Wells Fargo Commercial Mortgage Securities FWP Free writing prospectus

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-206677-24

Free Writing Prospectus

Collateral Term Sheet

$766,689,123

(Approximate Aggregate Cut-off Date Balance of Mortgage Pool)

Wells Fargo Commercial Mortgage Trust 2018-C44

as Issuing Entity

Wells Fargo Commercial Mortgage Securities, Inc.

as Depositor

Wells Fargo Bank, National Association

Barclays Bank PLC

Ladder Capital Finance LLC

Argentic Real Estate Finance LLC

as Sponsors and Mortgage Loan Sellers

Commercial Mortgage Pass-Through Certificates
Series 2018-C44

April 18, 2018

WELLS FARGO SECURITIES

Co-Lead Manager and

Joint Bookrunner

BARCLAYS

Co-Lead Manager and

Joint Bookrunner

Academy Securities

Co-Manager

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-206677) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Directive 2003/71/EC (as amended) and/or Part VI of the Financial Services and Markets Act 2000, as amended, or other offering document.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Wells Fargo Securities, LLC, Barclays Capital Inc., Academy Securities, Inc., or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis.

The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

A. Summary of the Whole Loans

Mortgage Loan Sellers:

Mortgage Loan Seller	Number of Mortgage Loans	Number of Mortgaged Properties	Aggregate Cut-off Date Balance	% of Initial Pool Balance
Wells Fargo Bank, National Association	14	22	$310,143,327	40.5%
Barclays Bank PLC	8	8	196,985,481	25.7
Ladder Capital Finance LLC	17	18	193,944,528	25.3
Argentic Real Estate Finance LLC	5	7	65,615,788	8.6
Total	44	55	$766,689,123	100.0%

Loan Pool:

Initial Pool Balance:	$766,689,123
Number of Mortgage Loans:	44
Average Cut-off Date Balance per Mortgage Loan:	$17,424,753
Number of Mortgaged Properties:	55
Average Cut-off Date Balance per Mortgaged Property⁽¹⁾:	$13,939,802
Weighted Average Mortgage Interest Rate:	4.858%
Ten Largest Mortgage Loans as % of Initial Pool Balance:	52.2%
Weighted Average Original Term to Maturity or ARD (months):	118
Weighted Average Remaining Term to Maturity or ARD (months):	117
Weighted Average Original Amortization Term (months)⁽²⁾:	349
Weighted Average Remaining Amortization Term (months)⁽²⁾:	349
Weighted Average Seasoning (months):	1
(1) Information regarding mortgage loans secured by multiple properties is based on an allocation according to relative appraised values or the allocated loan amounts or property-specific release prices set forth in the related loan documents or such other allocation as the related mortgage loan seller deemed appropriate. (2) Excludes any mortgage loan that does not amortize.

Credit Statistics:

Weighted Average U/W Net Cash Flow DSCR⁽¹⁾:	1.71x
Weighted Average U/W Net Operating Income Debt Yield⁽¹⁾:	10.4%
Weighted Average Cut-off Date Loan-to-Value Ratio⁽¹⁾:	62.9%
Weighted Average Balloon or ARD Loan-to-Value Ratio⁽¹⁾:	57.5%
% of Mortgage Loans with Additional Subordinate Debt⁽²⁾:	11.2%
% of Mortgage Loans with Single Tenants⁽³⁾:	25.9%

(1) With respect to any mortgage loan that is part of a whole loan, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the relatedpari passu companion loan(s) but exclude any related subordinate debt (unless otherwise stated). The debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property), that currently exists or is allowed under the terms of any mortgage loan. See “Description of the Mortgage Pool—Mortgage Pool Characteristics” in the Preliminary Prospectus and Annex A-1 to the Preliminary Prospectus.

(2) The percentage figure expressed as “% of Mortgage Loans with Additional Subordinate Debt” is determined as a percentage of the initial pool balance and does not take into account any future subordinate debt (whether or not secured by the mortgaged property), if any, that may be permitted under the terms of any mortgage loan or the pooling and servicing agreement. See “Description of the Mortgage Pool—Additional Indebtedness—Other Unsecured Indebtedness” in the Preliminary Prospectus.

(3) Excludes mortgage loans that are secured by multiple single tenant properties.

Wells Fargo Commercial Mortgage Trust 2018-C44

Certain Loan Information

B. Summary of the Whole Loans

Property Name	Mortgage Loan Seller in WFCM 2018-C44	Note(s)⁽¹⁾	Original Balance	Holder of Note⁽¹⁾	Lead Servicer for Whole Loan	Master Servicer Under Lead Securitization Servicing Agreement	Special Servicer Under Lead Securitization Servicing Agreement
Village at Leesburg	WFB	A-1	$66,000,000	WFCM 2018-C44	Yes	Wells Fargo Bank, National Association	Rialto Capital Advisors, LLC
Village at Leesburg	WFB	A-2	$65,250,000	WFB	No	Wells Fargo Bank, National Association	Rialto Capital Advisors, LLC
Airport Business Center	WFB	A-1	$53,000,000	BANK 2018-BNK11	Yes⁽²⁾	Wells Fargo Bank, National Association⁽²⁾	Midland Loan Services, a Division of PNC Bank, National Association⁽²⁾
		A-2	$50,000,000	WFCM 2018-C43	No
		A-3	$47,000,000	WFCM 2018-C44	No
Northwest Hotel Portfolio	WFB	A-1	$39,900,000	WFCM 2018-C44	Yes	Wells Fargo Bank, National Association	Rialto Capital Advisors, LLC
		A-2	$40,326,936	BANK 2018-BNK11	No⁽²⁾
		A-3	$32,993,322	WFB	No
181 Fremont Street	Barclays	A-1	$50,000,000	Deutsche Bank AG, New York Branch	Yes⁽³⁾	Wells Fargo Bank, National Association⁽³⁾	Rialto Capital Advisors, LLC⁽³⁾
		A-2	$50,000,000	Deutsche Bank AG, New York Branch	No
		A-3	$30,000,000	Deutsche Bank AG, New York Branch	No
		A-4	$30,000,000	Deutsche Bank AG, New York Branch	No
		A-5	$40,000,000	Deutsche Bank AG, New York Branch	No
		A-6-1	$30,000,000	WFCM 2018-C44	No
		A-6-2	$20,000,000	Barclays Bank PLC	No
Re/Max Plaza	LCF	A-1	$35,550,000	LCF	Yes⁽³⁾	Wells Fargo Bank, National Association⁽³⁾	Rialto Capital Advisors, LLC⁽³⁾
		A-2	$25,000,000	WFCM 2018-C44	No
		A-3	$5,000,000	WFCM 2018-C44	No
Prince and Spring Street Portfolio	AREF	A-1	$30,000,000	WFCM 2018-C44	Yes	Wells Fargo Bank, National Association	Rialto Capital Advisors, LLC
Prince and Spring Street Portfolio	AREF	A-2	$11,000,000	AREF	No	Wells Fargo Bank, National Association	Rialto Capital Advisors, LLC
Stony Creek Marketplace	AREF	A-1	$13,600,000	WFCM 2018-C44	Yes	Wells Fargo Bank, National Association	Rialto Capital Advisors, LLC
Stony Creek Marketplace	AREF	A-2	$8,000,000	AREF	No	Wells Fargo Bank, National Association	Rialto Capital Advisors, LLC

(1)

Unless otherwise indicated, each note not currently held by a securitization trust is expected to be contributed to a future securitization. No assurance can be provided that any such note will not be split further.

(2)

The BANK 2018-BNK11 transaction is expected to close on April 26, 2018.

(3)

The related whole loan is expected to initially be serviced under the WFCM 2018-C44 pooling and servicing agreement until the securitization of the related “lead” pari passu note (namely, the related pari passu note marked “Yes” in the column entitled “Lead Servicer for Whole Loan”), after which the related whole loan will be serviced under the pooling and servicing agreement governing such securitization of the related “lead” pari passu note. The master servicer and special servicer for such securitization will be identified in a notice, report or statement to holders of the WFCM 2018-C44 certificates after the closing of such securitization.

Wells Fargo Commercial Mortgage Trust 2018-C44

C. Property Type Distribution

(PIE CHART)

Property Type	Number of Mortgaged Properties	Aggregate Cut-off Date Balance ($)	% of Initial Pool Balance (%)	Weighted Average Cut-off Date LTV Ratio (%)	Weighted Average Balloon or ARD LTV Ratio (%)	Weighted Average U/W NCF DSCR (x)	Weighted Average U/W NOI Debt Yield (%)	Weighted Average U/W NCF Debt Yield (%)	Weighted Average Mortgage Rate (%)
Office	14	$268,492,465	35.0%	61.9%	57.0%	1.85x	10.7%	9.8%	4.702%
Suburban	10	214,917,465	28.0	65.0	59.2	1.70	10.7	9.7	4.813
CBD	3	47,425,000	6.2	46.5	45.9	2.57	10.9	10.6	4.147
Medical	1	6,150,000	0.8	75.0	65.1	1.33	9.4	8.7	5.128
Retail	14	189,066,612	24.7	61.9	56.7	1.51	9.4	8.9	4.865
Anchored	7	145,102,824	18.9	61.5	55.9	1.50	9.5	8.9	4.792
Single Tenant	4	26,168,000	3.4	61.0	61.0	1.59	8.0	8.0	4.969
Shadow Anchored	2	14,595,788	1.9	65.7	56.8	1.52	10.9	10.2	5.386
Unanchored	1	3,200,000	0.4	67.1	58.0	1.54	10.4	9.9	4.940
Hospitality	12	97,963,129	12.8	63.1	49.4	1.89	14.7	13.3	5.167
Limited Service	12	97,963,129	12.8	63.1	49.4	1.89	14.7	13.3	5.167
Industrial	3	76,337,000	10.0	63.6	63.1	1.96	9.9	9.2	4.572
Flex	3	76,337,000	10.0	63.6	63.1	1.96	9.9	9.2	4.572
Mixed Use	6	74,360,702	9.7	65.0	63.3	1.50	8.1	7.9	5.079
Office/Industrial	1	33,250,000	4.3	68.3	68.3	1.83	9.1	9.0	4.862
Retail/Multifamily	3	30,000,000	3.9	62.1	62.1	1.20	6.5	6.5	5.340
Office/Multifamily	1	6,720,000	0.9	62.6	51.2	1.33	9.3	8.4	4.820
Office/Retail	1	4,390,702	0.6	63.6	53.0	1.26	8.8	8.4	5.337
Multifamily	3	28,219,216	3.7	67.7	63.4	1.29	8.2	8.0	5.273
Garden	2	16,619,216	2.2	70.1	62.7	1.36	9.2	8.8	4.981
Mid Rise	1	11,600,000	1.5	64.4	64.4	1.18	6.8	6.8	5.690
Manufactured Housing Community	1	22,000,000	2.9	67.9	59.9	1.27	8.1	8.0	4.875
Manufactured Housing Community	1	22,000,000	2.9	67.9	59.9	1.27	8.1	8.0	4.875
Self Storage	2	10,250,000	1.3	62.4	57.4	1.63	9.3	9.2	5.211
Self Storage	2	10,250,000	1.3	62.4	57.4	1.63	9.3	9.2	5.211
Total/Weighted Average:	55	$766,689,123	100.0%	62.9%	57.5%	1.71x	10.4%	9.7%	4.858%

(1)

Because this table presents information relating to the mortgaged properties and not the mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated amounts (allocating the principal balance of the mortgage loan to each of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents or such other allocation as the related mortgage loan seller deemed appropriate). With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include the relatedpari passu companion loan(s) but exclude any related subordinate debt (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus.

Wells Fargo Commercial Mortgage Trust 2018-C44

D. Large Loan Summaries

VILLAGE AT LEESBURG

(graphic)

VILLAGE AT LEESBURG

(graphic)

VILLAGE AT LEESBURG

(graphic)

No. 1 – Village at Leesburg

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/Fitch/Moody’s):		NR/NR/NR			Property Type:	Retail
Original Principal Balance⁽¹⁾:		$66,000,000			Specific Property Type:	Anchored
Cut-off Date Balance⁽¹⁾:		$66,000,000			Location:	Leesburg, VA
% of Initial Pool Balance:		8.6%			Size⁽⁴⁾:	546,107 SF
Loan Purpose⁽²⁾:		Recapitalization			Cut-off Date Balance Per SF⁽¹⁾⁽⁴⁾:	$240.34
Borrower Name:		CRP/TRC Leesburg Retail Owner, L.L.C.			Year Built/Renovated:	2009/2018
Sponsors:		Gary D. Rappaport			Title Vesting:	Fee
Mortgage Rate:		4.758%			Property Manager:	Self-managed
Note Date:		March 9, 2018			4^thMost Recent Occupancy (As of):	78.7% (12/31/2014)
Anticipated Repayment Date:		NAP			3^rdMost Recent Occupancy (As of):	82.1% (12/31/2015)
Maturity Date:		April 1, 2028			2^ndMost Recent Occupancy (As of):	88.4% (12/31/2016)
IO Period:		60 months			Most Recent Occupancy (As of):	93.6% (12/31/2017)
Loan Term (Original):		120 months			Current Occupancy (As of)⁽⁴⁾:	91.6% (3/9/2018)
Seasoning:		1 month
Amortization Term (Original):		360 months			Underwriting and Financial Information:
Loan Amortization Type:		Interest-only, Amortizing Balloon
Interest Accrual Method:		Actual/360			4^thMost Recent NOI (As of)⁽⁵⁾:	$6,914,642 (12/31/2014)
Call Protection:		L(25),D(91),O(4)			3^rdMost Recent NOI (As of)⁽⁵⁾:	$6,200,743 (12/31/2015)
Lockbox Type:		Hard/Upfront Cash Management			2^ndMost Recent NOI (As of)⁽⁵⁾:	$7,766,054 (12/31/2016)
Additional Debt⁽¹⁾:		Yes			Most Recent NOI (As of)⁽⁵⁾:	$8,685,899 (12/31/2017)
Additional Debt Type⁽¹⁾:		Pari Passu
					U/W Revenues:	$14,588,909
					U/W Expenses:	$3,574,353
Escrows and Reserves⁽³⁾:					U/W NOI⁽⁴⁾:	$11,014,555
					U/W NCF:	$10,531,133
Type:	Initial		Monthly	Cap (If Any)	U/W NOI DSCR⁽¹⁾:	1.34x
Taxes	$560,062		$112,013	NAP	U/W NCF DSCR⁽¹⁾:	1.28x
Insurance	$0		Springing	NAP	U/W NOI Debt Yield⁽¹⁾:	8.4%
Immediate Repairs	$28,125		$0	NAP	U/W NCF Debt Yield⁽¹⁾:	8.0%
Replacement Reserve	$0		$6,801	$244,818	Appraised Value⁽⁶⁾:	$226,000,000
Leasing Reserve	$0		$45,894	$2,010,135⁽³⁾	Appraisal Valuation Date⁽⁶⁾:	December 1, 2018
Rent Concession Reserve	$842,933		$0	NAP	Cut-off Date LTV Ratio⁽¹⁾⁽⁶⁾:	58.1%
Existing TI/LC Reserve	$7,649,629		$0	NAP	LTV Ratio at Maturity or ARD⁽¹⁾⁽⁶⁾:	53.4%

(1)

See “The Mortgage Loan” section. All statistical financial information related to balance per square foot, loan-to-value ratios, debt service coverage ratios and debt yields are based on the funded outstanding principal balance of the Village at Leesburg Whole Loan (as defined below).

(2)

The Village at Leesburg Property (as defined below) was previously majority owned by an affiliate of the Carlyle Group, which originally developed the overall Village at Leesburg community in 2009. At the time of origination, an entity related to Rappaport (see “Borrower Sponsor” section) acquired a 60% equity ownership interest in the Village at Leesburg Property with the Carlyle Group maintaining a 40% equity ownership interest.

(3)

See “Escrows” section.

(4)

The Size, Cut-off Date Balance per SF and Current Occupancy assume the completion of the 12,297 square foot expansion related to Cobb Theatres (see “The Property” section). Excluding the expansion space, the Size, Cut-off Date Balance per SF and Current Occupancy are 533,810, $245.87 and 91.4%, respectively.

(5)

See “Cash Flow Analysis” section.

(6)

The Appraised Value and LTV Ratios shown are based on the appraiser’s Prospective Market Value Upon Completion, which assumes the completion of planned renovations and an expansion related to Cobb Theatres. Cobb Theatres is expected to renovate all existing auditoriums and add two new auditoriums with all work projected to be completed by November 2018 (see “The Property” section). Cobb Theatres is required to commence paying rent on its expanded premises once the tenant is open for business in such space. The underwritten base rent for Cobb Theatres is based on its expanded premises, and the difference between the tenant’s underwritten base rent and current base rent through December 31, 2018 was reserved upon origination of the Village at Leesburg Whole Loan (see “Major Tenants” section). In addition, outstanding tenant improvement obligations related to Cobb Theatres were reserved upon origination of the Village at Leesburg Whole Loan (see “Escrows” section). Based on the as-is appraised value of $205,000,000 (as of February 2, 2018), the Cut-off Date LTV Ratio and LTV Ratio at Maturity are 64.0% and 58.8%, respectively.

The Mortgage Loan. The mortgage loan (the “Village at Leesburg Mortgage Loan”) is part of a whole loan (the “Village at Leesburg Whole Loan”) evidenced by twopari passu notes secured by a first mortgage encumbering the fee interest in an anchored retail shopping center located in Leesburg, Virginia (the “Village at Leesburg Property”). The Village at Leesburg Whole Loan was originated on March 9, 2018 by Wells Fargo Bank, National Association. The Village at Leesburg Whole Loan had an original principal balance of $131,250,000, has an outstanding principal balance as of the Cut-off Date of $131,250,000 and accrues interest at an interest rate of 4.758%per annum. The Village at Leesburg Whole Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and requires interest-only payments for the first 60 months following origination and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The Village at Leesburg Mortgage Loan matures on April 1, 2028.

The controlling Note A-1, which will be contributed to the WFCM 2018-C44 securitization trust, had an original principal balance of $66,000,000 and has an outstanding principal balance as of the Cut-off Date of $66,000,000. The non-controlling Note A-2, which

VILLAGE AT LEESBURG

had an original principal balance of $65,250,000, is currently held by Wells Fargo Bank, National Association and is expected to be contributed to a future securitization trust. The mortgage loan evidenced by Note A-2 is referred to herein as the “Village at Leesburg Companion Loan”. The lender provides no assurances that the non-securitizedpari passu note will not be split further. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Note Summary

Notes	Original Balance	Note Holder	Controlling Interest
A-1	$66,000,000	WFCM 2018-C44	Yes
A-2	$65,250,000	Wells Fargo Bank, National Association	No
Total	$131,250,000

Following the lockout period, on any date before January 1, 2028, the borrower has the right to defease the Village at Leesburg Whole Loan in whole, but not in part. In addition, the Village at Leesburg Whole Loan is prepayable without penalty on or after January 1, 2028. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) May 1, 2021.

Sources and Uses

Sources			Uses
Original whole loan amount	$131,250,000	100.0%	Loan payoff⁽¹⁾:	$112,394,408	85.6%
			Upfront reserves:	9,080,749	6.9
			Closing costs:	1,181,685	0.9
			Return of equity:	8,593,158	6.5
Total Sources	$131,250,000	100.0%	Total Uses	$131,250,000	100.0%

(1)

Prior to the origination of the Village at Leesburg Whole Loan, the Village at Leesburg Property was majority owned by an affiliate of the Carlyle Group, which originally developed the overall Village at Leesburg community in 2009. At the time of origination, an entity related to Rappaport (see “Borrower Sponsor” section) acquired a 60% equity ownership interest in the Village at Leesburg Property with the Carlyle Group maintaining a 40% equity ownership interest. The loan payoff shown represents a mortgage loan related to the Carlyle Group’s prior majority ownership of the Village at Leesburg Property.

The Property.The Village at Leesburg Property consists of 546,107 square feet of retail, open-air lifestyle and entertainment space within the Village at Leesburg development in Leesburg, Virginia. The Village at Leesburg Property is situated on 55.0 acres of land and encompasses 16 one- and two-story buildings. In addition to the Village at Leesburg Property, the overall Village at Leesburg development contains office and multifamily components, which do not serve as collateral for the Village at Leesburg Whole Loan. The non-collateral office component comprises approximately 120,000 square feet of class A office space above the street level retail space and was 91.2% occupied as of April 2018, while the non-collateral multifamily component comprises 335 class A rental units with monthly rental rates for one-bedroom units starting at approximately $1,571. The Village at Leesburg Property was built in 2009, and in 2016, the Village at Leesburg development underwent a $6.6 million common area maintenance project that included upgrades to landscaping, patio seating, and the addition of a fountain and fire-pit. The Village at Leesburg Property hosts entertainment and cultural events throughout the year, including the Winter Ice Festival and ice carving in January, the Leesburg Fine Arts Festival in May, movie nights throughout the summer, Halloween activities and an annual holiday tree lighting in December. The Village at Leesburg Property has exclusive use of 3,128 surface and garage parking spaces, resulting in a parking ratio of 5.7 spaces per 1,000 square feet of rentable area (the overall Village at Leesburg development contains 3,732 surface and garage parking spaces, of which 604 spaces are for the exclusive use of the non-collateral multifamily units).

As of March 9, 2018, the Village at Leesburg Property was 91.6% leased to 66 tenants. In addition to the Wegmans grocery anchor, the tenant mix at the Village at Leesburg Property consists of entertainment options, including Cobb Theatres, Bowlero bowling alley, Atomic Trampoline and Luv2Play Indoor Playground; restaurant tenants, including Firebirds Wood Fire Grill, Travinia Italian Kitchen, Eggspectations, Noodles & Company, BurgerFi and Bon Chon Chicken; and national retail tenants including Ulta, Verizon Wireless, AT&T, European Wax Center, Massage Envy, Visionworks and GNC.

The Village at Leesburg Property is anchored by a Wegmans grocery store (Rated ‘BBB+’ by S&P, 142,692 square feet, 26.1% of net rentable area and 10.1% of underwritten base rent), which is subject to a ground lease with a lease expiration date in July 2034 with five, five-year renewal options. Wegmans is a regional supermarket chain with 96 stores in the northeastern United States. The company reported 2017 sales of approximately $8.7 billion and was ranked 31^stof the top 75 supermarkets in the country based on sales volume by an industry news publication. The store provides customers with the convenience of an in-store pharmacy, a Market Café with take-out and in-store dining, a cheese shop, a sub shop, a fresh sushi shop, a salad bar, a pizza shop, a floral shop and a pastry shop.

The second largest tenant is Cobb Theatres (63,564 square feet, 11.6% of net rentable area and 15.0% of underwritten base rent), which currently features 12 screens with approximately 1,900 seats. Cobb Theatres is currently renovating its existing auditoriums with new, reclining seats and is expected to add two new auditoriums (for a total of 14 screens) with a total estimated renovation and construction cost of approximately $7.6 million. The existing auditorium renovations began in January 2018 and are expected to be completed by September 2018; while the expansion work is expected to begin in April 2018 and is expected to be completed by November 2018. With respect to Cobb Theatres, all outstanding tenant improvement costs and gap rent through December, 31 2018 were reserved upon origination of the Village at Leesburg Whole Loan. Cobb Theatres recently exercised a ten-year lease renewal and has a lease expiration date in December 2028 with three, five-year renewal options.

The third largest tenant is LA Fitness (45,000 square feet, 8.2% of net rentable area and 9.1% of underwritten base rent). LA Fitness is a privately-owned American health club with headquarters in Irvine, California. LA Fitness has 675 locations across 27

VILLAGE AT LEESBURG

states in the U.S. and Canada, serving over 3.8 million members. The LA Fitness at the Village at Leesburg Property features basketball courts, group fitness classes, indoor cycling, an indoor pool, a kids club, personal training, a racquetball court, a sauna, a whirlpool spa and a juice bar.

The fourth largest tenant is Bowlero (21,564 square feet, 3.9% net rentable area and 4.2% underwritten base rent). Bowlmor AMF, the owner of Bowlero, is the largest ten-pin bowling center operator in the world with over 300 locations. Bowlero leased the former King Pinz bowling alley space at the Village at Leesburg Property with a lease that commenced in March 2017.

The Village at Leesburg Property comprises two retail condominium units consisting of the Wegmans leased fee parcel (excluding the improvements), and the remaining retail space within the related project (having a 58.06% voting rights interest) in each of (i) a condominium regime governing the common elements of the related mixed use buildings within the overall Village at Leesburg development and (ii) a master condominium regime governing the common areas within the overall Village of Leesburg development, including parking garages and structures and private streets. The loan documents provide for springing full recourse to the borrower and guarantors resulting from the condominium regime’s being withdrawn or terminated, or the master owners’ association regime being terminated. See“Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium Interests”in the Preliminary Prospectus.

The following table presents certain information relating to the tenancy at the Village at Leesburg Property:

Major Tenants

Tenant Name

Credit Rating (Fitch/Moody’s/
S&P)⁽¹⁾

Tenant NRSF

% of
NRSF

Annual U/W Base Rent PSF⁽²⁾

Annual
U/W Base Rent⁽²⁾

% of Total Annual U/W Base Rent

Sales

Occupancy Cost

Lease
Expiration
Date

Anchor Tenant

Wegmans (Ground Lease)

NR/NR/BBB+

142,692

26.1%

$8.30⁽³⁾

$1,184,921⁽³⁾

10.1%

NAV

7/31/2034⁽⁴⁾

Total Anchor Tenant

142,692

26.1%

$8.30

$1,184,921

100.0%

Major Tenants

Cobb Theatres

NR/NR/NR

63,564⁽⁵⁾

11.6%

$27.50⁽⁵⁾

$1,748,010⁽⁵⁾

15.0%

$516,260⁽⁶⁾

19.1%⁽⁶⁾

12/31/2028⁽⁷⁾

LA Fitness

NR/NR/NR

45,000

8.2%

$23.67

$1,065,042

9.1%

NAV

3/31/2026⁽⁸⁾

Bowlero

NR/B3/B

21,564

3.9%

$22.49

$485,000

4.2%

NAV

3/31/2027⁽⁹⁾

Wells Fargo (Ground Lease)

AA-/Aa2/A+

⁽¹⁰⁾

$430,532⁽¹¹⁾

3.7%

NAV

11/14/2029⁽¹²⁾

Atomic Trampoline

NR/NR/NR

16,653

3.0%

$19.26

$320,736

2.7%

NAV

8/31/2026⁽¹³⁾

Total Major Tenants

289,473

53.0%

$16.59⁽¹⁴⁾

$5,234,241

44.8%

Non-Major Tenants

210,864

38.6%

$30.59⁽¹⁴⁾

$6,451,262

55.2%

Occupied Collateral Total

500,337

91.6%

$22.49⁽¹⁴⁾

$11,685,503

100.0%

Vacant Space

45,770

8.4%

Collateral Total

546,107

100.0%

(1)

Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)

Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps totaling $1,717,795 through January 2019 and straight-line rent averaging for investment grade tenants over the loan term for Wegmans and Wells Fargo (totaling $165,453) and over the lease term for Charles Schwab (totaling $28,642).

(3)

Wegman’s Annual U/W Base Rent PSF and Annual U/W Base Rent are based on the tenant’s average rental rate over the loan term. Wegman’s current annual base rent is $1,065,000 ($7.46 per square foot). Commencing on August 1, 2019, Wegman’s annual base rent will increase to $1,164,367 ($8.16 per square foot) and commencing on August 1, 2024, Wegman’s annual base rent will increase to $1,265,678 ($8.87 per square foot).

(4)

Wegmans hasfive, five-year renewal options, with nine months’ notice, at rental rates as specified in the lease.

(5)

Cobb Theatres’ Tenant NRSF, Annual U/W Base Rent PSF and Annual U/W Base Rent assume the completion of the planned renovation and expansion, which are expected to be completed by November 2018 (see “The Property” section). The tenant’s current net rentable square footage, annual base rent per square foot and annual base rent are 51,267, $23.10 and $1,184,961, respectively. The tenant is required to begin paying rent on its expanded premises once it is open for business in such space, and the difference between the tenant’s underwritten base rent and current base rent through December 31, 2018 was reserved at origination of the Village at Leesburg Whole Loan. We cannot assure you that such renovation or expansion work will be completed or that the tenant will begin paying rent on such expansion space.

(6)

Sales and Occupancy Cost are for the trailing 12-month period ending December 31, 2017. Sales shown are per screen and based on the tenant’s current 12 screens; and occupancy cost shown is based on the tenant’s current annual base rent of $1,184,961.

(7)

Cobb Theatres has three five-year renewal options, with nine months’ notice, at rental rates as specified in the lease.

(8)

LA Fitness has three five-year renewal options, with six months’ notice, at rental rates calculated in accordance with the Consumer Price Index or 12.0% greater than the minimum rent in effect immediately prior to the extension.

(9)

Bowlero has two five-year renewal options, with 180 days’ notice, at rental rates as specified in the lease.

(10)

Wells Fargo is subject to a ground lease and owns its improvements with no attributed square footage.

(11)

Wells Fargo’s Annual U/W Base Rent is based on the tenant’s average rental rate over the loan term. Wells Fargo’s current annual base rent is $385,000. Commencing on December 1, 2019, Wells Fargo’s annual base rent will increase to $423,519 and commencing on December 1, 2024, Wells Fargo’s annual base rent will increase to $465,838.

(12)

Wells Fargo has four five-year renewal options, with 270 days’ notice, at rental rates as specified in the lease.

(13)

Atomic Trampoline has one five-year renewal option, with 12 months’ notice, at rental rates as specified in the lease.

(14)

Annual U/W Base Rent PSF for Total Major Tenants, Non-Major Tenants and Occupied Collateral Total excludes Annual U/W Base Rent related to Wells Fargo, which is on a ground lease and owns its improvements with no attributed square footage.

VILLAGE AT LEESBURG

The following table presents certain information relating to the lease rollover schedule at the Village at Leesburg Property:

Lease Expiration Schedule⁽¹⁾⁽²⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Annual U/W Base Rent PSF⁽³⁾⁽⁴⁾
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	2	5,819	1.1%	5,819	1.1%	$171,678	1.5%	$29.50
2019	4	10,544	1.9%	16,363	3.0%	$270,722	2.3%	$25.68
2020	13	35,568	6.5%	51,931	9.5%	$1,566,326	13.4%	$44.04
2021	8	35,416	6.5%	87,347	16.0%	$878,891	7.5%	$24.82
2022	4	16,161	3.0%	103,508	19.0%	$455,520	3.9%	$28.19
2023	3	14,127	2.6%	117,635	21.5%	$369,802	3.2%	$26.18
2024	4	17,290	3.2%	134,925	24.7%	$402,174	3.4%	$23.26
2025	7	24,061	4.4%	158,986	29.1%	$774,013	6.6%	$32.17
2026	6	76,309	14.0%	235,295	43.1%	$1,955,297	16.7%	$25.62
2027	8	43,074	7.9%	278,369	51.0%	$1,115,539	9.5%	$25.90
2028	4	79,276	14.5%	357,645	65.5%	$2,110,088	18.1%	$26.62
Thereafter	2	142,692	26.1%	500,337	91.6%	$1,615,453	13.8%	$11.32
Vacant	0	45,770	8.4%	546,107	100.0%	$0	0.0%	$0.00
Total/Weighted Average	65	546,107	100.0%			$11,685,503	100.0%	$22.49

(1)

Information obtained from the underwritten rent roll.

(2)

Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the Lease Expiration Schedule.

(3)

Weighted Average Annual U/W Base Rent PSF and Total Annual U/W Base Rent exclude vacant space.

(4)

Annual U/W Base Rent PSF excludes Annual U/W Base Rent related to Wells Fargo, which is on a ground lease and owns its improvements.

The following table presents historical occupancy percentages at the Village at Leesburg Mortgaged Property:

Historical Occupancy

12/31/2014⁽¹⁾		12/31/2015⁽¹⁾		12/31/2016⁽¹⁾		12/31/2017⁽¹⁾		3/9/2018⁽²⁾
78.7%		82.1%		88.4%		93.6%		91.6%

(1)

Information obtained from the borrower.

(2)

Information obtained from the underwritten rent roll. Occupancy assumes the completion of the 12,297 square foot expansion related to Cobb Theatres (see “The Property” section). Excluding the expansion space, the physical occupancy as of March 9, 2018 was 91.4%.

VILLAGE AT LEESBURG

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and the underwritten net cash flow at the Village at Leesburg Property:

Cash Flow Analysis

	2014	2015⁽²⁾	2016⁽³⁾	2017⁽⁴⁾	U/W⁽⁵⁾	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$8,506,614	$7,561,648	$8,431,880	$9,277,247	$11,685,503	80.1%	$21.40
Grossed Up Vacant Space	0	0	0	0	1,532,967	10.5	2.81
Percentage Rent	181,679	194,854	153,795	72,657	55,276	0.4	0.10
Total Reimbursables	2,416,951	2,643,318	2,832,773	2,846,697	2,843,935	19.5	5.21
Other Income⁽¹⁾	89,005	49,684	129,044	179,020	4,195	0.0	0.01
Less Vacancy & Credit Loss	0	0	0	0	(1,532,967)⁽⁶⁾	(10.5)	(2.81)
Effective Gross Income	$11,194,249	$10,449,504	$11,547,492	$12,375,621	$14,588,909	100.0%	$26.71

Total Operating Expenses	$4,279,607	$4,248,761	$3,781,438	$3,689,722	$3,574,353	24.5%	$6.55

Net Operating Income	$6,914,642	$6,200,743	$7,766,054	$8,685,899	$11,014,555	75.5%	$20.17
TI/LC	0	0	0	0	403,415	2.8	0.74
Capital Expenditures	0	0	0	0	80,007	0.5	0.15
Net Cash Flow	$6,914,642	$6,200,743	$7,766,054	$8,685,899	$10,531,133	72.2%	$19.28

NOI DSCR⁽⁷⁾	0.84x	0.75x	0.94x	1.06x	1.34x
NCF DSCR⁽⁷⁾	0.84x	0.75x	0.94x	1.06x	1.28x
NOI DY⁽⁷⁾	5.3%	4.7%	5.9%	6.6%	8.4%
NCF DY⁽⁷⁾	5.3%	4.7%	5.9%	6.6%	8.0%

(1)

Other income includes income from storage, stroller rentals, ATMs and other miscellaneous rental income.

(2)

The decline in Base Rent and Net Operating Income from 2014 to 2015 was driven partly by bad debt expense in 2015 from multiple tenants totaling $730,948.

(3)

The increase in Net Operating Income from 2015 to 2016 was primarily driven by an increase in Base Rent and decrease in Total Operating Expenses. The increase in Base Rent from 2015 to 2016 was driven by 13 new leases (10.6% of net rentable area, 12.6% of underwritten base rent) signed from March 2015 to December 2016 and three renewal leases (1.9% of net rentable area, 3.4% of underwritten base rent) signed from March 2015 to November 2015. The decrease in Total Operating Expenses from 2015 to 2016 was primarily driven by reduced expenses for snow removal, advertising and holiday decorating.

(4)

The increase in Base Rent and Net Operating Income from 2016 to 2017 was driven by eight new leases (7.2% of net rentable area, 10.1% of underwritten base rent) signed from January 2017 to July 2017 and two renewal leases (0.9% of net rentable area, 1.7% of underwritten base rent) signed from May 2017 to November 2017.

(5)

The increase in Net Operating Income from 2017 to U/W was driven by (i) three new leases(2.9% of net rentable area, 3.1% of underwritten base rent) and three renewal leases (1.8% of net rentable area, 2.4% of underwritten base rent) signed since January 2018; (ii) the inclusion of increased base rent for Cobb Theatres assuming the completion of the tenant’s planned renovation and expansion (annual base rent increase of $563,049; see “The Property” and “Major Tenants” sections); and (iii) the inclusion ofcontractual rent steps totaling $1,717,795 through January 2019 and straight-line rent averaging for investment grade tenants over the loan term (totaling $194,095).

(6)

The underwritten economic vacancy is 11.6%. The Village at Leesburg Property was 91.6% leased as of March 9, 2018.

(7)

The debt service coverage ratios and debt yields shown are based on the Village at Leesburg Whole Loan.

Appraisal.The appraiser concluded to a Prospective Market Value Upon Completion for the Village at Leesburg Property of $226,000,000 as of December 1, 2018, which assumes the completion of the renovation and expansion related to Cobb Theatres.

Environmental Matters. According to a Phase I environmental site assessment dated February 23, 2018, there was no evidence of any recognized environmental conditions at the Village at Leesburg Property.

Market Overview and Competition.The Village at Leesburg Property is located in Leesburg, Loudoun County, Virginia, approximately 38.1 miles northwest of the Washington, D.C. central business district, 14.4 miles northwest of Washington Dulles International Airport and 1.7 miles southeast of U.S. Route 15. Per U.S. Census Bureau estimates, Loudoun County has the highest median household income of any county in the United States, and according to a third party market research report, the 2017 estimated average household income within a three- and five-mile radius of the Village at Leesburg Property was $144,117 and $151,624, respectively. According to the appraisal, Loudoun County has grown faster than any other Virginia jurisdiction since 1990, and the county’s population grew by approximately 3.7% annually from 2006 to 2016. According to a third party market research report, the estimated 2017 population within a three- and five-mile radius of the Village at Leesburg Property was 74,657 and 137,723, respectively.

The Metropolitan Washington Airports Authority is constructing a 23-mile extension of the existing Metrorail system, branching from the East Falls Church Station in Arlington, Virginia to the Washington Dulles International Airport and west to eastern Loudoun County. Phase 2 of the extension, expected to be completed in 2020, is expected to continue 11 miles from Wiehle Avenue to eastern Loudoun County. This phase will add six stations, including stops in Reston, Herndon, Dulles Airport, and Ashburn. The Ashburn Station is expected to be located approximately 9.7 miles southeast of the Village at Leesburg Property.

According to a third party market research report, the Village at Leesburg Property is situated within the Loudoun County submarket of the Suburban Virginia retail market. As of year-end 2017, the submarket reported total inventory of approximately 6.8 million square feet with a 3.0% vacancy rate and an average asking net rental rate of $29.13 per square foot. Submarket vacancy has decreased from 6.6% in 2012 and has averaged 4.4% in the last six years. The appraiser concluded to a weighted average net market rent for the Village at Leesburg Property of $22.89 per square foot.

VILLAGE AT LEESBURG

The table below presents certain information relating to five comparable properties to the Village at Leesburg Property identified by the appraiser:

Competitive Set⁽¹⁾

Village at Leesburg

(Subject)

Marketplace at Potomac Station

Fort Evan Plaza I

Fort Evans Plaza II

Battlefield Shopping Center

Leesburg Plaza

Location

Leesburg, VA

Distance from Subject

1.1 miles

2.1 miles

1.8 miles

2.3 miles

2.4 miles

Property Type

Lifestyle Center

Community Center

Power Center

Community Center

Year Built/Renovated

2009/2018

2004/NAP

1999/NAP

2008/NAP

1991/NAP

1956/1992

Anchors

Wegmans, Cobb Theatres, LA Fitness, Bowlero

Giant Food, Best Buy

Home Depot, Hobby Lobby

Marshall’s, Bed, Bath & Beyond, Walgreens, Jo-Ann Stores

Dick’s Sporting Goods, DSW, Ross Dress for Less, Staples, Stein Mart, Michael’s

Giant Food, Office Depot, PetSmart, Party City

Total GLA

546,107 SF

143,176 SF

214,477 SF

228,529 SF

296,140 SF

228,878 SF

Total Occupancy

91.6%⁽²⁾

92.0%

97.0%

100.0%

97.0%

96.0

(1)

Information obtained from the appraisal. In total, the appraiser identified 10 comparable properties totalling approximately 2.7 million square feet with an average occupancy rate of approximately 96.0% and minimum occupancy rate of 90.0%.

(2)

Information obtained from underwritten rent roll.

The Borrower.The borrower is CRP/TRC Leesburg Retail Owner, L.L.C., a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Village at Leesburg Whole Loan. Gary D. Rappaport and the Gary D. Rappaport Revocable Trust, individually and/or collectively, are the guarantors of certain nonrecourse carveouts under the Village at Leesburg Whole Loan.

The Borrower Sponsor.The borrower sponsor is Gary D. Rappaport, the chief executive officer of Rappaport, a retail real estate company founded in 1984. Rappaport’s portfolio includes more than 50 shopping centers and ground floor retail spaces in approximately 125 mixed-use properties, both residential and office, located primarily throughout the mid-Atlantic region of the United States. Mr. Rappaport is the former chairman and trustee of the International Council of Shopping Centers and is the principal partner for approximately 4.3 million square feet of the shopping centers managed by Rappaport. At the time of origination of the Village at Leesburg Whole Loan, an entity related to Rappaport acquired a 60% equity interest in the Village at Leesburg Property. Gary D. Rappaport and affiliates owned an indirect and non-controlling 10% interest in an entity that defaulted on a loan that was the subject of a foreclosure in 2009. See“Description of the Mortgage Pool— Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings”in the Preliminary Prospectus.

The remaining 40% equity interest in the Village at Leesburg Property is held by an affiliate of the Carlyle Group (“Carlyle”). Carlyle was the original developer of the overall Village at Leesburg community and was the majority owner of the Village at Leesburg Property prior to the origination of the Village at Leesburg Whole Loan. Founded in 1987 in Washington, D.C., Carlyle currently has approximately $195 billion of assets under management and more than 1,600 professionals operating in 31 offices in North America, South America, Europe, the Middle East, Africa, Asia and Australia. Carlyle’s real estate division has made more than 850 investments in 397 metropolitan statistical areas around the world. As of December 31, 2017, Carlyle’s real estate funds reported more than $18 billion in assets under management.

Escrows.The loan documents provide for upfront reserves of $560,062 for real estate taxes, $28,125 for immediate repairs, $842,933 for outstanding rent concessions and gap rent related to multiple tenants (including $520,190 related to the Cobb Theatres expansion) and $7,649,629 for existing tenant improvements and leasing commissions (“TI/LC”) related to multiple tenants (including $6,455,836 related to the Cobb Theatres renovation and expansion). The loan documents also provide for ongoing monthly reserves of $112,013 for real estate taxes, $6,801 for replacement reserves (subject to a cap of $244,818), and $45,894 for general TI/LCs (subject to a cap of $2,010,135 so long as no event of default exists and the net cash flow debt service coverage ratio is equal to or greater than 1.20x).

The loan documents do not require ongoing monthly escrows for insurance premiums as long as (i) no event of default has occurred and is continuing; (ii) the borrower provides the lender with evidence that the Village at Leesburg Property’s insurance coverage is included in a blanket policy and such policy is in full force and effect; and (iii) the borrower pays all applicable insurance premiums and provides the lender with evidence of renewals.

Lockbox and Cash Management.The Village at Leesburg Whole Loan requires a lender-controlled lockbox account, which is already in place, and that the borrower directs tenants to pay all rents directly into such lockbox account. The loan documents also require that all rents received by the borrower or the property manager be deposited into the lockbox account within one business day of receipt. All funds in the lockbox account are required to be swept each business day into the cash management account controlled by the lender and disbursed on each payment date in accordance with the loan documents. Prior to the occurrence of a Cash Trap Event Period (as defined below), all excess funds are required to be distributed to the borrower. During a Cash Trap Event Period, all excess funds are required to be swept to an excess cash flow subaccount.

VILLAGE AT LEESBURG

A “Cash Trap Event Period” will commence upon the earlier of the following:

(i)

the occurrence of an event of default;

(ii)

the amortizing net cash flow debt service coverage ratio falling below 1.15x at the end of any calendar quarter; or

(iii)

the occurrence of a Lease Expiration Cash Trap Event Period (as defined below).

A Cash Trap Event Period will end upon the occurrence of the following:

●

with regard to clause (i), the cure of such event of default;

●

with regard to clause (ii), the amortizing net cash flow debt service coverage ratio being equal to or greater than 1.20x for two consecutive calendar quarters; or

●

with regard to clause (iii), a Lease Expiration Cash Trap Event Period Cure (as defined below).

A “Lease Expiration Cash Trap Event Period” will commence upon the earlier of the following:

(i)

either Wegmans or Cobb Theatres giving notice of its intent to terminate its lease or vacate its space;

(ii)

either Wegmans or Cobb Theatres failing to be in actual, physical occupancy of its entire space, failing to be open to the public during customary hours or going dark;

(iii)

either Wegmans or Cobb Theatres becoming insolvent or filing for bankruptcy; or

(iv)

Cobb Theatres failing to extend its lease nine months prior to expiration upon terms and conditions satisfactory to the lender.

A “Lease Expiration Cash Trap Event Period Cure” will occur upon the following:

●

with regard to clause (i), a Qualified Re-Leasing Event (as defined below);

●

with regard to clause (ii), Wegmans or Cobb Theatres, as applicable, being in actual, physical possession of its entire space, being open to the public during customary hours and no longer being dark;

●

with regard to clause (iii), Wegmans or Cobb Theatres, as applicable, being no longer insolvent or subject to any bankruptcy or insolvency proceedings and its lease having been affirmed or assigned pursuant to a final and non-appealable order of a court of competent jurisdiction; or

●

with regard to clause (iv), Cobb Theatres extending its lease upon terms and conditions satisfactory to the lender.

A “Qualified Re-Leasing Event” will occur upon one or more replacement tenants acceptable to the lender executing leases covering all of the space currently occupied by Wegmans or Cobb Theatres, as applicable, and delivering an estoppel certificate confirming such replacement tenants having taken physical occupancy of the entire space, commencing normal business operations and paying full unabated rent.

Property Management. The Village at Leesburg Property is managed by Rappaport Management Company, an affiliate of the borrower.

Assumption.The borrower has the two-time right to transfer the Village at Leesburg Property, provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) the lender has reasonably determined that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration the transferee’s experience, financial strength and general business standing; and (iii) if required by the lender, rating agency confirmation from DBRS, Fitch and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2018-C44 certificates and similar confirmations from each rating agency rating any securities backed by the Village at Leesburg Companion Loan with respect to the ratings of such securities.

Partial Release. Not permitted.

Real Estate Substitution.Not permitted.

Subordinate and Mezzanine Indebtedness.Not permitted.

Ground Lease. None.

Terrorism Insurance.The loan documents require that the “all risk” insurance policies required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Village at Leesburg Property. The loan documents also require business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity.

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3495 DEER CREEK ROAD

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3495 DEER CREEK ROAD

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No. 2 – 3495 Deer Creek Road

Loan Information					Property Information
Mortgage Loan Seller:		Barclays Bank PLC			Single Asset/Portfolio:	Single Asset
Credit Assessment					Property Type:	Office
(DBRS/Fitch/Moody’s):		NR/NR/NR			Specific Property Type:	Suburban
Original Principal Balance:		$50,000,000			Location:	Palo Alto, CA
Cut-off Date Balance:		$50,000,000			Size:	81,031 SF
% of Initial Pool Balance:		6.5%			Cut-off Date Balance Per SF:	$617.05
Loan Purpose:		Refinance			Year Built/Renovated:	1977/2014
Borrower Name:		3495 Deer Creek Owner LLC			Title Vesting:	Leasehold
Borrower Sponsor:		James M. Pollock			Property Manager:	Self-managed
Mortgage Rate:		4.9550%			4^thMost Recent Occupancy (As of):	100.0% (12/31/2014)
Note Date:		March 28, 2018			3^rdMost Recent Occupancy (As of):	100.0% (12/31/2015)
Anticipated Repayment Date:		NAP			2^ndMost Recent Occupancy (As of):	100.0% (12/31/2016)
Maturity Date:		April 6, 2028			Most Recent Occupancy (As of):	100.0% (12/31/2017)
IO Period:		120 months			Current Occupancy (As of):	100.0% (5/1/2018)
Loan Term (Original):		120 months
Seasoning:		1 month
Amortization Term (Original):		NAP			Underwriting and Financial Information:
Loan Amortization Type:		Interest-only, Balloon			4^thMost Recent NOI (As of):	$2,985,071 (12/31/2014)
Interest Accrual Method:		Actual/360			3^rdMost Recent NOI (As of):	$3,255,518 (12/31/2015)
Call Protection:		L(25),D(89),O(6)			2^ndMost Recent NOI (As of):	$3,362,398 (12/31/2016)
Lockbox Type:		Hard/Springing Cash Management			Most Recent NOI (As of)⁽²⁾:	$3,031,424 (12/31/2017)
Additional Debt:		No
Additional Debt Type:		NAP
					U/W Revenues:	$6,250,558
					U/W Expenses:	$1,790,156
					U/W NOI⁽²⁾:	$4,460,402
Escrows and Reserves⁽¹⁾:					U/W NCF:	$4,141,874
					U/W NOI DSCR:	1.78x
Type:	Initial		Monthly	Cap (If Any)	U/W NCF DSCR:	1.65x
Taxes	$52,478		$52,478	NAP	U/W NOI Debt Yield:	8.9%
Insurance	$0		Springing	NAP	U/W NCF Debt Yield:	8.3%
TI/LC Reserve	$0		$10,125	NAP	As-Is Appraised Value:	$90,150,000
Replacement Reserve	$0		$1,486	NAP	As-Is Appraisal Valuation Date:	February 26, 2018
Ground Rent Reserve	$0		$30,379	NAP	Cut-off Date LTV Ratio:	55.5%
Free Rent Reserve	$1,380,736		$0	NAP	LTV Ratio at Maturity or ARD:	55.5%

(1)

See “Escrows” section.

(2)

The increase from Most Recent NOI to U/W NOI is attributable to the sole tenant executing a new lease that began in January 2018.

The Mortgage Loan.The mortgage loan (the “3495 Deer Creek Road Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the leasehold interest in a single-tenant office building, located in Palo Alto, California (the “3495 Deer Creek Road Property”). The 3495 Deer Creek Road Mortgage Loan was originated on March 28, 2018 by Barclays Bank PLC. The 3495 Deer Creek Road Mortgage Loan had an original principal balance of $50,000,000, has an outstanding principal balance as of the Cut-off Date of $50,000,000 and accrues interest at an interest rate of 4.955%per annum. The 3495 Deer Creek Road Mortgage Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and requires interest-only payments through the full term of the 3495 Deer Creek Road Mortgage Loan. The 3495 Deer Creek Road Mortgage Loan matures on April 6, 2028.

Following the lockout period, on any date before November 6, 2027, the borrower has the right to defease the 3495 Deer Creek Road Mortgage Loan in whole, but not in part. The 3495 Deer Creek Road Mortgage Loan is prepayable without penalty on or after November 6, 2027.

3495 DEER CREEK ROAD

Sources and Uses

Sources			Uses
Original Loan amount	$50,000,000	100.0%	Loan payoff	$30,472,913	60.9%
			Return of equity	16,672,542	33.3
			Reserves	1,433,214	2.9
			Closing costs	1,421,331	2.8

Total Sources	$50,000,000	100.0%	Total Uses	$50,000,000	100.0%

The Property.The 3495 Deer Creek Road Property is a single-tenant office building totaling 81,031 square feet situated on a 6.0 acre site in the Stanford Research Park in Palo Alto, California. As of May 1, 2018, the 3495 Deer Creek Road Property was 100.0% leased to Pivotal Software, Inc. (“Pivotal”), a wholly-owned subsidiary of Dell Technologies Inc. (“Dell”) on a triple-net basis through December 2027, with one, five-year extension option and no early termination options. Dell (NYSE:DVMT; S&P/Fitch/Moody’s: BB+/BB+/NR) fully guarantees Pivotal’s lease. According to the borrower sponsor, between 2013 and 2014, Pivotal spent approximately $10,250,000 on tenant improvements and renovations at the 3495 Deer Creek Road Property. The 3495 Deer Creek Road Property offers amenities such as a cafeteria set up for catered food service, an exercise room, a space for pool and ping-pong tables and bike storage. There are 289 parking spaces, resulting in a parking ratio of 3.6 spaces per 1,000 square feet of net rentable area.

Pivotal is a provider of application and data infrastructure software, agile development services, and data science consulting. Pivotal’s cloud-native platform enables companies to build, deploy and operate software, including enterprises in the automotive, financial services, industrial, insurance, media, retail, technology and telecommunications sectors. Pivotal was formed in April 2013 from a partnership in which Dell EMC and VMware transferred teams and contributed assets and technology. Following the acquisition of EMC Corporation by Dell in September 2016, Dell became Pivotal’s majority stockholder. On March 23, 2018, Pivotal filed a form S-1 with the Securities and Exchange Commission for an initial public offering (“IPO”). Upon the completion of the IPO, it is expected that Dell will remain the majority shareholder of Pivotal. Pivotal’s total revenue was $280.9 million, $416.3 million and $509.4 million for 2016, 2017 and 2018 fiscal years respectively.

The following table presents certain information relating to the tenancy at the 3495 Deer Creek Road Property:

Major Tenants

Tenant Name	Credit Rating (Fitch/Moody’s/S&P)⁽¹⁾	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽²⁾	Annual U/W Base Rent⁽²⁾	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenant
Pivotal	BB+/NR/BB+	81,031	100.0%	$69.00	$5,591,139	100.0%	12/31/2027⁽³⁾
Total Major Tenant		81,031	100.0%	$69.00	$5,591,139	100.0%

Vacant Space		0	0.0%

Collateral Total		81,031	100.0%

(1)

Credit Rating is for Dell, which fully guarantees the Pivotal lease.

(2)

Pivotal has $232,967 of abated rent per month through June 30, 2018 and $152,467 of abated rent per month from July 1, 2018 through December 31, 2018. All free rent was reserved at origination.

(3)

Pivotal has one, five-year lease renewal option.

3495 DEER CREEK ROAD

The following table presents certain information relating to the lease rollover schedule at the 3495 Deer Creek Road Property:

Lease Expiration Schedule⁽¹⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent⁽²⁾	% of Annual U/W Base Rent⁽²⁾	Annual U/W Base Rent PSF⁽²⁾
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2019	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2020	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2021	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2022	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2023	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2024	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2025	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2026	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2027	1	81,031	100.0%	81,031	100.0%	$5,591,139	100.0%	$69.00
2028	0	0	0.0%	81,031	100.0%	$0	0.0%	$0.00
Thereafter	0	0	0.0%	81,031	100.0%	$0	0.0%	$0.00
Vacant	0	0	0.0%	81,031	100.0%	$0	0.0%	$0.00
Total/Weighted Average	1	81,031	100.0%			$5,591,139	100.0%	$69.00

(1)

Information obtained from the underwritten rent roll.

The following table presents historical occupancy percentages at the 3495 Deer Creek Road Property:

Historical Occupancy

12/31/2014⁽¹⁾		12/31/2015⁽¹⁾		12/31/2016⁽¹⁾		12/31/2017⁽¹⁾		5/1/2018⁽²⁾
100.0%		100.0%		100.0%		100.0%		100.0%

(1)

Information obtained from the borrower.

(2)

Information obtained from the underwritten rent roll.

Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the 3495 Deer Creek Road Property:

Cash Flow Analysis

	2014	2015	2016	2017	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent⁽¹⁾	$3,518,217	$3,658,835	$3,805,303	$3,615,670	$5,591,139	89.5%	$69.00
Grossed Up Vacant Space	0	0	0	0	0	0.0	0.00
Total Reimbursables	930,834	937,290	892,445	895,408	968,596	15.5	11.95
Other Income⁽²⁾	19,650	19,800	21,440	16,500	19,800	0.3	0.24
Less Vacancy & Credit Loss⁽³⁾	0	0	0	0	(328,977)	(5.3)	(4.06)
Effective Gross Income	4,468,701	4,615,925	4,719,188	4,527,578	$6,250,558	100.0%	$77.14

Total Operating Expenses	$1,483,629	$1,360,407	$1,356,790	$1,496,155	$1,790,156	28.6%	$22.09

Net Operating Income	$2,985,071	$3,255,518	$3,362,398	$3,031,424	$4,460,402	71.4%	$55.05
TI/LC	0	0	0	0	300,701	4.8	3.71
Capital Expenditures	0	0	0	0	17,827	0.3	0.22
Net Cash Flow	$2,985,071	$3,255,518	$3,362,398	$3,031,424	$4,141,874	66.3%	$51.11

NOI DSCR	1.19x	1.30x	1.34x	1.21x	1.78x
NCF DSCR	1.19x	1.30x	1.34x	1.21x	1.65x
NOI DY	6.0%	6.5%	6.7%	6.1%	8.9%
NCF DY	6.0%	6.5%	6.7%	6.1%	8.3%

(1)

The increase in Base Rent from 2017 to U/W is attributable to Pivotal executing a new lease that began in January 2018.

(2)

Other income represents income from a Sprint Antenna License Agreement.

(3)

The underwritten economic vacancy is 5.0%. The 3495 Deer Creek Road Property has been 100.0% occupied since 2006.

Appraisal.As of the appraisal valuation date of February 26, 2018 the 3495 Deer Creek Road Property had an “as-is” appraised value of $90,150,000. The appraiser also concluded to a “hypothetical go dark” appraised value of $81,500,000.

Environmental Matters. According to a Phase I environmental site assessment dated February 22, 2018, there was no evidence of any recognized environmental conditions at the 3495 Deer Creek Road Property.

3495 DEER CREEK ROAD

Market Overview and Competition.The 3495 Deer Creek Road Property is located within the Stanford Research Park in Palo Alto, California, midway between San Francisco and San Jose in Silicon Valley. Established in 1951 by Stanford University, the Stanford Research Park is one of the first technology-oriented office parks in the world and currently is home to approximately 150 companies and 23,000 employees. The Stanford Research Park’s relationship with Stanford University provides for a number of both formal and informal connections for technology companies and professional service firms with Stanford Unviersity. According to the appraisal, Stanford University has ties to many of the most successful businesses in Silicon Valley, including Cisco Systems, Yahoo!, Google and Sun Microsystems. The Stanford Research Park contains approximately 700 acres and is improved with approximately 10.0 million square feet of office space in 162 buildings, consisting of mostly single-tenant spaces. According to the appraisal, as of the fourth quarter of 2017, the overall vacancy in Silicon Valley and the Palo Alto submarket was 10.3% and 3.9%, respectively. As of the fourth quarter of 2017, the total office average asking rent for the Palo Alto submarket was $100.68 per square foot.

The following table presents certain information relating to comparable leases to the 3495 Deer Creek Road Property:

Comparable Leases⁽¹⁾

Property Location	Year Built	Distance (miles)	Occupancy	Total GLA (SF)	Tenant Name	Lease Date	Lease Area (SF)	Annual Base Rent PSF	Lease Type
1530 Page Mill Rd, Palo Alto, CA	1972	1.4	51.0%	45,346	Toyota Research Institute	July 2016	22,392	$78.00	NNN
1450 Page Mill Rd, Palo Alto, CA	2017	1.5	100.0%	77,634	Undisclosed	July 2018	77,634	$81.60	NNN
3181 Porter Dr, Palo Alto, CA	2018	0.9	100.0%	99,415	Jazz Pharmaceuticals, Inc.	September 2018	99,415	$87.00	NNN
1001 N Shoreline Blvd, Mountain View, CA	2017	4.0	100.0%	111,443	Google, Inc.	December 2018	111,443	$78.00	NNN
100 Independence Dr, Menlo Park, CA	2018	6.0	100.0%	252,000	Facebook	February 2018	205,224	$78.00	NNN
162 Jefferson Dr, Menlo Park, CA	2016	6.0	100.0%	135,308	Facebook	May 2017	135,308	$72.00	NNN

(1)

Information obtained from the appraisal.

The Borrower.The borrower for the 3495 Deer Creek Road Mortgage Loan is 3495 Deer Creek Owner LLC, a Delaware limited liability company and a special purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 3495 Deer Creek Road Mortgage Loan. James M. Pollock is the guarantor of certain nonrecourse carveouts under the 3495 Deer Creek Road Mortgage Loan.

The Borrower Sponsor.The borrower sponsor is James M. Pollock, the President and CEO of Pollock Realty Corporation. James M. Pollock has been investing in suburban office buildings, industrial properties, shopping center and apartments since 1966. Through Pollock Realty Corporation and other entities, James M. Pollock has purchased or developed over 90 real estate projects on behalf of his clients, approximately 82 of which have been sold and approximately 12 of which are still under ownership. Since 2006, Pollock Realty Corporation has acquired and is managing approximately $200.0 million of real estate in Menlo Park, Santa Mateo, Sunnyvale, Redwood Shores and Palo Alto. The borrower disclosed one deed in lieu sale, which occurred on July 14, 2010. See “Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus

Escrows.The 3495 Deer Creek Road Mortgage Loan documents provide for upfront reserves in the amount of $1,380,736 for outstanding free rent and $52,478 for real estate taxes.

The 3495 Deer Creek Road Mortgage Loan documents provide for ongoing monthly escrows of (a) $1,486 for capital expenditures, (b) $10,125 for tenant improvements and leasing commissions, (c) one-twelfth of the real estate taxes the lender estimates will be payable during the next 12 months (initially $52,478) and (d) one-twelfth of the ground rent the lender estimates will be payable during the next 12 months (initially $30,379). The loan documents do not require monthly reserves for insurance premiums as long as the 3495 Deer Creek Road Property is insured under an acceptable blanket insurance policy.

Lockbox and Cash Management.The 3495 Deer Creek Road Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower was required at origination to deliver letters to the tenants at the 3495 Deer Creek Road Property directing them to pay all rents directly into a lender-controlled lockbox account. All funds received by the borrower or manager are required to be deposited in the lockbox account within one business day following receipt. During the occurrence and continuance of a Trigger Period (as defined below), all funds are required to be swept each business day into the cash management account controlled by the lender and disbursed on each payment date in accordance with the 3495 Deer Creek Road Mortgage Loan documents, with all excess cash flow to be deposited to an excess cash reserve to be held as additional security for the 3495 Deer Creek Road Mortgage Loan.

A “Trigger Period” will commence following the earliest to occur of any of the following:

(i)

an event of default under the 3495 Deer Creek Road Mortgage Loan,

(ii)

the Debt Service Coverage Ratio (as defined below) falling below 1.15x, or

(iv)

the commencement of a Pivotal Lease Trigger Period (as defined below).

3495 DEER CREEK ROAD

A Trigger Period will end if:

(a)

with respect to the matters described in clause (i) above, such event of default has been cured and no other event of default has occurred and is continuing,

(b)

with respect to the matter described in clause (ii) above, the 3495 Deer Creek Road Property has achieved a Debt Service Coverage Ratio of at least 1.20x for two consecutive calendar quarters or has posted a letter of credit acceptable to lender in an amount equal to satisfy a Debt Service Coverage Ratio of at least 1.20x, or

(c)

with respect to the matter described in clause (iii) above, such Pivotal Lease Trigger Period has ended.

“Debt Service Coverage Ratio” means, as of the date of calculation, a ratio calculated by the lender in which the numerator is the net operating income for the twelve full calendar month period preceding the date of calculation and the denominator is the aggregate amount of debt service due for such twelve full calendar month period calculated by lender (A) based upon the greater of (i) the actual amount of debt service due for such period and (ii) an imputed amount of debt service which would be due for such period assuming an interest rate equal to 4.955% and an amortization period of 30 years and (B) assuming the 3495 Deer Creek Road Mortgage Loan has been in place for entirety of such period.

A “Pivotal Lease Trigger Period” will commence following the earliest to occur of any of the following:

(i)

the date Pivotal discontinues its business at its premises (i.e.,”goes dark”) or vacates or abandons the 3495 Deer Creek Road Property,

(ii)

the date Pivotal or Dell becomes delinquent in any payment of rent beyond all applicable notice and cure periods,

(iii)

the occurrence of a bankruptcy action with respect to Pivotal or Dell, or

(iv)

the date that is six months prior to the expiration of the term of the Pivotal lease if Pivotal has not renewed the term of the Pivotal lease for a term acceptable to lender.

A Pivotal Lease Trigger Period will end upon:

(a)

with respect to the matters described in clause (i) above, the date on which the lender has received satisfactory evidence that either (x) Pivotal is paying full contractual rent without any free rent, leasing commission or tenant improvement obligations outstanding or (y) the entire space demised to Pivotal is leased to one or more replacement tenants acceptable to the lender and each tenant is in occupancy and paying full contractual rent with no free rent, leasing commission or tenant improvement obligations outstanding,

(b)

with respect to the matters described in clause (ii) above, the cure by Pivotal or Dell of all defaults of the payment of rent under the Pivotal lease,

(c)

with respect to the matters described in clause (iii) above, such bankruptcy action being dismissed without any adverse consequences to the Pivotal lease, the 3495 Deer Creek Road Mortgage Loan or the 3495 Deer Creek Road Property, or

(d)

with respect to the matters described in clause (iv) above, (1) Pivotal having renewed the term of the Pivotal lease for a term, and upon terms and conditions, acceptable to the lender or (2) the execution of a lease with a replacement tenant upon terms and condition acceptable to the lender and such tenant being in occupancy and paying full unabated rent.

Property Management. The 3495 Deer Creek Road Property is managed by an affiliate of the borrower.

Assumption.The borrower has, at any time after 90 days following the securitization of the 3495 Deer Creek Road Mortgage Loan, the right to transfer the 3495 Deer Creek Road Property, provided that certain conditions are satisfied, including: (i) no event of default under the 3495 Deer Creek Road Mortgage Loan documents has occurred and is continuing, (ii) the borrower has provided the lender with prior written notice, (iii) the proposed transferee qualifies as a qualified transferee under the 3495 Deer Creek Road Mortgage Loan documents, (iv) the payment of a transfer fee of 0.5% of the then outstanding principal balance of the 3495 Deer Creek Road Mortgage Loan in the case of the first transfer, and 1.0% of the then outstanding principal balance of the 3495 Deer Creek Road Mortgage Loan in the case of any subsequent transfer, and (v) the lender has received rating agency confirmation that such assumption will not result in a downgrade of the respective ratings assigned to the WFCM Series 2018-C44 certificates.

Partial Release. Not permitted.

Real Estate Substitution.Not permitted.

Ground Lease. The 3495 Deer Creek Road Property is subject to a ground lease with the Board of Trustees of the Leland Stanford Junior University. The ground lease at the 3495 Deer Creek Road Property commenced in September 1978 and expires in December 2055. The borrower is currently obligated to pay ground rent at the rate of $4,750 per month plus percentage rent equal to 10.0% of the amount that the adjusted gross income exceeds the minimum annual rent due for each year, increasing to 15.0% in 2019. The underwritten ground rent is underwritten to the 10 year average of the appraiser’s forecasted ground lease payments. The lessor under the ground lease has a right of first offer to purchase the 3495 Deer Creek Road Property and/or the mortgagor’s leasehold estate. Pursuant to a tri-party agreement, the lessor has agreed that such right of first offer will not apply to a foreclosure, deed-in-lieu of foreclosure, assignment-in-lieu of foreclosure, or any transfer or proposed transfer of the 3495 Deer Creek Road Mortgage Loan by the lender. Pursuant to the tri-party agreement, the lessor has further agreed that as a condition to any such purchase option, the 3495 Deer Creek Mortgage Loan will be repaid in full by the mortgagor with the funds to be paid by the lessor to the mortgagor in connection with the exercise of such right or purchase option. See“Description of the Mortgage Pool – Mortgage Pool Characteristics – Fee & Leasehold Estates; Ground Leases” in the Preliminary Prospectus.

3495 DEER CREEK ROAD

Terrorism Insurance.The 3495 Deer Creek Road Mortgage Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the 3495 Deer Creek Road Property, or that if the Terrorism Risk Insurance Program Reauthorization Act is no longer in effect and such policies contain an exclusion for acts of terrorism, the borrower will obtain, to the extent available, a stand-alone policy that provides the same coverage as the policies would have if such exclusion did not exist.

Earthquake Insurance.The loan documents do not require earthquake insurance. The property is located in Seismic Zone 4. The seismic report indicated scenario expected loss for the property is 19%.

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AIRPORT BUSINESS CENTER

No. 3 – Airport Business Center

Loan Information				Property Information
Mortgage Loan Seller:	Wells Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/Fitch/Moody’s):	NR/NR/NR			Property Type:	Industrial
Original Principal Balance⁽¹⁾:	$47,000,000			Specific Property Type:	Flex
Cut-off Date Balance⁽¹⁾:	$47,000,000			Location:	Irvine, CA
% of Initial Pool Balance:	6.1%			Size:	1,170,571 SF
Loan Purpose:	Refinance			Cut-off Date Balance Per SF⁽¹⁾:	$128.14
Borrower Name:	AIC Owner, LLC			Year Built/Renovated:	1969/2005
Sponsors:	DK Properties, L.P.			Title Vesting:	Fee
Mortgage Rate:	4.375%			Property Manager:	Self-managed
Note Date:	January 24, 2018			4^thMost Recent Occupancy (As of):	91.0% (12/31/2013)
Anticipated Repayment Date:	NAP			3^rdMost Recent Occupancy (As of):	93.0% (12/31/2014)
Maturity Date:	February 7, 2028			2^rdMost Recent Occupancy (As of):	96.0% (12/31/2015)
IO Period:	120 months			Most Recent Occupancy (As of):	97.0% (12/31/2016)
Loan Term (Original):	120 months			Current Occupancy (As of):	96.8% (1/31/2018)
Seasoning:	3 months
Amortization Term (Original):	NAP			Underwriting and Financial Information:
Loan Amortization Type:	Interest-only, Balloon
Interest Accrual Method:	Actual/360			4^thMost Recent NOI (As of):	$11,321,411 (12/31/2014)
Call Protection:	L(27),D(89),O(4)			3^rdMost Recent NOI (As of):	$12,153,147 (12/31/2015)
Lockbox Type:	Hard/Upfront Cash Management			2^ndMost Recent NOI (As of):	$12,904,375 (12/31/2016)
Additional Debt⁽¹⁾⁽²⁾:	Yes			Most Recent NOI (As of):	$13,635,662 (TTM 10/31/17)
Additional Debt Type⁽¹⁾⁽²⁾:	Pari Passu;Mezzanine
				U/W Revenues:	$18,889,349
				U/W Expenses:	$4,222,532
				U/W NOI:	$14,666,817
				U/W NCF:	$14,116,649
				U/W NOI DSCR⁽¹⁾⁽²⁾:	2.20x
Escrows and Reserves⁽³⁾:				U/W NCF DSCR⁽¹⁾⁽²⁾:	2.12x
				U/W NOI Debt Yield⁽¹⁾⁽²⁾:	9.8%
Type:	Initial	Monthly	Cap (If Any)	U/W NCF Debt Yield⁽¹⁾⁽²⁾:	9.4%
Taxes	$52,146	$52,144	NAP	As-Is Appraised Value:	$244,600,000
Insurance	$31,883	$17,474	NAP	As-Is Appraisal Valuation Date:	December 13, 2017
Replacement Reserves	$0	$21,418	$525,000	Cut-off Date LTV Ratio⁽¹⁾⁽²⁾:	61.3%
TI/LC Reserves	$0	$73,015	NAP	LTV Ratio at Maturity⁽¹⁾⁽²⁾:	61.3%

(1)

See “The Mortgage Loan” section. All statistical information related to balances per square foot, loan-to-value (“LTV”) ratios, debt service coverage ratios and debt yields are based on the Airport Business Center Whole Loan (as defined below).

(2)

See “Subordinate and Mezzanine Indebtedness” section. The equity interest in the borrower has been pledged to secure mezzanine indebtedness with an original principal balance of $20,000,000. All statistical information related to the balance per square foot, LTV ratios, debt service coverage ratios and debt yields are based solely on the Airport Business Center Whole Loan. As of the Cut-off Date, the U/W NOI DSCR, U/W NCF DSCR, U/W NOI Debt Yield, U/W NCF Debt Yield, Cut-off Date LTV Ratio and LTV Ratio at Maturity based on the Airport Business Center Total Debt (as defined below) are 1.81x, 1.74x, 8.6%, 8.3%, 69.5% and 69.5%, respectively.

(3)

See “Escrows” section.

The Mortgage Loan. The mortgage loan (the “Airport Business Center Mortgage Loan”) is part of a whole loan (the “Airport Business Center Whole Loan”) evidenced by threepari passu notes secured by a first mortgage encumbering the fee interest in an industrial flex business park located in Irvine, California (the “Airport Business Center Property”). The Airport Business Center Whole Loan was originated on January 24, 2018 by Wells Fargo Bank, National Association. The Airport Business Center Whole Loan had an original principal balance of $150,000,000, has an outstanding principal balance as of the Cut-off Date of $150,000,000 and accrues interest at an interest rate of 4.375%per annum. The Airport Business Center Whole Loan had an initial term of 120 months, has a remaining term of 117 months as of the Cut-off Date and requires payments of interest only through the loan term. The Airport Business Center Mortgage Loan matures on February 7, 2028.

Note A-3, which will be contributed to the WFCM 2018-C44 securitization trust, had an original principal balance of $47,000,000 and has an outstanding principal balance as of the Cut-off Date of $47,000,000 and represents a non-controlling interest in the Airport Business Center Whole Loan. The controlling Note A-1 had an original principal balance of $53,000,000, has an outstanding principal balance as of the Cut-off Date of $53,000,000 and is expected to be contributed to the BANK 2018-BNK11 trust. The non-controlling Note A-2 had an original principal balance of $50,000,000, has an outstanding principal balance as of the Cut-off Date of $50,000,000 and was contributed to the WFCM 2018-C43 trust. The mortgage loans evidenced by Notes A-1 and A-2 are collectively referred to herein as the “Airport Business Center Companion Loans”. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

AIRPORT BUSINESS CENTER

Note Summary

Notes	Original Balance	Note Holder	Controlling Interest
A-1	$53,000,000	BANK 2018-BNK11⁽¹⁾	Yes
A-2	$50,000,000	WFCM 2018-C43	No
A-3	$47,000,000	WFCM 2018-C44	No
Total	$150,000,000

(1)	The BANK 2018-BNK11 transaction is expected to close on April 26, 2018.

Following the lockout period, on any date before November 7, 2027, the borrower has the right to defease the Airport Business Center Whole Loan in whole, but not in part. In addition, the Airport Business Center Whole Loan is prepayable without penalty on or after November 7, 2027. The lockout period will expire two years after the closing date of the WFCM 2018-C44 securitization trust.

Sources and Uses

Sources				Uses
Original whole loan amount	$150,000,000		88.2%	Loan payoff⁽¹⁾	$166,738,568	98.1%
Mezzanine debt⁽²⁾	20,000,000		11.8	Upfront reserves	84,029	0.0
				Closing costs	1,652,636	1.0
				Return of equity	1,524,767	0.9
Total Sources	$170,000,000	100.0%		Total Uses	$170,000,000	100.0%

(1)

The Airport Business Center Property was previously securitized in the MSBAM 2014-C19 transaction. Loan payoff includes the prior senior loan ($138,323,068) and prior mezzanine loan ($28,415,500).

(2)

See “Subordinate and Mezzanine Indebtedness” section.

The Property. The Airport Business Center Property is a class B industrial/flex and office development totaling 1,170,571 square feet and located in Irvine, California. Originally built by the borrower sponsor in phases between 1969 and 1978 and most recently renovated in 2005, the Airport Business Center Property comprises 68 one- and two-story buildings spanning approximately 76.6 acres. The Airport Business Center Property is situated within the approximate 4,000-acre Irvine Business Complex, a master planned business park spanning five Orange County cities. The net rentable area of the Airport Business Center Property contains approximately 73.9% industrial/flex, 23.5% office and 2.1% retail tenants. Clear heights at the Airport Business Center Property range from 11 feet, 4 inches to 16 feet, 10 inches. The Airport Business Center Property comprises 2,985 surface parking spaces, resulting in a parking ratio of 2.6 spaces per 1,000 square feet of rentable area.

As of January 31, 2018, the Airport Business Center Property was 96.8% occupied by approximately 440 tenants with no single tenant accounting for more than 1.8% of the net rentable area or 1.5% of underwritten base rent. The Airport Business Center Property has averaged 94.8% occupancy over the past five years and 90.8% occupancy since 1990.

AIRPORT BUSINESS CENTER

The following table presents certain information relating to the tenancy at the Airport Business Center Property:

Major Tenants

Tenant Name	Credit Rating (Fitch/ Moody’s/ S&P)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽¹⁾	Annual U/W Base Rent⁽¹⁾	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenants
Just Food For Dogs, LLC	NR/NR/NR	18,142	1.5%	$15.13⁽²⁾	$274,531	1.5%	6/30/2028
American Pacific Printers College, Inc.	NR/NR/NR	21,240	1.8%	$12.54⁽³⁾	$266,400	1.4%	Various⁽³⁾
AIDS Services Foundation	NR/NR/NR	12,520	1.1%	$17.64⁽⁴⁾	$220,792	1.2%	Various⁽⁴⁾
Southwind Kayak Center, Inc.	NR/NR/NR	10,431	0.9%	$17.03⁽⁵⁾	$177,623	1.0%	Various⁽⁵⁾
PAS MRO, Inc.	NR/NR/NR	13,817	1.2%	$12.29⁽⁶⁾	$169,857	0.9%	Various⁽⁶⁾
Total Major Tenants		76,150	6.5%	$14.57	$1,109,203	6.0%

Non-Major Tenants		1,057,087	90.3%	$16.55⁽⁷⁾	$17,314,800	94.0%

Occupied Collateral Total		1,133,237	96.8%	$16.42⁽⁷⁾	$18,424,003	100.0%

Vacant Space		37,334	3.2%

Collateral Total		1,170,571	100.0%

(1)

Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through February 2019 totaling $555,991.

(2)

Just Food For Dogs, LLC leases two spaces: 9,914 square feet with an Annual U/W Base Rent PSF of $14.40 and Lease Expiration Date of June 30, 2028; and 8,228 square feet with an Annual U/W Base Rent PSF of $16.01 and Lease Expiration Date of June 30, 2028. The lease covering the 9,914 square foot space has a free rent period that expires on June 30, 2018.

(3)

American Pacific Printers College, Inc. leases three spaces: 2,040 square feet on a month-to-month basis with an U/W Base Rent PSF of $12.00; 4,800 square feet with an Annual U/W Base Rent PSF of $12.60 and Lease Expiration Date of January 31, 2019; and 14,400 square feet with an Annual U/W Base Rent PSF of $12.60 and Lease Expiration Date of February 28, 2019.

(4)

AIDS Services Foundation leases two spaces: 11,787 square feet with an Annual U/W Base Rent PSF of $17.40 and Lease Expiration Date of April 30, 2021; and 733 square feet with an Annual U/W Base Rent PSF of $21.42 and Lease Expiration Date of October 14, 2018.

(5)

Southwind Kayak Center, Inc. leases three spaces: 4,750 square feet with an Annual U/W Base Rent PSF of $18.00 and Lease Expiration Date of September 30, 2019; and 1,186 square feet with an Annual U/W Base Rent PSF of $14.00 and Lease Expiration Date of September 30, 2019; and 4,495 square feet with an Annual U/W Base Rent PSF of $16.80 and Lease Expiration Date of March 31, 2025.

(6)

PAS MRO, Inc. leases three spaces: 9,726 square feet with an Annual U/W Base Rent PSF of $11.04 and Lease Expiration Date of May 31, 2018; 1,466 square feet with an Annual U/W Base Rent PSF of $11.04 and Lease Expiration Date of May 31, 2018; and 2,625 square feet with an Annual U/W Base Rent PSF of $17.64 and Lease Expiration Date of January 31, 2020;

(7)

Non-Major Tenants includes approximately 10,962 square feet related to the management office and engineer office, which have no attributed Annual U/W Base Rent. The Annual U/W Base Rent PSF for Non-Major Tenants and Occupied Collateral Total excludes the space related to the management office and engineer office.

The following table presents certain information relating to the lease rollover schedule at the Airport Business Center Property:

Lease Expiration Schedule⁽¹⁾⁽²⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Annual U/W Base Rent PSF
MTM⁽³⁾	49	86,232	7.4%	86,232	7.4%	$1,187,293	6.4%	$15.77⁽³⁾
2018	141	303,924	26.0%	390,156	33.3%	$4,842,038	26.3%	$15.93
2019	132	264,446	22.6%	654,602	55.9%	$4,424,563	24.0%	$16.73
2020	92	218,474	18.7%	873,076	74.6%	$3,584,549	19.5%	$16.41
2021	30	112,022	9.6%	985,098	84.2%	$1,871,113	10.2%	$16.70
2022	33	87,897	7.5%	1,072,995	91.7%	$1,550,280	8.4%	$17.64
2023	11	32,831	2.8%	1,105,826	94.5%	$531,625	2.9%	$16.19
2024	0	0	0.0%	1,105,826	94.5%	$0	0.0%	$0.00
2025	1	4,495	0.4%	1,110,321	94.9%	$75,516	0.4%	$16.80
2026	0	0	0.0%	1,110,321	94.9%	$0	0.0%	$0.00
2027	2	4,774	0.4%	1,115,095	95.3%	$82,495	0.4%	$17.28
2028	2	18,142	1.5%	1,133,237	96.8%	$274,531	1.5%	$15.13
Thereafter	0	0	0.0%	1,133,237	96.8%	$0	0.0%	$0.00
Vacant	0	37,334	3.2%	1,170,571	100.0%	$0	0.0%	$0.00
Total/Weighted Average	493	1,170,571	100.0%			$18,424,003	100.0%	$16.42⁽⁴⁾

(1)

Information obtained from the underwritten rent roll.

(2)

(3)

MTM includes approximately 10,962 square feet related to the management office and engineer office, which have no leases and no attributed Annual U/W Base Rent. The Annual U/W Base Rent PSF for MTM excludes the space related to the management office and engineer office.

(4)

Weighted Average Annual U/W Base Rent PSF excludes vacant, management office and engineer office spaces.

AIRPORT BUSINESS CENTER

The following table presents historical occupancy percentages at the Airport Business Center Property:

Historical Occupancy

12/31/2013⁽¹⁾	12/31/2014⁽¹⁾	12/31/2015⁽¹⁾	12/31/2016⁽¹⁾	1/31/2018⁽²⁾
91.0%	93.0%	96.0%	97.0%	96.8%

(1)	Information obtained from the borrower.

(2)	Information obtained from the underwritten rent roll.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Airport Business Center Property:

Cash Flow Analysis

	2014	2015	2016	TTM 10/31/2017	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$13,840,135	$15,111,231	$15,773,702	$16,464,277	18,424,003⁽¹⁾	97.5%	$15.74
Grossed Up Vacant Space	0	0	0	0	606,526	3.2	0.52
Total Recoveries	1,010,672	1,091,842	1,217,145	1,293,413	1,283,612	6.8	1.10
Other Income	241,346	131,003	155,864	159,400	159,400	0.8	0.14
Less Vacancy & Credit Loss	0	0	0	0	(1,584,192)⁽²⁾	(8.4)	(1.35)
Effective Gross Income	$15,092,153	$16,334,076	$17,146,711	$17,917,090	$18,889,349	100.0%	$16.14

Total Operating Expenses	3,770,742	4,180,929	4,242,336	4,281,428	4,222,532	22.4%	3.61


Net Operating Income	$11,321,411	$12,153,147	$12,904,375	$13,635,662	$14,666,817	77.6%	$12.53

TI/LC	0	0	0	0	292,643	1.5	0.25
Capital Expenditures	0	0	0	0	257,526	1.4	0.22
Net Cash Flow	$11,321,411	$12,153,147	$12,904,375	$13,635,662	$14,116,648	74.7%	$12.06

NOI DSCR⁽³⁾	1.70x	1.83x	1.94x	2.05x	2.20x
NCF DSCR⁽³⁾	1.70x	1.83x	1.94x	2.05x	2.12x
NOI DY⁽³⁾	7.5%	8.1%	8.6%	9.1%	9.8%
NCF DY⁽³⁾	7.5%	8.1%	8.6%	9.1%	9.4%

(1)

U/W Base Rent is higher than TTM 10/31/2017 due to the inclusion of rent bumps through February 2019 totaling $555,991 in addition to the borrower sponsor signing 205 renewal leases totaling 42.4% of underwritten base rent and 7 new leases totaling 2.4% of underwritten base rent since January 2017.

(2)

The underwritten economic vacancy is 8.3%. The Airport Business Center Property was 96.8% physically occupied as of January 31, 2018.

(3)

The debt service coverage ratios and debt yields shown are based on the Airport Business Center Whole Loan.

Appraisal.As of the appraisal valuation date of December 13, 2017, the Airport Business Center Property had an “as-is” appraised value of $244,600,000. The appraiser also concluded to a land value of $158,500,000 as of December 13, 2017.

Environmental Matters. According to the Phase I environmental site assessment dated January 18, 2018, there was no evidence of any recognized environmental conditions at the Airport Business Center Property.

Market Overview and Competition. The Airport Business Center Property is located in Irvine, California, within the Irvine Business Complex and approximately one mile northeast of John Wayne Airport. The Irvine Business Complex encompasses approximately 4,000 acres within the cities of Irvine, Newport Beach, Santa Ana, Costa Mesa and Tustin. The Airport Business Center Property is situated to the southeast of the intersection of Macarthur Boulevard and Red Hill Avenue with access to Costa Mesa Freeway (State Route 55) approximately 0.5 mile to the northwest, and access to the San Diego Freeway (Interstate 405) approximately 0.75 mile to the south.

The Airport Business Center Property is situated approximately 3.8 miles northwest of the University of California-Irvine, which had a 2017 total enrollment of approximately 36,000 students. In addition, the Airport Business Center Property is situated approximately 3.0 miles east of South Coast Plaza (one of the five highest grossing shopping malls in the United States) and 9.3 miles west of Irvine Spectrum Center (an outdoor shopping center with various shopping, restaurant and entertainment options). According to a third-party market research report, the estimated 2017 population within a one-, three- and five-mile radius of the Airport Business Center Property was approximately 4,339, 180,021, and 617,144, respectively; while the 2017 estimated average household income within the same radii was $103,619, $98,864, and $96,263, respectively.

According to the appraisal, the Airport Business Center Property is situated within the Airport Area submarket of the Orange County market. As of the third quarter of 2017, the submarket reported a total inventory of 1,590industrial buildings totaling approximately 52.9 million square feet with a 2.6% vacancy rate and 245office buildings totaling approximately 18.9 million square feet with an 11.4% vacancy rate. The appraiser identified five comparableindustrial buildings for the Airport Business Center Property totaling 493,464 square feet, which reported an average occupancy rate of approximately 97.9%; and the appraiser identified four comparableoffice buildings for the Airport Business Center Property totaling 179,262 square feet, which reported an average occupancy rate of approximately 99.4%. The appraiser concluded to market rents for the Airport Business Center Property of $19.20 per square foot for all spaces less than 1,000 square feet, $16.20 per square foot for industrial spaces from 1,000 square feet to 3,999 square feet, $16.20 per square foot for office spaces from 1,000 square feet to 6,999 square feet, $15.00 per square

AIRPORT BUSINESS CENTER

foot for industrial spaces from 4,000 square feet to 6,999 square feet and $14.40 per square foot for all spaces over 7,000 square feet.

The following tables present certain information relating to comparable industrial properties and leases to the Airport Business Center Property:

Comparable Properties (Industrial)⁽¹⁾

	McFadden Centre	Grand Commerce Center	Alton Plaza	Holland Business Center	Main & Red Hill Business Center
Location	Santa Ana, CA	Santa Ana, CA	Irvine, CA	Irvine, CA	Irvine, CA
Distance from Subject	4.0 miles	4.1 miles	9.9 miles	10.3 miles	1.0 mile
Year Built/Renovated	1988/NAV	1980/NAV	1989/NAV	2005/NAV	1981/NAV
Total GLA	184,737 SF	99,160 SF	15,100 SF	10,575 SF	183,892 SF
Total Occupancy	100%	95%	100%	100%	97%

(1)	Information obtained from the appraisal.

Comparable Leases (Industrial)⁽¹⁾

Property Name	Tenant Name	Lease Date/ Term	Lease Area (SF)	Annual Base Rent PSF	Tenant Improvements PSF	Lease Type
McFadden Centre	American Stitch Design	Apr. 2017 / 3.0 Years	3,210	$14.52	$0.00	Modified Gross
Grand Commerce Center	Mid America Sales	Feb. 2017 / 3.0 Years	1,635	$13.20	$0.00	Modified Gross
Alton Plaza	Wachter, Inc.	Feb. 2016 / 5.3 Years	5,238	$14.16	$0.00	NNN
Holland Business Center	Evets Corporation	May 2016 / 3.0 Years	5,070	$16.80	$0.00	Modified Gross
Main & Red Hill Business Center	Confidential	Sept. 2017 / 4.1 Years	4,012	$13.80	$0.00	NNN

(1)	Information obtained from the appraisal.

The following tables present certain information relating to comparable office properties and lease to the Airport Business Center Property:

Comparable Properties (Office)⁽¹⁾

	16530 Bake Pkwy	Centerpointe 1, 2, 3 & 6	Executive Park III	15300 Barranca Parkway
Location	Irvine, CA	Irvine, CA	Irvine, CA	Irvine, CA
Distance from Subject	9.0 miles	3.0 miles	0.7 mile	9.2 miles
Year Built/Renovated	2006/NAV	1979/NAV	1985/NAV	1997/NAV
Total GLA	19,998 SF	105,577 SF	21,271 SF	32,416 SF
Total Occupancy	100%	99%	100%	100%

(1)	Information obtained from the appraisal.

Comparable Leases (Office)⁽¹⁾

Property Name	Tenant Name	Lease Date/ Term	Lease Area (SF)	Annual Base Rent PSF	Tenant Improvements PSF	Lease Type
16530 Bake Pkwy	Roka Sports	Mar. 2017 / 3.2 Years	3,363	$24.00	$10.00	Gross
Centerpointe 1, 2, 3 & 6	Sims Law Firm	Feb. 2017 / 4.1 Years	2,889	$26.40	$0.00	Gross
Executive Park III	Langan Engineering	Dec. 2016 / 3.0 Years	1,001	$26.40	$0.00	Gross
15300 Barranca Parkway	BBMC Mortgage	Mar. 2017 / 3.8 Years	8,376	$22.20	$0.00	Gross

(1)	Information obtained from the appraisal.

AIRPORT BUSINESS CENTER

The Borrower.The borrower is AIC Owner, LLC, a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Airport Business Center Whole Loan. DK Properties, L.P. is the guarantor of certain nonrecourse carveouts under the Airport Business Center Whole Loan.

The Borrower Sponsor.The borrower sponsor is DK Properties, L.P., which is an affiliate of The Koll Company (“Koll”), a privately held full service real estate firm based in Irvine, California. Since formation in 1962, Koll has acquired and developed, in partnership with institutional and private investors, over 100 million square feet of office, industrial, retail and resort properties throughout multiple markets. One of Koll’s primary focuses is on the acquisition and management of multi-tenant industrial properties. Koll has had continued ownership and management of the Airport Business Center Property since the company purchased the land and initiated construction in 1969.

Escrows.The loan documents provide for upfront escrows in the amount of $52,146 for real estate taxes and $31,883 for insurance premiums. The loan documents also provide for ongoing monthly escrows in an amount equal to $52,144 for real estate taxes, $17,474 for insurance premiums, $73,015 for tenant improvements and leasing commissions (“TI/LCs”) and $21,418 for capital expenditures (subject to a cap of $525,000). The borrower has the right to use funds in the TI/LC reserve account for preparation of tenant-ready speculative spaces in an amount equal to no more than $10 per rentable square foot of such tenant-ready speculative space and no more than $250,000 in any 12-month period, subject to certain conditions outlined in the loan documents.

Lockbox and Cash Management.The Airport Business Center Whole Loan requires a lender-controlled lockbox account, which is already in-place, and that the borrower direct all tenants to pay rent directly into such lockbox account. The loan documents also require that all rents received by the borrower or the property manager be deposited into the lockbox account within one business day of receipt. All funds in the lockbox account are required to be swept each business day into the cash management account controlled by the lender and disbursed on each payment date in accordance with the loan documents. Prior to the occurrence of a Cash Trap Event Period (as defined below), all excess funds are required to be distributed to the borrower. During a Cash Trap Event Period, all excess funds are required to be swept to an excess cash flow subaccount.

A “Cash Trap Event Period” will commence upon the earlier of the following:

(i)

the occurrence of an event of default under the Airport Business Center Whole Loan or the Airport Business Center Mezzanine Loan (see “Subordinate and Mezzanine Indebtedness” section);

(ii)

the debt yield based on the Airport Business Center Total Debt (see “Subordinate and Mezzanine Indebtedness” section) falling below 6.50% at the end of any fiscal quarter; or

(iii)

the property manager becoming insolvent or filing for bankruptcy.

A Cash Trap Event Period will end upon the occurrence of the following:

●

with regard to clause (i), the cure of such event of default;

●

with regard to clause (ii), the debt yield based on the Airport Business Center Total Debt being equal to or greater than 6.75% for two consecutive fiscal quarters; or

●

with regard to clause (iii), the bankruptcy or insolvency proceedings having terminated or (b) a new approved property manager being appointed in accordance with the loan documents.

Property Management.The Airport Business Center Property is managed by an affiliate of the borrower.

Assumption.The Airport Business Center borrower has a one-time right to transfer the Airport Business Center Property, provided that certain other conditions are satisfied, including, but not limited to: (i) no event of default or monetary default has occurred and is continuing; (ii) the lender’s reasonable determination that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration transferee experience, financial strength and general business standing; (iii) if requested by the lender, rating agency confirmation from DBRS, Fitch, and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series WFCM 2018-C44 certificates and similar confirmations from each rating agency rating any securities backed by any of the Airport Business Center Companion Loans with respect to the ratings of such securities; and (iv) the entire Airport Business Center Mezzanine Loan (see “Subordinate and Mezzanine Indebtedness” section) has been simultaneously defeased.

Partial Release.Not permitted.

Real Estate Substitution.Not permitted.

Subordinate and Mezzanine Indebtedness.BSREF Holdings LLC, a Delaware limited liability company related to Brookfield Real Estate Financial Partners LLC, funded a $20,000,000 mezzanine loan (the “Airport Business Center Mezzanine Loan”) to AIC Mezz, LLC, a Delaware limited liability company (the “Airport Business Center Mezzanine Borrower”) (collectively, the Airport Business Center Whole Loan and the Airport Business Center Mezzanine Loan are referred to herein as the “Airport Business Center Total Debt”). The Airport Business Center Mezzanine Loan is secured by a pledge of the Airport Business Center Mezzanine Borrower’s interest in the borrower under the Airport Business Center Whole Loan. The Airport Business Center Mezzanine Loan accrues interest at a rate of 7.206%per annumand requires interest-only payments through the maturity date of February 7, 2028 (co-terminous with the Airport Business Center Whole Loan).

Ground Lease.None.

Terrorism Insurance.The Airport Business Center Whole Loan documents require that the “all risk” insurance policies required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Airport Business Center Property, as well as business interruption insurance covering no less than the 12-month period following the occurrence of a

AIRPORT BUSINESS CENTER

casualty event, together with a 12-month extended period of indemnity (provided that if TRIPRA or a similar statute is not in effect, the borrower will not be obligated to pay terrorism insurance premiums in excess of two times the premium for the casualty and business interruption coverage on a stand-alone basis).

Earthquake Insurance.The loan documents do not require earthquake insurance. The seismic report indicated a probable maximum loss for the entire Airport Business Center Property of 8.0%.

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DULANEY CENTER

No. 4 – Dulaney Center

Loan Information				Property Information
Mortgage Loan Seller:	Barclays Bank PLC			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/Fitch/Moody’s):	NR/NR/NR			Property Type:	Office
Original Principal Balance:	$47,000,000			Specific Property Type:	Suburban
Cut-off Date Balance:	$47,000,000			Location:	Towson, MD
% of Initial Pool Balance:	6.1%			Size:	316,348 SF
Loan Purpose:	Acquisition			Cut-off Date Balance Per SF:	$148.57
Borrower:	Dulaney Center Business Trust			Year Built/Renovated:	1983/1987
Borrower Sponsors:	Ten Capital Management and			Title Vesting:	Fee
	Pembroke IV LLC			Property Manager:	CBRE, Inc.
Mortgage Rate:	4.7730%			4^thMost Recent Occupancy:	89.5% (12/31/2014)
Note Date:	April 13, 2018			3^rdMost Recent Occupancy:	89.2% (12/31/2015)
Anticipated Repayment Date:	NAP			2^ndMost Recent Occupancy:	85.8% (12/31/2016)
Maturity Date:	May 6, 2028			Most Recent Occupancy:	89.0% (12/31/2017)
IO Period:	36 months			Current Occupancy:	90.0% (3/28/2018)
Loan Term (Original):	120 months
Seasoning:	0 months			Underwriting and Financial Information:
Amortization Term (Original):	360 months
Loan Amortization Type:	Interest-only, Amortizing Balloon			4^thMost Recent NOI (As of):	$4,713,758 (12/31/2014)
Interest Accrual Method:	Actual/360			3^rdMost Recent NOI (As of):	$4,658,539 (12/31/2015)
Call Protection:	L(24),D(91),O(5)			2^ndMost Recent NOI (As of):	$4,611,604 (12/31/2016)
Lockbox Type:	Hard/Springing Cash Management			Most Recent NOI (As of)⁽²⁾:	$4,690,618 (12/31/2017)
Additional Debt:	None
Additional Debt Type:	NAP			U/W Revenues:	$8,410,766
				U/W Expenses:	$3,152,549
Escrows and Reserves⁽¹⁾:				U/W NOI⁽²⁾:	$5,258,218
	��			U/W NCF:	$4,536,471
Type:	Initial	Monthly	Cap	U/W NOI DSCR:	1.78x
Taxes	$408,895	$45,433	NAP	U/W NCF DSCR:	1.54x
Insurance	$0	Springing	NAP	U/W NOI Debt Yield:	11.2%
Replacement Reserves	$1,106,795	$10,018	NAP	U/W NCF Debt Yield:	9.7%
TI/LC Reserve	$534,008	$39,544	NAP	Appraised Value:	$67,300,000
Deferred Maintenance	$4,500	NAP	NAP	Appraisal Valuation Date:	March 27, 2018
Tenant Specific TI/LC Reserves	$1,191,097	NAP	NAP	Cut-off Date LTV Ratio:	69.8%
Tenant Specific Free Rent Reserves	$144,742	NAP	NAP	LTV Ratio at Maturity:	61.6%

(1)

See “Escrows” section.

(2)

The increase from Most Recent NOI to U/W NOI is primarily attributable to eight tenants totaling 51,285 square feet signing new or renewal leases in 2018 and the inclusion of abated rent in historical financials.

The Mortgage Loan.The mortgage loan (the “Dulaney Center Mortgage Loan”) is evidenced by a promissory note secured by a first mortgage encumbering the fee simple interest in two Class A office buildings totaling 316,348 square feet and a seven-story parking garage located in Towson, Maryland (the “Dulaney Center Property”). The Dulaney Center Mortgage Loan was originated on April 13, 2018 by Barclays Bank PLC. The Dulaney Center Mortgage Loan had an original principal balance of $47,000,000, has an outstanding principal balance as of the Cut-off Date of $47,000,000 and accrues interest at an interest rate of 4.773% per annum. The Dulaney Center Mortgage Loan had an initial term of 120 months, has a remaining term of 120 months as of the Cut-off Date and requires payments of interest only until May 6, 2021, after which payments of interest and principal based on a 30-year amortization schedule are required through the term of the Dulaney Center Mortgage Loan. The Dulaney Center Mortgage Loan matures on May 6, 2028.

Following the lockout period, on any date before January 6, 2028, the borrower has the right to defease the Dulaney Center Mortgage Loan in whole, but not in part. The Dulaney Center Mortgage Loan is prepayable without penalty on or after January 6, 2028.

DULANEY CENTER

Sources and Uses

Sources			Uses
Original loan amount	$47,000,000	67.4%	Purchase price⁽¹⁾	$65,410,145	93.8%
Borrower sponsors’ new cash contribution	22,710,343	32.6	Reserves	3,390,037	4.9
			Closing costs	910,161	1.3

Total Sources	$69,710,343	100.0%	Total Uses	$69,710,343	100.0%

(1)

Barclays Bank PLC provided a bridge loan to the seller of the Dulaney Center Property in December 2017 (the “Dulaney Center Bridge Loan”). The seller, Guardian Fund II – Dulaney LLC, is currently retaining a 21.3767% ownership interest in the borrower. The transfer of Guardian Fund II – Dulaney LLC’s remaining equity interest in the borrower is permitted upon the satisfaction of requirements set forth in the Dulaney Center Mortgage Loan documents. See “Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

The Property.The Dulaney Center Property consists of two Class A office buildings (Dulaney Center I and Dulaney Center II) totaling 316,348 square feet and a seven-story parking garage located in Towson, Maryland. Dulaney Center I is a five-story, Class A office building, was built in 1983 and consists of 133,502 square feet. Dulaney Center II is a nine-story, Class A office building, was built in 1987 and consists of 182,846 square feet. The Dulaney Center Property has undergone approximately $2.8 million worth of renovations since 2008, including new building lobbies in 2016, common area renovations, facade restoration, upgrades to energy management systems and electrical improvements. Immediately across the street from the Dulaney Center Property is the Towson Town Center, a 1.0 million square foot super-regional mall, which is connected to the Dulaney Center Property by a pedestrian walking bridge through the adjacent 248-room Sheraton Hotel. The Dulaney Center Property sits on a 6.0-acre site, which features a parking garage with a total of 1,558 spaces (approximately 5.0 per 1,000 square feet) and 23 additional onsite ground parking spaces. Pursuant to a Declaration of Easements, Covenants, Conditions and Restrictions, the neighboring Sheraton Hotel is entitled to the use of 400 parking spaces for guests and the use of 16 parking spaces as valet parking spaces. The Sheraton Hotel reimburses the borrower for 25.0% of the garage operating costs.

The Dulaney Center Property is leased to 28 tenants across a diverse range of industries, including government, healthcare, legal, financial services, technology and engineering. The largest tenants at the Dulaney Center Property include Pessin Katz Law, P.A. (13.8% of U/W base rent), Roadnet Technologies (10.1% of U/W base rent), and GSA-Social Security Administration (7.3% of U/W base rent). No other tenant accounts for more than 6.8% of U/W base rent. Pessin Katz Law, P.A. has been a tenant at the Dulaney Center Property for approximately 24 years and recently extended its lease term through December 2028. According to the borrower sponsors, Pessin Katz Law, P.A. is the tenth largest law firm in the Baltimore region with over 60 lawyers, law clerks and paralegals. Roadnet Technologies is a worldwide provider of fleet management software tools and GPS tracking solutions for vehicles in a range of industries. Roadnet Technologies was formerly known as UPS Logistics Technologies Inc. and changed its name to Roadnet Technologies Inc. in 2011. Roadnet Technologies currently operates as a subsidiary of Omnitracs, LLC. GSA-Social Security Administration (Fitch/Moody’s/S&P: AAA/Aaa/AA+) utilizes its space at the Dulaney Center Property as a National Hearing Center for the Office of Disability Adjudication and Review, which is responsible for holding hearings, issuing decisions, and reviewing appeals as part of the Social Security Administration’s process for determining whether or not a person may receive benefits. As of March 28, 2018, the Dulaney Center Property was 90.0% occupied by 28 tenants.

DULANEY CENTER

The following table presents certain information relating to the tenancy at the Dulaney Center Property:

Major Tenants

Tenant Name	Credit Rating (Fitch/Moody’s/ S&P)⁽¹⁾	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽²⁾	Annual U/W Base Rent⁽²⁾	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenant
Pessin Katz Law, P.A.	NR/NR/NR	38,023	12.0%	$27.82	$1,057,728	14.0%	12/31/2028⁽³⁾
Roadnet Technologies⁽⁴⁾	NR/B2/B	33,634	10.6%	$28.06	$773,848	10.2%	5/31/2020⁽⁴⁾
GSA-Social Security Administration	AAA/Aaa/AA+	21,796	6.9%	$25.50	$555,835	7.3%	8/28/2023⁽⁵⁾
IntegraMed America	NR/NR/NR	18,773	5.9%	$27.87	$523,262	6.9%	11/30/2023⁽⁶⁾
Lifebridge Health, Inc	NR/NR/NR	16,397	5.2%	$24.16	$396,152	5.2%	3/31/2027⁽⁷⁾
Merrill Lynch	A/A3/A-	15,934	5.0%	$27.00	$430,142	5.7%	8/31/2023⁽⁸⁾
Bank of America	A/A3/A-	13,813	4.4%	$31.14	$430,137	5.7%	6/30/2021⁽⁹⁾
Bohler Engineering, VA LLC	NR/NR/NR	13,217	4.2%	$27.16	$359,007	4.7%	6/30/2023⁽¹⁰⁾
Maxim Healthcare Services	NR/NR/NR	13,202	4.2%	$27.66	$365,195	4.8%	12/31/2022⁽¹¹⁾
National Retina Institute	NR/NR/NR	11,832	3.7%	$27.28	$322,777	4.3%	12/31/2027⁽¹²⁾
Total Major Tenants		196,621	62.2%	$26.52	$5,214,081	68.8%

Non-Major Tenants		88,004	27.8%	$26.84	$2,362,049	31.2%

Occupied Collateral Total		284,625	90.0%	$26.62	$7,576,130	100.0%

Vacant Space		31,723	10.0%

Collateral Total		316,348	100.0%

(1)

Certain ratings are those of the parent company whether or not the parent guarantees the lease.

(2)

Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through April 2019.

(3)

Pessin Katz Law, P.A. has two, five-year lease renewal options. Pessin Katz Law, P.A. has a one-time contraction option, related to a 8,714 square foot portion of the space, effective December 31, 2025 with six months written notice. Pessin Katz Law, P.A. has abated rent for 8,714 square feet of space through June 2018, all of which was reserved for upfront.

(4)

According to the borrower sponsors, Roadnet Technologies is currently utilizing 75.0% of their space, primarily due to employees working in the field. Annual U/W Base Rent assumes a 75.0% credit to their in-place rent of $943,743. Annual U/W Base Rent PSF and Tenant NRSF is based on Roadnet Technologies’ fully leased space. Roadnet Technologies has one, five-year lease renewal option.

(5)

GSA-Social Security Administration may terminate the lease in whole or in part at any time after August 2018 with 90 days’ written notice.

(6)

IntegraMed America has two, five-year lease renewal options.

(7)

Lifebridge Health, Inc. has one, five-year lease renewal option.

(8)

Merrill Lynch has two, five-year lease renewal options. Merrill Lynch has a right to terminate its lease at any time with 12 months’ written notice. Merrill Lynch has two months of abated rent in 2018, all of which was reserved for upfront.

(9)

Bank of America has two, five-year lease renewal options. Bank of America has a one-time right to terminate effective as of March 31, 2019 with nine months’ written notice.

(10)

Bohler Engineering, VA LLC has one, five-year lease renewal option.

(11)

Maxim Healthcare Services has one, five-year lease renewal option. Maxim Healthcare Services has a one-time right to terminate effective as of December 2020 with 210 days’ written notice.

(12)

National Retina Institute has one, five-year lease renewal option.

DULANEY CENTER

The following table presents certain information relating to the lease rollover schedule at the Dulaney Center Property:

Lease Expiration Schedule⁽¹⁾⁽²⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Annual U/W Base Rent PSF⁽³⁾
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	2	1,144	0.4%	1,144	0.4%	$32,458	0.4%	$28.37
2019	1	2,267	0.7%	3,411	1.1%	$65,572	0.9%	$28.92
2020	1	33,634	10.6%	37,045	11.7%	$773,848	10.2%	$23.01
2021	1	13,813	4.4%	50,858	16.1%	$430,137	5.7%	$31.14
2022	5	38,060	12.0%	88,918	28.1%	$1,038,721	13.7%	$27.29
2023	8	82,316	26.0%	171,234	54.1%	$2,213,701	29.2%	$26.89
2024	4	29,103	9.2%	200,337	63.3%	$783,803	10.3%	$26.93
2025	1	4,185	1.3%	204,522	64.7%	$124,002	1.6%	$29.63
2026	0	0	0.0%	204,522	64.7%	$0	0.0%	$0.00
2027	3	30,161	9.5%	234,683	74.2%	$773,818	10.2%	$25.66
2028	2	48,825	15.4%	283,508	89.6%	$1,340,071	17.7%	$27.45
Thereafter⁽⁴⁾	0	1,117	0.4%	284,625	90.0%	$0	0.0%	$0.00
Vacant	0	31,723	10.0%	316,348	100.0%	$0	0.0%	$0.00
Total/Wtd. Average	28	316,348	100.0%			$7,576,130	100.0%	$26.62

(1)

Information obtained from the underwritten rent roll.

(2)

(3)

Weighted Average U/W Base Rent PSF excludes vacant space.

(4)

“Thereafter” represents an engineer’s office that has no attributable rent.

The following table presents historical occupancy percentages at the Dulaney Center Property:

Historical Occupancy⁽¹⁾

12/31/2014⁽²⁾	12/31/2015⁽²⁾	12/31/2016⁽²⁾	12/31/2017⁽²⁾	3/28/2018⁽³⁾
89.5%	89.2%	85.8%	89.0%	90.0%

(1)	The Dulaney Center Property has been 90.3% occupied on average between 2007 and 2017.

(2)	Information obtained from the borrower.

(3)	Information obtained from the underwritten rent roll.

DULANEY CENTER

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Dulaney Center Property:

Cash Flow Analysis

	2014	2015	2016	2017	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent⁽¹⁾	$7,073,139	$6,920,115	$6,880,536	$6,889,917	$7,576,133	90.1%	$23.95
Grossed Up Vacant Space	0	0	0	0	847,350	10.1	2.68
Total Reimbursables	81,126	123,903	121,404	85,162	68,564	0.8	0.22
Other Income⁽²⁾	653,962	769,256	711,634	876,106	766,069	9.1	2.42
Less Vacancy & Credit Loss	0	0	0	0	(847,350)⁽³⁾	(10.1)	(2.68)
Effective Gross Income	$7,808,227	$7,813,274	$7,713,574	$7,851,185	$8,410,766	100.0%	$26.59

Total Operating Expenses	$3,094,469	$3,154,735	$3,101,970	$3,160,567	$3,152,549	37.5%	$9.97

Net Operating Income	$4,713,758	$4,658,539	$4,611,604	$4,690,618	$5,258,218	62.5%	$16.62
TI/LC	0	0	0	0	601,534⁽⁴⁾	7.2	1.90
Capital Expenditures	0	0	0	0	120,212	1.4	0.38
Net Cash Flow	$4,713,758	$4,658,539	$4,611,604	$4,690,618	$4,536,471	53.9%	$14.34

NOI DSCR	1.60x	1.58x	1.56x	1.59x	1.78x
NCF DSCR	1.60x	1.58x	1.56x	1.59x	1.54x
NOI DY	10.0%	9.9%	9.8%	10.0%	11.2%
NCF DY	10.0%	9.9%	9.8%	10.0%	9.7%

(1)

Historical Base Rent is net of abated rent. 2014 abated rent was $76,926, 2015 abated rent was $347,523, 2016 abated rent was $282,490 and 2017 abated rent was $429,226. U/W Base Rent includes contractual rent steps through April 2019. The increase from 2017 base rent to U/W base rent is primarily attributable to eight tenants totaling 51,285 square feet signing new or renewal leases in 2018 and the inclusion of abated rent in 2017.

(2)

Other Income consists primarily of parking income and storage income. Pursuant to a Declaration of Easements, Covenants, Conditions and Restrictions, the neighboring Sheraton Hotel is entitled to the use of 400 parking spaces for guests and the use of 16 parking space as valet parking spaces. The Sheraton Hotel reimburses the borrower for 25.0% of the garage operating costs.

(3)

The underwritten economic vacancy is 9.2%. The Dulaney Center Property was 90.0% leased as of March 28, 2018.

(4)

U/W TI/LC is inclusive of a TI/LC credit equivalent to one-tenth of the upfront TI/LC reserve of $534,008.

Appraisal.As of the appraisal valuation date of March 27, 2018, the Dulaney Center Property had an “as-is” appraised value of $67,300,000.

Environmental Matters. According to a Phase I environmental site assessment dated April 5, 2018, there was no evidence of any recognized environmental conditions at the Dulaney Center Property.

Market Overview and Competition.The Dulaney Center Property is located in the community of Towson, Maryland, approximately two miles north of the Baltimore City line. The surrounding area in Towson is home to Goucher College, Towson University, the Country Club of Maryland and the Greater Baltimore Medical Center. Immediately across the street from the Dulaney Center Property is the Towson Town Center, a 1.0 million square foot super-regional mall anchored by Macy’s and Nordstrom’s with a current occupancy rate of over 95.0%. The Dulaney Center Property is in the Towson/Timonium submarket within the broader Metropolitan Baltimore Area office market. As of the fourth quarter of 2017, the Towson/Timonium office submarket had approximately 6.4 million square feet of office inventory, average asking rents of $22.22 per square foot and a vacancy rate of 10.6%. According to the appraisal, the 2017 estimated population within a one-, three- and five-mile radius of the Dulaney Center Property was 17,501, 108,590 and 291,745, respectively; while the 2017 estimated average household income within the same radii was $78,713, $97,885 and $93,064, respectively.

DULANEY CENTER

The following table presents certain information relating to comparable office leases for the Dulaney Center Property:

Comparable Leases⁽¹⁾

Property Name/Location	Year Built	Occupancy	Net Rentable Area	Base Rent (PSF)
The Exchange / 1122 Kenilworth Drive Towson, MD	1982	100%	89,968	$24.47 - $29.00
Creighton Center / 1400 Front Avenue Lutherville, MD	1986	100%	38,741	$22.12 - $26.23
100 West / 100 West Road Towson, MD	1988	100%	120,234	$24.99 - $25.00
Cromwell Center / 809 Gleneagles Court Towson, MD	1981	98%	60,000	$22.50 - $23.29
Galleria Atrium / 1407 York Road Lutherville, MD	1987	70%	89,175	$26.97

(1)	Information obtained from the appraisal and third party reports.

The Borrower.The borrower for the Dulaney Center Mortgage Loan is Dulaney Center Business Trust, a Maryland business trust and a special purpose entity. The borrower’s sole trustee is a newly-formed special purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Dulaney Center Mortgage Loan. John B. Vander Zwaag, Benjamin Adams, Richard C. Hamlin, Jeffrey J. Irmer, Pembroke IV LLC, TCM Dulaney LLC and TCM Dulaney GP LLC are the guarantors of certain nonrecourse carveouts under the Dulaney Center Mortgage Loan.

The Borrower Sponsors.The borrower sponsors are Ten Capital Management and Pembroke IV LLC. Ten Capital Management is a privately held real estate investment management company, which invests in a broad spectrum of real estate strategies. The firm currently manages capital on behalf of high net worth individuals and institutions, including family offices and registered investment advisors. Pembroke IV LLC was founded in 2007 and invests in commercial real estate, specifically where short to intermediate capital market inefficiencies create opportunities. John B. Vander Zwaag, the founder of Pembroke IV, has completed over $3.0 billion of transactions in the United States and Canada over his 30 years in real estate finance and investment. John B. Vander Zwaag has assembled and managed nationally focused acquisitions, asset management and investment banking teams for four separate organizations.

Escrows.The Dulaney Center Mortgage Loan documents provide for upfront reserves in the amount of $1,191,097 for outstanding tenant specific tenant improvements and leasing commission (“TI/LC”) obligations for seven specified tenants, $1,106,795 for replacement reserves (which funds may also be used by the borrower for certain specified lighting retrofit replacements and renovations), $534,008 for general TI/LCs, $408,895 for real estate taxes, $144,742 for outstanding free rent related to three tenants and $4,500 for deferred maintenance.

The Dulaney Center Mortgage Loan documents require monthly reserve deposits for (a) real estate taxes in an amount equal to one-twelfth of an amount which would be sufficient to pay the taxes payable during the next ensuing 12 months (initially $45,433); (b) TI/LCs in an amount equal to $39,544 and (c) replacement reserves in an amount equal to $10,018. The Dulaney Center Mortgage Loan documents do not require ongoing monthly escrows for insurance premiums as long as the borrower provides the lender with evidence that the Dulaney Center Property is insured via an acceptable blanket insurance policy and such policy is in full force and effect.

Lockbox and Cash Management.The Dulaney Center Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower was required at origination of the Dulaney Center Bridge Loan to deliver letters to the tenants at the Dulaney Center Property directing them to pay all rents directly into a lender-controlled lockbox account, which was in-place at the origination of the Dulaney Center Mortgage Loan. All other funds received by the borrower or manager are required to be deposited in the lockbox account within one business day following receipt. During the occurrence and continuance of a Triggering Event (as defined below), all funds are required to be swept each business day into the cash management account controlled by the lender and disbursed on each payment date in accordance with the Dulaney Center Mortgage Loan documents, with all excess cash flow to be deposited to an excess cash reserve to be held as additional security for the Dulaney Center Mortgage Loan.

A “Triggering Event” will commence upon the earlier of the following:

(i)

the occurrence and continuance of an event of default or

(ii)

the net cash flow debt service coverage ratio being less than 1.20x.

A “Triggering Event” will end:

(a)

with regard to clause (i), upon the cure of such event of default and

(b)

with regard to clause (ii), upon the net cash flow debt service coverage ratio being equal to or greater than 1.25x for any two consecutive calendar quarters.

Property Management.The Dulaney Center Property is managed by CBRE, Inc.

DULANEY CENTER

Assumption.The borrower has the one-time right to transfer the Dulaney Center Property, provided that certain conditions are satisfied, including: (i) no event of default has occurred and is continuing, (ii) the borrower has provided the lender with at least 60 days prior written notice, (iii) the proposed transferee qualifies as a qualified transferee under the Dulaney Center Mortgage Loan documents and (iv) the lender has received confirmation from DBRS, Fitch and Moody’s that such assumption will not result in a downgrade of the respective ratings assigned to the WFCM Series 2018-C44 certificates.

Real Estate Substitution.Not permitted.

Ground Lease.None.

Terrorism Insurance. The Dulaney Center Mortgage Loan documents require that the “all risk” insurance policies required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Dulaney Center Property, or that if the Terrorism Risk Insurance Program Reauthorization Act is no longer in effect and such policies contain an exclusion for acts of terrorism, the borrower will obtain, to the extent available, a stand-alone policy that provides the same coverage as the policies would have if such exclusion did not exist.

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NORTHWEST HOTEL PORTFOLIO

No. 5 – Northwest Hotel Portfolio

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Portfolio
Credit Assessment (DBRS/Fitch/Moody’s):		NR/NR/NR			Property Type:	Hospitality
Original Principal Balance⁽¹⁾:		$39,900,000			Specific Property Type:	Limited Service
Cut-off Date Balance⁽¹⁾:		$39,833,178			Location:	Various
% of Initial Pool Balance:		5.2%			Size:	818 Rooms
Loan Purpose:		Acquisition			Cut-off Date Balance Per Room⁽¹⁾:	$138,179
Borrower Names:		600 South Salt Lake City Hotel, LLC; Bluff Bend Hotel, LLC; Columbia Bend Hotel, LLC; Ironwood Coeur d’Alene Hotel, LLC; Overland Boise Hotel, LLC; Pole Line Twin Falls Hotel, LLC; Riverstone Coeur d’Alene Hotel, LLC			Year Built/Renovated:	Various/Various
Borrower Sponsors:		Jason R. Kotter; Ryan N. Van Alfen			Title Vesting:	Fee
Mortgage Rate:		5.0180%			Property Manager⁽⁵⁾:	Self-managed
Note Date:		March 22, 2018			4^thMost Recent Occupancy (As of):	65.6% (12/31/2014)
Anticipated Repayment Date:		NAP			3^rdMost Recent Occupancy (As of):	77.6% (12/31/2015)
Maturity Date:		April 11, 2028			2^ndMost Recent Occupancy (As of):	80.5% (12/31/2016)
IO Period:		0 months			Most Recent Occupancy (As of):	79.4% (12/31/2017)
Loan Term (Original):		120 months
Seasoning:		1 month
Amortization Term (Original):		300 months			Underwriting and Financial Information:
Loan Amortization Type:		Amortizing Balloon			4^thMost Recent NOI (As of)⁽⁶⁾:	$9,599,553 (12/31/2014)
Interest Accrual Method:		Actual/360			3^rdMost Recent NOI (As of)⁽⁶⁾⁽⁷⁾:	$13,721,067 (12/31/2015)
Call Protection⁽²⁾:		L(25),D(91),O(4)			2^ndMost Recent NOI (As of)⁽⁷⁾:	$15,834,792 (12/31/2016)
Lockbox Type:		Hard/Springing Cash Management			Most Recent NOI (As of):	$15,647,504 (12/31/2017)
Additional Debt⁽³⁾:		Yes			U/W Revenues:	$35,830,406
Additional Debt Type⁽³⁾:		Pari Passu			U/W Expenses:	$20,267,527
					U/W NOI:	$15,562,879
					U/W NCF:	$14,129,663
Escrows and Reserves⁽⁴⁾:					U/W NOI DSCR⁽¹⁾:	1.96x
					U/W NCF DSCR⁽¹⁾:	1.78x
Type:	Initial		Monthly	Cap (If Any)	U/W NOI Debt Yield⁽¹⁾:	13.8%
Taxes	$518,257		$94,555	NAP	U/W NCF Debt Yield⁽¹⁾:	12.5%
Insurance	$46,636		$15,546	NAP	As-Is Appraised Value⁽⁸⁾:	$173,500,000
FF&E Reserve	$0		$119,435	NAP	As-Is Appraisal Valuation Date⁽⁸⁾:	Various
Seasonality	$163,000		⁽⁴⁾	NAP	Cut-off Date LTV Ratio⁽¹⁾⁽⁸⁾:	65.1%
PIP Reserve	$14,116,206		$0	NAP	LTV Ratio at Maturity or ARD⁽¹⁾⁽⁸⁾:	48.8%

(1)

The Northwest Hotel Portfolio Mortgage Loan (as defined below) is part of the Northwest Hotel Portfolio Whole Loan (as defined below), which comprises three pari passu notes with an aggregate original principal balance of $113,220,258. The Cut-off Date Balance per Room, Maturity Date Balance per Room, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio numbers presented are based on the Northwest Hotel Portfolio Whole Loan.

(2)

Defeasance of the Northwest Hotel Portfolio Whole Loan is permitted at any time after the earlier of (i) May 11, 2022 and (ii) two years from the closing date of the securitization that includes the last pari passu note of the Northwest Hotel Portfolio Whole Loan to be securitized. The assumed lockout period of 25 payments is based on the closing date of this transaction in May 2018.

(3)

See “The Mortgage Loan” section for a discussion of the additional debt.

(4)

See “Escrows” section for further discussion of reserve requirements.

(5)

See “Property Management” section below.

(6)

The increase in Rooms Revenue and Net Operating Income from 2014 to 2015 was due to Hampton Inn & Suites Bend not opening until September 2014. In addition, La Quinta Inns & Suites Coeur d’Alene was rebranded from an Ameritel Inn in May 2014 (see “Operating History and Underwritten Net Cash Flow” section).

(7)

The increase in NOI from 2015 to 2016 was due to an increase in Occupancy and ADR (see “Operating History and Underwritten Net Cash Flow” section).

(8)

The Appraised Value and LTVs shown are based on the “as-is” appraised value (as of October 1, 2017) for two of the Northwest Hotel Portfolio Properties (as defined below) and the “when complete” appraised value (as of October 1, 2018) for five of the Northwest Hotel Portfolio Properties, which assumes certain outstanding PIP work has been completed (see “The Properties” section). The related PIP work was reserved for upon the origination of the Northwest Hotel Portfolio Whole Loan (see “Escrows” section). Based on the “as-is” appraised value for all of the Northwest Hotel Portfolio Properties of $155,700,000 (as of October 1, 2017), the Cut-off Date LTV Ratio and Maturity Date LTV Ratio are approximately 72.6% and 54.4%, respectively.

The Mortgage Loan. The mortgage loan (the “Northwest Hotel Portfolio Mortgage Loan”) is part of a whole loan (the “Northwest Hotel Portfolio Whole Loan”) evidenced by threepari passu notes secured by a first mortgage encumbering the fee interest in an portfolio of seven limited-service hospitality properties located in Idaho, Utah and Oregon (the “Northwest Hotel Portfolio Properties”). The Northwest Hotel Portfolio Whole Loan was originated on March 22, 2018 by Wells Fargo Bank, National Association. The Northwest Hotel Portfolio Whole Loan had an original principal balance of $113,220,258, has an outstanding principal balance as of the Cut-off Date of $113,030,645 and accrues interest at an interest rate of 5.018%per annum. The Northwest Hotel Portfolio

NORTHWEST HOTEL PORTFOLIO

Whole Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and requires payments of principal and interest based on a 25-year amortization schedule. The Northwest Hotel Portfolio Mortgage Loan matures on April 11, 2028

Note A-1, which will be contributed to the WFCM 2018-C44 securitization trust, had an original principal balance of $39,900,000 and has an outstanding principal balance as of the Cut-off Date of $39,833,178. The non-controlling Note A-2 had an original principal balance of $40,326,936, had an outstanding principal balance as of the Cut-off Date of $40,261,900, and was contributed to the BANK 2018-BNK11 Trust. The non-controlling Note A-3 had an original principal balance of $32,993,322, had an outstanding principal balance as of the Cut-off Date of $32,897,619, and is currently held by Wells Fargo Bank, National Association and is expected to be contributed to a future securitization trust. The mortgage loans evidenced by Notes A-2 and A-3 are collectively referred to herein as the “Northwest Hotel Portfolio Companion Loans”. The Northwest Hotel Portfolio Whole Loan is expected to be initially serviced pursuant to the pooling and servicing agreement for the BANK 2018-BNK11 securitization trust, and from and after the securitization of the controlling Note A-1, will be serviced pursuant to the pooling and servicing agreement for the WFCM 2018-C44 securitization trust. The lender provides no assurances that any non-securitizedpari passu notes will not be split further. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Note Summary

Notes	Original Balance	Note Holder	Controlling Interest
A-1	$39,900,000	WFCM 2018-C44	Yes
A-2	$40,326,936	BANK 2018-BNK11⁽¹⁾	No
A-3	$32,993,322	Wells Fargo Bank, National Association	No
Total	$113,220,258

(1)	The BANK 2018-BNK11 transaction is expected to close on April 26, 2018.

Following the lockout period, on any date before January 11, 2028, the borrower has the right to defease the Northwest Hotel Portfolio Whole Loan in whole or in part (see “Partial Release” section). In addition, the Northwest Hotel Portfolio Whole Loan is prepayable without penalty on or after January 11, 2028. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) May 11, 2022.

Sources and Uses

Sources				Uses
Loan amount	$113,220,258		68.3%	Purchase price	$146,852,823	88.6%
Borrower’s equity:	52,507,853		31.7	Upfront reserves	14,844,099	9.0
				Closing costs	4,031,189	2.4
Total Sources	$165,728,111	100.0%		Total Uses	$165,728,111	100.0%

The Properties.The Northwest Hotel Portfolio Properties comprise seven limited-service hotels built between 1997 and 2014 totaling 818 rooms that, as of December 31, 2017, reported a weighted average occupancy rate of 79.4% with individual hotel occupancies ranging from 67.3% to 85.4%. The Northwest Hotel Portfolio Borrower is required to complete a property improvement plan (“PIP”) at each of the Northwest Hotel Portfolio Properties at a total estimated cost of $14,905,802 ($18,222 per room). At origination of the Northwest Hotel Portfolio Whole Loan, $14,116,206 was reserved for planned PIP renovations, which represents 110% of the total estimated cost at six of the Northwest Hotel Portfolio Properties, plus a portion of the estimated cost at the Hilton Garden Inn Salt Lake City Downtown property, where a portion of the planned PIP work has already been completed and certain FF&E and soft goods related to the PIP have already been purchased at origination. Each of the Northwest Hotel Portfolio Properties has a franchise agreement extending at least 15 years from the origination date of the Northwest Hotel Portfolio Whole Loan. If any of the franchise agreements terminates, or upon notice to terminate by either the franchisor or franchisee, the Northwest Hotel Portfolio Whole Loan will spring full recourse to the guarantors in the amount of 125% of the allocated loan amount of the applicable property or properties until such time as the Northwest Hotel Portfolio Borrower enters into a replacement franchise agreement satisfactory to the lender.

NORTHWEST HOTEL PORTFOLIO

The following table presents certain information relating to the Northwest Hotel Portfolio Properties:

Property Name – Location	Allocated Cut-off Date Balance⁽¹⁾	% of Portfolio Cut-off Date Balance	Occupancy (as of 12/31/2017)	Year Built/ Renovated	No. of Rooms	Appraised Value	UW Net Cash Flow	Allocated Cut-off Date LTV
Hilton Garden Inn Bend – Bend, OR	$19,804,793	17.5%	85.4%	2004/2012	96	$30,400,000⁽²⁾	$2,387,736	65.1%
Hampton Inn & Suites Bend – Bend, OR	$19,674,498	17.4%	80.0%	2014/NAP	114	$30,200,000	$2,367,646	65.1%
Hilton Garden Inn Salt Lake City Downtown – Salt Lake City, UT	$19,023,025	16.8%	81.9%	2006/NAP	132	$29,200,000⁽³⁾	$2,373,620	65.1%
Hampton Inn & Suites Coeur d’Alene – Coeur d’Alene, ID	$18,892,730	16.7%	80.2%	2007/NAP	124	$29,000,000⁽⁴⁾	$2,343,628	65.1%
Hampton Inn & Suites Boise Spectrum – Boise, ID	$18,045,815	16.0%	80.7%	1998/2011	133	$27,700,000⁽⁵⁾	$2,125,491	65.1%
La Quinta Inns & Suites Coeur d’Alene –Coeur d’Alene, ID	$9,120,630	8.1%	67.3%	1997/2014	118	$14,000,000	$1,397,480	65.1%
La Quinta Inns & Suites Twin Falls – Twin Falls, ID	$8,469,155	7.5%	77.0%	2008/NAP	101	$13,000,000⁽⁶⁾	$1,134,062	65.1%
Total/Weighted Average	$113,030,645	100.0%	79.4%		818	$173,500,000⁽⁷⁾	$14,129,663	65.1%

(1)

Balances shown are for the Northwest Hotel Portfolio Whole Loan.

(2)

The appraised value shown is the “when complete” market value conclusion as of October 1, 2018. The “as is” market value as of October 1, 2017 is $27,700,000.

(3)

The appraised value shown is the “when complete” market value conclusion as of October 1, 2018. The “as is” market value as of October 1, 2017 is $24,700,000.

(4)

The appraised value shown is the “when complete” market value conclusion as of October 1, 2018. The “as is” market value as of October 1, 2017 is $24,900,000.

(5)

The appraised value shown is the “when complete” market value conclusion as of October 1, 2018. The “as is” market value as of October 1, 2017 is $23,400,000.

(6)

The appraised value shown is the “when complete” market value conclusion as of October 1, 2018. The “as is” market value as of October 1, 2017 is $10,800,000.

(7)

The total appraised value shown comprises the “when complete” market value conclusion as of October 1, 2018, where footnoted above. The total “as is” market value as of October 1, 2017 is $155,700,000.

Hilton Garden Inn Bend

The Hilton Garden Inn Bend property is a 96-room, three-story, limited-service hotel located in Bend, Oregon. The Hilton Garden Inn Bend property is situated on a 2.34-acre parcel and contains 94 surface parking spaces, resulting in a parking ratio of approximately 1.0 space per room. The Hilton Garden Inn Bend property opened in 2004 as an Ameritel Inn and was renovated and rebranded as a Hilton Garden Inn in 2012. The hotel features the Garden Grill & Bar, adjacent to the lobby, where breakfast and dinner are served daily. The Northwest Hotel Portfolio Borrower is required to complete a PIP at the Hilton Garden Inn Bend property at an estimated cost of $1,936,652 ($20,173 per room), for which $2,130,317 was reserved at origination of the Northwest Hotel Portfolio Whole Loan. Planned PIP work includes upgrades to the guest bedrooms, guest bathrooms, pantry, business center, front desk, public restrooms, pool area and the parking lot. PIP work is required to be completed within 24 months of loan origination. The franchise agreement with Hilton Franchise Holding LLC (“Hilton Franchisor”) expires on March 31, 2033. The appraisal identified one proposed 120-room limited service hotel (the Best Western Premier) that is anticipated to open in October 2018 and is expected to compete directly with the Hilton Garden Inn Bend property.

The Hilton Garden Inn Bend property guestroom configuration includes 49 king rooms, 30 double-queen rooms and 17 suites. Amenities include a fitness center, business center, indoor swimming pool and whirlpool, market pantry, guest laundry area and a casual restaurant and lounge. The Hilton Garden Inn Bend property also provides two divisible meeting rooms, totaling 2,040 square feet, on the first floor.

Hampton Inn & Suites Bend

The Hampton Inn & Suites Bend property is a 114-room, three-story, limited-service hotel located in Bend, Oregon. The Hampton Inn & Suites Bend property is situated on a 2.99-acre parcel and contains 114 surface parking spaces, resulting in a parking ratio of approximately 1.0 space per room. The Hampton Inn & Suites Bend property opened in 2014. The Northwest Hotel Portfolio Borrower is required to complete a PIP at the Hampton Inn & Suites Bend property at an estimated cost of $50,000 ($439 per room), for which $55,000 was reserved at origination of the Northwest Hotel Portfolio Whole Loan. Planned PIP work includes upgrades to guestrooms, corridors and public restrooms. PIP work is required to be completed within 12 months of loan origination. The franchise agreement with Hilton Franchisor expires on August 31, 2034.

The Hampton Inn & Suites Bend property guestroom configuration includes 24 king rooms, 64 double-queen rooms and 26 suites. Amenities include a fitness center, business center, indoor swimming pool and whirlpool, market pantry, guest laundry area and complimentary hot breakfast. The Hampton Inn & Suites Bend property also provides one divisible meeting room, totaling 2,263 square feet, on the first floor.

NORTHWEST HOTEL PORTFOLIO

Hilton Garden Inn Salt Lake City Downtown

The Hilton Garden Inn Salt Lake City Downtown property is a 132-room, four-story, limited-service hotel located in Salt Lake City, Utah. The Hilton Garden Inn Salt Lake City Downtown property is situated on a 2.28-acre parcel and contains 91 surface parking spaces, resulting in a parking ratio of approximately 0.7 spaces per room. The Hilton Garden Inn Salt Lake City Downtown property opened in 2006. The hotel features the Garden Grill restaurant, adjacent to the lobby, where breakfast and dinner are served daily. The Northwest Hotel Portfolio Borrower is required to complete a PIP at the Hilton Garden Inn Salt Lake City Downtown property at an estimated cost of $3,756,579 ($28,459 per room), for which $1,852,061 was reserved at origination of the Northwest Hotel Portfolio Whole Loan (a portion of the PIP work has already been completed and FF&E and soft goods related to the PIP were already purchased at loan origination). Planned PIP work includes upgrades to the guest bedrooms, guest bathrooms, lobby, public restrooms, exercise room, restaurant and landscaping. PIP work is required to be completed within 12 months of loan origination. The franchise agreement with Hilton Franchisor expires on March 31, 2033.

The Hilton Garden Inn Salt Lake City Downtown property guestroom configuration includes 64 king rooms, 58 double-queen rooms and ten suites. Amenities include a fitness room, business center, indoor swimming pool and whirlpool, market pantry, guest laundry area and casual restaurant. The Hilton Garden Inn Salt Lake City Downtown property also provides one meeting room and one boardroom, totaling 3,255 square feet, on the first floor.

Hampton Inn & Suites Coeur d’Alene

The Hampton Inn & Suites Coeur d’Alene property is a 124-room, five-story, limited-service hotel located in Coeur d’Alene, Idaho. The Hampton Inn & Suites Coeur d’Alene property is situated on a 3.07-acre parcel and contains 154 surface parking spaces, resulting in a parking ratio of approximately 1.2 spaces per room. The Hampton Inn & Suites Coeur d’Alene property opened in 2007. The Northwest Hotel Portfolio Borrower is required to complete a PIP at the Hampton Inn & Suites Coeur d’Alene property at an estimated cost of $3,343,050 ($26,960 per room), for which $3,677,355 was reserved at origination of the Northwest Hotel Portfolio Whole Loan. Planned PIP work includes upgrades to the guest bedrooms, guest bathrooms, breakfast area, guest laundry, meeting rooms, exercise room and the parking lot. PIP work is required to be completed within 36 months of loan origination. The franchise agreement with Hilton Franchisor expires on March 31, 2033.

The Hampton Inn & Suites Coeur d’Alene property guestroom configuration includes 38 king rooms, 49 double-queen rooms and 37 suites. Amenities include a fitness room, business center, indoor swimming pool and whirlpool, market pantry, guest laundry area and complimentary hot breakfast. The Hampton Inn & Suites Coeur d’Alene property also provides one meeting room and one boardroom, totaling 3,424 square feet, on the first floor.

Hampton Inn & Suites Boise Spectrum

The Hampton Inn & Suites Boise Spectrum property is a 133-room, four-story, limited-service hotel located in Boise, Idaho. The Hampton Inn & Suites Boise Spectrum property is situated on a 2.94-acre parcel and contains 125 surface parking spaces, resulting in a parking ratio of approximately 0.9 spaces per room. The Hampton Inn & Suites Boise Spectrum property opened in 1998 and was renovated and rebranded to a Hampton Inn & Suites in 2011. The Northwest Hotel Portfolio Borrower is required to complete a PIP at the Hampton Inn & Suites Boise Spectrum property at an estimated cost of $3,754,121 ($28,226 per room), for which $4,129,533 was reserved at origination of the Northwest Hotel Portfolio Whole Loan. Planned PIP work includes upgrades to the guest bedrooms, guest bathrooms, front desk, breakfast area, corridors, exercise room and the building exterior. PIP work is required to be completed within 24 months of loan origination. The franchise agreement with Hilton Franchisor expires on March 31, 2033.

The Hampton Inn & Suites Boise Spectrum property guestroom configuration includes 49 king rooms, 55 double-queen rooms and 29 suites. Amenities include a fitness room, business center, indoor swimming pool and whirlpool, market pantry, guest laundry area, airport shuttle and complimentary hot breakfast. The Hampton Inn & Suites Boise Spectrum property also provides three meeting rooms, totaling 3,480 square feet, on the first floor.

La Quinta Inns & Suites Coeur d’Alene

The La Quinta Inns & Suites Coeur d’Alene property is a 118-room, four-story, limited-service hotel located in Coeur d’Alene, Idaho. La Quinta Inns & Suites Coeur d’Alene property is situated on a 2.13-acre parcel and contains 120 surface parking spaces, resulting in a parking ratio of approximately 1.0 space per room. The La Quinta Inns & Suites Coeur d’Alene property opened in 1997 as an Ameritel Inn and was renovated and rebranded to a La Quinta Inns & Suites in 2014. The Northwest Hotel Portfolio Borrower is required to complete a PIP at the La Quinta Inns & Suites Coeur d’Alene property at an estimated cost of $315,400 ($2,673 per room), for which $346,940 was reserved at origination of the Northwest Hotel Portfolio Whole Loan. Planned PIP work includes upgrades to the guest bedrooms, guest bathrooms, lobby, board room, pool area and fitness center. The franchise agreement with La Quinta Franchising LLC (“La Quinta Franchisor”) expires in March 2038. The franchisor and franchisee each have the right to terminate the franchise agreement on the 5^th, 10^th and 15^th anniversary of the effective date (March 2018) with 12 months’ notice.

The La Quinta Inns & Suites Coeur d’Alene property guestroom configuration includes 62 king rooms, 44 double-queen rooms and 12 suites. Amenities include a fitness room, indoor swimming pool and whirlpool, guest laundry area and complimentary hot breakfast. The La Quinta Inns & Suites Coeur d’Alene property also provides one divisible meeting room, totaling 1,500 square feet, on the first floor.

Northwest Hotel Portfolio

La Quinta Inns & Suites Twin Falls

The La Quinta Inns & Suites Twin Falls property is a 101-room, three-story limited-service hotel located in Twin Falls, Idaho. The La Quinta Inns & Suites Twin Falls property is situated on a 2.88-acre parcel and contains 121 surface parking spaces, resulting in a parking ratio of approximately 1.2 spaces per room. The La Quinta Inns & Suites Twin Falls property opened in 2008 as an Ameritel Inn and was rebranded to a La Quinta Inns & Suites in 2010. The Northwest Hotel Portfolio Borrower is required to complete a PIP at the La Quinta Inns & Suites Twin Falls property at an estimated cost of $1,750,000 ($17,327 per room), for which $1,925,000 was reserved at origination of the Northwest Hotel Portfolio Whole Loan. Planned PIP work includes upgrades to the lobby, breakfast area, business center, stairways, guest bedrooms, guest bathrooms and landscaping. The franchise agreement with La Quinta Franchisor expires in March 2038. The franchisor and franchisee each have the right to terminate the franchise agreement on the 5^th, 10^th and 15^th anniversary of the effective date (March 2018) with 12 months’ notice.

The La Quinta Inns & Suites Twin Falls property guestroom configuration includes 54 king rooms, 39 double-queen rooms and 8 suites. Amenities include a fitness room, business center, indoor swimming pool and whirlpool, market pantry, guest laundry area and complimentary breakfast. The La Quinta Inns & Suites Twin Falls property also provides two meeting rooms, totaling 2,706 square feet, on the first floor.

2017 Accommodated Room Night Demand⁽¹⁾

Property	Commercial/ Government		Meeting/Group		Leisure
Hilton Garden Inn Bend		50%		20%		30%
Hampton Inn & Suites Bend		55%		10%		35%
Hilton Garden Inn Salt Lake City Downtown		60%		25%		15%
Hampton Inn & Suites Coeur d’Alene		30%		10%		60%
Hampton Inn & Suites Boise Spectrum		65%		15%		20%
La Quinta Inns & Suites Coeur d’Alene		35%		15%		50%
La Quinta Inns & Suites Twin Falls		65%		15%		20%

(1)	Information obtained from the appraisals.

The following table presents historical occupancy, ADR RevPAR and penetration rates at the Northwest Hotel Portfolio Properties:

Historical Occupancy, ADR and RevPAR⁽¹⁾

	2015			2016			2017
Property	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR
Hilton Garden Inn Bend	85.9%	$162.17	$139.24	88.7%	$176.25	$156.30	85.5%	$180.15	$153.95
Hampton Inn & Suites Bend	78.4%	$138.39	$108.44	84.5%	$155.25	$131.21	79.8%	$163.00	$130.03
Hilton Garden Inn Salt Lake City	81.0%	$143.98	$116.61	81.0%	$144.63	$117.08	81.7%	$148.82	$121.61
Hampton Inn & Suites Coeur d’Alene	74.0%	$140.25	$103.76	79.7%	$141.16	$112.50	80.3%	$144.18	$115.83
Hampton Inn & Suites Boise	82.9%	$121.71	$100.96	83.9%	$131.51	$110.36	80.9%	$136.30	$110.23
La Quinta Inns & Suites Coeur d’Alene	62.7%	$116.88	$73.27	63.8%	$119.40	$76.13	68.2%	$123.11	$83.93
La Quinta Inns & Suites Twin Falls	77.9%	$100.11	$78.00	80.6%	$108.66	$87.54	78.6%	$111.13	$87.32

(1)

Information obtained from third party hospitality research reports dated January 18, 2018.

Northwest Hotel Portfolio

Historical Penetration Rates⁽¹⁾

	2015			2016			2017
Property	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR
Hilton Garden Inn Bend⁽²⁾	108.9%	126.8%	138.0%	110.1%	127.8%	140.7%	115.6%	126.4%	146.1%
Hampton Inn & Suites Bend⁽³⁾	99.0%	111.4%	110.3%	103.4%	116.7%	120.6%	105.8%	117.7%	124.5%
Hilton Garden Inn Salt Lake City⁽⁴⁾	110.7%	113.6%	125.8%	110.6%	113.0%	124.9%	106.3%	111.8%	118.8%
Hampton Inn & Suites Coeur d’Alene⁽⁵⁾	100.4%	111.8%	112.2%	105.0%	111.3%	116.9%	103.4%	111.6%	115.4%
Hampton Inn & Suites Boise⁽⁶⁾	108.9%	104.5%	113.8%	106.7%	107.1%	114.3%	101.7%	107.9%	109.7%
La Quinta Inns & Suites Coeur d’Alene⁽⁷⁾	102.8%	103.8%	106.7%	104.7%	105.3%	110.3%	111.5%	104.7%	116.8%
La Quinta Inns & Suites Twin Falls⁽⁸⁾	107.7%	103.5%	111.5%	103.4%	101.9%	105.4%	101.4%	105.0%	106.5%

(1)

Information obtained from third party hospitality research reports dated January 18, 2018.

(2)

The competitive set for Hilton Garden Inn Bend comprises four limited service hotels totaling 367 rooms: Holiday Inn Express & Suites Bend (99 rooms), TownePlace Suites Bend Near Mount Bachelor (71 rooms), DoubleTree Bend (117 rooms) and Fairfield Inn & Suites Bend Downtown (80 rooms).

(3)

The competitive set for Hampton Inn & Suites Bend comprises five limited service hotels totaling 432 rooms: La Quinta Inns & Suites Bend (65 rooms), Holiday Inn Express & Suites Bend (99 rooms), TownePlace Suites Bend Near Mount Bachelor (71 rooms), DoubleTree Bend (117 rooms) and Fairfield Inn & Suites Bend Downtown (80 rooms).

(4)

The competitive set for Hilton Garden Inn Salt Lake City comprises six limited service hotels totaling 828 rooms: Holiday Inn Express Salt Lake City Downtown (212 rooms), Fairfield Inn & Suites Salt Lake City Downtown (120 rooms), Hampton Inn Salt Lake City Downtown (158 rooms), Homewood Suites Salt Lake City Downtown (124 rooms), Springhill Suites Salt Lake City Downtown (86 rooms) and Hyatt Place Salt Lake City Downtown The Gateway (128 rooms).

(5)

The competitive set for Hampton Inn & Suites Coeur d’Alene comprises three limited service hotels totaling 341 rooms: Best Western Plus Coeur d’Alene Inn (122 rooms), Holiday Inn Express & Suites Coeur d’Alene I 90 (101 rooms) and Springhill Suites Coeur d’Alene (118 rooms)

(6)

The competitive set for Hampton Inn & Suites Boise comprises six limited service hotels totaling 773 rooms: Hampton Inn Boise Airport (63 rooms), Hampton Inn Suites Boise Meridian (128 rooms), Oxford Suites Boise (132 rooms), Courtyard Boise West Meridian (145 rooms), Hampton Inn Suites Boise Downtown (186 rooms) and Holiday Inn Boise Airport (119 rooms).

(7)

The competitive set for La Quinta Inns & Suites Coeur d’Alene comprises four limited service hotels totaling 413 rooms: Best Western Plus Coeur d’Alene Inn (122 rooms), Quality Inn & Suites Coeur d’Alene (51 rooms), Shilo Inn Suites Coeur d’Alene (139 rooms) and Holiday Inn Express & Suites Coeur d’Alene (101 rooms).

(8)

The competitive set for La Quinta Inns & Suites Twin Falls comprises four limited service hotels totaling 378 rooms: Best Western Plus Twin Falls Hotel (120 rooms), Hampton Inn Twin Falls (75 rooms), Holiday Inn Express & Suites Twin Falls (91 rooms) and Fairfield Inn & Suites Twin Falls (92 rooms).

Cash Flow Analysis


	2014⁽¹⁾	2015⁽¹⁾⁽²⁾	2016⁽²⁾	2017	UW	UW per Room
Occupancy	65.6%	77.6%	80.5%	79.4%	79.4%
ADR	$124.89	$132.07	$139.19	$143.40	$143.40
RevPAR	$90.29	$102.43	$112.11	$113.84	$113.84

Rooms Revenue	$24,457,602	$30,582,242	$33,549,147	$33,990,444	$33,990,444	$41,553
Food & Beverage	$1,153,365	$1,341,412	$1,317,979	$1,310,934	$1,310,934	$1,603
Other Income⁽³⁾	$347,361	$504,104	$503,988	$529,028	$529,028	$647
Total Revenue	$25,958,328	$32,427,758	$35,371,115	$35,830,406	$35,830,406	$43,802
Total Expenses	$16,358,775	$18,706,692	$19,536,323	$20,182,901	$20,267,527	$24,777
Net Operating Income	$9,599,553	$13,721,067	$15,834,792	$15,647,504	$15,562,879	$19,026
FF&E	$0	$0	$0	$0	$1,433,216	$1,752
Net Cash Flow	$9,599,553	$13,721,067	$15,834,792	$15,647,504	$14,129,663	$17,273

NOI DSCR⁽⁴⁾	1.21x	1.72x	1.99x	1.97x	1.96x
NCF DSCR⁽⁴⁾	1.21x	1.72x	1.99x	1.97x	1.78x
NOI Debt Yield⁽⁴⁾	8.5%	12.1%	14.0%	13.8%	13.7%
NCF Debt Yield⁽⁴⁾	8.5%	12.1%	14.0%	13.8%	12.5%

(1)

(2)

The increase in Rooms Revenue and Net Operating Income from 2015 to 2016 was primarily due to an increase in Occupancy and ADR.

(3)

Other Income consists of valet, guest laundry, gift shop sales and miscellaneous other income.

(4)

The debt service coverage ratios and debt yields shown are based on the Northwest Hotel Portfolio Whole Loan.

Appraisal.The appraiser concluded to an “as-is” appraised value for two of the Northwest Hotel Portfolio Properties with a valuation date of October 1, 2017 and a “when complete” appraised value for five of the Northwest Hotel Portfolio Properties with a valuation date of October 1, 2018, in the aggregate amount of $173,500,000, which assumes certain outstanding PIP work has been completed (see “The Properties” section). The related PIP work was reserved for upon the origination of the Northwest Hotel Portfolio Whole Loan.

Environmental Matters.According to the Phase I environmental reports dated February 7, 2018 and February 20, 2018, there was no evidence of any recognized environmental conditions at any of the Northwest Hotel Portfolio Properties.

Northwest Hotel Portfolio

Market Overview and Competition.The Northwest Hotel Portfolio Properties are located in five distinct markets:

Hampton Inn & Suites Bend and Hilton Garden Inn Bend

The Hampton Inn & Suites Bend property and the Hilton Garden Inn Bend property are located in Bend, Deschutes County, Oregon, within the Bend-Redmond, Oregon metropolitan statistical area. Bend is located approximately 100 miles southeast of Portland, Oregon, situated on the Deschutes River. In 2016, the United States Census Bureau reported that the Bend-Redmond Metropolitan Area was the eighth fastest-growing metropolitan area in the nation. Major employers include St. Charles Medical Centers, Bend Memorial Clinic and Safeway. In 2016, St. Charles Bend announced plans to add a new $66-million patient tower in response to increasing demand. The project is expected to be completed in 2019. The tourism industry employs more than 9,200 residents in Central Oregon as of 2016 and is driven by the year-round recreational activities. According to the appraisal, the 2017 market segmentation for the Hampton Inn & Suites Bend property was approximately 55% commercial/government, 10% meeting & group and 35% leisure and the 2017 market segmentation for the Hilton Garden Inn Bend property was approximately 50% commercial/government, 20% meeting & group and 30% leisure.

The Hampton Inn & Suites Bend property is located in the Old Mill District, in the northeast quadrant of the intersection formed by Southwest Columbia Street and Southwest Shevlin Hixon Drive, along the Deschutes River and approximately 0.9 miles west of Highway 97. The Hilton Garden Inn Bend property is located west of the intersection formed by Southwest Bluff Drive and Southwest Wilson Avenue, approximately 0.5 miles west of Highway 97 and approximately 0.6 miles northeast of the Hampton Inn & Suites Bend property. The neighborhood is characterized by restaurants, retail stores, recreational facilities, and entertainment venues, as well as low-rise offices, residences and hotels. The area includes Les Schwab Amphitheater, OSU-Cascades Graduate Research Center, and Bend Park & Recreation District Office. Bend is served by the Redmond Municipal Airport, which is located approximately 14 miles northeast of both properties. According to the appraisal, the 2017 estimated population within a three-, and five-mile radius of the Hampton Inn & Suites Bend property was 66,863, and 96,282, respectively. The estimated average household income within the same radii was, $82,787, and $82,201, respectively. The 2017 estimated population within a three-, and five-mile radius of the Hilton Garden Inn Bend property was 71,037, and 96,765, respectively. The estimated average household income within the same radii was $81,077, and $82,285, respectively.

Hilton Garden Inn Salt Lake City Downtown

The Hilton Garden Inn Salt Lake City Downtown property is located in Salt Lake City, Salt Lake County, Utah, within the central business district submarket. Salt Lake City is the capital of Utah and the largest city in the state. The city’s major sectors include transportation, healthcare, education, and government, as well as the technology, finance, tourism and leisure industries. Major employers include Delta Airlines, Goldman Sachs, Intermountain Healthcare and Chevron. According to a third-party market research report, the 2017 estimated population within a three-, and five-mile radius of the Hilton Garden Inn Salt Lake City Downtown property was 140,661, and 249,984, respectively. The estimated average household income within the same radii was $65,927, and $70,023, respectively. According to the appraisal, the 2017 market segmentation for the Hilton Garden Inn Salt Lake City Downtown property was approximately 60% commercial/government, 25% meeting & group and 15% leisure.

The Hilton Garden Inn Salt Lake City Downtown property is located in the northeast quadrant of the intersection formed by West 600 South and 300 West, approximately 0.7 mile east of Interstates 80 and 15. The neighborhood is characterized by restaurants, office and mixed-use buildings, hotels, multi-family residences, and retail centers, including the Salt Palace Convention Center, Zions Bancorporation, The Church of Jesus Christ of Latter-day Saints headquarters and City Creek Center. According to the appraisal, Overstock.com announced plans to construct its global headquarters in Midvale, approximately 10.9 miles south of the Hilton Garden Inn Salt Lake City Downtown property. The estimated $100-million office project opened for business in October 2016. Salt Lake City International Airport is located approximately five miles to the northwest of the Hilton Garden Inn Salt Lake City Downtown property.

Hampton Inn & Suites Coeur d’Alene and La Quinta Inns & Suites Coeur d’Alene

The Hampton Inn & Suites Coeur d’Alene property and the La Quinta Inns & Suites Coeur d’Alene property are located in Coeur d’Alene, Kootenai County, Idaho, within the Coeur d’Alene metropolitan statistical area. Coeur d’Alene is the economic and political center of and the largest city in Kootenai County. The city features Lake Coeur d’Alene, one of the three largest inland bodies of water in the Pacific Northwest, and numerous outdoor recreational opportunities, including fishing, boating, golf, hiking, and camping. Major employers include Hagadone Corporation, Kootenai Health and the State of Idaho. Kootenai Health is a nonprofit community hospital serving over 13,000 inpatients and 180,000 outpatients each year. In the fall of 2014, construction began on the hospital’s first expansion in 30 years. According to the appraisal, by the time the facilities are anticipated to be at full capacity in 2018, the hospital expects to hire 100 to 150 new employees. Hagadone Corporation is a private corporation made up of many subsidiaries primarily focused on the publishing, newspaper, and hospitality industries. According to the appraisal, the 2017 market segmentation for the Hampton Inn & Suites Coeur d’Alene property was approximately 30% commercial/government, 10% meeting & group and 60% leisure; and the 2017 market segmentation for the La Quinta Inns & Suites Coeur d’Alene property was approximately 35% commercial/government, 15% meeting & group and 50% leisure.

The Hampton Inn & Suites Coeur d’Alene property is located in the Riverstone mixed-use development, in the southern quadrant of the intersection formed by West Riverstone Drive and North Beebe Boulevard, approximately 700 feet northeast of the Spokane River and 0.7 mile south of Interstate 90. The La Quinta Inns & Suites Coeur d’Alene property is located along the I-90 commercial corridor, southeast of the interchange formed by U.S. Highway 95 and Interstate 90 and approximately 1.0 mile east of the Hampton Inn & Suites Coeur d’Alene property. The neighborhood is characterized by restaurants, retail shops, hotels, and recreational facilities, as well as low-rise office buildings and multi-family residences and includes Coeur d’Alene Golf Club, Kootenai Health, and Umpqua Bank. Coeur d’Alene is served by the Spokane International Airport, which is located approximately 30 miles to the west of both the Hampton Inn & Suites Coeur d’Alene property and the La Quinta Inns & Suites Coeur d’Alene property. According to a third

Northwest Hotel Portfolio

party market research report, the 2017 estimated population within a three-, and five-mile radius of the Hampton Inn & Suites Coeur d’Alene property was 47,095 and 79,927, respectively. The estimated average household income within the same radii was $58,096 and $64,484. The 2017 estimated population within a three-, and five-mile radius of the La Quinta Inns & Suites Coeur d’Alene property was 49,578 and 77,327, respectively. The estimated average household income within the same radii was $58,506 and $64,631, respectively.

Hampton Inn & Suites Boise Spectrum

The Hampton Inn & Suites Boise Spectrum property is located in Boise, Ada County, Idaho, within the Boise-Nampa metropolitan statistical area. Boise is the capital of Idaho and the largest city in the state. Major employers include St. Luke’s Health Systems, Micron Technology, Inc., West Ada School District, Boise School District and Boise State University, the state’s largest post-secondary institution. According to a third-party market research report, the 2017 estimated population within a three-, and five-mile radius of the Hampton Inn & Suites Boise Spectrum property was 87,701 and 221,502, respectively. The estimated average household income within the same radii was $60,058, and $64,917, respectively. According to the appraisal, the 2017 market segmentation for the Hampton Inn & Suites Boise Spectrum property was approximately 65% commercial/government, 15% meeting & group and 20% leisure.

The Hampton Inn & Suites Boise Spectrum property is located in the Boise Spectrum Center, in the southwest quadrant of the intersection formed by West Overland Road and South Cole Road. Interstate 84 is approximately 450 feet to the northeast and Interstate 184 is approximately 1.7 miles to the northwest. The Boise Spectrum Center features the Edwards Boise 21 & IMAX Theater and Cracker Barrel Restaurant. The Hampton Inn & Suites Boise Spectrum property is served by the Boise Airport, which is located approximately three miles to the southeast. The neighborhood is characterized by entertainment and retail shopping centers, as well as restaurants along the primary thoroughfares, with light-industrial and residential areas located along the secondary roadways.

La Quinta Inns & Suites Twin Falls

The La Quinta Inns & Suites Twin Falls property is located in Twin Falls, Twin Falls County, Idaho, within the Twin Falls submarket. The city of Twin Falls is located in south-central Idaho, approximately 125 miles southeast of Boise. As the largest city within Idaho’s Magic Valley region, Twin Falls serves as the regional commercial hub for south-central Idaho and northeastern Nevada. The Magic Valley denotes an agricultural region in south-central Idaho that is located along the Snake River Plain and Snake River, which serves as a water and power source for the region. One of the area’s largest employers is Chobani Yogurt, which opened the world’s largest yogurt production facility in December 2012, approximately 6.5 miles southeast of the La Quinta Inns & Suites Twin Falls property. According to a third-party market research report, the 2017 estimated population within a three-, and five-mile radius of the La Quinta Inns & Suites Twin Falls property was 39,824 and 55,944, respectively. The estimated average household income within the same radii was $58,358 and $60,263, respectively. According to the appraisal, the 2017 market segmentation for the La Quinta Inns & Suites Twin Falls property was approximately 65% commercial/government, 15% meeting & group and 20% leisure. Primary commercial demand generators for this market include major food-processing companies in the area, such as Chobani Yogurt, Clif Bar and Glanbia Food USA, as well as the healthcare sector.

The La Quinta Inns & Suites Twin Falls property is located in the northeast quadrant of the intersection formed by Pole Line Road (Highway 93) and Harrison Street. Snake River is located approximately 2.0 miles to the north and Interstate 84 is approximately 4.8 miles to the northeast. Twin Falls has outdoor recreation options, including activities at Snake River, Shoshone Falls and Sawtooth National Forest. Canyon Park West, approximately 1.5 miles northeast of the La Quinta Inns & Suites Twin Falls property, opened in 2016 and features major retailers such as Ross, Ulta Beauty, Dick’s Sporting Goods, and Petco, as well as restaurants including Noodles & Company. The La Quinta Inns & Suites Twin Falls property is served by the Magic Valley Regional Airport, which is located approximately seven miles to the south.

The Borrowers.The borrowers are 600 South Salt Lake City Hotel, LLC; Bluff Bend Hotel, LLC; Columbia Bend Hotel, LLC; Ironwood Coeur d’Alene Hotel, LLC; Overland Boise Hotel, LLC; Pole Line Twin Falls Hotel, LLC; and Riverstone Coeur d’Alene Hotel, LLC (collectively, the “Northwest Hotel Portfolio Borrower”), each a single-purpose Delaware limited liability company structured to be bankruptcy remote with two independent directors. Legal counsel to the Northwest Hotel Portfolio Borrower delivered a non-consolidation opinion in connection with the origination of the Northwest Hotel Portfolio Whole Loan.

The Borrower Sponsors.The two borrower sponsors and non-recourse carveout guarantors, Jason R. Kotter and Ryan N. Van Alfen, are co-founders of Athlos Academies based in Boise, Idaho. Athlos Academies was founded in 2007 to provide charter schools with the financial tools necessary to acquire real estate and construct school buildings. As of June 2017, Athlos had completed 29 schools (for over $525 million), sold 20 schools and announced plans to expand into Louisiana, Utah and Minnesota.

Escrows.At origination, the Northwest Hotel Portfolio Borrower deposited upfront reserves of $518,257 for real estate taxes, $46,636 for insurance premiums, $14,116,206 ($17,257 per room) for planned PIP renovations and $163,000 for seasonality reserves. The Northwest Hotel Portfolio Whole Loan documents also provide for ongoing monthly reserves of $94,555 for real estate taxes, $15,546 for insurance premiums and $119,435 for furnishings, fixtures and equipment (“FF&E”).

The Northwest Hotel Portfolio Borrower is required to make annual deposits into the seasonality reserve of an amount equal to the net cash flow deficiency, calculated as the net cash flow shortfall, after debt service less the FF&E reserve monthly deposits, during each of the first and fourth calendar quarter of the preceding calendar year, less any seasonality reserve funds on deposit with the lender from the prior year for the applicable quarter. If at any time additional PIP work is required by the franchisor under any franchise agreement, the Northwest Hotel Portfolio Borrower is required to deposit an amount equal to the PIP Reserve Shortfall (as defined below) within 15 days after receipt of notice from the franchisor.

Northwest Hotel Portfolio

The “PIP Reserve Shortfall” means an amount equal to 110% of the estimated costs to complete the applicable PIP, as reasonably determined by the lender, less (i) the amount of FF&E reserve funds then on deposit with the lender and (ii) the amount of Franchise Trigger Event Reserve Funds (see “Lockbox and Cash Management” section below) then on deposit with the lender.

Lockbox and Cash Management.The Northwest Hotel Portfolio Whole Loan requires a lender-controlled lockbox account, which is already in place, and that the Northwest Hotel Portfolio Borrower deposits all rent and directs all credit card companies to pay all amounts due directly into such lockbox account. The loan documents also require that all rents received by the Northwest Hotel Portfolio Borrower or the property manager be deposited into the lockbox account within one business day of receipt. Prior to the occurrence of a Cash Trap Event Period (as defined below), all funds in the lockbox account are required to be distributed to the Northwest Hotel Portfolio Borrower. During a Cash Trap Event Period, funds in the lockbox account are required to be swept to a lender-controlled cash management account and all excess funds are required to be swept to an excess cash flow subaccount controlled by the lender (provided, however, any excess cash flow swept in accordance with a Franchise Trigger Event Period (as defined below) will be deposited into a separate Franchise Trigger Event reserve funds subaccount (subject to a cap of 110% of contracted PIP work as long as (i) no event of default is continuing; (ii) the Northwest Hotel Portfolio Borrower has entered into a written contract with the franchisor for such work; and (iii) the sum of all excess cash flow held by the lender and PIP reserve funds is greater than 110% of such work)).

A “Cash Trap Event Period” will commence upon the earlier of the following:

(i)

the occurrence of an event of default under the Northwest Hotel Portfolio Whole Loan;

(ii)

the aggregate net cash flow debt yield falling below 10.25%; or

(iii)

a Franchise Trigger Event Period (as defined below).

A Cash Trap Event Period will end upon the occurrence of the following:

●

with regard to clause (i), the cure of such event of default;

●

with regard to clause (ii), the net cash flow debt yield being equal to or greater than 10.25% for two consecutive calendar quarters; or

●

with regard to clause (iii), a Franchise Trigger Event Period Cure (as defined below).

A “Franchise Trigger Event Period” will commence upon the earlier of the following:

(i)

the occurrence of a default or an event of default under any franchise agreement; or

(ii)

the cancellation, termination or expiration of any franchise agreement or notice to terminate any franchise agreement by either franchisor or franchisee.

A “Franchise Trigger Event Period Cure” will occur upon the following:

●

with regard to Franchise Trigger Event Period clause (i), (A) the lender’s receipt of satisfactory evidence that such event of default has been cured, such cure has been accepted by franchisor and that franchisee has remained in good standing under the franchise agreement, or (B) the Northwest Hotel Portfolio Borrower having entered into a replacement franchise agreement satisfactory to the lender and in accordance with the loan documents; or

●

with regard to Franchise Trigger Event Period clause (ii), (A) the lender’s receipt of satisfactory evidence that such cancellation, termination or expiration has been nullified and/or any notice thereof has been retracted, franchisee has regained good standing status under the franchise agreement and that said franchise agreement is in full force and effect, or (B) the Northwest Hotel Portfolio Borrower having entered into a replacement franchise agreement satisfactory to lender and in accordance with the loan documents.

Property Management.Ameritel Inns, Inc. (“Ameritel”), the seller of the Northwest Hotel Portfolio Properties, currently acts as the sub-property manager of the Northwest Hotel Portfolio Properties, subject to a management agreement scheduled to expire on March 31, 2018, with three, one-month extension periods. Following such expiration, the property manager of the Northwest Hotel Portfolio Properties will be Hotel Management Services, LLC (the “Northwest Hotel Portfolio Manager”), an affiliate of the Northwest Hotel Portfolio Borrower. The Northwest Hotel Portfolio Whole Loan documents require that either or both of J. Scott Ableman and Charles W. Everett are employed as Chief Financial Officer and Vice President of Operations, respectively, of the Northwest Hotel Portfolio Manager. Mr. Ableman is the Chief Financial Officer of Ameritel. Mr. Everett oversees management operations for Ameritel and also serves as the public relations director.

Assumption.The borrower has the two-time right, commencing 12 months after loan origination, to transfer the Northwest Hotel Portfolio Property, provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) the lender has reasonably determined that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration the transferee’s experience, financial strength and general business standing; and (iii) if required by the lender, rating agency confirmation from DBRS, Fitch and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2018-C44 certificates.

Partial Release.Any time after the expiration of the defeasance lockout period, the Northwest Hotel Portfolio Borrower may obtain the release of any of the Northwest Hotel Portfolio Properties on up to six occasions, provided that, among other things, and in accordance with the Northwest Hotel Portfolio Whole Loan documents, (a) no event of default has occurred and is continuing, (b) the loan is defeased in an amount equal to the applicable Release Amount (as defined below), (c) a legal opinion covering compliance in all respects with all laws, rules and regulations governing REMICs has been delivered, and (d) rating agency confirmation that the sale and release will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the WFCM 2018-C44 certificates and similar confirmations from each rating agency rating any securities backed by the Northwest Hotel Portfolio Companion Loans have been delivered.

Northwest Hotel Portfolio

The “Release Amount” for any property being released is an amount equal to the greatest of (a) 100% of the net sales proceeds for such release property, (b) 125% of the Allocated Cut-off Date Balance of such release property (identified in “The Properties” section chart above), (c) an amount that would result in the net cash flow debt service coverage ratio, after giving effect to the release of such property, being not less than the greater of (i) the net cash flow debt service coverage ratio for the Northwest Hotel Portfolio Whole Loan (including such release property) immediately prior to such release and (ii) 1.80x, (d) an amount that would result in the net cash flow debt yield, after giving effect to the release of such property, being not less than the greater of (i) the net cash flow debt yield for the Northwest Hotel Portfolio Whole Loan (including the release property) immediately prior to such release and (ii) 12.5% and (e) an amount that would result in the loan-to-value ratio, after giving effect to the release of such property, being not greater than the lesser of (i) the loan-to-value ratio for the Northwest Hotel Portfolio Whole Loan (including the release property) immediately prior to such release and (ii) 65.0%.

Real Estate Substitution.Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted.

Ground Lease. None.

Terrorism Insurance.The Northwest Hotel Portfolio Whole Loan documents require that the “all risk” insurance policies required to be maintainedby the Northwest Hotel Portfolio Borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Northwest Hotel Portfolio Properties. The loan documents also require business interruption insurance covering no less than the eighteen month period following the occurrence of a casualty event, together with a six month extended period of indemnity.

KONICA MINOLTA BUSINESS SOLUTIONS HQ

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KONICA MINOLTA BUSINESS SOLUTIONS HQ

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No. 6 – Konica Minolta Business Solutions HQ

Loan Information					Property Information
Mortgage Loan Seller:	Ladder Capital Finance LLC				Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/Fitch/Moody’s):	NR/NR/NR				Property Type:	Mixed Use
Original Principal Balance:	$33,250,000				Specific Property Type:	Office/ Industrial
Cut-off Date Balance:	$33,250,000				Location:	Ramsey, NJ
% of Initial Pool Balance:	4.3%				Size:	277,942 SF
Loan Purpose:	Acquisition				Cut-off Date Balance Per SF:	$119.63
Borrower Name:	LCN KMI Ramsey NJ LLC				Year Built/Renovated:	1980, 1988/NAP
Borrower Sponsor:	LCN North American Fund II REIT				Title Vesting:	Fee
Mortgage Rate:	4.8620%				Property Manager:	Self-managed
Note Date:	March 19, 2018				4^th Most Recent Occupancy (As of)⁽³⁾:	NAV
Anticipated Repayment Date:	NAP				3^rd Most Recent Occupancy (As of)⁽³⁾:	100.0% (12/31/2015)
Maturity Date:	April 6, 2028				2^nd Most Recent Occupancy (As of)⁽³⁾:	100.0% (12/31/2016)
IO Period⁽¹⁾:	120 months				Most Recent Occupancy (As of)⁽³⁾:	100.0% (12/31/2017)
Loan Term (Original):	120 months				Current Occupancy (As of):	100.0% (5/1/2018)
Seasoning:	1 month
Amortization Term (Original):	NAP				Underwriting and Financial Information:
Loan Amortization Type:	Interest-only, Balloon
Interest Accrual Method:	Actual/360				4^th Most Recent NOI (As of)⁽⁴⁾:	NAV
Call Protection:	L(25), D(90), O(5)				3^rd Most Recent NOI (As of)⁽⁴⁾:	NAV
Lockbox Type:	Hard/Upfront Cash Management				2^nd Most Recent NOI (As of)⁽⁴⁾:	NAV
Additional Debt:	No				Most Recent NOI (As of)⁽⁴⁾:	NAV
Additional Debt Type:	NAP
					U/W Revenues:	$3,113,857
					U/W Expenses:	$77,846
					U/W NOI:	$3,036,010
					U/W NCF:	$2,994,319
Escrows and Reserves⁽²⁾:					U/W NOI DSCR:	1.85x
					U/W NCF DSCR:	1.83x
Type:		Initial	Monthly	Cap (If Any)	U/W NOI Debt Yield:	9.1%
Taxes		$0	Springing	NAP	U/W NCF Debt Yield:	9.0%
Insurance		$0	Springing	NAP	As-Is Appraised Value:	$48,700,000
Replacement Reserves		$0	Springing	NAP	As-Is Appraisal Valuation Date:	March 1, 2018
TI/LC Reserves		$0	$0	NAP	Cut-off Date LTV Ratio:	68.3%
Quarterly Rent Reserve		$0	$0	NAP	LTV Ratio at Maturity or ARD:	68.3%

(1)

During any period when the related sole tenant, Konica Minolta Business Solutions U.S.A., Inc. (or any tenant under any replacement lease) (in any such case, if rated), and the related lease guarantor (or any guarantor of any replacement lease) have their respective senior unsecured debt ratings downgraded below an Investment Grade Rating, the Konica Minolta Business Solutions HQ Mortgage Loan will begin to amortize on a 30-year schedule as set forth under the related loan documents, but only for such time as their respective senior unsecured debt ratings remain below an Investment Grade Rating. An “Investment Grade Rating” means, with respect to the current related lease guarantor, a senior unsecured debt rating by Rating and Investment Information, Inc. and Japan Credit Rating Agency of at least the equivalent of a “BBB-” rating by S&P or, with respect to any other person, a senior unsecured debt rating of at least “BBB-” by S&P.

(2)

See “Escrows” section.

(3)

See “Historical Occupancy” table.

(4)

See “Cash Flow Analysis” table.

The Mortgage Loan.The mortgage loan (the “Konica Minolta Business Solutions HQ Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering the fee interest in a mixed-use office and industrial property located in Ramsey, New Jersey (the “Konica Minolta Business Solutions HQ Property”). The Konica Minolta Business Solutions HQ Mortgage Loan was originated on March 19, 2018 by Ladder Capital Finance LLC. The Konica Minolta Business Solutions HQ Mortgage Loan had an original principal balance of $33,250,000, has an outstanding principal balance as of the Cut-off Date of $33,250,000 and accrues interest at an interest rate of 4.862% per annum. The Konica Minolta Business Solutions HQ Mortgage Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and, subject to the discussion in footnote (1) to the table above, requires payments of interest-only through the term of the Konica Minolta Business Solutions HQ Mortgage Loan. The Konica Minolta Business Solutions HQ Mortgage Loan matures on April 6, 2028.

KONICA MINOLTA BUSINESS SOLUTIONS HQ

Following the lockout period, the borrower has the right to defease the Konica Minolta Business Solutions HQ Mortgage Loan in whole, but not in part, on any payment date before December 6, 2027. In addition, the Konica Minolta Business Solutions HQ Mortgage Loan is prepayable without penalty on or after December 6, 2027.

Sources and Uses

Sources			Uses
Original mortgage loan amount	$33,250,000	69.9%	Purchase price	$47,500,000	99.8%
Borrower sponsor’s new cash contribution	14,341,331	30.1	Closing costs	91,331	0.2

Total Sources	$47,591,331	100.0%	Total Uses	$47,591,331	100.0%

The Property.The Konica Minolta Business Solutions HQ Property was built in 1980 and 1988, respectively, and as of May 1, 2018 is 100% leased to Konica Minolta Business Solutions (“KMBS”) on a triple-net basis through September 2034 with four, 5-year extension options and no early termination options. The Konica Minolta Business Solutions HQ Property is comprised of a three-story, 106,400 square foot Class B office building built in 1988 on an 8.9 acre site and a 171,542 square foot industrial warehouse building, with small second story office space built in 1980. The industrial warehouse is on a 14.8 acre site and features 26-foot clear ceiling heights, twelve dock doors and four drive-through doors. The Konica Minolta Business Solutions HQ Property features 458 parking spaces for a combined parking ratio of 1.65 spaces per 1,000 square feet. The Konica Minolta Business Solutions HQ Property is located along Route 17 in Ramsey, New Jersey within Bergen County, which is approximately 2.5 miles from the New York/New Jersey border and approximately 25.0 miles northwest of New York City.

The Konica Minolta Business Solutions HQ Property is the North American headquarters for KMBS, which has owned and occupied the office portion of the Konica Minolta Business Solutions HQ Property since 1989. In connection with the origination of the Konica Minolta Business Solutions HQ Mortgage Loan, the borrower acquired the office portion of the Konica Minolta Business Solutions HQ Property from KMBS as part of a sale-leaseback transaction. At origination of the Konica Minolta Business Solutions HQ Mortgage Loan, KMBS executed a new 16.5 year triple net lease for 100.0% of the Konica Minolta Business Solutions HQ Property. Konica Minolta Inc. (A+ rated by the Japan Credit Rating Agency), which is the parent company of KMBS, guarantees payment under the lease. KMBS has announced that it is consolidating its Northeast operations and closing its Connecticut distribution facility to relocate a majority of these operations to three buildings in New Jersey, two of which are collateral for the Konica Minolta Business Solutions HQ Mortgage Loan. As part of this initiative, KMBS plans to invest $20,000,000 and add over 400 jobs to New Jersey.

KMBS provides document management and information technology services as well as the manufacturing of office systems, printers, production print systems, digital presses, multifunctional products, and managed print software solutions. KMBS also provides information technology services that include managed services, cloud computing, helpdesk support, strategic planning, staff augmentation, network and server monitoring, application visualizing, desktop support, network design and implantation, virtualization design and implementation, security assessments, among other services. KMBS is also a leader in industrial and commercial printing and packing solutions. As of May 1, 2018 the Konica Minolta Business Solutions HQ Property was 100.0% leased.

KONICA MINOLTA BUSINESS SOLUTIONS HQ

The following table presents certain information relating to the tenancy at the Konica Minolta Business Solutions HQ Property:

Major Tenants

Tenant Name		Credit Rating (Fitch/Moody’s/S&P)⁽¹⁾	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽²⁾	Annual U/W Base Rent⁽²⁾	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenant
KMBS⁽³⁾	NR/NR/NR		277,942	100.0%	$11.36	$3,158,206	100.0%	9/30/2034
Total Major Tenant			277,942	100.0%	$11.36	$3,158,206	100.0%

Vacant Space			0	0.0%

Collateral Total			277,942	100.0%

(1)

Konica Minolta Inc., the parent company of KMBS and the guarantor under the KMBS lease, is rated A+ by the Japan Credit Rating Agency.

(2)

Annual U/W Base Rent PSF and Annual U/W Base Rent include $296,270 of straight line rent for KMBS.

(3)

A 6,800 square foot office portion of the industrial warehouse building is subleased to A.L. Solutions U.S., Inc., which is expected to move out by the fourth quarter of 2018 while the space is being renovated. KMBS is subsequently expected to occupy the renovated space.

The following table presents certain information relating to the lease rollover schedule at the Konica Minolta Business Solutions HQ

Property:

Lease Expiration Schedule⁽¹⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent⁽²⁾	% of Total Annual U/W Base Rent	Annual U/W Base Rent PSF⁽²⁾
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2019	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2020	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2021	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2022	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2023	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2024	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2025	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2026	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2027	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2028	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
Thereafter	1	277,942	100.0%	277,942	100.0%	$3,158,206	100.0%	$11.36
Vacant	0	0	0.0%	277,942	100.0%	$0	0.0%	$0.00
Total/Weighted Average	1	277,942	100.0%			$3,158,206	100.0%	$11.36

(1)

Information obtained from the underwritten rent roll.

(2)

Annual U/W Base Rent PSF and Annual U/W Base Rent include $296,270 of straight line rent for KMBS.

The following table presents historical occupancy percentages at the Konica Minolta Business Solutions HQ Property:

Historical Occupancy

12/31/2014⁽¹⁾	12/31/2015⁽¹⁾	12/31/2016⁽¹⁾	12/31/2017⁽¹⁾	5/1/2018⁽²⁾⁽³⁾
NAV	100.0%	100.0%	100.0%	100.0%

(1)	Information obtained from the borrower. Historically the office building and industrial warehouse were owner occupied by KMBS.

(2)	Information obtained from the underwritten rent roll.

(3)	A 6,800 square foot office portion of the industrial warehouse building is subleased to A.L. Solutions U.S., Inc., which is expected to move out by the fourth quarter of 2018 while the space is being renovated. KMBS is subsequently expected to occupy the renovated space.

KONICA MINOLTA BUSINESS SOLUTIONS HQ

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Konica Minolta Business Solutions HQ Property:

Cash Flow Analysis⁽¹⁾

	U/W		% of U/W Effective Gross Income		U/W $ per SF
Base Rent⁽²⁾	$3,158,206		101.4	%	$11.36
Grossed Up Vacant	0		0.0		0.00
Expense Recoveries	119,538		3.8		0.43
Less Vacancy & Credit Loss	(163,887	)⁽³⁾	(5.3	)	(0.59	)
Effective Gross Income	$3,113,857		100.0	%	$11.20

Total Operating Expenses	$77,846		2.5	%	$0.28

Net Operating Income	$3,036,010		97.5	%	$10.92
TI/LC	0		0.0		0.00
Capital Expenditures	41,691		1.3		0.15
Net Cash Flow	$2,994,319		96.2	%	$10.77

NOI DSCR	1.85	x
NCF DSCR	1.83	x
NOI DY	9.1	%
NCF DY	9.0	%

(1)	Historical financials are not available as the Konica Minolta Business Solutions HQ Property was recently acquired.

(2)	U/W Base Rent includes $296,270 of straight line rent for KMBS.

(3)	The underwritten economic vacancy is 5.0%. The Konica Minolta Business Solutions HQ Property was 100.0% leased as of May 1, 2018.

Appraisal. As of the appraisal valuation date of March 1, 2018 the Konica Minolta Business Solutions HQ Property had an “as-is” appraised value of $48,700,000. In addition, the appraisal for the Konica Minolta Business Solutions HQ Property set forth a “hypothetical go-dark” appraised value of $28,900,000 as of March 1, 2018, which equates to a “hypothetical go-dark” loan to value ratio of 115.1%.

Environmental Matters. According to the Phase I environmental site assessment dated February 26, 2018, there are no recognized environmental conditions at the Konica Minolta Business Solutions HQ Property.

Market Overview and Competition.The Konica Minolta Business Solutions HQ Property is located in the northeastern portion of Ramsey, New Jersey which is part of the Northern Bergen County office and industrial submarkets. According to the appraisal, Bergen County reported an estimated 2017 population of 950,113, which represents an approximately 0.7% annual growth rate from the reported 2010 population of 905,116. The Bergen County annual population growth rate exceeded the State of New Jersey annual growth rate of 0.5%. As of April 2017, Bergen County had an unemployment rate of 3.2% below the 3.9% unemployment rate of New Jersey.

The Konica Minolta Business Solutions HQ Property is located in the North New Jersey metropolitan statistical area. According to the appraisal, the North New Jersey metropolitan statistical area class B/C office market reported a 21.0% vacancy rate in 2017 and an effective market rent of $24.52 per square foot. Also according to the appraisal, the North New Jersey metropolitan statistical area industrial market reported a market vacancy of 8.9% in 2017 and an effective market rent of $5.67 per square foot. The Konica Minolta Business Solutions Property is 100.0% leased with an underwritten base rent of $11.36 per square foot. According to a third party market research report, the estimated 2017 population within a one-, three- and five-mile radius of the Konica Minolta Business Solutions HQ Property was 8,960, 65,828 and 165,531, respectively, and the 2017 estimated median household income within the same radii was $110,683, $115,221 and $106,456, respectively.

KONICA MINOLTA BUSINESS SOLUTIONS HQ

The following tables present certain information relating to comparable office leases and comparable industrial leases for the Konica Minolta Business Solutions HQ Property:

Comparable Office Leases⁽¹⁾

Property Name/Location	Distance from Subject	Tenant Name	Lease Date/Term	Lease Area (SF)	Annual Base Rent PSF
100 Paragon Drive Montvale, NJ	4.0 miles	Sharp Electronics Corporation	Aug. 2016 / 12.3 Yrs.	83,377	$21.00
10 Sharp Plaza Mahwah, NJ	3.0 miles	Jaguar Land Rover North	Jul. 2016 / 21.0 Yrs.	147,000	$15.00
Mountainview Executive Park Upper Saddle River, NJ	0.9 miles	Stryker	May 2016 / 4.1 Yrs.	22,081	$22.50
The Atrium Paramus, NJ	11.1 miles	Hanjin-NYCNA	May 2016 / 5 Yrs.	25,637	$22.50

(1)

Information obtained from the appraisal.

Comparable Industrial Leases⁽¹⁾

Property Name/Location	Distance from Subject	Tenant Name	Lease Date/Term	Lease Area (SF)	Annual Base Rent PSF
1200 Valley Brook Avenue Lyndhurst, NJ	18.9 miles	UPS	Nov. 2017 / 7.0 Yrs.	115,095	$8.50
600 Gotham Parkway Carlstadt, NJ	17.2 miles	Mass Movement	Jun. 2017 / 5.0 Yrs.	51,095	$7.40
Harmon Cove Industrial Park – 550 Secaucus, NJ	20.6 miles	Zara	Sept. 2016 / 3.0 Yrs.	83,000	$7.75
25 & 41 Madison Road Totowa, NJ	12.6 miles	Corbion	Mar. 2016 / 5.0 Yrs.	66,157	$8.50
Bergen Logistics North Bergen, NJ	19.2 miles	Bergen Shippers Corp.	Jan. 2016 / 12.1 Yrs.	130,000	$6.25

(1)

Information obtained from the appraisal.

The Borrower.The borrower is LCN KMI Ramsey NJ LLC, a single purpose Delaware limited liability company with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Konica Minolta Business Solutions HQ Mortgage Loan. LCN North American Fund II REIT is the guarantor of certain nonrecourse carveouts under the Konica Minolta Business Solutions HQ Mortgage Loan.

The Borrower Sponsor. The borrower sponsor is LCN North American Fund II REIT (“LCN”), which specializes in sale-leaseback and build-to-suit markets. Founded in 2011, LCN has over $1.2 billion in discretionary equity capital committed and owns over $2.0 billion in real estate assets. Edward LaPuma is the co-founder and managing partner of LCN. Prior to co-founding LCN, Mr. LaPuma originated, negotiated and closed over $2.3 billion in sale-leaseback and net lease investments across North America, Europe and Asia. LCN’s portfolio is comprised of office, industrial, retail, and special purpose properties with lease terms of generally greater than 15 years on a triple net basis.

Escrows.The Konica Minolta Business Solutions HQ Mortgage Loan documents require monthly reserve deposits for real estate taxes upon any of the following occuring: (i) an event of default, (ii) the KMBS lease no longer being in full force and effect, (iii) KMBS failing to pay taxes prior to delinquency, or (iv) the KMBS lease not being triple net, with all expenses being paid directly or maintained by the tenant. The Konica Minolta Business Solutions HQ Mortgage Loan documents require monthly reserve deposits for insurance premiums upon any of the following occurring (i) an event of default, (ii) the KMBS lease no longer being in full force and effect, (iii) the borrower not providing proof of timely payment at least 10 days prior to the scheduled policy expiration date or (iv) the KMBS lease not being triple net, with all expenses being paid directly or maintained by the tenant. The Konica Minolta Business Solutions HQ Mortgage Loan documents require monthly reserve deposits for replacement reserves upon any of the following occurring (i) an event of default (ii) the KMBS lease no longer being in full force and effect, or (iii) lender’s reasonable determination that the Konica Minolta Business Solutions HQ Property is not being maintained by the Tenant in accordance with the lease or as required by the loan documents (subject, in each case, to a 30 day cure period). On each monthly payment date when Konica Minolta makes its Quarterly Rent Payment, Borrower shall deposit the projected Monthly Debt Service Payment for the two succeeding monthly payment dates.

KONICA MINOLTA BUSINESS SOLUTIONS HQ

Lockbox and Cash Management. The Konica Minolta Business Solutions HQ Mortgage Loan requires a lender-controlled lockbox account (the “Konica Minolta Business Solutions HQ Loan Lockbox”), which is already in place with upfront cash management. Unless a Cash Flow Sweep Event Period (defined below) exists, all excess cash flow in the Konica Minolta Business Solutions HQ Mortgage Loan Lockbox after payment of all sums due and payable under the Konica Minolta Business Solutions HQ Mortgage Loan documents will be remitted to the borrower. During a Cash Flow Sweep Event Period, all excess cash flow in the Konica Minolta Business Solutions HQ Mortgage Loan Lockbox after payment of all sums due and payable under the Konica Minolta Business Solutions HQ Mortgage Loan documents will be retained by the lender as additional collateral.

A “Cash Flow Sweep Event Period” will commence upon the earliest to occur of any of the following: (i) an event of default under the loan agreement or management agreement; (ii) the net cash flow debt service coverage ratio for the Konica Minolta Business Solutions HQ Property falls below 1.15x; (iii) KMBS goes dark, ceases to conduct, or gives notice of its intent to cease to conduct, its normal business operations; (iv) KMBS (or its parent) becomes insolvent or files for bankruptcy;(v) KMBS subleases substantially all of its leased premises at a rent that is less than 75% of the in-place KMBS rent at the time and either of KMBS (if rated) or Konica Minolta Inc. has its senior unsecured debt rating fall below an Investment Grade Rating and/or (vi) if at any time there shall be a material default under the KMBS lease or any replacement lease. A Cash Flow Sweep Event Period will end: with regard to clause (i), upon the cure of such event of default; with regard to clause (ii), upon the net cash flow debt service coverage ratio being at least 1.20x for one calendar quarter; with regard to clause (iii), either (1) KMBS revokes such notices, if applicable, and reoccupies at least 75% of the Konica Minolta Business Solutions HQ Property, the debt service coverage ratio is at least 1.50x, and KMBS has paid full, unabated rent with respect to such space for one quarter and has delivered an acceptable estoppel certificate,(2) the Konica Minolta Business Solutions HQ Property has been re-tenanted in accordance with the Konica Minolta Business Solutions HQ Mortgage Loan documents or (3) the borrower has delivered and continues to deliver on an advance rolling 12 month basis a letter of credit in the amount of projected excess cash flow for the succeeding 12-month period for the lender to hold as additional collateral for the loan; with regard to clause (iv) KMBS (or its parent) has become solvent for one quarter or shall no longer be a debtor in a bankruptcy action and shall have affirmed its lease; with regard to clause (v), KMBS or Konica Minolta Inc. has achieved its Investment Grade Rating status for one quarter and is paying full rent as evidenced by an acceptable estoppel or the Konica Minolta Business Solutions HQ Property has been re-tenanted in accordance with the loan documents; and with regard to clause (vi), the date on which the default has been cured and no other default has occurred under the lease for one quarter or the Konica Minolta Business Solutions HQ Property has been re-tenanted in accordance with the loan documents.

Property Management. The Konica Minolta Business Solutions HQ Property is self-managed.

Assumption. The borrower has an unlimited right to transfer the Konica Minolta Business Solutions HQ Property, provided that certain conditions are satisfied, including that (i) no event of default has occurred and is continuing; (ii) the lender reasonably determines that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration the transferee’s experience, financial strength and general business standing and (iii) the lender has received confirmation from, the applicable rating agencies that such assumption will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2018-C44 Certificates.

Partial Release. Not permitted.

Real Estate Substitution.Not permitted.

Subordinate and Mezzanine Indebtedness.Not permitted.

Ground Lease. None.

Right of First Offer.KMBS has an ongoing right of first offer to purchase the Konica Minolta Business Solutions HQ Property if the related borrower decides to market the related Konica Minolta Business Solutions HQ Property for sale. The right of first offer is not extinguished by foreclosure or transfer in lieu of foreclosure (unless the event of default that resulted in such foreclosure or transfer in lieu of foreclosure was directly caused by an event of default under the KMBS lease); however, the right of first offer does not apply to a foreclosure or transfer in lieu of foreclosure with respect to the Konica Minolta Business Solutions HQ Mortgage Loan or the first conveyance thereafter.

Terrorism Insurance.The Konica Minolta Business Solutions HQ Mortgage Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Konica Minolta Business Solutions HQ Property, as well as loss of rents and/or business interruption insurance for a period no less than 18 months following the occurrence of a casualty event together with a twelve -month extended period of indemnity.

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181 FREMONT STREET

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181 FREMONT STREET

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181 FREMONT STREET

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No. 7 – 181 Fremont Street

Loan Information					Property Information
Mortgage Loan Seller:		Barclays Bank PLC			Single Asset/Portfolio:	Single Asset
Credit Assessment					Property Type:	Office
(DBRS/Fitch/Moody’s):		TBD			Specific Property Type:	CBD
Original Principal Balance⁽¹⁾:		$30,000,000			Location:	San Francisco, CA
Cut-off Date Balance⁽¹⁾:		$30,000,000			Size:	436,332 SF
% of Initial Pool Balance:		3.9%			Cut-off Date Balance Per SF⁽¹⁾:	$572.96
Loan Purpose:		Refinance			Year Built/Renovated:	2018/NAP
Borrower Name:		181 Fremont Office LLC			Title Vesting:	Fee
Borrower Sponsor:		Joseph K. Paul			Property Manager:	Self-managed
Mortgage Rate:		3.7086%			4^thMost Recent Occupancy (As of)⁽⁵⁾:	NAP
Note Date:		March 29, 2018			3^rdMost Recent Occupancy (As of)⁽⁵⁾:	NAP
Anticipated Repayment Date:		April 6, 2028			2^ndMost Recent Occupancy (As of)⁽⁵⁾:	NAP
Maturity Date:		April 6, 2031			Most Recent Occupancy (As of)⁽⁵⁾:	NAP
IO Period:		120 months			Current Occupancy (As of):	100.0% (5/6/2018)
Loan Term (Original):		120 months
Seasoning:		1 month
Amortization Term (Original):		NAP			Underwriting and Financial Information:
Loan Amortization Type:		Interest-only, ARD			4^thMost Recent NOI (As of)⁽⁵⁾:	NAP
Interest Accrual Method:		Actual/360			3^rdMost Recent NOI (As of)⁽⁵⁾:	NAP
Call Protection⁽²⁾:		L(23),GRTR 1% or YM(2),GRTR 1%			2^ndMost Recent NOI (As of)⁽⁵⁾:	NAP
		or YM or D(88),O(7)			Most Recent NOI (As of)⁽⁵⁾:	NAP
Lockbox Type:		Hard/Upfront Cash Management
Additional Debt⁽¹⁾:		Yes
Additional Debt Type⁽¹⁾⁽³⁾:		Pari Passu; Mezzanine			U/W Revenues:	$43,664,053
					U/W Expenses:	$14,094,390
					U/W NOI:	$29,569,663
					U/W NCF:	$29,482,397
Escrows and Reserves⁽⁴⁾:					U/W NOI DSCR⁽¹⁾:	3.15x
					U/W NCF DSCR⁽¹⁾:	3.14x
Type:	Initial		Monthly	Cap (If Any)	U/W NOI Debt Yield⁽¹⁾:	11.8%
Taxes	$0		$509,418	NAP	U/W NCF Debt Yield⁽¹⁾:	11.8%
Insurance	$0		Springing	NAP	Appraised Value⁽⁶⁾:	$632,000,000
Replacement Reserves	$0		Springing	NAP	Appraisal Valuation Date⁽⁶⁾:	March 1, 2021
Rent Concessions Reserve	$68,379,092		$0	NAP	Cut-off Date LTV Ratio⁽¹⁾:	39.6%
TI/LC Reserve	$42,717,266		$0	NAP	LTV Ratio at ARD⁽¹⁾:	39.6%

(1)

See “The Mortgage Loan” section. All statistical information related to balance per square foot, loan-to-value ratios, debt service coverage ratios and debt yields are based on the 181 Fremont Street Whole Loan (as defined below). The Cut-off Date LTV Ratio, LTV Ratio at ARD, U/W NCF DSCR and U/W NOI Debt Yield based on the 181 Fremont Street Whole Loan and the 181 Fremont Street Mezzanine Loans (as defined below) (together, the “181 Fremont Street Total Debt”), are 75.2%, 75.2%, 1.38x and 6.2%, respectively.

(2)

Defeasance of the 181 Fremont Street Mortgage Loan (as defined below) is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) March 29, 2021. The assumed lockout period applicable to defeasance of 25 payments is based on the expected WFCM 2018-C44 securitization trust closing date in May 2018.

(3)

See “Subordinate and Mezzanine Indebtedness” section.

(4)

See “Escrows” section.

(5)

Historical occupancy, operating and financial information is unavailable as the 181 Fremont Street Property (as defined below) was built in 2018.

(6)

See “Appraisal” section. The appraised value shown is a prospective market value that assumes the 181 Fremont Street Property is complete and/or achieves stabilization as of March 1, 2021, the date upon which all free rent burns off. The As-Is Appraised Value is $461,000,000 as of February 28, 2018 and is inclusive of deductions for free rent, tenant improvement and leasing commission (“TI/LC”) obligations, equating to a Cut-off Date LTV Ratio and LTV Ratio at ARD of 54.2%.The borrower deposited upfront reserves totaling $111,096,358 for such contractual TI/LC obligations and free rent (see “Escrows” section).

The Mortgage Loan.The mortgage loan (the “181 Fremont Street Mortgage Loan”) is part of a whole loan (the “181 Fremont Street Whole Loan”) evidenced by sevenpari passu notes secured by a first mortgage encumbering the fee simple interest in the Class A office condominium portion of 181 Fremont Street in San Francisco, California (the “181 Fremont Street Property”). The 181 Fremont Street Whole Loan was co-originated on March 29, 2018 by Barclays Bank PLC and Deutsche Bank AG, acting through its New York Branch. The 181 Fremont Street Whole Loan had an original principal balance of $250,000,000, has an outstanding principal balance as of the Cut-off Date of $250,000,000 and accrues interest at an interest rate of 3.70860%per annum(the “Initial Interest Rate”) through the anticipated repayment date (the “ARD”). The ARD is April 6, 2028 and the final maturity date is April 6, 2031. In the event that the 181 Fremont Street Whole Loan is not repaid in full on or prior to the ARD, the 181 Fremont Street Whole Loan will accrue interest at aper annumrate equal to the greater of (a) the Initial Interest Rate plus 1.5000%, (b) the swap rate as determined in the 181 Fremont Street Whole Loan documents on the ARD plus 2.4146% or (c) when applicable, the default rate as defined in the 181 Fremont Street Whole Loan documents (the “Adjusted Interest Rate”); however, interest accrued at the excess of the Adjusted Interest Rate over the Initial Interest Rate (the “Accrued Interest”) will be deferred. In addition, from and after the ARD, all excess cash flow from the 181 Fremont Street Property after the payment of reserves, interest calculated at the

181 FREMONT STREET

Initial Interest Rate, debt service on the 181 Fremont Street Mezzanine Loans and operating expenses will be applied (i)firstto repay the principal balance of the 181 Fremont Street Whole Loan and (ii)second to the payment of Accrued Interest. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans—the 181 Fremont Street Whole Loan” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Note A-6-1, which will be contributed to the WFCM 2018-C44 Trust, had an original principal balance of $30,000,000, has an outstanding principal balance as of the Cut-off Date of $30,000,000 and represents a non-controlling interest in the 181 Fremont Street Whole Loan. The controlling Note A-1 and the non-controlling Notes A-2, A-3, A-4 and A-5 had an aggregate original principal balance of $200,000,000, have an aggregate outstanding principal balance as of the Cut-off Date of $200,000,000, are currently held by Deutsche Bank AG, New York Branch and are expected to be contributed to one or more future securitizations. The non-controlling Note A-6-2 had an original principal balance of $20,000,000, has an outstanding principal balance as of the Cut-off Date of $20,000,000, is currently held by Barclays Bank PLC and is expected to be contributed to one or more future securitizations. The mortgage loans evidenced by Notes A-1, A-2, A-3, A-4, A-5 and A-6-2 are collectively referred to herein as the “181 Fremont Street Companion Loans”. The lender provides no assurances that any non-securitized notes will not be split further. See“Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” in the Preliminary Prospectus.

Note Summary⁽¹⁾

Notes	Original Balance	Note Holder	Controlling Interest
A-1	$50,000,000	Deutsche Bank AG, New York Branch	Yes
A-2	$50,000,000	Deutsche Bank AG, New York Branch	No
A-3	$30,000,000	Deutsche Bank AG, New York Branch	No
A-4	$30,000,000	Deutsche Bank AG, New York Branch	No
A-5	$40,000,000	Deutsche Bank AG, New York Branch	No
A-6-1	$30,000,000	WFCM 2018-C44	No
A-6-2	$20,000,000	Barclays Bank PLC	No
Total	$250,000,000

(1) The lender provides no assurances that any non-securitizedpari passu note will not be split further.

Following the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) March 29, 2021, on any date before October 6, 2027, the borrower has the right to defease the 181 Fremont Street Whole Loan in whole, but not in part. On April 6, 2020 and on any business day thereafter, the borrower has the right to prepay the 181 Fremont Street Whole Loan in whole, provided that the borrower pays the greater of a yield maintenance premium or a prepayment premium equal to 1.0% of the principal amount being prepaid. The 181 Fremont Street Whole Loan is prepayable without penalty on or after October 6, 2027.

Sources and Uses

Sources			Uses
Original whole loan amount	$250,000,000	52.6%	Loan payoff	$362,943,921	76.3%
Mezzanine loans	225,000,000	47.3	Reserves	111,096,358	23.4
Borrower sponsors’ new cash contribution	695,692	0.1	Closing costs	1,655,413	0.3

Total Sources	$475,695,692	100.0%	Total Uses	$475,695,692	100.0%

The Property.The 181 Fremont Street Property comprises the office condominium portion of a 57-story Class A, LEED Platinum tower constructed in 2018 and located in downtown San Francisco, California (see “Condominium” section below). The 181 Fremont Street tower consists of 654,698 square feet of total gross building area, with 436,332 square feet allocated to office space on the first 38 stories (collateral for the 181 Fremont Street Whole Loan) and 120,457 square feet of space allocated to 67 luxury market rate residential units on floors 39 to 57 (non-collateral). The 181 Fremont Street tower is over 800 feet tall and offers unobstructed views of the San Francisco Bay and the waterfront. As of May 1, 2018, the 181 Fremont Street Property was 100.0% leased to Facebook, Inc. (“Facebook”) on a triple-net basis through February 2031, with two, five-year extension options and no early termination options.

The 181 Fremont Street Property is located in the South Financial District, three blocks from the San Francisco Bay and within two blocks of Market Street. According to the appraisal, the San Francisco Financial District is the most concentrated employment center in northern California with an employment base that supports a wide variety of commercial use. The 181 Fremont Street Property offers direct access to the new Transbay Transit Center and its elevated 5.4 acre park via a 7^th floor skybridge. The new public transportation hub is expected to connect eight Bay Area counties through 11 transit systems, expected to open by 2019. The first phase of the project includes the five-story structure, active bus terminal, elevated park and over 100,000 square feet of retail space including dining, shopping and entertainment.

As of the origination date, Facebook has taken possession of the 181 Fremont Street Property and commenced the build out of its space. Outstanding rent concessions and tenant improvement allowances related to the Facebook lease were deposited into escrow by the borrower on the origination date (See “Escrows” section). According to the borrower sponsor, Facebook is expected to occupy the 181 Fremont Street Property in three phases with floors five through 13 being occupied in February 2019, floors 14 through 25 being occupied in March 2020 and floors 26 through 38 being occupied in March 2021. Floors two and three are partially open to the

181 FREMONT STREET

first floor and also consist of residential storage and security offices. The fourth floor features bicycle storage, showers, storage and laundry areas.

Facebook is a technology company whose platforms allow users to communicate with family, friends and coworkers. Facebook currently shuttles thousands of employees to its Silicon Valley headquarters and is now adding a San Francisco footprint, as other technology companies have done, including Google and Apple. The 181 Fremont Street Property will be Facebook’s first outpost in San Francisco, housing between 2,000 and 3,000 employees by 2021 to support its growth. One of Facebook’s fast-growing divisions, Instagram, will be one of the groups to move a team into the 181 Fremont Street Property. Daily and monthly active users across Facebook’s platforms were up approximately 14.0% in 2017 year-over-year. As of December 2017, there were 2.1 billion active users on Facebook each month, as of January 2018 there were 1.5 billion active users on WhatsApp (owned by Facebook) each month, and as of September 2017 there were 800 million active users on Instagram each month. Facebook reported 2017 revenue of approximately $40.7 billion, up approximately 47.1% over 2016, which is primarily attributable to approximately $39.9 billion of advertising revenue. Additionally, Facebook reported net income of approximately $15.9 billion in 2017, up approximately 56.0% from 2016.

The following table presents certain information relating to the tenancy at the 181 Fremont Street Property:

Major Tenants

Tenant Name	Credit Rating (Fitch/Moody’s/S&P)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽¹⁾⁽²⁾	Annual U/W Base Rent⁽¹⁾⁽²⁾	% of Total Annual U/W Base Rent⁽¹⁾⁽²⁾	Lease Expiration Date

Major Tenant
Facebook, Inc.	NR/NR/NR	436,332	100.0%	$72.22	$31,511,897	100.0%	2/28/2031⁽³⁾
Total Major Tenant		436,332	100.0%	$72.22	$31,511,897	100.0%

Vacant Space		0	0.0%

Collateral Total		436,332	100.0%

(1)

Annual U/W Base Rent PSF and Annual U/W Base Rent include $4,546,579 of straight-line rent through the maturity date of the Facebook lease.

(2)

Facebook has rent abatements through 2021, all of which were deposited into escrow on the origination date.

(3)

Facebook has two, five-year lease renewal options.

The following table presents certain information relating to the lease rollover schedule at the 181 Fremont Street Property:

Lease Expiration Schedule⁽¹⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent⁽²⁾	% of Annual U/W Base Rent⁽²⁾	Annual U/W Base Rent PSF⁽²⁾
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2019	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2020	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2021	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2022	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2023	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2024	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2025	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2026	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2027	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2028	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
Thereafter	1	436,332	100.0%	436,332	100.0%	$31,511,897	100.0%	$72.22
Vacant	0	0	0.0%	436,332	100.0%	$0	0.0%	$0.00
Total/Weighted Average	1	436,332	100.0%			$31,511,897	100.0%	$72.22

(1)

Information obtained from the underwritten rent roll.

(2)

Annual U/W Base Rent, % of Annual U/W Base Rent and Annual U/W Base Rent PSF include $4,546,579 of straight-line rent through the maturity date of the Facebook lease.

181 FREMONT STREET

The following table presents historical occupancy percentages at the 181 Fremont Street Property:

Historical Occupancy

12/31/2014⁽¹⁾	12/31/2015⁽¹⁾	12/31/2016⁽¹⁾	12/31/2017⁽¹⁾	5/1/2018⁽²⁾
NAP	NAP	NAP	NAP	100.0%

(1)

Historical Occupancy prior to 5/1/2018 is not applicable as the 181 Fremont Street Property was built in 2018.

(2)

Information obtained from the underwritten rent roll.

Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the 181 Fremont Street Property:

Cash Flow Analysis⁽¹⁾

	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent⁽²⁾	$31,511,897	72.2%	$72.22
Grossed Up Vacant Space	0	0.0	0.00
Total Reimbursables	13,502,591	30.9	30.95
Less Vacancy & Credit Loss⁽³⁾	(1,350,435)	(3.1)	(3.09)
Effective Gross Income	$43,664,053	100.0%	$100.07

Total Operating Expenses	$14,094,390	32.3%	$32.30

Net Operating Income	$29,569,663	67.7%	$67.77
TI/LC	0	0.0	0.00
Capital Expenditures	87,266	0.2	0.20
Net Cash Flow	$29,482,397	67.5%	$67.57

NOI DSCR⁽⁴⁾	3.15x
NCF DSCR⁽⁴⁾	3.14x
NOI DY⁽⁴⁾	11.8%
NCF DY⁽⁴⁾	11.8%

(1)

Historical Cash Flows are not available as the 181 Fremont Street Property was built in 2018.

(2)

U/W Base Rent includes $4,546,579 of straight-line rent through the maturity date of the Facebook lease.

(3)

The underwritten economic vacancy is 3.0%. The 181 Fremont Street Property was 100.0% occupied as of May 1, 2018.

(4)

Debt service coverage ratios and debt yields are based on the 181 Fremont Street Whole Loan.

Appraisal.The appraiser concluded to an appraised value of $632,000,000 with a valuation date of March 1, 2021 which assumes the 181 Fremont Street Property is complete and/or achieves stabilization. As of the appraisal valuation date of February 28, 2018 the 181 Fremont Street Property had an “as-is” appraised value of $461,000,000 and is inclusive of deductions for free rent, tenant improvement and leasing commission (“TI/LC”) obligations. The borrower deposited upfront reserves totaling $111,096,358 for such contractual TI/LC obligations and free rent (see “Escrows” section). The appraiser also concluded to a “hypothetical go dark” appraised value of $522,000,000, equating to a Cut-off Date LTV Ratio and LTV Ratio at ARD of 47.9%.

Environmental Matters. According to a Phase I environmental site assessment dated March 7, 2018, there was no evidence of any recognized environmental conditions at the 181 Fremont Street Property.

Market Overview and Competition.The 181 Fremont Street Property is located in the South Financial District of downtown San Francisco, California, three blocks from the San Francisco Bay and within two blocks of Market Street. According to the appraisal, the area immediately surrounding the 181 Fremont Street Property is approximately 98% built up, predominantly consisting of mid- and high-rise office and residential buildings, with few redevelopment sites available for re-use. Immediately north of the 181 Fremont Street Property is the Transbay Terminal, which is currently under construction and expected to open by 2019. Once complete, the Transbay Terminal is expected to be the bus and rail transportation hub of the Bay Area and has been proposed to be the termination point for the high-speed rail system planned between San Francisco and Los Angeles.

According to the appraisal, the 181 Fremont Street Property is located within the South Financial District office submarket. The South Financial District office submarket had fourth quarter 2017 inventory of approximately 15,384,000 square feet with a 7.6% vacancy rate and average asking rents of $72.94 PSF, as compared to the broader San Francisco office market which had a 9.8% vacancy rate and average asking rents of $56.66 PSF for the same period. The estimated 2017 population within a 1.0-, 3.0- and 5.0-mile radius around the 181 Fremont Street Property was 66,410, 369,991 and 636,799, respectively, reflective of a population compound growth rate from 2010 to 2017 of 1.6%, 1.5% and 1.3%, respectively. The estimated 2017 median household income within the same radii was $59,179, $78,089 and $82,936, respectively.

181 FREMONT STREET

The following table presents certain information relating to comparable leases to the 181 Fremont Street Property:

Comparable Leases⁽¹⁾

Property Name/Location	Year Built	Stories	Total GLA (SF)	Tenant Name	Lease Date/Term	Lease Area (SF)	Annual Base Rent PSF	Lease Type
Salesforce Tower San Francisco, CA	2018	61	1,400,000	Accenture	March 2017 / 61 Months	100,630	$52.00	Net
Two Rincon San Francisco, CA	1989	6	326,001	Google	March 2017 / 132 Months	166,460	$52.00	Triple Net
Foundry Square IV San Francisco, CA	2003	10	247,238	Slack	January 2017 / 120 Months	228,998	$56.50	Net
Charles Schwab Plaza San Francisco, CA	1973	17	417,266	Charles Schwab	December 2016 / 120 Months	359,000	$50.00	Net
First Market Tower San Francisco, CA	1973	39	1,034,329	Merrill Lynch	December 2016 / 72 Months	121,000	$40.00	Net
350 Bush San Francisco, CA	2018	19	386,907	Twitch	November 2017 / 120 Months	178,000	$62.00	Net

(1) Information obtained from the appraisal.

The Borrower.The borrower for the 181 Fremont Street Whole Loan is 181 Fremont Office LLC, a Delaware limited liability company and a special purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 181 Fremont Street Whole Loan. Paul Guarantor LLC, a Delaware limited liability company, is the guarantor of certain nonrecourse carveouts under the 181 Fremont Street Whole Loan (the “181 Fremont Street Guarantor”). The 181 Fremont Street Guarantor is wholly owned by the Jay Paul Revocable Living Trust, of which Jay Paul is trustee and grantor. The 181 Fremont Street Guarantor will be required to maintain a minimum net worth, excluding its interest in the 181 Fremont Street Property, of $475,000,000 and liquidity of at least $15,000,000.

The Borrower Sponsor.The borrower sponsor is Joseph K. Paul, the founder of the Jay Paul Company, a privately held, opportunity-driven real estate firm based in San Francisco, California. Founded in 1975, the Jay Paul Company concentrates on the acquisition, development, and management of commercial properties throughout California. The Jay Paul Company has developed over 11.0 million square feet of institutional quality space with an additional 6.0 million square feet of space in their development pipeline. The Jay Paul Company has built projects for Google, Apple, Amazon, Motorola, Microsoft, Northrop Grumman, HP, Ariba, Synopsys, Rambus, Nokia and Dreamworks, among others.

Escrows.The 181 Fremont Street Whole Loan documents provide for upfront reserves in the amount of $68,379,092 for outstanding rent concessions due under the Facebook lease and $42,717,266 for outstanding tenant improvements and leasing commissions relating to the Facebook space.

The 181 Fremont Street Whole Loan documents require monthly reserve deposits for real estate taxes in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $509,418). The 181 Fremont Street Whole Loan documents do not require ongoing monthly escrows for insurance premiums as long as the borrower provides the lender with evidence that the 181 Fremont Street Property is insured via an acceptable blanket insurance policy or insured under the condominium association policy, and in either case, such policy is in full force and effect. During the continuance of a Trigger Period (as defined below), the 181 Fremont Street Whole Loan documents require monthly reserve deposits for capital expenditures equal to $7,272 and the monthly amount due for common charges due to the condominium association.

Lockbox and Cash Management.The 181 Fremont Street Whole Loan is structured with a hard lockbox and an upfront cash management. The borrower was required at origination to deliver letters to all tenants at the 181 Fremont Street Property directing them to pay all rents directly into a lender-controlled lockbox account. All funds received by the borrower or the manager are required to be deposited in the lockbox account within one business day following receipt. Funds on deposit in the lockbox account are required to be swept on each business day into a lender-controlled cash management account and applied on each payment date to the payment of debt service, the funding of required reserves, budgeted monthly operating expenses, debt service on the 181 Fremont Street Mezzanine Loans (as defined below) and, during a Lease Sweep Period (as defined below), to the payment of an amount equal to $636,318 to fund a lease sweep reserve account (the “Lease Sweep Reserve Account”) until the aggregate funds swept in the Lease Sweep Reserve Account during such lease sweep equals the Lease Sweep Reserve Threshold (as defined below) and then to the debt service reserve account until the aggregate funds transferred to the Lease Sweep Reserve Account and the debt service reserve account during such lease sweep equals the Lease Sweep and Debt Service Reserve Cap (as defined below). Provided no Trigger Period (as defined below) is continuing, excess cash in the deposit account will be disbursed to the borrower in accordance with the 181 Fremont Street Whole Loan documents. If a Trigger Period is continuing (other than a Trigger Period due to a Lease Sweep Period), excess cash in the deposit account will be transferred to an account (the “Cash Collateral Account”) held by the lender as additional collateral for the 181 Fremont Street Whole Loan.

181 FREMONT STREET

A “Trigger Period” will commence upon the earlier of the following:

(i)

the ARD;

(ii)

an event of default under the 181 Fremont Street Whole Loan;

(iii)

as of the last day of any calendar quarter during the term of the 181 Fremont Street Whole Loan (a) the 181 Fremont Street Property not being fully leased to either Facebook or an investment grade tenant pursuant to a lease that is substantially on the same or better terms as the Facebook lease and (b) the debt service coverage ratio falling below 2.84x based on the 181 Fremont Street Whole Loan or 1.25x based on the 181 Fremont Street Total Debt (a “Low Debt Service Period”);

(iv)

the commencement of a Lease Sweep Period; or

(v)

an event of default under the 181 Fremont Street Mezzanine Loans.

A Trigger Period will end:

(a)

with regard to clause (i) above, upon the 181 Fremont Street Whole Loan being repaid in full,

(b)

with regard to clause (ii) and (v) above, upon the cure of such event of default;

(c)

with regard to clause (iii) above, upon the date that the debt service coverage ratio is at least 2.84x based on the 181 Fremont Street Whole Loan and 1.25x based on the 181 Fremont Street Total Debt for two consecutive calendar quarters; and

(d)

with regard to clause (iv) above, upon the ending of such Lease Sweep Period.

A “Lease Sweep Period” will commence following the earliest to occur of any of the following (each a “Lease Sweep Trigger”):

(i)

the date on which, with respect to any Lease Sweep Lease (as defined below), (a) a Lease Sweep Tenant Party (as defined below) cancels or terminates its Lease Sweep Lease with respect to all or a Material Termination Portion (as defined below) of the Lease Sweep Space (as defined below) subject to such Lease Sweep Lease prior to the then current expiration date under such Lease Sweep Lease, or (b) a Lease Sweep Tenant Party delivers to the borrower notice that it is canceling or terminating its Lease Sweep Lease with respect to all or a Material Termination Portion of the Lease Sweep Space subject to such Lease Sweep Lease (the affected space being the “Terminated Space”); provided, however, no Lease Sweep Period will commence pursuant to this clause (i) if, in connection with such termination or cancellation (or delivery of notice of termination or cancellation), the borrower simultaneously enters into a replacement lease with an entity or a wholly-owned subsidiary of an entity rated “BBB-” or equivalent by at least two of Fitch, Moody’s and S&P (an “Investment Grade Entity”) covering the Terminated Space, provided that such replacement lease is a qualified lease and the occupancy conditions, as specified in the 181 Fremont Street Whole Loan documents, are satisfied with respect to such replacement lease on or prior to the date of such termination or cancellation (or delivery of notice of termination or cancellation);

(ii)

the date on which, with respect to any Lease Sweep Lease, a Lease Sweep Tenant Party ceases operating its business (i.e., “goes dark”) at 20.0% or more of its Lease Sweep Space on a rentable square foot basis (a “Dark Period Event” and the affected space, the “Dark Space”), provided, however, that if the Lease Sweep Tenant Party either (a) is Facebook, (b) is an Investment Grade Entity or (c) has subleased the Dark Space portion of its premises to an Investment Grade Entity who has accepted delivery thereof (i.e., the lease has commenced) and is paying unabated rent at a contract rate no less than the contract rate required under the Lease Sweep Lease, such Lease Sweep Tenant Party will not be deemed to have “gone dark” for purposes of this clause (ii) and no Lease Sweep Period will commence pursuant to this clause (ii);

(iii)

an event of default under a Lease Sweep Lease by the tenant thereunder that continues beyond any applicable notice and cure period;

(iv)

a Lease Sweep Tenant Party being subject to an insolvency proceeding; or

(v)

the date on which Facebook becomes rated by at least two of Fitch, Moody’s and S&P and thereafter is no longer rated as an Investment Grade Entity (a “Facebook Downgrade Event”).

A Lease Sweep Period (other than a Lease Sweep Period triggered by clause (iv) above) will not be triggered (or, if already triggered, may be terminated) if the borrower delivers to the lender an acceptable letter of credit in an amount equal to the applicable Lease Sweep and Debt Service Reserve Cap (as defined below).

A Lease Sweep Period will end on the earliest of the applicable of the following to occur:

(a)

with regard to clauses (i) above, the date on which, with respect to each applicable Lease Sweep Space, one or more replacement tenants acceptable to the lender (in its sole but good faith discretion) execute and deliver replacement lease(s) covering the Requisite Lease Sweep Space (as defined below), provided that such replacement lease(s) are qualified leases and the occupancy conditions, as specified in the 181 Fremont Street Whole Loan documents, are satisfied;

(b)

with regard to clauses (ii) and (v) above, the date on which either (1) one or more replacement tenants acceptable to the lender (in its sole but good faith discretion) execute and deliver replacement lease(s) covering the Requisite Lease Sweep Space, provided that such replacement tenant(s) and lease(s) are qualified leases and the occupancy conditions, as specified in the 181 Fremont Street Whole Loan documents, are satisfied or (2) for a Dark Period Event or a Facebook Downgrade Event, Facebook is restored as an Investment Grade Entity or the entirety of the Lease Sweep Space has been sublet to an Investment Grade Entity who has accepted delivery thereof (i.e., the lease has commenced) and is paying unabated rent at a contract rate no less than the contract rate required under the Lease Sweep Lease;

181 FREMONT STREET

(c)

with regard to clause (iii) above, the date on which the event of default has been cured and no other event of default under such Lease Sweep Lease occurs for a period of three consecutive months following such cure;

(d)

with regard to clause (iv) above, the Lease Sweep Tenant Party insolvency proceeding having terminated and the applicable Lease Sweep Lease having been affirmed, assumed or assigned in a manner satisfactory to the lender; and

(e)

with regard to clauses (i), (ii), (iii), and (v) above, the date on which the aggregate amount of funds transferred into the Lease Sweep Reserve Account and the debt service reserve account equals the applicable Lease Sweep and Debt Reserve Cap (as defined below) and if a Lease Sweep Period is continuing due to the occurrence of more than one Lease Sweep Trigger, the aggregate amount of funds required to be transferred over the course of the Lease Sweep Period will be equal to the amount of the largest Lease Sweep and Debt Service Reserve Cap applicable to all then-continuing Lease Sweep Periods, such that each Lease Sweep Period will be treated as concurrent and not duplicative or independent of another.

The “Lease Sweep Reserve Threshold” means (a) with respect to a Lease Sweep Period continuing solely pursuant to clauses (iii) and/or (v) above, $15,271,620 ($35.00 per square foot) or (b) with respect to a Lease Sweep Period continuing solely pursuant to clause (i) and/or (ii) above, $35.00 per square foot of the Dark Space or Terminated Space.

The “Lease Sweep and Debt Service Reserve Cap” means (a) with respect to a Lease Sweep Period continuing solely pursuant to clause (iii) above, $15,271,620 ($35.00 per square foot), (b) with respect to a Lease Sweep Period continuing solely pursuant to clause (i) above, $35.00 per square foot of the Terminated Space, (c) with respect to a Lease Sweep Period continuing pursuant to clause (ii) above, whether or not a Lease Sweep Period pursuant to clauses (i) and/or (iii) above is concurrently continuing, $50.00 per square foot of Dark Space or (d) with respect to clause (v) above, whether or not a Lease Sweep Period pursuant to clauses (i), (ii) and/or (iii) above is concurrently continuing, $21,816,600 ($50.00 per square foot).

The “Lease Sweep Space” means the space demised under a Lease Sweep Lease.

A “Lease Sweep Lease” is the Facebook lease or any replacement lease or leases which cover at least 75.0% of the rentable square feet demised under the Facebook lease (the “Requisite Lease Sweep Space”).

A “Lease Sweep Tenant Party” means any tenant under a Lease Sweep Lease or its direct or indirect parent company.

A “Material Termination Portion” is, with respect to any space under a Lease Sweep Lease, if the tenant under a Lease Sweep Lease cancels or terminates its Lease Sweep Lease with respect to at least 20,000 square feet of space (or, if a full floor of space is less than 20,000 square feet, a full floor of space) but less than the entirety of the space under such Lease Sweep Lease, the portion of space under the Lease Sweep Lease affected by such cancellation or termination.

Property Management. The 181 Fremont Street Property is managed by an affiliate of the borrower.

Assumption.The borrower has, at any time following the securitization of the 181 Fremont Street Whole Loan and prior to the ARD, the right to transfer the 181 Fremont Street Property (no more than twice through the term of the 181 Fremont Street Whole Loan), provided that certain conditions are satisfied, including: (i) no event of default under the 181 Fremont Street Whole Loan documents or mezzanine loan documents has occurred and is continuing, (ii) the borrower has provided the lender with 60 days’ prior written notice, (iii) the proposed transferee qualifies as a qualified transferee under the 181 Fremont Street Whole Loan documents and (iv) the lender has received rating agency confirmation that such assumption will not result in a downgrade of the respective ratings assigned to the WFCM Series 2018-C44 certificates and similar confirmations from each rating agency rating any securities backed by any of the 181 Fremont Street Companion Loans.

Partial Release. Not permitted.

Real Estate Substitution.Not permitted.

Subordinate and Mezzanine Indebtedness.Barclays Bank PLC and Deutsche Bank AG, acting through its New York Branch funded $225,000,000 of mezzanine debt (the “181 Fremont Street Mezzanine Loans”). The 181 Fremont Street Mezzanine Loans consist of a $175,000,000 senior mezzanine loan and a $50,000,000 junior mezzanine loan. The senior mezzanine loan has a 4.8800% coupon and the junior mezzanine loan has a 6.5000% coupon. The 181 Fremont Street Mezzanine Loans are interest-only for the full term of the loans and are coterminous with the 181 Fremont Street Whole Loan. Including the 181 Fremont Street Mezzanine Loans, the cumulative cut-off date LTV, cumulative UW NCF DSCR and cumulative UW NOI Debt Yield are 75.2%, 1.38x and 6.2%, respectively. The mortgage lenders and the mezzanine lenders have entered into an intercreditor agreement. The 181 Fremont Street Mezzanine Loans have been or are expected to be sold to institutional investors. The rights of the lender of the 181 Fremont Street Mezzanine Loans are further described under “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness” in the Preliminary Prospectus.

Ground Lease.None.

Condominium.The 181 Fremont Street Property is subject to a condominium regime. The 181 Fremont Street Property consists of a two-parcel condominium; with the commercial parcel owned by the borrower as collateral for the 181 Fremont Street Whole Loan. The commercial parcel consists of the five basement levels, floors 1 through 38, the bridge connecting 181 Fremont to the Transbay Terminal Rooftop Park and the roof of the 181 Fremont Street tower. The residential parcel, inclusive of the 67 luxury market rate residential units on floors 39 to 57, is not owned by the borrower and is not collateral for the 181 Fremont Street Whole Loan. The owner of the commercial parcel will have 140 votes out of 200 votes in the condominium association and the owner of the residential

181 FREMONT STREET

parcel shall have 60 votes out of the 200 votes in the condominium association. See “Description of the Mortgage Pool — Mortgage Pool Characteristics — Condominium Interest” in the Preliminary Prospectus.

Terrorism Insurance.The 181 Fremont Street Whole Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the 181 Fremont Street Property, or that if the Terrorism Risk Insurance Program Reauthorization Act is no longer in effect and such policies contain an exclusion for acts of terrorism, the borrower will obtain, to the extent available, a stand-alone policy that provides the same coverage as the policies would have if such exclusion did not exist.

Earthquake Insurance.The loan documents require earthquake insurance. The property is located in Seismic Zone 4. The seismic report indicated scenario expected loss for the property is 12%.

RE/MAX PLAZA

(GRAPHICS)

RE/MAX PLAZA

(MAP)

No. 8 – Re/Max Plaza

Loan Information					Property Information
Mortgage Loan Seller:	Ladder Capital Finance LLC				Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/Fitch/Moody’s):	NR/NR/NR				Property Type:	Office
Original Principal Balance⁽¹⁾:	$30,000,000				Specific Property Type:	Suburban
Cut-off Date Balance⁽¹⁾:	$30,000,000				Location:	Denver, CO
% of Initial Pool Balance:	3.9%				Size⁽⁴⁾:	242,497 SF
Loan Purpose:	Acquisition				Cut-off Date Balance Per SF⁽¹⁾⁽⁴⁾:	$270.31
Borrower Name:	KORE 5075 Syracuse, LLC				Year Built/Renovated:	2006/NAP
Borrower Sponsor:	Jack Kim				Title Vesting⁽⁵⁾:	Fee
Mortgage Rate:	4.6810%				Property Manager:	Self-managed
Note Date:	March 15, 2018				4^th Most Recent Occupancy⁽⁶⁾:	100.0% (12/31/2014)
Anticipated Repayment Date:	NAP				3^rd Most Recent Occupancy⁽⁶⁾:	100.0% (12/31/2015)
Maturity Date:	April 6, 2028				2^nd Most Recent Occupancy⁽⁶⁾:	100.0% (12/31/2016)
IO Period:	120 months				Most Recent Occupancy (As of)⁽⁶⁾:	100.0% (12/31/2017)
Loan Term (Original):	120 months				Current Occupancy (As of):	100.0% (5/1/2018)
Seasoning:	1 month
Amortization Term (Original):	NAP				Underwriting and Financial Information:
Loan Amortization Type:	Interest-only, Balloon
Interest Accrual Method:	Actual/360				4^th Most Recent NOI(As of)⁽⁷⁾:	NAV
Call Protection⁽²⁾:	L(25), D(90), O(5)				3^rd Most Recent NOI(As of)⁽⁷⁾:	$6,874,800 (12/31/2015)
Lockbox Type:	Hard/Upfront Cash Management				2^nd Most Recent NOI(As of)⁽⁷⁾:	$7,035,371 (12/31/2016)
Additional Debt⁽¹⁾:	Yes				Most Recent NOI(As of)⁽⁷⁾:	$7,188,953 (TTM 8/31/2017)
Additional Debt Type⁽¹⁾:	Pari Passu
					U/W Revenues⁽⁷⁾:	$6,810,404
					U/W Expenses⁽⁷⁾:	$204,312
					U/W NOI⁽⁷⁾:	$6,606,092
					U/W NCF⁽⁷⁾:	$6,205,057
Escrows and Reserves⁽³⁾:					U/W NOI DSCR⁽¹⁾:	2.12x
					U/W NCF DSCR⁽¹⁾:	1.99x
Type:		Initial	Monthly	Cap (If Any)	U/W NOI Debt Yield⁽¹⁾:	10.1%
Taxes		$0	Springing	NAP	U/W NCF Debt Yield⁽¹⁾:	9.5%
Insurance		$0	Springing	NAP	As-Is Appraised Value:	$116,000,000
Replacement Reserves		$0	Springing	NAP	As-Is Appraisal Valuation Date:	October 17, 2017
TI/LC Reserves		$0	Springing	NAP	Cut-off Date LTV Ratio⁽¹⁾:	56.5%
					LTV Ratio at Maturity or ARD⁽¹⁾:	56.5%

(1)

(2)

Prior to the open prepayment date of December 6, 2027, the Re/Max Plaza Whole Loan can be defeased after the earlier to occur of (i) March 15, 2021 and (ii) the first monthly payment date following the end of the two-year period commencing on the closing date of the securitization of the last Re/Max Plaza Whole Loan promissory note. The lockout period for defeasance will be at least 25 payment dates beginning with and including the payment date of May 6, 2018. For the purposes of this term sheet, the assumed lockout period of 25 months is based on the expected WFCM 2018-C44 securitization closing date in May 2018. The actual lockout period may be longer.

(3)

See “Escrows” section.

(4)

The Size and Cut-off Date Balance per SF do not include or take into account, as applicable, the parking garage that includes 759 spaces.

(5)

See “Ground Lease” section.

(6)

See “Historical Occupancy” table.

(7)

See “Cash Flow Analysis” table.

The Mortgage Loan.The mortgage loan (the “Re/Max Plaza Mortgage Loan”) is part of a whole loan (the “Re/Max Plaza Whole Loan”) that is evidenced by threepari passu promissory notes (Notes A-1, A-2 and A-3) secured by a first mortgage encumbering the fee interest in an office complex located in Denver, Colorado (the “Re/Max Plaza Property”). See, however, “Ground Lease” section below. The Re/Max Plaza Whole Loan was originated on March 15, 2018 by Ladder Capital Finance LLC. The Re/Max Plaza Whole Loan had an original principal balance of $65,550,000, has an outstanding principal balance as of the Cut-off Date of $65,550,000 and accrues interest at an interest rate of 4.6810%per annum. The Re/Max Plaza Whole Loan had an initial term of approximately 120 months, has a remaining term of 119 months as of the Cut-off Date and requires payments of interest-only through the loan term. The maturity date is April 6, 2028.

The Re/Max Plaza Mortgage Loan, evidenced by the non-controlling Notes A-2 and A-3, will be contributed to the WFCM 2018-C44 Trust, had an original principal balance of $30,000,000 and has an outstanding principal balance as of the Cut-off Date of $30,000,000. The controlling Note A-1 is expected to be contributed to one or more future securitization trusts. The lender provides no assurances that any non-securitized notes will not be split further or replaced by new notes with reallocated balances. The

RE/MAX PLAZA

Re/Max Plaza Whole Loan will be serviced under the WFCM 2018-C44 pooling and servicing agreement until the securitization of the controlling Note A-1, at which time servicing will shift to the pooling and servicing agreement governing that future securitization. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Whole Loans” and “—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Note Summary

Notes	Original Balance	Note Holder	Controlling Note
A-1	$35,550,000	LCF or an affiliate	Yes
A-2	$25,000,000	WFCM 2018-C44	No
A-3	$5,000,000	WFCM 2018-C44	No
Total	$65,550,000

Following the lockout period, the borrower has the right to defease the Re/Max Plaza Whole Loan in whole, but not in part, on any payment date before December 6, 2027. In addition, the Re/Max Plaza Whole Loan is prepayable without penalty on or after December 6, 2027.

Sources and Uses⁽¹⁾

Sources			Uses
Original whole loan amount	$65,550,000	58.5%	Purchase price	$111,086,075	99.1%
Sponsor’s new cash contribution	46,571,638	41.5	Closing costs	1,035,563	0.9

Total Sources	$112,121,638	100.0%	Total Uses	$112,121,638	100.0%

(1)

The Sources and Uses table reflect amounts allocated to the sponsor’s acquisition of the Re/Max Plaza Property which serves as collateral for the Re/Max Plaza Whole Loan.

The Property.The Re/Max Plaza Property was built to suit for Re/Max in 2006 and as of May 1, 2018 is 100% leased to Re/Max International, Inc. (“Re/Max”) on a triple-net basis through April 2028 with two, 10-year extension options and no early termination options. The Re/Max Plaza Property is comprised of a Class A office building, two smaller single-story retail buildings totaling 14,500 square feet, and a three story parking garage with 759 parking spaces. The Re/Max Plaza Property has a parking ratio of 3.41 spaces per 1,000 square feet. Re/Max utilizes the space as their global headquarters and the two single-story retail buildings are subleased to Shanahan’s Steakhouse and Snooze. Re/Max is a global real estate franchisor with over 115,000 real estate agents in over 100 countries and territories. The global real estate network is based on a franchisee-owned and –operated offices. Re/Max specializes in advice on home buying and selling through its network of agents.

The Re/Max Plaza Property is located at the northwest corner of E. Belleview Avenue and S. Syracuse Street in Denver, Colorado with access to I-25 and I-225. I-25 and I-225 provides the Re/Max Plaza Property access to the rest of Colorado, including other portions of Denver and the cities of Fort Collins and Colorado Springs. I-225 is a partial beltway that connects I-25 to I-70 through the city of Aurora. The Re/Max Plaza Property has access to public transportation through the Regional Transportation District (“RTD”) located 10.1 miles from the subject property. The RTD operates a bus and a light rail system throughout the Denver metro area. The Re/Max Plaza Property is located approximately 0.25 miles from the Belleview light rail system. The E and F trains connect the I-25 corridor to Union Station and the Denver central business district. The Re/Max Plaza Property is also located approximately 25.0 miles from the Denver International Airport.

RE/MAX PLAZA

The following table presents certain information relating to the tenancy at the Re/Max Plaza Property:

Major Tenants

Tenant Name		Credit Rating (Fitch/Moody’s/S&P)⁽¹⁾	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽²⁾	Annual U/W Base Rent⁽²⁾	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenant

Re/Max International Inc.	NAP/Ba3/BB		242,497	100.0%	$32.28	$7,827,803	100.0%	4/30/2028⁽⁴⁾
Total Major Tenant			242,497	100.0%	$32.28	$7,827,803	100.0%

Vacant Space			0	0.0%

Collateral Total			242,497	100.0%

(1)

Certain ratings are those of the parent company whether or not the parent guarantees the lease.

(2)

Annual U/W Base Rent PSF and Annual U/W Base Rent include mark to market rent adjustment of $2.72 per square feet. The appraiser considered the base rent above market.

(3)

Re/Max subleases 10,500 square feet to Shanahan’s Steakhouse for $535,946 ($51.04 per square feet) per year in base rent pursuant to a sublease that expires April 15, 2020. Re/Max subleases 4,033 square feet to Snooze for $151,238 ($37.50 per square feet) per year in base rent pursuant to a sublease that expires in April 30, 2038. Re/Max subleases 6,783 square feet to Kinross Gold for $288,104 ($42.47 per square feet) per year in base rent pursuant to a sublease that expires in December 31, 2024. There is a termination option for the Kinross Gold sublease as of January 1, 2021. Re/Max subleases 21,730 square feet to Icon Group for $391,140 ($18.00 per square feet) per year in base rent pursuant to a sublease that expires in January 31, 2025.

(4)

Re/Max has two, ten-year lease extension options.

The following table presents certain information relating to the lease rollover schedule at the Re/Max Plaza Property:

Lease Expiration Schedule⁽¹⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Annual U/W Base Rent PSF
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2019	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2020	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2021	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2022	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2023	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2024	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2025	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2026	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2027	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2028	1	242,497	100.0%	242,497	100.0%	$7,827,803	100.0%	$32.28
Thereafter	0	0	0.0%	242,497	100.0%	$0	0.0%	$0.00
Vacant	0	0	0.0%	242,497	100.0%	$0	0.0%	$0.00
Total/Weighted Average	1	242,497	100.0%			$7,827,803	100.0%	$32.28

(1)

Information obtained from the underwritten rent roll.

The following table presents historical occupancy percentages at the Re/Max Plaza Property:

Historical Occupancy

12/31/2014⁽¹⁾	12/31/2015⁽¹⁾	12/31/2016⁽¹⁾	12/31/2017⁽¹⁾	5/1/2018⁽²⁾
100.0%	100.0%	100.0%	100.0%	100.0%

(1)

Information obtained from the borrower.

(2)

Information obtained from the underwrittern rent roll.

RE/MAX PLAZA

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Re/Max Plaza Property:

Cash Flow Analysis⁽¹⁾

	12/31/2015	12/31/2016	TTM 8/31/2017	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$7,094,757	$7,307,600	$7,453,036	$7,827,803	114.9%	$32.28
Grossed Up Vacant Space	0	0	0	0	0.0	0.00
Mark to Market Adjustment	0	0	0	(658,957)⁽¹⁾	(9.7)	(2.72)
Less Vacancy & Credit Loss	0	0	0	(358,442)⁽²⁾	(5.3)	(1.48)
Effective Gross Income	$7,094,757	$7,307,600	$7,453,036	$6,810,404	100.0%	$28.08

Total Operating Expenses	$219,957	$272,229	$264,083	$204,312	3.0%	$0.84

Net Operating Income	$6,874,800	$7,035,371	$7,188,953	$6,606,092	97.0%	$27.24
TI/LC	0	0	0	364,660	5.4	1.50
Capital Expenditures	0	0	0	36,375	0.5	0.15
Net Cash Flow	$6,874,800	$7,035,371	$7,188,953	$6,205,057	91.1%	$25.59

NOI DSCR⁽³⁾	2.21x	2.26x	2.31x	2.12x
NCF DSCR⁽³⁾	2.21x	2.26x	2.31x	1.99x
NOI DY⁽³⁾	10.5%	10.7%	11.0%	10.1%
NCF DY⁽³⁾	10.5%	10.7%	11.0%	9.5%

(1)	A mark to market rent adjustment was taken based on the appraiser’s market rent conclusion of $2.72 per square foot. The appraiser considered the base rent above market.

(2)	UW Occupancy % is based on underwritten economic vacancy of 5.0%. The Re/Max Plaza Property was 100.0% leased as of May 1, 2018.

(3)	The debt service coverage ratios and debt yields are based on the Re/Max Plaza Whole Loan.

Appraisal. As of the appraisal valuation date of October 17, 2017, the Re/Max Plaza Property had an “as-is” appraised value of $116,000,000. In addition, the appraisal for the Re/Max Plaza Property set forth a “hypothetical go-dark” appraised value of $78,000,000 as of October 17, 2017 resulting in a “dark” loan-to-value ratio of 84.0%.

Environmental Matters. According to the Phase I environmental site assessment dated August 17, 2017, there are no recognized environmental conditions at the Re/Max Plaza Property.

Market Overview and Competition.The Re/Max Plaza Property is located in the Denver metropolitan statistical area (“MSA”). The Denver MSA had an estimated population of 2,897,681 as of 2017, which represents an average annual increase of 1.9% since 2010. According to the appraisal, between 2006 and 2017 employment has increased by 214,100 jobs, which was an approximately 17.3% increase over the period, while the state of Colorado saw an approximately 13.1% increase in employment over the same period.

The Re/Max Plaza Property is located in the Southeast Denver submarket, within the Denver metro area. According to the appraisal, the Southeast Denver submarket reported a vacancy of 14.6% and a market rental rate of $26.74 per square foot for all Class A office space. The Re/Max Plaza Property is currently 100% occupied with an underwritten base rent of $32.28 per square foot including subleases to four retail tenants and income from the 826 parking spaces, which is around 20.7% higher than the Southeast Denver submarket rental rate for all Class A office space. According to a third party market research report, the estimated 2017 population within a one-, three- and five-mile radius of the Re/Max Plaza Property was 16,122, 103,625 and 318,788, respectively, and the 2017 estimated average household income within the same one-, three- and five-mile radius is $67,959, $72,915 and $66,145, respectively.

RE/MAX PLAZA

The following table presents certain information relating to comparable office leases for the Re/Max Plaza Property:

Comparable Leases⁽¹⁾

Property Name/Location	Distance from Subject	Tenant Name	Lease Date/Term	Lease Area (SF)	Annual Base Rent PSF
One Belleview Station Denver, CO	0.2 miles	Western Union	Jan. 2019 / 12.7 Yrs	249,552	$24.50

Village Center Station II Greenwood Village, CO	1.9 miles	Charter	Feb. 2018 / 10 Yrs.	306,000	$23.00

One DTC West Denver, CO	0.5 miles	Kentwood	Sep. 2017 / 12.3 Yrs.	20,665	$25.00

Granite Place at Village Greenwood Village, CO	1.6 miles	Charter	Sep. 2017 / 12 Yrs.	256,844	$23.45

Granite Place at Village Greenwood Village, CO	1.6 miles	CSG	Oct. 2017 / 10 Yrs.	42,174	$23.40

CoBank Center Greenwood Village, CO	1.6 miles	CoBank	Nov. 2015 / 15 Yrs.	274,287	$22.00

(1)

Information obtained from the appraisal.

The Borrower.The borrower is KORE 5075 Syracuse, LLC, a single purpose Delaware limited liability company with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Re/Max Plaza Whole Loan. Jack Kim is the guarantor of certain nonrecourse carveouts under the Re/Max Plaza Whole Loan.

The Borrower Sponsor. The borrower sponsor is Jack Kim, founder of KORE Investments, LLC. KORE Investments (“KORE”) is a Denver based private full-service real estate company, specializing in acquisitions, development, asset management, and property management for office, industrial, retail and multifamily properties. KORE’s business philosophy is to provide an attractive return to their investors through below market acquisitions, active on-site local management, asset appreciation and cash flow distributions. The Company’s investment opportunities are provided to accredited investors, family offices and institutions seeking fundamentally sound investments focused mainly on real estate. Since inception in 2002, KORE and its JV partners have held interests in over $250 million of real estate totaling over 400 multifamily units, 910,000 square feet in office, retail and industrial properties as well as over 100 acres of vacant land. The portfolio is primarily made up of assets in the Denver metropolitan area with other holdings in Ohio, Illinois, California, North Carolina, and South Carolina.

Escrows.The Re/Max Plaza Whole Loan documents require monthly reserve deposits for real estate taxes in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months, but borrower’s obligation to make such deposits will be suspended so long as: (i) no event of default is continuing; (ii) the Re/Max lease is in full force and effect and Re/Max is obligated under the Re/Max lease to pay taxes directly; and (iii) the borrower provides evidence that taxes have been paid at least 3 days prior to delinquency date. In addition, the Re/Max Plaza Whole Loan documents require monthly reserve deposits for insurance premiums, but borrower’s obligation to make such deposits will be suspended so long as: (i) no event of default is continuing; (ii) the Re/Max lease is in full force and effect and RE/Max is obligated under the Re/Max lease to pay insurance premiums directly and maintain insurance coverage that satisfies the requirements of the loan documents; and (iii) the borrower delivers to the lender at least 10 days prior to the scheduled expiration date thereof evidence that Re/Max has paid the applicable insurance premiums and is maintaining the insurance coverages required under the Re/Max lease and the loan documents. The Re/Max Plaza Whole Loan documents require monthly reserve deposits for replacement reserves, initially $3,038, during the continuance of a Cash Sweep Event Period (as defined below). The Re/Max Plaza Whole Loan documents also require monthly reserve deposits for TI/LC reserves, initially $30,388, commencing on the monthly payment date occurring in May 2023.

Lockbox and Cash Management. The Re/Max Plaza Whole Loan documents require a lender-controlled lockbox account (the “Re/Max Plaza Whole Loan Lockbox”), which is already in place with upfront cash management. Unless a Cash Sweep Event Period exists, all excess cash flow in the Re/Max Plaza Whole Loan Lockbox after payment of all sums due and payable under the loan documents will be remitted to the borrower. During a Cash Sweep Event Period, all excess cash flow in the Re/Max Plaza Whole Loan Lockbox after payment of all sums due and payable under the loan documents will be retained by the lender as additional collateral.

A “Cash Sweep Event Period” will commence upon the earlier of: (i) an event of default under the Re/Max Plaza Whole Loan, (ii) any event of default under the management agreement; (iii) the debt service coverage ratio for the Re/Max Plaza Property falls below 1.90x; or (iv) the occurrence of a Cash Sweep Significant Trigger Event (as defined below). A Cash Sweep Event Period will end: with regard to clause (i), the date on which a cure of the event of default under the Re/Max Plaza Whole Loan which gave rise to such Cash Sweep Event Period is accepted by the lender in its sole and absolute discretion; with regard to clause (ii), (a) the date on which the event of default under the management agreement has been cured to the lender’s reasonable satisfaction, or (b) the date on which the borrower has entered into a replacement management agreement with a qualified manager in accordance with the

RE/MAX PLAZA

terms of the loan documents; with regard to clause (iii), upon the net cash flow debt service coverage ratio being at least 2.00x for two consecutive calendar quarters; and with regard to clause (iv), upon the occurrence of a Cash Sweep Significant Trigger Event Cure (as defined below).

A “Cash Sweep Significant Trigger Event” means: (a) Re/Max vacates, surrenders or ceases to conduct its normal business operations at substantially all of its demised premises or otherwise “goes dark”, (b) Re/Max gives notice in writing that it intends to vacate, surrender or cease to conduct its normal business operations at substantially all of its demised premises or otherwise “go dark”, (c) Re/Max (or such tenant’s parent) becomes insolvent or files for bankruptcy; and/or (d) the earlier to occur of (x) the first date the Re/Max lease is in the last 12 months of its stated term or (y) May 6, 2027, unless Re/Max has renewed the Re/Max lease or entered into a new lease, in each case subject to and in compliance with the terms and conditions of the related loan agreement, in each case for substantially all of its demised premises. A “Cash Sweep Significant Trigger Event Cure” means: with regard to clause (a), Re/Max or a replacement tenant acceptable to the lender for substantially all of the premises demised pursuant to the Re/Max lease has (1) reopened for business and conducted normal business operations at substantially all of its demised premises and (2) paid full, unabated rent under its lease, for 2 consecutive quarters, and the borrower has delivered to the lender an estoppel certificate from Re/Max or the replacement tenant certifying, among other things, the foregoing and reaffirming the lease as being in full force and effect; with regard to clause (b), Re/Max has (1) irrevocably revoked or rescinded any such notice and (2) been open for business and conducted normal business operations at substantially all of its demised premises and paid full, unabated rent under its lease, for 2 consecutive quarters following such revocation or rescission, and the borrower has delivered to the lender an estoppel certificate from Re/Max; with regard to clause (c), Re/Max or its parent company, as the case may be, becomes solvent to the lender’s satisfaction for 2 consecutive quarters or is no longer be a debtor in any bankruptcy action and has affirmed the Re/Max lease pursuant to a final non-appealable order of a court of competent jurisdiction; and with regard to clause (d), Re/Max has (1) renewed the Re/Max lease in accordance with its terms or entered into a new lease for substantially all of its demised premises and (2) paid full, unabated rent for two (2) consecutive quarters under its lease (unless the borrower has deposited with the lender an amount equal to the full amount of any free or abated rent under any such replacement lease), and the borrower has delivered to the lender an estoppel certificate from Re/Max.

Property Management. The Re/Max Plaza Property is managed by KORE Management, LLC an affiliate of the borrower.

Assumption. The borrower has an unlimited right to transfer the Re/Max Plaza Property provided that the applicable conditions are satisfied. The borrower has the right to transfer the Re/Max Plaza Property to a permitted transferee and have such permitted transferee assume the Re/Max Plaza Whole Loan, and the sole member has the right to transfer 100% of the direct ownership interest in the borrower to a permitted transferee with the borrower continuing as the borrower under the Re/Max Plaza Whole Loan, provided that certain conditions precedent are satisfied, including: (i) no event of default has occurred and is continuing; (ii) the lender reasonably determines that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration the transferee’s experience, financial strength and general business standing; (iii) payment of an assumption fee equal to 1% of the outstanding principal balance for each such transfer; (iv) receipt of customary opinions including a REMIC opinion; and (v) the lender has received confirmation from the applicable rating agencies that such assumption will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2018-C44 certificates and similar confirmations from each rating agency rating any securities backed by the Re/Max companion loans with respect to the ratings of such securities.

Partial Release. None permitted.

Real Estate Substitution.Not permitted.

Subordinate and Mezzanine Indebtedness.Not permitted.

Ground Lease. There is a ground lease in place at the Re/Max Plaza Property that covers a small portion of the sidewalk and water feature of the property. The lease is between Goldsmith Metropolitan District, which is a quasi-municipal corporation and political subdivision of the State of Colorado, as ground lessor, and the borrower, as ground lessee. The lease commenced on September 12, 2008 and has a 99-year term through September 11, 2107. The ground lease is NNN with a base rent of $1,200/year. Re/Max is responsible for all rent and additional rent under the ground lease. There have been no known expenses, including taxes, associated with the ground leased parcel. The ground lease lacks certain customary mortgagee protection provisions. However, the ground leased parcel has no improvements built thereon and is not necessary for the Re/Max Plaza Property to satisfy zoning and insurance requirements.

Terrorism Insurance.The Re/Max Plaza Whole Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Re/Max Plaza Property, as well as loss of rents and/or business interruption insurance for a period no less than 18 months following the occurrence of a casualty event together with a twelve-month extended period of indemnity.

PRINCE AND SPRING STREET PORTFOLIO

No. 9 – Prince and Spring Street Portfolio

Loan Information				Property Information
Mortgage Loan Seller:	Argentic Real Estate Finance LLC			Single Asset/Portfolio:	Portfolio
Credit Assessment (DBRS/Fitch/Moody’s):	NR/NR/NR			Property Type:	Mixed Use
Original Principal Balance:	$30,000,000			Specific Property Type:	Retail/Multifamily
Cut-off Date Balance:	$30,000,000			Location:	New York, NY
% of Initial Pool Balance:	3.9%			Size⁽⁴⁾:	32,260 SF
Loan Purpose:	Refinance			Cut-off Date Balance Per Unit⁽¹⁾:	$1,270.92
Borrowers:	Wah Kok Realty Corp.; 31 Prince Street, LLC			Year Built/Renovated:	Various
Borrower Sponsor:	Edmond Li			Title Vesting:	Fee
Mortgage Rate:	5.340%			Property Manager:	Self-managed
Note Date:	March 13, 2018			4^thMost Recent Occupancy (As of)⁽⁵⁾:	98.0% (12/31/2014)
Anticipated Repayment Date:	NAP			3^rdMost Recent Occupancy (As of)⁽⁵⁾:	99.3% (12/31/2015)
Maturity Date:	April 6, 2028			2^ndMost Recent Occupancy (As of)⁽⁵⁾:	97.7% (12/31/2016)
IO Period:	120 months			Most Recent Occupancy (As of)⁽⁵⁾:	95.0% (12/31/2017)
Loan Term (Original):	120 months			Current Occupancy (As of)⁽⁵⁾⁽⁶⁾:	97.2% (3/31/2018)
Seasoning:	1 month
Amortization Term (Original):	NAP			Underwriting and Financial Information:
Loan Amortization Type:	Interest-only, Balloon
Interest Accrual Method:	Actual/360			4^thMost Recent NOI (As of):	NAV
Call Protection:	L(25),D(91),O(4)			3^rdMost Recent NOI (As of)⁽⁷⁾:	$2,393,111 (12/31/2015)
Lockbox Type:	Springing			2^ndMost Recent NOI (As of)⁽⁷⁾:	$2,401,121 (12/31/2016)
Additional Debt:	Yes			Most Recent NOI (As of)⁽⁷⁾:	$2,386,441 (12/31/2017)
Additional Debt Type⁽¹⁾:	Pari Passu
				U/W Revenues:	$4,031,021
				U/W Expenses:	$1,359,059
				U/W NOI:	$2,671,962
				U/W NCF:	$2,657,789
				U/W NOI DSCR⁽¹⁾:	1.20x
Escrows and Reserves⁽²⁾:				U/W NCF DSCR⁽¹⁾:	1.20x
				U/W NOI Debt Yield⁽¹⁾:	6.5%
Type:	Initial	Monthly	Cap (If Any)	U/W NCF Debt Yield⁽¹⁾:	6.5%
Taxes	$388,662	$86,369	NAP	As-Is Appraised Value:	$66,000,000
Insurance	$28,391	$4,056	NAP	As-Is Appraisal Valuation Date:	December 5, 2017
Replacement Reserves	$0	$1,181	NAP	Cut-off Date LTV Ratio⁽¹⁾:	62.1%
TI/LC Reserves	$35,000	$667	$35,000	LTV Ratio at Maturity or ARD⁽¹⁾:	62.1%
Free Rent Reserve⁽³⁾	$90,000	$0	NAP

(1)

See “The Mortgage Loan” section. All statistical information related to balances per unit, loan-to-value ratios, debt service coverage ratios and debt yields are based on the Prince & Spring Street Portfolio Whole Loan (as defined below).

(2)

See “Escrows” section.

(3)

After the origination of the Prince and Spring Street Portfolio Whole Loan, $90,000 in free rent associated with the Mulberry Burger lease was escrowed with the lender.

(4)

The Prince and Spring Street Portfolio Properties consist of 24,260 square feet of multifamily space and 8,000 square feet of retail space.

(5)

See the tables titled “Historical Occupancy”.

(6)

Occupancy is based on the square footage of the retail and multifamily spaces.

(7)

See the table titled “Cash Flow Analysis”.

The Mortgage Loan. The mortgage loan (the “Prince and Spring Street Portfolio Mortgage Loan”) is part of a whole loan (the “Prince and Spring Street Portfolio Whole Loan”) which is evidenced by twopari passupromissory notes (Notes A-1 and A-2) and secured by a first mortgage encumbering the fee interests in three mixed use retail and multifamily buildings located in New York, New York (the “Prince and Spring Street Portfolio Properties”). The Prince and Spring Street Portfolio Whole Loan was originated on March 13, 2018 by Argentic Real Estate Finance LLC. The Prince and Spring Street Portfolio Whole Loan had an original principal balance of $41,000,000, has an outstanding principal balance as of the Cut-off Date of $41,000,000, and accrues interest at a rate of 5.340%per annum. The Prince and Spring Street Portfolio Whole Loan had an initial term of 120 months, has a remaining term of 120 months as of the Cut-off Date and requires interest-only payments through the term of the Prince and Spring Street Portfolio Whole Loan. The Prince and Spring Street Portfolio Whole Loan matures on April 6, 2028.

The Prince and Spring Street Mortgage Loan, which is evidenced by the controlling Note A-1 and will be contributed to the WFCM 2018-C44 Trust, had an original principal balance of $30,000,000 and has an outstanding principal balance as of the Cut-off Date of $30,000,000. The non-controlling Note A-2, which had an original principal balance of $11,000,000 is currently held by Argentic Real Estate Finance LLC and is expected to be contributed to a future securitization trust or trusts. The lender provides no

PRINCE AND SPRING STREET PORTFOLIO

assurances that any non-securitizedpari passu notes will not be split further. See “Description of the Mortgage Pool-The Whole Loans-The Serviced Whole Loans” in the Prospectus.

Pari Passu Note Summary⁽¹⁾

Notes	Original Balance	Note Holder	Controlling Interest
A-1	$30,000,000	WFCM 2018-C44	Yes
A-2	11,000,000	Argentic Real Estate Finance LLC	No
Total	$41,000,000

(1)	The lender provides no assurances that any non-securitizedpari passu note will not be split further.

Following the lockout period, the borrower has the right to defease the Prince and Spring Street Portfolio Whole Loan in whole, or in part, on any date before January 6, 2028. In addition, the Prince and Spring Street Portfolio Whole Loan is prepayable without penalty on or after January 6, 2028. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) March 13, 2022.

Sources and Uses

Sources			Uses
Original whole loan amount	$41,000,000	100.0%	Loan Payoff	$37,727,031	92.0%
			Return of Equity	1,807,860	4.4
			Closing costs	1,002,119	2.4
			Reserves	462,990	1.1

Total Sources	$41,000,000	100.0%	Total Uses	$41,000,000	100.0%

The Mortgaged Properties. The Prince and Spring Street Portfolio Properties consist of three mixed use, multifamily buildings with ground floor retail located in New York, NY (individually, the “31 Prince Street Property”, the “46 Prince Street Property”, and the “48 Spring Street Property”). The Prince and Spring Street Portfolio Properties were built between 1900 and 1910 and renovated between 2015 and 2016. Individual units feature modern amenities and upgrades such as in-unit washer/dryer (select units), upgraded stainless steel kitchen appliances, heated bathroom floors (select units), through-wall air conditioning and heating, elevated ceilings, walk-in showers, room key access and virtual doorman. The Prince and Spring Street Portfolio Properties consist of 24,260 square feet of multifamily space (75.2% of net rentable area (“NRA”) and 41.5% of underwritten base income) over 48 units and 8,000 square feet of retail space (24.8% of NRA and 51.3% of underwritten base income). As of March 31, 2018, the multifamily units were 100% leased and 96.3% occupied and the retail space was 100.0% leased for a combined total occupancy of 97.2%. Nine of the 48 multifamily units are currently subject to New York rent control or rent stabilization laws. See “Risk Factors—Risks Relating to the Mortgage Loans—Multifamily Properties Have Special Risks” in the Preliminary Prospectus.

Riverside Management, a third party, executed leases for two vacant multifamily units at the 48 Spring Street Property (“Riverside Leases”). The terms of the Riverside Leases include a rental rate of $3,400 per unit per month and lease expirations of March 12, 2019. The Riverside Leases cannot be terminated, modified, or amended without the lender’s prior written consent. Pursuant to the related Mortgage Loan documents, Riverside Management may only be released from its obligations under the Riverside Leases in the event that the borrower obtains a third-party replacement tenant for each of the two vacant units. The related Mortgage Loan documents require that each such third-party replacement tenant’s lease be for a term of at least one year and a monthly rental amount of at least $3,400 per unit. If including the Riverside Leases, the multifamily units are 100.0% leased. There were no adjustments made to the underwritten cash flows based on the Riverside Leases.

The 31 Prince Street Property is a six-story, approximately 9,300 square foot mixed use, multifamily building containing 17 residential units covering over 7,300 square feet and 2,000 square feet of retail space on the ground floor. The building was constructed in 1910 and renovated in 2015. The residential units are all one-bedroom units with an average size of 400 square feet. The penthouse unit has a private terrace and roof access. Of the 17 residential units, four units are currently subject to New York rent control or rent stabilization laws. The residential units are 100.0% occupied. The retail space is 100.0% occupied by three commercial tenants, SNK Prince Street (“Space NK”), Café Gitane (Pee Wee & Tyson) (“Café Gitane”), and Diptyque Mott Street, LLC (“Diptyque”). Space NK is a luxury beauty retailer that offers a bespoke curation of innovative products, including skincare, cosmetics, and gadgets. Café Gitane is a French café that has been in occupancy at the 31 Prince Street Property since 2004. Diptyque is a Paris-based luxury goods company that produces a high-end line of scented candles, perfumes, and face and body care products.

The 46 Prince Street Property is a six-story, approximately 9,500 square foot mixed use apartment building containing 15 residential units totaling over 7,500 square feet and 2,000 square feet of retail space on the ground floor. The building was constructed in 1900 and renovated in 2016. The residential units consist of 10 one-bedroom units and five, two-bedroom units, with an average unit size of 500 square feet. Of the 15 residential units, one unit is subject to New York rent control or rent stabilization laws. The residential units are 100.0% occupied. The retail space is 100.0% occupied by two commercial tenants, Torrisi and John Fluevog Boots & Shoes. Torrisi was an Italian restaurant that was owned by The Major Food Group, which in turn is owned by renowned chefs Rich Torrisi, Jeff Zalaznick, and Mario Carbone. In 2015, Torrisi’s space was converted from a traditional restaurant to a test kitchen for The Major Food Group’s other restaurants (The Grill, Lobster Club, The Pool, and the revamped Four Seasons) and is periodically used for special events. John Fluevog Boots & Shoes is a Canadian designer shoe store with 25 locations including Montreal, Toronto, Chicago, Los Angeles, San Francisco, and New York. John Fluevog Boots & Shoes has been in occupancy at the 46 Prince Street Property since 2001.

The 48 Spring Street Property is a five-story, approximately 13,460 square foot mixed use apartment building containing 16 residential units totaling over 9,460 square feet and 4,000 square feet of retail space on the ground floor. The building was

PRINCE AND SPRING STREET PORTFOLIO

constructed in 1900 and renovated in 2015. The residential units consist of nine, one-bedroom units with an average size of 536 square feet and seven, two-bedroom units with an average size of 663 square feet. Of the 16 residential units, four units are subject to New York rent control or rent stabilization laws. The occupancy of the residential units is 87.5%, however, including the Riverside Leases, the 48 Spring Street Property is 100.0% leased. The retail space is 100.0% leased by two commercial tenants, Mulberry Burger and Spring Lounge. Mulberry Burger, a restaurant, has recently executed a 10-year lease with a lease commencement date of April 15, 2018. The owner of Mulberry Burger has been successfully operating as a pop-up/temporary restaurant (“pop-up”) at various locations in the Nolita/Soho area while searching for a permanent location. Mulberry Burger will operate as a pop-up at the 48 Spring Street Property while building out its space, which it will be able to do simultaneously given the existence of two separate entrances to the subgrade and ground level space. Mulberry Burger backfilled the space shortly after the previous tenant, Tartinery, vacated at the end of March 2018. Tartinery was a French restaurant and was in occupancy at the 48 Spring Street Property since 2008. The Mulberry Burger lease is fully guaranteed by the borrower until the earlier of (i) April 15, 2023 (five years from the Mulberry Burger lease date), or (ii) when Mulberry Burger has achieved $4,000,000 of sales at the 48 Spring Street Property. The other retail tenant is Spring Lounge, which is a neighborhood bar that has been in occupancy at the 48 Spring Street Property since the 1920s.

The following table presents certain information relating to the unit mix of the Prince and Spring Street Portfolio Properties:

Property Summary

Property Name	Allocated Cut-off Date Balance	% of Portfolio Cut-off Date Balance	Occupancy⁽¹⁾	Year Built/ Renovated	Retail Net Rentable Area (SF)	As-Is Appraised Value	Allocated Cut-off Date LTV
31 Prince Street Property	$16,000,000	39.0%	100.0%	1910/2015	2,000	$26,000,000	61.5%
46 Prince Street Property	$14,300,000	34.9%	100.0%	1900/2016	2,000	$19,000,000	75.3%
48 Spring Street Property	$10,700,000	26.1%	93.7%	1900/2015	4,000	$21,000,000	51.0%
Total/Weighted Average	$41,000,000	100.0%	97.2%		8,000	$66,000,000	62.1%

(1)

Occupancy as of March 31, 2018. If including the Riverside Leases, the occupancy would be 100.0%.

The following table presents certain information relating to the apartment unit mix of the Prince and Spring Street Portfolio Properties:

Apartment Unit Summary

Unit Type⁽¹⁾	No. of Units⁽¹⁾	% of Total Units	Average Unit Size (SF)⁽¹⁾	Average Monthly Contract Rent per Unit⁽¹⁾	Average Monthly Market Rent per Unit⁽²⁾
31 Prince Street - One Bedroom	12	25.0%	400	$3,495	$3,500
31 Prince Street - One Bedroom (Rent Regulated)	4	8.3%	400	$1,221	$3,500
31 Prince Street - One Bedroom Penthouse	1	2.1%	900	$7,650	$7,750
46 Prince Street - One Bedroom	9	18.8%	500	$3,037	$3,500
46 Prince Street - One Bedroom (Rent Regulated)	1	2.1%	500	$244	$3,500
46 Prince Street - Two Bedroom	5	10.4%	500	$3,548	$3,800
48 Spring Street - One Bedroom	7	14.6%	517	$3,450⁽³⁾	$3,500
48 Spring Street - One Bedroom (Rent Regulated)	2	4.2%	600	$1,222	$3,500
48 Spring Street - Two Bedroom	5	10.4%	664	$3,780	$3,800
48 Spring Street - Two Bedroom (Rent Regulated)	2	4.2%	660	$503	$3,800
Total/Weighted Average	48	100.0%	505	$3,048	$3,664

(1)

Information obtained from the Borrower rent roll dated March 31, 2018.

(2)

Information obtained from the appraisal.

(3)

Calculation includes the rental rate from 2 Riverside Leases of $3,400 per unit per month.

PRINCE AND SPRING STREET PORTFOLIO

The following table presents certain information relating to the retail tenants of the Prince and Spring Street Portfolio Properties:

Retail Tenants

Tenant Name	Credit Rating (Fitch/Moody’s/ S&P)⁽¹⁾		Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽²⁾	Annual U/W Base Rent⁽²⁾	% of Total Annual U/W Base Rent	Lease Expiration Date

SNK Prince Street		NR/NR/NR	800	10.0%	$566.85	$453,482	20.7%	5/31/2025
Spring Lounge		NR/NR/NR	2,000	25.0%	$221.38	$442,755	20.2%	4/30/2022
Mulberry Burger⁽³⁾		NR/NR/NR	2,000	25.0%	$180.00	$360,000	16.5%	4/30/2028
John Fluevog Boots & Shoes		NR/NR/NR	1,000	12.5%	$358.49	$358,493	16.4%	1/31/2020
Café Gitane		NR/NR/NR	700	8.8%	$397.47	$278,226	12.7%	6/30/2023
Diptyque		NR/NR/NR	500	6.3%	$315.23	$157,615	7.2%	3/1/2023
Torrisi		NR/NR/NR	1,000	12.5%	$136.81	$136,811	6.3%	7/31/2019

Total Tenants			8,000	100.0%	$273.42	$2,187,382	100.0%

Occupied Retail Collateral Total			8,000	100.0%	$273.42	$2,187,382	100.0%

Vacant Space			0	0.0%

Retail Collateral Total			8,000	100.0%

(1)

Certain ratings are those of the parent company whether or not the parent guarantees the lease.

(2)

Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent escalations of $54,907 through March 2019.

(3)

The Mulberry Burger lease is fully guaranteed by the borrower until the earlier of (i) April 15, 2023 (five years from the Mulberry Burger lease date), or (ii) when Mulberry Burger has achieved $4,000,000 of sales at the 48 Spring Street Property.

The following table presents certain information relating to the lease rollover schedule of the retail space at the Prince and Spring Street Portfolio Properties:

Lease Expiration Schedule⁽¹⁾⁽²⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Annual U/W Base Rent PSF⁽³⁾
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2019	1	1,000	12.5%	1,000	12.5%	$136,811	6.3%	$136.81
2020	1	1,000	12.5%	2,000	25.0%	$358,493	16.4%	$358.49
2021	0	0	0.0%	2,000	25.0%	$0	0.0%	$0.00
2022	1	2,000	25.0%	4,000	50.0%	$442,755	20.2%	$221.38
2023	2	1,200	15.0%	5,200	65.0%	$435,841	19.9%	$363.20
2024	0	0	0.0%	5,200	65.0%	$0	0.0%	$0.00
2025	1	800	10.0%	6,000	75.0%	$453,482	20.7%	$566.85
2026	0	0	0.0%	6,000	75.0%	$0	0.0%	$0.00
2027	0	0	0.0%	6,000	75.0%	$0	0.0%	$0.00
2028	1	2000	25.0%	8,000	100.0%	$360,000	16.5%	$180.00
Thereafter	0	0	0.0%	8,000	100.0%	$0	0.0%	$0.00
Vacant	0	0	0.0%	8,000	100.0%	$0	0.0%	$0.00
Total/Weighted Average	7	8,000	100.0%			$2,187,382	100.0%	$273.42

(1)

Information obtained from the underwritten rent roll.

(2)

(3)

Weighted Average Annual U/W Base Rent PSF excludes vacant space.

PRINCE AND SPRING STREET PORTFOLIO

The following table presents historical occupancy percentages at the Prince and Spring Street Portfolio Properties:

Retail Historical Occupancy⁽¹⁾

	12/31/2014⁽²⁾	12/31/2015⁽²⁾	12/31/2016⁽²⁾	12/31/2017⁽²⁾	3/31/2018⁽³⁾
31 Prince Street Property	100.0%	100.0%⁽⁴⁾	100.0%	100.0%	100.0%
46 Prince Street Property	100.0%	100.0%	100.0%	100.0%	100.0%
48 Spring Street Property	100.0%	100.0%	100.0%	100.0%	100.0%
Weighted Average	100.0%	100.0%	100.0%	100.0%	100.0%

(1)	Occupancy is based on the retail units only.

(2)	Information obtained from the borrower.

(3)	Information obtained from underwritten rent roll.

(4)	SNK Prince Street executed a lease in June 2015. The space was previously occupied by Ralph Lauren, which vacated in early 2015.

Multifamily Historical Occupancy⁽¹⁾⁽²⁾

	12/31/2014⁽²⁾	12/31/2015⁽²⁾	12/31/2016⁽²⁾	12/31/2017⁽²⁾	3/31/2018⁽³⁾
31 Prince Street Property	100.0%	99.5%	95.0%	98.5%	100.0%
46 Prince Street Property	100.0%	100.0%	97.7%	94.8%	100.0%
48 Spring Street Property	93.4%	97.7%	97.8%	88.3%	90.5%
Weighted Average	97.4%	99.0%	96.9%	93.4%⁽⁴⁾	96.3%

(1)

Occupancy is based on the residential units only.

(2)

Information obtained from the borrower.

(3)

Information obtained from the underwritten rent roll.

(4)

Occupancy of the Prince and Spring Street Portfolio Properties decreased between 2016 and 2017 as some units were taken offline for renovations.

Operating History and Underwritten Net Cash Flow.The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Prince and Spring Street Portfolio Properties:

Cash Flow Analysis

	2015	2016	2017	U/W	% of U/W Effective Gross Income	U/W $ per Unit
Residential Base Rent	$1,370,050	$1,422,278	$1,455,627	$1,755,464⁽¹⁾	43.5%	$54.42
Retail Base Rent	1,869,379	1,927,077	1,986,563	2,187,382	54.3	67.80
Other Income	43,943	30,290	36,638	36,638	0.9	1.14
Total Reimbursables	245,750	293,975	274,760	261,767	6.5	8.11
Less Vacancy & Credit Loss	0	0	0	(210,231)⁽²⁾	(5.2)	(6.52)
Effective Gross Income	$3,529,122	$3,673,620	$3,753,588	$4,031,021	100.0%	$124.95

Total Operating Expenses	$1,136,011	$1,272,499	$1,367,147	$1,359,059	33.7%	$42.13

Net Operating Income	$2,393,111	$2,401,121	$2,386,441	$2,671,962	66.3%	$82.83
Capital Expenditures	0	0	0	14,173	0.4	0.44
Net Cash Flow	$2,393,111	$2,401,121	$2,386,441	$2,657,789⁽³⁾	65.9%	$82.39

NOI DSCR⁽⁴⁾	1.08x	1.08x	1.08x	1.20x
NCF DSCR⁽⁴⁾	1.08x	1.08x	1.08x	1.20x
NOI DY⁽⁴⁾	5.8%	5.9%	5.8%	6.5%
NCF DY⁽⁴⁾	5.8%	5.9%	5.8%	6.5%

(1)	The U/W Residential Base Rent increase from 2017 primarily due a number of units being offline for renovations in 2017 but was subsequently re-leased at market rental rates in early 2018.

(2)	The underwritten economic vacancy is 5.0%. As of March 31, 2018, the apartment units were 96.3% physically occupied and the commercial units were 100.0% physically occupied.

(3)	Assuming Torrisi vacates its premise and no additional U/W vacancy factor is applied to the retail income, the resulting U/W Net Cash Flow would be 2,629,877.

(4)	DSCR and DY calculations are based on the Prince and Spring Street Portfolio Whole Loan.

Appraisal.As of the appraisal valuation date of December 5, 2017, the Prince and Spring Street Portfolio Properties had an aggregate total “as-is” appraised value of $66,000,000. The individual “as-is” appraised values are $26,000,000, $19,000,000, and $21,000,000 for the 31 Prince Street Property, the 46 Prince Street Property, and the 48 Spring Street Property, respectively.

PRINCE AND SPRING STREET PORTFOLIO

Environmental Matters. According to a Phase I environmental assessments dated December 11, 2017, December 21, 2017, and December 11, 2017 for the 31 Prince Street Property, the 46 Prince Street Property, and the 48 Spring Street Property, respectively, there are no recognized environmental conditions at any of the Prince and Spring Street Portfolio Properties.

Market Overview and Competition. The Prince and Spring Street Portfolio Properties are located in the North of Little Italy (“Nolita”) neighborhood of New York City, New York. Nolita is bounded on the north by Houston Street, on the east by the Bowery, on the south roughly by Broome Street, and on the west by Lafayette Street. The district is serviced by the B, D, F, and M trains at the Broadway-Lafayette subway station, the N and R trains at the Prince Street subway station, and the 4 and 6 trains at Spring Street-Lexington Avenue subway station. In addition, several bus routes run through the area. There is access to New Jersey via the Holland Tunnel and New York’s outer boroughs via the Manhattan and Williamsburg Bridges, which can each be reached in less than 10 minutes.

The Nolita neighborhood is largely characterized by ground level retail boutiques restaurants and bars. The local area is comprised almost entirely of residential buildings with ground level retail spaces. An exception is St. Patrick’s Old Cathedral located directly across Mott Street to the immediate west of the Prince and Spring Street Portfolio Properties. To the north, east, and south are multi-story residential apartment buildings with ground level retail spaces. Approximately two blocks west of the Prince and Spring Street Portfolio Properties is the area referred to as South of Houston (“SoHo”), well-known for its galleries and boutique shopping. Immediately south of the area is Little Italy, which contains a string of well-known restaurants that begin along Mulberry Street, three blocks south of the Prince and Spring Street Portfolio Properties at Broome Street. Slightly further south is Chinatown. Chinatown is the center of New York City’s Chinese ethnic community, with a large concentration of restaurants, ethnic food markets and retail/discount shops selling gold, diamonds, watches, leather goods, and other personal goods.

The weighted average U/W Base Rent for the multifamily tenants at the Prince and Spring Street Portfolio Properties was $3,048 per unit per month including rents from the nine rent regulated units and $3,531 per unit per month excluding rents from the nine rent regulated units. The appraiser concluded to a weighted average market rent of $3,664 per unit per month for the multifamily units at the Prince and Spring Street Portfolio Properties.

The retail space at the Prince and Spring Street Portfolio Properties is fully occupied, and the retail tenants have a weighted average U/W Base Rent of $310 per square foot gross. The appraiser concluded to $500 per square foot for ground floor corner suites and $400 per square foot for suites along the street.

The following table presents certain information relating to comparable multifamily properties for the Prince and Spring Street Portfolio Properties:

Competitive Set⁽¹⁾

	Location	Distance to Subject	Average Square Footage	Average Monthly Market Rent Per Unit⁽²⁾	Average Monthly Market Rent Per SF⁽³⁾
One Bedroom
Prince and Spring Street Portfolio (Subject)	New York, NY	--	463⁽⁴⁾	$2,886⁽⁴⁾⁽⁵⁾	$6.32
101 Delancey Street	New York, NY	0.5 miles	525	$3,100	$5.90
154 Attorney Street	New York, NY	0.8 miles	775	$3,800	$4.90
37 East 4^th Street	New York, NY	0.4 miles	N/A	$3,100	N/A
Two Bedrooms
Prince and Spring Street Portfolio (Subject)	New York, NY	--	595	$3,137⁽⁵⁾	$5.27
101 Delancey Street	New York, NY	0.5 miles	700	$4,100	$5.86
15 Rivington Street	New York, NY	0.2 miles	2,300	$20,000	$8.70
153 Bowery	New York, NY	0.3 miles	1,320	$8,500	$6.44
202 Bowery	New York, NY	0.3 miles	1,350	$7,250	$5.37
232 Mott Street	New York, NY	220 feet	N/A	$6,039	N/A
37 East 4^th Street	New York, NY	0.4 miles	N/A	$6,530	N/A

(1)	Information obtained from the appraisal.

(2)	Information based upon actual rents and occupied units according to the March 31, 2018 rent roll for Prince and Spring Street Portfolio and quoted rents for the competitive set.

(3)	Based on weighted average unit size and quoted rate per month.

(4)	Calculation excludes 1 one bedroom penthouse unit.

(5)	Excluding rent regulated units, the Average Monthly Market Rent for the Prince and Spring Street Portfolio is $3,337 for one bedroom and $3,664 for two bedrooms.

PRINCE AND SPRING STREET PORTFOLIO

The following table presents certain information relating to comparable retail properties to the Prince and Spring Street Portfolio Properties:

Comparable Retail Leases⁽¹⁾

Property Name/Location	Distance from Subject	Tenant Name	Lease Date	Ground Floor Lease Area (SF)	Annual Ground Floor Base Rent PSF
Prince and Spring Street Portfolio(Subject)	-	Pee Wee & Tyson, Inc., John Fluevog Shoes, Spring Lounge		3,700
68 Prince Street, New York, NY	0.1 miles	E-Commerce Shoe Brand	3Q2017	950	$171
129 Prince Street, New York, NY	0.3 miles	UNTUCKit	3Q2017	1,425	$505
151 Prince Street, New York, NY	0.4 miles	Happy Socks	3Q2017	542	$664
121 Spring Street, New York, NY	0.4 miles	Valentino’s	3Q2017	2,186	$236
28 Prince Street, New York, NY	115 feet	Everlane	2Q2017	2,800	$150
160 Prince Street, New York, NY	0.4 miles	Coco Pazzo	2Q2017	1,800	$173
20 Spring Street, New York, NY	0.1 miles	Jean George	2Q2017	2,000	$148
50 Spring Street, New York, NY	0.2 miles	Cava Grill	2Q2017	1,904	$284
72 Spring Street, New York, NY	0.2 miles	Amazon	2Q2017	5,200	$250
101 Prince Street, New York, NY	0.3 miles	Shinola	1Q2017	2,000	$600
143 Prince Street, New York, NY	0.4 miles	Coach	1Q2017	2,500	$670
148 Spring Street, New York, NY	0.4 miles	Dr. Marten’s	1Q2017	1,279	$755
155 Spring Street, New York, NY	0.5 miles	APM Monoco	1Q2017	1,065	$750
160 Spring Street, New York, NY	0.5 miles	Chords	1Q2017	564	$670

(1)	Information obtained from the appraisal.

The Borrower. The borrower consists of 31 Prince, LLC, a New York limited liability company, and Wah Kok Realty Corp., a New York corporation; both single purpose entities with one independent director in total. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Prince and Spring Street Portfolio Whole Loan. Edmond Li is the guarantor of certain non-recourse carveouts under the Prince and Spring Street Portfolio Whole Loan documents.

The Borrower Sponsor. The borrower sponsor is Edmond Li, the managing partner of Veracity Equities. Edmond Li is a real estate professional with experience in development, investing, advisory, leasing, and brokerage. Edmond Li specializes in the New York City downtown market, and in commercial and residential properties. Edmond Li has been developing real estate since 1994, and is responsible for the development of over 15 properties in the New York City area (including the Prince and Spring Street Portfolio Properties), and owns 10 separate properties (mostly mixed use properties) located specifically in the downtown/Nolita neighborhood of Manhattan. In addition, Mr. Li has been involved in the leasing of over 35 properties in New York City, including retail, office, government, and warehouse spaces.

Escrows.Upfront escrows were collected in the amounts of $388,662 for real estate taxes, $28,391 for insurance premiums, and $35,000 for tenant improvements and leasing commissions (“TI/LC”). The related Mortgage Loan documents also provide for ongoing monthly reserves of $86,369 for real estate taxes, $4,056 for insurance premiums, $1,181 for replacement reserves and $667 for TI/LC. The TI/LC escrow is capped at $35,000. However, upon the occurrence and continuance of a Cash Management Trigger Event (as defined below), the borrower is required to make monthly deposits irrespective of the $35,000 cap. After the origination of the Prince and Spring Street Portfolio Mortgage Loan, $90,000 in free rent associated with the Mulberry Burger lease was escrowed with the lender.

PRINCE AND SPRING STREET PORTFOLIO

Lockbox and Cash Management.Upon the occurrence and continuance of a Cash Management Trigger Event (as defined below) the borrower is required to establish a lender-controlled lockbox account and instruct non-residential tenants to deposit rents into such lockbox account (with residential rents being collected by the borrower or property manager and deposited into the lockbox account).

A “Cash Management Trigger Event” will commence if: (i) an event of default has occurred or is continuing; (ii) the net cash flow debt service coverage ratio (“NCF DSCR”) for the Prince and Spring Street Portfolio Properties falls below 1.15x; (iii) the occupancy is less than 80.0%; (iv) the failure of Riverside to make any of the Riverside Lease payments in a timely manner; or (v) a Lease Sweep Period (as defined below) commences. A Cash Management Trigger Event will end: with respect to clause (i), upon the cure of the event of default being accepted by lender in its sole absolute discretion; with respect to clause (ii), when the Prince and Spring Street Portfolio Properties achieve a NCF DSCR above 1.20x for two consecutive quarters; with respect to clause (iii), upon the occupancy being at least 85.0% for two consecutive quarters; and with respect to clause (iv), upon the lender receiving evidence that the Riverside Leases have been leased to third-party tenants on rental terms at least equal to the rental terms under the Riverside Leases. To the extent that the foregoing Cash Management Trigger Event relating to clauses (ii), (iii), and (v) are triggered solely due to circumstances relating to the Mulberry Burger lease, no such Cash Management Trigger Event would be deemed triggered or effective until September 14, 2018; provided that after such date if the circumstances that would have otherwise created a Cash Management Trigger Event still exist, a Cash Management Trigger Event should then commence.

A “Lease Sweep Period” will commence upon the occurrence of any of the following: (i) the date that is 12 months prior to the end of the term of any lease which accounts for 20.0% or more of the total annual rental income derived from the retail portion of the Prince and Spring Street Portfolio Properties or the percentage of the NRA for the retail portion of the Prince and Spring Street Portfolio Properties (“Major Lease”); (ii) an event of default under any Major Lease by the applicable tenant under such Major Lease (a “Major Tenant”); (iii) a non-renewal of a Major Lease; (iv) any Major Lease being surrendered, cancelled or terminated; (v) any Major Tenant discontinuing operations at its related premises or giving notice of such intention; or (vi) a Major Tenant insolvency proceeding.

Property Management. The Prince and Spring Street Portfolio Property is self-managed.

Assumption.The borrower has an unlimited right to transfer the Prince and Spring Street Portfolio Properties, provided that certain conditions are satisfied, including, but not limited to: (i) no mortgage loan default or event of default has occurred and is continuing; (ii) the lender’s reasonable determination that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration the transferee’s experience, financial strength and general business standing; (iii) execution of a recourse guaranty and an environmental indemnity by an acceptable replacement guarantor; (iv) receipt of a rating agency confirmation from the applicable rating agencies; (v) delivery of opinions of counsel required by the lender; and (vi) delivery of an amendment to the title policy.

Partial Release. Following the lockout period, the borrower is permitted to obtain a partial release of one of the Prince and Spring Street Portfolio Properties (the “Prince and Spring Street Portfolio Release Parcel”) from the lien of the Prince and Spring Street Whole Loan subject to certain conditions, including, but not limited to: (i) partial defeasance in an amount equal to the greater of 100.0% of net sales proceeds with respect to the Prince and Spring Street Portfolio Release Parcel or 125.0% of the allocated loan amount for the Prince and Spring Street Portfolio Release Parcel; (ii) the debt yield of the remaining mortgaged properties is not less than the greater of 6.5% and the debt yield prior to the release; and (iii) the loan-to-value ratio of the remaining mortgaged properties is no greater than the lesser of 62.1% and the loan-to-value ratio prior to the release.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted.

Ground Lease. None.

Insurance.The related Mortgage Loan documents require that the “all risk” insurance policy to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Prince and Spring Street Portfolio Properties. The related Mortgage Loan documents also require business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

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Loan Information				Property Information
Mortgage Loan Seller:	Barclays Bank PLC			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/Fitch/Moody’s):	NR/NR/NR			Property Type:	Office
Original Principal Balance:	$27,000,000			Specific Property Type:	Suburban
Cut-off Date Balance:	$27,000,000			Location:	Exeter, NH
% of Initial Pool Balance:	3.5%			Size:	257,360 SF
Loan Purpose:	Acquisition			Cut-off Date Balance Per SF:	$104.91
Borrowers:	100 Domain Drive DD LLC; 100 Domain Drive EI LLC			Year Built/Renovated:	1984/2012
Borrower Sponsors⁽¹⁾:	Various			Title Vesting:	Fee
Mortgage Rate:	4.565%			Property Manager:	Boulos Property Management
Note Date:	April 3, 2018			4^th Most Recent Occupancy⁽³⁾:	92.2% (12/31/2014)
Anticipated Repayment Date:	NAP			3^rd Most Recent Occupancy⁽³⁾:	92.2% (12/31/2015)
Maturity Date:	April 6, 2028			2^nd Most Recent Occupancy⁽³⁾:	76.6% (12/31/2016)
IO Period:	36 months			Most Recent Occupancy (As of)⁽³⁾:	98.9% (12/31/2017)
Loan Term (Original):	120 months			Current Occupancy (As of)⁽³⁾:	98.8% (4/1/2018)
Seasoning:	1 month
Amortization Term (Original):	360 months			Underwriting and Financial Information:
Loan Amortization Type:	Interest-only, Amortizing Balloon
Interest Accrual Method:	Actual/360			4^th Most Recent NOI (As of):	$1,139,812 (12/31/2014)
Call Protection:	L(25),D(89),O(6)			3^rd Most Recent NOI (As of):	$1,390,997 (Annualized 9 9/30/2015)
Lockbox Type:	Hard/Springing Cash Management			2^nd Most Recent NOI (As of):	$1,728,928 (12/31/2016)
Additional Debt:	No			Most Recent NOI (As of)⁽⁴⁾:	$2,703,784 (12/31/2017)
Additional Debt Type:	NAP
				U/W Revenues:	$5,211,683
				U/W Expenses:	$2,001,847
				U/W NOI⁽⁴⁾:	$3,209,836
				U/W NCF:	$2,887,494
Escrows and Reserves⁽²⁾:				U/W NOI DSCR:	1.94x
Type:	Initial	Monthly	Cap (If Any)	U/W NCF DSCR:	1.75x
Taxes	$142,432	$28,486	NAP	U/W NOI Debt Yield:	11.9%
Insurance	$5,714	$5,714	NAP	U/W NCF Debt Yield:	10.7%
Replacement Reserves	$0	$3,217	NAP	As-Is Appraised Value:	$38,900,000
TI/LC Reserve	$0	$21,447	$1,286,800	As-Is Appraisal Valuation Date:	February 7, 2018
Immediate Repair Reserve	$142,000	$0	NAP	Cut-off Date LTV Ratio:	69.4%
Free Rent Reserve	$29,548	$0	NAP	LTV Ratio at Maturity or ARD:	60.9%

(1)

See “The Borrower Sponsors” section.

(2)

See “Escrows” section.

(3)

See “Historical Occupancy” section.

(4)

See “Cash Flow Analysis” section.

The Mortgage Loan.The mortgage loan (the “100 Domain Drive Mortgage Loan”) is evidenced by a promissory note secured by a first mortgage encumbering the fee simple interest in a 257,360 square foot, Class A office building located in Exeter, New Hampshire (the “100 Domain Drive Property”). The 100 Domain Drive Mortgage Loan was originated on April 3, 2018 by Barclays Bank PLC. The 100 Domain Drive Mortgage Loan had an original principal balance of $27,000,000, has an outstanding principal balance as of the Cut-off Date of $27,000,000 and accrues interest at an interest rate of 4.565%per annum. The 100 Domain Drive Mortgage Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and requires payments of interest-only until April 6, 2021, after which payments of interest and principal based on a 30-year amortization schedule are required through the term of the 100 Domain Drive Mortgage Loan. The 100 Domain Drive Mortgage Loan matures on April 6, 2028.

Following the lockout period, on any date before November 6, 2027, the borrowers have the right to defease the 100 Domain Drive Mortgage Loan in whole, but not in part. The 100 Domain Drive Mortgage Loan is prepayable without penalty on or after November 6, 2027.

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Sources and Uses

Sources			Uses
Original loan amount	$27,000,000	68.9%	Purchase price⁽¹⁾	$37,498,979	95.7%
Borrower sponsors’ new cash contribution	$12,170,626	31.1	Closing costs	1,351,954	3.5
			Reserves	319,694	0.8

Total Sources	$39,170,626	100.0%	Total Uses	$39,170,626	100.0%

(1)

The purchase price is net of purchaser and seller credits.

The Property.The 100 Domain Drive Property consists of a 257,360 square foot, Class A office building located in Exeter, New Hampshire, one mile from Interstate 95 and off the interchange of Routes 101 and 111. The 100 Domain Drive Property is located within a larger, one-million square foot corporate campus that is home to several companies’ headquarters or global mission critical locations. Originally constructed in 1984 as a single-tenant building, the 100 Domain Drive Property has undergone an approximate $10.0 million renovation over the past ten years to become a multi-tenant Class A building. The renovations included mechanical upgrades, new roofs and HVAC units, façade improvements, a parking lot redesign and an atrium lobby. Additional amenities at the 100 Domain Drive Property include a fitness center and cafeteria. The 100 Domain Drive Property sits on a 32.6-acre site and features 968 parking spaces (approximately 3.8 per 1,000 square foot).

The 100 Domain Drive Property is leased to six tenants, two of which have headquarters at the property. The largest tenant at the 100 Domain Drive Property is Vapotherm (41.8% of U/W base rent). Vapotherm has been a tenant at the 100 Domain Drive Property since December 2016 and recently expanded its space by 29,073 square feet in February 2018. Founded in 1999, Vapotherm is a privately-owned company that develops, manufactures and markets respiratory devices. The second largest tenant at the 100 Domain Drive Property is Bauer Hockey (“Bauer”) and is headquartered at the property, utilizing its space for sales and research and development. The tenant has its own, dedicated entry, showers, locker room and cafeteria. Bauer is a manufacturer of ice hockey equipment, fitness and recreational skates and apparel. Bauer has been at the 100 Domain Drive Property since May 2011 and expanded its space in February 2015. The third largest tenant at the 100 Domain Drive Property is Liberty Mutual Insurance Co. (“Liberty Mutual Insurance”), leasing 56,822 square feet through February 2024. According to the borrower sponsors, the tenant invested their own money into the layout, case goods and finishes of their space when they exercised an early extension of their lease. Liberty Mutual Insurance is a Fortune 500 company employing more than 50,000 people globally across 800 offices. As of April 1, 2018, the 100 Domain Drive Property was 98.8% occupied by six tenants.

The following table presents certain information relating to the tenancy at the 100 Domain Drive Property:

Major Tenants

Tenant Name	Credit Rating (Fitch/Moody’s/ S&P)⁽¹⁾		Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF⁽²⁾	Annual U/W Base Rent⁽²⁾	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenant
Vapotherm		NR/NR/NR	79,952	31.1%	$18.68	$1,493,519	41.8%	12/31/2024⁽³⁾
Bauer		NR/NR/NR	67,673	26.3%	$9.51	$643,908	18.0%	4/30/2023⁽⁴⁾
Liberty Mutual Insurance		BBB+/A2/A	56,822	22.1%	$14.08	$800,241	22.4%	2/28/2024⁽⁵⁾
Garnet Hill		NR/NR/BB	41,324	16.1%	$12.55	$518,616	14.5%	12/31/2022⁽⁶⁾
Digital Prospectors		NR/NR/NR	6,738	2.6%	$16.80	$113,209	3.2%	2/28/2024⁽⁷⁾
Green Bean		NR/NR/NR	1,835	0.7%	$1.31	$2,400	0.1%	10/31/2019⁽⁸⁾
Total Major Tenants			254,344	98.8%	$14.04	$3,571,894	100.0%

Vacant Space			3,016	1.2%

Collateral Total			257,360	100.0%

(1)

Certain ratings are those of the parent company whether or not the parent guarantees the lease.

(2)

Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through March 2019, totaling $28,801 and straight-lined rent for one investment grade tenant, Liberty Mutual Insurance.

(3)

Vapotherm has two five-year lease renewal options.

(4)

Bauer has two five-year lease renewal options. Bauer has the option to terminate its lease effective May 1, 2021, upon one year’s notice and the payment of a termination fee equal to the unamortized costs tenant improvements and leasing commissions, approximately $485,213.

(5)

Liberty Mutual Insurance has one five-year lease renewal option.

(6)

Garnet Hill has two five-year lease renewal options.

(7)

Digital Prospectors has two five-year lease renewal options.

(8)

Green Bean has one five-year lease renewal option.

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The following table presents certain information relating to the lease rollover schedule at the 100 Domain Drive Property:

Lease Expiration Schedule⁽¹⁾⁽²⁾

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Annual U/W Base Rent PSF⁽³⁾
MTM	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2018	0	0	0.0%	0	0.0%	$0	0.0%	$0.00
2019	1	1,835	0.7%	1,835	0.7%	$2,400	0.1%	$1.31
2020	0	0	0.0%	1,835	0.7%	$0	0.0%	$0.00
2021	0	0	0.0%	1,835	0.7%	$0	0.0%	$0.00
2022	1	41,324	16.1%	43,159	16.8%	$518,616	14.5%	$12.55
2023⁽⁴⁾	1	67,673	26.3%	110,832	43.1%	$643,908	18.0%	$9.51
2024⁽⁴⁾	3	143,512	55.8%	254,344	98.8%	$2,406,970	67.4%	$16.77
2025	0	0	0.0%	254,344	98.8%	$0	0.0%	$0.00
2026	0	0	0.0%	254,344	98.8%	$0	0.0%	$0.00
2027	0	0	0.0%	254,344	98.8%	$0	0.0%	$0.00
2028	0	0	0.0%	254,344	98.8%	$0	0.0%	$0.00
Thereafter	0	0	0.0%	254,344	98.8%	$0	0.0%	$0.00
Vacant	0	3,016	1.2%	257,360	100.0%	$0	0.0%	$0.00
Total/Wtd. Average	6	257,360	100.0%			$3,571,894	100.0%	$14.04

(1)

Information obtained from the underwritten rent roll.

(2)

(3)

Weighted Average Annual U/W Base Rent PSF excludes vacant space.

(4)

See the “Lockbox and Cash Management” section for cash flow sweeps for Vapotherm and/or Bauer.

The following table presents historical occupancy percentages at the 100 Domain Drive Property:

Historical Occupancy

12/31/2014⁽¹⁾	12/31/2015⁽¹⁾	12/31/2016⁽¹⁾⁽²⁾	12/31/2017⁽¹⁾	4/1/2018⁽³⁾
92.2%	92.2%	76.6%	98.9%	98.8%

(1)	Information obtained from the borrower.

(2)	After the prior owner bought the 100 Domain Drive Property, one tenant vacated its space and another adjacent tenant was bought out by the prior owner for Vapotherm’s expansion.

(3)	Information obtained from the underwritten rent roll.

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Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the 100 Domain Drive Property:

Cash Flow Analysis

	2015⁽¹⁾	2016⁽²⁾	2017⁽²⁾⁽³⁾	U/W⁽³⁾	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$1,796,871	$2,137,431⁽⁴⁾	$2,936,072	$3,571,893⁽⁵⁾	68.5%	$13.88
Grossed Up Vacant Space	0	0	0	42,224	0.8	0.16
Total Reimbursables	1,137,471	1,083,961	1,683,655	1,871,865	35.9	7.27
Less Vacancy & Credit Loss	0	0	0	(274,299)⁽⁶⁾	(5.3)	(1.07)
Effective Gross Income	$2,934,341	$3,221,391	$4,619,727	$5,211,683	100.0%	$20.25

Total Operating Expenses	$1,543,345	$1,492,463	$1,915,943	$2,001,847	38.4%	$7.78

Net Operating Income	$1,390,997	$1,728,928	$2,703,784	$3,209,836	61.6%	$12.47
TI/LC	0	0	0	270,869	5.2	1.05
Capital Expenditures	0	0	0	51,472	1.0	0.20
Net Cash Flow	$1,390,997	$1,728,928	$2,703,784	$2,887,494	55.4%	$11.22

NOI DSCR	0.84x	1.05x	1.63x	1.94x
NCF DSCR	0.84x	1.05x	1.63x	1.75x
NOI DY	5.2%	6.4%	10.0%	11.9%
NCF DY	5.2%	6.4%	10.0%	10.7%

(1)	2015 cash flows represent September 2015 year-to-date annualized, as the prior owner of the 100 Domain Drive Property acquired the 100 Domain Drive Property in 2015.

(2)	The increase in net cash flow from 2016 to 2017 is a result of Vapotherm commencing its lease at the 100 Domain Drive Property.

(3)	The increase in net cash flow from 2017 to Underwritten is a result of Vapotherm expanding its space by 29,073 square feet at the 100 Domain Drive Property.

(4)	The 2016 Base Rent is net of a collection loss of $20,836.

(5)	U/W Base Rent includes contractual rent steps through April 2019, totaling $28,801 and straight-lined rent for one investment grade tenant, Liberty Mutual Insurance.

(6)	The underwritten economic vacancy is 5.0%. The 100 Domain Drive Property was 98.8% occupied as of April 1, 2018.

Appraisal. As of the appraisal valuation date of February 7, 2018, the 100 Domain Drive Property had an “as-is” appraised value of $38,900,000.

Environmental Matters. According to a Phase I environmental site assessment dated February 1, 2018, there was no evidence of any recognized environmental conditions at the 100 Domain Drive Property.

Market Overview and Competition.The 100 Domain Drive Property is located in Exeter, New Hampshire (Rockingham County) in the seacoast region of Southern New Hampshire, approximately 30 miles east of Manchester, New Hampshire and 53 miles northeast of Boston. The 100 Domain Drive Property is located off Exit 12 at the interchange of Routes 101 and 111 and is one mile from Interstate 95, the main thoroughfare of the eastern seaboard. The 100 Domain Drive Property is also located 8 miles north of Interstate 495, which provides access to Boston and Portsmouth. The 100 Domain Drive Property is located within the Southern New Hampshire office submarket of the New Hampshire office market. According to the appraisal, Rockingham County is expected to remain one of the region’s strongest economies as a result of its favorable tax climate and firms relocating to Rockingham. As of the third quarter of 2017, the Southern New Hampshire office submarket had approximately 14.8 million square feet of office inventory, average asking rents of $19.02 per square foot and a direct vacancy rate of 4.2%. According to the appraisal, the 2017 population within a one-, three- and five-mile radius of the 100 Domain Drive Property was 2,228, 13,636 and 40,622, respectively; while the 2017 estimated average household income within the same radii was $109,860, $112,984 and $114,863, respectively.

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The following table presents certain information relating to comparable office leases for the 100 Domain Drive Property:

Comparable Leases⁽¹⁾

Property Name/Location	Year Built	Occupancy	Tenant Name	Lease Date / Term	Lease Area (SF)	Base Rent (PSF)	Lease Type
John Hancock Call Centre 163 Corporate Drive Portsmouth, NH	2001	100%	John Hancock	Aug 2016 / 10.0 Yrs	102,400	$8.25	NNN
100 Aboretum Drive, Portsmouth, NH	1999	93%	Wheelbrator Baker, Newman & Noyes Long Term Care Partners	Jan 2016 / 10.3 Yrs Sept 2015 / 5.6 Yrs Jun 2015 / 4.4 Yrs	29,658 4,950 12,140	$17.00 $16.00 $16.00	NNN
11 Trafalgar Square, Nashua, NH	1986	70%	Wells Fargo Advisors	Jun 2016 / 10.0 Yrs	9,678	$16.25	Mod Gross
2 International Drive Portsmouth, NH	1998	85%	Coldwell Bank	Mar 2016 / 5.1 Yrs	5,607	$21.50	Mod Gross
Confidential Medical Office Bedford, NH	2017	100%	Confidential	Sept 2017 / 15.0 Yrs	58,016	$26.00	Absolute Net
166 Corporate Drive, Portsmouth, NH	2001	100%	Lonza	Nov 2016 / 6.8 Yrs	102,400	$6.75	NNN
253 Abbey Road, Manchester, NH	1997	100%	Symmetry Medical	Nov 2015 / 16.0 Yrs	112,403	$7.91	NNN
162 Corporate Drive, Portsmouth, NH	2002	100%	Teledyne	Jun 2017 / 10.0 Yrs	102,400	$6.75	NNN

(1)

Information obtained from the appraisal.

The Borrowers.The borrowers for the 100 Domain Drive Mortgage Loan are 100 Domain Drive DD LLC and 100 Domain Drive EI LLC, each a Delaware limited liability company and a special purpose entity. The managing member of each borrower is a newly-formed, special purpose entity with one independent director. The borrowers own the 100 Domain Drive Property as tenants-in-common. Both borrowers have waived their right of partition. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the 100 Domain Drive Mortgage Loan. Jennie Garofalo, John Garofalo, Vincent MacNutt and Tom Sibley are the guarantors of certain nonrecourse carveouts under the 100 Domain Drive Mortgage Loan.

The Borrower Sponsors.The borrower sponsors are Danielle DeBenedictis, Emerson Investors and Arris Partners, LLC. Danielle DeBenedictis is a principal and partner at the law firm DeBenedictis, Miller & Blum, P.A. specializing in the litigation of business and personal cases. Danielle DeBenedictis is the sole individual member of the 100 Domain Drive DD LLC borrowing entity (approximately 89% of the equity of the tenant-in-common). The 100 Domain Drive EI LLC borrowing entity (approximately 11% of the equity of the tenant-in-common) is a joint venture between Emerson Investors and Arris Partners, LLC. Emerson Investors acquires and operates residential real estate and was co-founded by Vincent MacNutt. Arris Partners, LLC is a privately-held real estate investment firm headquartered in Massachusetts that focuses on opportunistic investments in New England. Arris Partners, LLC was co-founded by John Garofalo and Thomas Sibley.

Escrows.The 100 Domain Drive Mortgage Loan documents provide for upfront reserves in the amount of $142,000 for immediate repairs, $29,548 for free rent for Vapotherm, $142,432 for real estate taxes and $5,714 for insurance.

The 100 Domain Drive Mortgage Loan documents require monthly reserve deposits for (a) real estate taxes in an amount equal to one-twelfth of an amount which would be sufficient to pay the taxes payable during the next ensuing twelve months (initially $28,486), (b) insurance premiums equal to one-twelfth of the amount that the lender estimates will be payable for the renewal of the insurance policy (initially $5,714), (c) tenant improvements and leasing commissions (“TI/LCs”) in an amount equal to $21,447 and any lease termination payments subject to a cap of $1,286,800 (the lease termination payments will not be included in the calculation of the TI/LC cap) and (d) replacement reserves in an amount equal to $3,217.

Lockbox and Cash Management.The 100 Domain Drive Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower was required at origination to deliver letters to all tenants at the 100 Domain Drive Property directing them to pay all rents directly into a lender-controlled lockbox account. All other funds received by the borrower or manager are required to be deposited in the lockbox account within two business days following receipt. During the occurrence and continuance of a Trigger Period (as defined below), all funds are required to be swept each business day into the cash management account controlled by the lender and disbursed on each payment date in accordance with the loan documents, with all excess cash flow to be deposited to an excess cash reserve to be held as additional security for the 100 Domain Drive Mortgage Loan.

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A “Trigger Period” will commence upon the earlier of the following:

(iii)

the occurrence and continuance of an event of default;

(iv)

the amortizing debt service coverage ratio being less than 1.20x;

(v)

one or more of the following having occurred (a) Vapotherm not giving written notice of lease renewal (or giving notice of its intent not to renew its lease) to the borrowers prior to January 28, 2024, provided that a Vapotherm Re-Tenanting Event (as defined below) has not occurred, (b) Vapotherm having abandoned its space or gone dark, (c) Vapotherm having filed for bankruptcy or (d) the Vapotherm lease having been terminated, provided a Vapotherm Re-Tenanting Event has not then occurred (a “Vapotherm Trigger Event”); or

(vi)

one or more of the following having occurred (a) Bauer not giving written notice of lease renewal (or giving notice of its intent not to renew its lease) to the borrowers prior to April 30, 2022, provided that a Bauer Re-Tenanting Event (as defined below) has not occurred, (b) Bauer having abandoned any material or substantial portion of its space or gone dark with respect to any material or substantial portion of its space (as determined in lender’s discretion), (c) Bauer having filed for bankruptcy or (d) the Bauer lease having been terminated, provided a Bauer Re-Tenanting Event has not then occurred (a “Bauer Trigger Event”).

A “Trigger Period” will end:

(a)

with regard to clause (i), upon the cure of such event of default;

(b)

with regard to clause (ii), upon the amortizing debt service coverage ratio being equal to or greater than 1.25x for any two consecutive calendar quarters;

(c)

with regard to clause (iii), upon a Vapotherm Re-Tenanting Event; and

(d)

with regard to clause (iv), upon a Bauer Re-Tenanting Event.

A “Vapotherm Re-Tenanting Event” will occur when the borrowers have delivered to the lender:

(i)

evidence satisfactory to the lender that (x) Vapotherm has given written notice of renewal on or before January 28, 2024 at a rental rate of $18 per square foot and which otherwise constitutes a qualified replacement lease as defined in the loan documents, (y) the Vapotherm leased space has been re-tenanted under one or more qualified replacement leases as defined in the loan documents or (z) the Vapotherm lease is affirmed by Vapotherm in a bankruptcy proceeding; and

(ii)

tenant estoppel(s) satisfactory to the lender confirming that each tenant is in physical occupancy of and operating in the space demised under the qualified replacement lease and paying full unabated rent.

A “Bauer Re-Tenanting Event” will occur when the borrowers have delivered to the lender:

(i)

evidence satisfactory to the lender that (x) Bauer has given written notice of renewal on or before April 30, 2022 at a rental rate of $9 per square foot and which otherwise constitutes a qualified replacement lease as defined in the loan documents, (y) the Bauer leased space has been re-tenanted under one or more qualified replacement leases as defined in the loan documents or (z) the Bauer lease is affirmed by Bauer in a bankruptcy proceeding; and

(ii)

Property Management. The 100 Domain Drive Property is managed by Boulos Property Management, a Maine corporation, d/b/a CBRE Boulos Asset Management.

Assumption. The borrowers have the right to transfer the 100 Domain Drive Property, at any time, provided that certain conditions are satisfied, including: (i) no event of default has occurred and is continuing, (ii) the borrowers have provided the lender with prior written notice, (iii) the proposed transferee qualifies as a qualified transferee under the 100 Domain Drive Mortgage Loan documents and (iv) the lender has received confirmation from DBRS, Fitch and Moody’s that such assumption will not result in a downgrade of the respective ratings assigned to the Series 2018-C44 certificates.

Real Estate Substitution.Not permitted.

Future Mezzanine Indebtedness.Not permitted.

Ground Lease.None.

Terrorism Insurance. The 100 Domain Drive Mortgage Loan documents require that the “all risk” insurance policy required to be maintained by the borrowers provide coverage for terrorism in an amount equal to the full replacement cost of the 100 Domain Drive Property, provided that, if the Terrorism Risk Insurance Program Reauthorization Act of 2015 (or a subsequent statute, extension or reauthorization) is not in effect and such policies contain an exclusion for acts of terrorism, the borrower will obtain, to the extent available, a stand-alone policy that provides the coverage equal to the lesser of the (i) full replacement cost of the 100 Domain Drive Property and (ii) $38,000,000, plus rental/income loss in an amount equal to 100% of the projected gross income from the 100 Domain Drive Property for 18 months. The 100 Domain Drive Mortgage Loan documents also require business interruption insurance covering no less than an amount equal to 100% of the projected gross income from the 100 Domain Drive Property on an actual loss sustained basis for a 18-month period following the occurrence of a casualty event.

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Wells Fargo Commercial Mortgage Trust 2018-C44

Transaction Contact Information

E. Transaction Contact Information

Questions regarding this Collateral Term Sheet may be directed to any of the following individuals:

Wells Fargo Securities, LLC

Brigid Mattingly	Tel. (312) 269-3062

A.J. Sfarra	Tel. (212) 214-5613

Alex Wong	Tel. (212) 214-5615

Barclays Capital Inc.

Daniel Vinson	Tel. (212) 528-8224

Brian Wiele	Tel. (212) 412-5780

Brian La Belle	Tel. (212) 526-1809

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Wells Fargo Commercial Mortgage Securities FWPFree writing prospectus