Benchmark 2024-V9 Mortgage Trust FWP Free writing prospectus

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-261764-04

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STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

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Benchmark 2024-V9 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

Address

City

County

State

Zip Code

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 ($)

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

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

Final Maturity Date

Grace Period - Late Fee (Days)

Grace Period - Default (Days)

Prepayment Provision

Most Recent EGI ($)

Most Recent Expenses ($)

Most Recent NOI ($)

Most Recent NOI Date

Most Recent Description

Second Most Recent EGI ($)

Second Most Recent Expenses ($)

Second Most Recent NOI ($)

Second Most Recent NOI Date

Second Most Recent Description

Third Most Recent EGI ($)

Third Most Recent Expenses ($)

Third Most Recent NOI ($)

Third Most Recent NOI Date

Third Most Recent Description

Underwritten Economic Occupancy (%)

Underwritten EGI ($)

Underwritten Expenses ($)

Underwritten Net Operating Income ($)

Underwritten Replacement / FF&E Reserve ($)

Underwritten TI / LC ($)

Underwritten Net Cash Flow ($)

Underwritten NOI DSCR (x)

Underwritten NCF DSCR (x)

Underwritten NOI Debt Yield (%)

Underwritten NCF Debt Yield (%)

Appraised Value ($)

Appraised Value Type

Appraisal Date

Cut-off Date LTV Ratio (%)

LTV Ratio at Maturity / ARD (%)

Leased Occupancy (%)

Occupancy Date

Single Tenant (Y/N)

Largest Tenant

Largest Tenant SF

Largest Tenant % of NRA

Largest Tenant Lease Expiration Date

Second Largest Tenant

Second Largest Tenant SF

Second Largest Tenant % of NRA

Second Largest Tenant Lease Expiration Date

Third Largest Tenant

Third Largest Tenant SF

Third Largest Tenant % of NRA

Third Largest Tenant Lease Expiration Date

Fourth Largest Tenant

Fourth Largest Tenant SF

Fourth Largest Tenant % of NRA

Fourth Largest Tenant Lease Expiration Date

Fifth Largest Tenant

Fifth Largest Tenant SF

Fifth Largest Tenant % of NRA

Fifth Largest Tenant Lease Expiration Date

Environmental Phase I Report Date

Environmental Phase II Report Date

Engineering Report Date

Seismic Report Date

PML or SEL (%)

Flood Zone

Ownership Interest

Ground Lease Expiration Date

Ground Lease Extension Terms

Annual Ground Lease Payment as of the Cut-off Date ($)

Annual Ground Rent Increases (Y/N)

Upfront RE Tax Reserve ($)

Monthly RE Tax Reserve ($)

Upfront Insurance Reserve ($)

Monthly Insurance Reserve ($)

Upfront Replacement / PIP Reserve ($)

Monthly Replacement / FF&E Reserve ($)

Replacement Reserve Caps ($)

Upfront TI/LC Reserve ($)

Monthly TI/LC Reserve ($)

TI/LC Caps ($)

Upfront Debt Service Reserve ($)

Monthly Debt Service Reserve ($)

Debt Service Reserve Cap ($)

Upfront Deferred Maintenance Reserve ($)

Upfront Other Reserve ($)

Monthly Other Reserve ($)

Other Reserve Description

Other Reserve Cap ($)

Holdback/ Earnout Amount ($)

Holdback/ Earnout Description

Lockbox Type

Cash Management

Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)

Tenant Specific Excess Cash Trap Trigger (Y/N)

Pari Passu (Y/N)

Pari Passu in Trust Controlling (Y/N)

Trust Pari Passu Cut-off Date Balance ($)

Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($)

Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)

Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)

Subordinate Companion Loan Cut-off Date Balance ($)

Subordinate Companion Loan Interest Rate

Whole Loan Cut-off Date Balance ($)

Whole Loan Monthly Debt Service ($)

Whole Loan Cut-off Date LTV Ratio (%)

Whole Loan Underwritten NCF DSCR (x)

Whole Loan Underwritten NOI Debt Yield (%)

Mezzanine Debt Cut-off Date Balance($)

Mezzanine Debt Interest Rate (%)

Total Debt Cut-off Date Balance ($)

Total Debt Monthly Debt Service ($)

Total Debt Cut-off Date LTV Ratio (%)

Total Debt Underwritten NCF DSCR (x)

Total Debt Underwritten NOI Debt Yield (%)

Future Additional Debt Permitted (Y/N)

Future Debt Permitted Type

Sponsor

Non-Recourse Carveout Guarantor

Delaware Statutory Trust
(Y/N)

Tenants-in-common
(Y/N)

Loan Purpose

Property Located Within a Qualified Opportunity Zone (Y/N)

Sources: Loan Amount ($)

Sources: Principal's New Cash Contribution ($)

Sources: Subordinate Debt ($)

Sources: Other Sources ($)

Sources: Total Sources ($)

Uses: Loan Payoff ($)

Uses: Purchase Price ($)

Uses: Closing Costs ($)

Uses: Reserves ($)

Uses: Principal Equity Distribution ($)

Uses: Other Uses ($)

Uses: Total Uses ($)

Franchise Agreement Expiration

Underwritten ADR ($)

Underwritten RevPAR ($)

Underwritten Hotel Occupancy (%)

Most Recent ADR ($)

Most Recent RevPAR ($)

Most Recent Hotel Occupancy (%)

Second Most Recent ADR ($)

Second Most Recent RevPAR ($)

Second Most Recent Hotel Occupancy (%)

Third Most Recent ADR ($)

Third Most Recent RevPAR ($)

Third Most Recent Hotel Occupancy (%)

Loan

9, 10, 11, 12, 13, 14

Stonebriar Centre

9.98%

100.0%

GSBI, BANA, SGFC

GSMC

Group 1

NAP

2601 Preston Road

Frisco

Collin

Texas

75033

Retail

Super Regional Mall

2000

NAP

1,096,880

232.48

89,000,000

6.99900%

0.01527%

6.98373%

NAP

526,302.12

NAP

6,315,625.44

Interest Only

Actual/360

7/1/2024

8/1/2024

NAP

7/1/2029

NAP

L(25),D(28),O(7)

59,253,463

15,561,540

43,691,924

4/30/2024

T-12

59,426,990

15,869,494

43,557,495

12/31/2023

T-12

56,031,261

16,837,781

39,193,479

12/31/2022

T-12

95.0%

58,468,101

15,644,476

42,823,625

219,376

1,038,756

41,565,493

2.37

2.30

16.8%

16.3%

605,000,000

As Is

5/13/2024

42.1%

96.7%

4/30/2024

JCPenney

162,347

14.8%

12/31/2040

AMC Theatres

94,560

8.6%

9/30/2028

DICK'S Sporting Goods

77,411

7.1%

1/31/2027

Kidzania

60,000

5.5%

11/30/2046

Haverty's Furniture

60,000

5.5%

1/31/2026

4/15/2024

NAP

4/16/2024

NAP

Fee

NAP

Springing

438,752

91,407

2,193,760

12,477,527

Rollover Reserve ($11,720,606), Gap Rent Reserve ($756,921)

NAP

Hard

Springing

Yes

89,000,000

166,000,000

981,642.15

1,507,944.27

NAP

255,000,000

1,507,944.27

42.1%

2.30

16.8%

NAP

GGP/Homart II L.L.C., Brookfield Properties Retail Holding LLC and New York State Common Retirement Fund

GGP/Homart II L.L.C.

Refinance

255,000,000

242,815,054

811,504

10,449,929

923,513

255,000,000

NAP

Loan

15, 16, 17, 18

Churchill Portfolio

9.5%

CREFI

NAP

Various

NAP

7,254

Pads/Units

11,717.67

85,000,000

5.71000%

0.01527%

5.69473%

NAP

410,075.81

NAP

4,920,909.72

Interest Only

Actual/360

7/3/2024

8/6/2024

NAP

7/6/2029

NAP

L(25),D(28),O(7)

16,184,648

7,423,923

8,760,725

5/31/2024

T-12

15,856,168

7,245,316

8,610,852

12/31/2023

T-12

14,848,807

6,781,400

8,067,407

12/31/2022

T-12

76.2%

16,689,688

7,484,405

9,205,283

243,352

8,961,932

1.87

1.82

10.8%

10.5%

166,400,000

As Is

Various

51.1%

75.1%

362,285

90,571

Springing

20,079

3,580,309

NAP

Springing

Yes

NAP

Barbi Benton Gradow

Refinance

85,000,000

53,640,491

8,188,131

3,942,594

19,228,783

85,000,000

NAP

2.01

Property

Rapid City Regency

1.0%

10.0%

1702 East Highway 44

Rapid City

Pennington

South Dakota

57703

Manufactured Housing

1997

NAP

207

Pads

8,480,000

1,135,619

316,177

819,442

5/31/2024

T-12

1,116,745

294,028

822,717

12/31/2023

T-12

1,030,416

263,544

766,872

12/31/2022

T-12

98.5%

1,178,647

300,132

878,514

9,869

868,646

13,900,000

As Is

5/9/2024

98.6%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.02

Property

Durango Regency

0.8%

8.7%

7520 County Road 203

Durango

La Plata

Colorado

81301

Manufactured Housing

1973

NAP

128

Pads

7,430,000

1,050,567

323,840

726,727

5/31/2024

T-12

1,026,467

298,475

727,992

12/31/2023

T-12

980,427

295,441

684,986

12/31/2022

T-12

100.0%

1,088,880

333,360

755,520

9,704

745,816

14,700,000

As Is

5/1/2024

100.0%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.03

Property

Canby Regency

0.7%

7.2%

10038 South New Era Road

Canby

Clackamas

Oregon

97013

Manufactured Housing

1972

NAP

121

Pads

6,130,000

1,015,605

424,559

591,046

5/31/2024

T-12

993,679

407,065

586,614

12/31/2023

T-12

949,507

352,666

596,841

12/31/2022

T-12

100.0%

1,047,706

434,643

613,063

6,276

606,788

11,900,000

As Is

5/15/2024

100.0%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

6/25/2024

10%

Fee / Leasehold

12/31/2033

None

22,924

Yes

NAP

2.04

Property

Savannah Regency

0.6%

6.6%

2395 Downing Avenue

Savannah

Chatham

Georgia

31404

Manufactured Housing

1973

NAP

135

Pads

5,570,000

702,295

143,307

558,987

5/31/2024

T-12

684,796

138,951

545,844

12/31/2023

T-12

656,976

130,401

526,575

12/31/2022

T-12

100.0%

721,125

132,156

588,969

9,186

579,784

9,300,000

As Is

5/7/2024

100.0%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Yes - AE

Fee

NAP

2.05

Property

Douglasville Regency

0.6%

6.5%

3221 McKown Road

Douglasville

Douglas

Georgia

30134

Manufactured Housing

1960

NAP

169

Pads

5,490,000

963,003

418,327

544,676

5/31/2024

T-12

922,088

406,605

515,483

12/31/2023

T-12

774,998

384,022

390,976

12/31/2022

T-12

80.7%

987,677

386,980

600,697

4,476

596,222

10,200,000

As Is

5/7/2024

82.8%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.06

Property

Saint Marys Regency

0.6%

6.2%

306 Ryan Drive

Saint Marys

Camden

Georgia

31558

Manufactured Housing

1990

NAP

180

Pads

5,280,000

1,188,022

666,506

521,516

5/31/2024

T-12

1,155,323

657,067

498,256

12/31/2023

T-12

1,051,921

588,805

463,116

12/31/2022

T-12

74.9%

1,209,653

613,048

596,605

3,478

593,127

11,300,000

As Is

4/30/2024

73.9%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.07

Property

San Marcos Regency

0.5%

5.7%

1834 Post Road

San Marcos

Hays

Texas

78666

Manufactured Housing

1965

NAP

133

Pads

4,840,000

804,272

268,670

535,602

5/31/2024

T-12

808,687

343,531

465,156

12/31/2023

T-12

758,074

369,253

388,821

12/31/2022

T-12

93.3%

876,549

264,510

612,038

3,386

608,653

7,800,000

As Is

5/7/2024

94.0%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.08

Property

Rock Springs Regency

0.5%

5.5%

50 Reliance Road

Rock Springs

Sweetwater

Wyoming

82901

Manufactured Housing

1973

NAP

161

Pads

4,700,000

720,727

257,397

463,329

5/31/2024

T-12

700,596

251,398

449,198

12/31/2023

T-12

705,209

263,600

441,609

12/31/2022

T-12

85.9%

741,505

249,191

492,314

8,332

483,981

9,400,000

As Is

5/14/2024

87.6%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.09

Property

Oxford Regency

0.4%

4.7%

100 Skeetfield Road

Oxford

Maine

04270

Manufactured Housing

1970

NAP

133

Pads

3,970,000

714,652

288,797

425,855

5/31/2024

T-12

686,777

260,551

426,225

12/31/2023

T-12

588,087

203,305

384,783

12/31/2022

T-12

94.2%

712,742

269,525

443,217

12,382

430,835

7,300,000

As Is

5/15/2024

94.7%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.10

Property

Detroit

0.4%

4.0%

432 Mechanic Street, 431 Gratiot Avenue and 1423 Franklin Street

Detroit

Wayne

Michigan

48226; 48207; 48226

Self Storage

1916, 1919

NAP

851

Units

3,430,000

701,092

349,623

351,469

5/31/2024

T-12

704,550

336,219

368,330

12/31/2023

T-12

687,019

348,010

339,009

12/31/2022

T-12

68.2%

725,991

418,062

307,929

24,429

283,500

6,080,000

As Is

4/30/2024

67.0%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.11

Property

Alpine Regency

0.4%

3.8%

2928 Alpine Road

Columbia

Richland

South Carolina

29223

Manufactured Housing

1970

NAP

132

Pads

3,220,000

520,088

209,464

310,624

5/31/2024

T-12

512,630

229,883

282,747

12/31/2023

T-12

415,116

312,856

102,260

12/31/2022

T-12

76.7%

543,409

200,591

342,818

13,481

329,336

5,510,000

As Is

5/7/2024

78.8%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.12

Property

Dickson Regency

0.3%

3.5%

136 Brannon Drive

Dickson

Tennessee

37055

Manufactured Housing

1968

NAP

Pads

2,970,000

379,171

89,818

289,352

5/31/2024

T-12

366,175

81,160

285,016

12/31/2023

T-12

363,831

88,380

275,451

12/31/2022

T-12

85.7%

392,934

77,610

315,324

7,671

307,652

4,900,000

As Is

5/9/2024

86.3%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.13

Property

Baytown

0.3%

2.8%

8528 Highway 146 and 7524 FM 3180

Baytown

Chambers

Texas

77523

Self Storage

1987

NAP

527

Units

2,350,000

424,274

201,621

222,653

5/31/2024

T-12

400,154

198,907

201,247

12/31/2023

T-12

367,290

206,216

161,073

12/31/2022

T-12

65.4%

442,628

229,152

213,476

4,750

208,726

4,270,000

As Is

5/1/2024

63.9%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.14

Property

Mora Regency

0.2%

2.4%

954 Frankie Lane

Mora

Kanabec

Minnesota

55051

Manufactured Housing

1968

NAP

124

Pads

2,030,000

519,762

274,149

245,613

5/31/2024

T-12

505,349

260,867

244,482

12/31/2023

T-12

400,999

191,569

209,430

12/31/2022

T-12

67.2%

532,029

252,653

279,376

7,786

271,591

4,400,000

As Is

5/13/2024

71.8%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.15

Property

Beaumont

0.2%

2.4%

650 Interstate 10 South

Beaumont

Jefferson

Texas

77707

Self Storage

2002, 2005

NAP

539

Units

2,000,000

573,708

311,793

261,915

5/31/2024

T-12

555,590

299,673

255,916

12/31/2023

T-12

573,709

268,272

305,437

12/31/2022

T-12

83.2%

590,754

354,263

236,491

28,959

207,532

3,410,000

As Is

5/1/2024

82.9%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.16

Property

Waveland

0.2%

2.1%

203 Highway 90

Waveland

Hancock

Mississippi

39576

Self Storage

1982, 2006

NAP

444

Units

1,800,000

420,189

213,087

207,102

5/31/2024

T-12

434,337

223,809

210,529

12/31/2023

T-12

515,744

235,013

280,731

12/31/2022

T-12

70.6%

422,898

230,413

192,486

3,529

188,957

3,120,000

As Is

5/7/2024

70.3%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Yes - AE

Fee

NAP

2.17

Property

Montgomery Regency

0.2%

2.1%

87 White Frost Drive

Montgomery

Alabama

36116

Manufactured Housing

1972, 1988

NAP

122

Pads

1,790,000

375,483

211,686

163,797

5/31/2024

T-12

366,815

207,515

159,300

12/31/2023

T-12

364,983

179,179

185,804

12/31/2022

T-12

76.5%

405,227

199,935

205,292

9,450

195,842

3,510,000

As Is

5/9/2024

77.9%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Yes - AE

Fee

NAP

2.18

Property

Hwy 49

0.2%

2.1%

8056 Highway 49 North

Gulfport

Harrison

Mississippi

39501

Self Storage

1986

NAP

407

Units

1,770,000

408,679

223,088

185,591

5/31/2024

T-12

409,968

211,244

198,724

12/31/2023

T-12

388,470

152,574

235,895

12/31/2022

T-12

84.5%

409,027

256,005

153,022

5,864

147,157

3,260,000

As Is

5/7/2024

85.0%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.19

Property

San Juan

0.2%

1.8%

120 North I Road

San Juan

Hidalgo

Texas

78589

Self Storage

1979, 1990, 2005

NAP

292

Units

1,500,000

424,490

153,995

270,495

5/31/2024

T-12

419,659

143,631

276,028

12/31/2023

T-12

387,254

145,542

241,712

12/31/2022

T-12

91.9%

455,786

149,356

306,431

9,541

296,890

2,440,000

As Is

5/3/2024

91.8%

5/31/2024

NAP

6/4/2024

NAP

5/30/2024

NAP

Fee

NAP

2.20

Property

Sioux City Regency

0.2%

1.7%

4101 East Gordon Road

Sioux City

Woodbury

Iowa

51106

Manufactured Housing

1950

NAP

196

Pads

1,430,000

388,410

230,849

157,562

5/31/2024

T-12

388,706

218,678

170,029

12/31/2023

T-12

390,136

160,351

229,785

12/31/2022

T-12

34.8%

378,902

213,286

165,616

3,743

161,873

6,000,000

As Is

5/9/2024

40.3%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.21

Property

Iowa City Regency

0.2%

1.6%

4455 Oak Crest Hill Southeast

Iowa City

Johnson

Iowa

52240

Manufactured Housing

1971

NAP

230

Pads

1,370,000

488,132

398,261

89,871

5/31/2024

T-12

456,237

380,531

75,706

12/31/2023

T-12

354,370

263,147

91,223

12/31/2022

T-12

40.5%

528,661

349,914

178,747

6,379

172,369

6,000,000

As Is

5/14/2024

43.5%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.22

Property

Pass Rd.

0.2%

1.6%

1120 Pass Road and 9470 Creosote Road

Gulfport

Harrison

Mississippi

39501

Self Storage

1970

NAP

379

Units

1,370,000

299,180

170,938

128,242

5/31/2024

T-12

308,938

160,836

148,103

12/31/2023

T-12

304,916

178,459

126,457

12/31/2022

T-12

71.1%

305,709

190,133

115,576

5,893

109,683

2,410,000

As Is

5/7/2024

70.7%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.23

Property

Willmar West Regency

0.1%

1.4%

401 30th Street Northwest

Willmar

Kandiyohi

Minnesota

56201

Manufactured Housing

1972

NAP

109

Pads

1,200,000

296,794

184,811

111,984

5/31/2024

T-12

286,130

213,880

72,250

12/31/2023

T-12

274,673

234,316

40,357

12/31/2022

T-12

56.9%

313,936

168,195

145,740

7,500

138,240

2,330,000

As Is

5/13/2024

58.7%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.24

Property

Semmes

0.1%

1.4%

8990 and 11140 Moffet Road

Semmes, Wilmer

Mobile

Alabama

36575

Self Storage

1999

NAP

303

Units

1,170,000

274,023

159,063

114,960

5/31/2024

T-12

278,200

161,150

117,050

12/31/2023

T-12

282,427

148,209

134,219

12/31/2022

T-12

78.6%

289,687

191,469

98,218

3,157

95,061

1,930,000

As Is

5/7/2024

78.5%

5/31/2024

NAP

6/3/2024

NAP

5/30/2024

NAP

Fee

NAP

2.25

Property

Eagle Lake Regency

0.1%

1.3%

133 Country Manor Road

Eagle Lake

Blue Earth

Minnesota

56024

Manufactured Housing

1967

NAP

132

Pads

1,120,000

310,797

200,750

110,047

5/31/2024

T-12

292,489

180,269

112,220

12/31/2023

T-12

253,898

154,606

99,292

12/31/2022

T-12

44.1%

316,968

185,807

131,160

6,624

124,536

3,470,000

As Is

5/13/2024

47.7%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.26

Property

Memphis

0.1%

1.2%

4271 Raleigh Lagrange Road

Memphis

Shelby

Tennessee

38128

Self Storage

1987

NAP

323

Units

1,020,000

309,594

195,545

114,050

5/31/2024

T-12

306,214

191,191

115,023

12/31/2023

T-12

302,733

192,420

110,313

12/31/2022

T-12

77.9%

317,374

234,698

82,676

13,429

69,248

1,770,000

As Is

5/8/2024

75.9%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

Fee

NAP

2.27

Property

Evansville

0.1%

1.2%

5061 Oak Grove Road

Evansville

Vanderburgh

Indiana

47715

Self Storage

1977

NAP

409

Units

1,000,000

249,004

113,689

135,314

5/31/2024

T-12

254,661

120,526

134,134

12/31/2023

T-12

270,617

114,221

156,396

12/31/2022

T-12

70.0%

247,927

150,493

97,434

2,814

94,620

1,680,000

As Is

5/10/2024

68.7%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Yes - AE

Fee

NAP

2.28

Property

Old Town Regency

0.1%

0.6%

840 South Main Street

Old Town

Penobscot

Maine

04468

Manufactured Housing

1970

NAP

113

Pads

470,000

358,143

282,825

75,318

5/31/2024

T-12

337,428

223,336

114,092

12/31/2023

T-12

281,666

222,439

59,227

12/31/2022

T-12

65.8%

340,066

279,235

60,831

3,694

57,136

3,230,000

As Is

5/15/2024

70.8%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

2.29

Property

Gautier

0.0%

0.1%

3301 Highway 90

Gautier

Jackson

Mississippi

39553

Self Storage

1981

NAP

175

Units

100,000

168,874

141,287

27,587

5/31/2024

T-12

176,779

144,339

32,440

12/31/2023

T-12

173,341

134,583

38,758

12/31/2022

T-12

80.0%

165,291

169,590

(4,299)

7,571

(11,870)

880,000

As Is

5/7/2024

79.4%

5/31/2024

NAP

5/30/2024

NAP

5/30/2024

NAP

Fee

NAP

Loan

19, 20, 21

Memphis and Chicago Industrial Portfolio

8.4%

CREFI

NAP

Various

NAP

2,977,028

25.19

75,000,000

6.78000%

0.01527%

6.76473%

NAP

429,635.42

NAP

5,155,625.04

Interest Only

Actual/360

7/2/2024

8/6/2024

NAP

7/6/2029

NAP

L(25),D(32),O(3)

10,174,766

2,243,435

7,931,332

4/30/2024

T-12

10,294,603

2,380,452

7,914,151

12/31/2023

T-12

9,690,206

2,168,969

7,521,237

12/31/2022

T-12

86.4%

10,588,465

2,165,703

8,422,762

446,554

7,976,208

1.63

1.55

11.2%

10.6%

134,300,000

As Is

Various

55.8%

89.0%

212,145

53,036

Springing

37,213

1,500,000

2,500,000

Springing

500,000

143,750

NAP

Hard

Springing

Yes

NAP

Olymbec USA LLC and Olymbec Investments Inc.

Refinance

75,000,000

45,686,099

2,075,252

2,855,895

24,382,755

75,000,000

NAP

3.01

Property

8374 North 4000 East Road

2.6%

30.7%

8374 North 4000 East Road

Manteno

Kankakee

Illinois

60950

Industrial

Warehouse/Distribution

2002

NAP

819,960

23,000,000

2,581,191

269,842

2,311,349

4/30/2024

T-12

2,650,760

320,023

2,330,737

12/31/2023

T-12

2,410,520

168,668

2,241,852

12/31/2022

T-12

100.0%

2,757,806

268,830

2,488,976

122,994

2,365,982

41,900,000

As Is

5/30/2024

100.0%

8/6/2024

Yes

Transform Distribution Center Holdco LLC

819,960

100.0%

12/31/2025

NAP

6/25/2024

NAP

6/20/2024

NAP

Fee

NAP

3.02

Property

Space Centre Industrial Park

2.0%

24.0%

234 Titan Road, 247 and 371 Saturn Drive, 255 and 440 East Brooks Road and 3389 Gemini Drive

Memphis

Shelby

Tennessee

38109

Industrial

Warehouse

1956-1973

NAP

1,088,244

18,000,000

3,014,089

677,123

2,336,966

4/30/2024

T-12

3,019,118

670,586

2,348,532

12/31/2023

T-12

3,054,464

644,452

2,410,011

12/31/2022

T-12

70.0%

2,452,893

593,811

1,859,082

163,237

1,695,846

41,000,000

As Is

6/5/2024

74.8%

5/1/2024

Nickey Warehouses, Inc.

711,181

65.4%

5/31/2025

Spa Parts Plus Ltd.

48,840

4.5%

2/28/2025

Hackbarth Delivery Service

37,492

3.4%

4/30/2025

Earnest Parker, Jr.

11,325

1.0%

10/31/2025

W&T Contracting Corp.

5,424

0.5%

3/31/2025

6/27/2024

NAP

6/20/2024

16%

Fee

NAP

3.03

Property

8800 Rostin Road

1.8%

22.0%

8800 Rostin Road

Southaven

DeSoto

Mississippi

38671

Industrial

Warehouse/Distribution

1974

NAP

508,700

16,500,000

1,322,620

39,679

1,282,941

4/30/2024

T-12

1,322,620

39,679

1,282,941

12/31/2023

T-12

1,322,620

39,679

1,282,941

12/31/2022

T-12

100.0%

1,835,515

55,065

1,780,450

76,305

1,704,145

24,400,000

As Is

6/5/2024

100.0%

8/6/2024

Yes

Terex Corporation

508,700

100.0%

2/28/2030

NAP

6/25/2024

NAP

6/20/2024

12%

Fee

NAP

3.04

Property

Southaven Industrial Park

1.5%

18.0%

2900-4114 Willow Lake Boulevard, 4477 Winchester Road and 422 Gragson Drive

Memphis

Shelby

Tennessee

38118; 38106

Industrial

Warehouse/Distribution

1972, 1986, 1989, 1995

NAP

444,382

13,500,000

1,842,608

433,246

1,409,362

4/30/2024

T-12

1,743,853

424,035

1,319,818

12/31/2023

T-12

1,390,099

399,174

990,925

12/31/2022

T-12

93.9%

2,024,237

433,414

1,590,823

66,657

1,524,166

20,500,000

As Is

6/5/2024

94.6%

5/1/2024

K & C Warehouse, LLC

146,881

33.1%

8/31/2028

Elegant Granite and Cabinet Inc.

66,891

15.1%

2/28/2030

Jacob Tubing LP

50,232

11.3%

6/30/2031

Stericycle, Inc.

39,883

9.0%

5/31/2028

Staples Contract & Commercial LLC

34,220

7.7%

4/30/2029

6/24/2024

NAP

6/20/2024

12%; 10%

Yes - AE

Fee

NAP

3.05

Property

Keystone Office Park

0.4%

5.3%

3021-3105 East 98th Street

Carmel

Hamilton

Indiana

46280

Office

Suburban

1986, 2003

NAP

115,742

4,000,000

1,414,258

823,545

590,714

4/30/2024

T-12

1,558,252

926,129

632,123

12/31/2023

T-12

1,512,503

916,997

595,507

12/31/2022

T-12

75.7%

1,518,013

814,582

703,431

17,361

686,069

6,500,000

As Is

6/14/2024

75.2%

7/1/2024

Market Street Wealth Management Advisors, LLC

5,777

5.0%

5/31/2029

UFCW Local 700

5,258

4.5%

9/30/2026

Senex Services Corp

4,885

4.2%

12/31/2026

Bierman Aba, Inc.

4,859

4.2%

4/30/2025

Richard J. Stuart, D.D.S.

4,813

4.2%

12/31/2034

6/24/2024

NAP

6/20/2024

NAP

Fee

NAP

Loan

22, 23, 24

Quantico Corporate Center

6.4%

100.0%

BCREI

Barclays

NAP

800, 925 and 1000 Corporate Drive

Stafford

Virginia

22554

Office

Suburban

2007-2012

NAP

409,134

139.32

57,000,000

7.10000%

0.01527%

7.08473%

NAP

341,934.03

NAP

4,103,208.36

Interest Only

Actual/360

7/19/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

10,269,933

2,927,636

7,342,297

5/31/2024

T-12

10,484,646

2,948,861

7,535,784

12/31/2023

T-12

9,854,531

2,612,135

7,242,395

12/31/2022

T-12

81.5%

11,123,854

3,021,349

8,102,506

81,827

401,932

7,618,746

1.97

1.86

14.2%

13.4%

94,000,000

As Is

5/21/2024

60.6%

81.5%

5/22/2024

ManTech

178,463

43.6%

10/31/2026

MITRE

35,303

8.6%

2/28/2029

Alexandria Insights

24,748

6.0%

1/31/2027

NAVFAC

23,438

5.7%

9/23/2029

Digital Cloak

18,049

4.4%

9/30/2032

5/28/2024

NAP

5/28/2024

NAP

Fee

NAP

102,951

51,475

22,163

11,082

6,819

2,500,000

68,189

5,312,913

Outstanding TI/LC Reserve ($5,150,813), Free Rent Reserve ($135,735), Landlord Work Reserve ($26,365)

NAP

Hard

Springing

Yes

NAP

Joseph Matthew Cassin, Jr. and David Taylor

Refinance

57,000,000

5,430,563

62,430,563

53,869,227

623,309

7,938,027

62,430,563

NAP

Loan

NYC Multifamily Portfolio

5.7%

3650 Real Estate Investment Trust 2 LLC

NAP

Various

New York

10022

Mixed Use

Various

146

Units

345,890.41

50,500,000

6.21500%

0.01527%

6.19973%

NAP

265,180.53

NAP

3,182,166.36

Interest Only

Actual/360

7/10/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(1),DorYM1(30),O(5)

8,627,411

4,733,016

3,894,395

5/31/2024

T-12

8,187,953

4,745,986

3,441,967

12/31/2023

T-12

NAV

95.0%

9,294,020

4,909,544

4,384,476

29,200

42,727

4,312,549

1.38

1.36

8.7%

8.5%

84,700,000

As Is

6/7/2024

59.6%

95.9%

497,888

165,963

31,435

2,433

3,561

75,000

NAP

Springing

NAP

Benjamin London, Michael Palin, Jerome Sachs, Arlene Sachs, Michael Sachs, Meryl Kantro, Francine Silver and Marlene Siegel

Refinance

50,500,000

44,294,231

2,297,500

572,888

3,335,382

50,500,000

NAP

5.01

Property

155 East 55th Street

3.6%

63.8%

155 East 55th Street

New York

10022

Mixed Use

Multifamily/Office/Retail

1961

2022-2023

Units

32,200,000

NAV

54,500,000

As Is

6/7/2024

96.1%

5/31/2024

RESTAURANT SHUN LEE PALACE

4,668

6.1%

8/31/2029

B A SILVER & CO INC.

4,431

5.7%

8/31/2027

ORTHOPRO SERVICES

3,712

4.8%

11/31/2024

Alliance Management Systems

3,475

4.5%

10/31/2026

Hildreth Real Estate

2,998

3.9%

9/30/2027

6/7/2024

NAP

6/7/2024

NAP

Fee

NAP

5.02

Property

210 East 58th Street

2.1%

36.2%

210 East 58th Street

New York

10022

Mixed Use

Multifamily/Retail

1959

1983

Units

18,300,000

NAV

30,200,000

As Is

6/7/2024

95.8%

5/31/2024

Ocean Recovery East LLC

5,638

67.3%

6/30/2033

Waterbox New York LLC

2,743

32.7%

12/31/2034

NAP

6/7/2024

NAP

6/7/2024

NAP

Fee

NAP

Loan

26, 27, 28, 29

Oasis Plaza

5.0%

100.0%

BCREI

Barclays

NAP

3301 Spring Mountain Road

Las Vegas

Clark

Nevada

89102

Mixed Use

Industrial/Office/Retail/Self Storage

1974

NAP

430,156

104.61

45,000,000

6.70000%

0.01527%

6.68473%

NAP

254,739.58

NAP

3,056,874.96

Interest Only

Actual/360

7/29/2024

9/1/2024

NAP

8/1/2029

NAP

L(24),D(29),O(7)

4,896,112

1,769,683

3,126,429

4/30/2024

T-12

4,754,824

1,684,045

3,070,779

12/31/2023

T-12

5,410,344

1,524,552

3,885,792

12/31/2022

T-12

94.0%

6,401,246

1,976,405

4,424,841

133,348

120,503

4,170,990

1.45

1.36

9.8%

9.3%

70,000,000

As Is

5/22/2024

64.3%

97.3%

7/1/2024

Las Vegas Medical Plaza

24,000

5.6%

8/31/2025

Work Lounge LLC

21,040

4.9%

2/28/2030

Al Bravo Films, LLC

16,862

3.9%

8/1/2026

Ryerson Concrete, LLC

11,880

2.8%

11/30/2025

Alternative Plan, Inc.

10,353

2.4%

8/31/2025

6/27/2024

NAP

5/22/2024

NAP

Fee

NAP

40,229

20,114

287,054

41,008

11,112

400,000

Springing

250,000

52,210

NAP

Soft

Springing

Yes

NAP

Oasis Global Partners

Eric Chen

Refinance

45,000,000

4,050,286

49,050,286

45,110,009

3,160,785

779,493

49,050,286

NAP

Loan

30, 31

The Meadows and the Hills of Lehigh Valley

5.0%

DBRI

GACC

NAP

Various

Bethlehem

Northampton

Pennsylvania

Various

Multifamily

Garden

Various

NAP

348

Units

127,873.56

44,500,000

6.25300%

0.01527%

6.23773%

NAP

235,102.67

NAP

2,821,232.04

Interest Only

Actual/360

7/30/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(32),O(4)

6,053,664

2,329,083

3,724,581

6/30/2024

T-12

5,773,455

2,269,353

3,504,102

12/31/2023

T-12

5,455,152

2,231,412

3,223,741

12/31/2022

T-12

95.0%

6,047,666

2,285,527

3,762,139

87,000

3,675,139

1.33

1.30

8.5%

8.3%

63,600,000

As Is

5/29/2024

70.0%

98.3%

70,676

Springing

7,250

11,000

42,000

Radon Testing Reserve

NAP

Springing

Yes

NAP

David B. Gardner

Refinance

44,500,000

33,994,962

2,068,185

123,676

8,313,177

44,500,000

NAP

7.01

Property

The Meadows at Lehigh Valley

2.8%

56.4%

3310 East Boulevard

Bethlehem

Northampton

Pennsylvania

18017

Multifamily

Garden

1975, 2014

NAP

192

Units

25,118,711

3,480,195

1,395,701

2,084,495

6/30/2024

T-12

3,340,440

1,344,711

1,995,730

12/31/2023

T-12

3,116,442

1,336,585

1,779,857

12/31/2022

T-12

95.0%

3,454,021

1,329,060

2,124,961

48,000

2,076,961

35,900,000

As Is

5/29/2024

97.9%

6/30/2024

NAP

6/11/2024

NAP

6/10/2024

NAP

Fee

NAP

7.02

Property

The Hills at Lehigh Valley

2.2%

43.6%

2140 Johnston Drive

Bethlehem

Northampton

Pennsylvania

18020

Multifamily

Garden

1988

NAP

156

Units

19,381,289

2,573,469

933,383

1,640,086

6/30/2024

T-12

2,433,014

924,642

1,508,372

12/31/2023

T-12

2,338,710

894,827

1,443,883

12/31/2022

T-12

95.0%

2,593,645

956,467

1,637,178

39,000

1,598,178

27,700,000

As Is

5/29/2024

98.7%

6/30/2024

NAP

6/11/2024

NAP

6/11/2024

NAP

Fee

NAP

Loan

Towne Center at Webster

4.8%

100.0%

3650 Real Estate Investment Trust 2 LLC

NAP

1028 Ridge Road

Webster

Monroe

New York

14580

Retail

Anchored

2004

NAP

365,760

117.56

43,000,000

7.33500%

0.01527%

7.31973%

NAP

266,488.02

NAP

3,197,856.24

Interest Only

Actual/360

7/25/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(31),O(5)

6,845,811

2,493,064

4,352,747

4/30/2024

T-12

7,066,607

2,794,594

4,272,014

12/31/2023

T-12

6,917,246

2,999,458

3,917,788

12/31/2022

T-12

95.0%

6,814,966

2,513,628

4,301,338

73,152

174,320

4,053,866

1.35

1.27

10.0%

9.4%

64,500,000

As Is

5/22/2024

66.7%

96.6%

6/18/2024

Kohl's

88,408

24.2%

1/31/2035

Dick's Sporting Goods

50,000

13.7%

1/31/2026

TJ Maxx

42,775

11.7%

1/31/2026

Barnes & Noble

25,000

6.8%

1/31/2031

Homegoods

23,012

6.3%

11/30/2026

6/6/2024

NAP

6/6/2024

NAP

Fee

NAP

823,214

57,408

Springing

6,100

1,000,000

23,000

59,125

Free Rent Reserve

NAP

Hard

Springing

Yes

NAP

Paul G. Joynt, Jeffrey L. Aiello, Lori A. Aiello Family Trust and Laurie R. Gerardi Family Trust

Refinance

43,000,000

39,780,055

1,322,701

1,882,339

14,906

43,000,000

NAP

Loan

32, 33

48 West

3.7%

100.0%

3650 Real Estate Investment Trust 2 LLC

NAP

10897 48th Avenue

Allendale

Ottawa

Michigan

49401

Multifamily

Student Housing

2008

NAP

920

Beds

35,869.57

33,000,000

7.20000%

0.01527%

7.18473%

NAP

200,750.00

NAP

2,409,000.00

Interest Only

Actual/360

6/17/2024

8/5/2024

NAP

7/5/2029

NAP

L(25),D(31),O(4)

5,584,662

3,347,492

2,237,170

3/31/2024

T-12

5,754,065

3,397,446

2,356,618

12/31/2023

T-12

5,754,156

3,444,359

2,309,796

12/31/2022

T-12

90.0%

7,165,012

3,441,202

3,723,810

134,320

3,589,490

1.55

1.49

11.3%

10.9%

55,700,000

As Is

5/21/2024

59.2%

100.0%

5/3/2024

NAP

6/14/2024

NAP

5/24/2024

NAP

Yes - AE

Fee

NAP

689,003

80,344

14,778

11,193

123,954

NAP

Hard (Commercial); Soft (Residential)

In-Place

Yes

NAP

David Brecher, Jonathan Krasner and Gregory Olbrys

David Brecher and Jonathan Krasner

Refinance

33,000,000

6,226,810

39,226,810

36,077,078

2,336,774

812,957

39,226,810

NAP

Loan

34, 35, 36

Liberties Walk

3.7%

100.0%

3650 Real Estate Investment Trust 2 LLC

NAP

1030 & 1040 North 2nd Street, 1019-1035 North 3rd Street and 1022-1026 North 3rd Street

Philadelphia

Pennsylvania

19123

Multifamily

Garden

2004, 2005, 2008, 2010

NAP

Units

375,000.00

33,000,000

6.00000%

0.01527%

5.98473%

NAP

167,291.67

NAP

2,007,500.04

Interest Only

Actual/360

8/5/2024

9/5/2024

NAP

8/5/2029

NAP

L(2),YM1(22),DorYM1(31),O(5)

3,701,173

930,879

2,770,293

5/31/2024

T-12

3,602,411

903,945

2,698,466

12/31/2023

T-12

NAV

98.3%

3,953,216

853,599

3,099,617

17,600

14,554

3,067,463

1.54

1.53

9.4%

9.3%

54,700,000

As Is

6/26/2024

60.3%

98.9%

7/19/2024

NAP

6/3/2024

NAP

6/3/2024

NAP

Fee

NAP

235,958

40,113

Springing

1,467

66,000

1,213

43,662

NAP

Hard

In-Place

Yes

NAP

9,200,000

9.00000%

42,200,000

237,250.00

77.1%

1.08

7.3%

NAP

Matthew Pestronk and Michael Pestronk

Refinance

33,000,000

1,255,517

9,200,000

43,455,517

39,138,991

4,080,568

235,958

43,455,517

NAP

Loan

37, 38, 39, 40

ST NYC Mixed-Use Portfolio

3.4%

CREFI

NAP

Various

New York

Various

Units

545,454.55

30,000,000

7.05000%

0.01527%

7.03473%

NAP

178,697.92

NAP

2,144,375.04

Interest Only

Actual/360

7/25/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(31),O(5)

3,262,818

925,251

2,337,567

4/30/2024

T-9 Ann

NAV

96.1%

4,016,807

1,031,977

2,984,830

19,837

66,303

2,898,691

1.39

1.35

9.9%

9.7%

49,000,000

As Is

Various

61.2%

98.2%

155,125

51,708

39,318

9,830

1,653

3,906

146,188

342,000

K.S. Architect Ic. Gap Rent Reserve ($60,000); Hunter Convenience Shop Gap Rent Reserve ($180,000); La La Bakery Gap Rent Reserve ($102,000)

NAP

Springing

Yes

NAP

Son Dinh Tran

Refinance

30,000,000

23,988,593

932,734

682,631

4,396,042

30,000,000

NAP

11.01

Property

151-165 East Burnside Avenue

0.7%

20.8%

151-165 East Burnside Avenue

Bronx

New York

10453

Retail

Unanchored

1989

NAP

14,800

6,239,000

695,244

130,190

565,054

4/30/2024

T-9 Ann

NAV

95.0%

750,077

125,926

624,150

2,664

18,633

602,854

10,000,000

As Is

6/17/2024

97.3%

7/11/2024

Alfredo Floresmoreo

5,000

33.8%

11/30/2027

JY Burnside 99C

4,950

33.4%

10/31/2027

M & W Organic And Exotic Deli Corp

1,000

6.8%

9/30/2032

Rita Egharevba

750

5.1%

10/30/2026

Monster Barber Shop

700

4.7%

4/30/2025

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

11.02

Property

670 9th Avenue

0.5%

15.9%

670 9th Avenue

New York

10036

Mixed Use

Multifamily/Retail

1920

2023

Units

4,771,000

614,559

177,903

436,656

4/30/2024

T-9 Ann

NAV

96.4%

657,718

177,913

479,805

2,644

16,160

461,002

8,200,000

As Is

6/12/2024

100.0%

7/11/2024

Mr. Green Laundry

3,600

100.0%

6/29/2026

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

11.03

Property

73 2nd Avenue

0.4%

11.7%

73 2nd Avenue

New York

10003

Mixed Use

Multifamily/Retail

1900

2023

Units

3,499,000

489,572

156,982

332,590

4/30/2024

T-9 Ann

NAV

96.2%

530,643

179,693

350,951

2,723

10,115

338,113

5,300,000

As Is

6/12/2024

100.0%

7/11/2024

La La Bakeshop NYC Inc.

800

59.3%

7/31/2029

Convenience on 2nd Ave Corporation

550

40.7%

2/28/2033

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

11.04

Property

425 East 6th Street

0.4%

11.6%

425 East 6th Street

New York

10009

Multifamily

Mid Rise

1920

2023

Units

3,492,000

410,343

121,484

288,860

4/30/2024

T-9 Ann

NAV

97.0%

478,863

137,783

341,079

3,638

337,441

5,700,000

As Is

6/12/2024

100.0%

7/11/2024

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

11.05

Property

228 East 51st Street

0.4%

10.8%

228 East 51st Street

New York

10022

Mixed Use

Multifamily/Retail

1900

2023

Units

3,245,000

248,023

118,418

129,605

4/30/2024

T-9 Ann

NAV

96.2%

467,130

143,067

324,063

1,083

9,426

313,554

5,700,000

As Is

6/17/2024

100.0%

7/11/2024

Hunter Convenience Shop

1,500

100.0%

6/30/2029

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

11.06

Property

543 East 6th Street

0.3%

10.3%

543 East 6th Street

New York

10009

Mixed Use

Multifamily/Retail

1930

2023

Units

3,102,000

225,131

50,406

174,726

4/30/2024

T-9 Ann

NAV

96.7%

369,341

63,741

305,600

2,439

3,463

299,698

4,800,000

As Is

6/12/2024

88.9%

7/11/2024

KS Architect, Inc.

600

100.0%

6/30/2029

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

11.07

Property

49 West 71st Street

0.3%

10.3%

49 West 71st Street

New York

10023

Multifamily

Mid Rise

1910

2023

Units

3,091,000

291,946

107,128

184,818

4/30/2024

T-9 Ann

NAV

97.0%

419,130

117,645

301,485

2,860

298,625

5,000,000

As Is

6/13/2024

100.0%

7/11/2024

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

11.08

Property

289 East 149th Street

0.3%

8.5%

289 East 149th Street

Bronx

New York

10451

Mixed Use

Retail/Office

1931

2016

9,400

2,561,000

288,000

62,741

225,259

4/30/2024

T-9 Ann

NAV

95.0%

343,906

86,209

257,698

1,786

8,507

247,405

4,300,000

As Is

6/17/2024

100.0%

7/11/2024

Expo Beauty Supply

5,400

57.4%

3/31/2028

Little Amber Nails & Spa

4,000

42.6%

3/31/2033

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

Loan

41, 42

The Plaza at Milford

3.2%

100.0%

BCREI

Barclays

NAP

678 North Dupont Boulevard

Milford

Kent

Delaware

19963

Retail

Anchored

1966

2019

213,177

133.69

28,500,000

7.19300%

0.01527%

7.17773%

NAP

173,206.44

NAP

2,078,477.28

Interest Only

Actual/360

7/9/2024

8/6/2024

NAP

7/6/2029

NAP

L(25),D(28),O(7)

3,433,803

539,515

2,894,288

4/30/2024

T-12

3,100,190

541,338

2,558,852

12/31/2023

T-12

2,615,653

571,356

2,044,297

12/31/2022

T-12

90.5%

3,367,723

569,250

2,798,473

31,977

50,542

2,715,955

1.35

1.31

9.8%

9.5%

43,000,000

As Is

6/13/2024

66.3%

92.6%

5/14/2024

Aldi Inc.

22,288

10.5%

3/31/2033

Planet Fitness

16,264

7.6%

8/31/2027

Harbor Freight

15,473

7.3%

7/31/2033

Michaels

14,145

6.6%

10/31/2033

Goodwill

13,583

6.4%

6/16/2029

6/19/2024

NAP

6/18/2024

NAP

Fee

NAP

179,725

17,973

Springing

2,665

1,200,000

Springing

511,625

24,438

NAP

Hard

Springing

Yes

NAP

Angela Tsionas and Georgia Halakos

Refinance

28,500,000

18,369,920

339,643

1,404,163

8,386,275

28,500,000

NAP

Loan

Viera at Whitemarsh

2.8%

100.0%

GSBI

GSMC

NAP

2 Johnny Mercer Boulevard

Savannah

Chatham

Georgia

31410

Multifamily

Garden

1984

2015

208

Units

121,875.00

25,350,000

6.58200%

0.03527%

6.54673%

NAP

140,975.93

NAP

1,691,711.16

Interest Only

Actual/360

7/12/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

3,573,225

1,800,885

1,772,340

5/31/2024

T-12

3,470,610

1,702,181

1,768,429

12/31/2023

T-12

3,108,244

1,350,195

1,758,049

12/31/2022

T-12

94.6%

3,740,980

1,447,932

2,293,049

52,000

2,241,049

1.36

1.32

9.0%

8.8%

40,700,000

As Is

6/20/2024

62.3%

100.0%

7/8/2024

NAP

6/26/2024

NAP

6/26/2024

NAP

Fee

NAP

130,991

32,748

45,848

22,924

4,333

NAP

None

Yes

NAP

Samantha Wells and David Iglewicz

Yes

Acquisition

25,350,000

15,202,517

40,552,517

39,000,000

1,375,678

176,839

40,552,517

NAP

Loan

9, 43, 44, 45, 46, 47

Baybrook Mall

2.8%

100.0%

MSBNA, BCREI, SGFC

Barclays

Group 1

NAP

500 Baybrook Mall

Friendswood

Harris

Texas

77546

Retail

Super Regional Mall

1978

2016

540,986

406.66

25,000,000

23,628,488

6.81600%

0.01652%

6.79948%

163,247.83

NAP

1,958,973.96

NAP

Amortizing Balloon

Actual/360

360

7/19/2024

9/1/2024

8/1/2029

NAP

L(24),D(32),O(4)

41,668,756

11,820,364

29,848,392

5/31/2024

T-12

42,147,608

12,227,638

29,919,970

12/31/2023

T-12

40,539,309

11,947,424

28,591,885

12/31/2022

T-12

95.4%

41,481,121

11,271,177

30,209,945

232,624

324,592

29,652,729

1.75

1.72

13.7%

13.5%

392,659,260

As Is with Escrow Reserve

6/4/2024

56.0%

53.0%

95.4%

6/30/2024

JCPenney

96,605

17.9%

1/31/2026

Forever 21

81,772

15.1%

12/31/2026

Foot Locker

18,376

3.4%

4/30/2032

H&M

17,510

3.2%

1/31/2032

Victoria's Secret

14,115

2.6%

1/31/2032

5/20/2024

NAP

5/20/2024

NAP

Fee

NAP

Springing

270,493

Springing

1,081,972

NAP

Hard

Springing

Yes

25,000,000

195,000,000

1,273,333.08

1,436,580.91

NAP

220,000,000

1,436,580.91

56.0%

1.72

13.7%

NAP

Brookfield Properties Retail Holding LLC and SMRF Baybrook Investor Member LLC

BPR Nimbus LLC

Refinance

220,000,000

213,488,234

1,474,030

5,037,736

220,000,000

NAP

Loan

Union Point Apartments

2.8%

100.0%

CREFI

NAP

4104 South 130th East Avenue

Tulsa

Oklahoma

74134

Multifamily

Garden

1982

2022

400

Units

62,500.00

25,000,000

6.40000%

0.04402%

6.35598%

NAP

135,185.19

NAP

1,622,222.28

Interest Only

Actual/360

7/5/2024

8/6/2024

NAP

7/6/2029

NAP

L(25),D(28),O(7)

3,769,046

1,246,371

2,522,675

3/31/2024

T-12

3,654,302

1,217,977

2,436,325

12/31/2023

T-12

NAV

94.5%

3,756,754

1,363,873

2,392,881

101,700

2,291,181

1.48

1.41

9.6%

9.2%

34,900,000

As Is

3/28/2024

71.6%

95.5%

4/24/2024

NAP

4/8/2024

NAP

4/2/2024

NAP

Fee

NAP

127,185

14,132

77,846

25,949

8,475

130,563

NAP

Springing

Yes

NAP

Moshe Wechsler

Refinance

25,000,000

21,888,606

1,790,369

335,594

985,431

25,000,000

NAP

Loan

9, 48, 49, 50, 51, 52, 53

Columbus Business Park

2.6%

100.0%

3650 Real Estate Investment Trust 2 LLC, JPMCB

3650 Real Estate Investment Trust 2 LLC

NAP

4545 Fisher Road

Columbus

Franklin

Ohio

43228

Industrial

Warehouse/Distribution

1976

2012-2023

2,183,325

28.40

23,200,000

7.04000%

0.01527%

7.02473%

NAP

137,997.04

NAP

1,655,964.48

Interest Only

Actual/360

4/19/2024

6/5/2024

NAP

5/5/2029

NAP

L(24),YM1(3),DorYM1(27),O(6)

11,447,223

3,456,686

7,990,537

1/31/2024

T-12

11,265,521

3,405,931

7,859,590

12/31/2023

T-12

8,717,178

3,254,004

5,463,174

12/31/2022

T-12

92.6%

12,831,872

3,531,569

9,300,303

218,333

467,930

8,614,040

2.10

1.95

15.0%

13.9%

147,000,000

As Is

2/13/2024

42.2%

88.2%

2/28/2024

Ford Motor Company

909,287

41.6%

4/30/2028

Redhawk Global

409,599

18.8%

7/1/2027

US 1 Logistics LLC

169,871

7.8%

7/31/2027

PECO Pallet

116,643

5.3%

10/31/2024

Lexington Logistics

110,995

5.1%

1/6/2025

3/5/2024

NAP

2/29/2024

NAP

Fee

NAP

89,418

15,350

Springing

45,480

2,000,000

862,381

Outstanding TI/LC Reserve ($567,233.09), Free Rent Reserve ($295,147.85)

NAP

Hard

Springing

Yes

23,200,000

38,800,000

230,788.15

368,785.19

NAP

62,000,000

368,785.19

42.2%

1.95

15.0%

NAP

ICP & IRG

Stuart Lichter, Christopher Semarjian and John A. Mase.

Yes

Refinance

NAP

Loan

Eastern Shore Centre

2.5%

100.0%

GSBI

GSMC

NAP

30500 Highway 181

Spanish Fort

Baldwin

Alabama

36527

Retail

Anchored

2004

NAP

432,082

52.07

22,500,000

7.14000%

0.01527%

7.12473%

NAP

135,734.38

NAP

1,628,812.56

Interest Only

Actual/360

6/17/2024

8/6/2024

NAP

7/6/2029

NAP

L(25),D(28),O(7)

4,669,489

585,683

4,083,806

4/30/2024

T-12

4,799,387

583,272

4,216,115

12/31/2023

T-12

4,864,939

657,352

4,207,587

12/31/2022

T-12

81.5%

4,894,767

1,318,558

3,576,209

77,775

267,846

3,230,588

2.20

1.98

15.9%

14.4%

33,200,000

As Is

5/18/2024

67.8%

85.7%

6/14/2024

Belk

96,577

22.4%

3/3/2026

Shoe Station

29,503

6.8%

12/31/2025

Barnes & Noble

22,500

5.2%

4/30/2029

Direct Furniture II

21,366

4.9%

11/30/2025

Stock and Trade

16,294

3.8%

1/31/2027

3/28/2024

NAP

3/27/2024

NAP

Fee

NAP

118,392

14,799

Springing

7,201

400,000

36,007

500,000

NAP

Hard

Springing

Yes

NAP

Blake R. Berg and Samuel H. Heide

WPCM Relative Value Fund II, LLC

Acquisition

NAP

Loan

54, 55

Hampton Inn & Suites and Tru by Hilton Charlotte Airport Lake Pointe

2.3%

100.0%

BMO

Group 2

NAP

2227 Cascade Pointe Boulevard

Charlotte

Mecklenburg

North Carolina

28208

Hospitality

Limited Service

2020

NAP

219

Rooms

92,237.44

20,200,000

7.13000%

0.01527%

7.11473%

NAP

121,688.63

NAP

1,460,263.56

Interest Only

Actual/360

7/30/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

9,072,415

5,508,167

3,564,248

5/31/2024

T-12

8,867,663

5,474,845

3,392,819

12/31/2023

T-12

8,013,951

4,823,104

3,190,847

12/31/2022

T-12

79.0%

9,048,759

5,417,196

3,631,563

361,950

3,269,612

2.49

2.24

18.0%

16.2%

38,500,000

As Is

5/8/2024

52.5%

85.2%

6/30/2024

NAP

5/22/2024

NAP

5/14/2024

NAP

Fee

NAP

141,935

15,771

21,073

3,512

30,163

Springing

PIP Reserve

NAP

Springing

Yes

NAP

Nikhil Patel and Amar Patel

Refinance

5/31/2038

136.71

108.02

79.0%

136.71

108.02

79.0%

134.19

105.83

78.9%

133.89

96.03

71.7%

Loan

56, 57

Centric on 34th

2.0%

100.0%

CREFI

NAP

3415 Southwest 39th Boulevard

Gainesville

Alachua

Florida

32608

Multifamily

Garden

2000

2022

120

Units

149,166.67

17,900,000

6.34000%

0.01527%

6.32473%

NAP

95,885.16

NAP

1,150,621.92

Interest Only

Actual/360

7/19/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(32),O(4)

1,819,417

1,142,080

677,337

5/31/2024

T-12

NAV

95.0%

2,592,956

1,038,888

1,554,068

30,000

1,524,068

1.35

1.32

8.7%

8.5%

25,200,000

As Is

5/21/2024

71.0%

99.2%

6/30/2024

NAP

5/30/2024

NAP

5/29/2024

NAP

Fee

NAP

312,438

31,244

59,486

9,914

2,500

NAP

Springing

Yes

NAP

Steven Green

Refinance

NAP

Loan

Villas at Helen of Troy

1.6%

100.0%

3650 Real Estate Investment Trust 2 LLC

NAP

1325 Northwestern Drive

El Paso

Texas

79912

Multifamily

Garden

2013

NAP

108

Units

129,629.63

14,000,000

6.42500%

0.01527%

6.40973%

NAP

75,999.42

NAP

911,993.04

Interest Only

Actual/360

7/16/2024

9/5/2024

NAP

8/5/2029

NAP

L(24),D(32),O(4)

1,898,539

756,105

1,142,434

5/31/2024

T-12

1,909,378

903,692

1,005,687

12/31/2023

T-12

NAV

95.0%

2,108,456

728,967

1,379,489

21,600

1,357,889

1.51

1.49

9.9%

9.7%

18,825,000

As Is

3/19/2024

74.4%

93.5%

5/1/2024

NAP

4/2/2024

NAP

4/25/2024

NAP

Fee

NAP

201,510

33,585

3,671

65,000

Springing

65,000

NAP

Springing

Yes

NAP

Harshad Dharod

Refinance

NAP

Loan

Tru by Hilton Mt Pleasant Charleston

1.5%

100.0%

BMO

Group 2

NAP

1651 Midtown Avenue

Mount Pleasant

Charleston

South Carolina

29464

Hospitality

Limited Service

2019

NAP

124

Rooms

105,887.10

13,130,000

7.13000%

0.01527%

7.11473%

NAP

79,097.61

NAP

949,171.32

Interest Only

Actual/360

7/30/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

4,958,967

2,930,133

2,028,834

5/31/2024

T-12

4,894,923

2,939,267

1,955,656

12/31/2023

T-12

4,648,857

2,643,132

2,005,725

12/31/2022

T-12

76.0%

4,945,757

2,871,677

2,074,080

197,830

1,876,250

2.19

1.98

15.8%

14.3%

22,000,000

As Is

5/7/2024

59.7%

82.4%

6/30/2024

NAP

5/22/2024

NAP

5/22/2024

NAP

Fee

NAP

116,981

14,623

54,136

9,023

16,486

Springing

PIP Reserve

NAP

Springing

Yes

NAP

Nikhil Patel and Amar Patel

Refinance

5/31/2038

140.20

106.53

76.0%

140.20

106.53

76.0%

141.09

105.45

74.7%

140.77

100.53

71.4%

Loan

SpringHill Suites Charleston Airport & Convention Center

1.4%

100.0%

BMO

Group 2

NAP

3454 West Montague Avenue

North Charleston

Charleston

South Carolina

29418

Hospitality

Limited Service

2020

NAP

115

Rooms

105,391.30

12,120,000

7.13000%

0.01527%

7.11473%

NAP

73,013.18

NAP

876,158.16

Interest Only

Actual/360

7/30/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

4,970,478

2,960,204

2,010,274

5/31/2024

T-12

4,901,517

2,946,312

1,955,205

12/31/2023

T-12

4,535,114

2,772,935

1,762,179

12/31/2022

T-12

79.6%

4,957,445

2,968,149

1,989,296

198,298

1,790,998

2.27

2.04

16.4%

14.8%

20,500,000

As Is

5/8/2024

59.1%

87.0%

6/30/2024

NAP

5/22/2024

NAP

5/22/2024

NAP

Fee

NAP

153,379

19,172

50,001

8,333

16,525

Springing

PIP Reserve

NAP

Springing

Yes

NAP

Nikhil Patel and Amar Patel

Refinance

11/19/2045

142.40

113.34

79.6%

142.40

113.34

79.6%

142.94

112.25

78.5%

140.64

105.38

74.9%

Loan

Hampton Inn & Suites Lexington Columbia

1.4%

100.0%

BMO

Group 2

NAP

4751 Sunset Boulevard

Lexington

South Carolina

29072

Hospitality

Limited Service

2020

NAP

114

Rooms

106,315.79

12,120,000

7.13000%

0.01527%

7.11473%

NAP

73,013.18

NAP

876,158.16

Interest Only

Actual/360

7/30/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

4,901,508

2,969,389

1,932,119

5/31/2024

T-12

4,900,753

2,878,529

2,022,224

12/31/2023

T-12

4,378,506

2,645,442

1,733,064

12/31/2022

T-12

80.8%

4,888,384

2,973,651

1,914,733

195,535

1,719,198

2.19

1.96

15.8%

14.2%

20,500,000

As Is

5/8/2024

59.1%

80.4%

6/30/2024

NAP

5/22/2024

NAP

5/22/2024

NAP

Fee

NAP

186,415

23,302

24,241

4,040

16,295

Springing

PIP Reserve

NAP

Springing

Yes

NAP

Nikhil Patel and Amar Patel

Refinance

1/31/2039

142.53

115.12

80.8%

142.53

115.12

80.8%

142.03

115.62

81.4%

131.75

103.27

78.4%

Loan

62, 63

22 North 15th Street

1.3%

100.0%

DBRI

GACC

NAP

22 North 15th Street

Brooklyn

Kings

New York

11222

Industrial

Warehouse

1931

NAP

35,210

340.81

12,000,000

6.54200%

0.01527%

6.52673%

NAP

66,328.61

NAP

795,943.32

Interest Only

Actual/360

7/3/2024

8/6/2024

NAP

7/6/2029

NAP

L(25),D(31),O(4)

1,632,765

223,134

1,409,631

4/30/2024

T-12

1,814,737

398,803

1,415,934

12/31/2023

T-12

1,204,002

438,523

765,479

12/31/2022

T-12

99.0%

1,717,673

507,400

1,210,273

16,197

1,194,076

1.52

1.50

10.1%

10.0%

21,000,000

As Is

5/14/2024

57.1%

100.0%

8/6/2024

Yes

City of New York

35,210

100.0%

10/31/2042

NAP

5/10/2024

NAP

5/10/2024

NAP

Yes - AE

Fee

NAP

33,724

25,672

3,856

1,350

13,063

NAP

Springing

Yes

NAP

Samuel Brach

Refinance

NAP

Loan

Tru By Hilton Orangeburg

1.3%

100.0%

BMO

Group 2

NAP

739 Citadel Road

Orangeburg

South Carolina

29118

Hospitality

Limited Service

2019

NAP

Rooms

124,731.18

11,600,000

7.13000%

0.01527%

7.11473%

NAP

69,880.60

NAP

838,567.20

Interest Only

Actual/360

7/30/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

4,127,348

2,339,239

1,788,109

5/31/2024

T-12

4,250,399

2,320,050

1,930,349

12/31/2023

T-12

3,538,867

2,120,630

1,418,237

12/31/2022

T-12

80.2%

4,127,348

2,342,048

1,785,300

165,094

1,620,206

2.13

1.93

15.4%

14.0%

19,000,000

As Is

5/8/2024

61.1%

82.8%

6/30/2024

NAP

5/22/2024

NAP

5/21/2024

NAP

Fee

NAP

97,558

12,195

19,008

3,168

13,758

Springing

PIP Reserve

NAP

Springing

Yes

NAP

Nikhil Patel, Amar Patel and Sudhir D. Patel

Refinance

5/31/2038

144.65

116.01

80.2%

144.65

116.01

80.2%

145.15

120.19

82.8%

130.23

101.80

78.2%

Loan

65, 66

DH Holmes

1.1%

100.0%

BCREI

Barclays

NAP

810 Bienville Street

New Orleans

Orleans

Louisiana

70112

Multifamily

Low Rise

1919

2016

Units

97,938.14

9,500,000

7.95200%

0.01527%

7.93673%

NAP

63,827.69

NAP

765,932.28

Interest Only

Actual/360

7/25/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

2,602,901

1,615,659

987,242

5/31/2024

T-12

2,554,388

1,630,848

923,540

12/31/2023

T-12

2,571,991

1,587,900

984,090

12/31/2022

T-12

90.0%

2,662,959

1,634,637

1,028,323

24,250

2,489

1,001,584

1.34

1.31

10.8%

10.5%

19,200,000

As Is

4/17/2024

49.5%

89.7%

7/9/2024

NAP

4/18/2024

NAP

4/18/2024

NAP

Leasehold

12/31/2112

None

497,280

Yes

56,877

8,125

Springing

2,228

Springing

3,600

470,663

Force Place Insurance Reserve ($240,540), Outstanding TI Reserve ($135,750), Monthly Ground Rent Static Reserve ($82,908), Annual Ground Rent Static Reserve ($11,465)

NAP

Springing

NAP

HRI Properties, LLC

Refinance

NAP

Loan

67, 68, 69

2001 Biscayne Boulevard

1.1%

100.0%

CREFI

NAP

2001 Biscayne Boulevard

Miami

Miami-Dade

Florida

33137

Retail

Unanchored

2004

NAP

17,919

524.58

9,400,000

7.31000%

0.01527%

7.29473%

NAP

58,056.97

NAP

696,683.64

Interest Only

Actual/360

7/24/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),YM1(29),O(7)

1,314,833

390,851

923,982

4/30/2024

T-12

1,441,667

390,467

1,051,200

12/31/2023

T-12

1,237,389

446,726

790,663

12/31/2022

T-12

90.0%

1,350,368

441,080

909,288

6,630

902,658

1.31

1.30

9.7%

9.6%

15,000,000

As Is

5/17/2024

62.7%

90.1%

6/1/2024

CitiBank, N. A.

3,590

20.0%

3/31/2025

Meltzer Management Corp

3,082

17.2%

3/31/2026

Domino's Pizza LLC

1,935

10.8%

12/31/2025

Nail Salon - Nguyen Khan Inc.

1,717

9.6%

3/31/2025

Smoothie King Co., Inc.

1,519

8.5%

5/31/2029

5/22/2024

NAP

5/22/2024

NAP

Yes - VE

Fee

NAP

76,331

7,633

58,089

8,298

553

250,000

Springing

250,000

76,009

Springing

Rent Reserve (Upfront: $44,119); Condominium Assessments Reserve (Upfront: $31,889.80); Designated Tenant Reserve (Monthly: Springing)

NAP

Hard

Springing

Yes

NAP

Joshua Goldberg

Joshua Goldberg and Jeffrey Gault

Yes

Refinance

NAP

Loan

Hampton Inn Atlanta-Fairburn

0.9%

100.0%

BCREI

Barclays

NAP

7790 Ella Lane

Fairburn

Fulton

Georgia

30213

Hospitality

Limited Service

2005

2017

Rooms

84,810.41

8,400,000

8,396,230

8,044,709

8.00000%

0.01527%

7.98473%

61,636.22

NAP

739,634.64

NAP

Amortizing Balloon

Actual/360

360

359

6/18/2024

8/6/2024

7/6/2029

NAP

L(25),D(28),O(7)

2,882,116

1,669,512

1,212,604

3/31/2024

T-12

2,916,528

1,643,760

1,272,768

12/31/2023

T-12

2,702,362

1,617,053

1,085,309

12/31/2022

T-12

68.4%

2,882,116

1,645,310

1,236,806

115,285

1,121,521

1.67

1.52

14.7%

13.4%

12,000,000

As Is (Extraordinary Assumption)

4/18/2024

70.0%

67.0%

68.4%

3/31/2024

NAP

5/3/2024

NAP

4/26/2024

NAP

Fee

NAP

86,081

12,297

3,868

57,392

4,804

1,600,000

PIP Reserve

NAP

Springing

Yes

NAP

Munira Kapadia and Faysal Kapadia

Acquisition

6/30/2039

114.51

78.36

68.4%

114.51

78.36

68.4%

113.24

79.24

70.0%

105.52

70.61

70.0%

Loan

9, 71, 72, 73, 74, 75, 76

500 Delaware

0.6%

100.0%

3650 Real Estate Investment Trust 2 LLC

NAP

500 Delaware Avenue

Wilmington

New Castle

Delaware

19801

Office

CBD

2006

2020

371,222

228.97

5,000,000

4.84000%

0.01527%

4.82473%

NAP

20,446.76

NAP

245,361.12

Interest Only

Actual/360

120

4/7/2022

6/5/2022

NAP

5/5/2032

NAP

L(35),D(78),O(7)

12,649,769

4,872,778

7,776,991

3/31/2024

T-12

12,566,170

4,712,188

7,853,982

12/31/2023

T-12

11,996,082

4,131,135

7,864,947

12/31/2022

T-12

92.4%

12,638,328

3,972,284

8,666,045

74,244

108,995

8,482,805

2.08

2.03

10.2%

10.0%

125,700,000

As Is

3/3/2022

67.6%

91.5%

3/31/2023

Wilmington Savings Fund Society, FSB

81,154

21.9%

12/31/2025

Morris James LLP

68,553

18.5%

5/31/2026

Sargent & Lundy, LLC

47,441

12.8%

10/31/2027

United States Postal Service

33,526

9.0%

1/31/2027

General Services Administration

25,684

6.9%

6/14/2034

3/8/2022

NAP

3/8/2022

NAP

Fee

NAP

831,885

108,403

Springing

7,734

464,040

2,779,031

46,403

3,000,000

NAP

Hard

Springing

Yes

5,000,000

80,000,000

327,148.15

347,594.91

NAP

85,000,000

347,594.91

67.6%

2.03

10.2%

NAP

David Pollin, Robert Buccini and Christopher Buccini

Refinance

NAP

Loan

287-289 Maple Street

0.5%

100.0%

CREFI

NAP

287-289 Maple Street

Brooklyn

Kings

New York

11225

Multifamily

Garden

2017

NAP

Units

346,153.85

4,500,000

6.74000%

0.01527%

6.72473%

NAP

25,626.04

NAP

307,512.48

Interest Only

Actual/360

7/18/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(33),O(3)

454,130

59,925

394,205

5/31/2024

T-12

450,011

60,421

389,590

12/31/2023

T-12

407,705

62,406

345,299

12/31/2022

T-12

97.0%

445,445

55,437

390,008

3,250

386,758

1.27

1.26

8.7%

8.6%

7,150,000

As Is

6/19/2024

62.9%

100.0%

6/30/2024

NAP

6/25/2024

NAP

6/25/2024

NAP

Fee

NAP

587

294

6,572

548

271

3,750

NAP

Springing

Yes

NAP

Jacob Schwimmer

Refinance

NAP

Loan

77, 78

Essential Storage Portfolio

0.4%

BCREI

Barclays

Group 3

NAP

Various

Jackson

Michigan

Various

Self Storage

Various

83,031

48.17

4,000,000

6.18000%

0.01527%

6.16473%

NAP

20,886.11

NAP

250,633.32

Interest Only

Actual/360

7/18/2024

9/6/2024

NAP

8/6/2029

NAP

L(24),D(29),O(7)

635,761

176,532

459,229

4/30/2024

T-12

657,517

222,728

434,789

12/31/2023

T-12

685,828

226,680

459,148

12/31/2022

T-12

74.7%

635,761

218,658

417,103

8,303

408,800

1.66

1.63

10.4%

10.2%

5,900,000

As Is

4/26/2024

67.8%

69.9%

5,134

3,716

1,858

85,000

692

36,750

NAP

Springing

Yes

NAP

Lawrence Charles Kaplan, George Thacker, Peter J. Veltri and Richard Schontz

Acquisition

NAP

31.01

Property

Essential Storage Vandercook

0.3%

56.9%

1245 East McDevitt Avenue

Jackson

Michigan

49203

Self Storage

1995

NAP

37,616

2,275,000

356,140

92,421

263,719

4/30/2024

T-12

360,271

122,670

237,601

12/31/2023

T-12

385,775

136,999

248,776

12/31/2022

T-12

82.5%

356,140

113,408

242,732

3,762

238,970

3,240,000

As Is

4/26/2024

78.0%

4/30/2024

NAP

5/3/2024

NAP

5/3/2024

NAP

Fee

NAP

31.02

Property

Essential Storage Shirley

0.2%

43.1%

2537 Shirley Drive

Jackson

Michigan

49201

Self Storage

1985

2000

45,415

1,725,000

279,621

84,111

195,511

4/30/2024

T-12

297,246

100,058

197,188

12/31/2023

T-12

300,053

89,681

210,372

12/31/2022

T-12

66.7%

279,621

105,250

174,371

4,542

169,830

2,660,000

As Is

4/26/2024

63.2%

4/30/2024

NAP

5/3/2024

NAP

5/3/2024

NAP

Fee

NAP

Loan

Telegraph Budget Storage

0.4%

100.0%

BCREI

Barclays

Group 3

NAP

21516 Telegraph Road

Brownstown Charter

Wayne

Michigan

48183

Self Storage

1969

1995

50,816

72.81

3,700,000

6.77200%

0.01527%

6.75673%

NAP

21,170.34

NAP

254,044.08

Interest Only

Actual/360

6/26/2024

8/6/2024

NAP

7/6/2029

NAP

L(25),D(28),O(7)

618,331

313,208

305,123

4/30/2024

T-12

615,475

325,769

289,706

12/31/2023

T-12

608,561

293,763

314,797

12/31/2022

T-12

91.5%

618,331

294,746

323,585

4,002

319,583

1.27

1.26

8.7%

8.6%

5,700,000

As Is

5/30/2024

64.9%

85.5%

4/30/2024

NAP

5/24/2024

NAP

5/24/2024

NAP

Fee

NAP

46,645

4,665

13,541

1,128

514

51,125

NAP

Springing

Yes

NAP

Lawrence Charles Kaplan, George Thacker, Peter J. Veltri and Richard Schontz

Acquisition

NAP

Footnotes to Annex A-1

(1)	The Administrative Fee Rate % includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC^® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.

(2)	The Monthly Debt Service (P&I) and Annual Debt Service (P&I) ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period.

(3)	The open period is inclusive of the Maturity Date or Anticipated Repayment Date.

(4)	Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) is calculated based on amortizing debt service payments (except for interest-only loans).

(5)	Leased Occupancy (%) reflects tenants that have signed leases, but are not yet in occupancy or may not be paying rent.

(6)	The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the lease.

(7)	Property Located Within a Qualified Opportunity Zone (Y/N) reflects Mortgaged Properties that are located in qualified opportunity zones ("QOZs") under Internal Revenue Code § 1400Z-2 - Notice 2018-48 and Notice 2019-42. According to the Internal Revenue Service, (1) a QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment, and (2) localities qualify as QOZs if they have been nominated for that designation by a state, the District of Columbia, or a U.S. territory and that nomination has been certified by the Secretary of the Treasury via his delegation of authority to the Internal Revenue Service. No representation is made as to whether any Mortgaged Properties located in QOZs or the related borrowers are eligible for such preferential tax treatment or whether any qualifying investment has been made in a QOZ.

(8)	If the purpose of the Mortgage Loan was to finance an acquisition of the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash investment by one or more of the equity owners in the borrower in connection with such acquisition. If the purpose of the Mortgage Loan was to refinance the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash contributed to the borrower by one or more of the equity owners at the time the Mortgage Loan was originated.

(9)	The Mortgage Loan is part of a whole loan structure. Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%) and Loan Per Unit ($) calculations are based on the Mortgage Loan and any related Pari Passu Companion Loans, if applicable, but exclude any related Subordinate Companion Loans.

(10)	Defeasance of the Stonebriar Centre Whole Loan is permitted at any time after the earlier of (i) July 1, 2027 and (ii) two years from the closing date of the securitization that includes the last pari passu note of the Stonebriar Centre Whole Loan to be securitized. The assumed lockout period of 25 payments is based on the expected Benchmark 2024-V9 securitization closing date in August 2024. The actual lockout period may be longer.

(11)	Other Reserves consist of an Upfront Rollover Reserve ($11,720,606) and an Upfront Gap Rent Reserve ($756,921). The borrowers funded $10,449,929 into such reserves at origination, with the remaining $2,027,598 being guaranteed by the borrower sponsors.

(12)	During the continuance of a reserve trigger period or cash management period, the borrower is required to deposit $18,281.33 each month as the replacement reserve monthly deposit, which monthly deposit will be suspended during any period when the amount on deposit equals or exceeds $438,752.00.

(13)	The borrower is required to deposit $91,406.67 each month as the rollover reserve monthly deposit, which monthly deposit will be suspended during any period when the amount on deposit equals or exceeds $2,193,760.00. During the continuance of a reserve trigger period or cash management period, if sufficient funds are available pursuant to the Stonebriar Centre Whole Loan cash management agreement, then no actual rollover reserve monthly deposit will be required.

(14)	If an anchor trigger event has occurred with respect to any single anchor tenant, the borrower is required to make a monthly deposit an amount equal to all initial excess cash flow with respect to any particular interest period, which monthly deposit will be suspended to the extent the Individual Anchor Threshold Amount, which is an amount equal to the product obtained by multiplying (x) $50 by (y) the aggregate amount of gross leasable square footage of the applicable Anchor Parcel, has been deposited for any such anchor tenant trigger event then continuing.

(15)	The Churchill Portfolio is a 29-property portfolio consisting of 18 manufactured housing Mortgaged Properties with 2,605 pads representing 80.5% of Net Operating Income and 11 self storage Mortgaged Properties with 4,649 Units equating to 798,392 SF representing 19.5% of Net Operating Income.

(16)	Approximately 242 of the 2,605 manufactured housing pads at the Churchill Portfolio Properties are occupied by manufactured homes (the “Owned Mobile Homes”) that are owned by an affiliate of the borrower (the “Churchill Master Tenant”). The borrower leases the pads occupied by the Owned Mobile Homes to the Churchill Master Tenant under a master lease (the “Churchill Master Lease”) and the Churchill Master Tenant leases the Owned Mobile Homes to the occupants of such Owned Mobile Homes. The Churchill Master Lease provides that it is in place until the indefeasible payment in full of the Churchill Portfolio Mortgage Loan. Pursuant to the Churchill Master Lease the Churchill Master Tenant pays the borrower (i) $578 per month for each pad on which an Owned Mobile Home is located and (ii) all income actually received by the Churchill Master Tenant from the Owned Mobile Homes. Pursuant to the Churchill Portfolio Mortgage Loan documents, the Churchill Master Tenant is permitted to acquire new mobile home units provided that (i) such Owned Mobile Homes do not exceed 25% of all mobile homes on the Churchill Portfolio Mortgaged Properties (in the aggregate) and (ii) such additional Owned Mobile Homes are at all times located on pads that are subject to the Churchill Master Lease. The Churchill Master Tenant may sell Owned Mobile Homes to a third party resident meeting the borrower’s resident leasing criteria who enters into a pad lease with the borrower at its then market rental rate (in which case such mobile home will no longer be subject to the Churchill Master Lease). Underwritten Income from the Churchill Master Lease with respect to pad rent constitutes approximately 10.7% of underwritten base rent and approximately 10.1% of underwritten Effective Gross Income, and income from the Churchill Master Lease with respect to the rental of Owned Mobile Homes constitutes approximately 3.4% of underwritten Effective Gross Income.

(17)	The borrower is permitted to obtain the release of any of the individual Churchill Portfolio Mortgaged Properties upon satisfaction of the following conditions, among others: (i) the defeasance of a release amount equal to the greater of 110% of the allocated loan amount with respect to the individual Churchill Portfolio Mortgaged Property being released, or 100% of the applicable net sales proceeds of such individual Churchill Portfolio Mortgaged Property, (ii) after the release, the debt service coverage ratio with respect to the remaining Churchill Portfolio Mortgaged Properties is greater than the greater of (1) the debt service coverage ratio of all Churchill Portfolio Mortgaged Properties immediately prior to the release and (2) 1.85x, (iii) after the release, the debt yield with respect to the remaining Churchill Portfolio Mortgaged Properties is greater than the greater of (1) the debt yield of all Churchill Portfolio Mortgaged Properties immediately prior to the release and (2) 10.54%, and (iv) conditions related to REMIC compliance.

(18)	The individual Churchill Portfolio Mortgaged Property known as Canby Regency is a manufactured housing property as to which the manufactured homes are located on land owned in fee by the borrower. However, a portion of the Canby Regency Mortgaged Property, which is used for a water well and pump infrastructure that provides water to the manufactured housing community, is a ground leasehold interest under a ground lease that expires on December 31, 2033. The ground lease provides for annual ground rent of approximately $22,924 and increases annually by 5% on January 1 of each year.

(19)	The Largest Tenant of the Space Centre Industrial Park Mortgaged Property, Nickey Warehouse, Inc. has multiple leases with 260,340 SF expiring August 31, 2025 and 450,841 SF expiring May 31, 2025.

(20)	At origination of the Memphis and Chicago Industrial Portfolio Mortgage Loan, a master lease agreement was executed by the guarantors, as tenant, and the borrowers, as landlord, pursuant to which the guarantors will be obligated to pay rent in the amount due the tenants Transform Distribution Center Holdco LLC, Nickey Warehouses, Inc. and Terex Corporation as set forth in a schedule to such master lease (in each case to the extent that such tenant is not in fact paying and/or performing such obligations, and throughout the term of such master lease (which ends five years after the maturity date of the Mortgage Loan), regardless of whether the related underlying lease has expired or terminated).

(21)	The Memphis and Chicago Industrial Portfolio is comprised of four industrial properties totaling 2,861,286 SF and an office property totaling 115,742 SF.

(22)	The Largest Tenant, ManTech, has 80,433 square feet of space expiring on October 31, 2026, 42,762 square feet of space expiring on December 31, 2027, 20,510 square feet of space expiring on April 30, 2029 and 34,758 square feet of space expiring on August 31, 2029.

(23)	The Fourth Largest Tenant, NAVFAC, has 19,998 square feet of space expiring on September 23, 2029 and 3,440 square feet of space expiring on March 31, 2027.

(24)	The Largest Tenant, ManTech, has a right to terminate the 1000-2023 lease with respect to the 1000-2023 expansion premises effective June 30, 2026, subject to, among other things, (i) delivery of a written notice to the landlord on or before September 30, 2025, (ii) delivery of a written affidavit from an authorized representative of ManTech certifying that the government contract serviced by ManTech from the 1000-2023 expansion premises has terminated or will terminate prior to June 30, 2026, and (iii) a payment of termination fee equal to (a) $293,531.31 plus (b) the unamortized amount, as of June 30, 2026, of the sum of: (x) the amount of the 1000-2023 allowance, and (y) the amount of the commissions paid by landlord in connection with the amendment as of March 22, 2024, plus (c) interest accruing on such unamortized amounts at the rate of 9% per annum from January 1, 2024 to June 30, 2026.

(25)	The NYC Multifamily Portfolio Mortgage Loan is secured by (i) the 155 East 55th Street Mortgaged Property, which is comprised of 51 multifamily units, 66,507 SF of office space, 10,563 SF of retail space, and a 42-space parking garage and (ii) the 210 East 58th Street Mortgaged Property, which is comprised of 95 multifamily units and two ground floor retail spaces totaling 6,560 SF.

(26)	The Mortgaged Property has 335,957 square feet of office and retail space and 94,199 square feet of self-storage space.

(27)	The borrower is required to deposit $13,998 each month into the rollover reserve account if the amount on deposit in such reserve is less than $250,000.

(28)	The Third Largest Tenant, Al Bravo Films, LLC, has 10,982 square feet of space expiring on August 1, 2026, 4,390 square feet of space expiring on November 30, 2025 and 1,490 square feet of space expiring on January 31, 2026.

(29)	The Fifth Largest Tenant, Alternative Plan, Inc., has 3,893 square feet of space expiring on August 31, 2025, 3,250 square feet of space expiring on April 30, 2025, and 3,210 square feet of space expiring on December 31, 2024.

(30)	The Mortgaged Properties are located in radon zone 1. A first round of testing identified elevated levels of radon in 17 units at The Meadows at Lehigh Valley Mortgaged Property with levels ranging from 4.1 pico curies per liter of air (pCi/L) to 12.3 pCi/L, and in four units at The Hills at Lehigh Valley Mortgaged Property with levels ranging from 4.1 pCi/L to 5.3 pCi/L. In addition, the third floor units at The Hills at Lehigh Valley Mortgaged Property were not tested for radon levels (together with the units with elevated radon levels, the “Radon Affected Units”). $42,000 was reserved at origination for the potential remediation of the Radon Affected Units. On and after December 6, 2024, the borrower has the right to request $2,000 per Radon Affected Unit from such reserve either (i) if the Radon Affected Unit tested or retested at radon levels at or above 4.0 pCi/L, to be used for remediation of such unit, or (ii) if the Radon Affected Unit tested or retested at radon levels below 4.0 pCi/L, to be released to the borrower, in each case upon satisfaction of certain conditions, including (x) provision of satisfactory evidence to the lender that the Radon Affected Unit was tested or retested by an environmental engineer reasonably acceptable to the lender, and (y) if the Radon Affected Unit tested at or above 4.0 pCi/L, an officer’s certificate of the borrower, certifying among other things that such disbursement has been used for radon remediation.

(31)	The borrower may obtain the release of either of the two individual Mortgaged Properties upon defeasance of an amount equal to the greater of (x) 125% of the allocated loan amount of the Mortgaged Property being released and (y) 100% of the net sales proceeds of the Mortgaged Property being released, among other conditions, as described in the Preliminary Prospectus under “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases".

(32)	The 48 West Mortgaged Property is comprised of 262 multifamily units (of which 100% are leased to students) and 3,801 SF of retail space, which includes three ground floor retail tenants including a restaurant, a coffee/smoothie shop, and a convenience store.

(33)	Grand Valley State University executed an 11.5 month master lease for an occupancy date commencing on August 20, 2024 and expiring on July 31, 2025. The tenant occupies 198 beds (52 units) at the Mortgaged Property for the total sum of $1,597,248 to be paid in ten equal monthly payments of $159,724.80.

(34)	On any business day that is later than 60 days following the closing date, the Mortgage Loan documents permit the borrowers to obtain the release of certain parcels of real property identified in the Mortgage Loan documents (which parcels collectively represent the entire Mortgaged Property) (each, a “Release Property”) in connection with a sale to a bona fide third-party or an affiliate of the borrowers or guarantor pursuant to an arm’s-length agreement provided that, among other conditions, (i) the borrowers deliver evidence to the lender that simultaneously with any prepayment required under the Mortgage Loan, the related mezzanine borrower is making any prepayment required under the related mezzanine loan, (ii) the borrowers prepay the Mortgage Loan in an amount equal to (x) in the event of a sale of such Release Property to a third party not affiliated with the borrowers or guarantor, the greater of (1) the applicable pro-rata share of 95% of the gross sales proceeds for such Release Property (e.g., assuming a mortgage loan of $80 and an outstanding principal balance of both the mortgage loan and the related mezzanine loan of $100, the pro rata share for the mortgage loan will be 80%) and (2)(a) 110% of the allocated loan amount for the first Release Property to be released and (b) 120% of the allocated loan amount for each and every Release Property to be released after the first release of a Release Property, and (y) in the event the sale of such Release Property is to an affiliate of the borrowers or guarantor, (1) 110% of the allocated loan amount for the first Release Property to be released, and (2) 120% of the allocated loan amount for each and every Release Property after the first Release Property to be released to an affiliate of the borrowers or guarantor, in each of the foregoing instances, together with any applicable yield maintenance premium, (iii) after giving effect to such sale and prepayment, (1) the combined debt service coverage ratio (based on both the Mortgage Loan and the related mezzanine loan, as calculated under the Mortgage Loan documents) for all of the remaining Mortgaged Property is no less than the greater of (x) the debt service coverage ratio immediately preceding such sale (assuming for purposes of such calculation that no related prepayment of the related mezzanine loan has occurred) and (y) the combined debt service coverage ratio (on both the Mortgage Loan and the related mezzanine loan, as calculated under the Mortgage Loan documents) as of the origination date, and (2) the loan-to-value ratio for the remaining Mortgaged Property is no greater than the lesser of (x) the combined loan-to-value ratio (based on the then aggregate outstanding balance of the Mortgage Loan and the related mezzanine loan) immediately preceding such sale (assuming for purposes of such calculation that no related prepayment of the mezzanine loan has occurred) and (y) the loan-to-value ratio (based on then aggregate outstanding principal balance of both the Mortgage Loan and the related mezzanine loan) as of the origination date, provided that in each instance, the borrowers may prepay the Mortgage Loan (and the mezzanine borrower may prepay the related mezzanine loan) by an amount equal to the pro rata share applicable to the Mortgage Loan (or, in the case of the mezzanine borrower, the related mezzanine loan) in an amount sufficient to satisfy the foregoing debt service coverage ratio and loan-to-value requirements, and (iv) the borrowers satisfy customary REMIC requirements.

(35)	Concurrently with the funding of the Mortgage Loan, 3650 Real Estate Investment Trust 2 LLC funded a mezzanine loan in the amount of $9.2 million (the "Mezzanine Loan”). The Mezzanine Loan is secured by the direct equity interests in the borrowers. The Mezzanine Loan is coterminous with the Mortgage Loan and accrues interest at a rate of 9.00000% in the first year, 10.00000% in the second year and 11.00000% for the remaining three years. Based on the Mortgage Loan and the Mezzanine Loan, the cumulative Cut-off Date loan-to-value ratio is 77.1%, the cumulative UW NCF debt service coverage ratio is 1.08x and the cumulative UW NCF debt yield is 7.3%. The rights of the mezzanine lender under the Mezzanine Loan are further described under “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness” in the Preliminary Prospectus.

(36)	The Liberties Walk Mortgaged Property is comprised of 88 multifamily units and 29,108 SF of retail space.

(37)	The Largest Tenant of the 289 East 149th Street Mortgaged Property, Expo Beauty Supply, occupies floors 2-4 of the building (5,400 SF) and subleases its space to 10 subtenants.

(38)	The ST NYC Mixed-Use Portfolio Mortgage Loan is comprised of eight properties including two multifamily assets, one retail asset, and five mixed-use assets located throughout New York City. The Mortgaged Properties include 55 residential units (37,955 SF) which are 98.2% occupied and 17 commercial units (31,250 SF) which are 98.7% occupied. The multifamily component comprises 56.9% of portfolio Effective Gross Income and the commercial component comprises 43.1% of portfolio Effective Gross Income.

(39)	Historical cash flows are unavailable as the borrower sponsor acquired three of the Mortgaged Properties in 2023. Due to acquisition timing, the consolidated portfolio cash flow presented for all mortgaged properties includes the trailing nine months ending 4/30/24, annualized.

(40)	The increase in Underwritten NOI of more than 10% over Most Recent NOI can be attributed to the borrower renovating six of the mortgaged properties in 2023 and subsequently leasing up the multifamily portion along with signing three new commercial leases in 2024.

(41)	The borrower is required to deposit $14,212.80 each month into the rollover reserve account if the amount on deposit in such reserve is less than $511,624.80.

(42)	The Third Largest Tenant, Harbor Freight Tools, has one-time right to terminate its lease as of the last day of the 60th full calendar month following the rent commencement date, subject to, among other things, (i) delivery of a written notice to the landlord on or before the 54th full calendar month following the rent commencement date and (ii) a termination payment equal to 50% of the brokerage commission paid by the landlord to the brokers.

(43)	The Mortgage Loan is part of a Whole Loan that was co-originated by Morgan Stanley Bank, N.A., Barclays Capital Real Estate Inc., and Societe Generale Financial Corporation.

(44)	The lockout period will be at least 24 months beginning with and including the first payment date on September 1, 2024. Defeasance of the Baybrook Mall Whole Loan in full is permitted at any time 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) July 19, 2027. The assumed lockout period of 24 payments is based on the expected Benchmark 2024-V9 securitization closing date in August 2024. The actual lockout period may be longer.

(45)	During a cash management period, the borrower is required to deposit an amount equal to one twelfth of $0.25 per owned leasable square foot at the Mortgaged Property (initially $11,270.54) each month as the replacement reserve monthly deposit, subject to a cap of $270,493.

(46)	During a cash management period, the borrower is required to deposit an amount equal to one twelfth of $1.00 per owned leasable square foot at the Mortgaged Property (initially $45,082.17) each month as the rollover reserve monthly deposit, subject to a cap of $1,081,972.

(47)	The Third Largest Tenant, Foot Locker, has 13,936 square feet of space expiring on April 30, 2032 and 4,440 square feet of space expiring on May 31, 2027.

(48)	The Mortgage Loan is part of a Whole Loan that was co-originated by JPMorgan Chase Bank, National Association and 3650 Real Estate Investment Trust 2 LLC.

(49)	The borrowers own the related Mortgaged Property as tenants-in-common.

(50)	The lockout period will be at least 24 payment dates beginning with and including the first payment date on June 5, 2024. Defeasance of the Columbus Business Park 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 Columbus Business Park Whole Loan to be securitized and (b) April 19, 2027. The assumed defeasance lockout period of 27 payments is based on the expected Benchmark 2024-V9 securitization closing date in August 2024. The actual lockout period may be longer.

(51)	According to the related appraisal, the second floor of the Mortgaged Property, which contains approximately 1,546,217 SF, is typically only usable by tenants occupying the first floor with an access ramp connecting the two floors, but is otherwise considered unleasable to standalone tenants because of limited access to the interior ramps and freight elevators and no direct truck dock access. The related appraisal report indicates that the largest tenant at the Mortgaged Property, Ford Motor Company, which currently leases approximately 909,287 SF on the first floor of the Mortgaged Property, representing approximately 41.6% of the net rentable area, has an unsigned letter of intent to lease approximately 198,946 SF on the second floor of the Mortgaged Property, which is underwritten as vacant rentable area and would represent approximately 9.1% of the net rentable area at the Mortgaged Property. The remaining 1,347,271 SF of space on the second floor was not included in the underwritten net rentable area.

(52)	The Third Largest Tenant, US 1 Logistics, has a one-time termination option as of July 31, 2025. The lease expires on July 31, 2027.

(53)	The Upfront Other Reserve ($) consists of approximately $862,381, of which approximately $567,233 is allocated for TI/LC and approximately $295,148 for free rent.

(54)	The Monthly Other Reserve ($) includes a springing PIP reserve. Once a PIP is imposed by the franchisor pursuant to the franchise agreement, the borrower is required to deposit an amount equal to 110% of the sum required to pay for such PIP into the PIP reserve account on the date that is the earlier to occur of (i) 30 days from the date of finalization of the PIP and (ii) 60 days after receipt of notice from the franchisor with respect to such PIP work.

(55)	Historical financials prior to 2022 are not available as the seller did not provide historical financials.

(56)	Historical cash flows are not available as the borrower acquired the Mortgaged Property in March of 2022 and did not begin lease-up until March 2023. The Mortgaged Property was acquired as a student housing property and upon completion of the 2022/2023 school year, the borrower initiated a full-scale renovation program to reposition the Mortgaged Property as a traditional multifamily asset.

(57)	The increase in Underwritten NOI of more than 10% over Most Recent NOI is primarily attributable to the borrower's repositioning of the Mortgaged Property from student housing to multifamily in 2023 and the subsequent lease up. The increase is primarily attributable to the borrower's full-scale renovation program to reposition the Mortgaged Property as a multifamily asset.

(58)	On each payment date, if and to the extent the amount contained in the replacement reserve ($) account is less than $65,000, the borrower is required to deposit into the replacement reserve ($) account an amount equal to $1,800.00.

(59)	The Monthly Other Reserve ($) includes a springing PIP reserve. Once a PIP is imposed by the franchisor pursuant to the franchise agreement, the borrower is required to deposit an amount equal to 110% of the sum required to pay for such PIP into the PIP reserve account on the date that is the earlier to occur of (i) 30 days from the date of finalization of the PIP and (ii) 60 days after receipt of notice from the franchisor with respect to such PIP work.

(60)	The Monthly Other Reserve ($) includes a springing PIP reserve. Once a PIP is imposed by the franchisor pursuant to the franchise agreement, the borrower is required to deposit an amount equal to 110% of the sum required to pay for such PIP into the PIP reserve account on the date that is the earlier to occur of (i) 30 days from the date of finalization of the PIP and (ii) 60 days after receipt of notice from the franchisor with respect to such PIP work.

(61)	The Monthly Other Reserve ($) includes a springing PIP reserve. Once a PIP is imposed by the franchisor pursuant to the franchise agreement, the borrower is required to deposit an amount equal to 110% of the sum required to pay for such PIP into the PIP reserve account on the date that is the earlier to occur of (i) 30 days from the date of finalization of the PIP and (ii) 60 days after receipt of notice from the franchisor with respect to such PIP work.

(62)	The Sole Tenant, City of New York, has the right to terminate its lease at any time during the 10th, 13th and 16th lease years of the term (which commence on November 1, 2031, November 1, 2034 and November 1, 2037, respectively), in each case upon 365 days’ notice.

(63)	The Mortgaged Property includes a rooftop static billboard which is affixed to the building and leased to Heritage Outdoor Media LLC pursuant to a lease agreement that expires December 31, 2035 . The billboard lease accounts for 16.5% of the Underwritten Net Operating Income of the Mortgaged Property. The tenant is responsible for obtaining the permits for, and maintaining, the billboard at the tenant’s sole cost and expense. The tenant has certain termination options in connection with the withdrawal, revocation or termination of the permits, as well as if any of the following occur: (i) the sign location becomes entirely or partially obstructed or destroyed through the borrower’s fault, (ii) the sign location is or becomes unsafe for maintenance of the sign through no fault, act or omission of the tenant, (iii) the tenant is prevented by any future law, regulation or ordinance from constructing, installing, displaying or maintaining advertising displays on the sign, or (iv) the value of the location, for advertising purposes, is or becomes diminished for reasons such as change in traffic patterns, closure of road, or the sight line becomes entirely or partially obstructed. Additionally, if the permits fail to be issued for any reason except for the tenant’s fault, or if the permit gets revoked by the City of New York due to no fault of the tenant, the borrower is required to return a prorated portion of the $110,000 permit fee.

(64)	The Monthly Other Reserve ($) includes a springing PIP reserve. Once a PIP is imposed by the franchisor pursuant to the franchise agreement, the borrower is required to deposit an amount equal to 110% of the sum required to pay for such PIP into the PIP reserve account on the date that is the earlier to occur of (i) 30 days from the date of finalization of the PIP and (ii) 60 days after receipt of notice from the franchisor with respect to such PIP work.

(65)	The Mortgaged Property has 97 multifamily units, including 21 Section 8 units, and three ground floor retail tenants.

(66)	During an event of default or during any period commencing on the last day of a calendar quarter in which the debt service coverage ratio is less than 1.15x, the borrower is required to deposit $1,382.58 each month into the rollover reserve account.

(67)	The Mortgaged Property is a 17,919 SF ground floor retail condominium located within a 453-unit mid-rise condominium building. The Mortgaged Property represents 3.75276% of the condo association. The borrower owns 17 units of the total 453 units in the condominium and is entitled to one vote per unit owned, and to appoint one member of a five-member board of directors.

(68)	The borrowers are required to deposit a one-time payment of $200,000 into the Designated Tenant Reserve Account upon the occurrence of a Designated Tenant Reserve Deposit Event (as defined below). “Designated Tenant Reserve Deposit Event” means the occurrence of either of the following: (i) October 2, 2024, if as of such date the Citibank tenant has not delivered to the borrower written notice of its intent to renew or extend its lease pursuant to the terms thereof or (ii) at any time after delivery to the borrower by the Citibank tenant of written notice of its intent to renew or extend its lease pursuant to the terms thereof, such tenant delivers to the borrower any written notification of its intention or desire to not renew or extend such lease.

(69)	The Rent Reserve for the Mortgaged Property will be released to the extent either or both of the related tenants, Corongo and Hitrade, have paid all delinquent rent and are current on their leases, or the applicable space has been retenanted.

(70)	The borrower is required to deposit into the replacement reserve each month an amount equal to one-twelfth of: (a) 2% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget during the first and second year of the term of the Mortgage Loan; and (b) 4% of the projected annual gross income from operations of the Mortgaged Property as set forth in the approved annual budget from and after the second year of the term of the Mortgage Loan, the lender may reassess and increase the replacement reserve monthly deposit in its sole discretion. The replacement reserve monthly deposit as of the first payment date is $4,803.53.

(71)	The lockout period will be at least 35 payment dates beginning with and including the first payment date in June 2022. The 500 Delaware Mortgage Loan may be defeased beginning on April 7, 2025, which is the second anniversary of the startup date of the REMIC formed in connection with the REMIC declaration made on April 7, 2023.

(72)	The Fifth Largest Tenant, General Services Administration, leases 18,511 SF of space that expire in August 2024 and 7,173 SF of space that expire in June 2034.

(73)	A $262,227 credit for the $2,779,031 tenant improvement and leasing commissions escrow was underwritten on the 500 Delaware Mortgage Loan. The $2,779,031 initial deposit was placed into a reserve and disbursements can be made for tenant improvements and leasing commissions.

(74)	The borrower is required to deposit, on a monthly basis, 1/12th of an amount which would be sufficient to pay insurance premiums for the renewal of coverages; provided the monthly escrow for insurance will be waived for insurance premiums paid directly by any tenant(s) at the Mortgaged Property, so long as (i) no event of default has occurred and is continuing, (ii) the policies maintained by the borrower covering the Mortgaged Property are part of a blanket or umbrella policy approved by the lender, including, without limitation, approval of the schedule of locations and values, (iii) the borrower provides the lender evidence of renewal of such policies, (iv) the borrower provides the lender paid receipts for the payment of the insurance premiums by no later than 10 business days prior to the expiration dates of the policies, and (v) if law & ordinance coverage is not maintained as part of the blanket or umbrella policy approved by the lender, the borrower is required to (x) maintain a separate law & ordinance policy for the Mortgaged Property in an amount acceptable to the lender, (y) provide the lender with paid receipts for the payment of the insurance premiums for such policy by no later than 10 business days prior to the expiration date of such policy, and (z) provide the lender with evidence of renewal of such policy. The borrower is required to commence making the monthly insurance deposit within five days of receipt of notice from the lender of the borrower’s failure to comply with the above-mentioned requirements.

(75)	The borrower is required to deposit on any monthly payment date occurring (x) prior to a lease sweep extension event, the sum of $46,403, and (y) subsequent to a lease sweep lease extension event, the sum of $31,000 for tenant improvements and leasing commissions that may be incurred. The borrower is also required to deliver to the lender, for transfer into the leasing reserve, all lease termination payments. Provided no event of default has occurred and is continuing and provided further that a lease sweep lease extension event has occurred, the borrower will not be required to make the leasing reserve monthly deposit on any monthly payment date when the leasing reserve funds then on deposit in the leasing reserve are equal to or exceed $3,000,000.

(76)	The Largest Tenant, Wilmington Savings Fund Society, FSB, has 4,113 SF of retail space, 72,439 SF of office space and 4,602 SF of storage space.

(77)	The Essential Storage Vandercook Mortgaged Property has 34,016 square feet of self-storage space and 3,600 square feet of parking space, and the Essential Storage Shirley Mortgaged Property has 32,315 square feet of self-storage space, 11,500 square feet of parking space and two residential units totaling 1,600 square feet.

(78)	The Fourth Most Recent cash flows are not available as they were not required by the lender.

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