Exhibit 99.4
JULY 18, 2003 JPMCC 2003-CIBC6
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STRUCTURAL AND COLLATERAL TERM SHEET
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-----------------------------
$947,660,000
(Approximate)
J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2003-CIBC6
-----------------------------
JPMORGAN CHASE BANK
CIBC INC.
ABN AMRO BANK N.V.
LASALLE BANK NATIONAL ASSOCIATION
Mortgage Loan Sellers
JPMORGAN CIBC WORLD MARKETS
ABN AMRO INCORPORATED
CITIGROUP MERRILL LYNCH & CO
The analyses in this report are based upon information provided by JPMorgan
Chase Bank, CIBC Inc., ABN AMRO Bank N.V. and LaSalle Bank National Association
(the "Sellers"). J.P. Morgan Securities Inc., CIBC World Markets Corp., ABN AMRO
Incorporated, Citigroup Global Markets Inc., and Merrill Lynch, Pierce, Fenner &
Smith Incorporated (the "Underwriters") make no representations as to the
accuracy or completeness of the information contained herein. The information
contained herein is qualified in its entirety by the information in the
Prospectus and Prospectus Supplement for the securities referred to herein (the
"Securities"). The information contained herein is preliminary as of the date
hereof, supersedes any previous information delivered to you by the Underwriters
and will be superseded by the applicable Prospectus and Prospectus Supplement.
These materials are subject to change, completion, or amendment from time to
time without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any Security. Any
investment decision with respect to the Securities should be made by you based
upon the information contained in the Prospectus and Prospectus Supplement
relating to the Securities. You should consult your own counsel, accountant and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of the Securities.
The attached information contains certain tables and other statistical analyses
(the "Computational Materials") which have been prepared in reliance upon
information furnished by the Sellers. They may not be provided to any third
party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material. Numerous assumptions were
used in preparing the Computational Materials which may or may not be reflected
therein. As such, no assurance can be given as to the Computational Materials'
accuracy, appropriateness or completeness in any particular context; nor as to
whether the Computational Materials and/or the assumptions upon which they are
based reflect present market conditions or future market performance. These
Computational Materials should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice. Any weighted
average lives, yields and principal payment periods shown in the Computational
Materials are based on prepayment assumptions, and changes in such prepayment
assumptions may dramatically affect such weighted average lives, yields and
principal payment periods. In addition, it is possible that prepayments on the
underlying assets will occur at rates slower or faster than the rates shown in
the attached Computational Materials. Furthermore, unless otherwise provided,
the Computational Materials assume no losses on the underlying assets and no
interest shortfalls. The specific characteristics of the Securities may differ
from those shown in the Computational Materials due to differences between the
actual underlying assets and the hypothetical underlying assets used in
preparing the Computational Materials. The principal amount and designation of
any Security described in the Computational Materials are subject to change
prior to issuance. Neither the Underwriters nor any of their affiliates make any
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the Securities. THIS
INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER
OF THE SECURITIES OR ANY OF ITS AFFILIATES. THE UNDERWRITERS ARE NOT ACTING AS
AGENT FOR THE ISSUER OR ITS AFFILIATES IN CONNECTION WITH THE PROPOSED
TRANSACTION.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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KEY FEATURES
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CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Sole Bookrunner)
CIBC World Markets Corp.
CO-MANAGER: ABN AMRO Incorporated
Citigroup Global Markets Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
MORTGAGE LOAN SELLERS: JPMorgan Chase Bank (60.3%)
CIBC Inc. (29.7%)
ABN AMRO Bank N.V. (5.9%)
LaSalle Bank National Association (4.1%)
MASTER SERVICER: Wachovia Bank, National Association
SPECIAL SERVICER: ARCap Servicing, Inc.
TRUSTEE: Wells Fargo Bank Minnesota, N.A.
PAYING AGENT: LaSalle Bank National Association
RATING AGENCIES: Moody's Investors Service, Inc.
Fitch Ratings
PRICING DATE: On or about July 29, 2003
CLOSING DATE: On or about August 11, 2003
CUT-OFF DATE: August 2003
DISTRIBUTION DATE: 12th of each month, or if the 12th day is not a
business day, on the next succeeding business day,
beginning in September 2003
PAYMENT DELAY: 11 days
TAX STATUS: REMIC
ERISA CONSIDERATION: Class A-1, A-2, B, C & D
OPTIONAL TERMINATION: 1.0% (Clean-up Call)
MINIMUM DENOMINATIONS: $10,000 ($100,000 for Class X-1& X-2 certificates)
SETTLEMENT TERMS: DTC, Euroclear and Clearstream Banking
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COLLATERAL CHARACTERISTICS
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INITIAL POOL BALANCE (IPB): $1,042,817,449
NUMBER OF MORTGAGED LOANS: 128
NUMBER OF MORTGAGED PROPERTIES: 143
AVERAGE CUT-OFF BALANCE PER LOAN: $ 8,147,011
AVERAGE CUT-OFF BALANCE PER PROPERTY: $7,292,430
WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.5998%
WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR(1): 1.64x
WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 70.6%
WEIGHTED AVERAGE MATURITY DATE LTV(2): 54.4%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 126
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(3): 339
WEIGHTED AVERAGE SEASONING (MONTHS): 3
10 LARGEST LOANS AS % OF IPB: 35.0%
% OF LOANS WITH ADDITIONAL DEBT: 4.8%
% OF LOANS WITH SINGLE TENANTS: 14.5%
(1) Excludes the 1 mortgage loan, representing approximately 0.3% of the
aggregate principal balance of the pool of mortgage loans as of the Cut-off
date that is a credit tenant lease (CTL) loan.
(2) Excludes fully amortizing mortgage loans.
(3) Excludes loans that are interest only for the entire term.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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APPROXIMATE SECURITIES STRUCTURE
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PUBLICLY OFFERED CLASSES
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EXPECTED CREDIT EXPECTED
RATINGS APPROXIMATE FACE SUPPORT (% OF WEIGHTED AVG. EXPECTED PAYMENT
CLASS (MOODY'S/FITCH) AMOUNT BALANCE)(1) LIFE (YEARS) WINDOW
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A-1 Aaa/AAA $217,100,000 16.375% 5.70 09/03-12/12
A-2 Aaa/AAA $654,956,000 16.375% 9.78 12/12-08/13
B Aa2/AA $31,284,000 13.375% 10.00 08/13-08/13
C A2/A $32,588,000 10.250% 10.00 08/13-08/13
D A3/A- $11,732,000 9.125% 10.00 08/13-08/13
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PRIVATELY OFFERED CLASSES
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EXPECTED EXPECTED
RATINGS APPROXIMATE FACE CREDIT SUPPORT WEIGHTED AVG. EXPECTED PAYMENT
CLASS (MOODY'S/FITCH) AMOUNT (% OF BALANCE) LIFE (YEARS) WINDOW
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X-1 Aaa/AAA $1,042,817,449(2) N/A N/A N/A
X-2 Aaa/AAA $988,823,000(2) N/A N/A N/A
E Baa1/BBB+ $14,339,000 7.750% N/A N/A
F Baa2/BBB $10,428,000 6.750% N/A N/A
G Baa3/BBB- $13,035,000 5.500% N/A N/A
H Ba1/BB+ $15,642,000 4.000% N/A N/A
J Ba2/BB $5,214,000 3.500% N/A N/A
K Ba3/BB- $7,821,000 2.750% N/A N/A
L B1/B+ $5,215,000 2.250% N/A N/A
M B2/B $3,910,000 1.875% N/A N/A
N B3/B- $1,304,000 1.750% N/A N/A
NR NR/NR $18,249,449 N/A N/A N/A
AC-1 Baa1/NR $1,997,760 N/A N/A N/A
AC-2 Baa2/NR $2,996,640 N/A N/A N/A
AC-3 Baa3/NR $2,996,640 N/A N/A N/A
BM-1 Aa3/NR $4,000,000 N/A N/A N/A
BM-2 A2/NR $6,500,000 N/A N/A N/A
BM-3 A3/NR $4,500,000 N/A N/A N/A
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(1) The credit support percentages set forth for Class A-1 and Class A-2
certificates are represented in the aggregate. The credit support
percentages do not include the Class AC-1, Class AC-2, Class AC-3, Class
BM-1, Class BM-2 and Class BM-3 certificates.
(2) Notional Amount
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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STRUCTURAL OVERVIEW
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o Interest payments will be pro-rata to the Class A-1, A-2 (the foregoing
classes, together, the "Class A Certificates"), X-1 and X-2 Certificates and
then, after payment of the principal distribution amount to such Classes
(other than the Class X-1 and Class X-2 Certificates), interest will be paid
sequentially to the Class B, C, D, E, F, G, H, J, K, L, M, N and NR
Certificates.
o The pass-through rate for the Class A-1, A-2, B, C, D, E, F, G, H, J, K, L,
M, N and NR Certificates will be either a fixed rate or a rate based on the
weighted average of the remittance rates on the mortgage loans. In the
aggregate, the Class X-1 and X-2 Certificates will receive the net interest
on the mortgage loans in excess of the interest paid on the other
Certificates.
o All Classes offered will accrue interest on a 30/360 basis.
o Principal payments will be paid sequentially to the Class A-1, A-2, B, C, D,
E, F, G, H, J, K, L, M, N and NR Certificates, until each Class is retired.
The Class X-1 and X-2 Certificates do not have a class principal balance and
are therefore not entitled to any principal distributions.
o Losses will be borne by the Classes (other than the Class X-1 and X-2
Certificates) in reverse sequential order, from the Class NR Certificates up
to the Class B Certificates and then pro-rata to the Class A-1 and A-2
Certificates.
o If the principal balance of the mortgage pool is less than or equal to the
aggregate class principal balance of the Class A-1 and Class A-2
Certificates, principal distributions will be allocated pro-rata to the Class
A-1 and A-2 Certificates.
o Yield maintenance charges calculated by reference to a U.S. Treasury rate to
the extent received will be allocated first to the offered Certificates and
the Class E, F and G Certificates, according to a specified formula, with any
remaining amount payable to the Class X-1 Certificates. For the amount
payable to any interest-bearing Class, the formula is as follows:
Principal Paid to Class (Pass-Through Rate on Class - Discount Rate)
YM Charge x ----------------------- x ------------------------------------------
Total Principal Paid (Mortgage Rate on Loan - Discount Rate)
o The transaction will provide for a collateral value adjustment feature (an
appraisal reduction amount calculation) for problem or delinquent loans.
Under certain circumstances, the special servicer will be required to obtain
a new appraisal and to the extent any such adjustment is determined, the
interest portion of any P&I Advance will be reduced in proportion to such
adjustment.
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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GEOGRAPHIC DISTRIBUTION
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NUMBER OF CUT-OFF DATE
STATE PROPERTIES BALANCE % OF IPB WA LTV WA UW DSCR
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CALIFORNIA 30 $152,624,381 14.6% 72.5% 1.50x
Northern California 7 39,068,712 3.7 69.9 1.54x
Southern California 23 113,555,669 10.9 73.4 1.49x
NEW YORK 9 103,442,075 9.9 71.5 1.82x
GEORGIA 5 96,563,469 9.3 61.6 2.13x
MISSOURI 1 85,000,000 8.2 48.9 2.44x
NEW JERSEY 9 66,257,462 6.4 73.8 1.46x
PENNSYLVANIA 6 60,798,558 5.8 78.5 1.39x
TEXAS 16 58,777,077 5.6 73.8 1.45x
LESS THAN 5% 67 419,354,428 40.2 74.2 1.44x
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TOTAL/WEIGHTED AVERAGE 143 1,042,817,449 100.0% 70.6% 1.63x
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PROPERTY TYPE DISTRIBUTION
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NUMBER OF CUT-OFF
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES DATE BALANCE % OF IPB WA LTV WA UW DSCR
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RETAIL ANCHORED 34 $291,413,182 27.9% 73.8% 1.46x
REGIONAL MALL 1 $85,000,000 8.2% 48.9% 2.44x
UNANCHORED 23 $72,817,964 7.0% 72.2% 1.48x
SHADOW ANCHORED 2 $8,612,567 0.8% 70.1% 1.52x
SUBTOTAL 60 $457,843,713 43.9% 68.9% 1.65x
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OFFICE SUBURBAN 21 $171,428,299 16.4% 73.6% 1.47x
CBD 8 $147,951,626 14.2% 66.0% 1.86x
SUBTOTAL 29 $319,379,925 30.6% 70.1% 1.65x
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INDUSTRIAL FLEX 10 $70,967,266 6.8% 74.7% 1.47x
WAREHOUSE/DISTRIBUTION 5 $30,636,165 2.9% 70.7% 1.49x
SUBTOTAL 15 $101,603,431 9.7% 73.5% 1.47x
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MULTIFAMILY MID/HIGH RISE 6 $39,814,141 3.8% 78.0% 1.39x
GARDEN 7 $38,979,232 3.7% 76.0% 1.41x
CO-OP 1 $2,000,000 0.2% 6.5% 19.64x
SUBTOTAL 14 $80,793,374 7.7% 75.2% 1.85x
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MANUFACTURED HOUSING MANUFACTURED HOUSING 20 $71,318,635 6.8% 76.0% 1.49x
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SELF STORAGE SELF STORAGE 4 $8,085,293 0.8% 69.0% 1.46x
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MIXED USE OFFICE/RETAIL 1 $3,793,079 0.4% 61.5% 1.73x
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TOTAL/WEIGHTED AVERAGE 143 $1,042,817,449 100.0% 70.6% 1.63x
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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COLLATERAL STATISTICS
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CUT-OFF DATE PRINCIPAL BALANCE
RANGE OF CUT-OFF NUMBER OF PRINCIPAL
DATE PRINCIPAL BALANCES LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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$899,055 - $1,999,999 17 $24,898,261 2.4% 67.5% 1.54x
$2,000,000 - $2,999,999 24 59,944,059 5.7 67.4 2.07x
$3,000,000 - $3,999,999 15 52,770,514 5.1 71.8 1.50x
$4,000,000 - $4,999,999 11 50,721,901 4.9 75.6 1.44x
$5,000,000 - $6,999,999 14 79,190,977 7.6 71.6 1.42x
$7,000,000 - $9,999,999 22 182,140,584 17.5 73.8 1.50x
$10,000,000 - $14,999,999 7 89,058,073 8.5 76.7 1.48x
$15,000,000 - $24,999,999 12 229,703,785 22.0 74.9 1.49x
$25,000,000 - $49,999,999 4 127,458,719 12.2 76.1 1.32x
$50,000,000 - $85,000,000 2 146,930,576 14.1 50.9 2.46x
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TOTAL/WEIGHTED AVERAGE: 128 $1,042,817,449 100.0% 70.6% 1.63x
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AVERAGE PER LOAN: $8,147,011
AVERAGE PER PROPERTY: $7,292,430
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RANGE OF MORTGAGE INTEREST RATES
RANGE OF MORTGAGE PRINCIPAL
INTEREST RATES NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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4.5317% - 4.9999% 3 $155,930,576 15.0% 51.1% 2.46x
5.0000% - 5.4999% 32 195,547,310 18.8 74.6 1.71x
5.5000% - 5.9999% 56 485,618,318 46.6 74.4 1.45x
6.0000% - 6.4999% 28 176,621,318 16.9 73.6 1.37x
6.5000% - 7.4200% 9 29,099,928 2.8 68.1 1.40x
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TOTAL/WEIGHTED AVERAGE: 128 $1,042,817,449 100.0% 70.6% 1.63x
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WEIGHTED AVERAGE MORTGAGE RATE: 5.5998%
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ORIGINAL TERM TO MATURITY IN MONTHS
ORIGINAL TERM TO PRINCIPAL
MATURITY NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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60 - 110 5 $13,087,829 1.3% 68.2% 1.63x
111 - 120 105 878,574,702 84.3 70.1 1.64x
121 - 240 18 151,154,918 14.5 73.8 1.57x
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TOTAL/WEIGHTED AVERAGE: 128 $1,042,817,449 100.0% 70.6% 1.63x
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WEIGHTED AVERAGE ORIGINAL TERM TO MATURITY: 129
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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COLLATERAL STATISTICS
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REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
RANGE OF REMAINING TERMS TO NUMBER PRINCIPAL
MATURITY/ARD DATE OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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57 - 110 5 $13,087,829 1.3% 68.2% 1.63x
111 - 120 106 898,814,702 86.2 70.3 1.64x
121 - 240 17 130,914,918 12.6 72.9 1.61x
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TOTAL/WEIGHTED AVERAGE: 128 $1,042,817,449 100.0% 70.6% 1.63x
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WEIGHTED AVERAGE REMAINING TERM TO MATURITY/ARD: 126
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ORIGINAL AMORTIZATION TERM IN MONTHS(1)
ORIGINAL PRINCIPAL
AMORTIZATION TERM NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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120 - 180 2 $4,404,853 0.4% 69.6% 1.12x
181 - 240 20 106,096,247 10.2 70.4 1.32x
241 - 300 24 113,826,834 10.9 71.9 1.46x
331 - 360 81 816,489,517 78.4 70.7 1.66x
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TOTAL/WEIGHTED AVERAGE: 127 $1,040,817,449 100.0% 70.8% 1.60x
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WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM: 339
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REMAINING AMORTIZATION TERM IN MONTHS(1)
REMAINING PRINCIPAL
AMORTIZATION TERM NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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118 - 180 2 $4,404,853 0.4% 69.6% 1.12x
181 - 240 20 106,096,247 10.2 70.4 1.32x
241 - 300 24 113,826,834 10.9 71.9 1.46x
331 - 360 81 816,489,517 78.4 70.7 1.66x
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TOTAL/WEIGHTED AVERAGE: 127 $1,040,817,449 100.0% 70.8% 1.60X
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WEIGHTED AVERAGE REMAINING AMORTIZATION TERM: 337
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AMORTIZATION TYPES
PRINCIPAL
AMORTIZATION TYPES NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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BALLOON LOANS(2) 90 $600,685,908 57.6% 71.0% 1.59x
ARD LOANS 19 254,509,584 24.4 76.1 1.43x
PARTIAL INTEREST-ONLY 8 121,550,000 11.7 57.7 2.15x
FULLY AMORTIZING 10 64,071,957 6.1 72.5 1.27x
INTEREST ONLY 1 2,000,000 0.2 6.5 19.64x
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TOTAL/WEIGHTED AVERAGE: 128 $1,042,817,449 100.0% 70.6% 1.63x
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(1) Excludes loans that are interest only for the entire term.
(2) Excludes the mortgage loans which pay interest only for a portion of their
term.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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COLLATERAL STATISTICS
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UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS(1)
PRINCIPAL
UW DSCR NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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1.20X - 1.29X 14 $76,053,936 7.3% 74.5% 1.23x
1.30X - 1.34X 10 57,996,812 5.6 77.1 1.32x
1.35X - 1.39X 22 217,194,816 20.9 74.8 1.37x
1.40X - 1.44X 14 85,879,281 8.3 74.4 1.43x
1.45X - 1.49X 20 166,784,791 16.0 76.0 1.46x
1.50X - 1.69X 32 244,534,521 23.5 73.4 1.56x
1.70X - 1.99X 8 25,979,712 2.5 64.7 1.76x
2.00X - 2.99X 6 163,279,650 15.7 51.0 2.46x
3.00X - 19.64X 1 2,000,000 0.2 6.5 19.64x
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TOTAL/WEIGHTED AVERAGE: 127 $1,039,703,520 100.0% 70.6% 1.64x
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LTV RATIOS AS OF THE CUT-OFF DATE
PRINCIPAL
CUT-OFF LTV NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
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6.5% - 49.9% 5 $95,059,280 9.1% 47.7% 2.79x
50.0% - 59.9% 9 87,540,384 8.4 54.5 2.30x
60.0% - 64.9% 9 51,928,414 5.0 63.3 1.51x
65.0% - 69.9% 13 48,177,161 4.6 68.6 1.45x
70.0% - 74.9% 44 304,176,999 29.2 73.2 1.47x
75.0% - 80.0% 48 455,935,211 43.7 77.9 1.41x
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TOTAL/WEIGHTED AVERAGE: 128 $1,042,817,449 100.0% 70.6% 1.63x
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LTV RATIOS AS OF THE MATURITY DATE
PRINCIPAL WA MATURITY
MATURITY LTV NUMBER OF LOANS BALANCE % OF IPB LTV WA UW DSCR
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0.0% - 29.9% 6 $16,794,678 1.7% 62.6% 3.44x
30.0% - 49.9% 17 205,735,487 21.0 53.8 2.25x
50.0% - 59.9% 30 190,750,022 19.5 71.7 1.47x
60.0% - 64.9% 36 316,757,627 32.4 74.5 1.47x
65.0% - 69.9% 27 242,426,801 24.8 78.9 1.43x
70.0% - 72.0% 2 6,280,877 0.6 77.6 1.45x
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TOTAL/WEIGHTED AVERAGE: 118 $978,745,492 100.0% 70.5% 1.66X
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(1) Excludes the 1 mortgage loan, representing approximately 0.3% of the
aggregate principal balance of the pool of mortgage loans as of the Cut-off
date that is a credit tenant lease (CTL) loan.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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COLLATERAL STATISTICS
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CURRENT OCCUPANCY RATES
CURRENT OCCUPANCY PRINCIPAL
RATES NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
- ----------------------------------------------------------------------------------------------------------------
74.7% - 85.0% 4 $30,778,320 3.0% 66.9% 1.47x
85.1% - 90.0% 9 73,774,023 7.1 73.5 1.51x
90.1% - 95.0% 24 222,780,490 21.4 70.2 1.74x
95.1% - 100.0% 106 715,484,616 68.6 70.6 1.62x
- ----------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED 143 $1,042,817,449 100.0% 70.6% 1.63X
AVERAGE:
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
PRINCIPAL
YEAR BUILT/RENOVATED NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
- ----------------------------------------------------------------------------------------------------------------
1950 - 1959 3 $8,015,000 0.8% 74.5% 1.41x
1960 - 1969 5 16,740,673 1.6 72.4 1.38x
1970 - 1979 11 39,862,627 3.8 74.8 1.45x
1980 - 1989 31 164,009,496 15.7 72.5 1.49x
1990 - 1999 34 286,903,170 27.5 66.6 1.76x
2000 - 2003 59 527,286,483 50.6 71.8 1.64x
- ----------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 143 $1,042,817,449 100.0% 70.6% 1.63X
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
PREPAYMENT PROTECTION
PREPAYMENT PRINCIPAL
PROTECTION NUMBER OF LOANS BALANCE % OF IPB WA LTV WA UW DSCR
- ----------------------------------------------------------------------------------------------------------------
DEFEASANCE 122 $1,008,640,340 96.7% 70.8% 1.63x
YIELD MAINTENANCE 6 34,177,110 3.3 64.7 1.73x
- ----------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 128 $1,042,817,449 100.0% 70.6% 1.63X
- ----------------------------------------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
TOP 10 MORTGAGE LOANS
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
LOAN LOAN NAME CUT-OFF DATE % OF SQUARE FEET/ LOAN PER UW CUTOFF LTV PROPERTY
SELLER(1) (LOCATION) BALANCE IPB UNIT SF/UNIT DSCR RATIO TYPE
- ------------------------------------------------------------------------------------------------------------------------------------
JPMCB Battlefield Mall $85,000,000(2) 8.2% 1,006,618 SF $84 2.44x 48.9% Regional Mall
(Springfield, MO)
ABN One Alliance Center 61,930,576(2) 5.9% 554,849 SF $112 2.49x 53.7% CBD Office
(Atlanta, GA)
JPMCB International Paper Office 34,969,442 3.4% 214,060 SF $163 1.35x 77.4% Suburban
(Memphis, TN) Office
JPMCB Deerfield Mall 32,453,953 3.1% 371,158 SF $87 1.38x 75.5% Anchored
(Deerfield Beach, FL) Retail
JPMCB Shelbyville Road Plaza 31,150,000 3.0% 250,057 SF $125 1.21x 76.9% Anchored
(Louisville, KY) Retail
CIBC 641 Sixth Avenue 28,885,324 2.8% 157,552 SF $183 1.35x 74.3% CBD Office
(New York, NY)
JPMCB Tices Corner Retail Marketplace 24,924,691 2.4% 119,114 SF $209 1.48x 73.3% Anchored
(Woodcliff Lake, NJ) Retail
CIBC 919 Market Place 22,956,879 2.2% 220,587 SF $104 1.37x 79.7% CBD Office
(Wilmington, DE)
CIBC Plaza 48 22,277,294 2.1% 129,790 SF $171 1.60x 76.8% Anchored
(Long Island City, NY) Retail
CIBC 2121 Market Place 20,240,000 1.9% 168 Units 120,476 1.32x 80.0% Multifamily
(Philadelphia, PA)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: $364,788,160 35.0% 1.81x 66.3%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) "JPMCB" = JPMORGAN CHASE BANK; "CIBC" = CIBC INC.; "ABN" = ABN AMRO BANK
N.V.
(2) REPRESENTING THE POOLED COMPONENTS OF EACH LOAN
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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- --------------------------------------------------------------------------------
BATTLEFIELD MALL
- --------------------------------------------------------------------------------
[THREE PHOTOS OF BATTLEFIELD MALL OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
BATTLEFIELD MALL
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $85,000,000 (Pooled Component)
CUT-OFF PRINCIPAL BALANCE: $85,000,000 (Pooled Component)
% OF POOL BY IPB: 8.2%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Battlefield Mall, LLC
SPONSOR: Simon Property Group, L.P.
ORIGINATION DATE: 6/30/2003
INTEREST RATE: 4.4697%
INTEREST ONLY PERIOD: 24 months
MATURITY DATE: 7/1/2013
AMORTIZATION TYPE: IO-Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 360
CALL PROTECTION: L(24),Def(91),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: Springing
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee/Leasehold
PROPERTY TYPE: Regional Mall
SQUARE FOOTAGE: 1,006,618
LOCATION: Springfield, MO
YEAR BUILT/RENOVATED: 1970/1997
OCCUPANCY: 96.9%(1)
INLINE OCCUPANCY: 92.6%
OCCUPANCY DATE: 4/4/2003
INLINE SALES/SF: $347(2)
OCCUPANCY COST: 12.4%
NUMBER OF TENANTS: 132
HISTORICAL NOI:
2001: $11,797,863
2002: $12,215,569
2003: $12,169,866 (TTM as of 4/30/2003)
UW NOI: $12,939,573
UW NET CASH FLOW: $12,537,029
APPRAISED VALUE: $174,000,000
APPRAISAL DATE: 5/27/2003
- --------------------------------------------------------------------------------
(1) Occupancy percentage does not include Sears, which is anchored owned. The
mall is 97.4% occupied when Sears is included in the occupancy percentage.
(2) Sales for all tenants under 10,000 square feet for 2002.
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
In lieu of monthly reserves for taxes, insurance, CapEx, and ground rent by the
Battlefield Mall Borrower, Simon Property Group, L.P. has provided a guarantee
for such amounts. In addition, if the option to extend the lease for the
Dillard's Women space is not exercised on or before January 31, 2007, a TI/LC
reserve deposit or guarantee totaling $500,000 will be required.
The Simon Property Group, L.P. guarantee in lieu of deposits will be allowed so
long as it maintains long-term debt ratings of at least BBB- by Fitch or Baa3 by
Moody's.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $84
CUT-OFF DATE LTV: 48.9%
MATURITY LTV: 41.9%
UW DSCR: 2.44x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
ANCHOR TENANTS
MOODY'S/ SQUARE % OF SALES BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(3) FEET GLA PSF(4) PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
JC PENNY JC Penny Company (NYSE: JCP) Ba3/BB+ 203,325 20.2% $174 $1.26 2016
SEARS(5) Sears, Roebuck and Co. (NYSE: S) Baa1/BBB 178,170 N/A NAV N/A 2022
DILLARD'S WOMEN Dillard's, Inc. (NYSE: DDS) Ba3/BB+ 138,409 13.8% $185 $1.18 2005
DILLARD'S Dillard's, Inc. (NYSE: DDS) Ba3/BB+ 125,241 12.4% $92 $4.00 2008
FAMOUS-BARR May Department Stores Company (NYSE: MAY) Baa1/BBB+ 125,056 12.4% $205 $1.49 2012
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT IN-LINE TENANTS
- ------------------------------------------------------------------------------------------------------------------------------------
OLD NAVY The Gap, Inc (NYSE: GPS) Ba3/BB+ 14,989 1.5% $512 $34.87(6) 2004
EXPRESS WOMEN Limited Brands (NYSE: LTD) Baa1/BBB+ 14,705 1.5% $286 $17.00 2008
ETHAN ALLEN Ethan Allen Interiors Inc. (NYSE: ETH) Ba1/A- 12,589 1.3% NAV $11.21 2008
F.Y.E Trans World Entertainment (NYSE: TWMC) NR/NR 11,018 1.1% $192 $18.00 2006
- ------------------------------------------------------------------------------------------------------------------------------------
(3) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(4) Sales per square foot for the 12 month period ending 4/30/2003.
(5) Sears is anchored owned and not part of the collateral.
(6) Old Navy pays percentage rent in lieu of base rent. The figure shown is
calculated based upon the percentage rent amount paid.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
BATTLEFIELD MALL
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
Headquartered in Indianapolis, Simon Property Group, Inc.(NYSE: SPG) is the
largest publicly traded retail real estate investment trust (REIT) in North
America. Simon is a member of the S&P 500 index and was named Fortune Magazine's
2003 Most Admired Real Estate Company.
Today, Simon manages a retail network that drives approximately $40 billion in
annual sales. Simon's activities are conducted through Simon Property Group,
Limited Partnership (the "Operating Partnership"), in which it owns a 73.6%
weighted average direct and indirect interest as of December 31, 2002.
Simon Property Group, Inc. properties primarily consist of regional malls and
community shopping centers. The properties contain an aggregate of approximately
184.5 million square feet of Gross Leasable Area (GLA), of which Simon Property
Group, Inc. owns 105.9 million square feet. More than 3,900 different retailers
occupy more than 20,000 stores in the properties and no one retail tenant
represents more than 5.3% of the company`s properties' total minimum rents.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
Battlefield Mall is a 1.1 million square foot, recently renovated enclosed
regional mall, located west of U.S 65 at the intersection of Battlefield Street
and Glenstone Avenue in Springfield, Missouri. Battlefield Mall, the only
super-regional mall in the area, opened in 1970, expanded and renovated in 1982
and recently renovated in 1997. The center is anchored by five tenants, ranging
from 125,000 to 203,000 square feet. In addition the center has approximately
414,677 square feet of in-line tenants, which includes The Gap, Limited,
Victoria's Secret, Eddie Bauer, Champs Sports, Abercrombie & Fitch, Shoe
Express, The Children's Place, and The Disney Store.
JC Penney occupies 203,235 square feet (20.2% of the Mall). JC Penney is a major
retailer, operating 1,049 department stores in 49 states, Puerto Rico and
Mexico. Sears occupies 178,170 square feet. The Sears space is anchored owned
and does not serve as collateral for this loan. Sears is a multi-line retailer
that offers a wide array of merchandise and related services. Dillard's occupies
263,650 square feet in two stores- spaces (26.2% of the Mall). The two stores
are split into Dillard's and Dillard's Women. Dillard's ranks among the nation's
largest fashion apparel and home furnishings retailers with annual revenues
exceeding $8.2 billion.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
Springfield, Missouri is a regional center located in Greene County, near the
southwest corner of the state. Via major roadways, it is approximately 215 miles
southwest of St. Louis, 175 miles south of Kansas City and 180 miles northeast
of Tulsa, Oklahoma. Major highways serving the MSA include Interstate 44, which
links St. Louis, Tulsa, and Oklahoma City and US Route 65, which links
Springfield and Branson.
Major employers in Springfield include Cox Health, St. John's Health System,
Southwest Missouri State University, Bank One, and Kraft Foods. The largest
industries, based on employees, are retail trade, health services and education
services, with very even dispersion among all other industries.
Although Battlefield's market spans over 100 miles outward from the mall,
approximately 70% of market's residents live within 10 miles of the mall. People
living within the mall's trade area have an average household income of $43,868
and their median age is 35.7 years.
Southwest Missouri State University, located in Springfield, has a student
enrollment of 19,000. In total, there are more than 35,000 students enrolled in
the colleges and universities in Springfield.
- --------------------------------------------------------------------------------
(1) Certain information from the Integra Realty Resources appraisal dated May
27, 2003. The appraisal relies upon many assumptions, and no representation
is made as to the accuracy of the assumptions underlying the appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 30,706 3.1% NAP NAP 30,706 3.1% NAP NAP
2003 & MTM 5 8,383 0.8 $311,438 2.8% 39,089 3.9% $311,438 2.8%
2004 18 62,666 6.2 1,789,418 16.0 101,755 10.1% $2,100,856 18.8%
2005 12 168,543 16.7 974,331 8.7 270,298 26.9% $3,075,187 27.5%
2006 14 47,576 4.7 997,777 8.9 317,874 31.6% $4,072,964 36.5%
2007 14 41,413 4.1 792,688 7.1 359,287 35.7% $4,865,652 43.6%
2008 12 178,820 17.8 1,616,913 14.5 538,107 53.5% $6,482,565 58.1%
2009 9 26,230 2.6 770,600 6.9 564,337 56.1% $7,253,165 65.0%
2010 17 44,469 4.4 1,064,316 9.5 608,806 60.5% $8,317,481 74.5%
2011 14 36,618 3.6 1,203,126 10.8 645,424 64.1% $9,520,607 85.3%
2012 8 137,127 13.6 722,948 6.5 782,551 77.7% $10,243,555 91.8%
THEREAFTER 9 224,067 22.3 918,765 8.2 1,006,618 100.0% $11,162,320 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 132 1,006,618 100.0% $11,162,320 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
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Battlefield Mall
[DIRECTORY OF BATTLEFIELD MALL OMITTED]
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- --------------------------------------------------------------------------------
BATTLEFIELD MALL
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING BATTLEFIELD MALL OMITTED]
16 of 61
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- --------------------------------------------------------------------------------
BATTLEFIELD MALL
- --------------------------------------------------------------------------------
[AERIAL PHOTO OF BATTLEFIELD MALL OMITTED]
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- --------------------------------------------------------------------------------
ONE ALLIANCE CENTER
- --------------------------------------------------------------------------------
[TWO PHOTOS OF ONE ALLIANCE CENTER OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
ONE ALLIANCE CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $62,000,000 (Pooled Component)
CUT-OFF PRINCIPAL BALANCE: $61,930,576 (Pooled Component)
% OF POOL BY IPB: 5.9%
LOAN SELLER: ABN AMRO Bank N.V.
BORROWER: Trizec Alliance Center, LLC
SPONSOR: Trizec Holdings, Inc.
ORIGINATION DATE: 6/25/2003
INTEREST RATE: 4.7750%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 7/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 359
CALL PROTECTION: L(24), Def(93), O(2)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: CMA
ADDITIONAL DEBT: Permitted
ADDITIONAL DEBT TYPE: Mezzanine (Future)
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: CBD Office
SQUARE FOOTAGE: 554,849
LOCATION: Atlanta, GA
YEAR BUILT/RENOVATED: 2001/NAP
OCCUPANCY: 94.2%
OCCUPANCY DATE: 8/1/2003
NUMBER OF TENANTS: 24
HISTORICAL NOI:
2001: NAP (Built in 2001)
2002: $5,096,623
2003: $5,489,199 (TTM as of 3/31/2003)
UW NOI: $10,382,220
UW NET CASH FLOW: $9,548,576
APPRAISED VALUE: $115,400,000
APPRAISAL DATE: 5/1/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $0 $0
Insurance: $0 $0
TI/LC: $0 $0
CapEx: $0 $0
Other: $670,631(1) $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $112
CUT-OFF DATE LTV: 53.7%
MATURITY DATE LTV: 44.0%
UW DSCR: 2.49x
- --------------------------------------------------------------------------------
(1) The tenant "the Japanese Consulate" pays one year's rent in advance.
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE LEASE
TENANT NAME PARENT COMPANY S&P(2) FEET % OF GLA BASE RENT PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
S1, INC. S1 Corporation NR/NR 184,435 33.2% $23.47 2011
TOWERS, PERRIN, FORSTER & CROSBY, INC. NAP NR/NR 101,076 18.2% $30.39 2012
BBDO WORLDWIDE, INC. Omnicom Group, Inc. Baa1/A- 68,000 12.3% $32.64 2011
- ------------------------------------------------------------------------------------------------------------------------------------
(2) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
ONE ALLIANCE CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The borrowing entity, Trizec Alliance Center, LLC is wholly-owned by Trizec
Holdings, Inc., which is 100% owned by Trizec Properties, Inc., ("Trizec")
Trizec was launched as a publicly traded U.S. office REIT in May 2002
(NYSE:TRZ). Trizec is one of the largest owners and managers of commercial
property in North America with 69 office properties totaling approximately 48
million SF. According to Trizec's first quarter 2003 financial statements, the
book value of its real estate assets as of March 31, 2003 was approximately
$5.15 billion.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
The One Alliance Center property ("One Alliance Center") is located at 3500
Lenox Road in Atlanta, Georgia. It was constructed in 2001 and contains 537,549
RSF of office space, 13,707 RSF of retail space and 3,593 RSF of storage space.
One Alliance Center is a part of Trizec's overall master plan for a 10-acre
Alliance Center, which when completed will include three office buildings
totaling 1.5 million RSF and one residential tower totaling 250,000 RSF, with
parking for 4,000 vehicles. One Alliance Center is the first building
constructed as part of the Alliance Center master plan. The residential tower is
presently under construction on a site that Trizec sold to Hanover Properties.
One Alliance Center is 94.2% leased to 24 tenants. The largest tenant in One
Alliance Center is S1, Inc., a wholly owned subsidiary of S1 Corporation. S1,
Inc. leases 33.2% of the net RSF. Towers, Perrin, Forster & Crosby, Inc. is the
second largest tenant occupying 18.3% of the net RSF. BBDO Worldwide Inc., a
wholly owned subsidiary of Omnicom Group, Inc. (rated "Baa1" by Moody's, and
"A-" by Fitch and S&P) is the third largest tenant occupying 12.3% of the net
RSF.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
One Alliance Center is located in Fulton County, within the Atlanta MSA ("MSA")
at 3500 Lenox Road on the southwest corner of Lenox Road and Phipps Boulevard.
Lenox Road is an eight to ten lane road that runs northeast/south, providing
immediate access to GA 400 and Peachtree Road. One Alliance Center is located in
the Buckhead submarket within the city of Atlanta. The Buckhead Loop is a
semicircular, multilane highway that accesses GA 400 and connects to both
Peachtree Road and Piedmont Avenue, the two most dominant streets in the city of
Atlanta. One Alliance Center is situated within three-four minutes walking
distance from Atlanta's two premier regional malls (Lenox Square Mall and Phipps
Plaza), a Ritz Carlton and a Swissotel, and the proposed Buckhead MARTA station
(Atlanta's rail transit system). The area is easily accessible via four major
highways (I-75, I-85, I-285 and GA 400), each of which travel through Atlanta's
Central Business District and provide easy access to other portions of the
county and state, and via MARTA, for which the nearby Buckhead station is
currently under design.
The population of the MSA was approximately 4,395,997 in 2002. Population in the
MSA increased by 5.2% from 4,112,198 in 2000. The number of households in the
area increased by 2.51% annually between 2000 and 2002, from 1,504,871 to
1,673,089. By 2007, the number of households in this area is expected to reach
1,922,115, an increase of 2.81% per annum. As of 2002, the median household
income and the average household income were estimated to be $59,964 and
$88,976, respectively, and the per capita income was estimated to be $33,864.
Average annual increases in household income are forecast to be somewhat lower
than the previous period.
The Buckhead submarket lies on the northern side of Atlanta and is one of the
city's core office markets. The Buckhead submarket consists of 13,884,160
rentable square feet of office space in 95 multi-tenant buildings (15,000 RSF or
greater), which constitutes approximately 9% of the Metro Atlanta office
market's GLA. Growth has been halted in this market after third quarter 2001, as
no new space has been introduced over the past six consecutive quarters.
Additionally, there is currently no new space under construction.
The vacancy rate in the Buckhead submarket increased from 18.8% to 20.1% between
fourth quarter 2002 and first quarter 2003. Including sublease space, the
vacancy rate decreased from 23.1% to 22.1%. Buckhead has historically maintained
a significantly lower vacancy rate than the overall Metro Atlanta market. The
average lease rates in the Buckhead submarket for Class A space ranged from
$24/RSF to $29/RSF in the first quarter 2003.
- --------------------------------------------------------------------------------
(1) Certain information from the Landauer Realty Group, Inc. appraisal dated
May 1, 2003. The appraisal relies upon many assumptions, and no
representation is made as to the accuracy of the assumptions underlying the
appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING(2) EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 32,109 5.8% NAP NAP 32,109 5.8% NAP NAP
2003 & MTM 1 3,422 0.6 $103,977 0.7% 35,531 6.4% $103,977 0.7%
2004 0 0 0.0 0 0.0 35,531 6.4% $103,977 0.7%
2005 0 0 0.0 0 0.0 35,531 6.4% $103,977 0.7%
2006 2 6,823 1.2 207,317 1.4 42,354 7.6% $311,294 2.2%
2007 10 30,132 5.4 850,843 5.9 72,486 13.1% $1,162,137 8.1%
2008 6 13,597 2.5 327,046 2.3 86,083 15.5% $1,489,183 10.4%
2009 1 16,299 2.9 407,475 2.8 102,382 18.5% $1,896,658 13.2%
2010 2 34,005 6.1 900,358 6.3 136,387 24.6% $2,797,016 19.5%
2011 3 255,179 46.0 6,581,500 45.8 391,566 70.6% $9,378,516 65.2%
2012 3 140,208 25.3 4,372,913 30.4 531,774 95.8% $13,751,429 95.6%
AFTER 2 23,075 4.2 626,665 4.4 554,849 100.0% $14,378,094 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 30 554,849 100.0% $14,378,094 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
(2) There are 30 leases but only 24 actual tenants in the property.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
ONE ALLIANCE CENTER
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING ONE ALLIANCE CENTER OMITTED]
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- --------------------------------------------------------------------------------
ONE ALLIANCE CENTER
- --------------------------------------------------------------------------------
[AERIAL PHOTO OF ONE ALLIANCE CENTER OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
INTERNATIONAL PAPER OFFICE
- --------------------------------------------------------------------------------
[THREE PHOTOS OF INTERNATIONAL PAPER OFFICE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
INTERNATIONAL PAPER OFFICE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $35,000,000
CUT-OFF PRINCIPAL BALANCE: $34,969,442
% OF POOL BY IPB: 3.4%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Poplar/Massey LLC
SPONSOR: Century Park Partners, LLC
ORIGINATION DATE: 6/6/2003
INTEREST RATE: 5.8000%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 7/1/2017
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 359
CALL PROTECTION: L(24),Def(133),O(10)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: CMA
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition Financing
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Leasehold
PROPERTY TYPE: Office
SQUARE FOOTAGE: 214,060
LOCATION: Memphis, TN
YEAR BUILT/RENOVATED: 2002/NAP
OCCUPANCY: 100.0%
OCCUPANCY DATE: 1/11/2001
NUMBER OF TENANTS: 1
HISTORICAL NOI:
2001: NAP (Built in 2002)
2002: $3,153,116
2003: $3,153,116 (TTM as of 12/31/2002)
UW NOI: $3,405,529
UW NET CASH FLOW: $3,330,608
APPRAISED VALUE: $45,200,000
APPRAISAL DATE: 4/9/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
--------------- ---------------
Taxes: $0 $0(1)
Insurance: $0 $0(1)
TI/LC: $0 $0(2)
CapEx: $0 $0(1)
Other: $0 $0(3)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $163
CUT-OFF DATE LTV: 77.4%
MATURITY DATE LTV: 58.1%
UW DSCR: 1.35x
- --------------------------------------------------------------------------------
(1) The International Paper lease is structured on a NNN basis, where the
tenant is required to reimburse the landlord for the real estate taxes,
insurance, and all operating expenses. As a result, reserves for taxes,
insurance and capex were not required.
(2) The loan documents require a monthly TI/LC reserve beginning in May 2005
with a cap of $600,000. The loan is also structured with a cash sweep
provision for TI/LC's in the event the tenant does not give notice of
renewal at least 12 months prior to the lease term.
(3) The landlord is obligated in the Lease to provide a $3.00 per square foot
allowance (or $642,180), which will be made available to International
Paper upon the expiration of the seventh year of the lease for the
refurbishment of the property. Lender will begin monthly collections of
$13,375 commencing 5/01/2005 through 4/30/2009, or approximately $160,000
per year in an amount sufficient to aggregate to the $642,000 needed to
reimburse International Paper for the refurbishment allowance under the
lease agreement.
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SIGNIFICANT TENANTS
MOODY'S/ SQUARE
TENANT NAME PARENT COMPANY S&P(4) FEET % OF GLA BASE RENT PSF LEASE EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER International Paper Company Baa2/BBB 214,060 100% $15.73 2017(5)
- ------------------------------------------------------------------------------------------------------------------------------------
(4) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(5) The lease has two five-year renewal options.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
INTERNATIONAL PAPER OFFICE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The borrower is Century Park Partners, LLC ("CPP"), a professional real estate
investment company that specializes in purchasing single tenant properties with
relatively long-term leases. Founded in 1996 and based in Los Angeles, CA, CPP
currently owns 8 other single tenant properties nationwide (4 in California, 1
in Charlotte, NC, 1 in Albuquerque, NM, 1 in Salt Lake City, UT, and 1 in
Dallas, TX), with an aggregate value in excess of $125.0 million. CPP purchased
the property in June 2003 for $45.2 million.
Highwoods Properties (NYSE: HIW) was the original developer of the subject
property, as well as the two adjacent identical towers, and serves as the
on-site property manager and leasing agent since construction completion.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
International Paper Office is the third of three identically designed buildings
in International Place, a 642,000 square foot class A office park located in the
East Memphis/Germantown section of Memphis, TN. Although International Paper
("IP") is incorporated in Connecticut for tax purposes, the site has been its
functional headquarters since 1987. IP initially moved its headquarters to
International Place Tower One, which it currently owns and occupies 100.0% of
the 214,060 square foot building.
The subject property is located at the northwest quadrant of Poplar Avenue (US
Highway 72/Tennessee Highway 57) and International Place, in the eastern portion
of Memphis, TN. The property is an 11-story office building with access to an
adjoining 3-level parking deck that serves the three individual buildings. Each
building has their pro-rata portion of the structure included in their ownership
interest. There are a total of roughly 1,900 total spaces (3.3 per useable
square foot) and the portion of the garage included in the International Paper
Office is 644 spaces (versus the 620 required in the International Paper lease).
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
Land use in the neighborhood consists primarily of office buildings and
commercial developments along Poplar Avenue, with supporting residential
development on the surrounding secondary roadways. The office usage in the
neighborhood is oriented towards multi-story buildings located individually and
within office parks. The majority of the office development in the submarket is
located immediately surrounding the subject property and to the west along
Poplar Avenue. Other than the subject property's office park, significant office
buildings in the immediate area include Lakecrest Office Park, Crescent
Building, 6000/6060 Poplar Building, White Station Tower, Poplar Tower, Clark
Centre and The 5150 Building.
Overall office supply totals over 18.6 million square feet in metropolitan
Memphis, and 7.8 million square feet in the East Memphis submarket. Directly
comparable properties total roughly 1.5 million square feet and currently post
an average occupancy of roughly 95%. The appraiser cited market vacancies for
Overall Memphis (16%), East Memphis Suburban (16%) and Metropolitan Class A
properties.
- --------------------------------------------------------------------------------
(1) Certain information from the CB Richard Ellis appraisal dated April 9,
2003. The appraisal relies upon many assumptions, and no representation is
made as to the accuracy of the assumptions underlying the appraisal.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
INTERNATIONAL PAPER OFFICE
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING INTERNATIONAL PAPER OFFICE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
DEERFIELD MALL
- --------------------------------------------------------------------------------
[FOUR PHOTOS OF DEERFIELD MALL OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
DEERFIELD MALL
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $32,650,000
CUT-OFF PRINCIPAL BALANCE: $32,453,953
% OF POOL BY IPB: 3.1%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: RM Deerfield Mall, LLLP
SPONSOR: Barry Ross and William D. Matz
ORIGINATION DATE: 1/15/2003
INTEREST RATE: 5.9000%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 2/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 354
CALL PROTECTION: L(24),Def(86),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition Financing
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Anchored Retail
SQUARE FOOTAGE: 371,158
LOCATION: Deerfield Beach, FL
YEAR BUILT/RENOVATED: 1988/NAP
OCCUPANCY: 96.3%
OCCUPANCY DATE: 3/31/2003
NUMBER OF TENANTS: 56
HISTORICAL NOI:
2001: $3,236,880
2002: $3,375,211
2003: $3,375,211 (TTM as of 12/31/2002)
UW NOI: $3,408,751
UW NET CASH FLOW: $3,206,230
APPRAISED VALUE: $43,000,000
APPRAISAL DATE: 11/23/2002
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $394,516 $78,903
Insurance: $215,283 $18,456
TI/LC: $325,000(1) $0
CapEx: $342,500 $3,300
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $87
CUT-OFF DATE LTV: 75.5%
MATURITY LTV: 64.2%
UW DSCR: 1.38x
- --------------------------------------------------------------------------------
(1) A 325,000 TI/LC reserve was funded at closing. If the reserve is drawn
upon, a monthly escrow will commence until the cap of $325,000 is achieved.
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
SQUARE % OF SALES BASE RENT LEASE
TENANT NAME PARENT COMPANY MOODY'S/S&P(2) FEET GLA PSF(3) PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
TJ MAXX(4) TJX Companies, Inc. (NYSE: TJX) A3/A 78,823 21.2% $1944 $5.50 2012
PUBLIX SUPERMARKETS, INC. Publix Super Markets, Inc. (NYSE: NR/NR 42,112 11.3% $670 $6.00 2008
PUSH)
HARCOURT GENERAL, INC.5 Reed Elsevier Group (NYSE: ENL) NR/A- 32,368 8.7% N/A $13.55 2009
OFFICEMAX, INC. OfficeMax, Inc. (NYSE: OMX) NR/NR 29,760 8.0% N/A $8.65 2009
MARSHALLS OF MA, INC. TJX Companies, Inc. (NYSE: TJX) A3/A 27,000 7.3% $223 $7.50 2004
WALGREEN CO. Walgreen Co. (NYSE: WAG) Aa3/A+ 13,500 3.6% $579 $12.25 2008
- ------------------------------------------------------------------------------------------------------------------------------------
(2) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(3) Sales as of 12/31/2001.
(4) Sports Authority is subleasing 48,583 square feet from TJ Maxx. The sales
per square feet figure represents the aggregate sales of TJ Maxx and Sports
Authority.
(5) Subleased by Sunrise Cinemas.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
DEERFIELD MALL
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The principals are Mr. Barry Ross and Mr. William Matz, brothers-in-law who have
been actively involved in the real estate industry for over 25 years. Mr. Ross
serves as President of Ross Matz Investments IV, LLC, GP of the borrowing
entity, and Ross Realty Investments, the management company. Mr. Ross has
various ownership interests in shopping centers totaling 1,630,000 square feet
and office buildings totaling 181,400 square feet, primarily located in South
Florida.
Mr. Matz has various ownership interests in shopping centers totaling 855,000
square feet and office buildings totaling 145,500 square feet, primarily located
in South Florida. Mr. Matz serves as Vice President of Ross Matz Investments IV,
LLC, GP of the Borrowing Entity. In 1975, Mr. Matz founded Florida Builder
Appliances, which became the largest distributor of appliances to the Florida
building industry. In 1997, Mr. Matz sold the company to Sears Roebuck & Co.
Barry Ross and William Matz are the non-recourse carveout guarantors.
The borrowing entity purchased the property in December 2002 for approximately
$42.8 million.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
Deerfield Mall is a 371,158 square foot "L" shaped shopping center located in
Deerfield Beach, Florida. Deerfield Mall is located at the southwest corner of
Hillsboro Boulevard and Powerline Road in Deerfield Beach, Broward County,
Florida. The collateral also includes a 4,070 square foot outparcel ground
leased to Citibank and a 10,120 square foot retail building (includes Taco
Bell). The subject property is currently 96.3% occupied with 56 tenants, mostly
on NNN leases. The three largest tenants are TJ Maxx- including Sports Authority
subleased space (21.2% of NRA), Publix Supermarkets (11.3%) and Harcourt General
which is being subleased by Sunrise Cinemas (8.7%). Built in 1988, the subject
property is situated on 41.17 acres. Deerfield Mall benefits from its location
next to Century Village, an 8,500-unit retirement community with bus access to
the subject property as well as its close proximity to I-95 and Florida's
Turnpike.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
Deerfield Mall is located in Deerfield Beach, one of over 25 municipalities in
Broward County. It encompasses approximately 15.5 square miles and has over
65,000 residents. The commutes from Deerfield Mall to Ft. Lauderdale and West
Palm Beach CBDs are about 30 minutes each. The subject property is located in
the Pompano Beach/Deerfield Beach submarket. This submarket contains over 5.3
million square feet of retail space in 40 centers. In 3rd Quarter 2002, the
vacancy rate was 11.3% while Broward County vacancy rate was 7.8%. The subject
property's competitive set reported vacancy rates ranged from 0% to 46.0% with
an average occupancy of 92.0%. Excluding the vacated K-Mart space, the vacancy
rates range from 0% to 4.0% with an average occupancy of 98.6% Retail rents
averaged $13.48 per square foot for the subject property's submarket. Rent
growth within the submarket is expected to remain flat. The appraiser concluded
a market rent of $18.00 per square foot for the in-line space.
- --------------------------------------------------------------------------------
(1) Certain information from the CB Richard Ellis appraisal dated November 23,
2002. The appraisal relies upon many assumptions, and no representation is
made as to the accuracy of the assumptions underlying the appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 13,828 3.7% NAP NAP 13,828 3.7% NAP NAP
2003 & MTM 9 16,785 4.5 285,640 7.6% 30,613 8.2% $285,640 7.6%
2004 13 56,206 15.1 706,877 18.7 86,819 23.4% $992,517 26.2%
2005 5 20,991 5.7 235,924 6.2 107,810 29.0% $1,228,442 32.5%
2006 5 18,210 4.9 248,988 6.6 126,020 34.0% $1,477,429 39.1%
2007 6 7,752 2.1 142,473 3.8 133,772 36.0% $1,619,902 42.8%
2008 7 66,715 18.0 656,257 17.3 200,487 54.0% $2,276,159 60.2%
2009 3 66,128 17.8 741,911 19.6 266,615 71.8% $3,018,071 79.8%
2010 1 10,800 2.9 91,800 2.4 277,415 74.7% $3,109,871 82.2%
2011 3 5,550 1.5 90,776 2.4 282,965 76.2% $3,200,646 84.6%
2012 3 83,193 22.4 517,617 13.7 366,158 98.7% $3,718,263 98.3%
AFTER 1 5,000 1.3 65,000 1.7 371,158 100.0% $3,783,263 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 56 371,158 100.0% $3,783,263 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
DEERFIELD MALL
- --------------------------------------------------------------------------------
[DIRECTORY OF DEERFIELD MALL OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
DEERFIELD MALL
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING DEERFIELD MALL OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
SHELBYVILLE ROAD PLAZA
- --------------------------------------------------------------------------------
[THREE PHOTOS OF SHELBYVILLE ROAD PLAZA OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
SHELBYVILLE ROAD PLAZA
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $31,150,000
CUT-OFF PRINCIPAL BALANCE: $31,150,000
% OF POOL BY IPB: 3.0%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Shelbyville Road Plaza LLC
SPONSOR: J. Scott Hagan and H. Benton Seay
ORIGINATION DATE: 4/30/2003
INTEREST RATE: 6.0000%
INTEREST ONLY PERIOD: 10 months
MATURITY DATE: 3/1/2022
AMORTIZATION TYPE: Fully
ORIGINAL AMORTIZATION: 216
REMAINING AMORTIZATION: 216
CALL PROTECTION: L(24),Def(174),O(25)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: Hard
ADDITIONAL DEBT: Permitted
ADDITIONAL DEBT TYPE: Mezzanine (Future)
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE Single Asset
ASSET/PORTFOLIO:
TITLE: Fee
PROPERTY TYPE: Anchored Retail
SQUARE FOOTAGE: 250,057
LOCATION: Louisville, KY
YEAR BUILT/RENOVATED: 1955/2001
OCCUPANCY: 100.0%
OCCUPANCY DATE: 2/14/2003
NUMBER OF TENANTS: 30
HISTORICAL NOI:
2001: $2,204,202
2002: $3,297,465
2003: $3,297,465 (TTM as of 12/31/2002)
UW NOI: $3,599,289
UW NET CASH FLOW: $3,436,752
APPRAISED VALUE: $40,500,000
APPRAISAL DATE: 1/13/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $85,824 $9,536
Insurance: $0 $5,160
TI/LC: $0 $0(1)
CapEx: $0 $0(1)
Environmental: $75,500 $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $125
CUT-OFF DATE LTV: 76.9%
MATURITY LTV: 1.5%
UW DSCR: 1.21x
- --------------------------------------------------------------------------------
(1) TI/LC collections will commence in January 2004 in monthly installments
capped at $350,000. Replacement reserve collections will commence in
January 2004 in monthly amounts of $2,715 without a capped amount.
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
LEASE
SQUARE % OF EXPIRATION
TENANT NAME PARENT COMPANY MOODY'S/S&P(2) FEET GLA SALES PSF BASE RENT PSF YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
LINENS & THINGS Linens `n Things, Inc. (NYSE: LIN) NR/NR 35,273 14.1% N/A $15.25 2012
CIRCUIT CITY Circuit City Stores, Inc. (NYSE: CC) NR/NR 35,250 14.1% N/A $16.00 2016
WILD OATS Wild Oats Market, Inc. (NSDQ:OATS) NR/NR 28,489 11.4% N/A $14.00 2022
HAWLEY-COOKE Hawley-Cooke NR/NR 26,302 10.5% N/A $15.00 2008
USPS United States Postal Service NR/NR 21,600 8.6% N/A $15.50 2006
- ------------------------------------------------------------------------------------------------------------------------------------
(2) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
SHELBYVILLE ROAD PLAZA
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The borrowing entity, Shelbyville Road Plaza LLC, is controlled by two (2)
principals: J. Scott Hagan and H. Benton Seay. Mr. Hagan, who directly owns a
20% stake and controls another 69% of the borrowing entity through a Kentucky LP
for the benefit of family trusts, has over 20 years of real estate experience as
both an attorney and a developer. Although the property comprises the largest
real asset in Mr. Hagan's holdings, he is a fee developer for Lowes Home
Improvement Centers in the region and has built several stores for this
retailer. Mr. Seay controls a 10.0% stake in the borrowing entity and presents
over 15 years of real estate management and leasing experience.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
The subject property is a 250,000 square feet class A community shopping center
located at the southwest corner of Shelbyville Road and Bowling Boulevard in
Louisville, Jefferson County, Kentucky, approximately ten miles east of
Louisville's Central Business District. The property is situated on
approximately 17.27 acres. Ingress and egress is available to the site via three
curb cuts from Shelbyville Road and one from Bowling Boulevard. The Mall at St.
Matthews, adjacent to the subject property, is Louisville's largest mall,
containing approximately 1.3 million square feet. The subject property's
neighborhood is considered Louisville's premier shopping location. The subject
property's neighborhood has excellent accessibility with I-264 just to the east
of the subject property. Shelbyville Road provides primary access to the
immediate neighborhood and is a primary corridor that bisects the neighborhood
in a east-west direction. The I-264 beltway runs in a north-south direction and
provides access to all areas of metro Louisville.
The subject property is anchored by Linens n' Things, Circuit City and Wild Oats
Markets. Linens 'n Things occupies 35,273 square feet. Linens 'n Things is one
of the leading, national large-format retailers of home textiles, housewares and
decorative home accessories. As of January 2003, the Company operated 391 stores
in 45 states and four Canadian provinces. Circuit City occupies 35,250 square
feet. Circuit City is a national retailer of brand-name consumer electronics,
personal computers and entertainment software. Circuit City operates over 600
superstores throughout the United States. Wild Oats Markets occupies 28,489
square feet. Wild Oats Markets is a natural food supermarket chain in North
America. The company operates over 102 stores in 23 states and British Columbia
under several names. Store sizes range from 2,700 to 45,000 square feet and
feature natural alternatives for virtually every product category found in
conventional supermarkets.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
Shelbyville Road Plaza is located in the Northeast Jefferson County submarket of
Louisville MSA. The Shelbyville Road corridor serves the Louisville MSA as the
premier retail destination. As of June 2002, the Louisville MSA had a retail
inventory of 15.5 million square feet and occupancy of 87.4%. The subject
property's submarket contained over 3.1 million square feet of retail space with
an average occupancy of 90.6% and rent of $13.32 per square foot.
The Mall at St. Matthews and Oxmoor Center, Louisville's two most prominent
shopping malls, are located within one-half mile of each other and the subject
property. In addition to the malls, the subject property's neighborhood is well
represented by a number of neighborhood and regional shopping centers. The
neighborhood also contains approximately 3.0 million square feet of office
space, the largest concentration of suburban office space within the Louisville
MSA. Based on the recent trends in absorption and the lack of announced
significant new construction, current conditions at comparable properties,
market rates, and the subject property's superior location, the appraiser
concluded a vacancy rate of 5.0% for the subject property, inclusive of
collection loss risks.
- --------------------------------------------------------------------------------
(1) Certain information from the CB Richard Ellis appraisal dated January 13,
2003. The appraisal relies upon many assumptions, and no representation is
made as to the accuracy of the assumptions underlying the appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 0 0.0% NAP NAP 0 0.0% NAP NAP
2003 & MTM 5 9,999 4.0% 187,111 4.7% 9,999 4.0% $187,111 4.7%
2004 2 20,516 8.2% 326,514 8.3% 30,515 12.2% $513,625 13.0%
2005 4 7,363 2.9% 157,550 4.0% 37,878 15.1% $671,174 17.0%
2006 6 53,585 21.4% 673,870 17.1% 91,463 36.6% $1,345,044 34.1%
2007 3 11,733 4.7% 242,763 6.1% 103,196 41.3% $1,587,807 40.2%
2008 3 33,372 13.3% 535,429 13.6% 136,568 54.6% $2,123,236 53.8%
2009 1 2,039 0.8% 46,896 1.2% 138,607 55.4% $2,170,132 55.0%
2010 1 5,050 2.0% 101,000 2.6% 143,657 57.4% $2,271,132 57.5%
2011 1 7,388 3.0% 140,372 3.6% 151,045 60.4% $2,411,504 61.1%
2012 1 35,273 14.1% 537,913 13.6% 186,318 74.5% $2,949,417 74.7%
AFTER 3 63,739 25.5% 999,846 25.3% 250,057 100.0% $3,949,263 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 30 250,057 100.0% $3,949,263 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
SHELBYVILLE ROAD PLAZA
- --------------------------------------------------------------------------------
[DIRECTORY OF SHELBYVILLE ROAD PLAZA OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
SHELBYVILLE ROAD PLAZA
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING SHELBYVILLE ROAD PLAZA OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
[THIS PAGE INTENTIONALLY LEFT BLANK]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
641 SIXTH AVENUE
- --------------------------------------------------------------------------------
[TWO PHOTOS OF 641 SIXTH AVENUE OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
641 SIXTH AVENUE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $29,000,000
CUT-OFF PRINCIPAL BALANCE: $28,885,324
% OF POOL BY IPB: 2.8%
LOAN SELLER: CIBC Inc.
BORROWER: 641 LLC
SPONSOR: Richard S. Berry and The Durst
Buildings Corporation
ORIGINATION DATE: 3/14/2003
INTEREST RATE: 5.6700%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 4/1/2013
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 356
CALL PROTECTION: L(24),Def(88),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: Springing
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: CBD Office
SQUARE FOOTAGE: 157,552
LOCATION: New York, NY
YEAR BUILT/RENOVATED: 1898/2001
OCCUPANCY: 100.0%
OCCUPANCY DATE: 6/30/2003
NUMBER OF TENANTS: 10
HISTORICAL NOI:
2001: $3,060,410
2002: $3,390,576 (11 months ended 11/30/2002)
2003: NAV
UW NOI: $2,987,905
UW NET CASH FLOW: $2,719,440
APPRAISED VALUE: $38,900,000
APPRAISAL DATE: 12/6/2002
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $385,417 $77,083
Insurance: $29,748 $2,704
TI/LC: $422,917 $22,917
CapEx: $3,151 $3,151
Jack Morton Reserve(1): $2,500,000 $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $183
CUT-OFF DATE LTV: 74.3%
MATURITY LTV: 62.6%
UW DSCR: 1.35x
- --------------------------------------------------------------------------------
(1) The Borrower has delivered a $2,500,000 letter of credit as additional
security and is required to maintain such a letter of credit, until such
time as Jack Morton Worldwide, Inc. has exercised its option to renew its
lease by October 31, 2003 or a replacement tenant has signed a new lease
for the Jack Morton Worldwide, Inc. space for a term not less than 5 years
at a rent of not less than that payable under the renewal option of the
Jack Morton Worldwide, Inc. lease; and Borrower provides an estoppel from
Jack Morton Worldwide, Inc. (or its replacement tenant) that it is in
possession, conducting business, paying rent and no defaults exists.
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
SQUARE % OF BASE RENT LEASE
TENANT NAME PARENT COMPANY MOODY'S/S&P(2) FEET GLA SALES PSF PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
THE THORNTON TOMASETTI GROUP The Thornton Tomasetti Group NAP 39,976 25.4% N/A $17.56 2006
JACK MORTON PRODUCTIONS Interpublic Group of Baa3/BB+ 31,730 20.1% N/A $21.28 2005
Companies
- ------------------------------------------------------------------------------------------------------------------------------------
(2) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
641 SIXTH AVENUE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The subject property is under the ownership of 641 LLC, which is a single
purpose entity under the control of its only member Urbicum Associates, LP
(100%), whose general partner is 641 Sixth Corp (1.0%), and its limited partners
are The Durst Building Corporation (44.5%) and Z/S Associates (54.5%). 641 Sixth
Corp. is controlled by Z/S Associates (50%) and The Durst Building Corporation
(50%). Z/S Associates is 50% owned by Bernard Selz and 50% owned by Zuberry
Associates, LLC, which is under the control of Mr. Richard Berry (50%) and
Anthony Zunnino, III (50%). The Durst Building Corporation is under the control
of 13 trusts benefiting Durst family members, all under the direct control of
Mr. Douglas Durst.
Mr. Berry and Mr. Zunnino are experienced owners and operators of commercial
real estate with over 40 years of combined real estate experience. Mr. Berry and
Mr. Zunnino are the sole partners of Zuberry Associates, a private commercial
real estate investment firm that specialize in loft buildings. Mr. Durst, is a
an experienced owner and operator of commercial real estate throughout New York
City with over 15 years of commercial real estate experience. Mr. Durst is the
President of the Durst Organization Inc., a private commercial real estate
investment firm. The Durst organization current holdings include nine office
towers encompassing more than 6.5 million square feet in midtown Manhattan,
along Third Avenue, Avenue of the Americas, and Time Square.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
The subject property consists of an eight-story class "B" office building
containing 157,552 square feet of net rentable space, within the Borough of
Manhattan. The subject property was originally constructed in 1898, and it was
significantly renovated in 1984, as well as in 2001. The subject property's
157,552 square feet is broken-down to include a 25,000 square foot health club,
3,400 square feet of ground floor retail, and 129,152 square feet of office
space. Major tenants at the subject property include: The Thorton Tomasetti
Group (39,976 square feet; 25.4% of the NRA), Jack Morton Productions (31,730
square feet; 20.1% of the NRA), and Jack LaLanne Gyms (Bally's occupies the
space under the original lease terms as Bally's and Jack LaLanne Gyms are
affiliated companies) (25,000 square feet; 15.9% of the NRA).
The subject property is managed by Olmstead Properties, Inc, a full service real
estate company that owns and manages over thirty income producing properties
totaling approximately three million square feet and specializes in the
management, leasing and development of New York City office properties.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
The subject is specifically located in the Manhattan neighborhood of Chelsea,
which is mixed-use and predominantly residential in character, yet it has
significant industrial and commercial components along its northern, eastern and
western boundaries. Chelsea has a total of 87 office buildings and 14,676,591
square feet of net rentable space.
The subject property is located within the Midtown South submarket (91.044
million square feet of net rentable space), which represents approximately 25%
of the total available space in Manhattan. Within the submarket there is
currently 68,000 square feet of class "B" office space under construction.
- --------------------------------------------------------------------------------
(1) Select market information from appraisal done by the Leitner Group as of
December 6, 2002. The appraisal relies upon many assumptions, and no
representation is made as to the accuracy of the assumptions underlying the
appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 0 0.0% NAP NAP 0 0.0% NAP NAP
2003 & MTM 0 0 0.0 $0 0.0% 0 0.0% $0 0.0%
2004 0 0 0.0 0 0.0 0 0.0% $0 0.0%
2005 3 70,176 44.5 1,507,742 33.3 70,176 44.5% $1,507,742 33.3%
2006 4 41,976 26.6 997,760 22.0 112,152 71.2% $2,505,502 55.3%
2007 0 0 0.0 0 0.0 112,152 71.2% $2,505,502 55.3%
2008 0 0 0.0 0 0.0 112,152 71.2% $2,505,502 55.3%
2009 0 0 0.0 0 0.0 112,152 71.2% $2,505,502 55.3%
2010 0 0 0.0 0 0.0 112,152 71.2% $2,505,502 55.3%
2011 2 20,400 12.9 1,159,750 25.6 132,552 84.1% $3,665,252 81.0%
2012 0 0 0.0 0 0.0 132,552 84.1% $3,665,252 81.0%
AFTER 1 25,000 15.9 862,500 19.0 157,552 100.0% $4,527,752 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 10 157,552 100.0% $4,527,752 100.0% 157,552 100.0% 4,527,752 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
641 SIXTH AVENUE
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING 641 SIXTH AVENUE OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
TICES CORNER RETAIL MARKETPLACE
- --------------------------------------------------------------------------------
[THREE PHOTOS OF TICES CORNER RETAIL MARKETPLACE OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
TICES CORNER RETAIL MARKETPLACE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $25,000,000
CUT-OFF PRINCIPAL BALANCE: $24,924,691
% OF POOL BY IPB: 2.4%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: WS Tice's Corner Marketplace L.L.C.
SPONSOR: B. Lance Sauerteig and David A.
Waldman
ORIGINATION DATE: 4/16/2003
INTEREST RATE: 5.4700%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 5/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 357
CALL PROTECTION: L(24),Def(89),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE Single Asset
ASSET/PORTFOLIO:
TITLE: Fee
PROPERTY TYPE: Retail
SQUARE FOOTAGE: 119,114
LOCATION: Woodcliff Lake, NJ
YEAR BUILT/RENOVATED: 2001/NAP
OCCUPANCY: 100.0%
OCCUPANCY DATE: 4/1/2003
NUMBER OF TENANTS: 20
HISTORICAL NOI:
2001: NAP
2002: NAP
2003: $2,874,146 (TTM as of 2/28/2003)
UW NOI: $2,731,690
UW NET CASH FLOW: $2,514,921
APPRAISED VALUE: $34,000,000
APPRAISAL DATE: 3/13/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $40,400 $40,400
Insurance: $27,500 $2,500
TI/LC: $0 $0
CapEx: $0 $993
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $209
CUT-OFF DATE LTV: 73.3%
MATURITY LTV: 61.4%
UW DSCR: 1.48x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
LEASE
MOODY'S/ SQUARE % OF BASE RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(1) FEET GLA SALES PSF PSF YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
The Gap The Gap, Inc. (NYSE: GPS) Ba2/BB+ 11,500 9.7% $399 $23.00 2010
Anthropologie, Inc Urban Outfitters, Inc. (NYSE: URBN) NR/NR 11,463 9.6% $343 $25.50 2012
Pier 1 Imports Pier 1 Imports, Inc. (NYSE: PIR) Baa3/BBB- 9,460 7.9% N/A $27.00 2012
Pottery Barn Pottery Barn NR/NR 9,410 7.9% $310 $23.00 2014
Express Limited Brands (NYSE:LTD) Baa1/BBB+ 7,500 6.3% $193 $27.00 2012
Talbots Talbots Inc (NYSE:TLB) NR/NR 7,347 6.2% $295 $27.00 2012
J. Crew J. Crew Group NR/NR 7,318 6.1% $192 $27.00 2012
The Bombay Company, Inc. The Bombay Company, Inc. (NYSE:TLB) NR/NR 7,280 6.1% $189 $27.00 2011
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
TICES CORNER RETAIL MARKETPLACE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
WS Tice's Corner Marketplace L.L.C is the borrowing entity and is structured
with 3 Class A voting members and 14 Class B voting members. The three Class A
members hold 8% of the ownership and Class B members the remaining 92%. Peter
Werth is a Class B member and the only participant with over 20% ownership. Mr.
Werth owns 58% of the borrowing entity. Mr Werth is President of Chemwerth, a
full service Active Pharmaceutical Ingredient supplier specializing in oral,
injectable, topical and veterinary products.
All of the Class A members are owned or controlled directly or indirectly by
David Waldman and Lance Sauerteig. The largest Class A member is Waldman
Associates Limited Partnership (4.5%). WS Tices Corner Marketplace Inc. is the
Managing Member, owns 1% of the ownership and is owned 50% by David Waldman and
50% by Lance Sauerteig. Both Mr. Sauerteig and Mr Waldman signed the guaranty of
the non-recourse carveouts. The borrowing entity purchased the property in July
2002 for $32.9 million plus closing costs.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
Tice's Corner Marketplace is a 119,114 square foot shopping center that is 100%
occupied with 20 tenants, most with a strong national presence. The property is
located on Chestnut Ridge Road and has 1,000 feet of linear frontage. The
property can be accessed on three sides through six entrances. Chestnut Ridge
Road is a 2-4 lane commercial corridor that traverses several affluent
communities in a north/south direction and generally parallels the Garden State
Parkway. The Garden State Parkway is 1/4 mile east of the subject property and
I-87/287 is 3-miles north of the subject property. Both are major limited access
corridors in the region. Immediately to the south of the subject property is a
site approved for 68 luxury townhouses with construction expected to start in
the fall of 2003. Immediately to the west is a proposed 210,000 SF Class A
office property. To the north is 300,000 SF of existing Class A offices. Over
3.5 million SF of office space is within a 1.5-mile radius of the subject
property.
Seventeen of the 20 tenants are national retailers occupying 93% of the space
and generating 93% of the base rent. National tenants include The Gap, J. Crew,
Banana Republic, Victoria's Secret, Pier 1, The Pottery Barn, Williams Sonoma
and Apple Computer. Property construction was completed in November 2001. The
Gap, Inc. (GPS - NYSE) occupies 11,500 square feet. The Gap, Inc. is a global
specialty retailer operating stores selling casual apparel, personal care and
other accessories for men, women and children under the Gap, Banana Republic and
Old Navy brands. Urban Outfitters, Inc. (URBN - NASDQ) occupies 11,463 square
feet. Urban Outfitters, Inc. is an innovative specialty retailer and wholesaler
which offers a variety of lifestyle merchandise through 53 Urban Retail stores,
39 Anthropologie stores, a catalog, a website, and Free People, the Company's
wholesale division. Pier 1 Imports, Inc. (PIR - NYSE) occupies 9,460 square
feet. Pier 1 Imports, Inc. and its subsidiaries are engaged in a specialty
retail business consisting of three chains of retail stores operating under the
names Pier 1 Imports, The Pier and Cargo, selling a wide variety of furniture,
decorative home furnishings, dining and kitchen goods, bath and bedding
accessories and other specialty items for the home. As of March 2003, the
Company operated 866 Pier 1 Imports stores in 48 states of the United States and
44 Pier 1 Imports stores in five Canadian provinces.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
The subject property is located in the South/West Bergen County submarket. In
the first quarter of 2003 per REIS, a real estate research firm, the vacancy
rate was 3.1%, down from the fourth quarter of 2002 at 4.6%. For properties
built after 1994, the vacancy rate was 0%. The rental rates in the first quarter
of 2003 have a mean value of $23.72 per square foot with properties built after
1994 having a mean asking rent of $35 per square foot. The $23.72 per square
foot mean value represents an increase over the year-end 2002 of $23.13 per
square foot. The vacancy is low due to high barriers of entry. The submarket is
generally fully developed, which precludes any new retail development.
A survey of over one million square feet of retail development in the North
Bergen County submarket found a 3% vacancy, with most centers close to 100%
occupancy.
- --------------------------------------------------------------------------------
(1) Certain information from the CB Richard Ellis appraisal dated March 13,
2003. The appraisal relies upon many assumptions, and no representation is
made as to the accuracy of the assumptions underlying the appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 0 0.0% NAP NAP 0 0.0% NAP NAP
2003 & MTM 0 0 0.0 $0 0.0% 0 0.0% $0 0.0%
2004 0 0 0.0 0 0.0 0 0.0% $0 0.0%
2005 0 0 0.0 0 0.0 0 0.0% $0 0.0%
2006 0 0 0.0 0 0.0 0 0.0% $0 0.0%
2007 0 0 0.0 0 0.0 0 0.0% $0 0.0%
2008 0 0 0.0 0 0.0 0 0.0% $0 0.0%
2009 0 0 0.0 0 0.0 0 0.0% $0 0.0%
2010 2 17,995 15.1 413,885 13.2 17,995 15.1% $413,885 13.2%
2011 5 19,868 16.7 545,774 17.4 37,863 31.8% $959,659 30.6%
2012 11 67,326 56.5 1,846,981 58.8 105,189 88.3% $2,806,640 89.4%
AFTER 2 13,925 11.7 333,820 10.6 119,114 100.0% $3,140,460 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 20 119,114 100.0% $3,140,460 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
TICES CORNER RETAIL MARKETPLACE
- --------------------------------------------------------------------------------
[DIRECTORY OF TICES CORNER RETAIL MARKETPLACE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
TICES CORNER RETAIL MARKETPLACE
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING TICES CORNER RETAIL MARKETPLACE OMITTED]
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
919 MARKET STREET
- --------------------------------------------------------------------------------
[THREE PHOTOS OF 919 MARKET STREET OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
919 MARKET STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $23,000,000
CUT-OFF PRINCIPAL BALANCE: $22,956,879
% OF POOL BY IPB: 2.2%
LOAN SELLER: CIBC Inc.
BORROWER: 919 Market Street, L.L.C. and Twining
919 Market Street, LLC
SPONSOR: William Glazer
ORIGINATION DATE: 5/12/2003
INTEREST RATE: 5.8900%
INTEREST ONLY PERIOD: None
MATURITY DATE: 6/1/2013
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 358
CALL PROTECTION: L(24),Def(90),O(4)
CROSS-COLLATERALIZATION: NAP
LOCKBOX: Springing
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE Single Asset
ASSET/PORTFOLIO:
TITLE: Fee
PROPERTY TYPE: Office
SQUARE FOOTAGE: 220,587
LOCATION: Wilmington, DE
YEAR BUILT/RENOVATED: 1965/2003
TOTAL OCCUPANCY: 91.2%
OCCUPANCY DATE: 5/8/2003
NUMBER OF TENANTS: 66
HISTORICAL NOI:
2001: $1,912,760
2002: $2,013,299
2003: $2,154,051 (TTM as of 2/28/2003)
UW NOI: $2,491,173
UW NET CASH FLOW: $2,240,243
APPRAISED VALUE: $28,800,000
APPRAISAL DATE: 2/19/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $258,250 $23,199
Insurance: $58,494 $4,500
TI/LC: $23,333 $23,333
CapEx: $3,667 $3,667
Performance Reserve(1): $750,000 $0
Citizen's Leasing Reserve(2): $82,764 $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $104
CUT OFF DATE LTV: 79.7%
MATURITY DATE LTV: 67.5%
UW DSCR: 1.37x
- --------------------------------------------------------------------------------
(1) At closing, the lender held back $750,000 as a "Performance Reserve" that
will be released no sooner than six months after closing when certain
leasing hurdles are met.
(2) The Borrower recently negotiated for a lease extension with Citizen's Bank
for 7,260 square feet for fifteen years at $24.30/sf. The base rent is
scheduled to increase to $24.30/sf on May 1, 2004, and, in the meantime,
the Borrower is required to provide the difference between the actual rent
and $24.30/ft in the form of a letter of credit, which will be released
once the tenant begins paying the increased rent.
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE
TENANT NAME PARENT COMPANY S&P(3) FEET % OF GLA BASE RENT PSF LEASE EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
CITIZEN'S BANK Royal Bank of Scotland Aa1/AA- 27,023 12.3% $18.14 2006/2019
PACHULSKI STANG Pachulski Stang NAP 23,707 10.7% $22.38 2006
MORGAN STANLEY DW Morgan Stanley, Inc. Aa3/A+ 22,358 10.1% $20.75 2013
- ------------------------------------------------------------------------------------------------------------------------------------
(3) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
919 MARKET STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The borrowing entities are both single-purpose, bankruptcy remote entities. The
sponsor of the Borrower, William Glazer is also the President and co-founder of
Keystone Properties Group and has over 12 years of experience in commercial real
estate. Mr. Glazer founded the firm in 1991 as a real estate brokerage and has
since grown the firm into a full service real estate firm. The Company's
operations include asset management, property management, and construction
management and ownership of ten properties in the Philadelphia MSA (nine office
properties and one flex property), which total over 1.0 million square feet.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
The subject property is a 220,587 square foot 18-story office building located
on a 0.34-acre parcel of land in Wilmington, DE. The improvements were
constructed in 1965 and were most recently renovated during 2003. The subject
property is currently 91.2% leased with a strong mix of national and regional
tenants, including Citizen's Bank, Morgan Stanley DW (both are subsidiaries of
"A" rated companies), the US Government and GEICO (both rated "AAA").
Furthermore, Citizen's Bank (or a predecessor company) has been a tenant at the
subject property since 1965, when the subject property was originally
constructed.
The property manager, Keystone Properties Group, Inc. ("Keystone"), is an
affiliated entity of the Borrower. Keystone's operations include asset
management, property management, and construction management and ownership of
ten properties in the Philadelphia MSA (nine office properties and one flex
property), which total over 1.0 million square feet.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
The subject property is located in Rodney Square area of the Wilmington, DE CBD.
Rodney Square is located one block north of the subject property and is bound by
King Street to the east, 10th Street to the south, 11th Street to the north, and
Market Street to the west. In total the Wilmington CBD contains approximately
8.1 million square feet of office space located in 129 office buildings. The
Class A office market contains 5,329,501 square feet of space. There has been no
new space added to the Class A inventory since 1999 and the vacancy rate has
declined from 21.6% at the end of the first quarter of 2000 to 15.7% currently.
The average asking rent for Class A space in the sub-market has grown from
$18.53/sf in 2000 to $22.68/sf currently. Since the end of 2000 the Class A
market has had positive absorption every year, totaling 298,452 square feet over
the past three years.
- --------------------------------------------------------------------------------
(1) Select information taken from appraisal done by Integra Realty Resources
dated February 19,2003. The appraisal relies upon many assumptions, and no
representation is made as to the accuracy of the assumptions underlying the
appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 19,399 8.8% NAP NAP 19,399 8.8% NAP NAP
2003 & MTM 2 3,024 1.8 $77,557 1.9% 22,423 10.2% 77,557 1.9%
2004 30 39,063 17.7 748,222 18.1 61,486 27.9% 825,779 20.0%
2005 9 19,249 8.7 379,115 9.2 80,735 36.6% 1,204,894 29.2%
2006 9 46,086 20.9 933,371 22.6 126,821 57.5% 2,138,265 51.8%
2007 5 11,736 5.3 258,650 6.3 138,557 62.8% 2,396,915 58.0%
2008 1 5,919 2.7 136,137 3.3 144,476 65.5% 2,533,052 61.3%
2009 1 9,397 4.3 202,284 4.9 153,873 69.8% 2,735,336 66.2%
2010 2 11,123 5.0 261,447 6.3 164,996 74.8% 2,996,783 72.5%
2011 2 209 0.1 23,100 0.6 165,205 74.9% 3,019,883 73.1%
2012 1 9,722 4.4 215,342 5.2 174,927 79.3% 3,235,225 78.3%
AFTER 4 45,660 20.7 895,448 21.7% 220,587 100.0% 4,130,673 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 66 220,587 100.0% $4,130,673 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
919 MARKET STREET
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING 919 MARKET STREET OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
PLAZA 48
- --------------------------------------------------------------------------------
[THREE PHOTOS OF PLAZA 48 OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
PLAZA 48
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $22,300,000
CUT-OFF PRINCIPAL BALANCE: $22,277,294
% OF POOL BY IPB: 2.1%
LOAN SELLER: CIBC Inc.
BORROWER: 3500 48th Street Owner LLC
SPONSOR: Sheila Levine, Stephen Lerner,
Robert Heidenberg, and Bruce
Pergament (controlling the
interest formerly held by the
deceased Murray Pergament)
ORIGINATION DATE: 6/23/2003
INTEREST RATE: 5.1800%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 7/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 359
CALL PROTECTION: L(24),Def(91),O(4)
CROSS-COLLATERALIZATION: NAP
LOCKBOX: Springing
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Anchored Retail
TOTAL NRA: 129,790
LOCATION: Long Island City, NY
YEAR BUILT/RENOVATED: 1980/1990
TOTAL OCCUPANCY: 100.0%
OCCUPANCY DATE: 12/31/2002
NUMBER OF TENANTS: 9
HISTORICAL NOI:
2001: $1,437,236
2002: $2,549,250
2003: $2,549,250 (TTM as of 12/31/2002)
UW NOI: $2,444,425
UW NET CASH FLOW: $2,344,228
APPRAISED VALUE: $29,000,000
APPRAISAL DATE: 9/10/2002
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $154,230 $77,115
Insurance: $43,141 $6,725
TI/LC: $10,417 $10,417
CapEx: $1,512 $1,512
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $171
CUT-OFF DATE LTV: 76.8%
MATURITY LTV: 63.6%
UW DSCR: 1.60x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
SQUARE % OF BASE RENT LEASE
TENANT NAME PARENT COMPANY MOODY'S/S&P(1) FEET GLA SALES PSF PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
NATIONAL WHOLESALE LIQUIDATORS National Wholesale NAP 60,820 46.8% $350 $17.26 2009
Liquidators
TOYS `R US Toys `R Us Baa3/BBB- 40,834 31.4% NAV $25.71 2016
DAVID'S BRIDAL May Companies Baa1/BBB+ 13,314 10.2% NAV $17.60 2009
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
PLAZA 48
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The borrowing entity, 3500 48th Street Owner LLC, is a single purpose entity
controlled by Sheila Levine, Stephen Lerner, Robert Heidenberg, and Bruce
Pergament (controlling the interest formerly held by the deceased Murray
Pergament). Ms. Sheila Levine has more than 20 years of real estate experience.
Messrs. Lerner and Heidenberg have been active real estate investors in the New
York area for more than 20 years. Together they own and operate
Lerner-Heidenberg Properties, an owner, developer and manager of in-fill
shopping center and retail properties in seven states, the majority of which are
in New York. The late Mr. Murray Pergament was the owner of the Pergament Home
Centers, a fifty-store chain of home improvement centers. He was also the
President of Pergament Investments, a real estate development and management
company that owns and manages over two million square feet of commercial
properties.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
The subject property is a single-story, anchored shopping center containing
129,790 net rentable square feet situated in three buildings on a 6.89-acre
site. Originally constructed in 1980, the subject property was purchased,
renovated and re-developed in 1989 and 1990. The three subject buildings consist
of two large adjoining retail strip center buildings, anchored by National
Wholesale Liquidators at the eastern side of the property and Toys "R" Us at the
western side of the property, and a small outparcel building built in 1990 on
the site's eastern side. The outparcel is occupied by a Blimpie.
The subject property is managed by Philips International Realty Corporation
("Philips"), which is a diversified real estate firm, which is partially owned
by entities controlled by Sheila Levine. Over the last two decades, Philips has
accumulated a portfolio of over 150 assets of varying types including retail,
office, hotels and multi-family properties. The company currently manages 40
retail properties encompassing approximately 5.1 million square feet of gross
leasable area.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
The subject property is located on 48th Street between Northern Boulevard and
37th Avenue in Long Island City, NY. The area has very good access to mass
transit and the highway systems of New York City. The subject property's
immediate competitive market area (Queensboro submarket) has a total 934,359
square feet of retail space with an average vacancy rate of 4.94%. The rental
rates for the big box retail spaces in the competitive market area range from
$22.46/sf to $38.91/sf with an average rate of $26.69/sf. The in-line retail
spaces in the market area have rental rates ranging from $29.16/sf to $63.00/sf
with an average rate of $44.48/sf.
- --------------------------------------------------------------------------------
(1) Select market data has been taken from the appraisal done by Originators
Resources dated September 15, 2002. The appraisal relies upon many
assumptions, and no representation is made as to the accuracy of the
assumptions underlying the appraisal.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER OF SQUARE % OF BASE CUMULATIVE CUMULATIVE % CUMULATIVE CUMULATIVE %
LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 0 0.0% NAP NAP 0 0.0% NAP NAP
2003 & MTM 0 0 0.0 $0 0.0% 0 0.0% $0 0.0%
2004 1 1,020 0.8 69,491 2.4 1,020 0.8% $69,491 2.4%
2005 2 8,080 6.2 224,004 7.8 9,100 7.0% $293,495 10.2%
2006 0 0 0.0 0 0.0 9,100 7.0% $293,495 10.2%
2007 1 2,550 2.0 134,892 4.7 11,650 9.0% $428,387 14.9%
2008 0 0 0.0 0 0.0 11,650 9.0% $428,387 14.9%
2009 2 74,134 57.1 1,284,324 44.7 85,784 66.1% $1,712,711 59.7%
2010 0 0 0.0 0 0.0 85,784 66.1% $1,712,711 59.7%
2011 0 0 0.0 0 0.0 85,784 66.1% $1,712,711 59.7%
2012 2 3,172 2.4 107,928 3.8 88,956 68.5% $1,820,639 63.4%
AFTER 1 40,834 31.5 1,050,000 36.6 129,790 100.0% $2,870,639 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 9 129,790 100.0% $2,870,639 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
PLAZA 48
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING PLAZA 48 OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
2121 MARKET STREET
- --------------------------------------------------------------------------------
[PHOTO OF 2121 MARKET STREET OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
2121 MARKET STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $20,240,000
CUT-OFF PRINCIPAL BALANCE: $20,240,000
% OF POOL BY IPB: 1.9%
LOAN SELLER: CIBC Inc.
BORROWER: 2121 Market Street Associates, L.P.
SPONSOR: Ronald Caplan
ORIGINATION DATE: 1/8/2003
INTEREST RATE: 6.0500%
INTEREST ONLY PERIOD: 6 months
MATURITY DATE: 8/1/2013
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 360
CALL PROTECTION: L(24),Def(92),O(4)
CROSS-COLLATERALIZATION: NAP
LOCKBOX: Springing
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Multifamily
TOTAL UNITS: 168 units (9,650 SF retail; 11,185 SF
office)
LOCATION: Philadelphia, PA
YEAR BUILT/RENOVATED: 1914/2001
TOTAL OCCUPANCY: 97.0%
OCCUPANCY DATE: 5/28/2003
HISTORICAL NOI:
2001: NAP
2002: $465,700 (10 months ended 10/31/2002)
2003: NAV
UW NOI: $1,981,180
UW NET CASH FLOW: $1,936,055
APPRAISED VALUE: $25,300,000
APPRAISAL DATE: 1/1/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RESERVES
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $70,189 $5,399
Insurance: $40,298 $3,358
Engineering: $42,500 $0
CapEx: $2,800 2,800
Other (Holdback)(1): $2,000,000 $0
Other (Holdback)(2): $2,240,000 $0
Other (Holdback)(3): $18,750 $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/UNIT: $120,476
CUT-OFF DATE LTV: 80.0%
MATURITY LTV: 68.0%
UW DSCR: 1.32x
- --------------------------------------------------------------------------------
(1) The lender held back $2,000,000 at closing until such time that the retail
tenant, Trader Joe's, takes occupancy of its leased space, is open for
business, and begins paying rent.
(2) The lender held back $2,240,000 at closing based on the Borrower's ability
to achieve specific levels of additional leasing on the multifamily units.
The loan was structured with a six-month interest-only bridge term, during
which the Borrower must maintain leasing to support a 1.20x DSCR for at
least three consecutive months based on the entire loan proceeds,
$20,240,000. At that time the lender will release half of the holdback or
$1,120,000. If the Borrower maintains a 1.25x DSCR for a period of twelve
months, on the total loan amount, Borrower will qualify for a release of
the entire balance of the holdback.
(3) The lender held back $18,750 at closing for the estimated cost to complete
several "punch list" items required by Daroff Design's lease.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY INFORMATION
APPROXIMATE
AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE ASKING AVERAGE MARKET
UNIT MIX NO. OF UNITS SQUARE FEET SF UNITS RENT(4) RENT(5)
- ------------------------------------------------------------------------------------------------------------------------------------
ONE BEDROOM 140 735 735 83.3% $1,030 $1,300
TWO BEDROOM 28 1,053 1,053 16.7% $1,500 $1,600
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 168 788 788 100.0% $1,108 $1,350
- ------------------------------------------------------------------------------------------------------------------------------------
(4) Rent quoted on a monthly basis.
(5) Select market information from appraisal by Cushman & Wakefield dated
November 6, 2002 (Value as of November 6, 2003).
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
- --------------------------------------------------------------------------------
2121 MARKET STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The borrowing entity, 2121 Market Street Associates, L.P., is a single purpose
entity controlled by Ronald Caplan (general partner) and Thomas Properties
Group. Ronald Caplan, is an experienced real estate investor with equity
positions in 54 real estate partnerships. The portfolio is comprised of 48
multifamily properties, all located in Philadelphia, which contain 4,580 units
and 6 office properties.
Thomas Properties Group is a full service real estate operating company and
institutional investment manager focused on the development, acquisition,
operation and ownership of commercial properties throughout the United States.
The company invests in Class A properties throughout the country, but primarily
on the west coast and in the mid-Atlantic region.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
The subject property is an eight story, 168-unit, multifamily building located
in Philadelphia, PA. The subject property was originally improved in the 1920's
as an industrial building. In 2001, a gut renovation of the subject property was
completed and conversion to multifamily use was completed. All of the units are
located on floors two through eight and the ground floor is occupied by a retail
tenant, Trader Joe's East, and one commercial tenant, Daroff Design Inc.
Nineteen units at the subject property are master leased to Moore College, an
all girls arts college located approximately 0.5 miles from the subject
property. Trader Joe's is a national specialty grocery store chain with
operations in 15 states. Daroff Design, Inc. is a privately held full service
Architecture & Interior Design firm.
The subject property is managed by Philadelphia Management Company, a related
entity to the borrower. The firm is the largest multifamily property manager in
the greater Philadelphia area and currently manages and operates over 5,000
apartments in the city (approximately 25% of the total inventory). The company
manages over 50 properties within Center City, where the subject property is
located and two properties outside of the city limits. The firm has five leasing
offices within the city and 24-hour property maintenance crews.
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MARKET(1)
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The subject property is located in Center City, PA, approximately four blocks
east of 30th Street Station and seven blocks northwest of Rittenhouse Square,
one of the cultural centers of the city. There are several Universities in the
vicinity of the subject property including the University of Pennsylvania,
Drexel University, and Moore College.
There are 16,440 units in Center City, which represents 9.0% of the entire
Philadelphia market. Asking rents in Center City grew by 0.9% over the previous
quarter and have grown at an average rate of 7.3% annually for the past five
years. The overall vacancy rate in the Philadelphia market is 3.1% and the
vacancy rate in Center City is 4.8%. Average rental rates within Center City
range from $1,300/month for a one-bedroom to $1,600/month for a two bedroom. New
construction within the city limits, more specifically within Center City, will
be limited due to the lack of high-density zoned land available for new
development.
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(1) Select market information from appraisal by Cushman & Wakefield as of
November 6, 2002 (Value as of November 6, 2003). The appraisal relies upon
many assumptions, and no representation is made as to the accuracy of the
assumptions underlying the appraisal.
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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC6
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2121 MARKET STREET
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[MAP OMITTED]
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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.