FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-258342-03 | ||
Free Writing Prospectus dated December 6, 2023
The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-258342) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC 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 SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com.
The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled "Certain Characteristics of the Mortgage Loans and Mortgaged Properties" to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision.
The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.
Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.
Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached 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 email system.
BMARK 2023-B40
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 |
1 | ||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 9.9% | 100.0% | CREFI | CREFI | NAP | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 9.9% | CREFI | CREFI | NAP | NAP | |
2.01 | Property | 1 | Three Bala Plaza | 4.1% | 41.3% | |||||
2.02 | Property | 1 | One Bala Plaza | 3.9% | 39.4% | |||||
2.03 | Property | 1 | Two Bala Plaza | 1.9% | 19.3% | |||||
3 | Loan | 18 | 1 | The Landmark | 8.7% | 100.0% | CREFI | CREFI | NAP | NAP |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 8.3% | GSBI | GSMC | NAP | NAP | |
4.01 | Property | 1 | StorQuest Chandler | 1.9% | 22.6% | |||||
4.02 | Property | 1 | StorQuest Venice | 1.7% | 20.5% | |||||
4.03 | Property | 1 | StorQuest Highlands Ranch | 1.2% | 14.4% | |||||
4.04 | Property | 1 | StorQuest Parker (Longs) | 1.1% | 13.2% | |||||
4.05 | Property | 1 | StorQuest Aurora | 0.8% | 9.9% | |||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | 0.8% | 9.8% | |||||
4.07 | Property | 1 | StorQuest Colfax | 0.8% | 9.7% | |||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 7.8% | 100.0% | CREFI | CREFI | NAP | NAP |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 7.2% | 100.0% | GSBI, AREF2 | GSMC | NAP | NAP |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 6.0% | 100.0% | GSBI | GSMC | NAP | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 5.2% | 100.0% | BANA, JPMCB, BCREI, BMO | BANA | Group 1 | NAP |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 5.2% | 100.0% | WFB, CREFI, DBRI, SGFC | CREFI | Group 1 | NAP |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 4.5% | JPMCB | JPMCB | NAP | NAP | |
10.01 | Property | 1 | Cotton Center - Building 19 | 2.9% | 65.5% | |||||
10.02 | Property | 1 | 300-309 Lakeside Drive | 1.5% | 34.5% | |||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 4.1% | 100.0% | GSBI, BCREI | GSMC | NAP | NAP |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 3.2% | CREFI | CREFI | NAP | NAP | |
12.01 | Property | 1 | 1700 Fostoria | 2.0% | 61.4% | |||||
12.02 | Property | 1 | 2000 Industrial | 1.2% | 38.6% | |||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 3.1% | 100.0% | JPMCB | JPMCB | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 2.8% | JPMCB | JPMCB | NAP | NAP | |
14.01 | Property | 1 | Connolly's Pub | 1.5% | 53.1% | |||||
14.02 | Property | 1 | Perfect Pint - 123 West | 0.8% | 27.1% | |||||
14.03 | Property | 1 | Perfect Pint - 203 East | 0.6% | 19.8% | |||||
15 | Loan | 1 | Best Storage Tudor Road | 2.6% | 100.0% | CREFI | CREFI | NAP | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 2.5% | 100.0% | CREFI | CREFI | NAP | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 2.5% | 100.0% | CREFI | CREFI | NAP | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 2.4% | 100.0% | JPMCB, BCREI, WFB | JPMCB | NAP | NAP |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 2.1% | GSBI | GSMC | NAP | NAP | |
19.01 | Property | 1 | Walgreens (Pickerington) | 0.9% | 42.0% | |||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | 0.7% | 31.5% | |||||
19.03 | Property | 1 | Walgreens (Harvard) | 0.6% | 26.4% | |||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 2.1% | 100.0% | JPMCB | JPMCB | NAP | NAP |
A-1-1 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Address | City | County | State | Zip Code |
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 441 East Erie Street | Chicago | Cook | Illinois | 60611 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | Various | Bala Cynwyd | Montgomery | Pennsylvania | 19004 |
2.01 | Property | 1 | Three Bala Plaza | 251 Saint Asaphs Road | Bala Cynwyd | Montgomery | Pennsylvania | 19004 | |
2.02 | Property | 1 | One Bala Plaza | 231 Saint Asaphs Road | Bala Cynwyd | Montgomery | Pennsylvania | 19004 | |
2.03 | Property | 1 | Two Bala Plaza | 333 East City Avenue | Bala Cynwyd | Montgomery | Pennsylvania | 19004 | |
3 | Loan | 18 | 1 | The Landmark | 1600 Lind Avenue Southwest and 1601 East Valley Road | Renton | King | Washington | 98057 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | Various | Various | Various | Various | Various |
4.01 | Property | 1 | StorQuest Chandler | 2805 West Frye Road | Chandler | Maricopa | Arizona | 85224 | |
4.02 | Property | 1 | StorQuest Venice | 5115 Englewood Road | Venice | Sarasota | Florida | 34293 | |
4.03 | Property | 1 | StorQuest Highlands Ranch | 745 Monument Drive | Highlands Ranch | Douglas | Colorado | 80129 | |
4.04 | Property | 1 | StorQuest Parker (Longs) | 18601 Longs Way | Parker | Douglas | Colorado | 80134 | |
4.05 | Property | 1 | StorQuest Aurora | 16650 East Alameda Parkway | Aurora | Arapahoe | Colorado | 80017 | |
4.06 | Property | 1 | StorQuest Parker (Pony Express) | 18455 Pony Express Drive | Parker | Douglas | Colorado | 80134 | |
4.07 | Property | 1 | StorQuest Colfax | 16400 East Colfax Avenue | Aurora | Arapahoe | Colorado | 80011 | |
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 645 North Michigan Avenue | Chicago | Cook | Illinois | 60611 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 2150 Town Square Place | Sugar Land | Fort Bend | Texas | 77479 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 30010 Detroit Road | Westlake | Cuyahoga | Ohio | 44145 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 7007 Friars Road | San Diego | San Diego | California | 92108 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 7000 and 7600 Arundel Mills Circle | Hanover | Anne Arundel | Maryland | 21076 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | Various | Various | Various | Various | Various |
10.01 | Property | 1 | Cotton Center - Building 19 | 4755 South 44th Place | Phoenix | Maricopa | Arizona | 85040 | |
10.02 | Property | 1 | 300-309 Lakeside Drive | 300-309 Lakeside Drive | Horsham | Montgomery | Pennsylvania | 19044 | |
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 915 Ridgewalk Parkway | Woodstock | Cherokee | Georgia | 30188 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | Various | Findlay | Hancock | Ohio | 45840 |
12.01 | Property | 1 | 1700 Fostoria | 1700 Fostoria Avenue | Findlay | Hancock | Ohio | 45840 | |
12.02 | Property | 1 | 2000 Industrial | 2000 Industrial Drive | Findlay | Hancock | Ohio | 45840 | |
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 1220 Echelon Parkway | Jackson | Hinds | Mississippi | 39213 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | Various | New York | New York | New York | Various |
14.01 | Property | 1 | Connolly's Pub | 121 West 45th Street | New York | New York | New York | 10036 | |
14.02 | Property | 1 | Perfect Pint - 123 West | 123 West 45th Street | New York | New York | New York | 10036 | |
14.03 | Property | 1 | Perfect Pint - 203 East | 203 East 45th Street | New York | New York | New York | 10017 | |
15 | Loan | 1 | Best Storage Tudor Road | 3521 East Tudor Road and 4303 Florina Street | Anchorage | Anchorage | Alaska | 99507 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 406 15th Street | Brooklyn | Kings | New York | 11215 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 4801 South Loop 289 | Lubbock | Lubbock | Texas | 79424 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 1201 and 1113 Market Street | Philadelphia | Philadelphia | Pennsylvania | 19107 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | Various | Various | Various | Various | Various |
19.01 | Property | 1 | Walgreens (Pickerington) | 1101 Hill Road North | Pickerington | Fairfield | Ohio | 43147 | |
19.02 | Property | 1 | Walgreens (Sedro Woolley) | 320 Harrison Street | Sedro Woolley | Skagit | Washington | 98284 | |
19.03 | Property | 1 | Walgreens (Harvard) | 395 South Division Street | Harvard | McHenry | Illinois | 60033 | |
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 2220, 2300, 2330 Central Expressway, 2770-2800, 2880 Scott Boulevard and 2001 Walsh Avenue | Santa Clara | Santa Clara | California | 95050 |
A-1-2 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | General Property Type | Detailed Property Type | Year Built | Year Renovated | Number of Units | Unit of Measure | Loan Per Unit ($) | Original Balance ($) | Cut-off Date Balance ($) | Maturity/ARD Balance ($) |
2 | 2 | 3 | 4,5 | 4,5 | 4 | |||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | Multifamily | High Rise | 1986 | 2015 | 716 | Units | 189,944.13 | 48,000,000 | 48,000,000 | 48,000,000 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | Various | Various | Various | Various | 1,136,771 | SF | 87.53 | 48,000,000 | 48,000,000 | 48,000,000 |
2.01 | Property | 1 | Three Bala Plaza | Office | Suburban | 1983 | 2020 | 390,899 | SF | 19,828,326 | 19,828,326 | 19,828,326 | ||
2.02 | Property | 1 | One Bala Plaza | Office | Suburban | 1968 | 2021 | 386,788 | SF | 18,901,288 | 18,901,288 | 18,901,288 | ||
2.03 | Property | 1 | Two Bala Plaza | Mixed Use | Office/Retail | 1969 | 2020 | 359,084 | SF | 9,270,386 | 9,270,386 | 9,270,386 | ||
3 | Loan | 18 | 1 | The Landmark | Office | Suburban | 1986 | NAP | 274,931 | SF | 152.95 | 42,050,000 | 42,050,000 | 42,050,000 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | Self Storage | Self Storage | Various | Various | 485,004 | SF | 82.47 | 40,000,000 | 40,000,000 | 40,000,000 |
4.01 | Property | 1 | StorQuest Chandler | Self Storage | Self Storage | 2017 | NAP | 92,010 | SF | 9,027,000 | 9,027,000 | 9,027,000 | ||
4.02 | Property | 1 | StorQuest Venice | Self Storage | Self Storage | 2019 | NAP | 73,632 | SF | 8,190,000 | 8,190,000 | 8,190,000 | ||
4.03 | Property | 1 | StorQuest Highlands Ranch | Self Storage | Self Storage | 1998 | NAP | 62,726 | SF | 5,741,000 | 5,741,000 | 5,741,000 | ||
4.04 | Property | 1 | StorQuest Parker (Longs) | Self Storage | Self Storage | 1996 | 1998 | 69,684 | SF | 5,273,000 | 5,273,000 | 5,273,000 | ||
4.05 | Property | 1 | StorQuest Aurora | Self Storage | Self Storage | 2005 | NAP | 62,975 | SF | 3,972,000 | 3,972,000 | 3,972,000 | ||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | Self Storage | Self Storage | 1999 | NAP | 53,450 | SF | 3,911,000 | 3,911,000 | 3,911,000 | ||
4.07 | Property | 1 | StorQuest Colfax | Self Storage | Self Storage | 2003 | NAP | 70,527 | SF | 3,886,000 | 3,886,000 | 3,886,000 | ||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | Mixed Use | Medical Office/Retail | 1962 | 2022 | 193,031 | SF | 284.93 | 38,000,000 | 38,000,000 | 33,678,745 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | Mixed Use | Office/Retail | 2003 | 2019-2022 | 803,247 | SF | 130.72 | 35,000,000 | 35,000,000 | 35,000,000 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | Retail | Anchored | 1974 | 2021 | 147,135 | SF | 198.63 | 29,225,000 | 29,225,000 | 27,882,987 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | Retail | Super Regional Mall | 1969 | 2023 | 1,377,155 | SF | 326.76 | 25,000,000 | 25,000,000 | 25,000,000 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | Retail | Super Regional Mall | 2000, 2002, 2012 | NAP | 1,938,983 | SF | 185.66 | 25,000,000 | 25,000,000 | 25,000,000 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | Office | Various | Various | Various | 123,832 | SF | 174.09 | 21,580,000 | 21,558,300 | 20,755,228 |
10.01 | Property | 1 | Cotton Center - Building 19 | Office | Flex | 2018 | NAP | 80,000 | SF | 14,140,000 | 14,125,782 | 13,599,579 | ||
10.02 | Property | 1 | 300-309 Lakeside Drive | Office | Suburban | 1981 | 2020 | 43,832 | SF | 7,440,000 | 7,432,519 | 7,155,649 | ||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | Retail | Outlet Center | 2012 | NAP | 405,146 | SF | 195.81 | 20,000,000 | 20,000,000 | 20,000,000 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | Industrial | Various | Various | Various | 373,645 | SF | 41.22 | 15,400,000 | 15,400,000 | 15,400,000 |
12.01 | Property | 1 | 1700 Fostoria | Industrial | Warehouse/Distribution | 1954 | 1985 | 255,743 | SF | 9,450,000 | 9,450,000 | 9,450,000 | ||
12.02 | Property | 1 | 2000 Industrial | Industrial | Manufacturing/Warehouse | 1997 | NAP | 117,902 | SF | 5,950,000 | 5,950,000 | 5,950,000 | ||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | Office | Suburban | 2009 | NAP | 109,819 | SF | 135.68 | 14,900,000 | 14,900,000 | 14,900,000 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | Retail | Single Tenant | Various | Various | 21,576 | SF | 625.70 | 13,500,000 | 13,500,000 | 13,500,000 |
14.01 | Property | 1 | Connolly's Pub | Retail | Single Tenant | 1920 | 2020 | 11,556 | SF | 7,171,875 | 7,171,875 | 7,171,875 | ||
14.02 | Property | 1 | Perfect Pint - 123 West | Retail | Single Tenant | 1930 | 2006 | 6,020 | SF | 3,656,250 | 3,656,250 | 3,656,250 | ||
14.03 | Property | 1 | Perfect Pint - 203 East | Retail | Single Tenant | 1900 | 2012 | 4,000 | SF | 2,671,875 | 2,671,875 | 2,671,875 | ||
15 | Loan | 1 | Best Storage Tudor Road | Self Storage | Self Storage | 1998 | 2007 | 79,917 | SF | 156.41 | 12,500,000 | 12,500,000 | 12,500,000 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | Mixed Use | Multifamily/Medical Office | 2009 | NAP | 27 | Units | 453,703.70 | 12,250,000 | 12,250,000 | 10,727,685 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | Hospitality | Extended Stay | 2017 | NAP | 120 | Rooms | 100,000.00 | 12,000,000 | 12,000,000 | 9,904,882 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | Hospitality | Full Service | 1990, 1995 | 2023 | 1,408 | Rooms | 152,698.86 | 11,666,667 | 11,666,667 | 11,666,667 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | Retail | Single Tenant | Various | NAP | 42,722 | SF | 242.37 | 10,354,631 | 10,354,631 | 10,354,631 |
19.01 | Property | 1 | Walgreens (Pickerington) | Retail | Single Tenant | 2009 | NAP | 14,334 | SF | 4,354,115 | 4,354,115 | 4,354,115 | ||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | Retail | Single Tenant | 2007 | NAP | 14,738 | SF | 3,265,587 | 3,265,587 | 3,265,587 | ||
19.03 | Property | 1 | Walgreens (Harvard) | Retail | Single Tenant | 2008 | NAP | 13,650 | SF | 2,734,929 | 2,734,929 | 2,734,929 | ||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | Mixed Use | Office/Lab | 1996-1999, 2013 | 2015-2023 | 551,233 | SF | 235.83 | 10,000,000 | 10,000,000 | 10,000,000 |
A-1-3 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 | ARD Loan (Yes / No) | Interest Accrual Method |
6 | 6 | 6 | 7,8,9 | 7,9 | 8,9 | 9 | ||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 6.88000% | 0.03747% | 6.84253% | NAP | 279,022.22 | NAP | 3,348,266.64 | Interest Only | No | Actual/360 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 8.71000% | 0.02872% | 8.68128% | NAP | 353,238.89 | NAP | 4,238,866.68 | Interest Only | No | Actual/360 |
2.01 | Property | 1 | Three Bala Plaza | |||||||||||
2.02 | Property | 1 | One Bala Plaza | |||||||||||
2.03 | Property | 1 | Two Bala Plaza | |||||||||||
3 | Loan | 18 | 1 | The Landmark | 9.03000% | 0.02872% | 9.00128% | NAP | 320,821.06 | NAP | 3,849,852.72 | Interest Only | No | Actual/360 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 7.07200% | 0.02872% | 7.04328% | NAP | 239,007.41 | NAP | 2,868,088.92 | Interest Only | No | Actual/360 |
4.01 | Property | 1 | StorQuest Chandler | |||||||||||
4.02 | Property | 1 | StorQuest Venice | |||||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | |||||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | |||||||||||
4.05 | Property | 1 | StorQuest Aurora | |||||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | |||||||||||
4.07 | Property | 1 | StorQuest Colfax | |||||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 7.62000% | 0.02872% | 7.59128% | 268,830.93 | NAP | 3,225,971.16 | NAP | Amortizing Balloon | No | Actual/360 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 7.96600% | 0.02872% | 7.93728% | NAP | 235,568.63 | NAP | 2,826,823.56 | Interest Only | No | Actual/360 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 7.64820% | 0.02872% | 7.61948% | 207,319.34 | 188,852.56 | 2,487,832.08 | 2,266,230.72 | Interest Only, Amortizing Balloon | No | Actual/360 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 5.73000% | 0.02997% | 5.70003% | NAP | 121,032.99 | NAP | 1,452,395.88 | Interest Only | No | Actual/360 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 7.70100% | 0.02997% | 7.67103% | NAP | 162,665.80 | NAP | 1,951,989.60 | Interest Only | No | Actual/360 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 8.40200% | 0.02872% | 8.37328% | 164,435.06 | NAP | 1,973,220.72 | NAP | Amortizing Balloon | No | Actual/360 |
10.01 | Property | 1 | Cotton Center - Building 19 | |||||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | |||||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 7.85000% | 0.02872% | 7.82128% | NAP | 132,650.46 | NAP | 1,591,805.52 | Interest Only | No | Actual/360 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 7.16000% | 0.02872% | 7.13128% | NAP | 93,162.87 | NAP | 1,117,954.44 | Interest Only | No | Actual/360 |
12.01 | Property | 1 | 1700 Fostoria | |||||||||||
12.02 | Property | 1 | 2000 Industrial | |||||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 7.71700% | 0.02872% | 7.68828% | NAP | 97,150.24 | NAP | 1,165,802.88 | Interest Only | No | Actual/360 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 7.08400% | 0.02872% | 7.05528% | NAP | 80,801.88 | NAP | 969,622.56 | Interest Only | No | Actual/360 |
14.01 | Property | 1 | Connolly's Pub | |||||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | |||||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | |||||||||||
15 | Loan | 1 | Best Storage Tudor Road | 6.91000% | 0.02872% | 6.88128% | NAP | 72,978.88 | NAP | 875,746.56 | Interest Only | No | Actual/360 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 7.15000% | 0.02872% | 7.12128% | 82,737.33 | NAP | 992,847.96 | NAP | Amortizing Balloon | No | Actual/360 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 8.04000% | 0.02872% | 8.01128% | 92,936.15 | NAP | 1,115,233.80 | NAP | Amortizing Balloon | No | Actual/360 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 8.70500% | 0.02872% | 8.67628% | NAP | 85,807.39 | NAP | 1,029,688.68 | Interest Only | No | Actual/360 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 7.52170% | 0.02872% | 7.49298% | NAP | 65,805.13 | NAP | 789,661.56 | Interest Only | No | Actual/360 |
19.01 | Property | 1 | Walgreens (Pickerington) | |||||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | |||||||||||
19.03 | Property | 1 | Walgreens (Harvard) | |||||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 6.876115385% | 0.02872% | 6.847395385% | NAP | 58,096.81 | NAP | 697,161.72 | Interest Only | No | Actual/360 |
A-1-4 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 120 | 120 | 120 | 120 | 0 | 0 | 11/27/2023 | 0 | 6 | 1/6/2024 | NAP | 12/6/2033 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 60 | 59 | 60 | 59 | 0 | 0 | 11/2/2023 | 1 | 6 | 12/6/2023 | NAP | 11/6/2028 |
2.01 | Property | 1 | Three Bala Plaza | |||||||||||||
2.02 | Property | 1 | One Bala Plaza | |||||||||||||
2.03 | Property | 1 | Two Bala Plaza | |||||||||||||
3 | Loan | 18 | 1 | The Landmark | 60 | 58 | 60 | 58 | 0 | 0 | 9/29/2023 | 2 | 6 | 11/6/2023 | NAP | 10/6/2028 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 120 | 118 | 120 | 118 | 0 | 0 | 9/28/2023 | 2 | 6 | 11/6/2023 | NAP | 10/6/2033 |
4.01 | Property | 1 | StorQuest Chandler | |||||||||||||
4.02 | Property | 1 | StorQuest Venice | |||||||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | |||||||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | |||||||||||||
4.05 | Property | 1 | StorQuest Aurora | |||||||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | |||||||||||||
4.07 | Property | 1 | StorQuest Colfax | |||||||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 0 | 0 | 120 | 120 | 360 | 360 | 11/7/2023 | 0 | 6 | 1/6/2024 | 1/6/2024 | 12/6/2033 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 60 | 59 | 60 | 59 | 0 | 0 | 11/3/2023 | 1 | 6 | 12/6/2023 | NAP | 11/6/2028 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 60 | 60 | 120 | 120 | 360 | 360 | 11/9/2023 | 0 | 6 | 1/6/2024 | 1/6/2029 | 12/6/2033 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 120 | 114 | 120 | 114 | 0 | 0 | 5/25/2023 | 6 | 1 | 7/1/2023 | NAP | 6/1/2033 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 120 | 119 | 120 | 119 | 0 | 0 | 10/5/2023 | 1 | 1 | 12/1/2023 | NAP | 11/1/2033 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 0 | 0 | 60 | 58 | 360 | 358 | 9/11/2023 | 2 | 6 | 11/6/2023 | 11/6/2023 | 10/6/2028 |
10.01 | Property | 1 | Cotton Center - Building 19 | |||||||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | |||||||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 120 | 118 | 120 | 118 | 0 | 0 | 10/3/2023 | 2 | 6 | 11/6/2023 | NAP | 10/6/2033 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 120 | 119 | 120 | 119 | 0 | 0 | 11/1/2023 | 1 | 6 | 12/6/2023 | NAP | 11/6/2033 |
12.01 | Property | 1 | 1700 Fostoria | |||||||||||||
12.02 | Property | 1 | 2000 Industrial | |||||||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 120 | 117 | 120 | 117 | 0 | 0 | 8/8/2023 | 3 | 1 | 10/1/2023 | NAP | 9/1/2033 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 120 | 118 | 120 | 118 | 0 | 0 | 9/13/2023 | 2 | 1 | 11/1/2023 | NAP | 10/1/2033 |
14.01 | Property | 1 | Connolly's Pub | |||||||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | |||||||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | |||||||||||||
15 | Loan | 1 | Best Storage Tudor Road | 120 | 117 | 120 | 117 | 0 | 0 | 9/1/2023 | 3 | 6 | 10/6/2023 | NAP | 9/6/2033 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 0 | 0 | 120 | 120 | 360 | 360 | 11/22/2023 | 0 | 6 | 1/6/2024 | 1/6/2024 | 12/6/2033 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 0 | 0 | 120 | 120 | 300 | 300 | 12/1/2023 | 0 | 6 | 1/6/2024 | 1/6/2024 | 12/6/2033 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 60 | 59 | 60 | 59 | 0 | 0 | 10/25/2023 | 1 | 6 | 12/6/2023 | NAP | 11/6/2028 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 120 | 117 | 120 | 117 | 0 | 0 | 8/14/2023 | 3 | 6 | 10/6/2023 | NAP | 9/6/2033 |
19.01 | Property | 1 | Walgreens (Pickerington) | |||||||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | |||||||||||||
19.03 | Property | 1 | Walgreens (Harvard) | |||||||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 60 | 60 | 60 | 60 | 0 | 0 | 11/9/2023 | 0 | 1 | 1/1/2024 | NAP | 12/1/2028 |
A-1-5 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 |
10 | 10 | 11,12 | 13 | ||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | NAP | 0 | 0 | L(24),YM1(89),O(7) | 18,536,311 | 8,365,611 | 10,170,700 | 7/31/2023 | T-12 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | NAP | 0 | 0 | L(3),YM1(50),O(7) | 33,125,041 | 17,632,016 | 15,493,025 | 8/31/2023 | T-12 |
2.01 | Property | 1 | Three Bala Plaza | 12,337,122 | 6,061,040 | 6,276,082 | 8/31/2023 | T-12 | |||||
2.02 | Property | 1 | One Bala Plaza | 12,019,217 | 6,134,449 | 5,884,769 | 8/31/2023 | T-12 | |||||
2.03 | Property | 1 | Two Bala Plaza | 8,768,702 | 5,436,528 | 3,332,174 | 8/31/2023 | T-12 | |||||
3 | Loan | 18 | 1 | The Landmark | NAP | 0 | 0 | L(26),D(27),O(7) | 7,344,013 | 2,043,806 | 5,300,207 | 8/31/2023 | T-12 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | NAP | 0 | 0 | L(26),YM1(90),O(4) | 7,307,618 | 2,938,896 | 4,368,722 | 8/31/2023 | T-12 |
4.01 | Property | 1 | StorQuest Chandler | 1,512,986 | 507,154 | 1,005,832 | 8/31/2023 | T-12 | |||||
4.02 | Property | 1 | StorQuest Venice | 1,350,950 | 434,393 | 916,557 | 8/31/2023 | T-12 | |||||
4.03 | Property | 1 | StorQuest Highlands Ranch | 997,666 | 416,687 | 580,979 | 8/31/2023 | T-12 | |||||
4.04 | Property | 1 | StorQuest Parker (Longs) | 969,367 | 417,931 | 551,436 | 8/31/2023 | T-12 | |||||
4.05 | Property | 1 | StorQuest Aurora | 878,123 | 383,462 | 494,661 | 8/31/2023 | T-12 | |||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | 716,526 | 299,362 | 417,164 | 8/31/2023 | T-12 | |||||
4.07 | Property | 1 | StorQuest Colfax | 882,000 | 479,907 | 402,093 | 8/31/2023 | T-12 | |||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | NAP | 0 | 0 | L(24),D(89),O(7) | 12,457,610 | 4,775,542 | 7,682,068 | 7/31/2023 | T-12 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | NAP | 5 (Once per trailing 12-month period) | 0 | L(25),D(28),O(7) | 25,812,548 | 13,707,487 | 12,105,061 | 9/30/2023 | T-12 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | NAP | 0 | 0 | L(24),D(91),O(5) | 4,061,040 | 983,423 | 3,077,617 | 8/31/2023 | T-12 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | NAP | 0 | 0 | L(30),D(84),O(6) | 100,144,513 | 19,298,501 | 80,846,012 | 12/31/2022 | T-12 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | NAP | 0 | 0 | L(25),D(89),O(6) | 69,724,516 | 18,198,782 | 51,525,734 | 8/31/2023 | T-12 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | NAP | 0 | 0 | L(26),D(29),O(5) | 2,880,142 | 576,413 | 2,303,730 | 12/31/2022 | T-12 |
10.01 | Property | 1 | Cotton Center - Building 19 | 1,910,528 | 381,289 | 1,529,239 | 12/31/2022 | T-12 | |||||
10.02 | Property | 1 | 300-309 Lakeside Drive | 969,614 | 195,124 | 774,491 | 12/31/2022 | T-12 | |||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | NAP | 5 (Once per trailing 12-month period) | 0 | L(26),D(87),O(7) | 15,397,806 | 4,458,904 | 10,938,902 | 7/31/2023 | T-12 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | NAP | 0 | 0 | L(25),D(90),O(5) | NAV | NAV | NAV | NAV | NAV |
12.01 | Property | 1 | 1700 Fostoria | NAV | NAV | NAV | NAV | NAV | |||||
12.02 | Property | 1 | 2000 Industrial | NAV | NAV | NAV | NAV | NAV | |||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | NAP | 0 | 0 | L(24),YM1(89),O(7) | 4,336,867 | 1,843,666 | 2,493,201 | 11/28/2023 | T-12 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | NAP | 0 | 5 | L(26),D(91),O(3) | NAV | NAV | NAV | NAV | NAV |
14.01 | Property | 1 | Connolly's Pub | NAV | NAV | NAV | NAV | NAV | |||||
14.02 | Property | 1 | Perfect Pint - 123 West | NAV | NAV | NAV | NAV | NAV | |||||
14.03 | Property | 1 | Perfect Pint - 203 East | NAV | NAV | NAV | NAV | NAV | |||||
15 | Loan | 1 | Best Storage Tudor Road | NAP | 0 | 0 | L(27),D(90),O(3) | 1,996,706 | 539,830 | 1,456,875 | 8/31/2023 | T-12 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | NAP | 0 | 0 | L(24),YM1(93),O(3) | 1,549,548 | 151,997 | 1,397,550 | 10/31/2023 | T-12 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | NAP | 0 | 0 | L(24),D(93),O(3) | 4,141,733 | 2,407,774 | 1,733,959 | 9/30/2023 | T-12 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | NAP | 0 | 0 | L(25),DorYM0.5(28),O(7) | 106,555,128 | 72,995,206 | 33,559,922 | 9/30/2023 | T-12 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | NAP | 0 | 0 | L(27),D(89),O(4) | 1,183,000 | 0 | 1,183,000 | 5/31/2023 | T-12 |
19.01 | Property | 1 | Walgreens (Pickerington) | 519,000 | 0 | 519,000 | 5/31/2023 | T-12 | |||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | 375,000 | 0 | 375,000 | 5/31/2023 | T-12 | |||||
19.03 | Property | 1 | Walgreens (Harvard) | 289,000 | 0 | 289,000 | 5/31/2023 | T-12 | |||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | NAP | 0 | 0 | L(24),D(29),O(7) | 20,525,326 | 3,611,603 | 16,913,723 | 12/31/2022 | T-12 |
A-1-6 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Second Most Recent EGI ($) | Second Most Recent Expenses ($) | Second Most Recent NOI ($) | Second Most Recent NOI Date | Second Most Recent Description | Third Most Recent EGI ($) | Third Most Recent Expenses ($) | Third Most Recent NOI ($) | Third Most Recent NOI Date | Third Most Recent Description |
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 18,010,837 | 8,726,272 | 9,284,565 | 12/31/2022 | T-12 | 16,868,370 | 8,052,400 | 8,815,970 | 12/31/2021 | T-12 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 31,871,739 | 17,331,324 | 14,540,415 | 12/31/2022 | T-12 | 31,052,511 | 16,030,922 | 15,021,589 | 12/31/2021 | T-12 |
2.01 | Property | 1 | Three Bala Plaza | 11,953,557 | 5,906,146 | 6,047,411 | 12/31/2022 | T-12 | 12,136,638 | 5,389,004 | 6,747,633 | 12/31/2021 | T-12 | |
2.02 | Property | 1 | One Bala Plaza | 11,720,682 | 5,940,161 | 5,780,521 | 12/31/2022 | T-12 | 11,114,797 | 5,473,864 | 5,640,933 | 12/31/2021 | T-12 | |
2.03 | Property | 1 | Two Bala Plaza | 8,197,499 | 5,485,016 | 2,712,483 | 12/31/2022 | T-12 | 7,801,076 | 5,168,053 | 2,633,023 | 12/31/2021 | T-12 | |
3 | Loan | 18 | 1 | The Landmark | 7,284,793 | 2,080,867 | 5,203,927 | 12/31/2022 | T-12 | 5,726,164 | 1,775,750 | 3,950,414 | 12/31/2021 | T-12 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 7,382,308 | 2,896,316 | 4,485,992 | 12/31/2022 | T-12 | 6,623,371 | 2,854,635 | 3,768,737 | 12/31/2021 | T-12 |
4.01 | Property | 1 | StorQuest Chandler | 1,521,541 | 507,269 | 1,014,272 | 12/31/2022 | T-12 | 1,242,500 | 478,149 | 764,351 | 12/31/2021 | T-12 | |
4.02 | Property | 1 | StorQuest Venice | 1,287,427 | 386,103 | 901,324 | 12/31/2022 | T-12 | 1,019,786 | 390,425 | 629,361 | 12/31/2021 | T-12 | |
4.03 | Property | 1 | StorQuest Highlands Ranch | 1,031,332 | 412,369 | 618,963 | 12/31/2022 | T-12 | 968,869 | 425,037 | 543,833 | 12/31/2021 | T-12 | |
4.04 | Property | 1 | StorQuest Parker (Longs) | 986,390 | 426,342 | 560,048 | 12/31/2022 | T-12 | 986,171 | 436,110 | 550,061 | 12/31/2021 | T-12 | |
4.05 | Property | 1 | StorQuest Aurora | 871,401 | 380,293 | 491,108 | 12/31/2022 | T-12 | 819,514 | 348,600 | 470,914 | 12/31/2021 | T-12 | |
4.06 | Property | 1 | StorQuest Parker (Pony Express) | 753,093 | 336,794 | 416,298 | 12/31/2022 | T-12 | 700,282 | 331,031 | 369,251 | 12/31/2021 | T-12 | |
4.07 | Property | 1 | StorQuest Colfax | 931,125 | 447,147 | 483,978 | 12/31/2022 | T-12 | 886,250 | 445,284 | 440,966 | 12/31/2021 | T-12 | |
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 12,595,041 | 4,888,824 | 7,706,217 | 12/31/2022 | T-12 | 11,611,265 | 5,360,789 | 6,250,476 | 12/31/2021 | T-12 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 25,030,189 | 13,191,986 | 11,838,203 | 12/31/2022 | T-12 | 24,653,353 | 12,402,273 | 12,251,080 | 12/31/2021 | T-12 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 3,850,766 | 850,826 | 2,999,940 | 12/31/2022 | T-12 | 3,392,218 | 794,430 | 2,597,788 | 12/31/2021 | T-12 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 97,018,960 | 17,953,015 | 79,065,945 | 12/31/2021 | T-12 | 89,629,550 | 16,856,897 | 72,772,653 | 12/31/2020 | T-12 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 69,984,212 | 17,233,956 | 52,750,256 | 12/31/2022 | T-12 | 69,401,934 | 17,383,847 | 52,018,087 | 12/31/2021 | T-12 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 2,785,220 | 547,505 | 2,237,715 | 12/31/2021 | T-12 | NAV | NAV | NAV | NAV | NAV |
10.01 | Property | 1 | Cotton Center - Building 19 | 1,853,531 | 356,219 | 1,497,311 | 12/31/2021 | T-12 | NAV | NAV | NAV | NAV | NAV | |
10.02 | Property | 1 | 300-309 Lakeside Drive | 931,689 | 191,286 | 740,404 | 12/31/2021 | T-12 | NAV | NAV | NAV | NAV | NAV | |
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 15,027,489 | 4,474,546 | 10,552,943 | 12/31/2022 | T-12 | 13,741,626 | 4,674,036 | 9,067,590 | 12/31/2021 | T-12 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
12.01 | Property | 1 | 1700 Fostoria | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |
12.02 | Property | 1 | 2000 Industrial | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 4,285,252 | 1,702,919 | 2,582,333 | 12/31/2022 | T-12 | 4,219,220 | 1,651,663 | 2,567,557 | 12/31/2021 | T-12 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV |
14.01 | Property | 1 | Connolly's Pub | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |
14.02 | Property | 1 | Perfect Pint - 123 West | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |
14.03 | Property | 1 | Perfect Pint - 203 East | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | NAV | |
15 | Loan | 1 | Best Storage Tudor Road | 1,859,331 | 572,090 | 1,287,241 | 12/31/2022 | T-12 | 1,741,271 | 543,375 | 1,197,896 | 12/31/2021 | T-12 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 1,463,882 | 161,396 | 1,302,485 | 12/31/2022 | T-12 | 1,470,322 | 137,031 | 1,333,291 | 12/31/2021 | T-12 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 3,858,165 | 2,191,881 | 1,666,284 | 12/31/2022 | T-12 | 3,662,883 | 2,099,186 | 1,563,697 | 12/31/2021 | T-12 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 85,149,141 | 59,158,454 | 25,990,687 | 12/31/2022 | T-12 | 26,916,192 | 29,338,995 | -2,422,803 | 12/31/2021 | T-12 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 1,183,000 | 0 | 1,183,000 | 12/31/2022 | T-12 | 1,183,000 | 0 | 1,183,000 | 12/31/2021 | T-12 |
19.01 | Property | 1 | Walgreens (Pickerington) | 519,000 | 0 | 519,000 | 12/31/2022 | T-12 | 519,000 | 0 | 519,000 | 12/31/2021 | T-12 | |
19.02 | Property | 1 | Walgreens (Sedro Woolley) | 375,000 | 0 | 375,000 | 12/31/2022 | T-12 | 375,000 | 0 | 375,000 | 12/31/2021 | T-12 | |
19.03 | Property | 1 | Walgreens (Harvard) | 289,000 | 0 | 289,000 | 12/31/2022 | T-12 | 289,000 | 0 | 289,000 | 12/31/2021 | T-12 | |
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 21,443,985 | 4,189,315 | 17,254,670 | 12/31/2021 | T-12 | 19,730,863 | 4,074,227 | 15,656,636 | 12/31/2020 | T-12 |
A-1-7 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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) | Underwritten NOI Debt Yield (%) | Underwritten NCF Debt Yield (%) |
14 | 14 | 13,14, 15 | 14, 15 | 16,17 | 16,17 | ||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 91.7% | 21,736,552 | 8,473,297 | 13,263,255 | 209,647 | 17,195 | 13,036,413 | 1.40 | 1.37 | 9.8% | 9.6% |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 89.8% | 33,476,790 | 17,313,636 | 16,163,153 | 282,171 | 1,136,329 | 14,744,653 | 1.84 | 1.68 | 16.2% | 14.8% |
2.01 | Property | 1 | Three Bala Plaza | 89.2% | 12,824,095 | 5,860,062 | 6,964,032 | 97,030 | 458,813 | 6,408,189 | |||||
2.02 | Property | 1 | One Bala Plaza | 90.1% | 11,580,475 | 5,951,865 | 5,628,610 | 96,009 | 401,457 | 5,131,144 | |||||
2.03 | Property | 1 | Two Bala Plaza | 90.2% | 9,072,220 | 5,501,709 | 3,570,511 | 89,133 | 276,058 | 3,205,320 | |||||
3 | Loan | 18 | 1 | The Landmark | 95.0% | 7,499,464 | 2,122,704 | 5,376,760 | 84,571 | 240,513 | 5,051,676 | 1.40 | 1.31 | 12.8% | 12.0% |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 96.6% | 7,307,618 | 3,131,321 | 4,176,297 | 48,500 | 0 | 4,127,797 | 1.46 | 1.44 | 10.4% | 10.3% |
4.01 | Property | 1 | StorQuest Chandler | 97.2% | 1,512,986 | 511,778 | 1,001,208 | 9,201 | 0 | 992,007 | |||||
4.02 | Property | 1 | StorQuest Venice | 98.4% | 1,350,950 | 444,670 | 906,281 | 7,363 | 0 | 898,918 | |||||
4.03 | Property | 1 | StorQuest Highlands Ranch | 97.9% | 997,666 | 412,615 | 585,051 | 6,273 | 0 | 578,779 | |||||
4.04 | Property | 1 | StorQuest Parker (Longs) | 96.0% | 969,367 | 457,238 | 512,129 | 6,968 | 0 | 505,160 | |||||
4.05 | Property | 1 | StorQuest Aurora | 95.1% | 878,123 | 459,120 | 419,003 | 6,298 | 0 | 412,705 | |||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | 95.8% | 716,526 | 316,432 | 400,094 | 5,345 | 0 | 394,749 | |||||
4.07 | Property | 1 | StorQuest Colfax | 93.9% | 882,000 | 529,469 | 352,532 | 7,053 | 0 | 345,479 | |||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 90.0% | 13,060,666 | 5,228,303 | 7,832,363 | 48,258 | 455,419 | 7,328,686 | 1.68 | 1.57 | 14.2% | 13.3% |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 75.3% | 26,423,334 | 14,017,142 | 12,406,192 | 160,649 | 1,004,059 | 11,241,484 | 1.46 | 1.33 | 11.8% | 10.7% |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 93.2% | 4,356,907 | 952,296 | 3,404,611 | 28,587 | 135,368 | 3,240,656 | 1.37 | 1.30 | 11.6% | 11.1% |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 89.9% | 103,974,716 | 19,972,427 | 84,002,289 | 195,237 | 1,504,094 | 82,302,958 | 3.21 | 3.15 | 18.7% | 18.3% |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 98.1% | 74,354,670 | 16,415,944 | 57,938,726 | 278,330 | 2,102,842 | 55,557,554 | 2.06 | 1.98 | 16.1% | 15.4% |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 96.7% | 3,072,688 | 609,591 | 2,463,097 | 18,958 | 0 | 2,444,139 | 1.25 | 1.24 | 11.4% | 11.3% |
10.01 | Property | 1 | Cotton Center - Building 19 | 95.0% | 2,022,790 | 412,176 | 1,610,615 | 8,000 | 0 | 1,602,615 | |||||
10.02 | Property | 1 | 300-309 Lakeside Drive | 100.0% | 1,049,898 | 197,415 | 852,482 | 10,958 | 0 | 841,524 | |||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 96.0% | 16,520,639 | 4,733,026 | 11,787,613 | 81,029 | 607,719 | 11,098,864 | 1.87 | 1.76 | 14.9% | 14.0% |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 95.0% | 2,819,972 | 597,765 | 2,222,208 | 56,047 | 85,153 | 2,081,008 | 1.99 | 1.86 | 14.4% | 13.5% |
12.01 | Property | 1 | 1700 Fostoria | 95.0% | 1,841,697 | 316,042 | 1,525,655 | 38,361 | 55,792 | 1,431,502 | |||||
12.02 | Property | 1 | 2000 Industrial | 95.0% | 978,276 | 281,723 | 696,553 | 17,685 | 29,361 | 649,506 | |||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 100.0% | 3,888,540 | 1,729,038 | 2,159,502 | 26,357 | 0 | 2,133,145 | 1.85 | 1.83 | 14.5% | 14.3% |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 95.0% | 2,751,039 | 680,831 | 2,070,208 | 4,758 | 0 | 2,065,450 | 2.14 | 2.13 | 15.3% | 15.3% |
14.01 | Property | 1 | Connolly's Pub | 95.0% | 1,292,501 | 320,527 | 971,974 | 2,542 | 0 | 969,432 | |||||
14.02 | Property | 1 | Perfect Pint - 123 West | 95.0% | 877,116 | 198,280 | 678,836 | 1,350 | 0 | 677,486 | |||||
14.03 | Property | 1 | Perfect Pint - 203 East | 95.0% | 581,422 | 162,023 | 419,399 | 867 | 0 | 418,532 | |||||
15 | Loan | 1 | Best Storage Tudor Road | 93.2% | 1,996,706 | 552,557 | 1,444,149 | 11,988 | 0 | 1,432,161 | 1.65 | 1.64 | 11.6% | 11.5% | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 97.0% | 1,599,543 | 235,405 | 1,364,138 | 7,975 | 6,125 | 1,350,038 | 1.37 | 1.36 | 11.1% | 11.0% |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 76.4% | 4,141,733 | 2,412,212 | 1,729,521 | 207,087 | 0 | 1,522,434 | 1.55 | 1.37 | 14.4% | 12.7% |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 60.2% | 111,076,788 | 76,576,225 | 34,500,562 | 5,424,586 | 0 | 29,075,976 | 1.82 | 1.53 | 16.0% | 13.5% |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 96.9% | 1,145,887 | 40,268 | 1,105,619 | 4,272 | 13,022 | 1,088,325 | 1.40 | 1.38 | 10.7% | 10.5% |
19.01 | Property | 1 | Walgreens (Pickerington) | 96.9% | 503,106 | 10,062 | 493,044 | 1,433 | 4,255 | 487,355 | |||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | 96.8% | 362,813 | 13,662 | 349,150 | 1,474 | 4,634 | 343,042 | |||||
19.03 | Property | 1 | Walgreens (Harvard) | 96.9% | 279,969 | 16,543 | 263,425 | 1,365 | 4,132 | 257,928 | |||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 97.0% | 23,069,532 | 4,731,195 | 18,338,337 | 110,247 | 0 | 18,228,091 | 2.02 | 2.01 | 14.1% | 14.0% |
A-1-8 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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) |
18 | 18 | 18 | 14 | |||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 256,800,000 | Prospective As Complete - Proposed | 5/31/2024 | 53.0% | 53.0% | 92.5% | 10/20/2023 | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 210,100,000 | As Is | 7/27/2023 | 47.4% | 47.4% | 89.4% | ||
2.01 | Property | 1 | Three Bala Plaza | 85,500,000 | As Is | 7/27/2023 | 87.1% | 8/30/2023 | No | |||
2.02 | Property | 1 | One Bala Plaza | 81,300,000 | As Is | 7/27/2023 | 88.9% | 8/30/2023 | No | |||
2.03 | Property | 1 | Two Bala Plaza | 43,300,000 | As Is | 7/27/2023 | 92.6% | 8/30/2023 | No | |||
3 | Loan | 18 | 1 | The Landmark | 89,500,000 | Prospective Value Upon Stabilization | 5/1/2024 | 47.0% | 47.0% | 100.0% | 9/1/2023 | No |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 83,500,000 | As Is Portfolio | 8/21/2023 | 47.9% | 47.9% | 87.4% | ||
4.01 | Property | 1 | StorQuest Chandler | 18,350,000 | As Is | 8/24/2023 | 89.5% | 8/31/2023 | NAP | |||
4.02 | Property | 1 | StorQuest Venice | 16,650,000 | As Is | 8/24/2023 | 93.6% | 8/31/2023 | NAP | |||
4.03 | Property | 1 | StorQuest Highlands Ranch | 11,670,000 | As Is | 8/21/2023 | 85.5% | 8/31/2023 | NAP | |||
4.04 | Property | 1 | StorQuest Parker (Longs) | 10,720,000 | As Is | 8/21/2023 | 86.9% | 8/31/2023 | NAP | |||
4.05 | Property | 1 | StorQuest Aurora | 8,075,000 | As Is | 8/21/2023 | 88.5% | 8/31/2023 | NAP | |||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | 7,950,000 | As Is | 8/21/2023 | 85.0% | 8/31/2023 | NAP | |||
4.07 | Property | 1 | StorQuest Colfax | 7,900,000 | As Is | 8/21/2023 | 84.9% | 8/31/2023 | NAP | |||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 95,000,000 | As Is | 8/23/2023 | 57.9% | 51.3% | 86.8% | 8/1/2023 | No |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 209,000,000 | As Is | 9/22/2023 | 50.2% | 50.2% | 72.0% | 10/1/2023 | No |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 43,100,000 | As Is | 9/13/2023 | 67.8% | 64.7% | 94.6% | 10/13/2023 | No |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 1,430,000,000 | Hypothetical As Is | 4/5/2023 | 31.5% | 31.5% | 94.0% | 5/15/2023 | No |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 870,600,000 | As Is | 9/1/2023 | 41.4% | 41.4% | 98.3% | 6/15/2023 | No |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 33,200,000 | As Is | Various | 64.9% | 62.5% | 100.0% | ||
10.01 | Property | 1 | Cotton Center - Building 19 | 22,200,000 | As Is | 7/17/2023 | 100.0% | 12/6/2023 | Yes | |||
10.02 | Property | 1 | 300-309 Lakeside Drive | 11,000,000 | As Is | 7/1/2023 | 100.0% | 12/6/2023 | Yes | |||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 158,000,000 | As Is | 8/27/2023 | 50.2% | 50.2% | 95.9% | 8/1/2023 | No |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 29,000,000 | As Is | 9/13/2023 | 53.1% | 53.1% | 100.0% | ||
12.01 | Property | 1 | 1700 Fostoria | 19,400,000 | As Is | 9/13/2023 | 100.0% | 12/6/2023 | Yes | |||
12.02 | Property | 1 | 2000 Industrial | 9,600,000 | As Is | 9/13/2023 | 100.0% | 12/6/2023 | Yes | |||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 30,000,000 | As Is | 4/24/2023 | 49.7% | 49.7% | 100.0% | 12/1/2023 | Yes |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 28,800,000 | As Is | 7/18/2023 | 46.9% | 46.9% | 100.0% | ||
14.01 | Property | 1 | Connolly's Pub | 15,300,000 | As Is | 7/18/2023 | 100.0% | 12/1/2023 | Yes | |||
14.02 | Property | 1 | Perfect Pint - 123 West | 7,800,000 | As Is | 7/18/2023 | 100.0% | 12/1/2023 | Yes | |||
14.03 | Property | 1 | Perfect Pint - 203 East | 5,700,000 | As Is | 7/18/2023 | 100.0% | 12/1/2023 | Yes | |||
15 | Loan | 1 | Best Storage Tudor Road | 22,500,000 | As Is | 7/19/2023 | 55.6% | 55.6% | 96.3% | 8/29/2023 | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 22,100,000 | As Is | 10/24/2023 | 55.4% | 48.5% | 100.0% | 10/16/2023 | No |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 17,200,000 | As Is | 10/26/2023 | 69.8% | 57.6% | 76.4% | 9/30/2023 | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 391,300,000 | As Is | 9/7/2023 | 54.9% | 54.9% | 57.1% | 9/30/2023 | NAP |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 19,025,000 | As Is | Various | 54.4% | 54.4% | 100.0% | ||
19.01 | Property | 1 | Walgreens (Pickerington) | 8,000,000 | As Is | 6/9/2023 | 100.0% | 11/6/2023 | Yes | |||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | 6,000,000 | As Is | 6/12/2023 | 100.0% | 11/6/2023 | Yes | |||
19.03 | Property | 1 | Walgreens (Harvard) | 5,025,000 | As Is | 6/10/2023 | 100.0% | 11/6/2023 | Yes | |||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 313,247,393 | As If Funded | 4/20/2023 | 41.5% | 41.5% | 100.0% | 12/1/2023 | Yes |
A-1-9 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Largest Tenant | 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 |
14,19,20,21 | 14,19,20,21 | |||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | ||||||||
2.01 | Property | 1 | Three Bala Plaza | Tokio Marine North America, Inc. | 90,687 | 23.2% | 1/31/2035 | Global Indemnity Group, Inc. | 40,517 | 10.4% | 12/31/2029 | |
2.02 | Property | 1 | One Bala Plaza | Tokio Marine North America, Inc. | 205,243 | 53.1% | 1/31/2035 | Beasley Media Group, LLC | 36,858 | 9.5% | 3/31/2029 | |
2.03 | Property | 1 | Two Bala Plaza | Saks Fifth Avenue LLC | 100,500 | 28.0% | 8/31/2027 | Massachusetts Mutual Life Insurance Company | 24,985 | 7.0% | 6/30/2025 | |
3 | Loan | 18 | 1 | The Landmark | Blue Origin | 223,037 | 81.1% | 2/28/2031 | Tyler Technologies | 36,615 | 13.3% | 3/31/2028 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | ||||||||
4.01 | Property | 1 | StorQuest Chandler | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.02 | Property | 1 | StorQuest Venice | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.03 | Property | 1 | StorQuest Highlands Ranch | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.04 | Property | 1 | StorQuest Parker (Longs) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.05 | Property | 1 | StorQuest Aurora | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.06 | Property | 1 | StorQuest Parker (Pony Express) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.07 | Property | 1 | StorQuest Colfax | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | Northwestern University | 107,217 | 55.5% | 3/31/2031 | MarketLab Research Inc | 9,606 | 5.0% | 9/30/2024 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | Coffeyville Resources | 51,175 | 6.4% | 5/31/2035 | Southwest Water | 41,114 | 5.1% | 12/31/2038 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | Fresh Thyme | 28,709 | 19.5% | 8/31/2033 | Homesense | 25,042 | 17.0% | 2/28/2029 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | Nordstrom | 220,486 | 16.0% | 12/31/2080 | Bloomingdale's | 201,502 | 14.6% | 1/31/2035 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | Live Casino Hotel Maryland | 547,331 | 28.2% | 7/13/2115 | Bass Pro Shops Outdoor | 127,672 | 6.6% | 10/3/2026 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | ||||||||
10.01 | Property | 1 | Cotton Center - Building 19 | Aetna | 80,000 | 100.0% | 1/31/2029 | NAP | NAP | NAP | NAP | |
10.02 | Property | 1 | 300-309 Lakeside Drive | Thomas Jefferson University | 43,832 | 100.0% | 3/31/2036 | NAP | NAP | NAP | NAP | |
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | Saks Fifth Avenue Off Fifth | 24,807 | 6.1% | 7/31/2028 | Nike Factory Store | 13,692 | 3.4% | 1/31/2029 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | ||||||||
12.01 | Property | 1 | 1700 Fostoria | FMT | 255,743 | 100.0% | 10/31/2043 | NAP | NAP | NAP | NAP | |
12.02 | Property | 1 | 2000 Industrial | FMT | 117,902 | 100.0% | 10/31/2043 | NAP | NAP | NAP | NAP | |
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | GSA | 109,819 | 100.0% | 11/4/2044 | NAP | NAP | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | ||||||||
14.01 | Property | 1 | Connolly's Pub | Connolly's | 11,556 | 100.0% | 10/1/2038 | NAP | NAP | NAP | NAP | |
14.02 | Property | 1 | Perfect Pint - 123 West | Perfect Pint | 6,020 | 100.0% | 10/1/2038 | NAP | NAP | NAP | NAP | |
14.03 | Property | 1 | Perfect Pint - 203 East | Perfect Pint | 4,000 | 100.0% | 10/1/2038 | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Best Storage Tudor Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | Lev Khitin | 2,000 | 40.8% | 8/31/2027 | Interventional Pain Management PC | 1,500 | 30.6% | 11/30/2027 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 24 | 3 | Walgreens 3-Pack | ||||||||
19.01 | Property | 1 | Walgreens (Pickerington) | Walgreens | 14,334 | 100.0% | 9/30/2084 | NAP | NAP | NAP | NAP | |
19.02 | Property | 1 | Walgreens (Sedro Woolley) | Walgreens | 14,738 | 100.0% | 10/31/2082 | NAP | NAP | NAP | NAP | |
19.03 | Property | 1 | Walgreens (Harvard) | Walgreens | 13,650 | 100.0% | 1/31/2084 | NAP | NAP | NAP | NAP | |
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | Nvidia Corporation | 551,233 | 100.0% | 9/30/2030 | NAP | NAP | NAP | NAP |
A-1-10 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Third Largest Tenant | Third Largest Tenant SF | Third Largest Tenant % of NRA | Third Largest Tenant Lease Expiration Date | Fourth Largest Tenant | Fourth Largest Tenant SF | Fourth Largest Tenant % of NRA | Fourth Largest Tenant Lease Expiration Date |
14,19,20,21 | 14,19,20,21 | |||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | ||||||||
2.01 | Property | 1 | Three Bala Plaza | NCS Pearson, Inc. | 37,395 | 9.6% | 7/31/2026 | Investedge, Inc. | 28,563 | 7.3% | 5/31/2026 | |
2.02 | Property | 1 | One Bala Plaza | Vitalyst, LLC | 26,530 | 6.9% | 12/31/2025 | Chas, Kurz & Co., Inc | 15,046 | 3.9% | 4/30/2030 | |
2.03 | Property | 1 | Two Bala Plaza | United States Postal Service | 20,479 | 5.7% | 4/30/2026 | iHeartmedia + Entertainment, Inc | 15,097 | 4.2% | 1/31/2030 | |
3 | Loan | 18 | 1 | The Landmark | Allied Residential | 5,909 | 2.1% | 6/30/2024 | Rock Project Mgmt | 5,224 | 1.9% | 2/29/2028 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | ||||||||
4.01 | Property | 1 | StorQuest Chandler | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.02 | Property | 1 | StorQuest Venice | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.03 | Property | 1 | StorQuest Highlands Ranch | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.04 | Property | 1 | StorQuest Parker (Longs) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.05 | Property | 1 | StorQuest Aurora | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.06 | Property | 1 | StorQuest Parker (Pony Express) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.07 | Property | 1 | StorQuest Colfax | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | Ferragamo | 9,586 | 5.0% | 3/31/2032 | TGI Friday's | 8,644 | 4.5% | 10/31/2025 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | Industrial Info Resources, Inc | 25,298 | 3.1% | 8/31/2030 | Contract Land Staff, LLC | 24,458 | 3.0% | 1/31/2025 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | Sierra Trading Post | 18,003 | 12.2% | 4/30/2032 | Ulta Beauty | 10,182 | 6.9% | 8/31/2028 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | Macy's | 196,120 | 14.2% | 1/31/2026 | Forever 21 | 53,787 | 3.9% | 1/31/2026 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | Cinemark Theatres | 107,190 | 5.5% | 12/31/2025 | Burlington | 81,282 | 4.2% | 1/31/2026 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | ||||||||
10.01 | Property | 1 | Cotton Center - Building 19 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
10.02 | Property | 1 | 300-309 Lakeside Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | Forever 21 | 10,644 | 2.6% | 1/31/2033 | Adidas | 9,054 | 2.2% | 1/31/2031 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | ||||||||
12.01 | Property | 1 | 1700 Fostoria | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.02 | Property | 1 | 2000 Industrial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | ||||||||
14.01 | Property | 1 | Connolly's Pub | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
14.02 | Property | 1 | Perfect Pint - 123 West | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
14.03 | Property | 1 | Perfect Pint - 203 East | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Best Storage Tudor Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | Robert Grazioli | 1,000 | 20.4% | 8/31/2028 | Catherine Johntz | 400 | 8.2% | 7/31/2027 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19 | Loan | 24 | 3 | Walgreens 3-Pack | ||||||||
19.01 | Property | 1 | Walgreens (Pickerington) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.02 | Property | 1 | Walgreens (Sedro Woolley) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.03 | Property | 1 | Walgreens (Harvard) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-11 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Fifth Largest Tenant | Fifth Largest Tenant SF | Fifth Largest Tenant % of NRA | Fifth Largest Tenant Lease Expiration Date | Environmental Phase I Report Date | Environmental Phase II Report Date | Engineering Report Date | Seismic Report Date | PML or SEL (%) |
14,19,20,21 | |||||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | NAP | NAP | NAP | NAP | 10/6/2023 | NAP | 10/6/2023 | NAP | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | |||||||||
2.01 | Property | 1 | Three Bala Plaza | Harmelin Media, Inc. | 23,810 | 6.1% | 6/30/2024 | 8/3/2023 | NAP | 8/3/2023 | NAP | NAP | |
2.02 | Property | 1 | One Bala Plaza | Savran Benson LLP | 6,778 | 1.8% | 1/31/2029 | 8/3/2023 | NAP | 8/3/2023 | NAP | NAP | |
2.03 | Property | 1 | Two Bala Plaza | Merrill Lynch, Pierce, Fenner & Smith, Incorporated | 14,319 | 4.0% | 9/21/2028 | 8/3/2023 | NAP | 8/3/2023 | NAP | NAP | |
3 | Loan | 18 | 1 | The Landmark | Bright Horizons | 3,996 | 1.5% | 4/30/2024 | 4/11/2023 | NAP | 4/11/2023 | 4/11/2023 | 16% |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | |||||||||
4.01 | Property | 1 | StorQuest Chandler | NAP | NAP | NAP | NAP | 9/6/2023 | NAP | 9/6/2023 | NAP | NAP | |
4.02 | Property | 1 | StorQuest Venice | NAP | NAP | NAP | NAP | 9/6/2023 | NAP | 9/6/2023 | NAP | NAP | |
4.03 | Property | 1 | StorQuest Highlands Ranch | NAP | NAP | NAP | NAP | 9/6/2023 | NAP | 9/6/2023 | NAP | NAP | |
4.04 | Property | 1 | StorQuest Parker (Longs) | NAP | NAP | NAP | NAP | 9/6/2023 | NAP | 9/6/2023 | NAP | NAP | |
4.05 | Property | 1 | StorQuest Aurora | NAP | NAP | NAP | NAP | 9/6/2023 | NAP | 9/6/2023 | NAP | NAP | |
4.06 | Property | 1 | StorQuest Parker (Pony Express) | NAP | NAP | NAP | NAP | 9/6/2023 | NAP | 9/6/2023 | NAP | NAP | |
4.07 | Property | 1 | StorQuest Colfax | NAP | NAP | NAP | NAP | 9/6/2023 | NAP | 9/6/2023 | NAP | NAP | |
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | Zegna | 7,958 | 4.1% | 3/31/2032 | 8/31/2023 | NAP | 8/31/2023 | NAP | NAP |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | Amica Mutual Insurance | 22,721 | 2.8% | 7/31/2029 | 9/29/2023 | NAP | 9/29/2023 | NAP | NAP |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | Pet Supplies Plus | 8,000 | 5.4% | 8/31/2028 | 9/21/2023 | NAP | 9/21/2023 | NAP | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | AMC Theatres | 51,610 | 3.7% | 12/31/2024 | 4/10/2023 | NAP | 4/11/2023 | 4/10/2023 | 12% |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | Medieval Times | 66,244 | 3.4% | 8/31/2033 | 9/25/2023, 9/29/2023 | NAP | 9/8/2023 | NAP | NAP |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | |||||||||
10.01 | Property | 1 | Cotton Center - Building 19 | NAP | NAP | NAP | NAP | 11/10/2022 | NAP | 11/10/2022 | NAP | NAP | |
10.02 | Property | 1 | 300-309 Lakeside Drive | NAP | NAP | NAP | NAP | 11/10/2022 | NAP | 11/10/2022 | NAP | NAP | |
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | Polo Ralph Lauren | 8,049 | 2.0% | 11/30/2024 | 9/5/2023 | NAP | 9/5/2023 | NAP | NAP |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | |||||||||
12.01 | Property | 1 | 1700 Fostoria | NAP | NAP | NAP | NAP | 8/9/2023 | NAP | 8/8/2023 | NAP | NAP | |
12.02 | Property | 1 | 2000 Industrial | NAP | NAP | NAP | NAP | 8/9/2023 | NAP | 8/8/2023 | NAP | NAP | |
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | NAP | NAP | NAP | NAP | 5/17/2023 | NAP | 5/16/2023 | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | |||||||||
14.01 | Property | 1 | Connolly's Pub | NAP | NAP | NAP | NAP | 8/3/2023 | NAP | 8/3/2023 | NAP | NAP | |
14.02 | Property | 1 | Perfect Pint - 123 West | NAP | NAP | NAP | NAP | 8/3/2023 | NAP | 8/3/2023 | NAP | NAP | |
14.03 | Property | 1 | Perfect Pint - 203 East | NAP | NAP | NAP | NAP | 8/3/2023 | NAP | 8/3/2023 | NAP | NAP | |
15 | Loan | 1 | Best Storage Tudor Road | NAP | NAP | NAP | NAP | 7/31/2023 | NAP | 7/31/2023 | 7/31/2023 | 11% | |
16 | Loan | 2, 15 | 1 | 406 15th Street | NAP | NAP | NAP | NAP | 11/3/2023 | NAP | 11/3/2023 | NAP | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | NAP | NAP | NAP | NAP | 11/1/2023 | NAP | 11/1/2023 | NAP | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | NAP | NAP | NAP | NAP | 9/20/2023 | NAP | 9/15/2023 | NAP | NAP |
19 | Loan | 24 | 3 | Walgreens 3-Pack | |||||||||
19.01 | Property | 1 | Walgreens (Pickerington) | NAP | NAP | NAP | NAP | 6/23/2023 | NAP | 6/23/2023 | NAP | NAP | |
19.02 | Property | 1 | Walgreens (Sedro Woolley) | NAP | NAP | NAP | NAP | 6/23/2023 | NAP | 6/23/2023 | 6/23/2023 | 9% | |
19.03 | Property | 1 | Walgreens (Harvard) | NAP | NAP | NAP | NAP | 6/23/2023 | NAP | 6/23/2023 | NAP | NAP | |
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | NAP | 5/3/2023 | NAP | 5/11/2023 | 7/28/2023 | 12% |
A-1-12 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 | 22 | 23 | 24 | 23 | 24 | ||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | No | Fee | NAP | NAP | NAP | NAP | 1,318,059 | 329,515 | 216,815 | 30,974 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 346,446 | 346,446 | 56,824 | 28,412 | ||||||
2.01 | Property | 1 | Three Bala Plaza | No | Fee | NAP | NAP | NAP | NAP | |||||
2.02 | Property | 1 | One Bala Plaza | No | Fee | NAP | NAP | NAP | NAP | |||||
2.03 | Property | 1 | Two Bala Plaza | No | Fee | NAP | NAP | NAP | NAP | |||||
3 | Loan | 18 | 1 | The Landmark | No | Fee | NAP | NAP | NAP | NAP | 39,135 | 39,135 | 0 | Springing |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 476,647 | 99,293 | 0 | Springing | ||||||
4.01 | Property | 1 | StorQuest Chandler | No | Fee | NAP | NAP | NAP | NAP | |||||
4.02 | Property | 1 | StorQuest Venice | No | Fee | NAP | NAP | NAP | NAP | |||||
4.03 | Property | 1 | StorQuest Highlands Ranch | No | Fee | NAP | NAP | NAP | NAP | |||||
4.04 | Property | 1 | StorQuest Parker (Longs) | No | Fee | NAP | NAP | NAP | NAP | |||||
4.05 | Property | 1 | StorQuest Aurora | No | Fee | NAP | NAP | NAP | NAP | |||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | No | Fee | NAP | NAP | NAP | NAP | |||||
4.07 | Property | 1 | StorQuest Colfax | No | Fee | NAP | NAP | NAP | NAP | |||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | No | Fee | NAP | NAP | NAP | NAP | 692,165 | 230,722 | 0 | Springing |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | No | Fee / Leasehold | 9/30/2102 | None | 10 | No | 0 | Springing | 0 | Springing |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | No | Fee | NAP | NAP | NAP | NAP | 228,474 | 38,079 | 19,971 | 6,657 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | Yes - A, AE | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 26,588 | 23,220 | 0 | Springing | ||||||
10.01 | Property | 1 | Cotton Center - Building 19 | No | Fee | NAP | NAP | NAP | NAP | |||||
10.02 | Property | 1 | 300-309 Lakeside Drive | No | Fee | NAP | NAP | NAP | NAP | |||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | No | Fee | NAP | NAP | NAP | NAP | 123,910 | 61,955 | 0 | Springing |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 0 | Springing | 0 | Springing | ||||||
12.01 | Property | 1 | 1700 Fostoria | No | Fee | NAP | NAP | NAP | NAP | |||||
12.02 | Property | 1 | 2000 Industrial | No | Fee | NAP | NAP | NAP | NAP | |||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 71,970 | 35,985 | 109,656 | 12,184 | ||||||
14.01 | Property | 1 | Connolly's Pub | No | Fee | NAP | NAP | NAP | NAP | |||||
14.02 | Property | 1 | Perfect Pint - 123 West | No | Fee | NAP | NAP | NAP | NAP | |||||
14.03 | Property | 1 | Perfect Pint - 203 East | No | Fee | NAP | NAP | NAP | NAP | |||||
15 | Loan | 1 | Best Storage Tudor Road | No | Fee | NAP | NAP | NAP | NAP | 19,861 | 9,931 | 50,247 | 4,187 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | No | Fee | NAP | NAP | NAP | NAP | 923 | 923 | 41,218 | 4,580 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | No | Fee | NAP | NAP | NAP | NAP | 37,115 | 18,558 | 62,402 | 6,934 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | No | Fee | NAP | NAP | NAP | NAP | 0 | Springing | 0 | Springing |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 0 | Springing | 4,338 | 1,446 | ||||||
19.01 | Property | 1 | Walgreens (Pickerington) | No | Fee | NAP | NAP | NAP | NAP | |||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | No | Fee | NAP | NAP | NAP | NAP | |||||
19.03 | Property | 1 | Walgreens (Harvard) | No | Fee | NAP | NAP | NAP | NAP | |||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | No | Fee | NAP | NAP | NAP | NAP | 439,564 | 226,510 | 0 | Springing |
A-1-13 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) |
23 | 24 | 25 | 23 | 24 | 25 | 23 | 24 | 25 | 23 | |||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 0 | 15,203 | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 106,250 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 0 | 23,514 | 846,514 | 5,000,000 | Springing | 2,000,000 | 0 | 0 | 0 | 0 |
2.01 | Property | 1 | Three Bala Plaza | |||||||||||
2.02 | Property | 1 | One Bala Plaza | |||||||||||
2.03 | Property | 1 | Two Bala Plaza | |||||||||||
3 | Loan | 18 | 1 | The Landmark | 0 | 7,048 | 84,571 | 1,250,000 | 0 | 0 | 0 | 0 | 0 | 1,408 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 0 | Springing | 145,501 | 0 | 0 | 0 | 0 | 0 | 0 | 5,885 |
4.01 | Property | 1 | StorQuest Chandler | |||||||||||
4.02 | Property | 1 | StorQuest Venice | |||||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | |||||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | |||||||||||
4.05 | Property | 1 | StorQuest Aurora | |||||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | |||||||||||
4.07 | Property | 1 | StorQuest Colfax | |||||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 0 | 4,022 | 0 | 500,000 | 32,172 | 1,544,256 | 0 | 0 | 0 | 11,500 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 0 | 13,387 | 0 | 5,750,000 | Springing | 5,750,000 | 0 | 0 | 0 | 0 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 0 | 2,452 | 150,000 | 0 | 18,392 | 875,000 | 0 | 0 | 0 | 0 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 0 | Springing | 0 | 0 | 231,942 | 5,566,608 | 0 | 0 | 0 | 0 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 1,397 | 1,397 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
10.01 | Property | 1 | Cotton Center - Building 19 | |||||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | |||||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 0 | Springing | 0 | 867,000 | Springing | 0 | 0 | 0 | 0 | 0 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 |
12.01 | Property | 1 | 1700 Fostoria | |||||||||||
12.02 | Property | 1 | 2000 Industrial | |||||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 0 | Springing | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 397 | 397 | 14,274 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
14.01 | Property | 1 | Connolly's Pub | |||||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | |||||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | |||||||||||
15 | Loan | 1 | Best Storage Tudor Road | 0 | 991 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 0 | 665 | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 0 | 17,257 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 0 | Springing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 0 | 356 | 0 | 0 | Springing | 0 | 0 | 0 | 0 | 0 |
19.01 | Property | 1 | Walgreens (Pickerington) | |||||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | |||||||||||
19.03 | Property | 1 | Walgreens (Harvard) | |||||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 0 | Springing | 0 | 5,000,000 | Springing | 0 | 0 | 0 | 0 | 0 |
A-1-14 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Upfront Other Reserve ($) | Monthly Other Reserve ($) | Other Reserve Description |
23 | 24 | ||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 6,644,232 | 0 | Sonder Base Rent Reserve ($3,624,131), Sonder Gap Rent Reserve ($1,812,061), Sonder Free Rent Reserve ($1,208,040) |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 3,708,965 | 0 | Garage Repair Reserve ($2,300,000), Unfunded Obligations Reserve ($1,179,363.26), Free Rent Reserve ($229,601.42) |
2.01 | Property | 1 | Three Bala Plaza | ||||
2.02 | Property | 1 | One Bala Plaza | ||||
2.03 | Property | 1 | Two Bala Plaza | ||||
3 | Loan | 18 | 1 | The Landmark | 4,115,647 | 0 | Unfunded Obligations Reserve ($2,512,201); Gap Rent Reserve ($1,603,446) |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 0 | 0 | NAP |
4.01 | Property | 1 | StorQuest Chandler | ||||
4.02 | Property | 1 | StorQuest Venice | ||||
4.03 | Property | 1 | StorQuest Highlands Ranch | ||||
4.04 | Property | 1 | StorQuest Parker (Longs) | ||||
4.05 | Property | 1 | StorQuest Aurora | ||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | ||||
4.07 | Property | 1 | StorQuest Colfax | ||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 0 | Springing | Ferragamo Renewal Reserve, Zegna Renewal Reserve |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 22,108,718 | 0 | Outstanding TI/LC Reserve ($10,496,773.52), Free Rent Reserve ($6,293,081.98), Gap Rent Reserve ($318,862.01), Earnout Reserve ($5,000,000) |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 342,993 | 0 | Unfunded Obligations ($336,945); Fresh Thyme Farmer's Market ($6,047.80) |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 28,803,694 | 0 | Outstanding TI/LC Reserve (Upfront: $24,345,615), Gap Rent Reserve (Upfront: $4,458,079) |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 4,384,369 | 0 | Outstanding TI/LC Reserve ($3,796,478), Gap Rent Reserve ($587,891) |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 0 | 0 | NAP |
10.01 | Property | 1 | Cotton Center - Building 19 | ||||
10.02 | Property | 1 | 300-309 Lakeside Drive | ||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 897,915 | 0 | Outstanding TI/LC Reserve |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 0 | 0 | NAP |
12.01 | Property | 1 | 1700 Fostoria | ||||
12.02 | Property | 1 | 2000 Industrial | ||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 2,973,138 | 0 | Free Rent Reserve ($1,625,977.40), Outstanding TI/LC Reserve ($1,347,160.92) |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 0 | 0 | NAP |
14.01 | Property | 1 | Connolly's Pub | ||||
14.02 | Property | 1 | Perfect Pint - 123 West | ||||
14.03 | Property | 1 | Perfect Pint - 203 East | ||||
15 | Loan | 1 | Best Storage Tudor Road | 0 | 0 | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 0 | 0 | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 0 | Springing | PIP Reserve |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 0 | Springing | Condominium Funds |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 0 | 0 | NAP |
19.01 | Property | 1 | Walgreens (Pickerington) | ||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | ||||
19.03 | Property | 1 | Walgreens (Harvard) | ||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 9,144,397 | 0 | Outstanding TI Reserve ($8,146,892.50), Free Rent Reserve ($997,504.94) |
A-1-15 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Other Reserve Cap ($) | Holdback/ Earnout Amount ($) | Holdback/ Earnout Description |
25 | |||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 0 | 0 | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 0 | 0 | NAP |
2.01 | Property | 1 | Three Bala Plaza | ||||
2.02 | Property | 1 | One Bala Plaza | ||||
2.03 | Property | 1 | Two Bala Plaza | ||||
3 | Loan | 18 | 1 | The Landmark | 0 | 0 | NAP |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 0 | 0 | NAP |
4.01 | Property | 1 | StorQuest Chandler | ||||
4.02 | Property | 1 | StorQuest Venice | ||||
4.03 | Property | 1 | StorQuest Highlands Ranch | ||||
4.04 | Property | 1 | StorQuest Parker (Longs) | ||||
4.05 | Property | 1 | StorQuest Aurora | ||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | ||||
4.07 | Property | 1 | StorQuest Colfax | ||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 0 | 0 | NAP |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 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. |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 0 | 0 | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 0 | 0 | NAP |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 0 | 0 | NAP |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 0 | 0 | NAP |
10.01 | Property | 1 | Cotton Center - Building 19 | ||||
10.02 | Property | 1 | 300-309 Lakeside Drive | ||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 0 | 0 | NAP |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 0 | 0 | NAP |
12.01 | Property | 1 | 1700 Fostoria | ||||
12.02 | Property | 1 | 2000 Industrial | ||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 0 | 0 | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 0 | 0 | NAP |
14.01 | Property | 1 | Connolly's Pub | ||||
14.02 | Property | 1 | Perfect Pint - 123 West | ||||
14.03 | Property | 1 | Perfect Pint - 203 East | ||||
15 | Loan | 1 | Best Storage Tudor Road | 0 | 0 | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | 0 | 0 | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 0 | 0 | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 0 | 0 | NAP |
19 | Loan | 24 | 3 | Walgreens 3-Pack | 0 | 0 | NAP |
19.01 | Property | 1 | Walgreens (Pickerington) | ||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | ||||
19.03 | Property | 1 | Walgreens (Harvard) | ||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 0 | 0 | NAP |
A-1-16 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Lockbox Type | Cash Management | Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) | Tenant Specific Excess Cash Trap Trigger (Y/N) | Pari Passu (Y/N) | Pari Passu in Trust Controlling (Y/N) | Trust Pari Passu Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) | Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) |
26 | 26 | ||||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | Springing | Springing | Yes | Yes | Yes | Yes | 48,000,000 | 88,000,000 | 511,540.74 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | Hard | Springing | Yes | Yes | Yes | Yes | 48,000,000 | 51,500,000 | 378,995.89 |
2.01 | Property | 1 | Three Bala Plaza | ||||||||||
2.02 | Property | 1 | One Bala Plaza | ||||||||||
2.03 | Property | 1 | Two Bala Plaza | ||||||||||
3 | Loan | 18 | 1 | The Landmark | Springing | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP |
4.01 | Property | 1 | StorQuest Chandler | ||||||||||
4.02 | Property | 1 | StorQuest Venice | ||||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | ||||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | ||||||||||
4.05 | Property | 1 | StorQuest Aurora | ||||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | ||||||||||
4.07 | Property | 1 | StorQuest Colfax | ||||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | Hard | Springing | Yes | Yes | Yes | Yes | 38,000,000 | 17,000,000 | 120,266.47 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | Hard | Springing | Yes | Yes | Yes | No | 35,000,000 | 70,000,000 | 471,137.27 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | Hard | Springing | Yes | No | Yes | Yes | 25,000,000 | 425,000,000 | 2,057,560.76 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | Hard | Springing | Yes | Yes | Yes | No | 25,000,000 | 335,000,000 | 2,179,721.70 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | Hard | In Place | No | Yes | No | NAP | NAP | NAP | NAP |
10.01 | Property | 1 | Cotton Center - Building 19 | ||||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | ||||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | Hard | Springing | Yes | No | Yes | No | 20,000,000 | 59,330,000 | 393,507.60 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | Hard | In Place | Yes | Yes | No | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 1700 Fostoria | ||||||||||
12.02 | Property | 1 | 2000 Industrial | ||||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | Hard | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP |
14.01 | Property | 1 | Connolly's Pub | ||||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | ||||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | ||||||||||
15 | Loan | 1 | Best Storage Tudor Road | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | Springing | Springing | Yes | No | No | NAP | NAP | NAP | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | Soft | Springing | Yes | No | Yes | No | 11,666,667 | 203,333,333 | 1,495,500.19 |
19 | Loan | 24 | 3 | Walgreens 3-Pack | Springing | Springing | Yes | Yes | No | NAP | NAP | NAP | NAP |
19.01 | Property | 1 | Walgreens (Pickerington) | ||||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | ||||||||||
19.03 | Property | 1 | Walgreens (Harvard) | ||||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | Hard | Springing | Yes | Yes | Yes | No | 10,000,000 | 120,000,000 | 697,161.70 |
A-1-17 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | Subordinate Companion Loan Cut-off Date Balance ($) | Subordinate Companion Loan Interest Rate | Whole Loan Cut-off Date Balance ($) | Whole Loan Monthly Debt Service ($) | Whole Loan Cut-off Date LTV Ratio (%) | Whole Loan Underwritten NCF DSCR (x) | Whole Loan Underwritten NOI Debt Yield (%) | Mezzanine Debt Cut-off Date Balance($) |
17 | |||||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 790,562.96 | NAP | NAP | 136,000,000 | 790,562.96 | 53.0% | 1.37 | 9.8% | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 732,234.78 | NAP | NAP | 99,500,000 | 732,234.78 | 47.4% | 1.68 | 16.2% | 30,000,000 |
2.01 | Property | 1 | Three Bala Plaza | ||||||||||
2.02 | Property | 1 | One Bala Plaza | ||||||||||
2.03 | Property | 1 | Two Bala Plaza | ||||||||||
3 | Loan | 18 | 1 | The Landmark | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4.01 | Property | 1 | StorQuest Chandler | ||||||||||
4.02 | Property | 1 | StorQuest Venice | ||||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | ||||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | ||||||||||
4.05 | Property | 1 | StorQuest Aurora | ||||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | ||||||||||
4.07 | Property | 1 | StorQuest Colfax | ||||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 389,097.40 | NAP | NAP | 55,000,000 | 389,097.40 | 57.9% | 1.57 | 14.2% | NAP |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 706,705.90 | NAP | NAP | 105,000,000 | 706,705.90 | 50.2% | 1.33 | 11.8% | NAP |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 2,178,593.75 | NAP | NAP | 450,000,000 | 2,178,593.75 | 31.5% | 3.15 | 18.7% | NAP |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 2,342,387.50 | NAP | NAP | 360,000,000 | 2,342,387.50 | 41.4% | 1.98 | 16.1% | NAP |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10.01 | Property | 1 | Cotton Center - Building 19 | ||||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | ||||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 526,158.06 | NAP | NAP | 79,330,000 | 526,158.06 | 50.2% | 1.76 | 14.9% | NAP |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 1700 Fostoria | ||||||||||
12.02 | Property | 1 | 2000 Industrial | ||||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14.01 | Property | 1 | Connolly's Pub | ||||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | ||||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | ||||||||||
15 | Loan | 1 | Best Storage Tudor Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 1,581,307.58 | NAP | NAP | 215,000,000 | 1,581,307.58 | 54.9% | 1.53 | 16.0% | NAP |
19 | Loan | 24 | 3 | Walgreens 3-Pack | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19.01 | Property | 1 | Walgreens (Pickerington) | ||||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | ||||||||||
19.03 | Property | 1 | Walgreens (Harvard) | ||||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 755,258.51 | NAP | NAP | 130,000,000 | 755,258.51 | 41.5% | 2.01 | 14.1% | 50,500,000 |
A-1-18 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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) |
17 | 27 | ||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | NAP | NAP | NAP | NAP | NAP | NAP | No |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 5.00000% | 129,500,000 | 858,970.89 | 61.6% | 1.43 | 12.5% | No |
2.01 | Property | 1 | Three Bala Plaza | ||||||||
2.02 | Property | 1 | One Bala Plaza | ||||||||
2.03 | Property | 1 | Two Bala Plaza | ||||||||
3 | Loan | 18 | 1 | The Landmark | NAP | NAP | NAP | NAP | NAP | NAP | No |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | No |
4.01 | Property | 1 | StorQuest Chandler | ||||||||
4.02 | Property | 1 | StorQuest Venice | ||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | ||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | ||||||||
4.05 | Property | 1 | StorQuest Aurora | ||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | ||||||||
4.07 | Property | 1 | StorQuest Colfax | ||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | NAP | NAP | NAP | NAP | NAP | NAP | No |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | NAP | NAP | NAP | NAP | NAP | NAP | No |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | NAP | NAP | NAP | NAP | NAP | NAP | No |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | NAP | NAP | NAP | NAP | NAP | NAP | No |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | NAP | NAP | NAP | NAP | NAP | NAP | No |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | No |
10.01 | Property | 1 | Cotton Center - Building 19 | ||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | ||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | NAP | NAP | NAP | NAP | NAP | NAP | No |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | NAP | NAP | NAP | NAP | NAP | NAP | No |
12.01 | Property | 1 | 1700 Fostoria | ||||||||
12.02 | Property | 1 | 2000 Industrial | ||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | NAP | NAP | NAP | NAP | NAP | NAP | No |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | No |
14.01 | Property | 1 | Connolly's Pub | ||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | ||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | ||||||||
15 | Loan | 1 | Best Storage Tudor Road | NAP | NAP | NAP | NAP | NAP | NAP | No | |
16 | Loan | 2, 15 | 1 | 406 15th Street | NAP | NAP | NAP | NAP | NAP | NAP | No |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | NAP | NAP | NAP | NAP | NAP | NAP | Yes |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | NAP | NAP | NAP | NAP | NAP | NAP | Yes |
19 | Loan | 24 | 3 | Walgreens 3-Pack | NAP | NAP | NAP | NAP | NAP | NAP | No |
19.01 | Property | 1 | Walgreens (Pickerington) | ||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | ||||||||
19.03 | Property | 1 | Walgreens (Harvard) | ||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | 10.50000% | 180,500,000 | 1,203,270.66 | 57.6% | 1.26 | 10.2% | No |
A-1-19 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Future Debt Permitted Type |
27 | |||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | NAP |
2.01 | Property | 1 | Three Bala Plaza | ||
2.02 | Property | 1 | One Bala Plaza | ||
2.03 | Property | 1 | Two Bala Plaza | ||
3 | Loan | 18 | 1 | The Landmark | NAP |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | NAP |
4.01 | Property | 1 | StorQuest Chandler | ||
4.02 | Property | 1 | StorQuest Venice | ||
4.03 | Property | 1 | StorQuest Highlands Ranch | ||
4.04 | Property | 1 | StorQuest Parker (Longs) | ||
4.05 | Property | 1 | StorQuest Aurora | ||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | ||
4.07 | Property | 1 | StorQuest Colfax | ||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | NAP |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | NAP |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | NAP |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | NAP |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | NAP |
10.01 | Property | 1 | Cotton Center - Building 19 | ||
10.02 | Property | 1 | 300-309 Lakeside Drive | ||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | NAP |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | NAP |
12.01 | Property | 1 | 1700 Fostoria | ||
12.02 | Property | 1 | 2000 Industrial | ||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | NAP |
14.01 | Property | 1 | Connolly's Pub | ||
14.02 | Property | 1 | Perfect Pint - 123 West | ||
14.03 | Property | 1 | Perfect Pint - 203 East | ||
15 | Loan | 1 | Best Storage Tudor Road | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | Mezzanine (Max Principal of $1,500,000; Combined DSCR equal to or greater than the DSCR as of the Closing Date; Combined LTV equal to or less than the LTV as of the Closing Date; Combined DY equal to or greater than the DY as of the Closing Date; Intercreditor Agreement is required) |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | Mezzanine (Max Combined LTV of 54.9%; Min Combined Debt Yield of 13.2%; Min Combined DSCR of 1.50x; Intercreditor Agreement is required) |
19 | Loan | 24 | 3 | Walgreens 3-Pack | NAP |
19.01 | Property | 1 | Walgreens (Pickerington) | ||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | ||
19.03 | Property | 1 | Walgreens (Harvard) | ||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | NAP |
A-1-20 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Sponsor | Non-Recourse Carveout Guarantor |
28 | 28 | |||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | William O'Kane and Karen O'Kane | William O'Kane and Karen O'Kane |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | Carolyn Dayon, Harry Adjmi, Eva Vegh and Yael Ishakis | Carolyn Dayon, Harry Adjmi, Eva Vegh and Yael Ishakis |
2.01 | Property | 1 | Three Bala Plaza | |||
2.02 | Property | 1 | One Bala Plaza | |||
2.03 | Property | 1 | Two Bala Plaza | |||
3 | Loan | 18 | 1 | The Landmark | CJPC, LLC | CJPC, LLC |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | American Storage Partners, LLC and American Storage Partners II, LLC | American Storage Partners, LLC and American Storage Partners II, LLC |
4.01 | Property | 1 | StorQuest Chandler | |||
4.02 | Property | 1 | StorQuest Venice | |||
4.03 | Property | 1 | StorQuest Highlands Ranch | |||
4.04 | Property | 1 | StorQuest Parker (Longs) | |||
4.05 | Property | 1 | StorQuest Aurora | |||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | |||
4.07 | Property | 1 | StorQuest Colfax | |||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | Jeffrey J. Feil | Jeffrey J. Feil and Joseph Nakash |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | Lionstone Commercial Real Estate Alpha Driver Partners, L.P. | Lionstone Commercial Real Estate Alpha Driver Partners, L.P. |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | John Carter and Catherine Carter | John Carter and Catherine Carter |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | Simon Property Group, L.P. | Simon Property Group, L.P. and PPF Retail, LLC |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | Simon Property Group, L.P. | Simon Property Group, L.P. |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | Workspace Property Trust, L.P. | Workspace Property Trust, L.P. |
10.01 | Property | 1 | Cotton Center - Building 19 | |||
10.02 | Property | 1 | 300-309 Lakeside Drive | |||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | CBL & Associates Limited Partnership and Horizon Group Properties, Inc. | CBL & Associates Limited Partnership and Horizon Group Properties, Inc. |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | LCN North American Fund III, L.P. | LCN North American Fund III REIT |
12.01 | Property | 1 | 1700 Fostoria | |||
12.02 | Property | 1 | 2000 Industrial | |||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | Office Properties Income Trust | Office Properties Income Trust |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | Anne Reilly, Brendan Connolly and Thomas G. Connolly | Anne Reilly, Brendan Connolly and Thomas G. Connolly |
14.01 | Property | 1 | Connolly's Pub | |||
14.02 | Property | 1 | Perfect Pint - 123 West | |||
14.03 | Property | 1 | Perfect Pint - 203 East | |||
15 | Loan | 1 | Best Storage Tudor Road | Arthur L. Davidson, Jr. | Arthur L. Davidson, Jr. | |
16 | Loan | 2, 15 | 1 | 406 15th Street | Lorenzo Luigi LoCicero | Lorenzo Luigi LoCicero |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | Harendra I. Patel | Harendra I. Patel |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | Oaktree Capital Management, LLC, Clearview Hotel Capital, LLC and Host Hotels & Resorts LP | Oaktree Real Estate Opportunities Fund VI, L.P. |
19 | Loan | 24 | 3 | Walgreens 3-Pack | Howard Cohen | Howard Cohen |
19.01 | Property | 1 | Walgreens (Pickerington) | |||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | |||
19.03 | Property | 1 | Walgreens (Harvard) | |||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | Preylock Real Estate Holdings, LLC (DE) | Farshid Steve Shokouhi, Brett Michael Lipman and Reitman 1994 Gift Trust U/A/D 9/27/1994 |
A-1-21 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | 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 ($) |
29 | 30 | |||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | No | No | Refinance | No | 136,000,000 | 22,164,897 | 0 | 6,644,232 |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | No | Yes | Acquisition | 99,500,000 | 51,299,773 | 30,000,000 | 20,298,509 | |
2.01 | Property | 1 | Three Bala Plaza | No | ||||||||
2.02 | Property | 1 | One Bala Plaza | No | ||||||||
2.03 | Property | 1 | Two Bala Plaza | No | ||||||||
3 | Loan | 18 | 1 | The Landmark | No | No | Refinance | No | 42,050,000 | 0 | 0 | 0 |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | No | No | Refinance | 40,000,000 | 0 | 0 | 0 | |
4.01 | Property | 1 | StorQuest Chandler | No | ||||||||
4.02 | Property | 1 | StorQuest Venice | No | ||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | No | ||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | No | ||||||||
4.05 | Property | 1 | StorQuest Aurora | No | ||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | No | ||||||||
4.07 | Property | 1 | StorQuest Colfax | No | ||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | No | Yes | Refinance | No | 55,000,000 | 4,371,526 | 0 | 0 |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | No | No | Refinance | No | 105,000,000 | 8,538,028 | 0 | 0 |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | No | No | Acquisition | No | 29,225,000 | 14,266,681 | 0 | 0 |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | No | No | Refinance | No | 450,000,000 | 0 | 0 | 0 |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | No | No | Refinance | No | 360,000,000 | 32,236,503 | 0 | 0 |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | No | No | Refinance | 21,580,000 | 0 | 0 | 0 | |
10.01 | Property | 1 | Cotton Center - Building 19 | No | ||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | No | ||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | No | No | Refinance | No | 79,330,000 | 0 | 0 | 0 |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | No | No | Acquisition | 15,400,000 | 13,075,395 | 0 | 0 | |
12.01 | Property | 1 | 1700 Fostoria | No | ||||||||
12.02 | Property | 1 | 2000 Industrial | No | ||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | No | No | Recapitalization | No | 14,900,000 | 0 | 0 | 0 |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | No | No | Refinance | 13,500,000 | 0 | 0 | 0 | |
14.01 | Property | 1 | Connolly's Pub | No | ||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | No | ||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | No | ||||||||
15 | Loan | 1 | Best Storage Tudor Road | No | No | Refinance | No | 12,500,000 | 0 | 0 | 0 | |
16 | Loan | 2, 15 | 1 | 406 15th Street | No | No | Refinance | No | ||||
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | No | No | Refinance | No | ||||
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | No | No | Refinance | No | ||||
19 | Loan | 24 | 3 | Walgreens 3-Pack | No | Yes | Refinance | |||||
19.01 | Property | 1 | Walgreens (Pickerington) | No | ||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | No | ||||||||
19.03 | Property | 1 | Walgreens (Harvard) | No | ||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | No | No | Refinance | No |
A-1-22 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Sources: Total Sources ($) | Uses: Loan Payoff ($) | Uses: Purchase Price ($) | Uses: Closing Costs ($) | Uses: Reserves ($) | Uses: Principal Equity Distribution ($) | Uses: Other Uses ($) | Uses: Total Uses ($) | Franchise Agreement Expiration | Underwritten ADR ($) | Underwritten RevPAR ($) | Underwritten Hotel Occupancy (%) |
31 | ||||||||||||||||
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | 164,809,129 | 153,800,522 | 0 | 2,723,251 | 8,285,356 | 0 | 0 | 164,809,129 | NAP | NAP | NAP | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | 201,098,281 | 0 | 185,000,000 | 6,986,046 | 9,112,235 | 0 | 0 | 201,098,281 | NAP | NAP | NAP | NAP |
2.01 | Property | 1 | Three Bala Plaza | NAP | NAP | NAP | NAP | |||||||||
2.02 | Property | 1 | One Bala Plaza | NAP | NAP | NAP | NAP | |||||||||
2.03 | Property | 1 | Two Bala Plaza | NAP | NAP | NAP | NAP | |||||||||
3 | Loan | 18 | 1 | The Landmark | 42,050,000 | 28,763,846 | 0 | 711,466 | 5,406,190 | 7,168,498 | 0 | 42,050,000 | NAP | NAP | NAP | NAP |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | 40,000,000 | 33,998,537 | 0 | 826,799 | 482,532 | 4,692,131 | 0 | 40,000,000 | NAP | NAP | NAP | NAP |
4.01 | Property | 1 | StorQuest Chandler | NAP | NAP | NAP | NAP | |||||||||
4.02 | Property | 1 | StorQuest Venice | NAP | NAP | NAP | NAP | |||||||||
4.03 | Property | 1 | StorQuest Highlands Ranch | NAP | NAP | NAP | NAP | |||||||||
4.04 | Property | 1 | StorQuest Parker (Longs) | NAP | NAP | NAP | NAP | |||||||||
4.05 | Property | 1 | StorQuest Aurora | NAP | NAP | NAP | NAP | |||||||||
4.06 | Property | 1 | StorQuest Parker (Pony Express) | NAP | NAP | NAP | NAP | |||||||||
4.07 | Property | 1 | StorQuest Colfax | NAP | NAP | NAP | NAP | |||||||||
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | 59,371,526 | 56,282,674 | 0 | 1,885,187 | 1,203,665 | 0 | 0 | 59,371,526 | NAP | NAP | NAP | NAP |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | 113,538,028 | 82,885,094 | 0 | 2,794,216 | 27,858,718 | 0 | 0 | 113,538,028 | NAP | NAP | NAP | NAP |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | 43,491,681 | 0 | 41,750,000 | 1,150,243 | 591,437 | 0 | 0 | 43,491,681 | NAP | NAP | NAP | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | 450,000,000 | 417,362,939 | 0 | 1,262,178 | 28,803,694 | 2,571,188 | 0 | 450,000,000 | NAP | NAP | NAP | NAP |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | 392,236,503 | 384,870,923 | 0 | 2,981,210 | 4,384,369 | 0 | 0 | 392,236,503 | NAP | NAP | NAP | NAP |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | 21,580,000 | 20,122,726 | 0 | 436,303 | 27,985 | 992,986 | 0 | 21,580,000 | NAP | NAP | NAP | NAP |
10.01 | Property | 1 | Cotton Center - Building 19 | NAP | NAP | NAP | NAP | |||||||||
10.02 | Property | 1 | 300-309 Lakeside Drive | NAP | NAP | NAP | NAP | |||||||||
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | 79,330,000 | 69,889,296 | 0 | 1,491,319 | 1,888,825 | 6,060,560 | 0 | 79,330,000 | NAP | NAP | NAP | NAP |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | 28,475,395 | 0 | 28,377,604 | 97,791 | 0 | 0 | 0 | 28,475,395 | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 1700 Fostoria | NAP | NAP | NAP | NAP | |||||||||
12.02 | Property | 1 | 2000 Industrial | NAP | NAP | NAP | NAP | |||||||||
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | 14,900,000 | 0 | 0 | 326,503 | 2,973,138 | 11,600,359 | 0 | 14,900,000 | NAP | NAP | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | 13,500,000 | 10,804,824 | 0 | 278,233 | 182,023 | 2,234,920 | 0 | 13,500,000 | NAP | NAP | NAP | NAP |
14.01 | Property | 1 | Connolly's Pub | NAP | NAP | NAP | NAP | |||||||||
14.02 | Property | 1 | Perfect Pint - 123 West | NAP | NAP | NAP | NAP | |||||||||
14.03 | Property | 1 | Perfect Pint - 203 East | NAP | NAP | NAP | NAP | |||||||||
15 | Loan | 1 | Best Storage Tudor Road | 12,500,000 | 10,369,430 | 0 | 312,429 | 70,108 | 1,748,033 | 0 | 12,500,000 | NAP | NAP | NAP | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | NAP | NAP | NAP | NAP | ||||||||
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 5/10/2037 | 111.25 | 85.04 | 76.4% | ||||||||
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | NAP | 233.09 | 140.33 | 60.2% | ||||||||
19 | Loan | 24 | 3 | Walgreens 3-Pack | NAP | NAP | NAP | NAP | ||||||||
19.01 | Property | 1 | Walgreens (Pickerington) | NAP | NAP | NAP | NAP | |||||||||
19.02 | Property | 1 | Walgreens (Sedro Woolley) | NAP | NAP | NAP | NAP | |||||||||
19.03 | Property | 1 | Walgreens (Harvard) | NAP | NAP | NAP | NAP | |||||||||
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | NAP |
A-1-23 |
BMARK 2023-B40
Annex A-1
Loan ID Number | Loan / Property Flag | Footnotes (for Loan and Property Information) | # of Properties | Property Name | Most Recent ADR ($) | Most Recent RevPAR ($) | Most Recent Hotel Occupancy (%) | Second Most Recent ADR ($) | Second Most Recent RevPAR ($) | Second Most Recent Hotel Occupancy (%) | Third Most Recent ADR ($) | Third Most Recent RevPAR ($) | Third Most Recent Hotel Occupancy (%) |
1 | Loan | 2, 5, 12, 13, 14, 18, 21, 23 | 1 | Axis Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2 | Loan | 2, 5, 12, 19, 20, 21, 22 | 3 | Bala Plaza Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
2.01 | Property | 1 | Three Bala Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
2.02 | Property | 1 | One Bala Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
2.03 | Property | 1 | Two Bala Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
3 | Loan | 18 | 1 | The Landmark | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4 | Loan | 18 | 7 | Saban StorQuest Self-Storage Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
4.01 | Property | 1 | StorQuest Chandler | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.02 | Property | 1 | StorQuest Venice | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.03 | Property | 1 | StorQuest Highlands Ranch | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.04 | Property | 1 | StorQuest Parker (Longs) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.05 | Property | 1 | StorQuest Aurora | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.06 | Property | 1 | StorQuest Parker (Pony Express) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
4.07 | Property | 1 | StorQuest Colfax | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
5 | Loan | 2, 5, 20, 24 | 1 | 645 North Michigan Avenue | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
6 | Loan | 1, 2, 5, 10, 12, 14, 18, 21, 22, 23, 24 | 1 | Sugar Land Town Square | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
7 | Loan | 13, 14, 18 | 1 | West Bay Plaza | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
8 | Loan | 1, 5, 18, 23, 27, 28 | 1 | Fashion Valley Mall | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
9 | Loan | 1, 3, 5, 12, 13, 14, 21, 27, 28 | 1 | Arundel Mills and Marketplace | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10 | Loan | 2, 22, 27, 28 | 2 | Workspace Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
10.01 | Property | 1 | Cotton Center - Building 19 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
10.02 | Property | 1 | 300-309 Lakeside Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
11 | Loan | 1, 5, 10, 12, 24 | 1 | Outlet Shoppes at Atlanta | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12 | Loan | 14, 19 | 2 | 2000 Industrial & 1700 Fostoria | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
12.01 | Property | 1 | 1700 Fostoria | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
12.02 | Property | 1 | 2000 Industrial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
13 | Loan | 2, 14 | 1 | 1220 Echelon Parkway | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14 | Loan | 10, 13, 14, 28 | 3 | Connolly's Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
14.01 | Property | 1 | Connolly's Pub | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
14.02 | Property | 1 | Perfect Pint - 123 West | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
14.03 | Property | 1 | Perfect Pint - 203 East | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
15 | Loan | 1 | Best Storage Tudor Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
16 | Loan | 2, 15 | 1 | 406 15th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
17 | Loan | 27 | 1 | Staybridge Suites Lubbock | 111.25 | 85.04 | 76.4% | 114.94 | 78.51 | 68.3% | 115.01 | 75.45 | 65.6% |
18 | Loan | 1, 3, 5, 12, 13, 14, 22, 26, 27, 31 | 1 | Philadelphia Marriott Downtown | 230.42 | 131.55 | 57.1% | 221.64 | 102.75 | 46.4% | 181.77 | 37.37 | 20.6% |
19 | Loan | 24 | 3 | Walgreens 3-Pack | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
19.01 | Property | 1 | Walgreens (Pickerington) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.02 | Property | 1 | Walgreens (Sedro Woolley) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
19.03 | Property | 1 | Walgreens (Harvard) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
20 | Loan | 5, 12, 14, 18, 19, 20, 27 | 1 | Nvidia Santa Clara | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-24 |
BMARK 2023-B40
Footnotes to Annex A-1
(1) | “JPMCB” denotes JPMorgan Chase Bank, National Association, as Mortgage Loan Seller; “CREFI” denotes Citi Real Estate Funding Inc. or one of its affiliates, as Mortgage Loan Seller; “GSMC” denotes Goldman Sachs Mortgage Company, or one of its affiliates, as Mortgage Loan Seller; and "BANA" denotes Bank of America, National Association, or one of its affiliates.
With respect to Loan No. 6, Sugar Land Town Square, the mortgage loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA and Argentic Real Estate Finance 2 LLC.
With respect to Loan No. 8, Fashion Valley Mall, the mortgage loan is part of a whole loan that was co-originated by BANA, JMPCB, Barclays Capital Real Estate Inc. and Bank of Montreal.
With respect to Loan No. 9, Arundel Mills and Marketplace, the mortgage loan is part of a whole loan that was co-originated by Wells Fargo Bank, National Association, Societe Generale Financial Corporation, DBR Investments Co. Limited and CREFI.
With respect to Loan No. 11, Outlet Shoppes at Atlanta, the mortgage loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA and Barclays Capital Real Estate Inc.
With respect to Loan No. 18, Philadelphia Marriott Downtown, the mortgage loan is part of a whole loan that was co-originated by JPMCB, Barclays Capital Real Estate Inc. and Wells Fargo Bank, National Association.
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(2) | With respect to loan No. 1, Axis Apartments, the mortgaged property is comprised of a 716 unit, 60 story high rise multifamily property making up 95.3% of Underwritten EGI and 17,195 square feet of ground floor retail making up 4.7% of Underwritten EGI.
With respect to Loan No. 2, Bala Plaza Portfolio, the Two Bala Plaza mortgaged property consists of a 10-story office building and a three-story 100,500 square foot retail building fully occupied by Saks Fifth Avenue LLC.
With respect to Loan No. 5, 645 North Michigan Avenue, the mortgaged property is comprised of 164,650 square feet of office and storage space primarily utilized by medical tenants making up 48.8% of underwritten base rent and 28,381 square feet of retail space making up 51.2% of underwritten base rent.
With respect to Loan No. 6, Sugar Land Town Square, the mortgaged property is comprised of 414,286 square feet of office space, 276,843 square feet of first floor retail space and 112,118 square feet of second floor retail space.
With respect to Loan No. 10, Workspace Portfolio, the appraisal identifies the General Property Type – Detailed Property Type for the Cotton Center – Building 19 individual mortgaged property as Industrial - R&D/Flex. As of the Cut-off Date, the Cotton Center – Building 19 individual mortgaged property is alternatively being used as an office hub for its sole tenant, Aetna.
With respect to Loan No. 13, 1220 Echelon Parkway, according to the appraisal, the square footage at the 1220 Echelon Parkway mortgaged property is comprised of approximately 85% office space and approximately 15% flex space. According to the borrower sponsor, the 1220 Echelon Parkway mortgaged property was built to suit for the GSA and flex space is primarily comprised of sensitive compartmented information space, evidence rooms and a 24/7 command center.
With respect to Loan No. 16, 406 15th Street, the mortgaged property is comprised of 27 multifamily units totaling 26,900 square feet accounting for 67.6% of Underwritten EGI and four commercial units totaling 4,900 square feet that are leased to medical office tenants accounting for 32.4% of Underwritten EGI.
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A-1-25 |
(3) | Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property.
With respect to Loan No. 9, Arundel Mills and Marketplace, the mortgaged property includes a larger mall and lifestyle center that consists of 1,391,652 square feet of owned improvements and 547,331 square feet of leased fee improvements. Occupancy at the mortgaged property represents the occupancy excluding square footage from the leased fee tenant, Live Casino Hotel Maryland, and is based on the Owned SF totaling 1,391,652. Occupancy including Live Casino Hotel Maryland is 98.8%.
With respect to Loan No. 18, Philadelphia Marriott Downtown, the mortgaged property is substantially owned in fee by the borrowers. However, (i) a skybridge (the “Bridge”) connecting the main building of the Philadelphia Marriott Downtown mortgaged property and the Pennsylvania Convention Center and (ii) a parcel of land, which allows for an overhang and partial driveway at one of the entrances to the mortgaged property, are subject to certain sub-ground leases, each with a nominal annual rent due. The sub-ground leases are between one of the two related borrowers, Philadelphia Market Street HMC Hotel Limited Partnership, as the subtenant, and the Redevelopment Authority of the City of Philadelphia, which in turn leases the same premises from the City of Philadelphia, as the landlord. The Bridge sublease is also subject to a reciprocal easement agreement with the Pennsylvania Convention Center Authority with respect to maintenance of such Bridge. See “Description of the Mortgage Pool—Statistical Characteristics of the Mortgage Loans–Fee and Leasehold Estates; Ground Leases” in the Preliminary Prospectus.
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(4) | For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Current Balance ($), and Maturity/ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation.
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(5) | With respect to Loan No. 1, 2, 5, 6, 8, 9, 11, 18, and 20, Axis Apartments, Bala Plaza Portfolio, 645 North Michigan Avenue, Sugar Land Town Square, Fashion Valley Mall, Arundel Mills and Marketplace, Outlet Shoppes at Atlanta, Philadelphia Marriott Downtown and Nvidia Santa Clara, the mortgage loan is part of a larger split whole loan, which consists of the mortgage loan and one or more pari passu and/or subordinate components. Please see “Description of the Mortgage Pool—The Whole Loans” for additional information.
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(6) | For each mortgage loan, the Net Mortgage Rate % is equal to the excess of the related Interest Rate % over the related Servicing Fee Rate, the Trustee Fee Rate (including the Certificate Administrator Fee Rate), the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate (collectively, the “Administrative Fee Rate %”).
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(7) | For the mortgage loans that are interest-only for the entire term and accrue interest on an Actual/360 basis, the Monthly Debt Service (P&I) ($) and Monthly Debt Service (IO) ($) were calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360. For Monthly Debt Service (P&I), Interest Only, Amortizing Balloon loans were calculated based on the amortizing loan payments as of the Cut-off Date.
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(8) | The Monthly Debt Service (P&I) and Annual Debt Service (P&I) ($) shown for the mortgage loans with a partial interest-only period reflect the amount payable after the expiration of the interest-only period.
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(9) | With respect to all mortgage loans, Annual Debt Service (P&I) ($) and Annual Debt Service (IO) ($) are calculated by multiplying the Monthly Debt Service (P&I) ($) and Monthly Debt Service (IO), respectively, ($) by 12. |
A-1-26 |
(10) | In some instances in which the Mortgage Loan documents provide grace periods with respect to payments, such grace periods may be permitted a limited number of times per any 12-month periods.
With respect to Loan No. 6, Sugar Land Town Square, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period.
With respect to Loan No. 11, Outlet Shoppes at Atlanta, a Grace Period - Late Fee (Days) of five days is permitted once within any consecutive 12-month period, excluding the payments of principal on the maturity date, before the borrower has to pay the lesser of (i) 5.0% of the unpaid sum or (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by the lender to process the delinquent payment and to compensate the lender for the loss of the use of the delinquent payment.
With respect to Loan No. 14, Connolly's Portfolio, a Grace Period - Default (Days) of five days is permitted once within any 12-month period with respect to failure to make any payments due on a Payment Due Date (excluding the payment of principal on the maturity date).
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(11) | The open period is inclusive of the Maturity Date or Anticipated Repayment Date.
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(12) | The “L” component of the prepayment provision represents lockout payments. The “Def” component of the prepayment provision represents defeasance payments. The “YM” component of the prepayment provision represents yield maintenance payments. The “O” Component of the prepayment provision represents the free payments including the Maturity Date.
In the case of certain mortgage loans, the Mortgage Loan documents permit the related borrower to prepay a portion of the mortgage loan in connection with partial releases of collateral, to cure a cash management period triggered by certain events or circumstances or to meet certain financial metrics contained in the related Mortgage Loan documents.
With respect to Loan No. 1, Axis Apartments, the borrower may, provided no event of default has occurred and is continuing, prepay the Axis Apartments whole loan in whole but not in part (i) on or after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the Axis Apartments whole loan to be securitized and (b) November 27, 2027, through but not including the payment date occurring in June 2033 with the payment of a yield maintenance premium, or (ii) on or after the payment date occurring in June 2033 without the payment of any prepayment premium. The assumed lockout period of 24 payments is based on the anticipated closing date of the Benchmark 2023-B40 securitization in December 2023. The actual lockout period may be longer.
With respect to Loan No. 2, Bala Plaza Portfolio, the borrowers may, provided no event of default has occurred and is continuing, prepay the Bala Plaza Portfolio whole loan in whole but not in part (i) on or after the payment date occurring in May 2028 without the payment of any prepayment premium or (ii) prior to the payment date occurring in May 2028 but excluding the period commencing (a) sixty days prior to an anticipated securitization of the Bala Plaza Portfolio whole loan and ending (b) sixty days after the Bala Plaza Portfolio whole loan has been sold to such securitization with the payment of a prepayment fee equal to the greater of 1.00% of the amount prepaid and a yield maintenance premium. The assumed prepayment lockout period of three payments is based on the anticipated closing date of the Benchmark 2023-B40 securitization in December 2023. The actual lockout period may be longer.
With respect to Loan No. 6, Sugar Land Town Square, the lockout period will be at least 25 months beginning with and including the first payment date on December 6, 2023. Defeasance of the Sugar Land Town Square whole loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization of the last promissory note representing a portion of the Sugar Land Town Square whole loan to be securitized and (ii) November 3, 2026. The assumed lockout period of 25 payments is based on the anticipated closing date of the Benchmark 2023-B40 securitization in December 2023. The actual lockout period may be longer. |
A-1-27 |
With respect to Loan No. 6, Sugar Land Town Square, the borrower is permitted to obtain the release of a portion of the mortgaged property improved by approximately 113 parking spaces that is subject to the Sugar Land parking condominium described under “—Condominium and Other Shared Interests” in the Preliminary Prospectus (together, the “Release Parcel”) from the lien of the mortgage, provided, among other conditions, that (i) the City of Sugar Land, Texas exercises a certain right to reverter to the Release Parcel, (ii) satisfaction of all REMIC requirements and (iii) if immediately following the release, the loan-to-value ratio is greater than 125%, the principal balance of the Sugar Land Town Square whole loan is paid down in an amount equal to either (a) an amount necessary to satisfy the ratio described above or (b) a lesser amount provided the lender receives a REMIC opinion. The Release Parcel was not afforded any material value in the appraisal and is not necessary for compliance with zoning requirements.
With respect to Loan No. 9, Arundel Mills and Marketplace, defeasance of the Arundel Mills and Market-place whole loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the Arundel Mills and Marketplace whole loan to be securitized and (b) December 1, 2026. The assumed prepayment lockout period of 25 payments is based on the anticipated closing date of the Benchmark 2023-B40 transaction in December 2023. The actual lockout period may be longer. If any pari passu note has not been securitized for two years by December 1, 2026, the borrowers may prepay any note that has not been securitized for two years in an amount equal to the greater of (i) 1% of prepaid amount or (ii) yield maintenance basis in conjunction with defeasance of any securitized pari passu note.
With respect to Loan No. 11, Outlet Shoppes at Atlanta, the defeasance lockout period will be at least 26 months beginning with and including the first payment date on November 6, 2023. Defeasance of the Outlet Shoppes at Atlanta whole loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last pari passu note to be securitized and (ii) October 3, 2026. The assumed defeasance lockout period of 26 payments is based on the expected Benchmark 2023-B40 securitization closing date in December 2023. The actual defeasance lockout period may be longer.
With respect to Loan No. 18, Philadelphia Marriott Downtown, the lockout period is required to be at least 25 payments beginning with and including the first payment date of December 6, 2023. After the earlier of (x) the date that is two years from the closing date of the securitization that includes the last note of the Philadelphia Marriott Downtown whole loan to be securitized and (y) October 25, 2026 (the “Lockout Expiration Date”), which is the date that is three years from the origination date of the Philadelphia Marriott Downtown whole loan, the borrowers may prepay the Philadelphia Marriott Downtown whole loan at any time in whole (but not in part), subject to payment of the yield maintenance premium if such prepayment occurs before May 6, 2028 (the “Permitted Prepayment Date”). In addition, the borrowers may defease the Philadelphia Marriott Downtown whole loan in whole (but not in part) after the Lockout Expiration Date and prior to the Permitted Prepayment Date. The assumed lockout period of 25 months is based on the anticipated closing date of the Benchmark 2023-B40 securitization in December 2023. The actual lockout period may be longer.
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With respect to Loan No. 18, Philadelphia Marriott Downtown, the Mortgage Loan documents provide that, in the event that a cash sweep period is continuing solely as a result of the debt service coverage ratio for the Philadelphia Marriott Downtown whole loan being less than 1.20x, the related borrowers may prepay the Philadelphia Marriott Downtown whole loan in an amount sufficient such that the debt service coverage ratio for the Philadelphia Marriott Downtown whole loan is equal to or greater than 1.20x, in which case, such cash sweep period will immediately cease.
With respect to Loan No. 20, Nvidia Santa Clara, the defeasance lockout period will be at least 24 payment dates beginning with and including the first payment date of January 1, 2024. Defeasance of the Nvidia Santa Clara 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, 2027. The assumed defeasance lockout period of 24 months is based on the expected Benchmark 2023-B40 securitization closing date in December 2023. The actual lockout period may be longer. |
A-1-28 |
(13) | In the case of certain mortgage loans, the Underwritten Net Operating Income ($) exceeds Most Recent NOI ($) by 10%.
With respect to Loan No. 1, Axis Apartments, the increase in Underwritten Net Operating Income ($) of more than 10% over the Most Recent NOI ($) Income is due to the borrower sponsors converting former vacant commercial space into 101 multifamily units on floors six through 10 of the Axis Apartments Property.
With respect to Loan No. 7, West Bay Plaza, the Westernmost (Sierra-anchored) building was fully remodeled and re-tenanted in 2021. This portion of UW NOI has not been fully captured by the historical operating statements.
With respect to Loan No. 9, Arundel Mills and Marketplace, the increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is driven by 18 new and renewal leases commencing in 2023 and 2024 totaling 113,039 square feet (5.8% of SF and 8.3% of underwritten rent) and rent steps of $604,665.
With respect to Loan No. 14, Connolly’s Portfolio, historical financials for the mortgaged property are not available as no tenant leases were in place prior to January 1, 2023.
With respect to Loan No. 18, Philadelphia Marriott Downtown, the increase from the Most Recent NOI to the Underwritten Net Operating Income ($) is primarily attributable to increases in room revenue and food and beverage revenue following the impact of the COVID-19 pandemic in 2020 and 2021. Historical performance was largely impacted by the COVID-19 pandemic, during which the Philadelphia Marriott Downtown Property was closed from April 10, 2020 through May 27, 2021 and underwent extensive renovations including renovation of 1,408 guestrooms.
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(14) | In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but have not yet commenced paying rent and/or are not in occupancy. Underwritten EGI ($), Underwritten Net Operating Income ($), and Underwritten Net Cash Flow ($) are generally calculated by the Mortgage Loan Seller in accordance with its underwriting guidelines. Underwritten Net Operating Income ($) and Underwritten Net Cash Flow ($) may include contractual or market rent escalations and, in the case of certain tenants, may be based on the average rent paid by the tenant through either the term of the related lease or the mortgage loan. Please see “Description of the Mortgage Pool—Certain Calculations and Definitions” for additional information.
With respect to Loan No. 1, Axis Apartments the multifamily component of the mortgaged property is subject to a lease agreement between the borrower, as landlord, and Sonder, as tenant that has a six-year term that expires in 2030, pursuant to which Sonder leases all 101 multifamily units, representing approximately 14.1% of the multifamily component of the mortgaged property, and subleases them to individual tenants. The Sonder lease represents approximately 19.0% of underwritten base rent. Sonder is not yet in occupancy of its leased premises. Sonder’s lease is expected to commence occupancy following completion of certain landlord work required by such tenant’s lease expected to cost approximately $28,636,849 (including, certain buildout and related work to convert the leased premises from commercial space into multifamily units), which landlord work has been divided into two phase, with the first phase scheduled to be completed on or before June 30, 2024 and the second phase scheduled to be completed on or before August 14, 2024. The estimated commencement date of the Sonder lease is August 16, 2024. Following commencement of the Sonder lease, Sonder will be in a rent abatement period and is not required to begin paying rent until the fifth calendar month of the lease term. In the event the borrower fails to complete either the first phase in or the second phase by the foregoing scheduled completion date, Sonder will receive a further abatement of rent equal to one day of rent for each day that the delivery of either phase is delayed beyond such scheduled completion date for the first 30 days of such delay, which abatement will increase to two days of rent for each day that the delivery of either the first phase or the second phase is delayed beyond thirty days following the applicable scheduled completion date. There can be no assurance that Sonder will accept its improvements, that Sonder’s lease will commence or that Sonder will take possession of the leased premises and begin paying rent as expected or at all.
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A-1-29 |
With respect to Loan No. 6, Sugar Land Town Square, the Largest Tenant, Coffeyville Resources, representing approximately 6.4% of the net rentable square footage at the mortgaged property, is in occupancy of certain temporary “swing” space (and not its permanent space) pending the completion of the build-out of approximately 25,403 square feet of its 51,175 square foot space. Coffeyville Resources is anticipated to take occupancy of its permanent space by in the first quarter of 2024. In addition, the second largest tenant, Southwest Water, representing approximately 5.1% of the net rentable square footage at the Mortgaged Property, has executed a lease but is not yet in occupancy of or paying rent on its space. Southwest Water is expected to take occupancy of and commence paying rent on its space in January 2024. In October 2023, the prior tenant for such space, Coca-Cola, executed a lease termination agreement that, among other things, required Coca-Cola to (i) vacate the space as of October 25, 2023 and (ii) pay the borrower a termination fee equal to $6,557,314.95 (the “Coca-Cola Termination Fee”). The borrower is required to deposit the Coca-Cola Termination Fee (which has since been paid by Coca-Cola) with the lender to be held in the rollover reserve account until Southwest Water has taken occupancy of its space, after which (i) $2,500,000 will be transferred into the capital expense reserve account and (ii) the remainder will be disbursed to the borrower. We cannot assure you that the foregoing tenants will take occupancy and/or commence paying rent as expected or at all.
With respect to Loan No. 7, West Bay Plaza, the space leased by Kirkland’s was underwritten as vacant due to the tenant having given the landlord notice of its lease termination on October 30, 2023 (effective as of July 25, 2024). | |
With respect to Loan No. 9, Arundel Mills and Marketplace, the mortgaged property includes a larger mall and lifestyle center that consists of 1,391,652 square feet of owned improvements and 547,331 square feet of leased fee improvements. Occupancy at the mortgaged property represents the occupancy excluding square footage from the leased fee tenant, Live Casino Hotel Maryland, and is based on the Owned SF totaling 1,391,652. Occupancy including Live Casino Hotel Maryland is 98.8%.
With respect to Loan No. 12, 2000 Industrial & 1700 Fostoria, as of the origination date of such mortgage loan, there were eight tenants occupying portions of the mortgaged properties subject to separate leases, including the sole tenant at each mortgaged property, FMT, and the remaining seven leases are expected to expire by their terms and will not be renewed as direct leases. The related mortgage loan documents provide the borrower with a 90-day grace period before FMT is required to occupy at least 75% of the mortgaged property, following which, if FMT fails to occupy at least 75% of the mortgaged property prior to the end of such 90-day grace period, a specified tenant trigger period will exist. In addition, FMT subleases approximately 9.2% of the net rentable square footage at the 1700 Fostoria mortgaged property to The Shelly Company pursuant to a sublease that expires on September 30, 2028.
With respect to Loan No. 13, 1220 Echelon Parkway, the current lease (the “Current Lease”) of the sole tenant at the mortgaged property, GSA, expires in November 2024. The tenant has executed a new lease for an additional 20-year term (the “Extended Lease”) that is expected to commence immediately upon the expiration of the Current Lease and after the substantial completion of certain tenant improvements at the mortgaged property as required under the related Mortgage Loan documents. The Extended Lease is structured with no termination options and expires on November 4, 2044. The tenant will benefit from free or reduced rent for the first eight months of the Extended Lease in the total amount of $1,625,977.40, which the borrower reserved for at loan origination. The Underwritten EGI ($) for the mortgaged property is based on the contractual terms under the Extended Lease.
With respect to Loan No. 14, Connolly's Portfolio, the sole tenant at each of the three individual mortgaged properties is an affiliate of the related borrower.
With respect to Loan No. 18, Philadelphia Marriott Downtown, the Underwritten EGI ($) at the Philadelphia Marriott Downtown mortgaged property is comprised of four components: (i) rooms (64.9% of underwritten revenue), (ii) food and beverage (30.2% of underwritten revenue), (iii) other operated departments (2.0% of underwritten revenue) and (iv) miscellaneous income (2.9% of underwritten revenue).
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A-1-30 |
With respect to Loan No. 18, Philadelphia Marriott Downtown, each of the two related borrowers has entered into an operating lease (each, an “Operating Lease”) with CCMH Philadelphia Mkt. LLC (the “Operating Lessee”), an affiliate of the borrowers. The Operating Lessee (i) is a party to the related mortgage and grants the lender a first priority security interest in the leasehold interest created by each Operating Lease, and (ii) has caused both of its members to pledge their respective membership interests in the Operating Lessee in favor of the lender. All cash generated at the Philadelphia Marriott Downtown mortgaged property will flow from the manager (the “Manager”) under the related management agreement between the Manager and the borrowers, to the Operating Lessee, who will deposit all revenue into a restricted account pledged to the lender. Each Operating Lease expires in December 2034 if all renewal periods are exercised. See “Description of the Mortgage Pool–Tenant Issues–Affiliated Leases”. | |
With respect to Loan No. 20, Nvidia Santa Clara, Nvidia Corporation’s lease with respect to (a) the 2770-2800 Scott Boulevard building is subject to a free rent period for the months of April 2026 and May 2026 and (b) the 2001 Walsh Avenue building is subject to a free rent period for the months of March 2027 and April 2027. The borrower was required at loan origination to reserve a total of approximately $997,505 for free rent, which includes approximately $566,908 reserved for 2770-2800 Scott Boulevard and approximately $430,597 reserved for 2001 Walsh Avenue.
With respect to Loan No. 20, Nvidia Santa Clara, the Largest Tenant, Nvidia Corporation (“Nvidia”), currently subleases a total of 171,382 square feet of space at 2330 Central Expressway, 2220 Central Expressway and 2300 Central Expressway mortgaged properties at an aggregate sublease rent of $23.90. Per the related consent to sublease between borrower, as landlord, Nvidia and Futurewei Technologies, Inc. (”Futurewei”), which encompasses all of the subleased space by Nvidia, if any event occurs causing or permitting the Futurewei prime lease to be terminated (including, but not limited to, in the event that Futurewei defaults on its prime lease obligations), Nvidia is required to assume all of Futurewei’s prime lease obligations and enter into a direct lease with the borrower on the same terms and conditions as the terminated prime lease (including with respect to prime rent payments) (a “Nvidia Prime Lease Guaranty”). JPMCB underwritten rent is based on the contractual terms of the prime lease obligations as a result of the Nvidia Prime Lease Guaranty. The 2300 Central Expressway and 2330 Central Expressway mortgaged properties are currently in Nvidia’s possession and in the process of a tenant build-out. Nvidia is expected to complete its build-out and begin physically occupying the space in the first quarter of 2024.
With respect to Loan No. 20, Nvidia Santa Clara, the sublease (the “2220 Central Expressway Sublease”) between Futurewei Technologies, Inc. (“Futurewei”), as the sublandlord, and Nvidia Corporation (“Nvidia”), as the subtenant, as well as the related consent to sublease among the related borrower, as the landlord, Futurewei and Nvidia are fully executed, but Futurewei currently remains in possession of the premises. Nvidia’s obligations under the 2220 Central Expressway Sublease will commence upon the earliest of (i) August 1, 2024, (ii) the termination of Futurewei’s prime lease, or (iii) written notice of such commencement from Nvidia or Futurewei.
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(15) | With respect to all hotel properties, except for the Mortgage loan listed below, the Underwritten Net Operating Income ($) is shown after taking a deduction for an FF&E reserve, and as such, the Underwritten Net Operating Income ($) and Underwritten Net Cash Flow ($) for these properties are the same.
With respect to Loan No. 16, 406 15th Street, the mortgaged property is subject to a 25-year 421-a Affordable Housing NY Program tax abatement and is currently in the 14th year of such abatement. The mortgaged property will receive a 100% exemption on any assessment increase above the base year assessment for the first 21 years, after which the exemption decreases by 20% for the remaining four years until fully phased out. In year 26, the mortgaged property becomes fully taxable again.
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(16) | Except for the Mortgage Loans listed below, the Underwritten NOI DSCR (x) and Underwritten NCF DSCR (x) for all partial interest-only Mortgage Loans were calculated based on the first principal and interest payment after the Note Date during the term of the Mortgage Loan.
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(17) | 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). |
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(18) | With respect to all mortgage loans, with the exceptions of the mortgage loans listed below, the Cut-off Date LTV Ratio (%) and the LTV Ratio at Maturity / ARD (%) are based on the “As Is” Appraisal Value ($) even though, for certain mortgage loans, the appraiser provided “as-stabilized” values based on certain criteria being met.
With respect to Loan No. 1, Axis Apartments, the Appraised Value ($) is the “Prospective As Complete - Proposed” appraised value of $256,800,000 as of May 31, 2024 which assumes that the renovation of the 101 Sonder units will be completed. The “As Is” appraised value as of September 29, 2023, is $229,400,000, which results in a Cut-off Date LTV Ratio (%) of 59.3% and LTV Ratio at Maturity / ARD (%) of 59.3%.
With respect to Loan No. 3, The Landmark, the Appraised Value reflects the “Prospective Value Upon Stabilization” appraised value of $89,500,000 as of May 1, 2024, as all tenant and improvement costs and leasing commissions owed to Blue Origin along with five months of free rent owed to Blue Origin were reserved for upfront. The "As Is" appraised value as of April 10, 2023 is $86,000,000, which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 48.9%.
With respect to Loan No. 4, Saban StorQuest Self-Storage Portfolio, the Appraised Value ($) represents the “As Is Portfolio” Appraised Value, which attributes a portfolio premium of 2.7% to the aggregate value of the mortgaged properties as a whole. Based on the sum of the individual appraised values of the mortgaged properties, the Appraised Value would be $81,315,000, which equates to a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 49.2%.
With respect to Loan No. 6, Sugar Land Town Square, the “As Is” appraised value of $209,000,000 is based on the extraordinary assumption that leases with each of Southwest Water and PuttShack will be transacted in a timely manner. As of the origination date, a letter of intent to lease has been negotiated with PuttShack but has not been signed. However, the portion of space that is intended for PuttShack is currently leased to two tenants.
With respect to Loan No. 7, West Bay Plaza, the “As Is” Appraised Value of $43,100,000 is based on the extraordinary assumption that the West Bay Plaza Property is fully occupied.
With respect to Loan No. 8, Fashion Valley Mall, the Appraised Value ($) represents the “Hypothetical As Is” value which excludes the value attributed to the JC Penney release parcel or the Neiman Marcus release parcel. The “As Is” appraised value of $1,450,000,000 results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 31.0% for the Fashion Valley Mall whole loan.
With respect to Loan No. 20, Nvidia Santa Clara, the Appraised Value of $313,247,393 represents the “As-If-Funded” appraised value based on the hypothetical assumption that the cost of the outstanding tenant improvement allowances have been fully escrowed and will be available to fund such tenant improvements. At origination of the Nvidia Santa Clara whole loan, $8,146,892.50 was reserved to fund all outstanding tenant improvements. Based on the “As Is” appraised value of $305,100,000, the Nvidia Santa Clara whole loan results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 42.6%.
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(19) | With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any mortgaged property. 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 subject lease.
With respect to Loan No. 2, Bala Plaza Portfolio, the Largest Tenant at the Three Bala Plaza mortgaged property, Tokio Marine North America, Inc., representing approximately 23.2% of net rentable square footage at such mortgaged property, subleases approximately 54,480 square feet of its space to three separate subtenants.
With respect to Loan No. 12, 2000 Industrial & 1700 Fostoria, the sole tenant at the 1700 Fostoria mortgaged property, FMT, subleases approximately 9.2% of the net rentable square footage at the 1700 Fostoria mortgaged property to The Shelly Company pursuant to a sublease that expires on September 30, 2028.
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A-1-32 |
With respect to Loan No. 20, Nvidia Santa Clara, the buildings constituting a portion of the mortgaged property and identified as 2300 Central Expressway, 2220 Central Expressway and 2330 Central Expressway (31.1% of the net rentable area) are leased to Futurewei Technologies, Inc. (“Futurewei”) under a single direct lease from the borrower, and Futurewei subleases all of its demised space to Nvidia Corporation (“Nvidia”) pursuant to three separate subleases. JPMCB’s underwritten rent is based on the contractual terms of the prime lease obligations as a result of the requirement for Nvidia to assume all of Futurewei’s prime lease obligations and to enter into a direct lease with the borrower on the same terms and conditions as such terminated prime lease (including with respect to prime rent payments), in accordance with a related consent to sublease between the borrower, as landlord, Nvidia and Futurewei. | |
(20) | In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date, and may not include smaller spaces with different expiration dates.
With respect to Loan No. 2, Bala Plaza Portfolio, the Largest Tenant, Tokio Marine North America, Inc. leases 90,687 square feet of space at the Three Bala Plaza mortgaged property and 205,243 square feet of space at the One Bala Plaza mortgaged property.
With respect to Loan No. 5, 645 North Michigan Avenue, the Largest Tenant, Northwestern University, representing approximately 55.5% of total net rentable square footage, leases (x) 51,637 square feet of space that expires April 30, 2028 and (y) 55,580 square feet of space that expires March 31, 2031.
With respect to Loan No. 20, Nvidia Santa Clara, the Largest Tenant, Nvidia Corporation, (a) subleases 171,382 square feet of space with an expiration date of July 31, 2027; (b) leases 99,800 square feet of space with an expiration date of May 31, 2028; (c) leases 80,051 square feet of space with an expiration date of April 30, 2029; and (d) leases 200,000 square feet of space with an expiration date of September 30, 2030.
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(21) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. Certain tenants may have the right to reduce or abate rent or terminate all or a portion of their leased spaces for a breach or violation of co-tenancy provisions in the related leases.
With respect to Loan No. 1, Axis Apartments the multifamily component of the mortgaged property is subject to a lease agreement between the borrower, as landlord, and Sonder, as tenant under a six-year term that expires in 2030, pursuant to which Sonder leases all 101 multifamily units, representing approximately 14.1% of the multifamily component of the mortgaged property, and subleases them to individual tenants. Sonder’s lease is expected to commence occupancy following completion of certain landlord work required by such tenant’s lease expected to cost approximately $28,636,849 (including, certain buildout and related work to convert the leased premises from commercial space into multifamily units), which landlord work has been divided into two phase, with the first phase scheduled to be completed on or before June 30, 2024 and the second phase scheduled to be completed on or before August 14, 2024. In the event the borrower fails to deliver either the first phase by October 28, 2024 or the second phase by December 12, 2024, Sonder will have the right to terminate its lease without payment of a termination penalty by providing upon 45 days’ prior written notice to the landlord. There can be no assurance that Sonder will accept its improvements, that Sonder's lease will commence or that Sonder will take possession of the leased premises and begin paying rent as expected or at all.
With respect to Loan No. 2, Bala Plaza Portfolio, (i) the Second Largest Tenant at the One Bala Plaza mortgaged property, Beasley Media Group, LLC, representing approximately 9.5% of the net rentable square footage at the Mortgaged Property, has a one-time, unilateral right to terminate its lease effective November 30, 2025 provided that notice is given on or before November 30, 2024, and the tenant must pay certain fees in connection with such early termination, (ii) the Fourth Largest tenant at the One Bala Plaza mortgaged property, Chas, Kurz and Co., Inc., representing approximately 3.9% of the net rentable square footage at the Mortgaged Property, has a one-time, unilateral right to terminate its lease effective April 30, 2025 provided that notice is given on or before April 30, 2024, and the tenant must pay certain fees in connection with such early termination, and (iii) the Second Largest tenant at the Three Bala Plaza mortgaged property, Global Indemnity Group, Inc., representing approximately 10.4% of the net rentable square footage at the mortgaged property, has a one-time, unilateral right to terminate its lease effective December 31, 2025 provided that notice is given on or before December 31, 2024, and the tenant must pay certain fees in connection with such early termination.
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A-1-33 |
With respect to Loan No. 6, Sugar Land Town Square, the Second Largest Tenant, Southwest Water, executed a new lease in October 2023 and is expected to take occupancy in January 2024. We cannot assure you that Southwest Water will take occupancy and/or commence paying rent as expected or at all.
With respect to Loan No. 6, Sugar Land Town Square, the Fifth Largest Tenant, Amica Mutual Insurance, has the option to terminate its lease as of May 31, 2027 by providing written notice to the landlord at least 12 months prior to such termination and paying a termination fee calculated under the related lease.
With respect to Loan No. 9, Arundel Mills and Marketplace, the Largest Tenant, Live Casino Hotel Maryland, representing approximately 28.2% of total net rentable square footage, may terminate its lease on June 30, 2027, which is the expiration of the first 15-year period from the rent commencement date, or at the end of any 10-year period thereafter. | |
(22) | In the case of certain Mortgage Loans, all or a portion of the Ownership Interest consists of a leasehold interest.
With respect to Loan No. 2, Bala Plaza Portfolio, provided no event of default has occurred and is continuing, the borrowers may, on a one-time basis during the term of the Bala Plaza Portfolio Mortgage Loan (except during the period commencing (a) 60 days prior to an anticipated securitization of the Bala Plaza Portfolio Mortgage Loan and ending (b) 60 days after the Bala Plaza Portfolio Mortgage Loan has been sold to such securitization), and prior to any partial release occurring, subject the mortgaged property to a land condominium regime, subject to the terms of the Bala Plaza Portfolio Mortgage Loan documents.
With respect to Loan No. 6, Sugar Land Town Square, the borrower holds interests in two separate condominium regimes: (i) a 75.04% aggregate interest in the common elements of the “Sugar Land Town Square Parking Condominium”, with respect to certain parking units, and (ii) a 31.35% aggregate interest in the common elements of the “Town Square Plaza Condominium”, with respect to a certain retail unit that is part of the condominium. Pursuant to the Mortgage Loan documents, among other conditions, the borrower (i) must pay all common charges and other assessments as required by the related condominium documents in respect of the mortgaged property; (ii) must not, without first obtaining the lender’s written consent, and unless directed otherwise in writing by the lender, (a) vote for, consent to or permit to occur any modification of, amendment to, or relaxation in the enforcement of, any material provision of the related condominium documents, unless such action is legally required, (b) vote in opposition to a motion to repair, restore or rebuild, unless the Mortgage Loan is repaid in full pursuant to the Mortgage Loan documents, (c) partition, subdivide or combine any of the condominium units or (d) vote in favor of the imposition of special assessments for capital improvements pursuant to the related condominium units; and (iii) must observe, in all material respects, all material requirements and agreements under the related condominium acts and documents.
With respect to Loan No. 6, Sugar Land Town Square, approximately 396 square feet of the mortgaged property is encumbered by a ground lease between the borrower, as ground lessee, and the Sugar Land Town Square Development Authority, as ground lessor. The annual rent under the ground lease is $10.00 and the lease expires on September 30, 2102 with no extension options.
With respect to Loan No. 10, Workspace Portfolio, the 300-309 Lakeside Drive mortgaged property consists of one office condominium unit that is a portion of a larger condominium structure consisting of four total units. The borrower sponsor owns one unit out of the four total units and, pursuant to the condominium declaration, approximately 23.3% of the interest in the condominium’s common elements. Accordingly, the related mortgaged property is responsible for approximately 23.3% of the annual condominium charges determined by the executive board. The condominium association is managed by an executive board comprised of a total of four board members, with each unit owner having the right to appoint one board member to the board and each such board member being entitled to cast one vote in matters presented before the board (except for units owned by the related association, as to which no votes may be cast). The executive board generally manages the condominium. However, certain major decisions require the unanimous consent of the unit owners. In the event of a foreclosure, the successor entity would assume such property sponsor’s various rights pursuant to the condominium documents, including, without limitation, the ability to designate one member of the executive board. Please see “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” for additional information.
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A-1-34 |
With respect to Loan No. 18, Philadelphia Marriott Downtown, the Headhouse building is included within a condominium regime that includes three units: the Headhouse building (as the hotel unit), a retail unit, and a public access space unit. The hotel unit has 82% of voting rights in the owners’ association, and the ability to affirmatively control material operational decisions of the owners’ association. Each unit owner is responsible for maintenance of its own unit, and the hotel unit owner is responsible for maintenance of the upper roof. Please see “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” for additional information. | |
(23) | Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related Mortgage Loan documents.
With respect to Loan No. 1, Axis Apartments, the borrower posted two letters of credit for a Sonder base rent reserve of $3,624,131, which accounts for (i) approximately one year of Sonder’s rent, (ii) a Sonder gap rent reserve of $1,812,061 and (iii) a Sonder free rent reserve of $1,208,040.
With respect to Loan No. 6, Sugar Land Town Square, the Other Reserves consist of an initial deposit for unfunded obligations in connection with certain outstanding tenant improvement and leasing commission obligations (approximately $10,496,774), an initial deposit for outstanding free rent and gap rent obligations (approximately $6,611,944), and an initial deposit for an earnout reserve ($5,000,000). The earnout reserve funds may be disbursed to the borrower upon, among other conditions, the net cash flow debt yield being greater than or equal to 11.25% (the “Earnout Satisfaction Event”). If the borrower is not entitled to a disbursement of the earnout reserve funds as of November 3, 2025 (the “Stabilization Date”), the borrower will be entitled to a partial disbursement of the earnout reserve funds, so long as the borrower has satisfied the conditions precedent for the Earnout Satisfaction Event, in the amount that would satisfy such debt yield requirement. The lender will, in its sole discretion, apply all funds remaining in the earnout reserve as of the Stabilization Date (after any partial disbursement) to prepay a portion of the outstanding principal balance of the Sugar Land Town Square whole loan subject to the applicable yield maintenance premium. The Sugar Land Town Square whole loan Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), and Underwritten NOI Debt Yield (%) net of the earnout reserve are 47.8%, 47.8%, and 12.4%, respectively. As of the date hereof, the borrower has requested disbursement of the earnout reserve funds, but the lender has not yet determined whether the conditions precedent for the Earnout Satisfaction Event have been satisfied. We cannot assure you that the Earnout Satisfaction Event will occur prior to the Stabilization Date.
With respect to Loan No. 8, Fashion Valley Mall, the borrower deposited into escrow (i) $24,345,615 for outstanding tenant improvement allowances and leasing commissions and (ii) $4,458,079 for outstanding gap rent.
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(24) | Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related Mortgage Loan documents. In certain cases, reserves with $0 balances are springing and are collected in the event of certain conditions being triggered in the respective Mortgage Loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being trigger in the respective Mortgage Loan documents.
With respect to Loan No. 5, 645 North Michigan Avenue, the borrowers are required to deposit on each monthly payment date occurring after the occurrence and during the continuance of a specified tenant trigger period caused by renewal trigger event with respect to Ferragamo an amount equal to $83,333.
With respect to Loan No. 5, 645 North Michigan Avenue, the borrowers are required to deposit on each monthly payment date occurring after the occurrence and during the continuance of a specified tenant trigger period caused by renewal trigger event with respect to Zegna an amount equal to $83,333.
With respect to Loan No. 6, Sugar Land Town Square, the borrower is required to escrow approximately $83,672 monthly for tenant improvements and leasing commissions if at any time the balance in the TI/LC Reserve is less than $5,750,000, excluding certain amounts deposited therein in respect of certain lease termination payments and ongoing lease matters.
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With respect to Loan No. 11, Outlet Shoppes at Atlanta, on each monthly payment date during a reserves trigger period, the borrower is required to deposit an amount equal to $8,440.54 into a replacement reserve account and $67,524.33 into a rollover reserve account.
With respect to Loan No. 19, Walgreens 3-Pack, on each Payment Date after a mortgaged property is released, the borrowers are required to remit to lender an amount equal to the Monthly TI/LC Amount. | |
(25) | Represents a cap on the amount required to be deposited by the borrower pursuant to the related Mortgage Loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective Mortgage Loan documents.
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(26) | The classification of the lockbox and cash management types is described in the prospectus. See “Description of the Mortgage Pool – Lockbox Accounts” for further details.
With respect to Loan No. 18, Philadelphia Marriott Downtown, the Mortgage Loan documents are structured with a soft lockbox, pursuant to which all cash generated at the related mortgaged property that the borrowers and operating lessee are entitled to receive pursuant to the related management agreement is required to be deposited to the lockbox account by the related property manager within one business day after the borrowers or operating lessee are entitled to distributions thereto so long as the following conditions are satisfied: (i) the related mortgaged property is managed by the hotel manager under the management agreement in effect as of the origination of the mortgage loan; (ii) such management agreement remains in full force and effect; and (iii) such hotel manager is maintaining the cash management system and FF&E reserves as set forth in the management agreement (collectively, the “Qualified Hotel Management Condition”). However, if the Qualified Hotel Management Condition is not satisfied, the borrowers and operating lessee are required to, or cause the property manager to, (i) deposit all gross revenue and all forfeited security deposits into the lockbox account within one business day of receipt thereof, and (ii) send direction letters to (x) all tenants then occupying space at the mortgaged property instructing them to pay all rent and other sums due under the related leases directly into the lockbox account and (y) each applicable credit card company and credit card clearing bank instructing them to deliver all receipts payable with respect to the mortgaged property directly to the lockbox account.
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(27) | Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Debt—Mezzanine Indebtedness” and “—Other Indebtedness” and “Certain Legal Aspects of the Mortgage Loans” in the Prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future.
With respect to Loan No. 8, Fashion Valley Mall, the mortgaged property is subject to an existing property assessed clean energy loan in an original principal amount of $2,523,653 from the California Statewide Communities Development Authority, to the borrower. The PACE loan is dated April 20, 2015 and has an approximately 10-year term. The annual debt service is $312,351 and the remaining balance as of March 2023 was $866,043. Such debt service is included as an assessment on the Mortgaged Property’s real estate tax bills and is a recoverable expense. In addition, the Fashion Valley Mall Whole Loan documents permit the borrower to enter into a future PACE loan for an amount not to exceed $5,000,000.
With respect to Loan No. 9, Arundel Mills and Marketplace, the mortgaged property is subject to an existing property assessed clean energy loan in an original principal amount of $2,037,877.38 from Petros PACE Finance, LLC, a Texas limited liability company, to the borrower. The PACE loan has an approximately 17-year term with final payment occurring in November 2035. The annual debt service is $195,956.85 and the remaining balance, including all interest and administrative expenses, as of October 2023 was $1,633,579.73. Payments and any accrued interest are collected on the tax bill for the Arundel Mills and Marketplace Property and constitute a first lien on the Arundel Mills and Marketplace Property that has a priority over any mortgage loan. In addition, the Arundel Mills and Marketplace whole loan documents permits the borrowers to enter into an additional PACE loan for an amount not to exceed $5,000,000.
With respect to Loan No. 10, Workspace Portfolio, subject to the lender’s approval, the related borrower may be permitted to enter into a PACE loan, which would be repaid through multi-year assessments against the applicable mortgaged property.
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With respect to Loan No. 17, Staybridge Suites Lubbock, the borrower is permitted to obtain future mezzanine financing secured by a pledge of the direct ownership interests in the borrower subject to certain conditions, including, among others, (i) the principal balance of any permitted mezzanine debt may not exceed $1,500,000 and (ii) at the time of origination of such permitted mezzanine debt (x) the combined loan-to-value ratio of the total indebtedness may not exceed the loan-to-value ratio of such Mortgage Loan as of its date of origination, (y) the combined debt service coverage ratio of the Mortgage Loan and any permitted mezzanine debt must be at least equal to the debt service coverage ratio of such Mortgage Loan as of its date of origination and (z) the combined debt yield of the Mortgage Loan and any permitted mezzanine debt must be at least equal to the debt yield of such Mortgage Loan as of its date of origination.
With respect to Loan No. 18, Philadelphia Marriott Downtown, the related whole loan documents permit future mezzanine debt secured by a pledge of direct equity interests in the borrowers and operating lessee subject to the satisfaction of certain conditions including, among others, (i) immediately after giving effect to such debt (x) the combined loan-to-value ratio, as calculated in accordance with the Philadelphia Marriott Downtown whole loan documents, may not exceed 54.9%, (y) the combined net operating income debt yield, as calculated in accordance with the Philadelphia Marriott Downtown whole loan documents, is at least 13.2% and (z) the combined net operating income debt service coverage ratio, as calculated in accordance with the Philadelphia Marriott Downtown whole loan documents, is at least 1.50x and (ii) execution of a subordination and intercreditor agreement reasonably acceptable to the lender and satisfactory to the rating agencies. | |
With respect to Loan No. 18, Philadelphia Marriott Downtown, in connection with each Operating Lease, each borrower conveyed certain working capital to the Operating Lessee with the aggregate outstanding balance as of the origination date of the Philadelphia Marriott Downtown whole loan of $2,939,385 (the “Working Capital Loan”) in the form of a loan, with respect to which the Operating Lessee executed a promissory note in favor of each borrower. The Working Capital Loan is subordinate to the Philadelphia Marriott Downtown whole loan. In addition, there currently exist seven intercompany loans among various affiliates of the related borrowers, ranging in amount from $100,454 to $93,956,182 (collectively, the “Intercompany Loans”) and three of which involve one of the two related borrowers under the Philadelphia Marriott Downtown whole loan, Philadelphia Market Street HMC Hotel Limited Partnership, as the borrower, ranging in amount from $100,454 to $89,303,566. Each of the Intercompany Loans is subordinate to the Philadelphia Marriott Downtown whole loan. None of the Intercompany Loans is secured by any collateral and all enforcement actions require the prior written consent of the lender (or the Philadelphia Marriott Downtown whole loan must be indefeasibly paid in full) in accordance with a subordination and standstill agreement. See “Description of the Mortgage Pool–Additional Indebtedness–Other Indebtedness” in the Preliminary Prospectus.
With respect to Loan No. 18, Philadelphia Marriott Downtown, certain affiliates of the related borrower sponsors (collectively, the “Preferred Equity Investor”) hold a preferred equity interest in one of the related borrowers, Philadelphia Market Street HMC Hotel Limited Partnership, in connection with an original $23,000,000 capital contribution in such borrower. The Preferred Equity Investor is entitled to an amount of preferred return as set forth in the related operating agreement at the annual rate of return of 12%, payable when any distributions are made under the related operating agreement. The preferred equity investment does not have a fixed redemption period, and the related operating agreement does not provide the Preferred Equity Investor with any remedies in the event of a default under the preferred equity arrangement. See “Description of the Mortgage Pool–Additional Indebtedness–Preferred Equity” in the Preliminary Prospectus.
With respect to Loan No. 20, Nvidia Santa Clara, concurrently with the funding of the Nvidia Santa Clara whole loan, JPMorgan Chase Bank, National Association funded a mezzanine loan in the amount of $50,500,000, which was subsequently sold to, and is currently held by, a third-party lender. The Nvidia Santa Clara Total Debt Cut-off Date Balance ($) results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 57.6%. |
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(28) | In certain cases, the name of the Sponsor and/or Non-Recourse Carveout Guarantor was shortened for spacing purposes or due to the number of parties serving as the Sponsor and/or Non-Recourse Carveout Guarantor. In the case of certain mortgage loans, the Mortgage Loan documents permit the borrower to replace the Sponsor and/or Non-Recourse Carveout Guarantor upon satisfaction of certain terms and conditions in the related Mortgage Loan documents.
With respect to Loan No. 8, Fashion Valley Mall, there is no separate environmental indemnitor with respect to the whole or the mortgage loan. While the borrower is obligated under the non-recourse carveout provisions in the related Mortgage Loan documents and the guarantor is obligated with respect to any breaches thereof by the borrower, no separate environmental indemnity agreement was executed by the borrower. In addition, for so long as one or more of Simon Property Group, L.P., Simon Property Group, Inc. (or an affiliate thereof) or PPF Retail, LLC is a non-recourse carveout guarantor, the non-recourse carveout guarantor’s aggregate liability is limited to 20% of the original principal balance of the mortgage loan, 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 such lender’s rights under such guaranty.
With respect to Loan No. 9, Arundel Mills and Marketplace, for so long as any of Simon Property Group, Inc., SPG LP, or an affiliate of the foregoing is a guarantor under the non-recourse carveout guaranty, the liability of the non-recourse carveout guarantors is capped at an amount equal to 20% of the original principal amount of the related whole loan, plus all of the reasonable out-of-pocket costs and expenses incurred by the lender in the enforcement of such guaranty or the preservation of the lender’s rights thereunder. In addition, there is no separate environmental indemnity with respect to such Mortgage Loan. The non-recourse carveout guaranty covers breaches of representations, warranties and indemnification provisions in the loan agreement concerning environmental laws and hazardous materials; however, such coverage is subject to the cap described above.
With respect to Loan No. 10, Workspace Portfolio, the Mortgage Loan documents permit the release of the related carveout guarantor’s obligations under the environmental indemnity upon satisfaction of certain terms and conditions in the Mortgage Loan documents including, without limitation, the delivery to lender of an acceptable environmental policy, which, in all cases, (i) may not contain any exclusions or limitations of coverage for known environmental conditions at the mortgaged property, (ii) names the indemnitee as a named insured with automatic rights of assignment in the event of default on an endorsement acceptable to indemnitee, (iii) is in amounts, and with deductibles, terms and conditions, insureds, and endorsements acceptable to indemnitee, (iv) is written with a policy term of not less than eight years and (v) is dedicated to the mortgaged property and which borrower is not permitted to add any additional locations during the policy term.
With respect to Loan No. 14, Connolly's Portfolio, the Mortgage Loan documents provide that the related guarantors will be fully and personally liable as a primary obligor with respect to all of the loss recourse carveouts, all of the full recourse carveouts, and payment of the debt in accordance with the Mortgage Loan documents.
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(29) | 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.
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(30) | 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. |
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(31) | With respect to each hotel property, shows the expiration date of the related license agreement, franchise agreement, operating agreement or management agreement. See “Description of the Mortgage Pool—Property Types—Hotel Properties” in the preliminary prospectus for information related to mortgage loans secured by hotel properties.
With respect to Loan No. 18, Philadelphia Marriott Downtown, there is no franchise agreement with respect to the mortgaged property. Each of the two related borrowers has entered into a hotel management agreement with Marriott Hotel Services, Inc., an affiliate of the national hotel brand, Marriott International, Inc. Each hotel management agreement is scheduled to expire on December 31, 2033. In connection with each of the foregoing hotel management agreements, each applicable borrower has delivered a subordination, non-disturbance, and attornment agreement. |
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