FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-226943-09 | ||
Benchmark 2020-B22
The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-226943) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the Securities and Exchange Commission for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by emailing: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us. This free writing prospectus does not contain all information that is required to be included in the prospectus.
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION
This material is for your information, and none of Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC or any other underwriter, (collectively, the “Underwriters”) are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.
Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. The information contained herein is preliminary as of the date hereof. These materials are subject to change, completion or amendment from time to time. The information contained herein will be superseded by similar information delivered to you as part of the preliminary prospectus relating to the Benchmark 2020-B22 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B22 (the “Offering Document”). The information contained herein supersedes any such information previously delivered and should be reviewed only in conjunction with the entire Offering Document. All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document. The information contained herein does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The information contained herein will be more fully described elsewhere in the Offering Document. The information contained herein should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Underwriters or any of their respective affiliates makes any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities.
This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth herein. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, the depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the issuer’s view only as of the date hereof.
IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS
Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.
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BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
% of | Mortgage | Cut-off | General | Detailed | Interest | ||||||||||
Initial Pool | # of | Loan | Original | Date | Maturity | Property | Property | Interest | Administrative | Accrual | |||||
Loan | ID | Property Name | Balance | Properties | Seller(1) | Balance($)(3) | Balance($)(3) | or ARD Balance($) | Type | Type | Rate(6) | Fee Rate(7) | Basis | ||
Loan | 1 | The Grace Building(2)(35)(36) | 9.8% | 1 | JPMCB/GACC | 80,000,000 | 80,000,000 | 80,000,000 | Office | CBD | 2.6921% | 0.01621% | Actual/360 | ||
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 9.2% | 2 | CREFI/GACC | 75,000,000 | 75,000,000 | 75,000,000 | Hospitality | Full Service | 3.5580% | 0.01434% | Actual/360 | ||
Property | 2.001 | MGM Grand | 5.0% | 1 | CREFI/GACC | 40,875,000 | 40,875,000 | Hospitality | Full Service | ||||||
Property | 2.002 | Mandalay Bay | 4.2% | 1 | CREFI/GACC | 34,125,000 | 34,125,000 | Hospitality | Full Service | ||||||
Loan | 3 | Elo Midtown Office Portfolio(2) | 8.7% | 3 | CREFI | 71,000,000 | 71,000,000 | 71,000,000 | Office | CBD | 3.5100% | 0.01496% | Actual/360 | ||
Property | 3.001 | 15 West 47th Street | 4.4% | 1 | CREFI | 36,003,546 | 36,003,546 | Office | CBD | ||||||
Property | 3.002 | 48 West 48th Street | 2.8% | 1 | CREFI | 22,911,348 | 22,911,348 | Office | CBD | ||||||
Property | 3.003 | 151 West 46th Street | 1.5% | 1 | CREFI | 12,085,106 | 12,085,106 | Office | CBD | ||||||
Loan | 4 | Station Park & Station Park West(2)(33) | 7.4% | 1 | JPMCB | 60,000,000 | 60,000,000 | 60,000,000 | Mixed Use | Retail/Office/Hospitality | 3.3770% | 0.02496% | Actual/360 | ||
Loan | 5 | Rugby Pittsburgh Portfolio(2) | 6.1% | 2 | JPMCB | 50,000,000 | 50,000,000 | 42,592,005 | Office | Suburban | 3.3920% | 0.01496% | Actual/360 | ||
Property | 5.001 | Foster Plaza | 3.7% | 1 | JPMCB | 30,488,644 | 30,488,644 | Office | Suburban | ||||||
Property | 5.002 | Cherrington Corporate Center | 2.4% | 1 | JPMCB | 19,511,356 | 19,511,356 | Office | Suburban | ||||||
Loan | 6 | Mountain View Village(33) | 4.7% | 1 | JPMCB | 38,650,500 | 38,650,500 | 38,650,500 | Retail | Anchored | 3.3770% | 0.02496% | Actual/360 | ||
Loan | 7 | 4 West 58th Street(2)(36) | 4.0% | 1 | JPMCB | 32,500,000 | 32,500,000 | 32,500,000 | Mixed Use | Office/Retail | 3.6800% | 0.01496% | Actual/360 | ||
Loan | 8 | McClellan Business Park(2)(37) | 4.0% | 1 | GSMC | 32,400,000 | 32,400,000 | 32,400,000 | Mixed Use | Industrial/Office/Multifamily/Retail/Other | 3.3090% | 0.01496% | Actual/360 | ||
Loan | 9 | 1088 Sansome | 4.0% | 1 | GACC | 32,250,000 | 32,250,000 | 32,250,000 | Office | CBD | 3.2760% | 0.01496% | Actual/360 | ||
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 3.7% | 1 | GSMC | 30,000,000 | 30,000,000 | 30,000,000 | Mixed Use | Office/Retail | 3.1600% | 0.01621% | Actual/360 | ||
Loan | 11 | Amazon Port of Savannah | 3.5% | 1 | JPMCB | 28,700,000 | 28,700,000 | 28,700,000 | Industrial | Warehouse/Distribution | 3.5570% | 0.01496% | Actual/360 | ||
Loan | 12 | 111 Kent Avenue | 3.2% | 1 | CREFI | 26,000,000 | 26,000,000 | 26,000,000 | Multifamily | Mid Rise | 3.7700% | 0.01496% | Actual/360 | ||
Loan | 13 | 32-42 Broadway(2) | 3.1% | 1 | CREFI | 25,000,000 | 25,000,000 | 25,000,000 | Office | CBD | 3.2500% | 0.01496% | Actual/360 | ||
Loan | 14 | 27750 Entertainment Drive | 2.9% | 1 | CREFI | 23,500,000 | 23,500,000 | 19,062,368 | Office | Suburban | 4.6000% | 0.04371% | Actual/360 | ||
Loan | 15 | JW Marriott Nashville(2) | 2.5% | 1 | GSMC | 20,000,000 | 20,000,000 | 20,000,000 | Hospitality | Full Service | 3.1390% | 0.01496% | Actual/360 | ||
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 2.5% | 1 | CREFI | 20,000,000 | 20,000,000 | 18,088,727 | Hospitality | Full Service | 3.8000% | 0.01496% | Actual/360 | ||
Loan | 17 | Medici Office Park | 2.3% | 1 | GSMC | 18,500,000 | 18,500,000 | 14,477,468 | Office | Suburban | 3.5980% | 0.01496% | Actual/360 | ||
Loan | 18 | 5 East 22nd Street | 2.0% | 1 | CREFI | 16,000,000 | 16,000,000 | 16,000,000 | Retail | Unanchored | 3.4500% | 0.01496% | Actual/360 | ||
Loan | 19 | Cabinetworks Portfolio(2)(36) | 1.8% | 3 | GSMC | 15,000,000 | 15,000,000 | 13,450,012 | Industrial | Manufacturing | 3.3220% | 0.01496% | Actual/360 | ||
Property | 19.001 | 15535 South State Avenue | 1.1% | 1 | GSMC | 9,201,803 | 9,201,803 | Industrial | Manufacturing | ||||||
Property | 19.002 | 150 Grand Valley Avenue | 0.4% | 1 | GSMC | 3,468,100 | 3,468,100 | Industrial | Manufacturing | ||||||
Property | 19.003 | 16052 Industrial Parkway | 0.3% | 1 | GSMC | 2,330,097 | 2,330,097 | Industrial | Manufacturing | ||||||
Loan | 20 | 350 West Broadway | 1.8% | 1 | JPMCB | 15,000,000 | 15,000,000 | 11,793,110 | Mixed Use | Office/Retail | 3.7210% | 0.01496% | Actual/360 | ||
Loan | 21 | Maplewood Commons(22) | 1.7% | 1 | JPMCB | 13,877,500 | 13,877,500 | 11,131,656 | Retail | Anchored | 4.2780% | 0.01496% | Actual/360 | ||
Loan | 22 | Mercury Plaza | 1.5% | 1 | JPMCB | 12,500,000 | 12,500,000 | 12,500,000 | Retail | Anchored | 3.0600% | 0.01496% | Actual/360 | ||
Loan | 23 | Pet Food Experts Industrial | 1.4% | 1 | GACC | 11,635,000 | 11,635,000 | 11,635,000 | Industrial | Warehouse/Distribution | 3.4110% | 0.01496% | Actual/360 | ||
Loan | 24 | Frontier Self Storage | 1.4% | 1 | GACC | 11,000,000 | 11,000,000 | 11,000,000 | Self Storage | Self Storage | 2.9700% | 0.01496% | Actual/360 | ||
Loan | 25 | Arotech-FAAC Portfolio | 1.3% | 3 | JPMCB | 10,400,000 | 10,400,000 | 10,400,000 | Industrial | R&D/Flex | 3.5760% | 0.01496% | Actual/360 | ||
Property | 25.001 | 781 Avis Drive | 0.6% | 1 | JPMCB | 4,500,000 | 4,500,000 | Industrial | R&D/Flex | ||||||
Property | 25.002 | 5750 East McKellips Road | 0.5% | 1 | JPMCB | 3,890,000 | 3,890,000 | Industrial | R&D/Flex | ||||||
Property | 25.003 | 1229 Oak Valley Drive | 0.2% | 1 | JPMCB | 2,010,000 | 2,010,000 | Industrial | R&D/Flex | ||||||
Loan | 26 | Storage Solutions Portfolio | 1.1% | 4 | CREFI | 8,960,000 | 8,960,000 | 7,701,062 | Self Storage | Self Storage | 3.7400% | 0.01496% | Actual/360 | ||
Property | 26.001 | Storage Solutions Bourbonnais | 0.4% | 1 | CREFI | 3,620,000 | 3,620,000 | Self Storage | Self Storage | ||||||
Property | 26.002 | Storage Solutions Limestone | 0.3% | 1 | CREFI | 2,640,000 | 2,640,000 | Self Storage | Self Storage | ||||||
Property | 26.003 | Storage Solutions Manteno | 0.2% | 1 | CREFI | 1,880,000 | 1,880,000 | Self Storage | Self Storage | ||||||
Property | 26.004 | Storage Solutions Kankakee | 0.1% | 1 | CREFI | 820,000 | 820,000 | Self Storage | Self Storage | ||||||
Loan | 27 | Reladyne Industrial | 0.9% | 1 | GACC | 7,150,000 | 7,150,000 | 6,733,088 | Industrial | Warehouse/Manufacturing | 3.4750% | 0.01496% | Actual/360 | ||
Loan | 28 | 801 Bedford Avenue | 0.9% | 1 | CREFI | 7,125,000 | 7,125,000 | 7,125,000 | Retail | Unanchored | 3.9300% | 0.01496% | Actual/360 | ||
Loan | 29 | SDC Annex(36) | 0.7% | 1 | GACC | 5,665,000 | 5,665,000 | 5,070,017 | Office | Suburban Flex | 4.4640% | 0.01496% | Actual/360 | ||
Loan | 30 | CityLine All American Storage | 0.6% | 1 | CREFI | 4,890,000 | 4,890,000 | 4,189,108 | Mixed Use | Self Storage/Office | 3.6100% | 0.01496% | Actual/360 | ||
Loan | 31 | 200 Centennial Avenue | 0.6% | 1 | CREFI | 4,500,000 | 4,500,000 | 3,205,871 | Office | Suburban | 3.7400% | 0.01496% | Actual/360 | ||
Loan | 32 | Alief Westwood Self Storage | 0.5% | 1 | GACC | 3,764,000 | 3,764,000 | 3,125,577 | Self Storage | Self Storage | 4.4480% | 0.01496% | Actual/360 | ||
Loan | 33 | Prime Storage Palm Desert | 0.4% | 1 | CREFI | 3,250,000 | 3,250,000 | 3,250,000 | Self Storage | Self Storage | 3.9900% | 0.01496% | Actual/360 |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Pari Passu | ||||||||||||||
Original | Remaining | Original | Remaining | First | Monthly | Annual | Companion Loan | |||||||
Term to | Term to | Amortization | Amortization | Origination | Payment | Maturity | ARD Loan | Final | Debt | Debt | Monthly Debt | |||
Loan | ID | Property Name | Maturity or ARD(8) | Maturity or ARD(8) | Term | Term | Date | Date(8) | or ARD Date | (Yes/No) | Maturity Date | Service($)(4)(9) | Service($)(4)(9) | Service($) |
Loan | 1 | The Grace Building(2)(35)(36) | 120 | 120 | 0 | 0 | 11/17/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 181,966 | 2,183,592 | 1,826,484 |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 120 | 111 | 0 | 0 | 02/14/2020 | 04/05/2020 | 03/05/2030 | Yes | 03/05/2032 | 225,464 | 2,705,562 | 4,687,237 |
Property | 2.001 | MGM Grand | ||||||||||||
Property | 2.002 | Mandalay Bay | ||||||||||||
Loan | 3 | Elo Midtown Office Portfolio(2) | 121 | 121 | 0 | 0 | 12/10/2020 | 01/06/2021 | 01/06/2031 | No | 01/06/2031 | 210,559 | 2,526,713 | 207,594 |
Property | 3.001 | 15 West 47th Street | ||||||||||||
Property | 3.002 | 48 West 48th Street | ||||||||||||
Property | 3.003 | 151 West 46th Street | ||||||||||||
Loan | 4 | Station Park & Station Park West(2)(33) | 120 | 120 | 0 | 0 | 12/04/2020 | 01/05/2021 | 12/05/2030 | No | 12/05/2030 | 171,195 | 2,054,342 | 167,486 |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | 121 | 121 | 360 | 360 | 12/02/2020 | 01/01/2021 | 01/01/2031 | No | 01/01/2031 | 221,519 | 2,658,227 | 177,215 |
Property | 5.001 | Foster Plaza | ||||||||||||
Property | 5.002 | Cherrington Corporate Center | ||||||||||||
Loan | 6 | Mountain View Village(33) | 120 | 120 | 0 | 0 | 12/04/2020 | 01/05/2021 | 12/05/2030 | No | 12/05/2030 | 110,280 | 1,323,356 | |
Loan | 7 | 4 West 58th Street(2)(36) | 120 | 111 | 0 | 0 | 02/28/2020 | 04/01/2020 | 03/01/2030 | No | 03/01/2030 | 101,051 | 1,212,611 | 287,606 |
Loan | 8 | McClellan Business Park(2)(37) | 120 | 120 | 0 | 0 | 11/13/2020 | 01/11/2021 | 12/11/2030 | No | 12/11/2030 | 90,584 | 1,087,007 | 910,312 |
Loan | 9 | 1088 Sansome | 121 | 121 | 0 | 0 | 12/08/2020 | 01/06/2021 | 01/06/2031 | No | 01/06/2031 | 89,265 | 1,071,184 | |
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 120 | 111 | 0 | 0 | 03/06/2020 | 04/06/2020 | 03/06/2030 | No | 03/06/2030 | 80,097 | 961,167 | 1,375,002 |
Loan | 11 | Amazon Port of Savannah | 121 | 121 | 0 | 0 | 12/04/2020 | 01/01/2021 | 01/01/2031 | No | 01/01/2031 | 86,253 | 1,035,038 | |
Loan | 12 | 111 Kent Avenue | 120 | 120 | 0 | 0 | 11/25/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 82,818 | 993,814 | |
Loan | 13 | 32-42 Broadway(2) | 120 | 119 | 0 | 0 | 11/03/2020 | 12/06/2020 | 11/06/2030 | No | 11/06/2030 | 68,649 | 823,785 | 274,595 |
Loan | 14 | 27750 Entertainment Drive | 120 | 120 | 360 | 360 | 11/23/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 120,471 | 1,445,657 | |
Loan | 15 | JW Marriott Nashville(2) | 120 | 111 | 0 | 0 | 03/06/2020 | 04/06/2020 | 03/06/2030 | No | 03/06/2030 | 53,043 | 636,519 | 437,607 |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 120 | 111 | 360 | 360 | 03/02/2020 | 04/06/2020 | 03/06/2030 | No | 03/06/2030 | 93,191 | 1,118,298 | 186,383 |
Loan | 17 | Medici Office Park | 121 | 121 | 360 | 360 | 12/10/2020 | 01/06/2021 | 01/06/2031 | No | 01/06/2031 | 84,089 | 1,009,063 | |
Loan | 18 | 5 East 22nd Street | 120 | 120 | 0 | 0 | 11/30/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 46,639 | 559,667 | |
Loan | 19 | Cabinetworks Portfolio(2)(36) | 120 | 119 | 360 | 360 | 10/26/2020 | 12/06/2020 | 11/06/2030 | No | 11/06/2030 | 65,875 | 790,502 | 141,996 |
Property | 19.001 | 15535 South State Avenue | ||||||||||||
Property | 19.002 | 150 Grand Valley Avenue | ||||||||||||
Property | 19.003 | 16052 Industrial Parkway | ||||||||||||
Loan | 20 | 350 West Broadway | 120 | 120 | 360 | 360 | 11/24/2020 | 01/01/2021 | 12/01/2030 | No | 12/01/2030 | 69,221 | 830,649 | |
Loan | 21 | Maplewood Commons(22) | 121 | 121 | 360 | 360 | 12/04/2020 | 01/01/2021 | 01/01/2031 | No | 01/01/2031 | 68,497 | 821,960 | |
Loan | 22 | Mercury Plaza | 120 | 120 | 0 | 0 | 11/19/2020 | 01/01/2021 | 12/01/2030 | No | 12/01/2030 | 32,318 | 387,813 | |
Loan | 23 | Pet Food Experts Industrial | 121 | 121 | 0 | 0 | 12/08/2020 | 01/06/2021 | 01/06/2031 | No | 01/06/2031 | 33,532 | 402,382 | |
Loan | 24 | Frontier Self Storage | 121 | 121 | 0 | 0 | 12/10/2020 | 01/06/2021 | 01/06/2031 | No | 01/06/2031 | 27,603 | 331,238 | |
Loan | 25 | Arotech-FAAC Portfolio | 120 | 120 | 0 | 0 | 12/04/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 31,422 | 377,069 | |
Property | 25.001 | 781 Avis Drive | ||||||||||||
Property | 25.002 | 5750 East McKellips Road | ||||||||||||
Property | 25.003 | 1229 Oak Valley Drive | ||||||||||||
Loan | 26 | Storage Solutions Portfolio | 120 | 120 | 360 | 360 | 11/12/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 41,444 | 497,332 | |
Property | 26.001 | Storage Solutions Bourbonnais | ||||||||||||
Property | 26.002 | Storage Solutions Limestone | ||||||||||||
Property | 26.003 | Storage Solutions Manteno | ||||||||||||
Property | 26.004 | Storage Solutions Kankakee | ||||||||||||
Loan | 27 | Reladyne Industrial | 121 | 121 | 360 | 360 | 12/10/2020 | 01/06/2021 | 01/06/2031 | No | 01/06/2031 | 32,007 | 384,084 | |
Loan | 28 | 801 Bedford Avenue | 120 | 120 | 0 | 0 | 11/25/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 23,658 | 283,902 | |
Loan | 29 | SDC Annex(36) | 120 | 120 | 360 | 360 | 11/23/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 28,583 | 342,992 | |
Loan | 30 | CityLine All American Storage | 120 | 120 | 360 | 360 | 11/19/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 22,260 | 267,116 | |
Loan | 31 | 200 Centennial Avenue | 120 | 120 | 300 | 300 | 11/17/2020 | 01/06/2021 | 12/06/2030 | No | 12/06/2030 | 23,111 | 277,337 | |
Loan | 32 | Alief Westwood Self Storage | 121 | 121 | 360 | 360 | 12/09/2020 | 01/06/2021 | 01/06/2031 | No | 01/06/2031 | 18,956 | 227,466 | |
Loan | 33 | Prime Storage Palm Desert | 61 | 61 | 0 | 0 | 12/09/2020 | 01/06/2021 | 01/06/2026 | No | 01/06/2026 | 10,956 | 131,476 |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Pari Passu | ||||||||||||||
Companion Loan | Remaining | Crossed | ||||||||||||
Annual Debt | Interest Only | Cash | With | Related | Underwritten | Underwritten | Grace | Payment | Appraised | Appraisal | ||||
Loan | ID | Property Name | Service($) | Period(8) | Lockbox(10) | Management(11) | Other Loans | Borrower | NOI DSCR(9)(12) | NCF DSCR(9)(12) | Period(14) | Date | Value ($)(15) | As-of Date |
Loan | 1 | The Grace Building(2)(35)(36) | 21,917,807 | 120 | Hard | Springing | No | No | 4.33x | 4.25x | 0 | 6 | 2,150,000,000 | 09/08/2020 |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 56,246,841 | 111 | Hard | Springing | No | No | 4.95x | 4.95x | 0 | 5 | 4,600,000,000 | 01/10/2020 |
Property | 2.001 | MGM Grand | 2,505,000,000 | 01/10/2020 | ||||||||||
Property | 2.002 | Mandalay Bay | 2,095,000,000 | 01/10/2020 | ||||||||||
Loan | 3 | Elo Midtown Office Portfolio(2) | 2,491,125 | 121 | Soft | Springing | No | No | 2.40x | 2.30x | 0 | 6 | 241,000,000 | 11/01/2020 |
Property | 3.001 | 15 West 47th Street | 120,000,000 | 11/01/2020 | ||||||||||
Property | 3.002 | 48 West 48th Street | 79,000,000 | 11/01/2020 | ||||||||||
Property | 3.003 | 151 West 46th Street | 42,000,000 | 11/01/2020 | ||||||||||
Loan | 4 | Station Park & Station Park West(2)(33) | 2,009,831 | 120 | Hard | Springing | No | Yes - A | 4.02x | 3.86x | 0 | 5 | 237,400,000 | 10/02/2020 |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | 2,126,581 | 37 | Hard | Springing | No | No | 2.27x | 2.00x | 0 | 1 | 145,300,000 | Various |
Property | 5.001 | Foster Plaza | 88,600,000 | 11/04/2020 | ||||||||||
Property | 5.002 | Cherrington Corporate Center | 56,700,000 | 11/05/2020 | ||||||||||
Loan | 6 | Mountain View Village(33) | 120 | Hard | Springing | No | Yes - A | 3.33x | 3.13x | 0 | 5 | 99,200,000 | 10/02/2020 | |
Loan | 7 | 4 West 58th Street(2)(36) | 3,451,278 | 111 | Hard | Springing | No | No | 1.98x | 1.94x | 0 | 1 | 180,000,000 | 02/01/2020 |
Loan | 8 | McClellan Business Park(2)(37) | 10,923,744 | 120 | Hard | Springing | No | No | 3.13x | 2.90x | 0 | 11 | 595,000,000 | 09/15/2020 |
Loan | 9 | 1088 Sansome | 121 | Hard | Springing | No | No | 2.74x | 2.73x | 0 | 6 | 54,000,000 | 11/02/2020 | |
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 16,500,028 | 111 | Hard | Springing | No | No | 2.94x | 2.90x | 0 | 6 | 1,000,000,000 | 01/23/2020 |
Loan | 11 | Amazon Port of Savannah | 121 | Springing | Springing | No | No | 2.26x | 2.24x | 5 (once per year) | 1 | 46,000,000 | 10/13/2020 | |
Loan | 12 | 111 Kent Avenue | 120 | Springing | Springing | No | No | 2.46x | 2.44x | 0 | 6 | 45,400,000 | 10/20/2020 | |
Loan | 13 | 32-42 Broadway(2) | 3,295,139 | 119 | Hard | Springing | No | No | 2.99x | 2.66x | 0 | 6 | 243,000,000 | 08/28/2020 |
Loan | 14 | 27750 Entertainment Drive | 0 | Hard | In Place | No | No | 1.58x | 1.50x | 0 | 6 | 32,000,000 | 07/02/2020 | |
Loan | 15 | JW Marriott Nashville(2) | 5,251,285 | 111 | Hard | Springing | No | No | 4.81x | 4.17x | 0 | 6 | 301,000,000 | 11/10/2020 |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 2,236,595 | 51 | Hard | Springing | No | No | 2.52x | 2.09x | 0 | 6 | 113,800,000 | 01/09/2020 |
Loan | 17 | Medici Office Park | 1 | Hard | Springing | No | No | 2.00x | 1.81x | 0 | 6 | 34,700,000 | 10/29/2020 | |
Loan | 18 | 5 East 22nd Street | 120 | Hard | Springing | No | No | 4.09x | 3.91x | 0 | 6 | 47,200,000 | 11/04/2020 | |
Loan | 19 | Cabinetworks Portfolio(2)(36) | 1,703,953 | 59 | Hard | Springing | No | No | 2.23x | 2.08x | 0 | 6 | 73,450,000 | 10/01/2020 |
Property | 19.001 | 15535 South State Avenue | 45,400,000 | 10/01/2020 | ||||||||||
Property | 19.002 | 150 Grand Valley Avenue | 16,550,000 | 10/01/2020 | ||||||||||
Property | 19.003 | 16052 Industrial Parkway | 11,500,000 | 10/01/2020 | ||||||||||
Loan | 20 | 350 West Broadway | 0 | Springing | Springing | No | No | 1.52x | 1.42x | 5 (once per year) | 1 | 24,000,000 | 08/13/2020 | |
Loan | 21 | Maplewood Commons(22) | 1 | Springing | Springing | No | No | 1.86x | 1.82x | 5 | 1 | 25,200,000 | 10/08/2020 | |
Loan | 22 | Mercury Plaza | 120 | Hard | Springing | No | No | 3.29x | 3.10x | 5 | 1 | 21,000,000 | 10/30/2020 | |
Loan | 23 | Pet Food Experts Industrial | 121 | Hard | Springing | No | Yes - B | 2.82x | 2.75x | 0 | 6 | 19,750,000 | 10/30/2020 | |
Loan | 24 | Frontier Self Storage | 121 | Springing | Springing | No | No | 3.14x | 3.11x | 0 | 6 | 18,400,000 | 09/24/2020 | |
Loan | 25 | Arotech-FAAC Portfolio | 120 | Hard | Springing | No | Yes - B | 2.91x | 2.86x | 0 | 6 | 16,300,000 | Various | |
Property | 25.001 | 781 Avis Drive | 7,050,000 | 11/11/2020 | ||||||||||
Property | 25.002 | 5750 East McKellips Road | 6,100,000 | 11/02/2020 | ||||||||||
Property | 25.003 | 1229 Oak Valley Drive | 3,150,000 | 11/11/2020 | ||||||||||
Loan | 26 | Storage Solutions Portfolio | 36 | Springing | Springing | No | Yes - C | 1.77x | 1.73x | 0 | 6 | 14,400,000 | 10/15/2020 | |
Property | 26.001 | Storage Solutions Bourbonnais | 6,300,000 | 10/15/2020 | ||||||||||
Property | 26.002 | Storage Solutions Limestone | 3,650,000 | 10/15/2020 | ||||||||||
Property | 26.003 | Storage Solutions Manteno | 3,250,000 | 10/15/2020 | ||||||||||
Property | 26.004 | Storage Solutions Kankakee | 1,200,000 | 10/15/2020 | ||||||||||
Loan | 27 | Reladyne Industrial | 85 | Hard | Springing | No | Yes - B | 1.82x | 1.74x | 0 | 6 | 11,000,000 | 10/29/2020 | |
Loan | 28 | 801 Bedford Avenue | 120 | Springing | Springing | No | No | 2.22x | 2.14x | 0 | 6 | 12,500,000 | 12/01/2020 | |
Loan | 29 | SDC Annex(36) | 48 | Hard | Springing | No | No | 1.47x | 1.41x | 0 | 6 | 9,400,000 | 10/13/2020 | |
Loan | 30 | CityLine All American Storage | 36 | Springing | Springing | No | Yes - C | 1.88x | 1.78x | 0 | 6 | 8,150,000 | 11/05/2020 | |
Loan | 31 | 200 Centennial Avenue | 0 | Springing | Springing | No | No | 2.05x | 1.74x | 0 | 6 | 8,700,000 | 08/15/2020 | |
Loan | 32 | Alief Westwood Self Storage | 13 | Springing | Springing | No | No | 1.83x | 1.79x | 0 | 6 | 5,900,000 | 08/12/2020 | |
Loan | 33 | Prime Storage Palm Desert | 61 | Springing | Springing | No | No | 2.39x | 2.36x | 0 | 6 | 5,600,000 | 11/13/2020 |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
FIRREA | Cut-Off | |||||||||
Compliant | Date LTV | LTV Ratio at | ||||||||
Loan | ID | Property Name | (Yes/No) | Ratio(12) | Maturity or ARD(12) | Address | City | County | State | Zip Code |
Loan | 1 | The Grace Building(2)(35)(36) | Yes | 41.1% | 41.1% | 1114 Avenue of the Americas | New York | New York | NY | 10036 |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | Yes | 35.5% | 35.5% | Various | Las Vegas | Clark | NV | Various |
Property | 2.001 | MGM Grand | Yes | 3799 South Las Vegas Boulevard | Las Vegas | Clark | NV | 89109 | ||
Property | 2.002 | Mandalay Bay | Yes | 3950 South Las Vegas Boulevard | Las Vegas | Clark | NV | 89119 | ||
Loan | 3 | Elo Midtown Office Portfolio(2) | Yes | 58.5% | 58.5% | Various | New York | New York | NY | 10036 |
Property | 3.001 | 15 West 47th Street | Yes | 15 West 47th Street | New York | New York | NY | 10036 | ||
Property | 3.002 | 48 West 48th Street | Yes | 48 West 48th Street | New York | New York | NY | 10036 | ||
Property | 3.003 | 151 West 46th Street | Yes | 151 West 46th Street | New York | New York | NY | 10036 | ||
Loan | 4 | Station Park & Station Park West(2)(33) | Yes | 50.0% | 50.0% | 150 North Central Avenue and 1037 & 1070 West Park Lane | Farmington | Davis | UT | 84025 |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | Yes | 61.9% | 52.8% | Various | Various | Allegheny | PA | Various |
Property | 5.001 | Foster Plaza | Yes | 415, 425, 601, 501 & 651 Holiday Drive and 681, 661 & 680 Andersen Drive | Pittsburgh | Allegheny | PA | 15220 | ||
Property | 5.002 | Cherrington Corporate Center | Yes | 200, 300 & 600 Corporate Center Drive, 400 Fairway Drive and 500, 625 & 700 Cherrington Parkway | Coraopolis | Allegheny | PA | 15108 | ||
Loan | 6 | Mountain View Village(33) | Yes | 39.0% | 39.0% | 4630 West 13400 South | Riverton | Salt Lake | UT | 84103 |
Loan | 7 | 4 West 58th Street(2)(36) | Yes | 69.4% | 69.4% | 4 West 58th Street | New York | New York | NY | 10019 |
Loan | 8 | McClellan Business Park(2)(37) | Yes | 60.2% | 60.2% | 3140 Peacekeeper Way | McClellan | Sacramento | CA | 95652 |
Loan | 9 | 1088 Sansome | Yes | 59.7% | 59.7% | 1088 Sansome Street | San Francisco | San Francisco | CA | 94111 |
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | Yes | 54.5% | 54.5% | 711 5th Avenue | New York | New York | NY | 10022 |
Loan | 11 | Amazon Port of Savannah | Yes | 62.4% | 62.4% | 1500 Crossgate Road | Port Wentworth | Chatham | GA | 31407 |
Loan | 12 | 111 Kent Avenue | Yes | 57.3% | 57.3% | 111 Kent Avenue | Brooklyn | Kings | NY | 11249 |
Loan | 13 | 32-42 Broadway(2) | Yes | 51.4% | 51.4% | 32-42 Broadway | New York | New York | NY | 10004 |
Loan | 14 | 27750 Entertainment Drive | Yes | 73.4% | 59.6% | 27750 Entertainment Drive | Valencia | Los Angeles | CA | 91355 |
Loan | 15 | JW Marriott Nashville(2) | Yes | 61.5% | 61.5% | 201 8th Avenue South | Nashville | Davidson | TN | 37203 |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | Yes | 52.7% | 47.7% | 5701 Main Street | Houston | Harris | TX | 77005 |
Loan | 17 | Medici Office Park | Yes | 53.3% | 41.7% | 14200, 14280 & 14400 East Jewell Avenue | Aurora | Arapahoe | CO | 80012 |
Loan | 18 | 5 East 22nd Street | Yes | 33.9% | 33.9% | 5 East 22nd Street | New York | New York | NY | 10010 |
Loan | 19 | Cabinetworks Portfolio(2)(36) | Yes | 64.4% | 57.8% | Various | Various | Various | OH | Various |
Property | 19.001 | 15535 South State Avenue | Yes | 15535 South State Avenue | Middlefield | Geauga | OH | 44062 | ||
Property | 19.002 | 150 Grand Valley Avenue | Yes | 150 Grand Valley Avenue | Orwell | Ashtabula | OH | 44076 | ||
Property | 19.003 | 16052 Industrial Parkway | Yes | 16052 Industrial Parkway | Middlefield | Geauga | OH | 44062 | ||
Loan | 20 | 350 West Broadway | Yes | 62.5% | 49.1% | 350 West Broadway | New York | New York | NY | 10013 |
Loan | 21 | Maplewood Commons(22) | Yes | 55.1% | 44.2% | 1803-1821, 2001-2021 & 2300 Maplewood Commons Drive | Maplewood | Saint Louis | MO | 63143 |
Loan | 22 | Mercury Plaza | Yes | 59.5% | 59.5% | 117 Marketplace Drive | Hampton | Hampton City | VA | 23666 |
Loan | 23 | Pet Food Experts Industrial | Yes | 58.9% | 58.9% | 561 South Muddy Creek Road | Denver | Lancaster | PA | 17517 |
Loan | 24 | Frontier Self Storage | Yes | 59.8% | 59.8% | 425 North Main Street | Salinas | Monterey | CA | 93901 |
Loan | 25 | Arotech-FAAC Portfolio | Yes | 63.8% | 63.8% | Various | Various | Various | Various | Various |
Property | 25.001 | 781 Avis Drive | Yes | 781 Avis Drive | Ann Arbor | Washtenaw | MI | 48108 | ||
Property | 25.002 | 5750 East McKellips Road | Yes | 5750 East McKellips Road | Mesa | Maricopa | AZ | 85215 | ||
Property | 25.003 | 1229 Oak Valley Drive | Yes | 1229 Oak Valley Drive | Ann Arbor | Washtenaw | MI | 48108 | ||
Loan | 26 | Storage Solutions Portfolio | Yes | 62.2% | 53.5% | Various | Various | Kankakee | IL | Various |
Property | 26.001 | Storage Solutions Bourbonnais | Yes | 1806 Kinzie Avenue | Bourbonnais | Kankakee | IL | 60915 | ||
Property | 26.002 | Storage Solutions Limestone | Yes | 2019 West Route 17 | Kankakee | Kankakee | IL | 60901 | ||
Property | 26.003 | Storage Solutions Manteno | Yes | 300 South Spruce Street | Manteno | Kankakee | IL | 60950 | ||
Property | 26.004 | Storage Solutions Kankakee | Yes | 600 North Entrance Avenue | Kankakee | Kankakee | IL | 60901 | ||
Loan | 27 | Reladyne Industrial | Yes | 65.0% | 61.2% | 290 East Joe Orr Road | Chicago Heights | Cook | IL | 60411 |
Loan | 28 | 801 Bedford Avenue | Yes | 57.0% | 57.0% | 801 Bedford Avenue | Brooklyn | Kings | NY | 11205 |
Loan | 29 | SDC Annex(36) | Yes | 60.3% | 53.9% | 5811 6th Avenue South | Seattle | King | WA | 98108 |
Loan | 30 | CityLine All American Storage | Yes | 60.0% | 51.4% | 1146 Elma G. Miles Parkway | Hinesville | Liberty | GA | 31313 |
Loan | 31 | 200 Centennial Avenue | Yes | 51.7% | 36.8% | 200 Centennial Avenue | Piscataway | Middlesex | NJ | 08854 |
Loan | 32 | Alief Westwood Self Storage | Yes | 63.8% | 53.0% | 9219 Boone Road | Houston | Harris | TX | 77099 |
Loan | 33 | Prime Storage Palm Desert | Yes | 58.0% | 58.0% | 75050 Merle Drive | Palm Desert | Riverside | CA | 92211 |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Net | Units | Loan per Net | ||||||||||
Year | Year | Rentable Area | of | Rentable Area | Prepayment Provisions | Most Recent Operating | Most Recent | Most Recent | ||||
Loan | ID | Property Name | Built | Renovated | (SF/Units/Rooms)(5) | Measure(5) | (SF/Units/Rooms) $(5)(12) | (# of payments)(4)(17)(18)(19) | Statements Date | EGI ($) | Expenses($) | |
Loan | 1 | The Grace Building(2)(35)(36) | 1974 | 2018 | 1,556,972 | Sq. Ft. | 567 | L(24), DorYM1(89), O(7) | 09/30/2020 | 97,004,029 | 50,731,490 | |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | Various | NAP | 9,748 | Rooms | 167,645 | YM0.5(33), DorYM0.5(80), O(7) | 09/30/2020 | 1,157,516,861 | 935,475,514 | |
Property | 2.001 | MGM Grand | 1993 | NAP | 4,998 | Rooms | 178,199 | 09/30/2020 | 662,869,240 | 533,910,560 | ||
Property | 2.002 | Mandalay Bay | 1999 | NAP | 4,750 | Rooms | 156,539 | 09/30/2020 | 494,647,621 | 401,564,954 | ||
Loan | 3 | Elo Midtown Office Portfolio(2) | Various | NAP | 336,302 | Sq. Ft. | 419 | L(24), D(93), O(4) | 10/31/2020 | 16,421,332 | 7,098,959 | |
Property | 3.001 | 15 West 47th Street | 1926 | NAP | 133,139 | Sq. Ft. | 537 | 10/31/2020 | 8,651,241 | 3,328,036 | ||
Property | 3.002 | 48 West 48th Street | 1926 | NAP | 137,663 | Sq. Ft. | 331 | 10/31/2020 | 5,380,555 | 2,563,454 | ||
Property | 3.003 | 151 West 46th Street | 1928 | NAP | 65,500 | Sq. Ft. | 366 | 10/31/2020 | 2,389,536 | 1,207,469 | ||
Loan | 4 | Station Park & Station Park West(2)(33) | 2011-2018 | NAP | 995,303 | Sq. Ft. | 119 | L(24), DorYM1(92), O(4) | 10/31/2020 | 25,412,122 | 8,619,084 | |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | Various | NAP | 1,056,658 | Sq. Ft. | 85 | L(24), D(94), O(3) | 08/31/2020 | 18,277,946 | 8,180,858 | |
Property | 5.001 | Foster Plaza | 1975, 1978, 1980, 1982-1985, 1987 | NAP | 674,625 | Sq. Ft. | 81 | |||||
Property | 5.002 | Cherrington Corporate Center | 1986, 1987, 1989, 1990, 1992, 1994 | NAP | 382,033 | Sq. Ft. | 92 | |||||
Loan | 6 | Mountain View Village(33) | 2018-2019 | NAP | 406,978 | Sq. Ft. | 95 | L(24), DorYM1(92), O(4) | 10/31/2020 | 7,112,367 | 2,797,818 | |
Loan | 7 | 4 West 58th Street(2)(36) | 1948 | 2016-2019 | 83,537 | Sq. Ft. | 1,496 | L(33), D(81), O(6) | 06/30/2020 | 7,897,694 | 3,378,556 | |
Loan | 8 | McClellan Business Park(2)(37) | 1938-2019 | NAP | 6,925,484 | Sq. Ft. | 52 | YM(24), DorYM(89), O(7) | 09/30/2020 | 46,135,523 | 16,541,707 | |
Loan | 9 | 1088 Sansome | 1908 | 2017 | 61,817 | Sq. Ft. | 522 | L(24), D(92), O(5) | 06/30/2020 | 3,728,679 | 811,984 | |
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 1927 | 2013-2019 | 340,024 | Sq. Ft. | 1,603 | L(33), D(80), O(7) | 03/31/2020 | 69,060,254 | 21,771,999 | |
Loan | 11 | Amazon Port of Savannah | 2020 | NAP | 117,351 | Sq. Ft. | 245 | L(24), D(91), O(6) | ||||
Loan | 12 | 111 Kent Avenue | 2011 | NAP | 62 | Units | 419,355 | L(24), D(92), O(4) | 09/30/2020 | 3,290,910 | 1,065,837 | |
Loan | 13 | 32-42 Broadway(2) | 1898, 1904 | 2019 | 521,573 | Sq. Ft. | 240 | L(25), D(91), O(4) | 06/30/2020 | 23,543,821 | 10,777,257 | |
Loan | 14 | 27750 Entertainment Drive | 2017 | NAP | 98,388 | Sq. Ft. | 239 | L(24), D(92), O(4) | 06/30/2020 | 3,046,126 | 1,165,419 | |
Loan | 15 | JW Marriott Nashville(2) | 2018 | NAP | 533 | Rooms | 347,092 | L(33), D(80), O(7) | 09/30/2020 | 48,245,221 | 40,461,820 | |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 1925 | 1968, 2005-2007 | 315 | Rooms | 190,476 | YM1(117), O(3) | 10/31/2020 | 20,545,319 | 18,658,479 | |
Loan | 17 | Medici Office Park | 2000-2004 | NAP | 130,364 | Sq. Ft. | 142 | L(24), D(93), O(4) | 10/31/2020 | 3,371,854 | 1,287,820 | |
Loan | 18 | 5 East 22nd Street | 1985 | NAP | 25,886 | Sq. Ft. | 618 | L(24), D(92), O(4) | 09/30/2020 | 3,206,987 | 840,069 | |
Loan | 19 | Cabinetworks Portfolio(2)(36) | Various | Various | 1,528,894 | Sq. Ft. | 31 | L(25), DorYM1(88), O(7) | ||||
Property | 19.001 | 15535 South State Avenue | 1989 | 2004 | 937,825 | Sq. Ft. | 31 | |||||
Property | 19.002 | 150 Grand Valley Avenue | 1995 | 2004 | 353,588 | Sq. Ft. | 31 | |||||
Property | 19.003 | 16052 Industrial Parkway | 1984 | 2005 | 237,481 | Sq. Ft. | 31 | |||||
Loan | 20 | 350 West Broadway | 1910 | 2008 | 14,000 | Sq. Ft. | 1,071 | L(24), D(91), O(5) | ||||
Loan | 21 | Maplewood Commons(22) | 2004, 2005 | NAP | 159,968 | Sq. Ft. | 87 | L(26), YM1(92), O(3) | 08/31/2020 | 1,861,247 | 391,201 | |
Loan | 22 | Mercury Plaza | 2007-2019 | NAP | 93,797 | Sq. Ft. | 133 | L(24), D(90), O(6) | T-7 7/31/2020 Ann. | 1,592,269 | 363,152 | |
Loan | 23 | Pet Food Experts Industrial | 2015 | NAP | 197,300 | Sq. Ft. | 59 | L(24), DorYM1(92), O(5) | ||||
Loan | 24 | Frontier Self Storage | 1999 | NAP | 92,477 | Sq. Ft. | 119 | L(24), D(92), O(5) | 10/31/2020 | 1,551,735 | 474,173 | |
Loan | 25 | Arotech-FAAC Portfolio | Various | Various | 121,869 | Sq. Ft. | 85 | L(24), D(1), DorYM1(91), O(4) | ||||
Property | 25.001 | 781 Avis Drive | 1998 | NAP | 39,571 | Sq. Ft. | 114 | |||||
Property | 25.002 | 5750 East McKellips Road | 1961 | 1983 | 64,590 | Sq. Ft. | 60 | |||||
Property | 25.003 | 1229 Oak Valley Drive | 1997 | NAP | 17,708 | Sq. Ft. | 114 | |||||
Loan | 26 | Storage Solutions Portfolio | Various | NAP | 210,092 | Sq. Ft. | 43 | L(24), D(92), O(4) | 09/30/2020 | 1,478,836 | 597,013 | |
Property | 26.001 | Storage Solutions Bourbonnais | 2015 | NAP | 82,590 | Sq. Ft. | 44 | 09/30/2020 | 637,300 | 204,387 | ||
Property | 26.002 | Storage Solutions Limestone | 2010 | NAP | 56,780 | Sq. Ft. | 46 | 09/30/2020 | 336,921 | 127,146 | ||
Property | 26.003 | Storage Solutions Manteno | 2011 | NAP | 50,622 | Sq. Ft. | 37 | 09/30/2020 | 341,778 | 175,721 | ||
Property | 26.004 | Storage Solutions Kankakee | 2015 | NAP | 20,100 | Sq. Ft. | 41 | 09/30/2020 | 162,838 | 89,760 | ||
Loan | 27 | Reladyne Industrial | 1972 | 2019 | 184,530 | Sq. Ft. | 39 | L(24), DorYM1(92), O(5) | ||||
Loan | 28 | 801 Bedford Avenue | 2019 | NAP | 20,790 | Sq. Ft. | 343 | L(24), D(93), O(3) | ||||
Loan | 29 | SDC Annex(36) | 1967 | 2020 | 25,468 | Sq. Ft. | 222 | L(24), D(91), O(5) | 08/31/2020 | 529,077 | 117,830 | |
Loan | 30 | CityLine All American Storage | 2006 | 2007 | 73,275 | Sq. Ft. | 67 | L(24), D(92), O(4) | 10/31/2020 | 812,924 | 298,946 | |
Loan | 31 | 200 Centennial Avenue | 1983 | NAP | 68,024 | Sq. Ft. | 66 | L(24), D(93), O(3) | 08/31/2020 | 807,190 | 406,725 | |
Loan | 32 | Alief Westwood Self Storage | 1976, 1977, 2000 | 2019 | 90,278 | Sq. Ft. | 42 | L(24), D(93), O(4) | 09/30/2020 | 604,554 | 196,683 | |
Loan | 33 | Prime Storage Palm Desert | 1990 | NAP | 39,115 | Sq. Ft. | 83 | L(24), D(33), O(4) | 09/30/2020 | 536,463 | 198,136 |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Second Most | Second | Second | Second | Third Most | Third | Third | Third | ||||||||
Most Recent | Recent Operating | Most Recent | Most Recent | Most Recent | Recent Operating | Most Recent | Most Recent | Most Recent | Underwritten NOI | Underwritten NCF | Underwritten | Underwritten | |||
Loan | ID | Property Name | NOI($)(13) | Statements Date | EGI($) | Expenses($) | NOI($) | Statements Date | EGI($) | Expenses($) | NOI($) | Debt Yield(12) | Debt Yield(12) | Revenue($) | EGI($) |
Loan | 1 | The Grace Building(2)(35)(36) | 46,272,539 | 12/31/2019 | 102,917,243 | 50,379,050 | 52,538,193 | 12/31/2018 | 122,739,552 | 49,532,888 | 73,206,665 | 11.8% | 11.6% | 162,120,717 | 157,612,989 |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 222,041,347 | 12/31/2019 | 2,106,295,488 | 1,586,215,135 | 520,080,353 | 12/31/2018 | 2,191,540,530 | 1,574,171,264 | 617,369,266 | 17.9% | 17.9% | 2,106,295,488 | 2,106,295,488 |
Property | 2.001 | MGM Grand | 128,958,680 | 12/31/2019 | 1,161,850,748 | 879,242,083 | 282,608,665 | 12/31/2018 | 1,226,105,346 | 854,539,115 | 371,566,231 | 1,161,850,748 | 1,161,850,748 | ||
Property | 2.002 | Mandalay Bay | 93,082,667 | 12/31/2019 | 944,444,740 | 706,973,052 | 237,471,688 | 12/31/2018 | 965,435,184 | 719,632,149 | 245,803,035 | 944,444,740 | 944,444,740 | ||
Loan | 3 | Elo Midtown Office Portfolio(2) | 9,322,373 | 12/31/2019 | 19,355,597 | 7,410,407 | 11,945,190 | 12/31/2018 | 19,301,583 | 6,955,364 | 12,346,219 | 8.6% | 8.2% | 21,736,871 | 19,909,478 |
Property | 3.001 | 15 West 47th Street | 5,323,205 | 12/31/2019 | 9,664,447 | 3,525,636 | 6,138,811 | 12/31/2018 | 9,773,916 | 3,144,906 | 6,629,010 | 11,654,170 | 9,799,176 | ||
Property | 3.002 | 48 West 48th Street | 2,817,101 | 12/31/2019 | 6,482,031 | 2,648,139 | 3,833,892 | 12/31/2018 | 6,421,117 | 2,646,973 | 3,774,144 | 6,700,325 | 6,700,325 | ||
Property | 3.003 | 151 West 46th Street | 1,182,067 | 12/31/2019 | 3,209,119 | 1,236,632 | 1,972,487 | 12/31/2018 | 3,106,550 | 1,163,485 | 1,943,065 | 3,382,376 | 3,409,976 | ||
Loan | 4 | Station Park & Station Park West(2)(33) | 16,793,038 | 12/31/2019 | 23,768,809 | 10,609,018 | 13,159,791 | 12/31/2018 | 21,608,519 | 9,303,290 | 12,305,229 | 13.8% | 13.2% | 28,827,822 | 24,904,368 |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | 10,097,088 | 12/31/2019 | 17,988,387 | 9,262,505 | 8,725,882 | 12/31/2018 | 18,343,379 | 10,336,817 | 8,006,562 | 12.1% | 10.7% | 23,641,718 | 19,674,430 |
Property | 5.001 | Foster Plaza | |||||||||||||
Property | 5.002 | Cherrington Corporate Center | |||||||||||||
Loan | 6 | Mountain View Village(33) | 4,314,548 | 12/31/2019 | 5,884,967 | 2,564,727 | 3,320,240 | 12/31/2018 | 1,590,226 | 716,861 | 873,366 | 11.4% | 10.7% | 9,416,367 | 7,203,220 |
Loan | 7 | 4 West 58th Street(2)(36) | 4,519,138 | 12/31/2019 | 5,628,265 | 2,057,287 | 3,570,977 | 12/31/2018 | 4,877,497 | 1,903,193 | 2,974,304 | 7.4% | 7.2% | 12,504,880 | 11,943,386 |
Loan | 8 | McClellan Business Park(2)(37) | 29,593,816 | 12/31/2019 | 42,772,659 | 15,192,749 | 27,579,910 | 12/31/2018 | 39,655,018 | 14,730,525 | 24,924,493 | 10.5% | 9.7% | 55,035,947 | 52,666,380 |
Loan | 9 | 1088 Sansome | 2,916,696 | 12/31/2019 | 3,096,786 | 527,762 | 2,569,024 | 9.1% | 9.1% | 3,903,785 | 3,708,595 | ||||
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 47,288,255 | 12/31/2019 | 69,563,590 | 20,967,241 | 48,596,349 | 12/31/2018 | 63,038,695 | 18,950,129 | 44,088,566 | 9.4% | 9.3% | 81,873,643 | 74,193,553 |
Loan | 11 | Amazon Port of Savannah | 8.1% | 8.1% | 3,098,300 | 3,005,351 | |||||||||
Loan | 12 | 111 Kent Avenue | 2,225,073 | 9.4% | 9.3% | 3,779,613 | 3,448,909 | ||||||||
Loan | 13 | 32-42 Broadway(2) | 12,766,564 | 12/31/2019 | 23,020,311 | 11,125,485 | 11,894,826 | 12/31/2018 | 22,313,427 | 10,791,578 | 11,521,849 | 9.8% | 8.8% | 25,286,593 | 23,169,206 |
Loan | 14 | 27750 Entertainment Drive | 1,880,707 | 12/31/2019 | 3,269,791 | 1,118,388 | 2,151,403 | 12/31/2018 | 2,784,318 | 995,501 | 1,788,817 | 9.7% | 9.2% | 3,612,216 | 3,431,605 |
Loan | 15 | JW Marriott Nashville(2) | 7,783,401 | 12/31/2019 | 93,677,197 | 65,123,527 | 28,553,670 | 15.3% | 13.3% | 94,449,843 | 94,449,843 | ||||
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 1,886,840 | 12/31/2019 | 35,451,900 | 26,636,357 | 8,815,543 | 12/31/2018 | 36,140,047 | 27,348,440 | 8,791,607 | 14.1% | 11.7% | 35,451,900 | 35,451,900 |
Loan | 17 | Medici Office Park | 2,084,034 | 12/31/2019 | 3,041,854 | 1,327,357 | 1,714,497 | 12/31/2018 | 2,290,650 | 1,146,076 | 1,144,574 | 10.9% | 9.9% | 3,613,809 | 3,278,996 |
Loan | 18 | 5 East 22nd Street | 2,366,918 | 12/31/2019 | 3,086,430 | 817,399 | 2,269,032 | 12/31/2018 | 2,957,545 | 783,377 | 2,174,168 | 14.3% | 13.7% | 3,507,466 | 3,168,291 |
Loan | 19 | Cabinetworks Portfolio(2)(36) | 11.7% | 11.0% | 6,034,332 | 5,732,615 | |||||||||
Property | 19.001 | 15535 South State Avenue | 3,701,465 | 3,516,392 | |||||||||||
Property | 19.002 | 150 Grand Valley Avenue | 1,395,563 | 1,325,784 | |||||||||||
Property | 19.003 | 16052 Industrial Parkway | 937,305 | 890,439 | |||||||||||
Loan | 20 | 350 West Broadway | 8.4% | 7.9% | 1,708,564 | 1,623,135 | |||||||||
Loan | 21 | Maplewood Commons(22) | 1,470,045 | 12/31/2019 | 1,912,975 | 408,002 | 1,504,973 | 12/31/2018 | 1,922,314 | 274,103 | 1,648,211 | 11.0% | 10.8% | 2,282,323 | 1,957,121 |
Loan | 22 | Mercury Plaza | 1,229,117 | 12/31/2019 | 1,700,009 | 465,834 | 1,234,175 | 12/31/2018 | 2,241,945 | 597,209 | 1,644,736 | 10.2% | 9.6% | 1,788,207 | 1,649,142 |
Loan | 23 | Pet Food Experts Industrial | 9.8% | 9.5% | 1,231,170 | 1,169,612 | |||||||||
Loan | 24 | Frontier Self Storage | 1,077,562 | 12/31/2019 | 1,581,259 | 478,254 | 1,103,005 | 12/31/2018 | 1,576,303 | 498,562 | 1,077,741 | 9.4% | 9.4% | 1,723,380 | 1,582,557 |
Loan | 25 | Arotech-FAAC Portfolio | 10.6% | 10.4% | 1,191,914 | 1,132,319 | |||||||||
Property | 25.001 | 781 Avis Drive | 519,331 | 493,365 | |||||||||||
Property | 25.002 | 5750 East McKellips Road | 440,183 | 418,174 | |||||||||||
Property | 25.003 | 1229 Oak Valley Drive | 232,400 | 220,780 | |||||||||||
Loan | 26 | Storage Solutions Portfolio | 881,823 | 12/31/2019 | 1,377,477 | 568,508 | 808,969 | 12/31/2018 | 1,150,950 | 560,418 | 590,532 | 9.8% | 9.6% | 1,571,292 | 1,478,836 |
Property | 26.001 | Storage Solutions Bourbonnais | 432,914 | 12/31/2019 | 580,552 | 193,311 | 387,241 | 12/31/2018 | 415,077 | 188,552 | 226,524 | 660,972 | 637,300 | ||
Property | 26.002 | Storage Solutions Limestone | 209,775 | 12/31/2019 | 329,411 | 124,664 | 204,747 | 12/31/2018 | 324,005 | 131,702 | 192,303 | 369,420 | 336,921 | ||
Property | 26.003 | Storage Solutions Manteno | 166,056 | 12/31/2019 | 310,258 | 160,343 | 149,915 | 12/31/2018 | 269,814 | 149,315 | 120,499 | 365,316 | 341,778 | ||
Property | 26.004 | Storage Solutions Kankakee | 73,078 | 12/31/2019 | 157,256 | 90,190 | 67,066 | 12/31/2018 | 142,056 | 90,849 | 51,207 | 175,584 | 162,838 | ||
Loan | 27 | Reladyne Industrial | 9.8% | 9.4% | 756,593 | 718,763 | |||||||||
Loan | 28 | 801 Bedford Avenue | 8.8% | 8.5% | 755,843 | 718,051 | |||||||||
Loan | 29 | SDC Annex(36) | 411,247 | 12/31/2019 | 248,663 | 69,952 | 178,712 | 8.9% | 8.5% | 687,843 | 646,573 | ||||
Loan | 30 | CityLine All American Storage | 513,978 | 12/31/2019 | 720,784 | 313,194 | 407,589 | 10.3% | 9.7% | 627,996 | 803,770 | ||||
Loan | 31 | 200 Centennial Avenue | 400,465 | 12/31/2019 | 596,153 | 390,162 | 205,991 | 12/31/2018 | 922,000 | 390,970 | 531,030 | 12.6% | 10.7% | 1,091,455 | 979,255 |
Loan | 32 | Alief Westwood Self Storage | 407,871 | 12/31/2019 | 588,235 | 195,242 | 392,993 | T-8 12/31/2018 Ann. | 549,681 | 195,468 | 354,213 | 11.0% | 10.8% | 757,596 | 623,700 |
Loan | 33 | Prime Storage Palm Desert | 338,328 | 12/31/2019 | 497,978 | 192,525 | 305,453 | 12/31/2018 | 468,318 | 175,946 | 292,372 | 9.7% | 9.5% | 534,564 | 536,463 |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Ownership | Ground Lease | Ground Lease | Lease | ||||||
Loan | ID | Property Name | Expenses($) | NOI ($)(13) | Reserves($) | TI/LC($) | NCF ($) | Interest(16)(20)(21) | Expiration(21) | Extension Terms(21) | Largest Tenant(24)(25)(26)(28) | SF | Expiration(25) | 2nd Largest Tenant(24)(25) |
Loan | 1 | The Grace Building(2)(35)(36) | 53,319,272 | 104,293,717 | 389,243 | 1,556,972 | 102,347,502 | Fee Simple | Bank of America, N.A. | 155,270 | 05/31/2042 | The Trade Desk | ||
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 1,586,215,135 | 520,080,353 | 32,774,592 | 487,305,761 | Fee Simple | |||||||
Property | 2.001 | MGM Grand | 879,242,083 | 282,608,665 | 16,011,953 | 266,596,712 | Fee Simple | NAP | NAP | NAP | NAP | |||
Property | 2.002 | Mandalay Bay | 706,973,052 | 237,471,688 | 16,762,639 | 220,709,049 | Fee Simple | NAP | NAP | NAP | NAP | |||
Loan | 3 | Elo Midtown Office Portfolio(2) | 7,846,160 | 12,063,318 | 69,310 | 450,439 | 11,543,568 | Fee Simple | ||||||
Property | 3.001 | 15 West 47th Street | 3,846,095 | 5,953,081 | 26,628 | 218,206 | 5,708,247 | Fee Simple | Avi & Co. Ny Corp. | 4,697 | 08/31/2025 | Diamond Services | ||
Property | 3.002 | 48 West 48th Street | 2,731,610 | 3,968,716 | 27,533 | 160,909 | 3,780,274 | Fee Simple | Rockefeller Corp. | 10,350 | 05/31/2030 | Luccello, Inc. | ||
Property | 3.003 | 151 West 46th Street | 1,268,455 | 2,141,521 | 15,150 | 71,324 | 2,055,047 | Fee Simple | Havana Central- Ny 2, LLC | 5,000 | 12/31/2029 | Neiger LLP | ||
Loan | 4 | Station Park & Station Park West(2)(33) | 8,562,632 | 16,341,736 | 149,295 | 497,652 | 15,694,789 | Fee Simple | Harmons | 69,389 | 04/30/2031 | Cinemark | ||
Loan | 5 | Rugby Pittsburgh Portfolio(2) | 8,818,737 | 10,855,693 | 211,332 | 1,056,658 | 9,587,703 | Fee Simple | ||||||
Property | 5.001 | Foster Plaza | Fee Simple | Tetra Tech, Inc. | 49,269 | 02/28/2025 | Wexford Health Sources, Inc. | |||||||
Property | 5.002 | Cherrington Corporate Center | Fee Simple | Chevron USA | 120,000 | 08/31/2025 | Mortgage Connect | |||||||
Loan | 6 | Mountain View Village(33) | 2,798,865 | 4,404,355 | 61,047 | 203,489 | 4,139,819 | Fee Simple | Harmons | 81,641 | 08/31/2038 | T.J. Maxx and Home Goods | ||
Loan | 7 | 4 West 58th Street(2)(36) | 2,701,328 | 9,242,058 | 15,037 | 167,074 | 9,059,948 | Fee Simple/Leasehold | 09/14/2052 | None | The Neiman Marcus Group LLC. | 40,170 | 02/28/2033 | Netflix Inc. |
Loan | 8 | McClellan Business Park(2)(37) | 15,037,967 | 37,628,413 | 1,038,823 | 1,731,371 | 34,858,219 | Fee Simple | Amazon.com | 417,637 | 06/30/2030 | Hydra Distribution | ||
Loan | 9 | 1088 Sansome | 770,336 | 2,938,260 | 12,363 | 2,925,896 | Fee Simple | Pattern Energy | 50,910 | 12/17/2028 | Big Wines | |||
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 22,888,769 | 51,304,783 | 85,006 | 544,350 | 50,675,427 | Fee Simple | SunTrust Banks | 84,516 | 04/30/2024 | Allen & Company | ||
Loan | 11 | Amazon Port of Savannah | 670,516 | 2,334,835 | 11,735 | 2,323,100 | Fee Simple | Amazon.com, Inc. | 117,351 | 07/31/2032 | NAP | |||
Loan | 12 | 111 Kent Avenue | 1,005,897 | 2,443,012 | 15,500 | 2,427,512 | Fee Simple | NAP | NAP | NAP | NAP | |||
Loan | 13 | 32-42 Broadway(2) | 10,872,817 | 12,296,389 | 365,101 | 979,245 | 10,952,043 | Fee Simple | City of NY Dept of Consumer Affairs | 85,573 | 07/31/2027 | City of NY Board of Elections | ||
Loan | 14 | 27750 Entertainment Drive | 1,147,865 | 2,283,740 | 19,678 | 98,388 | 2,165,675 | Fee Simple | Scorpion Enterprises, LP | 98,388 | 11/30/2035 | NAP | ||
Loan | 15 | JW Marriott Nashville(2) | 66,104,698 | 28,345,145 | 3,777,994 | 24,567,151 | Fee Simple/Leasehold | 03/06/2030 | Four, 10-year options | NAP | NAP | NAP | NAP | |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 27,006,649 | 8,445,251 | 1,418,076 | 7,027,175 | Fee Simple | NAP | NAP | NAP | NAP | |||
Loan | 17 | Medici Office Park | 1,262,235 | 2,016,762 | 28,680 | 160,060 | 1,828,021 | Fee Simple | Veterans Administration | 32,968 | 04/30/2024 | CenturyLink | ||
Loan | 18 | 5 East 22nd Street | 877,063 | 2,291,228 | 5,546 | 95,323 | 2,190,359 | Fee Simple | Proud Parking Corp. | 17,579 | 05/31/2028 | TD Bank, N.A. | ||
Loan | 19 | Cabinetworks Portfolio(2)(36) | 171,978 | 5,560,637 | 229,334 | 145,245 | 5,186,058 | Fee Simple | ||||||
Property | 19.001 | 15535 South State Avenue | 105,492 | 3,410,900 | 140,674 | 89,093 | 3,181,133 | Fee Simple | Cabinetworks | 937,825 | 08/31/2040 | NAP | ||
Property | 19.002 | 150 Grand Valley Avenue | 39,774 | 1,286,011 | 53,038 | 33,591 | 1,199,382 | Fee Simple | Cabinetworks | 353,588 | 08/31/2040 | NAP | ||
Property | 19.003 | 16052 Industrial Parkway | 26,713 | 863,726 | 35,622 | 22,561 | 805,543 | Fee Simple | Cabinetworks | 237,481 | 08/31/2040 | NAP | ||
Loan | 20 | 350 West Broadway | 361,430 | 1,261,705 | 2,800 | 81,000 | 1,177,905 | Fee Simple | Amazon Web Services | 14,000 | 12/31/2024 | NAP | ||
Loan | 21 | Maplewood Commons(22) | 426,783 | 1,530,338 | 4,216 | 32,976 | 1,493,147 | Fee Simple | Lowe’s (Ground Lease) | 131,863 | 01/31/2025 | Massage Envy | ||
Loan | 22 | Mercury Plaza | 371,958 | 1,277,184 | 14,070 | 60,968 | 1,202,146 | Fee Simple | Walmart | 41,500 | 12/31/2034 | Marshalls | ||
Loan | 23 | Pet Food Experts Industrial | 35,088 | 1,134,523 | 29,595 | 1,104,928 | Fee Simple | Pet Food Experts | 197,300 | 10/01/2035 | NAP | |||
Loan | 24 | Frontier Self Storage | 543,971 | 1,038,586 | 7,398 | 1,031,188 | Fee Simple | NAP | NAP | NAP | NAP | |||
Loan | 25 | Arotech-FAAC Portfolio | 33,970 | 1,098,349 | 18,280 | 1,080,069 | Fee Simple | |||||||
Property | 25.001 | 781 Avis Drive | 14,801 | 478,564 | 5,936 | 472,628 | Fee Simple | Arotech Corporation | 39,571 | 09/30/2040 | NAP | |||
Property | 25.002 | 5750 East McKellips Road | 12,545 | 405,628 | 9,689 | 395,940 | Fee Simple | Arotech Corporation | 64,590 | 09/30/2040 | NAP | |||
Property | 25.003 | 1229 Oak Valley Drive | 6,623 | 214,157 | 2,656 | 211,501 | Fee Simple | Arotech Corporation | 17,708 | 09/30/2040 | NAP | |||
Loan | 26 | Storage Solutions Portfolio | 597,612 | 881,224 | 21,009 | 860,215 | Fee Simple | |||||||
Property | 26.001 | Storage Solutions Bourbonnais | 204,580 | 432,721 | 8,259 | 424,462 | Fee Simple | NAP | NAP | NAP | NAP | |||
Property | 26.002 | Storage Solutions Limestone | 121,637 | 215,284 | 5,678 | 209,606 | Fee Simple | NAP | NAP | NAP | NAP | |||
Property | 26.003 | Storage Solutions Manteno | 180,481 | 161,297 | 5,062 | 156,235 | Fee Simple | NAP | NAP | NAP | NAP | |||
Property | 26.004 | Storage Solutions Kankakee | 90,915 | 71,923 | 2,010 | 69,913 | Fee Simple | NAP | NAP | NAP | NAP | |||
Loan | 27 | Reladyne Industrial | 21,563 | 697,200 | 27,680 | 669,521 | Fee Simple | RelaDyne | 184,530 | 03/12/2034 | NAP | |||
Loan | 28 | 801 Bedford Avenue | 87,593 | 630,458 | 4,158 | 19,387 | 606,913 | Fee Simple | Williamsburg Suites LLC | 6,200 | 09/30/2030 | CloseOut Connections | ||
Loan | 29 | SDC Annex(36) | 144,012 | 502,560 | 6,622 | 12,734 | 483,204 | Fee Simple | Knack, LLC | 11,504 | 09/30/2024 | ERW Lighting and Controls | ||
Loan | 30 | CityLine All American Storage | 301,712 | 502,058 | 8,203 | 17,500 | 476,356 | Fee Simple | Dept of Juvenile Justice | 4,750 | 06/30/2018 | Holtzman Real Estate | ||
Loan | 31 | 200 Centennial Avenue | 410,812 | 568,443 | 7,600 | 78,228 | 482,615 | Fee Simple | Techno Comp Inc | 10,000 | 09/30/2024 | New World Education | ||
Loan | 32 | Alief Westwood Self Storage | 207,868 | 415,832 | 9,738 | 406,094 | Fee Simple | NAP | NAP | NAP | NAP | |||
Loan | 33 | Prime Storage Palm Desert | 222,836 | 313,627 | 3,912 | 309,716 | Fee Simple | NAP | NAP | NAP | NAP |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Lease | Lease | Lease | Lease | ||||||||||
Loan | ID | Property Name | SF | Expiration(25) | 3rd Largest Tenant(25)(26) | SF | Expiration(25) | 4th Largest Tenant(23)(24)(25)(26) | SF | Expiration(25) | 5th Largest Tenant(24)(25)(26) | SF | Expiration(25) |
Loan | 1 | The Grace Building(2)(35)(36) | 154,558 | 08/31/2030 | Israel Discount Bank | 142,533 | 12/31/2040 | Bain & Company, Inc. | 121,262 | 02/28/2030 | Insight Venture Management LLC | 93,998 | 02/28/2030 |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | |||||||||||
Property | 2.001 | MGM Grand | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 2.002 | Mandalay Bay | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 3 | Elo Midtown Office Portfolio(2) | |||||||||||
Property | 3.001 | 15 West 47th Street | 3,884 | 01/31/2022 | The Del Gatto Luxury Group LLC | 3,473 | 08/31/2025 | Gogreen Diamonds Inc. | 2,546 | 12/31/2025 | Luxury Time NYC Inc. | 2,500 | 10/31/2025 |
Property | 3.002 | 48 West 48th Street | 5,100 | 11/30/2026 | Ez Estate Llc | 4,763 | 04/30/2022 | Intercolor Inc. | 4,069 | 06/30/2021 | Sunrise Jewelry Corp | 3,973 | 01/31/2023 |
Property | 3.003 | 151 West 46th Street | 5,000 | 08/31/2023 | City Casting Corp. | 5,000 | 03/31/2022 | Artevyl Kiab LLC | 5,000 | 07/31/2029 | T. O. Dey Corp | 5,000 | 08/31/2022 |
Loan | 4 | Station Park & Station Park West(2)(33) | 53,624 | 07/31/2026 | Best Buy | 50,455 | 03/31/2029 | Life Engineering | 43,145 | 06/01/2026 | Vista Outdoor | 35,194 | 05/31/2026 |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | |||||||||||
Property | 5.001 | Foster Plaza | 43,716 | 08/31/2026 | L.B. Foster Company | 43,627 | 04/30/2027 | Impaqt LLC | 24,489 | 05/31/2024 | CBS Radio, Inc | 23,661 | 01/31/2028 |
Property | 5.002 | Cherrington Corporate Center | 66,713 | 03/31/2027 | Waste Management of PA, Inc. | 24,259 | 07/31/2028 | MS Consultants | 12,452 | 10/31/2027 | Kinect Energy - ODE Acq | 12,088 | 09/30/2024 |
Loan | 6 | Mountain View Village(33) | 42,500 | 06/30/2028 | Burlington Coat Factory Warehouse Corporation | 40,000 | 02/28/2029 | Michaels Stores | 22,843 | 02/29/2028 | Ross Dress for Less | 22,004 | 02/28/2030 |
Loan | 7 | 4 West 58th Street(2)(36) | 10,651 | 12/31/2030 | J2 Enterprises LTD. | 6,121 | 07/31/2028 | Northwell Health | 5,174 | 05/31/2030 | Union Sq. Dermatology | 5,174 | 03/31/2035 |
Loan | 8 | McClellan Business Park(2)(37) | 388,784 | 04/16/2025 | Dome Printing | 320,000 | 11/17/2033 | McClellan Jet Services | 280,839 | 09/12/2022 | Northrop Grumman Systems | 267,618 | 12/31/2021 |
Loan | 9 | 1088 Sansome | 10,907 | 10/01/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 70,972 | 09/30/2033 | Ralph Lauren | 38,638 | 06/30/2029 | Loro Piana USA | 24,388 | 08/31/2025 | Sandler Capital | 17,200 | 06/30/2027 |
Loan | 11 | Amazon Port of Savannah | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 12 | 111 Kent Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 13 | 32-42 Broadway(2) | 52,618 | 02/06/2022 | Magilla Entertainment, LLC | 33,106 | 09/15/2024 | Premier Home Health Care Services, Inc. | 18,000 | 01/31/2023 | Agudath Israel of America | 17,000 | 01/31/2026 |
Loan | 14 | 27750 Entertainment Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 15 | JW Marriott Nashville(2) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 17 | Medici Office Park | 32,000 | 10/31/2027 | Developmental Pathways Inc | 16,500 | 01/31/2027 | Continuum of Colorado Inc | 16,500 | 01/31/2027 | GSA - Social Security Administration | 15,896 | 07/31/2028 |
Loan | 18 | 5 East 22nd Street | 3,354 | 09/30/2029 | LensCrafters | 2,350 | 04/30/2029 | FedEx Office and Print | 1,328 | 03/31/2024 | Paper Source | 775 | 02/28/2025 |
Loan | 19 | Cabinetworks Portfolio(2)(36) | |||||||||||
Property | 19.001 | 15535 South State Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 19.002 | 150 Grand Valley Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 19.003 | 16052 Industrial Parkway | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 20 | 350 West Broadway | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 21 | Maplewood Commons(22) | 3,600 | 05/31/2023 | Charter Spectrum | 2,950 | 09/30/2025 | GameStop | 2,855 | 01/31/2023 | Mercy Urgent Care | 2,800 | 10/31/2028 |
Loan | 22 | Mercury Plaza | 22,070 | 03/31/2026 | Firestone | 8,408 | 09/30/2022 | Long Horn Steakhouse | 6,434 | 04/30/2028 | Rack Room Shoes | 6,000 | 07/31/2030 |
Loan | 23 | Pet Food Experts Industrial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 24 | Frontier Self Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 25 | Arotech-FAAC Portfolio | |||||||||||
Property | 25.001 | 781 Avis Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 25.002 | 5750 East McKellips Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 25.003 | 1229 Oak Valley Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 26 | Storage Solutions Portfolio | |||||||||||
Property | 26.001 | Storage Solutions Bourbonnais | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 26.002 | Storage Solutions Limestone | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 26.003 | Storage Solutions Manteno | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 26.004 | Storage Solutions Kankakee | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 27 | Reladyne Industrial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 28 | 801 Bedford Avenue | 4,190 | 05/31/2029 | Morjud LLC (Keter Judaica) | 3,300 | 09/15/2030 | Distinctive Creations BF Inc. | 3,000 | 10/31/2029 | Ivory Inc. | 2,100 | 05/31/2029 |
Loan | 29 | SDC Annex(36) | 10,135 | 02/28/2027 | Kolbe Gallery (Finestra Design Inc.) | 3,039 | 12/31/2026 | Susan Young Interiors | 790 | 08/31/2022 | NAP | NAP | NAP |
Loan | 30 | CityLine All American Storage | 3,000 | 12/31/2024 | Arrowhead Clinic | 2,400 | 09/30/2024 | Che Carson | 2,400 | 11/12/2020 | MT McCartney Insurance | 1,500 | 06/30/2025 |
Loan | 31 | 200 Centennial Avenue | 7,700 | 07/31/2024 | Z K Tecknology | 7,660 | 08/20/2024 | Seawin Global LLC | 6,400 | 11/30/2021 | Rubin Kaplan & Assoc. | 3,770 | 05/31/2025 |
Loan | 32 | Alief Westwood Self Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 33 | Prime Storage Palm Desert | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Upfront | Monthly | Upfront | Monthly | Upfront | Monthly | Upfront | Monthly | Upfront | Upfront | |||||
Occupancy | Replacement | Replacement | TI/LC | TI/LC | Tax | Tax | Insurance | Insurance | Engineering | Other | ||||
Loan | ID | Property Name | Occupancy(22)(27) | As-of Date | Reserves($)(4)(29) | Reserves ($)(4)(30)(31)(32) | Reserves ($)(29) | Reserves ($)(30) | Reserves ($)(29) | Reserves ($)(30) | Reserves($)(29) | Reserves ($)(30) | Reserve($)(29) | Reserves ($) |
Loan | 1 | The Grace Building(2)(35)(36) | 94.8% | 10/19/2020 | Springing | 56,172,399 | Springing | Springing | Springing | 33,543,750 | ||||
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 71.4% | 09/30/2020 | Springing | Springing | Springing | |||||||
Property | 2.001 | MGM Grand | 68.5% | 09/30/2020 | ||||||||||
Property | 2.002 | Mandalay Bay | 74.8% | 09/30/2020 | ||||||||||
Loan | 3 | Elo Midtown Office Portfolio(2) | 95.3% | Various | 5,605 | 28,025 | 490,582 | 5,716 | ||||||
Property | 3.001 | 15 West 47th Street | 88.1% | 11/05/2020 | ||||||||||
Property | 3.002 | 48 West 48th Street | 100.0% | 11/03/2020 | ||||||||||
Property | 3.003 | 151 West 46th Street | 100.0% | 11/01/2020 | ||||||||||
Loan | 4 | Station Park & Station Park West(2)(33) | 85.9% | 10/01/2020 | Springing | Springing | Springing | Springing | 4,206,133 | |||||
Loan | 5 | Rugby Pittsburgh Portfolio(2) | 82.0% | 11/01/2020 | 17,611 | 17,611 | 88,055 | 88,055 | 976,237 | 81,353 | Springing | 4,338,345 | ||
Property | 5.001 | Foster Plaza | 77.6% | 11/01/2020 | ||||||||||
Property | 5.002 | Cherrington Corporate Center | 89.8% | 11/01/2020 | ||||||||||
Loan | 6 | Mountain View Village(33) | 77.6% | 10/01/2020 | Springing | Springing | Springing | Springing | 712,926 | |||||
Loan | 7 | 4 West 58th Street(2)(36) | 100.0% | 10/01/2020 | 1,392 | 7,811,435 | 13,932 | 91,175 | 91,175 | 4,669 | 4,669 | 5,799,156 | ||
Loan | 8 | McClellan Business Park(2)(37) | 86.8% | 09/15/2020 | Springing | Springing | Springing | Springing | 6,190,922 | |||||
Loan | 9 | 1088 Sansome | 100.0% | 06/30/2020 | 1,030 | Springing | 35,954 | 4,421 | 1,474 | |||||
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 76.5% | 01/31/2020 | Springing | Springing | Springing | Springing | 3,048,024 | |||||
Loan | 11 | Amazon Port of Savannah | 100.0% | 12/01/2020 | Springing | Springing | 137,888 | 45,963 | Springing | |||||
Loan | 12 | 111 Kent Avenue | 93.5% | 11/17/2020 | 1,292 | 2,047 | 2,047 | 22,000 | 5,500 | 6,325 | ||||
Loan | 13 | 32-42 Broadway(2) | 90.5% | 09/01/2020 | 30,425 | 3,000,000 | Springing | 393,685 | Springing | 32,450 | 131,038 | |||
Loan | 14 | 27750 Entertainment Drive | 100.0% | 12/06/2020 | 1,640 | Springing | 110,289 | 55,144 | 37,582 | 5,369 | ||||
Loan | 15 | JW Marriott Nashville(2) | 44.1% | 09/30/2020 | 1,875,692 | Springing | Springing | Springing | ||||||
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 65.4% | 12/31/2019 | 118,173 | 333,947 | 111,316 | 157,038 | 31,408 | 35,000 | ||||
Loan | 17 | Medici Office Park | 89.0% | 09/01/2020 | 2,716 | 10,864 | 172,596 | 43,149 | 35,683 | 7,137 | 537,123 | 17,418 | ||
Loan | 18 | 5 East 22nd Street | 100.0% | 08/31/2020 | 462 | 50,594 | 50,594 | Springing | 4,025 | 77,681 | ||||
Loan | 19 | Cabinetworks Portfolio(2)(36) | 100.0% | 12/01/2020 | Springing | Springing | Springing | Springing | ||||||
Property | 19.001 | 15535 South State Avenue | 100.0% | 12/01/2020 | ||||||||||
Property | 19.002 | 150 Grand Valley Avenue | 100.0% | 12/01/2020 | ||||||||||
Property | 19.003 | 16052 Industrial Parkway | 100.0% | 12/01/2020 | ||||||||||
Loan | 20 | 350 West Broadway | 100.0% | 12/01/2020 | 175 | 175 | 23,850 | 3,981 | 3,981 | 400,000 | ||||
Loan | 21 | Maplewood Commons(22) | 94.9% | 09/30/2020 | Springing | Springing | Springing | Springing | ||||||
Loan | 22 | Mercury Plaza | 93.2% | 10/01/2020 | 1,563 | 1,563 | 5,081 | 5,081 | 17,587 | 17,587 | 4,081 | 4,081 | 63,475 | |
Loan | 23 | Pet Food Experts Industrial | 100.0% | 12/06/2020 | Springing | Springing | Springing | Springing | ||||||
Loan | 24 | Frontier Self Storage | 90.7% | 07/31/2020 | 1,541 | 30,749 | 5,227 | 10,351 | 1,035 | |||||
Loan | 25 | Arotech-FAAC Portfolio | 100.0% | 12/06/2020 | Springing | Springing | Springing | Springing | ||||||
Property | 25.001 | 781 Avis Drive | 100.0% | 12/06/2020 | ||||||||||
Property | 25.002 | 5750 East McKellips Road | 100.0% | 12/06/2020 | ||||||||||
Property | 25.003 | 1229 Oak Valley Drive | 100.0% | 12/06/2020 | ||||||||||
Loan | 26 | Storage Solutions Portfolio | 96.2% | 09/30/2020 | 200,000 | 1,751 | 40,004 | 13,335 | Springing | 6,500 | ||||
Property | 26.001 | Storage Solutions Bourbonnais | 96.5% | 09/30/2020 | ||||||||||
Property | 26.002 | Storage Solutions Limestone | 96.3% | 09/30/2020 | ||||||||||
Property | 26.003 | Storage Solutions Manteno | 96.6% | 09/30/2020 | ||||||||||
Property | 26.004 | Storage Solutions Kankakee | 93.8% | 09/30/2020 | ||||||||||
Loan | 27 | Reladyne Industrial | 100.0% | 12/06/2020 | Springing | Springing | Springing | 8,925 | Springing | |||||
Loan | 28 | 801 Bedford Avenue | 100.0% | 11/01/2020 | 347 | 19,639 | 2,806 | 1,456 | 728 | 46,758 | ||||
Loan | 29 | SDC Annex(36) | 100.0% | 08/30/2020 | 552 | 1,061 | 5,313 | 5,313 | Springing | 1,850 | 38,519 | |||
Loan | 30 | CityLine All American Storage | 99.1% | 10/31/2020 | 684 | 729 | 75,850 | 5,835 | Springing | 30,694 | ||||
Loan | 31 | 200 Centennial Avenue | 90.3% | 11/17/2020 | 80,000 | 603 | 6,519 | 13,313 | 1,919 | 960 | 45,500 | 60,000 | ||
Loan | 32 | Alief Westwood Self Storage | 99.4% | 10/31/2020 | 811 | 2,123 | 3,263 | Springing | ||||||
Loan | 33 | Prime Storage Palm Desert | 94.1% | 10/31/2020 | 326 | 10,617 | 5,309 | Springing | 36,063 |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Monthly | Other | Debt | Environmental | Franchise | ||||||
Other | Reserves | Service | Report | Engineering | Expiration | Loan | ||||
Loan | ID | Property Name | Reserves ($)(30) | Description(29)(30) | Reserve | Date | Report Date | PML/SEL (%) | Date | Purpose |
Loan | 1 | The Grace Building(2)(35)(36) | Free Rent Reserve (25,964,569.90); Lobby/Elevator Work Reserve (5,970,240); Parking Rent Shortfall Reserve (1,608,940) | 09/22/2020 | 09/22/2020 | NAP | NAP | Refinance | ||
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 02/11/2020 | 02/11/2020 | NAP | Acquisition | ||||
Property | 2.001 | MGM Grand | 02/11/2020 | 02/11/2020 | NAP | NAP | ||||
Property | 2.002 | Mandalay Bay | 02/11/2020 | 02/11/2020 | NAP | NAP | ||||
Loan | 3 | Elo Midtown Office Portfolio(2) | 2,508,919 | Various | Various | NAP | Refinance/Acquisition | |||
Property | 3.001 | 15 West 47th Street | 02/27/2020 | 02/26/2020 | NAP | NAP | ||||
Property | 3.002 | 48 West 48th Street | 10/28/2020 | 10/28/2020 | NAP | NAP | ||||
Property | 3.003 | 151 West 46th Street | 02/27/2020 | 02/26/2020 | NAP | NAP | ||||
Loan | 4 | Station Park & Station Park West(2)(33) | Gap Rent Reserve (3,958,133); Key Money Reserve (248,000) | 3/31/2020; 4/3/2020 | 03/31/2020 | 6.0%; 7.0% | 08/11/2036 | Refinance | ||
Loan | 5 | Rugby Pittsburgh Portfolio(2) | Free Rent Reserve (2,230,699); Outstanding TI/LC Reserve (1,255,653); Outstanding CapEx Reserve (851,992.82) | 11/06/2020 | Various | NAP | Refinance | |||
Property | 5.001 | Foster Plaza | 11/06/2020 | 11/06/2020 | NAP | NAP | ||||
Property | 5.002 | Cherrington Corporate Center | 11/06/2020 | 11/09/2020 | NAP | NAP | ||||
Loan | 6 | Mountain View Village(33) | Gap Rent Reserve | 04/03/2020 | 03/31/2020 | 6.0% | NAP | Refinance | ||
Loan | 7 | 4 West 58th Street(2)(36) | Free Rent/Gap Rent Reserve | 01/28/2020 | 01/28/2020 | NAP | NAP | Recapitalization | ||
Loan | 8 | McClellan Business Park(2)(37) | Existing TI/LC Obligations Reserve (5,482,591); Development Agency Loan Reserve (689,613.89); Rent Concession Reserve (18,717) | 11/02/2020 | 09/30/2020 | 9.0% | NAP | Refinance | ||
Loan | 9 | 1088 Sansome | 250,000 | 11/02/2020 | 11/02/2020 | 11.0% | NAP | Refinance | ||
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | Springing | TCO Renewal Reserve (Upfront: 2,000,000); Unfunded Obligations Reserve (Upfront: 1,048,024.18); Downgraded Tenant Reserve (Monthly: Springing) | 02/03/2020 | 01/30/2020 | NAP | NAP | Refinance | |
Loan | 11 | Amazon Port of Savannah | 11/06/2020 | 10/20/2020 | NAP | NAP | Acquisition | |||
Loan | 12 | 111 Kent Avenue | 10/30/2020 | 10/30/2020 | NAP | NAP | Acquisition | |||
Loan | 13 | 32-42 Broadway(2) | Unfunded Obligations Reserve | 4,062,500 | 09/03/2020 | 09/03/2020 | NAP | NAP | Refinance | |
Loan | 14 | 27750 Entertainment Drive | 07/09/2020 | 07/09/2020 | 8.0% | NAP | Refinance | |||
Loan | 15 | JW Marriott Nashville(2) | 8,831,707 | 02/25/2020 | 02/26/2020 | NAP | 07/01/2048 | Refinance | ||
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 2,311,667 | 01/16/2020 | 01/16/2020 | NAP | 10/31/2031 | Refinance | ||
Loan | 17 | Medici Office Park | Community Impact Reserve | 11/03/2020 | 11/03/2020 | NAP | NAP | Refinance | ||
Loan | 18 | 5 East 22nd Street | Free Rent Reserve (66,134); Condo Assessment Reserve (11,547) | 11/11/2020 | 11/11/2020 | NAP | NAP | Refinance | ||
Loan | 19 | Cabinetworks Portfolio(2)(36) | 07/24/2020 | Various | NAP | Acquisition | ||||
Property | 19.001 | 15535 South State Avenue | 07/24/2020 | 07/24/2020 | NAP | NAP | ||||
Property | 19.002 | 150 Grand Valley Avenue | 07/24/2020 | 07/23/2020 | NAP | NAP | ||||
Property | 19.003 | 16052 Industrial Parkway | 07/24/2020 | 07/24/2020 | NAP | NAP | ||||
Loan | 20 | 350 West Broadway | Springing | Outstanding TI Reserve (Upfront: 350,000); Condominium Assessments Reserve (Upfront: 50,000; Monthly: Springing) | 08/17/2020 | 08/17/2020 | NAP | NAP | Refinance | |
Loan | 21 | Maplewood Commons(22) | 10/06/2020 | 10/06/2020 | NAP | NAP | Refinance | |||
Loan | 22 | Mercury Plaza | Outstanding TI/LC Reserve (51,967); Free Rent Reserve (11,508) | 10/19/2020 | 10/19/2020 | NAP | NAP | Acquisition | ||
Loan | 23 | Pet Food Experts Industrial | 09/08/2020 | 09/08/2020 | NAP | NAP | Acquisition | |||
Loan | 24 | Frontier Self Storage | 10/01/2020 | 10/01/2020 | 10.0% | NAP | Refinance | |||
Loan | 25 | Arotech-FAAC Portfolio | 09/14/2020 | Various | NAP | Acquisition | ||||
Property | 25.001 | 781 Avis Drive | 09/14/2020 | 08/19/2020 | NAP | NAP | ||||
Property | 25.002 | 5750 East McKellips Road | 09/14/2020 | 08/13/2020 | NAP | NAP | ||||
Property | 25.003 | 1229 Oak Valley Drive | 09/14/2020 | 08/19/2020 | NAP | NAP | ||||
Loan | 26 | Storage Solutions Portfolio | Various | 10/19/2020 | NAP | Acquisition | ||||
Property | 26.001 | Storage Solutions Bourbonnais | 10/19/2020 | 10/19/2020 | NAP | NAP | ||||
Property | 26.002 | Storage Solutions Limestone | 10/20/2020 | 10/19/2020 | NAP | NAP | ||||
Property | 26.003 | Storage Solutions Manteno | 10/20/2020 | 10/19/2020 | NAP | NAP | ||||
Property | 26.004 | Storage Solutions Kankakee | 10/20/2020 | 10/19/2020 | NAP | NAP | ||||
Loan | 27 | Reladyne Industrial | 62,978 | 08/17/2020 | 08/17/2020 | NAP | NAP | Acquisition | ||
Loan | 28 | 801 Bedford Avenue | 7,241 | ICAP Tax Reserve (Upfront: 43,446; Semiannual: 7,241); Condo Assessments Reserve (Upfront: 3,312.36) | 250,000 | 10/23/2020 | 10/22/2020 | NAP | NAP | Refinance |
Loan | 29 | SDC Annex(36) | Rent Application Reserve | 128,199 | 11/02/2020 | 11/02/2020 | 10.0% | NAP | Refinance | |
Loan | 30 | CityLine All American Storage | 11/02/2020 | 11/02/2020 | NAP | NAP | Acquisition | |||
Loan | 31 | 200 Centennial Avenue | Certificate of Occupancy Reserve | 277,377 | 03/18/2020 | 03/18/2020 | NAP | NAP | Refinance | |
Loan | 32 | Alief Westwood Self Storage | 42,437 | 08/17/2020 | 08/17/2020 | NAP | NAP | Refinance | ||
Loan | 33 | Prime Storage Palm Desert | Springing | Debt Yield Coverage Cure Reserve | 09/18/2020 | 11/04/2020 | 15.0% | NAP | Acquisition |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Loan | ID | Property Name | Sponsor(28) | Guarantor(34) | Previous Securitization | Non-Trust Pari Passu Original Balance |
Loan | 1 | The Grace Building(2)(35)(36) | Brookfield Office Properties Inc.; Swig Investment Company, LLC | BOP NYC OP LLC; Swig Investment Company, LLC | GRCE 2014-GRCE | 803,000,000 |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | BREIT Operating Partnership L.P.; MGM Growth Properties Operating Partnership LP | BREIT Operating Partnership L.P.; MGM Growth Properties Operating Partnership LP | 1,559,200,000 | |
Property | 2.001 | MGM Grand | 849,764,000 | |||
Property | 2.002 | Mandalay Bay | 709,436,000 | |||
Loan | 3 | Elo Midtown Office Portfolio(2) | Jack Elo | Jack Elo | 70,000,000 | |
Property | 3.001 | 15 West 47th Street | 35,496,454 | |||
Property | 3.002 | 48 West 48th Street | MSBAM 2013-C9 | 22,588,652 | ||
Property | 3.003 | 151 West 46th Street | 11,914,894 | |||
Loan | 4 | Station Park & Station Park West(2)(33) | California State Teachers Retirement System; CenterCal, LLC | NAP | 58,700,000 | |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | Rugby Realty | Aaron Stauber; Alan Ades; Daniel Stauber; Maurice Ades; Robert Ades | 40,000,000 | |
Property | 5.001 | Foster Plaza | 24,390,915 | |||
Property | 5.002 | Cherrington Corporate Center | 15,609,085 | |||
Loan | 6 | Mountain View Village(33) | California State Teachers Retirement System; CenterCal, LLC | NAP | ||
Loan | 7 | 4 West 58th Street(2)(36) | Estate of Sheldon H. Solow | Estate of Sheldon H. Solow | 92,500,000 | |
Loan | 8 | McClellan Business Park(2)(37) | McClellan Business Park, LLC | McClellan Business Park, LLC | 325,600,000 | |
Loan | 9 | 1088 Sansome | Angus McCarthy; Michael Moritz | Angus McCarthy; Michael Moritz | ||
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | Bayerische Versorgungskammer; Deutsche Finance America LLC; DF Deutsche Finance Holding AG; Hessen Lawyers Pension Fund | NAP | 515,000,000 | |
Loan | 11 | Amazon Port of Savannah | Inversiones en Iberia US Holdings LLC; Marcos Martinez Gavica | Marcos Martinez Gavica; Inversiones en Iberia US Holdings LLC | ||
Loan | 12 | 111 Kent Avenue | Fei Ling Wong | Yihai United Development International Corporation; Fei Ling Wong | ||
Loan | 13 | 32-42 Broadway(2) | Eli Schron; Mark Schron; Avi Schron | Eli Schron; Mark Schron; Avi Schron | 100,000,000 | |
Loan | 14 | 27750 Entertainment Drive | Rustin Kretz | Rustin Kretz | ||
Loan | 15 | JW Marriott Nashville(2) | Jacquelyn Soffer | Jacquelyn Soffer | 165,000,000 | |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | Charles S. Givens; Snowmass Creek Capital, L.L.C. | Charles S. Givens; Snowmass Creek Capital, L.L.C. | GSMS 2012-GC6 | 40,000,000 |
Loan | 17 | Medici Office Park | Alexander Topelson; Jorge Topelson | Alexander Topelson; Jorge Topelson | ||
Loan | 18 | 5 East 22nd Street | Jonathan F.P. Rose | Rose Capital LLC | ||
Loan | 19 | Cabinetworks Portfolio(2)(36) | AG Net Lease IV (Q) Corp.; AG Net Lease IV Corp.; AG Net Lease Realty Fund IV Investments (H-1), L.P. | AG Net Lease IV (Q) Corp.; AG Net Lease IV Corp.; AG Net Lease Realty Fund IV Investments (H-1), L.P. | 32,333,000 | |
Property | 19.001 | 15535 South State Avenue | 19,834,793 | |||
Property | 19.002 | 150 Grand Valley Avenue | 7,475,605 | |||
Property | 19.003 | 16052 Industrial Parkway | 5,022,602 | |||
Loan | 20 | 350 West Broadway | Regal Acquisitions | Elyahu Cohen; Joseph Sitt | ||
Loan | 21 | Maplewood Commons(22) | The Kroenke Group | E. Stanley Kroenke | ||
Loan | 22 | Mercury Plaza | David Dushey | David Dushey | ||
Loan | 23 | Pet Food Experts Industrial | New Mountain Net Lease Partners Corporation | New Mountain Net Lease Partners Corporation | ||
Loan | 24 | Frontier Self Storage | Michael Hamilton | Michael Hamilton | ||
Loan | 25 | Arotech-FAAC Portfolio | New Mountain Net Lease Partners Corporation | New Mountain Net Lease Partners Corporation | ||
Property | 25.001 | 781 Avis Drive | ||||
Property | 25.002 | 5750 East McKellips Road | ||||
Property | 25.003 | 1229 Oak Valley Drive | ||||
Loan | 26 | Storage Solutions Portfolio | George Thacker; Lawrence Charles Kaplan; Richard Schontz | George Thacker; Lawrence Charles Kaplan; Richard Schontz | ||
Property | 26.001 | Storage Solutions Bourbonnais | ||||
Property | 26.002 | Storage Solutions Limestone | ||||
Property | 26.003 | Storage Solutions Manteno | ||||
Property | 26.004 | Storage Solutions Kankakee | ||||
Loan | 27 | Reladyne Industrial | New Mountain Net Lease Partners Corporation | New Mountain Net Lease Partners Corporation | ||
Loan | 28 | 801 Bedford Avenue | Jacob Kohn; Abraham Kohn | Jacob Kohn; Abraham Kohn | ||
Loan | 29 | SDC Annex(36) | Sean Hashem; Fareed Kanani | Sean Hashem; Fareed Kanani | ||
Loan | 30 | CityLine All American Storage | George Thacker; Lawrence Charles Kaplan; Richard Schontz | George Thacker; Lawrence Charles Kaplan; Richard Schontz | ||
Loan | 31 | 200 Centennial Avenue | Ashok Shah | Ashok Shah | ||
Loan | 32 | Alief Westwood Self Storage | William E. Bellomy | William E. Bellomy | ||
Loan | 33 | Prime Storage Palm Desert | Robert Moser | Robert Moser |
BMARK 2020-B22
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Existing | Future Debt | Whole Loan | Mezzanine | |||||||
Additional Sub Debt | Permitted | Interest | Interest | |||||||
Loan | ID | Property Name | Non-Trust Pari Passu Cut-off Date Balance | Non-Trust Pari Passu Balloon Balance | Amount | Existing Additional Sub Debt Description(37) | Existing Mezzanine Debt | Type | Rate | Rate |
Loan | 1 | The Grace Building(2)(35)(36) | 803,000,000 | 803,000,000 | 367,000,000 | B-Note | None | Mezzanine | 2.69210% | NAP |
Loan | 2 | MGM Grand & Mandalay Bay(2)(22)(33)(35)(36) | 1,559,200,000 | 1,559,200,000 | 1,365,800,000 | $804,400,000 B-Notes; $561,400,000 C-Notes | None | Mezzanine | 3.55800% | NAP |
Property | 2.001 | MGM Grand | 849,764,000 | 849,764,000 | ||||||
Property | 2.002 | Mandalay Bay | 709,436,000 | 709,436,000 | ||||||
Loan | 3 | Elo Midtown Office Portfolio(2) | 70,000,000 | 70,000,000 | None | None | NAP | 3.51000% | NAP | |
Property | 3.001 | 15 West 47th Street | 35,496,454 | 35,496,454 | ||||||
Property | 3.002 | 48 West 48th Street | 22,588,652 | 22,588,652 | ||||||
Property | 3.003 | 151 West 46th Street | 11,914,894 | 11,914,894 | ||||||
Loan | 4 | Station Park & Station Park West(2)(33) | 58,700,000 | 58,700,000 | None | None | NAP | 3.37700% | NAP | |
Loan | 5 | Rugby Pittsburgh Portfolio(2) | 40,000,000 | 34,073,604 | None | None | NAP | 3.39200% | NAP | |
Property | 5.001 | Foster Plaza | 24,390,915 | 20,777,160 | ||||||
Property | 5.002 | Cherrington Corporate Center | 15,609,085 | 13,296,444 | ||||||
Loan | 6 | Mountain View Village(33) | None | None | NAP | NAP | ||||
Loan | 7 | 4 West 58th Street(2)(36) | 92,500,000 | 92,500,000 | None | None | Mezzanine | 3.68000% | NAP | |
Loan | 8 | McClellan Business Park(2)(37) | 325,600,000 | 325,600,000 | None | None | NAP | 3.30900% | NAP | |
Loan | 9 | 1088 Sansome | None | None | NAP | NAP | ||||
Loan | 10 | 711 Fifth Avenue(2)(33)(36) | 515,000,000 | 515,000,000 | None | None | Mezzanine | 3.16000% | NAP | |
Loan | 11 | Amazon Port of Savannah | None | None | NAP | NAP | ||||
Loan | 12 | 111 Kent Avenue | None | None | NAP | NAP | ||||
Loan | 13 | 32-42 Broadway(2) | 100,000,000 | 100,000,000 | None | None | NAP | 3.25000% | NAP | |
Loan | 14 | 27750 Entertainment Drive | None | None | NAP | NAP | ||||
Loan | 15 | JW Marriott Nashville(2) | 165,000,000 | 165,000,000 | None | None | NAP | 3.13900% | NAP | |
Loan | 16 | Hotel ZaZa Houston Museum District(2)(37) | 40,000,000 | 36,177,455 | None | None | NAP | 3.80000% | NAP | |
Loan | 17 | Medici Office Park | None | None | NAP | NAP | ||||
Loan | 18 | 5 East 22nd Street | None | None | NAP | NAP | ||||
Loan | 19 | Cabinetworks Portfolio(2)(36) | 32,333,000 | 28,991,949 | None | None | Mezzanine | 3.32200% | NAP | |
Property | 19.001 | 15535 South State Avenue | 19,834,793 | 17,785,213 | ||||||
Property | 19.002 | 150 Grand Valley Avenue | 7,475,605 | 6,703,132 | ||||||
Property | 19.003 | 16052 Industrial Parkway | 5,022,602 | 4,503,604 | ||||||
Loan | 20 | 350 West Broadway | None | None | NAP | NAP | ||||
Loan | 21 | Maplewood Commons(22) | None | None | NAP | NAP | ||||
Loan | 22 | Mercury Plaza | None | None | NAP | NAP | ||||
Loan | 23 | Pet Food Experts Industrial | None | None | NAP | NAP | ||||
Loan | 24 | Frontier Self Storage | None | None | NAP | NAP | ||||
Loan | 25 | Arotech-FAAC Portfolio | None | None | NAP | NAP | ||||
Property | 25.001 | 781 Avis Drive | ||||||||
Property | 25.002 | 5750 East McKellips Road | ||||||||
Property | 25.003 | 1229 Oak Valley Drive | ||||||||
Loan | 26 | Storage Solutions Portfolio | None | None | NAP | NAP | ||||
Property | 26.001 | Storage Solutions Bourbonnais | ||||||||
Property | 26.002 | Storage Solutions Limestone | ||||||||
Property | 26.003 | Storage Solutions Manteno | ||||||||
Property | 26.004 | Storage Solutions Kankakee | ||||||||
Loan | 27 | Reladyne Industrial | None | None | NAP | NAP | ||||
Loan | 28 | 801 Bedford Avenue | None | None | NAP | NAP | ||||
Loan | 29 | SDC Annex(36) | None | None | Mezzanine | NAP | ||||
Loan | 30 | CityLine All American Storage | None | None | NAP | NAP | ||||
Loan | 31 | 200 Centennial Avenue | None | None | NAP | NAP | ||||
Loan | 32 | Alief Westwood Self Storage | None | None | NAP | NAP | ||||
Loan | 33 | Prime Storage Palm Desert | None | None | NAP | NAP |
BMARK 2020-B22 | |
FOOTNOTES TO ANNEX A-1 | |
(1) | GACC—German American Capital Corporation or one of its affiliates; GSMC—Goldman Sachs, Mortgage Company or one of its affiliates; JPMCB—JPMorgan Chase Bank, National Association or one of its affiliates; CREFI—Citi Real Estate Funding Inc. or one of its affiliates. |
(2) | Loan Number | Mortgage Loan Seller | Property Name | Cut-off Date Balance ($) | Non-Trust Pari Passu Cut-off Date Balance | Controlling Note | Governing PSA | ||||||
1 | JPMCB/GACC | The Grace Building | $80,000,000 | $803,000,000 | No | Grace Trust 2020-GRCE (Wells Fargo) | |||||||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | $75,000,000 | $1,559,200,000 | No | KeyBank (BX 2020-VIVA) | |||||||
3 | CREFI | Elo Midtown Office Portfolio | $71,000,000 | $70,000,000 | Yes | Midland (BMARK 2020-B22) | |||||||
4 | JPMCB | Station Park & Station Park West | $60,000,000 | $58,700,000 | Yes | Midland (BMARK 2020-B22) | |||||||
5 | JPMCB | Rugby Pittsburgh Portfolio | $50,000,000 | $40,000,000 | Yes | Midland (BMARK 2020-B22) | |||||||
7 | JPMCB | 4 West 58th Street | $32,500,000 | $92,500,000 | No | Midland (Benchmark 2020-B20) | |||||||
8 | GSMC | McClellan Business Park | $32,400,000 | $325,600,000 | No | Wells Fargo (BANK 2020-BNK30) | |||||||
10 | GSMC | 711 Fifth Avenue | $30,000,000 | $515,000,000 | No | Wells Fargo (GSMS 2020-GC47) | |||||||
13 | CREFI | 32-42 Broadway | $25,000,000 | $100,000,000 | No | Midland Loan Services (Benchmark 2020-B21) | |||||||
15 | GSMC | JW Marriott Nashville | $20,000,000 | $165,000,000 | No | Servicing Shift | |||||||
16 | CREFI | Hotel ZaZa Houston Museum District | $20,000,000 | $40,000,000 | No | Servicing Shift | |||||||
19 | GSMC | Cabinetworks Portfolio | $15,000,000 | $32,333,000 | No | Servicing Shift |
(3) | With respect to any Mortgaged Property securing a multi-property Mortgage Loan, the amounts listed under the headings “Original Balance ($)” and “Cut-off Date Balance ($)” reflect the Allocated Loan Amount for such Mortgaged Property. |
● Loan No. 2 – MGM Grand & Mandalay Bay ● Loan No. 3 – Elo Midtown Office Portfolio ● Loan No. 5 – Rugby Pittsburgh Portfolio ● Loan No. 19 – Cabinetworks Portfolio ● Loan No. 25 – Arotech-FAAC Portfolio ● Loan No. 26 – Storage Solutions Portfolio | |
(4) | Loan No. 16 – Hotel ZaZa Houston Museum District - The Hotel ZaZa Houston Museum District loan was recently modified to create a $2,311,667 debt service reserve by converting approximately $945,384 in existing FF&E reserves as well as a $1,248,110 new cash contribution by the sponsor, and an additional deposit to be received from the borrower on the monthly payment date occurring in January 2021 of $118,173. The debt service reserve will only be released upon the Hotel ZaZa Houston Museum District property achieving a 9.5% net cash flow debt yield on a trailing 12 month basis for two consecutive quarters, with approximately $1.16 million being allocated back to FF&E reserve and approximately $1.16 million being remitted back to the borrower. The FF&E reserve monthly deposits will be waived for the 2021 calendar year, after which the FF&E reserve will follow the step-up structure of 2.50% in 2022, 3.25% in 2023, and 4.00% in 2024 and thereafter. Lastly, the debt yield cash management trigger will be temporarily waived until January 2023, however, cash management will still be enforced if an event of default occurs. |
(5) | Hotel/Multifamily | Retail | Office | Industrial | ||||||||||
Loan | Property Name | NRA | Occ. | % of UW Base Rent | NRA | Occ. | % of UW Base Rent | NRA | Occ. | % of UW Base Rent | NRA (sq. ft) | Occ. | % of UW Base Rent | |
4 | Station Park & Station Park Wesf(1) | 108 (hotel rooms) | 62.4% | (1) | 796,839 | 82.4% | 71.6% | 198,464 | 100.0% | 28.4% | ||||
7 | 4 West 58th Street | 19,987 | 100.0% | 52.9% | 63,640 | 100.0% | 47.1% | |||||||
8 | McClellan Business Park(2) | 157,254 | 71.8% | 5.0% | 103,291 | 93.8% | 2.5% | 1,020,349 | 72.5% | 31.8% | 5,641,470 | 89.6% | 60.8% | |
10 | 711 Fifth Avenue | 53,798 | 98.4% | 78.5% | 286,226 | 72.3% | 21.5% |
(1) The Station Park hotel income is underwritten at $119,039 or 0.5% of Effective Gross Income. (2) There is also 3,120 sq. ft. of yard space which is 100.0% occupied. | |
Loan No. 2 – MGM Grand & Mandalay Bay – With respect to the MGM Grand & Mandalay Bay Mortgage Loan, each of the related Mortgaged Properties consist of a resort and casino and, as of the trailing twelve months ending September 30, 2020 (i) with respect to the Mandalay Bay Mortgaged Property, approximately 34.0% of the U/W revenues were from hotel rooms, approximately 26.5% of the U/W revenues were from food and beverage sales, approximately 17.5% of the U/W revenues were from gaming, and approximately 22.0% of the U/W revenues were from other sources and (ii) with respect to the MGM Grand Mortgaged Property, approximately 27.0% of the U/W revenues were from hotel rooms, approximately 23.1% of the U/W revenues were from food and beverage sales, approximately 26.9% of the U/W revenues were from gaming, and approximately 23.1% of the U/W revenues were from other sources. Loan No. 5 – Rugby Pittsburgh Portfolio – Approximately 2.3% of the Mortgaged Property is retail and approximately 0.5% of the Mortgaged Property is storage Loan No. 9 – 1088 Sansome – The Mortgaged Property includes 10,907 sq. ft. of wine storage and retail space, constituting |
approximately 17.6% of the net rentable area at the Mortgaged Property. Loan No. 30 – CityLine All American Storage – Approximately 76.1% of NRA and 70.8% of U/W Base Rent can be attributed to the self storage component of the CityLine All American Storage Mortgaged Property. Additionally, approximately 23.9% of NRA and 29.2% of U/W Base Rent can be attributed to the office component of the CityLine All American Storage Mortgaged Property. Loan No. 32 – Alief Westwood Self Storage – The Mortgaged Property is comprised of 194 self storage units (64,918 sq. ft., 71.9% of NRA, 85.7% of U/W Base Rent) and 84 parking spaces (25,360 sq. ft., 28.1% of NRA, 14.3% of U/W Base Rent). | |
(6) | Loan No. 2 – MGM Grand & Mandalay Bay – The MGM Grand & Mandalay Bay Whole Loan is structured with an Anticipated Repayment Date (“ARD”) of March 5, 2030 and a final maturity date of March 5, 2032. After the ARD, the following structure would apply: (i) the interest rate will increase by 200 basis points over the greater of (x) 3.55800%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”) plus (2) 1.77000%, (ii) amounts in the Excess Cash Flow Reserve (as defined in the related loan agreement) will be applied first to pay monthly additional interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest Rate) and added to the principal balance of the applicable note(s) comprising a portion of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents, and (iii) a full cash flow sweep to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—ARD Loan(s)” in this Preliminary Prospectus. |
(7) | The Administrative Cost Rate includes the respective per annum rates applicable to the calculation of the servicing fee, any sub–servicing fee, trustee/certificate administrator fee, operating advisor fee, and CREFC® license fee with respect to each Mortgage Loan. For purposes of this annex A–1, the definition of Administrative Fee Rate as it relates to any Non–Serviced Mortgage Loan includes the related Pari Passu Loan Primary Servicing Fee Rate which includes the “primary servicing fee rate” (as defined or set forth in the applicable pooling and servicing agreement) and any other related servicing or any sub–servicing fee rate (other than those payable to the applicable special servicer) applicable to such Non–Serviced Mortgage Loan that constitutes a portion of the “servicing fee rate” applicable to the other master servicer under the applicable other pooling and servicing agreement. See the table titled “Non–Serviced Whole Loans” under “Summary of Terms—Offered Certificates—Servicing and Administration Fees” in this Preliminary Prospectus. |
(8) | Loan No. 3 – Elo Midtown Office Portfolio – Under the terms of the related Mortgage Loan documents, the first due date is February 6, 2021, the Original Interest Only Period and the Remaining Interest Only Period are each 120 months, and the Original Term to Maturity or ARD and Remaining Term to Maturity or ARD are each 120 months. However, due to the fact that the related mortgage loan seller will contribute an initial interest deposit amount to the Issuing Entity on the Closing Date to cover an amount that represents one–month’s interest that would have accrued with respect to the Mortgage Loan at the related net mortgage rate with respect to an assumed January 2021 payment date, such Mortgage Loan is being treated as having a first payment date on January 6, 2021, an –Original Interest Only Period and – Remaining Interest Only Period of 121 months, and an Original Term to Maturity or ARD and Remaining Term to Maturity or ARD of 121 months. Loan Nos. 5, 11, and 21 – Rugby Pittsburgh Portfolio, Amazon Port of Savannah, and Maplewood Commons – In each case, under the terms of the related Mortgage Loan documents, the first payment date is the Payment Date in February 2021, and the Original Term to Maturity or ARD, Remaining Term to Maturity or ARD, Original Amortization Term, or Remaining Amortization Term, as applicable, is 120 months. However, due to the fact that the related mortgage loan seller will contribute an initial interest deposit amount to the Issuing Entity on the Closing Date to cover an amount that represents one month’s interest that would have accrued with respect to the Mortgage Loan at the related net mortgage rate with respect to an assumed January 2021 payment date such Mortgage Loan is being treated as having a first payment date on the due date in January 2021, and an the Original Term to Maturity or ARD, Remaining Term to Maturity or ARD, Original Amortization Term, or Remaining Amortization Term, as applicable, of 121 months. Loan Nos. 9, 23, 24, 27, and 32 – 1088 Sansome, Pet Food Experts Industrial, Frontier Self Storage, Reladyne Industrial, and Alief Westwood Self Storage – In each case, on the Closing Date, the Mortgage Loan Seller is contributing the initial interest deposit amount to the Issuing Entity to cover one month’s interest that would have accrued with respect to the whole loan at the related net mortgage rate, and each of the First Payment Date, Original Term to Maturity or ARD and Remaining Term to Maturity or ARD reflects the foregoing. The whole loan’s actual First Payment Date under the related whole loan documents is February 6, 2021 with a loan term of 120 months. Loan No. 17 – Medici Office Park – Under the terms of the related Mortgage Loan documents, the first payment date is February 6, 2021, the Original Interest Only Period and Remaining Interest Only Period are each 0 months, and the Original Term to Maturity or ARD and Remaining Term to Maturity or ARD are each 120 months. However, due to the fact that the related mortgage loan seller will contribute an initial interest deposit amount to the Issuing Entity on the Closing Date to cover an amount that represents one–month’s interest that would have accrued with respect to the Mortgage Loan at the related interest rate with respect to a January 2021 payment date, such Mortgage Loan is being treated as having a first payment date on January 6, 2021, an Original Interest Only Period and Remaining Interest Only Period of 1 month, and an Original Term to Maturity or ARD and Remaining Term to Maturity or ARD of 121 months. |
Loan No. 33 – Prime Storage Palm Desert – Under the terms of the related Mortgage Loan documents, the first due date is February 6, 2021, the Original Interest Only Period and the Remaining Interest Only Period is 60 months, and the Original |
Term to Maturity or ARD and Remaining Term to Maturity or ARD is 60 months. However, due to the fact that the related mortgage loan seller will contribute an initial interest deposit amount to the Issuing Entity on the Closing Date to cover an amount that represents one–month’s interest that would have accrued with respect to the Mortgage Loan at the related net mortgage rate with respect to an assumed January 2021 payment date, such Mortgage Loan is being treated as having a first payment date on January 6, 2021, an –Original Interest Only Period and – Remaining Interest Only Period of 61 months, and an Original Term to Maturity or ARD and Remaining Term to Maturity or ARD of 61 months. | |
(9) | Annual Debt Service ($), Monthly Debt Service ($), Underwritten NOI DSCR and Underwritten NCF DSCR for Mortgage Loans (i) with partial interest only periods are shown based on the monthly debt service payment immediately following the expiration of the interest only period and (ii) that are interest only until the related maturity date are shown based on the interest only payments during the 12–month period following the Cut–off Date (or, in the case of Monthly Debt Service ($), the average of such interest only payments) without regard to leap year adjustments. |
(10) | “Hard” generally means each tenant is required to transfer its rent directly to the lender–controlled lockbox account. However, with respect to hospitality properties, “Hard” means all credit card receipts are deposited directly into the lockbox by the card processing company and all over–the–counter cash and equivalents are required to be deposited by the property manager or borrower into the lockbox. “Soft” means the borrower has established a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. “Springing Soft” means that upon the occurrence of a trigger event (as specified in the related Mortgage Loan Documents), the borrower is required to establish a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. “Springing Hard” means that upon a trigger event (as specified in the related Mortgage Loan Documents), each tenant will be required to transfer its rent directly to a lender–controlled lockbox. “Soft Springing Hard” means the borrower has established a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account, but upon a trigger event (as specified in the related Mortgage Loan Documents), each tenant will be required to transfer its rent directly to a lender–controlled lockbox. |
(11) | “In Place” means that related property cash flows go through a waterfall of required reserve or other payment amounts due before the lender either (i) disburses excess cash to the related borrower or (ii) retains excess cash as additional collateral for the Mortgage Loan. “Springing” means that upon the occurrence of a trigger event, as defined in the related Mortgage Loan documents, In Place cash management (as described above) will take effect, and will generally continue until all trigger events are cured (to the extent a cure is permitted under the related Mortgage Loan documents). |
(12) | With respect to the loans referenced below structured with A/B Notes, the Underwritten NOI DSCR, Underwritten NCF DSCR, Cut–off Date LTV Ratio, LTV Ratio at Maturity or ARD, Underwritten NOI Debt Yield, Underwritten NCF Debt Yield and Loan per Net Rentable Area (SF/Units/Rooms) ($) calculations exclude the subordinate secured debt. ● Loan No. 1 – The Grace Building ● Loan No. 2 – MGM Grand & Mandalay Bay |
(13) | Loan No. 1 – The Grace Building – The Underwritten NOI is more than 10% higher than the Most Recent NOI ($) because of recent turnovers of some of the largest tenant spaces, including four of the five largest tenants moving out between 2016 and 2018. Loan No. 2 – MGM Grand & Mandalay Bay – The increase from Most Recent NOI ($) to Underwritten NOI ($) is a result of the temporary closure of the MGM Grand & Mandalay Bay Properties due to COVID-19. On May 1, 2020, MGM Resorts International reported that, as a result of the temporary closure of its domestic properties (which includes the MGM Grand & Mandalay Bay Properties) following the outbreak of COVID-19, its domestic properties (which includes the MGM Grand & Mandalay Bay Properties) were effectively generating no revenue, there were high levels of room and convention cancellation through the third quarter of 2020, and that, following the re-opening of its domestic properties (which includes the MGM Grand & Mandalay Bay Properties), it expected weakened demand in light of consumer fears and general economic uncertainty, among other things. Loan No. 3 – Elo Midtown Office Portfolio – The increase from Most Recent NOI ($) to Underwritten NOI ($) can be attributed to the rent deferments given to tenants at the 48 West 48th Street and 151 West 46th Street properties by the borrower sponsor that were not required to be repaid, contractual rent steps, and potential income from vacant space. Historical Net Operating Income is in-line with Underwritten Net Operating Income. Loan No. 5 – Rugby Pittsburgh Portfolio – The borrower provided financials only with respect to the portfolio in the aggregate and not with respect to the individual portfolio properties. Loan No. 8 – McClellan Business Park – The increase from the Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to (i) contractual rent steps through October 2021 and the straight line average of contractual rent step increments over the lease term for investment grade tenants, (ii) increase in rental rates on rolling leases, (iii) occupancy increases, including the lease up to Amazon.com of a newly built 400,000 SF last mile distribution center and (iv) a management fee cap at $1,000,000. Loan No. 14 – 27750 Entertainment Drive – The increase from the Most Recent NOI ($) to Underwritten NOI ($) at the Mortgaged Property is primarily attributable to the newly signed fully net lease by Scorpion Enterprises, LP. |
Loan No. 15 – JW Marriott Nashville – The increase from the Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to underwriting stabilized hotel operations pre-COVID-19 as of the trailing 12-month period ending on January 31, 2020. The latest trailing 12-month period ending on September 30, 2020 reflects the months heavily impacted by COVID-19. Additionally, the borrower sponsor has posted an 18-month debt service reserve equal to $8,831,707, which will be applied to monthly debt service payments through March 2022. Loan No. 16 – Hotel ZaZa Houston Museum District – The increase from the Most Recent NOI ($) to Underwritten NOI ($) at the Mortgaged Property is primarily attributable to the impact of COVID-19 pandemic on the Mortgaged Property. | |
Loan No. 29 – SDC Annex – the increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to new recent leasing in 2019 and 2020. Loan No. 31 – 200 Centennial Avenue – The increase from Most Recent NOI ($) to Underwritten NOI ($) at the Mortgaged Property is primarily attributable to contractual rent steps and potential income from vacant space. | |
(14) | The grace periods noted under “Grace Period” reflect the number of days of grace before a payment default is an event of default. Certain jurisdictions impose a statutorily longer grace period. Certain of the Mortgage Loans may additionally be subject to grace periods with respect to the occurrence of an event of default (other than a payment default) and/or commencement of late charges which are not addressed in Annex A–1 to this Preliminary Prospectus. Loan No. 22 – Mercury Plaza – The Grace Period of five days is applicable only to the Monthly Debt Service ($) and not to the payment due on the Final Maturity Date. |
(15) | In certain cases, in addition to an “as–is” value, the appraisal states an “as complete”, “as–stabilized” or “hypothetical” value for the related Mortgaged Property that assumes that certain events will occur with respect to retenanting, construction, renovation or repairs at such Mortgaged Property. The Appraised Value set forth on Annex A–1 is the “as–is” value unless otherwise specified in this Preliminary Prospectus. With respect to the Mortgaged Properties that secure the Mortgage Loans listed in the following table, the respective Cut–off Date LTV Ratio was calculated using the related “as complete”, “as–stabilized” or “hypothetical” Appraised Values, as opposed to the “as–is” Appraised Values, each as set forth in the following table: |
Mortgage Loan | % of Initial Pool Balance | Mortgage Loan Cut-off | Mortgage Loan Than “As-Is”) | Appraised Value (Other Than “As-Is”) | Mortgage Loan LTV Ratio | Mortgage Loan at Maturity | Appraised Value (“As-Is”) |
801 Bedford Avenue(1) | 0-9% | 57.0% | 57.0% | $12,500,000 | 57.9% | 57.9% | $12,300,000 |
(1) The Appraised Value (Other Than “As-Is”) reflects the As Stabilized appraised value of the 801 Bedford Avenue Mortgaged Property, which assumes stabilized operations at the Mortgaged Property as of December 1, 2020. In addition, with respect to the MGM Grand & Mandalay Bay Mortgage Loan (9.2%), the Appraised Value of $4,600,000,000 represents the “As Is Real Property” value solely with respect to the real property at the MGM Grand & Mandalay Bay Mortgaged Properties attributable to the Mortgaged Properties and excludes personal property and intangible property. The appraisal also includes an “As Leased-Sale-Leaseback Appraised Value,” which is equal to the Aggregate Real Property Appraised Value. The aggregate appraised value when including such personal property and intangible property is $7,352,600,000. The personal property and intangible property relating to the MGM Grand & Mandalay Bay Mortgaged Properties is owned by the MGM Tenant or certain sublessees at the MGM Grand & Mandalay Bay Mortgaged Properties that are wholly owned subsidiaries of MGM (the “MGM/Mandalay Operating Subtenants”) (as more particularly provided in the master lease), which granted a security interest in certain property of the MGM Tenant and the MGM/Mandalay Operating Subtenants (with certain exclusions, including an exclusion for the intellectual property of MGM Tenant as more particularly described in the master lease); and provided that the FF&E is only transferred to the borrowers at no cost in the event of a termination of the master lease due to an event of default by the MGM Tenant thereunder) in favor of the borrowers, and such security interest was collaterally assigned by the borrowers to the lender. | |
(16) | Loan No. 4 – Station Park & Station Park West – The borrower is the ground lessor to ground leases with a number of small tenants, including Wendy’s. Loan No. 21 – Maplewood Commons – The borrower is the ground lessor to a ground lease with the Largest Tenant, Lowe’s. |
(17) | Prepayment Provisions are shown from the respective Mortgage Loan First Payment Date. “L(x)” means lock–out for x payments. “D(x)” means may be defeased for x payments. “YM(x)” means may be prepaid for x payments with payment of a yield maintenance charge. “YM1(x)” means may be prepaid for x payments with payment of the greater of a yield maintenance charge and 1% of the amount prepaid. |
“DorYM1(x)” means for x payments may be either defeased or prepaid with the greater of a yield maintenance charge and 1% of the amount prepaid.
“O(x)” means freely prepayable for x payments, including the maturity date.
“YM0.5(x)” means may be prepaid for x payments with payment of the greater of a yield maintenance charge and 0.5% of the amount prepaid.
Certain of the Mortgage Loans permit the release of a portion of a Mortgaged Property (or an individual Mortgaged Property, in connection with a portfolio Mortgage Loan) under various circumstances, as described in this Preliminary Prospectus. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases” in this Preliminary Prospectus. In addition, certain of the Mortgage Loans permit the borrower to prepay a portion of the Mortgage Loan to avoid or cure a cash sweep period due to a low debt yield or debt service coverage ratio trigger. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Voluntary Prepayments” in this Preliminary Prospectus. | |
Loan No. 33 – Prime Storage Palm Desert – Robert Morgan, a former business partner of the nonrecourse carve-out guarantor, and who is unrelated to the Prime Storage Palm Desert Mortgage Loan, was previously indicted for allegations of mortgage fraud and maintaining a Ponzi scheme. The indictment contained no reference to the nonrecourse carve-out guarantor. The related Prime Storage Palm Desert Mortgage Loan documents provide that, if at any time prior to the commencement of the open period the nonrecourse carve-out guarantor is indicted for any actions or omissions in connection with, related to, or arising from any relationship or transactions with, or matters arising from the investigations and prosecution of, Robert Morgan or any affiliates or persons acting under Robert Morgan’s control, and such indictment is not dismissed with prejudice within 60 days, then the related borrower will be required to prepay the Mortgage Loan in full with yield maintenance within 60 days. | |
(18) | Loan No. 1 – The Grace Building – The lockout period will be 24 payments beginning with and including the first payment date of January 6, 2021. The borrower may defease the Whole Loan after the earlier to occur of (a) the date that is two years from the securitization of the last note to be securitized or (b) three years after the Origination Date (the “Defeasance Lockout Expiration Date”). In addition, the borrower may prepay the Whole Loan, in whole but not in part, on a business day on or after the Defeasance Lockout Expiration Date, with the payment of a prepayment fee equal to the greater of the yield maintenance amount or 1% of the unpaid principal balance as of such prepayment date. The assumed lockout period of 24 payments is based on the expected Benchmark 2020-B22 securitization closing date in December 2020. The actual lockout period may be longer. Loan No. 2 – MGM Grand & Mandalay Bay – The defeasance lockout period will be at least 33 payment dates beginning with and including the first payment date of April 5, 2020. The MGM Grand & Mandalay Bay borrowers have the option to defease the MGM Grand & Mandalay Bay Whole Loan, in whole or in part, after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) February 14, 2023. The MGM Grand & Mandalay Bay Whole Loan may be prepaid in whole or in part at any time, subject to payment of the applicable yield maintenance premium if such prepayment occurs prior to September 5, 2029 (provided no yield maintenance will be due in connection with mandatory prepayments arising out of any casualty, condemnation or in connection with a Special Release or a Default Release (as defined in the Preliminary Prospectus). The assumed lockout period of 33 payment dates is based on the expected Benchmark 2020–B22 securitization closing date in December 2020. The actual lockout period may be longer. Loan No. 4 – Station Park & Station Park West – The lockout period will be at least 24 payments beginning with and including the first payment date of January 5, 2021. The borrowers have the option to defease the Station Park Whole Loan, in whole, at any time after the second anniversary of the securitization closing date of the last note to be securitized. The Station Park Whole Loan may be prepaid in whole or in part at any time on or after January 5, 2023, subject to payment of the applicable yield maintenance premium if such prepayment occurs prior to September 5, 2030. The assumed lockout period of 24 months is based on the expected closing date of the Benchmark 2020-B22 securitization in December 2020. The actual lockout period may be longer. Loan No. 5 – Rugby Pittsburgh Portfolio – The lockout period will be at least 24 payments beginning with and including the adjusted first payment date of January 1, 2021. The actual first payment date is February 1, 2021. The borrowers have the option to (a) defease the Whole Loan on the date that is two years from the securitization of the last note to be securitized (the “Permitted Defeasance Date”) or (b) prepay the Whole Loan with the payment of a yield maintenance premium on January 1, 2024, if the Permitted Defeasance Date has not occurred. The assumed lockout period of 24 months is based on the expected closing date of the Benchmark 2020-B22 securitization in December 2020. The actual lockout period may be longer. Loan No. 8 – McClellan Business Park – Yield Maintenance of the full $358 million McClellan Business Park Whole Loan is permitted at any time. In addition, defeasance of the full McClellan Business Park Whole Loan is permitted at any time after the defeasance lockout period, which date is the earlier to occur of (a) January 11, 2024 and (b) the second anniversary of the closing date of the securitization which includes the last pari passu note to be securitized. The assumed defeasance lockout |
period of 24 payment dates is based on the expected Benchmark 2020-B22 securitization closing date in December 2020. The actual lockout period may be longer. | |
Loan No. 10 – 711 Fifth Avenue – The lockout period will be at least 33 payment dates beginning with and including the first payment date of April 6, 2020. Defeasance of the 711 Fifth Avenue Whole Loan in full (or in part to cure a debt yield trigger event) is permitted after the date that is the earlier to occur of (i) March 6, 2023 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 33 payments is based on the expected Benchmark 2020-B22 securitization closing date in December 2020. The actual lockout period may be longer. Loan No. 15 – JW Marriott Nashville – The lockout period will be at least 33 payment dates beginning with and including the first payment date of April 6, 2020. Defeasance of the JW Marriott Nashville Whole Loan in full is permitted after the date that is the earlier to occur of (i) March 6, 2023 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 33 payments is based on the expected Benchmark 2020-B22 securitization closing date in December 2020. The actual lockout period may be longer. Loan No. 19 – Cabinetworks Portfolio – The lockout period will be at least 25 payment dates beginning with and including the first payment date of December 6, 2020. Defeasance of the Cabinetworks Portfolio Whole Loan in full is permitted after the date that is the earlier to occur of (i) October 26, 2023 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. In addition, after the lockout period, the Cabinetworks Portfolio Whole Loan may be voluntarily prepaid with a prepayment fee equal to the greater of the yield maintenance amount or 1% of the unpaid principal balance as of the prepayment date. The assumed lockout period of 25 payments is based on the expected Benchmark 2020-B22 securitization closing date in December 2020. The actual lockout period may be longer. | |
(19) | Partial release in connection with a partial prepayment or partial defeasance or substitution or a free release is permitted for the following loans. See “Description of the Mortgage Pool —Certain Terms of the Mortgage Loans—Partial Releases” in this Preliminary Prospectus for the terms of the releases. ● Loan No. 2 – MGM Grand & Mandalay Bay ● Loan No. 5 – Rugby Pittsburgh Portfolio ● Loan No. 8 – McClellan Business Park ● Loan No. 19 – Cabinetworks Portfolio ● Loan No. 25 – Arotech-FAAC Portfolio ● Loan No. 26 – Storage Solutions Portfolio ● Loan No. 30 – CityLine All American Storage Loan No. 23 — Pet Food Experts Industrial and Loan No. 27 – Reladyne Industrial—If an event of default is continuing under such Mortgage Loan, the lender has delivered notice to the borrower or commenced exercising remedies with respect to such event of default, the borrower has demonstrated to the lender’s reasonable satisfaction that it has promptly and diligently pursued a cure of such event of default and borrower has been unable to effect a cure of such event of default, the borrower may prepay such Mortgage Loan in full, together with the applicable prepayment fee (and obtain a release of the related Mortgaged Property), prior to the expiration of the lockout period. |
(20) | Loan No. 4 – Station Park & Station Park West – The hotel portion of the Mortgaged Property occupied by Hyatt Place is subject to an operating lease between Station Park Centercal Owner, LLC, as lessor, and Station Park Hotel Centercal Owner, LLC, as lessee under such operating lease. |
(21) | Loan No. 15 – JW Marriott Nashville – The Mortgaged Properties consists, in whole or in part, of the related borrower’s interest in one or more ground leases, space leases, air rights leases or other similar leasehold interests. Loan No. 20 – 350 West Broadway – The Mortgaged Property is secured by an interest in a retail condominium unit, which is part of a fractured mixed-use regime comprised of eight units, seven of which are residential, and the remaining one is the Mortgaged Property. The borrower owns approximately 30% of the condominium regime and does not have control over the board of the condominium. The board is comprised of three directors, one of which is appointed by the borrower. The borrower has certain consent rights with respect to amendments to the declaration, including with respect to “Common Interest appurtenant to each Unit”. See “Description of the Mortgage Pool – Mortgage Pool Characteristics – Condominium and Other Shared Interests” in the Preliminary Prospectus for additional information. |
(22) | Loan No. 2 – MGM Grand & Mandalay Bay – Under the Master Lease, the MGM tenant is required to pay to the MGM Grand & Mandalay Bay borrowers an initial lease rent of $292.0 million per annum ($159.0 million allocated to the MGM Grand Property and $133.0 million allocated to the Mandalay Bay Property, the “Master Lease Rent”), subject to annual increases of (i) 2.0% in years 2 through 15 of the initial lease term, and (ii) thereafter, the greater of 2.0% or CPI (CPI capped at 3.0%) for the remainder of the initial lease term. Additionally, the MGM tenant will be required to continue to invest in the MGM Grand & Mandalay Bay Properties, with (x) a minimum aggregate capital investment requirement of 3.5% of actual net revenues every five years (the first such period beginning January 1, 2020 and expiring December 31, 2024, and the second such period beginning January 1, 2021 and expiring December 31, 2025, and each five–year period thereafter on a rolling basis) in the aggregate for the MGM Grand & Mandalay Bay Properties (such amount not to be less than 2.5% of the actual net revenue of any individual Mortgaged Property) (collectively, the “Required CapEx”) and (y) a monthly reserve equal to 1.5% of actual net |
revenues which may be used for FF&E and on qualifying capital expenditures in satisfaction of the Required CapEx spend. The Mortgaged Properties were acquired in a sale-leaseback transaction. | |
(23) | Loan No. 8 – McClellan Business Park – two tenants, McClellan Jet Services and McClellan RV Storage, LLC, collectively leasing approximately 7.6% of the net rentable area at the Mortgaged Property, are affiliates of the related borrower. |
(24) | Loan No. 3 – Elo Midtown Portfolio – Ultimate Jewelry leases 1,768 sq. ft. expiring on October 31, 2025. Diamond Services leases 2,163 sq. ft. expiring on January 31, 2022 and 1,721 sq. ft. expiring on December 31, 2022. Loan No. 7 – 4 West 58th Street – The Largest Tenant, The Neiman Marcus Group LLC. (“Neiman Marcus”), filed bankruptcy under Chapter 11 of the Bankruptcy Code on May 7, 2020. On June 6, 2020, Neiman Marcus filed its plan of reorganization and disclosure statement, which was approved by the bankruptcy court on July 30, 2020. On September 25, 2020, Neiman Marcus emerged from bankruptcy. Neiman Marcus has elected to assume its lease at the Mortgaged Property. See “Description of the Mortgage Pool–Litigation and Other Considerations” in this Preliminary Prospectus for additional information. Loan No. 8 – McClellan Business Park – The 5th Largest Tenant, Northrop Grumman Systems, leases 254,511 sq. ft. with a lease expiration date of December 31, 2021, 8,250 sq. ft. with a lease expiration date of November 30, 2022 and 4,857 sq. ft. with a lease expiration date of July 31, 2022. Loan No. 17 – Medici Office Park – The Largest Tenant, Veterans Administration, leases 29,080 sq. ft. with a lease expiration date of April 30, 2024 and 3,888 sq. ft. with a lease expiration date of December 31, 2031. Loan No. 30 – CityLine All American Storage – Two tenants at the related Mortgaged Property, Dept of Juvenile Justice and Che Carson, have lease expiration dates prior to the Closing Date. The borrower sponsor is in negotiations with Dept of Juvenile Justice on extending their lease at the related Mortgaged Property and the tenant is in occupancy and paying rent. Che Carson is expected to vacate from the related Mortgaged Property. The lender escrowed approximately five years of U/W base rent with respect to the expected lease expirations for Dept of Juvenile Justice and Che Carson. |
(25) | The lease expiration dates shown are based on full lease terms. However, in certain cases, a tenant may have the option to terminate its lease or abate rent prior to the stated lease expiration date for no reason after a specified period of time and/or upon notice to the landlord or upon the occurrence of certain contingencies including, without limitation, if the landlord violates the lease or fails to provide utilities or certain essential services for a specified period or allows certain restricted uses, upon interference with such tenant’s use of access or parking, upon casualty or condemnation, for zoning violations, if certain anchor or key tenants (including at an adjacent property) or a certain number of tenants go dark or cease operations, if a certain percentage of the net rentable area at the Mortgaged Property is not occupied, if the tenant fails to meet sales targets or business objectives, or, in the case of a government tenant, for lack of appropriations or other reasons. In addition, in some instances, a tenant may have the right to assign its lease and be released from its obligations under the subject lease. Furthermore, some tenants may have the option to downsize their rented space without terminating the lease completely. Loan No. 1 – The Grace Building – The 2nd Largest Tenant at the related Mortgaged Property, The Trade Desk, has the right to terminate its lease (i) solely as to the 26th and 27th floors of the Mortgaged Property if the commencement date of its lease does not occur for such spaces by May 31, 2021, as such date may be extended by force majeure (not to exceed 150 days in the aggregate) and (ii) solely as to either or both of the 26th and 27th floors of the Mortgaged Property, consisting of a portion of its leased space (the “Trade Desk Additional Premises”), effective as of the last day of the month in which the seventh anniversary of the commencement date for the Trade Desk Additional Premises occurs and with the payment of a termination fee. The 3rd Largest Tenant at the related Mortgaged Property, Israel Discount Bank, has (i) a one-time right to terminate its entire leased space, effective as of December 31, 2035, with not less than 21 months’ prior written notice, and (ii) the right to terminate the lease with respect to the ground floor only, effective (at the tenant’s option) on either the fifth anniversary or the tenth anniversary of the rent commencement date, with not less than 15 months’ prior written notice. Loan No. 3 – Elo Midtown Portfolio (15 West 47th Street) – The Largest Tenant at the related Mortgaged Property, Avi & Co. Ny Corp., has the option to terminate its lease no earlier than August 31, 2022, with 120 days’ written notice to the landlord. Avi & Co. Ny Corp. will be required to pay a termination fee equal to the sum of $27,081.30. Loan No. 3 – Elo Midtown Portfolio (15 West 47th Street) – The Fourth Largest Tenant at the related Mortgaged Property, Gogreen Diamonds Inc., has the option to terminate its lease no earlier than December 31, 2022. |
Loan No. 4 – Station Park & Station Park West – The 5th Largest Tenant at the related Mortgaged Property, Vista Outdoor, has a continuing option to terminate its lease with respect to all or a portion of its premises on and after June 1, 2023, with at least a nine months’ prior written notice and the payment of a termination fee. |
Loan No. 5 – Rugby Pittsburgh Portfolio – Cherrington Corporate Center – The Largest Tenant at the related Mortgaged Property, Chevron USA, has a one-time option to terminate its lease with respect to either (i) the entirety of its premises or (ii) one or more contiguous floors out of its premises effective as of August 31, 2023, with at least a 12-month notice and the payment of a termination fee. The 2nd Largest Tenant, Mortgage Connect has the right to terminate its lease with respect to the first floor, totaling 8,327 sq. ft. upon 120 days’ notice and the payment of a termination fee with such termination to be effective as of i) April 30, 2025 or ii) April 30, 2026. The 3rd Largest Tenant, Waste Management of PA, Inc. has a one-time option to terminate its lease effective as of August 1, 2023, with a 12-month written notice and the payment of a termination fee. Loan No. 5 – Rugby Pittsburgh Portfolio – Foster Plaza – The 2nd Largest Tenant at the related Mortgaged Property, Wexford Health Sources, Inc. has a one-time option to terminate its lease with respect to either (i) a portion of its second floor premises consisting of 5,000 rentable square feet, or (ii) the entirety of its second floor premises (as elected, the “Termination Premises”), effective as of either (x) February 28, 2022; or (y) February 28, 2023 (as applicable, the “Early Termination Date”), with a written notice by not later than August 31, 2021, or August 31, 2022, respectively, and the payment of a termination fee. Loan No. 8 – McClellan Business Park – The 4th Largest Tenant at the Mortgaged Property, McClellan Jet Services, has the right to terminate its lease with respect to a portion of its space (1,373 sq. ft.) effective at any time after November 30, 2023 with 30 days’ notice. The 5th Largest Tenant, Northrop Grumman Systems has the right to terminate a portion of its space (4,857 sq. ft.) with notice to the landlord and payment of a termination fee. Loan No. 13 – 32-42 Broadway – The Largest Tenant at the related Mortgaged Property, City of NY Dept of Consumer Affairs has the following termination rights: (i) with respect to 75,264 rentable sq. ft., shall have the one-time right to terminate its lease in whole or in part on full floor or full floors basis, effective on either October 14, 2023 or October 14, 2026 upon 12 months written notice; (ii) with respect to 5,245 rentable sq. ft., the one-time right to terminate its lease effective on either August 25, 2020 or August 25, 2023 upon 12 months written notice; and, (iii) with respect to 4,781 rentable sq. ft., the one-time right to terminate its lease, subject to certain conditions, effective on either January 1, 2023 or January 1, 2026 upon 12 months written notice. For (i) and (ii), The City of NY Dept of Consumer Affairs must pay a termination fee equal to the unamortized rent value of the abatement period and the total cost of the work. For (iii), City of NY Dept of Consumer Affairs must reimburse the landlord for the unamortized portion for any broker’s commission paid to the landlord’s leasing agent. Loan No. 17 – Medici Office Park – The 5th Largest Tenant at the related Mortgaged Property, GSA - Social Security Administration, has the right to terminate its lease at any time after November 1, 2020 with 90 days’ notice. Loan No. 18 – 5 East 22nd Street – The Largest Tenant at the related Mortgaged Property, Proud Parking Corp., has the option to terminate its lease if a government authority requires repairs exceeding two months base rent during the last two years of the term. | |
(26) | The following major tenants (listed on Annex A–1) are currently subleasing all or a significant portion of its leased space: Loan No. 4 – Station Park & Station Park West – Pursuant to a sublease (the “Sublease”) executed on December 1, 2020, between Life Engineering, the 4th Largest Tenant at the Mortgaged Property, as subtenant, and Pluralsight, LLC, the current prime tenant whose lease expires on February 28, 2021, Life Engineering is subleasing its space from Pluralsight through February 28, 2021. According to the borrower, Life Engineering is in occupancy of a portion of the space under the Sublease. Life Engineering has executed a lease and will become a direct tenant under the new lease (the “New Lease”). The rent commencement date with respect to the New Lease will occur 90 days following delivery of the related space, which is anticipated to be on or before March 1, 2021. The 5th Largest Tenant, Vista Outdoor (“Vista”) has entered into a sublease of its entire space with El Morro Holdings, Inc. (“El Morro”), as the subtenant. Pursuant to the sublease, upon a natural expiration of or an earlier termination of Vista’s current lease (the “Prime Lease”), the Prime Lease would be assigned over to El Morro, upon which event the term of the Prime Lease would be extended to May 31, 2028. Loan No. 10 – 711 Fifth Avenue – According to a media report, the 3rd Largest Tenant, Ralph Lauren, has agreed to sublease its entire space to Mango, a Spanish retail chain, for $5 million per year. Pursuant to the terms of the lease and the loan documents, the tenant may not sublease the space to an unaffiliated third party without the consent of the borrower and the lender (in each case, which consent may not be unreasonably withheld, conditioned or delayed). It is not expected that any such sublease arrangement will relieve the Ralph Lauren tenant of its obligations under the lease (including the obligation to pay rent). We cannot assure you that such sublease will be executed or approved. Loan No. 25 – Arotech-FAAC Portfolio – The sole tenant at the related Mortgaged Property, Arotech Corporation, has sublet approximately 7,000 sq. ft. of its space at the 781 Avis Drive Mortgaged Property to Hands Across the Water, which has fewer than four years remaining on the sublease. According to the borrower, Arotech Corporation is anticipated to absorb the space upon expiration of the sublease. |
(27) | Tenants under certain leases included in the Underwritten Net Cash Flow, Underwritten NOI and/or Occupancy may not be in physical occupancy, may not have begun paying rent or may be in negotiation. With respect to the largest 15 Mortgage Loans and certain tenants representing more than 25% of the net rentable area of a Mortgaged Property, see “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations¬—Other” in this Preliminary Prospectus. The tenants shown in Annex A–1 have signed leases but may or may not be open for business as of the Cut–off Date. Loan No. 4 – Station Park & Station Park West – The 4th Largest Tenant at the related Mortgaged Property, Life Engineering, has signed its lease but has not taken occupancy of its space or commenced paying rent. The lease commences in March 2021 and the tenant has three months of free rent. Loan No. 5 – Rugby Pittsburgh Portfolio – Cherrington Corporate Center – The 2nd Largest Tenant at the related Mortgaged Property, Mortgage Connect, benefits from rent abatements with respect to at least a portion of its premises through March 2022 in the total contractual amount of $1,260,196. The borrower has reserved for the full amount of the contractual rent abatement. Loan No. 7 – 4 West 58th Street – The Largest Tenant, 2nd Largest Tenant, 4th Largest Tenant, and 5th Largest Tenant at the related Mortgaged Property, Neiman Marcus Group LLC., Netflix Inc., Northwell Health, and Union Sq. Dermatology, respectively, at the mortgaged property, have free rent or vacancy periods from March 2020 through, in certain cases, December 2020. At loan origination, the borrower reserved an aggregate amount of $5,799,156 to cover all vacancies, gap rent, prepaid rent, outstanding free rent concessions and rent abatements under the related leases. The 2nd Largest Tenant at the related Mortgaged Property, Netflix Inc., is expected to commence paying rent on March 1, 2021. The 4th Largest Tenant at the related Mortgaged Property, Northwell Health, was expected to take occupancy of its space at the Mortgaged Property in September 2020 and to commence paying rent in November 2020. The borrower has not confirmed whether the tenant has taken occupancy; however, the November accounts receivable report did not indicate that the tenant had not paid rent. Loan No. 10 – 711 Fifth Avenue – The 3rd Largest Tenant at the related Mortgaged Property, Ralph Lauren, representing approximately 11.4% of the net rentable area, is dark with respect to 31,202 sq. ft. of its space. The tenant continues to operate the 7,436 sq. ft. Polo Bar, which is open for takeout and delivery, at the related Mortgaged Property. If the borrower believes the tenant has ceased retail operations in all of the premises under the related lease, the borrower may give notice thereof to the tenant. Within 30 days after the borrower gives such notice, the tenant must notify the borrower whether the tenant intends to cease retail operations at the premises. If the tenant notifies the borrower of its intent to cease such retail operations, the borrower has the right to terminate the lease. Loan No. 29 -- SDC Annex -- the largest tenant, Knack, which leases 45.2% of the net rentable area, has free rent in January and February of 2021, which have been reserved for. |
(28) | Loan No. 1 – The Grace Building – The Largest Tenant, Bank of America, N.A., is one of the originating lenders of the Whole Loan. |
(29) | All upfront reserve balances reflect the upfront reserve amount at loan origination. The current balance may be less than the amount shown. Loan No. 10 – 711 Fifth Avenue – The borrower funded $2,000,000 at origination for estimated costs in connection with obtaining a new temporary or permanent certificate of occupancy to replace the temporary certificate of occupancy that expired in November 2019. The borrower obtained a temporary certificate of occupancy that was effective as of March 24, 2020, and the $2,000,000 has been disbursed to the borrower. Loan No. 16 – Hotel ZaZa Houston Museum District – The borrowers were required at loan origination to deposit $2,311,667.00 (the “Minimum Balance”) into the Upfront Other Reserves ($) (amount so deposited referred to as “Debt Service Reserve Funds”), consists of (i) a transfer on December 9, 2020 of $945,384.00 previously deposited by the borrower into the FF&E Reserve, (ii) an additional deposit from borrower on December 9, 2020 of $1,248,110.00, and (iii) an additional deposit from the borrower on the monthly payment date occurring in January, 2021 of $118,173.00). Provided no event of default has occurred and is continuing, upon written request from the borrower at any time following the date upon which the net cash flow debt yield is equal to or greater than 9.50% for two consecutive calendar quarters, the lender shall disburse the Debt Service Reserve funds as follows: (i) $1,155,833.50 shall be deposited into the FF&E Reserve and held and applied in accordance with the Hotel ZaZa Houston Museum District Loan documents, and (ii) $1,155,833.50 plus any accrued interest on the Debt Service Reserve shall be disbursed to borrower. Loan No. 30 – CityLine All American Storage – On the loan origination date, the borrower was required to deposit $460,000 (the “Free Rent Reserve”) into the Upfront Other Reserves ($) that is held by the escrow agent. Provided no trigger period has occurred and is continuing, the borrower shall be entitled to receive and retain any funds disbursed to the borrower from the Free Rent Reserve. In the event that a trigger period occurs while Free Rent Reserve funds remain in the Free Rent Reserve account, the lender may so notify the escrow agent, and the lender shall be entitled to direct the disbursement of any Free Rent Reserve funds to which the borrower would otherwise be entitled. |
(30) | All ongoing reserve balances reflect the ongoing reserve amount at loan origination. The current balance may be greater than or less than the amount shown. Monthly reserves required to be deposited in such accounts may be capped pursuant to the related Mortgage Loan documents. Loan No. 13 – 32-42 Broadway – The borrower was required at loan origination to deposit $3,000,000.00 (the “TI/LC Reserve”) into the Upfront TI/LC Reserve ($). On each monthly payment date that the TI/LC Reserve balance is below $1,500,000, the borrower will be required to deposit an amount equal to $65,196.63 and will be capped at $3,000,000. Loan No. 20 – 350 West Broadway – The borrower is required on each Payment Date to make a deposit into the Monthly Other Reserve ($) for the condominium assessments reserve an amount such that the balance in the condominium assessments reserve account will at all times equal at least the aggregate amount of condominium assessments due from the borrower to the condominium association with respect to the Mortgaged Property for the next ensuing six-month period as reasonably determined by the lender based on the most recent annual budget of the condominium association provided to the lender in accordance with the Mortgage Loan documents. Loan No. 28 – 801 Bedford Avenue – The borrower will be required to deposit into the ICAP Tax Reserve on January 15, 2012 and on every 6 months thereafter, an amount equal to the sum of $7,241 and the difference between the ICAP Tax Reserve on deposit and the ICAP Tax Reserve and the then applicable stabilized real estate tax amount. Loan No. 30 – CityLine All American Storage – On each monthly payment date, the borrower will be required to deposit $729.17 into the TI/LC Reserve. The borrower will have no obligation to make monthly TI/LC Reserve deposits to the extent that the balance of the TI/LC Reserve meets or exceeds the TI/LC Reserve cap of $26,250.12. |
(31) | Loan No. 15 – JW Marriott Nashville – Beginning on the Due Date in April 2021, the Ongoing Replacement Reserve is an FF&E reserve in an amount equal to (i) for the Due Dates through and including July 2023, 3% of the gross revenues of the Mortgaged Property for the prior calendar month and (ii) thereafter, 4% of the gross revenues of the Mortgaged Property for the prior calendar month. |
(32) | Loan No. 16 – Hotel ZaZa Houston Museum District – On each monthly payment date beginning in January 2022, the borrower is required to deposit into the FF&E reserve an amount equal to 1/12 of (a) with respect to the period commencing on January 1, 2022 and ending on December 31, 2022, 2.5%, (b) with respect to the period commencing on January 1, 2023 and ending on December 31, 2023, 3.25%, and (c) with respect to the period commencing on January 1, 2024 and ending on the maturity date, 4.0% in each case of the greater of (x) the annual gross revenues for the hotel related operations at the related Mortgaged Property for the immediately preceding calendar year as reasonably determined by lender and (y) the projected annual gross revenues for the hotel related operations at the related Mortgaged Property for the calendar year in which such monthly payment date occurs as set forth in the approved annual budget. |
(33) | With respect to the Mortgage Loans identified below, the lender is insured under an environmental insurance policy obtained (i) in lieu of obtaining a Phase II Environmental Site Assessment, (ii) in lieu of providing an indemnity or guaranty from a sponsor or (iii) to address environmental conditions or concerns. For additional information, see “Risk Factors—Risks Related to the Mortgage Loans—Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses” and “Description of the Mortgage Pool—Mortgage Pool Characteristics—Environmental Considerations” in this Preliminary Prospectus. |
Loan | Mortgage Loan | Mortgage Loan Cut-off Date Balance | % of Initial Outstanding Pool Balance | Maximum Policy Amount | Premium Paid in Full | Expiration Date |
2 | MGM Grand & Mandalay Bay | $75,000,000 | 9.2% | $25,000,000 | Yes | February 14, 2025 |
4 | Station Park & Station Park West | $60,000,000 | 7.4% | $10,000,000 | Yes | October 5, 2022 |
6 | Mountain View Village | $38,650,500 | 4.7% | $10.000,000 | Yes | October 5, 2022 |
10 | 711 Fifth Avenue | $30,000,000 | 3.7% | $5,000,000 | Yes | March 6, 2033 |
(34) | Loan No. 1 – The Grace Building – The aggregate liability of the carve-out guarantors with respect to the guaranteed recourse obligations of the borrower related to any bankruptcy event with respect to the borrower may not exceed an amount equal to 15% of the principal balance of The Grace Building Whole Loan outstanding at the time of the occurrence of such event, plus any and all reasonable third-party costs actually incurred by the lender (including reasonable attorneys’ fees and costs reasonably incurred) in connection with the collection of amounts due thereunder. Loan No. 2 – MGM Grand & Mandalay Bay – The Guarantor’s liability for full recourse events is capped at an amount equal to 10% of the aggregate outstanding principal balance of the MGM Grand & Mandalay Bay Whole Loan as of the date of the event. In addition, only the MGM Grand & Mandalay Bay Borrowers are liable for breaches of environmental covenants; provided, however, that if the MGM Grand & Mandalay Bay Borrowers fail to maintain an environmental insurance policy required under the MGM Grand & Mandalay Bay Whole Loan documents, the Guarantor is liable for losses other than (x) for |
any amounts in excess of the applicable coverage amounts under the environmental policy had the same been renewed, replaced or extended as required under the loan agreement and (y) for any amounts recovered under the environmental policy. In addition, recourse for transfers of the MGM Grand & Mandalay Bay Properties or controlling equity interests in the MGM Grand & Mandalay Bay Borrowers is loss recourse, rather than full recourse. Loan Nos. 4 and 6 – Station Park & Station Park West and Mountain View Village – There is no separate Guarantor or environmental indemnitor, and the borrower is the sole party responsible for breaches or violations of the nonrecourse carve-out provisions in the related Mortgage Loan documents. At origination of the Mortgage Loan, the borrower obtained an environmental insurance policy issued from Ironshore Specialty Insurance Company in the name of the borrower, with the lender as additional named insured with its successors, assigns and/or affiliates, with per incident and aggregate limits of $10,000,000, a $50,000 per incident self-insured retention and a term expiring on October 5, 2022. Loan No. 7 – 4 West 58th Street – The borrower sponsor and the carve-out guarantor, Sheldon H. Solow, passed away on November 17, 2020. The related guaranty agreement provides that all of the carve-out guarantor’s obligations under the guaranty (the “Guaranteed Obligations”) are binding upon the carve-out guarantor’s estate and legal representatives upon the Carve-out Guarantor’s death. The guaranty further provides that, after the carve-out guarantor’s death and until all of the Guaranteed Obligations have been paid in full and at all times following the Carve-out Guarantor’s estate’s first distribution of assets, the Carve-out Guarantor’s estate (a) is required to maintain (i) a net worth of not less than $125,000,000 (the “Net Worth Threshold”) and (ii) liquid assets of not less than $10,000,000 (the “Liquid Assets Threshold”), and (b) may not sell, pledge, mortgage or otherwise transfer any of its assets, or any interest therein, on terms materially less favorable than would be obtained in an arms-length transaction or if such transaction would cause the net worth or the liquidity of the guarantor’s estate to fall below, respectively, the Net Worth Threshold and the Liquid Assets Threshold. | |
Loan No. 9 – 1088 Sansome – While the obligations of the two guarantors are joint and several, the related Mortgage Loan documents provide that the two guarantors’ guarantees are not cross-defaulted, and that a guarantor-related event of default of one guarantor (including events of default related to a bankruptcy of such one guarantor) will not be an event of default under the Mortgage Loan if the other guarantor meets certain net worth and liquidity requirements, is in compliance with the loan documents, and controls the related borrower. In addition, one such guarantor, Michael Moritz, is not subject to financial covenants or required to provide financial information unless there is an event of default caused by the other guarantor, Angus McCarthy. Loan No. 23 – Pet Food Experts Industrial – The liability of the non-recourse carveout guarantor and the borrower under the Environmental Indemnity Agreement may not exceed the sum of (x) 120% of the original principal amount of the Mortgage Loan and (y) all reasonable out-of-pocket costs incurred by the lender (including, without limitation, legal fees) in connection with the enforcement of the Environmental Indemnity Agreement. |
(35) | Loan No. | Mortgage Loan | Senior Notes Cut-off Date Balance | Subordinate Notes Cut-off Date Balance | Total Mortgage Debt Cut-off Date Balance(1) | Total Senior Notes U/W NCF DSCR | Total Mortgage Debt U/W NCF DSCR(1) | Total Senior Notes Cut-off Date LTV | Total Mortgage Debt Cut-off Date LTV Ratio(1) | Total Senior Notes U/W NOI Debt Yield | Total Mortgage Debt U/W NOI Debt Yield(1) |
1 | The Grace Building | $883,000,000 | $367,000,000 | $1,250,000,000 | 4.25x | 3.00x | 41.1% | 58.1% | 11.8% | 8.3% | |
2 | MGM Grand & Mandalay Bay(2) | $1,634,200,000 | 51,365,800,000 | $3,000,000,000 | 4.95x | 2.70x | 35.5% | 65.2% | 17.9% | 9.7% |
(1) Includes any related pari passu companion loan(s) and subordinate secured companion loan(s), and excludes any related mezzanine loan(s).
(2) LTV is calculated using the appraised value of $4,600,000,000 as of January 10, 2020, set forth above is the appraised value solely with respect to real property at the MGM Grand & Mandalay Bay Properties, excluding personal property and intangible property attributable to the MGM Grand & Mandalay Bay Properties.
(36) | Loan No. | Mortgage Loan | Mortgage Loan Cut-off Date Balance | % of Initial Outstanding Pool Balance | Intercreditor Agreement Required | Combined Minimum DSCR | Combined Maximum LTV(1) | Combined Minimum Debt Yield |
1 | The Grace Building | $80,000,000 | 9.8% | Yes | MAP | 58.14% | 8.35% | |
2 | MGM Grand & Mandalay Bay | $75,000,000 | 9.2% | Yes | 4.81x(1) | 67.0%(2) | NAP | |
7 | 4 West 58th Street | $32,500,000 | 4.0% | Yes | 1.50x | 69.4% | NAP | |
10 | 711 Fifth Avenue(3) | $30,000,000 | 3.7% | Yes | 2.80x | 54.5% | 8.98% | |
19 | Cabinetworks Portfolio | $15,000,000 | 1.8% | Yes | 2.35x | 64.4% | 12.38% | |
29 | SDC Annex | $5,665,000 | 0.7% | Yes | 1.40x | 60.3% | 8.4% |
(1) Calculated including any related pari passu companion loans and subordinate companion loans. (2) Combined Maximum LTV is based on appraisals ordered by the lender in connection with the closing of the mezzanine loan and calculated based on the outstanding principal balance of the MGM Grand & Mandalay Bay Whole Loan and the initial principal amount of the mezzanine loan. |
(3) The borrower has the right to incur additional indebtedness in the form of a mezzanine loan, that will be in no event greater than $35,000,000. | |
(37) | Loan No. 8 – McClellan Business Park – There is subordinate mortgage financing on the related Mortgaged Property in the original principal amount of $1,000,000 made by the Redevelopment Agency of the County of Sacramento to MP Holdings, LLC (the “Development Agency Loan”), of which an estimated $639,220.10 is outstanding as of the Cut-off Date. The Development Agency Loan has a 10-year loan forgiveness term, an interest rate of 4% per annum, and all payments of interest and principal are deferred until maturity (if not forgiven). The scheduled maturity date of the Development Agency Loan is March 1, 2023. Underwritten NOI DSCR, Underwritten NCF DSCR, Underwritten NOI Debt Yield, Underwritten NCF Debt Yield, Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD and Loan per Net Rentable Area (SF/Units/Rooms) $ calculations include the related Pari Passu Companion Loan but exclude the related subordinate debt represented by the Development Agency Loan. No. 16 – Hotel ZaZa Houston Museum District – With respect to the Hotel ZaZa Houston Museum District Mortgage Loan, the related Mortgage Loan documents permit the borrower to incur unsecured loans pursuant to the Paycheck Protection Program administered by the United States Small Business Administration in accordance with the Coronavirus Aid, Relief, and Economic Security Act of 2020, and the Borrower obtained a loan in the amount of approximately $2,493,400 under the PPP program in April 2020. |