Wells Fargo Commercial Mortgage Securities FWP Free writing prospectus

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257991-11

WFCM 2024-5C1 Disclaimer

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. 333-257991) 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herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities.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 (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

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, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., UBS Securities LLC, Academy Securities, Inc., Drexel Hamilton, LLC, Siebert Williams Shank & Co., LLC 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.

ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES

Loan ID Number

Loan / Property Flag

Footnotes (for Loan and Property Information)

# of Properties

Property Name

% of Initial Pool Balance

% of Loan Balance

Mortgage Loan Originator

Mortgage Loan Seller

Related Group

Crossed Group

Address

City

County

State

Zip Code

General Property Type

Detailed Property Type

Year Built

Year Renovated

Number of Units

Unit of Measure

Loan Per Unit ($)

Original Balance ($)

Cut-off Date Balance ($)

Maturity/ARD Balance ($)

Interest Rate %

Administrative Fee Rate %

Net Mortgage Rate %

Monthly Debt Service (P&I) ($)

Monthly Debt Service (IO) ($)

Annual Debt Service (P&I) ($)

Annual Debt Service (IO) ($)

Amortization Type

ARD Loan (Yes / No)

Interest Accrual Method

Original Interest-Only Period (Mos.)

Remaining Interest-Only Period (Mos.)

Original Term To Maturity / ARD (Mos.)

Remaining Term To Maturity / ARD (Mos.)

Original Amortization Term (Mos.)

Remaining Amortization Term (Mos.)

Origination Date

Seasoning (Mos.)

Payment Due Date

First Payment Date

First P&I Payment Date

Maturity Date or Anticipated Repayment Date

Final Maturity Date

Grace Period - Late Fee (Days)

Grace Period - Default (Days)

Prepayment Provision

Most Recent EGI ($)

Most Recent Expenses ($)

Most Recent NOI ($)

Most Recent NOI Date

Most Recent Description

Second Most Recent EGI ($)

Second Most Recent Expenses ($)

Second Most Recent NOI ($)

Second Most Recent NOI Date

Second Most Recent Description

Third Most Recent EGI ($)

Third Most Recent Expenses ($)

Third Most Recent NOI ($)

Third Most Recent NOI Date

Third Most Recent Description

Underwritten Economic Occupancy (%)

Underwritten EGI ($)

Underwritten Expenses ($)

Underwritten Net Operating Income ($)

Underwritten Replacement / FF&E Reserve ($)

Underwritten TI / LC ($)

Underwritten Net Cash Flow ($)

Underwritten NOI DSCR (x)

Underwritten NCF DSCR (x)

Underwritten NOI Debt Yield (%)

Underwritten NCF Debt Yield (%)

Appraised Value ($)

Appraised Value Type

Appraisal Date

Cut-off Date LTV Ratio (%)

LTV Ratio at Maturity / ARD (%)

Leased Occupancy (%)

Occupancy Date

Single Tenant (Y/N)

Largest Tenant

Largest Tenant SF

Largest Tenant % of NRA

Largest Tenant Lease Expiration Date

Second Largest Tenant

Second Largest Tenant SF

Second Largest Tenant % of NRA

Second Largest Tenant Lease Expiration Date

Third Largest Tenant

Third Largest Tenant SF

Third Largest Tenant % of NRA

Third Largest Tenant Lease Expiration Date

Fourth Largest Tenant

Fourth Largest Tenant SF

Fourth Largest Tenant % of NRA

Fourth Largest Tenant Lease Expiration Date

Fifth Largest Tenant

Fifth Largest Tenant SF

Fifth Largest Tenant % of NRA

Fifth Largest Tenant Lease Expiration Date

Environmental Phase I Report Date

Environmental Phase II Report Date

Engineering Report Date

Seismic Report Date

PML or SEL (%)

Flood Zone

Ownership Interest

Ground Lease Expiration Date

Ground Lease Extension Terms

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

Annual Ground Rent Increases (Y/N)

Upfront RE Tax Reserve ($)

Monthly RE Tax Reserve ($)

Upfront Insurance Reserve ($)

Monthly Insurance Reserve ($)

Upfront Replacement / PIP Reserve ($)

Monthly Replacement / FF&E Reserve ($)

Replacement Reserve Caps ($)

Upfront TI/LC Reserve ($)

Monthly TI/LC Reserve ($)

TI/LC Caps ($)

Upfront Debt Service Reserve ($)

Monthly Debt Service Reserve ($)

Debt Service Reserve Cap ($)

Upfront Deferred Maintenance Reserve ($)

Upfront Other Reserve ($)

Monthly Other Reserve ($)

Other Reserve Description

Other Reserve Cap ($)

Holdback/ Earnout Amount ($)

Holdback/ Earnout Description

Lockbox Type

Cash Management

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

Tenant Specific Excess Cash Trap Trigger (Y/N)

Pari Passu (Y/N)

Pari Passu in Trust Controlling (Y/N)

Trust Pari Passu Cut-off Date Balance ($)

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

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

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

Subordinate Companion Loan Cut-off Date Balance ($)

Subordinate Companion Loan Interest Rate

Whole Loan Cut-off Date Balance ($)

Whole Loan Monthly Debt Service ($)

Whole Loan Cut-off Date LTV Ratio (%)

Whole Loan Underwritten NCF DSCR (x)

Whole Loan Underwritten NOI Debt Yield (%)

Mezzanine Debt Cut-off Date Balance($)

Mezzanine Debt Interest Rate (%)

Total Debt Cut-off Date Balance ($)

Total Debt Monthly Debt Service ($)

Total Debt Cut-off Date LTV Ratio (%)

Total Debt Underwritten NCF DSCR (x)

Total Debt Underwritten NOI Debt Yield (%)

Future Additional Debt Permitted (Y/N)

Future Debt Permitted Type

Sponsor

Non-Recourse Carveout Guarantor

Delaware Statutory Trust
(Y/N)

Tenants-in-common
(Y/N)

Loan Purpose

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

Sources: Loan Amount ($)

Sources: Principal's New Cash Contribution ($)

Sources: Subordinate Debt ($)

Sources: Other Sources ($)

Sources: Total Sources ($)

Uses: Loan Payoff ($)

Uses: Purchase Price ($)

Uses: Closing Costs ($)

Uses: Reserves ($)

Uses: Principal Equity Distribution ($)

Uses: Other Uses ($)

Uses: Total Uses ($)

Franchise Agreement Expiration

Underwritten ADR ($)

Underwritten RevPAR ($)

Underwritten Hotel Occupancy (%)

Most Recent ADR ($)

Most Recent RevPAR ($)

Most Recent Hotel Occupancy (%)

Second Most Recent ADR ($)

Second Most Recent RevPAR ($)

Second Most Recent Hotel Occupancy (%)

Third Most Recent ADR ($)

Third Most Recent RevPAR ($)

Third Most Recent Hotel Occupancy (%)

Coop - Committed Secondary Debt

Coop - Rental Value

Coop - LTV as Rental

Coop - Unsold Percent

Coop - Sponsor Units

Coop - Investor Units

Coop - Coop Units

Coop - Sponsor/
Investor Carry

1.00

Loan

9950 Woodloch

9.97%

100.0%

WFB, AREF2

NAP

9950 Woodloch Forest Drive

The Woodlands

Montgomery

77380

Office

Suburban

2014

NAP

601,151

216.25

73,000,000

69,290,864

7.07500%

489,353.36

NAP

5,872,240.32

NAP

Amortizing Balloon

Actual/360

360

6/12/2024

8/11/2024

7/11/2029

NAP

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

17,550,604

10,994,138

6,556,466

3/31/2024

T-12

15,811,720

10,373,607

5,438,113

12/31/2023

T-12

10,330,570

8,993,211

1,337,359

12/31/2022

T-12

95.0%

29,009,847

12,018,882

16,990,965

120,230

1,202,302

15,668,433

1.62

1.50

13.1%

12.1%

231,500,000

As Is

5/9/2024

56.2%

53.3%

97.0%

6/3/2024

Western Midstream Partners, LP

188,318

31.3%

12/31/2031

The Woodlands Land Development

57,329

9.5%

10/31/2030 (42,675 SF), 1/31/2031 (14,654 SF)

Kodiak Gas Services, LLC

53,060

8.8%

10/31/2036

Centric Services, Inc.

52,634

8.8%

2/29/2036

HL Amenities

31,264

5.2%

10/31/2030 (28,047 SF), 1/31/2031 (3,217 SF)

5/20/2024

NAP

5/20/2024

NAP

Fee

NAP

1,309,164

218,194

Springing

10,019

360,684

100,192

12,861,020

Rent Concession Reserve Funds ($4,020,411); Existing TI/LC Reserve Funds ($8,840,609); Western Midstream Termination Reserve Funds (Springing)

NAP

Hard

Springing

Yes

73,000,000

57,000,000

382,097.83

871,451.19

NAP

130,000,000

871,451.19

56.2%

1.50

13.1%

NAP

The Woodlands Land Development Company, L.P.

Refinance

130,000,000

6,865,528

136,865,528

120,907,122

1,788,222

14,170,184

136,865,528

NAP

2.00

Loan

Falls Houston Multifamily Portfolio

8.8%

WFB

NAP

Various

Houston

Harris

Various

Multifamily

Garden

Various

942

Units

68,471.34

64,500,000

6.94400%

NAP

378,423.89

NAP

4,541,086.68

Interest Only

Actual/360

6/14/2024

8/11/2024

NAP

7/11/2029

NAP

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

11,705,777

4,987,120

6,718,657

4/30/2024

T-12

11,203,972

4,866,524

6,337,449

12/31/2023

T-12

9,878,721

4,588,649

5,290,072

12/31/2022

T-12

88.2%

12,312,557

5,945,517

6,367,040

235,500

6,131,540

1.40

1.35

9.9%

9.5%

103,400,000

As Is

4/19/2024

62.4%

88.7%

6/5/2024

896,922

149,487

Springing

117,616

19,625

824,116

108,000

41,667

Additional Capital Expenditure Reserve

NAP

Soft

Springing

Yes

NAP

Rao J. Polavarapu

Refinance

64,500,000

77,934

64,577,934

60,978,061

2,477,335

1,122,538

64,577,934

NAP

2.01

Property

Miami Gardens Apartments

4.2%

47.3%

9540 Kempwood Drive

Houston

Harris

77080

Multifamily

Garden

1970

2011

442

Units

30,535,036

5,279,256

2,064,356

3,214,900

4/30/2024

T-12

5,074,204

2,020,119

3,054,085

12/31/2023

T-12

4,427,404

1,978,420

2,448,983

12/31/2022

T-12

83.1%

5,514,139

2,499,999

3,014,140

110,500

2,903,640

51,500,000

As Is

4/19/2024

84.2%

6/5/2024

NAP

4/23/2024

NAP

4/23/2024

NAP

Fee

NAP

2.02

Property

Falls Of Braeburn

2.5%

28.3%

9707 Braeburn Glen Boulevard

Houston

Harris

77074

Multifamily

Garden

1977

2018

292

Units

18,226,279

3,334,996

1,701,517

1,633,479

4/30/2024

T-12

3,126,453

1,624,822

1,501,630

12/31/2023

T-12

2,925,140

1,519,654

1,405,486

12/31/2022

T-12

94.3%

3,652,040

1,847,865

1,804,175

73,000

1,731,175

26,000,000

As Is

4/19/2024

94.2%

6/5/2024

NAP

4/23/2024

NAP

4/23/2024

NAP

Fee

NAP

2.03

Property

Chelsea Lane Apartments

2.2%

24.4%

8039 Boone Road

Houston

Harris

77072

Multifamily

Garden

1974

2019

208

Units

15,738,685

3,091,526

1,221,247

1,870,278

4/30/2024

T-12

3,003,316

1,221,582

1,781,734

12/31/2023

T-12

2,526,177

1,090,574

1,435,603

12/31/2022

T-12

91.0%

3,146,378

1,597,653

1,548,724

52,000

1,496,724

25,900,000

As Is

4/19/2024

90.4%

6/5/2024

NAP

4/23/2024

NAP

4/23/2024

NAP

Fee

NAP

3.00

Loan

640 5th Avenue

6.9%

100.0%

GSBI, MSBNA, BMO

GSMC

NAP

640 5th Avenue

New York

10022

Mixed Use

Office/Retail

1949

2003

314,533

953.79

50,400,000

46,063,500

6.1293333%

6.12933%

332,422.81

NAP

3,989,073.72

NAP

Amortizing Balloon

Actual/360

NAP

6/10/2024

8/1/2024

7/1/2029

NAP

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

72,036,886

18,237,231

53,799,655

12/31/2023

T-12

67,571,078

19,799,244

47,771,835

12/31/2022

T-12

66,651,606

17,827,438

48,824,168

12/31/2021

T-12

92.9%

77,479,026

21,293,412

56,185,614

78,633

7,574,210

48,532,770

2.37

2.04

18.7%

16.2%

720,000,000

As Is

2/28/2024

41.7%

38.1%

92.9%

1/31/2024

Victoria's Secret

63,779

20.3%

1/31/2032

Fidelity Real Estate Company

40,615

12.9%

11/30/2026

The Klein Group, LLC

30,103

9.6%

4/14/2034

Abbot Capital Management

20,019

6.4%

12/31/2032

Buchanan Ingersoll & Rooney

16,816

5.3%

1/31/2029

4/17/2024

NAP

4/12/2024

NAP

Fee/Leasehold

7/30/2070

None

Springing

195,217

1,567,900

500,000

15,000,000

1,648,112

Free Rent Reserve

NAP

Hard

In Place

Yes

50,400,000

249,600,000

1,646,284.39

1,978,707.20

NAP

300,000,000

1,978,707.20

41.7%

2.04

18.7%

100,000,000

11.50000%

400,000,000

3,088,423.66

55.6%

1.31

14.0%

NAP

Vornado Realty Trust

Manhattan High Street Holdings LP

Refinance

300,000,000

106,245,190

100,000,000

506,245,190

501,608,063

1,421,115

3,216,012

506,245,190

NAP

4.00

Loan

Lotus 315 & Essence 144

6.8%

CREFI

NAP

Various

East Orange

Essex

07018

Multifamily

Various

NAP

336

Units

256,250.00

50,000,000

6.42000%

NAP

271,215.28

NAP

3,254,583.36

Interest Only

Actual/360

6/3/2024

7/6/2024

NAP

6/6/2029

NAP

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

8,249,395

2,378,747

5,870,649

4/30/2024

T-12

8,049,905

2,390,337

5,659,568

12/31/2023

T-12

7,953,274

2,349,398

5,603,876

12/31/2022

T-12

95.0%

9,423,831

2,452,429

6,971,402

87,746

16,200

6,867,456

1.24

1.23

8.1%

8.0%

123,700,000

Various

69.6%

96.4%

6/1/2024

116,278

58,139

38,489

6,415

8,537

1,350

225,000

Free Rent Reserve ($141,750), Gap Rent Reserve ($83,250)

1,000,000

The borrowers shall deposit into an eligible account upon loan origination. The lender must disburse upon (i) no Event of Default has occurred and is continuing and (ii) Lender has received evidence, in form and substance reasonably satisfactory to Lender

Springing

Yes

50,000,000

36,100,000

195,817.43

467,032.71

NAP

86,100,000

467,032.71

69.6%

1.23

8.1%

NAP

Syed A. Hasan and Ayesha Wahidy

Refinance

86,100,000

78,827,137

4,010,102

1,379,767

1,882,994

86,100,000

NAP

4.01

Property

Lotus 315

4.0%

59.1%

315 South Harrison Street

East Orange

Essex

07018

Multifamily

Mid Rise

2019

NAP

180

Units

29,529,617

4,517,625

1,291,194

3,226,432

4/30/2024

T-12

4,382,823

1,264,647

3,118,176

12/31/2023

T-12

4,442,177

1,229,862

3,212,315

12/31/2022

T-12

95.0%

5,468,228

1,365,229

4,102,999

48,521

16,200

4,038,278

73,200,000

Prospective Market Value Upon Stabilization

10/1/2024

95.6%

6/1/2024

NAP

5/2/2024

NAP

5/2/2024

NAP

Fee

NAP

4.02

Property

Essence 144

2.8%

40.9%

144 South Harrison Street

East Orange

Essex

07018

Multifamily

High Rise

2017

NAP

156

Units

20,470,383

3,731,770

1,087,553

2,644,217

4/30/2024

T-12

3,667,082

1,125,690

2,541,392

12/31/2023

T-12

3,511,097

1,119,536

2,391,561

12/31/2022

T-12

95.0%

3,955,603

1,087,200

2,868,403

39,225

2,829,178

50,500,000

As Is

4/23/2024

97.4%

6/1/2024

NAP

5/2/2024

NAP

5/2/2024

NAP

Fee

NAP

5.00

Loan

The Archive Apartments

6.5%

100.0%

AREF2

NAP

110 North 1st Street

Minneapolis

Hennepin

55401

Multifamily

Mid Rise

2021

NAP

200

Units

239,250.00

47,850,000

6.92000%

NAP

279,767.43

NAP

3,357,209.16

Interest Only

Actual/360

5/17/2024

7/6/2024

NAP

6/6/2029

NAP

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

6,315,629

2,356,133

3,959,496

5/31/2024

T-12

5,984,834

2,362,380

3,622,453

12/31/2023

T-12

5,790,983

2,189,888

3,601,095

12/31/2022

T-12

95.0%

6,565,948

2,375,509

4,190,439

50,000

4,140,439

1.25

1.23

8.8%

8.7%

71,000,000

As Is

3/12/2024

67.4%

96.5%

5/7/2024

NAP

5/6/2024

NAP

4/11/2024

NAP

Fee

NAP

302,763

75,691

48,259

16,086

4,167

NAP

Soft

Springing

Yes

NAP

Robert T. Miller, Curt L. Gunsbury and Robert T. Miller Revocable Trust

Refinance

47,850,000

45,147,348

1,774,935

351,022

576,695

47,850,000

NAP

6.00

Loan

3060 Olympic

6.2%

100.0%

AREF2

NAP

3060 West Olympic Boulevard

Los Angeles

90006

Multifamily

Mid Rise

2018

NAP

226

Units

201,327.43

45,500,000

6.49000%

NAP

249,496.93

NAP

2,993,963.16

Interest Only

Actual/360

6/18/2024

8/6/2024

NAP

7/6/2029

NAP

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

6,640,991

3,358,197

3,282,794

4/30/2024

T-12

6,949,062

3,381,022

3,568,040

12/31/2023

T-12

6,766,257

3,357,104

3,409,153

12/31/2022

T-12

95.0%

7,272,118

3,452,177

3,819,941

56,500

3,763,441

1.28

1.26

8.4%

8.3%

73,300,000

As Is

4/17/2024

62.1%

94.2%

6/10/2024

NAP

5/23/2024

NAP

5/21/2024

5/22/2024

12%

Leasehold

8/23/2049

2, 33-year

792,000

392,431

87,207

Springing

4,708

66,000

Ground Rent Reserve

132,000

NAP

Soft

Springing

Yes

NAP

David Y. Lee

Refinance

45,500,000

88,191

45,588,191

43,302,508

1,893,251

392,431

45,588,191

NAP

7.00

Loan

ExchangeRight 67

4.6%

WFB

NAP

Various

369,844

90.64

33,522,953

6.45000%

NAP

182,688.45

NAP

2,192,261.40

Interest Only

Actual/360

6/11/2024

7/11/2024

NAP

6/11/2029

NAP

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

NAV

96.1%

5,032,508

716,364

4,316,143

55,340

90,893

4,169,910

1.97

1.90

12.9%

12.4%

71,675,000

As Is

Various

46.8%

100.0%

7/1/2024

165,998

51,171

Springing

53,005

Springing

166,032

500,000

Springing

39,705

NAP

Hard

Springing

Yes

NAP

David Fisher, Joshua Ungerecht and Warren Thomas

Yes

Acquisition

33,522,953.00

39,755,909

73,278,862

71,227,329

1,292,826

758,708

73,278,862

NAP

7.01

Property

FedEx Ground – Moselle, MS

2.1%

46.6%

134 Superior Drive

Moselle

Jones

39459

Industrial

Warehouse

2022

NAP

217,237

15,621,439

NAV

95.0%

2,394,990

442,167

1,952,823

32,586

123,208

1,797,029

33,400,000

As Is

2/8/2024

100.0%

7/1/2024

Yes

FedEx Ground - Moselle (Superior), MS

217,237

100.0%

9/30/2032

NAP

9/28/2023

NAP

9/28/2023

NAP

Fee

NAP

7.02

Property

Metro Market (Grocery) – Mukwonago, WI

0.8%

16.9%

1010 North Rochester Street

Mukwonago

Waukesha

53149

Retail

Single Tenant

1990

2018

63,303

5,659,264

NAV

97.0%

946,964

184,663

762,301

9,495

752,806

12,100,000

As Is

5/11/2024

100.0%

7/1/2024

Yes

Metro Market - Mukwonago, WI

63,303

100.0%

12/31/2034

NAP

3/22/2024

NAP

3/22/2024

NAP

Fee

NAP

7.03

Property

BJC Health Care – Godfrey, IL

0.5%

10.3%

5213 Godfrey Road

Godfrey

Madison

62035

Office

Medical

2023

NAP

14,419

3,461,037

NAV

97.0%

475,379

14,261

461,117

2,884

458,233

7,400,000

As Is

2/2/2024

100.0%

7/1/2024

Yes

BJC Health Care - Godfrey (Godfrey), IL

14,419

100.0%

9/30/2033

NAP

1/9/2024

NAP

1/5/2024

NAP

Fee

NAP

7.04

Property

Tractor Supply – New Richmond, WI

0.4%

8.5%

1810 Dorset Lane

New Richmond

St. Croix

54017

Retail

Single Tenant

2023

NAP

26,738

2,853,017

NAV

97.0%

372,393

11,172

361,221

4,011

-50,000

407,210

6,100,000

As Is

2/9/2024

100.0%

7/1/2024

Yes

Tractor Supply - New Richmond (Dorset), WI

26,738

100.0%

12/31/2038

NAP

12/8/2023

NAP

12/8/2023

NAP

Fee

NAP

7.05

Property

Tractor Supply – Canal Fulton, OH

0.3%

7.3%

2490 Locust Street South

Canal Fulton

Stark

44614

Retail

Single Tenant

2022

NAP

21,930

2,432,080

NAV

97.0%

326,619

9,799

316,821

3,290

313,531

5,200,000

As Is

2/9/2024

100.0%

7/1/2024

Yes

Tractor Supply - Canal Fulton (Locust), OH

21,930

100.0%

2/28/2039

NAP

1/24/2024

NAP

1/24/2024

NAP

Fee

NAP

7.06

Property

Bank of America – Mount Prospect, IL

0.2%

5.3%

1080 South Elmhurst Road

Mount Prospect

Cook

60056

Retail

Single Tenant

1987

NAP

5,717

1,777,290

NAV

99.0%

247,500

7,425

240,075

3,800,000

As Is

2/6/2024

100.0%

7/1/2024

Yes

Bank of America - Mount Prospect (Elmhurst), IL

5,717

100.0%

12/31/2032

NAP

1/30/2024

NAP

1/25/2024

NAP

Fee

NAP

7.07

Property

Family Dollar / Dollar Tree Combo – Roswell, NM

0.1%

2.6%

6111 South Main Street

Roswell

Chaves

88203

Retail

Single Tenant

2024

NAP

10,500

865,259

NAV

95.0%

142,244

20,017

122,226

1,575

9,113

111,539

1,850,000

As Is

2/7/2024

100.0%

7/1/2024

Yes

Family Dollar / Dollar Tree Combo - Rosewell (Main), NM

10,500

100.0%

1/31/2034

NAP

12/15/2023

1/29/2024

12/12/2023

NAP

Fee

NAP

7.08

Property

Dollar Tree – Gulfport, MS

0.1%

2.5%

11390 Canal Road

Gulfport

Harrison

39503

Retail

Single Tenant

2024

NAP

10,000

853,567

NAV

95.0%

126,420

26,861

99,559

1,500

8,572

89,487

1,825,000

As Is

2/8/2024

100.0%

7/1/2024

Yes

Dollar Tree - Gulfport (Canal), MS

10,000

100.0%

2/28/2034

NAP

2/20/2024

NAP

2/20/2024

NAP

Fee

NAP

8.00

Loan

132 West 36th Street

4.4%

100.0%

CREFI, AREF2

NAP

132 West 36th Street

New York

10018

Office

CBD

1922

2015

195,054

165.34

32,250,000

31,432,243

7.48000%

225,055.18

203,817.01

2,700,662.16

2,445,804.12

Interest Only, Amortizing Balloon

Actual/360

360

6/11/2024

8/6/2024

8/6/2026

7/6/2029

NAP

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

6,386,634

2,747,410

3,639,224

4/30/2024

T-12

6,155,468

2,739,008

3,416,460

12/31/2023

T-12

5,742,154

2,651,719

3,090,434

12/31/2022

T-12

90.0%

6,610,141

2,856,136

3,754,005

39,011

312,435

3,402,559

1.39

1.26

11.6%

10.6%

60,000,000

As Is

1/17/2024

53.8%

52.4%

91.9%

6/3/2024

Allure Gems LLC

17,531

9.0%

6/30/2031

Jenny Yoo Collections, Inc.

15,973

8.2%

9/30/2029

Royal Printing & Weaving Inc.

15,000

7.7%

12/31/2027

A. Esteban & Company, Inc.

14,763

7.6%

2/29/2028

New York Real Estate Institute, Inc.

9,456

4.8%

MTM (7,986 SF), 2/28/2027 (1,470 SF)

1/22/2024

NAP

6/6/2024

NAP

Fee

NAP

283,596

141,798

Springing

3,251

1,000,000

24,382

1,500,000

135,000

NY Real Estate Institute Reserve ($108,000); Unfunded Obligations Reserve ($27,000)

NAP

Hard

Springing

Yes

NAP

Steven Kaufman

Refinance

32,250,000

2,740,046

34,990,046

31,506,855

2,064,594

1,418,596

34,990,046

NAP

9.00

Loan

Solon Park Apartments

3.8%

100.0%

AREF2

NAP

34600 Park East Drive

Solon

Cuyahoga

44139

Multifamily

Garden

1964, 1967, 1972

2023

240

Units

116,666.67

28,000,000

6.67000%

NAP

157,794.91

NAP

1,893,538.92

Interest Only

Actual/360

6/7/2024

8/6/2024

NAP

7/6/2029

NAP

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

3,992,064

1,589,925

2,402,139

5/31/2024

T-12

3,802,716

1,617,624

2,185,092

12/31/2023

T-12

3,231,980

1,716,315

1,515,666

12/31/2022

T-12

93.1%

4,166,728

1,632,034

2,534,694

60,000

2,474,694

1.34

1.31

9.1%

8.8%

37,400,000

As Is

5/20/2024

74.9%

93.8%

5/31/2024

NAP

5/28/2024

NAP

5/28/2024

NAP

Fee

NAP

99,530

49,765

96,250

8,750

5,000

NAP

Springing

Yes

NAP

Lance F. Osborne

Refinance

28,000,000

25,150,402

1,549,481

195,780

1,104,337

28,000,000

NAP

10.00

Loan

Marriott Hartford Windsor Airport

3.7%

100.0%

LMF

NAP

28 Day Hill Road

Windsor

Hartford

06095

Hospitality

Full Service

2002

2018, 2020

302

Rooms

89,403.97

27,000,000

7.26000%

NAP

165,618.75

NAP

1,987,425.00

Interest Only

Actual/360

6/21/2024

8/6/2024

NAP

7/6/2029

NAP

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

14,813,844

10,057,850

4,755,994

3/31/2024

T-12

14,534,015

9,845,471

4,688,544

12/31/2023

T-12

11,725,968

8,713,660

3,012,308

12/31/2022

T-12

56.3%

14,808,227

10,173,768

4,634,459

592,329

4,042,130

2.33

2.03

17.2%

15.0%

55,300,000

As Is

4/4/2024

48.8%

56.3%

3/31/2024

NAP

4/9/2024

NAP

4/11/2024

NAP

Fee

NAP

787,500

62,500

108,629

18,105

49,361

Springing

PIP Reserve

NAP

Hard

Springing

Yes

NAP

CSC Holdings, LLC

Refinance

27,000,000

23,008,034

271,721

896,129

2,824,116

27,000,000

7/16/2039

$170.57

$96.00

56.3%

$170.57

$96.00

56.3%

$169.81

$94.22

55.5%

$154.63

$74.63

48.3%

11.00

Loan

Cummins Station

3.4%

100.0%

WFB

NAP

209 10th Avenue South

Nashville

Davidson

37203

Office

CBD

1910

2017

410,740

328.68

25,000,000

7.15500%

NAP

151,132.81

NAP

1,813,593.72

Interest Only

Actual/360

6/6/2024

7/11/2024

NAP

6/11/2029

NAP

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

16,879,806

4,185,679

12,694,127

3/31/2024

T-12

16,603,708

4,311,244

12,292,464

12/31/2023

T-12

16,698,714

4,697,634

12,001,080

12/31/2022

T-12

73.5%

18,454,322

4,621,356

13,832,966

102,685

13,730,281

1.41

1.40

10.2%

229,700,000

As Is

4/16/2024

58.8%

71.1%

5/15/2024

Gibson Brands, Inc.

57,357

14.0%

12/31/2032

Axial Healthcare, Inc

45,911

11.2%

6/30/2028

Serendipity Labs

32,124

7.8%

7/28/2033

Gish, Sherwood & Friends, Inc.

28,363

6.9%

5/31/2026

The Interpublic Group of Companies, Inc.

17,074

4.2%

10/31/2028

4/16/2024

NAP

4/17/2024

NAP

Fee

NAP

355,264

88,816

Springing

8,557

205,370

10,000,000

83,333

160,050

3,138,645

Rent Concession Reserve Funds ($1,023,389.00); Existing TI/LC Reserve Funds ($2,115,256.38); Low DSCR Trigger Event Reserve (Springing)

NAP

Hard

In Place

Yes

25,000,000

110,000,000

664,984.38

816,117.19

NAP

135,000,000

816,117.19

58.8%

1.40

10.2%

NAP

Yes

Mezzanine

Zachary P. Liff

Refinance

135,000,000

649,890

135,649,890

117,462,455

4,533,475

13,653,959

135,649,890

NAP

12.00

Loan

Hyatt Place Pittsburgh North Shore

3.2%

100.0%

WFB

NAP

260 North Shore Drive

Pittsburgh

Allegheny

15212

Hospitality

Select Service

2010

2018

178

Rooms

130,898.88

23,300,000

7.28900%

NAP

143,493.75

NAP

1,721,925.00

Interest Only

Actual/360

5/31/2024

7/11/2024

NAP

6/11/2029

NAP

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

8,818,899

5,158,188

3,660,711

4/30/2024

T-12

8,661,340

5,023,236

3,638,104

12/31/2023

T-12

8,342,067

4,799,507

3,542,560

12/31/2022

T-12

64.8%

8,797,090

5,158,015

3,639,075

351,884

3,287,191

2.11

1.91

15.6%

14.1%

40,700,000

As Is

5/1/2024

57.2%

64.8%

4/30/2024

NAP

5/7/2024

NAP

5/3/2024

NAP

Fee

NAP

67,830

33,915

Springing

29,324

7,500

Replacement Comfort Letter Reserve ($7,500); Low DSCR Reserve (Springing)

NAP

Springing

Yes

NAP

Chatham Lodging, L.P.

Recapitalization

23,300,000

424,540

75,330

22,800,130

23,300,000

7/17/2033

$188.97

$122.52

64.8%

$188.97

$122.52

64.8%

$192.57

$120.90

62.8%

$183.38

$116.91

63.8%

13.00

Loan

324 West 125th Street

3.1%

100.0%

WFB

NAP

324 West 125th Street

New York

10027

Mixed Use

Medical Office/Retail

2016

NAP

17,384

1,323.06

23,000,000

6.70500%

NAP

130,297.40

NAP

1,563,568.80

Interest Only

Actual/360

5/21/2024

7/11/2024

NAP

6/11/2029

NAP

L(25),D(26),O(9)

2,318,993

323,881

1,995,112

3/30/2024

T-12

2,267,826

319,115

1,948,711

12/31/2023

T-12

2,118,983

101,370

2,017,613

12/31/2022

T-12

95.0%

2,247,278

321,730

1,925,548

3,477

32,762

1,889,309

1.23

1.21

8.4%

8.2%

32,900,000

As Is

11/28/2023

69.9%

100.0%

4/1/2024

ZP Radiology

9,747

56.1%

2/28/2038

CVS Pharmacy

7,637

43.9%

5/31/2038

NAP

12/5/2023

NAP

12/5/2023

NAP

Fee

NAP

90,385

18,507

Springing

217

NAP

Soft

Springing

Yes

NAP

Jeff Sutton, Riki Roth, Pauline Harari and Nissim Kafif

Refinance

23,000,000

1,555,966

24,555,966

22,979,935

1,485,646

90,385

24,555,966

NAP

14.00

Loan

Park Parthenia

3.1%

100.0%

BSPRT

NAP

19100 Parthenia Street

Northridge

Los Angeles

91324

Multifamily

Garden

1962-1970

NAP

447

Units

72,706.94

22,500,000

7.39000%

NAP

140,486.98

NAP

1,685,843.75

Interest Only

Actual/360

5/29/2024

7/6/2024

NAP

6/6/2029

NAP

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

8,479,266

2,742,676

5,736,590

3/31/2024

T-12

8,367,815

2,768,993

5,598,822

12/31/2023

T-12

8,346,913

2,607,851

5,739,062

12/31/2022

T-12

95.0%

8,409,067

3,080,433

5,328,634

111,750

5,216,884

2.19

2.14

16.4%

16.1%

98,000,000

As Is

4/19/2024

33.2%

99.8%

5/1/2024

NAP

4/23/2024

NAP

4/23/2024

10%

Fee

NAP

238,610

39,768

127,710

63,855

9,313

NAP

Springing

Yes

22,500,000

10,000,000

62,438.66

202,925.64

NAP

32,500,000

202,925.64

33.2%

2.14

16.4%

NAP

Laisin Leung and David Leung

Refinance

32,500,000

23,205,503

436,572

366,320

8,491,604

32,500,000

NAP

15.00

Loan

57-63 Orchard Street

3.0%

100.0%

LMF

NAP

57-63 Orchard Street

New York

10002

Mixed Use

Office/Retail/Multifamily

1900, 1910, 1915

2023

55,200

398.55

22,000,000

7.27000%

NAP

135,134.49

NAP

1,621,613.88

Interest Only

Actual/360

6/21/2024

8/6/2024

NAP

7/6/2029

NAP

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

2,521,020

609,825

1,911,195

4/30/2024

T-12

2,330,386

609,943

1,720,443

12/31/2023

T-12

1,976,229

580,067

1,396,162

12/31/2022

T-12

95.0%

2,847,638

704,792

2,142,846

10,557

46,700

2,085,589

1.32

1.29

9.7%

9.5%

33,300,000

As Is

4/24/2024

66.1%

100.0%

6/1/2024

Artists & Fleas

5,141

9.3%

5/31/2025

Alpha Industries

5,084

9.2%

10/31/2025

Tilit NYC

5,047

9.1%

12/31/2026

Lynch Eisinger Design

2,836

5.1%

2/28/2026

Juan Miguel Carrion Cententero

2,819

5.1%

12/31/2024

4/25/2024

NAP

4/25/2024

NAP

Fee

NAP

73,693

35,092

21,875

6,944

880

31,671

400,000

Springing

400,000

58,795

NAP

Springing

Yes

NAP

Joyce Jangana Reiss, Jenny Haim and Jack Jangana

Refinance

22,000,000

487,774

22,487,774

20,847,309

1,086,103

554,362

22,487,774

NAP

16.00

Loan

Escarlata 31

2.0%

100.0%

CREFI

Group 1

NAP

16625 North 31st Street

Phoenix

Maricopa

85032

Multifamily

Garden

1985

2023

Units

172,413.79

15,000,000

6.42000%

NAP

81,364.58

NAP

976,374.96

Interest Only

Actual/360

6/4/2024

7/6/2024

NAP

6/6/2029

NAP

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

1,577,982

284,783

1,293,199

4/30/2024

T-12

1,531,871

279,305

1,252,566

12/31/2023

T-12

1,183,226

291,101

892,125

2/28/2023

T-12

95.0%

1,526,430

296,039

1,230,390

23,661

1,206,730

1.26

1.24

8.2%

8.0%

22,100,000

As Is

3/25/2024

67.9%

98.9%

4/16/2024

NAP

4/19/2024

NAP

4/19/2024

NAP

Fee

NAP

10,073

2,518

11,422

2,856

1,971

2,500

NAP

Springing

Yes

NAP

Mark Petz, Jodi Petz and Syed Shahim

Refinance

NAP

17.00

Loan

Dadeland West Office Park

1.9%

100.0%

WFB

NAP

10625, 10661 and 10691 Southwest 88th Street

Miami

Miami-Dade

33145

Office

CBD

1979

2004

111,023

127.00

14,100,000

7.00900%

NAP

83,499.58

NAP

1,001,994.96

Interest Only

Actual/360

6/6/2024

7/11/2024

NAP

6/11/2029

NAP

L(25),YM1(29),O(6)

3,323,855

1,421,953

1,901,902

3/31/2024

T-12

3,259,035

1,412,402

1,846,633

12/31/2023

T-12

2,971,784

1,278,224

1,693,559

12/31/2022

T-12

94.6%

3,430,415

1,391,849

2,038,566

37,748

93,779

1,907,039

2.03

1.90

14.5%

13.5%

23,600,000

As Is

4/23/2024

59.7%

94.8%

5/16/2024

Carisk Partners

8,463

7.6%

11/30/2030

Simplex Group

6,774

6.1%

9/30/2024 (30 SF), 10/31/2024 (101 SF), 10/31/2030 (6,643 SF)

Gil, Garden, Avertrani Insurance Group

3,559

3.2%

8/31/2030

Careerxchange

3,380

3.0%

10/31/2026

South Florida MD Group

2,975

2.7%

5/31/2026

4/26/2024

NAP

4/25/2024

NAP

Yes - AH

Fee

NAP

108,873

27,219

Springing

3,146

450,000

4,626

NAP

Hard

Springing

Yes

NAP

Elizabeth A. Green

Refinance

NAP

18.00

Loan

Baker MHC Portfolio

1.9%

UBS AG

NAP

Various

Manufactured Housing

Various

NAP

346

Pads

40,462.43

14,000,000

7.03400%

NAP

83,203.10

NAP

998,437.20

Interest Only

Actual/360

5/13/2024

7/6/2024

NAP

6/6/2029

NAP

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

1,686,441

553,435

1,133,006

Various

T-12

1,623,351

539,455

1,083,896

12/31/2023

T-12

NAV

95.1%

1,932,700

611,977

1,320,723

16,600

1,304,123

1.32

1.31

9.4%

9.3%

21,120,000

As Is

Various

66.3%

96.8%

5/1/2024

84,874

11,168

7,983

2,218

1,379

190,069

NAP

Springing

Yes

NAP

Jonathan Wyss, Abigail Wyss and Austin Berk

Refinance

NAP

18.01

Property

Henderson MHP

0.4%

19%

950 Old U.S. Highway 27

South Bay

Palm Beach

33430

Manufactured Housing

Manufactured Housing/RV Park

1976

NAP

Pads

2,717,319

325,802

73,619

252,183

3/31/2024

T-12

310,868

74,963

235,905

12/31/2023

T-12

NAV

95.0%

347,335

96,192

251,143

2,700

248,443

3,800,000

As Is

3/18/2024

94.0%

5/1/2024

NAP

3/20/2024

NAP

3/20/2024

NAP

Yes - AE

Fee

NAP

18.02

Property

Whispering Pines Estates

0.4%

19%

47 Washington Street

Auburn

Worcester

01501

Manufactured Housing

1980

NAP

Pads

2,684,398

330,510

113,577

216,933

2/29/2024

T-12

318,375

102,525

215,850

12/31/2023

T-12

NAV

97.0%

379,806

121,954

257,852

2,650

255,202

4,140,000

As Is

3/19/2024

100.0%

5/1/2024

NAP

3/20/2024

NAP

3/20/2024

NAP

Fee

NAP

18.03

Property

Monson MHC

0.4%

19%

268 Palmer Road

Monson

Hampden

01057

Manufactured Housing

1986

NAP

Pads

2,652,426

350,085

133,032

217,053

2/29/2024

T-12

337,430

130,046

207,384

12/31/2023

T-12

NAV

97.0%

405,024

149,363

255,660

3,050

252,610

4,560,000

As Is

3/19/2024

98.4%

5/1/2024

NAP

3/20/2024

NAP

3/20/2024

NAP

Yes - AE

Fee

NAP

18.04

Property

Everglades MHP

0.3%

14%

500 South Francisco Street

Clewiston

Hendry

33440

Manufactured Housing

1984

NAP

Pads

1,926,623

181,310

38,320

142,990

2/29/2024

T-12

172,925

37,855

135,070

12/31/2023

T-12

NAV

95.0%

220,182

39,514

180,669

2,750

177,919

2,500,000

As Is

3/18/2024

96.4%

5/1/2024

NAP

3/20/2024

NAP

3/20/2024

NAP

Yes - AE

Fee

NAP

18.05

Property

Royal Palm MHP

0.2%

13%

700 East Ventura Avenue

Clewiston

Hendry

33440

Manufactured Housing

1955

NAP

Pads

1,802,239

173,730

34,426

139,304

2/29/2024

T-12

165,550

37,438

128,112

12/31/2023

T-12

NAV

95.0%

204,090

34,996

169,094

2,550

166,544

2,600,000

As Is

3/18/2024

100.0%

5/1/2024

NAP

3/20/2024

NAP

3/20/2024

NAP

Yes - AE

Fee

NAP

18.06

Property

American MHP

0.2%

11%

751 Washington Street

Auburn

Worcester

01501

Manufactured Housing

Manufactured Housing/RV Park

1950

NAP

Pads

1,477,277

220,198

125,563

94,635

2/29/2024

T-12

216,504

121,743

94,761

12/31/2023

T-12

NAV

90.0%

268,339

130,504

137,835

1,950

135,885

2,540,000

As Is

3/19/2024

90.0%

5/1/2024

NAP

3/20/2024

NAP

3/20/2024

NAP

Yes - A

Fee

NAP

18.07

Property

NallCourt MHP

0.1%

1002 and 1009 Nalls Court

Clewiston

Hendry

33440

Manufactured Housing

1984

NAP

Pads

739,718

104,806

34,898

69,908

3/31/2024

T-12

101,699

34,885

66,814

12/31/2023

T-12

NAV

95.0%

107,923

39,453

68,470

950

67,520

980,000

As Is

3/18/2024

100.0%

5/1/2024

NAP

3/20/2024

NAP

3/20/2024

NAP

Fee

NAP

19.00

Loan

Euclid Apartments

1.8%

100.0%

LMF

NAP

27181 Euclid Avenue

Euclid

Cuyahoga

44132

Multifamily

Garden

1968

2022

738

Units

71,815.72

13,000,000

7.06000%

NAP

77,545.60

NAP

930,547.20

Interest Only

Actual/360

1/31/2024

3/6/2024

NAP

2/6/2029

NAP

L(29),D(27),O(4)

8,905,892

2,772,457

6,133,435

12/31/2023

T-12

8,464,424

2,528,661

5,935,763

12/31/2022

T-12 Annualized

8,093,027

2,769,208

5,323,819

12/31/2021

T-12

94.2%

9,088,532

2,686,379

6,402,152

184,500

6,217,652

1.69

1.64

12.1%

11.7%

77,000,000

As Is

12/12/2023

68.8%

95.4%

1/11/2024

NAP

12/28/2023

NAP

12/28/2023

NAP

Fee

NAP

139,130

66,253

37,141

17,686

1,000,000

15,375

28,750

NAP

Springing

Yes

13,000,000

40,000,000

238,601.85

316,147.45

NAP

53,000,000

316,147.45

68.8%

1.64

12.1%

NAP

Yes

Mezzanine

MD Khaled Noor

Refinance

NAP

20.00

Loan

3216 South Blvd

1.8%

100.0%

UBS AG

NAP

3216 - 3232 South Boulevard

Charlotte

Mecklenburg

28209

Retail

Anchored

1945, 2023

2023

44,026

295.28

13,000,000

7.51900%

NAP

82,587.16

NAP

991,045.92

Interest Only

Actual/360

6/21/2024

8/6/2024

NAP

7/6/2029

NAP

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

NAV

95.0%

2,144,709

451,936

1,692,773

8,805

81,448

1,602,519

1.71

1.62

13.0%

12.3%

24,100,000

As Is with Escrow

4/3/2024

53.9%

100.0%

6/11/2024

Platform Sports

11,173

25.4%

12/31/2033

Seaboard South End

7,740

17.6%

6/30/2032 (4,485 SF), 5/31/2033 (3,255 SF)

Ghost Tattoo LLC

6,611

15.0%

4/30/2034

The Plunge House LLC

2,878

6.5%

7/5/2034

BFT

2,554

5.8%

12/31/2033

4/8/2024

NAP

4/1/2024

NAP

Fee

NAP

40,319

3,476

45,271

Springing

734

6,787

1,131,817

Unfunded Obligations Reserve ($1,116,127.00); Rent Concession Reserve ($15,690.00)

NAP

Hard

Springing

Yes

NAP

Dawid B. Swart

Refinance

NAP

21.00

Loan

Escarlata 29

1.6%

100.0%

CREFI

Group 1

NAP

15417 North 29th Street

Phoenix

Maricopa

85032

Multifamily

Garden

1984

2023

Units

150,000.00

12,000,000

6.57000%

NAP

66,612.50

NAP

799,350.00

Interest Only

Actual/360

6/4/2024

7/6/2024

NAP

6/6/2029

NAP

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

1,352,661

278,460

1,074,201

4/30/2024

T-12

1,325,248

281,044

1,044,204

12/31/2023

T-12

1,031,241

292,118

739,123

2/28/2023

T-12

95.0%

1,298,432

297,994

1,000,438

23,461

976,977

1.25

1.22

8.3%

8.1%

17,500,000

As Is

3/25/2024

68.6%

97.5%

4/16/2024

NAP

4/19/2024

NAP

4/19/2024

NAP

Fee

NAP

8,183

2,046

14,183

3,546

1,955

25,125

NAP

Springing

Yes

NAP

Mark Petz, Jodi Petz and Syed Shahim

Refinance

NAP

22.00

Loan

Home2Suites Florence

1.5%

100.0%

GSBI

GSMC

NAP

7570 Woodspoint Drive

Florence

Boone

41042

Hospitality

Extended Stay

2017

NAP

109

Rooms

103,211.01

11,250,000

7.02200%

NAP

66,745.57

NAP

800,946.84

Interest Only

Actual/360

6/6/2024

7/6/2024

NAP

6/6/2029

NAP

L(12),YM1(41),O(7)

4,986,379

2,916,889

2,069,490

4/30/2024

T-12

5,083,945

2,910,446

2,173,499

12/31/2023

T-12

5,055,970

2,678,626

2,377,344

12/31/2022

T-12

90.3%

4,961,666

2,898,862

2,062,804

198,467

1,864,337

2.58

2.33

18.3%

16.6%

21,500,000

As Is

4/24/2024

52.3%

90.3%

4/30/2024

NAP

4/29/2024

NAP

4/29/2024

NAP

Fee

NAP

61,939

8,848

Springing

16,539

981,508

Soft Goods Renovation Deposit

NAP

Springing

NAP

HDT Cameron Hotels, Ltd. and Carol Cohen Family LLC

Refinance

2/28/2038

$136.77

$123.51

90.3%

$136.77

$123.51

90.3%

$136.83

$126.63

92.5%

$135.98

$125.76

92.5%

23.00

Loan

Holiday Inn Hammond

1.5%

100.0%

BSPRT

NAP

1819 Southwest Railroad Avenue

Hammond

Tangipahoa Parish

70403

Hospitality

Full Service

2010

2018

Rooms

111,787.70

10,850,000

10,843,407

10,447,557

8.48500%

83,311.80

NAP

999,741.58

NAP

Amortizing Balloon

Actual/360

360

359

5/13/2024

7/6/2024

6/6/2029

NAP

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

4,337,013

2,718,675

1,618,338

3/31/2024

T-12

4,370,965

2,740,576

1,630,388

12/31/2023

T-12

4,369,290

2,599,426

1,769,864

12/31/2022

T-12

79.7%

4,325,209

2,706,542

1,618,667

173,008

1,445,659

1.62

1.45

14.9%

13.3%

17,000,000

As Is

3/13/2024

63.8%

61.5%

79.7%

3/31/2024

NAP

3/15/2024

NAP

3/15/2024

NAP

Fee

NAP

29,849

4,264

92,155

9,216

14,417

1,000,000

3,604

PIP Reserve

NAP

Springing

Yes

NAP

Jayantkumar B. Patel and Reshma S. Patel

Refinance

9/8/2029

$138.95

$110.81

79.7%

$138.95

$110.81

79.7%

$139.33

$112.29

80.6%

$137.54

$115.22

83.8%

24.00

Loan

817-819 9th Avenue

1.4%

100.0%

CREFI

NAP

817-819 9th Avenue

New York

10019

Mixed Use

Multifamily/Retail

1910

2023

Units

833,333.33

10,000,000

6.85000%

NAP

57,876.16

NAP

694,513.92

Interest Only

Actual/360

6/11/2024

8/6/2024

NAP

7/6/2029

NAP

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

882,006

206,051

675,955

3/31/2024

T-12

680,539

197,068

483,471

12/31/2023

T-12

NAV

95.9%

1,130,955

223,599

907,356

3,465

25,683

878,207

1.31

1.26

9.1%

8.8%

15,000,000

As Is

4/11/2024

66.7%

100.0%

5/31/2024

9th Ave. Royal Deli Inc.

1,250

40.3%

6/30/2038

Sacco Pizza Corp.

750

24.2%

6/30/2033

Don Nail Inc.

750

24.2%

6/30/2038

Virago by Chef Yala

350

11.3%

4/30/2033

NAP

4/26/2024

NAP

4/26/2024

NAP

Fee

NAP

46,804

5,851

6,030

2,010

289

21,875

65,000

Virago By Chef Yala Reserve

NAP

Springing

Yes

NAP

Edward Ostad

Refinance

NAP

25.00

Loan

Concord Hills

1.3%

100.0%

AREF2

NAP

105-111 Sherbrooke Avenue

Hartford

06106

Multifamily

Mid Rise

1971

2022

128

Units

73,828.13

9,450,000

7.86000%

NAP

62,757.19

NAP

753,086.28

Interest Only

Actual/360

5/29/2024

7/6/2024

NAP

6/6/2029

NAP

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

1,470,106

662,249

807,857

2/29/2024

T-12

NAV

94.2%

1,778,727

681,940

1,096,787

32,000

1,064,787

1.46

1.41

11.6%

11.3%

12,970,000

As Is

3/21/2024

72.9%

93.0%

5/22/2024

NAP

5/1/2024

NAP

5/13/2024

NAP

Fee

NAP

86,223

14,370

23,517

7,839

730,000

4,800

20,000

NAP

Springing

Yes

NAP

Moshe Bloorian, Jacob Herskowitz and Yeshaya Cohen

Yes

Acquisition

NAP

26.00

Loan

5635 E La Palma

1.2%

100.0%

UBS AG

NAP

5621, 5631, and 5635 East La Palma Avenue

Anaheim

Orange

92807

Retail

Anchored

1978, 2017

2024

59,082

152.33

9,000,000

7,830,881

6.93700%

69,436.97

NAP

833,243.64

NAP

Amortizing Balloon

Actual/360

240

6/25/2024

8/6/2024

7/6/2029

NAP

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

416,104

377,553

38,550

4/30/2024

T-12

556,772

392,376

164,396

12/31/2023

T-12

396,905

344,377

52,528

12/31/2022

T-12

97.6%

2,038,283

454,614

1,583,669

10,044

8,234

1,565,391

1.90

1.88

17.6%

17.4%

25,900,000

As Is

4/20/2024

34.7%

30.2%

100.0%

6/1/2024

Tesla, Inc.

51,102

86.5%

5/9/2039

McDonald's

3,900

6.6%

3/13/2037

Wingstop

2,080

3.5%

7/15/2027

Chipotle

2,000

3.4%

6/7/2027

NAP

5/1/2024

NAP

4/30/2024

13%

Fee

NAP

50,568

10,993

Springing

985

4,924

1,556,250

Springing

Unfunded Obligations Reserve ($1,556,250.00); Material Tenant Reserve (Springing)

NAP

Hard

Springing

Yes

NAP

Daniel Khoren Akarakian

Refinance

NAP

27.00

Loan

Mitchell Lofts

1.0%

100.0%

BSPRT

NAP

3800 Commerce Street

Dallas

75226

Multifamily

Mid Rise

1928

2019-2023

Units

91,139.24

7,200,000

7.44000%

NAP

45,260.00

NAP

543,120.00

Interest Only

Actual/360

4/10/2024

6/6/2024

NAP

5/6/2029

NAP

L(26),D(30),O(4)

1,604,247

1,134,433

469,813

2/28/2024

T-12

1,577,192

1,155,545

421,647

12/31/2023

T-12

1,593,447

1,050,971

542,476

12/31/2022

T-12

88.4%

1,754,470

1,018,025

736,445

19,750

716,695

1.36

1.32

10.2%

10.0%

16,950,000

As Is

1/25/2024

42.5%

96.2%

4/2/2024

NAP

3/25/2024

NAP

3/25/2024

NAP

Fee

NAP

129,543

25,909

22,386

5,596

1,646

11,550

NAP

Springing

Yes

NAP

Noah Drever

Refinance

NAP

28.00

Loan

220 Jackson Street

0.8%

100.0%

UBS AG

NAP

200 Jackson Street, 220 Jackson Street & 601 Front Street

San Francisco

94111

Mixed Use

Office/Retail

1913

2015

21,957

282.37

6,200,000

6.25700%

NAP

32,776.83

NAP

393,321.96

Interest Only

Actual/360

6/17/2024

8/6/2024

NAP

7/6/2029

NAP

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

858,847

246,265

612,581

3/31/2024

T-12

1,026,827

220,072

806,755

12/31/2023

T-12

1,262,936

227,329

1,035,607

12/31/2022

T-12

92.1%

1,566,950

314,001

1,252,949

23,274

87,272

1,142,403

3.19

2.90

20.2%

18.4%

15,000,000

As Is

5/8/2024

41.3%

100.0%

6/3/2024

Kokkari Restaurant

8,276

37.7%

11/30/2024

Realize CPA LLC

6,813

31.0%

12/31/2031

McGuinn, Hillman, Palefsky

4,118

18.8%

4/1/2029

William B. Baner, dba The Baner Companies

2,750

12.5%

4/30/2034

NAP

4/1/2024

NAP

4/1/2024

18%

Fee

NAP

2,699

2,986

Springing

2,500

248,176

Various

Unfunded Obligations Reserve ($248,176); Material Tenant Reserve (Various)

NAP

Hard

Springing

Yes

NAP

William B. Baner

Refinance

NAP

29.00

Loan

400 & 420 Technology Parkway

0.8%

100.0%

AREF2

NAP

400 and 420 Technology Parkway

Peachtree Corners

Gwinnett

30092

Office

Suburban

1999

NAP

67,006

83.57

5,600,000

6.86200%

NAP

32,467.43

NAP

389,609.16

Interest Only

Actual/360

6/13/2024

8/6/2024

NAP

7/6/2029

NAP

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

1,038,408

317,822

720,586

4/30/2024

T-12

824,630

285,140

539,490

12/31/2023

T-12

902,244

269,797

632,447

12/31/2022

T-12

95.0%

1,117,349

309,134

808,215

13,401

18,755

776,059

2.07

1.99

14.4%

13.9%

8,650,000

As Is

5/14/2024

64.7%

100.0%

6/1/2024

Humboldt

20,162

30.1%

11/30/2026

Wiseman Multimedia

19,330

28.8%

10/31/2029

BSI

13,965

20.8%

8/31/2029

CBT Automotive

13,549

20.2%

2/28/2030

NAP

4/18/2024

NAP

4/18/2024

NAP

Fee

NAP

84,203

7,655

Springing

1,117

315,000

Springing

54,227

186,983

Unfunded Obligations Reserve($109,320); Free Rent Reserve ($77,663)

NAP

Hard

Springing

Yes

NAP

Alexander E. Peykar, Steven V. Peykar and Brian Miller

Yes

Acquisition

NAP

30.00

Loan

Extra Space Self Storage Baca Lane

0.7%

100.0%

LMF

NAP

7612 Baca Lane

Santa Fe

87507

Self Storage

2002

2007

50,850

102.26

5,200,000

7.68000%

NAP

33,742.22

NAP

404,906.64

Interest Only

Actual/360

5/21/2024

7/6/2024

NAP

6/6/2029

NAP

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

836,521

236,079

600,443

3/31/2024

T-12

838,943

230,009

608,933

12/31/2023

T-12

799,637

222,187

577,450

12/31/2022

T-12

77.3%

785,200

236,637

548,563

5,085

543,478

1.35

1.34

10.5%

9,200,000

As Is

3/5/2024

56.5%

92.5%

5/5/2024

NAP

3/22/2024

NAP

3/22/2024

NAP

Fee

NAP

5,652

2,692

11,397

987

424

3,438

NAP

Springing

Yes

NAP

Dean G. Alexis, Cynthia J. Alexis and The Dean G. Alexis and Cynthia J. Alexis Trust

Refinance

NAP

31.00

Loan

Plymouth Park Apartments

0.7%

100.0%

AREF2

NAP

107 North Haggerty Road

Plymouth

Wayne

48170

Multifamily

Garden

1979

NAP

Units

71,428.57

5,000,000

7.27000%

NAP

30,712.38

NAP

368,548.56

Interest Only

Actual/360

6/11/2024

8/6/2024

NAP

7/6/2029

NAP

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

876,750

479,274

397,476

4/30/2024

T-12

861,556

483,467

378,089

12/31/2023

T-12

755,795

449,024

306,771

12/31/2022

T-12

93.8%

946,089

465,772

480,317

18,550

461,767

1.30

1.25

9.6%

9.2%

8,150,000

As Is

3/1/2024

61.3%

94.3%

6/7/2024

NAP

5/31/2024

NAP

3/11/2024

NAP

Fee

NAP

85,057

12,151

31,045

6,899

1,750

380,490

NAP

Soft

Springing

Yes

NAP

Bradley J. Hayosh

Refinance

NAP

32.00

Loan

605 East 16th Street

0.4%

100.0%

CREFI

NAP

605 East 16th Street

Brooklyn

Kings

11226

Multifamily

Mid Rise

1931

NAP

Units

94,117.65

3,200,000

6.43000%

NAP

17,384.81

NAP

208,617.72

Interest Only

Actual/360

5/31/2024

7/6/2024

NAP

6/6/2029

NAP

L(25),D(30),O(5)

564,824

288,321

276,504

4/30/2024

T-12

558,620

299,610

259,010

12/31/2023

T-12

527,697

284,677

243,020

12/31/2022

T-12

97.0%

548,401

276,355

272,046

8,500

263,546

1.30

1.26

8.5%

8.2%

4,600,000

As Is

3/11/2024

69.6%

100.0%

5/1/2024

NAP

3/26/2024

NAP

3/26/2024

NAP

Fee

NAP

9,762

Springing

708

NAP

Springing

Yes

NAP

Barry Rudofsky and Scott Silverman

Refinance

NAP

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