Loan | 5, F | 1 | 6330 West Loop South | 1975 | 2008 | 278,489 | SF | 177.91 | 17,250,000 | 17,231,554 | 16,571,729 | 8.18000% | 0.02128% | 8.15872% | 128,745.59 | NAP | 1,544,947.08 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 1987 | 2018 | 95,601 | SF | 172.59 | 16,500,000 | 16,500,000 | 16,180,430 | 6.64000% | 0.02128% | 6.61872% | 105,815.01 | 92,568.06 | 1,269,780.12 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 1988 | NAP | 1,129,710 | SF | 150.48 | 10,000,000 | 10,000,000 | 10,000,000 | 5.58500% | 0.02128% | 5.56372% | NAP | 47,188.08 | NAP |
18 | Loan | 1 | 218 West 234th Street | 1954 | 2013 | 45,659 | SF | 201.29 | 9,200,000 | 9,190,718 | 8,610,602 | 5.93000% | 0.02128% | 5.90872% | 54,745.29 | NAP | 656,943.48 | |
19 | Loan | 1 | Terre Haute Industrial | 1942; 2003 | NAP | 385,830 | SF | 17.42 | 6,720,000 | 6,720,000 | 6,720,000 | 7.00000% | 0.02128% | 6.97872% | NAP | 39,744.44 | NAP | |
20 | Loan | 1 | UCC Environmental HQ | 1989 | 2017 | 116,500 | SF | 55.79 | 6,500,000 | 6,500,000 | 6,500,000 | 6.95000% | 0.02128% | 6.92872% | NAP | 38,168.69 | NAP |
A-1-2 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | 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.) | 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 |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 4,749,059.16 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 6/6/2023 | 1 | 6 | 7/6/2023 | NAP | 6/6/2028 |
2 | Loan | 5 | 1 | Brandon Mall | 5,021,791.67 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 5/24/2023 | 1 | 11 | 7/11/2023 | NAP | 6/11/2028 |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 3,831,283.32 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 6/7/2023 | 0 | 6 | 8/6/2023 | NAP | 7/6/2028 |
4 | Loan | 10 | 1 | Park West Shopping Center | 4,307,506.92 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 6/1/2023 | 1 | 11 | 7/11/2023 | NAP | 6/11/2028 |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 59 | 360 | 359 | 5/19/2023 | 1 | 11 | 7/11/2023 | 7/11/2023 | 6/11/2028 |
5.01 | Property | 1 | Shops at Riverwalk | |||||||||||||||||
5.02 | Property | 1 | River Walk Corporate Center | |||||||||||||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 3,889,987.56 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 4/20/2023 | 2 | 1 | 6/1/2023 | NAP | 5/1/2028 |
6.01 | Property | 1 | Romulus - Huron | |||||||||||||||||
6.02 | Property | 1 | Warren Perkins Jones | |||||||||||||||||
6.03 | Property | 1 | Cleveland American Industrial | |||||||||||||||||
6.04 | Property | 1 | Cleveland American Office | |||||||||||||||||
6.05 | Property | 1 | Miles North Randall | |||||||||||||||||
6.06 | Property | 1 | Invacare | |||||||||||||||||
6.07 | Property | 1 | Stop Eight Vandalia | |||||||||||||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 2,869,052.04 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 5/8/2023 | 1 | 1 | 7/1/2023 | NAP | 6/1/2028 |
7.01 | Property | 1 | HGI Madison | |||||||||||||||||
7.02 | Property | 1 | Home2 Madison | |||||||||||||||||
7.03 | Property | 1 | Home2 Opelika | |||||||||||||||||
7.04 | Property | 1 | Home2 Decatur | |||||||||||||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 2,839,953.48 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 5/5/2023 | 2 | 5 | 6/5/2023 | NAP | 5/5/2028 |
9 | Loan | 5 | 1 | 503-511 Broadway | 2,686,400.00 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 6/7/2023 | 0 | 1 | 8/1/2023 | NAP | 7/1/2028 |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 2,688,351.72 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 6/9/2023 | 1 | 11 | 7/11/2023 | NAP | 6/11/2028 |
11 | Loan | 22, 23 | 1 | The Read House | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 59 | 360 | 359 | 6/6/2023 | 1 | 11 | 7/11/2023 | 7/11/2023 | 6/11/2028 |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 1,954,412.76 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 5/3/2023 | 1 | 1 | 7/1/2023 | NAP | 6/1/2028 |
12.01 | Property | 1 | 2301 Denso Drive | |||||||||||||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | |||||||||||||||||
12.03 | Property | 1 | 55210 Rudy Road | |||||||||||||||||
12.04 | Property | 1 | 555 S Fenway Drive | |||||||||||||||||
12.05 | Property | 1 | 405 N Industrial Drive | |||||||||||||||||
12.06 | Property | 1 | 1139 S Fenway Circle | |||||||||||||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 1,973,914.92 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 6/1/2023 | 1 | 6 | 7/6/2023 | NAP | 6/6/2028 |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 1,701,913.92 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 4/13/2023 | 2 | 6 | 6/6/2023 | NAP | 5/6/2028 |
15 | Loan | 5, F | 1 | 6330 West Loop South | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 58 | 360 | 358 | 5/1/2023 | 2 | 1 | 6/1/2023 | 6/1/2023 | 5/1/2028 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 1,110,816.72 | Interest Only, Amortizing Balloon | No | Actual/360 | 36 | 34 | 60 | 58 | 360 | 360 | 4/28/2023 | 2 | 1 | 6/1/2023 | 6/1/2026 | 5/1/2028 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 566,256.96 | Interest Only | No | Actual/360 | 60 | 56 | 60 | 56 | 0 | 0 | 2/10/2023 | 4 | 9 | 4/9/2023 | NAP | 3/9/2028 |
18 | Loan | 1 | 218 West 234th Street | NAP | Amortizing Balloon | No | Actual/360 | 0 | 0 | 60 | 59 | 360 | 359 | 5/18/2023 | 1 | 1 | 7/1/2023 | 7/1/2023 | 6/1/2028 | |
19 | Loan | 1 | Terre Haute Industrial | 476,933.28 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 5/19/2023 | 1 | 1 | 7/1/2023 | NAP | 6/1/2028 | |
20 | Loan | 1 | UCC Environmental HQ | 458,024.28 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 4/24/2023 | 2 | 1 | 6/1/2023 | NAP | 5/1/2028 |
A-1-3 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Final Maturity Date | Grace Period to Late Charge (Days) | Grace Period to Default (Days) | Prepayment Provisions (No. of Payments) | Most Recent EGI ($) | Most Recent Expenses ($) | Most Recent NOI ($) | Most Recent NOI Date | Most Recent Description | Second Most Recent EGI ($) | Second Most Recent Expenses ($) | Second Most Recent NOI ($) | Second Most Recent NOI Date |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | NAP | 0 | 0 | L(25),DorYM1(28),O(7) | 74,433,533 | 21,918,960 | 52,514,573 | 3/31/2023 | T-12 | 77,267,235 | 21,869,987 | 55,397,248 | 12/31/2022 |
2 | Loan | 5 | 1 | Brandon Mall | NAP | 0 | 0 | L(25),D(28),O(7) | 35,918,311 | 11,974,859 | 23,943,452 | 3/31/2023 | T-12 | 35,352,664 | 11,742,048 | 23,610,616 | 12/31/2022 |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | NAP | 0 | 0 | L(24),DorYM1(29),O(7) | 99,991,917 | 36,977,577 | 63,014,340 | 3/31/2023 | T-12 | 98,973,331 | 36,251,075 | 62,722,256 | 12/31/2022 |
4 | Loan | 10 | 1 | Park West Shopping Center | NAP | 0 | 0 | L(25),D(28),O(7) | 7,124,195 | 2,204,310 | 4,919,885 | 2/28/2023 | T-12 | 6,807,331 | 2,176,681 | 4,630,650 | 12/31/2022 |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | NAP | 0 | 0 | L(25),D(31),O(4) | 10,155,748 | 3,121,208 | 7,034,540 | 2/28/2023 | T-12 | 9,918,938 | 3,023,190 | 6,895,748 | 12/31/2022 |
5.01 | Property | 1 | Shops at Riverwalk | 8,731,558 | 2,746,013 | 5,985,545 | 2/28/2023 | T-12 | 8,494,748 | 2,659,790 | 5,834,958 | 12/31/2022 | |||||
5.02 | Property | 1 | River Walk Corporate Center | 1,424,190 | 375,195 | 1,048,995 | 2/28/2023 | T-12 | 1,424,190 | 363,400 | 1,060,790 | 12/31/2022 | |||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | NAP | 0 | 0 | L(24),YM1(2),DorYM1(28),O(6) | 25,667,400 | 9,768,107 | 15,899,293 | 1/31/2023 | T-12 | 25,431,479 | 9,747,541 | 15,683,939 | 12/31/2022 |
6.01 | Property | 1 | Romulus - Huron | 6,044,161 | 1,910,668 | 4,133,493 | 1/31/2023 | T-12 | 5,982,826 | 1,888,220 | 4,094,606 | 12/31/2022 | |||||
6.02 | Property | 1 | Warren Perkins Jones | 5,542,599 | 1,663,702 | 3,878,897 | 1/31/2023 | T-12 | 5,423,911 | 1,658,112 | 3,765,799 | 12/31/2022 | |||||
6.03 | Property | 1 | Cleveland American Industrial | 6,005,883 | 3,007,758 | 2,998,125 | 1/31/2023 | T-12 | 5,889,950 | 2,982,766 | 2,907,184 | 12/31/2022 | |||||
6.04 | Property | 1 | Cleveland American Office | 4,736,522 | 1,681,765 | 3,054,757 | 1/31/2023 | T-12 | 4,731,453 | 1,655,425 | 3,076,028 | 12/31/2022 | |||||
6.05 | Property | 1 | Miles North Randall | 1,449,373 | 1,074,383 | 374,990 | 1/31/2023 | T-12 | 1,509,218 | 1,137,995 | 371,224 | 12/31/2022 | |||||
6.06 | Property | 1 | Invacare | 1,470,641 | 12,136 | 1,458,505 | 1/31/2023 | T-12 | 1,460,849 | 18,048 | 1,442,801 | 12/31/2022 | |||||
6.07 | Property | 1 | Stop Eight Vandalia | 418,221 | 417,695 | 526 | 1/31/2023 | T-12 | 433,272 | 406,975 | 26,297 | 12/31/2022 | |||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | NAP | 0 | 0 | L(25),D(32),O(3) | 15,005,211 | 8,410,346 | 6,594,865 | 3/31/2023 | T-12 | 14,461,043 | 8,191,363 | 6,269,680 | 12/31/2022 |
7.01 | Property | 1 | HGI Madison | 4,325,877 | 2,541,296 | 1,784,580 | 3/31/2023 | T-12 | 4,098,539 | 2,453,859 | 1,644,680 | 12/31/2022 | |||||
7.02 | Property | 1 | Home2 Madison | 3,876,352 | 2,038,573 | 1,837,779 | 3/31/2023 | T-12 | 3,734,959 | 2,017,971 | 1,716,988 | 12/31/2022 | |||||
7.03 | Property | 1 | Home2 Opelika | 3,410,391 | 1,850,721 | 1,559,671 | 3/31/2023 | T-12 | 3,302,985 | 1,778,515 | 1,524,470 | 12/31/2022 | |||||
7.04 | Property | 1 | Home2 Decatur | 3,392,591 | 1,979,755 | 1,412,836 | 3/31/2023 | T-12 | 3,324,559 | 1,941,018 | 1,383,542 | 12/31/2022 | |||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | NAP | 0 | 0 | L(26),D(30),O(4) | 8,139,171 | 2,821,315 | 5,317,856 | 12/31/2022 | T-12 | 7,311,626 | 2,676,822 | 4,634,804 | 12/31/2021 |
9 | Loan | 5 | 1 | 503-511 Broadway | NAP | 5 | 5 | L(24),D(29),O(7) | 10,936,842 | 2,941,340 | 7,995,502 | 12/31/2022 | T-12 | 11,649,535 | 3,041,076 | 8,608,459 | 12/31/2021 |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | NAP | 0 | 0 | L(25),D(28),O(7) | 23,605,801 | 18,297,072 | 5,308,729 | 4/30/2023 | T-12 | 22,357,017 | 17,433,613 | 4,923,404 | 12/31/2022 |
11 | Loan | 22, 23 | 1 | The Read House | NAP | 0 | 0 | L(25),D(31),O(4) | 18,394,427 | 12,977,848 | 5,416,579 | 3/31/2023 | T-12 | 17,952,700 | 12,636,197 | 5,316,503 | 12/31/2022 |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | NAP | 5 | 5 | L(25),D(31),O(4) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
12.01 | Property | 1 | 2301 Denso Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
12.02 | Property | 1 | 300-310 N Alloy Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
12.03 | Property | 1 | 55210 Rudy Road | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
12.04 | Property | 1 | 555 S Fenway Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
12.05 | Property | 1 | 405 N Industrial Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
12.06 | Property | 1 | 1139 S Fenway Circle | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | NAP | 0 | 0 | L(24),YM1(29),O(7) | 48,803,159 | 23,821,189 | 24,981,970 | 4/30/2023 | T-12 | 50,751,623 | 26,352,623 | 24,399,000 | 12/31/2022 |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | NAP | 0 | 0 | YM1(26),DorYM1(27),O(7) | 47,511,670 | 19,723,321 | 27,788,349 | 12/31/2022 | T-12 | 41,405,549 | 22,550,623 | 18,854,926 | 12/31/2021 |
15 | Loan | 5, F | 1 | 6330 West Loop South | NAP | 0 | 4 | L(26),YM1(27),O(7) | 8,933,908 | 3,561,766 | 5,372,142 | 2/28/2023 | T-12 | 8,879,688 | 3,529,767 | 5,349,921 | 12/31/2022 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | NAP | 5 | 5 | L(26),D(30),O(4) | 2,252,788 | 745,676 | 1,507,113 | 12/31/2022 | T-12 | 2,113,654 | 548,569 | 1,565,085 | 12/31/2021 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | NAP | 0 | 0 | L(24),YM1(4),DorYM1(25),O(7) | 51,796,212 | 20,401,758 | 31,394,453 | 12/31/2022 | T-12 | 52,866,426 | 19,817,047 | 33,049,379 | 12/31/2021 |
18 | Loan | 1 | 218 West 234th Street | NAP | 5 | 5 | L(25),D(30),O(5) | 2,187,007 | 867,516 | 1,319,491 | 4/30/2023 | T-12 | 2,177,538 | 821,754 | 1,355,784 | 12/31/2022 | |
19 | Loan | 1 | Terre Haute Industrial | NAP | 5 | 5 | L(25),D(28),O(7) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |
20 | Loan | 1 | UCC Environmental HQ | NAP | 5 | 5 | L(26),D(27),O(7) | 818,685 | 0 | 818,685 | 12/31/2022 | T-12 | NAV | NAV | NAV | NAV |
A-1-4 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Second Most Recent Description | Third Most Recent EGI ($) | Third Most Recent Expenses ($) | Third Most Recent NOI ($) | Third Most Recent NOI Date | Third Most Recent Description | Underwritten Economic Occupancy (%) | Underwritten EGI ($) | Underwritten Expenses ($) | Underwritten Net Operating Income ($) | Underwritten Replacement / FF&E Reserve ($) | Underwritten TI / LC ($) | Underwritten Net Cash Flow ($) | Underwritten NOI DSCR (x) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | T-12 | 64,758,060 | 20,726,977 | 44,031,083 | 12/31/2021 | T-12 | 85.8% | 82,245,355 | 22,585,949 | 59,659,406 | 100,697 | 644,411 | 58,914,298 | 1.98 |
2 | Loan | 5 | 1 | Brandon Mall | T-12 | 32,345,937 | 10,377,649 | 21,968,288 | 12/31/2021 | T-12 | 81.2% | 35,463,843 | 12,244,308 | 23,219,535 | 131,976 | 1,319,764 | 21,767,794 | 2.48 |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | T-12 | 94,773,768 | 33,234,468 | 61,539,300 | 12/31/2021 | T-12 | 93.6% | 115,015,445 | 37,554,805 | 77,460,640 | 256,734 | 0 | 77,203,906 | 2.55 |
4 | Loan | 10 | 1 | Park West Shopping Center | T-12 | 5,258,306 | 2,110,478 | 3,147,828 | 12/31/2021 | T-12 | 94.6% | 8,956,044 | 2,177,023 | 6,779,021 | 50,758 | 133,279 | 6,594,984 | 1.57 |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | T-12 | 9,015,456 | 2,836,740 | 6,178,716 | 12/31/2021 | T-12 | 89.4% | 10,108,918 | 3,410,324 | 6,698,593 | 46,998 | 138,317 | 6,513,279 | 1.63 |
5.01 | Property | 1 | Shops at Riverwalk | T-12 | 7,591,266 | 2,507,034 | 5,084,232 | 12/31/2021 | T-12 | 89.3% | 8,827,147 | 3,003,736 | 5,823,411 | 40,464 | 94,759 | 5,688,188 | ||
5.02 | Property | 1 | River Walk Corporate Center | T-12 | 1,424,190 | 329,706 | 1,094,484 | 12/31/2021 | T-12 | 90.0% | 1,281,771 | 406,589 | 875,182 | 6,534 | 43,558 | 825,091 | ||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | T-12 | NAV | NAV | NAV | NAV | NAV | 92.9% | 28,073,041 | 8,814,659 | 19,258,383 | 509,872 | 107,889 | 18,640,621 | 1.44 |
6.01 | Property | 1 | Romulus - Huron | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 5,669,097 | 1,288,804 | 4,380,293 | 111,200 | 7,542 | 4,261,550 | ||
6.02 | Property | 1 | Warren Perkins Jones | T-12 | NAV | NAV | NAV | NAV | NAV | 99.2% | 5,932,793 | 1,612,491 | 4,320,302 | 136,554 | -26,713 | 4,210,462 | ||
6.03 | Property | 1 | Cleveland American Industrial | T-12 | NAV | NAV | NAV | NAV | NAV | 85.3% | 6,633,718 | 2,048,816 | 4,584,903 | 123,365 | 30,380 | 4,431,158 | ||
6.04 | Property | 1 | Cleveland American Office | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 5,124,002 | 2,042,870 | 3,081,132 | 68,871 | 56,484 | 2,955,777 | ||
6.05 | Property | 1 | Miles North Randall | T-12 | NAV | NAV | NAV | NAV | NAV | 68.3% | 2,056,816 | 1,067,776 | 989,040 | 30,240 | 21,783 | 937,017 | ||
6.06 | Property | 1 | Invacare | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 2,043,114 | 474,043 | 1,569,071 | 30,100 | 4,605 | 1,534,365 | ||
6.07 | Property | 1 | Stop Eight Vandalia | T-12 | NAV | NAV | NAV | NAV | NAV | 100.0% | 613,502 | 279,859 | 333,643 | 9,542 | 13,808 | 310,292 | ||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | T-12 | 11,565,799 | 6,558,111 | 5,007,688 | 12/31/2021 | T-12 | 80.3% | 15,005,211 | 8,427,361 | 6,577,850 | 600,208 | 0 | 5,977,642 | 2.29 |
7.01 | Property | 1 | HGI Madison | T-12 | 2,041,358 | 1,169,569 | 871,789 | 12/31/2021 | T-12 | 78.6% | 4,325,877 | 2,552,627 | 1,773,250 | 173,035 | 0 | 1,600,215 | ||
7.02 | Property | 1 | Home2 Madison | T-12 | 3,631,709 | 2,037,644 | 1,594,065 | 12/31/2021 | T-12 | 82.3% | 3,876,352 | 2,034,431 | 1,841,921 | 155,054 | 0 | 1,686,867 | ||
7.03 | Property | 1 | Home2 Opelika | T-12 | 2,798,151 | 1,586,271 | 1,211,880 | 12/31/2021 | T-12 | 78.4% | 3,410,391 | 1,857,045 | 1,553,346 | 136,416 | 0 | 1,416,930 | ||
7.04 | Property | 1 | Home2 Decatur | T-12 | 3,094,581 | 1,764,627 | 1,329,954 | 12/31/2021 | T-12 | 82.0% | 3,392,591 | 1,983,257 | 1,409,334 | 135,704 | 0 | 1,273,631 | ||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | T-12 | 7,083,087 | 2,789,296 | 4,293,791 | 12/31/2020 | T-12 | 96.0% | 9,555,376 | 3,630,353 | 5,925,023 | 26,948 | 90,246 | 5,807,829 | 1.36 |
9 | Loan | 5 | 1 | 503-511 Broadway | T-12 | 8,331,390 | 3,144,107 | 5,187,283 | 12/31/2020 | T-12 | 80.4% | 9,653,804 | 3,541,726 | 6,112,078 | 24,233 | 54,688 | 6,033,158 | 1.41 |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | T-12 | 15,211,900 | 12,245,504 | 2,966,396 | 12/31/2021 | T-12 | 70.9% | 23,605,801 | 18,275,256 | 5,330,545 | 944,232 | 0 | 4,386,313 | 1.98 |
11 | Loan | 22, 23 | 1 | The Read House | T-12 | 14,667,418 | 10,775,397 | 3,892,021 | 12/31/2021 | T-12 | 64.3% | 18,394,427 | 12,966,416 | 5,428,011 | 735,777 | 0 | 4,692,234 | 2.00 |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | NAV | NAV | NAV | NAV | NAV | NAV | 94.9% | 3,456,083 | 103,683 | 3,352,401 | 61,642 | 141,524 | 3,149,235 | 1.72 |
12.01 | Property | 1 | 2301 Denso Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | ||
12.02 | Property | 1 | 300-310 N Alloy Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | ||
12.03 | Property | 1 | 55210 Rudy Road | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | ||
12.04 | Property | 1 | 555 S Fenway Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | ||
12.05 | Property | 1 | 405 N Industrial Drive | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | ||
12.06 | Property | 1 | 1139 S Fenway Circle | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | ||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | T-12 | 48,746,255 | 26,530,878 | 22,215,377 | 12/31/2021 | T-12 | 76.6% | 55,090,239 | 25,392,147 | 29,698,092 | 474,036 | 2,844,215 | 26,379,842 | 1.71 |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | T-12 | 46,993,596 | 19,123,848 | 27,869,748 | 12/31/2020 | T-12 | 69.1% | 43,938,879 | 22,147,467 | 21,791,413 | 364,421 | 871,468 | 20,555,523 | 1.64 |
15 | Loan | 5, F | 1 | 6330 West Loop South | T-12 | 8,730,869 | 3,083,990 | 5,646,879 | 12/31/2021 | T-12 | 91.2% | 9,178,222 | 3,505,798 | 5,672,425 | 41,773 | 278,488 | 5,352,164 | 1.28 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | T-12 | 2,224,666 | 679,182 | 1,545,484 | 12/31/2020 | T-12 | 95.0% | 2,635,167 | 772,577 | 1,862,590 | 14,340 | 134,956 | 1,713,294 | 1.47 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | T-12 | 55,173,622 | 18,678,980 | 36,494,642 | 12/31/2020 | T-12 | 100.0% | 51,349,507 | 21,283,998 | 30,065,509 | 225,942 | 3,282,704 | 26,556,863 | 3.12 |
18 | Loan | 1 | 218 West 234th Street | T-12 | 2,099,362 | 856,256 | 1,243,106 | 12/31/2021 | T-12 | 95.0% | 2,228,473 | 906,342 | 1,322,131 | 8,048 | 63,923 | 1,250,160 | 2.01 | |
19 | Loan | 1 | Terre Haute Industrial | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 1,375,314 | 533,119 | 842,195 | 46,300 | 70,240 | 725,655 | 1.77 | |
20 | Loan | 1 | UCC Environmental HQ | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 830,588 | 24,918 | 805,671 | 17,475 | 49,755 | 738,440 | 1.76 |
A-1-5 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | % of Initial Pool Balance | Underwritten NCF DSCR (x) | Underwritten NOI Debt Yield (%) | Underwritten NCF Debt Yield (%) | Appraised Value ($) | Appraised Value Type | Appraisal Date | Cut-off Date LTV Ratio (%) | LTV Ratio at Maturity / ARD (%) | Leased Occupancy (%)(2) | Occupancy Date |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 9.9% | 1.96 | 14.0% | 13.9% | 1,100,000,000 | As Is | 3/28/2023 | 38.6% | 38.6% | 85.3% | 4/1/2023 |
2 | Loan | 5 | 1 | Brandon Mall | 9.6% | 2.33 | 19.2% | 18.0% | 221,220,000 | As Is | 3/16/2023 | 54.7% | 54.7% | 70.4% | 4/6/2023 |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 8.9% | 2.55 | 16.3% | 16.3% | 1,410,000,000 | As Is Value (Subject to the Extraordinary Assumption that $67.6M Has Been Reserved For Leasing Costs) | 10/19/2022 | 33.7% | 33.7% | 95.8% | 3/31/2023 |
4 | Loan | 10 | 1 | Park West Shopping Center | 8.7% | 1.53 | 11.6% | 11.3% | 97,100,000 | As Is | 3/20/2023 | 60.4% | 60.4% | 95.2% | 5/1/2023 |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 7.8% | 1.58 | 12.8% | 12.4% | 118,710,000 | As Is | Various | 44.2% | 41.9% | 92.1% | Various |
5.01 | Property | 1 | Shops at Riverwalk | 6.9% | 105,100,000 | As Is | 4/10/2023 | 90.9% | 4/30/2023 | ||||||
5.02 | Property | 1 | River Walk Corporate Center | 0.9% | 13,610,000 | As Is | 4/11/2023 | 100.0% | 7/1/2023 | ||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 7.7% | 1.39 | 10.7% | 10.4% | 307,750,000 | As Is | Various | 58.5% | 58.5% | 94.2% | 3/31/2023 |
6.01 | Property | 1 | Romulus - Huron | 2.0% | 70,700,000 | As Is | 9/6/2022 | 100.0% | 3/31/2023 | ||||||
6.02 | Property | 1 | Warren Perkins Jones | 1.7% | 60,900,000 | As Is | 9/6/2022 | 99.3% | 3/31/2023 | ||||||
6.03 | Property | 1 | Cleveland American Industrial | 1.3% | 65,800,000 | As Is | 9/23/2022 | 85.6% | 3/31/2023 | ||||||
6.04 | Property | 1 | Cleveland American Office | 1.1% | 46,600,000 | As Is | 9/23/2022 | 100.0% | 3/31/2023 | ||||||
6.05 | Property | 1 | Miles North Randall | 1.0% | 39,000,000 | As Is | 9/2/2022 | 68.5% | 3/31/2023 | ||||||
6.06 | Property | 1 | Invacare | 0.5% | 20,600,000 | As Is | 9/2/2022 | 100.0% | 3/31/2023 | ||||||
6.07 | Property | 1 | Stop Eight Vandalia | 0.1% | 4,150,000 | As Is | 9/1/2022 | 100.0% | 3/31/2023 | ||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 5.7% | 2.08 | 17.1% | 15.5% | 64,500,000 | As Is | 4/1/2023 | 59.7% | 59.7% | 80.3% | 3/31/2023 |
7.01 | Property | 1 | HGI Madison | 1.8% | 19,000,000 | As Is | 4/1/2023 | 78.6% | 3/31/2023 | ||||||
7.02 | Property | 1 | Home2 Madison | 1.5% | 17,500,000 | As Is | 4/1/2023 | 82.3% | 3/31/2023 | ||||||
7.03 | Property | 1 | Home2 Opelika | 1.2% | 14,000,000 | As Is | 4/1/2023 | 78.4% | 3/31/2023 | ||||||
7.04 | Property | 1 | Home2 Decatur | 1.2% | 14,000,000 | As Is | 4/1/2023 | 82.0% | 3/31/2023 | ||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 5.5% | 1.33 | 10.4% | 10.2% | 100,000,000 | As Is | 4/11/2023 | 57.1% | 57.1% | 98.8% | 5/1/2023 |
9 | Loan | 5 | 1 | 503-511 Broadway | 5.3% | 1.39 | 10.5% | 10.4% | 150,000,000 | As Is | 3/24/2023 | 38.7% | 38.7% | 79.4% | 12/31/2022 |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 5.0% | 1.63 | 15.9% | 13.1% | 65,200,000 | As Is | 4/20/2023 | 51.4% | 51.4% | 70.9% | 4/30/2023 |
11 | Loan | 22, 23 | 1 | The Read House | 4.9% | 1.73 | 16.5% | 14.2% | 66,500,000 | As Is | 5/10/2023 | 49.6% | 47.2% | 64.9% | 3/31/2023 |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 4.2% | 1.61 | 11.7% | 11.0% | 46,970,000 | As Is | 3/3/2023 | 60.9% | 60.9% | 100.0% | 7/1/2023 |
12.01 | Property | 1 | 2301 Denso Drive | 1.1% | 11,917,762 | As Is | 3/3/2023 | 100.0% | 7/1/2023 | ||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | 0.9% | 10,415,522 | As Is | 3/3/2023 | 100.0% | 7/1/2023 | ||||||
12.03 | Property | 1 | 55210 Rudy Road | 0.8% | 9,414,030 | As Is | 3/3/2023 | 100.0% | 7/1/2023 | ||||||
12.04 | Property | 1 | 555 S Fenway Drive | 0.8% | 9,414,030 | As Is | 3/3/2023 | 100.0% | 7/1/2023 | ||||||
12.05 | Property | 1 | 405 N Industrial Drive | 0.3% | 3,004,477 | As Is | 3/3/2023 | 100.0% | 7/1/2023 | ||||||
12.06 | Property | 1 | 1139 S Fenway Circle | 0.3% | 2,804,180 | As Is | 3/3/2023 | 100.0% | 7/1/2023 | ||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 3.7% | 1.52 | 13.5% | 12.0% | 428,000,000 | As Is | 3/30/2023 | 51.4% | 51.4% | 76.4% | 5/17/2023 |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 3.3% | 1.54 | 12.7% | 12.0% | 521,800,000 | As Is | 2/1/2023 | 33.0% | 33.0% | 70.1% | 2/23/2023 |
15 | Loan | 5, F | 1 | 6330 West Loop South | 2.6% | 1.20 | 11.4% | 10.8% | 79,600,000 | As Is | 3/29/2023 | 62.2% | 59.9% | 92.0% | 4/4/2023 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 2.4% | 1.35 | 11.3% | 10.4% | 27,100,000 | As Is | 3/21/2023 | 60.9% | 59.7% | 97.1% | 4/1/2023 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 1.5% | 2.76 | 17.7% | 15.6% | 556,500,000 | As Is | 12/1/2022 | 30.5% | 30.5% | 81.1% | 1/1/2023 |
18 | Loan | 1 | 218 West 234th Street | 1.4% | 1.90 | 14.4% | 13.6% | 22,600,000 | As Is | 2/21/2023 | 40.7% | 38.1% | 100.0% | 4/30/2023 | |
19 | Loan | 1 | Terre Haute Industrial | 1.0% | 1.52 | 12.5% | 10.8% | 10,100,000 | As Is | 3/22/2023 | 66.5% | 66.5% | 100.0% | 7/1/2023 | |
20 | Loan | 1 | UCC Environmental HQ | 1.0% | 1.61 | 12.4% | 11.4% | 10,700,000 | As Is | 3/22/2023 | 60.7% | 60.7% | 100.0% | 7/1/2023 |
A-1-6 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | % of Initial Pool Balance | Single Tenant (Y/N) | Largest Tenant | Largest Tenant SF | Largest Tenant % of NRA | Largest Tenant Lease Expiration Date(4) | Second Largest Tenant | Second Largest Tenant SF | Second Largest Tenant % of NRA |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 9.9% | No | V Theater | 38,428 | 7.6% | 12/31/2028 | Saxe Theater | 22,398 | 4.4% |
2 | Loan | 5 | 1 | Brandon Mall | 9.6% | No | Dick's Sporting Goods | 45,000 | 6.8% | 1/31/2028 | Books-A-Million | 17,383 | 2.6% |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 8.9% | No | Wayfair | 356,312 | 27.8% | 12/31/2031 | DraftKings Inc. | 125,104 | 9.7% |
4 | Loan | 10 | 1 | Park West Shopping Center | 8.7% | No | Harkins Theatre | 64,129 | 25.3% | 10/31/2037 | BJs Restaurants | 9,000 | 3.5% |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 7.8% | ||||||||
5.01 | Property | 1 | Shops at Riverwalk | 6.9% | No | Nordstrom Rack | 35,000 | 13.0% | 3/31/2025 | Sprouts Farmers Market | 24,799 | 9.2% | |
5.02 | Property | 1 | River Walk Corporate Center | 0.9% | Yes | Department of General Services | 43,558 | 100.0% | 10/31/2028 | NAP | NAP | NAP | |
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 7.7% | ||||||||
6.01 | Property | 1 | Romulus - Huron | 2.0% | No | Renaissance Global Logistics, LLC | 826,604 | 74.3% | 370,514 SF expiring 8/31/2025; 185,870 SF expiring 10/31/2026; 270,220 SF expiring 1/31/2027 | Home Depot U.S.A., Inc. | 285,400 | 25.7% | |
6.02 | Property | 1 | Warren Perkins Jones | 1.7% | No | The Step2 Company, LLC | 586,000 | 42.9% | 11/3/2030 | The HC Companies, Inc. | 413,395 | 30.3% | |
6.03 | Property | 1 | Cleveland American Industrial | 1.3% | No | Graphic Packaging International, LLC | 173,759 | 15.2% | 23,016 SF expiring MTM; 150,743 SF expiring 11/30/2025 | TRG Studios, Inc. | 156,523 | 13.7% | |
6.04 | Property | 1 | Cleveland American Office | 1.1% | Yes | Medical Mutual of Ohio | 344,355 | 100.0% | 12/31/2035 | NAP | NAP | NAP | |
6.05 | Property | 1 | Miles North Randall | 1.0% | Yes | Pipeline Packaging Co. | 207,132 | 68.5% | 4/30/2029 | NAP | NAP | NAP | |
6.06 | Property | 1 | Invacare | 0.5% | Yes | Invacare Corporation | 301,000 | 100.0% | 4/30/2035 | NAP | NAP | NAP | |
6.07 | Property | 1 | Stop Eight Vandalia | 0.1% | No | AMERI AmeriWater, LLC | 65,057 | 68.2% | 9/24/2025 | L&W Supply | 30,366 | 31.8% | |
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 5.7% | ||||||||
7.01 | Property | 1 | HGI Madison | 1.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.02 | Property | 1 | Home2 Madison | 1.5% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.03 | Property | 1 | Home2 Opelika | 1.2% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.04 | Property | 1 | Home2 Decatur | 1.2% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 5.5% | No | New Mulan L.L.C. | 20,096 | 21.1% | 19,650 SF expiring 2/28/2027; 446 SF expiring 11/30/2027 | New York Life Insurance Company | 16,630 | 17.5% |
9 | Loan | 5 | 1 | 503-511 Broadway | 5.3% | No | JRSK Inc. | 56,494 | 46.6% | 11/30/2029 | Bath & Body Works | 25,000 | 20.6% |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 5.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 22, 23 | 1 | The Read House | 4.9% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 4.2% | ||||||||
12.01 | Property | 1 | 2301 Denso Drive | 1.1% | Yes | Creative Foam Corporation | 153,100 | 100.0% | 5/1/2042 | NAP | NAP | NAP | |
12.02 | Property | 1 | 300-310 N Alloy Drive | 0.9% | Yes | Creative Foam Corporation | 124,617 | 100.0% | 5/1/2042 | NAP | NAP | NAP | |
12.03 | Property | 1 | 55210 Rudy Road | 0.8% | Yes | Creative Foam Corporation | 149,805 | 100.0% | 5/1/2042 | NAP | NAP | NAP | |
12.04 | Property | 1 | 555 S Fenway Drive | 0.8% | Yes | Creative Foam Corporation | 31,267 | 100.0% | 5/1/2042 | NAP | NAP | NAP | |
12.05 | Property | 1 | 405 N Industrial Drive | 0.3% | Yes | Creative Foam Corporation | 44,813 | 100.0% | 5/1/2042 | NAP | NAP | NAP | |
12.06 | Property | 1 | 1139 S Fenway Circle | 0.3% | Yes | Creative Foam Corporation | 112,813 | 100.0% | 5/1/2042 | NAP | NAP | NAP | |
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 3.7% | No | Price Water House Coopers LLP | 138,413 | 7.3% | 4/30/2030 | Stradley, Ronon, Stevens & Young | 69,111 | 3.6% |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 3.3% | No | EOG Resources Inc. | 376,333 | 32.5% | 3/31/2035 | Deloitte & Touche USA LLP | 205,125 | 17.7% |
15 | Loan | 5, F | 1 | 6330 West Loop South | 2.6% | No | Texas Children’s Health Plan | 178,613 | 64.1% | 10/31/2033 | Quiddity Engineering, LLC | 53,371 | 19.2% |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 2.4% | No | Urban Air Adventure Park | 28,342 | 29.6% | 7/31/2029 | Sprouts Farmers Market | 28,195 | 29.5% | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 1.5% | No | Perkins Coie | 296,843 | 26.3% | 12/31/2026 | WeWork | 114,679 | 10.2% |
18 | Loan | 1 | 218 West 234th Street | 1.4% | No | Unique Thrift Store | 20,561 | 45.0% | 6/30/2028 | Garden Gourmet | 10,098 | 22.1% | |
19 | Loan | 1 | Terre Haute Industrial | 1.0% | Yes | Distributors Terminal Corporation | 385,830 | 100.0% | 5/14/2030 | NAP | NAP | NAP | |
20 | Loan | 1 | UCC Environmental HQ | 1.0% | Yes | UCC Environmental | 116,500 | 100.0% | 4/30/2032 | NAP | NAP | NAP |
A-1-7 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | % of Initial Pool Balance | Second Largest Tenant Lease Expiration Date(4) | Third Largest Tenant | Third Largest Tenant SF | Third Largest Tenant % of NRA | Third Largest Tenant Lease Expiration Date(4) | Fourth Largest Tenant | Fourth Largest Tenant SF | Fourth Largest Tenant % of NRA | Fourth Largest Tenant Lease Expiration Date(4) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 9.9% | 12/31/2028 | Victoria's Secret | 20,872 | 4.1% | 1/31/2026 | PH Race and Sports Book | 19,647 | 3.9% | 7/31/2045 |
2 | Loan | 5 | 1 | Brandon Mall | 9.6% | 1/31/2028 | Forever 21 | 11,179 | 1.7% | MTM | Victoria's Secret | 11,129 | 1.7% | 1/31/2028 |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 8.9% | 3/31/2029 | Summit Partners | 78,587 | 6.1% | 11/30/2033 | Cooley | 72,165 | 5.6% | 5/31/2032 |
4 | Loan | 10 | 1 | Park West Shopping Center | 8.7% | 12/31/2028 | Smart Gym | 8,925 | 3.5% | 7/31/2030 | Victoria's Secret | 7,679 | 3.0% | 1/31/2024 |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 7.8% | |||||||||
5.01 | Property | 1 | Shops at Riverwalk | 6.9% | 2/28/2030 | TJ Maxx | 22,500 | 8.3% | 5/31/2025 | DSW | 18,000 | 6.7% | 1/31/2026 | |
5.02 | Property | 1 | River Walk Corporate Center | 0.9% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 7.7% | |||||||||
6.01 | Property | 1 | Romulus - Huron | 2.0% | 1/31/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
6.02 | Property | 1 | Warren Perkins Jones | 1.7% | 5/31/2030 | Hemasource, Inc. | 187,267 | 13.7% | 12/31/2033 | Berk Enterprises | 169,139 | 12.4% | 10/31/2025 | |
6.03 | Property | 1 | Cleveland American Industrial | 1.3% | 37,619 SF expiring 9/30/2025; 118,904 SF expiring 7/31/2031 | Taylor Exhibition Services, Inc. | 100,773 | 8.8% | 10/31/2027 | Inogen, Inc | 93,634 | 8.2% | 9/30/2024 | |
6.04 | Property | 1 | Cleveland American Office | 1.1% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
6.05 | Property | 1 | Miles North Randall | 1.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
6.06 | Property | 1 | Invacare | 0.5% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
6.07 | Property | 1 | Stop Eight Vandalia | 0.1% | 5/31/2035 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 5.7% | |||||||||
7.01 | Property | 1 | HGI Madison | 1.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.02 | Property | 1 | Home2 Madison | 1.5% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.03 | Property | 1 | Home2 Opelika | 1.2% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.04 | Property | 1 | Home2 Decatur | 1.2% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 5.5% | 3/31/2030 | Shinsaku | 15,708 | 16.5% | 10/31/2027 | GV Café | 12,730 | 13.4% | 3/31/2033 |
9 | Loan | 5 | 1 | 503-511 Broadway | 5.3% | 2/28/2026 | Pacific Sunwear | 10,000 | 8.3% | 2/29/2028 | Konrad | 4,670 | 3.9% | 12/31/2027 |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 5.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 22, 23 | 1 | The Read House | 4.9% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 4.2% | |||||||||
12.01 | Property | 1 | 2301 Denso Drive | 1.1% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.02 | Property | 1 | 300-310 N Alloy Drive | 0.9% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.03 | Property | 1 | 55210 Rudy Road | 0.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.04 | Property | 1 | 555 S Fenway Drive | 0.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.05 | Property | 1 | 405 N Industrial Drive | 0.3% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.06 | Property | 1 | 1139 S Fenway Circle | 0.3% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 3.7% | 12/31/2033 | Pond Lehocky Giordano Disability | 66,315 | 3.5% | 6/30/2028 | Wolters Kluwer Health, Inc. | 65,389 | 3.4% | 3/31/2029 |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 3.3% | 2/28/2031 | Perella Weinberg Partners Group LP | 63,446 | 5.5% | 8/31/2027 | Lime Rock Management LP | 56,984 | 4.9% | 3/31/2024 |
15 | Loan | 5, F | 1 | 6330 West Loop South | 2.6% | 10/31/2031 | Bellaire Eye Consultants, PA | 7,056 | 2.5% | 11/30/2030 | Bedrock Logistics, LLC | 4,584 | 1.6% | 10/31/2024 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 2.4% | 5/31/2029 | Mattison Avenue Salon Suites & Spa | 9,964 | 10.4% | 8/31/2029 | San Daniele | 4,681 | 4.9% | 8/31/2033 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 1.5% | 6/30/2034 | Kimley-Horn | 46,058 | 4.1% | 12/31/2034 | Accolade, Inc. | 45,083 | 4.0% | 3/31/2030 |
18 | Loan | 1 | 218 West 234th Street | 1.4% | 9/30/2027 | Dollar Zone | 9,539 | 20.9% | 1/31/2031 | Mattress Firm | 5,461 | 12.0% | 11/30/2028 | |
19 | Loan | 1 | Terre Haute Industrial | 1.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 1 | UCC Environmental HQ | 1.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-8 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Fifth Largest Tenant | Fifth Largest Tenant SF | Fifth Largest Tenant % of NRA | Fifth Largest Tenant Lease Expiration Date(4) | Environmental Phase I Report Date | Environmental Phase II Report Date | Engineering Report Date | Seismic Report Date | PML or SEL (%) | Flood Zone | Ownership Interest | Ground Lease Expiration Date | Ground Lease Extension Terms |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | H&M | 15,182 | 3.0% | 1/31/2027 | 4/14/2023 | NAP | 4/14/2023 | NAP | NAP | No | Fee | NAP | NAP |
2 | Loan | 5 | 1 | Brandon Mall | The Cheesecake Factory | 10,203 | 1.5% | 1/31/2028 | 3/14/2023 | NAP | 4/12/2023 | NAP | NAP | No | Fee | NAP | NAP |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | Skadden Arps Slate Meagher | 47,722 | 3.7% | 2/28/2029 | 11/15/2022 | NAP | 10/31/2022 | NAP | NAP | No | Fee | NAP | NAP |
4 | Loan | 10 | 1 | Park West Shopping Center | OSI Flemings | 7,289 | 2.9% | 4/30/2033 | 3/23/2023 | NAP | 3/23/2023 | NAP | NAP | No | Fee | NAP | NAP |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | |||||||||||||
5.01 | Property | 1 | Shops at Riverwalk | University of La Verne | 13,467 | 5.0% | 8/31/2027 | 4/18/2023 | NAP | 4/18/2023 | 4/19/2023 | 8% | No | Fee | NAP | NAP | |
5.02 | Property | 1 | River Walk Corporate Center | NAP | NAP | NAP | NAP | 4/18/2023 | NAP | 4/18/2023 | 4/18/2023 | 9% | No | Fee | NAP | NAP | |
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | |||||||||||||
6.01 | Property | 1 | Romulus - Huron | NAP | NAP | NAP | NAP | 4/10/2023 | NAP | 3/29/2023 | NAP | NAP | No | Fee | NAP | NAP | |
6.02 | Property | 1 | Warren Perkins Jones | NAP | NAP | NAP | NAP | 4/7/2023 | NAP | 8/26/2022 | NAP | NAP | No | Fee | NAP | NAP | |
6.03 | Property | 1 | Cleveland American Industrial | American Greetings | 90,446 | 7.9% | 6/29/2024 | 4/7/2023 | NAP | 3/29/2023 | NAP | NAP | No | Fee | NAP | NAP | |
6.04 | Property | 1 | Cleveland American Office | NAP | NAP | NAP | NAP | 4/7/2023 | NAP | 8/29/2022 | NAP | NAP | No | Fee | NAP | NAP | |
6.05 | Property | 1 | Miles North Randall | NAP | NAP | NAP | NAP | 4/7/2023 | NAP | 8/29/2022 | NAP | NAP | No | Fee | NAP | NAP | |
6.06 | Property | 1 | Invacare | NAP | NAP | NAP | NAP | 4/10/2023 | NAP | 4/4/2023 | NAP | NAP | No | Fee | NAP | NAP | |
6.07 | Property | 1 | Stop Eight Vandalia | NAP | NAP | NAP | NAP | 4/10/2023 | NAP | 8/26/2022 | NAP | NAP | No | Fee | NAP | NAP | |
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | |||||||||||||
7.01 | Property | 1 | HGI Madison | NAP | NAP | NAP | NAP | 3/30/2023 | NAP | 3/30/2023 | NAP | NAP | No | Fee | NAP | NAP | |
7.02 | Property | 1 | Home2 Madison | NAP | NAP | NAP | NAP | 3/30/2023 | NAP | 3/30/2023 | NAP | NAP | No | Fee | NAP | NAP | |
7.03 | Property | 1 | Home2 Opelika | NAP | NAP | NAP | NAP | 3/30/2023 | NAP | 3/30/2023 | NAP | NAP | No | Fee | NAP | NAP | |
7.04 | Property | 1 | Home2 Decatur | NAP | NAP | NAP | NAP | 3/31/2023 | NAP | 3/30/2023 | NAP | NAP | No | Fee | NAP | NAP | |
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | STAT Urgent Care | 9,106 | 9.6% | 8/31/2027 | 4/18/2023 | NAP | 4/18/2023 | NAP | NAP | No | Fee | NAP | NAP |
9 | Loan | 5 | 1 | 503-511 Broadway | NAP | NAP | NAP | NAP | 3/23/2023 | NAP | 3/23/2023 | NAP | NAP | No | Fee | NAP | NAP |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | NAP | NAP | NAP | NAP | 4/19/2023 | NAP | 4/19/2023 | NAP | NAP | No | Fee | NAP | NAP |
11 | Loan | 22, 23 | 1 | The Read House | NAP | NAP | NAP | NAP | 5/15/2023 | NAP | 5/15/2023 | NAP | NAP | No | Fee | NAP | NAP |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | |||||||||||||
12.01 | Property | 1 | 2301 Denso Drive | NAP | NAP | NAP | NAP | 3/7/2023 | NAP | 3/6/2023 | NAP | NAP | No | Fee | NAP | NAP | |
12.02 | Property | 1 | 300-310 N Alloy Drive | NAP | NAP | NAP | NAP | 3/7/2023 | NAP | 3/6/2023 | NAP | NAP | No | Fee | NAP | NAP | |
12.03 | Property | 1 | 55210 Rudy Road | NAP | NAP | NAP | NAP | 3/7/2023 | NAP | 3/7/2023 | NAP | NAP | No | Fee | NAP | NAP | |
12.04 | Property | 1 | 555 S Fenway Drive | NAP | NAP | NAP | NAP | 3/7/2023 | NAP | 3/6/2023 | NAP | NAP | No | Fee | NAP | NAP | |
12.05 | Property | 1 | 405 N Industrial Drive | NAP | NAP | NAP | NAP | 3/7/2023 | NAP | 3/7/2023 | NAP | NAP | No | Fee | NAP | NAP | |
12.06 | Property | 1 | 1139 S Fenway Circle | NAP | NAP | NAP | NAP | 3/7/2023 | NAP | 3/6/2023 | NAP | NAP | No | Fee | NAP | NAP | |
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | Jazz Pharmaceuticals, Inc. | 59,672 | 3.1% | 4/30/2029 | 4/6/2023 | NAP | 4/6/2023 | NAP | NAP | No | Fee | NAP | NAP |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | S&P Global Inc. | 28,560 | 2.5% | 2/28/2029 | 2/9/2023 | NAP | 2/8/2023 | NAP | NAP | No | Fee | NAP | NAP |
15 | Loan | 5, F | 1 | 6330 West Loop South | CCG Companies, Inc. | 3,592 | 1.3% | 6/30/2029 | 4/3/2023 | NAP | 4/3/2023 | NAP | NAP | Yes - AE | Fee | NAP | NAP |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | ATA Martial Arts | 4,000 | 4.2% | 9/30/2027 | 3/24/2023 | NAP | 3/24/2023 | NAP | NAP | No | Fee | NAP | NAP | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | Hargis Engineering | 44,609 | 3.9% | 12/31/2024 | 12/8/2022 | NAP | 12/8/2022 | 12/8/2022 | 14% | No | Fee | NAP | NAP |
18 | Loan | 1 | 218 West 234th Street | NAP | NAP | NAP | NAP | 3/6/2023 | NAP | 3/6/2023 | NAP | NAP | No | Fee | NAP | NAP | |
19 | Loan | 1 | Terre Haute Industrial | NAP | NAP | NAP | NAP | 4/4/2023 | NAP | 4/4/2023 | NAP | NAP | No | Fee | NAP | NAP | |
20 | Loan | 1 | UCC Environmental HQ | NAP | NAP | NAP | NAP | 3/15/2023 | NAP | 3/15/2023 | NAP | NAP | No | Fee | NAP | NAP |
A-1-9 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Annual Ground Lease Payment as of the Cut-off Date ($) | Annual Ground Rent Increases (Y/N) | Upfront RE Tax Reserve ($) | Monthly RE Tax Reserve ($) | Upfront Insurance Reserve ($) | Monthly Insurance Reserve ($) | Upfront Replacement / PIP Reserve ($) | Monthly Replacement / FF&E Reserve ($) | Replacement Reserve Caps ($) | Upfront TI/LC Reserve ($) | Monthly TI/LC Reserve ($) | TI/LC Caps ($) | Upfront Debt Service Reserve ($) | Monthly Debt Service Reserve ($) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | NAP | NAP | 0 | Springing | 0 | Springing | 0 | Springing | 201,394 | 0 | Springing | 1,006,968 | 0 | 0 |
2 | Loan | 5 | 1 | Brandon Mall | NAP | NAP | 2,223,137 | 317,591 | 0 | Springing | 4,000,000 | 10,998 | 0 | 4,000,000 | 109,980 | 0 | 0 | 0 |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | NAP | NAP | 0 | Springing | 0 | Springing | 0 | Springing | 0 | 26,723,400 | Springing | 0 | 0 | 0 |
4 | Loan | 10 | 1 | Park West Shopping Center | NAP | NAP | 53,674 | 53,674 | 0 | Springing | 0 | 4,008 | 144,283 | 570,000 | 15,857 | 570,000 | 0 | 0 |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 262,850 | 87,616 | 0 | Springing | 120,764 | 3,916 | 140,991 | 1,750,000 | 26,110 | 1,500,000 | 0 | 0 | ||
5.01 | Property | 1 | Shops at Riverwalk | NAP | NAP | |||||||||||||
5.02 | Property | 1 | River Walk Corporate Center | NAP | NAP | |||||||||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 907,455 | 247,190 | 0 | Springing | 0 | 58,287 | 0 | 3,000,000 | Springing | 1,830,000 | 0 | 0 | ||
6.01 | Property | 1 | Romulus - Huron | NAP | NAP | |||||||||||||
6.02 | Property | 1 | Warren Perkins Jones | NAP | NAP | |||||||||||||
6.03 | Property | 1 | Cleveland American Industrial | NAP | NAP | |||||||||||||
6.04 | Property | 1 | Cleveland American Office | NAP | NAP | |||||||||||||
6.05 | Property | 1 | Miles North Randall | NAP | NAP | |||||||||||||
6.06 | Property | 1 | Invacare | NAP | NAP | |||||||||||||
6.07 | Property | 1 | Stop Eight Vandalia | NAP | NAP | |||||||||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 305,595 | 45,666 | 0 | Springing | 0 | 4.0% of gross income for the calendar month two months prior | 0 | 0 | 0 | 0 | 0 | 0 | ||
7.01 | Property | 1 | HGI Madison | NAP | NAP | |||||||||||||
7.02 | Property | 1 | Home2 Madison | NAP | NAP | |||||||||||||
7.03 | Property | 1 | Home2 Opelika | NAP | NAP | |||||||||||||
7.04 | Property | 1 | Home2 Decatur | NAP | NAP | |||||||||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | NAP | NAP | 415,000 | 85,000 | 30,000 | 15,000 | 2,246 | 2,246 | 0 | 1,000,000 | Springing | 750,000 | 0 | 0 |
9 | Loan | 5 | 1 | 503-511 Broadway | NAP | NAP | 1,202,651 | 200,442 | 32,796 | 16,398 | 0 | 2,353 | 0 | 0 | 25,243 | 1,211,640 | 0 | 0 |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | NAP | NAP | 61,318 | 61,314 | 0 | Springing | 0 | 80,494 | 0 | 0 | 0 | 0 | 0 | 0 |
11 | Loan | 22, 23 | 1 | The Read House | NAP | NAP | 206,340 | 51,586 | 13,866 | 13,889 | 0 | 61,315 | 0 | 0 | 0 | 0 | 0 | 0 |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 0 | Springing | 0 | Springing | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | ||
12.01 | Property | 1 | 2301 Denso Drive | NAP | NAP | |||||||||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | NAP | NAP | |||||||||||||
12.03 | Property | 1 | 55210 Rudy Road | NAP | NAP | |||||||||||||
12.04 | Property | 1 | 555 S Fenway Drive | NAP | NAP | |||||||||||||
12.05 | Property | 1 | 405 N Industrial Drive | NAP | NAP | |||||||||||||
12.06 | Property | 1 | 1139 S Fenway Circle | NAP | NAP | |||||||||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | NAP | NAP | 0 | Springing | 0 | Springing | 0 | Springing | 0 | 25,000,000 | Springing | 25,000,000 | 0 | 0 |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | NAP | NAP | 0 | Springing | 0 | Springing | 0 | 19,303 | 231,636 | 5,000,000 | 144,771 | 10,000,000 | 0 | 0 |
15 | Loan | 5, F | 1 | 6330 West Loop South | NAP | NAP | 376,725 | 75,345 | 12,796 | 1,894 | 0 | 3,481 | 125,320 | 250,000 | Springing | 250,000 | 0 | 0 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | NAP | NAP | 181,170 | 36,234 | 0 | 12,387 | 0 | 1,195 | 0 | 280,500 | 7,967 | 0 | 0 | 0 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | NAP | NAP | 0 | Springing | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
18 | Loan | 1 | 218 West 234th Street | NAP | NAP | 49,575 | 49,575 | 0 | Springing | 0 | 671 | 20,000 | 0 | 7,990 | 191,768 | 0 | 0 | |
19 | Loan | 1 | Terre Haute Industrial | NAP | NAP | 0 | 10,014 | 17,810 | 8,905 | 0 | 3,858 | 46,300 | 0 | 6,752 | 81,024 | 0 | 0 | |
20 | Loan | 1 | UCC Environmental HQ | NAP | NAP | 0 | 29,031 | 0 | Springing | 0 | 1,456 | 17,475 | 0 | Springing | 157,275 | 0 | 0 |
A-1-10 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Debt Service Reserve Cap ($) | Upfront Deferred Maintenance Reserve ($) | Upfront Other Reserve ($) | Monthly Other Reserve ($) | Other Reserve Description | Other Reserve Cap ($) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 0 | 0 | 18,702,357 | Springing | TI Reserve ($10,024,691), Gap Rent Reserve ($8,677,666), Planet Hollywood Overlease Rent Reserve (Springing) | 0 |
2 | Loan | 5 | 1 | Brandon Mall | 0 | 0 | 1,173,739 | 0 | Gap Rent Reserve Funds ($136,312); Rent Concession Reserve Funds ($89,507); Exisiting TI/LC Reserve Funds ($947,920) | 0 |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 0 | 0 | 31,137,229 | 0 | Outstanding TI/LC Reserve (Upfront: $21,283,070), Free Rent Reserve (Upfront: $9,854,159) | 0 |
4 | Loan | 10 | 1 | Park West Shopping Center | 0 | 0 | 5,711,055 | 0 | Rent Concession Reserve ($333,080); Exisiting TI/LC Reserve ($5,377,975) | 0 |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 0 | 0 | 144,107 | Springing | Outparcel Development (Springing), Rent Concession ($68,429), Existing TI/LC ($75,678) | 0 |
5.01 | Property | 1 | Shops at Riverwalk | |||||||
5.02 | Property | 1 | River Walk Corporate Center | |||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 0 | 851,224 | 0 | 0 | NAP | 0 |
6.01 | Property | 1 | Romulus - Huron | |||||||
6.02 | Property | 1 | Warren Perkins Jones | |||||||
6.03 | Property | 1 | Cleveland American Industrial | |||||||
6.04 | Property | 1 | Cleveland American Office | |||||||
6.05 | Property | 1 | Miles North Randall | |||||||
6.06 | Property | 1 | Invacare | |||||||
6.07 | Property | 1 | Stop Eight Vandalia | |||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 0 | 0 | 1,000,000 | 0 | PIP | 0 |
7.01 | Property | 1 | HGI Madison | |||||||
7.02 | Property | 1 | Home2 Madison | |||||||
7.03 | Property | 1 | Home2 Opelika | |||||||
7.04 | Property | 1 | Home2 Decatur | |||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 0 | 0 | 0 | Springing | Condominium Assessments Reserve | 0 |
9 | Loan | 5 | 1 | 503-511 Broadway | 0 | 0 | 4,306,278 | 0 | TI/LC Lease Up Reserve ($3,500,000), PacSun Free Rent Reserve ($277,777.80), PacSun TI Reserve ($500,000), Roof Leak Reserve ($28,500) | 0 |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 0 | 0 | 1,500,000 | 150,000 | PIP Reserve Upfront ($1,500,000); Seasonality Reserve: ($150,000) | 750,000 |
11 | Loan | 22, 23 | 1 | The Read House | 0 | 0 | 360,000 | 72,000 | Seasonality Reserve ($360,000) | 360,000 |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 0 | 0 | 0 | 0 | NAP | 0 |
12.01 | Property | 1 | 2301 Denso Drive | |||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | |||||||
12.03 | Property | 1 | 55210 Rudy Road | |||||||
12.04 | Property | 1 | 555 S Fenway Drive | |||||||
12.05 | Property | 1 | 405 N Industrial Drive | |||||||
12.06 | Property | 1 | 1139 S Fenway Circle | |||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 0 | 0 | 11,112,904 | 0 | Upfront Leasing Reserve | 0 |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 0 | 0 | 10,489,446 | 0 | Outstanding Leasing Costs ($10,303,667.00); Free Rent Reserve ($185,778.77) | 0 |
15 | Loan | 5, F | 1 | 6330 West Loop South | 0 | 0 | 6,347,744 | 11,411 | Outstanding TI Reserve (Upfront: $5,429,634.94); Free Rent Reserve (Upfront: $918,109.33); Texas Children's Reserve (Monthly: $11,411.39) | 0 |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 0 | 0 | 52,634 | Springing | Rent Concession Reserve ($52,634); Completion/Repair Reserve (Springing) | 0 | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 0 | 0 | 21,322,779 | 0 | Upfront Rollover Deposit ($17,567,429.00); Free Rent ($3,755,350.00) | 0 |
18 | Loan | 1 | 218 West 234th Street | 0 | 0 | 0 | 0 | NAP | 0 | |
19 | Loan | 1 | Terre Haute Industrial | 0 | 66,815 | 0 | 0 | NAP | 0 | |
20 | Loan | 1 | UCC Environmental HQ | 0 | 0 | 0 | 0 | NAP | 0 |
A-1-11 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Holdback/ Earnout Amount ($) | Holdback/ Earnout Description | Lockbox Type | Cash Management | Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) | Tenant Specific Excess Cash Trap Trigger (Y/N) | Pari Passu (Y/N) | Pari Passu in Trust Controlling (Y/N) | Trust Pari Passu Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Subordinate Companion Loan Cut-off Date Balance ($) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 0 | NAP | Hard | Springing | Yes | No | Yes | No | 67,000,000 | 358,000,000 | 2,114,630.79 | 2,510,385.72 | NAP |
2 | Loan | 5 | 1 | Brandon Mall | 0 | NAP | Hard | Springing | Yes | Yes | Yes | Yes | 65,000,000 | 56,000,000 | 360,538.89 | 779,021.53 | NAP |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 60,000,000 | 415,000,000 | 2,208,309.14 | 2,527,582.75 | 65,000,000 |
4 | Loan | 10 | 1 | Park West Shopping Center | 0 | NAP | Hard | In Place | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 0 | NAP | Soft | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP |
5.01 | Property | 1 | Shops at Riverwalk | ||||||||||||||
5.02 | Property | 1 | River Walk Corporate Center | ||||||||||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 52,200,000 | 127,800,000 | 793,646.88 | 1,117,812.51 | NAP |
6.01 | Property | 1 | Romulus - Huron | ||||||||||||||
6.02 | Property | 1 | Warren Perkins Jones | ||||||||||||||
6.03 | Property | 1 | Cleveland American Industrial | ||||||||||||||
6.04 | Property | 1 | Cleveland American Office | ||||||||||||||
6.05 | Property | 1 | Miles North Randall | ||||||||||||||
6.06 | Property | 1 | Invacare | ||||||||||||||
6.07 | Property | 1 | Stop Eight Vandalia | ||||||||||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 0 | NAP | Hard | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP |
7.01 | Property | 1 | HGI Madison | ||||||||||||||
7.02 | Property | 1 | Home2 Madison | ||||||||||||||
7.03 | Property | 1 | Home2 Opelika | ||||||||||||||
7.04 | Property | 1 | Home2 Decatur | ||||||||||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 0 | NAP | Hard | Springing | Yes | Yes | Yes | Yes | 37,100,000 | 20,000,000 | 127,581.02 | 364,243.81 | NAP |
9 | Loan | 5 | 1 | 503-511 Broadway | 0 | NAP | Hard | In Place | Yes | Yes | Yes | Yes | 36,000,000 | 22,000,000 | 136,807.40 | 360,674.07 | NAP |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 0 | NAP | Soft | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 22, 23 | 1 | The Read House | 0 | NAP | Hard | Springing | Yes | No | No | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 0 | NAP | Soft | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 2301 Denso Drive | ||||||||||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | ||||||||||||||
12.03 | Property | 1 | 55210 Rudy Road | ||||||||||||||
12.04 | Property | 1 | 555 S Fenway Drive | ||||||||||||||
12.05 | Property | 1 | 405 N Industrial Drive | ||||||||||||||
12.06 | Property | 1 | 1139 S Fenway Circle | ||||||||||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 0 | NAP | Hard | Springing | Yes | No | Yes | No | 25,000,000 | 195,000,000 | 1,283,044.71 | 1,447,537.62 | NAP |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 22,000,000 | 150,000,000 | 966,996.53 | 1,108,822.69 | NAP |
15 | Loan | 5, F | 1 | 6330 West Loop South | 0 | NAP | Hard | Springing | Yes | Yes | Yes | No | 17,231,554 | 32,315,407 | 241,444.62 | 370,190.21 | NAP |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | 0 | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | 0 | NAP | Hard | Springing | Yes | Yes | Yes | Yes | 10,000,000 | 160,000,000 | 755,009.26 | 802,197.34 | NAP |
18 | Loan | 1 | 218 West 234th Street | 0 | NAP | Springing | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | |
19 | Loan | 1 | Terre Haute Industrial | 0 | NAP | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 1 | UCC Environmental HQ | 0 | NAP | Hard | Springing | No | Yes | No | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-12 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Subordinate Companion Loan Interest Rate | Whole Loan Cut-off Date Balance ($) | Whole Loan Monthly Debt Service ($) | Whole Loan Cut-off Date LTV Ratio (%) | Whole Loan Underwritten NCF DSCR (x) | Whole Loan Underwritten NOI Debt Yield (%) | Mezzanine Debt Cut-off Date Balance($) | Mezzanine Debt Interest Rate (%) | Total Debt Cut-off Date Balance ($) | Total Debt Monthly Debt Service ($) | Total Debt Cut-off Date LTV Ratio (%) | Total Debt Underwritten NCF DSCR (x) | Total Debt Underwritten NOI Debt Yield (%) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | NAP | 425,000,000 | 2,510,385.72 | 38.6% | 1.96 | 14.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 5 | 1 | Brandon Mall | NAP | 121,000,000 | 779,021.53 | 54.7% | 2.33 | 19.2% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 8.20000% | 540,000,000 | 2,977,918.40 | 38.3% | 2.16 | 14.3% | 40,000,000 | 10.12500% | 580,000,000 | 3,320,105.90 | 41.1% | 1.94 | 13.4% |
4 | Loan | 10 | 1 | Park West Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5.01 | Property | 1 | Shops at Riverwalk | ||||||||||||||
5.02 | Property | 1 | River Walk Corporate Center | ||||||||||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | NAP | 180,000,000 | 1,117,812.51 | 58.5% | 1.39 | 10.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
6.01 | Property | 1 | Romulus - Huron | ||||||||||||||
6.02 | Property | 1 | Warren Perkins Jones | ||||||||||||||
6.03 | Property | 1 | Cleveland American Industrial | ||||||||||||||
6.04 | Property | 1 | Cleveland American Office | ||||||||||||||
6.05 | Property | 1 | Miles North Randall | ||||||||||||||
6.06 | Property | 1 | Invacare | ||||||||||||||
6.07 | Property | 1 | Stop Eight Vandalia | ||||||||||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7.01 | Property | 1 | HGI Madison | ||||||||||||||
7.02 | Property | 1 | Home2 Madison | ||||||||||||||
7.03 | Property | 1 | Home2 Opelika | ||||||||||||||
7.04 | Property | 1 | Home2 Decatur | ||||||||||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | NAP | 57,100,000 | 364,243.81 | 57.1% | 1.33 | 10.4% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 5 | 1 | 503-511 Broadway | NAP | 58,000,000 | 360,674.07 | 38.7% | 1.39 | 10.5% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 22, 23 | 1 | The Read House | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 2301 Denso Drive | ||||||||||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | ||||||||||||||
12.03 | Property | 1 | 55210 Rudy Road | ||||||||||||||
12.04 | Property | 1 | 555 S Fenway Drive | ||||||||||||||
12.05 | Property | 1 | 405 N Industrial Drive | ||||||||||||||
12.06 | Property | 1 | 1139 S Fenway Circle | ||||||||||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | NAP | 220,000,000 | 1,447,537.62 | 51.4% | 1.52 | 13.5% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | NAP | 172,000,000 | 1,108,822.69 | 33.0% | 1.54 | 12.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
15 | Loan | 5, F | 1 | 6330 West Loop South | NAP | 49,546,961 | 370,190.21 | 62.2% | 1.2 | 11.4% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | NAP | 170,000,000 | 802,197.34 | 30.5% | 2.76 | 17.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 1 | 218 West 234th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19 | Loan | 1 | Terre Haute Industrial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 1 | UCC Environmental HQ | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-13 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Future Additional Debt Permitted (Y/N) | Future Debt Permitted Type | Sponsor |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | No | NAP | Institutional Mall Investors LLC |
2 | Loan | 5 | 1 | Brandon Mall | No | NAP | NADG (US) LLLP and North American Property Group |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | No | NAP | JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., OMERS Administration Corporation and OPG Investment Holdings (US), LLC |
4 | Loan | 10 | 1 | Park West Shopping Center | No | NAP | Joshua Volen and Trevor Smith |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | No | NAP | Castle & Cooke, Inc., Murdock Realty, LLC and Westlake Wellbeing Properties, LLC |
5.01 | Property | 1 | Shops at Riverwalk | ||||
5.02 | Property | 1 | River Walk Corporate Center | ||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | No | NAP | Industrial Commercial Properties and Industrial Realty Group |
6.01 | Property | 1 | Romulus - Huron | ||||
6.02 | Property | 1 | Warren Perkins Jones | ||||
6.03 | Property | 1 | Cleveland American Industrial | ||||
6.04 | Property | 1 | Cleveland American Office | ||||
6.05 | Property | 1 | Miles North Randall | ||||
6.06 | Property | 1 | Invacare | ||||
6.07 | Property | 1 | Stop Eight Vandalia | ||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | No | NAP | HDC Capital Group |
7.01 | Property | 1 | HGI Madison | ||||
7.02 | Property | 1 | Home2 Madison | ||||
7.03 | Property | 1 | Home2 Opelika | ||||
7.04 | Property | 1 | Home2 Decatur | ||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | No | NAP | F&T Group |
9 | Loan | 5 | 1 | 503-511 Broadway | No | NAP | HSR Corp. |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | Yes | Mezzanine | J. Ryan Lingerfelt and Lingerfelt Commonwealth Value Fund II, L.P. |
11 | Loan | 22, 23 | 1 | The Read House | No | NAP | Jonathan P. Weitz |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | No | NAP | Tenet Equity Partners, Inc. |
12.01 | Property | 1 | 2301 Denso Drive | ||||
12.02 | Property | 1 | 300-310 N Alloy Drive | ||||
12.03 | Property | 1 | 55210 Rudy Road | ||||
12.04 | Property | 1 | 555 S Fenway Drive | ||||
12.05 | Property | 1 | 405 N Industrial Drive | ||||
12.06 | Property | 1 | 1139 S Fenway Circle | ||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | No | NAP | Brandywine Operating Partnership, L.P. |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | Yes | Mezzanine | AEW CPT REIT, LLC, AEW Core Property (U.S.), L.P., Brookfield Office Properties Inc. and Brookfield Property Partners, L.P. |
15 | Loan | 5, F | 1 | 6330 West Loop South | Yes | Mezzanine | Accesso Partners and Partners Group |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | No | NAP | Dilip Gandhi and Manish Gandhi | |
17 | Loan | 5, G | 1 | 1201 Third Avenue | No | NAP | MetLife, Inc. and New York Common Retirement Fund |
18 | Loan | 1 | 218 West 234th Street | No | NAP | Richard Kringstein and Barry Kringstein | |
19 | Loan | 1 | Terre Haute Industrial | No | NAP | Prairie Hill Holdings, LLC | |
20 | Loan | 1 | UCC Environmental HQ | No | NAP | Fulcrum Asset Advisors, LLC |
A-1-14 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Non-Recourse Carveout Guarantor | Delaware Statutory Trust (Y/N) | Tenants-in-common (Y/N) | Loan Purpose | Property Located Within a Qualified Opportunity Zone (Y/N) | Sources: Loan Amount ($) | Sources: Principal's New Cash Contribution ($) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | Institutional Mall Investors LLC | No | No | Refinance | 425,000,000 | 140,500,000 | |
2 | Loan | 5 | 1 | Brandon Mall | NADG (US) LLLP and North American Property Group | No | No | Acquisition | 121,000,000 | 113,322,437 | |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | OPG Investment Holdings (US), LLC | No | No | Refinance | 475,000,000 | 41,583,604 | |
4 | Loan | 10 | 1 | Park West Shopping Center | CIRE OpCo I, LLC | No | No | Refinance | 58,600,000 | 0 | |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | Castle & Cooke, Inc., Murdock Realty, LLC and Westlake Wellbeing Properties, LLC | No | No | Refinance | 52,500,000 | 0 | |
5.01 | Property | 1 | Shops at Riverwalk | ||||||||
5.02 | Property | 1 | River Walk Corporate Center | ||||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | Holdings Ohio, LLC and Christopher Semarjian | No | Yes | Refinance | 180,000,000 | 0 | |
6.01 | Property | 1 | Romulus - Huron | ||||||||
6.02 | Property | 1 | Warren Perkins Jones | ||||||||
6.03 | Property | 1 | Cleveland American Industrial | ||||||||
6.04 | Property | 1 | Cleveland American Office | ||||||||
6.05 | Property | 1 | Miles North Randall | ||||||||
6.06 | Property | 1 | Invacare | ||||||||
6.07 | Property | 1 | Stop Eight Vandalia | ||||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | Horse Island Partners, LLC | No | No | Acquisition | 38,500,000 | 27,954,475 | |
7.01 | Property | 1 | HGI Madison | ||||||||
7.02 | Property | 1 | Home2 Madison | ||||||||
7.03 | Property | 1 | Home2 Opelika | ||||||||
7.04 | Property | 1 | Home2 Decatur | ||||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | Sunny Chiu, Michael Lee and Christian Lee | No | No | Refinance | 57,100,000 | 2,248,586 | |
9 | Loan | 5 | 1 | 503-511 Broadway | HSR Corp. | No | No | Refinance | 58,000,000 | 6,934,601 | |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | J. Ryan Lingerfelt and Lingerfelt Commonwealth Value Fund II, L.P. | No | Yes | Refinance | 33,500,000 | 3,453,563 | |
11 | Loan | 22, 23 | 1 | The Read House | Jonathan P. Weitz | No | No | Refinance | 33,000,000 | 0 | |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | Tenet Equity Partners, Inc. | No | No | Refinance | 28,600,000 | 0 | |
12.01 | Property | 1 | 2301 Denso Drive | ||||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | ||||||||
12.03 | Property | 1 | 55210 Rudy Road | ||||||||
12.04 | Property | 1 | 555 S Fenway Drive | ||||||||
12.05 | Property | 1 | 405 N Industrial Drive | ||||||||
12.06 | Property | 1 | 1139 S Fenway Circle | ||||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | Brandywine Operating Partnership, L.P. | No | No | Refinance | 220,000,000 | 24,825,039 | |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | Brookfield Properties Investor LLC | No | No | Refinance | 172,000,000 | 5,793,688 | |
15 | Loan | 5, F | 1 | 6330 West Loop South | Investment Properties Holdings (US), LLLP and Investment Properties Holdings, LLLP | No | No | Refinance | 49,600,000 | 8,768,140 | |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | Dilip Gandhi and Manish Gandhi | No | No | Acquisition | ||||
17 | Loan | 5, G | 1 | 1201 Third Avenue | NAP | No | No | Refinance | |||
18 | Loan | 1 | 218 West 234th Street | Richard Kringstein and Barry Kringstein | No | Yes | Refinance | ||||
19 | Loan | 1 | Terre Haute Industrial | Matthew Sandretto and Alisa Kolodizner | No | No | Acquisition | ||||
20 | Loan | 1 | UCC Environmental HQ | Fulcrum Operating Company, LLC | No | No | Acquisition |
A-1-15 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Sources: Subordinate Debt ($) | Sources: Other Sources ($) | Sources: Total Sources ($) | Uses: Loan Payoff ($) | Uses: Purchase Price ($) | Uses: Closing Costs ($) | Uses: Reserves ($) | Uses: Principal Equity Distribution ($) | Uses: Other Uses ($) | Uses: Total Uses ($) | Franchise Agreement Expiration | Underwritten ADR ($) | Underwritten RevPAR ($) | Underwritten Hotel Occupancy (%) |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | 0 | 0 | 565,500,000 | 542,477,253 | 0 | 4,320,390 | 18,702,357 | 0 | 0 | 565,500,000 | NAP | NAP | NAP | NAP |
2 | Loan | 5 | 1 | Brandon Mall | 0 | 0 | 234,322,437 | 0 | 220,000,000 | 2,925,561 | 11,396,876 | 0 | 0 | 234,322,437 | NAP | NAP | NAP | NAP |
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | 65,000,000 | 40,000,000 | 621,583,604 | 546,966,371 | 0 | 16,756,604 | 57,860,629 | 0 | 0 | 621,583,604 | NAP | NAP | NAP | NAP |
4 | Loan | 10 | 1 | Park West Shopping Center | 0 | 0 | 58,600,000 | 34,271,704 | 0 | 1,411,839 | 6,334,729 | 16,581,728 | 0 | 58,600,000 | NAP | NAP | NAP | NAP |
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | 0 | 0 | 52,500,000 | 0 | 0 | 483,038 | 2,277,721 | 49,739,241 | 0 | 52,500,000 | NAP | NAP | NAP | NAP |
5.01 | Property | 1 | Shops at Riverwalk | NAP | NAP | NAP | NAP | |||||||||||
5.02 | Property | 1 | River Walk Corporate Center | NAP | NAP | NAP | NAP | |||||||||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | 0 | 0 | 180,000,000 | 132,024,335 | 0 | 9,870,791 | 4,758,679 | 33,346,195 | 0 | 180,000,000 | NAP | NAP | NAP | NAP |
6.01 | Property | 1 | Romulus - Huron | NAP | NAP | NAP | NAP | |||||||||||
6.02 | Property | 1 | Warren Perkins Jones | NAP | NAP | NAP | NAP | |||||||||||
6.03 | Property | 1 | Cleveland American Industrial | NAP | NAP | NAP | NAP | |||||||||||
6.04 | Property | 1 | Cleveland American Office | NAP | NAP | NAP | NAP | |||||||||||
6.05 | Property | 1 | Miles North Randall | NAP | NAP | NAP | NAP | |||||||||||
6.06 | Property | 1 | Invacare | NAP | NAP | NAP | NAP | |||||||||||
6.07 | Property | 1 | Stop Eight Vandalia | NAP | NAP | NAP | NAP | |||||||||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 0 | 0 | 66,454,475 | 0 | 64,234,000 | 914,880 | 1,305,595 | 0 | 0 | 66,454,475 | Various | 137.79 | 110.67 | 80.3% |
7.01 | Property | 1 | HGI Madison | 5/31/2041 | 139.52 | 109.68 | 78.6% | |||||||||||
7.02 | Property | 1 | Home2 Madison | 3/31/2039 | 130.69 | 107.62 | 82.3% | |||||||||||
7.03 | Property | 1 | Home2 Opelika | 5/31/2038 | 144.57 | 113.32 | 78.4% | |||||||||||
7.04 | Property | 1 | Home2 Decatur | 5/31/2038 | 137.78 | 112.91 | 82.0% | |||||||||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | 0 | 0 | 59,348,586 | 57,100,000 | 0 | 801,340 | 1,447,246 | 0 | 0 | 59,348,586 | NAP | NAP | NAP | NAP |
9 | Loan | 5 | 1 | 503-511 Broadway | 0 | 0 | 64,934,601 | 58,998,007 | 0 | 394,868 | 5,541,726 | 0 | 0 | 64,934,601 | NAP | NAP | NAP | NAP |
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 0 | 0 | 36,953,563 | 34,753,160 | 0 | 639,086 | 1,561,318 | 0 | 0 | 36,953,563 | 11/17/2042 | 146.28 | 103.69 | 70.9% |
11 | Loan | 22, 23 | 1 | The Read House | 0 | 0 | 33,000,000 | 26,290,561 | 0 | 303,561 | 580,226 | 5,825,652 | 0 | 33,000,000 | NAP | 190.33 | 122.41 | 64.3% |
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | 0 | 0 | 28,600,000 | 24,000,000 | 0 | 1,252,746 | 0 | 3,347,254 | 0 | 28,600,000 | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 2301 Denso Drive | NAP | NAP | NAP | NAP | |||||||||||
12.02 | Property | 1 | 300-310 N Alloy Drive | NAP | NAP | NAP | NAP | |||||||||||
12.03 | Property | 1 | 55210 Rudy Road | NAP | NAP | NAP | NAP | |||||||||||
12.04 | Property | 1 | 555 S Fenway Drive | NAP | NAP | NAP | NAP | |||||||||||
12.05 | Property | 1 | 405 N Industrial Drive | NAP | NAP | NAP | NAP | |||||||||||
12.06 | Property | 1 | 1139 S Fenway Circle | NAP | NAP | NAP | NAP | |||||||||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | 0 | 0 | 244,825,039 | 204,600,430 | 0 | 4,111,705 | 36,112,904 | 0 | 0 | 244,825,039 | NAP | NAP | NAP | NAP |
14 | Loan | 5, 25, E | 1 | Heritage Plaza | 0 | 0 | 177,793,688 | 156,217,116 | 0 | 6,087,126 | 15,489,446 | 0 | 0 | 177,793,688 | NAP | NAP | NAP | NAP |
15 | Loan | 5, F | 1 | 6330 West Loop South | 0 | 0 | 58,368,140 | 50,301,042 | 0 | 1,079,834 | 6,987,265 | 0 | 0 | 58,368,140 | NAP | NAP | NAP | NAP |
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | NAP | NAP | NAP | NAP | |||||||||||
17 | Loan | 5, G | 1 | 1201 Third Avenue | NAP | NAP | NAP | NAP | ||||||||||
18 | Loan | 1 | 218 West 234th Street | NAP | NAP | NAP | NAP | |||||||||||
19 | Loan | 1 | Terre Haute Industrial | NAP | NAP | NAP | NAP | |||||||||||
20 | Loan | 1 | UCC Environmental HQ | NAP | NAP | NAP | NAP |
A-1-16 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | 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 (%) | Coop - Committed Secondary Debt | Coop - Rental Value | Coop - LTV as Rental | Coop - Unsold Percent |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
2 | Loan | 5 | 1 | Brandon Mall | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
4 | Loan | 10 | 1 | Park West Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
5.01 | Property | 1 | Shops at Riverwalk | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
5.02 | Property | 1 | River Walk Corporate Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
6.01 | Property | 1 | Romulus - Huron | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6.02 | Property | 1 | Warren Perkins Jones | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6.03 | Property | 1 | Cleveland American Industrial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6.04 | Property | 1 | Cleveland American Office | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6.05 | Property | 1 | Miles North Randall | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6.06 | Property | 1 | Invacare | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6.07 | Property | 1 | Stop Eight Vandalia | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | 137.79 | 110.67 | 80.3% | 135.90 | 106.52 | 78.4% | 120.23 | 96.28 | 80.1% | ||||
7.01 | Property | 1 | HGI Madison | 139.52 | 109.68 | 78.6% | 137.26 | 103.62 | 75.5% | 129.82 | 84.07 | 64.8% | |||||
7.02 | Property | 1 | Home2 Madison | 130.69 | 107.62 | 82.3% | 127.49 | 103.73 | 81.4% | 115.60 | 101.37 | 87.7% | |||||
7.03 | Property | 1 | Home2 Opelika | 144.57 | 113.32 | 78.4% | 147.24 | 109.51 | 74.4% | 119.72 | 92.96 | 77.7% | |||||
7.04 | Property | 1 | Home2 Decatur | 137.78 | 112.91 | 82.0% | 134.06 | 110.54 | 82.5% | 120.70 | 103.01 | 85.3% | |||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9 | Loan | 5 | 1 | 503-511 Broadway | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | 146.28 | 103.69 | 70.9% | 143.16 | 97.24 | 67.9% | 119.68 | 79.68 | 65.9% | ||||
11 | Loan | 22, 23 | 1 | The Read House | 190.33 | 123.43 | 64.9% | 190.86 | 121.63 | 63.7% | 186.65 | 101.95 | 54.6% | ||||
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
12.01 | Property | 1 | 2301 Denso Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
12.02 | Property | 1 | 300-310 N Alloy Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
12.03 | Property | 1 | 55210 Rudy Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
12.04 | Property | 1 | 555 S Fenway Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
12.05 | Property | 1 | 405 N Industrial Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
12.06 | Property | 1 | 1139 S Fenway Circle | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
14 | Loan | 5, 25, E | 1 | Heritage Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
15 | Loan | 5, F | 1 | 6330 West Loop South | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
17 | Loan | 5, G | 1 | 1201 Third Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
18 | Loan | 1 | 218 West 234th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
19 | Loan | 1 | Terre Haute Industrial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||||
20 | Loan | 1 | UCC Environmental HQ | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-17 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Coop - Sponsor Units | Coop - Investor Units | Coop - Coop Units | Coop - Sponsor/Investor Carry |
1 | Loan | 5, 6, A | 1 | Miracle Mile Shops | ||||
2 | Loan | 5 | 1 | Brandon Mall | ||||
3 | Loan | 5, 7, 8, 9, B | 1 | Back Bay Office | ||||
4 | Loan | 10 | 1 | Park West Shopping Center | ||||
5 | Loan | 11, 12, 13 | 2 | Shops at Riverwalk & River Walk Corporate Center | ||||
5.01 | Property | 1 | Shops at Riverwalk | |||||
5.02 | Property | 1 | River Walk Corporate Center | |||||
6 | Loan | 5, 11, 12, 14, C | 7 | ICP/IRG Holdings Portfolio | ||||
6.01 | Property | 1 | Romulus - Huron | |||||
6.02 | Property | 1 | Warren Perkins Jones | |||||
6.03 | Property | 1 | Cleveland American Industrial | |||||
6.04 | Property | 1 | Cleveland American Office | |||||
6.05 | Property | 1 | Miles North Randall | |||||
6.06 | Property | 1 | Invacare | |||||
6.07 | Property | 1 | Stop Eight Vandalia | |||||
7 | Loan | 11, 14, 15, 16 | 4 | Alabama Hotel Portfolio | ||||
7.01 | Property | 1 | HGI Madison | |||||
7.02 | Property | 1 | Home2 Madison | |||||
7.03 | Property | 1 | Home2 Opelika | |||||
7.04 | Property | 1 | Home2 Decatur | |||||
8 | Loan | 5, 14, 17 | 1 | Queens Crossing | ||||
9 | Loan | 5 | 1 | 503-511 Broadway | ||||
10 | Loan | 18, 19, 20, 21 | 1 | Norfolk Waterside Marriott | ||||
11 | Loan | 22, 23 | 1 | The Read House | ||||
12 | Loan | 11 | 6 | Tenet Equity Industrial Portfolio | ||||
12.01 | Property | 1 | 2301 Denso Drive | |||||
12.02 | Property | 1 | 300-310 N Alloy Drive | |||||
12.03 | Property | 1 | 55210 Rudy Road | |||||
12.04 | Property | 1 | 555 S Fenway Drive | |||||
12.05 | Property | 1 | 405 N Industrial Drive | |||||
12.06 | Property | 1 | 1139 S Fenway Circle | |||||
13 | Loan | 5, 24, D | 1 | One & Two Commerce Square | ||||
14 | Loan | 5, 25, E | 1 | Heritage Plaza | ||||
15 | Loan | 5, F | 1 | 6330 West Loop South | ||||
16 | Loan | 1 | 110 & 140 W Sandy Lake Rd | |||||
17 | Loan | 5, G | 1 | 1201 Third Avenue | ||||
18 | Loan | 1 | 218 West 234th Street | |||||
19 | Loan | 1 | Terre Haute Industrial | |||||
20 | Loan | 1 | UCC Environmental HQ |
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BANK5 2023-5YR2 | |
Footnotes to Annex A-1 | |
(1) | MSBNA—Morgan Stanley Bank, N.A.; BANA—Bank of America, National Association; MSMCH—Morgan Stanley Mortgage Capital Holdings LLC; WFB—Wells Fargo Bank, National Association; JPMCB—JPMorgan Chase Bank, National Association. |
(2) | Certain tenants may not be in occupancy or may be in free rent periods. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this prospectus for information regarding the 5 largest tenants at mortgaged properties securing the 15 largest Mortgage Loans and tenants that occupy 50% or more of the net rentable area at their respective mortgaged properties which are not in occupancy or are in free rent periods. |
(3) | The Administrative Fee Rate includes the master servicing fee rate, operating advisor fee rate, certificate administrator/trustee fee rate, asset representations reviewer fee rate, primary or sub-servicing servicing fee rate, CREFC® license fee rate and, with respect to any non-serviced Mortgage Loan, pari passu loan primary servicing fee rate, in each case applicable to the related Mortgage Loan. |
(4) | Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” for information regarding certain lease termination options affecting the 5 largest tenants at mortgaged properties securing the 15 largest Mortgage Loans and tenants that occupy 50% or more of the net rentable area at their respective mortgaged properties. |
(5) | With respect to Mortgage Loan No. 1, Miracle Mile Shops, Mortgage Loan No. 2, Brandon Mall, Mortgage Loan No. 3, Back Bay Office, Mortgage Loan No. 6, ICP/IRG Holdings Portfolio, Mortgage Loan No. 8, Queens Crossing, Mortgage Loan No. 9, 503-511 Broadway, Mortgage Loan No. 13, One & Two Commerce Square, Mortgage Loan No. 14, Heritage Plaza, Mortgage Loan No. 15, 6330 West Loop South and Mortgage Loan No. 17, 1201 Third Avenue, such Mortgage Loans are part of a whole loan related to the Issuing Entity. For purposes of the statistical information set forth in this prospectus as to such Mortgage Loans, all LTV, DSCR, Debt Yield and Loan Per Unit ($) calculations are in each case based on the subject Mortgage Loan together with any related Pari Passu Companion Loan, but (unless otherwise indicated) without regard to any related Subordinate Companion Loan(s). For further information, see “Description of the Mortgage Pool—The Whole Loans—General”, “—The Serviced Pari Passu Whole Loans”, “—The Non-Serviced Pari Passu Whole Loans”, and “Pooling and Servicing Agreement” or “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans,” as applicable, in this prospectus. |
(6) | With respect to Mortgage Loan No. 1, Miracle Mile Shops, each pari passu promissory note comprising the whole loan was divided into multiple components with varying interest rates. The Interest Rate % of the Miracle Mile Shops mortgage loan represents the weighted average interest rate of three components. Prepayments of the Miracle Mile Shops mortgage loan will be applied to the components in sequential order. As a result of the components having different interest rates and the allocation of prepayments to sequentially reduce the components, the per annum weighted average interest rate of the components (and, therefore, the interest rate of the Miracle Mile Shops mortgage loan) may increase over time. |
(7) | With respect to Mortgage Loan No. 3, Back Bay Office, the Appraised Value represents the Hypothetical As-Is Value, which assumes that, as of October 19, 2022, the planned leasing cost escrow of $67.6 million for leasing costs was fully funded. Due to leasing-related disbursements since the appraisal date, the planned leasing cost escrow amount has been reduced to $57.8 million. All outstanding leasing costs at the time of loan origination were reserved upfront. The appraisal concluded to an “as-is” appraised value of $1,345,000,000 as of October 19, 2022. The “as-is” appraised value results in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 35.3% for the Back Bay Office Senior Loan and 43.1% for the Back Bay Office Whole Loan. |
(8) | With respect to Mortgage Loan No. 3, Back Bay Office, the lender will waive one late payment charge each calendar year if the borrower makes such delinquent payment in full within ten days after such payment date was due. |
(9) | With respect to Mortgage Loan No. 3, Back Bay Office, the largest tenant Wayfair (356,312 square feet), representing 27.8% of net rentable square feet, has vacated its entire space. As of the origination date, the tenant is current on all rental obligations. The tenant has a lease expiration date of December 31, 2031, with no termination options. The tenant has three 5-year renewal options. |
(10) | With respect to Mortgage Loan No. 4, Park West Shopping Center, the Appraised Value represents the Hypothetical Market Value assuming the Harkins TI is paid. The Harkins TI amount was reserved upfront. The appraisal concluded to an “as-is” appraised value of $94,300,000 as of March 20, 2023. The “as-is” appraised value results in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 62.1%. |
(11) | With respect to Mortgage Loan No. 5, Shops at Riverwalk & River Walk Corporate Center, Mortgage Loan No. 6, ICP/IRG Holdings Portfolio, Mortgage Loan No. 7, Alabama Hotel Portfolio, and Mortgage Loan No. 12, Tenet Equity Industrial Portfolio, each such Mortgage Loan is secured by multiple properties. For purposes of the statistical information set forth in this prospectus as to such Mortgage Loans, all LTV, DSCR, Debt Yield and Loan Per Unit ($) calculations are shown on an aggregate basis, and a portion of the Cut-off Date Balance has been allocated to each mortgaged property based on the respective Appraised Values and/or Underwritten NCF, among other methods. |
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(12) | With respect to Mortgage Loan No. 5, Shops at Riverwalk & River Walk Corporate Center and Mortgage Loan No. 6, ICP/IRG Holdings Portfolio, the related loan documents permit an outparcel or other release without prepayment or defeasance. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases; Property Additions” in this prospectus. |
(13) | With respect to Mortgage Loan No. 5, Shops at Riverwalk & River Walk Corporate Center, the mortgage loan was used to partially pay off a credit facility secured by a number of properties, including the Shops at Riverwalk & River Walk Corporate Center Properties. |
(14) | With respect to Mortgage Loan No. 6, ICP/IRG Holdings Portfolio, Mortgage Loan No. 7, Alabama Hotel Portfolio and Mortgage Loan No. 8, Queens Crossing, the related loan documents permit a partial collateral release subject to LTV, DSCR and/or Debt Yield tests, or other release conditions in connection with a partial defeasance, partial prepayment or partial assumption of the related Mortgage Loan or substitution of a Mortgaged Property. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Defeasance” and “—Releases; Partial Releases; Property Additions” in this prospectus. |
(15) | With respect to Mortgage Loan No. 7, Alabama Hotel Portfolio, on each monthly payment date, the borrowers are required to deposit into the FF&E reserve account (a) an amount equal to 4% of the gross income from operations generated for the calendar month 2-months prior and (b) sums required to complete all work described in any property improvement plan ("PIP") required by a franchisor estimated by the lender to provide for adequate funds to complete the work described in any PIP. |
(16) | With respect to Mortgage Loan No. 7, Alabama Hotel Portfolio, one time during any 12-month period, the borrower has five days to cure an event of default caused by the failure to make the Monthly Debt Service Payment. |
(17) | With respect to Mortgage Loan No. 8, Queens Crossing, up to one time during any 12-month period, but no more than three times in total during the term of the Mortgage Loan, the borrower has five days to cure an event of default caused by the failure to make the Monthly Debt Service Payment or the required reserve deposit on or before the date it is due. |
(18) | With respect to mortgage Loan No. 10, the Norfolk Waterside Marriott, the FF&E reserve will be equal to the greater of (i) the then-existing FF&E scheduled reserve amount and (ii) 1/12th of 4% of the underwritten revenue for the prior fiscal year. The monthly reserve amount is initially estimated at $80,494. |
(19) | With respect to Mortgage Loan No. 10, Norfolk Waterside Marriott, the Ongoing Other Escrow - Monthly ($) amount is equal to 1/9th of the Seasonality Reserve Required Annual Balance, provided however, that the borrower is only required to make these deposits if the funds on deposit in the Seasonality Reserve are less than $750,000 (the “Seasonality Reserve Required Annual Balance”). Initially, for the monthly payments occurring in July, August, September, October, and November 2023, the borrower is required to deposit $150,000 into the Seasonality Reserve and in March, April, May, June, July, August, September, October, and November 2024, the borrower is required to deposit $83,333. |
(20) | With respect to Mortgage Loan No. 10, Norfolk Waterside Marriott, the Initial Other Escrow Amount will require a springing deposit, if, at any time, any additional PIP work is required by the franchisor under the franchise agreement, within 15 days after receipt of notice from the franchisor with respect to such PIP work, in an amount equal to 100% of the estimated costs to complete such additional PIP work. Upon lender’s receipt of the budget for the PIP work estimated to commence in the calendar year 2026, upon 10 days’ notice to the borrowers, the borrowers are required to deposit such amount that the balance of the PIP reserve is equal to 100% of the lender’s estimated cost based on the budget. |
(21) | With respect to Mortgage Loan No. 10, Norfolk Waterside Marriott, the Ownership Interest is the fee interest in a 407-room full-service hotel located in Norfolk, Virginia, together with ancillary contractual and leasehold interests in an adjacent convention center and ballroom. |
(22) | With respect to Mortgage Loan No. 11, The Read House, The Read House Property operates under a management agreement with Avocet Hospitality Group, Inc. an affiliate of the borrower, which had an original 2-year term beginning in 2017, automatically extending in one-year increments unless owner or manager give at least 90 days prior notice not to extend, with a management fee equal to 3.0% of gross revenues. |
(23) | With respect to Mortgage Loan No. 11, The Read House, the loan documents require an upfront deposit of $360,000 seasonality reserve and commencing at loan origination and during the months of April, May, June, July, and August, the related borrower is required to deposit a seasonality reserve in the amount of $72,000 to ensure that there are sufficient funds on deposit to fund each monthly debt service payment for the off-season months of February, March or September. |
(24) | With respect to Mortgage Loan No. 13, One & Two Commerce Square, the borrower deposited a letter of credit in lieu of cash in the amount of $25 million as an upfront general TI/LC reserve. |
(25) | With respect to Mortgage Loan No. 14, Heritage Plaza, once per calendar year during the term of the loan, the Debt Service Payment Grace Period to Impose Late Charge will be five days. |
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A. | “Yield Maintenance Premium” shall mean, with respect to any prepayment of any Note or Component that is subject to payment of a Yield Maintenance Premium, an amount equal to the greater of the following two amounts: (a) 1.0% of the amount prepaid; or (b) the product of (i) the amount, if any, by which (x) the sum of the present values as of the prepayment date of all unpaid principal and interest payments on such Note or Component required hereunder (including the balloon payment assuming the outstanding principal balance of the Loan is due on the Open Prepayment Date), calculated by discounting such payments from the respective dates each such payment was due hereunder (assuming for these purposes that the payment of principal that is actually due on the Maturity Date were instead due on the Open Prepayment Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield exceeds (y) the outstanding principal balance of such Note or Component as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of such Note or Component as of the prepayment date. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error. “Periodic Treasury Yield” shall mean the arithmetic mean of the rates published as “Treasury Constant Maturities” as of 5:00 p.m., New York time, for the date on which a prepayment subject to Yield Maintenance Premium is made, as shown on the USD screen of Reuters (or such other page as may replace that page on that service, or such other page or replacement therefor on any successor service), or if such service is not available, the Bloomberg Service (or any successor service), or if neither Reuters nor the Bloomberg Service is available, under Section 504 in the weekly statistical release designated H.15(519) (or any successor publication) published by the Board of Governors of the Federal Reserve System, for “On the Run” U.S. Treasury obligations corresponding to the commencement of the period after the Open Prepayment Date. If no such maturity shall so exactly correspond, yields for the two most closely corresponding published maturities shall be calculated pursuant to the foregoing sentence and the Periodic Treasury Yield shall be interpolated or extrapolated (as applicable) from such yields on a straight-line basis (rounding, in the case of relevant periods, to the nearest month). |
B. | 2.4.2 Voluntary Prepayments (Yield Maintenance). Borrower shall have the right, only on a Business Day and only if a defeasance has not occurred, after the Lockout Expiration Date to prepay the Outstanding Principal Balance in whole but not in part, upon satisfaction of the following conditions: (a) Borrower shall deliver to Lender a Prepayment Notice; and (b) Borrower shall comply with the provisions set forth in Section 2.4.7. Provided no Event of Default is continuing, any prepayment made pursuant to Section 2.4.2 shall be applied (i) first, to the A Notes, applied on a pro rata and pari passu basis in accordance with the outstanding principal balances of the A Notes immediately prior to such prepayment, until the outstanding principal balance of all A Notes is reduced to zero and (ii) second, to the B Notes, applied on a pro rata and pari passu basis in accordance with the outstanding principal balances of the B Notes immediately prior to such prepayment, until the outstanding principal balance of all B Notes is reduced to zero. 2.4.7 Prepayment/Repayment Conditions (Yield Maintenance). (a) On the date on which a prepayment, voluntary or mandatory, is made under the Note or as required under this Agreement, which date must be a Business Day, Borrower shall pay to Lender all unpaid interest on the portion of the Outstanding Principal Balance prepaid plus, if the Repayment Date is not a Monthly Payment Date, all interest accruing for the full Interest Period in which the Repayment Date falls. (b) On the Repayment Date, Borrower shall pay to Lender (i) the Prepayment Fee (if such payment is made prior to the Open Prepayment Date) and (ii) all other sums, then due under the Note, this Agreement, the Mortgage, and the other Loan Documents. (c) Borrower shall pay all reasonable out-of-pocket costs and expenses of Lender incurred in connection with the repayment or prepayment (including without limitation, any out-of-pocket costs and expenses associated with a release of the Lien of the Mortgage as set forth in Section 2.5 below and reasonable attorneys’ fees and expenses). “Lockout Expiration Date” shall mean the date which is the earlier of: (A) two (2) years after the “startup day,” within the meaning of Section 860G(a)(9) of the Code, of the final “real estate mortgage investment conduit,” established within the meaning of Section 860D of the Code, that holds any note that evidences all or any portion of the Loan (other than Note A-1, Note A-2, Note B-1 and Note B-2) or (B) three (3) years after the date hereof. “Yield Maintenance Amount” shall mean the present value, as of the Repayment Date, of the remaining scheduled payments of principal and interest from the Repayment Date through the Open Prepayment Date (including the outstanding principal and other amounts due on the Maturity Date) determined by discounting such payments at the Discount Rate, less the amount of principal being prepaid on the Repayment Date. “Prepayment Fee” shall mean an amount equal to the greater of (i) the Yield Maintenance Amount and (ii) one percent (1%) of the unpaid principal balance of the Note as of the Repayment Date calculated as if the Maturity Date were the Open Prepayment Date. “Open Prepayment Date” shall mean the Monthly Payment Date occurring on January 6, 2028. “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to (a) the lesser of (i) the Treasury Rate and (ii) the Swap Rate, each when compounded semiannually, plus (b) 50 basis points. “Swap Rate” shall mean the yield calculated by the linear interpolation of mid-market swap yields, as reported on Reuters Capital Markets screen 19901 (SEMI-BOND column) for the week ending prior to the Repayment Date, with maturities (one longer and one shorter) most nearly approximating the Open Prepayment Date (in the event Reuters Capital Markets screen 19901 is no longer available, Lender shall select a comparable publication to determine such yield). “Treasury Rate” shall mean the yield calculated by the linear interpolation of the yields, as reported in Federal Reserve Statistical Release H.15 Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Repayment Date, of U.S. Treasury constant maturities with maturity dates (one longer and one shorter) most nearly approximating the Open Prepayment Date. (In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Treasury Rate.) “Maturity Date” shall mean the date on which the final payment of principal of the Note becomes due and payable as herein and therein provided, whether at the Stated Maturity Date, by declaration of acceleration, extension or otherwise. Stated Maturity Date” shall mean July 6, 2028. |
C. | Yield Maintenance Premium” shall mean, with respect to any repayment of the outstanding principal balance of the Loan, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the Note to be made with respect to the portion of the Loan under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Loan being prepaid is paid on the Permitted Par Prepayment Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the |
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rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid. “Prepayment Rate” shall mean the bond equivalent yield (in the secondary market) in the United States Treasury Security that as of the Prepayment Rate Determination Date has a remaining term to maturity closest to, but not exceeding, the remaining term to the Permitted Par Prepayment Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as Lender may reasonably select. “Prepayment Rate Determination Date” shall mean the date which is five (5) Business Days prior to the date that such prepayment shall be applied in accordance with the terms and provisions of Section 2.4.1 of the Loan Agreement. | |
D. | Prepayment Fee” shall mean an amount equal to the greater of (i) the Yield Maintenance Amount, or (ii) one percent (1%) of the portion of the Outstanding Principal Balance being repaid as of the Repayment Date “Yield Maintenance Amount” shall mean the present value, as of the Repayment Date, of the remaining scheduled payments of principal and interest from the Repayment Date through the Open Prepayment Date (including any balloon payment), without duplication of accrued interest collected through or on the Repayment Date, determined by discounting such payments at the Discount Rate, less the amount of principal being prepaid on the Repayment Date. “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Treasury Rate compounded semi-annually. “Treasury Rate” shall mean the yield calculated by the linear interpolation of the yields, as reported in Federal Reserve Statistical Release H.15 Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the date that is the week ending before the Repayment Date, of U.S. Treasury constant maturities with maturity dates (one longer and one shorter) most nearly approximating the Open Prepayment Date. (In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Treasury Rate.) |
E. | “Prepayment Premium” shall mean, with respect to any prepayment of the Loan made prior to the Open Prepayment Date, an amount equal to the greater of (i) the Yield Maintenance Amount, or (ii) one percent (1%) of the unpaid principal balance of the Note as of the Prepayment Date. “Open Prepayment Date” shall mean November 6, 2027. “Yield Maintenance Amount” shall mean the present value, as of the Prepayment Date, of the remaining scheduled payments of principal and interest from the Prepayment Date through the Open Prepayment Date (and including the balloon payment due on the Maturity Date as if such balloon payment was due on the Open Prepayment Date) determined by discounting such payments at the Discount Rate, less the amount of principal being prepaid on the Prepayment Date. “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Treasury Rate, when compounded semi annually. “Treasury Rate” shall mean the yield calculated by the linear interpolation of the yields, as reported in Federal Reserve Statistical Release H.15 Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury constant maturities with maturity dates (one longer and one shorter) most nearly approximating the Open Prepayment Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Treasury Rate. |
F. | "Yield Maintenance" shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid, and (ii) the present value as of the Prepayment Calculation Date of a series of monthly payments over the remaining term of the Loan through and including the Open Prepayment Date each equal to the amount of interest which would be due on the principal amount of the Loan being prepaid assuming a per annum interest rate equal to the excess of the Interest Rate over the Reinvestment Yield, and discounted at the Reinvestment Yield. As used herein, "Reinvestment Yield" means the yield calculated by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading "U.S. government securities" and the sub-heading "Treasury constant maturities" for the week ending prior to the date of prepayment, of the U.S. Treasury constant maturities with maturity dates (one longer and one equal to or shorter) most nearly approximating the Open Prepayment Date, and converted to a monthly compounded nominal yield. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Reinvestment Yield. The "Prepayment Calculation Date" shall mean, as applicable, the Payment Date on which Lender applies any prepayment to the reduction of the outstanding principal amount of the Note. Lender's calculation of Yield Maintenance shall be conclusive and binding absent manifest error. |
G. | “Yield Maintenance Premium” shall mean an amount equal to the greater of: (a) one percent (1%) of the principal amount of the Loan being prepaid or (b) the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Open Prepayment Date determined by discounting such payments at the Discount Rate. As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of the Loan being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (i) the Interest Rate and (ii) the Yield Maintenance Treasury Rate. As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise. |
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