FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-259741-07 | ||
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THE OFFERED CERTIFICATES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FINANCIAL INSTRUMENTS AND EXCHANGE LAW OF JAPAN, AS AMENDED (THE “FIEL"), AND DISCLOSURE UNDER THE FIEL HAS NOT BEEN AND WILL NOT BE MADE WITH RESPECT TO THE OFFERED CERTIFICATES. ACCORDINGLY, EACH OF MORGAN STANLEY & CO. LLC, WELLS FARGO SECURITIES, LLC, J.P. MORGAN SECURITIES LLC, BOFA SECURITIES, INC., Academy Securities, Inc., Drexel Hamilton, LLC AND SIEBERT WILLIAMS SHANK & CO. LLC HAS REPRESENTED AND AGREED THAT IT HAS NOT, DIRECTLY OR INDIRECTLY, OFFERED OR SOLD AND WILL NOT, DIRECTLY OR INDIRECTLY, OFFER OR SELL ANY OFFERED CERTIFICATES IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN (WHICH TERM AS USED IN THIS MATERIAL MEANS ANY PERSON RESIDENT IN JAPAN, INCLUDING ANY CORPORATION OR OTHER ENTITY ORGANIZED UNDER THE LAWS OF JAPAN) OR TO OTHERS FOR REOFFERING OR RE-SALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE FIEL AND OTHER RELEVANT LAWS, REGULATIONS AND MINISTERIAL GUIDELINES OF JAPAN. AS PART OF THIS OFFERING OF THE OFFERED CERTIFICATES, THE UNDERWRITERS MAY OFFER THE OFFERED CERTIFICATES IN JAPAN TO UP TO 49 OFFEREES IN ACCORDANCE WITH THE ABOVE PROVISIONS.
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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 |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 9.9% | 100.0% | JPMCB | JPMCB | NAP | NAP | 1961 Chain Bridge Road |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 9.9% | 100.0% | WFB | WFB | NAP | NAP | 11755 Wilshire Boulevard |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 9.6% | 100.0% | JPMCB | JPMCB | NAP | NAP | 2220, 2300, 2330 Central Expressway, 2770-2800, 2880 Scott Boulevard, 2001 Walsh Avenue |
4 | Loan | 13, B | 1 | Sun Center Plaza | 9.2% | 100.0% | MSBNA | MSMCH | Group 1 | NAP | 3622 - 3680 West Dublin Granville Road |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 7.7% | MSBNA | MSMCH | NAP | NAP | Various | |
5.01 | Property | 1 | 50 East State Street | 4.6% | 60.0% | 50 East State Street | |||||
5.02 | Property | 1 | 33 West State Street | 3.1% | 40.0% | 33 West State Street | |||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 7.1% | 100.0% | WFB | WFB | NAP | NAP | 2280 Kalakaua Avenue, 325 and 333 Seaside Avenue |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 6.1% | 100.0% | WFB | WFB | NAP | NAP | 6176 Retail Road |
8 | Loan | 18 | 1 | Element Hotel Detroit | 4.7% | 100.0% | MSBNA | MSMCH | NAP | NAP | 33 John R Street |
9 | Loan | D | 1 | Appling Farms Corporate Park | 4.7% | 100.0% | MSBNA | MSMCH | NAP | NAP | 6916, 6935, 6936, 6949, 6972, 6991 and 7005 Appling Farms Parkway |
10 | Loan | 1 | The Haier Building | 4.6% | 100.0% | BANA | BANA | NAP | NAP | 1356 Broadway | |
11 | Loan | 1 | Seagate Shakopee | 4.5% | 100.0% | WFB | WFB | NAP | NAP | 1280 Disc Drive | |
12 | Loan | 13, E | 1 | Coral Walk | 3.9% | 100.0% | MSBNA | MSMCH | Group 1 | NAP | 1760-1910 Northeast Pine Island Road |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 2.6% | 100.0% | MSBNA | MSMCH | NAP | NAP | 2361 Morris Avenue |
14 | Loan | 1 | Sierra Commons Shopping Center | 2.5% | 100.0% | BANA | BANA | NAP | NAP | 39626 10th Street West | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 2.3% | 100.0% | JPMCB | JPMCB | NAP | NAP | 16812 Stuebner Airline Road |
16 | Loan | G | 1 | 940 West Winona Street | 2.1% | 100.0% | MSBNA | MSMCH | NAP | NAP | 940 West Winona Street |
17 | Loan | 1 | Homewood Suites San Marcos | 1.9% | 100.0% | MSBNA | MSMCH | NAP | NAP | 451 Barnes Drive | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 1.6% | 100.0% | BANA | BANA | NAP | NAP | 875-929 Manhattan Boulevard |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 1.4% | 100.0% | WFB | WFB | NAP | NAP | 2290 Creekside Landing Drive |
20 | Loan | 1 | Store It All - Barnegat | 1.0% | 100.0% | MSBNA | MSMCH | NAP | NAP | 79 and 85 South Main Street | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 0.9% | 100.0% | BANA | BANA | Group 2 | NAP | 2073 Royal Avenue | |
22 | Loan | I | 1 | Sycamore Cove | 0.8% | 100.0% | MSBNA | MSMCH | NAP | NAP | 2456, 2458 and 2462 North Sycamore Boulevard |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 0.7% | 100.0% | BANA | BANA | Group 2 | NAP | 24490 Frampton Avenue | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 0.3% | 100.0% | BANA | BANA | Group 2 | NAP | 4300 South Alameda Street |
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 | City | County | State | Zip Code | General Property Type | Detailed Property Type | Year Built | Year Renovated | Number of Units | Unit of Measure |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | McLean | Fairfax | VA | 22102 | Retail | Super Regional Mall | 1968 | 1989; 2005 | 1,793,638 | SF |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | Los Angeles | Los Angeles | CA | 90025 | Office | CBD | 1986 | 2023-2024 | 337,440 | SF |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | Santa Clara | Santa Clara | CA | 95050 | Mixed Use | Office/Lab | 1996-1999; 2013 | 2015-2023 | 551,233 | SF |
4 | Loan | 13, B | 1 | Sun Center Plaza | Columbus | Franklin | OH | 43235 | Retail | Anchored | 1995 | 2022 | 308,391 | SF |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | Trenton | Mercer | NJ | 08608 | Office | CBD | Various | NAP | 473,622 | SF |
5.01 | Property | 1 | 50 East State Street | Trenton | Mercer | NJ | 08608 | Office | CBD | 1989 | NAP | 305,885 | SF | |
5.02 | Property | 1 | 33 West State Street | Trenton | Mercer | NJ | 08608 | Office | CBD | 1986 | NAP | 167,737 | SF | |
6 | Loan | 15, 16 | 1 | Center Of Waikiki | Honolulu | Honolulu | HI | 96815 | Retail | Anchored | 1970; 1991; 2006 | 2020 | 70,324 | SF |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | Dallas | Dallas | TX | 75231 | Retail | Anchored | 2011 | NAP | 474,026 | SF |
8 | Loan | 18 | 1 | Element Hotel Detroit | Detroit | Wayne | MI | 48226 | Hospitality | Extended Stay | 1925 | 2018 | 110 | Rooms |
9 | Loan | D | 1 | Appling Farms Corporate Park | Memphis | Shelby | TN | 38133 | Industrial | Flex | 2003-2015 | NAP | 297,292 | SF |
10 | Loan | 1 | The Haier Building | New York | New York | NY | 10018 | Mixed Use | Event Space/Office | 1924 | 2015 | 58,500 | SF | |
11 | Loan | 1 | Seagate Shakopee | Shakopee | Scott | MN | 55379 | Industrial | R&D/Flex | 1999 | NAP | 405,146 | SF | |
12 | Loan | 13, E | 1 | Coral Walk | Cape Coral | Lee | FL | 33909 | Retail | Anchored | 2007 | NAP | 115,753 | SF |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | Bronx | Bronx | NY | 10468 | Multifamily | Mid Rise | 2023 | NAP | 45 | Units |
14 | Loan | 1 | Sierra Commons Shopping Center | Palmdale | Los Angeles | CA | 93551 | Retail | Anchored | 1994 | NAP | 104,811 | SF | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | Spring | Harris | TX | 77379 | Retail | Anchored | 1978 | 1999 | 79,963 | SF |
16 | Loan | G | 1 | 940 West Winona Street | Chicago | Cook | IL | 60640 | Multifamily | Mid Rise | 1926 | 2017 | 67 | Units |
17 | Loan | 1 | Homewood Suites San Marcos | San Marcos | Hays | TX | 78666 | Hospitality | Extended Stay | 2018 | NAP | 94 | Rooms | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | Harvey | Jefferson Parish | LA | 70058 | Retail | Anchored | 1983, 1998, 2008 | NAP | 93,963 | SF |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | Apex | Wake | NC | 27523 | Self Storage | Self Storage | 2018 | NAP | 64,690 | SF |
20 | Loan | 1 | Store It All - Barnegat | Barnegat | Ocean | NJ | 08005 | Self Storage | Self Storage | 2000 | NAP | 101,005 | SF | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | Simi Valley | Ventura | CA | 93065 | Self Storage | Self Storage | 2006 | NAP | 60,240 | SF | |
22 | Loan | I | 1 | Sycamore Cove | Tucson | Pima | AZ | 85712 | Multifamily | Garden | 1979 | 2023 | 67 | Units |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | Harbor City | Los Angeles | CA | 90710 | Self Storage | Self Storage | 2002 | NAP | 47,543 | SF | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | Vernon | Los Angeles | CA | 90058 | Self Storage | Self Storage | 1929 | 2013 | 40,571 | SF |
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 | 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, 8, 9, A | 1 | Tysons Corner Center | 395.84 | 51,500,000 | 51,500,000 | 51,500,000 | 6.60060% | 0.0266625% | 6.5739375% | NAP | 287,210.14 | NAP |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 207.44 | 51,500,000 | 51,500,000 | 51,500,000 | 7.02400% | 0.02655% | 6.99745% | NAP | 305,633.43 | NAP |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 235.83 | 50,000,000 | 50,000,000 | 50,000,000 | 6.876115385% | 0.02530% | 6.85082% | NAP | 290,484.04 | NAP |
4 | Loan | 13, B | 1 | Sun Center Plaza | 154.03 | 47,500,000 | 47,500,000 | 47,500,000 | 6.97000% | 0.02655% | 6.94345% | NAP | 279,727.72 | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 190.02 | 40,000,000 | 40,000,000 | 40,000,000 | 7.35000% | 0.02530% | 7.32470% | NAP | 248,402.78 | NAP |
5.01 | Property | 1 | 50 East State Street | 24,000,000 | 24,000,000 | 24,000,000 | ||||||||
5.02 | Property | 1 | 33 West State Street | 16,000,000 | 16,000,000 | 16,000,000 | ||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 522.58 | 36,750,000 | 36,750,000 | 36,750,000 | 6.97600% | 0.02655% | 6.94945% | NAP | 216,607.22 | NAP |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 121.30 | 31,625,000 | 31,625,000 | 31,625,000 | 6.17500% | 0.02655% | 6.14845% | NAP | 164,997.21 | NAP |
8 | Loan | 18 | 1 | Element Hotel Detroit | 220,909.09 | 24,300,000 | 24,300,000 | 24,300,000 | 7.98000% | 0.07405% | 7.90595% | NAP | 163,839.38 | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | 81.40 | 24,200,000 | 24,200,000 | 24,200,000 | 7.05000% | 0.02655% | 7.02345% | NAP | 144,149.65 | NAP |
10 | Loan | 1 | The Haier Building | 405.98 | 23,750,000 | 23,750,000 | 23,750,000 | 7.61000% | 0.02655% | 7.58345% | NAP | 152,706.45 | NAP | |
11 | Loan | 1 | Seagate Shakopee | 57.76 | 23,400,000 | 23,400,000 | 23,400,000 | 7.56000% | 0.02655% | 7.53345% | NAP | 149,467.50 | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | 174.94 | 20,250,000 | 20,250,000 | 20,250,000 | 7.26000% | 0.02655% | 7.23345% | NAP | 124,214.06 | NAP |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 300,000.00 | 13,500,000 | 13,500,000 | 13,500,000 | 6.51000% | 0.02655% | 6.48345% | NAP | 74,254.69 | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | 121.65 | 12,750,000 | 12,750,000 | 12,750,000 | 6.92500% | 0.02655% | 6.89845% | NAP | 74,600.04 | NAP | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 146.32 | 11,700,000 | 11,700,000 | 11,700,000 | 7.50000% | 0.06655% | 7.43345% | NAP | 74,140.63 | NAP |
16 | Loan | G | 1 | 940 West Winona Street | 165,671.64 | 11,100,000 | 11,100,000 | 11,100,000 | 6.04000% | 0.02655% | 6.01345% | NAP | 56,645.97 | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | 106,382.98 | 10,000,000 | 10,000,000 | 10,000,000 | 6.83000% | 0.02655% | 6.80345% | NAP | 57,707.18 | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 85.67 | 8,050,000 | 8,050,000 | 8,050,000 | 9.04300% | 0.02655% | 9.01645% | NAP | 61,506.01 | NAP |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 115.94 | 7,500,000 | 7,500,000 | 7,500,000 | 6.96400% | 0.02655% | 6.93745% | NAP | 44,129.51 | NAP |
20 | Loan | 1 | Store It All - Barnegat | 50.74 | 5,125,000 | 5,125,000 | 5,125,000 | 6.77000% | 0.02655% | 6.74345% | NAP | 29,315.12 | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 78.02 | 4,700,000 | 4,700,000 | 4,700,000 | 6.50000% | 0.02655% | 6.47345% | NAP | 25,811.92 | NAP | |
22 | Loan | I | 1 | Sycamore Cove | 62,686.57 | 4,200,000 | 4,200,000 | 4,200,000 | 6.80000% | 0.02655% | 6.77345% | NAP | 24,130.56 | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 71.51 | 3,400,000 | 3,400,000 | 3,400,000 | 6.50000% | 0.02655% | 6.47345% | NAP | 18,672.45 | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 44.37 | 1,800,000 | 1,800,000 | 1,800,000 | 6.50000% | 0.02655% | 6.47345% | NAP | 9,885.42 | NAP |
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 | 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 |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 3,446,521.68 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 12/4/2023 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 3,667,601.16 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 1/17/2024 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 3,485,808.48 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 11/9/2023 |
4 | Loan | 13, B | 1 | Sun Center Plaza | 3,356,732.64 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 11/14/2023 |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 2,980,833.36 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 1/17/2024 |
5.01 | Property | 1 | 50 East State Street | ||||||||||||
5.02 | Property | 1 | 33 West State Street | ||||||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 2,599,286.64 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 12/7/2023 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 1,979,966.52 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 1/19/2024 |
8 | Loan | 18 | 1 | Element Hotel Detroit | 1,966,072.56 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 1/9/2024 |
9 | Loan | D | 1 | Appling Farms Corporate Park | 1,729,795.80 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/18/2023 |
10 | Loan | 1 | The Haier Building | 1,832,477.40 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/20/2023 | |
11 | Loan | 1 | Seagate Shakopee | 1,793,610.00 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/27/2023 | |
12 | Loan | 13, E | 1 | Coral Walk | 1,490,568.72 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 11/14/2023 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 891,056.28 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 1/23/2024 |
14 | Loan | 1 | Sierra Commons Shopping Center | 895,200.48 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/22/2023 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 889,687.56 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 1/19/2024 |
16 | Loan | G | 1 | 940 West Winona Street | 679,751.64 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/27/2023 |
17 | Loan | 1 | Homewood Suites San Marcos | 692,486.16 | Interest Only | No | Actual/360 | 60 | 58 | 60 | 58 | 0 | 0 | 12/1/2023 | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 738,072.12 | Interest Only | No | Actual/360 | 60 | 57 | 60 | 57 | 0 | 0 | 11/1/2023 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 529,554.12 | Interest Only | No | Actual/360 | 60 | 60 | 60 | 60 | 0 | 0 | 1/12/2024 |
20 | Loan | 1 | Store It All - Barnegat | 351,781.44 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/20/2023 | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 309,743.04 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/15/2023 | |
22 | Loan | I | 1 | Sycamore Cove | 289,566.72 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/15/2023 |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 224,069.40 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/15/2023 | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 118,625.04 | Interest Only | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 12/15/2023 |
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 | Seasoning (Mos.) | Payment Due Date | First Payment Date | First P&I Payment Date | Maturity Date or Anticipated Repayment Date | Final Maturity Date | Grace Period to Late Charge (Days) | Grace Period to Default (Days) | Prepayment Provisions (No. of Payments) | Most Recent EGI ($) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 2 | 6 | 1/6/2024 | NAP | 12/6/2028 | NAP | 5 | 0 | L(26),DorYM1(27),O(7) | 129,617,825 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 0 | 11 | 3/11/2024 | NAP | 2/11/2029 | NAP | 0 | 0 | L(24),D(29),O(7) | 13,546,661 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 2 | 1 | 1/1/2024 | NAP | 12/1/2028 | NAP | 0 | 0 | L(26),D(27),O(7) | 20,525,326 |
4 | Loan | 13, B | 1 | Sun Center Plaza | 2 | 1 | 1/1/2024 | NAP | 12/1/2028 | NAP | 0 | 5 | L(24),YM1(32),O(4) | 6,925,964 |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 0 | 6 | 3/6/2024 | NAP | 2/6/2029 | NAP | 0 | 0 | L(24),D(29),O(7) | 20,327,117 |
5.01 | Property | 1 | 50 East State Street | 12,499,523 | ||||||||||
5.02 | Property | 1 | 33 West State Street | 7,827,594 | ||||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 2 | 11 | 1/11/2024 | NAP | 12/11/2028 | NAP | 0 | 0 | L(26),D(27),O(7) | 9,285,400 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 0 | 11 | 3/11/2024 | NAP | 2/11/2029 | NAP | 5 | 0 | L(24),DorYM3(29),O(7) | 6,830,863 |
8 | Loan | 18 | 1 | Element Hotel Detroit | 0 | 1 | 3/1/2024 | NAP | 2/1/2029 | NAP | 0 | 5 | L(24),D(31),O(5) | 9,263,054 |
9 | Loan | D | 1 | Appling Farms Corporate Park | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 5 | L(23),YM1(30),O(7) | 3,593,761 |
10 | Loan | 1 | The Haier Building | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 4 | L(25),D(28),O(7) | 4,205,501 | |
11 | Loan | 1 | Seagate Shakopee | 1 | 11 | 2/11/2024 | NAP | 1/11/2029 | NAP | 0 | 0 | L(25),D(31),O(4) | NAV | |
12 | Loan | 13, E | 1 | Coral Walk | 2 | 1 | 1/1/2024 | NAP | 12/1/2028 | NAP | 0 | 5 | L(24),YM1(32),O(4) | 2,797,471 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 0 | 1 | 3/1/2024 | NAP | 2/1/2029 | NAP | 5 | 5 | L(24),D(32),O(4) | NAV |
14 | Loan | 1 | Sierra Commons Shopping Center | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 4 | L(25),D(28),O(7) | 2,762,479 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 0 | 1 | 3/1/2024 | NAP | 2/1/2029 | NAP | 0 | 0 | L(25),YM1(32),O(3) | 1,203,555 |
16 | Loan | G | 1 | 940 West Winona Street | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 5 | L(23),YM1(30),O(7) | 1,218,875 |
17 | Loan | 1 | Homewood Suites San Marcos | 2 | 1 | 1/1/2024 | NAP | 12/1/2028 | NAP | 5 | 5 | L(26),D(29),O(5) | 3,767,972 | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 3 | 1 | 12/1/2023 | NAP | 11/1/2028 | NAP | 5 | 4 | L(27),D(27),O(6) | 1,501,740 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 0 | 11 | 3/11/2024 | NAP | 2/11/2029 | NAP | 0 | 0 | L(24),YM1(29),O(7) | 1,042,486 |
20 | Loan | 1 | Store It All - Barnegat | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 5 | L(25),D(30),O(5) | 1,805,577 | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 4 | L(25),D(28),O(7) | 1,651,630 | |
22 | Loan | I | 1 | Sycamore Cove | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 5 | L(11),YM1(42),O(7) | 567,578 |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 4 | L(25),D(28),O(7) | 1,386,066 | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 1 | 1 | 2/1/2024 | NAP | 1/1/2029 | NAP | 5 | 4 | L(25),D(28),O(7) | 1,140,862 |
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 | Most Recent Expenses ($) | Most Recent NOI ($) | Most Recent NOI Date | Most Recent Description | Second Most Recent EGI ($) | Second Most Recent Expenses ($) | Second Most Recent NOI ($) | Second Most Recent NOI Date | Second Most Recent Description | Third Most Recent EGI ($) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 44,086,503 | 85,531,322 | 9/30/2023 | T-12 | 127,448,218 | 42,843,235 | 84,604,983 | 12/31/2022 | T-12 | 126,677,910 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 5,680,514 | 7,866,147 | 10/31/2023 | T-12 | 14,918,322 | 7,223,595 | 7,694,727 | 12/31/2022 | T-12 | 14,215,892 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 3,611,603 | 16,913,723 | 12/31/2022 | T-12 | 21,443,985 | 4,189,315 | 17,254,670 | 12/31/2021 | T-12 | 19,730,863 |
4 | Loan | 13, B | 1 | Sun Center Plaza | 2,044,680 | 4,881,284 | 6/30/2023 | T-12 | 7,343,217 | 3,117,358 | 4,225,858 | 12/31/2022 | T-12 | NAV |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 7,050,913 | 13,276,204 | 10/31/2023 | T-12 | 16,303,864 | 7,174,141 | 9,129,723 | 12/31/2022 | T-12 | 15,798,379 |
5.01 | Property | 1 | 50 East State Street | 4,572,653 | 7,926,869 | 10/31/2023 | T-12 | 10,059,084 | 4,745,118 | 5,313,967 | 12/31/2022 | T-12 | 9,709,008 | |
5.02 | Property | 1 | 33 West State Street | 2,478,260 | 5,349,334 | 10/31/2023 | T-12 | 6,244,779 | 2,429,023 | 3,815,757 | 12/31/2022 | T-12 | 6,089,371 | |
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 3,319,189 | 5,966,211 | 9/30/2023 | T-12 | 8,727,148 | 3,272,795 | 5,454,353 | 12/31/2022 | T-12 | 8,770,060 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 896,206 | 5,934,657 | 11/30/2023 | T-12 | 6,620,053 | 1,040,752 | 5,579,301 | 12/31/2022 | T-12 | 5,969,331 |
8 | Loan | 18 | 1 | Element Hotel Detroit | 5,613,814 | 3,649,240 | 10/31/2023 | T-12 | 8,777,540 | 4,753,505 | 4,024,035 | 12/31/2022 | T-12 | 5,288,510 |
9 | Loan | D | 1 | Appling Farms Corporate Park | 1,028,191 | 2,565,570 | 9/30/2023 | T-9 Annualized | 2,911,499 | 1,000,326 | 1,911,172 | 12/31/2022 | T-12 | 2,359,293 |
10 | Loan | 1 | The Haier Building | 1,883,095 | 2,322,406 | 9/30/2023 | T-12 | 4,153,661 | 1,714,792 | 2,438,869 | 12/31/2022 | T-12 | 4,853,969 | |
11 | Loan | 1 | Seagate Shakopee | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |
12 | Loan | 13, E | 1 | Coral Walk | 747,083 | 2,050,388 | 6/30/2023 | T-12 | 2,562,910 | 737,757 | 1,825,153 | 12/31/2022 | T-12 | 2,413,736 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
14 | Loan | 1 | Sierra Commons Shopping Center | 849,260 | 1,913,218 | 10/31/2023 | T-12 | 2,579,910 | 817,227 | 1,762,684 | 12/31/2022 | T-12 | 2,538,065 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 420,219 | 783,336 | 10/31/2023 | T-12 | 1,341,299 | 366,233 | 975,066 | 12/31/2022 | T-12 | 1,375,204 |
16 | Loan | G | 1 | 940 West Winona Street | 279,207 | 939,668 | 10/31/2023 | T-12 | 1,141,584 | 246,038 | 895,546 | 12/31/2022 | T-12 | 1,057,990 |
17 | Loan | 1 | Homewood Suites San Marcos | 2,260,807 | 1,507,165 | 8/31/2023 | T-12 | 3,729,523 | 2,126,935 | 1,602,587 | 12/31/2022 | T-12 | 3,169,333 | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 475,103 | 1,026,637 | 6/30/2023 | T-12 | 1,522,815 | 467,971 | 1,054,844 | 12/31/2022 | T-12 | 809,053 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 338,351 | 704,135 | 10/31/2023 | T-12 | 1,002,713 | 337,157 | 665,556 | 12/31/2022 | T-12 | 803,934 |
20 | Loan | 1 | Store It All - Barnegat | 333,506 | 1,472,071 | 10/31/2023 | T-12 | 1,902,460 | 346,012 | 1,556,448 | 12/31/2022 | T-12 | 1,706,200 | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 436,609 | 1,215,021 | 10/31/2023 | T-12 | 1,711,861 | 427,749 | 1,284,112 | 12/31/2022 | T-12 | 1,509,678 | |
22 | Loan | I | 1 | Sycamore Cove | 189,494 | 378,084 | 10/31/2023 | T-12 | 444,524 | 189,365 | 255,159 | 12/31/2022 | T-12 | 419,636 |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 366,427 | 1,019,639 | 10/31/2023 | T-12 | 1,339,649 | 332,668 | 1,006,980 | 12/31/2022 | T-12 | 1,194,561 | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 317,482 | 823,380 | 10/31/2023 | T-12 | 1,107,258 | 299,944 | 807,314 | 12/31/2022 | T-12 | 925,000 |
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 | 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 ($) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 43,141,634 | 83,536,276 | 12/31/2021 | T-12 | 92.2% | 140,618,916 | 43,516,369 | 97,102,547 | 358,728 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 6,714,245 | 7,501,648 | 12/31/2021 | T-12 | 62.4% | 15,346,002 | 5,452,684 | 9,893,318 | 67,488 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 4,074,227 | 15,656,636 | 12/31/2020 | T-12 | 97.0% | 23,069,532 | 4,731,195 | 18,338,337 | 110,247 |
4 | Loan | 13, B | 1 | Sun Center Plaza | NAV | NAV | NAV | NAV | 95.0% | 7,541,702 | 2,743,422 | 4,798,280 | 46,259 |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 6,802,467 | 8,995,912 | 12/31/2021 | T-12 | 94.1% | 17,450,074 | 7,276,016 | 10,174,057 | 94,724 |
5.01 | Property | 1 | 50 East State Street | 4,503,302 | 5,205,706 | 12/31/2021 | T-12 | 91.1% | 10,546,413 | 4,761,315 | 5,785,098 | 61,177 | |
5.02 | Property | 1 | 33 West State Street | 2,299,164 | 3,790,207 | 12/31/2021 | T-12 | 99.6% | 6,903,660 | 2,514,702 | 4,388,959 | 33,547 | |
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 2,710,008 | 6,060,052 | 12/31/2021 | T-12 | 79.6% | 10,638,463 | 3,486,843 | 7,151,620 | 31,199 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 1,296,713 | 4,672,618 | 12/31/2021 | T-12 | 96.8% | 7,072,372 | 1,212,090 | 5,860,282 | 71,104 |
8 | Loan | 18 | 1 | Element Hotel Detroit | 3,656,560 | 1,631,950 | 12/31/2021 | T-12 | 70.9% | 9,263,054 | 5,656,808 | 3,606,246 | 370,522 |
9 | Loan | D | 1 | Appling Farms Corporate Park | 941,792 | 1,417,501 | 12/31/2021 | T-12 | 95.0% | 3,895,946 | 1,009,727 | 2,886,218 | 44,594 |
10 | Loan | 1 | The Haier Building | 1,757,095 | 3,096,874 | 12/31/2021 | T-12 | 95.0% | 4,524,790 | 1,763,536 | 2,761,254 | 15,875 | |
11 | Loan | 1 | Seagate Shakopee | NAV | NAV | NAV | NAV | 95.0% | 7,127,231 | 3,531,918 | 3,595,313 | 60,772 | |
12 | Loan | 13, E | 1 | Coral Walk | 735,193 | 1,678,543 | 12/31/2021 | T-12 | 95.0% | 2,934,479 | 799,636 | 2,134,843 | 21,993 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAV | NAV | NAV | NAV | 95.0% | 1,564,867 | 165,566 | 1,399,301 | 11,250 |
14 | Loan | 1 | Sierra Commons Shopping Center | 741,527 | 1,796,539 | 12/31/2021 | T-12 | 95.0% | 2,613,910 | 1,221,521 | 1,392,389 | 20,962 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 424,391 | 950,813 | 12/31/2021 | T-12 | 95.0% | 1,734,566 | 413,592 | 1,320,974 | 12,794 |
16 | Loan | G | 1 | 940 West Winona Street | 229,949 | 828,040 | 12/31/2021 | T-12 | 95.0% | 1,225,975 | 331,186 | 894,789 | 13,400 |
17 | Loan | 1 | Homewood Suites San Marcos | 1,944,667 | 1,224,666 | 12/31/2021 | T-12 | 79.1% | 3,767,972 | 2,263,204 | 1,504,768 | 150,719 | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 356,371 | 452,682 | 12/31/2021 | T-12 | 85.4% | 1,493,270 | 454,120 | 1,039,150 | 26,310 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 319,304 | 484,630 | 12/31/2021 | T-12 | 88.5% | 1,054,134 | 307,038 | 747,096 | 6,469 |
20 | Loan | 1 | Store It All - Barnegat | 348,130 | 1,358,070 | 12/31/2021 | T-12 | 81.0% | 1,735,213 | 403,333 | 1,331,880 | 15,151 | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 394,166 | 1,115,512 | 12/31/2021 | T-12 | 87.1% | 1,651,629 | 389,964 | 1,261,665 | 11,935 | |
22 | Loan | I | 1 | Sycamore Cove | 185,029 | 234,607 | 9/30/2021 | T-12 | 90.5% | 571,518 | 183,277 | 388,241 | 16,750 |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 295,807 | 898,755 | 12/31/2021 | T-12 | 87.6% | 1,386,066 | 330,398 | 1,055,668 | 23,177 | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 276,601 | 648,399 | 12/31/2021 | T-12 | 82.1% | 1,140,862 | 287,615 | 853,246 | 21,908 |
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 | Underwritten TI / LC ($) | Underwritten Net Cash Flow ($) | Underwritten NOI DSCR (x) | Underwritten NCF DSCR (x) | Underwritten NOI Debt Yield (%) | Underwritten NCF Debt Yield (%) | Appraised Value ($) | Appraised Value Type | Appraisal Date |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 1,793,638 | 94,950,181 | 2.04 | 2.00 | 13.7% | 13.4% | 1,800,000,000 | As Is | 10/5/2023 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 843,600 | 8,982,230 | 1.98 | 1.80 | 14.1% | 12.8% | 164,000,000 | As Is | 12/1/2023 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 0 | 18,228,091 | 2.02 | 2.01 | 14.1% | 14.0% | 313,247,393 | As If Funded | 4/20/2023 |
4 | Loan | 13, B | 1 | Sun Center Plaza | 400,745 | 4,351,276 | 1.43 | 1.30 | 10.1% | 9.2% | 70,000,000 | As Is | 10/9/2023 |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 50,330 | 10,029,003 | 1.52 | 1.50 | 11.3% | 11.1% | 138,300,000 | As Is | 11/28/2023 |
5.01 | Property | 1 | 50 East State Street | 44,670 | 5,679,251 | 82,800,000 | As Is | 11/28/2023 | |||||
5.02 | Property | 1 | 33 West State Street | 5,659 | 4,349,752 | 55,500,000 | As Is | 11/28/2023 | |||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 158,229 | 6,962,193 | 2.75 | 2.68 | 19.5% | 18.9% | 137,200,000 | As Is | 10/26/2023 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 0 | 5,789,178 | 1.63 | 1.61 | 10.2% | 10.1% | 94,100,000 | As Is | 8/25/2023 |
8 | Loan | 18 | 1 | Element Hotel Detroit | 0 | 3,235,724 | 1.83 | 1.65 | 14.8% | 13.3% | 44,500,000 | As Is | 11/13/2023 |
9 | Loan | D | 1 | Appling Farms Corporate Park | 224,878 | 2,616,746 | 1.67 | 1.51 | 11.9% | 10.8% | 43,400,000 | As Is | 11/6/2023 |
10 | Loan | 1 | The Haier Building | 58,500 | 2,686,879 | 1.51 | 1.47 | 11.6% | 11.3% | 43,000,000 | As Is | 12/4/2023 | |
11 | Loan | 1 | Seagate Shakopee | 141,801 | 3,392,740 | 2.00 | 1.89 | 15.4% | 14.5% | 56,720,000 | As Is | 12/27/2023 | |
12 | Loan | 13, E | 1 | Coral Walk | 157,177 | 1,955,674 | 1.43 | 1.31 | 10.5% | 9.7% | 30,000,000 | As Is | 9/30/2023 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 0 | 1,388,051 | 1.57 | 1.56 | 10.4% | 10.3% | 22,100,000 | As Is | 10/25/2023 |
14 | Loan | 1 | Sierra Commons Shopping Center | 81,726 | 1,289,701 | 1.56 | 1.44 | 10.9% | 10.1% | 24,800,000 | As Is | 10/24/2023 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 96,380 | 1,211,800 | 1.48 | 1.36 | 11.3% | 10.4% | 18,390,000 | As If Funded | 12/6/2023 |
16 | Loan | G | 1 | 940 West Winona Street | 0 | 881,389 | 1.32 | 1.30 | 8.1% | 7.9% | 18,200,000 | As Is | 11/15/2023 |
17 | Loan | 1 | Homewood Suites San Marcos | 0 | 1,354,049 | 2.17 | 1.96 | 15.0% | 13.5% | 16,000,000 | As Is | 9/14/2023 | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 66,020 | 946,820 | 1.41 | 1.28 | 12.9% | 11.8% | 14,900,000 | As Is | 8/30/2023 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 0 | 740,627 | 1.41 | 1.40 | 10.0% | 9.9% | 12,500,000 | As Is | 11/30/2023 |
20 | Loan | 1 | Store It All - Barnegat | 0 | 1,316,729 | 3.79 | 3.74 | 26.0% | 25.7% | 24,400,000 | As Is | 10/27/2023 | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 0 | 1,249,730 | 4.07 | 4.03 | 26.8% | 26.6% | 19,530,000 | As Is | 11/17/2023 | |
22 | Loan | I | 1 | Sycamore Cove | 0 | 371,491 | 1.34 | 1.28 | 9.2% | 8.8% | 6,100,000 | As Is | 11/10/2023 |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 0 | 1,032,491 | 4.71 | 4.61 | 31.0% | 30.4% | 15,680,000 | As Is | 11/14/2023 | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 0 | 831,338 | 7.19 | 7.01 | 47.4% | 46.2% | 12,150,000 | As Is | 11/14/2023 |
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 | Cut-off Date LTV Ratio (%) | LTV Ratio at Maturity / ARD (%) | Leased Occupancy (%)(2) | Occupancy Date | Single Tenant (Y/N) | Largest Tenant | Largest Tenant SF | Largest Tenant % of NRA |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 39.4% | 39.4% | 95.4% | 11/1/2023 | No | Bloomingdale's | 252,754 | 14.1% |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 42.7% | 42.7% | 62.9% | 1/9/2024 | No | Kinetic Content, LLC | 52,405 | 15.5% |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 41.5% | 41.5% | 100.0% | 2/1/2024 | Yes | Nvidia Corporation | 551,233 | 100.0% |
4 | Loan | 13, B | 1 | Sun Center Plaza | 67.9% | 67.9% | 100.0% | 10/1/2023 | No | Whole Foods | 74,901 | 24.3% |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 65.1% | 65.1% | 93.7% | 12/12/2023 | ||||
5.01 | Property | 1 | 50 East State Street | 90.5% | 12/12/2023 | No | State Of NJ Human Services | 246,138 | 80.5% | |||
5.02 | Property | 1 | 33 West State Street | 99.6% | 12/12/2023 | No | State Of NJ / OMB | 163,480 | 97.5% | |||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 26.8% | 26.8% | 66.8% | 12/1/2023 | No | Ross Dress for Less | 19,605 | 27.9% |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 61.1% | 61.1% | 99.5% | 11/1/2023 | No | Walmart / Sam's Club | 314,413 | 66.3% |
8 | Loan | 18 | 1 | Element Hotel Detroit | 54.6% | 54.6% | 70.9% | 10/31/2023 | NAP | NAP | NAP | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | 55.8% | 55.8% | 97.0% | 10/1/2023 | No | uLab Systems | 50,000 | 16.8% |
10 | Loan | 1 | The Haier Building | 55.2% | 55.2% | 100.0% | 12/15/2023 | No | Gotham Hall LLC (dba Gotham Hall) | 47,000 | 80.3% | |
11 | Loan | 1 | Seagate Shakopee | 41.3% | 41.3% | 100.0% | 2/1/2024 | Yes | Seagate Technology LLC | 405,146 | 100.0% | |
12 | Loan | 13, E | 1 | Coral Walk | 67.5% | 67.5% | 100.0% | 10/1/2023 | No | Burlington | 40,178 | 34.7% |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 61.1% | 61.1% | 97.8% | 1/16/2024 | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | 51.4% | 51.4% | 100.0% | 12/1/2023 | No | Ashley Furniture HomeStore | 42,787 | 40.8% | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 63.6% | 63.6% | 100.0% | 1/11/2024 | No | Ross Dress for Less | 21,580 | 27.0% |
16 | Loan | G | 1 | 940 West Winona Street | 61.0% | 61.0% | 98.5% | 11/20/2023 | NAP | NAP | NAP | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | 62.5% | 62.5% | 79.1% | 8/31/2023 | NAP | NAP | NAP | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 54.0% | 54.0% | 90.4% | 9/1/2023 | No | Club 4 Fitness | 30,188 | 32.1% |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 60.0% | 60.0% | 89.0% | 11/13/2023 | NAP | NAP | NAP | NAP |
20 | Loan | 1 | Store It All - Barnegat | 21.0% | 21.0% | 80.9% | 11/30/2023 | No | NAP | NAP | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 24.1% | 24.1% | 88.6% | 10/31/2023 | NAP | NAP | NAP | NAP | |
22 | Loan | I | 1 | Sycamore Cove | 68.9% | 68.9% | 91.0% | 10/31/2023 | NAP | NAP | NAP | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 21.7% | 21.7% | 90.4% | 10/31/2023 | NAP | NAP | NAP | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 14.8% | 14.8% | 86.2% | 10/31/2023 | NAP | NAP | 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 | Largest Tenant Lease Expiration Date(4) | Second Largest Tenant | Second Largest Tenant SF | Second Largest Tenant % of NRA |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 7/22/2028 | Macy's | 237,076 | 13.2% |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 4/30/2026 | Oak View Group, LLC | 18,890 | 5.6% |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 7/31/2027 (171,382 SF); 5/31/2028 (99,800); 4/30/2029 (80,051 SF); 9/30/2030 (200,000 SF) | NAP | NAP | NAP |
4 | Loan | 13, B | 1 | Sun Center Plaza | 4/12/2026 | PGA Tour Superstore | 42,296 | 13.7% |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | ||||
5.01 | Property | 1 | 50 East State Street | 10/31/2038 | TD Bank | 6,218 | 2.0% | |
5.02 | Property | 1 | 33 West State Street | 10/31/2038 | Santander Soverign Bank | 3,583 | 2.1% | |
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 1/31/2028 | California Pizza Kitchen | 7,241 | 10.3% |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 5/31/2030 | At Home | 103,640 | 21.9% |
8 | Loan | 18 | 1 | Element Hotel Detroit | NAP | NAP | NAP | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | 8/31/2027 | Acadian Ambulance Service | 25,054 | 8.4% |
10 | Loan | 1 | The Haier Building | 1/31/2040 | W Appliance Company, Michael Jemal (dba Equity Brands) | 11,500 | 19.7% | |
11 | Loan | 1 | Seagate Shakopee | 1/31/2034 | NAP | NAP | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | 2/28/2029 | Sprouts Farmers Market | 20,450 | 17.7% |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | 6/30/2025 | Michael's Stores, Inc. | 21,300 | 20.3% | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 1/31/2031 | Five Below | 11,192 | 14.0% |
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | NAP | NAP | NAP | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 1/31/2032 | AirborneX | 28,000 | 29.8% |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | NAP |
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | NAP | |
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | NAP | NAP | NAP |
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 | 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) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 7/24/2028 | Nordstrom | 201,000 | 11.2% | 3/31/2025 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 5/31/2027 | Semler Brossy Consulting Group LLC | 18,890 | 5.6% | 4/30/2031 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 13, B | 1 | Sun Center Plaza | 1/31/2031 | Ashley Furniture Homestore | 41,916 | 13.6% | 10,400 SF expiring 12/31/2024; 31,516 SF expiring 9/30/2025 |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | |||||
5.01 | Property | 1 | 50 East State Street | 6/30/2028 | Kicks USA | 6,161 | 2.0% | 12/31/2025 | |
5.02 | Property | 1 | 33 West State Street | 6/30/2029 | NAP | NAP | NAP | NAP | |
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 4/30/2024 | Foot Locker | 7,091 | 10.1% | 1/31/2027 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 2/28/2037 | Bank of America | 4,330 | 0.9% | 3/31/2031 |
8 | Loan | 18 | 1 | Element Hotel Detroit | NAP | NAP | NAP | NAP | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | 12/31/2024 | Trane Supply | 25,041 | 8.4% | 12/31/2028 |
10 | Loan | 1 | The Haier Building | 12/31/2033 | NAP | NAP | NAP | NAP | |
11 | Loan | 1 | Seagate Shakopee | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | 10/31/2037 | Olive Garden | 7,458 | 6.4% | 3/31/2031 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | 2/28/2027 | BevMo! | 10,096 | 9.6% | 1/31/2028 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 4/30/2033 | Dollar Tree | 10,002 | 12.5% | 1/31/2030 |
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | NAP | NAP | NAP | NAP | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 2/28/2027 | Kirkland's | 7,500 | 8.0% | 1/31/2025 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | NAP | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | NAP | NAP | |
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | NAP | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | NAP | NAP | NAP | NAP |
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 | Fourth Largest Tenant | Fourth Largest Tenant SF | Fourth Largest Tenant % of NRA | Fourth Largest Tenant Lease Expiration Date(4) | Fifth Largest Tenant | Fifth Largest Tenant SF | Fifth Largest Tenant % of NRA |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | AMC Theatres | 105,122 | 5.9% | 9/30/2025 | Primark | 50,186 | 2.8% |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | Intrepid Investment Bankers, LLC | 18,461 | 5.5% | 6/30/2026 | IBISWorld, Inc | 17,960 | 5.3% |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 13, B | 1 | Sun Center Plaza | Michaels | 26,432 | 8.6% | 2/29/2028 | Ross Dress For Less | 23,924 | 7.8% |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | |||||||
5.01 | Property | 1 | 50 East State Street | USA Vein Clinics of New Jersey LLC | 4,087 | 1.3% | 1/31/2033 | Metro PCS of Pennsylvania, LLC | 3,110 | 1.0% | |
5.02 | Property | 1 | 33 West State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
6 | Loan | 15, 16 | 1 | Center Of Waikiki | ABC Stores | 6,445 | 9.2% | 7/31/2033 | Rip Curl | 2,461 | 3.5% |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | Lakewod Medical Center | 4,149 | 0.9% | 1/31/2024 | Chick-fil-A | 4,040 | 0.9% |
8 | Loan | 18 | 1 | Element Hotel Detroit | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | Rivian | 16,000 | 5.4% | 11/30/2026 | Johnson Controls | 14,500 | 4.9% |
10 | Loan | 1 | The Haier Building | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
11 | Loan | 1 | Seagate Shakopee | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | Direct Flooring | 7,068 | 6.1% | 4/28/2028 | Chili's Grill and Bar | 5,667 | 4.9% |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | Turner's Outdoorsman | 7,000 | 6.7% | 11/30/2027 | Jared | 6,000 | 5.7% | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | Daiso | 8,183 | 10.2% | 5/31/2034 | Beauty Empire | 7,000 | 8.8% |
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | Capital Pawn of Louisiana | 6,000 | 6.4% | 3/31/2030 | August Moon | 5,110 | 5.4% |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | 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 | 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 |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 5/31/2034 | 8/2/2023 | NAP | 8/7/2023 | NAP | NAP | No | Fee/Leasehold | 8/31/2035 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 5/31/2032 | 12/8/2023 | NAP | 12/8/2023 | 12/8/2023 | 17% | No | Fee | NAP |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | NAP | 5/3/2023 | NAP | 5/11/2023 | 7/28/2023 | 12% | No | Fee | NAP |
4 | Loan | 13, B | 1 | Sun Center Plaza | 1/31/2033 | 6/9/2023 | NAP | 6/12/2023 | NAP | NAP | No | Fee | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | |||||||||
5.01 | Property | 1 | 50 East State Street | 7/31/2026 | 12/5/2023 | NAP | 12/4/2023 | NAP | NAP | No | Fee | NAP | |
5.02 | Property | 1 | 33 West State Street | NAP | 12/5/2023 | NAP | 12/4/2023 | NAP | NAP | No | Fee | NAP | |
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 1/31/2032 | 11/6/2023 | NAP | 10/19/2023 | NAP | NAP | Yes - AE, AO | Fee | NAP |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 2/28/2027 | 9/5/2023 | NAP | 9/5/2023 | NAP | NAP | No | Fee | NAP |
8 | Loan | 18 | 1 | Element Hotel Detroit | NAP | 11/20/2023 | NAP | 11/20/2023 | NAP | NAP | No | Fee | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | 10/31/2026 | 11/8/2023 | NAP | 11/8/2023 | 11/8/2023 | 9% | No | Fee | NAP |
10 | Loan | 1 | The Haier Building | NAP | 11/15/2023 | NAP | 11/15/2023 | NAP | NAP | No | Fee | NAP | |
11 | Loan | 1 | Seagate Shakopee | NAP | 12/15/2023 | NAP | 12/14/2023 | NAP | NAP | No | Fee | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | 3/31/2028 | 6/12/2023 | NAP | 6/9/2023 | NAP | NAP | No | Fee | NAP |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | 11/8/2023 | NAP | 11/9/2023 | NAP | NAP | No | Fee | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | 1/31/2027 | 10/30/2023 | NAP | 10/30/2023 | 10/30/2023 | 14% | No | Leasehold | 6/30/2038 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 1/31/2026 | 12/18/2023 | NAP | 12/18/2023 | NAP | NAP | No | Fee | NAP |
16 | Loan | G | 1 | 940 West Winona Street | NAP | 11/22/2023 | NAP | 11/22/2023 | NAP | NAP | No | Fee | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | NAP | 9/18/2023 | NAP | 9/18/2023 | NAP | NAP | No | Fee | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 9/30/2028 | 9/12/2023 | NAP | 9/11/2023 | NAP | NAP | No | Fee | NAP |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | 12/4/2023 | NAP | 12/4/2023 | NAP | NAP | No | Fee | NAP |
20 | Loan | 1 | Store It All - Barnegat | NAP | 10/31/2023 | NAP | 10/31/2023 | NAP | NAP | No | Fee | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | 11/22/2023 | NAP | 11/22/2023 | 11/22/2023 | 10% | No | Fee | NAP | |
22 | Loan | I | 1 | Sycamore Cove | NAP | 11/10/2023 | NAP | 11/10/2023 | NAP | NAP | No | Fee | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | 11/22/2023 | NAP | 11/22/2023 | 11/22/2023 | 8% | No | Fee | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | 11/22/2023 | NAP | 11/22/2023 | 11/22/2023 | 14% | No | Fee | 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 | Ground Lease Extension Terms | Annual Ground Lease Payment as of the Cut-off Date ($) | Annual Ground Rent Increases (Y/N) | Upfront RE Tax Reserve ($) | Monthly RE Tax Reserve ($) | Upfront Insurance Reserve ($) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | None | 1,565,412 | No | 0 | Springing | 0 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | NAP | NAP | NAP | 0 | Springing | 0 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | 439,564 | 226,510 | 0 |
4 | Loan | 13, B | 1 | Sun Center Plaza | NAP | NAP | NAP | 0 | Springing | 0 |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 267,288 | 267,288 | 78,813 | |||
5.01 | Property | 1 | 50 East State Street | NAP | NAP | NAP | ||||
5.02 | Property | 1 | 33 West State Street | NAP | NAP | NAP | ||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | NAP | NAP | NAP | 0 | Springing | 0 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | NAP | NAP | NAP | 0 | Springing | 0 |
8 | Loan | 18 | 1 | Element Hotel Detroit | NAP | NAP | NAP | 34,030 | 17,015 | 32,325 |
9 | Loan | D | 1 | Appling Farms Corporate Park | NAP | NAP | NAP | 39,236 | 39,236 | 0 |
10 | Loan | 1 | The Haier Building | NAP | NAP | NAP | 265,694 | 132,847 | 0 | |
11 | Loan | 1 | Seagate Shakopee | NAP | NAP | NAP | 0 | Springing | 0 | |
12 | Loan | 13, E | 1 | Coral Walk | NAP | NAP | NAP | 0 | Springing | 0 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | NAP | NAP | 0 | 16,330 | 14,150 |
14 | Loan | 1 | Sierra Commons Shopping Center | 1, 12-year extension option, followed by 5, 5-year extension options | 825 | No | 91,608 | 30,536 | 0 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | NAP | NAP | NAP | 17,610 | 17,097 | 0 |
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | 48,757 | 12,189 | 12,295 |
17 | Loan | 1 | Homewood Suites San Marcos | NAP | NAP | NAP | 0 | 16,411 | 10,612 | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | NAP | NAP | NAP | 166,239 | 15,113 | 0 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | 12,698 | 6,349 | 0 |
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | 0 | 10,620 | 5,600 | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | 24,491 | 6,123 | 0 | |
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | 5,471 | 1,368 | 930 |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | 25,809 | 6,452 | 0 | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | NAP | NAP | 14,614 | 3,654 | 0 |
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 | 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, 8, 9, A | 1 | Tysons Corner Center | Springing | 0 | Springing | 896,819 | 0 | Springing | 3,587,276 | 0 | 0 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | Springing | 0 | 5,624 | 67,488 | 3,000,000 | 70,300 | 0 | 0 | 0 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | Springing | 0 | Springing | 0 | 5,000,000 | Springing | 0 | 0 | 0 |
4 | Loan | 13, B | 1 | Sun Center Plaza | Springing | 46,259 | Springing | 46,259 | 0 | Springing | 323,811 | 0 | 0 |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 15,763 | 0 | 7,894 | 0 | 20,000,000 | 0 | 0 | 0 | 0 |
5.01 | Property | 1 | 50 East State Street | ||||||||||
5.02 | Property | 1 | 33 West State Street | ||||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | Springing | 0 | 2,600 | 0 | 0 | 13,186 | 0 | 0 | 0 |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | Springing | 0 | Springing | 0 | 700,000 | Springing | 0 | 0 | 0 |
8 | Loan | 18 | 1 | Element Hotel Detroit | 10,775 | 0 | 30,877 | 0 | 0 | 0 | 0 | 0 | 0 |
9 | Loan | D | 1 | Appling Farms Corporate Park | Springing | 0 | 3,716 | 0 | 0 | 24,774 | 594,584 | 0 | 0 |
10 | Loan | 1 | The Haier Building | Springing | 42,000 | 1,323 | 0 | 0 | 4,875 | 117,000 | 0 | 0 | |
11 | Loan | 1 | Seagate Shakopee | Springing | 0 | 5,065 | 182,316 | 0 | 0 | 0 | 0 | 0 | |
12 | Loan | 13, E | 1 | Coral Walk | Springing | 21,993 | Springing | 21,993 | 0 | Springing | 136,589 | 0 | 0 |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 2,830 | 0 | 938 | 0 | 0 | 0 | 0 | 0 | 0 |
14 | Loan | 1 | Sierra Commons Shopping Center | Springing | 0 | 1,747 | 0 | 0 | 6,250 | 225,000 | 0 | 0 | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | Springing | 1,066 | 1,066 | 0 | 0 | $6,663.58 beginning Feb 2025 | 239,889 | 0 | 0 |
16 | Loan | G | 1 | 940 West Winona Street | 2,459 | 0 | 1,117 | 0 | 0 | 0 | 0 | 0 | 0 |
17 | Loan | 1 | Homewood Suites San Marcos | 5,306 | 0 | 6,280 | 0 | 0 | 0 | 0 | 0 | 0 | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | Springing | 70,000 | 3,524 | 281,889 | 0 | 7,830 | 281,889 | 0 | 0 |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | Springing | 0 | 539 | 19,407 | 0 | 0 | 0 | 0 | 0 |
20 | Loan | 1 | Store It All - Barnegat | 2,800 | 0 | 1,263 | 0 | 0 | 0 | 0 | 0 | 0 | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | Springing | 0 | 753 | 27,115 | 0 | 0 | 0 | 0 | 0 | |
22 | Loan | I | 1 | Sycamore Cove | 930 | 0 | 1,396 | 0 | 0 | 0 | 0 | 0 | 0 |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | Springing | 0 | 594 | 21,394 | 0 | 0 | 0 | 0 | 0 | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | Springing | 0 | 507 | 18,258 | 0 | 0 | 0 | 0 | 0 |
A-1-15 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Debt Service Reserve Cap ($) | Upfront Deferred Maintenance Reserve ($) | Upfront Other Reserve ($) | Monthly Other Reserve ($) | Other Reserve Description |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 0 | 0 | 39,775,125 | 0 | Outstanding TI/LC ($30,769,199); Gap Rent Reserve ($9,005,926) |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 0 | 0 | 1,108,135 | 0 | Rent Concession Reserve ($777,560); Existing TI/LC Reserve ($330,575) |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 0 | 0 | 9,144,397 | 0 | Outstanding TI Reserve ($8,146,892.50); Free Rent Reserve ($997,504.94) |
4 | Loan | 13, B | 1 | Sun Center Plaza | 0 | 0 | 0 | 0 | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 0 | 0 | 0 | 0 | NAP |
5.01 | Property | 1 | 50 East State Street | ||||||
5.02 | Property | 1 | 33 West State Street | ||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 0 | 0 | 259,328 | 0 | Gap Rent Reserve ($209,328); Existing TI/LC Reserve ($50,000) |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 0 | 0 | 0 | 0 | NAP |
8 | Loan | 18 | 1 | Element Hotel Detroit | 0 | 0 | 0 | Springing | PIP Reserve |
9 | Loan | D | 1 | Appling Farms Corporate Park | 0 | 1,438 | 335,015 | 0 | Outstanding LL Work ($295,000); Free Rent & Gap Rent Reserve ($40,015) |
10 | Loan | 1 | The Haier Building | 0 | 63,750 | 40,000 | 0 | Free Rent Reserve | |
11 | Loan | 1 | Seagate Shakopee | 0 | 0 | 0 | 0 | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | 0 | 0 | 21,983 | 0 | Pokemoto Gap Rent Reserve |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 0 | 0 | 303,083 | 0 | Prepaid Rent Reserve ($112,834); 421-A (Unabated Tax) Reserve ($190,249) |
14 | Loan | 1 | Sierra Commons Shopping Center | 0 | 0 | 65,120 | 16,300 | Ground Rent Reserve | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 0 | 34,318 | 1,399,655 | 0 | Accretive Leasing Reserve ($640,000); Outstanding TI Reserve ($616,843.30); Free Rent Reserve ($142,812) |
16 | Loan | G | 1 | 940 West Winona Street | 0 | 0 | 0 | 0 | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | 0 | 3,450 | 46,350 | 0 | PIP Reserve | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 0 | 0 | 858,625 | 0 | Capitalized Lease Holdback Reserve ($750,000), Landlord Obligation Reserve ($108,625) |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 0 | 0 | 0 | 0 | NAP |
20 | Loan | 1 | Store It All - Barnegat | 0 | 8,625 | 0 | 0 | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 0 | 0 | 0 | 0 | NAP | |
22 | Loan | I | 1 | Sycamore Cove | 0 | 5,344 | 0 | 0 | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 0 | 0 | 0 | 0 | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 0 | 0 | 0 | 0 | NAP |
A-1-16 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Other Reserve Cap ($) | Holdback/ Earnout Amount ($) | Holdback/ Earnout Description |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 0 | 0 | NAP |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 0 | 0 | NAP |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 0 | 0 | NAP |
4 | Loan | 13, B | 1 | Sun Center Plaza | 0 | 0 | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 0 | 0 | NAP |
5.01 | Property | 1 | 50 East State Street | ||||
5.02 | Property | 1 | 33 West State Street | ||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 0 | 0 | NAP |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 0 | 0 | NAP |
8 | Loan | 18 | 1 | Element Hotel Detroit | 0 | 0 | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | 0 | 0 | NAP |
10 | Loan | 1 | The Haier Building | 0 | 0 | NAP | |
11 | Loan | 1 | Seagate Shakopee | 0 | 0 | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | 0 | 0 | NAP |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 0 | 1,884,000 | So long as the borrower has (i) submitted a written request no later than 10 days before requesting disbursement, (ii) submitted to lender evidence to lender’s satisfaction confirming that at least 95% of the residential apartments at the Property (including both Affordable Units and any Market Rate Units) are tenanted pursuant to executed Leases with Tenants that are in occupancy and pursuant to which the term of each Lease covered by any Prepaid Rents has expired, (iii) no event of default has occurred at the time of borrower's written request and at the time of the requested disbursement, (iv) after $1,884,000 shall be disbursed in a single advance on or prior to January 23, 2025 the Debt Yield after giving the disbursement of the Holdback Funds is at least 10.3%. |
14 | Loan | 1 | Sierra Commons Shopping Center | 195,520 | 0 | NAP | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 0 | 0 | NAP |
16 | Loan | G | 1 | 940 West Winona Street | 0 | 0 | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | 0 | 0 | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | 0 | 0 | NAP |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | 0 | 0 | NAP |
20 | Loan | 1 | Store It All - Barnegat | 0 | 0 | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | 0 | 0 | NAP | |
22 | Loan | I | 1 | Sycamore Cove | 0 | 0 | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | 0 | 0 | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | 0 | 0 | NAP |
A-1-17 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Lockbox Type | Cash Management | Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) | Tenant Specific Excess Cash Trap Trigger (Y/N) | Pari Passu (Y/N) | Pari Passu in Trust Controlling (Y/N) | Trust Pari Passu Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | Hard | Springing | Yes | No | Yes | No | 51,500,000 | 658,500,000 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | Hard | In Place | Yes | No | Yes | Yes | 51,500,000 | 18,500,000 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | Hard | Springing | Yes | Yes | Yes | No | 50,000,000 | 80,000,000 |
4 | Loan | 13, B | 1 | Sun Center Plaza | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | Hard | In Place | No | No | Yes | No | 40,000,000 | 50,000,000 |
5.01 | Property | 1 | 50 East State Street | |||||||||
5.02 | Property | 1 | 33 West State Street | |||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | Hard | Springing | Yes | Yes | Yes | Yes | 31,625,000 | 25,875,000 |
8 | Loan | 18 | 1 | Element Hotel Detroit | Hard | Springing | Yes | No | No | NAP | NAP | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | Springing | Springing | Yes | Yes | No | NAP | NAP | NAP |
10 | Loan | 1 | The Haier Building | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | |
11 | Loan | 1 | Seagate Shakopee | Hard | In Place | Yes | Yes | No | NAP | NAP | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP |
16 | Loan | G | 1 | 940 West Winona Street | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | Springing | Springing | Yes | No | No | NAP | NAP | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | Springing | Springing | Yes | Yes | No | NAP | NAP | NAP |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
20 | Loan | 1 | Store It All - Barnegat | Springing | Springing | Yes | No | No | NAP | NAP | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | None | None | No | No | No | NAP | NAP | NAP | |
22 | Loan | I | 1 | Sycamore Cove | Springing | Springing | Yes | No | No | NAP | NAP | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | None | None | No | No | No | NAP | NAP | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | None | None | No | No | No | NAP | NAP | NAP |
A-1-18 |
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-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Subordinate Companion Loan Cut-off Date Balance ($) | Subordinate Companion Loan Interest Rate | Whole Loan Cut-off Date Balance ($) | Whole Loan Monthly Debt Service ($) | Whole Loan Cut-off Date LTV Ratio (%) | Whole Loan Underwritten NCF DSCR (x) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 3,672,385.90 | 3,959,596.04 | NAP | NAP | 710,000,000 | 3,959,596.04 | 39.4% | 2 |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 109,790.64 | 415,424.07 | NAP | NAP | 70,000,000 | 415,424.07 | 42.7% | 1.8 |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 464,774.47 | 755,258.51 | NAP | NAP | 130,000,000 | 755,258.51 | 41.5% | 2.01 |
4 | Loan | 13, B | 1 | Sun Center Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 310,503.47 | 558,906.25 | NAP | NAP | 90,000,000 | 558,906.25 | 65.1% | 1.5 |
5.01 | Property | 1 | 50 East State Street | |||||||||
5.02 | Property | 1 | 33 West State Street | |||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 134,997.73 | 299,994.94 | NAP | NAP | 57,500,000 | 299,994.94 | 61.1% | 1.61 |
8 | Loan | 18 | 1 | Element Hotel Detroit | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 1 | The Haier Building | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
11 | Loan | 1 | Seagate Shakopee | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-19 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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, 8, 9, A | 1 | Tysons Corner Center | 13.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 14.1% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 14.1% | 50,500,000 | 10.50000% | 180,500,000 | 1,203,270.66 | 57.6% | 1.26 | 10.2% |
4 | Loan | 13, B | 1 | Sun Center Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 11.3% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5.01 | Property | 1 | 50 East State Street | |||||||||
5.02 | Property | 1 | 33 West State Street | |||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 10.2% | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 18 | 1 | Element Hotel Detroit | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | D | 1 | Appling Farms Corporate Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 1 | The Haier Building | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
11 | Loan | 1 | Seagate Shakopee | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 1 | Homewood Suites San Marcos | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-20 |
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, 8, 9, A | 1 | Tysons Corner Center | No | NAP | The Macerich Partnership, L.P. and Alaska Permanent Fund Corporation |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | No | NAP | California State Teachers’ Retirement System |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | No | NAP | Preylock Real Estate Holdings, LLC (DE) |
4 | Loan | 13, B | 1 | Sun Center Plaza | No | NAP | Schottenstein Realty LLC |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | No | NAP | Muddy Puddles LLC |
5.01 | Property | 1 | 50 East State Street | ||||
5.02 | Property | 1 | 33 West State Street | ||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | No | NAP | California Drive-In Theatres, Inc. |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | No | NAP | Goldman Sachs Asset Management, L.P. |
8 | Loan | 18 | 1 | Element Hotel Detroit | No | NAP | Stacy L. Fox, David Di Rita and James Van Dyke |
9 | Loan | D | 1 | Appling Farms Corporate Park | No | NAP | David Curtis Wegener |
10 | Loan | 1 | The Haier Building | No | NAP | Jack Dushey and Michael Jemal | |
11 | Loan | 1 | Seagate Shakopee | No | NAP | Joshua Volen and Trevor Smith | |
12 | Loan | 13, E | 1 | Coral Walk | No | NAP | Schottenstein Realty LLC |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | No | NAP | Leah Waldman |
14 | Loan | 1 | Sierra Commons Shopping Center | No | NAP | Align REI | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | No | NAP | Williamsburg Enterprises Ltd. |
16 | Loan | G | 1 | 940 West Winona Street | No | NAP | Stuart Miller |
17 | Loan | 1 | Homewood Suites San Marcos | No | NAP | Dilip K. Malkani and Sushil S. Jhangiani | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | No | NAP | Highpoint Capital |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | No | NAP | Roy E. Carroll, II |
20 | Loan | 1 | Store It All - Barnegat | No | NAP | Daniel A. Myers | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | No | NAP | Westport Properties, Inc. | |
22 | Loan | I | 1 | Sycamore Cove | No | NAP | Renovo Real Estate Partners |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | No | NAP | Westport Properties, Inc. | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | No | NAP | Westport Properties, Inc. |
A-1-21 |
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 |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | The Macerich Partnership, L.P. | No | No | Refinance |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | NAP | No | No | Refinance |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | Farshid Steve Shokouhi, Brett Michael Lipman and Reitman 1994 Gift Trust U/A/D 9/27/1994 | No | No | Refinance |
4 | Loan | 13, B | 1 | Sun Center Plaza | Schottenstein Realty LLC | No | No | Refinance |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | Simon Glick, Seymour Pluchenik and Menashe Frankel | No | No | Refinance |
5.01 | Property | 1 | 50 East State Street | |||||
5.02 | Property | 1 | 33 West State Street | |||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | California Drive-In Theatres, Inc. | No | No | Refinance |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | NAP | No | No | Refinance |
8 | Loan | 18 | 1 | Element Hotel Detroit | Stacy L. Fox, David Di Rita and James Van Dyke | No | No | Refinance |
9 | Loan | D | 1 | Appling Farms Corporate Park | David Curtis Wegener and D. Curtis Wegener, Trustee of The Alexander Holdings Trust U/A Dated November 1, 2010 | No | No | Refinance |
10 | Loan | 1 | The Haier Building | Jack Dushey and Michael Jemal | No | No | Refinance | |
11 | Loan | 1 | Seagate Shakopee | CIRE OpCo I, LLC | No | No | Acquisition | |
12 | Loan | 13, E | 1 | Coral Walk | Schottenstein Realty LLC | No | No | Refinance |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | Leah Waldman | No | No | Refinance |
14 | Loan | 1 | Sierra Commons Shopping Center | James Howard | No | No | Refinance | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | Khaled Salem | No | No | Refinance |
16 | Loan | G | 1 | 940 West Winona Street | Stuart Miller | No | No | Refinance |
17 | Loan | 1 | Homewood Suites San Marcos | Dilip K. Malkani and Sushil S. Jhangiani | No | No | Acquisition | |
18 | Loan | 7 | 1 | Westbank Village Shopping Center | Jeffrey Seltzer | No | No | Refinance |
19 | Loan | H | 1 | Bee Safe Storage - Creekside | Roy E. Carroll, II | No | No | Refinance |
20 | Loan | 1 | Store It All - Barnegat | Daniel A. Myers | No | No | Recapitalization | |
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | Laulhere Realty Limited Partnership | No | No | Refinance | |
22 | Loan | I | 1 | Sycamore Cove | Nathan Carlson, Chase Courchaine and Michael Weston | No | No | Refinance |
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | Grayburn Properties, Inc. | No | No | Refinance | |
24 | Loan | 1 | US Storage Centers - Vernon, CA | DJH Holdings, LLC | No | No | Refinance |
A-1-22 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Property Located Within a Qualified Opportunity Zone (Y/N) | Sources: Loan Amount ($) | Sources: Principal's New Cash Contribution ($) | Sources: Subordinate Debt ($) | Sources: Other Sources ($) | Sources: Total Sources ($) | Uses: Loan Payoff ($) | Uses: Purchase Price ($) | Uses: Closing Costs ($) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 710,000,000 | 0 | 0 | 0 | 710,000,000 | 666,692,845 | 0 | 3,532,030 | |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 70,000,000 | 963,066 | 0 | 0 | 70,963,066 | 65,915,624 | 0 | 939,307 | |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 130,000,000 | 8,487,293 | 50,500,000 | 0 | 188,987,293 | 166,671,496 | 0 | 7,731,836 | |
4 | Loan | 13, B | 1 | Sun Center Plaza | 47,500,000 | 1,377,761 | 0 | 0 | 48,877,761 | 45,922,940 | 0 | 2,908,562 | |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 90,000,000 | 0 | 0 | 0 | 90,000,000 | 59,062,024 | 0 | 1,564,754 | |
5.01 | Property | 1 | 50 East State Street | ||||||||||
5.02 | Property | 1 | 33 West State Street | ||||||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 36,750,000 | 127,699 | 0 | 0 | 36,877,699 | 36,245,877 | 0 | 372,494 | |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 57,500,000 | 1,554,484 | 0 | 0 | 59,054,484 | 53,313,100 | 0 | 5,041,384 | |
8 | Loan | 18 | 1 | Element Hotel Detroit | 24,300,000 | 0 | 0 | 0 | 24,300,000 | 20,161,460 | 0 | 886,909 | |
9 | Loan | D | 1 | Appling Farms Corporate Park | 24,200,000 | 185,444 | 0 | 0 | 24,385,444 | 22,845,983 | 0 | 1,163,771 | |
10 | Loan | 1 | The Haier Building | 23,750,000 | 40,076 | 0 | 0 | 23,790,076 | 23,097,001 | 0 | 281,631 | ||
11 | Loan | 1 | Seagate Shakopee | 23,400,000 | 13,524,572 | 0 | 0 | 36,924,572 | 0 | 36,000,000 | 924,572 | ||
12 | Loan | 13, E | 1 | Coral Walk | 20,250,000 | 0 | 0 | 0 | 20,250,000 | 16,092,747 | 0 | 1,386,436 | |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 13,500,000 | 0 | 0 | 0 | 13,500,000 | 8,208,886 | 0 | 510,142 | |
14 | Loan | 1 | Sierra Commons Shopping Center | 12,750,000 | 0 | 0 | 0 | 12,750,000 | 11,421,902 | 0 | 700,055 | ||
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 11,700,000 | 0 | 0 | 0 | 11,700,000 | 9,114,081 | 0 | 1,097,791 | |
16 | Loan | G | 1 | 940 West Winona Street | |||||||||
17 | Loan | 1 | Homewood Suites San Marcos | ||||||||||
18 | Loan | 7 | 1 | Westbank Village Shopping Center | |||||||||
19 | Loan | H | 1 | Bee Safe Storage - Creekside | |||||||||
20 | Loan | 1 | Store It All - Barnegat | ||||||||||
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | ||||||||||
22 | Loan | I | 1 | Sycamore Cove | |||||||||
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | ||||||||||
24 | Loan | 1 | US Storage Centers - Vernon, CA |
A-1-23 |
Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Loan ID Number | Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Uses: Reserves ($) | Uses: Principal Equity Distribution ($) | Uses: Other Uses ($) | Uses: Total Uses ($) | Franchise Agreement Expiration | Underwritten ADR ($) | Underwritten RevPAR ($) | Underwritten Hotel Occupancy (%) | Most Recent ADR ($) | Most Recent RevPAR ($) |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | 39,775,125 | 0 | 0 | 710,000,000 | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 5, 10 | 1 | 11755 Wilshire | 4,108,135 | 0 | 0 | 70,963,066 | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | 14,583,961 | 0 | 0 | 188,987,293 | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 13, B | 1 | Sun Center Plaza | 46,259 | 0 | 0 | 48,877,761 | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | 20,346,101 | 9,027,121 | 0 | 90,000,000 | NAP | NAP | NAP | NAP | NAP | NAP |
5.01 | Property | 1 | 50 East State Street | NAP | NAP | NAP | NAP | NAP | NAP | |||||
5.02 | Property | 1 | 33 West State Street | NAP | NAP | NAP | NAP | NAP | NAP | |||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | 259,328 | 0 | 0 | 36,877,699 | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | 700,000 | 0 | 0 | 59,054,484 | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 18 | 1 | Element Hotel Detroit | 66,355 | 3,185,276 | 0 | 24,300,000 | 1/31/2039 | 290.75 | 206.06 | 70.9% | 290.75 | 206.06 |
9 | Loan | D | 1 | Appling Farms Corporate Park | 375,689 | 0 | 0 | 24,385,444 | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 1 | The Haier Building | 411,444 | 0 | 0 | 23,790,076 | NAP | NAP | NAP | NAP | NAP | NAP | |
11 | Loan | 1 | Seagate Shakopee | 0 | 0 | 0 | 36,924,572 | NAP | NAP | NAP | NAP | NAP | NAP | |
12 | Loan | 13, E | 1 | Coral Walk | 43,976 | 2,726,841 | 0 | 20,250,000 | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | 2,201,233 | 2,579,739 | 0 | 13,500,000 | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 1 | Sierra Commons Shopping Center | 156,728 | 471,315 | 0 | 12,750,000 | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | 1,452,649 | 35,479 | 0 | 11,700,000 | NAP | NAP | NAP | NAP | NAP | NAP |
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | NAP | NAP | NAP | ||||
17 | Loan | 1 | Homewood Suites San Marcos | 12/31/2041 | 136.39 | 107.92 | 79.1% | 136.09 | 107.68 | |||||
18 | Loan | 7 | 1 | Westbank Village Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | ||||
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | NAP | NAP | NAP | ||||
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | NAP | NAP | NAP | |||||
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | NAP | NAP | NAP | |||||
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | NAP | NAP | NAP | ||||
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | NAP | NAP | NAP | |||||
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-24 |
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 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 |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
2 | Loan | 5, 10 | 1 | 11755 Wilshire | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
4 | Loan | 13, B | 1 | Sun Center Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.01 | Property | 1 | 50 East State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
5.02 | Property | 1 | 33 West State Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
8 | Loan | 18 | 1 | Element Hotel Detroit | 70.9% | 272.70 | 195.59 | 71.7% | 199.24 | 115.50 | 58.0% | ||
9 | Loan | D | 1 | Appling Farms Corporate Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
10 | Loan | 1 | The Haier Building | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
11 | Loan | 1 | Seagate Shakopee | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
12 | Loan | 13, E | 1 | Coral Walk | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
14 | Loan | 1 | Sierra Commons Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
16 | Loan | G | 1 | 940 West Winona Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
17 | Loan | 1 | Homewood Suites San Marcos | 79.1% | 135.69 | 107.02 | 78.9% | 113.48 | 91.39 | 80.5% | |||
18 | Loan | 7 | 1 | Westbank Village Shopping Center | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19 | Loan | H | 1 | Bee Safe Storage - Creekside | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
20 | Loan | 1 | Store It All - Barnegat | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
22 | Loan | I | 1 | Sycamore Cove | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
24 | Loan | 1 | US Storage Centers - Vernon, CA | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-25 |
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 - LTV as Rental | Coop - Unsold Percent | Coop - Sponsor Units | Coop - Investor Units | Coop - Coop Units | Coop - Sponsor/Investor Carry |
1 | Loan | 5, 8, 9, A | 1 | Tysons Corner Center | ||||||
2 | Loan | 5, 10 | 1 | 11755 Wilshire | ||||||
3 | Loan | 5, 11, 12 | 1 | Nvidia Santa Clara | ||||||
4 | Loan | 13, B | 1 | Sun Center Plaza | ||||||
5 | Loan | 5, 6, 14 | 2 | 33 West State Street and 50 East State Street | ||||||
5.01 | Property | 1 | 50 East State Street | |||||||
5.02 | Property | 1 | 33 West State Street | |||||||
6 | Loan | 15, 16 | 1 | Center Of Waikiki | ||||||
7 | Loan | 5, 17, C | 1 | Timber Creek Crossing | ||||||
8 | Loan | 18 | 1 | Element Hotel Detroit | ||||||
9 | Loan | D | 1 | Appling Farms Corporate Park | ||||||
10 | Loan | 1 | The Haier Building | |||||||
11 | Loan | 1 | Seagate Shakopee | |||||||
12 | Loan | 13, E | 1 | Coral Walk | ||||||
13 | Loan | 19, 20 | 1 | 2361 Morris Avenue | ||||||
14 | Loan | 1 | Sierra Commons Shopping Center | |||||||
15 | Loan | 21, 22, 23, 24, F | 1 | Klein Square | ||||||
16 | Loan | G | 1 | 940 West Winona Street | ||||||
17 | Loan | 1 | Homewood Suites San Marcos | |||||||
18 | Loan | 7 | 1 | Westbank Village Shopping Center | ||||||
19 | Loan | H | 1 | Bee Safe Storage - Creekside | ||||||
20 | Loan | 1 | Store It All - Barnegat | |||||||
21 | Loan | 1 | US Storage Centers - Simi Valley, CA | |||||||
22 | Loan | I | 1 | Sycamore Cove | ||||||
23 | Loan | 1 | US Storage Centers - Harbor City Frampton, CA | |||||||
24 | Loan | 1 | US Storage Centers - Vernon, CA |
A-1-26 |
BANK5 2024-5YR5
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, Tysons Corner Center, Mortgage Loan No. 2, 11755 Wilshire, Mortgage Loan No. 3, Nvidia Santa Clara, Mortgage Loan No. 5, 33 West State Street and 50 East State Street and Mortgage Loan No. 7, Timber Creek Crossing, 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. 5, 33 West State Street and 50 East State Street, 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. |
(7) | With respect to Mortgage Loan No. 18, Westbank Village Shopping Center, 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. |
(8) | With respect to Mortgage Loan No. 1, Tysons Corner Center, 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. |
(9) | With respect to Mortgage Loan No. 1, Tysons Corner Center, the fee interest Mortgaged Property is subject to an affiliate ground lease between Tysons Corner Property Holdings LLC (the “Fee Borrower”), as landlord, and Tysons Corner Holdings LLC (the “Leasehold Borrower”), as ground lessee. The Mortgage is a fee and leasehold mortgage which encumbers each of the fee estate owned by Fee Borrower and the leasehold estate owned by Leasehold Borrower. The term of the ground lease commenced on November 26, 1962, and terminates on August 31, 2035. The ground lease does not provide for any further extension options. The annual base rent for the ground lease may never be less than an amount equal to 6% of the product of $1.00 times the total number of square feet in the total area of the Mortgaged Property. The annual ground rent under the ground lease is currently $1,565,412. |
(10) | With respect to Mortgage Loan No. 2, 11755 Wilshire, the loan documents require an upfront deposit of $3,000,000 for tenant improvements and leasing commissions (“TI/LCs”) incurred solely in connection with the Kinetic space. The loan documents require ongoing monthly deposits of $70,300 for TI/LCs. Any amount remaining of the initial $3,000,000 deposit may be used for TI/LCs that may be incurred at the property upon the borrower delivering evidence satisfactory to the lender that (i) the entire Kinetic space has either (A) been re-leased to Kinetic or (B) leased to one or more replacement tenants and (ii) all TI/LCs incurred in connection with the Kinetic space have been paid. In the event the Kinetic space is (i) partially renewed by Kinetic or |
A-1-27 |
(ii) partially re-tenanted, the lender is required to retain TI/LC reserve funds equal to $75.00 PSF of the Kinetic space not partially renewed or re-tenanted. | |
(11) | With respect to Mortgage Loan No. 3, Nvidia Santa Clara, the Appraised Value of $313,247,393 represents the “as-if-funded” appraised value based on the hypothetical assumption that the cost of the outstanding tenant improvement allowances have been fully escrowed and will be available to fund such tenant improvements. Upon origination of the Nvidia Santa Clara Whole Loan, $8,146,892.50 was reserved to fund all outstanding tenant improvements. Based on the “as-is” appraised value of $305,100,000, the Nvidia Santa Clara Whole Loan results in a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 42.6% and the Nvidia Santa Clara Total Debt results in a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 59.2% |
(12) | With respect to Mortgage Loan No. 3, Nvidia Santa Clara, the Loan Payoff amount is shown net of existing debt attributable to 2890 Scott Boulevard, a 75,000 square foot, non-collateral office building. The total Loan Payoff amount, including amounts attributable to 2890 Scott Boulevard, is $189,348,589. The existing debt was allocated amongst the Nvidia Santa Clara Properties and 2890 Scott Boulevard (non-collateral) based on net rentable area, and the assumed Loan Payoff amount for 2890 Scott Boulevard was excluded from the Loan Payoff amount as presented. In connection with the origination of the Nvidia Santa Clara Whole Loan, the borrower sponsors invested a total of $17,912,200 of fresh equity to retire the existing loan (inclusive of the non-collateral 2890 Scott Boulevard parcel), fund upfront reserves and pay closing costs. |
(13) | With respect to Mortgage Loan No. 4, Sun Center Plaza, and Mortgage Loan No. 12, Coral Walk, on no more than three occasions during the term of the Mortgage Loan, and no more than once in any twelve month period, the borrower will have a grace period of three days following notice to borrower that any such payment is due. |
(14) | With respect to Mortgage Loan. No. 5, 33 West State Street and 50 East State Street, the largest tenant at the 33 West State Street Mortgaged Property (State of NJ / OMB) and the largest tenant at the 50 East State Street Mortgaged Property (State of NJ Human Services) are affiliated. |
(15) | With respect to Mortgage Loan No. 6, Center of Waikiki, Underwritten EGI includes $2,421,401 (22.8%) of income generated from kiosk leases at Duke’s Lane Marketplace; however, there is no square footage attributed to the kiosks. |
(16) | With respect to Mortgage Loan No. 6, Center of Waikiki, 15,543 SF was previously leased to an IMAX theater, which has been vacant since 2003. Excluding this space, the occupancy of the property would be 85.7%. |
(17) | With respect to Mortgage Loan No. 7, Timber Creek Crossing, four tenants totaling 325,822 SF (68.7% of NRA; 55.1% of underwritten base rent) own their improvements and ground lease the underlying land from the borrowers. |
(18) | With respect to Mortgage Loan No. 8, Element Hotel Detroit, the Mortgage Loan is subject to a New Markets Tax Credit arrangement pursuant to which the prior owner of the Element Hotel Detroit Property, an affiliate of the borrower, received two qualified low-income community investment loans (“QLICI Loans”). At origination, one of such QLICI Loans was repaid in full and the other was partially repaid, resulting in a remaining QLICI Loan amount of approximately $1.4 million. The QLICI Loan is secured by the equity interests in the borrower held by the borrower’s sole member. The lender under the QLICI Loan has entered into a subordination and standstill agreement with the lender under the Element Hotel Detroit Mortgage Loan. See “Description of the Mortgage Pool—Additional Indebtedness—Other Unsecured Indebtedness” in the prospectus. |
(19) | With respect to Mortgage Loan No. 13, 2361 Morris Avenue, the related Mortgaged Property is currently 82.2% leased as of January 16, 2024. There are currently 8 vacant units: 1 market rate unit and 7 affordable units. Tenants have been identified for the 7 vacant affordable units and the borrower is expected to execute direct leases with the tenants if and when their CityFHEPS vouchers are approved. If these leases are executed, occupancy would increase to 97.8%. The 2361 Morris Avenue Mortgage Loan was underwritten assuming 95.0% occupancy, and that the vacant units that are assumed to be occupied are leased at rents that were approved by the New York City Department of Housing Preservation and Development in January 2023. Based on such assumptions, Underwritten Net Operating Income was $1,399,301, Underwritten Net Cash Flow was $1,388,051, U/W NOI DSCR was 1.57x, U/W NCF DSCR was 1.56x, U/W NOI Debt Yield was 10.4% and U/W NCF Debt Yield was 10.3%. Without such assumptions, in place net operating income would be $1,205,624, in place net cash flow would be $1,194,374, in place NOI DSCR would be 1.35x, in place NCF DSCR would be 1.34x, in place NOI Debt Yield would be 8.9%, and in place NCF Debt Yield would be 8.8%. At origination, $1,884,000 was deposited in a Holdback Funds Reserve with the lender. Funds in the Holdback Funds Reserve are required to be disbursed to the borrower if on or prior to January 23, 2025, the borrower satisfies the following conditions, among others; (i) no event of default is continuing, (ii) the borrower has submitted to the lender evidence to the lender’s satisfaction that at least 95% of the residential apartments at the 2361 Morris Avenue Property (including both affordable units and any market rate units) are tenanted pursuant to executed leases with tenants that are in occupancy and pursuant to which the term of each lease covered by any prepaid rents has expired, and (iii) after giving effect to the disbursement of the Holdback Funds Reserve the debt yield of the 2361 Morris Avenue Mortgage Loan, as determined by the lender, would be 10.3%. If the Holdback Funds Reserve has not been disbursed by the lender by January 23, 2025, the lender is required to apply the funds in such reserve to prepay the 2361 Morris Avenue Mortgage Loan, and the borrower is required to pay a prepayment fee equal to the greater of (i) 1.00% of the amount prepaid and (ii) a yield maintenance premium. In addition, the 2361 Morris Avenue Mortgage Loan was underwritten assuming a 421-a exemption, which the borrower is in the process of |
A-1-28 |
applying for, would be granted. Based on estimated unabated taxes, in place NOI DSCR would be 1.14x, in place NCF DSCR would be 1.13x, in place NOI Debt Yield would be 7.6% and in place NCF Debt Yield would be 7.5%. | |
(20) | With respect to Mortgage Loan No. 13, 2361 Morris Avenue, the borrower is in the process of applying for a 421-a tax exemption, which has not been approved. The appraisal calculates the net present value of such 421-a exemption to be $4,893,196, and adds such value to the capitalized value set forth in the appraisal. If such net present value were to be subtracted from the appraised value, the appraised value would be $17,206,804, which would result in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 78.5%. There can be no assurance that a 421-a exemption will be approved, or of what the appraised value or actual value of the 2361 Morris Avenue Property would be if the exemption were not approved. In addition, the appraised value includes the present value of overage rent (above market rent) obtained from the CityFHEPs program to be $923,144. If such present value were also deducted, the appraised value would be $16,283,660, which would result in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 82.9%. There can be no assurance as to what the appraised value or actual value of the 2361 Morris Avenue Property would be if it were not rented pursuant to the CityFHEPs program. The appraisal assumes occupancy of 96.5%, while occupancy as of January 16, 2024 was 82.2%. There are currently 8 vacant units: 1 market rate unit and 7 affordable units. Tenants have been identified for the 7 vacant affordable units and the borrower is expected to execute direct leases with the tenants if and when their CityFHEPS vouchers are approved. If these leases are executed, occupancy would increase to 97.8%. |
(21) | With respect to Mortgage Loan No. 15, Klein Square, Underwritten NCF assumes Wag N Wash executes its lease at a contractual rental rate equal to $30.00 PSF. PetCo is currently in occupancy of the space at a contractual rental rate equal to $15.00 PSF. In connection with the yet to be executed Wag N Wash lease, the borrower was required at origination to deposit $640,000 into the Accretive Leasing Reserve account. Proceeds of the Mortgage Loan associated with the Accretive Leasing Reserve are to be held back from the sponsor until such time the borrower has achieved certain conditions as outlined herein. |
(22) | With respect to Mortgage Loan No. 15, Klein Square, the Appraised Value of $18,390,000 represents the “as-if-funded” appraised value based on the hypothetical assumptions that (i) Wag N Wash executes a lease for the space currently occupied by PetCo on the terms set forth in the negotiated letter of intent and (ii) the cost of the outstanding tenant improvement and free rent allowances have been fully escrowed and will be available to fund such tenant improvements. At loan origination, $640,000 was reserved to fund the anticipated tenant improvement allowance and free rent set forth in Wag N Wash’s negotiated letter of intent . Based on the “as-is” appraised value of $18,160,000 (which assumes the PetCo lease remains in place), the resulting Cut-off Date LTV Ratio and Maturity Date LTV Ratio would be 60.9% (assuming the Accretive Leasing Reserve is applied to reduce the outstanding Mortgage Loan balance resulting in a net Mortgage Loan balance of $11,060,000). |
(23) | With respect to Mortgage Loan No. 15, Klein Square, the related Mortgage Loan documents permit the lender to establish subaccounts within the free rent reserve account to segregate the amounts on deposit resulting from the initial free rent reserve deposit from amounts that the borrower may choose to deposit in connection with the satisfaction of certain replacement leasing criteria with respect to the Largest Tenant, Ross Dress for Less. |
(24) | With respect to Mortgage Loan No. 15, Klein Square, provided no event of default has occurred and is continuing, upon (i) the lender’s receipt of a fully executed NNN lease for the PetCo space (5,043 SF) with (a) a term of at least 10 years, (b) contractual base rent equal to $30.00 PSF and a tenant improvement allowance equal to or less than the stated base rent and (c) a tenant acceptable to the lender; (ii) achievement of a debt service coverage ratio as determined by the lender of at least 1.36x and (iii) the lender’s receipt of an estoppel which confirms, among other things, (a) the lease is in full force and effect, (b) there is no default under such lease, (c) the tenant is paying full contractual rent (unless an amount equal to any free rent or gap rent has been transferred from the Accretive Leasing Reserve account to the free rent reserve account (as described herein)), (d) there are no outstanding tenant improvements, landlord obligations or leasing commissions relating to such lease (unless an amount equal to any tenant improvements, landlord obligations and leasing commissions have been transferred from the Accretive Leasing Reserve account to the outstanding tenant improvement reserve account (as described herein)) and (e) the tenant has no unexpired termination options remaining, the lender will be required to (1) first, transfer an amount equal to any free rent credit, gap rent, tenant improvement, leasing commission and/or landlord obligations from the Accretive Leasing Reserve account to each of the free rent reserve account and outstanding tenant improvement reserve account, and (2) second, disburse any remaining Accretive Leasing Reserve funds to the lockbox account. Assuming a scenario in which (i) PetCo remains in occupancy of the space at a contractual rental rate of $15.00 PSF and (ii) the accretive leasing reserve is applied to reduce the outstanding Mortgage Loan balance (resulting in a net Mortgage Loan balance of $11.06 million), the resulting Underwritten NOI Debt Yield and Underwritten NOI Debt Yield at Maturity would be 11.3% and 11.3%, respectively. Based on the current outstanding Mortgage Loan balance of $11.7 million, assuming PetCo remains in occupancy, the resulting Underwritten NCF DSCR (x) would be 1.28x. See “Description of the Mortgage Pool—Tenant Issues—Other” for further information |
A. | “Yield Maintenance Premium” shall mean, with respect to any Note or Note Component, an amount equal to the greater of the following two amounts: (a) an amount equal to 1% of the amount prepaid; or (b) an amount equal to (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 Note Component required hereunder to the Open Prepayment Date (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 (or, with respect to the payment required on the Maturity Date (assuming the outstanding principal balance of the Loan is due on the Open Prepayment Date), from the Open Prepayment Date) |
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back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds (y) the outstanding principal balance of such Note or Note 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 Note Component as of the prepayment date. For purposes of the foregoing, “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 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). Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error. | |
B. | “Yield Maintenance Premium” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid and (ii) an amount equal to the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Open 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 (y) the Interest Rate and (z) 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 Open Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication (in its reasonable determination) 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. Notwithstanding anything contained herein, the Loan may be prepaid without payment of the Yield Maintenance Premium from and after the Open Date. |
C. | “Yield Maintenance Premium” shall mean an amount equal to the greater of the following two amounts: (a) an amount equal to 3% of the amount prepaid; or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open Period Start Date (assuming the outstanding principal balance of the Loan is due on the Open Period Start Date), from the Open Period Start Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Loan 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 the Loan as of the prepayment date. For the avoidance of doubt, when calculating the Yield Maintenance Premium under this definition, no portion of the Yield Maintenance Premium shall be included as part of the Loan being prepaid (notwithstanding anything in Section 2.7(c) to the contrary). For purposes of the foregoing, “Periodic Treasury Yield” 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 Open Period Start Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error. August 11, 2028 (the “Open Period Start Date”), (a) Voluntary Prepayments. Except as otherwise provided herein, Borrower shall not have the right to prepay the Loan in whole or in part. Borrower may, at its option and upon twenty (20) days prior notice to Lender (or such shorter period of time as may be permitted by Lender in its sole discretion) (a “Prepayment Notice”), prepay the Debt in whole only on any Business Day after the Prepayment Lockout Release Date, provided, that if such payment is made prior to August 11, 2028 (the “Open Period Start Date”), such payment must be accompanied by the payment of the Yield Maintenance Premium or any other prepayment fee or penalty (and, for the avoidance of doubt, any prepayment made on or after the Open Period Start Date shall not require the payment of the Yield Maintenance Premium or any other prepayment fee or penalty). Any prepayment received by Lender on a date other than a Monthly Payment Date shall include interest which would have accrued thereon, if any, between the date of such prepayment to the Monthly Payment Date next occurring after the date of such prepayment (such amounts, the “Interest Shortfall”). The Prepayment Notice must specify the Business Day on which such prepayment is to be made (and such notice may be revoked or postponed by Borrower at any time prior to the date specified in the Prepayment Notice, subject to Borrower’s payment of any actual out-of-pocket fees and expenses incurred by Lender as a result of such revocation). Borrower hereby agrees that, in the event Borrower delivers a Prepayment Notice and fails to prepay the Loan in accordance with the Prepayment Notice (and Borrower did not previously revoke or postpone the applicable Prepayment Notice) and the terms of this Section 2.7 |
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(a “Prepayment Failure”), Borrower shall indemnify Lender from and against, and shall be responsible for, all Losses and breakage costs actually incurred by Lender with respect to any such Prepayment Failure. | |
D. | "Yield Maintenance Premium" shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the first Business Day of the Open Period (defined below) determined by discounting such payments at the Discount Rate (defined below). 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 this Note 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 (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). 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. |
E. | “Yield Maintenance Premium” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid and (ii) an amount equal to the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Open 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 (y) the Interest Rate and (z) 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 Open Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication (in its reasonable determination) 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. Notwithstanding anything contained herein, the Loan may be prepaid without payment of the Yield Maintenance Premium from and after the Open Date. |
F. | "Yield Maintenance Premium” shall mean an amount equal to the greater of (a) one percent (1%) of the outstanding principal 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 assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the Loan is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the 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) on 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 Maturity 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. |
G. | “Yield Maintenance Premium” shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). 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 this Note 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 (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). 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 semiannually. 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 |
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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. | |
H. | “Yield Maintenance Premium” shall mean an amount equal to the greater of: (a) an amount equal to the Applicable Percentage of the amount prepaid; or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Maturity Date (assuming the outstanding principal balance of the Loan is due on the Maturity Date), from the Maturity Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Loan 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 the Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Maturity Date (or if two or more such securities have maturity dates equally close to the Maturity Date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error. “Applicable Percentage” shall mean, as applicable, (i) in connection with any prepayment made pursuant to Section 2.7(d) hereof and provided that no Event of Default then exists, 1%, or (ii) in connection with any other prepayment of the Debt, 3%. “Maturity Date” shall mean February 11, 2029 or such other date on which the final payment of principal of the Note becomes due and payable, whether at such stated maturity date, by declaration of acceleration, or otherwise. |
I. | “Yield Maintenance Premium” shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). 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 this Note 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 (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). 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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