(28) | With respect to Loan No. 4, Weston at Copperfield, CF Weston Multifamily DST entered into a master lease with CF Weston Master Tenant, LLC on March 25, 2022, with an expiration date on June 28, 2032.
With respect to Loan No. 5, IPG Portfolio, the borrower (property owner and master landlord) entered into a master lease and master leased all the IPG Portfolio mortgaged properties to Intertape Polymer Corp. 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. 7, Orizon Aerostructures, OZN Chanute (Multi) LLC entered into a master lease with Orizon Aerostructures, LLC on October 13, 2022, with an expiration date on December 31, 2047.
With respect to Loan No. 11, Cadence, NM CADE, L.L.C. entered into a master lease with Pugh Lubricants, LLC, Davison Fuels & Oil, LLC, Mid South Sales, LLC, Frost Oil Co., LLC and Brewer-Hendley Oil Co., LLC on August 17, 2022, with an expiration date on August 31, 2042.
With respect to Loan No. 16, Societal CDMO, Tenet Equity Funding SPE Gainesville, LLC entered into a master lease with Societal CDMO Gainesville, LLC on December 14, 2022, with an expiration date on December 31, 2042.
With respect to Loan No. 24, Walgreens Orlando Operations Center, Keystone 1031 Orlando Office, DST entered into a master lease with Keystone 1031 Orlando Office Master Tenant, LLC, a borrower affiliate, on November 15, 2022. The master lease is fully subordinate to the Walgreens Orlando Operations Center mortgage loan and is terminable by the lender upon a material default under the master lease. The master lease expires on November 15, 2032.
With respect to Loan No. 38, DPM - St Charles, MO, the borrower for the mortgaged property is DPM Self Storage St. Charles DST, a Delaware Statutory Trust. In connection with the DST structure, a Master Lease Agreement was entered into on the closing date of the DPM - St Charles, MO Mortgage Loan, between the borrower as landlord and an affiliated entity, DPM Self Storage St. Charles MT LLC, as tenant, and the lender also is the beneficiary of a Master Lease assignment and subordination agreement.
With respect to Loan No. 42, DPM - Columbus, OH, the borrower for the mortgaged property is DPM Self Storage Columbus DST, a Delaware Statutory Trust. In connection with the DST structure, a Master Lease Agreement was entered into on the closing date of the DPM - Columbus, OH Mortgage Loan, between the borrower, as landlord, and an affiliated entity, DPM Self Storage Columbus MT LLC, as tenant, and the lender also is the beneficiary of a Master Lease assignment and subordination agreement.
With respect to Loan No. 43, DPM - Saginaw, MI, the borrower for the mortgaged property is DPM Self Storage Saginaw DST, a Delaware Statutory Trust. In connection with the DST structure, a Master Lease Agreement was entered into between the borrower, as landlord, and a borrower related entity, DPM Self Storage Saginaw MT LLC, as tenant, and the lender also is the beneficiary of a Master Lease assignment and subordination agreement.
With respect to Loan No. 45, Southern Star NC Portfolio, the borrower Southern Star Storage III-Carolina, DST, master leases the entire Southern Star NC Portfolio to an affiliate, Southern Star Storage Leasing Management Company III, LLC. The Southern Star NC 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 NC Portfolio Properties. |