EXHIBIT 99
UNDERWRITERS' STATEMENT
COMPUTATIONAL MATERIALS
WACHOVIA BANK-COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES
SERIES 2005-C20
The attached tables and statistical analysis (the "Computational Materials") are
privileged and confidential and are intended for use by the addressee only.
These Computational Materials are furnished to you solely by Wachovia
Securities,Inc., Deutsche Bank AG, Merrill Lynch & Co., or Nomura Securities,
Co. (collectively,the ""Underwriters") and not by the issuer of the certificates
identified above (the "Offered Certificates") or any other party. The issuer of
the Offered Certificates has not prepared or taken part in the preparation of
these materials. None of the Underwriters, the issuer of the Offered
Certificates, or any other party makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary,
and will be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission. The
information herein may not be provided to any third party other than the
addressee's legal, tax, financial and/or accounting advisors for the purposes of
evaluating such information.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be stated herein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Computational Materials in any
particular context; or as to whether the Computational Materials reflect future
performance. These Computational Materials should not be construed as either a
prediction or as legal, tax, financial or accounting advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment and other assumptions and actual experience may dramatically
affect such yields or weighted average lives. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates assumed in the attached Computational Materials. Furthermore, unless
otherwise provided, the Computational Materials assume no losses on the
underlying assets and no interest shortfall. The specific characteristics of the
Offered Certificates may differ from those shown in the Computational Materials
due to difference between the actual underlying assets and the hypothetical
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.
Although a registration statement (including the prospectus) relating to the
Offered Certificates has been filed with the Securities and Exchange Commission
and is effective, the final prospectus supplement relating to the Offered
Certificates has not been filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the Offered Certificates in any
state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the Offered Certificates for definitive terms of the
Offered Certificates and the collateral.
Please be advised that mortgage-backed and/or asset-backed securities may not be
appropriate for all investors. Potential investors must be willing to assume,
among other things, market price volatility, prepayments, yield curve and
interest rate risks. Investors should fully consider the risk of an investment
in these Offered Certificates.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-C20
Preliminary Information regarding certain Multifamily Mortgaged Properties
Mortgage
Loan Number Property Name Property Address Property City
- ------------ ------------------------------- --------------------------------------------------------------- -------------
502851327 Millennium Park Chicago 151-155 North Michigan Ave Chicago
502851714 Arbor Gates Apartments 2500 Pinetree Road NE Atlanta
502851758 Stone Canyon Apartments 5210 East Hampton Avenue Mesa
502851487 Bentley Place Apartments 9670 Halsey Road Lenexa
502851697 Brook Arbor Apartments 200 Brook Arbor Drive Cary
502852072 Windermere & Harrowgate 1825 & 1833 New Hampshire Ave. Washington
502850908 Summer Crest Apartments 2828 West Ball Road Anaheim
502850728 Shelter Cove Apartments 2683 South Decatur Boulevard Las Vegas
502851916 The Ridge Apartments 15202 North 40th Street Phoenix
502851981 Brookstone Apartments 1800 Marett Boulevard Rock Hill
502850909 Le Med Apartments 950 West Sierra Madre Avenue Azusa
502850840 Spanish Wells Apartments 5355 South Rainbow Boulevard Las Vegas
010-00001287 Sterling University Canyon 4404 East Oltorf Street Austin
502851734 Abbey Rowe Apartments 9320 Windsor Lane N.E. Olympia
502850912 Villa Serrano Apartments 201 South Magnolia Avenue Anaheim
18346 Vista De San Jacinto 652 North Ramona Boulevard San Jacinto
502852073 Park Crest 2070 Belmont Road Washington
010-00001285 Carrington Court Apartments 4500, 4508, 4601 West Chippewa Circle and 4400 West Custer Lane Sioux Falls
17531 Azalea Hill Apartments 5801 East Shirley Lane Montgomery
502850854 Patriots Apartments 1272 Union Road Gastonia
010-00001326 Polo Club Apartments 1000 High Road Tallahassee
502850475 Stanford Oaks Apartments 2035 Idlewood Road Tucker
010-00001289 Hidden Village Apartments 2725 SW 27th Ave. Gainesville
502851130 City View Farm Apartments 1043 West Jefferson Street Franklin
010-00001304 Como Park Apartments 1385-1445 West Jessamine Street St. Paul
502852315 Candleglow Apartments 1071 Candlelight Boulevard Brooksville
18056 Greenwood Place 300 Greenwood Avenue Clarksville
502850801 Van Mark Apartments 3980 Old Sterlington Road Monroe
17376 San Mateo Apartments 133-177 Orlando Street El Cajon
010-00001282 Garden Lane Apartments 700 Garden Lane Shakopee
502850800 The Mark Apartments 481 Cypress Lane Greenville
010-00001330 Boulder Ridge Apartments 535 Northland Drive St. Joseph
502851512 Kelly Gardens Apartments 188-192 Allen Street New Britain
502826616 The Lakeview Terrace Apartments 1191 High Avenue Oshkosh
502851209 The Gotham 702 13th Street Miami Beach
17968 Cornerstone Apartments 2900 Steeplechase Lane Montgomery
General Cut-Off
Mortgage Property Property Property Specific Date Loan Elevator
Loan Number State Zip Code County Type Property Type Amount Buildings
- ------------- ---------- -------- -------------------- ----------- ------------------ ------------ ---------
502851327 IL 60601 Cook Mixed Use Multifamily/Retail $140,000,000 Y
502851714 GA 30324 Fulton Multifamily Conventional $28,500,000 Y
502851758 AZ 85206 Maricopa Multifamily Conventional $25,200,000 N
502851487 KS 66215 Johnson Multifamily Conventional $24,000,000 N
502851697 NC 27519 Wake Multifamily Conventional $24,000,000 N
502852072 DC 20009 District of Columbia Multifamily Conventional $23,725,643 Y
502850908 CA 92804 Orange Multifamily Conventional $21,300,000 N
502850728 NV 89102 Clark Multifamily Conventional $20,050,000 N
502851916 AZ 85032 Maricopa Multifamily Conventional $18,000,000 N
502851981 SC 29732 York Multifamily Conventional $15,500,000 N
502850909 CA 91702 Los Angeles Multifamily Conventional $13,700,000 N
502850840 NV 89118 Clark Multifamily Conventional $12,650,000 N
010-00001287 TX 78741 Travis Multifamily Student Housing $12,000,000 N
502851734 WA 98516 Thurston Multifamily Conventional $11,836,000 N
502850912 CA 92804 Orange Multifamily Conventional $11,500,000 N
18346 California 92583 Riverside Multifamily Conventional $8,750,000 N
502852073 DC 20009 District Of Columbia Multifamily Conventional $8,441,376 Y
010-00001285 SD 57106 Minnehaha Multifamily Conventional $7,492,599 N
17531 Alabama 36117 Montgomery Multifamily Conventional $6,685,800 N
502850854 NC 28054 Gaston Multifamily Conventional $6,560,000 N
010-00001326 FL 32304 Leon Multifamily Student Housing $5,778,882 N
502850475 GA 30084 De Kalb Multifamily Conventional $5,727,655 N
010-00001289 FL 32608 Alachua Multifamily Conventional $5,588,666 N
502851130 IN 46131 Johnson Multifamily Conventional $5,494,373 N
010-00001304 MN 55108 Ramsey Multifamily Conventional $5,000,000 N
502852315 FL 34601 Hernando Multifamily Conventional $4,500,000 N
18056 Tennessee 37040 Montgomery Multifamily Conventional $4,200,000 Y
502850801 LA 71203 Ouachita Multifamily Conventional $4,195,764 N
17376 California 92021 San Diego Multifamily Conventional $4,150,000 N
010-00001282 MN 55379 Scott Multifamily Conventional $3,567,623 Y
502850800 MS 38701 Washington Multifamily Conventional $2,634,218 N
010-00001330 MN 56374 Stearns Multifamily Conventional $2,597,465 Y
502851512 CT 06053 Hartford Multifamily Conventional $2,475,000 N
502826616 WI 54901 Winnebago Multifamily Conventional $2,400,000 N
502851209 FL 33139 Miami-Dade Multifamily Conventional $1,498,368 N
17968 Alabama 36116 Montgomery Multifamily Conventional $1,428,523 N
Utilities
Mortgage Occupancy Tenant Number of Number of Number of Number of Number of
Loan Number Occupancy % Date Pays Studio Units 1 BR Units 2 BR Units 3 BR Units 4+ BR Units
- ------------- ----------- ----------------- --------- ------------ ---------- ---------- ---------- -----------
502851327 92.6% May 15, 2005 E,G 80 239 232 0 0
502851714 96.7% June 14, 2005 E,W 0 214 89 0 0
502851758 94.6% June 14, 2005 E,G,W,S,T 0 196 196 0 0
502851487 87.8% June 16, 2005 E,G,W,S 0 134 266 110 0
502851697 97.0% June 14, 2005 E,W,S,T 0 82 168 52 0
502852072 95.0% May 12, 2005 None 173 41 7 0 0
502850908 100.0% June 15, 2005 E,W,S,T 0 22 131 30 0
502850728 95.1% July 5, 2005 E,G,W,S 0 152 152 0 0
502851916 90.3% May 26, 2005 E,W,S,T 44 168 168 0 0
502851981 90.5% June 24, 2005 E,W 0 140 162 46 0
502850909 100.0% May 16, 2005 E,G,W 0 64 64 0 0
502850840 93.3% July 5, 2005 E,G,W,S 0 88 92 0 0
010-00001287 80.9% April 19, 2005 W,E 660 0 0 0 0
502851734 92.0% June 27, 2005 E 0 64 98 0 0
502850912 98.3% June 15, 2005 E,W,S,T 0 27 85 5 0
18346 99.4% May 31, 2005 E,G 0 156 1 0 0
502852073 95.0% May 12, 2005 None 11 38 10 0 0
010-00001285 95.5% April 22, 2005 E 0 116 104 0 0
17531 93.8% April 30, 2005 None 40 32 72 0 0
502850854 83.3% April 6, 2005 E 0 42 108 36 0
010-00001326 93.4% April 30, 2005 W,E 351 0 0 0 0
502850475 97.5% February 25, 2005 E 0 0 136 66 0
010-00001289 78.2% April 12, 2005 E 0 168 20 0 0
502851130 91.7% June 23, 2005 E,G,W,S 0 12 48 24 0
010-00001304 79.7% April 1, 2005 E 0 96 126 0 0
502852315 96.1% June 30, 2005 E,G,W,S 0 88 64 0 0
18056 100.0% July 1, 2005 E,G,W,S,T 0 35 29 1 0
502850801 95.1% March 2, 2005 E 0 56 88 0 0
17376 100.0% February 1, 2005 E 3 45 31 1 0
010-00001282 85.4% May 16, 2005 E,G,T 0 6 25 17 0
502850800 97.9% March 2, 2005 E 0 24 72 0 0
010-00001330 100.0% May 11, 2005 E 0 6 32 6 0
502851512 98.5% June 20, 2005 E,G 0 30 36 0 0
502826616 96.7% April 7, 2005 E 0 7 52 1 0
502851209 94.4% June 15, 2005 E,T 0 6 14 16 0
17968 100.0% June 21, 2005 E,C 0 32 0 0 0
Average Rent; Average Rent; Average Rent; Average Rent; Average Rent;
Mortgage Rent Ranges - Rent Ranges - Rent Ranges - Rent Ranges - Rent Ranges -
Loan Number Studio Units 1 BR Units 2 BR Units 3 BR Units 4+ BR Units
- ------------- --------------- --------------- --------------- --------------- -------------
502851327 1327; 1300-1400 1792; 1600-2100 2637; 2200-3000 0 0
502851714 0 864; 829-899 1134; 1069-1199 0 0
502851758 0 727; 700-790 877; 840-920 0 0
502851487 0 623; 610-635 720; 690-755 874; 865-885 0
502851697 0 730; 730-730 930; 875-1095 1270; 1270-1270 0
502852072 1188; 1041-1350 1772; 1700-1822 2314; 2314-2314 0 0
502850908 0 980; 980-980 1242;1200-1250 1500; 1500-1500 0
502850728 0 687; 635-735 838; 830-845 0 0
502851916` 500; 499-499 550; 549-549 700; 699-699 0 0
502851981 0 607; 595-620 736; 665-830 970; 970-970 0
502850909 0 1027; 905-1068 1321; 1250-1363 0 0
502850840 0 813; 800-825 950; 930-970 0 0
010-00001287 426; 315-535 0 0 0 0
502851734 0 838; 835-835 938; 885-960 0 0
502850912 0 980; 980-980 1190; 1175-1250 1550; 1550-1550 0
18346 0 650; 590-650 800; 800-800 0 0
502852073 1259; 1259-1330 1662; 1308-2100 2278; 2000-2555 0 0
010-00001285 0 595; 585-610 779; 750-830 0 0
17531 410; 440-581 625; 530-895 810; 780-935 0 0
502850854 0 580; 580-580 670; 670-670 770; 770-770 0
010-00001326 350; 350-350 0 0 0 0
502850475 0 0 654; 625-675 791; 790-795 0
010-00001289 0 450; 400-540 631; 590-640 0 0
502851130 0 620; 620-620 788; 780-805 920; 910-935 0
010-00001304 0 663; 570-710 793; 710-905 0 0
502852315 0 500; 450-550 630; 630-630 0 0
18056 0 724; 625-830 830; 700-925 925; 850-850 0
502850801 0 575; 575-575 695; 695-695 0 0
17376 600; 550-660 750; 675-770 850; 715-880 1200; 1200-1200 0
010-00001282 0 738; 710-765 884; 810-890 1042; 975-1090 0
502850800 0 535; 535-535 635; 635-635 0 0
010-00001330 0 575; 575-575 814; 595-1197 992; 795-1197 0
502851512 0 495; 495-495 608; 595-750 0 0
502826616 0 565; 565-565 665; 665-665 720; 720-720 0
502851209 0 638; 600-645 850; 842-875 1052; 1050-1056 0
17968 0 580; 430-630 0 0 0