FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-255181-02 |
3650R 2022-PF2 |
The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-255181) 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., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Mischler Financial Group, Inc. 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 3650R 2022-PF2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2022-PF2 (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. |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | % of Initial Pool Balance | % of Loan Balance | Mortgage Loan Originator | Mortgage Loan Seller | Related Group | Crossed Group |
9 | 9 | |||||||||
1 | Loan | 18, 28, 34 | 1 | Acropolis Garden Cooperative | 9.4% | 100.0% | CREFI | CREFI | NAP | NAP |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 1 | Concord Mills | 8.2% | 100.0% | DBRI, BANA | GACC | Yes - Group 1 | NAP |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | 14 | Triple Net Portfolio | 7.3% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | |
3.01 | Property | 1 | 417 & 433 West 164th Street | 1.1% | 14.7% | |||||
3.02 | Property | 1 | 5455 State Route 307 West | 1.1% | 14.4% | |||||
3.03 | Property | 1 | 508 Fishkill Avenue | 1.0% | 13.8% | |||||
3.04 | Property | 1 | 10701 East 126th Street North | 0.7% | 9.1% | |||||
3.05 | Property | 1 | 120-150 West 154th Street | 0.6% | 8.8% | |||||
3.06 | Property | 1 | 529 Aldo Avenue | 0.6% | 8.3% | |||||
3.07 | Property | 1 | 758 East Utah Valley Drive | 0.6% | 8.2% | |||||
3.08 | Property | 1 | 7051 Patterson Drive | 0.5% | 6.2% | |||||
3.09 | Property | 1 | 255 Industrial Parkway | 0.3% | 4.2% | |||||
3.10 | Property | 1 | 2801 North Earl Rudder Freeway | 0.3% | 4.2% | |||||
3.11 | Property | 1 | 1200 North Maitlen Drive | 0.2% | 3.1% | |||||
3.12 | Property | 1 | 2022 West Townline Road | 0.1% | 2.0% | |||||
3.13 | Property | 1 | 5450 Bishop Road | 0.1% | 2.0% | |||||
3.14 | Property | 1 | 13210 Kingston Avenue | 0.1% | 1.1% | |||||
4 | Loan | 10, 19, 22, 28, 34 | 1 | 330 West 34th Street Leased Fee | 5.5% | 100.0% | DBRI | GACC | NAP | NAP |
5 | Loan | 10, 11, 18, 27, 34 | 10 | Central States Industrial Portfolio | 5.5% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | |
5.01 | Property | 1 | Evergreen | 1.3% | 22.9% | |||||
5.02 | Property | 1 | Empire A&B | 1.2% | 21.0% | |||||
5.03 | Property | 1 | Lone Oak | 0.8% | 15.3% | |||||
5.04 | Property | 1 | Mound | 0.5% | 8.3% | |||||
5.05 | Property | 1 | Rochester | 0.4% | 7.7% | |||||
5.06 | Property | 1 | Schoolcraft | 0.4% | 6.4% | |||||
5.07 | Property | 1 | Wayne | 0.3% | 5.4% | |||||
5.08 | Property | 1 | Jeffries | 0.3% | 5.2% | |||||
5.09 | Property | 1 | Eckels | 0.2% | 4.3% | |||||
5.10 | Property | 1 | Martel | 0.2% | 3.6% | |||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | 1 | Ace Hotel & Swim Club | 5.4% | 100.0% | DBRI | GACC | NAP | NAP |
7 | Loan | 11, 21 | 10 | AZ Anytime Storage Portfolio | 4.7% | CREFI | CREFI | NAP | NAP | |
7.01 | Property | 1 | Anytime Storage #58 | 0.8% | 16.5% | |||||
7.02 | Property | 1 | Anytime Storage #52 | 0.7% | 14.6% | |||||
7.03 | Property | 1 | Anytime Storage #53 | 0.6% | 13.6% | |||||
7.04 | Property | 1 | Anytime Storage #55 | 0.6% | 12.0% | |||||
7.05 | Property | 1 | Anytime Storage #62 | 0.5% | 9.7% | |||||
7.06 | Property | 1 | Anytime Storage #54 | 0.4% | 9.1% | |||||
7.07 | Property | 1 | Anytime Storage #59 | 0.4% | 8.0% | |||||
7.08 | Property | 1 | Anytime Storage #56 | 0.3% | 7.2% | |||||
7.09 | Property | 1 | Anytime Storage #61 | 0.3% | 6.3% | |||||
7.10 | Property | 1 | Anytime Storage #60 | 0.1% | 3.0% | |||||
8 | Loan | 10, 20, 28, 29, 41 | 1 | Art Ovation Hotel | 3.8% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | Yes - Group 2 | NAP |
9 | Loan | 25, 26, 30 | 1 | Grove Northridge | 3.4% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
10 | Loan | 16, 18, 21, 25, 28 | 1 | Germantown Village Square | 3.4% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
11 | Loan | 28 | 1 | Aventura Self Storage | 3.2% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 1 | TOTAL Plaza | 3.1% | 100.0% | Column | Column | NAP | NAP |
13 | Loan | 12, 28 | 1 | Eastgate | 3.1% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 1 | City Market | 2.8% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
15 | Loan | 10, 20, 24, 25, 29 | 1 | 500 Delaware | 2.7% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
16 | Loan | 18, 28, 30, 33, 45 | 1 | Liberty Avenue Industrial | 2.6% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
17 | Loan | 10, 23, 24, 25, 28, 46 | 1 | Patewood Corporate Center | 2.5% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | 1 | Nellis Plaza | 2.1% | 100.0% | DBRI | GACC | Yes - Group 3 | NAP |
19 | Loan | 10, 11, 21, 23, 32, 34 | 8 | IPG Portfolio | 2.1% | CREFI | CREFI | NAP | NAP | |
19.01 | Property | 1 | Eagle Springs | 0.4% | 20.5% | |||||
19.02 | Property | 1 | Danville | 0.4% | 20.4% | |||||
19.03 | Property | 1 | Blythewood | 0.4% | 19.1% | |||||
19.04 | Property | 1 | Menasha | 0.2% | 9.3% | |||||
19.05 | Property | 1 | Tremonton | 0.2% | 8.2% | |||||
19.06 | Property | 1 | Carbondale | 0.2% | 8.0% | |||||
19.07 | Property | 1 | Marysville | 0.2% | 7.4% | |||||
19.08 | Property | 1 | Midland | 0.1% | 7.2% | |||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 1 | RH HQ | 2.1% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
21 | Loan | 16, 25, 27 | 1 | University Corporate Center I | 2.0% | 100.0% | CREFI | CREFI | NAP | NAP |
22 | Loan | 28, 49, 50 | 1 | Fairfield Inn Klamath Falls | 1.9% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
23 | Loan | 10, 20, 27, 34 | 1 | 800 Cesar Chavez | 1.8% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
24 | Loan | 9, 10, 16, 20, 31 | 1 | Meadowood Mall | 1.7% | 100.0% | 3650 REIT, Barclays, WFBNA, BMO | 3650 Real Estate Investment Trust 2 LLC | Yes - Group 1 | NAP |
25 | Loan | 1 | Summit | 1.7% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | |
26 | Loan | 10, 21, 51 | 1 | PetSmart HQ | 1.4% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
27 | Loan | 10 | 1 | Icon One Daytona | 1.4% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | Yes - Group 2 | NAP |
28 | Loan | 1 | Prince Hall Apartments | 1.4% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP | |
29 | Loan | 10, 18 | 1 | Lakeshore Marketplace | 1.3% | 100.0% | 3650 Real Estate Investment Trust 2 LLC | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
30 | Loan | 9 | 1 | Summer Glen Apartments | 1.0% | 100.0% | Column | 3650 Real Estate Investment Trust 2 LLC | NAP | NAP |
31 | Loan | 16, 24, 28, 29, 34 | 1 | Prospect Street Industrial | 0.8% | 100.0% | DBRI | GACC | Yes - Group 3 | NAP |
32 | Loan | 11, 23 | 2 | Southern Star TX & CO Portfolio | 0.6% | CREFI | CREFI | NAP | NAP | |
32.01 | Property | 1 | Plano Parkway Self Storage | 0.3% | 51.2% | |||||
32.02 | Property | 1 | StormKing Storage Montrose | 0.3% | 48.8% | |||||
33 | Loan | 1 | Store-It-All Owensboro | 0.4% | 100.0% | CREFI | CREFI | NAP | NAP |
A-1-1 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Address | City | County | State | Zip Code | General Property Type | Detailed Property Type | Year Built | Year Renovated | Number of Units |
1 | Loan | 18, 28, 34 | 21-77 33rd Street | Astoria | Queens | New York | 11105 | Multifamily | Cooperative | 1923 | NAP | 618 |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 8201 Concord Mills Boulevard | Concord | Cabarrus | North Carolina | 28027 | Retail | Super Regional Mall | 1999 | 2016-2021 | 1,318,651 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | Various | Various | Various | Various | Various | Various | Various | Various | Various | 806,752 |
3.01 | Property | 417 & 433 West 164th Street | Carson | Los Angeles | California | 90248 | Industrial | Manufacturing | 1967, 2015 | NAP | 29,500 | |
3.02 | Property | 5455 State Route 307 West | Geneva | Ashtabula | Ohio | 44041 | Industrial | Flex | 1979 | 2008 | 212,382 | |
3.03 | Property | 508 Fishkill Avenue | Beacon | Dutchess | New York | 12508 | Industrial | Warehouse/Distribution | 2012 | NAP | 56,125 | |
3.04 | Property | 10701 East 126th Street North | Collinsville | Tulsa | Oklahoma | 74021 | Industrial | Manufacturing | 2004 | 2015 | 138,431 | |
3.05 | Property | 120, 124, 128, 132 and 150 West 154th Street | Gardena | Los Angeles | California | 90248 | Industrial | Manufacturing | 1955 | 1983 | 27,620 | |
3.06 | Property | 529 Aldo Avenue | Santa Clara | Santa Clara | California | 95054 | Industrial | Manufacturing | 1973 | 2003 | 15,744 | |
3.07 | Property | 758 East Utah Valley Drive | American Fork | Utah | Utah | 84003 | Office | Suburban | 1996 | 2015 | 53,480 | |
3.08 | Property | 7051 Patterson Drive | Garden Grove | Orange | California | 92841 | Industrial | Manufacturing | 1979 | NAP | 18,600 | |
3.09 | Property | 255 Industrial Parkway | Ithaca | Gratiot | Michigan | 48847 | Industrial | Manufacturing | 1983 | 1999 | 60,500 | |
3.10 | Property | 2801 North Earl Rudder Freeway | Bryan | Brazos | Texas | 77803 | Industrial | Warehouse/Distribution | 2007 | 2010 | 26,156 | |
3.11 | Property | 1200 North Maitlen Drive | Cushing | Payne | Oklahoma | 74023 | Industrial | Manufacturing | 1984 | 2007 | 73,397 | |
3.12 | Property | 2022 West Townline Road | Peoria | Peoria | Illinois | 61615 | Industrial | Manufacturing | 1969 | 1985 | 56,000 | |
3.13 | Property | 5450 Bishop Road | Geneva | Ashtabula | Ohio | 44041 | Industrial | Flex | 1965 | 2008 | 27,072 | |
3.14 | Property | 13210 Kingston Avenue | Chester | Chesterfield | Virginia | 23836 | Industrial | Warehouse/Distribution | 1973 | 1982 | 11,745 | |
4 | Loan | 10, 19, 22, 28, 34 | 330 West 34th Street | New York | New York | New York | 10001 | Other | Leased Fee | NAP | NAP | 46,412 |
5 | Loan | 10, 11, 18, 27, 34 | Various | Various | Various | Various | Various | Industrial | Various | Various | Various | 1,205,173 |
5.01 | Property | 12499 Evergreen Avenue | Detroit | Wayne | Michigan | 48228 | Industrial | Cold Storage | 1965 | 2005, 2007, 2019 | 303,383 | |
5.02 | Property | 7625 Empire Drive | Florence | Boone | Kentucky | 41042 | Industrial | Warehouse/Distribution | 1967 | 1976 | 326,569 | |
5.03 | Property | 1313 Loan Oak Road | Eagan | Dakota | Minnesota | 55121 | Industrial | Flex | 1989 | 2019 | 113,184 | |
5.04 | Property | 24680 Mound Road | Warren | Macomb | Michigan | 48091 | Industrial | Manufacturing | 1952-1954 | 2013 | 86,422 | |
5.05 | Property | 1842 & 1890 Rochester Industrial Drive | Rochester Hills | Oakland | Michigan | 48309 | Industrial | Manufacturing | 1982, 1986, 1996 | 2004, 2010 | 68,902 | |
5.06 | Property | 39555 Schoolcraft Road | Plymouth Township | Wayne | Michigan | 48170 | Industrial | Manufacturing/Warehouse/Distribution | 1999 | 2021 | 68,596 | |
5.07 | Property | 32713 Schoolcraft Road | Livonia | Wayne | Michigan | 48150 | Industrial | Warehouse/Distribution | 1987 | NAP | 55,820 | |
5.08 | Property | 34443 Schoolcraft Road | Livonia | Wayne | Michigan | 48150 | Industrial | Warehouse/Distribution | 1976 | 2016, 2021-2022 | 55,547 | |
5.09 | Property | 12707 Eckles Road | Plymouth | Wayne | Michigan | 48170 | Industrial | Warehouse/Distribution | 1989 | NAP | 42,300 | |
5.10 | Property | 3120 Interstate 30 | Little Rock | Pulaski | Arkansas | 72206 | Industrial | Warehouse/Distribution | 1977 | 2001 | 84,450 | |
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | 701 East Palm Canyon Drive | Palm Springs | Riverside | California | 92264 | Hospitality | Full Service | 1966 | 2018 | 179 |
7 | Loan | 11, 21 | Various | Various | Various | Arizona | Various | Self Storage | Self Storage | Various | NAP | 377,528 |
7.01 | Property | 2100 West Baseline Road | Apache Junction | Pinal | Arizona | 85120 | Self Storage | Self Storage | 1998 | NAP | 54,700 | |
7.02 | Property | 7340 East Benson Highway | Tucson | Pima | Arizona | 85756 | Self Storage | Self Storage | 1998 | NAP | 49,950 | |
7.03 | Property | 1751 East Benson Highway | Tucson | Pima | Arizona | 85714 | Self Storage | Self Storage | 1997 | NAP | 45,625 | |
7.04 | Property | 5600 South 12th Avenue | Tucson | Pima | Arizona | 85706 | Self Storage | Self Storage | 1997 | NAP | 36,100 | |
7.05 | Property | 11139 East Apache Trail | Apache Junction | Maricopa | Arizona | 85120 | Self Storage | Self Storage | 2000 | NAP | 31,276 | |
7.06 | Property | 1155 East Irvington Road | Tucson | Pima | Arizona | 85714 | Self Storage | Self Storage | 1996 | NAP | 29,972 | |
7.07 | Property | 3055 North 30th Avenue | Phoenix | Maricopa | Arizona | 85017 | Self Storage | Self Storage | 1971 | NAP | 42,970 | |
7.08 | Property | 110 & 101 South Taylor Avenue | Bisbee | Cochise | Arizona | 85603 | Self Storage | Self Storage | 1995 | NAP | 35,200 | |
7.09 | Property | 556 East Frank Way | Williams | Coconino | Arizona | 86046 | Self Storage | Self Storage | 1995 | NAP | 36,560 | |
7.10 | Property | 508 North Grant Street | Flagstaff | Coconino | Arizona | 86004 | Self Storage | Self Storage | 2004 | NAP | 15,175 | |
8 | Loan | 10, 20, 28, 29, 41 | 1255 North Palm Avenue | Sarasota | Sarasota | Florida | 34236 | Hospitality | Full Service | 2018 | NAP | 162 |
9 | Loan | 25, 26, 30 | 8940-9080 Tampa Avenue | Northridge | Los Angeles | California | 91324 | Retail | Anchored | 1973, 1975-1977, 1995 | 2007 | 150,036 |
10 | Loan | 16, 18, 21, 25, 28 | 7670-7730 Poplar Avenue | Germantown | Shelby | Tennessee | 38138 | Retail | Anchored | 1975 | 2000 | 199,080 |
11 | Loan | 28 | 2641 Northeast 186th Terrace | Miami | Miami-Dade | Florida | 33180 | Self Storage | Self Storage | 2018 | NAP | 84,064 |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 1201 Louisiana Street | Houston | Harris | Texas | 77002 | Office | CBD | 1971 | 2020 | 840,006 |
13 | Loan | 12, 28 | 510-560 Marks Street | Henderson | Clark | Nevada | 89014 | Retail | Shadow Anchored | 2002 | NAP | 93,660 |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 219 West Bryan Street | Savannah | Chatham | Georgia | 31401 | Mixed Use | Retail/Office | 1850 | 2015-2022 | 89,975 |
15 | Loan | 10, 20, 24, 25, 29 | 500 Delaware Avenue | Wilmington | New Castle | Delaware | 19801 | Office | CBD | 2006 | 2020 | 371,222 |
16 | Loan | 18, 28, 30, 33, 45 | 317 Glenmore Avenue | Brooklyn | Kings | New York | 11207 | Industrial | Warehouse/Distribution | 1962, 2012 | NAP | 120,000 |
17 | Loan | 10, 23, 24, 25, 28, 46 | 10 & 30 Patewood Drive and 50 & 80 International Drive | Greenville | Greenville | South Carolina | 29615 | Office | Suburban | 1985-1998 | 1998-2017 | 447,282 |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | 305 North Nellis Boulevard | Las Vegas | Clark | Nevada | 89110 | Retail | Anchored | 2009 | NAP | 83,930 |
19 | Loan | 10, 11, 21, 23, 32, 34 | Various | Various | Various | Various | Various | Industrial | Various | Various | Various | 1,791,714 |
19.01 | Property | 1101 Eagle Springs Road | Danville | Pittsylvania | Virginia | 24540 | Industrial | Warehouse/Distribution | 1987 | 2017 | 317,670 | |
19.02 | Property | 360 Ringgold Industrial Parkway | Danville | Pittsylvania | Virginia | 24540 | Industrial | Warehouse/Distribution | 2004 | NAP | 316,507 | |
19.03 | Property | 1091 Carolina Pines Drive | Blythewood | Richland | South Carolina | 29016 | Industrial | Manufacturing | 1999 | 2014 | 350,563 | |
19.04 | Property | 741-748 Fourth Street | Menasha | Winnebago | Wisconsin | 54952 | Industrial | Manufacturing | 1920 | 2004 | 156,860 | |
19.05 | Property | 760 West 1000 North | Tremonton | Box Elder | Utah | 84337 | Industrial | Manufacturing | 1997 | NAP | 118,503 | |
19.06 | Property | 2200 North McRoy Drive | Carbondale | Jackson | Illinois | 62901 | Industrial | Warehouse/Distribution | 1995 | NAP | 193,730 | |
19.07 | Property | 317 Kendall Street | Marysville | Saint Clair | Michigan | 48040 | Industrial | Manufacturing | 1943 | 1987 | 233,264 | |
19.08 | Property | 13722 Bill Mcgee Road | Midland | Cabarrus | North Carolina | 28107 | Industrial | Warehouse/Distribution | 2016 | NAP | 104,617 | |
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 5725 Paradise Drive | Corte Madera | Marin | California | 94925 | Office | Suburban | 1978, 1997 | NAP | 97,951 |
21 | Loan | 16, 25, 27 | 3501 Quadrangle Boulevard | Orlando | Orange | Florida | 32817 | Office | Suburban | 1999 | 2022 | 126,687 |
22 | Loan | 28, 49, 50 | 460 Timbermill Drive | Klamath Falls | Klamath | Oregon | 97601 | Hospitality | Limited Service | 2020 | NAP | 92 |
23 | Loan | 10, 20, 27, 34 | 630 & 640-800 Cesar Chavez | San Francisco | San Francisco | California | 94124 | Industrial | Warehouse | 1953 | NAP | 122,360 |
24 | Loan | 9, 10, 16, 20, 31 | 5000 Meadowood Mall Circle | Reno | Washoe | Nevada | 89502 | Retail | Regional Mall | 1978 | 2013 | 456,841 |
25 | Loan | 7302, 7304 & 7400 Southwest 34th Avenue | Amarillo | Randall | Texas | 79121 | Retail | Anchored | 1986 | 2003 | 166,486 | |
26 | Loan | 10, 21, 51 | 19601 North 27th Avenue | Phoenix | Maricopa | Arizona | 85027 | Office | Suburban | 1997 | 2008 | 365,672 |
27 | Loan | 10 | 1820 Legends Lane | Daytona Beach | Volusia | Florida | 32114 | Multifamily | Garden | 2019 | NAP | 282 |
28 | Loan | 3650 Dixon Avenue | Dallas | Dallas | Texas | 75210 | Multifamily | Garden | 1969 | NAP | 192 | |
29 | Loan | 10, 18 | 5103 South Harvey Street | Norton Shores | Muskegon | Michigan | 49444 | Retail | Anchored | 1995 | 2019 | 349,332 |
30 | Loan | 9 | 6090 Terry Road | Jacksonville | Duval | Florida | 32216 | Multifamily | Garden | 1987 | NAP | 135 |
31 | Loan | 16, 24, 28, 29, 34 | 14301 Prospect Street | Dearborn | Wayne | Michigan | 48126 | Industrial | Warehouse/Distribution | 1988 | 2020 | 169,589 |
32 | Loan | 11, 23 | Various | Various | Various | Various | Various | Self Storage | Self Storage | Various | NAP | 75,877 |
32.01 | Property | 1100 East Plano Parkway | Plano | Collin | Texas | 75074 | Self Storage | Self Storage | 1974, 1984 | NAP | 42,937 | |
32.02 | Property | 19289 U.S. Highway 550 | Montrose | Montrose | Colorado | 81403 | Self Storage | Self Storage | 1997, 1998, 1999, 2002, 2014 | NAP | 32,940 | |
33 | Loan | 2946 Fairview Drive | Owensboro | Daviess | Kentucky | 42303 | Self Storage | Self Storage | 2004 | 2015 | 60,300 |
A-1-2 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Unit of Measure | Loan Per Unit ($) | Original Balance ($) | Cut-off Date Balance ($) | Maturity/ARD Balance ($) | Interest Rate % | Administrative Fee Rate % | Net Mortgage Rate % | Monthly Debt Service (P&I) ($) | Monthly Debt Service (IO) ($) | Annual Debt Service (P&I) ($) | Annual Debt Service (IO) ($) | Amortization Type |
11, 42 | 11, 42 | 11 | 1, 13 | 2 | 2 | ||||||||||
1 | Loan | 18, 28, 34 | Units | 110,841.42 | 68,500,000 | 68,500,000 | 68,500,000 | 6.09000% | 0.01580% | 6.07420% | NAP | 352,465.80 | NAP | 4,229,589.60 | Interest Only |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | SF | 178.21 | 60,000,000 | 60,000,000 | 51,688,768 | 6.54800% | 0.01705% | 6.53095% | 381,136.83 | NAP | 4,573,641.96 | NAP | Amortizing Balloon |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | SF | 115.90 | 53,500,000 | 53,500,000 | 53,500,000 | 5.00000% | 0.06500% | 4.93500% | NAP | 226,012.73 | NAP | 2,712,152.76 | Interest Only |
3.01 | Property | SF | 7,870,741 | 7,870,741 | 7,870,741 | ||||||||||
3.02 | Property | SF | 7,683,344 | 7,683,344 | 7,683,344 | ||||||||||
3.03 | Property | SF | 7,378,694 | 7,378,694 | 7,378,694 | ||||||||||
3.04 | Property | SF | 4,872,364 | 4,872,364 | 4,872,364 | ||||||||||
3.05 | Property | SF | 4,696,409 | 4,696,409 | 4,696,409 | ||||||||||
3.06 | Property | SF | 4,424,557 | 4,424,557 | 4,424,557 | ||||||||||
3.07 | Property | SF | 4,409,708 | 4,409,708 | 4,409,708 | ||||||||||
3.08 | Property | SF | 3,299,166 | 3,299,166 | 3,299,166 | ||||||||||
3.09 | Property | SF | 2,253,595 | 2,253,595 | 2,253,595 | ||||||||||
3.10 | Property | SF | 2,248,784 | 2,248,784 | 2,248,784 | ||||||||||
3.11 | Property | SF | 1,649,107 | 1,649,107 | 1,649,107 | ||||||||||
3.12 | Property | SF | 1,086,911 | 1,086,911 | 1,086,911 | ||||||||||
3.13 | Property | SF | 1,060,676 | 1,060,676 | 1,060,676 | ||||||||||
3.14 | Property | SF | 565,944 | 565,944 | 565,944 | ||||||||||
4 | Loan | 10, 19, 22, 28, 34 | SF | 2,154.62 | 40,000,000 | 40,000,000 | 40,000,000 | 4.55000% | 0.01580% | 4.53420% | NAP | 153,773.15 | NAP | 1,845,277.80 | Interest Only |
5 | Loan | 10, 11, 18, 27, 34 | SF | 49.70 | 39,900,000 | 39,900,000 | 39,900,000 | 5.51000% | 0.06500% | 5.44500% | NAP | 185,752.05 | NAP | 2,229,024.60 | Interest Only |
5.01 | Property | SF | 9,119,048 | 9,119,048 | 9,119,048 | ||||||||||
5.02 | Property | SF | 8,379,666 | 8,379,666 | 8,379,666 | ||||||||||
5.03 | Property | SF | 6,088,247 | 6,088,247 | 6,088,247 | ||||||||||
5.04 | Property | SF | 3,303,907 | 3,303,907 | 3,303,907 | ||||||||||
5.05 | Property | SF | 3,077,429 | 3,077,429 | 3,077,429 | ||||||||||
5.06 | Property | SF | 2,557,863 | 2,557,863 | 2,557,863 | ||||||||||
5.07 | Property | SF | 2,144,875 | 2,144,875 | 2,144,875 | ||||||||||
5.08 | Property | SF | 2,091,586 | 2,091,586 | 2,091,586 | ||||||||||
5.09 | Property | SF | 1,698,581 | 1,698,581 | 1,698,581 | ||||||||||
5.10 | Property | SF | 1,438,798 | 1,438,798 | 1,438,798 | ||||||||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | Rooms | 217,877.09 | 39,000,000 | 39,000,000 | 39,000,000 | 5.49400% | 0.01580% | 5.47820% | NAP | 181,034.93 | NAP | 2,172,419.16 | Interest Only |
7 | Loan | 11, 21 | SF | 90.59 | 34,200,000 | 34,200,000 | 34,200,000 | 5.79000% | 0.01580% | 5.77420% | NAP | 167,306.88 | NAP | 2,007,682.56 | Interest Only |
7.01 | Property | SF | 5,650,000 | 5,650,000 | 5,650,000 | ||||||||||
7.02 | Property | SF | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||
7.03 | Property | SF | 4,650,000 | 4,650,000 | 4,650,000 | ||||||||||
7.04 | Property | SF | 4,100,000 | 4,100,000 | 4,100,000 | ||||||||||
7.05 | Property | SF | 3,325,000 | 3,325,000 | 3,325,000 | ||||||||||
7.06 | Property | SF | 3,100,000 | 3,100,000 | 3,100,000 | ||||||||||
7.07 | Property | SF | 2,750,000 | 2,750,000 | 2,750,000 | ||||||||||
7.08 | Property | SF | 2,450,000 | 2,450,000 | 2,450,000 | ||||||||||
7.09 | Property | SF | 2,150,000 | 2,150,000 | 2,150,000 | ||||||||||
7.10 | Property | SF | 1,025,000 | 1,025,000 | 1,025,000 | ||||||||||
8 | Loan | 10, 20, 28, 29, 41 | Rooms | 354,938.27 | 27,500,000 | 27,500,000 | 24,315,815 | 5.90000% | 0.06500% | 5.83500% | 163,112.54 | 137,086.23 | 1,957,350.46 | 1,645,034.76 | Interest Only, Amortizing Balloon |
9 | Loan | 25, 26, 30 | SF | 166.63 | 25,000,000 | 25,000,000 | 25,000,000 | 5.51000% | 0.06500% | 5.44500% | NAP | 116,386.00 | NAP | 1,396,632.00 | Interest Only |
10 | Loan | 16, 18, 21, 25, 28 | SF | 124.72 | 24,830,000 | 24,830,000 | 24,830,000 | 5.52500% | 0.06500% | 5.46000% | NAP | 115,909.26 | NAP | 1,390,911.12 | Interest Only |
11 | Loan | 28 | SF | 273.60 | 23,000,000 | 23,000,000 | 23,000,000 | 5.41000% | 0.06500% | 5.34500% | NAP | 105,131.83 | NAP | 1,261,581.96 | Interest Only |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | SF | 106.15 | 22,500,000 | 22,292,385 | 18,338,270 | 4.77100% | 0.01580% | 4.75520% | 117,598.60 | NAP | 1,411,183.23 | NAP | Amortizing Balloon |
13 | Loan | 12, 28 | SF | 237.56 | 22,250,000 | 22,250,000 | 22,250,000 | 4.08500% | 0.06500% | 4.02000% | NAP | 76,794.69 | NAP | 921,536.28 | Interest Only |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | SF | 227.84 | 20,500,000 | 20,500,000 | 20,500,000 | 4.50000% | 0.06500% | 4.43500% | NAP | 77,942.71 | NAP | 935,312.52 | Interest Only |
15 | Loan | 10, 20, 24, 25, 29 | SF | 228.97 | 20,000,000 | 20,000,000 | 20,000,000 | 4.84000% | 0.06500% | 4.77500% | NAP | 81,787.04 | NAP | 981,444.48 | Interest Only |
16 | Loan | 18, 28, 30, 33, 45 | SF | 157.29 | 18,875,000 | 18,875,000 | 18,875,000 | 5.75000% | 0.06500% | 5.68500% | NAP | 91,698.86 | NAP | 1,100,386.32 | Interest Only |
17 | Loan | 10, 23, 24, 25, 28, 46 | SF | 153.15 | 18,000,000 | 18,000,000 | 18,000,000 | 4.13000% | 0.06500% | 4.06500% | NAP | 62,810.42 | NAP | 753,725.04 | Interest Only |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | SF | 184.68 | 15,500,000 | 15,500,000 | 15,500,000 | 6.19100% | 0.01580% | 6.17520% | NAP | 81,077.74 | NAP | 972,932.88 | Interest Only |
19 | Loan | 10, 11, 21, 23, 32, 34 | SF | 57.49 | 15,000,000 | 15,000,000 | 15,000,000 | 6.33000% | 0.01580% | 6.31420% | NAP | 80,223.96 | NAP | 962,687.52 | Interest Only |
19.01 | Property | SF | 3,067,919 | 3,067,919 | 3,067,919 | ||||||||||
19.02 | Property | SF | 3,056,687 | 3,056,687 | 3,056,687 | ||||||||||
19.03 | Property | SF | 2,863,412 | 2,863,412 | 2,863,412 | ||||||||||
19.04 | Property | SF | 1,398,514 | 1,398,514 | 1,398,514 | ||||||||||
19.05 | Property | SF | 1,229,146 | 1,229,146 | 1,229,146 | ||||||||||
19.06 | Property | SF | 1,196,135 | 1,196,135 | 1,196,135 | ||||||||||
19.07 | Property | SF | 1,109,983 | 1,109,983 | 1,109,983 | ||||||||||
19.08 | Property | SF | 1,078,205 | 1,078,205 | 1,078,205 | ||||||||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | SF | 296.07 | 15,000,000 | 15,000,000 | 15,000,000 | 5.38000% | 0.06500% | 5.31500% | NAP | 68,184.03 | NAP | 818,208.36 | Interest Only |
21 | Loan | 16, 25, 27 | SF | 114.46 | 14,500,000 | 14,500,000 | 14,500,000 | 5.94000% | 0.01580% | 5.92420% | NAP | 72,771.88 | NAP | 873,262.56 | Interest Only |
22 | Loan | 28, 49, 50 | Rooms | 151,770.96 | 14,000,000 | 13,962,928 | 11,885,170 | 6.03000% | 0.06500% | 5.96500% | 84,207.29 | NAP | 1,010,487.48 | NAP | Amortizing Balloon |
23 | Loan | 10, 20, 27, 34 | SF | 310.56 | 13,000,000 | 13,000,000 | 13,000,000 | 4.11000% | 0.06500% | 4.04500% | NAP | 45,143.40 | NAP | 541,720.80 | Interest Only |
24 | Loan | 9, 10, 16, 20, 31 | SF | 171.36 | 12,500,000 | 12,232,206 | 10,911,360 | 3.93000% | 0.06500% | 3.86500% | 65,497.43 | NAP | 785,969.16 | NAP | Amortizing Balloon |
25 | Loan | SF | 72.52 | 12,250,000 | 12,074,222 | 9,507,149 | 3.38000% | 0.06500% | 3.31500% | 54,190.70 | NAP | 650,288.40 | NAP | Amortizing Balloon | |
26 | Loan | 10, 21, 51 | SF | 185.96 | 10,000,000 | 10,000,000 | 10,000,000 | 4.28000% | 0.06500% | 4.21500% | NAP | 36,162.04 | NAP | 433,944.48 | Interest Only |
27 | Loan | 10 | Units | 177,304.96 | 10,000,000 | 10,000,000 | 10,000,000 | 3.77000% | 0.06500% | 3.70500% | NAP | 31,853.01 | NAP | 382,236.12 | Interest Only |
28 | Loan | Units | 51,627.60 | 9,912,500 | 9,912,500 | 9,912,500 | 3.97000% | 0.06500% | 3.90500% | NAP | 33,249.32 | NAP | 398,991.84 | Interest Only | |
29 | Loan | 10, 18 | SF | 61.48 | 9,780,000 | 9,643,371 | 8,887,462 | 4.08000% | 0.06500% | 4.01500% | 47,143.40 | NAP | 565,720.84 | NAP | Amortizing Balloon |
30 | Loan | 9 | Units | 54,814.81 | 7,400,000 | 7,400,000 | 7,400,000 | 4.26000% | 0.06500% | 4.19500% | NAP | 26,634.86 | NAP | 319,618.32 | Interest Only |
31 | Loan | 16, 24, 28, 29, 34 | SF | 32.43 | 5,500,000 | 5,500,000 | 5,500,000 | 7.07800% | 0.01580% | 7.06220% | NAP | 32,891.40 | NAP | 394,696.80 | Interest Only |
32 | Loan | 11, 23 | SF | 54.03 | 4,100,000 | 4,100,000 | 4,100,000 | 6.88000% | 0.01580% | 6.86420% | NAP | 23,833.15 | NAP | 285,997.80 | Interest Only |
32.01 | Property | SF | 2,100,000 | 2,100,000 | 2,100,000 | ||||||||||
32.02 | Property | SF | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||
33 | Loan | SF | 49.75 | 3,000,000 | 3,000,000 | 3,000,000 | 6.16000% | 0.01580% | 6.14420% | NAP | 15,613.89 | NAP | 187,366.68 | Interest Only |
A-1-3 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | ARD Loan (Yes / No) | Interest Accrual Method | Original Interest-Only Period (Mos.) | Remaining Interest-Only Period (Mos.) | Original Term To Maturity / ARD (Mos.) | Remaining Term To Maturity / ARD (Mos.) | Original Amortization Term (Mos.) | Remaining Amortization Term (Mos.) | Origination Date | Seasoning (Mos.) | Payment Due Date | First Payment Date | First P&I Payment Date | Maturity Date or Anticipated Repayment Date |
1 | Loan | 18, 28, 34 | No | Actual/360 | 120 | 120 | 120 | 120 | 0 | 0 | 10/26/2022 | 0 | 6 | 12/6/2022 | NAP | 11/6/2032 |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | No | Actual/360 | 0 | 0 | 120 | 120 | 360 | 360 | 10/11/2022 | 0 | 1 | 12/1/2022 | 12/1/2022 | 11/1/2032 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | No | Actual/360 | 120 | 117 | 120 | 117 | 0 | 0 | 7/29/2022 | 3 | 5 | 9/5/2022 | NAP | 8/5/2032 |
3.01 | Property | |||||||||||||||
3.02 | Property | |||||||||||||||
3.03 | Property | |||||||||||||||
3.04 | Property | |||||||||||||||
3.05 | Property | |||||||||||||||
3.06 | Property | |||||||||||||||
3.07 | Property | |||||||||||||||
3.08 | Property | |||||||||||||||
3.09 | Property | |||||||||||||||
3.10 | Property | |||||||||||||||
3.11 | Property | |||||||||||||||
3.12 | Property | |||||||||||||||
3.13 | Property | |||||||||||||||
3.14 | Property | |||||||||||||||
4 | Loan | 10, 19, 22, 28, 34 | No | Actual/360 | 120 | 118 | 120 | 118 | 0 | 0 | 8/18/2022 | 2 | 6 | 10/6/2022 | NAP | 9/6/2032 |
5 | Loan | 10, 11, 18, 27, 34 | No | Actual/360 | 120 | 117 | 120 | 117 | 0 | 0 | 7/21/2022 | 3 | 5 | 9/5/2022 | NAP | 8/5/2032 |
5.01 | Property | |||||||||||||||
5.02 | Property | |||||||||||||||
5.03 | Property | |||||||||||||||
5.04 | Property | |||||||||||||||
5.05 | Property | |||||||||||||||
5.06 | Property | |||||||||||||||
5.07 | Property | |||||||||||||||
5.08 | Property | |||||||||||||||
5.09 | Property | |||||||||||||||
5.10 | Property | |||||||||||||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | No | Actual/360 | 120 | 120 | 120 | 120 | 0 | 0 | 10/7/2022 | 0 | 6 | 12/6/2022 | NAP | 11/6/2032 |
7 | Loan | 11, 21 | No | Actual/360 | 120 | 119 | 120 | 119 | 0 | 0 | 9/14/2022 | 1 | 6 | 11/6/2022 | NAP | 10/6/2032 |
7.01 | Property | |||||||||||||||
7.02 | Property | |||||||||||||||
7.03 | Property | |||||||||||||||
7.04 | Property | |||||||||||||||
7.05 | Property | |||||||||||||||
7.06 | Property | |||||||||||||||
7.07 | Property | |||||||||||||||
7.08 | Property | |||||||||||||||
7.09 | Property | |||||||||||||||
7.10 | Property | |||||||||||||||
8 | Loan | 10, 20, 28, 29, 41 | No | Actual/360 | 24 | 21 | 120 | 117 | 360 | 360 | 7/14/2022 | 3 | 5 | 9/5/2022 | 9/5/2024 | 8/5/2032 |
9 | Loan | 25, 26, 30 | No | Actual/360 | 120 | 119 | 120 | 119 | 0 | 0 | 9/30/2022 | 1 | 5 | 11/5/2022 | NAP | 10/5/2032 |
10 | Loan | 16, 18, 21, 25, 28 | No | Actual/360 | 120 | 118 | 120 | 118 | 0 | 0 | 8/24/2022 | 2 | 5 | 10/5/2022 | NAP | 9/5/2032 |
11 | Loan | 28 | No | Actual/360 | 120 | 117 | 120 | 117 | 0 | 0 | 7/7/2022 | 3 | 5 | 9/5/2022 | NAP | 8/5/2032 |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | No | Actual/360 | 0 | 0 | 120 | 113 | 360 | 353 | 4/5/2022 | 7 | 6 | 5/6/2022 | 5/6/2022 | 4/6/2032 |
13 | Loan | 12, 28 | No | Actual/360 | 120 | 111 | 120 | 111 | 0 | 0 | 1/24/2022 | 9 | 5 | 3/5/2022 | NAP | 2/5/2032 |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | No | Actual/360 | 120 | 113 | 120 | 113 | 0 | 0 | 3/31/2022 | 7 | 5 | 5/5/2022 | NAP | 4/5/2032 |
15 | Loan | 10, 20, 24, 25, 29 | No | Actual/360 | 120 | 114 | 120 | 114 | 0 | 0 | 4/7/2022 | 6 | 5 | 6/5/2022 | NAP | 5/5/2032 |
16 | Loan | 18, 28, 30, 33, 45 | No | Actual/360 | 120 | 120 | 120 | 120 | 0 | 0 | 10/20/2022 | 0 | 7 | 12/7/2022 | NAP | 11/7/2032 |
17 | Loan | 10, 23, 24, 25, 28, 46 | No | Actual/360 | 84 | 67 | 84 | 67 | 0 | 0 | 5/11/2021 | 17 | 5 | 7/5/2021 | NAP | 6/5/2028 |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | No | Actual/360 | 120 | 120 | 120 | 120 | 0 | 0 | 10/27/2022 | 0 | 6 | 12/6/2022 | NAP | 11/6/2032 |
19 | Loan | 10, 11, 21, 23, 32, 34 | No | Actual/360 | 120 | 119 | 120 | 119 | 0 | 0 | 9/29/2022 | 1 | 6 | 11/6/2022 | NAP | 10/6/2032 |
19.01 | Property | |||||||||||||||
19.02 | Property | |||||||||||||||
19.03 | Property | |||||||||||||||
19.04 | Property | |||||||||||||||
19.05 | Property | |||||||||||||||
19.06 | Property | |||||||||||||||
19.07 | Property | |||||||||||||||
19.08 | Property | |||||||||||||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | No | Actual/360 | 84 | 79 | 84 | 79 | 0 | 0 | 5/19/2022 | 5 | 5 | 7/5/2022 | NAP | 6/5/2029 |
21 | Loan | 16, 25, 27 | No | Actual/360 | 60 | 59 | 60 | 59 | 0 | 0 | 10/3/2022 | 1 | 6 | 11/6/2022 | NAP | 10/6/2027 |
22 | Loan | 28, 49, 50 | No | Actual/360 | 0 | 0 | 120 | 117 | 360 | 357 | 7/15/2022 | 3 | 5 | 9/5/2022 | 9/5/2022 | 8/5/2032 |
23 | Loan | 10, 20, 27, 34 | No | Actual/360 | 120 | 112 | 120 | 112 | 0 | 0 | 2/22/2022 | 8 | 5 | 4/5/2022 | NAP | 3/5/2032 |
24 | Loan | 9, 10, 16, 20, 31 | No | Actual/360 | 0 | 0 | 60 | 49 | 300 | 289 | 11/5/2021 | 11 | 1 | 1/1/2022 | 1/1/2022 | 12/1/2026 |
25 | Loan | No | Actual/360 | 0 | 0 | 120 | 111 | 360 | 351 | 2/1/2022 | 9 | 5 | 3/5/2022 | 3/5/2022 | 2/5/2032 | |
26 | Loan | 10, 21, 51 | No | Actual/360 | 84 | 65 | 84 | 65 | 0 | 0 | 3/31/2021 | 19 | 5 | 5/5/2021 | NAP | 4/5/2028 |
27 | Loan | 10 | No | Actual/360 | 120 | 106 | 120 | 106 | 0 | 0 | 8/10/2021 | 14 | 5 | 10/5/2021 | NAP | 9/5/2031 |
28 | Loan | No | Actual/360 | 120 | 109 | 120 | 109 | 0 | 0 | 11/24/2021 | 11 | 5 | 1/5/2022 | NAP | 12/5/2031 | |
29 | Loan | 10, 18 | No | Actual/360 | 0 | 0 | 60 | 50 | 360 | 350 | 12/7/2021 | 10 | 5 | 2/5/2022 | 2/5/2022 | 1/5/2027 |
30 | Loan | 9 | No | Actual/360 | 120 | 113 | 120 | 113 | 0 | 0 | 3/11/2022 | 7 | 6 | 5/6/2022 | NAP | 4/6/2032 |
31 | Loan | 16, 24, 28, 29, 34 | No | Actual/360 | 120 | 120 | 120 | 120 | 0 | 0 | 10/25/2022 | 0 | 6 | 12/6/2022 | NAP | 11/6/2032 |
32 | Loan | 11, 23 | No | Actual/360 | 120 | 119 | 120 | 119 | 0 | 0 | 9/23/2022 | 1 | 6 | 11/6/2022 | NAP | 10/6/2032 |
32.01 | Property | |||||||||||||||
32.02 | Property | |||||||||||||||
33 | Loan | No | Actual/360 | 120 | 119 | 120 | 119 | 0 | 0 | 9/16/2022 | 1 | 6 | 11/6/2022 | NAP | 10/6/2032 |
A-1-4 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Final Maturity Date | Grace Period - Late Fee (Days) | Grace Period - Default (Days) | Prepayment Provision | Most Recent EGI ($) | Most Recent Expenses ($) | Most Recent NOI ($) | Most Recent NOI Date | Most Recent Description | Second Most Recent EGI ($) | Second Most Recent Expenses ($) | Second Most Recent NOI ($) | Second Most Recent NOI Date |
17 | 3, 20, 21 | ||||||||||||||
1 | Loan | 18, 28, 34 | NAP | 0 | 0 | L(24),D(92),O(4) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | NAP | 0 | 0 | L(24),D(90),O(6) | 49,804,984 | 12,860,607 | 36,944,377 | 8/31/2022 | T-12 | 49,053,508 | 12,087,500 | 36,966,008 | 12/31/2021 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | NAP | 0 | 0 | L(27),D(89),O(4) | 8,238,273 | 21,962 | 8,216,311 | 6/30/2022 | T-12 | NAV | NAV | NAV | NAV |
3.01 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.02 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.03 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.04 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.05 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.06 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.07 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.08 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.09 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.10 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.11 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.12 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.13 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
3.14 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
4 | Loan | 10, 19, 22, 28, 34 | NAP | 0 | 0 | L(26),D(90),O(4) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
5 | Loan | 10, 11, 18, 27, 34 | NAP | 0 | 0 | L(27),D(89),O(4) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
5.01 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.02 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.03 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.04 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.05 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.06 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.07 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.08 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.09 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
5.10 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | NAP | 0 | 0 | L(24),D(91),O(5) | 25,657,621 | 18,629,601 | 7,028,020 | 7/31/2022 | T-12 | 20,174,595 | 15,256,412 | 4,918,183 | 12/31/2021 |
7 | Loan | 11, 21 | NAP | 0 | 0 | L(25),D(91),O(4) | 4,609,090 | 1,391,751 | 3,217,339 | 9/30/2022 | T-12 | 4,080,542 | 1,348,401 | 2,732,141 | 12/31/2021 |
7.01 | Property | 667,697 | 136,845 | 530,851 | 9/30/2022 | T-12 | 564,492 | 137,799 | 426,693 | 12/31/2021 | |||||
7.02 | Property | 613,419 | 145,080 | 468,339 | 9/30/2022 | T-12 | 530,644 | 140,844 | 389,800 | 12/31/2021 | |||||
7.03 | Property | 608,414 | 174,802 | 433,612 | 9/30/2022 | T-12 | 564,510 | 182,261 | 382,249 | 12/31/2021 | |||||
7.04 | Property | 536,036 | 153,528 | 382,508 | 9/30/2022 | T-12 | 496,157 | 154,265 | 341,891 | 12/31/2021 | |||||
7.05 | Property | 412,569 | 109,675 | 302,895 | 9/30/2022 | T-12 | 358,346 | 111,319 | 247,027 | 12/31/2021 | |||||
7.06 | Property | 445,090 | 151,739 | 293,351 | 9/30/2022 | T-12 | 384,939 | 144,034 | 240,905 | 12/31/2021 | |||||
7.07 | Property | 441,923 | 169,587 | 272,336 | 9/30/2022 | T-12 | 365,777 | 146,518 | 219,258 | 12/31/2021 | |||||
7.08 | Property | 343,499 | 106,098 | 237,401 | 9/30/2022 | T-12 | 310,940 | 113,392 | 197,548 | 12/31/2021 | |||||
7.09 | Property | 337,966 | 139,835 | 198,131 | 9/30/2022 | T-12 | 310,400 | 125,486 | 184,914 | 12/31/2021 | |||||
7.10 | Property | 202,476 | 104,561 | 97,914 | 9/30/2022 | T-12 | 194,336 | 92,482 | 101,854 | 12/31/2021 | |||||
8 | Loan | 10, 20, 28, 29, 41 | NAP | 0 | 0 | L(27),D(90),O(3) | 18,952,612 | 12,354,396 | 6,598,216 | 5/31/2022 | T-12 | 15,330,961 | 10,897,182 | 4,433,779 | 12/31/2021 |
9 | Loan | 25, 26, 30 | NAP | 0 | 0 | L(25),D(90),O(5) | 4,574,441 | 1,711,295 | 2,863,146 | 8/31/2022 | T-12 | 4,051,430 | 1,467,208 | 2,584,222 | 12/31/2021 |
10 | Loan | 16, 18, 21, 25, 28 | NAP | 0 | 0 | L(26),D(90),O(4) | 4,186,342 | 1,588,988 | 2,597,354 | 7/31/2022 | T-12 | 4,242,966 | 1,551,901 | 2,691,065 | 12/31/2021 |
11 | Loan | 28 | NAP | 0 | 0 | L(27),D(88),O(5) | 1,668,773 | 322,613 | 1,346,160 | 5/31/2022 | T-12 | 1,458,856 | 237,260 | 1,221,596 | 12/31/2021 |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | NAP | 0 | 0 | L(31),DorYM1(82),O(7) | 18,174,157 | 10,961,209 | 7,212,947 | 7/31/2022 | T-12 | 16,203,079 | 12,151,176 | 4,051,902 | 12/31/2021 |
13 | Loan | 12, 28 | NAP | 0 | 0 | L(33),D(82),O(5) | 2,396,845 | 441,847 | 1,954,998 | 6/30/2022 | T-12 | 2,126,705 | 443,169 | 1,683,536 | 12/31/2021 |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | NAP | 0 | 0 | L(31),D(85),O(4) | 3,982,076 | 1,329,313 | 2,652,763 | 7/31/2022 | T-12 | 3,777,754 | 1,348,751 | 2,429,003 | 12/31/2021 |
15 | Loan | 10, 20, 24, 25, 29 | NAP | 0 | 0 | L(30),D(83),O(7) | 12,023,717 | 3,873,530 | 8,150,187 | 6/30/2022 | T-12 | 12,143,605 | 3,750,835 | 8,392,770 | 12/31/2021 |
16 | Loan | 18, 28, 30, 33, 45 | NAP | 0 | 0 | L(24),D(93),O(3) | 1,639,446 | 99,577 | 1,539,869 | 8/31/2022 | T-12 | 1,212,733 | 71,350 | 1,141,383 | 12/31/2021 |
17 | Loan | 10, 23, 24, 25, 28, 46 | NAP | 0 | 0 | L(38),D(42),O(4) | 8,680,540 | 2,859,435 | 5,821,105 | 3/31/2021 | T-12 | 8,591,324 | 2,922,878 | 5,668,446 | 12/31/2020 |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | NAP | 0 | 0 | L(24),D(91),O(5) | 1,833,638 | 618,284 | 1,215,355 | 7/31/2022 | T-12 | 1,743,783 | 581,299 | 1,162,484 | 12/31/2021 |
19 | Loan | 10, 11, 21, 23, 32, 34 | NAP | 0 | 0 | YM4(25),DorYM1(88),O(7) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
19.01 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
19.02 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
19.03 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
19.04 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
19.05 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
19.06 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
19.07 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
19.08 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | NAP | 0 | 0 | L(29),D(50),O(5) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
21 | Loan | 16, 25, 27 | NAP | 0 | 0 | L(25),D(32),O(3) | 2,347,455 | 1,121,981 | 1,225,474 | 5/31/2022 | T-12 | 2,447,440 | 1,107,332 | 1,340,108 | 12/31/2021 |
22 | Loan | 28, 49, 50 | NAP | 0 | 0 | L(27),DorYM3(89),O(4) | 4,638,994 | 2,323,480 | 2,315,514 | 6/30/2022 | T-12 | 3,945,619 | 1,997,542 | 1,948,077 | 12/31/2021 |
23 | Loan | 10, 20, 27, 34 | NAP | 0 | 0 | L(32),D(84),O(4) | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
24 | Loan | 9, 10, 16, 20, 31 | NAP | 0 | 0 | L(35),D(18),O(7) | 19,676,247 | 5,271,584 | 14,404,663 | 8/31/2021 | T-12 | 19,340,687 | 6,237,429 | 13,103,258 | 12/31/2020 |
25 | Loan | NAP | 0 | 0 | L(35),DorYM1(82),O(3) | 2,598,299 | 692,421 | 1,905,878 | 6/30/2022 | T-12 | 2,479,550 | 644,682 | 1,834,868 | 12/31/2021 | |
26 | Loan | 10, 21, 51 | NAP | 0 | 0 | L(40),D(40),O(4) | 11,412,304 | 3,353,222 | 8,059,082 | 12/31/2020 | T-12 | 13,654,879 | 1,656,081 | 11,998,799 | 12/31/2019 |
27 | Loan | 10 | NAP | 0 | 0 | L(35),D(82),O(3) | 5,301,820 | 1,660,854 | 3,640,966 | 6/30/2022 | T-12 | 1,677,523 | 954,680 | 722,843 | 12/31/2020 |
28 | Loan | NAP | 0 | 0 | L(35),D(81),O(4) | 2,224,727 | 1,111,501 | 1,113,225 | 6/30/2022 | T-12 | 2,151,467 | 1,076,683 | 1,074,784 | 12/31/2021 | |
29 | Loan | 10, 18 | NAP | 0 | 0 | L(34),YM1(22),O(4) | 3,984,612 | 1,552,794 | 2,431,818 | 10/31/2021 | T-12 | 3,628,117 | 1,432,734 | 2,195,383 | 12/31/2020 |
30 | Loan | 9 | NAP | 5 | 0 | L(35),D(81),O(4) | 1,299,570 | 616,519 | 683,050 | 7/31/2022 | T-12 | 1,265,677 | 551,346 | 714,331 | 12/31/2021 |
31 | Loan | 16, 24, 28, 29, 34 | NAP | 0 | 0 | L(24),D(91),O(5) | 579,320 | 353,720 | 225,600 | 12/31/2021 | T-12 | NAV | NAV | NAV | NAV |
32 | Loan | 11, 23 | NAP | 0 | 0 | L(25),D(86),O(9) | 634,212 | 230,830 | 403,383 | 8/31/2022 | T-12 | 561,899 | 218,862 | 343,037 | 12/31/2021 |
32.01 | Property | 353,525 | 153,347 | 200,179 | 8/31/2022 | T-12 | 295,842 | 143,318 | 152,524 | 12/31/2021 | |||||
32.02 | Property | 280,687 | 77,483 | 203,204 | 8/31/2022 | T-12 | 266,057 | 75,544 | 190,513 | 12/31/2021 | |||||
33 | Loan | NAP | 0 | 0 | L(25),D(91),O(4) | 484,343 | 135,104 | 349,239 | 8/31/2022 | T-12 | 450,926 | 155,430 | 295,495 | 12/31/2021 |
A-1-5 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Second Most Recent Description | Third Most Recent EGI ($) | Third Most Recent Expenses ($) | Third Most Recent NOI ($) | Third Most Recent NOI Date | Third Most Recent Description | Underwritten Economic Occupancy (%) | Underwritten EGI ($) | Underwritten Expenses ($) | Underwritten Net Operating Income ($) | Underwritten Replacement / FF&E Reserve ($) | Underwritten TI / LC ($) | Underwritten Net Cash Flow ($) | Underwritten NOI DSCR (x) | Underwritten NCF DSCR (x) |
4 | 4 | ||||||||||||||||
1 | Loan | 18, 28, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 15,766,085 | 5,845,853 | 9,920,233 | 0 | 0 | 9,920,233 | 2.35 | 2.35 |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | T-12 | 40,156,990 | 10,331,147 | 29,825,843 | 12/31/2020 | T-12 | 92.9% | 50,343,452 | 12,694,091 | 37,649,361 | 118,679 | 1,318,651 | 36,212,031 | 2.10 | 2.02 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 8,494,129 | 276,786 | 8,217,343 | 80,675 | 201,688 | 8,214,980 | 1.73 | 1.73 |
3.01 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.02 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.03 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.04 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.05 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.06 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.07 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.08 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.09 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.10 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.11 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.12 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.13 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
3.14 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
4 | Loan | 10, 19, 22, 28, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 100.0% | 15,750,000 | 0 | 15,750,000 | 0 | 0 | 15,750,000 | 3.41 | 3.41 |
5 | Loan | 10, 11, 18, 27, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 6,761,908 | 1,130,623 | 5,631,285 | 192,828 | 121,811 | 5,316,646 | 1.68 | 1.59 |
5.01 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.02 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.03 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.04 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.05 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.06 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.07 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.08 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.09 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
5.10 | Property | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | T-12 | 8,822,501 | 10,020,349 | (1,197,848) | 12/31/2020 | T-12 | 66.0% | 25,657,621 | 18,664,372 | 6,993,249 | 1,026,305 | 0 | 5,966,945 | 3.22 | 2.75 |
7 | Loan | 11, 21 | T-12 | 3,623,125 | 1,292,446 | 2,330,679 | 12/31/2020 | T-12 | 80.9% | 4,609,090 | 1,396,769 | 3,212,321 | 37,753 | 0 | 3,174,568 | 1.60 | 1.58 |
7.01 | Property | T-12 | 509,393 | 128,834 | 380,559 | 12/31/2020 | T-12 | 73.9% | 667,697 | 135,288 | 532,408 | 5,470 | 0 | 526,938 | |||
7.02 | Property | T-12 | 454,539 | 157,464 | 297,075 | 12/31/2020 | T-12 | 79.6% | 613,419 | 146,796 | 466,623 | 4,995 | 0 | 461,628 | |||
7.03 | Property | T-12 | 479,152 | 171,316 | 307,836 | 12/31/2020 | T-12 | 78.6% | 608,414 | 175,658 | 432,756 | 4,563 | 0 | 428,193 | |||
7.04 | Property | T-12 | 391,984 | 152,525 | 239,459 | 12/31/2020 | T-12 | 83.1% | 536,036 | 151,266 | 384,770 | 3,610 | 0 | 381,160 | |||
7.05 | Property | T-12 | 339,593 | 103,103 | 236,490 | 12/31/2020 | T-12 | 73.2% | 412,569 | 110,508 | 302,061 | 3,128 | 0 | 298,933 | |||
7.06 | Property | T-12 | 344,535 | 137,440 | 207,095 | 12/31/2020 | T-12 | 86.2% | 445,090 | 152,617 | 292,473 | 2,997 | 0 | 289,476 | |||
7.07 | Property | T-12 | 353,869 | 131,777 | 222,092 | 12/31/2020 | T-12 | 78.6% | 441,923 | 173,682 | 268,241 | 4,297 | 0 | 263,944 | |||
7.08 | Property | T-12 | 263,004 | 97,720 | 165,284 | 12/31/2020 | T-12 | 85.5% | 343,499 | 104,733 | 238,766 | 3,520 | 0 | 235,246 | |||
7.09 | Property | T-12 | 300,136 | 122,508 | 177,628 | 12/31/2020 | T-12 | 95.7% | 337,966 | 140,850 | 197,116 | 3,656 | 0 | 193,460 | |||
7.10 | Property | T-12 | 186,919 | 89,757 | 97,162 | 12/31/2020 | T-12 | 96.0% | 202,476 | 105,369 | 97,106 | 1,518 | 0 | 95,589 | |||
8 | Loan | 10, 20, 28, 29, 41 | T-12 | NAV | NAV | NAV | NAV | NAV | 80.7% | 18,952,612 | 12,265,096 | 6,687,516 | 758,104 | 0 | 5,929,412 | 1.63 | 1.45 |
9 | Loan | 25, 26, 30 | T-12 | 3,859,391 | 1,234,398 | 2,624,994 | 12/31/2020 | T-12 | 94.8% | 4,897,914 | 1,799,238 | 3,098,676 | 31,508 | 150,036 | 2,917,132 | 2.22 | 2.09 |
10 | Loan | 16, 18, 21, 25, 28 | T-12 | 3,952,508 | 1,350,634 | 2,601,874 | 12/31/2020 | T-12 | 94.0% | 4,670,719 | 1,653,578 | 3,017,140 | 39,816 | 131,227 | 2,846,097 | 2.17 | 2.05 |
11 | Loan | 28 | T-12 | NAV | NAV | NAV | NAV | NAV | 97.6% | 2,152,656 | 530,931 | 1,621,725 | 5,045 | 0 | 1,616,680 | 1.29 | 1.28 |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | T-12 | 21,381,560 | 10,764,953 | 10,616,607 | 12/31/2020 | T-12 | 85.4% | 27,399,517 | 15,509,561 | 11,889,956 | 210,002 | 1,260,009 | 10,419,945 | 2.11 | 1.85 |
13 | Loan | 12, 28 | T-12 | 2,134,803 | 345,408 | 1,789,395 | 12/31/2020 | T-12 | 95.0% | 2,647,131 | 443,903 | 2,203,228 | 29,035 | 20,245 | 2,153,948 | 2.39 | 2.34 |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | T-12 | 3,355,558 | 1,305,918 | 2,049,639 | 12/31/2020 | T-12 | 94.5% | 4,045,384 | 1,709,090 | 2,336,294 | 19,795 | 39,975 | 2,276,525 | 2.50 | 2.43 |
15 | Loan | 10, 20, 24, 25, 29 | T-12 | 11,603,952 | 3,602,450 | 8,001,502 | 12/31/2020 | T-12 | 89.9% | 12,460,998 | 3,923,606 | 8,537,392 | 74,244 | 108,995 | 8,354,153 | 2.05 | 2.00 |
16 | Loan | 18, 28, 30, 33, 45 | T-12 | NAV | NAV | NAV | NAV | NAV | 89.4% | 2,041,377 | 450,620 | 1,590,757 | 18,000 | (18,000) | 1,590,757 | 1.45 | 1.45 |
17 | Loan | 10, 23, 24, 25, 28, 46 | T-12 | 8,366,227 | 3,076,169 | 5,290,058 | 12/31/2019 | T-12 | 88.9% | 9,308,176 | 3,041,693 | 6,266,483 | 84,984 | 117,401 | 6,064,099 | 2.18 | 2.11 |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | T-12 | 1,415,177 | 496,183 | 918,994 | 12/31/2020 | T-12 | 92.5% | 2,224,828 | 632,192 | 1,592,636 | 26,018 | 83,930 | 1,482,688 | 1.64 | 1.52 |
19 | Loan | 10, 11, 21, 23, 32, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 14,015,432 | 2,610,886 | 11,404,546 | 179,242 | 398,681 | 10,826,623 | 1.73 | 1.64 |
19.01 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 2,568,301 | 355,258 | 2,213,043 | 9,000 | 75,698 | 2,128,345 | |||
19.02 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 2,543,184 | 337,416 | 2,205,768 | 5,167 | 75,421 | 2,125,180 | |||
19.03 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 2,442,402 | 379,264 | 2,063,138 | 62,638 | 73,285 | 1,927,215 | |||
19.04 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 1,488,208 | 284,858 | 1,203,350 | 65,145 | 40,512 | 1,097,692 | |||
19.05 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 1,155,469 | 189,955 | 965,514 | 15,250 | 32,095 | 918,169 | |||
19.06 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 1,400,936 | 459,665 | 941,271 | 7,917 | 35,467 | 897,887 | |||
19.07 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 1,396,402 | 355,498 | 1,040,904 | 9,000 | 39,941 | 991,963 | |||
19.08 | Property | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 1,020,529 | 248,972 | 771,557 | 5,125 | 26,262 | 740,170 | |||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 5,996,278 | 2,655,703 | 3,340,574 | 19,590 | 87,341 | 3,233,643 | 2.11 | 2.04 |
21 | Loan | 16, 25, 27 | T-12 | 2,498,391 | 1,107,706 | 1,390,685 | 12/31/2020 | T-12 | 88.6% | 3,141,848 | 1,292,907 | 1,848,941 | 25,957 | 200,998 | 1,621,986 | 2.12 | 1.86 |
22 | Loan | 28, 49, 50 | T-12 | NAV | NAV | NAV | NAV | NAV | 77.8% | 4,638,994 | 2,551,786 | 2,087,208 | 185,560 | 0 | 1,901,648 | 2.07 | 1.88 |
23 | Loan | 10, 20, 27, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 99.0% | 3,271,904 | 98,157 | 3,173,746 | 5,403 | (5,403) | 3,173,746 | 2.00 | 2.00 |
24 | Loan | 9, 10, 16, 20, 31 | T-12 | 20,898,165 | 5,421,321 | 15,476,844 | 12/31/2019 | T-12 | 89.1% | 20,594,293 | 4,726,478 | 15,867,815 | 114,210 | 770,276 | 14,983,329 | 3.15 | 2.98 |
25 | Loan | T-12 | 2,338,034 | 572,339 | 1,765,695 | 12/31/2020 | T-12 | 95.0% | 2,363,534 | 579,715 | 1,783,819 | 26,638 | 73,216 | 1,683,965 | 2.74 | 2.59 | |
26 | Loan | 10, 21, 51 | T-12 | 13,618,149 | 1,336,267 | 12,281,882 | 12/31/2018 | T-12 | 92.5% | 10,582,368 | 3,449,559 | 7,132,809 | 102,388 | 365,672 | 6,664,749 | 2.42 | 2.26 |
27 | Loan | 10 | T-12 | NAV | NAV | NAV | NAV | NAV | 88.4% | 5,551,958 | 1,577,561 | 3,974,397 | 70,500 | 0 | 3,903,897 | 2.08 | 2.04 |
28 | Loan | T-12 | 1,994,727 | 1,071,550 | 923,177 | 12/31/2020 | T-12 | 95.0% | 2,264,493 | 1,245,366 | 1,019,127 | 57,600 | 0 | 961,527 | 2.55 | 2.41 | |
29 | Loan | 10, 18 | T-12 | 3,921,637 | 1,620,035 | 2,301,602 | 12/31/2019 | T-12 | 88.2% | 4,203,142 | 1,443,622 | 2,759,520 | 118,773 | 211,675 | 2,429,072 | 2.19 | 1.93 |
30 | Loan | 9 | T-12 | 1,120,453 | 514,490 | 605,964 | 12/31/2020 | T-12 | 93.4% | 1,410,470 | 608,428 | 802,042 | 44,955 | 0 | 757,087 | 2.51 | 2.37 |
31 | Loan | 16, 24, 28, 29, 34 | NAV | NAV | NAV | NAV | NAV | NAV | 95.0% | 1,080,571 | 431,953 | 648,618 | 32,222 | 15,417 | 600,979 | 1.64 | 1.52 |
32 | Loan | 11, 23 | T-12 | 458,723 | 201,443 | 257,280 | 12/31/2020 | T-12 | 90.0% | 685,505 | 270,941 | 414,564 | 7,588 | 0 | 406,976 | 1.45 | 1.42 |
32.01 | Property | T-12 | 210,729 | 130,722 | 80,007 | 12/31/2020 | T-12 | 90.0% | 380,032 | 165,514 | 214,519 | 4,294 | 0 | 210,225 | |||
32.02 | Property | T-12 | 247,994 | 70,721 | 177,273 | 12/31/2020 | T-12 | 90.0% | 305,472 | 105,427 | 200,045 | 3,294 | 0 | 196,751 | |||
33 | Loan | T-12 | 432,258 | 168,551 | 263,707 | 12/31/2020 | T-12 | 95.0% | 483,323 | 165,637 | 317,687 | 6,030 | 0 | 311,657 | 1.70 | 1.66 |
A-1-6 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Underwritten NOI Debt Yield (%) | Underwritten NCF Debt Yield (%) | Appraised Value ($) | Appraised Value Type | Appraisal Date | Cut-off Date LTV Ratio (%) | LTV Ratio at Maturity / ARD (%) | Leased Occupancy (%) | Occupancy Date | Single Tenant (Y/N) | Largest Tenant |
18 | 18 | 5, 26 | 25 | ||||||||||
1 | Loan | 18, 28, 34 | 14.5% | 14.5% | 224,800,000 | Rental Fallback | 6/16/2022 | 30.5% | 30.5% | 100.0% | 8/1/2022 | NAP | NAP |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 16.0% | 15.4% | 591,000,000 | As Is | 9/2/2022 | 39.8% | 34.3% | 94.7% | 9/23/2022 | No | Bass Pro Shops Outdoor |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | 8.8% | 8.8% | 152,000,000 | Portfolio Value Assuming Reserves | 6/1/2022 | 61.5% | 61.5% | 100.0% | |||
3.01 | Property | 21,000,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | Valence Surface Technologies | |||||
3.02 | Property | 20,500,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | Hunter Defense Technologies | |||||
3.03 | Property | 19,700,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | Republic | |||||
3.04 | Property | 13,000,000 | As Is | 5/18/2022 | 100.0% | 11/5/2022 | Yes | Victory Energy | |||||
3.05 | Property | 12,500,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | Valence Surface Technologies | |||||
3.06 | Property | 11,400,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | NxEdge CSL | |||||
3.07 | Property | 12,400,000 | As Is | 6/2/2022 | 100.0% | 11/5/2022 | Yes | Myler Disability | |||||
3.08 | Property | 8,500,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | Valence Surface Technologies | |||||
3.09 | Property | 6,100,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | Anchor Danly | |||||
3.10 | Property | 6,000,000 | As Is | 5/13/2022 | 100.0% | 11/5/2022 | Yes | Rush Trucking | |||||
3.11 | Property | 4,400,000 | As Is | 5/18/2022 | 100.0% | 11/5/2022 | Yes | Victory Energy | |||||
3.12 | Property | 2,900,000 | As Is | 5/18/2022 | 100.0% | 11/5/2022 | Yes | Kuusakoski Glass Recycling | |||||
3.13 | Property | 2,700,000 | As Is | 5/20/2022 | 100.0% | 11/5/2022 | Yes | Hunter Defense Technologies | |||||
3.14 | Property | 1,540,000 | As Is | 5/17/2022 | 100.0% | 11/5/2022 | Yes | Messer | |||||
4 | Loan | 10, 19, 22, 28, 34 | 15.8% | 15.8% | 259,000,000 | As Is | 7/1/2022 | 38.6% | 38.6% | NAP | NAP | NAP | NAP |
5 | Loan | 10, 11, 18, 27, 34 | 9.4% | 8.9% | 91,500,000 | Portfolio Value with Capital Reserve Account | 8/19/2022 | 65.5% | 65.5% | 100.0% | |||
5.01 | Property | 19,750,000 | As Is | 6/14/2022 | 100.0% | 11/5/2022 | Yes | Sherwood Foods | |||||
5.02 | Property | 17,700,000 | As Is | 6/10/2022 | 100.0% | 11/5/2022 | No | Derm Cosmetic Labs, Incorporated and Awesome Products, Inc. | |||||
5.03 | Property | 14,500,000 | As Is | 6/13/2022 | 100.0% | 11/5/2022 | Yes | Scantron | |||||
5.04 | Property | 7,250,000 | As Is | 6/14/2022 | 100.0% | 11/5/2022 | Yes | Wright Tool | |||||
5.05 | Property | 6,550,000 | As Is | 6/10/2022 | 100.0% | 11/5/2022 | Yes | TA Systems | |||||
5.06 | Property | 5,850,000 | As Is | 6/13/2022 | 100.0% | 11/5/2022 | Yes | MacLean Master | |||||
5.07 | Property | 4,400,000 | As Is | 6/13/2022 | 100.0% | 11/5/2022 | Yes | Munch's Supply | |||||
5.08 | Property | 4,600,000 | As Is | 6/13/2022 | 100.0% | 11/5/2022 | Yes | Williams Distrib | |||||
5.09 | Property | 3,670,000 | As Is | 6/13/2022 | 100.0% | 11/5/2022 | Yes | Great Lakes Glass | |||||
5.10 | Property | 2,700,000 | As Is | 6/10/2022 | 100.0% | 11/5/2022 | Yes | Joshen Paper | |||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | 17.9% | 15.3% | 60,200,000 | As Is | 7/15/2022 | 64.8% | 64.8% | 66.0% | 7/31/2022 | NAP | NAP |
7 | Loan | 11, 21 | 9.4% | 9.3% | 59,250,000 | As Is | 8/10/2022 | 57.7% | 57.7% | 90.8% | |||
7.01 | Property | 9,050,000 | As Is | 8/10/2022 | 88.1% | 8/10/2022 | NAP | NAP | |||||
7.02 | Property | 8,000,000 | As Is | 8/10/2022 | 87.7% | 7/31/2022 | NAP | NAP | |||||
7.03 | Property | 7,650,000 | As Is | 8/10/2022 | 87.0% | 7/31/2022 | NAP | NAP | |||||
7.04 | Property | 6,950,000 | As Is | 8/10/2022 | 89.5% | 7/31/2022 | NAP | NAP | |||||
7.05 | Property | 5,400,000 | As Is | 8/10/2022 | 86.7% | 8/11/2022 | NAP | NAP | |||||
7.06 | Property | 5,600,000 | As Is | 8/10/2022 | 94.3% | 7/31/2022 | NAP | NAP | |||||
7.07 | Property | 5,650,000 | As Is | 8/10/2022 | 91.3% | 7/31/2022 | NAP | NAP | |||||
7.08 | Property | 4,200,000 | As Is | 8/10/2022 | 95.1% | 7/31/2022 | NAP | NAP | |||||
7.09 | Property | 4,250,000 | As Is | 8/10/2022 | 97.7% | 7/31/2022 | NAP | NAP | |||||
7.10 | Property | 2,500,000 | As Is | 8/10/2022 | 98.7% | 7/31/2022 | NAP | NAP | |||||
8 | Loan | 10, 20, 28, 29, 41 | 14.7% | 13.0% | 89,500,000 | As Is | 6/1/2022 | 50.8% | 43.4% | 80.7% | 5/31/2022 | NAP | NAP |
9 | Loan | 25, 26, 30 | 12.4% | 11.7% | 52,000,000 | As Is | 8/18/2022 | 48.1% | 48.1% | 92.0% | 9/1/2022 | No | Big Lots |
10 | Loan | 16, 18, 21, 25, 28 | 12.2% | 11.5% | 37,360,000 | As Is (assuming $360k capital reserve) | 6/13/2022 | 66.5% | 66.5% | 90.9% | 8/1/2022 | No | West Clinic, PC |
11 | Loan | 28 | 9.0% | 9.0% | 33,900,000 | As Is | 5/20/2022 | 53.1% | 53.1% | 97.6% | 6/21/2022 | NAP | NAP |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 13.3% | 11.7% | 183,300,000 | As Is | 3/1/2022 | 48.6% | 40.0% | 86.5% | 8/1/2022 | No | TotalEnergies American Services, Inc. |
13 | Loan | 12, 28 | 9.9% | 9.7% | 34,100,000 | As Is | 11/16/2021 | 65.2% | 65.2% | 100.0% | 6/30/2022 | No | Party City |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 11.4% | 11.1% | 31,900,000 | As Is | 1/17/2022 | 64.3% | 64.3% | 83.5% | 5/31/2022 | No | CMAC |
15 | Loan | 10, 20, 24, 25, 29 | 10.0% | 9.8% | 125,700,000 | As Is | 3/3/2022 | 67.6% | 67.6% | 88.5% | 6/30/2022 | No | Wilmington Savings Fund Society, FSB |
16 | Loan | 18, 28, 30, 33, 45 | 11.5% | 11.5% | 45,300,000 | As Is (assuming $1M capital reserve) | 6/23/2022 | 30.6% | 30.6% | 100.0% | 6/1/2022 | No | SZY Holdings |
17 | Loan | 10, 23, 24, 25, 28, 46 | 9.1% | 8.9% | 111,300,000 | As Is | 4/8/2021 | 61.5% | 61.5% | 89.8% | 4/30/2021 | No | RealPage, Inc. |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | 10.3% | 9.6% | 25,000,000 | As Is | 9/7/2022 | 62.0% | 62.0% | 98.3% | 10/25/2022 | No | Island Pacific Seafood Market |
19 | Loan | 10, 11, 21, 23, 32, 34 | 11.1% | 10.5% | 196,800,000 | As Is | Various | 52.3% | 52.3% | 100.0% | |||
19.01 | Property | 40,000,000 | As Is | 8/16/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
19.02 | Property | 40,000,000 | As Is | 8/16/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
19.03 | Property | 37,600,000 | As Is | 8/16/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
19.04 | Property | 17,500,000 | As Is | 8/16/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
19.05 | Property | 17,600,000 | As Is | 8/16/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
19.06 | Property | 16,900,000 | As Is | 8/16/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
19.07 | Property | 14,400,000 | As Is | 8/17/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
19.08 | Property | 12,800,000 | As Is | 8/12/2022 | 100.0% | 11/6/2022 | Yes | Intertape Polymer Group | |||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 11.5% | 11.2% | 42,500,000 | Market Value of the Sandwich Leasehold Interest | 1/25/2022 | 68.2% | 68.2% | 100.0% | 11/5/2022 | Yes | Restoration Hardware |
21 | Loan | 16, 25, 27 | 12.8% | 11.2% | 26,100,000 | As Is | 9/6/2022 | 55.6% | 55.6% | 88.8% | 10/1/2022 | No | Advanced Micro Devices, Inc |
22 | Loan | 28, 49, 50 | 14.9% | 13.6% | 22,700,000 | As Is | 5/5/2022 | 61.5% | 52.4% | 77.8% | 6/30/2022 | NAP | NAP |
23 | Loan | 10, 20, 27, 34 | 8.4% | 8.4% | 70,700,000 | As Is | 3/28/2022 | 53.7% | 53.7% | 100.0% | 11/5/2022 | Yes | GM Cruise |
24 | Loan | 9, 10, 16, 20, 31 | 20.3% | 19.1% | 227,100,000 | As Is | 10/11/2021 | 34.5% | 30.7% | 90.0% | 10/13/2021 | No | Macy's |
25 | Loan | 14.8% | 13.9% | 22,300,000 | As Is | 11/12/2021 | 54.1% | 42.6% | 96.6% | 6/30/2022 | No | American Freight fka Sears Outlet | |
26 | Loan | 10, 21, 51 | 10.5% | 9.8% | 110,500,000 | As Is | 3/10/2021 | 61.5% | 61.5% | 100.0% | 11/5/2022 | Yes | PetSmart Home Office, Inc. |
27 | Loan | 10 | 7.9% | 7.8% | 72,900,000 | As Is | 6/18/2021 | 68.6% | 68.6% | 89.0% | 6/24/2022 | NAP | NAP |
28 | Loan | 10.3% | 9.7% | 15,250,000 | As Is | 8/16/2021 | 65.0% | 65.0% | 97.9% | 6/30/2022 | NAP | NAP | |
29 | Loan | 10, 18 | 12.8% | 11.3% | 32,560,000 | As Is (assuming $500k capital reserve) | 10/23/2021 | 66.0% | 60.8% | 85.5% | 6/30/2022 | No | Hobby Lobby |
30 | Loan | 9 | 10.8% | 10.2% | 11,600,000 | As Is | 1/31/2022 | 63.8% | 63.8% | 93.3% | 8/23/2022 | NAP | NAP |
31 | Loan | 16, 24, 28, 29, 34 | 11.8% | 10.9% | 9,200,000 | As Is | 9/6/2022 | 59.8% | 59.8% | 100.0% | 11/6/2022 | Yes | Goodwill Integrated Solutions |
32 | Loan | 11, 23 | 10.1% | 9.9% | 8,850,000 | As Is | Various | 46.3% | 46.3% | 94.8% | |||
32.01 | Property | 4,500,000 | As Is | 9/1/2022 | 93.8% | 8/26/2022 | NAP | NAP | |||||
32.02 | Property | 4,350,000 | As Is | 8/31/2022 | 96.1% | 9/21/2022 | NAP | NAP | |||||
33 | Loan | 10.6% | 10.4% | 4,950,000 | As Is | 8/8/2022 | 60.6% | 60.6% | 96.6% | 8/4/2022 | NAP | NAP |
A-1-7 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Largest Tenant SF | Largest Tenant % of NRA | Largest Tenant Lease Expiration Date | Second Largest Tenant | Second Largest Tenant SF | Second Largest Tenant % of NRA | Second Largest Tenant Lease Expiration Date | Third Largest Tenant | Third Largest Tenant SF | Third Largest Tenant % of NRA | Third Largest Tenant Lease Expiration Date |
24 | 25 | 6, 25 | 25 | 25 | 25 | 6, 25 | 25 | 25 | 25 | 6, 25 | |||
1 | Loan | 18, 28, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 134,790 | 10.2% | 9/12/2029 | Burlington | 100,498 | 7.6% | 1/31/2025 | AMC Theatres | 83,732 | 6.3% | 9/30/2029 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | |||||||||||
3.01 | Property | 29,500 | 100.0% | 10/6/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.02 | Property | 212,382 | 100.0% | 2/15/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.03 | Property | 56,125 | 100.0% | 5/9/2027 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.04 | Property | 138,431 | 100.0% | 9/30/2035 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.05 | Property | 27,620 | 100.0% | 10/6/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.06 | Property | 15,744 | 100.0% | 10/6/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.07 | Property | 53,480 | 100.0% | 3/31/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.08 | Property | 18,600 | 100.0% | 10/6/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.09 | Property | 60,500 | 100.0% | 8/31/2039 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.10 | Property | 26,156 | 100.0% | 10/1/2024 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.11 | Property | 73,397 | 100.0% | 10/13/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.12 | Property | 56,000 | 100.0% | 6/30/2023 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.13 | Property | 27,072 | 100.0% | 2/15/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3.14 | Property | 11,745 | 100.0% | 2/28/2031 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4 | Loan | 10, 19, 22, 28, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 10, 11, 18, 27, 34 | |||||||||||
5.01 | Property | 303,383 | 100.0% | 3/31/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.02 | Property | 220,581 | 67.5% | 3/31/2024 | Averitt Express, Inc. | 105,988 | 32.5% | 12/31/2031 | NAP | NAP | NAP | NAP | |
5.03 | Property | 113,184 | 100.0% | 12/31/2037 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.04 | Property | 86,422 | 100.0% | 11/30/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.05 | Property | 68,902 | 100.0% | 10/31/2024 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.06 | Property | 68,596 | 100.0% | 9/30/2031 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.07 | Property | 55,820 | 100.0% | 3/31/2025 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.08 | Property | 55,547 | 100.0% | 10/31/2027 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.09 | Property | 42,300 | 100.0% | 12/31/2029 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5.10 | Property | 84,450 | 100.0% | 5/31/2027 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 11, 21 | |||||||||||
7.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.09 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
7.10 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
8 | Loan | 10, 20, 28, 29, 41 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 25, 26, 30 | 26,860 | 17.9% | 1/31/2033 | David's Bridal | 11,800 | 7.9% | 2/28/2025 | Dollar Tree | 9,072 | 6.0% | 1/31/2028 |
10 | Loan | 16, 18, 21, 25, 28 | 32,338 | 16.2% | 3/31/2027 | The TJX Companies | 24,593 | 12.4% | 1/31/2028 | DSW | 15,162 | 7.6% | 1/31/2028 |
11 | Loan | 28 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 331,743 | 39.5% | 4/30/2033 | Tellurian Services LLC | 74,853 | 8.9% | 4/30/2027 | Petroleum Club of Houston | 30,343 | 3.6% | 3/31/2030 |
13 | Loan | 12, 28 | 20,530 | 21.9% | 1/31/2029 | 99 Cent Store | 20,000 | 21.4% | 1/31/2033 | Salon Boutique | 12,500 | 13.3% | 4/30/2036 |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 9,125 | 10.1% | 12/31/2022 | Belford's | 6,665 | 7.4% | 12/31/2031 | Wet Willie's | 5,508 | 6.1% | 9/30/2027 |
15 | Loan | 10, 20, 24, 25, 29 | 81,154 | 21.9% | 12/31/2025 | Morris James LLP | 69,221 | 18.6% | 5/31/2026 | Sargent & Lundy, LLC | 47,441 | 12.8% | 10/31/2027 |
16 | Loan | 18, 28, 30, 33, 45 | 40,000 | 33.3% | 9/30/2037 | Ferguson | 40,000 | 33.3% | 11/30/2024 | Old Williamsburg Candle | 40,000 | 33.3% | MTM |
17 | Loan | 10, 23, 24, 25, 28, 46 | 46,118 | 10.3% | 10/31/2026 | Day & Zimmermann | 45,253 | 10.1% | 3/1/2025 | The Gordian Group | 43,785 | 9.8% | 6/30/2030 |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | 16,633 | 19.8% | 4/30/2031 | Hibachi Grill and Supreme Buffet | 13,525 | 16.1% | 10/31/2028 | Fresenius Medical Care NE Las Vegas | 9,600 | 11.4% | 8/31/2026 |
19 | Loan | 10, 11, 21, 23, 32, 34 | |||||||||||
19.01 | Property | 317,670 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.02 | Property | 316,507 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.03 | Property | 350,563 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.04 | Property | 156,860 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.05 | Property | 118,503 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.06 | Property | 193,730 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.07 | Property | 233,264 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.08 | Property | 104,617 | 100.0% | 9/30/2042 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 96,907 | 98.9% | 5/31/2028 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
21 | Loan | 16, 25, 27 | 44,000 | 34.7% | 12/31/2024 | TOPDesk USA, Inc. | 13,813 | 10.9% | 12/15/2029 | Design Interactive, Inc. | 10,958 | 8.6% | 8/22/2029 |
22 | Loan | 28, 49, 50 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 10, 20, 27, 34 | 122,360 | 100.0% | 11/30/2030 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
24 | Loan | 9, 10, 16, 20, 31 | 98,721 | 21.6% | 3/31/2030 | Dick's Sporting Goods | 50,133 | 11.0% | 1/31/2027 | Crunch Fitness | 25,183 | 5.5% | 8/31/2029 |
25 | Loan | 38,925 | 23.4% | 10/31/2024 | T.J. Maxx | 25,380 | 15.2% | 1/31/2032 | Amarillo National Bank | 12,041 | 7.2% | 4/30/2023 | |
26 | Loan | 10, 21, 51 | 365,672 | 100.0% | 3/31/2032 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
27 | Loan | 10 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
28 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
29 | Loan | 10, 18 | 65,214 | 18.7% | 12/31/2030 | Dunham's Sports | 38,634 | 11.1% | 1/31/2027 | Burlington | 33,731 | 9.7% | 2/28/2031 |
30 | Loan | 9 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
31 | Loan | 16, 24, 28, 29, 34 | 169,589 | 100.0% | 9/30/2032 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
32 | Loan | 11, 23 | |||||||||||
32.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
32.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
33 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-8 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Fourth Largest Tenant | Fourth Largest Tenant SF | Fourth Largest Tenant % of NRA | Fourth Largest Tenant Lease Expiration Date | Fifth Largest Tenant | Fifth Largest Tenant SF | Fifth Largest Tenant % of NRA | Fifth Largest Tenant Lease Expiration Date | Environmental Phase I Report Date | Environmental Phase II Report Date |
25 | 25 | 25 | 6, 25 | 24 | 25 | 25 | 6, 25 | 30 | 30 | |||
1 | Loan | 18, 28, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 6/21/2022 | NAP |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | Dick's Sporting Goods | 53,677 | 4.1% | 1/31/2032 | Dave & Buster's | 53,077 | 4.0% | 5/31/2026 | 9/13/2022 | NAP |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | ||||||||||
3.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/17/2022 | NAP | |
3.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/9/2022 | NAP | |
3.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/12/2022 | NAP | |
3.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/12/2022 | NAP | |
3.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/11/2022 | NAP | |
3.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/8/2022 | NAP | |
3.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/11/2022 | NAP | |
3.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/12/2022 | NAP | |
3.09 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/11/2022 | NAP | |
3.10 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/10/2022 | NAP | |
3.11 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/8/2022 | NAP | |
3.12 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/8/2022 | NAP | |
3.13 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/9/2022 | NAP | |
3.14 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/8/2022 | NAP | |
4 | Loan | 10, 19, 22, 28, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/7/2022 | NAP |
5 | Loan | 10, 11, 18, 27, 34 | ||||||||||
5.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/11/2022 | NAP | |
5.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/13/2022 | NAP | |
5.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/6/2022 | NAP | |
5.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/14/2022 | NAP | |
5.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/8/2022 | NAP | |
5.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 7/14/2022 | NAP | |
5.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/5/2022 | NAP | |
5.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/7/2022 | NAP | |
5.09 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/7/2022 | NAP | |
5.10 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 4/5/2022 | NAP | |
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 6/30/2022 | NAP |
7 | Loan | 11, 21 | ||||||||||
7.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.09 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
7.10 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/23/2022 | NAP | |
8 | Loan | 10, 20, 28, 29, 41 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 6/14/2022 | NAP |
9 | Loan | 25, 26, 30 | Keller Williams | 6,400 | 4.3% | 1/26/2023 | FedEx | 5,677 | 3.8% | 10/31/2025 | 8/29/2022 | NAP |
10 | Loan | 16, 18, 21, 25, 28 | Old Navy | 14,224 | 7.1% | 9/1/2038 | Ulta | 11,599 | 5.8% | 10/31/2029 | 7/1/2022 | NAP |
11 | Loan | 28 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/20/2022 | NAP |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | Pattern Energy Group Services LP | 24,960 | 3.0% | 4/30/2027 | Quintana Infrastructure & Development LLC | 24,960 | 3.0% | 5/31/2025 | 3/9/2022 | NAP |
13 | Loan | 12, 28 | Petland | 4,767 | 5.1% | 3/31/2031 | Affordable Care | 4,206 | 4.5% | 7/31/2026 | 12/9/2021 | NAP |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | Bluegreen Vacation Unlimited | 5,393 | 6.0% | 6/30/2023 | The Bar Bar | 5,363 | 6.0% | 8/31/2023 | 11/5/2021 | NAP |
15 | Loan | 10, 20, 24, 25, 29 | United States Postal Service | 33,526 | 9.0% | 1/31/2027 | General Services Administration | 25,684 | 6.9% | 8/25/2024 | 3/8/2022 | NAP |
16 | Loan | 18, 28, 30, 33, 45 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 6/17/2022 | NAP |
17 | Loan | 10, 23, 24, 25, 28, 46 | Wood Group | 42,648 | 9.5% | 8/31/2023 | Ogletree Deakins | 41,508 | 9.3% | 4/30/2024 | 12/15/2020 | NAP |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | Intermountain Medical Holdings Nevada | 9,467 | 11.3% | 5/31/2030 | Skechers USA | 6,000 | 7.1% | 1/31/2024 | 9/9/2022 | NAP |
19 | Loan | 10, 11, 21, 23, 32, 34 | ||||||||||
19.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | NAP | |
19.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | NAP | |
19.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | NAP | |
19.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | 9/9/2022 | |
19.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | NAP | |
19.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | NAP | |
19.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | 9/9/2022 | |
19.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/21/2022 | NAP | |
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/16/2021 | NAP |
21 | Loan | 16, 25, 27 | Allen Lund Company, LLC | 7,505 | 5.9% | 6/30/2025 | PFM Financial Advisors LLC | 6,461 | 5.1% | 4/30/2029 | 8/17/2022 | NAP |
22 | Loan | 28, 49, 50 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 5/31/2022 | NAP |
23 | Loan | 10, 20, 27, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 12/15/2021 | NAP |
24 | Loan | 9, 10, 16, 20, 31 | H&M | 22,100 | 4.8% | 1/31/2024 | Forever 21 | 20,022 | 4.4% | 1/31/2023 | 10/15/2021 | NAP |
25 | Loan | Natural Grocers by Vitamin Cottage | 12,036 | 7.2% | 11/30/2023 | Champion BBQ Supply & Spice | 8,784 | 5.3% | 9/30/2028 | 12/6/2021 | NAP | |
26 | Loan | 10, 21, 51 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 3/15/2021 | NAP |
27 | Loan | 10 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 6/25/2021 | NAP |
28 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/7/2021 | NAP | |
29 | Loan | 10, 18 | T.J. Maxx | 33,000 | 9.4% | 5/31/2027 | Barnes & Noble | 22,589 | 6.5% | 1/31/2024 | 10/20/2021 | NAP |
30 | Loan | 9 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 2/11/2022 | NAP |
31 | Loan | 16, 24, 28, 29, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/12/2022 | 5/27/2022 |
32 | Loan | 11, 23 | ||||||||||
32.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/8/2022 | NAP | |
32.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 9/8/2022 | NAP | |
33 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 8/11/2022 | NAP |
A-1-9 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Engineering Report Date | Seismic Report Date | PML or SEL (%) | Flood Zone | Ownership Interest | Ground Lease Expiration Date | Ground Lease Extension Terms | Annual Ground Lease Payment as of the Cut-off Date ($) | Annual Ground Rent Increases (Y/N) | Upfront RE Tax Reserve ($) | Monthly RE Tax Reserve ($) | Upfront Insurance Reserve ($) | Monthly Insurance Reserve ($) |
22 | 22 | 22 | 22 | ||||||||||||
1 | Loan | 18, 28, 34 | 7/14/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 540,968 | 180,323 | 420,660 | 42,066 |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 9/13/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | 0 | Springing | 0 | Springing | |||||||||
3.01 | Property | 5/12/2022 | 7/14/2022 | 13% | No | Fee | NAP | NAP | NAP | NAP | |||||
3.02 | Property | 5/6/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.03 | Property | 5/11/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.04 | Property | 5/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.05 | Property | 5/10/2022 | 7/14/2022 | 11% | No | Fee | NAP | NAP | NAP | NAP | |||||
3.06 | Property | 5/12/2022 | 7/14/2022 | 17% | No | Fee | NAP | NAP | NAP | NAP | |||||
3.07 | Property | 5/6/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.08 | Property | 5/12/2022 | 7/14/2022 | 17% | No | Fee | NAP | NAP | NAP | NAP | |||||
3.09 | Property | 5/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.10 | Property | 5/6/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.11 | Property | 5/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.12 | Property | 5/10/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.13 | Property | 5/3/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
3.14 | Property | 5/11/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
4 | Loan | 10, 19, 22, 28, 34 | 7/7/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
5 | Loan | 10, 11, 18, 27, 34 | 288,329 | 46,731 | 9,481 | 9,481 | |||||||||
5.01 | Property | 6/22/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.02 | Property | 6/22/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.03 | Property | 6/23/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.04 | Property | 6/22/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.05 | Property | 6/22/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.06 | Property | 6/23/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.07 | Property | 6/22/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.08 | Property | 6/22/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.09 | Property | 6/23/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
5.10 | Property | 6/22/2022 | NAP | NAP | Yes - AE | Fee | NAP | NAP | NAP | NAP | |||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | 6/22/2022 | 8/1/2022 | 13% | No | Leasehold | 11/2/2107 | None | 323,177 | Yes | 0 | Springing | 0 | Springing |
7 | Loan | 11, 21 | 26,641 | 26,641 | 0 | Springing | |||||||||
7.01 | Property | 8/23/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.02 | Property | 8/16/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.03 | Property | 8/16/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.04 | Property | 8/16/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.05 | Property | 8/16/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.06 | Property | 8/16/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.07 | Property | 8/16/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.08 | Property | 8/23/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.09 | Property | 8/23/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
7.10 | Property | 8/23/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
8 | Loan | 10, 20, 28, 29, 41 | 6/14/2022 | NAP | NAP | Yes - AE | Fee | NAP | NAP | NAP | NAP | 269,732 | 30,525 | 0 | Springing |
9 | Loan | 25, 26, 30 | 8/29/2022 | 8/29/2022 | 13% | Yes - A | Fee | NAP | NAP | NAP | NAP | 270,025 | 37,095 | 0 | Springing |
10 | Loan | 16, 18, 21, 25, 28 | 7/1/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 428,199 | 56,079 | 0 | Springing |
11 | Loan | 28 | 5/20/2022 | NAP | NAP | Yes - AE | Fee | NAP | NAP | NAP | NAP | 68,487 | 14,651 | 0 | Springing |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 3/15/2022 | NAP | NAP | No | Leasehold | 3/31/2121 | 1, 20-year extension option | 3,774,064 | Yes | 0 | Springing | 0 | Springing |
13 | Loan | 12, 28 | 12/9/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 55,468 | 11,094 | 0 | Springing |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 11/5/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 89,366 | 17,395 | 94,849 | 7,904 |
15 | Loan | 10, 20, 24, 25, 29 | 3/8/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 831,885 | 108,403 | 0 | Springing |
16 | Loan | 18, 28, 30, 33, 45 | 6/17/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 91,148 | 15,191 | 10,399 | 3,466 |
17 | Loan | 10, 23, 24, 25, 28, 46 | 12/15/2020 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 420,905 | 70,152 | 32,337 | 5,390 |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | 8,850 | 0 | Springing |
19 | Loan | 10, 11, 21, 23, 32, 34 | 0 | Springing | 0 | Springing | |||||||||
19.01 | Property | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
19.02 | Property | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
19.03 | Property | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
19.04 | Property | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
19.05 | Property | 9/12/2022 | 8/23/2022 | 11% | No | Fee | NAP | NAP | NAP | NAP | |||||
19.06 | Property | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
19.07 | Property | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
19.08 | Property | 9/12/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 8/11/2021 | 7/31/2021 | 12% | Yes - AE | Leasehold | 12/12/2120 | None | 842,611 | Yes | 0 | Springing | 0 | Springing |
21 | Loan | 16, 25, 27 | 8/16/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 307,503 | 25,625 | 22,182 | 11,091 |
22 | Loan | 28, 49, 50 | 5/26/2022 | 5/26/2022 | 3% | No | Fee | NAP | NAP | NAP | NAP | 34,535 | 3,140 | 3,706 | 3,706 |
23 | Loan | 10, 20, 27, 34 | 9/15/2022 | 12/14/2021 | 24% | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 89,199 | Springing |
24 | Loan | 9, 10, 16, 20, 31 | 10/15/2021 | 10/29/2021 | 12% | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
25 | Loan | 12/6/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 42,541 | 21,270 | 0 | Springing | |
26 | Loan | 10, 21, 51 | 3/15/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
27 | Loan | 10 | 6/25/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 415,753 | 38,750 | 63,059 | Springing |
28 | Loan | 9/7/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | 15,414 | 12,125 | Springing | |
29 | Loan | 10, 18 | 10/12/2021 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 0 | 45,145 | 0 | 4,237 |
30 | Loan | 9 | 2/11/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 39,759 | 7,952 | 0 | Springing |
31 | Loan | 16, 24, 28, 29, 34 | 9/8/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 38,522 | 12,369 | 0 | Springing |
32 | Loan | 11, 23 | 41,311 | 5,164 | 7,723 | 3,862 | |||||||||
32.01 | Property | 9/8/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
32.02 | Property | 9/7/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | |||||
33 | Loan | 8/10/2022 | NAP | NAP | No | Fee | NAP | NAP | NAP | NAP | 29,348 | 2,668 | 1,449 | 1,449 |
A-1-10 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Upfront Replacement / PIP Reserve ($) | Monthly Replacement / FF&E Reserve ($) | Replacement Reserve Caps ($) | Upfront TI/LC Reserve ($) | Monthly TI/LC Reserve ($) | TI/LC Caps ($) | Upfront Debt Service Reserve ($) | Monthly Debt Service Reserve ($) | Debt Service Reserve Cap ($) | Upfront Deferred Maintenance Reserve ($) | Upfront Other Reserve ($) | Monthly Other Reserve ($) |
1 | Loan | 18, 28, 34 | 6,220,000 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,324,950 | 289,218 | Springing |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 0 | Springing | 0 | 0 | 109,888 | 2,637,302 | 0 | 0 | 0 | 0 | 835,000 | 0 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | 0 | Springing | 0 | 4,000,000 | Springing | 500,000 | 0 | 0 | 0 | 0 | 0 | 0 |
3.01 | Property | |||||||||||||
3.02 | Property | |||||||||||||
3.03 | Property | |||||||||||||
3.04 | Property | |||||||||||||
3.05 | Property | |||||||||||||
3.06 | Property | |||||||||||||
3.07 | Property | |||||||||||||
3.08 | Property | |||||||||||||
3.09 | Property | |||||||||||||
3.10 | Property | |||||||||||||
3.11 | Property | |||||||||||||
3.12 | Property | |||||||||||||
3.13 | Property | |||||||||||||
3.14 | Property | |||||||||||||
4 | Loan | 10, 19, 22, 28, 34 | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 9,800,000 | 466,667 |
5 | Loan | 10, 11, 18, 27, 34 | 0 | Springing | 0 | 3,331,584 | 35,151 | 1,000,000 | 0 | 0 | 0 | 489,945 | 0 | 0 |
5.01 | Property | |||||||||||||
5.02 | Property | |||||||||||||
5.03 | Property | |||||||||||||
5.04 | Property | |||||||||||||
5.05 | Property | |||||||||||||
5.06 | Property | |||||||||||||
5.07 | Property | |||||||||||||
5.08 | Property | |||||||||||||
5.09 | Property | |||||||||||||
5.10 | Property | |||||||||||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 258,077 | Springing |
7 | Loan | 11, 21 | 97,511 | 3,146 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107,094 | 0 | 0 |
7.01 | Property | |||||||||||||
7.02 | Property | |||||||||||||
7.03 | Property | |||||||||||||
7.04 | Property | |||||||||||||
7.05 | Property | |||||||||||||
7.06 | Property | |||||||||||||
7.07 | Property | |||||||||||||
7.08 | Property | |||||||||||||
7.09 | Property | |||||||||||||
7.10 | Property | |||||||||||||
8 | Loan | 10, 20, 28, 29, 41 | 0 | 51,103 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,000,000 | Springing |
9 | Loan | 25, 26, 30 | 0 | 2,626 | 200,000 | 0 | 12,503 | 150,000 | 0 | 0 | 0 | 0 | 143,546 | 0 |
10 | Loan | 16, 18, 21, 25, 28 | 463,080 | 3,318 | 0 | 360,000 | 13,936 | 837,600 | 0 | 0 | 0 | 15,000 | 292,448 | 26,000 |
11 | Loan | 28 | 0 | 420 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,000,000 | 0 |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 5,318,385 | Springing |
13 | Loan | 12, 28 | 0 | 2,496 | 0 | 500,000 | Springing | 250,000 | 0 | 0 | 0 | 0 | 132,477 | Springing |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 0 | 1,650 | 50,000 | 500,000 | Springing | 295,000 | 0 | 0 | 0 | 0 | 46,887 | Springing |
15 | Loan | 10, 20, 24, 25, 29 | 0 | 7,734 | 464,040 | 2,779,031 | 46,403 | 3,000,000 | 0 | 0 | 0 | 0 | 0 | 0 |
16 | Loan | 18, 28, 30, 33, 45 | 0 | 0 | 0 | 1,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 5,000,000 | 0 |
17 | Loan | 10, 23, 24, 25, 28, 46 | 0 | 7,082 | 0 | 3,000,000 | Springing | 3,000,000 | 0 | 0 | 0 | 0 | 682,885 | Springing |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | 0 | 2,168 | 52,037 | 1,128,792 | 6,994 | 167,860 | 0 | 0 | 0 | 0 | 139,529 | 0 |
19 | Loan | 10, 11, 21, 23, 32, 34 | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
19.01 | Property | |||||||||||||
19.02 | Property | |||||||||||||
19.03 | Property | |||||||||||||
19.04 | Property | |||||||||||||
19.05 | Property | |||||||||||||
19.06 | Property | |||||||||||||
19.07 | Property | |||||||||||||
19.08 | Property | |||||||||||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 1,080,607 | Springing |
21 | Loan | 16, 25, 27 | 0 | 2,163 | 0 | 0 | 10,557 | 0 | 0 | 0 | 0 | 451,563 | 1,969,064 | 0 |
22 | Loan | 28, 49, 50 | 0 | 15,463 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Springing |
23 | Loan | 10, 20, 27, 34 | 0 | 450 | 0 | 600,000 | 2,251 | 0 | 0 | 0 | 0 | 0 | 336,010 | Springing |
24 | Loan | 9, 10, 16, 20, 31 | 3,000,000 | Springing | 228,420 | 0 | 76,140 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
25 | Loan | 0 | 2,220 | 0 | 350,000 | 9,018 | 0 | 0 | 0 | 0 | 671,155 | 95,200 | 0 | |
26 | Loan | 10, 21, 51 | 0 | 8,532 | 0 | 0 | 30,473 | 0 | 0 | 0 | 0 | 146,929 | 9,141,800 | 0 |
27 | Loan | 10 | 0 | 5,875 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
28 | Loan | 0 | 4,800 | 315,000 | 0 | 0 | 0 | 0 | 0 | 0 | 250,469 | 0 | 0 | |
29 | Loan | 10, 18 | 0 | 10,480 | 350,000 | 503,240 | 21,834 | 750,000 | 0 | 0 | 0 | 0 | 358,728 | 0 |
30 | Loan | 9 | 0 | 3,746 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22,688 | 0 | 0 |
31 | Loan | 16, 24, 28, 29, 34 | 0 | 2,685 | 64,444 | 0 | Springing | 169,589 | 0 | 0 | 0 | 466,334 | 81,250 | 0 |
32 | Loan | 11, 23 | 170,584 | 632 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46,580 | 13,500 | 0 |
32.01 | Property | |||||||||||||
32.02 | Property | |||||||||||||
33 | Loan | 0 | 503 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,700 | 0 | 0 |
A-1-11 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Other Reserve Description |
1 | Loan | 18, 28, 34 | Restricted Account Opening Reserve (Upfront: $250,000), Judgement Reserve (Upfront: $39,218), Condominium Common Charge Reserve (Monthly: Springing) |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | Outstanding TI/LC Reserve |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | NAP |
3.01 | Property | ||
3.02 | Property | ||
3.03 | Property | ||
3.04 | Property | ||
3.05 | Property | ||
3.06 | Property | ||
3.07 | Property | ||
3.08 | Property | ||
3.09 | Property | ||
3.10 | Property | ||
3.11 | Property | ||
3.12 | Property | ||
3.13 | Property | ||
3.14 | Property | ||
4 | Loan | 10, 19, 22, 28, 34 | Ground Lease Reserve |
5 | Loan | 10, 11, 18, 27, 34 | NAP |
5.01 | Property | ||
5.02 | Property | ||
5.03 | Property | ||
5.04 | Property | ||
5.05 | Property | ||
5.06 | Property | ||
5.07 | Property | ||
5.08 | Property | ||
5.09 | Property | ||
5.10 | Property | ||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | Static Ground Rent Reserve (Upfront: $258,077), Ground Rent Reserve (Monthly: Springing), Seasonal Working Capital Reserve (Monthly: Springing), Custodial Funds and Hotel Tax Reserve (Monthly: Springing) |
7 | Loan | 11, 21 | NAP |
7.01 | Property | ||
7.02 | Property | ||
7.03 | Property | ||
7.04 | Property | ||
7.05 | Property | ||
7.06 | Property | ||
7.07 | Property | ||
7.08 | Property | ||
7.09 | Property | ||
7.10 | Property | ||
8 | Loan | 10, 20, 28, 29, 41 | Performance Reserve (Upfront: $12,000,000), PIP Reserve (Monthly: Springing) |
9 | Loan | 25, 26, 30 | Outstanding TI/LC Reserve |
10 | Loan | 16, 18, 21, 25, 28 | Chase Leasing Reserve (Upfront: $153,400), Chase Free Rent Reserve (Upfront: $139,048.16), West Clinic Leasing Reserve (Monthly: $26,000; Cap: $1,400,000) |
11 | Loan | 28 | Earnout Reserve |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | Unfunded Lease Obligations Reserve (Upfront: $1,668,384.84), Ground Rent Funds (Upfront: $3,650,000, Monthly: Springing), Lease Sweep Reserve (Monthly: Springing) |
13 | Loan | 12, 28 | Existing TI/LC Reserve (Upfront: $106,983), Free Rent Reserve (Upfront: $25,494.28), Dotty's Funds Reserve (Monthly: Springing; Cap: $100,000) |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | Street Lease Reserve (Upfront: $46,887; Ongoing: $4,826.53), Wild Wing Litigation Reserve (Ongoing: Springing) |
15 | Loan | 10, 20, 24, 25, 29 | NAP |
16 | Loan | 18, 28, 30, 33, 45 | Earnout Reserve |
17 | Loan | 10, 23, 24, 25, 28, 46 | Specified Leasing Reserve (Upfront: $298,808), Rent Replication Reserve (Upfront: $201,192; Ongoing: Springing; Cap: $100,596), Outstanding TI/LC Reserve (Upfront: $137,947), Free Rent Reserve (Upfront: $44,938.13) |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | Intermountain Reserve (Upfront: $79,220.60), Free Rent Reserve (Upfront: $60,308.60) |
19 | Loan | 10, 11, 21, 23, 32, 34 | NAP |
19.01 | Property | ||
19.02 | Property | ||
19.03 | Property | ||
19.04 | Property | ||
19.05 | Property | ||
19.06 | Property | ||
19.07 | Property | ||
19.08 | Property | ||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | Amortized TI Reserve (Upfront: $1,080,606.72), Ground Rent Reserve (Monthly: Springing) |
21 | Loan | 16, 25, 27 | AMD TI Reserve (Upfront: $1,310,845), Unfunded Obligations Reserve (Upfront: $544,080.48), Free Rent Reserve (Upfront: $114,138.69) |
22 | Loan | 28, 49, 50 | PIP Reserve |
23 | Loan | 10, 20, 27, 34 | Rent Reduction Reserve (Upfront: $180,350), Debt Service Supplement Reserve (Upfront: $155,660), Significant Tenant Reserve (Monthly: Springing) |
24 | Loan | 9, 10, 16, 20, 31 | NAP |
25 | Loan | Coldstone Leasing Reserve (Upfront: $70,200), Champions Leasing Reserve (Upfront: $25,000) | |
26 | Loan | 10, 21, 51 | PetSmart TI Reserve |
27 | Loan | 10 | NAP |
28 | Loan | NAP | |
29 | Loan | 10, 18 | Specified TI/LC Reserve (Upfront: $227,772.85), Shoe Show/Bath & Body Works Reserve (Upfront: $130,954.70) |
30 | Loan | 9 | NAP |
31 | Loan | 16, 24, 28, 29, 34 | Vapor Intrusion Mitigation System Work Reserve (Upfront: $50,000), SSDS Maintenance Reserve (Upfront: $31,250) |
32 | Loan | 11, 23 | Rent Reserve |
32.01 | Property | ||
32.02 | Property | ||
33 | Loan | NAP |
A-1-12 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Other Reserve Cap ($) | Holdback/ Earnout Amount ($) | Holdback/ Earnout Description | Lockbox Type | Cash Management | Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) | Tenant Specific Excess Cash Trap Trigger (Y/N) |
14 | 15 | ||||||||
1 | Loan | 18, 28, 34 | 0 | 0 | NAP | Springing | Springing | No | No |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | 0 | 0 | NAP | Hard | In Place | Yes | Yes |
3.01 | Property | ||||||||
3.02 | Property | ||||||||
3.03 | Property | ||||||||
3.04 | Property | ||||||||
3.05 | Property | ||||||||
3.06 | Property | ||||||||
3.07 | Property | ||||||||
3.08 | Property | ||||||||
3.09 | Property | ||||||||
3.10 | Property | ||||||||
3.11 | Property | ||||||||
3.12 | Property | ||||||||
3.13 | Property | ||||||||
3.14 | Property | ||||||||
4 | Loan | 10, 19, 22, 28, 34 | 0 | 0 | NAP | Hard | In Place | No | Yes |
5 | Loan | 10, 11, 18, 27, 34 | 0 | 0 | NAP | Hard | In Place | Yes | Yes |
5.01 | Property | ||||||||
5.02 | Property | ||||||||
5.03 | Property | ||||||||
5.04 | Property | ||||||||
5.05 | Property | ||||||||
5.06 | Property | ||||||||
5.07 | Property | ||||||||
5.08 | Property | ||||||||
5.09 | Property | ||||||||
5.10 | Property | ||||||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | 0 | 0 | NAP | Hard | Springing | Yes | No |
7 | Loan | 11, 21 | 0 | 0 | NAP | Springing | Springing | Yes | No |
7.01 | Property | ||||||||
7.02 | Property | ||||||||
7.03 | Property | ||||||||
7.04 | Property | ||||||||
7.05 | Property | ||||||||
7.06 | Property | ||||||||
7.07 | Property | ||||||||
7.08 | Property | ||||||||
7.09 | Property | ||||||||
7.10 | Property | ||||||||
8 | Loan | 10, 20, 28, 29, 41 | 0 | 12,000,000 | $12,000,000 deposited into the Holdback Reserve to be distributed to the borrower upon certain conditions in the loan agreement. | Hard | Springing | Yes | No |
9 | Loan | 25, 26, 30 | 0 | 0 | NAP | Hard | Springing | No | No |
10 | Loan | 16, 18, 21, 25, 28 | 1,400,000 | 0 | NAP | Hard | Springing | Yes | Yes |
11 | Loan | 28 | 0 | 5,000,000 | $5,000,000 deposited into the Holdback Reserve to be distributed to the borrower upon certain conditions in the loan agreement. | Soft | Springing | Yes | No |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
13 | Loan | 12, 28 | 100,000 | 0 | NAP | Springing | Springing | Yes | Yes |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
15 | Loan | 10, 20, 24, 25, 29 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
16 | Loan | 18, 28, 30, 33, 45 | 0 | 5,000,000 | $5,000,000 deposited into the Earnout Reserve to be distributed to the borrower upon certain conditions in the loan agreement. | Springing | Springing | Yes | Yes |
17 | Loan | 10, 23, 24, 25, 28, 46 | 100,596 | 0 | NAP | Hard | In Place | Yes | Yes |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | 0 | 0 | NAP | Springing | Springing | Yes | Yes |
19 | Loan | 10, 11, 21, 23, 32, 34 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
19.01 | Property | ||||||||
19.02 | Property | ||||||||
19.03 | Property | ||||||||
19.04 | Property | ||||||||
19.05 | Property | ||||||||
19.06 | Property | ||||||||
19.07 | Property | ||||||||
19.08 | Property | ||||||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 0 | 0 | NAP | Hard | In Place | Yes | Yes |
21 | Loan | 16, 25, 27 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
22 | Loan | 28, 49, 50 | 0 | 0 | NAP | Springing | Springing | Yes | No |
23 | Loan | 10, 20, 27, 34 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
24 | Loan | 9, 10, 16, 20, 31 | 0 | 0 | NAP | Hard | Springing | Yes | Yes |
25 | Loan | 0 | 0 | NAP | Springing | Springing | Yes | No | |
26 | Loan | 10, 21, 51 | 0 | 0 | NAP | Hard | In Place | Yes | Yes |
27 | Loan | 10 | 0 | 0 | NAP | None | None | No | No |
28 | Loan | 0 | 0 | NAP | Soft | Springing | Yes | No | |
29 | Loan | 10, 18 | 0 | 0 | NAP | Springing | Springing | Yes | Yes |
30 | Loan | 9 | 0 | 0 | NAP | Springing | Springing | Yes | No |
31 | Loan | 16, 24, 28, 29, 34 | 0 | 0 | NAP | Springing | Springing | Yes | Yes |
32 | Loan | 11, 23 | 0 | 0 | NAP | Springing | Springing | Yes | No |
32.01 | Property | ||||||||
32.02 | Property | ||||||||
33 | Loan | 0 | 0 | NAP | Springing | Springing | Yes | No |
A-1-13 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Pari Passu (Y/N) | Pari Passu in Trust Controlling (Y/N) | Trust Pari Passu Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Subordinate Companion Loan Cut-off Date Balance ($) | Subordinate Companion Loan Interest Rate | Whole Loan Cut-off Date Balance ($) | Whole Loan Monthly Debt Service ($) |
31 | 31 | 31 | 31 | |||||||||
1 | Loan | 18, 28, 34 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | Yes | No | 60,000,000 | 175,000,000 | 1,111,649.08 | 1,492,785.91 | NAP | NAP | 235,000,000 | 1,492,785.91 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | Yes | Yes | 53,500,000 | 40,000,000 | 168,981.48 | 394,994.21 | NAP | NAP | 93,500,000 | 394,994.21 |
3.01 | Property | |||||||||||
3.02 | Property | |||||||||||
3.03 | Property | |||||||||||
3.04 | Property | |||||||||||
3.05 | Property | |||||||||||
3.06 | Property | |||||||||||
3.07 | Property | |||||||||||
3.08 | Property | |||||||||||
3.09 | Property | |||||||||||
3.10 | Property | |||||||||||
3.11 | Property | |||||||||||
3.12 | Property | |||||||||||
3.13 | Property | |||||||||||
3.14 | Property | |||||||||||
4 | Loan | 10, 19, 22, 28, 34 | Yes | No | 40,000,000 | 60,000,000 | 230,659.72 | 384,432.87 | NAP | NAP | 100,000,000 | 384,432.87 |
5 | Loan | 10, 11, 18, 27, 34 | Yes | Yes | 39,900,000 | 20,000,000 | 93,108.79 | 278,860.84 | NAP | NAP | 59,900,000 | 278,860.84 |
5.01 | Property | |||||||||||
5.02 | Property | |||||||||||
5.03 | Property | |||||||||||
5.04 | Property | |||||||||||
5.05 | Property | |||||||||||
5.06 | Property | |||||||||||
5.07 | Property | |||||||||||
5.08 | Property | |||||||||||
5.09 | Property | |||||||||||
5.10 | Property | |||||||||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 11, 21 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7.01 | Property | |||||||||||
7.02 | Property | |||||||||||
7.03 | Property | |||||||||||
7.04 | Property | |||||||||||
7.05 | Property | |||||||||||
7.06 | Property | |||||||||||
7.07 | Property | |||||||||||
7.08 | Property | |||||||||||
7.09 | Property | |||||||||||
7.10 | Property | |||||||||||
8 | Loan | 10, 20, 28, 29, 41 | Yes | Yes | 27,500,000 | 30,000,000 | 177,940.95 | 341,053.49 | NAP | NAP | 57,500,000 | 341,053.49 |
9 | Loan | 25, 26, 30 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 16, 18, 21, 25, 28 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 28 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | Yes | Yes | 22,292,385 | 66,877,154 | 352,795.81 | 470,394.41 | NAP | NAP | 89,169,539 | 470,394.41 |
13 | Loan | 12, 28 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
15 | Loan | 10, 20, 24, 25, 29 | Yes | Yes | 20,000,000 | 65,000,000 | 265,807.87 | 347,594.91 | NAP | NAP | 85,000,000 | 347,594.91 |
16 | Loan | 18, 28, 30, 33, 45 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 10, 23, 24, 25, 28, 46 | Yes | No | 18,000,000 | 50,500,000 | 176,218.11 | 239,028.53 | NAP | NAP | 68,500,000 | 239,028.53 |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 10, 11, 21, 23, 32, 34 | Yes | No | 15,000,000 | 88,000,000 | 470,647.22 | 550,871.18 | NAP | NAP | 103,000,000 | 550,871.18 |
19.01 | Property | |||||||||||
19.02 | Property | |||||||||||
19.03 | Property | |||||||||||
19.04 | Property | |||||||||||
19.05 | Property | |||||||||||
19.06 | Property | |||||||||||
19.07 | Property | |||||||||||
19.08 | Property | |||||||||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | Yes | Yes | 15,000,000 | 14,000,000 | 63,638.42 | 131,822.45 | NAP | NAP | 29,000,000 | 131,822.45 |
21 | Loan | 16, 25, 27 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
22 | Loan | 28, 49, 50 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
23 | Loan | 10, 20, 27, 34 | Yes | Yes | 13,000,000 | 25,000,000 | 86,814.24 | 131,957.64 | NAP | NAP | 38,000,000 | 131,957.64 |
24 | Loan | 9, 10, 16, 20, 31 | Yes | Yes | 12,232,206 | 66,053,910 | 353,686.12 | 419,183.55 | 27,829,718 | 10.75000% | 106,115,833 | 688,569.51 |
25 | Loan | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
26 | Loan | 10, 21, 51 | Yes | No | 10,000,000 | 58,000,000 | 209,739.81 | 245,901.85 | NAP | NAP | 68,000,000 | 245,901.85 |
27 | Loan | 10 | Yes | No | 10,000,000 | 40,000,000 | 127,412.04 | 159,265.05 | NAP | NAP | 50,000,000 | 159,265.05 |
28 | Loan | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
29 | Loan | 10, 18 | Yes | Yes | 9,643,371 | 11,832,358 | 57,844.67 | 104,988.07 | NAP | NAP | 21,475,729 | 104,988.07 |
30 | Loan | 9 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
31 | Loan | 16, 24, 28, 29, 34 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
32 | Loan | 11, 23 | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
32.01 | Property | |||||||||||
32.02 | Property | |||||||||||
33 | Loan | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-14 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Whole Loan Cut-off Date LTV Ratio (%) | Whole Loan Underwritten NCF DSCR (x) | Whole Loan Underwritten NOI Debt Yield (%) | Mezzanine Debt Cut-off Date Balance($) | Mezzanine Debt Interest Rate (%) | Total Debt Cut-off Date Balance ($) | Total Debt Monthly Debt Service ($) | Total Debt Cut-off Date LTV Ratio (%) | Total Debt Underwritten NCF DSCR (x) | Total Debt Underwritten NOI Debt Yield (%) | Future Additional Debt Permitted (Y/N) |
18, 31 | 4, 31 | 31 | 4, 31 | ||||||||||
1 | Loan | 18, 28, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 39.8% | 2.02 | 16.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | 61.5% | 1.73 | 8.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
3.01 | Property | ||||||||||||
3.02 | Property | ||||||||||||
3.03 | Property | ||||||||||||
3.04 | Property | ||||||||||||
3.05 | Property | ||||||||||||
3.06 | Property | ||||||||||||
3.07 | Property | ||||||||||||
3.08 | Property | ||||||||||||
3.09 | Property | ||||||||||||
3.10 | Property | ||||||||||||
3.11 | Property | ||||||||||||
3.12 | Property | ||||||||||||
3.13 | Property | ||||||||||||
3.14 | Property | ||||||||||||
4 | Loan | 10, 19, 22, 28, 34 | 38.6% | 3.41 | 15.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
5 | Loan | 10, 11, 18, 27, 34 | 65.5% | 1.59 | 9.4% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
5.01 | Property | ||||||||||||
5.02 | Property | ||||||||||||
5.03 | Property | ||||||||||||
5.04 | Property | ||||||||||||
5.05 | Property | ||||||||||||
5.06 | Property | ||||||||||||
5.07 | Property | ||||||||||||
5.08 | Property | ||||||||||||
5.09 | Property | ||||||||||||
5.10 | Property | ||||||||||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | Yes |
7 | Loan | 11, 21 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
7.01 | Property | ||||||||||||
7.02 | Property | ||||||||||||
7.03 | Property | ||||||||||||
7.04 | Property | ||||||||||||
7.05 | Property | ||||||||||||
7.06 | Property | ||||||||||||
7.07 | Property | ||||||||||||
7.08 | Property | ||||||||||||
7.09 | Property | ||||||||||||
7.10 | Property | ||||||||||||
8 | Loan | 10, 20, 28, 29, 41 | 50.8% | 1.45 | 14.7% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
9 | Loan | 25, 26, 30 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
10 | Loan | 16, 18, 21, 25, 28 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
11 | Loan | 28 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 48.6% | 1.85 | 13.3% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
13 | Loan | 12, 28 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
15 | Loan | 10, 20, 24, 25, 29 | 67.6% | 2.00 | 10.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
16 | Loan | 18, 28, 30, 33, 45 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
17 | Loan | 10, 23, 24, 25, 28, 46 | 61.5% | 2.11 | 9.1% | 10,000,000 | 10.00000% | 78,500,000 | 323,519.27 | 70.5% | 1.56 | 8.0% | No |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
19 | Loan | 10, 11, 21, 23, 32, 34 | 52.3% | 1.64 | 11.1% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | Yes |
19.01 | Property | ||||||||||||
19.02 | Property | ||||||||||||
19.03 | Property | ||||||||||||
19.04 | Property | ||||||||||||
19.05 | Property | ||||||||||||
19.06 | Property | ||||||||||||
19.07 | Property | ||||||||||||
19.08 | Property | ||||||||||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | 68.2% | 2.04 | 11.5% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
21 | Loan | 16, 25, 27 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
22 | Loan | 28, 49, 50 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
23 | Loan | 10, 20, 27, 34 | 53.7% | 2.00 | 8.4% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
24 | Loan | 9, 10, 16, 20, 31 | 46.7% | 1.81 | 15.0% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
25 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | |
26 | Loan | 10, 21, 51 | 61.5% | 2.26 | 10.5% | 12,000,000 | 12.00000% | 80,000,000 | 367,568.52 | 72.4% | 1.51 | 8.9% | No |
27 | Loan | 10 | 68.6% | 2.04 | 7.9% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
28 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No | |
29 | Loan | 10, 18 | 66.0% | 1.93 | 12.8% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
30 | Loan | 9 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
31 | Loan | 16, 24, 28, 29, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
32 | Loan | 11, 23 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
32.01 | Property | ||||||||||||
32.02 | Property | ||||||||||||
33 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | No |
A-1-15 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Future Debt Permitted Type | Sponsor |
1 | Loan | 18, 28, 34 | NAP | Acropolis Gardens Realty Corp. |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | NAP | Simon Property Group, L.P. and The KanAm Group |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | NAP | Bryan L. Norton |
3.01 | Property | |||
3.02 | Property | |||
3.03 | Property | |||
3.04 | Property | |||
3.05 | Property | |||
3.06 | Property | |||
3.07 | Property | |||
3.08 | Property | |||
3.09 | Property | |||
3.10 | Property | |||
3.11 | Property | |||
3.12 | Property | |||
3.13 | Property | |||
3.14 | Property | |||
4 | Loan | 10, 19, 22, 28, 34 | NAP | Stephen D. Haymes, Evan A. Haymes, The Stephen D. Haymes Revocable Trust Dated October 8, 2014, As Amended and Restated April 26, 2019 and/or Rex 34th Associates II |
5 | Loan | 10, 11, 18, 27, 34 | NAP | Gavriel Alexander and Abraham Guttman |
5.01 | Property | |||
5.02 | Property | |||
5.03 | Property | |||
5.04 | Property | |||
5.05 | Property | |||
5.06 | Property | |||
5.07 | Property | |||
5.08 | Property | |||
5.09 | Property | |||
5.10 | Property | |||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | Mezzanine (Max Combined LTV of 65.0%; Min Combined DSCR of 2.25x; Min Combined Debt Yield of 12%; Intercreditor Agreement is required) | JRK Property Holdings, Inc. |
7 | Loan | 11, 21 | NAP | David Jarvie and Brian Weisman |
7.01 | Property | |||
7.02 | Property | |||
7.03 | Property | |||
7.04 | Property | |||
7.05 | Property | |||
7.06 | Property | |||
7.07 | Property | |||
7.08 | Property | |||
7.09 | Property | |||
7.10 | Property | |||
8 | Loan | 10, 20, 28, 29, 41 | NAP | Prime Hospitality Group III, LLC |
9 | Loan | 25, 26, 30 | NAP | Farshad T. Shooshani and Farzad Shooshani |
10 | Loan | 16, 18, 21, 25, 28 | NAP | J. Charles Hendon, Jr. |
11 | Loan | 28 | NAP | Sergio Socolsky |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | NAP | Brookfield Office Properties Inc. |
13 | Loan | 12, 28 | NAP | TK Realty Holdings, LLC |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | NAP | Robert Tulloch and John Lari |
15 | Loan | 10, 20, 24, 25, 29 | NAP | David Pollin, Robert Buccini and Christopher Buccini |
16 | Loan | 18, 28, 30, 33, 45 | NAP | Sheldon Perl |
17 | Loan | 10, 23, 24, 25, 28, 46 | NAP | Joseph Friedland |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | NAP | Kenneth Levy |
19 | Loan | 10, 11, 21, 23, 32, 34 | Mezzanine (Max Combined LTV of 56.5%; Min Combined DSCR of 1.66x; Min Combined Debt Yield of 10.51%; Intercreditor Agreement is required) | AG Net Lease IV Corp., AG Net Lease IV (Q) Corp. and AG Net Lease Realty Fund IV Investments (H-1), L.P. |
19.01 | Property | |||
19.02 | Property | |||
19.03 | Property | |||
19.04 | Property | |||
19.05 | Property | |||
19.06 | Property | |||
19.07 | Property | |||
19.08 | Property | |||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | NAP | DRA Growth and Income Master Fund X-A, LLC and Manageco X, LLC |
21 | Loan | 16, 25, 27 | NAP | Elie Rieder |
22 | Loan | 28, 49, 50 | NAP | John H. Ferguson |
23 | Loan | 10, 20, 27, 34 | NAP | Matthew Stern, Daniel Sachs and WCM-GGG, LLC |
24 | Loan | 9, 10, 16, 20, 31 | NAP | Simon Property Group, L.P. |
25 | Loan | NAP | David J. Knust and Charles R. Hefner, Jr. | |
26 | Loan | 10, 21, 51 | NAP | Walter C. Bowen |
27 | Loan | 10 | NAP | Prime Hospitality Group IV, LLC |
28 | Loan | NAP | Harvey Giddens | |
29 | Loan | 10, 18 | NAP | Jay Peirick |
30 | Loan | 9 | NAP | John S. Newsome |
31 | Loan | 16, 24, 28, 29, 34 | NAP | Kenneth Levy |
32 | Loan | 11, 23 | NAP | Mark Torok, Louis Fox III and Michaeljohn Kudlik |
32.01 | Property | |||
32.02 | Property | |||
33 | Loan | NAP | Christina K. Hayden and Matthew R. Hayden |
A-1-16 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Non-Recourse Carveout Guarantor |
1 | Loan | 18, 28, 34 | NAP |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | Simon Property Group, L.P. |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | Bryan L. Norton |
3.01 | Property | ||
3.02 | Property | ||
3.03 | Property | ||
3.04 | Property | ||
3.05 | Property | ||
3.06 | Property | ||
3.07 | Property | ||
3.08 | Property | ||
3.09 | Property | ||
3.10 | Property | ||
3.11 | Property | ||
3.12 | Property | ||
3.13 | Property | ||
3.14 | Property | ||
4 | Loan | 10, 19, 22, 28, 34 | Stephen D. Haymes and The Stephen D. Haymes Revocable Trust Dated October 8, 2014, As Amended and Restated April 26, 2019 |
5 | Loan | 10, 11, 18, 27, 34 | Gavriel Alexander and Abraham Guttman |
5.01 | Property | ||
5.02 | Property | ||
5.03 | Property | ||
5.04 | Property | ||
5.05 | Property | ||
5.06 | Property | ||
5.07 | Property | ||
5.08 | Property | ||
5.09 | Property | ||
5.10 | Property | ||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | JRK Hospitality Fund 1, L.P. |
7 | Loan | 11, 21 | David Jarvie and Brian Weisman |
7.01 | Property | ||
7.02 | Property | ||
7.03 | Property | ||
7.04 | Property | ||
7.05 | Property | ||
7.06 | Property | ||
7.07 | Property | ||
7.08 | Property | ||
7.09 | Property | ||
7.10 | Property | ||
8 | Loan | 10, 20, 28, 29, 41 | Prime Hospitality Group, LLC |
9 | Loan | 25, 26, 30 | Farshad T. Shooshani and Farzad Shooshani, as Co-Trustees of The Said Shooshani Irrevocable Grantor Trust U/D/T dated November 9, 2012, and Farshad T. Shooshani and Farzad Shooshani, as Co-Trustees of The Homa Shooshani Irrevocable Grantor Trust U/D/T dated November 9, 2012 |
10 | Loan | 16, 18, 21, 25, 28 | J. Charles Hendon, Jr. |
11 | Loan | 28 | Sergio Socolsky |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | Brookfield BPY Property Holdings II LLC |
13 | Loan | 12, 28 | TK Realty Holdings, LLC |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | Robert Tulloch and John Lari |
15 | Loan | 10, 20, 24, 25, 29 | David Pollin, Robert Buccini and Christopher Buccini |
16 | Loan | 18, 28, 30, 33, 45 | Sheldon Perl |
17 | Loan | 10, 23, 24, 25, 28, 46 | Joseph Friedland |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | Kenneth Levy |
19 | Loan | 10, 11, 21, 23, 32, 34 | AG Net Lease IV Corp., AG Net Lease IV (Q) Corp. and AG Net Lease Realty Fund IV Investments (H-1), L.P. |
19.01 | Property | ||
19.02 | Property | ||
19.03 | Property | ||
19.04 | Property | ||
19.05 | Property | ||
19.06 | Property | ||
19.07 | Property | ||
19.08 | Property | ||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | DRA Growth and Income Master Fund X-A, LLC |
21 | Loan | 16, 25, 27 | Elie Rieder |
22 | Loan | 28, 49, 50 | John H. Ferguson |
23 | Loan | 10, 20, 27, 34 | Matthew Stern, Daniel Sachs and WCM-GGG, LLC |
24 | Loan | 9, 10, 16, 20, 31 | Simon Property Group, L.P. |
25 | Loan | David J. Knust and Charles R. Hefner, Jr. | |
26 | Loan | 10, 21, 51 | Walter C. Bowen |
27 | Loan | 10 | Prime Hospitality Group, LLC |
28 | Loan | Harvey Giddens | |
29 | Loan | 10, 18 | Jay Peirick |
30 | Loan | 9 | John S. Newsome |
31 | Loan | 16, 24, 28, 29, 34 | Kenneth Levy |
32 | Loan | 11, 23 | Mark Torok, Louis Fox III and Michaeljohn Kudlik |
32.01 | Property | ||
32.02 | Property | ||
33 | Loan | Christina K. Hayden and Matthew R. Hayden |
A-1-17 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Delaware Statutory Trust (Y/N) | Tenants-in-common (Y/N) | Loan Purpose | Property Located Within a Qualified Opportunity Zone (Y/N) | Sources: Loan Amount ($) | Sources: Principal's New Cash Contribution ($) | Sources: Subordinate Debt ($) | Sources: Other Sources ($) | Sources: Total Sources ($) | Uses: Loan Payoff ($) | Uses: Purchase Price ($) | Uses: Closing Costs ($) | Uses: Reserves ($) | Uses: Principal Equity Distribution ($) | Uses: Other Uses ($) |
7 | 8 | ||||||||||||||||
1 | Loan | 18, 28, 34 | No | No | Refinance | Yes | 68,500,000 | 0 | 0 | 0 | 68,500,000 | 52,722,229 | 0 | 6,079,980 | 8,795,796 | 901,994 | 0 |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | No | No | Refinance | No | 235,000,000 | 2,182,600 | 0 | 0 | 237,182,600 | 235,777,688 | 0 | 569,911 | 835,000 | 0 | 0 |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | No | No | Refinance | 93,500,000 | 0 | 0 | 0 | 93,500,000 | 59,739,986 | 0 | 2,392,673 | 4,000,000 | 27,367,341 | 0 | |
3.01 | Property | No | |||||||||||||||
3.02 | Property | No | |||||||||||||||
3.03 | Property | No | |||||||||||||||
3.04 | Property | No | |||||||||||||||
3.05 | Property | No | |||||||||||||||
3.06 | Property | No | |||||||||||||||
3.07 | Property | No | |||||||||||||||
3.08 | Property | No | |||||||||||||||
3.09 | Property | No | |||||||||||||||
3.10 | Property | No | |||||||||||||||
3.11 | Property | No | |||||||||||||||
3.12 | Property | No | |||||||||||||||
3.13 | Property | No | |||||||||||||||
3.14 | Property | No | |||||||||||||||
4 | Loan | 10, 19, 22, 28, 34 | No | No | Refinance | No | 100,000,000 | 0 | 0 | 0 | 100,000,000 | 50,397,129 | 0 | 2,873,266 | 9,800,000 | 36,929,605 | 0 |
5 | Loan | 10, 11, 18, 27, 34 | No | Yes | Acquisition | 59,900,000 | 34,174,814 | 0 | 0 | 94,074,814 | 0 | 87,250,000 | 2,705,475 | 4,119,339 | 0 | 0 | |
5.01 | Property | No | |||||||||||||||
5.02 | Property | No | |||||||||||||||
5.03 | Property | No | |||||||||||||||
5.04 | Property | No | |||||||||||||||
5.05 | Property | No | |||||||||||||||
5.06 | Property | No | |||||||||||||||
5.07 | Property | No | |||||||||||||||
5.08 | Property | No | |||||||||||||||
5.09 | Property | No | |||||||||||||||
5.10 | Property | No | |||||||||||||||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | No | No | Acquisition | No | 39,000,000 | 23,182,906 | 0 | 0 | 62,182,906 | 0 | 60,000,000 | 1,924,829 | 258,077 | 0 | 0 |
7 | Loan | 11, 21 | No | No | Refinance | 34,200,000 | 0 | 0 | 0 | 34,200,000 | 20,365,923 | 0 | 1,079,642 | 231,246 | 12,523,189 | 0 | |
7.01 | Property | No | |||||||||||||||
7.02 | Property | No | |||||||||||||||
7.03 | Property | Yes | |||||||||||||||
7.04 | Property | No | |||||||||||||||
7.05 | Property | No | |||||||||||||||
7.06 | Property | Yes | |||||||||||||||
7.07 | Property | Yes | |||||||||||||||
7.08 | Property | No | |||||||||||||||
7.09 | Property | No | |||||||||||||||
7.10 | Property | No | |||||||||||||||
8 | Loan | 10, 20, 28, 29, 41 | No | No | Refinance | No | 57,500,000 | 0 | 0 | 0 | 57,500,000 | 29,563,222 | 0 | 667,436 | 12,269,732 | 14,999,610 | 0 |
9 | Loan | 25, 26, 30 | No | No | Refinance | No | 25,000,000 | 0 | 0 | 0 | 25,000,000 | 22,699,512 | 0 | 376,617 | 413,571 | 1,510,300 | 0 |
10 | Loan | 16, 18, 21, 25, 28 | No | No | Acquisition | No | 24,830,000 | 13,117,024 | 0 | 0 | 37,947,024 | 0 | 35,518,000 | 870,297 | 1,558,728 | 0 | 0 |
11 | Loan | 28 | No | No | Refinance | No | 23,000,000 | 0 | 0 | 0 | 23,000,000 | 9,807,584 | 0 | 489,773 | 5,068,487 | 7,634,156 | 0 |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | No | No | Recapitalization | Yes | 90,000,000 | 0 | 0 | 0 | 90,000,000 | 0 | 0 | 586,864 | 5,318,385 | 84,094,751 | 0 |
13 | Loan | 12, 28 | No | No | Refinance | No | 22,250,000 | 0 | 0 | 0 | 22,250,000 | 15,193,234 | 0 | 356,529 | 687,945 | 6,012,292 | 0 |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | No | No | Acquisition | No | 20,500,000 | 11,713,606 | 0 | 0 | 32,213,606 | 0 | 30,500,000 | 982,504 | 731,102 | 0 | 0 |
15 | Loan | 10, 20, 24, 25, 29 | No | No | Refinance | No | 85,000,000 | 1,066,410 | 0 | 0 | 86,066,410 | 81,643,192 | 0 | 812,302 | 3,610,916 | 0 | 0 |
16 | Loan | 18, 28, 30, 33, 45 | No | No | Refinance | No | |||||||||||
17 | Loan | 10, 23, 24, 25, 28, 46 | No | No | Refinance | No | |||||||||||
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | No | No | Acquisition | No | |||||||||||
19 | Loan | 10, 11, 21, 23, 32, 34 | No | No | Acquisition | ||||||||||||
19.01 | Property | No | |||||||||||||||
19.02 | Property | Yes | |||||||||||||||
19.03 | Property | No | |||||||||||||||
19.04 | Property | No | |||||||||||||||
19.05 | Property | No | |||||||||||||||
19.06 | Property | No | |||||||||||||||
19.07 | Property | No | |||||||||||||||
19.08 | Property | No | |||||||||||||||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | No | No | Acquisition | No | |||||||||||
21 | Loan | 16, 25, 27 | No | Yes | Acquisition | No | |||||||||||
22 | Loan | 28, 49, 50 | No | No | Refinance | No | |||||||||||
23 | Loan | 10, 20, 27, 34 | No | Yes | Refinance | No | |||||||||||
24 | Loan | 9, 10, 16, 20, 31 | No | No | Refinance | No | |||||||||||
25 | Loan | No | No | Refinance | No | ||||||||||||
26 | Loan | 10, 21, 51 | No | No | Acquisition | No | |||||||||||
27 | Loan | 10 | No | No | Refinance | No | |||||||||||
28 | Loan | No | No | Refinance | No | ||||||||||||
29 | Loan | 10, 18 | No | No | Acquisition | No | |||||||||||
30 | Loan | 9 | No | No | Refinance | No | |||||||||||
31 | Loan | 16, 24, 28, 29, 34 | No | No | Acquisition | No | |||||||||||
32 | Loan | 11, 23 | Yes | No | Acquisition | ||||||||||||
32.01 | Property | No | |||||||||||||||
32.02 | Property | No | |||||||||||||||
33 | Loan | No | No | Refinance | No |
A-1-18 |
3650R 2022-PF2 Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | Uses: Total Uses ($) | Franchise Agreement Expiration | Underwritten ADR ($) | Underwritten RevPAR ($) | Underwritten Hotel Occupancy (%) | Most Recent ADR ($) | Most Recent RevPAR ($) | Most Recent Hotel Occupancy (%) | Second Most Recent ADR ($) | Second Most Recent RevPAR ($) | Second Most Recent Hotel Occupancy (%) | Third Most Recent ADR ($) | Third Most Recent RevPAR ($) | Third Most Recent Hotel Occupancy (%) |
1 | Loan | 18, 28, 34 | 68,500,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 9, 10, 20, 26, 29, 32, 35, 36, 37 | 237,182,600 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3 | Loan | 10, 11, 18, 20, 21, 25, 26, 28, 30, 34 | 93,500,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
3.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.09 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.10 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.11 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.12 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.13 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
3.14 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
4 | Loan | 10, 19, 22, 28, 34 | 100,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5 | Loan | 10, 11, 18, 27, 34 | 94,074,814 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
5.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.09 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
5.10 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
6 | Loan | 22, 25, 28, 29, 32, 38, 39, 40 | 62,182,906 | NAP | 309.92 | 204.55 | 66.0% | 309.92 | 204.55 | 66.0% | 272.11 | 160.74 | 59.1% | 231.82 | 71.52 | 30.9% |
7 | Loan | 11, 21 | 34,200,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.09 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
7.10 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
8 | Loan | 10, 20, 28, 29, 41 | 57,500,000 | 4/30/2043 | 249.67 | 201.38 | 80.7% | 249.67 | 201.38 | 80.7% | 202.96 | 158.12 | 77.9% | NAV | NAV | NAV |
9 | Loan | 25, 26, 30 | 25,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 16, 18, 21, 25, 28 | 37,947,024 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
11 | Loan | 28 | 23,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 10, 16, 20, 25, 42, 43, 44 | 90,000,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
13 | Loan | 12, 28 | 22,250,000 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 12, 22, 25, 26, 28, 29, 33 | 32,213,606 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
15 | Loan | 10, 20, 24, 25, 29 | 86,066,410 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
16 | Loan | 18, 28, 30, 33, 45 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
17 | Loan | 10, 23, 24, 25, 28, 46 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
18 | Loan | 12, 16, 18, 26, 29, 47, 48 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19 | Loan | 10, 11, 21, 23, 32, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19.03 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19.04 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19.05 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19.06 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19.07 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19.08 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
20 | Loan | 10, 12, 20, 21, 22, 25, 29, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
21 | Loan | 16, 25, 27 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
22 | Loan | 28, 49, 50 | 10/9/2040 | 174.14 | 135.51 | 77.8% | 174.14 | 135.51 | 77.8% | 159.21 | 115.50 | 72.5% | NAV | NAV | NAV | |
23 | Loan | 10, 20, 27, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
24 | Loan | 9, 10, 16, 20, 31 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
25 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
26 | Loan | 10, 21, 51 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
27 | Loan | 10 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
28 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
29 | Loan | 10, 18 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
30 | Loan | 9 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
31 | Loan | 16, 24, 28, 29, 34 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
32 | Loan | 11, 23 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
32.01 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
32.02 | Property | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
33 | Loan | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-19 |
Footnotes to Annex A-1 | |
(1) | The Administrative Fee Rate % includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Certificate Administrator/Trustee Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan. |
(2) | The Monthly Debt Service (P&I) ($) and Annual Debt Service (P&I) ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period. |
(3) | The open period is inclusive of the Maturity Date or Anticipated Repayment Date. |
(4) | Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) is calculated based on amortizing debt service payments (except for interest-only loans). |
(5) | Leased Occupancy (%) reflects both tenants that have signed leases, are in occupancy and paying rent and tenants that have signed leases but are not yet in occupancy and/or paying rent. |
(6) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the lease. |
(7) | Property Located Within a Qualified Opportunity Zone (Y/N) reflects Mortgaged Properties that are located in qualified opportunity zones ("QOZs") under Internal Revenue Code § 1400Z-2 - Notice 2018-48 and Notice 2019-42. According to the Internal Revenue Service, (1) a QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment, and (2) localities qualify as QOZs if they have been nominated for that designation by a state, the District of Columbia, or a U.S. territory and that nomination has been certified by the Secretary of the Treasury via his delegation of authority to the Internal Revenue Service. No representation is made as to whether any Mortgaged Properties located in QOZs or the related borrowers are eligible for such preferential tax treatment or whether any qualifying investment has been made in a QOZ. |
(8) | If the purpose of the Mortgage Loan was to finance an acquisition of the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash investment by one or more of the equity owners in the borrower in connection with such acquisition. If the purpose of the Mortgage Loan was to refinance the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash contributed to the borrower by one or more of the equity owners at the time the Mortgage Loan was originated. |
(9) | 3650 REIT—3650 Real Estate Investment Trust 2 LLC or one of its affiliates; GACC—German American Capital Corporation or one of its affiliates; CREFI—Citi Real Estate Funding Inc. or one of its affiliates; Column—Column Financial, Inc., or one of its affiliates. With respect to Loan No. 2, Concord Mills, as to which GACC is the Mortgage Loan Seller, the Mortgage Loan is part of a Whole Loan that was co-originated by DBR Investments Co. Limited and Bank of America, N.A. With respect to Loan No. 24, Meadowood Mall, as to which 3650 REIT, is the Mortgage Loan Seller, the Mortgage Loan is part of a Whole Loan that was co-originated by 3650 Real Estate Investment Trust 2 LLC, Barclays Capital Real Estate, Inc., Wells Fargo Bank, National Association, Bank of Montreal, and 3650 Cal Bridge Reno LLC. With respect to Loan No. 30, Summer Glen Apartments, as to which 3650 REIT is the Mortgage Loan Seller, such Mortgage Loan was originated by Column Financial, Inc. and subsequently acquired by 3650 REIT. |
(10) | With respect to the pari passu loans referenced below, the Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Cut–off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%) and Loan Per Unit ($) are calculated based on the Mortgage Loan included in the issuing entity and the related pari passu companion loans in the aggregate and exclude the mezzanine debt and, in the case of any loans structured with A/B Notes, the secured subordinate debt. For additional information see the table titled “Whole Loan Control Notes and Non–Control Notes” under “Description of the Mortgage Pool—The Whole Loans—General” in this Preliminary Prospectus. ● Loan No. 2 – Concord Mills ● Loan No. 3 – Triple Net Portfolio ● Loan No. 4 – 330 West 34th Street Leased Fee ● Loan No. 5 – Central States Industrial Portfolio |
A-1-20 |
● Loan No. 8 – Art Ovation Hotel ● Loan No. 12 – TOTAL Plaza ● Loan No. 15 – 500 Delaware ● Loan No. 17 – Patewood Corporate Center ● Loan No. 19 – IPG Portfolio ● Loan No. 20 – RH HQ ● Loan No. 23 – 800 Cesar Chavez ● Loan No. 24 – Meadowood Mall ● Loan No. 26 – PetSmart HQ ● Loan No. 27 – Icon One Daytona ● Loan No. 29 – Lakeshore Marketplace | |
(11) | With respect to any Mortgaged Property securing a multi–property Mortgage Loan, the amounts listed under the headings “Original Balance ($)”, “Cut–off Date Balance ($)” and “Maturity/ARD Balance ($)” reflect the Allocated Loan Amount related to such Mortgaged Property. ● Loan No. 3 – Triple Net Portfolio ● Loan No. 5 – Central States Industrial Portfolio ● Loan No. 7 – AZ Anytime Storage Portfolio ● Loan No. 19 – IPG Portfolio ● Loan No. 32 – Southern Star TX & CO Portfolio |
(12) | With respect to Loan No. 13, Eastgate, the Mortgaged Property includes two non-collateral parcels occupied by Red Lobster (7,078 sq. ft.) and Del Taco (2,800 sq. ft.). With respect to Loan No. 14, City Market, the Mortgaged Property includes 68,332 sq. ft. of retail space, 19,762 sq. ft. of office space and 1,881 sq. ft. of amenity/ATM space. The borrower has the right to convert up to 10,000 sq. ft. of the second and/or third floor of the Mortgaged Property into either multifamily or short-term rental uses. With respect to Loan No. 18, Nellis Plaza, the Mortgaged Property includes four office tenants, Intermountain Medical Holdings Nevada (9,467 sq. ft. and 9.6% of Underwritten Base Rent), Kelly Hawkins Physical Therapy (3,404 sq. ft. and 5.6% of Underwritten Base Rent), Quest Diagnostics (3,600 sq. ft. and 5.3% of Underwritten Base Rent), and Fresenius Medical Care NE Las Vegas (9,600 sq. ft. and 11.5% of Underwritten Base Rent). With respect to Loan No. 20, RH HQ, the sole tenant, Restoration Hardware occupies 96,907 sq. ft. at the Mortgaged Property. The remaining 1,044 sq. ft. includes an engineer office and a management office with no rent associated with such spaces. |
(13) | The Administrative Fee 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. |
(14) | “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” means that upon the occurrence of a trigger event, as defined in the related Mortgage Loan documents, In Place cash management (as described below) 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). |
(15) | “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) |
A-1-21 |
Loan No. Mortgage Loan Cut-off Date Balance % of Initial Outstanding Pool Balance Maximum Policy Amount Premium Paid in Full Policy Expiration Date 3 Triple Net Portfolio(1) $53,500.000 7.3% $7,000,000 Yes 7/28/2035 9 Grove Northridge $25,000,000 3.4% $2,000,000 Yes 9/30/2035 16 Liberty Avenue Industrial $18,875,000 2.6% $1,000,000 Yes 10/20/2035 (1) This environmental insurance policy includes the 417 433 West 164th Street Mortgaged Property, the 120-150 West 154th Street Mortgaged Property, and the 7051 Patterson Drive Mortgaged Property. 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 UW 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 UW NOI Debt Yield(1) 24 Meadow Mall $78,286,115 $27,829,718 $106,115,833 2.98x 1.81x 34.5% 46.7% 20.3% 15.0% (1) Includes any rested pari passu companion loan(s) and subordinate secured companion loan(s) and excludes any related mezzanine loan(s).
will take effect, and will generally continue until all trigger events are cured (to the extent a cure is permitted under the related Mortgage Loan documents). | |
(16) | With respect to Loan No. 10, Germantown Village Square, the increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to the Mortgaged Property’s lease up to stabilized levels and contractual rent steps. With respect to Loan No. 12, TOTAL Plaza, the increase in Underwritten Net Operating Income ($) of more than 10% over the Most Recent NOI ($) is primarily driven by the free rent period of 20 months which commenced in January 2020 and November 2020 (excluding storage space) for TotalEnergies American Services, Inc. after extending its lease through April 2033. With respect to Loan No. 18, Nellis Plaza, the increase in Underwritten Net Operating Income ($) of more than 10% over the Most Recent NOI ($) is primarily attributed to the recent leases and rent steps. With respect to Loan No. 21, University Corporate Center I, the increase in Underwritten Net Operating Income ($) of more than 10% over the Most Recent NOI ($) is primarily attributable to contractual rent steps and the signing of new leases for tenants including Design Interactive, Inc., TOPDesk USA, Inc. and Allen Lund Company, LLC. With respect to Loan No. 24, Meadowood Mall, the increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily attributable to the Mortgaged Property’s lease up to stabilized levels and contractual rent steps. With respect to Loan No. 31, Prospect Street Industrial, the increase in Underwritten Net Operating Income ($) of more than 10% over the Most Recent NOI ($) is primarily due to the sole tenant’s phased occupancy and rent commencement, as per the lease, to allow time for the seller of the Mortgaged Property to the borrower to either sell off remaining inventory or relocate to another location. Therefore, the 2021 financials exclude such rent payments. |
(17) | The grace periods noted under and “Grace Period – Default (Days)” reflect the number of days of grace before a payment default is an event of default. Certain jurisdictions impose a statutorily longer grace period. Certain of the Mortgage Loans may additionally be subject to grace periods with respect to the occurrence of an event of default (other than a payment default) charges which are not addressed in Annex A–1 to this Preliminary Prospectus. |
(18) | In certain cases, in addition to an “as–is” value, the appraisal states an “as complete”, “as–stabilized” or “hypothetical” value for the related Mortgaged Property that assumes that certain events will occur with respect to re-tenanting, construction, renovation or repairs at such Mortgaged Property. The Appraised Value ($) 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 (%), LTV Ratio at Maturity / ARD (%), Whole Loan Cut-off Date LTV Ratio (%) and Total Debt 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: |
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With respect to Loan No. 1, Acropolis Garden Cooperative, the Appraised Value ($) of $224,800,000 includes the “extraordinary” assumption that the units could achieve rents commensurate with comparable non-rent stabilized buildings should the cooperative corporation be de-converted. The Appraised Value ($) is based on the rental fallback value, which assumes that the Mortgaged Property is leased as a multifamily property in its entirety to third-party tenants based upon market rents. |
A-1-22 |
With respect to Loan No. 18, Nellis Plaza, the Appraised Value ($) of $25,000,000 includes the extraordinary assumption that the property seller’s credits for tenant improvement allowances and free rent will be given to the borrower. The Appraised Value ($) excluding the property seller credits is $24,300,000. | |
(19) | With respect to Loan No. 4, 330 West 34th Street Leased Fee, the property is ground leased to Vornado 330 West 34th Street L.L.C. (the “Vornado Ground Tenant”), an affiliate of Vornado Realty Trust (“Vornado”). Vornado has an approximately 35% indirect ownership interest in the borrower. The ground lease commenced on July 28, 1967 and is in its second renewal term, which expires December 31, 2050. The ground lease has three additional renewal options, the first two for 30 years each, and the last for 39 years. During the current term, the Vornado Ground Tenant is required to pay ground rent in the amount of $15,750,000, annually, on an absolute net basis, payable in monthly installments. For each of the renewal terms, the ground rent will be equal to 7% of the market value of the leased premises considered as if vacant, unimproved and unencumbered, as determined in accordance with the ground lease. The interest of the Vornado Ground Tenant as ground lessee is freely transferable, and may be mortgaged, without the consent of the borrower or lender or any other restrictions. The Vornado Ground Tenant has a right of first refusal to purchase the Mortgaged Property with respect to any voluntary sale or transfer of the fee interest in the Mortgaged Property (or any portion thereof) as well as any sale or transfer of direct or indirect equity interest in any owner of the Mortgaged Property. Such right of first refusal may apply to a transfer in connection with a foreclosure or deed-in-lieu thereof, as well as any transfers thereafter. With respect to Loan No. 4, 330 West 34th Street Leased Fee, Number of Units reflects square footage attributable to the parcel of land which serves as collateral for the 330 West 34th Street Leased Fee Whole Loan. The leasehold improvements (which do not serve as collateral for the 330 West 34th Street Leased Fee Whole Loan) consist of an 18-story, plus lower level, Class B office building comprised of an above grade gross building area of 723,845 sq. ft. The leasehold improvements were built in 1926 and renovated in 2014. With respect to Loan No. 4, 330 West 34th Street Leased Fee, Appraised Value ($) is reflective of the leased fee value of the 330 West 34th Street Leased Fee Property, exclusive of any and all value attributable to the leasehold improvements. The appraisal concluded to a land value of $225,000,000 (approximately $4,848 per land sq. ft.), which represents a loan-to-land-value ratio of 44.4%. The appraisal also concluded to a Hypothetical Market Value Today of $525,000,000 as of July 1, 2022, based on the hypothetical condition that the ground lease encumbering the Mortgaged Property has been collapsed and the leasehold improvements are no longer encumbered by the existing ground lease, which represents a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 19.0%. The leasehold improvements are not collateral for the 330 West 34th Street Leased Fee Whole Loan. 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. |
(20) | 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. “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. “YM4(x)” means may be prepaid for x payments with payment of the greater of a yield maintenance charge and 4% of the amount prepaid. “DorYM1(x)” means may be prepaid for x payments with either defeasance or a yield maintenance charge or 1% of the amount prepaid. “DorYM3(x)” means may be prepaid for x payments with either defeasance or a yield maintenance charge or 3% of the amount prepaid. “O(x)” means freely prepayable for x payments, including the maturity date. 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 |
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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. | |
With respect to Loan No. 2, Concord Mills, the lockout period will be at least 24 payment dates beginning with and including the first payment date in December 1, 2022. Defeasance of the Concord Mills Whole Loan is permitted in full at any time after the earlier to occur of (i) December 1, 2025 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 24 payments is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. With respect to Loan No. 3, Triple Net Portfolio, the lockout period will be at least 27 payment dates beginning with and including the first payment date of September 5, 2022. Defeasance of the Triple Net Portfolio Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) July 29, 2025. The assumed defeasance lockout period of 27 payment dates is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. With respect to Loan No. 8, Art Ovation Hotel, the lockout period will be at least 27 payment dates beginning with and including the first payment date of September 5, 2022. Defeasance of the Art Ovation Hotel Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) July 14, 2025. The assumed defeasance lockout period of 27 payment dates is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. With respect to Loan No. 12, TOTAL Plaza, the lockout period will be at least 31 payment dates beginning with and including the first payment date of May 6, 2022. Defeasance or Yield Maintenance of the TOTAL Plaza Whole Loan in full is permitted at any time after the first payment date following the earlier to occur of (i) April 5, 2025 or (ii) the date that is two years from the closing date of the securitization that includes the last note to be securitized. The assumed lockout period of 31 payments is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. With respect to Loan No. 15, 500 Delaware, the lockout period will be at least 30 payment dates beginning with and including the first payment date of June 5, 2022. Defeasance of the 500 Delaware Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) April 7, 2025. The assumed defeasance lockout period of 30 payment dates is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. | |
With respect to Loan No. 20, RH HQ, the lockout period will be at least 29 payment dates beginning with and including the first payment date of July 5, 2022. Defeasance of the RH HQ Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) May 19, 2025. The assumed defeasance lockout period of 29 payment dates is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. With respect to Loan No. 23, 800 Cesar Chavez, the lockout period will be at least 32 payment dates beginning with and including the first payment date of April 5, 2022. Defeasance of the 800 Cesar Chavez Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) February 22, 2025. The assumed defeasance lockout period of 32 payment dates is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. With respect to Loan No. 24, Meadowood Mall, the lockout period will be at least 35 payment dates beginning with and including the first payment date of January 1, 2022. Defeasance of the Meadowood Mall Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) January 1, 2026. The assumed defeasance lockout period of 35 payment dates is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. | |
(21) | 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. |
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●Loan No. 3 – Triple Net Portfolio ●Loan No. 7 – AZ Anytime Storage Portfolio ●Loan No. 10 – Germantown Village Square ●Loan No. 19 – IPG Portfolio ●Loan No. 26 – PetSmart HQ With respect to Loan No. 3, Triple Net Portfolio, the Triple Net Portfolio Whole Loan documents permit the release of the 13210 Kingston Avenue Mortgaged Property from the lien of the mortgage in the event the sole tenant exercises its purchase option pursuant to the Messer lease as described under “Description of the Mortgage Pool—Tenant Issues—Purchase Options and Rights of First Refusal” and “—Certain Terms of the Mortgage Loans—Partial Releases and Additions” in the Preliminary Prospectus, and the release of the applicable borrower’s obligations under the Triple Net Portfolio Whole Loan documents with respect to such property, upon satisfaction of certain conditions set forth in the Triple Net Portfolio Whole Loan documents, including, without limitation, the following: (a) the borrowers give the lender no less than one month notice of such property release, and (b) the amount of the outstanding principal balance of the Triple Net Portfolio Whole Loan to be prepaid must equal or exceed the greater of (i) the allocated loan amount for the 13210 Kingston Avenue Mortgaged Property or (ii) the net sales proceeds from the sale of the 13210 Kingston Avenue Mortgaged Property, together with payment of the applicable yield maintenance premium. With respect to Loan No. 20, RH HQ, the lockout period will be at least 29 payment dates beginning with and including the first payment date of July 5, 2022. Defeasance of the RH HQ Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) May 19, 2025. The assumed defeasance lockout period of 29 payment dates is based on the expected 3650R 2022-PF2 securitization closing date in November 2022. The actual lockout period may be longer. In addition, in the event that prior to the related defeasance lockout period, (i) the ground lessor (or an affiliate thereof) elects to exercise its right of first offer to purchase the Mortgaged Property, the lender may elect to require that the related borrower prepay the RH HQ Whole Loan in full, together with any applicable yield maintenance premium (provided that the lender may also elect to permit the ground lessor or an affiliate of the ground lessor to assume the RH HQ Whole Loan in accordance with the terms of the RH HQ Whole Loan documents) or (ii) an affiliate of the borrower (the “Fee Purchaser”), pursuant to its right of first offer or otherwise, elects to acquire the fee interest in the Mortgaged Property (in which case the Fee Purchaser is required to request proposed financing terms from 3650 REIT or its affiliates to the extent there is not then a loan secured by the fee interest in the Mortgaged Property that will not be paid off in connection with such acquisition) and either (a) 3650 REIT elects not to provide financing or (b) the Fee Purchaser and 3650 REIT are unable to come to mutually agreeable terms for such financing, then the borrower will be required to prepay the RH HQ Whole Loan in full, together with any applicable yield maintenance premium as a condition to such acquisition. | |
(22) | The following Mortgaged Properties consist, 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: With respect to Loan No. 4, 330 West 34th Street Leased Fee, Underwritten EGI ($), Underwritten Net Operating Income ($), Underwritten Net Cash Flow ($), Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%), Whole Loan Underwritten NCF DSCR (x) and Whole Loan Underwritten NOI Debt Yield (%) are reflective of the contractual ground lease rent payments and do not account for any income attributable to the leasehold improvements. With respect to Loan No. 6, Ace Hotel & Swim Club, the Mortgage Loan is secured by the borrower’s leasehold interest in the related Mortgaged Property pursuant to a ground lease between the borrower, as successor to 701 East Palm Canyon Lessee, LLC, as ground lessee, and the heirs of Virginia Ann Milanovich, also known as Virginia Sanchez, Allottee No. 10 of the Agua Caliente (Palm Springs) Band of Cahuilla Indians, as ground lessor. The ground lease has a term that expires on November 2, 2107, at least 20 years beyond the stated maturity of the related Mortgage Loan, and the ground lessee is required to make annual ground lease payments in the amount equal to the greater of (i) the base rent currently equal to $323,177, subject to increase in November 2025, and every five years thereafter, based on increases in the consumer price index in an amount not to exceed 20% and (ii) the percentage rent equal to 2.0% of gross revenue, which percentage rent was $403,492 in 2021. The Mortgaged Property is comprised of former federal reservation land that was individually allotted pursuant to the Dawes Severalty Act of 1887 and is held in trust by the U.S. Department of the Interior Bureau of Indian Affairs, as trustee for the ground lessor. If the borrower desires to use the Mortgaged Property for purposes other than as identified in the ground lease (e.g. hotel, restaurant, bar, |
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commercial stores and shops and spa and spa-related services), then such other purposes would be subject to the approval of the Secretary of the Department of the Interior (the “Secretary”). In addition, any amendment or modification to the ground lease requires the consent of the ground lessor and the approval of the Secretary. The ground lease is not assignable by the ground lessee without the written consent of the ground lessor and the approval of the Secretary, provided, however, no such approval is required in connection with a foreclosure (or assignment-in-lieu of foreclosure) by the lender and the first subsequent assignment of the ground lease by the foreclosing lender (or a wholly owned affiliate) thereafter. In addition, the location of the Mortgaged Property on tribal lands creates a risk that a California court may determine that it does not have jurisdiction in a judicial foreclosure proceeding. This risk would not apply to a non-judicial trustee’s sale in California. | |
With respect to Loan No. 14, City Market, a portion of the Mortgaged Property is encumbered by a street lease that expires in June 2035. The street lease was entered into in June 1985, between the City of Savannah and the original developer for a 50-year term. Per the appraisal, the street lease provided for a base rental rate of $1 in years 1-10, increasing to $16,289 in year 11 and escalating 5% in year 12 and annually thereafter. The current estimated annual ground rent is $57,918. With respect to Loan No. 20, RH HQ, the Mortgaged Property consists of a leasehold interest under a 99-year ground lease that is in place through December 12, 2120. The ground lessor is Paradise Office Partners Holdco LLC, a Delaware limited liability company, and the ground lessee is G&I X RH – Paradise Point LP, the related borrower. The current ground rent is $842,611 and increases by 2% annually for years two through 10 of the ground lease term; commencing in year 11, the ground rent increases by the greater of the CPI or 2%. | |
(23) | With respect to Loan No. 17, Patewood Corporate Center, the borrower (property owner and master landlord) entered into a master lease with Space Equities, LLC, a Delaware limited liability company, for 8,383 sq. ft. of space at the Mortgaged Property commonly known as Suite 250 in the building located at 10 Patewood Drive. The master lease structure is set up in connection with the proposed lease of such space by Raytheon (or an alternative bona-fide third party tenant approved by the lender) and (subject to certain conditions) is structured to terminate in the event a lease for such space is executed. The master lease is fully subordinate to the Mortgage Loan and is terminable by the lender upon a foreclosure such other taking of title to the Mortgaged Property by the lender (or its designee or assignee). In addition, a default by the master lessee under the master lease is an event of default under the Mortgage Loan. With respect to Loan No. 19, IPG Portfolio, the borrower (property owner and master landlord) entered into a master lease and master leased the entire portfolio to Intertape Polymer Group. The master lessee is structured as an SPE entity with one independent manager. The master lease is fully subordinate to the IPG Portfolio Whole Loan and is terminable by the lender upon a foreclosure or deed-in-lieu, or upon a material default under the master lease. The master lessee’s interest in the leases and rents is collaterally assigned to the borrower. For so long as the master lease is in effect, the borrower is entitled to receive only rents from the master lease, and not the underlying rents and other receipts from the IPG Portfolio Properties. With respect to Loan No. 32, Southern Star TX & CO Portfolio, the borrower Southern Star Storage-Montrose II, DST, master leases the entire Southern Star TX & CO Portfolio to an affiliate, Southern Star Storage Leasing Management Company II, LLC. The Southern Star TX & CO Portfolio loan documents require that the borrower require the master lessee be structured as an SPE entity with one independent director. The master lease is fully subordinate to the mortgage loan and is terminable by the lender upon a foreclosure or deed-in-lieu, or upon a material default under the master lease. The master lessee’s interest in the leases and rents is collaterally assigned to the borrower. For so long as the master lease is in effect, the borrower is entitled to receive only rents from the master lease, and not the underlying rents and other receipts from the Southern Star TX & CO Portfolio Properties. |
(24) | With respect to Loan No. 15, 500 Delaware, the Fifth Largest Tenant, General Services Administration (6.9% of NRA), occupies three spaces at the Mortgaged Property with various lease expiration dates, including (i) Suite 300 (18,511 sq. ft.), expiring on August 25, 2024, (ii) Suite 910 (5,967 sq. ft.), expiring on June 14, 2024, and (iii) Suite 911 (1,206 sq. ft.), expiring on June 14, 2024. With respect to Loan No. 17, Patewood Corporate Center, the Fourth Largest Tenant, Wood Group (9.5% of NRA), occupies two spaces at the Mortgaged Property with various lease expiration dates, including (i) Suite 150 (3,115 sq. ft.), expiring on July 31, 2023 and (ii) Suite 200 of Patewood building one and two, with an aggregate of 39,533 sq. ft., expiring on August 31, 2023. With respect to Loan No. 31, Prospect Street Industrial, the sole tenant, Goodwill Integrated Solutions, subleased Area C (64,725 sq. ft.) of the Mortgaged Property to C.T.C. Distribution, Inc., the seller of the |
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Mortgaged Property to the borrower (the “Property Seller”) to allow time for the Property Seller to store its remaining inventory until the inventory is sold or moved to an offsite storage location. In July 2022, both parties entered into a 4.5-year sublease agreement that commenced on July 15, 2022 with the rent commencing on August 1, 2022. The sublease will expire on January 31, 2027, and the subtenant has one option to extend from February 1, 2027 to September 30, 2032. The current monthly rent is approximately $22,000. Either party may terminate the sublease by delivering a termination notice to the other party. In such case, the sublease will terminate on the date that is (i) three months after delivery of the termination notice if subtenant terminates or (ii) six months after delivery of the termination notice if the sublandlord terminates. | |
(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. With respect to Loan No. 3, Triple Net Portfolio, the sole tenant at the 508 Fishkill Avenue Mortgaged Property, Republic, has the option to terminate its lease by providing notice at least 12 months prior to the date of the expiration of the term of the lease. With respect to Loan No. 6, Ace Hotel & Swim Club, the in-place management agreement may only be terminated under the following circumstances in the Mortgage Loan documents: (i) the termination arises in connection with a material default (beyond all notice and cure periods) thereunder or a failure of a performance test, (ii) any termination fee payable in connection with any such termination is paid utilizing a source of cash outside of the Mortgaged Property and/or the borrower, and (iii) concurrently upon the termination, the borrower enters into a new operative flag agreement. If the borrower terminates an in-place flag, then provided JRK Property Holdings Inc. is still the borrower sponsor, the borrower has the one-time right to independently brand the Mortgaged Property if (without limitation of other requirements) the borrower (i) enters into an agreement governing the independent branding with an affiliate under an agreement acceptable to the lender, (ii) delivers an assignment and subordination of this affiliate agreement in form acceptable to the lender which permits termination on foreclosure and permits the lender to continue to utilize the branding (at the option of the lender), and (iii) proves it has access to a national reservations system as good (or better) than the system in place as of loan origination. |
With respect to Loan No. 9, Grove Northridge, the Fifth Largest Tenant, FedEx, leasing approximately 3.8% of NRA at the Mortgaged Property, has a one-time right to terminate its lease effective 180 days after the date the borrower receives prior written notice of such termination, provided that such notice may only be given between November 1, 2022 and December 31, 2022. With respect to Loan No. 10, Germantown Village Square, the Fourth Largest Tenant, Old Navy, leasing approximately 7.1% of NRA at the Mortgaged Property, has the right to terminate its lease with at least one month prior notice if its gross sales at the Mortgaged Property for the period commencing on July 1, 2022 and ending on June 30, 2023 (the “Termination Measuring Period”) do not equal or exceed $4,000,000, provided that Old Navy may only terminate its lease during the first 90 days after the Termination Measuring Period. With respect to Loan No. 12, TOTAL Plaza, the Largest Tenant, TotalEnergies American Services, Inc. has a termination option in November 2028 subject to 12 months prior notice and payment of (i) approximately $20.3 million for the unamortized portion of all leasehold improvement allowances and brokerage commissions and (ii) three months of base rent and additional rent. With respect to Loan No. 14 City Market, the Fourth Largest Tenant, Bluegreen Vacations Unlimited, leasing approximately 6.0% of NRA at the Mortgaged Property, has the right to terminate its lease effective at any time with at least one year’s prior written notice. With respect to Loan No. 15, 500 Delaware, the Third Largest Tenant, Sargent & Lundy, LLC, has the right to terminate its lease with respect to either floor 4, which consists of 24,168 sq. ft. (6.9% of NRA), or floor 5, which |
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consists of 23,273 sq. ft. (6.6% of NRA), or the entire premises, effective as of October 31, 2024. If Sargent & Lundy, LLC chooses to exercise its early termination right, it must deliver to the landlord an unconditional written notice of termination on or before October 31, 2023. With respect to Loan No. 15, 500 Delaware, the Fifth Largest Tenant, General Services Administration, has the right to terminate its leases, which consists of 25,684 sq. ft. in aggregate (6.9% of NRA), effective anytime with 90 days notice. | |
With respect to Loan No. 17, Patewood Corporate Center, the Largest Tenant at the Mortgaged Property, RealPage, Inc., has a one-time option to terminate its lease effective on February 29, 2024, by providing prior written notice on or before June 1, 2023, and paying to the landlord a termination fee. With respect to Loan No. 17, Patewood Corporate Center, the Second Largest Tenant at the Mortgaged Property, Day & Zimmermann, has a one-time option to terminate its lease effective 11:59 p.m. on the last day of the 61st full month following the commencement date by providing nine months prior written notice and paying to the landlord a termination fee. With respect to Loan No. 20, RH HQ, in the event the sole tenant at the related Mortgaged Property, Restoration Hardware, does not exercise its renewal option, it is required to surrender (i) approximately 1/3rd of its space twelve months prior to the related lease expiration date in May 2028 and (ii) approximately 1/3rd more of its space six months prior to such lease expiration date. On each surrender date, as applicable, the related rent is required to be proportionally adjusted to reflect the remaining portion of the space Restoration Hardware has the right to occupy. With respect to Loan No. 21, University Corporate Center I, the Second Largest Tenant, TOPDesk USA, Inc. has a one-time right to terminate its lease, effective as of the last day of the 79th full calendar month of its lease term, with at least 12 months’ prior written notice and the payment of two months rent and unamortized tenant improvements, space planning and leasing commissions. The Fifth Largest Tenant, PFM Financial Advisors LLC, has a right to terminate its lease, effective as of the last day of the 65th full calendar month of its lease term, with at least 12 months’ prior written notice and the payment of three months rent and unamortized (6%) tenant improvements and leasing commissions and the right to terminate its lease, effective as of the last day of the 29th full calendar month of its lease term, with at least six months’ prior written notice and the payment of all base rent due from the termination date through the original lease expiration. | |
(26) | Tenants under certain leases included in the Underwritten Net Cash Flow ($), Underwritten Net Operating Income ($) and/or Leased 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 20% 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. With respect to Loan No. 2, Concord Mills, the related borrower executed a 10-year lease with Primark to occupy 41,238 sq. ft. The borrower is required to contribute approximately $4.8 million to build out the space, which is currently being built out. Approximately $1.9 million is outstanding in tenant allowances for the Primark space, which was not reserved at origination of the related Concord Mills Whole Loan. As a result, Primark is not yet occupying its leased space or paying rent. Primark is expected to take occupancy of its leased space and begin paying rent in the fourth quarter of 2023. We cannot assure you whether or when the buildout of Primark’s leased space will be completed. Primark is not obligated to pay rent until the earlier of (i) 270 days after the date the landlord delivers the premises to Primark with landlord’s work substantially complete and (ii) the date Primark opens for business. The Primark lease provides that (i) the parties anticipate the delivery date will occur on November 1, 2022, which may be postponed by the landlord for 60 days by notice given within 60 days of the effective date of the lease (the foregoing date, as it may have been postponed in accordance with the lease, the “Projected Delivery Date”) and (ii) Primark will have the right to terminate its lease if for any reason (other than tenant-caused delays) the delivery date doesn’t occur by the date that is 365 days after the Projected Delivery Date. We cannot assure you that Primark will take occupancy of its space or begin paying rent as expected or at all. With respect to Loan No. 3, Triple Net Portfolio, the sole tenant at the 120-150 West 154th Street and 417 & 433 West 164th Street Mortgaged Properties, Valence Surface Technologies, is performing ongoing renovations to eliminate its use of Chromium Hexavalent and is currently dark; however, Valence Surface |
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Technologies is still paying rent. With respect to Loan No. 9, Grove Northridge, the borrower sponsors signed a lease for 9,600 sq. ft. with Japanese grocer, Mitsuwa Corporation (“Mitsuwa”), who is projected to take occupancy and begin paying rent of $21.75 per sq. ft. on January 10, 2023, due to certain delays in the performance of landlord’s work. Mitsuwa is expected to backfill the space formerly occupied by Pier 1 Imports, which filed for bankruptcy in 2020. Mitsuwa is presently in possession of its space, however, the lender is not including the Mitsuwa rent in its underwriting, and it cannot be assured that Mitsuwa will take occupancy or begin paying rent as expected or at all. | |
With respect to Loan No. 14, City Market, a new restaurant tenant, Wexford’s Irish Bar (“Wexford’s”), has executed a lease for the space currently occupied by Wild Wing Café, representing approximately 15.2% of the net rentable square footage at the Mortgaged Property. As described under “—Litigation and Other Considerations,” in the Preliminary Prospectus, Wild Wing Café is required to vacate its space no later than January 2, 2023. Pursuant to the related lease, the borrower is required to deliver possession of the Wild Wing Café space to Wexford’s by January 4, 2023. Although the borrower will not be liable under the lease to Wexford’s for its inability to deliver possession of such space by reason of the holding over of Wild Wing Café, Wexford’s will have the right to terminate its lease if the borrower has not delivered possession by March 31, 2023. Wexford’s is required to commence paying rent on the later of May 4, 2023 or 120 days from the commencement date. With respect to Loan No. 18, Nellis Plaza, there are currently two tenants not in occupancy at the Mortgaged Property, Brothers Pizza LLC and Intermountain Medical Holdings Nevada. The Brothers Pizza LLC lease has commenced, and Brothers Pizza LLC is expected to open and begin paying rent in December 2022. Intermountain Medical Holdings Nevada is in the process of building out its space and its lease and begin paying rent upon the earlier of (i) February 1, 2023 and (ii) the date it opens for business. A gap rent of approximately $79,221 for Intermountain Medical Holdings Nevada has been reserved upfront at loan origination and there are no terminations options in either tenant’s lease. | |
(27) | The following Mortgage Loans have one or more borrowers that own all or a portion of the related Mortgaged Property as tenants–in–common. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—– Tenancies–in–Common or Diversified Ownership” in this Preliminary Prospectus for further information. ●Loan No. 5 – Central States Industrial Portfolio ●Loan No. 21 – University Corporate Center I ●Loan No. 23 – 800 Cesar Chavez |
(28) | With respect to Loan No. 1, Acropolis Garden Cooperative, the borrower deposited $6,220,000 into an Upfront Replacement / PIP Reserve ($) at closing. The lender may reassess its estimate of the amount necessary for replacements from time to time and may require the borrower to make monthly deposits if the lender determines in its reasonable discretion an increase is necessary to maintain proper operation of the Acropolis Garden Cooperative Property. With respect to Loan No. 3, Triple Net Portfolio, the monthly replacement reserve is subject to the TI/LC cap of $500,000 which was met at origination. With respect to Loan No. 4, 330 West 34th Street Leased Fee, Vornado 330 West 34th Street L.L.C. (the “Vornado Ground Tenant”) is disputing via ongoing litigation the results of the arbitration process used to determine the annual ground rent for the ground lease term that commenced January 1, 2021. At origination of the 330 West 34th Street Leased Fee Whole Loan, a ground lease litigation reserve (the “Ground Lease Reserve”) was deposited with the lender in the amount of $9,800,000, representing the difference in the ground rent that would apply if the Vornado Ground Tenant’s determination of market value, rather than the borrower’s determination, was in effect from the commencement of the current ground lease term on January 1, 2021 through the origination date. In addition, the borrower is required to deposit into the Ground Lease Reserve, on each monthly payment date, an amount equal to the lesser of (x) $466,666.67 ($5,600,000 annually; i.e. the annual excess of the $15,750,000 rent based on the borrower’s determination of market value over the $10,150,000 rent based on the Vornado Ground Tenant’s determination) and (y) the amount by which (i) the amount of ground rents received during the preceding month exceeds (ii) $845,833.33 (i.e. exceeds $10,150,000 annually). Upon the final resolution (after the expiration of all appellate rights) of the ground rent dispute, or if such dispute is otherwise terminated to the lender’s reasonable satisfaction, the amount in the Ground Lease Reserve is required to be (i) if it is determined that a Rental Overage Payment Amount (as defined below) exists, released to the Vornado Ground Tenant to pay such amount and (ii) any excess, or the |
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entire Ground Lease Reserve, if no Rental Overage Payment Amount exists, is required to be released to the borrower. “Rental Overage Payment Amount” means, the final amount (if any, inclusive of all interest, fees and other charges that may become due) that either (x) a court of competent jurisdiction (after the expiration of all appellate rights) has determined is due to the Vornado Ground Tenant stemming from the rental dispute, or (y) the amount that the Vornado Ground Tenant and borrower agree is due to the Vornado Ground Tenant as a result of a binding written settlement of the rental dispute entered into in accordance with the 330 West 34th Street Leased Fee Whole Loan documents (which settlement requires the lender’s reasonable consent unless the settlement is in a minimum specified amount). In the event of the lender taking title to the Mortgaged Property, any amount then in the Ground Lease Reserve is required to be held in escrow by a title company pursuant to an escrow agreement containing release provisions as set forth above, and accordingly may not be applied to repay the 330 West 34th Street Leased Fee Whole Loan. | |
With respect to Loan No. 6, Ace Hotel & Swim Club, in the event any property improvement plan (“PIP”) is required pursuant to any operative flag agreement, the borrower will be required to deposit with the lender an amount equal to 110% of the cost required to complete such PIP, as estimated by the lender in its reasonable discretion, into a PIP reserve. With respect to Loan No. 8, Art Ovation Hotel, in the event that any PIP is required by the franchisor pursuant to the franchise agreement, then within 30 days after notice from the lender, the borrower will be required to deposit with the lender an amount equal to 115% of the sum required to pay for such PIP, as reasonably determined by the lender, into a PIP reserve. With respect to Loan No. 8, Art Ovation Hotel, several metrics were adjusted to account for the Holdback / Earnout Amount ($) of $12,000,000. The Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%), Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Whole Loan Cut-off Date LTV Ratio (%) and Whole Loan Underwritten NOI Debt Yield (%) were adjusted based on the reserve adjusted Cut-off Date Balance ($) of $45,500,000. With respect to Loan No. 10, Germantown Village Square, subject to the Other Reserve Cap ($) as described below, the borrower will be required to deposit with the lender on each monthly payment date the sum of $26,000 for West Clinic, PC’s qualified leasing expenses. The borrower will also be required to deliver to the lender all lease termination payments with respect to the West Clinic, PC lease. Other Reserve Cap ($) means an amount equal to $1,400,000 less the sum of any pending disbursements of West Clinic, PC Leasing Reserve funds plus the aggregate amount of any lease termination payments. With respect to Loan No. 11, Aventura Self Storage, several metrics were adjusted to account for the Holdback / Earnout Amount ($) of $5,000,000. The Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%), Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) were adjusted based on the reserve adjusted Cut-off Balance ($) of $18,000,000. | |
With respect to Loan No. 13, Eastgate, the borrower’s obligation to make the TI/LC reserve monthly deposit will be suspended for so long as the amount of the TI/LC Reserve less the amount of pending disbursements of the TI/LC Reserve, the amount of any lease termination payments and any portion of a lease sweep period (as described in the related Mortgage Loan documents) transferred to the TI/LC Reserve is equal to or greater than the TI/LC Cap ($) of $250,000 and will resume when the balance in the reserve is less than $200,000. With respect to Loan No. 13, Eastgate, on each monthly payment date occurring during the continuance of a Dotty’s sweep period (as defined in the related Mortgage Loan documents) all available cash will be deposited into the Monthly Other Reserve ($) until the balance is equal to $100,000. With respect to Loan No. 14, City Market, on each monthly payment date occurring during the continuance of a Wild Wing litigation sweep period (as described in the related Mortgage Loan documents) provided no cash trap event period (as described in the related Mortgage Loan documents) is then continuing other than a cash trap event period triggered solely as a result of a Wild Wing litigation sweep period, all available cash will be paid to Monthly Other Reserve ($). With respect to Loan No. 14, City Market, the Mortgage Loan includes two other reserves, (i) the Street Lease Reserve, which is in-place with monthly amount payments of $4,827 and (ii) the Wild Wing Litigation Reserve, which is springing (during the continuance of a Wild Wing litigation sweep period). With respect to Loan No. 16, Liberty Avenue Industrial, several metrics were adjusted to account for the Holdback / Earnout Amount ($) of $5,000,000. The Underwritten NOI Debt Yield (%), Underwritten NCF Debt |
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Yield (%), Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) were adjusted based on the reserve adjusted Cut-off Date Balance ($) of $13,875,000. With respect to Loan No. 17, Patewood Corporate Center, at origination, the borrower will be required to deposit with the lender $3,000,000 and on each monthly payment date, the sum of approximately $37,274 for tenant improvements and leasing commissions that may be incurred following the origination date. The borrower will also be required to deliver to the lender all lease termination payments other than lease termination payments relating to a lease sweep lease (as described in the related Mortgage Loan documents). The monthly deposit is not required if the amount in the TI/LC reserve is equal to or greater than $3,000,000 and will not be required until the amount has been reduced to less than $1,500,000. | |
With respect to Loan No. 17, Patewood Corporate Center, at origination, the borrower will be required to deposit with the lender $201,192, which amount equals the master lease rent for the 12 calendar months following the origination date, for the purpose of creating a reserve to replicate the payment of rents under the master lease (the “Rent Replication Reserve”). In addition, if on any monthly payment date, the balance of Rent Replication Reserve on deposit is less than $100,596, the borrower will be required to deposit with the lender the amount necessary to cause the amount of Rent Replication Reserve to equal to $100,596. With respect to Loan No. 22, Fairfield Inn Klamath Falls, the borrower will be required to deposit with the lender within 90 days from the date that any PIP is required by the franchisor pursuant to the franchise agreement, an amount equal to 115% of the sum required to pay for such PIP reserve. With respect to Loan No. 31, Prospect Street Industrial, all excess funds will be swept into an account to be held as additional collateral for the Mortgage Loan during the continuance of a major tenant sweep event. Prior to the commencement of or at any time during a major tenant sweep, the borrower sponsor will have the option to post cash collateral or an irrevocable letter of credit that is freely assignable without consent of the lender, but otherwise in a form satisfactory to the lender and from an institution approved by the lender in an amount that totals $5.00 per sq. ft. of the applicable space under the applicable sweep lease. If this collateral is posted, no major tenant sweep event will commence, or in the event the collateral is posted after a major tenant sweep has commenced, any accumulated lease sweep reserve will be returned to the borrower. | |
(29) | With respect to Loan No. 2, Concord Mills, the borrower is permitted to deliver (x) a letter of credit from an affiliate of the borrower in lieu of any cash deposit required for any reserve requirements for the taxes, insurance, replacements, TI/LC and other reserves and (y) a letter of credit or a guaranty from an affiliate of the borrower in lieu of any cash deposit required for any reserve requirements for the other reserve. With respect to Loan No. 2, Concord Mills, the landlord agreed to defer base rent and other charges for certain months in 2020 and 2021 for AMC Theatres, the Third Largest Tenant at the Mortgaged Property, resulting in a total deferred amount of approximately $1,412,480. Commencing as of July 2021 and continuing through and including November 2023, AMC Theatres is required to pay approximately $48,706.20 monthly in addition to its base rent and other charges due each month during such period. In addition, the Fifth Largest Tenant at the Mortgaged Property, Dave & Buster’s, agreed to repay outstanding deferred rent due to the landlord totaling approximately $949,783 in equal monthly payments of approximately $55,870 between July 2021 and continuing through and including November 2022. |
With respect to Loan No. 6, Ace Hotel & Swim Club, to the extent that no trigger period is then continuing and the Reserve Waiver Conditions (as defined below) are satisfied, the borrower’s obligation to make deposits into the tax reserve, insurance reserve, FF&E reserve, and custodial funds and hotel tax reserve will be suspended. “Reserve Waiver Conditions” means each of the following: (i) no event of default under the related Mortgage Loan documents has occurred and is continuing, (ii)(x) with respect to any payment of real estate taxes, either the borrower or hotel manager delivers evidence of the payment of all real estate taxes by no later than five business days prior to the date the such real estate taxes become delinquent, (y) with respect to any payment of insurance premiums, the borrower or hotel manager delivers evidence of the payment of all insurance premiums by no later than the dates required for delivery of such evidence of payments in the related Mortgage Loan documents, and (z) with respect to any application of funds held by the hotel manager for any purpose other than real estate taxes and/or insurance premiums, evidence (in a form reasonably acceptable to the lender) that the applicable funds are being applied as contemplated pursuant to this clause (ii) will be promptly provided within five business days of the lender’s written request, and (iii) the Operative Flag Agreement CM Conditions (as defined below) are satisfied. “Operative Flag Agreement CM Conditions” means each of the following conditions is satisfied: (i) no event of default or Operative Flag Agreement Termination Period (as defined below) has occurred and is continuing, (ii) either (x) the operative flag agreement in place as of the origination date is in full force and effect or (y) another operative flag agreement which qualifies as an |
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acceptable brand management agreement is in full force and effect, (iii) the applicable operative flag agreement has an Operative Flag Agreement Cash Flow Provision (as defined below) and all revenue from the Mortgaged Property is being collected by the operative flag provider and applied in accordance with said Operative Flag Agreement Cash Flow Provisions, and (iv) the operative flag provider is not an affiliate of the borrower, guarantor and/or borrower sponsor. “Operative Flag Agreement Termination Period” means a period commencing upon the earlier of (i) the operative flag provider becoming the subject of any a bankruptcy or similar insolvency proceeding, (ii) the occurrence of any material default by the operative flag provider under the operative flag agreement beyond any applicable grace and cure periods which gives rise to a right to cease directing revenue from the Mortgaged Property to the Hotel Accounts (as defined below), or (iii) misappropriation of the income and revenue generated from the Mortgaged Property by the manager. “Operative Flag Agreement Cash Flow Provision” means a provision (or series of provisions) substantively providing (among other items) that an acceptable non-affiliated brand manager: (i) collects all revenue from the Mortgaged Property and hold the same in one or more eligible accounts with an eligible institution in the name of the borrower (the “Hotel Accounts”), (ii) applies all revenue solely to the payment of all or a portion of the costs and expenses relating to the maintenance and operation of Mortgaged Property (which costs and expenses may include, without limitation, funding of capital expenditure or FF&E reserves (to be held in eligible accounts at eligible institutions), payment of taxes, payment of insurance premiums and payment of brand management fees), and (iii) that any excess revenue after the payment of the costs contemplated by clause (ii) be disbursed to or at the direction of the borrower. | |
With respect to Loan No. 6, Ace Hotel & Swim Club, at origination, the borrower deposited $258,077 into a static ground rent reserve (the “Static Ground Rent Amount”). On each monthly payment date during the continuance of a trigger period, the borrower is required to pay to the lender the amount of all ground rent payable pursuant to the ground lease during the one month period following the applicable monthly payment date. The Static Ground Rent Amount may be increased from time to time by the lender in such amount as the lender deems to be necessary in its reasonable discretion to reflect any increase in the ground rent such that the Static Ground Rent Amount equals six months of ground rent. Notwithstanding the foregoing, so long as no trigger period is continuing, the ongoing reserve for ground rent will be suspended. With respect to Loan No. 6, Ace Hotel & Swim Club, on each Seasonal Deposit Date (as defined below) during the 2023 calendar year, the borrower is required to deposit into a seasonal working capital reserve an amount equal to $333,333.33 and on each Seasonal Deposit Date after the 2023 calendar year, the borrower is required to deposit with the lender an amount equal to the Applicable Seasonal Deposit Amount (as defined below). A “Seasonal Deposit Date” means each monthly payment date occurring during the calendar months of April, May, or June throughout the term of the Mortgage Loan. An “Applicable Seasonal Deposit Amount” means, with respect to each Seasonal Deposit Date occurring during any given calendar year during the term of the Mortgage Loan, an amount equal to the lesser of: (A) $366,666.67 and (B) 1/3 of the positive difference determined by subtracting: (x) the aggregate gross revenue (excluding extraordinary income) received with respect to the Mortgaged Property during the months of June, July, and August in the immediate preceding calendar year from (y) without duplication, the aggregate of all operating expenses, debt service, and other amounts payable pursuant the related Mortgage Loan documents during the months of June, July, and August of the immediate preceding calendar year. Provided no event of default is then ongoing, on each seasonal disbursement date (i.e. July, August, and September), the lender will disburse available funds in an amount not to exceed the applicable shortfall among other conditions set forth in the loan agreement. The Applicable Seasonal Deposit Amount will be reassessed annually. With respect to Loan No. 8, Art Ovation Hotel, the Monthly Replacement / FF&E Reserve ($) will be approximately $51,103 per month for the balance of the calendar year in which the origination date occurs and adjusted annually by the lender based on the foregoing on the monthly payment date occurring in January of each calendar year. With respect to Loan No. 14, City Market, the monthly amount deposited into the Monthly Other Reserve ($) of the Street Lease Reserve account will be equal to 1/12th of the annual street lease rent (as described in the related Mortgage Loan documents) for such year and deposited into the Monthly Other Reserve ($) of the Street Lease Reserve account (as described in the related Mortgage Loan documents) will be increased by the lender in the amount the lender deems is necessary in its reasonable discretion based on any increases in the street lease rent (as described in the related Mortgage Loan documents). | |
With respect to Loan No. 15, 500 Delaware, the monthly TI/LC Reserve deposit amount is $46,403 prior to a lease sweep lease extension event (as described in the related Mortgage Loan documents), and will decrease to $31,000 subsequent to a lease sweep lease extension event (as described in the related Mortgage Loan documents. |
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Loan No. Mortgage Loan Cut-off Date Balance % of Initial Outstanding Pool Balance Maximum Policy Amount Premium Paid in Full Policy Expiration Date 3 Triple Net Portfolio(1) $53,500.000 7.3% $7,000,000 Yes 7/28/2035 9 Grove Northridge $25,000,000 3.4% $2,000,000 Yes 9/30/2035 16 Liberty Avenue Industrial $18,875,000 2.6% $1,000,000 Yes 10/20/2035 (1) This environmental insurance policy includes the 417 433 West 164th Street Mortgaged Property, the 120-150 West 154th Street Mortgaged Property, and the 7051 Patterson Drive Mortgaged Property. 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 UW 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 UW NOI Debt Yield(1) 24 Meadow Mall $78,286,115 $27,829,718 $106,115,833 2.98x 1.81x 34.5% 46.7% 20.3% 15.0% (1) Includes any rested pari passu companion loan(s) and subordinate secured companion loan(s) and excludes any related mezzanine loan(s).
With respect to Loan No. 18, Nellis Plaza, prior to the commencement of or at any time during a major tenant sweep, the related borrower will have the option to post cash collateral or an irrevocable letter of credit that is freely assignable without consent and otherwise in a form satisfactory to the lender and from an institution approved by lender in an amount that equals in the aggregate $10.00 per square foot of the applicable space under the applicable sweep lease. If this collateral is posted, no major tenant sweep will commence, or in the event the collateral is posted after a major tenant sweep has commenced, any accumulated lease sweep reserve will be returned to the related borrower. With respect to Loan No. 20, RH HQ, the monthly amount deposited into the Monthly Other Reserve ($) of the Ground Rent Reserve account (as described in the related Mortgage Loan documents) will be increased by the lender in the amount the lender deems necessary in its reasonable discretion based on any increases in the ground rent (as described in the related Mortgage Loan documents). With respect to Loan No. 31, Prospect Street Industrial, the sole tenant is Goodwill Industrial Solutions, LLC, which recently changed its name to Goodwill Integrated Solutions (“Goodwill”). The lease has an expiration date of September 2032, with three, five-year extension options and is guaranteed by Goodwill Industries of Greater Detroit, a Michigan nonprofit corporation, the parent company of the tenant. The guaranty automatically terminates on February 1, 2026. The tenant received an additional $150,000 of tenant improvement allowance, to be repaid as additional annual minimum rent in equal monthly installments amortized with no interest over a 60-month period at $2,500 per month following the commencement date of the lease. Per the tenant estoppel, Goodwill had paid 28 of 60 installments, and therefore 32 of 60 installment payments remained as of the date of estoppel. | |
(30) | 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. |
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(32) | With respect to Loan No. 2, Concord Mills, the borrower is permitted to enter into a “Property-Assessed Clean Energy loan” (a “PACE Loan”) or any similar indebtedness for an amount not to exceed $5,000,000, subject to the lender’s approval (not to be unreasonably withheld, conditioned or delayed) and delivery of a rating agency confirmation, which is (i) incurred for improvements to the Mortgaged Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Mortgaged Property. The lien resulting from any unpaid and delinquent PACE Loan payments would have property tax lien status. With respect to Loan No. 6, Ace Hotel & Swim Club, the borrower may enter into a future mezzanine loan once during the term of the Mortgage Loan; provided that, among other things, (a) the lender receives at least 60 days prior written notice, (b) no event of default has occurred and be continuing, (c) the monthly (and/or other regular) payments under the new mezzanine loan will be interest-only and, if such interest-only payments are based on a floating rate of interest, then such mezzanine borrower will purchase an interest rate cap agreement with a strike price which would result in a combined debt service coverage ratio of not less than 2.25x, (d) the principal amount of the mezzanine loan will not exceed (i) an amount that would result in a combined loan-to-value ratio of 65.0%, (ii) an amount that would result in a combined debt service coverage ratio of no less than 2.25x, and/or (iii) an amount that would result in a combined debt yield of no less than 12%; (e) the mezzanine |
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loan term will be co-terminous with the Mortgage Loan, (f) the ground lease and hotel management agreement permit such mezzanine debt, (g) the mezzanine loan lender has delivered to the lender an intercreditor agreement in form and substance acceptable to the rating agencies and reasonably acceptable to lender, (h) delivery of rating agency confirmation and (i) the holder of the mezzanine loan is required to be a (i) a bank, savings and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund, pension advisory firm, mutual fund, government entity or plan, investment company or institution substantially similar to any of the foregoing (other than the borrower or an affiliate thereof), provided, in each case, that any such person (x) has total real estate assets (in name or under management) in excess of $600,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus or shareholder’s equity in excess of $250,000,000 and (y) is regularly engaged in the business of making or owning commercial real estate loans or operating commercial mortgage properties, or (ii) any other person that has been approved by lender in its sole discretion as well as by the rating agencies. With respect to Loan No. 19, IPG Portfolio, provided that no event of default is continuing under the IPG Portfolio Whole Loan documents, at any time after the earlier to occur of (i) the date that is two years after the closing date of the securitization that includes the last note of the IPG Portfolio Whole Loan to be securitized and (ii) September 29, 2025, an indirect or direct parent entity of the borrower is permitted to obtain a mezzanine loan secured by the direct or indirect equity interests in the borrower, provided that certain conditions are satisfied, including but not limited to: (i) the principal amount of the mezzanine loan may not be greater than the amount which will yield (x) an aggregate loan-to-value ratio for the IPG Portfolio Whole Loan that does not exceed 56.5%, (y) an aggregate DSCR for the IPG Portfolio Whole Loan that is not less than 1.66x and (z) and an aggregate debt yield for the IPG Portfolio Whole Loan that is not less than 10.51%, (ii) the mezzanine lender enters into an intercreditor agreement reasonably acceptable to the lender and the mezzanine lender, (iii) if required by the lender, the borrower delivers a rating agency confirmation with respect to the mezzanine loan, and (iv) the maturity of the mezzanine loan is co-terminous with, or longer than, the maturity of the IPG Portfolio Whole Loan. | |
(33) | With respect to Loan No. 14, City Market, the Largest Tenant at the Mortgaged Property, CMAC, is an affiliate of the borrower sponsor. With respect to Loan No. 16, Liberty Avenue Industrial, the Largest Tenant at the Mortgaged Property, SZY Holdings, is an affiliate of the borrower sponsor. |
(34) | With respect to Loan No. 1, Acropolis Garden Cooperative, residential cooperatives are generally not-for-profit entities that set maintenance fees to cover current expenses and plan for future capital needs. A residential cooperative can increase or decrease maintenance fees according to its anticipated expenses and level of cash reserves. The Acropolis Garden Cooperative Property has been operating as a cooperative and the historical NOI figures reflect such operation and therefore are not representative of the cash flow generated by the Acropolis Garden Cooperative Property if it were operated as a multifamily rental property. With respect to Loan No. 3, Triple Net Portfolio, the historical financial information is not available due to the Triple Net Portfolio Mortgaged Properties being acquired over 2014-2021 and separate financial information not having been provided in connection with such acquisition. With respect to with respect to Loan No. 4, 330 West 34th Street Leased Fee, the historical cash flows are not available as the Mortgaged Property is secured by the borrower’s leased fee interest in land where the loan was underwritten based on the triple net ground lease. With respect to Loan No. 5, Central States Industrial Portfolio, the historical cash flows are not available, as the portfolio was acquired in 2022 and separate financial information was not provided. With respect to Loan No. 19, IPG Portfolio, historical financial information is unavailable due to the acquisition of IPG Portfolio Properties at origination of the IPG Portfolio Whole Loan. With respect to Loan No. 20, RH HQ, the historical cash flows are not available, as the property was acquired in 2021. With respect to Loan No. 23, 800 Cesar Chavez, the historical cash flows are not available as the sole tenant, GM Cruise, took possession of the “West Premises”, which is comprised of approximately 84,911 sq. ft. (69.4% of NRA), in November 2020 and concurrently began paying rent on this portion of the Mortgaged Property. GM Cruise took possession of the “East Premises”, which is comprised of approximately 37,449 sq. ft. (30.6% of |
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NRA) in May 2021 and began paying rent on this portion of the Mortgaged Property on December 1, 2021. With respect to Loan No. 31, Prospect Street Industrial, historical financial information is unavailable due to (i) the acquisition of Mortgaged Property within 12 calendar months prior to the Cut-off Date and such borrower was unable to provide historical financial information for such acquired Mortgaged Property, and (ii) the Mortgaged Property being a single tenant property subject to triple-net lease with the related tenant where the related borrower did not provide historical financial information for the related Mortgaged Property at the origination of the related Mortgage Loan. | |
(35) | With respect to Loan No. 2, Concord Mills, the event of a casualty with respect to the Mortgaged Property where (A) (i) the cost to restore such Mortgaged Property exceeds 25% of the amount it would cost to replace such Mortgaged Property and (ii) the damage occurs within the last five years of the lease term of the Third Largest Tenant, AMC Theatres; (B) the borrower chooses not to restore such Mortgaged Property and AMC Theatres exercises its right to terminate its lease; and (C) thereafter the borrower elects to rebuild within the five year period following the AMC Theatres’ lease termination, and desires to sell or lease portions of the Mortgaged Property for the exhibition of motion pictures and the borrower has entered into negotiations with a third party for such sale or lease, will give AMC Theatres the exclusive right of first refusal to purchase or lease the offered premises on the same terms for a period 45 days after such proposed new tenant’s receipt of the offered terms. The right of first refusal of is not extinguished by foreclosure; however, the right of first refusal does not apply to a foreclosure or a deed in lieu of foreclosure. |
(36) | With respect to Loan No. 2, Concord Mills, for so long as one or more of Simon Property Group, L.P. (“SPG LP”), Simon Property Group, Inc. (“Simon Inc.”) or an affiliate of SPG LP or Simon Inc. is the nonrecourse carveout guarantor, the non-recourse carveout guarantor's aggregate liability is limited to 20% of the whole loan amount, plus all of the reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) incurred by the lender in the enforcement of the related guaranty or the preservation of the lender’s rights under such guaranty. |
(37) | With respect to Loan No. 2, Concord Mills, if (i) less than two other anchor tenants containing at least 50,000 square feet of gross floor area at the related Mortgaged Property are open and operating for business for more than 120 consecutive days or (ii) less than 65% of the net rentable area at the related Mortgaged Property is open and operating for business for more than 120 consecutive days, Burlington, the Second Largest Tenant at the Mortgaged Property, is permitted to pay 1.5% of gross sales in lieu of minimum rent. If (i) less than two other anchor tenants containing at least 50,000 square feet of gross floor area at the related Mortgaged Property are open and operating for business for more than 365 consecutive days or (ii) less than 65% of the net rentable area at the related Mortgaged Property is open and operating for business for 365 consecutive days, following such 365 day period, Burlington may terminate its lease. The Third Largest Tenant, AMC Theatres, has the right to have its annual fixed and percentage rent abated if at least 530,000 square feet at the related Mortgaged Property are not being operated for business with the public for at least 180 days and during such abatement period AMC Theatres is permitted to pay, in lieu of annual fixed and percentage rent, the greater of (x) 10% of gross sales or (y) 50% of the annual fixed rent otherwise payable absent such abatement. If at least 530,000 square feet at the Mortgaged Property are not being operated for business with the public for 42 consecutive months, following such 42-month period, AMC Theatres may terminate its lease with 180 days prior written notice to the landlord. In addition, with respect to the Fourth Largest Tenant, Dick’s Sporting Goods, if certain co-tenancy provisions are not satisfied by February 24, 2023, including but not limited to (i) four of (a) Bass Pro Shops Outdoor, (b) Best Buy, (c) Bed Bath and Beyond, (d) Burlington, (e) AMC Theatres and (f) Dave & Buster’s not being open and operating for business at the related Mortgaged Property and (ii) 65% of the remaining tenancy at the related Mortgaged Property are not open and operating, Dick’s Sporting Goods will have the right to pay a substitute rent in lieu of its minimum rent. |
(38) | With respect to Loan No. 6, Ace Hotel & Swim Club, the pledge of any person’s direct or indirect interests in the non-recourse guarantor (other than a pledge of a direct ownership interest in the borrower) provided (1) such pledged interests do not represent a controlling interest in guarantor or the borrower, (2) the aggregate percentage of indirect interests in the borrower pledged pursuant to such pledges, at any one time, does not exceed a 49% indirect interest in the borrower, and (3) the repayment of the obligation, loan or facility secured by the pledge is not specifically tied to the cash flow of the Mortgaged Property and the person making the applicable pledge must have a substantial source of revenue to repay the applicable debt other than direct or indirect distributions from borrower. |
(39) | With respect to Loan No. 6, Ace Hotel & Swim Club, the borrower may not directly or indirectly create, incur or assume any indebtedness other than (i) the debt, (ii) major contracts entered into in accordance with the terms of the loan agreement, (iii) unsecured trade payables (including, without limitation, unsecured contractual obligations) incurred in the ordinary course of business relating to the ownership and operation of the |
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Mortgaged Property and (iv) Permitted Equipment Financing (defined below), which in the case of such unsecured trade payables (including, without limitation, unsecured contractual obligations) and Permitted Equipment Financing (A) are not evidenced by a note, (B) do not exceed, at any time, a maximum aggregate amount 4% of the outstanding principal balance of the Mortgage Loan and (C) are paid within 60 days of the date incurred. “Permitted Equipment Financing” means equipment financing that is (i) entered into in the ordinary course of the borrower’s business, (ii) for equipment related to the ownership and operation of the Mortgaged Property whose removal would not materially damage or impair the value of the Mortgaged Property, and (iii) which is secured only by the financed equipment. | |
(40) | With respect to Loan No. 6, Ace Hotel & Swim Club, the Mortgaged Property is operated by Ace Hotel Palm Springs LLC, under a hotel management agreement that expires October 7, 2042. |
(41) | With respect to Loan No. 8, Art Ovation Hotel, the Mortgaged Property is operated by Marriott International, Inc., under a hotel management agreement that expires April 30, 2043. |
(42) | With respect to Loan No. 12, TOTAL Plaza, the TOTAL Plaza Whole Loan was modified on October 6, 2022 to paydown the principal balance of the TOTAL Plaza Whole Loan by $10 million, recast the monthly payment based on a 29.5 year amortization term and reset the Interest Rate. The Original Balance ($) reflects the pro rata balance of the TOTAL Plaza Whole Loan as of the origination date including the $10 million paydown and excluding any amortization. The Cut-off Date Balance ($) reflects the pro rata balance of the TOTAL Plaza Whole Loan as of the cut-off date including both the $10 million paydown and amortization. |
(43) | With respect to Loan No. 12, TOTAL Plaza, the Second Largest Tenant, Tellurian Services LLC is in discussions with the borrower to lease the approximately 24,960 sq. ft. currently occupied by Pattern Energy Group Services LP. Upon execution Pattern Energy Group Services LP would relocate to a 1,217 sq. ft. suite. |
(44) | With respect to Loan No. 12, TOTAL Plaza, the Fifth Largest Tenant, Quintana Infrastructure & Development LLC subleases 12,022 sq. ft. to IKAV Energy Inc. |
(45) | With respect to Loan No. 16, Liberty Avenue Industrial, there are four active tax abatements at the Mortgaged Property. Two separate Industrial and Commercial Incentive Program (“ICIP”) exemptions, and two Commercial Expansion Program (“CEP”) abatements for two tenants (SZY Holdings and Old Williamsburg Candle). The CEP is tied to their leases and passed through to the tenants. The ICIP requires that, for the duration of the benefit period, the borrower must file annually a Certificate of Continuing Use (“CCU”) with the Department of Finance (“DOF”). CCUs are required to be filed with DOF on or before each January 5th and to state the purposes for which the property is being used and the net square footage allotted to each such purpose (among other information that may be required by DOF). Similarly, the CEP requires that, for the duration of the benefit period, the borrower and tenant must file a Certificate of Continuing Eligibility (“CCE”) annually with DOF. CCEs are required to be filed on or before each July 1st and to confirm that the premises are occupied by the tenant who originally executed the leases and that the premises are being used for the purposes described in such application (among other information that may be required by DOF). Failure to file either the CCU or CCE generally results in a curable suspension of benefits by DOF. |
(46) | With respect to Loan No. 17, Patewood Corporate Center, TCM CRE REIT LLC (the “Mezzanine Lender”) has provided $10.0 million of mezzanine financing (the “Mezzanine Loan”) secured by the equity interests in the related borrower. The Mezzanine Loan is coterminous with the Patewood Corporate Center Whole Loan and will require interest-only payments through maturity at a fixed coupon of 10.00000%. |
(47) | With respect to Loan No. 18, Nellis Plaza, two of the 17 tenants at the Mortgaged Property, Hibachi Grill and Supreme Buffet (“Hibachi”) (16.1% of NRA) and Fluff Ice (1.43% of NRA), received rent deferrals. Hibachi was forced to close for a portion of 2020 during the COVID-19 pandemic because of the large buffet component at its restaurant. In exchange for signing a lease extension in June 9, 2021 and making an immediate rent payment of approximately $27,742, Hibachi was forgiven prior outstanding rent payments totaling approximately $83,227. Both tenants are current and not in any payback period. |
(48) | With respect to Loan No. 18, Nellis Plaza, if at any time during the term of the Skechers USA lease, less than 60% of the gross leasable area of the Mortgaged Property (including Skechers USA’s leased premises (7.1% of NRA)) is occupied by retail tenants, including Fresh & Easy Neighborhood Markets and AT&T Wireless (or their successors, assignees or sublessee), but excluding any restaurants that are not open for a period of more than 60 days (the "Operating Requirement"), then Skechers USA at any time thereafter may, until the Operating Requirement is satisfied: (i) continue its business operations and pay 50% of minimum annual rent and any other amounts payable to the landlord pursuant to the terms of its lease, and (ii) terminate its lease upon prior written notice to the landlord if the Operating Requirement remains unsatisfied for 180 days. If Skechers USA does not provide such termination notice within 10 days after such 180-day period, the co-tenancy provision in |
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its lease will become null and void, and Skechers USA will be required to pay the full minimum annual rent and any other amounts due to the landlord as if the Operating Requirement was satisfied. The co-tenancy provision in the Skechers USA lease is not currently triggered. | |
(49) | With respect to Mortgage Loan No. 22, Fairfield Inn Klamath Falls, the Mortgaged Property is located within an Oregon enterprise zone, under which the building improvements at the Mortgaged Property are exempt from taxes as a new development until the 2023/2024 tax year. According to the related appraisal, estimated taxes for the Mortgaged Property for the 2022/2023 tax year (which includes the related exemption) are $44,244 and estimated taxes for the Mortgaged Property for the 2023/2024 tax year (which excludes the related exemption) are $202,777. |
(50) | With respect to Loan No. 22, Fairfield Inn Klamath Falls, the Mortgaged Property is operated by Marriott International, Inc., under a hotel management agreement that expires October 9, 2040. |
(51) | With respect to Loan No. 26, PetSmart HQ, NE-SW Debt Holdings, LP has provided $12.0 million of mezzanine financing (the “Mezzanine Loan”) secured by the equity interests in the related borrower. The Mezzanine Loan is coterminous with the PetSmart HQ Whole Loan and will require interest-only payments through maturity at a fixed coupon of 12.00000%. |
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