CMBS NEW ISSUE
STRUCTURAL AND COLLATERAL TERM SHEET
----------------------
$2,102,782,000
(APPROXIMATE OFFERED CERTIFICATES)
$2,285,634,268
(APPROXIMATE TOTAL COLLATERAL BALANCE)
COMM 2005-C6
----------------------
COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES
GERMAN AMERICAN CAPITAL CORPORATION
GMAC COMMERCIAL MORTGAGE CORPORATION
PNC BANK, NATIONAL ASSOCIATION
MORTGAGE LOAN SELLERS
----------------------
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS APPROX. SIZE INITIAL PASS- RATINGS SUBORDINATION PRINCIPAL ASSUMED FINAL
(FACE) THROUGH RATE (S&P/MOODY'S) LEVELS WAL (YRS.) WINDOW DISTRIBUTION DATE
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
A-1 $ 48,000,000 % AAA/Aaa 20.000% 2.58 9/05-1/10 January 10, 2010
- ----------------------------------------------------------------------------------------------------------------------------------
A-2 $185,500,000 % AAA/Aaa 20.000% 4.63 1/10-7/10 July 10, 2010
- ----------------------------------------------------------------------------------------------------------------------------------
A-3 $ 59,600,000 % AAA/Aaa 20.000% 6.88 6/12-8/12 August 10, 2012
- ----------------------------------------------------------------------------------------------------------------------------------
A-4 $ 35,500,000 % AAA/Aaa 20.000% 9.01 7/14-1/15 January 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
A-AB $ 71,900,000 % AAA/Aaa 20.000% 6.95 7/10-7/14 July 10, 2014
- ----------------------------------------------------------------------------------------------------------------------------------
A-5A $800,596,000 % AAA/Aaa 30.000% 9.82 1/15-7/15 July 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
A-5B $114,371,000 % AAA/Aaa 20.000% 9.89 7/15-7/15 July 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
A-1A $513,040,000 % AAA/Aaa 20.000% 7.93 9/05-8/15 August 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
X-P $ % AAA/Aaa N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
A-J $171,422,000 % AAA/Aaa 12.500% 9.98 8/15-8/15 August 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
B $ 45,712,000 % AA/Aa2 10.500% 9.98 8/15-8/15 August 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
C $ 20,000,000 % AA-/Aa3 9.625% 9.98 8/15-8/15 August 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
D $ 37,141,000 % A/A2 8.000% 9.98 8/15-8/15 August 10, 2015
- ----------------------------------------------------------------------------------------------------------------------------------
DEUTSCHE BANK SECURITIES
Sole Book Running Manager and Lead Manager
GMAC COMMERCIAL HOLDING CAPITAL MARKETS CORP. PNC CAPITAL MARKETS, INC.
Co-Manager Co-Manager
CREDIT SUISSE FIRST BOSTON JPMORGAN WACHOVIA SECURITIES
Co-Manager Co-Manager Co-Manager
-------------
JULY 27, 2005
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
1
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
TRANSACTION FEATURES
>> SELLERS:
NO. OF CUT-OFF DATE %
SELLERS LOANS BALANCE ($) OF POOL
- ---------------------------------------------------------------------------------------------------------------------
German American Capital Corporation 31 $ 962,588,155 42.11%
GMAC Commercial Mortgage Corporation 62 953,241,589 41.71
PNC Bank, National Association 45 369,804,523 16.18
- ---------------------------------------------------------------------------------------------------------------------
TOTAL: 138 $2,285,634,268 100.00%
- ---------------------------------------------------------------------------------------------------------------------
>> LOAN POOL:
o Average Cut-off Date Balance: $16,562,567
o Largest Mortgage Loan by Cut-off Date Balance: $218,000,000 (Shadow
Rated BBB+ / Baa3 by S&P and Moody's, respectively)
o Five largest and ten largest loans or cross-collateralized loan
groups: 30.79% and 43.65% of the pool, respectively
>> CREDIT STATISTICS:
o Weighted average underwritten DSCR of 1.60x
o Weighted average cut-off date LTV ratio of 68.08%; weighted average
balloon LTV ratio of 61.82%
>> PROPERTY TYPES:
[Data below represents pie chart in printed piece.]
MULTIFAMILY(1) 26.24%
OFFICE 25.49%
RETAIL 24.03%
HOTEL 9.16%
MIXED USE(2) 7.29%
SELF STORAGE 6.48%
INDUSTRIAL 1.32%
(1) Consists of Multifamily (24.89%) and Manufactured Housing (1.35%).
(2) Consists of office and retail components.
>> CALL PROTECTION: (AS APPLICABLE)
o 100.00% of the pool (current balance) has a remaining lockout
period ranging from 21 to 57 payments, then defeasance or yield
maintenance (which in no event may be less than 1% of the amount
prepaid).
>> BOND INFORMATION:
o Cash flows are expected to be modeled by TREPP and INTEX and are
expected to be available on BLOOMBERG.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
2
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
OFFERED CERTIFICATES
INITIAL CERTIFICATE ASSUMED FINAL INITIAL
CLASS BALANCE OR SUBORDINATION RATINGS AVERAGE PRINCIPAL DISTRIBUTION PASS-THROUGH
NOTIONAL AMOUNT(1) LEVELS (S&P/MOODY'S) LIFE (YRS.)(2) WINDOW(2) DATE(2) RATE (APPROX.)(3)
- -----------------------------------------------------------------------------------------------------------------------------------
A-1(4) $ 48,000,000 20.000%(7) AAA/Aaa 2.58 9/05-1/10 January 10, 2010 %
- -----------------------------------------------------------------------------------------------------------------------------------
A-2(4) $185,500,000 20.000%(7) AAA/Aaa 4.63 1/10-7/10 July 10, 2010 %
- -----------------------------------------------------------------------------------------------------------------------------------
A-3(4) $ 59,600,000 20.000%(7) AAA/Aaa 6.88 6/12-8/12 August 10, 2012 %
- -----------------------------------------------------------------------------------------------------------------------------------
A-4(4) $ 35,500,000 20.000%(7) AAA/Aaa 9.01 7/14-1/15 January 10, 2015 %
A-AB(4) $ 71,900,000 20.000%(7) AAA/Aaa 6.95 7/10-7/14 July 10, 2014 %
A-5A(4) $800,596,000 30.000%(7) AAA/Aaa 9.82 1/15-7/15 July 10, 2015 %
A-5B(4) $114,371,000 20.000%(7) AAA/Aaa 9.89 7/15-7/15 July 10, 2015 %
A-1A(4) $513,040,000 20.000%(7) AAA/Aaa 7.93 9/05-8/15 August 10, 2015 %
X-P(5) $ N/A AAA/Aaa N/A N/A %
- -----------------------------------------------------------------------------------------------------------------------------------
A-J $171,422,000 12.500% AAA/Aaa 9.98 8/15-8/15 August 10, 2015 %
- -----------------------------------------------------------------------------------------------------------------------------------
B $ 45,712,000 10.500% AA/Aa2 9.98 8/15-8/15 August 10, 2015 %
- -----------------------------------------------------------------------------------------------------------------------------------
C $ 20,000,000 9.625% AA-/Aa3 9.98 8/15-8/15 August 10, 2015 %
D $ 37,141,000 8.000% A/A2 9.98 8/15-8/15 August 10, 2015 %
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PRIVATE CERTIFICATES(6)
INITIAL CERTIFICATE ASSUMED FINAL INITIAL
CLASS BALANCE OR SUBORDINATION RATINGS AVERAGE PRINCIPAL DISTRIBUTION PASS-THROUGH
NOTIONAL AMOUNT(1) LEVELS (S&P/MOODY'S) LIFE (YRS.)(2) WINDOW(2) DATE(2) RATE (APPROX.)(3)
- -----------------------------------------------------------------------------------------------------------------------------------
X-C(5) $2,285,634,267 N/A AAA/Aaa N/A N/A July 10, 2030 %
- -----------------------------------------------------------------------------------------------------------------------------------
E $ 28,570,000 6.750% A-/A3 9.98 8/15-8/15 August 10, 2015 %
- -----------------------------------------------------------------------------------------------------------------------------------
F $ 25,714,000 5.625% BBB+/Baa1 9.98 8/15-8/15 August 10, 2015 %
G $ 25,713,000 4.500% BBB/Baa2 9.98 8/15-8/15 August 10, 2015 %
H $ 22,857,000 3.500% BBB-/Baa3 9.98 8/15-8/15 August 10, 2015 %
J $ 14,285,000 2.875% BB+/Ba1 10.01 8/15-9/15 September 10, 2015 %
K $ 11,428,000 2.375% BB/Ba2 10.10 9/15-6/16 June 10, 2016 %
L $ 5,714,000 2.125% BB-/Ba3 12.24 6/16-3/19 March 10, 2019 %
- -----------------------------------------------------------------------------------------------------------------------------------
M $ 14,285,000 1.500% B+/NR 14.82 3/19-8/20 August 10, 2020 %
- -----------------------------------------------------------------------------------------------------------------------------------
N $ 2,857,000 1.375% B/NR 14.98 8/20-8/20 August 10, 2020 %
O $ 5,714,000 1.125% B-/NR 14.98 8/20-8/20 August 10, 2020 %
P $ 25,715,267 0.000% NR/NR 15.52 8/20-7/30 July 10, 2030 %
NOTES:
(1) Subject to a permitted variance of plus or minus 5%.
(2) Based on the structuring assumptions, assuming 0% CPR, described in the
Prospectus Supplement.
(3) The Class A-1, A-2, A-3, A-4, A-AB, A-5A, A-5B, A-1A, A-J, B, C, D, E, F, G
and H Certificates will each accrue interest at either (i) a fixed rate,
(ii) a fixed rate subject to a cap at the weighted average net mortgage
interest rate, (iii) a rate equal to the weighted average net mortgage
interest rate less a specified percentage or (iv) a rate equal to the
weighted average net mortgage interest rate. The Class J, K, L, M, N, O and
P Certificates will accrue interest at either (i) a fixed rate, or (ii) a
fixed rate subject to a cap at the weighted average net mortgage interest
rate.
(4) For purposes of making distributions to the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-AB, Class A-5A, Class A-5B and Class A-1A
Certificates, the pool of mortgage loans will be deemed to consist of two
distinct Loan Groups, Loan Group 1 and Loan Group 2. Loan Group 1 will
consist of 103 mortgage loans, representing approximately 77.55% of the
outstanding pool balance. Loan Group 2 will consist of 35 mortgage loans,
representing approximately 22.45% of the outstanding pool balance. Loan
Group 2 will include approximately 88.04% of all the mortgage loans secured
by multifamily properties and approximately 39.81% of all the mortgage
loans secured by manufactured housing properties.
So long as funds are sufficient on any distribution date to make
distributions of all interest on such distribution date to the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-AB, Class A-5A, Class A-5B, Class
A-1A, Class X-C and Class X-P Certificates, interest distributions on the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-5A and
Class A-5B Certificates will be based upon amounts available relating to
mortgage loans in Loan Group 1 and interest distributions on the Class A-1A
Certificates will be based upon amounts available relating to mortgage
loans in Loan Group 2. In addition, generally, the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-AB, Class A-5A and Class A-5B Certificates
will be entitled to receive distributions of principal collected or
advanced in respect of mortgage loans in Loan Group 1, and after the
certificate principal balance of the Class A-1A Certificates has been
reduced to zero, Loan Group 2, and the Class A-1A Certificates will be
entitled to receive distributions of principal collected or advanced in
respect of mortgage loans in Loan Group 2, and after the certificate
principal balance of the Class A-5B Certificates has been reduced to zero,
Loan Group 1. However, on and after any distribution date on which the
certificate principal balances of the Class A-J and Class B through Class P
Certificates have been reduced to zero, distributions of principal
collected or advanced in respect of the pool of mortgage loans will be
distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB,
Class A-5 and Class A-1A Certificates, pro rata, provided that amounts
distributed to the Class A-5 Certificates will be applied first to the
Class A-5A Certificates and then to the Class A-5B Certificates as
described in the prospectus supplement.
(5) The interest accrual amount on each of the Class X-C and Class X-P
Certificates will be calculated by reference to a notional amount equal to
the aggregate of the Class principal balances of all or some of the Classes
of certificates, as applicable. The pass-through rates on the Class X-C and
Class X-P Certificates in the aggregate will be based on the weighted
average of the interest strip rates of the components of the Class X-C and
Class X-P Certificates, which will be based on the net mortgage rates
applicable to the mortgage loans as of the preceding distribution date
minus the pass-through rates of such components. The Class X-C and Class
X-P Certificates were structured assuming that the Lakewood Center B Loan,
General Motors Building B Loan and Loews Universal Hotel Portfolio B
(collectively representing 17.15% of the aggregate principal balance of the
pool of mortgage loans as of the cut-off date) absorb any loss prior to the
related Mortgage Loan. For more information regarding these Mortgage Loans
(as well as information regarding other Mortgaged Properties that secure
subordinate notes that are held outside of the trust), see "Description of
the Mortgage Trust Pool_Split Loan Structures in the prospectus supplement.
(6) Certificates to be offered privately pursuant to Rule 144A and Regulation
S.
(7) Represents the approximate subordination level for the Class A-1, A-2, A-3,
A-4, A-AB, A-5A, A-5B and A-1A Certificates in the aggregate. Additionally,
the subordination level for the Class A-5A Certificates reflects the credit
support provided by the Class A-5B Certificates.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
3
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
I. ISSUE CHARACTERISTICS
ISSUE TYPE: Public: Classes A-1, A-2, A-3, A-4, A-AB,
A-5A, A-5B, A-1A, X-P, A-J, B, C and D (the
"Offered Certificates"). Private (Rule
144A, Regulation S), Classes X-C, E, F, G,
H, J, K, L, M, N, O and P.
SECURITIES OFFERED: $2,102,782,000 monthly pay, multi-class,
sequential pay commercial mortgage REMIC
Pass-Through Certificates, consisting of 12
fixed-rate principal and interest classes
(A-1, A-2, A-3, A-4, A-AB, A-5A, A-5B,
A-1A, A-J, B, C and D) and 1 interest only
class, the Class X-P.
MORTGAGE POOL: The Mortgage Pool consists of 138 Mortgage
Loans with an aggregate balance as of the
Cut-Off Date of $2,285,634,268. The
Mortgage Loans are secured by 190
properties located throughout 31 states and
the District of Columbia.
SELLERS: German American Capital Corporation (GACC),
GMAC Commercial Mortgage Corporation
(GMACCM) and PNC Bank, National Association
(PNC)
BOOKRUNNER: Deutsche Bank Securities Inc.
LEAD MANAGER: Deutsche Bank Securities Inc.
CO-MANAGERS: GMAC Commercial Holding Capital Markets
Corp., PNC Capital Markets, Inc., Credit
Suisse First Boston LLC, J.P. Morgan
Securities Inc., and Wachovia Securities,
LLC.
SERVICER: Midland Loan Services, Inc., a Delaware
corporation, with respect to all of the
mortgage loans other than the Loews
Universal Hotel Portfolio Loan and the
mortgage loans sold to Deutsche Mortgage &
Asset Receiving Corporation (the
"Depositor") by GMAC Commercial Mortgage
Corporation, one of the mortgage loan
sellers and GMAC Commercial Mortgage
Corporation, a California corporation, with
respect to the Loews Universal Hotel
Portfolio Loan and the mortgage loans sold
to the Depositor by GMAC Commercial
Mortgage Corporation. The Loews Universal
Hotel Portfolio loan and the General Motors
Building loan (together, the "Non-Serviced
Mortgage Loans") will be serviced pursuant
to the terms of separate pooling and
servicing agreements.
SPECIAL SERVICER: GMAC Commercial Mortgage Corporation, a
California corporation, with respect to all
of the mortgage loans, other than the
Non-Serviced Mortgage Loans.
TRUSTEE: Wells Fargo Bank, N.A.
CUT-OFF DATE: With respect to each mortgage loan, the
later of August 1, 2005 and the date of
origination of such mortgage loan.
EXPECTED CLOSING DATE: On or about August 19, 2005.
DISTRIBUTION DATES: The 10th day of each month or, if such 10th
day is not a business day, the business day
immediately following such 10th day,
beginning in September, 2005.
MINIMUM DENOMINATIONS: (i) $10,000 with respect to the Class A-1,
Class A-2, Class A-3, Class A-4, Class
A-AB, Class A-5A, Class A-5B, Class A-1A
and Class A-J Certificates, (ii) $25,000
with respect to the Class B, Class C and
Class D Certificates and (iii) $1,000,000
with respect to the Class X-P Certificates,
and in each case in multiples of $1
thereafter.
SETTLEMENT TERMS: DTC, Euroclear and Clearstream, same day
funds, with accrued interest.
ERISA/SMMEA STATUS: Classes A-1, A-2, A-3, A-4, A-AB, A-5A,
A-5B, A-1A, X-P, A-J, B, C and D are
expected to be ERISA eligible. No Class of
Certificates is SMMEA eligible.
RATING AGENCIES: The Offered Certificates will be rated by
Standard & Poor's Rating Services, a
division of the McGraw-Hill Companies Inc.
("S&P") and Moody's Investors Service, Inc.
("Moody's").
RISK FACTORS: THE CERTIFICATES INVOLVE CERTAIN RISKS AND
MAY NOT BE SUITABLE FOR ALL INVESTORS. SEE
THE "RISK FACTORS" SECTION OF THE
PROSPECTUS SUPPLEMENT AND THE "RISK
FACTORS" SECTION OF THE PROSPECTUS.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
4
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
II. STRUCTURE CHARACTERISTICS
On each Distribution Date, holders of each Class of the Offered Certificates
will be entitled to receive interest and principal distributions from available
funds in an amount equal to that Class' interest and principal entitlement,
subject to:
(i) payment of the respective interest entitlement for any class of
certificates bearing an earlier alphanumeric designation (except in
respect of the distribution of interest among the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-AB, Class A-5A, Class A-5B, Class A-1A,
Class X-C and Class X-P Certificates, which will have the same senior
priority, and except that distributions to the Class A-J Certificates
are paid after distributions to the foregoing classes and except that
distribution on the Class A-5A Certificates will be made prior to
distributions on the Class A-5B Certificates), and
(ii) if applicable, payment of the respective principal entitlement for such
distribution date to outstanding classes of certificates having an
earlier alphanumeric designation; provided, however, that the Class
A-AB Certificates have certain priority with respect to reducing the
principal balance of those certificates to their planned principal
balance, provided further that the Class A-J Certificates receive
distributions only after distributions are made to the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-AB, Class A-5A, Class A-5B and Class
A-1A Certificates and provided further that distribution on the Class
A-5A Certificates will be made prior to distributions on the Class A-5B
Certificates).
For purposes of making distributions to the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-AB, Class A-5A, Class A-5B and Class A-1A Certificates, the
pool of mortgage loans will be deemed to consist of two distinct Loan Groups,
Loan Group 1 and Loan Group 2. Loan Group 1 will consist of 103 mortgage loans,
representing approximately 77.55% of the outstanding pool balance. Loan Group 2
will consist of 35 mortgage loans, representing approximately 22.45% of the
outstanding pool balance. Loan Group 2 will include approximately 88.04% of all
the mortgage loans secured by multifamily properties and approximately 39.81% of
all the mortgage loans secured by manufactured housing community properties.
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-5A and Class
A-5B Certificates will have priority to payments received in respect of mortgage
loans included in Loan Group 1. The Class A-1A Certificates will have priority
to payments received in respect of mortgage loans included in Loan Group 2.
THE FOREGOING TERMS AND STRUCTURAL CHARACTERISTICS OF THE CERTIFICATES ARE IN
ALL RESPECTS SUBJECT TO THE MORE DETAILED DESCRIPTION THEREOF IN THE PROSPECTUS,
PROSPECTUS SUPPLEMENT AND POOLING AND SERVICING AGREEMENT.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
5
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
III. FULL COLLATERAL CHARACTERISTICS
CUT-OFF DATE BALANCE ($)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
1,297,373-1,999,999 10 17,839,603 0.78
2,000,000-2,999,999 11 26,069,044 1.14
3,000,000-3,999,999 19 64,884,142 2.84
4,000,000-5,999,999 14 70,053,518 3.06
6,000,000-6,999,999 14 90,695,721 3.97
7,000,000-9,999,999 18 147,105,509 6.44
10,000,000-14,999,999 18 227,287,321 9.94
15,000,000-29,999,999 17 353,048,913 15.45
30,000,000-49,999,999 7 290,905,597 12.73
50,000,000-69,999,999 4 223,000,000 9.76
70,000,000-218,000,000 6 774,744,899 33.90
- -------------------------------------------------------------------------------
TOTAL: 138 2,285,634,268 100.00
- -------------------------------------------------------------------------------
Min: $1,297,373 Max: $218,000,000 Average: $16,562,567
- -------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------------------------
California 21 660,945,638 28.92
Southern 18 503,752,622 22.04
Northern 31 57,193,016 6.88
New York 21 390,458,413 17.08
Florida 26 234,255,773 10.25
Texas 28 216,304,311 9.46
Virginia 4 85,700,000 3.75
North Carolina 18 72,144,990 3.16
Alabama 8 69,119,090 3.02
Maryland 5 62,794,122 2.75
Nevada 2 61,100,000 2.67
Pennsylvania 5 60,945,694 2.67
Arizona 7 54,580,767 2.39
Michigan 7 39,069,626 1.71
Georgia 4 33,879,603 1.48
Other States(a) 34 244,336,242 10.69
- -------------------------------------------------------------------------------
TOTAL: 190 2,285,634,268 100.00
- -------------------------------------------------------------------------------
(a) Includes 18 states and the District of Columbia.
PROPERTY TYPE
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------------------------
Multifamily 50 599,657,894 26.24
Multifamily 45 568,810,521 24.89
Manufactured Housing 5 30,847,373 1.35
Office 29 582,494,829 25.49
Retail 44 549,214,628 24.03
Anchored 20 455,172,190 19.91
Unanchored 10 60,410,023 2.64
Single Tenant 14 33,632,415 1.47
Hotel 18 209,470,092 9.16
Self Storage 39 148,028,560 6.48
Mixed Use 6 166,553,988 7.29
Industrial 4 30,214,276 1.32
- -------------------------------------------------------------------------------
TOTAL: 190 2,285,634,268 100.00
- -------------------------------------------------------------------------------
MORTGAGE RATE (%)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
4.725%-4.999% 2 150,000,000 6.56
5.000%-5.249% 31 760,108,009 33.26
5.250%-5.449% 48 571,081,210 24.99
5.450%-5.749% 40 504,829,660 22.09
5.750%-6.000% 17 299,615,389 13.11
- -------------------------------------------------------------------------------
TOTAL: 138 2,285,634,268 100.00
- -------------------------------------------------------------------------------
Min: 4.725% Max: 6.000% Wtd. Avg: 5.350%
- -------------------------------------------------------------------------------
ORIGINAL TERM TO STATED MATURITY (MOS)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
60-80 13 355,150,537 15.54
81-100 5 64,292,845 2.81
101-120 112 1,776,301,756 77.72
121-300 8 89,889,130 3.93
- -------------------------------------------------------------------------------
TOTAL: 138 2,285,634,268 100.00
- -------------------------------------------------------------------------------
Min: 60 Max: 300 Wtd. Avg: 112
- -------------------------------------------------------------------------------
REMAINING TERM TO STATED MATURITY (MOS)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
54-84 18 419,443,382 18.35
85-119 83 1,312,341,452 57.42
120-299 37 553,849,434 24.23
- -------------------------------------------------------------------------------
TOTAL: 138 2,285,634,268 100.00
- -------------------------------------------------------------------------------
Min: 54 Max: 299 Wtd. Avg: 110
- -------------------------------------------------------------------------------
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)(b)(c)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
21.51%-50.00% 8 139,529,101 6.10
50.01%-60.00% 6 351,479,351 15.38
60.01%-70.00% 22 641,936,766 28.09
70.01%-75.00% 51 398,580,234 17.44
75.01%-80.00% 50 737,238,816 32.26
80.01%-80.33% 1 16,870,000 0.74
- -------------------------------------------------------------------------------
TOTAL: 138 2,285,634,268 100.00
- -------------------------------------------------------------------------------
Min: 21.51% Max: 80.33% Wtd. Avg: 68.08%
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 4
mortgage loans, collectively representing 5.47% of the outstanding pool
balance as of the cut-off date.
(b) In the case of two mortgage loans, together representing 7.61% of the
outstanding pool balance as of the cut-off date, with one or more companion
loans that are not included in the Trust, calculated only with respect to
the mortgage loans that are included in the Trust and the companion loans
that are not included in the Trust but are PARI PASSU in right of payment
with the mortgage loans included in the Trust, but excluding the related
subordinate companion loan.
(c) In addition, in the case of five mortgage loans, collectively representing
11.11% of the outstanding pool balance as of the cut-off date, each with
one subordinate companion loan that is not included in the trust, unless
otherwise indicated, DSCR and LTV ratio have been calculated based on the
mortgage loan included in the trust, but excluding the subordinate
companion loan.
LOAN-TO-VALUE RATIO AT MATURITY (%)(a)(b)(c)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
0.00%-30.00% 6 26,701,172 1.17
30.01%-40.00% 1 3,000,000 0.13
40.01%-50.00% 10 193,470,444 8.46
50.01%-60.00% 37 743,690,640 32.54
60.01%-70.00% 64 888,102,012 38.86
70.01%-75.00% 16 257,470,000 11.26
75.01%-80.00% 4 173,200,000 7.58
- -------------------------------------------------------------------------------
TOTAL: 138 2,285,634,268 100.00
- -------------------------------------------------------------------------------
Min: 0.00% Max: 80.00% Wtd Avg: 61.82%
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 4
mortgage loans, collectively representing 5.47% of the outstanding pool
balance as of the cut-off date.
(b) In the case of two mortgage loans, together representing 7.61% of the
outstanding pool balance as of the cut-off date, with one or more companion
loans that are not included in the Trust, calculated only with respect to
the mortgage loans that are included in the Trust and the companion loans
that are not included in the Trust but are PARI PASSU in right of payment
with the mortgage loans included in the Trust, but excluding the related
subordinate companion loan.
(c) In addition, in the case of five mortgage loans, collectively representing
11.11% of the outstanding pool balance as of the cut-off date, each with
one subordinate companion loan that is not included in the trust, unless
otherwise indicated, DSCR and LTV ratio have been calculated based on the
mortgage loan included in the trust, but excluding the subordinate
companion loan.
DEBT SERVICE COVERAGE RATIOS (x)(a)(b)(c)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
1.20-1.29 40 548,695,402 24.01
1.30-1.39 27 382,696,852 16.74
1.40-1.49 22 430,438,699 18.83
1.50-1.59 23 211,918,724 9.27
1.60-1.74 14 266,808,011 11.67
1.75-1.99 5 35,896,579 1.57
2.00-2.49 5 340,180,000 14.88
2.50-3.61 2 69,000,000 3.02
- -------------------------------------------------------------------------------
TOTAL: 138 2,285,634,268 100.00
- -------------------------------------------------------------------------------
Min: 1.20x Max: 3.61x Wtd Avg: 1.60x
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 4
mortgage loans, collectively representing 5.47% of the outstanding pool
balance as of the cut-off date.
(b) In the case of two mortgage loans, together representing 7.61% of the
outstanding pool balance as of the cut-off date, with one or more companion
loans that are not included in the Trust, calculated only with respect to
the mortgage loans that are included in the Trust and the companion loans
that are not included in the Trust but are PARI PASSU in right of payment
with the mortgage loans included in the Trust, but excluding the related
subordinate companion loan.
(c) In addition, in the case of five mortgage loans, collectively representing
11.11% of the outstanding pool balance as of the cut-off date, each with
one subordinate companion loan that is not included in the trust, unless
otherwise indicated, DSCR and LTV ratio have been calculated based on the
mortgage loan included in the trust, but excluding the subordinate
companion loan.
LOANS WITH RESERVE REQUIREMENTS(a)(b)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------------------------
Taxes 118 1,936,164,139 84.71
Replacement 108 1,798,691,466 78.70
Insurance 125 1,752,077,502 76.66
TILC(b) 50 945,872,238 71.20
- -------------------------------------------------------------------------------
(a) Includes upfront or on-going reserves.
(b) Based only on portion of pool secured by retail, office, industrial and
mixed use properties. $2,102,782,000 (APPROXIMATE)
All numerical information concerning the mortgage loans is approximate. All
weighted average information regarding the mortgage loans reflects the weighting
of the loans based on their outstanding principal balances as of the Cut-off
Date. State and Property Type tables reflect allocated loan amounts in the case
of mortgage loans secured by multiple properties. Sum of Columns may not match
"Total" due to rounding.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
6
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
IV. LOAN GROUP 1
CUT-OFF DATE BALANCE ($)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
1,297,373-1,999,999 9 16,265,939 0.92
2,000,000-2,999,999 10 23,476,667 1.32
3,000,000-3,999,999 11 36,852,822 2.08
4,000,000-5,999,999 11 54,969,843 3.10
6,000,000-6,999,999 12 77,951,979 4.40
7,000,000-9,999,999 13 104,717,448 5.91
10,000,000-14,999,999 13 165,065,004 9.31
15,000,000-29,999,999 11 229,948,913 12.97
30,000,000-49,999,999 5 200,600,000 11.32
50,000,000-69,999,999 3 173,000,000 9.76
70,000,000-218,000,000 5 689,744,899 38.91
- -------------------------------------------------------------------------------
TOTAL: 103 1,772,593,514 100.00
- -------------------------------------------------------------------------------
Min: $1,297,373 Max: $218,000,000 Average: $17,209,646
- -------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
California 17 644,625,638 36.37
Southern 15 490,432,622 27.67
Northern 2 154,193,016 8.70
New York 12 254,909,074 14.38
Florida 23 180,755,773 10.20
Texas 22 158,339,266 8.93
North Carolina 18 72,144,990 4.07
Nevada 2 61,100,000 3.45
Arizona 6 50,980,767 2.88
Maryland 3 42,014,122 2.37
Pennsylvania 3 39,005,634 2.20
Virginia 3 35,700,000 2.01
Washington 1 25,961,984 1.46
Kentucky 2 23,807,000 1.34
Michigan 6 22,569,626 1.27
Other States(a) 31 160,679,642 9.06
- -------------------------------------------------------------------------------
TOTAL: 149 1,772,593,514 100.00
- -------------------------------------------------------------------------------
(a) Includes 14 states and the District of Columbia.
PROPERTY TYPE
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
Office 29 582,494,829 32.86
Retail 44 549,214,628 30.98
Anchored 20 455,172,190 25.68
Unanchored 10 60,410,023 3.41
Single Tenant 14 33,632,415 1.90
Hotel 18 209,470,092 11.82
Mixed Use 6 166,553,988 9.40
Self Storage 39 148,028,560 8.35
Multifamily 9 86,617,141 4.89
Manufactured Housing 6 68,049,768 3.84
Multifamily 3 18,567,373 1.05
Industrial 4 30,214,276 1.70
- -------------------------------------------------------------------------------
TOTAL: 149 1,772,593,514 100.00
- -------------------------------------------------------------------------------
MORTGAGE RATE (%)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
4.725%-4.999% 1 65,000,000 3.67
5.000%-5.249% 20 631,904,346 35.65
5.250%-5.449% 35 356,763,407 20.13
5.450%-5.749% 31 435,310,372 24.56
5.750%-6.000% 16 283,615,389 16.00
- -------------------------------------------------------------------------------
TOTAL: 103 1,772,593,514 100.00
- -------------------------------------------------------------------------------
Min: 4.725% Max: 6.000% Wtd. Avg: 5.377%
- -------------------------------------------------------------------------------
ORIGINAL TERM TO STATED MATURITY (MOS)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
60-80 8 182,101,198 10.27
81-100 4 60,392,845 3.41
101-120 83 1,440,210,341 81.25
121-300 8 89,889,130 5.07
- -------------------------------------------------------------------------------
TOTAL: 103 1,772,593,514 100.00
- -------------------------------------------------------------------------------
Min: 60 Max: 300 Wtd. Avg: 115
- -------------------------------------------------------------------------------
REMAINING TERM TO STATED MATURITY (MOS)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
54-84 12 242,494,043 13.68
85-119 58 1,082,670,037 61.08
120-299 33 447,429,434 25.24
- -------------------------------------------------------------------------------
TOTAL: 103 1,772,593,514 100.00
- -------------------------------------------------------------------------------
Min: 54 Max: 299 Wtd. Avg: 114
- -------------------------------------------------------------------------------
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)(b)(c)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
32.16%-50.00% 4 123,209,101 6.95
50.01%-60.00% 6 351,479,351 19.83
60.01%-70.00% 20 626,443,024 35.34
70.01%-75.00% 42 269,995,876 15.23
75.01%-80.00% 30 384,596,163 21.70
80.01%-80.33% 1 16,870,000 0.95
- -------------------------------------------------------------------------------
TOTAL: 103 1,772,593,514 100.00
- -------------------------------------------------------------------------------
Min: 32.16% Max: 80.33%Wtd. Avg: 66.13%
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 3
mortgage loans, collectively representing 6.27% of the initial loan group 1
balance as of the cut-off date.
(b) In the case of two mortgage loans, together representing 9.82% of the
initial loan group 1 balance as of the cut-off date, each with one or more
companion loans that are not included in the Trust, calculated only with
respect to the mortgage loans that are included in the Trust and the
companion loans that are not included in the Trust but are PARI PASSU in
right of payment with the mortgage loans included in the Trust, but
excluding the related subordinate companion loan.
(c) In addition, in the case of five mortgage loans, collectively representing
14.33% of the initial loan group 1 balance as of the cut-off date, each
with one subordinate companion loan that is not included in the trust,
unless otherwise indicated, DSCR and LTV ratio have been calculated based
on the mortgage loan included in the trust, but excluding the subordinate
companion loan.
LOAN-TO-VALUE RATIO AT MATURITY (%)(a)(b)(c)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
0.00%-40.00% 4 17,201,172 0.97
40.01%-50.00% 9 189,650,444 10.70
50.01%-60.00% 36 740,138,832 41.75
60.01%-70.00% 45 645,333,066 36.41
70.01%-75.08% 9 180,270,000 10.17
- -------------------------------------------------------------------------------
TOTAL: 103 1,772,593,514 100.00
- -------------------------------------------------------------------------------
Min: 0.00% Max: 75.08% Wtd Avg: 59.50%
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 3
mortgage loans, collectively representing 6.27% of the initial loan group 1
balance as of the cut-off date.
(b) In the case of two mortgage loans, together representing 9.82% of the
initial loan group 1 balance as of the cut-off date, each with one or more
companion loans that are not included in the Trust, calculated only with
respect to the mortgage loans that are included in the Trust and the
companion loans that are not included in the Trust but are PARI PASSU in
right of payment with the mortgage loans included in the Trust, but
excluding the related subordinate companion loan.
(c) In addition, in the case of five mortgage loans, collectively representing
14.33% of the initial loan group 1 balance as of the cut-off date, each
with one subordinate companion loan that is not included in the trust,
unless otherwise indicated, DSCR and LTV ratio have been calculated based
on the mortgage loan included in the trust, but excluding the subordinate
companion loan.
DEBT SERVICE COVERAGE RATIOS (x)(a)(b)(c)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
1.20-1.29 26 363,595,268 20.51
1.30-1.39 19 320,126,232 18.06
1.40-1.49 19 283,738,699 16.01
1.50-1.59 18 118,598,724 6.69
1.60-1.74 13 263,208,011 14.85
1.75-1.99 4 26,646,579 1.50
2.00-2.49 3 331,680,000 18.71
2.50-3.61 1 65,000,000 3.67
- -------------------------------------------------------------------------------
TOTAL: 103 1,772,593,514 100.00
- -------------------------------------------------------------------------------
Min: 1.20x Max: 3.61x Wtd Avg: 1.65x
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 3
mortgage loans, collectively representing 6.27% of the initial loan group 1
balance as of the cut-off date.
(b) In the case of two mortgage loans, together representing 9.82% of the
initial loan group 1 balance as of the cut-off date, each with one or more
companion loans that are not included in the Trust, calculated only with
respect to the mortgage loans that are included in the Trust and the
companion loans that are not included in the Trust but are PARI PASSU in
right of payment with the mortgage loans included in the Trust, but
excluding the related subordinate companion loan.
(c) In addition, in the case of five mortgage loans, collectively representing
14.33% of the initial loan group 1 balance as of the cut-off date, each
with one subordinate companion loan that is not included in the trust,
unless otherwise indicated, DSCR and LTV ratio have been calculated based
on the mortgage loan included in the trust, but excluding the subordinate
companion loan.
LOANS WITH RESERVE REQUIREMENTS(a)(b)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
- -------------------------------------------------------------------------------
Taxes 83 1,423,123,385 80.28
Replacement 79 1,351,570,713 76.25
Insurance 90 1,239,036,748 69.90
TILC(b) 50 945,872,238 71.20
- -------------------------------------------------------------------------------
(a) Includes upfront or on-going reserves.
(b) Based only on portion of pool secured by retail, office, industrial and
mixed use properties.
All numerical information concerning the mortgage loans is approximate. All
weighted average information regarding the mortgage loans reflects the weighting
of the loans based on their outstanding principal balances as of the Cut-off
Date. State and Property Type tables reflect allocated loan amounts in the case
of mortgage loans secured by multiple properties. Sum of Columns may not match
"Total" due to rounding.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
7
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
V. LOAN GROUP 2
CUT-OFF DATE BALANCE ($)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
1,573,664-1,999,999 1 1,573,664 0.31
2,000,000-2,999,999 1 2,592,377 0.51
3,000,000-3,999,999 8 28,031,320 5.46
4,000,000-6,999,999 5 27,827,417 5.42
7,000,000-9,999,999 5 42,388,061 8.26
10,000,000-14,999,999 5 62,222,318 12.13
15,000,000-29,999,999 6 123,100,000 23.99
30,000,000-85,000,000 4 225,305,597 43.92
- -------------------------------------------------------------------------------
TOTAL: 35 513,040,753 100.00
- -------------------------------------------------------------------------------
Min: $1,573,664 Max: $85,000,000 Average: $14,658,307
- -------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
New York 9 135,549,339 26.42
Texas 6 57,965,045 11.30
Alabama 4 54,793,664 10.68
Florida 3 53,500,000 10.43
Virginia 1 50,000,000 9.75
Oregon 1 22,800,000 4.44
Pennsylvania 2 21,940,061 4.28
Maryland 2 20,780,000 4.05
Michigan 1 16,500,000 3.22
California 4 16,320,000 3.18
Georgia 1 16,300,000 3.18
Oklahoma 2 14,558,971 2.84
Connecticut 1 9,250,000 1.80
Other States(a) 4 22,783,675 4.44
- -------------------------------------------------------------------------------
TOTAL: 41 513,040,753 100.00
- -------------------------------------------------------------------------------
(a) Includes 4 states.
PROPERTY TYPE
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
Multifamily 39 500,760,753 97.61
Manufactured Housing 2 12,280,000 2.39
- -------------------------------------------------------------------------------
TOTAL: 41 513,040,753 100.00
- -------------------------------------------------------------------------------
MORTGAGE RATE (%)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
4.995%-4.999% 1 85,000,000 16.57
5.000%-5.249% 11 128,203,664 24.99
5.250%-5.449% 13 214,317,803 41.77
5.450%-5.749% 9 69,519,287 13.55
5.750%-5.800% 1 16,000,000 3.12
- -------------------------------------------------------------------------------
TOTAL: 35 513,040,753 100.00
- -------------------------------------------------------------------------------
Min: 4.995% Max: 5.800% Wtd. Avg: 5.259%
- -------------------------------------------------------------------------------
ORIGINAL TERM TO STATED MATURITY (MOS)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
60-80 5 173,049,339 33.73
81-100 1 3,900,000 0.76
101-120 29 336,091,414 65.51
- -------------------------------------------------------------------------------
TOTAL: 35 513,040,753 100.00
- -------------------------------------------------------------------------------
Min: 60 Max: 120 Wtd. Avg: 99
- -------------------------------------------------------------------------------
REMAINING TERM TO STATED MATURITY (MOS)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
58-84 6 176,949,339 34.49
85-119 25 229,671,414 44.77
120-120 4 106,420,000 20.74
- -------------------------------------------------------------------------------
TOTAL: 35 513,040,753 100.00
- -------------------------------------------------------------------------------
Min: 58 Max: 120 Wtd. Avg: 98
- -------------------------------------------------------------------------------
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
21.51%-60.00% 4 16,320,000 3.18
60.01%-70.00% 2 15,493,742 3.02
70.01%-75.00% 9 128,584,358 25.06
75.01%-77.50% 6 184,558,971 35.97
77.51%-80.00% 14 168,083,682 32.76
- -------------------------------------------------------------------------------
TOTAL: 35 513,040,753 100.00
- -------------------------------------------------------------------------------
Min: 21.51% Max: 80.00% Wtd. Avg: 74.82%
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 1
mortgage loan, representing 2.72% of the initial loan group 2 balance as of
the cut-off date.
LOAN-TO-VALUE RATIO AT MATURITY (%)(a)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
18.75%-40.00% 3 12,500,000 2.44
40.01%-50.00% 1 3,820,000 0.74
50.01%-60.00% 1 3,551,808 0.69
60.01%-70.00% 19 242,768,946 47.32
70.01%-75.00% 8 95,900,000 18.69
75.01%-80.00% 3 154,500,000 30.11
- -------------------------------------------------------------------------------
TOTAL: 35 513,040,753 100.00
- -------------------------------------------------------------------------------
Min: 18.75% Max: 80.00% Wtd Avg: 69.81%
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 1
mortgage loan, representing 2.72% of the initial loan group 2 balance as of
the cut-off date.
DEBT SERVICE COVERAGE RATIOS (x)(a)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
1.20-1.24 6 95,427,417 18.60
1.25-1.34 12 112,939,181 22.01
1.35-1.49 7 186,004,155 36.26
1.50-1.74 6 96,920,000 18.89
1.75-1.99 1 9,250,000 1.80
2.00-3.40 3 12,500,000 2.44
- -------------------------------------------------------------------------------
TOTAL: 35 513,040,753 1 00.00
- -------------------------------------------------------------------------------
Min: 1.20x Max: 3.40x Wtd Avg: 1.41x
- -------------------------------------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 1
mortgage loan, representing 2.72% of the initial loan group 2 balance as of
the cut-off date.
LOANS WITH RESERVE REQUIREMENTS(a)
- -------------------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
- -------------------------------------------------------------------------------
Taxes 35 513,040,753 100.00
Replacement 29 447,120,753 87.15
insurance 35 513,040,753 100.00
- -------------------------------------------------------------------------------
(a) Includes upfront or on-going reserves.
All numerical information concerning the mortgage loans is approximate. All
weighted average information regarding the mortgage loans reflects the weighting
of the loans based on their outstanding principal balances as of the Cut-off
Date. State and Property Type tables reflect allocated loan amounts in the case
of mortgage loans secured by multiple properties. Sum of Columns may not match
"Total" due to rounding.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
8
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
VI. LARGE LOAN DESCRIPTION
TEN LARGEST LOANS OR CROSSED LOAN GROUP
PROPERTY CUT-OFF DATE UNITS/
NO. PROPERTY NAME CITY STATE TYPE BALANCE % OF POOL SF/ROOMS
- ---------------------------------------------------------------------------------------------------------------------------
1. Lakewood Center Lakewood CA Retail $218,000,000 9.54% 1,885,129
- ---------------------------------------------------------------------------------------------------------------------------
2. Kaiser Center Oakland CA Office 147,000,000 6.43% 913,428
- ---------------------------------------------------------------------------------------------------------------------------
3. Private Mini Storage Portfolio Various Various Self Storage 144,734,899 6.33% 22,863
- ---------------------------------------------------------------------------------------------------------------------------
4. General Motors Building New York NY Office 109,000,000 4.77% 1,905,103
- ---------------------------------------------------------------------------------------------------------------------------
5. Longacre House New York NY Multifamily 85,000,000 3.72% 293
- ---------------------------------------------------------------------------------------------------------------------------
6. One Colorado Shopping
Center Pasadena CA Mixed Use 71,010,000 3.11% 260,619
- ---------------------------------------------------------------------------------------------------------------------------
7. Loews Universal Hotel
Portfolio Orlando FL Hotel 65,000,000 2.84% 2,400
- ---------------------------------------------------------------------------------------------------------------------------
8. Tropicana Center Las Vegas NV Retail 56,000,000 2.45% 578,051
- ---------------------------------------------------------------------------------------------------------------------------
9. MacArthur Portfolio Various NY Various 52,000,000 2.28% 68,431
- ---------------------------------------------------------------------------------------------------------------------------
10. Communities at Southwood Richmond VA Multifamily 50,000,000 2.19% 1,286
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL/WA'S $997,744,899 43.65%
- ---------------------------------------------------------------------------------------------------------------------------
LOAN PER
UNIT/SF/ CUT-OFF BALLOON
NO. PROPERTY NAME ROOM DSCR(1) DATE LTV (1) LTV(1)
- -------------------------------------------------------------------------------------------
1. Lakewood Center 115.64 2.21x 52.32% 52.32%
- -------------------------------------------------------------------------------------------
2. Kaiser Center 160.93 1.61 70.00% 70.00%
- -------------------------------------------------------------------------------------------
3. Private Mini Storage Portfolio 6,330.53 1.42 64.21% 59.93%
- -------------------------------------------------------------------------------------------
4. General Motors Building 374.78 2.38 43.27% 43.27%
- -------------------------------------------------------------------------------------------
5. Longacre House 290,102.39 1.42 76.58% 76.58%
- -------------------------------------------------------------------------------------------
6. One Colorado Shopping
Center 272.47 1.33 64.55% 56.00%
- -------------------------------------------------------------------------------------------
7. Loews Universal Hotel
Portfolio 166,666.67 3.61 52.84% 52.84%
- -------------------------------------------------------------------------------------------
8. Tropicana Center 96.88 1.20 78.79% 69.08%
- -------------------------------------------------------------------------------------------
9. MacArthur Portfolio 759.89 1.23 59.23% 46.04%
- -------------------------------------------------------------------------------------------
10. Communities at Southwood 38,880.25 1.42 75.08% 68.27%
- -------------------------------------------------------------------------------------------
TOTAL/WA'S 1.84X 61.62% 58.82%
- -------------------------------------------------------------------------------------------
(1) For purposes of calculating Loan per Unit/SF/Room, DSCR, Cut-off Date LTV
and Balloon LTV, the loan amount used for the Lakewood Center loan, the
General Motors Building loan and the Loews Universal Hotel Portfolio loan
is the principal balance of the Mortgage Loan included in the trust and, in
the case of the General Motors Building loan and the Loews Universal Hotel
Portfolio loan, the principal balance of their respective companion loans
that are pari passu in right of payment to the subject Mortgage Loans that
are not included in the Trust but excluding, in the case of all three
loans, the related B Loan.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
9
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
VII. COLLATERAL DESCRIPTION
PARI PASSU AND COMPANION LOANS(A)
A-NOTE BALANCES
CONTROL AS OF THE
NUMBER PROPERTY NAME CUT-OFF DATE TRANSACTION SERVICER
- ---------------------------------------------------------------------------------------------------------------------------
1. Lakewood Center $218,000,000 COMM 2005-C6 Midland Loan Services, Inc.
- ---------------------------------------------------------------------------------------------------------------------------
4. General Motors Building $260,000,000 COMM 2005-LP5
$82,500,000 GE 2005-C2
$82,500,000 GE 2005-C2 Midland Loan Services, Inc.(b)
$180,000,000 GMAC 2005-C1
$109,000,000 COMM 2005-C6
- ---------------------------------------------------------------------------------------------------------------------------
7. Loews Universal Hotel $100,000,000 JPMCC 2005-CIBC12 GMAC Commercial Mortgage
Portfolio $65,000,000 COMM 2005-C6 Corporation(b)
$235,000,000 TBD
- ---------------------------------------------------------------------------------------------------------------------------
B-NOTE BALANCE
CONTROL AS OF THE
NUMBER PROPERTY NAME SPECIAL SERVICER CUT-OFF DATE
- -------------------------------------------------------------------------------------------
1. Lakewood Center GMAC Commercial $32,000,000
Mortgage Corporation
- -------------------------------------------------------------------------------------------
4. General Motors Building
LNR Partners, Inc. $86,000,000(c)
- --------------------------------------------------------------------------------------------
7. Loews Universal Hotel
Portfolio J.E. Robert Company, Inc. $50,000,000(d)
- -------------------------------------------------------------------------------------------
- --------------
(a) Does not include the following 4 mortgage loans each with a subordinate
companion loan: the Indian Trail Shopping Center loan, the Walker Springs
Community Shopping Center loan, the High Point Center loan and the
CVS-Eckerds-Kansas City loan.
(b) Being serviced pursuant to a separate pooling and servicing agreement.
(c) B-Note deposited into the COMM 2005-LP5 securitization and sold as
non-pooled certificates.
(d) B-Note will be deposited into the JPMCC 2005-CIBC12 securitization and sold
as non-pooled certificates.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
10
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
LAKEWOOD CENTER
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
11
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
COLLATERAL TERM SHEET
LAKEWOOD CENTER
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
12
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $218,000,000
LAKEWOOD CENTER TMA DSCR: 2.21x
TMA LTV: 52.32%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GACC
LOAN PURPOSE: Refinance
SHADOW RATING
(S/M): BBB+ / Baa3
ORIGINAL TMA BALANCE: $218,000,000(1)
CUT-OFF TMA BALANCE: $218,000,000(1)
% BY INITIAL UPB: 9.54%
INTEREST RATE: 5.5127%(2)
PAYMENT DATE: 1st of each month
FIRST PAYMENT DATE: July 1, 2005
MATURITY DATE: June 1, 2015
AMORTIZATION: Interest Only
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after March 1,
2015, prepayment permitted without penalty.
SPONSOR: The Macerich Company and The Ontario Teachers
Pension Plan
BORROWER: Macerich Lakewood, LLC
B-NOTE BALANCE: $32,000,000(1)
LOCKBOX: Hard
INITIAL RESERVES: None
MONTHLY RESERVES: None(3)
(1) The trust mortgage asset ("TMA") consists of a $152,000,000 A-1 Note and a
$66,000,000 A-2 Note (together, the "Senior Component"). The Senior
Component and the $32,000,000 B-Note (the "B-Note", and the Senior
Component, together, the "First Mortgage") comprise the total First
Mortgage loan balance of $250,000,000.
(2) Represents the average interest rate for the first 12 payment periods after
the cut-off date. The interest rate will vary throughout the loan term as
specified on Annex A-4 to the prospectus supplement.
(3) See "Reserves" herein.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION(1)
- --------------------------------------------------------------------------------
SENIOR FIRST
COMPONENT MORTGAGE
--------- --------
LOAN BALANCE: $218,000,000 $250,000,000
LOAN BALANCE / SQ. FT.: $115.64 $132.62
LTV: 52.32% 60.00%
BALLOON LTV: 52.32% 60.00%
DSCR: 2.21x 1.94x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Single Asset
PROPERTY TYPE: Super-Regional Mall
COLLATERAL: Fee Simple
LOCATION: Lakewood, CA
YEAR BUILT / RENOVATED: 1951 / 2001
COLLATERAL SQ. FT.: 1,885,129(4)
TOTAL MALL SQ. FT.: 2,089,867
PROPERTY MANAGEMENT: Macerich Management Company (a borrower affiliate)
OCCUPANCY (AS OF 4/30/05): 98.30%
UNDERWRITTEN NET CASH FLOW: $26,557,726
APPRAISED VALUE: $416,700,000
APPRAISAL DATE: April 18, 2005
- --------------------------------------------------------------------------------
(4) Includes all owned ground leased parcels.
- ------------------------------------------------------------------------------------------------------------------------------
ANCHOR & BIG BOX TENANTS
- ------------------------------------------------------------------------------------------------------------------------------
TENANTS SQ. FT. % GLA EXPIRATION DATE RATINGS (S/M) 2004 SALES SALES PSF
- ------------------------------------------------------------------------------------------------------------------------------
Robinsons-May 362,852 19.2% 6/30/10 BBB/Baa2 $47,324,666 $130
- ------------------------------------------------------------------------------------------------------------------------------
J.C. Penney 162,690 8.6 1/31/07 BB+/Ba1 29,879,381 184
- ------------------------------------------------------------------------------------------------------------------------------
Target (Ground Lease) 160,058 8.5 1/31/25 A+/A2 39,508,655 247
- ------------------------------------------------------------------------------------------------------------------------------
Home Depot, Inc. 133,029 7.1 1/31/11 AA/Aa3 57,033,017 429
- ------------------------------------------------------------------------------------------------------------------------------
Mervyn's (Ground Lease) 80,000 4.2 1/31/08 NR/NR 14,945,114 187
- ------------------------------------------------------------------------------------------------------------------------------
Albertson's 50,000 2.7 4/30/26 BBB-/Baa2 17,297,516 346
- ------------------------------------------------------------------------------------------------------------------------------
Best Buy 45,000 2.4 1/31/14 BBB/NR 36,666,663 815
- ------------------------------------------------------------------------------------------------------------------------------
Circuit City 34,818 1.8 1/31/15 NR/NR 20,664,208 593
- ------------------------------------------------------------------------------------------------------------------------------
Macy's (209,355 sq. ft.)(1) 0 0 2/18/50(2) BBB+/Baa1 26,661,016 -
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL: 1,028,447 54.6% $289,980,236
- ------------------------------------------------------------------------------------------------------------------------------
(1) Not part of the collateral for the loan.
(2) Expiration date of the operating covenant.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
13
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $218,000,000
LAKEWOOD CENTER TMA DSCR: 2.21x
TMA LTV: 52.32%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
IN-LINE TENANT SUMMARY INFORMATION
- --------------------------------------------------------------------------------
TTE (3/04-3/05) SALES PSF (WA) OCC. COST AS % OF SALES (WA)
- --------------------------------------------------------------------------------
$382/sq. ft. 12.37%
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
MAJOR IN-LINE TENANTS
- ----------------------------------------------------------------------------------------------------------------------------------
% OF TOTAL BASE RATINGS OCCUPANCY
TENANT SF MALL SF EXPIRATION RENT/SF SALES (S/M)(1) SALES/SF COST
- ----------------------------------------------------------------------------------------------------------------------------------
Jo-Ann Fabrics & Crafts 14,000 0.7% 08/31/07 $13.20 $1,854,492 B+/NR $132 10.0%
- ----------------------------------------------------------------------------------------------------------------------------------
DaVita, Inc. 14,000 0.7 12/31/14 17.71 - BB-/B2 - -
- ----------------------------------------------------------------------------------------------------------------------------------
World Foot Locker 13,050 0.7 01/31/10 25.00 6,164,405 BB+/Ba2 472 5.3
- ----------------------------------------------------------------------------------------------------------------------------------
The Hop 12,000 0.6 09/30/18 12.61 1,021,730 NR/NR 85(2) 14.8
- ----------------------------------------------------------------------------------------------------------------------------------
Babies A Lot/Toys A Lot 11,250 0.6 01/31/06 4.11 448,545 NR/NR 40(2) 10.3
- ----------------------------------------------------------------------------------------------------------------------------------
Black Angus 10,800 0.6 09/30/18 6.36 3,387,902 NR/NR 314 2.0
- ----------------------------------------------------------------------------------------------------------------------------------
HomeTown Buffet 10,600 0.6 01/31/17 10.14 4,068,216 NR 384 2.6
- ----------------------------------------------------------------------------------------------------------------------------------
Charlotte Russe 9,000 0.5 01/31/14 29.18 1,414,199 NR 157 18.6
- ----------------------------------------------------------------------------------------------------------------------------------
Elephant Bar Restaurant 9,000 0.5 07/31/23 13.89 4,421,018 NR 491 2.8
- ----------------------------------------------------------------------------------------------------------------------------------
Express 9,000 0.5 08/30/05(3) 26.00 1,120,402 BBB/Baa2 124 20.9
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL/WA: 112,700 6.0% $2,360,499 8.3%
- ----------------------------------------------------------------------------------------------------------------------------------
(1) Credit ratings are of the parent company, whether it guarantees the lease
or not.
(2) Partial year.
(3) Express is on a month to month lease.
THE LAKEWOOD CENTER LOAN
THE LOAN. The Lakewood Center loan is a 10-year interest only loan secured by a
first priority mortgage on the borrower's fee simple interest in 1,885,129 sq.
ft. of a 2,089,867 sq. ft. super-regional mall located in the Greater Los
Angeles suburb of Lakewood, Los Angeles County, California. Based on an
appraised value of $416,700,000, the borrower, whose controlling sponsor has
owned the property since the 1950s and expanded the property multiple times, has
implied equity of $166,700,000.
THE BORROWER. The borrower is a single-purpose, bankruptcy-remote entity with
two independent directors for which a non-consolidation opinion was obtained at
closing. The borrower is sponsored by THE MACERICH COMPANY ("Macerich") and
ONTARIO TEACHERS PENSION PLAN ("OTPP").
Macerich is a fully integrated self-managed and self-administered real estate
investment trust ("REIT"), that focuses on the acquisition, leasing, management
and redevelopment of regional malls and community centers throughout the United
States. Macerich is one of the largest owners/operators of regional malls in the
United States and the largest in the Western United States. The Macerich
portfolio consists of 76 million sq. ft. of gross leaseable area consisting
primarily of interests in 75 regional malls. In April 2005, Macerich acquired
Wilmorite and its portfolio of 11 regional malls and two community shopping
centers encompassing 13.4 million sq. ft. for approximately $2.333 billion,
making Macerich the third largest regional mall REIT in the United States. For
the past 29 years, Macerich has carved out a niche in the regional mall industry
by acquiring dominant regional malls and subsequently transforming those
properties through redevelopment, leasing, management and marketing into even
more dominant malls. Macerich malls are operated as an integral part of the
communities they serve, functioning as "Town Centers" within each market.
Lakewood Center serves as the "Main Street" of retail for Lakewood, California.
The Macerich portfolio of malls is one of the most productive in the country
with occupancy levels at 92.5% (year-end 2004) and tenant sales of $391/sq. ft.
for 2004. Macerich is a repeat sponsor of a Deutsche Bank borrower.
OTPP is an independent pension fund responsible for investing the fund's assets
and administering the pensions of Ontario's 158,000 elementary and secondary
school teachers and 97,000 retired teachers. As of December 31, 2004, OTPP had
net assets of $84.3 billion Canadian Dollars and a long-term rate of return of
11.3% per year since 1990. OTPP's real estate assets make up 13% of their net
assets, and are wholly managed by Cadillac Fairview, a wholly owned subsidiary
of OTPP. OTPP's co-sponsors, the Government of the
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
14
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $218,000,000
LAKEWOOD CENTER TMA DSCR: 2.21x
TMA LTV: 52.32%
- --------------------------------------------------------------------------------
Province of Ontario, Canada and Ontario Teachers' Federation (the "OTPP
Sponsors") are responsible for ensuring the pension plan is fully funded and for
setting plan benefit and contribution levels. OTPP Sponsors also appoint OTPP's
board of directors, with equal representation from the two sponsors. OTPP's 500
employees are responsible for setting and implementing investment strategies for
the plan's assets and for delivering immediate, personalized services to members
in keeping with the fund's vision.
THE PROPERTY The Lakewood Center property is a 2,089,867 sq. ft., single-level
enclosed super-regional mall along with periphery shops and free-standing
retailers, of which 1,885,129 sq. ft. is part of the collateral for the Lakewood
Center loan. The property is located at the northeast corner of Lakewood and Del
Amo Boulevards in Lakewood, Los Angeles County, California. Lakewood and Del Amo
Boulevard are two important feeder roads accessing nearby freeway arterials in
the area. Lakewood Center is comprised of approximately 1,395,715 sq. ft. of
enclosed mall, 586,200 sq. ft. of exterior gross leasable area ("GLA")
surrounding the mall, and 107,952 sq. ft. of shops across Candlewood Street
known as the "Candlewood Shops." Lakewood Center is anchored by Robinson's-May,
J.C. Penney, Mervyn's, Target and Macy's (not part of the collateral). Other
major tenants include Home Depot, Albertson's, Circuit City, Best Buy, Pacific
Theaters, Bed Bath & Beyond and 24 Hour Fitness.
The property was originally developed in 1951 as an open air retail center, and
the shopping center was enclosed, expanded and renovated multiple times over the
years. The improvements are situated on a site containing 128.31 net acres. As
of April 2005, the property was 98.8% occupied. Occupancy of the GLA under
ownership is 98.3%. As of April 2005, in-line mall shop occupancy is 95.3%
including temporary tenants and 88.7% excluding temporary tenants. Excluding
food court tenants, enclosed mall shop sales are currently $387/sq. ft., up 9.0%
from year end 2003 at $355/sq. ft.
SIGNIFICANT TENANTS. The property is 98.3% occupied as of April 2005. Lakewood
Center's anchor and tenant mix is strong, including a mix of local and highly
popular national retailers. The tenant mix at the property is targeted towards
the middle-income market, and as such caters to a broad customer base. An
expansion in 2001 brought about over 300,000 sq. ft. of new stores, a 365-seat
food court and a Macy's (not part of the collateral) and Mervyn's store. In
addition to the enclosed mall, there are numerous destination big box retailers,
restaurants, and two Pacific Movie Theatres (25 screens). In total, Lakewood
Center contains approximately 2.1 million sq. ft. of retail space featuring over
250 stores and restaurants. Overall, for the 1,118,880 occupied sq. ft. of
in-line space, the average base rent for the mall is $21.37 as of April, 2005.
ROBINSONS-MAY (NYSE: MAY) is owned by parent company May Department Stores
Company ("May"), which operates department stores throughout the United
States. May owns various department stores that are managed under such brand
names as Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, Lord & Taylor,
L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's,
and The Jones Store. As of December 31, 2004, May operated 491 department
stores, 239 David's Bridal stores, 449 After Hours Formalwear stores, and 11
Priscilla of Boston stores in 46 states, the District of Columbia, and Puerto
Rico. Company-wide sales for the fiscal year ending January 31, 2004 were
$13.34 billion, a 1.1% decrease over fiscal year 2002. Between fiscal year
2002 and 2003, net income decreased by 19.9% to $0.43 billion. May's gross
profit margins were 29.7% of sales in 2003, 29.9% in 2002 and 30.6% in 2001.
J.C. PENNEY COMPANY (NYSE: JCP) is one of the largest department store,
catalog, and e-commerce retailers in the United States. The retailer operates
more than 1,000 J.C. Penney department stores throughout the United States
and Puerto Rico. Company-wide sales for the fiscal year ending January 31,
2004 were $17.79 billion, a 0.9% increase over fiscal year 2002. Between
fiscal year 2002 and 2003, net profit decreased 329.1% to a net loss of $0.93
billion. J.C. Penney's gross profit margins were 37.2% of sales in 2003,
35.9% in 2002 and 33.6% in 2001.
TARGET CORPORATION (NYSE: TGT) is the nation's #2 discount chain (behind
Wal-Mart), and operates about 1,330 Target and SuperTarget stores in 47
states, as well as an online business called Target.com. After years of
struggling to turn around its Marshall Field's and Mervyn's departments
stores divisions, the discounter sold them both in 2004. Target has carved
out a niche by offering more upscale, fashion-forward merchandise than rivals
Wal-Mart and Kmart. Company-wide sales for the fiscal year ending January 31,
2004 were $48.16 billion, a 9.7% increase over fiscal year 2002. Between
fiscal year 2002 and 2003, net income increased by 11.3% to $1.84 billion.
Target's gross profit margins were 32.0% of sales in 2003, 31.5% in 2002 and
30.6% in 2001.
HOME DEPOT, INC. (NYSE: HD) operates as a home improvement retailer in the
United States, Canada, and Mexico. The company provides its products and
services through Home Depot and EXPO Design Center stores. Home Depot sells a
range of building materials, home improvement products, and lawn and garden
products, as well as provide various installation services. The EXPO Design
Center stores offer various interior design products and installation
services for kitchens, baths, appliances, and flooring, as well as products
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
15
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $218,000,000
LAKEWOOD CENTER TMA DSCR: 2.21x
TMA LTV: 52.32%
- --------------------------------------------------------------------------------
for lighting, decorating, and storage and organization projects. As of April
28, 2005, the company operated 1,911 stores. Home Depot was founded in 1978
and is based in Atlanta, Georgia. Company-wide sales for the fiscal year
ending February 1, 2004 were $64.82 billion, an 11.3% increase over fiscal
year 2002. Between fiscal year 2002 and 2003, net income increased by 17.5%
to $4.30 billion. Home Depot's gross profit margins were 31.8% of sales in
2003, 31.1% in 2002 and 30.2% in 2001.
THE MARKET. Lakewood Center is a 2,089,867 sq. ft. super-regional mall located
in the heart of the city of Lakewood, California anchored by J.C. Penney,
Mervyn's, Robinsons-May, Home Depot, Albertson's, Target, and Macy's (not part
of the collateral). The Los Angeles metropolitan area's high average income,
increasing number of households, and constant immigration continues to attract
new retailers to the region. Despite an increasing amount of supply in the
market, strong demand has allowed vacancies to remain below 5.0% since 1999. Los
Angeles's retail vacancy rate of 3.1%, ranks as the seventh lowest among REIS's
62 top United States neighborhood and community center retail markets. As of
year end 2004, the average asking and effective rents in the Los Angeles
metropolitan area were $25.30 and $23.30/sq. ft., respectively. REIS expects
rent growth to be moderate in 2005, with average asking and effective rents
increasing by 3.8% and 3.9%, respectively.
The average household income and per capita income for the City of Lakewood are
higher than those in Los Angeles County and the state of California. The 2004
average household income in Lakewood, California was $74,316, whereas, the
average household income for the county and the state for the same time period
were $67,167 and $73,464, respectively. Lakewood Center is located in
Paramount/East County, a submarket of Los Angeles. The neighborhood and
community retail centers in this sub-market benefit from healthy demographics
and good supply and demand fundamentals. As of the fourth quarter 2004, the
vacancy rate for the Paramount/East County submarket was 1.5% for anchored
retail and 4.3% for non-anchored retail space. As of the fourth quarter 2004,
asking rent for anchored space was $14.04/sq. ft., and asking rent for
non-anchored space was $21.42/sq. ft. Within the City of Lakewood, the annual
retail sales in 2004 were estimated at approximately $972.7 million, up 12.38%
from the prior year at $928.0 million. Retail sales growth in Lakewood averaged
6.44% per year, compounded annually, over the past 10 years. Nationally, average
sales at regional centers are reported to be $345/sq. ft.
There are two directly competitive malls with the Lakewood Center -- Los
Cerritos Center and Stonewood Center -- both of which are owned by Macerich
subsidiaries. Los Cerritos Center, Stonewood Center, and Lakewood Center are
known to Macerich managers as "The Triplets." In addition, Long Beach Towne
Center is a very large power center located three miles southeast of the
Lakewood Center, that competes for theater, restaurant and discount retail
expenditures. In the aggregate, the six malls represented in the table below,
contain a total GLA of approximately 5,656,682 sq. ft., with an average mall
shop occupancy of 97%.
Stonewood Center is a single-level enclosed regional shopping center located at
the corner of Lakewood Boulevard and Firestone Boulevard, in the City of Downey,
Los Angeles County, approximately 6.0 miles north of the property. The Stonewood
Center has average rents of $33.00/sq. ft. Like Lakewood Center, it caters to a
middle income market and is located within a densely populated mature
neighborhood two to three miles from the freeways. Los Cerritos Center is
located at the corner of Interstate 605 and South Street in the City of Cerritos
approximately 2.5 miles east of the property. Los Cerritos Center has average
rents of $40.00/sq. ft.
The property appears to be well positioned in its market, and each of the
competing malls serves its own trade area, although the trade areas partly
overlap. The property has little threat of new direct competition in the
foreseeable future and serves the local area well. According to Cushman &
Wakefield, Lakewood Center should continue to maintain its dominant position in
the local market, achieving at least inflationary growth in sales and rents over
the long term.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
16
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $218,000,000
LAKEWOOD CENTER TMA DSCR: 2.21x
TMA LTV: 52.32%
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
TYPICAL RANGE OF 2004 IN-LINE DISTANCE FROM
PROPERTY IN-LINE RENT/SF SALES/SF INLINE OCCUPANCY SUBJECT
- ---------------------------------------------------------------------------------------------------------------------------
Lakewood Center $37.05-$37.05 $378.00 95% -
- ---------------------------------------------------------------------------------------------------------------------------
Los Cerritos Center $35.00-$45.00 $477.00 98% 2.5 miles E
- ---------------------------------------------------------------------------------------------------------------------------
Stonewood Center $30.00-$36.00 $370.00 95% 6 miles N
- ---------------------------------------------------------------------------------------------------------------------------
Long Beach Town Center $15.00-$42.00 NA 100% 3 miles SE
- ---------------------------------------------------------------------------------------------------------------------------
Lakewood Square $15.00-$30.00 NA 97% Immediately W
- ---------------------------------------------------------------------------------------------------------------------------
Lakewood Marketplace $15.00-$30.00 $152.00 96% 2 miles NE
- ---------------------------------------------------------------------------------------------------------------------------
PROPERTY MANAGEMENT: The property is managed by the Macerich Management Company,
an affiliate of the borrower.
CASH MANAGEMENT: The loan is structured with a springing cash management system
that becomes effective upon the occurrence of (i) an event of default (as such
term is defined in the loan documents) or (ii) a DSCR below 1.30x for one
calendar quarter (each, a "Lockbox Event"). A Lockbox Event terminates, with
respect to (i) above, upon the cure of such event of default and with respect to
(ii) above, at such time that the property has achieved a DSCR of greater than
1.30x for one calendar quarter.
RESERVES: During the continuance of a Lockbox Event, the borrower is required to
deposit monthly reserves for (i) taxes and insurance premiums equal to 1/12th of
the annual amounts required, (ii) tenant improvement/leasing commissions equal
to $1.00/sq. ft. and (iii) capital expenditures equal to $0.20/sq. ft.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. The First Mortgage Loan consists
of two senior pari passu notes (trust fund assets) and the B-Note that was sold
to a large United States pension fund.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.
RELEASE PROVISIONS. The loan documents permit (i) the partial defeasance and
release (on a date at least 2 years after the securitization closing date), of a
currently undetermined portion of the Mortgaged Property (subject to the
satisfaction of certain conditions in the loan documents, including that the
release of this parcel will not result in a loss of more than 25,000 rentable
sq. ft. of retail space and the fair market value of the release parcel does not
exceed $15,000,000), upon the delivery of defeasance collateral in an amount at
least equal to the then current appraised value of the release parcel, (ii) the
borrower to purchase the parcel currently occupied by Macy's (the "Macy's
Parcel") and modify the mortgage and other loan documents to extend the lien of
the mortgage to the Macy's Parcel, and thereafter, permit the borrower to obtain
the free release of the Macy's Parcel from the lien of the mortgage, (iii) after
December 31, 2005, the free release of the Mervyn's parcel and the May
Department Store ("May") parcel, subject to the satisfaction of conditions
including, among other things, that the DSCR immediately after the related
release will not be less than the greater of (A) 1.89x (with respect to
Mervyn's) or 1.79x (with respect to May) and (B) 90% of the DSCR for the loan
immediately prior to the related release and (iv) the free release of
unimproved, non-income producing portions of the Mortgaged Property, provided
that the aggregate fair market value of the unimproved parcels released does not
exceed $5,000,000.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
17
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $218,000,000
LAKEWOOD CENTER TMA DSCR: 2.21x
TMA LTV: 52.32%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
18
[THIS PAGE INTENTIONALLY LEFT BLANK]
19
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $147,000,000
KAISER CENTER DSCR: 1.61x
LTV: 70.00%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
20
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $147,000,000
KAISER CENTER DSCR: 1.61x
LTV: 70.00%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GMACCM
LOAN PURPOSE: Acquisition
ORIGINAL BALANCE: $147,000,000
CUT-OFF BALANCE: $147,000,000
% BY INITIAL UPB: 6.43%
INTEREST RATE: 5.11%
PAYMENT DATE: 1st of the month
FIRST PAYMENT DATE: August 1, 2005
MATURITY DATE: July 1, 2015
AMORTIZATION: Interest Only
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after May 1,
2015, prepayment can be made without penalty.
SPONSOR: Swig Investment Company
BORROWER: SIC-Lakeside Drive, LLC
ADDITIONAL FINANCING: None
LOCKBOX: Hard
INITIAL RESERVES: Tax: $850,961
Replacement: $338,899
TI/LC: $3,358,567
Free Rent: $5,481,589
MONTHLY RESERVES: Tax: $212,740
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
LOAN BALANCE / SQ. FT.: $160.93
BALLOON BALANCE / SQ. FT.: $160.93
LTV: 70.00%
BALLOON LTV: 70.00%
DSCR: 1.61x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Single Asset
PROPERTY TYPE: Office
COLLATERAL: Fee Simple
LOCATION: Oakland, California
YEAR BUILT / RENOVATED: 1960 / 2005
COLLATERAL SQ. FT.: 913,428
PROPERTY MANAGEMENT: The SWIG Company
(a borrower affiliate)
OCCUPANCY (AS OF 4/30/05)(1): 94.56%
UNDERWRITTEN NET CASH FLOW: $12,268,889
APPRAISED VALUE: $210,000,000
APPRAISAL DATE: April 20, 2005
- --------------------------------------------------------------------------------
(1) See footnote (2) below.
- ---------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
- ---------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG LEASE RATINGS
TENANT NRSF % NRSF % GPR RENT/SQ. FT. EXPIRATION (S/F/M)
- ---------------------------------------------------------------------------------------------------------------------------
BART - San Francisco Bay Area
Rapid Transit District 317,222 34.73% 38.04% $24.75 7/17/2014 A/A/A2(1)
- ---------------------------------------------------------------------------------------------------------------------------
The Regents of the University
of California(2) 152,774 16.73 18.60 25.13 4/30/2008 A/A/A2(1)
- ---------------------------------------------------------------------------------------------------------------------------
Kaiser Foundation Health Plan, Inc. 75,096 8.22 9.17 25.20 11/30/2010 A+/A/A3
- ---------------------------------------------------------------------------------------------------------------------------
California Bank and Trust(3) 45,527 4.98 5.16 23.40 5/31/2009 BBB+/A-/A2
- ---------------------------------------------------------------------------------------------------------------------------
24 Hour Fitness, Inc.-
f/k/a H.E.C Investments, Inc. 29,640 3.24 1.49 10.35 4/25/2006 NR
- ---------------------------------------------------------------------------------------------------------------------------
Wulfsberg Reese & Sykes
Professional Corp. 27,497 3.01 2.94 22.11 9/18/2009 NR
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 647,756 70.91% 75.40% $24.03 - -
- ---------------------------------------------------------------------------------------------------------------------------
(1) Ratings for the State of California.
(2) The occupancy and NRSF figures set forth above do not reflect (a) a
termination option exercised by Regents of the University of California
("Regents") effective July 1, 2005 with respect to 12,500 sq.ft. of the 4th
floor, (b) a termination option that Regents informed the lender it will
exercise, effective November 1, 2005, with respect to the remaining portion
of the 4th floor (approximately 12,500 sq. ft) and (c) a termination option
that Regents informed the lender it will exercise, effective May 18, 2006,
with respect to approximately 12,500 sq. ft. of the 7th floor. Regents has
no further termination options under its lease.
(3) Tenant is permitted to terminate its lease at any time after June 1, 2003,
so long as they provide 12-months notice and a $634,446 lease termination
fee.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
21
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $147,000,000
KAISER CENTER DSCR: 1.61x
LTV: 70.00%
- --------------------------------------------------------------------------------
KAISER CENTER
THE LOAN. The Kaiser Center Loan is a ten year, interest only fixed rate loan
secured by a mortgage on the borrower's fee simple interest in a 913,428 sq. ft.
Class A office building located in Oakland, California.
THE BORROWER. The borrower is SIC-Lakeside Drive, LLC, a special purpose,
bankruptcy-remote entity, which is required under its loan documents to have an
independent director and for which a non-consolidation opinion was obtained at
closing, sponsored by Swig Investment Company. Commercial Equity Investments,
Inc., an affiliate of GMACCM, is an indirect equity investor in the borrower.
THE PROPERTY. The property consists of a T-shaped 28-story office tower,
adjacent one- and three-story office/retail buildings, and a five-level parking
garage with 1,339 spaces. The property includes 784,698 NRSF of office space
located in the 28-story tower and 128,730 NRSF of office and retail space
located in the adjacent one-and three-story buildings (referred to as the Kaiser
Mall), totaling 913,428 NRSF overall. Actual traditional retail space at the
mall totals 63,341 sq. ft. with the remaining space consisting of office and
storage uses. The improvements are situated on 7.2 acres of land and were
constructed in 1960. Renovations have been ongoing from 2003 through 2005.
SIGNIFICANT TENANTS. As of April 30, 2005, the property was 94.56% occupied by
more than 40 tenants. The tenant mix at Kaiser Center is comprised of a mix of
government, education, professional and financial services. The property's
largest tenant is the San Francisco Bay Area Rapid Transit District, commonly
referred to as "BART" (rated A / A / A2 by S&P/Fitch/Moody's), occupying 12
suites totaling 317,222 sq. ft. (34.73% of GLA). Investment grade and government
tenants, including BART, occupy 67.1% of the property.
THE MARKET. According to the appraisal performed by Cushman & Wakefield of
California on April 20, 2005 (the "Appraisal"), the property is located in the
Lake Merritt district, one of two Class A submarkets within the Oakland CBD. Per
the Appraisal, the Lake Merritt district has a vacancy rate of 5.4% and is
characterized by numerous high- and mid-rise Class A office properties
interspersed between smaller office, retail and general commercial uses; Kaiser
Center dominates the area as it is the largest development in the Lake Merritt
area and acts as an anchor location. Further, the Appraisal concluded a market
office rent for the low rise tenants of $25 / sq. ft. and high rise tenants of
$28 / sq. ft., based on full service leases. The current average office rent at
the property is below the market rent stated in the Appraisal.
PROPERTY MANAGEMENT. The property is managed by The SWIG Company, an affiliate
of the borrower.
CASH MANAGEMENT. Provided no event of default exists under the mortgage loan,
the borrower has access to the funds deposited in the lockbox account. Upon the
occurrence of an event of default under the mortgage loan, all funds deposited
in the lockbox account are controlled by the lender.
RESERVES. At origination, the borrower made an initial deposit into a reserve
account for payment of real estate taxes in the amount of $850,961. The mortgage
loan requires the borrower to make monthly deposits into such reserve account in
an amount equal to 1/12 of the estimated annual insurance premiums and real
estate taxes.
At origination, the borrower made an initial deposit into a reserve account for
tenant improvements and leasing commissions in the amount of $3,358,567 which
will be used for certain tenant improvement and leasing costs related primarily
to the Kaiser Foundation Health Plan Inc. lease and the BARTlease.
At origination, the borrower made an initial deposit into a reserve account for
capital improvements in the amount of $338,899.
At origination, the borrower made an initial deposit in the amount of $5,481,589
into a reserve account to fund free rent concessions to the following tenants:
BART, Kaiser Foundation Family Health Plan, Inc. and WestEd. Unless an event of
default shall have occurred and is continuing, on each payment date the lender
shall release to the borrower an amount equal to the free rent concession for
that month for each free rent tenant into the lockbox account.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not Permitted.
RELEASE PROVISIONS. The borrower has the right, upon the expiration of a lockout
period, to the release of a certain portion of the property in connection with a
partial defeasance upon the satisfaction of certain conditions including, the
partial defeasance of the loan in an amount generally equal to the value of the
release parcel prior to such release, and no event of default existing under the
mortgage loan. In addition, after the release, the LTV may not be greater than
70% and its DSCR may not be less than the greater of 1.65x or the DSCR which
existed immediately preceding the partial release date.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
22
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $147,000,000
KAISER CENTER DSCR: 1.61x
LTV: 70.00%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
23
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $144,734,899
PRIVATE MINI STORAGE PORTFOLIO DSCR: 1.42x
LTV: 64.21%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
24
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $144,734,899
PRIVATE MINI STORAGE PORTFOLIO DSCR: 1.42x
LTV: 64.21%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GMACCM
LOAN PURPOSE: Refinance
ORIGINAL BALANCE: $144,734,899
CUT-OFF BALANCE: $144,734,899
% BY INITIAL UPB: 6.33%
INTEREST RATE: 5.84%
PAYMENT DATE: 1st of the month
FIRST PAYMENT DATE: September 1, 2005
MATURITY DATE: August 1, 2015
AMORTIZATION: Interest only from September 1, 2005 through and
including August 1, 2010; thereafter, monthly
amortization on a 30-year schedule.
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after May 1,
2015, prepayment can be made without penalty.
SPONSOR: Five SAC Self-Storage Corporation
BORROWER: PM Preferred Properties, L.P.
ADDITIONAL FINANCING: $33,000,000 mezzanine loan
LOCKBOX: Soft
INITIAL RESERVES: Tax: $630,000
Insurance: $42,300
Replacement: $288,000(1)
MONTHLY RESERVES: Tax: $210,000(2)
Insurance: $14,100(3)
- --------------------------------------------------------------------------------
(1) Replacement Reserves are capped at $288,000.
(2) Tax Reserves are capped at $1,260,000.
(3) Insurance Reserves are capped at $84,600.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
LOAN BALANCE / UNIT: $6,330.53
BALLOON BALANCE / UNIT: $5,909.21
LTV: 64.21%(4)
BALLOON LTV: 59.93%(4)
DSCR: 1.42x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Portfolio
PROPERTY TYPE: Self-storage
COLLATERAL: 35 Fee Simple/3 Leasehold
LOCATION: Various
YEAR BUILT / RENOVATED: 1987-2001 / NA
COLLATERAL UNITS: 22,863
PROPERTY MANAGEMENT: U-Haul affiliates; properties located in TX subject
to sub-management agreement with Private Mini
Storage Manager, Inc.
OCCUPANCY (AS OF 4/13/05
& 4/14/05): 76.60%
UNDERWRITTEN
NET CASH FLOW: $14,505,245
APPRAISED VALUE: $225,425,000(4)
APPRAISAL DATE: Various
- --------------------------------------------------------------------------------
(4) Based upon (or represents) the Appraiser's valuation of the portfolio as a
whole and not individual property values.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
25
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $144,734,899
PRIVATE MINI STORAGE PORTFOLIO DSCR: 1.42x
LTV: 64.21%
- --------------------------------------------------------------------------------
PRIVATE MINI STORAGE PORTFOLIO
THE LOAN. The Private Mini Storage Portfolio Loan is a ten year fixed rate loan
that provides for monthly payments of interest-only for the first 60 months and
thereafter for monthly payments of principal and interest, secured by mortgages,
deeds of trust and deeds to secure debt on the borrower's fee simple or
leasehold interests in 38 self-storage facilities located in Texas, Alabama,
Florida, Georgia, South Carolina and North Carolina.
THE BORROWER. The borrower is PM Preferred Properties, L.P., a special purpose,
bankruptcy-remote entity, which is required under its loan documents to have an
independent director and for which a non-consolidation opinion was obtained at
closing, sponsored by Five SAC Self-Storage Corporation.
THE PROPERTY. The property consists of 38 self-storage properties with an
average of 62,880 sq. ft. and 602 units, built between 1987 and 2001. The
properties are located in six different states. All facilities offer a
combination of climate controlled and non-climate controlled units. Further,
some properties provide parking for boats and recreational vehicles. See chart
below.
- ---------------------------------------------------------------------------------------------------------------------------------
PROPERTY NAME ADDRESS CITY STATE # OF UNITS YEAR BUILT FEE/LEASEHOLD
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Midtown 2420 Louisiana Street Houston Texas 730 1999 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Clairmont 2885 Clairmont Road NE Atlanta Georgia 643 2000-2001 Leasehold
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Piedmont 2175 Piedmont Road Atlanta Georgia 627 2001 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Rogerdale 2890 West Sam Houston Parkway Houston Texas 656 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Voss Road 2305 South Voss Road Houston Texas 557 1989 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Dove Country 603 Murphy Road Stafford Texas 706 1999 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Woodlands 24540 Interstate 45 Spring Texas 777 1999 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Corpus Christi 5129 Kostoryz Road Corpus Christi Texas 691 1989 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Capital Circle 2554 Capital Circle NE Tallahassee Florida 477 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Burnett 6610 Burnett Road Austin Texas 673 2000 Leasehold
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Phillips Highway 3435 Phillips Highway Jacksonville Florida 648 1990 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Lake Norman 19116 Statesville Road Cornelius North Carolina 593 2001 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Pinellas Park 4015 Park Boulevard Pinellas Park Florida 629 1991 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Austin 1032 East 46th Street Austin Texas 574 1989 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Fort Walton 395 Mary Esther Cut-off Fort Walton Beach Florida 518 1990 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Blanding Boulevard 8155 Blanding Boulevard Jacksonville Florida 691 1991 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Wurzbach 3817 Parkdale Street San Antonio Texas 585 1992 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Ocala 505 S.W. 17th Street Ocala Florida 592 1990 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Birmingham 540 Valley Avenue Birmingham Alabama 583 1992 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Fort Jackson 5604 Forest Drive Columbia South Carolina 592 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Terrace Oaks 3220 FM 1960 West Houston Texas 524 1995 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Greenville 7043 Greenville Avenue Dallas Texas 644 1995 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Fuqua 12475 Gulf Freeway Houston Texas 585 1990 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Pensacola 7835 North Davis Highway Pensacola Florida 618 1990 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Clearlake 16250 Old Galveston Road Webster Texas 632 1989 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Atlantic 9411 Atlantic Boulevard Jacksonville Florida 678 1991 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Dairy Ashford 2415 South Dairy Ashford Road Houston Texas 537 2001 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Roper Mountain 24 Roper Mountain Road Greenville South Carolina 505 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Sharon Road 1400 Sharon Road West Charlotte North Carolina 587 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Plano Allen 3901 North Central Expressway Plano Texas 516 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Vestavia Hills 1420 Montgomery Highway Vestavia Hills Alabama 555 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
26
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $144,734,899
PRIVATE MINI STORAGE PORTFOLIO DSCR: 1.42x
LTV: 64.21%
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
PROPERTY NAME ADDRESS CITY STATE # OF UNITS YEAR BUILT FEE/LEASEHOLD
- ----------------------------------------------------------------------------------------------------------------------------------
Private Mini-Mooresville 304 West Plaza Drive Mooresville North Carolina 491 2001 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Belcher 2180 South Belcher Road Largo Florida 586 1989 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-New Port Richey 6118 U.S. Highway 19N New Port Richey Florida 665 1991 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Cedar Park 700 South Bell Boulevard Cedar Park Texas 515 1999 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Mobile 3755 Airport Boulevard Mobile Alabama 544 1987 Leasehold
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-I-26 @ West Park 3754 Fernandina Road Columbia South Carolina 543 2000 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
Private Mini-Bissonnet 10811 Bissonnet Street Houston Texas 596 1989 Fee Simple
- ---------------------------------------------------------------------------------------------------------------------------------
THE MARKET. The Portfolio includes 38 self-storage properties located in 27
different cities. Seventeen facilities are located in Texas, ten in Florida,
three in North Carolina, three in South Carolina, two in Georgia, and three in
Alabama. Houston, Texas maintains the largest concentration of properties with
seven.
PROPERTY MANAGEMENT. The properties are managed by various subsidiaries of
U-Haul International, Inc.; the properties located in Texas are managed by
Private Mini Storage Manager, Inc. pursuant to a sub-management agreement.
CASH MANAGEMENT. Revenue from the property is collected by the borrower and/or
property manager and ultimately deposited into a lender designated lockbox
account. Provided no event of default under the mortgage loan exists, the
borrower has access to such lender designated lockbox account and the deposits
therein.
RESERVES. At origination, the borrower made an initial deposit into a reserve
account for payment of real estate taxes in the amount of $630,000. The mortgage
loan requires the borrower to make monthly deposits into such reserve account in
an amount equal to 1/12 of the estimated annual real estate taxes until the
amount on deposit is $1,260,000.00. Provided that taxes are timely paid by the
borrower, no event of default exists, the DSCR is not less than 1.23x and such
amount remains on deposit at all times, the borrower is not required to make
further deposits.
At origination, the borrower made an initial deposit into a reserve account for
payment of insurance premiums in the amount of $42,300. The mortgage loan
requires the borrower to make monthly deposits into such reserve account in an
amount equal to 1/12 of the estimated annual insurance premiums until the amount
on deposit is $84,600.00. Provided that insurance premiums are timely paid by
the borrower, no event of default exists, the DSCR is not less than 1.23x and
such amount remains on deposit at all times, the borrower is not required to
make further deposits.
At origination, the borrower made an initial deposit into a reserve account for
replacements in the amount of $288,000. As long as such amount remains on
deposit, borrower is not required to make additional deposits into the
replacement reserve account.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. The mezzanine loan in the amount
of $33,000,000 is secured by pledges of limited partnership interests in the
borrower, stock in the general partner of the borrower and certain other equity
interests in affiliates of the borrower ("Affiliate Collateral"), which equity
interests are owned by the mezzanine borrower. The mezzanine loan is a ten year
fixed rate loan that requires monthly interest and principal payments (on a
25-year amortization schedule) throughout the term of the loan.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. A junior mezzanine loan, in an
amount not to exceed $10,000,000, is permitted under the loan documents. Certain
requirements include that based upon the first mortgage, the senior mezzanine
loan and the junior mezzanine loan, the DSCR is not less than 1.0x (giving
effect to the Affiliate Collateral), the LTV does not exceed the LTV as of the
closing date and rating agency confirmation is obtained. The junior mezzanine
loan will be secured by a pledge of equity interests in the mezzanine borrower
under the $33,000,000 mezzainine loan.
PROPERTY SUBSTITUTION/PARTIAL DEFEASANCE. The borrower has the right to
substitute a new property for any individual property securing the loan (i)
voluntarily, up to 20% of the collateral calculated by allocated loan amount,
(ii) in the event the loan is accelerated upon an incurable breach of a
representation or warranty with respect to any individual property, (iii) in the
event lender does not make casualty or condemnation proceeds available to
borrower for restoration of any individual property, or (iv) if an individual
property is determined by the borrower to be no longer economically viable and
lender approves such determination.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
27
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $144,734,899
PRIVATE MINI STORAGE PORTFOLIO DSCR: 1.42x
LTV: 64.21%
- --------------------------------------------------------------------------------
Substitutions of individual properties are subject to satisfaction of certain
conditions, including but not limited to: (A) no event of default under the
mortgage loan then existing (except with respect to substitution upon a breach
of representation or warranty), (B) delivery of third party reports and
appraisals for the substitute property, (C) prior rating agency confirmation is
obtained, (D) the DSCR following the substitution is equal to the higher of the
DSCR as of the closing date or immediately prior to the substitution, and (E)
the LTV following the substitution is equal to the lower of the LTV as of the
closing date or immediately prior to the substitution.
In addition, (i) in the event the loan is accelerated upon an incurable breach
of a representation or warranty with respect to an individual property, (ii) in
the event lender does not make casualty or condemnation proceeds available to
borrower for restoration of any individual property, or (iii) if an individual
property is determined by the borrower to be no longer economically viable and
lender approves such determination, the borrower has the option, instead of
substitution, to partially defease the loan and obtain a release of the affected
property. Such partial defeasance must be performed in accordance with and is
subject to standard defeasance conditions. Otherwise, partial defeasance is not
permitted.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
28
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $144,734,899
PRIVATE MINI STORAGE PORTFOLIO DSCR: 1.42x
LTV: 64.21%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
29
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
30
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GACC
LOAN PURPOSE: Acquisition / Refinance
ORIGINAL TMA BALANCE: $109,000,000(1)
CUT-OFF TMA
BALANCE: $109,000,000(2)
% BY INITIAL UPB: 4.77%
INTEREST RATE: 5.2420%(3)
PAYMENT DATE: 1st of each month
FIRST PAYMENT DATE: March 1, 2005
MATURITY DATE: February 1, 2010
AMORTIZATION: Interest Only
CALL PROTECTION: Lockout until 24 months from the securitization
date, then defeasance is permitted. On and after
October 1, 2009, prepayment permitted on any
payment date without penalty.
SPONSORS: Jamestown Corporation and Macklowe Properties
BORROWER: Fifth Avenue 58/59
Acquisition Co. L.P.
PARI PASSU DEBT: $605,000,000(2)
B-NOTE BALANCE: $86,000,000(2)
MEZZANINE DEBT: $300,000,000(2)
LOCKBOX: Hard
INITIAL RESERVES: TI/LC: $70,529,451
NOI Support: $16,153,835
Engineering: $4,800,000
Taxes: $2,400,817
Insurance: $817,014
MONTHLY RESERVES: Taxes: $2,400,817
Insurance: $163,403
Replacement: $31,590
- --------------------------------------------------------------------------------
(1) The trust mortgage asset ("TMA") consists of the $54,500,000 A-5 Note and
the $54,500,000 A-6 Note.
(2) The $109,000,000 TMA and the $605,000,000 Pari Passu Debt (not included in
the trust and evidenced by the A-1, A-2, A-3 and A-4 Notes) comprise the
total senior debt balance of $714,000,000 (the "Senior Loan"). The
$86,000,000 B-Note and the Senior Loan comprise the total first mortgage
balance of $800,000,000 (the "First Mortgage"). Additionally, there is
$300,000,000 of mezzanine debt ("the Mezzanine Debt"). The B-note is not
included in the trust, but was certificated and issued as investment grade
securities in the COMM 2005-LP5 securitization.
(3) Represents the average interest rate for the first 12 payment periods after
the cut-off date rounded to four decimal places. The interest rate will
vary throughout the loan term. Refer to Annex A-5 to the prospectus
supplement for a schedule of interest rates.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION(2)
- --------------------------------------------------------------------------------
SENIOR FIRST FIRST MORTGAGE
LOAN MORTGAGE PLUS MEZZANINE
- --------------------------------------------------------------------------------
LOAN BALANCE: $714,000,000 $800,000,000 $1,100,000,000
LOAN
BALANCE / SQ. FT.: $374.78 $419.92 $577.40
LTV: 43.27% 48.48% 66.67%
BALLOON LTV: 43.27% 48.48% 66.67%
DSCR: 2.38x 2.12x 1.50x
SHADOW RATING
(S/M/F): AA /A3/AA NR/Baa3/BBB- Not Rated
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Single Asset
PROPERTY TYPE: Office with retail component
COLLATERAL: Fee Simple
LOCATION: New York, NY
YEAR BUILT / RENOVATED: 1968 / 2005
COLLATERAL SQ. FT.: 1,905,103
PROPERTY MANAGEMENT: Macklowe Management Co. Inc.
(a borrower affiliate)
OCCUPANCY (AS OF 1/1/05)(4): 96.3%
UNDERWRITTEN NET CASH
FLOW(5): "As-Is": $88,947,170
"As-Stabilized": $98,245,069
APPRAISED VALUE: $1,650,000,000
APPRAISAL DATE: January 1, 2005
- --------------------------------------------------------------------------------
(4) Occupancy figure excludes the Madison Avenue and Fifth Avenue retail
expansion. Occupancy is 96.34% including the Madison Avenue and Fifth
Avenue retail expansion.
(5) The "As-Stabilized" cash flow of $98,245,069 is based on the anticipated
lease up of 21,000 sq. ft. to Apple Computer Inc. (Fifth Avenue Expansion)
and anticipated lease up of 13,713 sq. ft. of Madison Avenue expansion
retail space. See "Madison Avenue and Fifth Avenue Retail Expansion"
herein. DSCR calculations in the chart are based on "As-Is" cash flow. DSCR
based on "As-Stabilized" cash flow is 2.62x for the Senior Loan, 2.34x for
the First Mortgage and 1.65x for the First Mortgage plus the Mezzanine
Debt.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
31
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
MAJOR OFFICE TENANTS
- ---------------------------------------------------------------------------------------------------------------------------------
% BELOW WEIGHTED AVG LEASE
TENANT NRSF % NRSF(1) MARKET RENT PSF EXPIRATION RATINGS (S/M/F)(2)
- ---------------------------------------------------------------------------------------------------------------------------------
Weil, Gotshal & Manges LLP 539,438 32.8% 45.20% $47.75 8/31/2019 -/-/-
- ---------------------------------------------------------------------------------------------------------------------------------
Estee Lauder 327,562 19.9 14.60 84.18 3/31/2020 A+/A1/-
- ---------------------------------------------------------------------------------------------------------------------------------
General Motors Corporation 100,348 6.1 15.82 68.26 3/31/2010 BB/Baa3/BB+
- ---------------------------------------------------------------------------------------------------------------------------------
SUB TOTAL/WA: 967,348 58.8% $62.21
- ---------------------------------------------------------------------------------------------------------------------------------
(1) % NRSF based on "As-Is" Office space only.
(2) Credit ratings are of the parent company whether or not the parent
guarantees the lease.
- ---------------------------------------------------------------------------------------------------------------------------------
MAJOR RETAIL TENANTS
- ---------------------------------------------------------------------------------------------------------------------------------
% BELOW WEIGHTED AVG LEASE
TENANT NRSF % NRSF(3) MARKET RENT PSF EXPIRATION RATINGS (S/M/F)(4)
- ---------------------------------------------------------------------------------------------------------------------------------
F.A.O. Schwarz 74,794 49.8% 63.1% $68.10 1/31/2012 -/-/ -
- ---------------------------------------------------------------------------------------------------------------------------------
CBS Television Studios 31,997 21.3 76.3% 47.19 3/31/2010 A-/A3/A-
- ---------------------------------------------------------------------------------------------------------------------------------
SUB TOTAL/WA: 106,791 71.1% $61.83
- ---------------------------------------------------------------------------------------------------------------------------------
(3) % NRSF based on "As-Is" Retail space only.
(4) Credit ratings are of the parent company whether or not the parent
guarantees the lease.
- ----------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER
- ----------------------------------------------------------------------------------------------------------------------------------
CUMULATIVE
# OF % OF CUMULATIVE % OF ANNUAL % OF BASE CUMULATIVE %
YEAR OF LEASES EXPIRING TOTAL TOTAL TOTAL AVG. ACTUAL RENT OF BASE ACTUAL
EXPIRATION EXPIRING SQ. FT. SQ. FT. SQ. FT. SQ. FT. RENT PSF ROLLING RENT ROLLING
- ----------------------------------------------------------------------------------------------------------------------------------
2005 1 36,996 1.9% 36,996 1.9% $95.00 2.5% 2.5%
- ----------------------------------------------------------------------------------------------------------------------------------
2006 8 71,156 3.7 108,152 5.7 70.87 3.6 6.2
- ----------------------------------------------------------------------------------------------------------------------------------
2007 4 49,266 2.6 157,418 8.3 64.96 2.3 8.5
- ----------------------------------------------------------------------------------------------------------------------------------
2008 2 37,757 2.0 195,175 10.2 51.30 1.4 9.9
- ----------------------------------------------------------------------------------------------------------------------------------
2009 6 32,368 1.7 227,543 11.9 85.80 2.0 11.9
- ----------------------------------------------------------------------------------------------------------------------------------
2010 15 192,748 10.1 420,291 22.1 75.27 10.4 22.3
- ----------------------------------------------------------------------------------------------------------------------------------
2011 4 69,657 3.7 489,948 25.7 86.26 4.3 26.6
- ----------------------------------------------------------------------------------------------------------------------------------
2012 6 142,337 7.5 632,285 33.2 84.38 8.6 35.3
- ----------------------------------------------------------------------------------------------------------------------------------
Thereafter 29 1,203,001 63.1 1,835,286 96.3 74.73 64.7 100.0
- ----------------------------------------------------------------------------------------------------------------------------------
Vacant 69,817 3.7 1,905,103 100.0
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL: 75 1,905,103 100.0% 1,905,103 100.0%
- ----------------------------------------------------------------------------------------------------------------------------------
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
32
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
GENERAL MOTORS BUILDING LOAN
THE LOAN. The General Motors Building loan is a five year interest only loan
secured by a first mortgage on the borrower's fee simple interest in a modern
50-story 1,905,103 sq. ft. Class "A" office/retail building located at the
southeast corner of Central Park, occupying the entire city block bounded by
Fifth Avenue, Madison Avenue, 58th Street, and 59th Street. The $109 million
Senior Component (rated AA/A3/AA (S/M/F)) has been contributed to the trust.
GM BUILDING RECAPITALIZATION. In January 2005, in connection with a
recapitalization of the General Motors Building, Deutsche Bank provided
a $1.1 billion capitalization package to the sponsors, JAMESTOWN
CORPORATION ("Jamestown") and MACKLOWE PROPERTIES ("Macklowe").
Jamestown and Macklowe contributed $385 million of new cash equity,
bringing the total cash equity to $520 million.
o Jamestown contributed $300 million of cash equity; and
o Macklowe contributed $85 million of cash equity in addition
to its existing $135 million cash contribution, resulting in
$220 million of cash equity.
Deutsche Bank provided the sponsors with a $1.1 billion debt package,
which together with the equity contributions from Jamestown and
Macklowe, extinguished the prior floating rate debt of $1.4 billion.
The Deutsche Bank package consists of a First Mortgage loan with an
original principal balance of $800 million and Mezzanine debt with an
aggregate original principal balance of $300 million, as follows:
o A $109 million Senior Component (contributed to the trust)
of a $714 million pari passu senior mortgage loan;
o An $86 million subordinate portion of the $800 million First
Mortgage loan, which subordinate portion will not be
contributed to the trust, but was certificated and sold as
investment grade rated non-pooled securities as part of the
COMM 2005-LP5 securitization; and
o A $300 million mezzanine loan that Deutsche Bank has
privately placed with institutional investors.
THE BORROWER. The borrower is a single-purpose, bankruptcy-remote entity with
two independent directors, for which a non-consolidation opinion was obtained at
closing. The borrower is sponsored by Jamestown and Macklowe.
Jamestown is a real estate investment company based in Atlanta, Georgia and
Cologne, Germany. Since 1983, Jamestown has been investing in income-producing
high quality commercial real estate in the United States. In 26 partnerships,
Jamestown and its affiliates have acquired over $5 billion of assets. In
addition to the General Motors Building, Jamestown currently owns all or a
portion of New York assets including One Times Square, 589 Fifth Avenue, 1211
Sixth Avenue, 1290 Sixth Avenue, 620 6th Avenue, 111 Eighth Avenue, and Chelsea
Market. Jamestown also owns all or a portion of 125 High Street and One Federal
Street in Boston, Massachusetts, 4501 N. Fairfax in Arlington, Virginia, and 400
Post Street in San Francisco, California. In Atlanta and Cologne, Jamestown
employs over 90 individuals who specialize in acquisitions, asset and property
management, accounting, taxes, marketing and sales. Jamestown is a repeat client
of Deutsche Bank.
Macklowe has over 30 years of commercial real estate investment and development
experience, predominantly in New York City. Macklowe's investments include
office & apartment properties, land assemblages, and conversion of industrial
properties and loft buildings in Manhattan. Macklowe's substantial real estate
portfolio includes interests in such prestigious residential properties as 777
Sixth Avenue, 305 West 50th Street (Longacre House), 515 East 72nd Street
(RiverTerrace) and 420 East 54th Street (RiverTower) as well as interests in 12
commercial properties leased to many high quality tenants at well known
addresses such as the General Motors Building, 540 Madison Avenue, 400 Madison
Avenue, and 610 Broadway. In 2003, Deutsche Bank financed $1.15 billion of
Macklowe's $1.45 billion acquisition of the General Motors Building. Macklowe, a
repeat sponsor of a Deutsche Bank borrower, is also the sponsor of the Longacre
House loan, also an asset of the trust.
THE PROPERTY. The General Motors Building occupies a full city block bounded by
Fifth and Madison Avenues and 58th and 59th Streets in Midtown Manhattan's Plaza
District. The property consists of a central 50-story tower with north and south
flanking two-story wings containing approximately 1,709,037 sq. ft. of Class "A"
office space and 152,143 sq. ft. of prime retail/television studio space. The
property
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
33
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
also contains a 35,657 sq. ft. underground parking garage with over 135 spaces.
The property has an average rent of $71.78/sq.ft. (with current asking rents of
$75 to $125/sq. ft.), well above prevailing market averages. Several of the more
seasoned leases are significantly below the building average. The building has
exhibited an excellent tenant retention rate well above the market average, with
more than 50.0% of the building occupied by tenants that have been in occupancy
since the building's completion in 1968. Historically, the General Motors
Building has maintained an occupancy rate of over 98%. The General Motors
Building benefits from zoning restrictions that restrict building height for
buildings north of 58th Street. As a result, the property has views of Central
Park and the Upper Manhattan skyline.
The property offers tenants design flexibility through its center core floor
plates and generous column bays. The distinctive "hips" on the north and south
sides of the property allow for eight corner offices per floor and the large bay
windows provide maximum light and Central Park views from two sides of the
building. The use of the finest materials through out the property's common
areas, such as the expansive lobby's Greek marble walls, highlighted brass trim,
Vermont marble flooring and decorative ceiling provide an environment consistent
with the nature of the property and its location.
The property was built in 1968 to serve as General Motors' worldwide
headquarters and today houses the company's treasury office. The previous owners
of the property, Trump Organization and Conseco Insurance, purchased the
building in August 1998 from a joint venture that included The Simon Property
Group. Over the past five years, the previous building owners invested
substantial capital to: (i) create a new landscaped plaza on Fifth Avenue; (ii)
complete a new marble lobby area with expanded concierge facilities for tenants;
(iii) install fiber optics in the building; (iv) develop ground floor broadcast
facilities and (v) install a new state of the art security system.
The extensive improvements to the plaza area have added to the already
considerable pedestrian traffic off of Fifth Avenue and around Central Park. The
borrower has begun the expansion of the retail space at the property by building
a glass cube which will expand onto the promenade on the Fifth Avenue side of
the property and a two-story glass expansion of approximately 14,000 sq. ft. on
the Madison Avenue side of the building. See "Madison Avenue and Fifth Avenue
Retail Expansion" below.
The building's tenants benefit from efficient access to the property via
Manhattan's vast web of public transportation. Subway stops within close
proximity to the building include the N/R (Fifth Avenue at 59th Street), E/F
(Fifth Avenue at 53rd Street), 4/5/6 (Lexington and 59th Street) and the B/D/F/V
(Rockefeller Center). In addition, bus service runs along Fifth, Madison and
Sixth Avenues and 57th Street.
SIGNIFICANT TENANTS. The property is currently 96.3% occupied (excluding the
Madison Avenue and Fifth Avenue expansion spaces) by 33 office tenants and 6
retail tenants, with floor plates averaging approximately 37,000 sq. ft. Below
is a description of the building's three largest office tenants and two largest
retail tenants.
OFFICE:
WEIL, GOTSHAL & MANGES LLP (32.8% of NRA-Office; $47.75/sq. ft.; majority of
leases expire in 2019), is the property's largest tenant and has been in the
building since its construction in 1968. Founded in 1931 in New York, Weil,
Gotshal & Manges LLP ("Weil") is widely considered to be one of the premier
law firms in the world. Weil was awarded the "2004 Law Firm of the Year in
Western Europe: France" and the "2004 Law Firm of the Year in the United
States for Private Equity". The Weil space was custom designed and was most
recently renovated in 1990, though it is meticulously maintained. The General
Motors Building serves as Weil's worldwide headquarters, and its space
includes an executive conference and banquet level which features high
ceilings, a kitchen and separate environmental systems (this space was
originally General Motors' executive floor). Weil's current average space
utilization of 170 employees per floor is well above the building average of
117 and its rental rates are 45.21% below market.
ESTEE LAUDER (19.9% of NRA-Office; $84.18/sq. ft.; (S/M) A+ / A1; a majority
of leases expire in 2020) (NYSE: EL) the second largest tenant at the
property, and has maintained a worldwide reputation for innovation while
purveying stability in the production of high quality beauty products. Estee
Lauder ("Lauder") has maintained its global headquarters at the property
since completion in 1968. Lauder products are sold in over 130 countries and
territories under brand names, such as Estee Lauder, Clinique, Aramis,
Prescriptives, Origins, M.A.C., Bobbi Brown, La Mer, Aveda, Stila, Jo Malone,
Bumble and Bumble, Darphin, Rodan & Fields, and American Beauty and account
for nearly half of the world's upscale cosmetics sold. Lauder, which was
founded in New York in 1946 and employs 22,000 people worldwide, reported
2004 earnings from continuing operations of $375 million and sales of $5.79
billion - the 47th consecutive year annual sales have increased. In the
1990's, Lauder contributed significant capital to the refurbishment
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
34
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
of its space, including the 40th floor, which houses the executive management
offices, which was extravagantly decorated by Ms. Estee Lauder. In October
2012 there is a $10.00/sq. ft. rent step for the Estee Lauder space. After
renewing its lease in July 2003, Estee Lauder's rent averages $91.29 over its
lease term.
GENERAL MOTORS CORPORATION (6.1% of NRA-Office; $68.26/sq. ft.; (S/M/F) BB /
Baa3 / BB+; lease expires in 2010) (NYSE: GM) the third largest tenant at the
property is one of the world's leading industrial firms, manufacturing and
selling vehicles world-wide under the Chevrolet, Buick, Cadillac, Pontiac,
Saab, Saturn and GMC brands. The property was originally built in 1968 as
General Motors Corporation's worldwide headquarters and General Motors
Corporation currently occupies three full floors of office space for their
treasury office, legal, tax and operations, human resources and asset
management. The world's largest automotive manufacturer with a 15% global
market share, General Motors Corporation also produces products and provides
services ranging from satellite and wireless communication to financial
services. In 2003, General Motors Corporation sold nearly 8.6 million cars
and trucks. The space was renovated in the mid-1990's with stained wood and
glass accents. For the nine months ended March 31, 2005, revenues fell 4% to
approximately $45.77 billion. Net loss totaled $1.1 billion versus an income
of $1.21 billion.
Other prominent tenants at the property include Baron Capital ($105.20/sq. ft.),
Forstmann Little & Co. ($115.00/sq. ft.), Icahn Associates ($103.20/sq. ft.),
Thomas Lee Capital ($80.00/sq. ft.) and Perry Capital ($93.00/sq. ft.).
RETAIL:
F.A.O. SCHWARZ (49.8% of NRA-Retail; $68.10/sq. ft.; lease expires in 2012)
is one of the premier retail toy stores in the world. The F.A.O. Schwarz
("FAO") space benefits significantly from both tourism and its prime location
within one of the world's prime retail shopping corridors. FAO, the
building's fifth-largest tenant overall, is a specialty retailer of
developmental, educational and fun products for infants and children via its
FAO Schwarz and Right Start retail stores as well as through catalogs and the
internet. FAO filed for Chapter 11 bankruptcy protection in January 2003 and
re-emerged in April 2003. In December of 2003, FAO filed for bankruptcy again
and in January 2004, D.E. Shaw & Co. agreed to pay $41 million in cash for
the long-term lease in FAO's Las Vegas and New York stores, among other
things. FAO's flagship retail store has been located at the property since
November 1986 and reopened on Thanksgiving Day 2004.
CBS TELEVISION STUDIOS (21.3% of NRA-Retail; $47.19/sq. ft. (S/M/F) A- / A3 /
A-, lease expires in 2010) broadcasts "The Early Show" from the property. The
CBS facilities include viewing areas along 59th Street and the plaza, as well
as extensive TV production studios and a gourmet kitchen. The high profile
nature of The Early Show brings additional pedestrian traffic to the already
highly trafficked area. The studios are equipped with cutting edge
technological equipment housed beneath the 30 foot ceilings. In addition to
The Early Show, CBS, a wholly owned subsidiary of Viacom Inc., utilizes their
space as television studios for its NFL studio broadcasts, talk shows and
various soap opera productions. The estimated cost paid by the tenant for the
build out of the space was between $35 and $40 million.
THE MARKET. The General Motors Building is one of the centerpieces within the
heart of midtown Manhattan's prestigious Plaza District, occupying the entire
city block bounded by Madison and Fifth Avenues and 58th and 59th Streets. This
location is between many of New York's top residential and retail addresses and
its midtown office district. The location of the General Motors Building places
the property at a competitive advantage, both for the ground floor retail space
and above ground office space. The amenities surrounding the property, which
include top restaurants, hotels and retail such as The Four Seasons Hotel, The
Plaza Hotel, Tiffany & Co., Bergdorf Goodman, and Saks Fifth Avenue are an
attractive draw for prospective tenants. The building's ground floor retail
space benefits from the high volume of pedestrian traffic which visits the
building due to the property's location adjacent to Central Park and the CBS
Morning Show's "window-watching" capacity, and its frontage along the retail
Madison Avenue corridor.
The Plaza District has historically been one of the strongest subdistricts in
Manhattan, consistently maintaining lower vacancy rates and higher rents than
its competitive locales due to its premier location and high quality buildings.
This combination of quality construction, tenant prestige, Central Park views,
and location allow rents at the General Motors Building to receive a premium to
its competition. According to REIS, the 54.8 million sq. ft. Plaza submarket, at
the southern edge of Central Park, is the most expensive area in Manhattan, with
an average asking rent of $57.28/sq. ft. per third quarter 2004. Reis reports
concessions in the Plaza District average 3.4 months of free rent over the
average lease term of 8.9 years and vacancy rates at 9.2%. Additionally, rents
at the property have outpaced the general market by as much as $40.00 to
$60.00/sq. ft., as recently exhibited by Perry Capital's execution of a lease
for 74,061 sq. ft.
This term sheet does not contain all of the information set forth
in the Prospectus Supplement and the Prospectus for this transaction. The
information contained herein shall be deemed superseded in its entirety by the
information in the Prospectus Supplement and Prospectus.
35
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
on floors 19 and 20 with a term of 14-years and 5-months at an initial rate of
$93.00/sq. ft. In addition, York Capital executed a lease for 35,537 sq. ft. at
an initial rate of $95.00/sq. ft. Below is a schedule of recent leases signed at
the property:
- -------------------------------------------------------------------------------------------------------------------
RECENTLY EXECUTED LEASES
- -------------------------------------------------------------------------------------------------------------------
TENANT LEASE DATE FLOORS SF EXPIRATION LEASE RENT/SF
- -------------------------------------------------------------------------------------------------------------------
Perry Capital 8/1/2005 19 & 20 74,061 1/31/2020 $93.00
- -------------------------------------------------------------------------------------------------------------------
Bank of America 4/1/2005 7 36,137 3/31/2020 $87.00
- -------------------------------------------------------------------------------------------------------------------
York Capital 2/1/2005 17 35,537 7/15/2015 $95.00
- -------------------------------------------------------------------------------------------------------------------
Estee Lauder 1/1/2005 45 14,251 4/30/2006 $120.00
- -------------------------------------------------------------------------------------------------------------------
Icahn 1/1/2005 46 9,184 5/31/2012 $100.00
- -------------------------------------------------------------------------------------------------------------------
Ruane Cuniff 6/1/2004 47 6,150 5/31/2014 $110.00
- -------------------------------------------------------------------------------------------------------------------
MADISON AVENUE AND FIFTH AVENUE RETAIL EXPANSION. On the Fifth Avenue side of
the building, in the plaza area, the sponsors are building a modern glass cube
that houses a spiral walkway and a circular platform elevator leading down to
approximately 21,000 sq. ft. of sub-grade retail space. Apple Computer Inc.
("Apple") (NASD: "AAPL") has signed a letter of intent to occupy, for 10-years,
this retail space with an initial base rent of $2.8 million per annum
($132.29/sq. ft.). Additionally, the letter of intent provides that Apple will
pay percentage rent which is expected to generate additional income.
On the Madison Avenue side, the General Motors Building is set back from Madison
Avenue significantly farther than zoning regulations require. The sponsors are
developing 13,713 sq. ft. (inclusive of 2,885 sq. ft. of mezzanine space) of
prime Madison Avenue retail space in this extra area. The average ground floor
Madison Avenue retail market rate is expected to be approximately $700/sq. ft.
and the mezzanine retail space is expected to command at least $100/sq. ft.
Construction has commenced on the 5th Avenue and Madison Avenue retail space and
is expected to be complete by November/December of this year.
PROPERTY MANAGEMENT. Macklowe Management Co. Inc., an affiliate of the borrower.
CASH MANAGEMENT. The loan has been structured with an in-place cash management
system.
RESERVES. At closing, the borrower deposited approximately $70.5 million in a
tenant improvement and leasing commissions reserve ("TI/LC Reserve"), of which
$42.5 million is specifically allocated to the Madison and Fifth Avenue retail
expansion. The remaining $28 million is for additional tenant improvements and
leasing commissions. Additionally, the borrower deposited approximately $16.2
million into a reserve ("NOI Support Reserve") to provide credit enhancement for
the Perry Capital free rent period and rent associated with three vacant spaces
with leases either out for signature or in various stages of negotiation. Each
month, provided that there is no event of default (as such term is defined in
the loan documents), a monthly increment (as specified in the loan documents) of
the NOI Support Reserve, will be used to satisfy monthly payments due under the
loan, with any excess amounts released to the borrower. Each year, the borrower
is required to deposit $7 million into the NOI Support Reserve, until such time
that the termination conditions (including termination of the Perry Capital free
rent period and lease up of the vacant spaces above specified rent thresholds)
have been satisfied, at which time any remaining funds in the NOI Support
Reserve will be remitted to the borrower and no future deposits will be
required.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. The First Mortgage loan consists
of six pari passu A-Notes (two of which are trust fund assets) and a B-Note that
was certificated and issued as investment grade securities in the COMM 2005-LP5
securitization. In addition, equity owners of the borrower incurred mezzanine
debt from a Deutsche Bank affiliate, with an original aggregate balance of
$300,000,000, secured by pledges of equity interests in the borrower.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.
RELEASE PROVISIONS. None.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
36
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
THE GENERAL MOTORS BUILDING CAPITALIZATION
--------------- ---------------- |
$109 MILLION $605 MILLION |
SENIOR PARI PASSU |
COMPONENT DEBT |
LTV 43.3% LTV 43.3% |
RATED RATED |
(AA/A3/AA) (AA/A3/AA) | To be sold in
(S/M/F) (S/M/F) | conduit/fusion
--------------- ---------------- | securitizations
|
----------------------------------- |
$86 MILLION |
B NOTE |
LTV 48.5% |
(Baa3 to BBB-)(M/F) |
-----------------------------------
----------------------------------- |
$300 MILLION |
MEZZANINE DEBT | To be privately
LTV 66.7% | placed
----------------------------------- |
-----------------------------------
$20 MILLION
CASH EQUITY
-----------------------------------
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
37
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $109,000,000
GENERAL MOTORS BUILDING TMA DSCR: 2.38x
TMA LTV: 43.27%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
38
[THIS PAGE INTENTIONALLY LEFT BLANK]
39
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $85,000,000
LONGACRE HOUSE DSCR: 1.42x
LTV: 76.58%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
40
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $85,000,000
LONGACRE HOUSE DSCR: 1.42x
LTV: 76.58%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GACC
LOAN PURPOSE: Refinance
ORIGINAL BALANCE: $85,000,000
CUT-OFF BALANCE: $85,000,000
% BY INITIAL UPB: 3.72%
INTEREST RATE: 4.9950%
PAYMENT DATE: 1st of each month
FIRST PAYMENT DATE: September 1, 2005
MATURITY DATE: August 1, 2010
AMORTIZATION: Interest Only
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after May 1,
2010, prepayment permitted without penalty.
SPONSOR: Macklowe Properties
BORROWER: Purcel Woodward and Ames, L.L.C.
ADDITIONAL FINANCING: None
LOCKBOX: Hard
INITIAL RESERVES: None
MONTHLY RESERVES: Tax: $344,018
Insurance: $19,677
Replacement: $5,005
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
LOAN BALANCE / UNIT: $290,102
VALUE / UNIT: $378,839.59
LTV: 76.58%
BALLOON LTV: 76.58%
DSCR: 1.42x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Single Asset
PROPERTY TYPE: Class "A" multifamily
COLLATERAL: Fee simple interest in a 26-story 293 unit Class
"A" multifamily project with retail component and a
below grade parking garage with capacity for 63
vehicles.
LOCATION: New York, NY
YEAR BUILT / RENOVATED: 1997 / NA
PROPERTY MANAGEMENT: Macklowe Management Co. Inc. (a borrower affiliate)
OCCUPANCY (AS OF
6/30/2005): 99.66%
UNDERWRITTEN NET CASH FLOW: $6,125,349
APPRAISED VALUE: $111,000,000
APPRAISAL DATE: June 28, 2005
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
UNIT DESCRIPTION
- ---------------------------------------------------------------------------------------------------------------------
AVERAGE RENT MARKET RENT
UNIT TYPE NO. UNITS SF/UNIT (PER MONTH) (PER MONTH)(1)
- ---------------------------------------------------------------------------------------------------------------------
Studio 62 556 $2,268 $2,317
- ---------------------------------------------------------------------------------------------------------------------
Junior-One 16 625 2,386 2,604
- ---------------------------------------------------------------------------------------------------------------------
One Bedroom 176 681 2,773 2,838
- ---------------------------------------------------------------------------------------------------------------------
Junior-Four 16 1,031 3,536 4,296
- ---------------------------------------------------------------------------------------------------------------------
Two Bedroom 23 1,122 4,384 4,675
- ---------------------------------------------------------------------------------------------------------------------
TOTAL/WA: 293 705 $2,813 $2,938
- ---------------------------------------------------------------------------------------------------------------------
(1) Calculated based on a straight average of the comparable market rent ranges
on a weighted average for the number of units.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
41
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $85,000,000
LONGACRE HOUSE DSCR: 1.42x
LTV: 76.58%
- --------------------------------------------------------------------------------
THE LONGACRE HOUSE LOAN
THE LOAN. The Longacre House loan is a five-year interest only loan secured by a
first priority mortgage on the borrower's fee simple interest in a modern
26-story 293 unit Class "A" multifamily housing facility situated on the west
side of Eighth Avenue between West 50th and 51st Street in Manhattan. Based on
an appraised value of $111 million, the borrower has implied equity of $26
million in the property.
THE BORROWER. The borrower is a single-purpose, bankruptcy-remote entity for
which a non-consolidation opinion was obtained at closing. The borrower is
sponsored by MACKLOWE PROPERTIES ("Macklowe"). Macklowe has over 30 years of
commercial real estate investment and development experience, predominantly in
New York City. Macklowe's investments include office and apartment properties,
land assemblages, in addition to the conversion of industrial properties into
loft buildings in Manhattan. Macklowe's substantial real estate portfolio
includes interests in such prestigious assets as 777 Sixth Avenue, 515 East 72nd
Street (River Terrace) and 420 East 54th Street (River Tower) as well as
interests in 12 commercial properties leased to many high quality tenants at
well known Manhattan addresses, including the General Motors Building, 125 West
55th Street, 540 Madison Avenue, 400 Madison Avenue and 610 Broadway. Macklowe
is a repeat sponsor of a Deutsche Bank Borrower and one of the sponsors of the
General Motors Building Loan, also an asset of the trust.
THE PROPERTY. The property is comprised of a 26-story apartment building with
293 units totaling 232,284 sq. ft., a 63-space parking garage and an above grade
retail component comprised of 26,806 sq. ft. Macklowe developed and constructed
the property in 1997. The property is currently 99.7% occupied with historical
occupancy levels of at least 95.0%.
The property was constructed in 1997 and contains 62 studio units with an
average of 556 sq. ft. of living space, 16 junior-one units with an average of
625 sq. ft. of living space, 176 one bedroom units with an average of 681 sq.
ft. of living space, 16 junior-four units with an average of 1,031 sq. ft. of
living space and 23 two bedroom units with an average of 1,122 sq. ft. of living
space. All apartments feature hardwood, carpet and tile flooring, high-end
General Electric appliances including refrigerator, stove, dishwasher, and
microwave. Many of the units offer two exposures and some units have individual
private terraces. Building amenities include a 24-hour doorman concierge,
full-service laundry facilities, a 24-hour tenant only fitness center, sundeck,
valet services, pre-wired DirecTV and cable TV, and high speed internet access.
The 50th Street subway station is located within the building. The Longacre
House's excellent location offers close proximity to Times Square, the Theatre
District, Columbus Circle, the AOLTime Warner Center, Central Park, Rockefeller
Center and the Midtown Office Market.
- --------------------------------------------------------------------------------
RETAIL TENANTS
- --------------------------------------------------------------------------------
TENANT NRSF % NRSF RENT/SQ. FT. LEASE EXPIRATION
- --------------------------------------------------------------------------------
Rite Aid Corp. 8,758 3.8% $67.00 3/15/2009
- --------------------------------------------------------------------------------
Blockbuster Corp. 3,800 1.6% $68.00 4/15/2009
- --------------------------------------------------------------------------------
The two major retail tenants at the property are Rite Aid and Blockbuster Video.
Rite Aid is a retail drugstore that sells prescription drugs, in addition to
nonprescription medications, health and beauty aids and cosmetics. Blockbuster
Video provides in-home rental and retail movie and game entertainment. Rite Aid
has two 5-year renewal options and Blockbuster Video has one 5-year renewal
option. Other tenants at the building are 305 West 50th Garage LLC and Ocasio
Valet.
THE MARKET. The property is located in the Midtown West neighborhood of
Manhattan. The area is bordered by the Upper West Side to the north, and by
Chelsea to the south. The eastern side of Midtown West adjoins the Midtown
Office District, which is dominated by Rockefeller Center, Times Square and the
Theatre District. According to REIS, in the first quarter 2005, the Manhattan
residential market had an average asking rent of $2,291, whereas the average
rental rate at the property is $2,813 per month, 22.8% above the average
Manhattan residential market asking rent. The average multifamily vacancy rate
in the first quarter of 2005 for New York City remained in the low 3.0% range,
down from the 4.0% rate recorded in 2003. REIS reported 980 units of new supply
delivered to the New York City market in the fourth quarter 2004, bringing the
total annual delivery for 2004 to 2,360 units. The total absorption for the
Manhattan residential market in 2004 was 3,119 units, a respectable number
considering that condo/homeownership, which has recently been bolstered by low
interest rates and a soft dollar, has been on the rise. Concessions in the New
York market are virtually nonexistent, resulting in a narrow gap between ask and
take prices.
The recent sale of The Aston, a luxury apartment tower in Manhattan, with a
contract price of $195 million, believed to be the highest price ever paid for a
residential building in the United States on a per-unit basis. It has been
reported that Archstone-Smith, an Englewood, Colo. REIT, has agreed to pay about
$800,000/unit for the 38-story tower at 800 Sixth Ave. at 27th Street, which
results in a price of approximately $1,000/sq.ft. To illustrate the New York
City market, below is a survey for the first quarter of 2005 of Manhattan Co-Op
and Condo Sales, provided by Prudential Douglas Elliman.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
42
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $85,000,000
LONGACRE HOUSE DSCR: 1.42x
LTV: 76.58%
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
1Q 2005 - DOUGLAS ELLIMAN REPORT
- -------------------------------------------------------------------------------------------------------------------
MANHATTAN APARTMENT MARKET 1Q2005 % CHANGE 4Q2004 % CHANGE
- -------------------------------------------------------------------------------------------------------------------
Average Sales Price $1,214,379 23.0% $987,257 25.7%
- -------------------------------------------------------------------------------------------------------------------
Average Price per Sq. Ft. $910 16.7% $780 28.0%
- -------------------------------------------------------------------------------------------------------------------
Median Sales Price $705,000 16.5% $605,000 18.5%
- -------------------------------------------------------------------------------------------------------------------
Number of Sales 2,028 -6.2% 2,161 5.8%
- -------------------------------------------------------------------------------------------------------------------
Days on Market (From Last List Date) 94 -2.1% 96 -4.1%
- -------------------------------------------------------------------------------------------------------------------
Listing Discount (From Last List Date) 1.40% 1.50%
- -------------------------------------------------------------------------------------------------------------------
Listing Inventory 4,327 10.3% 3,922 0.7%
- -------------------------------------------------------------------------------------------------------------------
In addition to its association with the theatre and the arts, the Midtown West
location has emerged as one of Midtown's premier location for entertainment,
finance, and business services. Times Square now boasts approximately 2.7
million sq. ft. occupied by entertainment, publishing and media firms, 1.7
million sq. ft. occupied by financial firms and 1.6 million sq. ft. occupied by
law firms.
According to REIS, the Midtown West residential market area contains
approximately 18,082 units and commands an average rent of $2,931 per month. As
of the first quarter of 2005, the average rent per month at the property is 4.0%
below the average rent per month for the Midtown West submarket. Recent
additions to supply in the Midtown West submarket include a 24-unit, a 43-unit
and a 45-unit building. The chart below shows sales information for comparable
buildings.
- ------------------------------------------------------------------------------------------------------------------------
COMPARABLE APARTMENT SALES
- ------------------------------------------------------------------------------------------------------------------------
OCCUPANCY AT
PROPERTY LOCATION DATE SALE PRICE YEAR BUILT NO. OF UNITS PRICE PER UNIT SALE
- ------------------------------------------------------------------------------------------------------------------------
71 Broadway Nov-2004 $99,700,000 1900 237 $420,675 95%+
- ------------------------------------------------------------------------------------------------------------------------
Hudson Crossing Jul-2004 $93,100,000 2003 258 $360,853 95%+
- ------------------------------------------------------------------------------------------------------------------------
The Sonoma Feb-2004 $126,000,000 2001 254 $496,063 95%+
- ------------------------------------------------------------------------------------------------------------------------
Theatre Row Tower Nov-2003 $108,000,000 2001 264 $409,091 100%
- ------------------------------------------------------------------------------------------------------------------------
The Chelsea Nov-2003 $93,000,000 1987 204 $455,882 100%
- ------------------------------------------------------------------------------------------------------------------------
Built in 1997 and supported by an occupancy rate of 99.7%, the Longacre House
compares favorably to similar properties of its kind with a $290,102 price/unit.
PROPERTY MANAGEMENT. The property is managed by Macklowe Management Co. Inc. an
affiliate of the borrower.
CASH MANAGEMENT. The loan has been structured with in-place cash management.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
43
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $85,000,000
LONGACRE HOUSE DSCR: 1.42x
LTV: 76.58%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
44
[THIS PAGE INTENTIONALLY LEFT BLANK]
45
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $71,010,000
ONE COLORADO SHOPPING CENTER DSCR: 1.33X
LTV: 64.55%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
46
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $71,010,000
ONE COLORADO SHOPPING CENTER DSCR: 1.33X
LTV: 64.55%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
LOAN SELLER: GMACCM
LOAN PURPOSE: Refinance
ORIGINAL BALANCE: $71,010,000
CUT-OFF BALANCE: $71,010,000
% BY INITIAL UPB: 3.11%
INTEREST RATE: 5.10%
PAYMENT DATE: 1st of the month
FIRST PAYMENT DATE: September 1, 2005
MATURITY DATE: August 1, 2015
AMORTIZATION: Interest only from September 1, 2005 through and
including August 1, 2007; thereafter, monthly
amortization on a 30-year schedule
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after April 1,
2015, prepayment can be made without penalty.
SPONSOR: David B. Friedman and Michael Katz
BORROWER: One Colorado Investments LLC
ADDITIONAL FINANCING: None
LOCKBOX: Hard
INITIAL RESERVES: Tax: $246,765
Insurance: $54,554
MONTHLY RESERVES: Tax: $61,691
Replacement: $3,258(1)
TI/LC: $27,691(2)
- --------------------------------------------------------------------------------
(1) Replacement Reserves are capped at $78,000.
(2) TI/LC Reserves are capped at $850,000.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
LOAN BALANCE / SQ. FT.: $272.47
BALLOON BALANCE / SQ. FT.: $236.36
LTV: 64.55%
BALLOON LTV: 56.00%
DSCR: 1.33x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Single Asset
PROPERTY TYPE: Mixed use (Retail/Office)
COLLATERAL: Fee Simple
LOCATION: Pasadena, California
YEAR BUILT / RENOVATED: Late 1800's-early 1900's / 1992
COLLATERAL SQ. FT.: 260,619
PROPERTY MANAGEMENT: Trident Group, Inc. (a borrower affiliate)
OCCUPANCY (AS OF 7/1/05): 99.27%
UNDERWRITTEN
NET CASH FLOW: $6,154,380
APPRAISED VALUE: $110,000,000
APPRAISAL DATE: May 2, 2005
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
- -----------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG LEASE RATINGS
TENANT NRSF % NRSF % GPR RENT/SQ. FT. EXPIRATION (S/F/M)
- -----------------------------------------------------------------------------------------------------------------------
Crate and Barrel 44,518 17.08% 11.22% $16.28 1/31/09 NR
- -----------------------------------------------------------------------------------------------------------------------
Laemmle's One Colorado 33,000 12.66 7.43 14.54 10/31/08 NR
- -----------------------------------------------------------------------------------------------------------------------
SW Bell Yellow Pages 19,650 7.54 7.09 23.32 7/31/09 A/A+/A2
- -----------------------------------------------------------------------------------------------------------------------
Il Fornaio(1) 15,975 6.13 3.46 13.98 1/20/13 NR
- -----------------------------------------------------------------------------------------------------------------------
The Gap 15,279 5.86 5.99 25.32 11/30/07 BBB-/BBB-/Baa3
- -----------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 128,422 49.28% 35.17% $17.70 - -
- -----------------------------------------------------------------------------------------------------------------------
(1) 12,500 sq. ft.expires January 12, 2013.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
47
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $71,010,000
ONE COLORADO SHOPPING CENTER DSCR: 1.33X
LTV: 64.55%
- --------------------------------------------------------------------------------
ONE COLORADO SHOPPING CENTER
THE LOAN. The One Colorado Shopping Center Loan is a ten year loan that provides
for monthly payments of interest-only for the first two years and thereafter,
for monthly payments of principal and interest. The loan is secured by a
mortgage on the borrower's fee simple interest in retail and office buildings
located in Pasadena, California.
THE BORROWER. The borrower is One Colorado Investments LLC, a special purpose,
bankruptcy-remote entity, which is required under its loan documents to have an
independent director and for which a non-consolidation opinion was obtained at
closing, sponsored by David B. Friedman and Michael Katz.
THE PROPERTY. The property consists of nineteen retail and office buildings and
a seven-level parking structure that also contains retail and office space. The
property contains 260,619 NRSF located on two parcels of land totaling 2.9
acres. Improvements were initially constructed in the late 1800's-early 1900's
and placed into its current use in 1985. In 1991-92, the subject was completely
renovated and the buildings underwent comprehensive structural and seismic
upgrades.
SIGNIFICANT TENANTS. As of July 1, 2005, the property was 99.27% occupied. The
tenant mix is comprised of retail (50%); non-retail oriented office (22%),
restaurant (11%) and Laemmle's theater (13%). Major retail tenants include The
Gap, Armani Exchange, Crate & Barrel, J. Crew, and Victoria's Secret.
THE MARKET. According to the appraisal performed by Cushman & Wakefield of
California on May 2, 2005 (the "Appraisal"), the property is located in the City
of Pasadena in the Los Angeles-Long Beach Primary Metropolitan Statistical Area,
more specifically, the retail section in the center of Old Town Pasadena. The
Appraisal further noted that Pasadena comprises an established mix of
residential communities with significant commercial development and that it is
the home of the Rose Bowl, the Jet Propulsion Laboratory, California Institute
of Technology and host of the annual Tournament of Roses Parade. According to
the Appraisal, Old Pasadena retail rents range from $51 to $72/sq. ft. annually
(NNN) and office rents range from $24 to $28/sq. ft. annually. With respect to
vacancy the Appraisal concluded that the retail vacancy rate for the Pasadena
submarket is 1.7% and the office vacancy rate is 8.6%. The subject's current
average retail rent is $31.60/sq. ft. which is less than the market rent stated
in the Appraisal due to long term tenants with fixed rate rental agreements. The
subject's current average office rent is $23.28/sq. ft.
PROPERTY MANAGEMENT. The property is managed by the Trident Group, Inc., an
affiliate of the borrower.
CASH MANAGEMENT. Provided no event of default exists under the mortgage loan,
the borrower has access to the funds deposited in the lockbox account. Upon the
occurrence of an event of default under the mortgage loan, all funds deposited
in the lockbox account are controlled by the lender.
RESERVES. At origination, the borrower made an initial deposit into a reserve
account for payment of insurance premiums in the amount of $54,554 and for the
payment of real estate taxes in the amount of $246,765. The mortgage loan
requires the borrower to make monthly deposits into such reserve account in an
amount equal to 1/12 of the estimated real estate taxes.
The mortgage loan requires the borrower to make monthly deposits for
replacements into a replacement reserve account in an amount equal to $3,258 per
month, but only to the extent that the funds in such account do not exceed
$78,000. The mortgage loan also provides that based upon lender inspections of
the property the lender may increase the monthly deposit amount into the
replacement reserve account.
The mortgage loan requires the borrower to make monthly deposits into a reserve
account for tenant improvements and leasing commissions in an amount equal to
$27,691, but only to the extent that the funds in such account do not exceed
$850,000.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not Permitted.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
48
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $71,010,000
ONE COLORADO SHOPPING CENTER DSCR: 1.33X
LTV: 64.55%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
49
[THIS PAGE INTENTIONALLY LEFT BLANK]
50
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $65,000,000
LOEWS UNIVERSAL HOTEL PORTFOLIO TMA DSCR: 3.61x
TMA LTV: 52.84%
- --------------------------------------------------------------------------------
[PHOTO OMITTED]
PORTOFINO BAY HOTEL
[PHOTO OMITTED]
HARD ROCK HOTEL
[PHOTO OMITTED]
ROYAL PACIFIC HOTEL
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
51
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $65,000,000
LOEWS UNIVERSAL HOTEL PORTFOLIO TMA DSCR: 3.61x
TMA LTV: 52.84%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GACC
LOAN PURPOSE: Refinance
ORIGINAL TMA BALANCE: $65,000,000(1)
CUT-OFF TMA BALANCE: $65,000,000(1)
% BY INITIAL UPB: 2.84%
INTEREST RATE: 4.7250%
SHADOW RATING (S/M): BBB+/Baa3
PAYMENT DATE: 1st of each month
FIRST PAYMENT DATE: August 1, 2005
MATURITY DATE: July 1, 2015
AMORTIZATION: Interest Only
CALL PROTECTION: Lockout for 24 months from the date of
securitization of the last pari passu portion, then
defeasance is permitted. On and after April 1,
2015, prepayment permitted on any payment date
without penalty.
SPONSOR: Loews Corporation (50%), NBC Universal (25%) and
The Rank Group PLC (25%)
BORROWER: UCF Hotel Venture
PARI PASSU DEBT: $335,000,000(1)
B-NOTE BALANCE: $50,000,000(1)
LOCKBOX: None(2)
INITIAL RESERVES: None(3)
MONTHLY RESERVES: None(3)
- --------------------------------------------------------------------------------
(1) The total financing amount of the Loews Universal Portfolio Loan is
$450,000,000 (the "Whole Loan") consisting of five A-Notes totaling
$400,000,000 ("Senior Loan") and two $25,000,000 pari passu B-Notes (the
"B-Note"). The loan was co-originated by German American Capital
Corporation and JPMorgan Chase Bank N.A. The $65,000,000 A-1 Note is
included in the Trust. A $100,000,000 A-4 Note was included in the JPMCC
2005-CIBC12 trust. The B-Note was certificated and issued as part of the
JPMCC 2005-CIBC12 trust.
(2) Upon the occurrence of: (i) an event of default (as such term is defined in
the loan documents) or (ii) DSCR below 1.35x for two consecutive calendar
quarters (each, a "Lockbox Event"), all funds are required to be deposited
into a lender controlled account.
(3) See "Reserves" below.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION(1)
- --------------------------------------------------------------------------------
SENIOR WHOLE
LOAN LOAN
------------- -------------
LOAN BALANCE: $400,000,000 $450,000,000
LOAN BALANCE / KEY: $166,666.67 $187,500.00
LTV: 52.84% 59.45%
BALLOON LTV: 52.84% 59.45%
DSCR: 3.61x 3.15x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Portfolio
PROPERTY TYPE: Full Service Resort Hotel
COLLATERAL: Leasehold
LOCATION: Orlando, Florida
YEAR BUILT / RENOVATED: Portofino Hotel 1999 / NA
Hard Rock Hotel 2001 / NA
Royal Pacific Hotel 2002 / NA
NO. OF KEYS: 2,400
PROPERTY MANAGEMENT: Loews Orlando Operating Company, Inc. (a borrower
affiliate)
OCCUPANCY (AS OF 05/31/05): 82.7%
UNDERWRITTEN
NET CASH FLOW: $69,251,953
APPRAISED VALUE: $757,000,000
APPRAISAL DATE: April 1, 2005
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
PORTFOLIO SUMMARY
- ---------------------------------------------------------------------------------------------------------------
APPRAISED ALLOCATED ALLOCATED
KEYS YEAR BUILT VALUE LOAN AMOUNT AMOUNT/KEY(1)
- ---------------------------------------------------------------------------------------------------------------
Portofino Bay Hotel 750 1999 $280,000,000 $26,288,889 $215,704
- ---------------------------------------------------------------------------------------------------------------
Royal Pacific Hotel 1,000 2002 261,000,000 22,100,000 136,000
- ---------------------------------------------------------------------------------------------------------------
Hard Rock Hotel 650 2001 216,000,000 16,611,111 157,265
- ---------------------------------------------------------------------------------------------------------------
TOTAL/WA: 2,400 $757,000,000 $65,000,000 $166,667
- ---------------------------------------------------------------------------------------------------------------
(1) Based on Senior Loan amount.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
52
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $65,000,000
LOEWS UNIVERSAL HOTEL PORTFOLIO TMA DSCR: 3.61x
TMA LTV: 52.84%
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
INDIVIDUAL PROPERTY HISTORICAL OPERATING STATISTICS
- ----------------------------------------------------------------------------------------------------------------------------------
PROPERTY OCCUPANCY ADR REVPAR
- ----------------------------------------------------------------------------------------------------------------------------------
2003 2004 TTM(1) 2003 2004 TTM(1) 2003 2004 TTM(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Portofino Bay Hotel 73.9% 77.9% 78.8% $196.66 $214.36 $223.51 $145.30 $167.02 $176.23
- ----------------------------------------------------------------------------------------------------------------------------------
Royal Pacific Hotel 79.7 84.5 84.2 152.51 161.89 169.87 121.58 136.79 143.07
- ----------------------------------------------------------------------------------------------------------------------------------
Hard Rock Hotel 80.9 84.1 85.0 186.28 206.20 215.64 150.70 173.47 183.20
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL/WA: 78.2% 82.3% 82.7% $175.00 $189.67 $198.57 $136.88 $156.17 $164.30
- ----------------------------------------------------------------------------------------------------------------------------------
(1) Trailing 12 months numbers through May 31, 2005.
THE LOEWS UNIVERSAL PORTFOLIO LOAN
THE LOAN. The Loews Universal Portfolio loan is a 10-year, interest-only loan
secured by a first priority mortgage on the borrower's leasehold interest in
three full-service hotels (Portofino Bay, Hard Rock, and Royal Pacific) composed
of 2,400 rooms. The Loews Universal Hotel Portfolio is located adjacent to the
Universal Theme Park at Universal Orlando approximately nine miles southwest of
downtown Orlando, Florida. Based on the appraised value of $757,000,000, there
is $307,000,000 of implied equity in the property.
The loan was co-originated by German American Capital Corporation and JPMorgan
Chase Bank, N.A. The $400 million senior A-Note is split into five pari passu
notes. The $65 million A-1 note is included in the trust. The $100,000,000 A-4
Note and two $25,000,000 pari passu B-Notes were sold into the JPMCC 2005-CIBC12
trust.
THE BORROWER. The borrower is UCF Hotel Venture, a single-purpose,
bankruptcy-remote entity for which a non-consolidation opinion was obtained at
closing. The controlling equity owners of the borrower have an independent
director. The borrower, UCF Hotel Venture, is a joint venture between LOEWS
HOTEL GROUP (50%), NBC UNIVERSAL (25%), and THE RANK GROUP (25%).
Loews Hotels Group ("Loews") is a wholly-owned subsidiary of the Loews
Corporation (NYSE: LTR; rated `'A" by S&P, `'Baa1" by Moody's, and `'A-" by
Fitch). Headquartered in New York City, Loews offers distinctive hotels in most
major markets in the United States and Canada. In addition to the property,
Loews destinations include the cities of New York, Chicago, Denver, Los Angeles,
Nashville, Philadelphia, Washington, D.C., Annapolis, New Orleans, Montreal, and
Quebec City, as well as vacation destinations such as Miami Beach, Tucson,
Arizona, St. Pete Beach, Florida and California's Coronado Island. Loews caters
to discerning business and leisure travelers and is host to numerous business,
political and industry association events. Loews is a repeat sponsor of a
Deutsche Bank borrower.
NBC Universal is a media and entertainment company involved in the development,
production, and marketing of entertainment, news and information. NBC Universal
is 80% owned by General Electric Company ("GE"), with 20% controlled by Vivendi
Universal Entertainment. (GE (NYSE: "GE") is rated "AAA" by S&P and "Aaa" by
Moody's and Vivendi Universal Entertainment (NYSE:" V") is rated "BBB-" by S&P,
"Baa3" by Moody's and "BBB" by Fitch). Formed in May 2004 through the merger of
NBC and Vivendi Universal Entertainment, NBC Universal owns and operates a
television network, a Spanish-language network, a portfolio of news and
entertainment networks, a motion picture company, television production
operations, a television station group, and various theme parks.
The Rank Group PLC ("Rank") (NASDAQ: RANK; URL: WWW.RANK.COM) is one of the
United Kingdom's leading leisure & entertainment companies and an international
provider of services to the film industry (Rank is rated "BBB-" by S&P, "Baa3"
by Moody's and "BB+" by Fitch). Rank employs over 20,000 people worldwide, and
has more than 3 million members in its United Kingdom gaming businesses. Rank's
affiliated companies include Hard Rock Cafe International, Inc., Hard Rock
Casinos, Deluxe Entertainment Services, Inc., Grosevenor Casinos, Rank Leisure
Machine Services, and Mecca Bingo.
THE PROPERTY. The Loews Universal Hotel Portfolio loan is secured by the
following three hotels, each located adjacent to the grounds of the Universal
Studios theme park at Universal Orlando in the Orlando, Florida area:
PORTOFINO BAY HOTEL - ($26.28 million allocated loan amount (40.4% of
portfolio)) consists of a full service resort hotel with 750 rooms on six
stories, located across from the Hard Rock Hotel (also part of the
collateral) in Orlando, Florida. The layout and design of the Portofino Bay
Hotel is inspired by the quaint Ligurian fishing village in Italy that became
a coveted getaway for Europe's rich and famous. The focal point of the
property is the piazza and the harbor. The Portofino Bay Hotel features a
main building with three wings: the Villa wing, the East wing, and the West
wing. The main building houses the lobby, guest registration, meeting space,
and
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
53
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $65,000,000
LOEWS UNIVERSAL HOTEL PORTFOLIO TMA DSCR: 3.61x
TMA LTV: 52.84%
- --------------------------------------------------------------------------------
administrative offices (the lobby's design provides a statement of the high
quality and elegance of the entire resort by offering a memorable and
inviting view of the landscape and waterscape) while the East, West and Villa
wings contain only guestrooms. The property features eight restaurants and
bars, spread out across the expansive property, and approximately 42,000 sq.
ft. of meeting space located in the lobby and the first floor of the
Portofino Bay Hotel. Hotel amenities include a business center, six food and
beverage outlets, two outdoor swimming pools, one outdoor themed swimming
pool, a 12,300 sq. ft. fitness center and full-service spa, upscale shops and
a babysitting / children's camp. Recreational amenities include water taxi
transportation, early admission to the theme park, Universal Express access
to theme park attractions and priority seating at restaurants.
GENERAL FACTS:
AAA Rating: [][][][]
Construction completed: September 1999
Keys: 750, including 45 suites
Meeting Space: 42,000 sq. ft.
Restaurants & lounges: Eight
AWARDS:
o AAA Four Diamond Award
o Meetings & Conventions Magazine 2001, 2002, & 2003 Golden Key Award
(selected by meeting planners)
o Corporate & Incentive Travel Magazine 2000, 2001, & 2002 Award of
Excellence (selected by meeting planners)
o Conde Nast Traveler 2001 & 2003 Gold List Issue, "World's Best Place To
Stay"
o Resorts & Great Hotels Connoisseur's Choice, the Connoisseur's Guide to
the World's Best 2001
o Zagat Survey - Rated "extraordinary" and tied for #1 in Central Florida
for 2001 - 2004
ROYAL PACIFIC HOTEL - ($22.10 million allocated loan amount (34.0% of
portfolio)) consists of a convention resort hotel with 1,000 rooms in
Orlando, Florida. The character of the Royal Pacific Hotel was inspired by
the South Pacific islands charm during the golden age of travel, the 1930's,
when island-hopping the South Pacific was an once-in-a-lifetime adventure.
The layout of property features one, three-story (two-level) main building,
attached to three, seven-story guestroom wings and one single-story
convention center building. Hotel amenities include a full service business
center, five food and beverage outlets, an activity center, a themed outdoor
swimming pool with a sand beach, and a fitness center. The single-story
convention center contains approximately 85,000 sq. ft. of meeting space and
houses all meetings and functions. Guests also have access to the spa and
fitness center located in the Portofino Bay Hotel.
GENERAL FACTS:
AAA Rating: [][][][]
Construction completed: May 2002
Total Keys: 1,000, including 51 suites
Meeting Space: 85,000 sq. ft.
Restaurants & lounges: Five in total, which include Emeril's Tchoup Chop,
Emack & Bolio's and Wantilan Luau.
AWARDS:
o AAA Four Diamond Award
HARD ROCK HOTEL - ($16.61 million allocated loan amount (25.6% of portfolio))
consists of a full service resort hotel with 650 rooms, designed in a
"California Mission" architectural style in Orlando, Florida. The Hard Rock
Hotel provides an ideal combination of "funk" and functionality, with lively
music-filled areas, as well as Hard Rock memorabilia which includes over $1
million worth of rock `n' roll memorabilia displayed throughout the hotel.
Upon entering the property, guests are faced with a lavish fountain made of
42 bronze Gibson and Fender guitars. The property consists of one main
building structure spread out over six different wings. The Palm Restaurant
is located north of the lobby area and the Hard Rock merchandise store is
located just south of the concierge desk. Hotel amenities include five food
and beverage outlets, two outdoor swimming pools with a 260 ft. pool slide
and rentable cabanas, one outdoor themed swimming pool, luxury shops and
children's center. Guests of the Hard Rock Hotel have access to the spa and
fitness center located at the Portofino Bay Hotel.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
54
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $65,000,000
LOEWS UNIVERSAL HOTEL PORTFOLIO TMA DSCR: 3.61x
TMA LTV: 52.84%
- --------------------------------------------------------------------------------
GENERAL FACTS:
AAA Rating: [][][][]
Construction completed: January 2001
Total Keys: 650, including 29 suites
Meeting Space: 6,000 sq. ft. and 140,000 sq. ft. at the Hard Rock Cafe and
Hard Rock Live
Restaurants & lounges: Five, including the Palm Restaurant and Emack and
Bolios
AWARDS:
o AAA Four Diamond Award
o Conde Nast Traveler magazine's 2005 Gold List of "World's Best Places to
Stay"
THE MARKET: The Portofino Bay Hotel, the Hard Rock Hotel, and the Royal Pacific
Hotel are located adjacent to the Universal Theme Park at Universal Orlando in
Orlando, Florida, approximately nine miles southwest of Downtown Orlando and
northeast of Walt Disney World. In addition to the Universal Theme Park, the
Orange County Convention Center and International Drive are demand generators in
the area. The properties are accessible from a variety of local, county, state,
and interstate highways, including Interstate 4, the Bee Line Expressway,
International Drive, and the Florida Turnpike. Interstate 4 is a six-lane
divided highway that traverses the State of Florida and can be accessed less
than one mile west of the properties. The Bee Line Expressway, located three
miles from the properties, serves as a link between Universal Orlando and the
Walt Disney World attraction and the Orlando International Airport. The
Universal Theme Park is located approximately two miles south of the junction of
the Florida Turnpike and Interstate 4, a major intersection in the Orlando
metropolitan area.
Over the past three decades, the Orlando market has consistently been one of the
fastest growing metropolitan areas in the nation. Orlando's annual population
growth has consistently outpaced national averages. Orlando, with a population
of over 1.8 million, is among the 30 largest metropolitan areas in the nation.
Below are stats on the Orlando MSA. Orlando is known as a major tourist
destination due primarily to the Walt Disney World and Universal Studios theme
parks. Universal Studios is the second largest tourist attraction in the Orlando
metropolitan area and is only one component of an 838-acre master planned resort
development, known as Universal Studios Escape. Over the past 10 years, the
average annual compounded growth in attendance at Universal Orlando has been
5.4%, the highest growth over both a 10-year and five-year period in comparison
to the top three tourist attractions in the Orlando market. In 2004, Universal
Theme parks experienced 13 million in attendance.
Due to Orlando's status as an international tourist destination, fluctuations in
tourist demand have historically affected the overall economic health of the
area. Over the past decade, however, there has been a concerted effort to
diversify the area's economy. Total visitor traffic has increased at an annual
compounded growth rate of 4.7% per year from 1993 to 2003. The average household
income in the Orlando metropolitan area is $61,000.
Following the events of September 11, 2001 the United States hospitality sector
experienced a slowdown in 2002 and 2003. Orlando, an air travel dependent
tourist destination, experienced declines in Revenue Per Available Room
("RevPAR") in 2002 into 2003. As a result of this slowdown, the construction of
new properties slowed to historic lows in Orlando. With the recovery of the
United States economy in 2004 and increased domestic and international travel to
destinations such as Orlando, hotel performance rebounded in 2004. According to
Smith Travel Research, average RevPAR for hotels in Orlando was up 17.0% in 2004
as compared to 2003 levels (the properties experience as 16.8% increase over the
same period). The growth trend continued in 2005, with RevPAR increasing 10.9%
for the first five months of the year as compared to the same period in 2004.
The Loews Universal Hotel Portfolio properties experienced an 11.7% increase in
RevPAR in the first five months of 2005 compared with the same period in 2004
with net operating income increasing 9.6%.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
55
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $65,000,000
LOEWS UNIVERSAL HOTEL PORTFOLIO TMA DSCR: 3.61x
TMA LTV: 52.84%
- --------------------------------------------------------------------------------
PROPERTY MANAGEMENT. Loews Orlando Operating Company, Inc., an affiliate of the
borrower.
CASH MANAGEMENT. The loan has been structured with springing cash management
upon the occurrence of a Lockbox Event.
RESERVES. During the continuation of a Lockbox Event, monthly reserves will be
collected for: (i) taxes and insurance, (ii) debt service, (iii) FF&E, (iv)
ground lease payment, (v) management fee, and (vi) fees due under the Hard Rock
license agreement.
CURRENT MEZZANINE OR SUBORDINATE DEBT. The First Mortgage loan consists of five
pari passu A-Notes (one of which is a trust fund asset) and a B-Note in the
amount of $50,000,000 that was certificated and issued as securities in the
JPMCC 2005-CIBC12 securitization.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Sponsors of the borrower are
permitted to incur mezzanine indebtedness in an amount not to exceed $50,000,000
subject to certain conditions in the loan documents that include, but are not
limited to: (i) the DSCR of the total combined debt shall be greater than or
equal to 110% of the DSCR as of the closing date of the loan and (ii) the LTV
ratio for the total combined debt is not greater than 55% of the LTV as
determined by a new appraisal obtained by the lender.
PARTIAL RELEASE PROVISIONS. The loan documents permit the partial defeasance and
release of each of the three individual hotel properties upon the payment of a
release price equal to 110% of the allocated loan amount for such hotel property
(based on the Whole Loan) and the satisfaction of conditions specified in the
loan documents.
GROUND LEASES. The collateral for the loan consists primarily of the borrower's
leasehold interest in the three hotel properties. The ground leases expire June
12, 2098 and contain standard lender protections.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
56
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $65,000,000
LOEWS UNIVERSAL HOTEL PORTFOLIO TMA DSCR: 3.61x
TMA LTV: 52.84%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
57
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $56,000,000
TROPICANA CENTER DSCR: 1.20x
LTV: 78.79%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
58
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $56,000,000
TROPICANA CENTER DSCR: 1.20x
LTV: 78.79%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GACC
LOAN PURPOSE: Acquisition
ORIGINAL BALANCE: $56,000,000
CUT-OFF BALANCE: $56,000,000
% BY INITIAL UPB: 2.45%
INTEREST RATE: 5.0200%
PAYMENT DATE: 1st of each month
FIRST PAYMENT DATE: August 1, 2005
MATURITY DATE: July 1, 2015
AMORTIZATION: Interest only for the initial 36 months of the term
and 30-year amortization thereafter.
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and After April 1,
2015, prepayment permitted without penalty.
SPONSOR: Arman and Mark Gabay
BORROWER: Tropec, LLC
ADDITIONAL FINANCING: None
LOCKBOX: Soft
INITIAL RESERVES(1): Tax: $198,867
Insurance: $22,310
Deferred
Maintenance: $12,500
Performance
Reserve: $4,000,000
Escrow
Agreement
Reserve: $300,000
MONTHLY RESERVES(1): Tax: $33,145
Insurance: $5,578
Replacement: $9,635
TI/LC: $25,531
- --------------------------------------------------------------------------------
(1) See "Escrows" herein.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
LOAN BALANCE / SQ. FT.: $96.88
BALLOON BALANCE / SQ. FT.: $85.79
LTV(2): 78.79%
BALLOON LTV(2): 69.08%
DSCR(2): 1.20x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Single Asset
PROPERTY TYPE: Retail
COLLATERAL: Fee Simple
LOCATION: Las Vegas, NV
YEAR BUILT / RENOVATED: 1991 / NAP
COLLATERAL SQ. FT: 578,051
PROPERTY MANAGEMENT: Excel Property Management Services Inc. (a borrower
affiliate)
OVERALL MALL OCCUPANCY
(AS OF 04/30/05): 89.93%
UNDERWRITTEN
NET CASH FLOW: $4,039,442
APPRAISED VALUE: $66,000,000
APPRAISED LAND VALUE: $42,000,000 ($72.65/sq. ft.)
APPRAISAL DATE: March 23, 2005
- --------------------------------------------------------------------------------
(2) LTV and DSCR are calculated net of the performance reserve amount. In
addition, DSCR is calculated based on 30-year amortization. Including the
performance reserve amount, the DSCR is 1.12x, and based on the "As-Is"
appraised value, the LTV ratio is 84.85%, and the Balloon LTV ratio is
75.14%, however, based on the "As Stabilized" appraised value, the LTV
ratio is 80.00% and the Balloon LTV ratio is 70.84%.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
59
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $56,000,000
TROPICANA CENTER DSCR: 1.20x
LTV: 78.79%
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
ANCHOR TENANTS
- ----------------------------------------------------------------------------------------------------------------------------
% OF TOTAL RATINGS 2004 2004
TENANTS SF NRSF LEASE EXPIRATION (S/M/F)(1) TOTAL SALES SALES PSF
- ----------------------------------------------------------------------------------------------------------------------------
Sams Wholesale Club 133,764 23.14% 5/26/2011 AA/Aa2/AA $80,000,000 $598.07
- ----------------------------------------------------------------------------------------------------------------------------
Wal-Mart(2) 120,363 20.82 1/28/2011 AA/Aa2/AA 71,000,000 589.88
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL/WA: 254,127 43.96% $151,000,000 $594.19
- ----------------------------------------------------------------------------------------------------------------------------
(1) Credit ratings are of the parent company whether or not the parent
guarantees the lease or not.
(2) Wal-Mart has indicated that it is considering "going dark" in July 2006.
The Wal-Mart space is suitable for other "big box" tenants. The borrower
has had discussions with Kohl's and Lowe's regarding leasing this space if
Wal-Mart vacates.
- -------------------------------------------------------------------------------------------------------------------------
MAJOR IN-LINE TENANTS
- -------------------------------------------------------------------------------------------------------------------------
TENANTS SF % OF TOTAL MALL SF NET RENT PSF LEASE EXPIRATION
- -------------------------------------------------------------------------------------------------------------------------
Floors N More 49,726 8.60% $10.60 4/13/2011
- -------------------------------------------------------------------------------------------------------------------------
Newflower Market, Inc 40,020 6.92 9.00 7/7/2014
- -------------------------------------------------------------------------------------------------------------------------
Shelpers, Inc. 23,188 4.01 11.48 10/31/2007
- -------------------------------------------------------------------------------------------------------------------------
TVI, Inc. 22,511 3.89 8.50 3/3/2009
- -------------------------------------------------------------------------------------------------------------------------
Office Club Store (Office Depot) 21,027 3.64 11.07 12/31/2006
- -------------------------------------------------------------------------------------------------------------------------
Musician Friend Trust: Guitar Centre 20,000 3.46 13.00 10/31/2007
- -------------------------------------------------------------------------------------------------------------------------
TOTAL/WA: 176,472 30.53% $10.41
- -------------------------------------------------------------------------------------------------------------------------
THE TROPICANA CENTER LOAN
THE LOAN. The Tropicana Center loan is a 10-year fixed rate loan secured by a
first priority mortgage on the borrower's fee simple interest in a 578,051 sq.
ft. anchored regional mall located in Las Vegas, Nevada, approximately two miles
east of McCarran International Airport and four miles east of the Las Vegas
strip. The loan is structured with interest only payments for the first three
years of the loan and thereafter amortizes on a 30-year schedule. The borrower
has $6,620,000 of cash equity in the loan, in addition, based on the appraised
value of $66,000,000, the borrower has implied equity of $10,000,000 in the
property. In addition, according to the CB Richard Ellis, the value of the land
is $42,000,000 (75% of the gross loan amount of $56,000,000 and 81% of the net
loan amount of $52,000,000).
THE BORROWER. The borrower is Tropec, LLC, a single-purpose, bankruptcy-remote
entity with an independent director, for which a non-consolidation opinion was
obtained at closing. The borrower is sponsored by ARMAN and MARK GABAY (the
"Gabays"). The Gabays have combined commercial real estate holdings of over 54
properties (approximately 2 million sq. ft.), including: 32 retail/single tenant
buildings, 8 office buildings, 3 mixed use buildings and 11 properties that are
land and/or currently under development. A vast majority of the properties are
located in the western United States, and all of the properties owned by the
Gabays are managed by an affiliated management company, Excel Property
Management Services, Inc. As of December 31, 2004, the Gabays had a combined net
worth of $432.5 million including liquidity of $4.13 million. The Gabays are
repeat sponsors of a Deutsche Bank borrower.
THE PROPERTY. Tropicana Center, a 578,051 sq. ft. community power center, is
located at the southeast corner of Tropicana Avenue and Pecos Road, a prominent,
highly trafficked location (combined traffic count in excess of 60,000 vehicles
per day) in a highly developed suburban area of Las Vegas, Nevada. Constructed
in 1991, the property contains 13 buildings on 59.5 acres. In addition, there
are two vacant pad sites that have frontage along Pecos Road and a third and
fourth vacant pad site are interior sites that face Tropicana Avenue, which are
a part of the collateral. Sam's Wholesale Club is planning to develop a gasoline
station/car wash on the largest of the pad sites (a one-acre site facing
Tropicana Avenue) and has signed a letter of intent for which they have agreed
to pay $83,000 per year in ground rent for a five year term with six 5-year
renewal options.
The construction components consist of masonry block construction on concrete
slab foundations. Exterior walls are a combination of concrete block, wood, and
stucco. The interior finish is typical standard retail showroom finish and is
commensurate with competitors in the area. Security for the center includes
24-hour manned surveillance, automated entry door controls with card readers,
and exterior lighting. Parking is provided for 3,306 vehicles, a ratio of 5
spaces per 1,000 sq. ft. of net rentable area.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
60
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $56,000,000
TROPICANA CENTER DSCR: 1.20x
LTV: 78.79%
- --------------------------------------------------------------------------------
SIGNIFICANT TENANTS. The property is 89.93% occupied as of the April 2005 rent
roll. In total, there is 254,127 sq. ft. of anchor space, 197,033 sq. ft. of
major tenant space, and 126,891 sq. ft. of smaller/in-line tenant space.
SAM'S WHOLESALE CLUB: (133,764 sq. ft.; 23.1% of NRA; 12.1% of GPR) is owned
by Wal-Mart Stores, Inc. (NYSE: WMT). Wal-Mart Stores, Inc. operates retail
stores in various formats around the world. It organizes its business into
three segments: Wal-Mart Stores, Sam's Club and International. The Sam's Club
segment consists of membership warehouse clubs. As of January 31, 2004,
Wal-Mart, Inc. operated 1,478 Discount Stores, 1,471 Supercenters, 538 Sam's
Club stores and 64 Neighborhood Markets. For the fiscal year ended 1/31/05,
revenues rose 11% to $287.99 billion. Net income from continuing operations
rose 16% to $10.27 billion.
WAL-MART STORES, INC.: (120,363 sq. ft.; 20.8% of NRA; 10.9% of GPR) operates
retail stores in various formats around the world. Wal-Mart has indicated
that it is considering "going dark" in July 2006. At closing, the borrower
posted a letter of credit in the amount of $4,000,000, which will be
released/reduced when, among other conditions, the borrower has re-tenanted
the Wal-Mart space.
FLOORS `N MORE: (d/b/a Carpets `N More) occupies two spaces, a Floors `N More
store of 49,726 sq. ft. and a 6,000 sq. ft. design pavilion (total of 55,726
sq. ft.; 9.6% of NRA; 9.7% of GPR). Floors `N More is a United States
flooring dealer/retailer that has been in business since 1998. The store
sells floors including athletic surfaces and carpeting, as well as flooring
accessories.
NEWFLOWER MARKET, INC.: (40,020 sq. ft.; 6.9% of NRA; 5.8% of GPR) operates
Sunflower Market supermarkets. At present, there are 10 Sunflower Market
stores located in the metropolitan Phoenix, Tucson, Denver, Albuquerque, Fort
Collins and Las Vegas. The Sunflower motto is: "Better-than-supermarket
quality at better-than-supermarket prices". The company is growing and
continues to search for new sites in the southwest United States.
No other tenant occupies more than 5% of the property.
THE MARKET. Las Vegas, the County Seat for Clark County, is located in the
southern portion of Nevada. New residents continue to migrate to the Las Vegas
area at a rate of approximately 5,600 people per month (net) increasing the
current population to over 1.5 million. This reflects an increase of 85.55% from
1990 to 2000. The economic base of Las Vegas consists of the tourist industry,
service industry, military-base, governmental and municipal agencies, and mining
and manufacturing. The job market has been able to keep pace with the influx of
new residents with the unemployment rate averaging approximately 4% since 1997.
As of November 2004, the unemployment rate for Las Vegas was 4.6%, which
compares favorably to the national rate of approximately 5.6%. As of year-end
2004, the population within a 3-mile radius of the property was 165,714. In
addition within a 3-mile radius, there were 68,970 households, and the average
household income was $48,074. Household and population figures have grown 6.8%
and 7.1% from 2000 figures of 64,599 and 154,752, respectively. By 2009,
households are projected to grow an additional 9.5% to 75,485, and the
population is projected to grow another 10.3% to 182,853.
The property is located just two miles east of McCarran International Airport,
two miles west of Interstate 515, four miles east of the Las Vegas Strip, and 10
miles southeast of the Las Vegas central business district. As of the end of the
fourth quarter 2004, the Las Vegas retail market had an overall occupancy rate
of 96.2%, the property's sub-market had an overall occupancy rate of 97.2% and
the appraiser-identified six shopping center properties deemed comparable to
Tropicana Center had an overall average occupancy rate of 94.6% (see below). The
property is the largest power center property within a three-mile radius, and
there is limited vacant land in the immediate area. The majority of the
competitive centers are comprised of smaller Class B and C properties with
considerably less appeal than the Tropicana Center. Furthermore, over the past
11 years (1994 through 2004), a comparison of fourth quarter retail occupancy
statistics for Las Vegas reveals the average retail occupancy rate was 95.93%.
Within the property`s sub-market, the overall average 11-year occupancy rate was
95.61%.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
61
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $56,000,000
TROPICANA CENTER DSCR: 1.20x
LTV: 78.79%
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
PROPERTY QUOTED RENTAL RATE PSF OCCUPANCY DISTANCE FROM SUBJECT
- ----------------------------------------------------------------------------------------------------------------------
Green Valley Town Center 1,2,3 $15.00 to $25.00 97% 3.7 miles southeast
- ----------------------------------------------------------------------------------------------------------------------
Montecito Crossing $24.00 to $33.00 84% 24 miles northwest
- ----------------------------------------------------------------------------------------------------------------------
Nellis Crossing $16.20 to $18.00 92% 8.9 miles northeast
- ----------------------------------------------------------------------------------------------------------------------
Rainbow Promenade $30.00 100% 16.5 miles northwest
- ----------------------------------------------------------------------------------------------------------------------
Renaissance III $18.00 to 24.00 94% 1.7 miles north
- ----------------------------------------------------------------------------------------------------------------------
Tropicana Beltway $21.00 to $30.00 98% 11 miles west
- ----------------------------------------------------------------------------------------------------------------------
PROPERTY MANAGEMENT. Tropicana Center is managed by Excel Property Management
Services, Inc., an affiliate of the borrower.
CASH MANAGEMENT. The loan has been structured with springing cash management
system upon the occurrence of a Wal-Mart Sweep Event (as defined below) or upon
the occurrence of, or after notice from the lender of, certain events of default
(as specified in the loan documents). The cash management period will continue
(i) in connection with a Wal-Mart Sweep Event, until Wal-Mart renews or affirms
its lease under terms reasonably acceptable to lender, or until a replacement
tenant or tenants acceptable to lender takes occupancy of the space, is open for
business and is paying rent and (ii) in connection with an event of default,
until the date that is 60 days after the event of default has been cured. A
"Wal-Mart Sweep Event" will occur if Wal-Mart (i) terminates the lease prior to
its expiration or is in default under the lease, (ii) gives notice of its intent
to vacate the premises as of the expiration of its lease, (iii) does not give
notice of its intent to exercise a renewal option under its lease, (iv) "goes
dark" or ceases business operations at the property, or (v) declares bankruptcy,
or becomes insolvent or is unable to pay its creditors.
RESERVES. At loan closing, a $4,000,000 performance reserve was established
which was funded by the borrower with a letter of credit (the "Earnout Amount").
The Earnout Amount may be reduced (in whole or in part) periodically during the
first four years of the loan term provided certain conditions are met including
the following: (i) no event of default exists; (ii) the total loan-to-cost ratio
does not exceed 87%; (iii) the property maintains an occupancy of at least 80%;
and (iv) the borrower has re-leased the Wal-Mart space to a satisfactory tenant
(or tenants) under terms acceptable to lender and such tenant is in occupancy,
operating its business and paying rent (the "Wal-Mart Retenanting Condition").
Provided the foregoing conditions are satisfied, the Earnout Amount may be
reduced periodically in amounts that would cause the property to achieve a
minimum DSCR of 1.20x based upon rents in place annualized, and the greater of
underwritten or trailing 12-month expenses. Any remaining Earnout Amount not
released within the first four years of the loan term will, at borrower's
option, either be held by lender as additional collateral or be applied towards
the purchase of defeasance collateral to be used to satisfy a portion of the
borrower's monthly and maturity date obligations under the loan, with all
applicable defeasance costs at borrower's expense. The loan has also been
structured with escrows for taxes and insurance and with reserves for
replacements and TI/LC. Provided (1) the property maintains a minimum occupancy
of 80% and a minimum DSCR of 1.15x and (2) the Wal-Mart Retenanting Condition is
satisfied, the TI/LC Reserve will be capped at (a) $500,000, if Sams Club
extends its lease through 2016 or (b) $1.3 million, if Sams Club does not extend
its lease. Replacements reserves will be capped at $346,860 if no event of
default exists and the property is being adequately maintained.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Mezzanine debt is permitted,
subject to the satisfaction of certain conditions, including the following: (i)
the security granted in connection with such mezzanine debt is limited to a
pledge of the membership interests in the borrower; (ii) the combined debt LTV
ratio must not be greater than 80%; (iii) the combined debt DSCR must be at
least 1.25x on the gross loan amount(including the performance reserve amount);
(iv) the lender of the mezzanine debt must execute and deliver an intercreditor
and standstill agreement acceptable to lender and the rating agencies; (v) the
mezzanine debt must be subordinate in all respects to the Tropicana Center loan;
(vi) the mezzanine debt may not be cross-collateralized or cross-defaulted with
any other properties or loans and (vii) the terms and conditions of the
mezzanine debt must be acceptable to lender and the applicable rating agencies.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
62
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $56,000,000
TROPICANA CENTER DSCR: 1.20x
LTV: 78.79%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
63
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $52,000,000
MACARTHUR PORTFOLIO DSCR: 1.23x
LTV: 59.23%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
64
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $52,000,000
MACARTHUR PORTFOLIO DSCR: 1.23x
LTV: 59.23%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
LOAN SELLER: GMACCM
LOAN PURPOSE: Refinance
ORIGINAL BALANCE: $52,000,000
CUT-OFF BALANCE: $52,000,000
% BY INITIAL UPB: 2.28%
INTEREST RATE: 5.87%
PAYMENT DATE: 1st of the month
FIRST PAYMENT DATE: September 1, 2005
MATURITY DATE: August 1, 2020
AMORTIZATION: Interest only from September 1, 2005 through and
including August 1, 2007; thereafter, monthly
amortization on a 30-year schedule.
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after April 1,
2020, prepayment can be made without penalty.
SPONSOR: Antony Contomichalos
BORROWER: MacArthur Properties, LLC
ADDITIONAL FINANCING: None
LOCKBOX: Hard
INITIAL RESERVES: Tax: $297,671
Insurance: $12,814
TI/LC: $256,000
MONTHLY RESERVES: Tax: $148,836
TI/LC: $10,647(1)
- --------------------------------------------------------------------------------
(1) As long as at least $256,000 is on deposit in the TI/LC account, monthly
deposits to the TI/LC account are not required if the DSCR is equal to or
greater than 1.05x.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
LOAN BALANCE / SQ. FT.: $759.89
BALLOON BALANCE / SQ. FT.: $590.77
LTV: 59.23%
BALLOON LTV: 46.04%
DSCR: 1.23x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Portfolio
PROPERTY TYPE: Retail/Office
COLLATERAL: Fee Simple
LOCATION: New York, New York
YEAR BUILT / RENOVATED: 1931-1963 / NA
COLLATERAL SQ. FT.: 68,431
PROPERTY MANAGEMENT: MacArthur Management Corp. (a borrower affiliate)
OCCUPANCY (AS OF 6/1/05): 93.04%
UNDERWRITTEN
NET CASH FLOW: $4,519,579
APPRAISED VALUE: $87,800,000
APPRAISAL DATE: May 10, 2005
- --------------------------------------------------------------------------------
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
65
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $52,000,000
MACARTHUR PORTFOLIO DSCR: 1.23x
LTV: 59.23%
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
- ------------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG LEASE RATINGS
TENANT NRSF % NRSF % GPR RENT/SQ. FT. EXPIRATION (S/F/M)
- ------------------------------------------------------------------------------------------------------------------------------
CVS Center, Inc. 6,478 9.47% 9.40% $ 98.78 1/31/07 A-/A-/A3
- ------------------------------------------------------------------------------------------------------------------------------
Silver Tower Supermarket 4,358 6.37 1.83 28.55 7/31/10 NR
- ------------------------------------------------------------------------------------------------------------------------------
Herbert Street, LLC 3,957 5.78 4.39 75.44 6/30/18 NR
- ------------------------------------------------------------------------------------------------------------------------------
Gianninoto Associates, Inc. 3,496 5.11 1.81 35.18 9/30/07 NR
- ------------------------------------------------------------------------------------------------------------------------------
Spartis Power, Inc. 2,762 4.04 5.11 126.00 2/28/07 NR
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21,051 30.76% 22.53% $ 72.86 - -
- ------------------------------------------------------------------------------------------------------------------------------
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
66
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $52,000,000
MACARTHUR PORTFOLIO DSCR: 1.23x
LTV: 59.23%
- --------------------------------------------------------------------------------
MACARTHUR PORTFOLIO
THE LOAN. The MacArthur Portfolio Loan is a fifteen year loan that provides for
monthly payments of interest-only for the first two years and, thereafter, for
monthly payments of principal and interest. The loan is secured by a mortgage on
the borrower's fee interest in seven properties consisting of 68,431 sq. ft. of
retail and office units located in New York, New York. With respect to all of
the properties, the borrower has a fee simple interest in one or more
condominium units.
THE BORROWER. The borrower is MacArthur Properties, LLC, a special purpose,
bankruptcy-remote entity, which is required under its loan documents to have an
independent director and for which a non-consolidation opinion was obtained at
closing, sponsored by Antony Contomichalos.
THE PROPERTY. The property consists of condominium interests of 68,431 sq. ft.
of grade level retail and second floor professional office units within 7 larger
residential or commercial buildings built between 1931 and 1963. The property
includes the condominium interests within larger properties at the following
addresses: 135 East 54th Street, 233 East 69th Street, 301 East 69th Street, 233
East 70th Street, 305 East 72nd Street, 205 East 78th Street in the Borough of
Manhattan and 125-10 Queens Boulevard in the Borough of Queens. 135 East 54th
Street also includes an 8,323 sq. ft. of professional tenant space on the second
floor of the building.
- -----------------------------------------------------------------------------------------
PHYSICAL OCCUPANCY AS OF
PROPERTY SQUARE FEET JUNE 1, 2005
- -----------------------------------------------------------------------------------------
135 East 54th Street
- -----------------------------------------------------------------------------------------
Retail 9,089 86.26%
- -----------------------------------------------------------------------------------------
Professional 8,323 100
- -----------------------------------------------------------------------------------------
Total 17,412 92.83
- -----------------------------------------------------------------------------------------
233 East 69th Street 5,681 100
- -----------------------------------------------------------------------------------------
301 East 69th Street 7,798 100
- -----------------------------------------------------------------------------------------
233 East 70th Street 3,431 100
- -----------------------------------------------------------------------------------------
305 East 72nd Street 12,163 100
- -----------------------------------------------------------------------------------------
205 East 78th Street 7,466 100
- -----------------------------------------------------------------------------------------
125-10 Queens Boulevard 14,480 75.72
- -----------------------------------------------------------------------------------------
TOTAL (PORTFOLIO) 68,431 93.04%
- -----------------------------------------------------------------------------------------
SIGNIFICANT TENANTS. The tenant mix at the property is comprised of local and
national retail businesses, including CVS (a tenant at the property located at
305 East 72nd Street), Blimpies (a tenant at the property located at 125-10
Queens Boulevard), Subway (a tenant at the property located at 135 East 54th
Street), Hollywood Tanning Systems (a tenant at the property located at 301 East
69th Street), KFC (a tenant at the property located at 305 East 72nd Street),
and UPS Store (a tenant at the property located at 125-10 Queens Boulevard).
Other tenants represent a mix of retail uses such as hardware stores, wireless
product shops, shoe shops, bakery, dry-cleaners, and convenience stores.
THE MARKET. According to the appraisals conducted by Metropolitan Valuation
Services in May 2005 (the "Appraisal"), all seven properties are located in New
York, New York. Six of the seven properties are located in the Borough of
Manhattan with the other property in the Borough of Queens.
According to the Appraisal five of the six properties located in Manhattan are
located in the East Side submarket of Manhattan and the remaining property
located in Manhattan is in the Plaza District submarket of the Midtown section
of Manhattan. The Appraisal states that East Side and Midtown retail rents rose
by 4% and 2% to $160/sq. ft. and $132/sq. ft. respectively. In addition the
Appraisal also noted that in the East Side submarket, stores with less than
1,000 sq. ft. saw a 28% increase in average asking rent to $190/sq. ft. and
overall the submarket has witnessed an 18.3% increase in the number of stores
from March 2004 to March 2005.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
67
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $52,000,000
MACARTHUR PORTFOLIO DSCR: 1.23x
LTV: 59.23%
- --------------------------------------------------------------------------------
The property located at 125-10 Queens Boulevard is situated in the Kew Gardens
section of the Borough of Queens. The Appraisal determined that the retail
market in which the Queens property is located exhibits strong occupancy, with
vacancy between 3% and 5% and average rent of $55.71/sq. ft.. The current retail
rents at the properties are determined to be at below market levels based on the
aforementioned information.
LOCKBOX/CASH MANAGEMENT. Provided no event of default exists under the mortgage
loan, the borrower has access to the funds deposited in the lockbox account.
Upon the occurrence of an event of default under the mortgage loan, all funds
deposited in the lockbox account are controlled by the lender.
PROPERTY MANAGEMENT. The property is managed by MacArthur Management Corp., an
affiliate of the borrower.
RESERVES. At origination, the borrower made an initial deposit into a reserve
account for payment of insurance premiums in the amount of $12,814 and for the
payment of real estate taxes in the amount of $297,671. The mortgage loan
requires the borrower to make monthly deposits into such reserve account in an
amount equal to 1/12 of the estimated annual real estate taxes.
At origination, the borrower made an initial deposit in the form of a letter of
credit into a reserve account for tenant improvements and leasing commissions in
the amount of $256,000.
RELEASE PROVISIONS. The borrower has the right, upon the expiration of a lockout
period, to the release of one or more of the properties in connection with a
partial defeasance upon the satisfaction of certain conditions including, no
event of default existing under the mortgage loan, a maximum LTV of 80% after
the release, a minimum DSCR of 1.20x after the release and the loan being
defeased in an amount equal to 125% of the allocated loan amount for such
release parcel.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not Permitted.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
68
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $52,000,000
MACARTHUR PORTFOLIO DSCR: 1.23x
LTV: 59.23%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
69
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $50,000,000
COMMUNITIES AT SOUTHWOOD DSCR: 1.42x
LTV: 75.08%
- --------------------------------------------------------------------------------
[PHOTOS OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
70
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $50,000,000
COMMUNITIES AT SOUTHWOOD DSCR: 1.42x
LTV: 75.08%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
LOAN SELLER: GMACCM
LOAN PURPOSE: Acquisition
ORIGINAL BALANCE: $50,000,000
CUT-OFF BALANCE: $50,000,000
% BY INITIAL UPB: 2.19%
INTEREST RATE: 5.32%
PAYMENT DATE: 1st of the month
FIRST PAYMENT DATE: September 1, 2005
MATURITY DATE: August 1, 2015
AMORTIZATION: Interest only from September 1, 2005 through and
including August 1, 2009; thereafter, monthly
amortization on a 30-year schedule
CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after May 1,
2015, prepayment can be made without penalty
SPONSOR: Pinchos D. Shemano, Sam Weis and Leah Weis
BORROWER: Southwood Owner LLC
SWC Owner LLC
ADDITIONAL FINANCING: $4,000,000 mezzanine loan
LOCKBOX: Soft
INITIAL RESERVES: Tax: $91,561
Insurance: $40,589
Immediate
Repair: $285,000
Replacement: $275,000
MONTHLY RESERVES: Tax: $30,520
Insurance: $20,295
Replacement: $26,792(1)
- --------------------------------------------------------------------------------
(1) Monthly deposits to the Replacement Account are not required unless the
balance of the Replacement Reserve Account equals or exceeds $321,500.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
LOAN BALANCE / UNIT: $38,880.25
BALLOON BALANCE / UNIT: $35,357.82
LTV: 75.08%
BALLOON LTV: 68.27%
DSCR: 1.42x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Single Asset
PROPERTY TYPE: Multifamily
COLLATERAL: Fee Simple
LOCATION: Richmond, Virginia
YEAR BUILT / RENOVATED: 1970 & 1979/2004
COLLATERAL UNITS: 1,286
PROPERTY MANAGEMENT: David Stern Management (a borrower affiliate)
OCCUPANCY (AS OF 6/3/05): 97.51%
UNDERWRITTEN
NET CASH FLOW: $4,735,437
APPRAISED VALUE: $66,600,000
APPRAISAL DATE: 5/31/2005
- --------------------------------------------------------------------------------
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
71
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $50,000,000
COMMUNITIES AT SOUTHWOOD DSCR: 1.42x
LTV: 75.08%
- --------------------------------------------------------------------------------
COMMUNITIES AT SOUTHWOOD
THE LOAN. The Communities at Southwood Loan is a ten year loan that provides for
monthly payments of interest-only for the first four years and, thereafter, for
monthly payments of principal and interest. The loan is secured by a mortgage on
the borrowers' fee simple interest in a 1,286-unit apartment complex located in
Richmond, Virginia.
THE BORROWER. The borrowers are Southwood Owner LLC and SWC Owner LLC as tenants
in common, each a special purpose, bankruptcy-remote entity, which is required
under its loan documents to have an independent director and for which a
non-consolidation opinion was obtained at closing, sponsored by Pinchos D.
Shemano, Sam Weis and Leah Weis.
THE PROPERTY. The property consists of a 1,286-unit apartment complex on a 69.5
acre parcel of land. The five communities of The Communities at Southwood are
Maple Grove, Autumn Court, Cedar Pointe - Tifton, Cedar Pointe - Treehaven and
Walnut Park. The two Cedar Pointe communities are comprised of townhouses and
the remaining communities are comprised of garden apartments. The combined
property consists of 150 two-story apartment buildings containing 1,286 units,
150 laundry rooms, 2 tennis courts, one large community pool, a recreation
building, two playgrounds and a new soccer field. As of June 3, 2005, the
property was 97.51% occupied.
THE MARKET. According to the appraisal performed by Metropolitan Valuation
Services on May 31, 2005 (the "Appraisal"), the property is located within the
Commonwealth of Virginia, approximately 4 miles southwest of the Richmond CBD in
Richmond City. The Appraisal stated that Richmond City is a mature, stable and
diversified economic area that enjoys moderate population growth and household
formation. Interstate 95 is located near the property and according to the
Appraisal the property is geographically located in the Southside/Broadrock
submarket and is in close proximity to the Southside/Westover Hills submarket.
The Appraisal indicated that the Broadrock submarket is comprised of apartments
renting for $519 to $540 per month and the Westover Hills submarket's apartments
are renting for $561 to $603 per month. Average rents at the property are
in-line with the submarket's rents stated in the Appraisal.
CASH MANAGEMENT. Provided no lockbox trigger event exists under the mortgage
loan, the borrower has access to the funds deposited in the lockbox account.
Upon the occurrence of a lockbox trigger event, which consists of an event of
default under the mortgage loan or a DSCR test not being satisfied, all funds
deposited in the lockbox account are controlled by the lender.
PROPERTY MANAGEMENT. The property is managed by David Stern Management, an
affiliate of the borrowers.
RESERVES. At origination, the borrowers made an initial deposit into a reserve
account for payment of insurance premiums in the amount of $40,589 and for
payment of real estate taxes in the amount of $91,561. The mortgage loan
requires the borrowers to make monthly deposits into such reserve account in an
amount equal to 1/12 of the estimated annual insurance premiums and real estate
taxes.
At origination, the borrowers made an initial deposit into a reserve account for
immediate repairs in the amount of $285,000.
At origination, the borrowers made an initial deposit into a reserve account for
replacements in the amount of $275,000. The mortgage loan requires the borrowers
to make monthly deposits for replacements into the replacement reserve account
in an amount equal to $26,792, unless the balance of the replacement reserve
account equals or exceeds $321,500.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. On July 18, 2005, Southwood Hold
LLC and SWC Hold LLC ("Mezzanine Borrower") entered into a mezzanine loan
agreement (the "Mezzanine Loan") with GMAC Commercial Mortgage Corporation
("Mezzanine Lender") in the original principal amount of $4,000,000. The
Mezzanine Loan is a ten year, interest only fixed rate loan secured by a pledge
of equity interests in the borrowers, Southwood Manager Corp., and SWC Manager
Corp.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
72
$2,102,782,000 (APPROXIMATE)
COMM 2005-C6
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $50,000,000
COMMUNITIES AT SOUTHWOOD DSCR: 1.42x
LTV: 75.08%
- --------------------------------------------------------------------------------
[MAP OMITTED]
This term sheet does not contain all of the information set forth in the
Prospectus Supplement and the Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
in the Prospectus Supplement and Prospectus.
73