SEPTEMBER 15, 2003 JPMCC 2003-LN1
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STRUCTURAL AND COLLATERAL TERM SHEET
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$732,086,000
(Approximate)
J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2003-LN1
-------------------------
JPMORGAN CHASE BANK
LASALLE BANK NATIONAL ASSOCIATION
NOMURA CREDIT & CAPITAL, INC.
Mortgage Loan Sellers
JPMORGAN ABN AMRO INCORPORATED NOMURA
CREDIT SUISSE FIRST BOSTON
The analyses in this report are based upon information provided by JPMorgan
Chase Bank, LaSalle Bank National Association and Nomura Credit & Capital, Inc.
(the "Sellers"). J.P. Morgan Securities Inc., ABN AMRO Incorporated, Nomura
Securities International, Inc. and Credit Suisse First Boston LLC (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information delivered to you by the Underwriters and will be superseded by the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.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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KEY FEATURES
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CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Sole Bookrunner)
ABN AMRO Incorporated
Nomura Securities International, Inc.
CO-MANAGERS: Credit Suisse First Boston LLC
MORTGAGE LOAN SELLERS: JPMorgan Chase Bank (37.6%)
LaSalle Bank National Association (33.6%)
Nomura Credit & Capital, Inc. (28.9%)
MASTER SERVICER: Wells Fargo Bank, National Association
SPECIAL SERVICER: ARCap Servicing, Inc.
TRUSTEE: U.S. Bank, National Association
PAYING AGENT: LaSalle Bank National Association
RATING AGENCIES: Moody's Investors Service, Inc.
Standard & Poor's Ratings Services
PRICING DATE: On or about September 25, 2003
CLOSING DATE: On or about September 30, 2003
CUT-OFF DATE: With respect to each mortgage loan, the related due date of such
mortgage loan in September 2003 or, such other date in September 2003
specified in the preliminary prospectus supplement.
DISTRIBUTION DATE: 15th of each month, or if the 15th day is not a business day, on the
next succeeding business day, beginning in October 2003
PAYMENT DELAY: 14 days
TAX STATUS: REMIC
ERISA CONSIDERATION: Class A-1, A-2, B, C, D & E
OPTIONAL TERMINATION: 1.0% (Clean-up Call)
MINIMUM DENOMINATIONS: $10,000
SETTLEMENT TERMS: DTC, Euroclear and Clearstream Banking
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COLLATERAL CHARACTERISTICS
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COLLATERAL CHARACTERISTICS All Mortgage Loans Loan Group 1 Loan Group 2
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INITIAL POOL BALANCE (IPB): $1,204,787,325 $839,010,606 $365,776,719
NUMBER OF MORTGAGED LOANS: 186 111 75
NUMBER OF MORTGAGED PROPERTIES: 199 113 86
AVERAGE CUT-OFF BALANCE PER LOAN: $6,477,351 $7,558,654 $4,877,023
AVERAGE CUT-OFF BALANCE PER PROPERTY: $6,054,208 $7,424,873 $4,572,209
WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.6145% 5.7398% 5.3269%
WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.70x 1.79x 1.51x
WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 70.4% 68.6% 74.4%
WEIGHTED AVERAGE MATURITY DATE LTV: 59.2% 58.0% 62.0%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 117 119 113
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS): 339 336 345
WEIGHTED AVERAGE SEASONING (MONTHS): 2 2 1
10 LARGEST LOANS AS % OF IPB: 26.5% 34.0% 9.3%
% OF LOANS WITH ADDITIONAL DEBT: 7.4% 9.9% 1.7%
% OF LOANS WITH SINGLE TENANTS: 8.6% 12.4% NAP
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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-LN1
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APPROXIMATE SECURITIES STRUCTURE
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PUBLICLY OFFERED CLASSES
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EXPECTED RATINGS CREDIT SUPPORT EXPECTED WEIGHTED
CLASS (MOODY'S/ S&P) APPROXIMATE FACE AMOUNT (% OF BALANCE)(2) AVG LIFE (YEARS)(3) EXPECTED PAYMENT WINDOW(3)
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A-1 Aaa/AAA $258,300,000 16.625% 5.70 10/03-06/13
A-2 Aaa/AAA $380,415,000 16.625% 9.86 06/13-09/13
B Aa2/AA $34,638,000 13.750% 9.96 09/13-09/13
C Aa3/AA- $13,553,000 12.625% 9.96 09/13-09/13
D A2/A $30,120,000 10.125% 9.96 09/13-09/13
E A3/A- $15,060,000 8.875% 9.98 09/13-10/13
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PRIVATELY OFFERED CLASSES
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EXPECTED RATINGS APPROXIMATE FACE CREDIT SUPPORT EXPECTED WEIGHTED
CLASS (MOODY'S/ S&P) AMOUNT (% OF BALANCE)(2) AVG. LIFE (YEARS)(3) EXPECTED PAYMENT WINDOW(3)
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X-1 Aaa/AAA $1,204,787,325(1) N/A N/A N/A
X-2 Aaa/AAA $1,129,226,000(1) N/A N/A N/A
A-1A Aaa/AAA $365,776,000 16.625% N/A N/A
F Baa1/BBB+ $16,566,000 7.500% N/A N/A
G Baa2/BBB $13,554,000 6.375% N/A N/A
H Baa3/BBB- $16,565,000 5.000% N/A N/A
J Ba1/BB+ $6,024,000 4.500% N/A N/A
K Ba2/BB $12,048,000 3.500% N/A N/A
L Ba3/BB- $6,024,000 3.000% N/A N/A
M B1/B+ $10,542,000 2.125% N/A N/A
N B2/B $3,012,000 1.875% N/A N/A
P B3/B- $3,012,000 1.625% N/A N/A
NR NR/NR $19,578,325 N/A N/A N/A
PS-1 A2/NR $11,100,000 N/A N/A N/A
PS-2 A3/NR $5,400,000 N/A N/A N/A
PS-3 Baa1/NR $5,300,000 N/A N/A N/A
PS-4 Baa2/NR $6,500,000 N/A N/A N/A
PS-5 Baa3/ NR $6,500,000 N/A N/A N/A
PS-6 Ba1/ NR $10,800,000 N/A N/A N/A
PS-7 Ba2/NR $9,400,000 N/A N/A N/A
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(1) Notional Amount
(2) The credit support percentages set forth are for Class A-1, Class A-2 and
Class A-1A Certificates represented in the aggregate.
(3) The weighted average life and period during which distributions of principal
would be received with respect to each class of certificates is based on the
assumptions set forth under "Yield and Maturity Considerations-Weighted Average"
in the preliminary prospectus supplement, and the assumptions that (a) there are
no prepayments or losses on the mortgage loans, (b) each mortgage loan pays off
on its scheduled maturity date or anticipated repayment date and (c) no excess
interest is generated on the mortgage loans.
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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-LN1
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STRUCTURAL OVERVIEW
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o For the purposes of making distributions to the Class A-1, A-2 and
A-1A Certificates, the pool of mortgage loans will be deemed to
consist of two loan groups (either "Loan Group 1" or "Loan Group 2").
Generally, interest and principal distributions on the Class A-1 and
Class A-2 certificates will be based on amounts available relating to
Loan Group 1 and principal distributions on the Class A-1A
Certificates will be based on amounts available relating to Loan Group
2.
o Interest payments will be concurrent to Classes A-1, A-2, A-1A
(pro-rata to Class A-1 and A-2, from Loan Group 1, and to Class A-1A
from Loan Group 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 X-2 Certificates), interest will be paid sequentially to
the Class B, C, D, E, F, G, H, J, K, L, M, N, P and NR Certificates.
o The pass-through rates on the Class A-1, A-2, A-1A, B, C, D, E, F, G,
H, J, K, L, M, N, P and NR will equal one of (i) a fixed rate, (ii)
the weighted average of the net mortgage rates on the mortgage loans
(in each case adjusted, if necessary, to accrue on the basis of a
360-day year consisting of twelve 30-day months), (iii) a rate equal
to the lesser of a specified fixed pass-through rate and the rate
described in clause (ii) above and (iv) the rate described in clause
(ii) above less a specified percentage.
o All classes will accrue interest on a 30/360 basis.
o Generally, the Class A-1 and A-2 Certificates will be entitled to
receive distributions of principal collected or advanced only in
respect of mortgage loans in Loan Group 1 until the certificate
principal balance of the Class A-1A Certificates has been reduced to
zero, and the Class A-1A Certificates will be entitled to receive
distributions of principal collected or advanced only in respect of
mortgage loans in Loan Group 2 until the certificate balance of Class
A-2 has been reduced to zero. However, on any distribution date on
which the certificate principal balance of the Class B Certificates
though Class NR Certificates have been reduced to zero, distributions
of principal collected or advanced in respect to the mortgage loans
will be distributed (without regard to loan group) to Class A-1, A-2
and A-1A, pro-rata.
o Losses will be borne by the Classes (other than the Classes 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, Class A-2 and Class A-1A Certificates (without regard to
loan group).
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 A-1A, F, G and H Certificates in the
following manner: the holders of each class of Offered Certificates
and the Class A-1A, F, G and H Certificates (will receive, with
respect to the related Loan Group, if applicable in the case of the
Class A-1, A-2 and A-1A Certificates) on each Distribution Date an
amount of Yield Maintenance Charges determined in accordance with the
formula specified below (with any remaining amount payable to the
Class X-1).
Group Principal Paid to Class (Pass-Through Rate on Class - Discount Rate)
YM Charge x ------------------------------ x --------------------------------------------
Group Total Principal Paid (Mortgage Rate on Loan - Discount Rate)
o All prepayment penalties based on a percentage of the amount being prepaid
will be distributed to the Class X-1 certificates.
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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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-LN1
[THIS PAGE INTENTIONALLY LEFT BLANK]
5 of 59
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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ALL MORTGAGE LOANS - COLLATERAL CHARACTERISTICS
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CUT-OFF DATE PRINCIPAL BALANCE
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NUMBER WA
RANGE OF PRINCIPAL OF PRINCIPAL % OF WA UW
BALANCES LOANS BALANCE IPB LTV DSCR
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$923,360 -$1,999,999 30 $49,158,822 4.1% 66.2% 1.65x
$2,000,000 -$2,999,999 33 83,824,628 7.0 73.1% 1.49x
$3,000,000 -$3,999,999 27 92,336,181 7.7 69.1% 1.54x
$4,000,000 -$4,999,999 11 49,072,511 4.1 72.2% 1.45x
$5,000,000 -$6,999,999 37 219,049,632 18.2 70.4% 2.18x
$7,000,000 -$9,999,999 20 167,818,972 13.9 70.5% 1.56x
$10,000,000 -$14,999,999 16 190,224,771 15.8 76.5% 1.46x
$15,000,000 -$24,999,999 7 146,478,032 12.2 70.3% 1.44x
$25,000,000 -$60,999,999 5 206,823,775 17.2 64.8% 1.96x
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TOTAL/WEIGHTED 186 $1,204,787,325 100.0% 70.4% 1.70X
AVERAGE:
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AVERAGE PER LOAN: $6,477,351
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AVERAGE PER $6,054,208
PROPERTY:
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GEOGRAPHIC DISTRIBUTION
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NUMBER PRINCIPAL
OF BALANCE % OF WA UW
STATE PROPERTIES IPB WA LTV DSCR
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MASSACHUSETTS 4 $130,837,109 10.9% 59.9% 2.20x
TEXAS 21 108,753,750 9.0 74.7% 1.49x
CALIFORNIA 15 106,135,158 8.8 70.4% 1.50x
Southern 13 98,367,122 8.2 70.4% 1.50x
Northern 2 7,768,036 0.6 70.8% 1.49x
FLORIDA 14 85,634,769 7.1 75.9% 1.46x
MARYLAND 4 79,646,001 6.6 72.0% 1.54x
MICHIGAN 11 76,650,210 6.4 68.4% 1.71x
VIRGINIA 5 63,940,460 5.3 70.6% 1.48x
OTHER 125 553,189,868 45.9 71.2% 1.75x
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TOTAL/WEIGHTED 199 $1,204,787,325 100.0% 70.4% 1.70X
AVERAGE
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RANGE OF MORTGAGE INTEREST RATES
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% WA
RANGE OF MORTGAGE NUMBER PRINCIPAL OF WA UW
INTEREST RATES OF LOANS BALANCE IPB LTV DSCR
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4.2000% - 4.9999% 27 $ 156,233,474 13.0% 64.4 2.67x
5.0000% - 5.4999% 56 396,089,877 32.9 70.6 1.77x
5.5000% - 5.9999% 52 303,052,287 25.2 74.7 1.41x
6.0000% - 6.4999% 40 291,467,018 24.2 71.0 1.46x
6.5000% - 6.9999% 7 21,148,468 1.8 74.1 1.32x
7.0000% - 7.4999% 2 7,768,000 0.6 58.1 1.25x
7.5000% - 8.6650% 2 29,028,201 2.4 49.3 1.48x
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TOTAL/WEIGHTED 186 $1,204,787,325 100.0% 70.4% 1.70X
AVERAGE:
--------------------- --------- -------------- ------ ------ -----
WEIGHTED AVERAGE 5.6145%
MORTGAGE RATE:
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UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
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NUMBER WA
OF PRINCIPAL % OF WA UW
UW DSCR LOANS BALANCE IPB LTV DSCR
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1.20X - 1.29X 13 $88,859,187 7.4% 75.9% 1.25x
1.30X - 1.34X 16 72,846,591 6.0 74.9% 1.31x
1.35X - 1.39X 23 200,618,780 16.7 75.8% 1.37x
1.40X - 1.44X 28 184,401,858 15.3 75.5% 1.42x
1.45X - 1.49X 23 135,585,163 11.3 77.1% 1.47x
1.50X - 1.69X 58 340,214,947 28.2 70.5% 1.56x
1.70X - 1.99X 10 63,882,563 5.3 63.4% 1.82x
2.00X - 2.99X 11 43,561,585 3.6 47.7% 2.39x
3.00X - 4.99X 3 68,316,651 5.7 41.8% 3.10x
5.00X - 22.55X 1 6,500,000 0.5 6.8% 22.55x
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TOTAL/WEIGHTED 186 $1,204,787,325 100.0% 70.4% 1.70X
AVERAGE:
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ORIGINAL TERM TO MATURITY/ARD IN MONTHS
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WA
ORIGINAL TERM TO NUMBER PRINCIPAL % OF WA UW
MATURITY OF LOANS BALANCE IPB LTV DSCR
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60 - 84 19 $ 100,780,533 8.4% 71.6% 1.73x
85 - 120 161 1,038,623,998 6.2 70.8% 1.71x
121 - 240 6 65,382,794 5.4 62.3% 1.61x
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TOTAL/WEIGHTED 186 $1,204,787,325 100.0% 70.4% 1.70X
AVERAGE:
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WEIGHTED AVERAGE
ORIGINAL
TERM TO MATURITY: 119
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REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
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NUMBER WA
RANGE OF REMAINING OF PRINCIPAL % OF WA UW
TERMS TO MATURITY LOANS BALANCE IPB LTV DSCR
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57 - 84 21 $ 129,808,734 10.8% 66.6% 1.67x
85 - 120 159 1,009,595,798 3.8 71.4% 1.71x
121 - 240 6 65,382,794 5.4 62.3% 1.61x
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TOTAL/WEIGHTED 186 $ 1,204,787,325 100.0% 70.4% 1.70X
AVERAGE:
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WEIGHTED AVERAGE
REMAINING
TERM TO
MATURITY/ARD: 117
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PROPERTY TYPE DISTRIBUTION
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NUMBER OF PRINCIPAL
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE % OF IPB WA LTV WA UW DSCR
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MULTIFAMILY GARDEN 71 $295,894,347 24.6% 74.9% 1.52x
MID/HIGH RISE 3 45,721,030 3.8 73.5% 1.42x
COOP 1 6,500,000 0.5 6.8% 22.55x
SUBTOTAL 75 $348,115,377 28.9% 73.4% 1.90x
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RETAIL ANCHORED 39 $218,730,855 18.2% 72.5% 1.56x
SHADOW ANCHORED 8 46,978,408 3.9 72.6% 1.45x
UNANCHORED 6 29,038,242 2.4 66.2% 1.62x
SUBTOTAL 53 $294,747,505 24.15% 71.9% 1.55x
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OFFICE SUBURBAN 18 $130,742,777 10.9% 73.6% 1.47x
CBD 4 102,702,986 8.5 49.0% 2.41x
SUBTOTAL 22 $233,445,762 19.4% 62.8% 1.89x
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MANUFACTURED HOUSING MANUFACTURED HOUSING 31 $124,736,095 40.4 75.7% 1.49x
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MIXED USE INDUSTRIAL/OFFICE 1 $50,871,090 4.2% 74.3% 1.36x
OFFICE/RETAIL 2 11,494,691 1.0 70.8% 1.44x
MULTIFAMILY/RETAIL 1 11,250,000 0.9 70.3% 1.30x
SUBTOTAL 4 $73,615,781 6.1% 73.1% 1.36x
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INDUSTRIAL FLEX 7 $49,317,209 4.1% 71.8% 1.37x
WAREHOUSE/DISTRIBUTION 1 24,000,000 2.0 64.2% 1.51x
SUBTOTAL 8 $73,317,209 6.1% 69.3% 1.42x
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HOTEL FULL SERVICE 1 $36,000,000 3.0% 63.2% 1.84x
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SELF STORAGE SELF STORAGE 4 $13,459,597 1.1% 73.8% 1.33x
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PARKING GARAGE PARKING GARAGE 1 $7,350,000 0.6% 27.8% 2.46x
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TOTAL/WEIGHTED AVERAGE 199 $1,204,787,325 100.0% 70.4% 1.70X
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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-LN1
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ALL MORTGAGE LOANS - COLLATERAL CHARACTERISTICS
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ORIGINAL AMORTIZATION TERM IN MONTHS(1)
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ORIGINAL AMORTIZATION NUMBER OF PRINCIPAL % OF WA WA UW
TERM LOANS BALANCE IPB LTV DSCR
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120 - 180 5 $26,870,607 2.3% 42.5% 1.70x
181 - 240 7 40,308,887 3.4 66.7% 1.44x
241 - 300 37 222,751,382 18.9 68.3% 1.49x
301 - 330 1 4,596,704 0.4 68.6% 1.29x
331 - 360 127 885,049,745 75.0 72.9% 1.60x
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TOTAL/WEIGHTED AVERAGE: 177 $1,179,577,325 100.0% 71.1% 1.58X
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WEIGHTED AVERAGE
ORIGINAL AMORTIZATION
TERM: 339
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REMAINING AMORTIZATION TERM IN MONTHS(1)
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REMAINING AMORTIZATION NUMBER OF PRINCIPAL % OF WA UW
TERM LOANS BALANCE IPB WA LTV DSCR
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117 - 180 5 $26,870,607 2.3% 42.5% 1.70x
181 - 240 8 64,740,384 5.5 58.8% 1.47x
241 - 300 37 202,916,589 17.2 71.0% 1.48x
301 - 360 127 885,049,745 75.2 72.9% 1.60x
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TOTAL/WEIGHTED AVERAGE: 177 $1,179,577,325 100.0% 71.1% 1.58X
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WEIGHTED AVERAGE
REMAINING AMORTIZATION
TERM: 337
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LTV RATIOS AS OF THE CUT-OFF DATE
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NUMBER OF PRINCIPAL % OF WA UW
CUT-OFF LTV LOANS BALANCE IPB WA LTV DSCR
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6.8% - 49.9% 13 $135,141,233 11.2% 40.8% 3.52x
50.0% - 59.9% 14 45,155,265 3.7 55.4% 1.76x
60.0% - 64.9% 16 119,164,341 9.9 63.7% 1.63x
65.0% - 69.9% 18 74,991,533 6.2 68.2% 1.54x
70.0% - 74.9% 36 206,171,814 17.1 73.1% 1.42x
75.0% - 80.0% 89 624,163,138 51.8 78.5% 1.43x
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TOTAL/WEIGHTED AVERAGE: 186 $1,204,787,325 100.0% 70.4% 1.70X
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY/ARD DATE(3)
- --------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
MATURITY LTV LOANS BALANCE IPB WA LTV DSCR
- --------------------------------------------------------------------------------
6.8% - 29.9% 2 $13,491,651 1.2% 20.5% 12.45x
30.0% - 49.9% 20 172,326,259 15.0 50.9% 2.28x
50.0% - 59.9% 55 238,208,021 20.7 69.6% 1.51x
60.0% - 64.9% 41 305,499,666 26.5 75.3% 1.43x
65.0% - 69.9% 54 366,191,248 31.8 79.0% 1.43x
70.0% - 73.8% 7 56,939,873 4.9 78.9% 1.52x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 179 $1,152,656,718 100.0% 71.2% 1.71X
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AMORTIZATION TYPES
- --------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
AMORTIZED TYPES LOANS BALANCE IPB WA LTV DSCR
- --------------------------------------------------------------------------------
BALLOON LOANS(2) 159 $1,011,393,810 85.9% 73.3% 1.49x
INTEREST ONLY-BALLOON 3 67,330,000 5.6 46.9% 2.90x
FULLY AMORTIZING 7 52,130,607 4.3 52.7% 1.61x
ARD LOANS 7 28,722,908 2.4 77.5% 1.38x
INTEREST ONLY 9 25,210,000 2.1 37.3% 7.66x
INTEREST ONLY-ARD 1 20,000,000 1.7 80.0% 1.36x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 186 $1,204,787,325 100.0% 70.4% 1.70X
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- --------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB WA LTV DSCR
- --------------------------------------------------------------------------------
1919 - 1959 1 $9,931,143 0.8% 52.3% 1.44x
1960 - 1969 13 54,279,840 4.5 77.1% 1.47x
1970 - 1979 24 95,017,224 7.9 70.5% 1.54x
1980 - 1989 34 245,869,614 20.4 66.2% 1.84x
1990 - 1999 43 253,295,741 21.0 69.7% 1.55x
2000 - 2003 84 546,393,764 45.4 72.2% 1.77x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 199 $1,204,787,325 100.0% 70.4% 1.70X
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES(4)
- --------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
CURRENT OCCUPANCY RATES PROPERTIES BALANCE IPB WA LTV DSCR
- --------------------------------------------------------------------------------
68.6 - 85.0 12 $50,039,879 4.3% 72.8% 1.44x
85.1 - 90.0 16 140,304,689 12.1 75.5% 1.43x
90.1 - 95.0 39 310,393,155 26.7 69.6% 1.77x
95.1 - 100.0 130 660,699,603 56.9 70.3% 1.73x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 197 $1,161,437,325 100.0% 70.9% 1.69X
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- --------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
PREPAYMENT PROTECTION LOANS BALANCE IPB WA LTV DSCR
- --------------------------------------------------------------------------------
LO-DEFEASANCE 178 $1,122,105,110 93.1% 71.3% 1.59x
LO-YIELD MAINTENANCE 7 58,250,718 4.8 62.3% 4.00x
YIELD MAINTENANCE 1 24,431,497 2.0 45.7% 1.51x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 186 $1,204,787,325 100.0% 70.4% 1.70X
- --------------------------------------------------------------------------------
(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.
(3) Excludes the fully amortizing mortgage loans.
(4) Excludes the hotel and parking garage properties.
7 of 59
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-LN1
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP(1)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUT-OFF DATE PRINCIPAL BALANCE
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
RANGE OF PRINCIPAL NUMBER OF PRINCIPAL WA UW
BALANCES LOANS BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------
$1,000,000 - $1,999,999 12 $20,850,471 2.5% 68.5% 1.51x
$2,000,000 - $2,999,999 19 48,422,421 5.8 72.2% 1.48x
$3,000,000 - $3,999,999 17 56,102,788 6.7 68.3% 1.52x
$4,000,000 - $4,999,999 8 35,926,784 4.3 70.2% 1.47x
$5,000,000 - $6,999,999 19 113,044,967 13.5 67.0% 2.75x
$7,000,000 - $9,999,999 14 117,751,064 14.0 68.9% 1.58x
$10,000,000 - $14,999,999 12 144,127,644 17.2 75.6% 1.46x
$15,000,000 - $24,999,999 6 129,913,378 15.5 69.2% 1.44x
$25,000,000 - $60,000,000 4 172,871,090 20.6 61.9% 2.10x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6 1.79X
- -----------------------------------------------------------------------------------------------
AVERAGE PER LOAN: $7,558,654
- -----------------------------------------------------------------------------------------------
AVERAGE PER PROPERTY: $7,424,873
- -----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
STATE PROPERTIES BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------
MASSACHUSETTS 3 $124,694,941 14.9% 59.6% 2.21x
CALIFORNIA 15 106,135,158 12.7 70.4% 1.50x
Southern California 13 98,367,122 11.7 70.4% 1.50x
Northern California 2 7,768,036 0.9 70.8% 1.49x
TEXAS 12 79,676,748 9.5 75.6% 1.50x
MICHIGAN 10 68,067,470 8.1 67.5% 1.71x
VIRGINIA 5 63,940,460 7.6 70.6% 1.48x
NEW YORK 7 54,652,954 6.5 60.3% 3.99x
FLORIDA 8 50,337,635 6.0 74.3% 1.43x
GEORGIA 11 50,102,369 6.0 57.6% 1.51x
OTHER 42 241,402,871 28.8 72.9% 1.52x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 113 $839,010,606 100.0% 68.6% 1.79X
- -----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST RATES
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
RANGE OF MORTGAGE NUMBER OF PRINCIPAL WA UW
INTEREST RATES LOANS BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------
4.2500% - 4.9999% 11 $84,378,342 10.1% 61.9% 3.38x
5.0000% - 5.4999% 31 247,706,121 29.5 66.8% 1.95x
5.5000% - 5.9999% 30 194,321,144 23.2 73.5% 1.43x
6.0000% - 6.4999% 28 254,660,330 30.4 71.0% 1.46x
6.5000% - 6.9999% 7 21,148,468 2.5 74.1% 1.32x
7.0000% - 7.4999% 2 7,768,000 0.9 58.1% 1.25x
7.5000% - 8.6650% 2 29,028,201 3.5 49.3% 1.48x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6% 1.79X
- -----------------------------------------------------------------------------------------------
WEIGHTED AVERAGE
MORTGAGE
RATE: 5.7398%
- -----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
UW DSCR LOANS BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------
1.20X - 1.29X 9 $46,138,947 5.5 73.4% 1.26x
1.30X - 1.34X 12 60,363,977 7.2 74.5% 1.31x
1.35X - 1.39X 10 138,028,735 16.5 75.1% 1.36x
1.40X - 1.49X 16 119,926,734 14.3 75.4% 1.42x
1.45X - 1.49X 13 85,009,685 10.1 76.6% 1.48x
1.50X - 1.69X 39 242,803,313 28.9 69.0% 1.56x
1.70X - 1.99X 6 53,213,148 6.3 62.6% 1.81x
2.00X - 2.99X 3 20,034,417 2.4 40.9% 2.43x
3.00X - 4.99X 2 66,991,651 8.0 41.9% 3.10x
5.00X - 22.55X 1 6,500,000 0.8 6.8% 22.55x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6% 1.79X
- -----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL TERM TO MATURITY/ARD DATE IN MONTHS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
ORIGINAL TERM TO MATURITY LOANS BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------
60 - 84 8 $65,019,588 7.7% 77.7% 1.48x
85 - 120 97 708,608,225 84.5 68.4% 1.83x
121 - 240 6 65,382,794 7.8 62.3% 1.61x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6% 1.79X
- -----------------------------------------------------------------------------------------------
WEIGHTED AVERAGE
ORIGINAL
TERM TO MATURITY: 121
- -----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
RANGE OF REMAINING TERMS NUMBER OF PRINCIPAL WA UW
TO MATURITY LOANS BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------
57 - 84 10 $94,047,788 11.2% 68.9% 1.48x
85 - 120 95 679,580,024 81.0 69.2% 1.85x
121 - 240 6 65,382,794 7.8 62.3% 1.61x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6% 1.79X
- -----------------------------------------------------------------------------------------------
WEIGHTED AVERAGE
REMAINING
TERM TO MATURITY/ARD: 119
- -----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
NUMBER PRINCIPAL
OF BALANCE WA UW
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES % OF IPB WA LTV DSCR
- ----------------------------------------------------------------------------------------------------------
RETAIL ANCHORED 39 $218,730,855 26.1% 72.5% 1.56x
SHADOW ANCHORED 8 46,978,408 5.6 72.6% 1.45x
UNANCHORED 6 29,038,242 3.5 66.2% 1.62x
SUBTOTAL 53 $294,747,505 35.1% 71.9% 1.55x
- ----------------------------------------------------------------------------------------------------------
OFFICE SUBURBAN 18 $130,742,777 15.6% 73.6% 1.47x
CBD 4 102,702,986 12.2 49.0% 2.41x
SUBTOTAL 22 $233,445,762 27.8% 62.8% 1.89x
- ----------------------------------------------------------------------------------------------------------
MANUFACTURED HOUSING MANUFACTURED HOUSING 17 $81924,826 9.8% 77.1% 1.49x
- ----------------------------------------------------------------------------------------------------------
MIXED USE INDUSTRIAL/OFFICE 1 $50,871,090 6.1% 74.3% 1.36x
OFFICE/RETAIL 2 11,494,691 1.4 70.8% 1.44x
MULTIFAMILY/RETAIL 1 11,250,000 1.3 70.3% 1.30x
SUBTOTAL 4 $73,615,781 8.8% 73.1% 1.36x
- ----------------------------------------------------------------------------------------------------------
INDUSTRIAL FLEX 7 $49,317,209 5.9% 71.8% 1.37x
WAREHOUSE/DISTRIBUTION 1 24,000,000 2.9 64.2% 1.51x
SUBTOTAL 8 $73,317,209 8.7% 69.3% 1.42x
- ----------------------------------------------------------------------------------------------------------
HOTEL FULL SERVICE 1 $36,000,000 4.3% 63.2% 1.84x
- ----------------------------------------------------------------------------------------------------------
MULTIFAMILY GARDEN 2 $18,649,927 2.2% 75.6% 1.46x
COOP 1 6,500,000 0.8 6.8% 22.55x
SUBTOTAL 3 $25,149,927 3.0% 57.8% 6.91x
- ----------------------------------------------------------------------------------------------------------
STORAGE STORAGE 4 $13,459,597 1.6% 73.8% 1.33x
- ----------------------------------------------------------------------------------------------------------
PARKING GARAGE PARKING GARAGE 1 $7,350,000 0.9% 27.8% 2.46x
- ----------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 113 $839,010,606 100.0% 68.6% 1.79X
- ----------------------------------------------------------------------------------------------------------
8 of 59
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-LN1
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
ORIGINAL AMORTIZATION TERM LOANS BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
120 - 180 4 $22,949,939 2.8% 42.3% 1.73x
181 - 240 5 36,721,333 4.4 66.5% 1.45x
241 - 300 24 158,895,292 19.1 65.2% 1.56x
301 - 330 1 4,596,704 0.6 68.6% 1.29x
331 - 360 76 609,347,338 73.2 71.3% 1.65x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 110 $832,510,606 100.0% 69.1% 1.62X
- ------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE
ORIGINAL AMORTIZATION
TERM: 336
- ------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
REMAINING AMORTIZATION TERM LOANS BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
118 - 180 4 $22,949,939 2.8% 42.3% 1.73x
181 - 240 6 61,152,830 7.3 58.2% 1.47x
241 - 300 24 139,060,499 16.7 68.7% 1.56x
301 - 360 76 609,347,338 71.3 71.2% 1.65x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 110 $832,510,606 100.0% 69.1% 1.62X
- ------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE
REMAINING AMORTIZATION
TERM: 334
- ------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
CUT-OFF LTV LOANS BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
6.8% - 49.9% 8 $121,157,565 14.4% 40.5% 3.66x
50.0% - 59.9% 8 29,784,066 3.5 55.0% 1.58x
60.0% - 69.9% 14 112,939,341 13.5 63.6% 1.64x
65.0% - 69.9% 10 47,476,169 5.7 68.9% 1.51x
70.0% - 74.9% 25 160,825,379 19.2 73.2% 1.40x
75.0% - 80.0% 46 366,828,087 43.7 78.5% 1.43x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6% 1.79X
- ------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY DATE(3)
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
MATURITY LTV LOANS BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
6.8% - 29.9% 2 $13,491,651 1.7% 20.5% 12.45x
30.0% - 49.9% 13 156,951,505 19.8 51.0% 2.29x
50.0% - 59.9% 31 159,275,178 20.1 70.6% 1.45x
60.0% - 64.9% 24 186,566,386 23.6 74.2% 1.44x
65.0% - 69.9% 29 226,654,533 28.7 78.7% 1.43x
70.0% - 73.8% 6 47,861,413 6.1 78.9% 1.49x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 105 $790,800,667 100.0% 69.5% 1.80X
- ------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AMORTIZATION TYPES
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
AMORTIZED TYPES LOANS BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
BALLOON LOANS(2) 96 $683,957,655 81.5% 72.0% 1.51x
INTEREST ONLY-BALLOON 2 63,250,000 7.5 44.7% 3.01x
FULLY AMORTIZING 6 48,209,939 5.7 53.4% 1.62x
INTEREST ONLY-ARD 1 20,000,000 2.4 80.0% 1.36x
ARD LOANS 5 17,093,012 2.0 76.1% 1.39x
INTEREST ONLY 1 6,500,000 0.8 6.8% 22.55x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6% 1.79X
- ------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
YEAR BUILT/RENOVATED PROPERTIES BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
1919 - 1959 1 $9,931,143 1.2% 52.3% 1.44x
1960 - 1969 4 24,898,323 3.0 78.3% 1.47x
1970 - 1979 13 51,514,882 6.1 66.8% 1.60x
1980 - 1989 13 148,412,910 17.7 59.0% 2.15x
1990 - 1999 30 192,868,298 23.0 67.6% 1.57x
2000 - 2003 52 411,385,051 49.0 72.6% 1.81x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 113 $839,010,606 100.0% 68.6% 1.79X
- ------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES(4)
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
CURRENT OCCUPANCY RATES PROPERTIES BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
68.6 - 85.0 7 $24,113,076 3.0% 72.4% 1.41x
85.1 - 90.0.9 9 106,032,417 13.3 75.9% 1.41x
90.1 - 95.0 21 233,149,930 29.3 68.2% 1.87x
95.1 - 100.0 74 432,365,184 54.3 68.0% 1.84x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $795,660,606 100.0% 69.2% 1.78X
- ------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
PREPAYMENT PROTECTION LOANS BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
LO-DEFEASANCE 105 $770,404,021 91.8% 69.8% 1.63x
LO-YIELD MAINTENANCE 5 44,175,088 5.3 60.0% 4.73x
YIELD MAINTENANCE 1 24,431,497 2.9 45.7% 1.51x
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 111 $839,010,606 100.0% 68.6% 1.79x
- ------------------------------------------------------------------------------------------------------
(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.
(3) Excludes the fully amortizing mortgage loans.
(4) Excludes the hotel and parking garage properties.
9 of 59
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-LN1
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP 2
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUT-OFF DATE PRINCIPAL BALANCE
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
RANGE OF PRINCIPAL BALANCES LOANS BALANCE % OF IPB WA LTV DSCR
- ------------------------------------------------------------------------------------------------------
$923,360 - $1,999,999 18 $28,308,351 7.7% 64.5% 1.75x
$2,000,000 - $2,999,999 14 35,402,207 9.7 74.4% 1.50x
$3,000,000 - $3,999,999 10 36,233,393 9.9 70.3% 1.56x
$4,000,000 - $4,999,999 3 13,145,727 3.6 77.5% 1.38x
$5,000,000 - $6,999,999 18 106,004,665 29.0 74.0% 1.57x
$7,000,000 - $9,999,999 6 50,067,909 13.7 74.2% 1.52x
$10,000,000 - $14,999,999 4 46,097,127 12.6 79.1% 1.46x
$15,000,000 - $33,952,685 2 50,517,339 13.8 79.2% 1.30x
- -------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 75 $365,776,719 100.0% 74.4% 1.51x
- -------------------------------------------------------------------------------------------------------
AVERAGE PER LOAN: $4,877,023
- -------------------------------------------------------------------------------------------------------
AVERAGE PER PROPERTY: 4,253,218
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL
STATE PROPERTIES BALANCE % OF IPB WA LTV WA UW DSCR
- -------------------------------------------------------------------------------------------------------
MARYLAND 2 $39,381,768 10.8% 79.2% 1.26x
FLORIDA 6 35,297,134 9.6 78.2% 1.50x
ILLINOIS 11 29,519,786 8.1 57.3% 2.15x
TEXAS 9 29,077,002 7.9 72.1% 1.49x
ARIZONA 7 27,195,324 7.4 75.7% 1.33x
NORTH CAROLINA 7 23,734,254 6.5 77.1% 1.45x
ALABAMA 2 23,267,764 6.4 79.9% 1.41x
OTHER 42 158,303,687 43.3 74.6% 1.51x
- -------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 86 $365,776,719 100.0% 74.4% 1.51X
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST RATES
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST NUMBER OF PRINCIPAL WA UW
RATES LOANS BALANCE % OF IPB WA LTV DSCR
- -------------------------------------------------------------------------------------------------------
4.2000% - 4.9999% 16 $71,855,132 19.6% 67.3% 1.85x
5.0000% - 5.4999% 25 148,383,756 40.6 77.0% 1.46x
5.5000% - 5.9999% 22 108,731,143 29.7 76.8% 1.38x
6.0000% - 6.2700% 12 36,806,688 10.1 71.0% 1.43x
- -------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 75 $365,776,719 100.0% 74.4% 1.51X
- -------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE MORTGAGE
RATE: 5.3269%
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL WA UW
UW DSCR LOANS BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------------
1.20X - 1.29X 4 $42,720,240 11.7% 78.5% 1.24x
1.30X - 1.34X 4 12,482,614 3.4 77.2% 1.31x
1.35X - 1.39X 13 62,590,045 17.1 77.3% 1.37x
1.40X - 1.44X 12 64,475,125 17.6 75.6% 1.42x
1.45X - 1.49X 10 50,575,478 13.8 77.9% 1.47x
1.50X - 1.69X 19 97,411,635 26.6 74.2% 1.56x
1.70X - 1.99X 4 10,669,416 2.9 67.5% 1.85x
2.00X - 3.13X 9 24,852,168 6.8 52.6% 2.39x
- -----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 75 $365,776,719 100.0% 74.4% 1.51X
- -----------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL TERM TO MATURITY IN MONTHS
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL
ORIGINAL TERM TO MATURITY LOANS BALANCE % OF IPB WA LTV WA UW DSCR
- -------------------------------------------------------------------------------------------------------
60 - 84 11 $35,760,946 9.8% 60.6% 2.19x
85 - 120 64 330,015,773 90.2 75.9% 1.44x
TOTAL/WEIGHTED AVERAGE: 75 $365,776,719 100.0% 74.4% 1.51X
- -------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE ORIGINAL
TERM TO MATURITY: 115
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
RANGE OF REMAINING TERMS TO NUMBER OF PRINCIPAL
MATURITY LOANS BALANCE % OF IPB WA LTV WA UW DSCR
- -------------------------------------------------------------------------------------------------------
58 - 84 11 $35,760,946 9.8% 60.6% 2.19x
85 - 120 64 330,015,773 90.2 75.9% 1.44x
TOTAL/WEIGHTED AVERAGE: 75 $365,776,719 100.0% 74.4% 1.51X
- -------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE ORIGINAL
TERM TO MATURITY: 113
- -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
SUB PROPERTY NUMBER OF PRINCIPAL WA UW
PROPERTY TYPE TYPE PROPERTIES BALANCE % OF IPB WA LTV DSCR
- -----------------------------------------------------------------------------------------------------------
MULTIFAMILY GARDEN 69 $277,244,420 75.8% 74.8% 1.53x
MID/HIGH RISE 3 45,721,030 12.5 73.5% 1.42x
SUBTOTAL 72 $322,965,450 88.3% 74.6% 1.51x
- -----------------------------------------------------------------------------------------------------------
MANUFACTURED HOUSING MANUFACTURED 14 $42,811,269 11.7% 72.9% 1.48x
HOUSING
- -----------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 86 $365,776,719 100.0% 74.4% 1.51X
- -----------------------------------------------------------------------------------------------------------
10 of 59
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP 2
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
ORIGINAL AMORTIZATION NUMBER OF PRINCIPAL % OF WA UW
TERM LOANS BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
120 - 180 1 $3,920,668 1.1% 43.6% 1.52x
181 - 240 2 3,587,554 1.0 68.0% 1.34x
241 - 300 13 63,856,090 18.4 76.1% 1.31x
331 - 360 51 275,702,407 79.4 76.4% 1.49x
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 67 $347,066,719 100.0% 75.9% 1.46X
- ---------------------------------------------------------------------------------------------
WEIGHTED AVERAGE
ORIGINAL AMORTIZATION
TERM: 345
- ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS(1)
- ---------------------------------------------------------------------------------------------
REMAINING AMORTIZATION NUMBER OF PRINCIPAL WA UW
TERM LOANS BALANCE % OF IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
117 - 180 1 $3,920,668 1.1% 43.6% 1.52x
181 - 240 2 3,587,554 1.0 68.0% 1.34x
241 - 300 13 63,856,090 18.4 76.1% 1.31x
301 - 360 51 275,702,407 79.4 76.4% 1.49x
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 67 $347,066,719 100.0% 75.9% 1.46X
- ---------------------------------------------------------------------------------------------
WEIGHTED AVERAGE
REMAINING AMORTIZATION
TERM: 343
- ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
CUT-OFF LTV LOANS BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
38.4% - 49.9% 5 $13,983,668 3.8% 43.0% 2.29x
50.0% - 59.9% 6 15,371,199 4.2 56.3% 2.12x
60.0% - 64.9% 2 6,225,000 1.7 64.7% 1.50x
65.0% - 69.9% 8 27,515,364 7.5 66.9% 1.59x
70.0% - 74.9% 11 45,346,436 12.4 72.8% 1.48x
75.0% - 80.0% 43 257,335,052 70.4 78.6% 1.43x
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 75 $365,776,719 100.0% 74.4% 1.51X
- ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY DATE(3)
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
MATURITY LTV LOANS BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
38.4% - 49.9% 7 15,374,753 4.2% 50.6% 2.18x
50.0% - 59.9% 24 78,932,843 21.8 67.4% 1.62x
60.0% - 64.9% 17 118,933,280 32.9 77.1% 1.41x
65.0% - 69.9% 25 139,536,715 38.6 79.4% 1.44x
70.0% - 72.8% 1 9,078,460 2.5 79.3% 1.67x
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 74 361,856,051 100.0% 74.8% 1.51X
- ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AMORTIZATION TYPES
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
AMORTIZED TYPES LOANS BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
BALLOON LOANS(2) 63 $327,436,154 89.5% 76.1% 1.46x
INTEREST ONLY 8 18,710,000 5.1 47.9% 2.49x
ARD LOANS 2 11,629,897 3.2 79.6% 1.38x
INTEREST ONLY-BALLON 1 4,080,000 1.1 80.0% 1.20x
FULLY AMORTIZING 1 3,920,668 1.1 43.6% 1.52x
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 75 $365,776,719 100.0% 74.4% 1.51x
- ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
1961 - 1969 9 29,381,517 8.0% 76.1% 1.47x
1970 - 1979 11 43,502,342 11.9 74.8% 1.48x
1980 - 1989 21 97,456,704 26.6 77.1% 1.36x
1990 - 1999 13 60,427,444 16.5 76.4% 1.50x
2000 - 2003 32 135,008,713 36.9 71.2% 1.65x
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 86 $365,776,719 100.0% 74.4% 1.51X
- ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES(4)
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
CURRENT OCCUPANCY RATES PROPERTIES BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
76.1 - 85.0 5 $25,926,803 7.1% 73.1% 1.46x
85.1 - 90.0 7 34,272,272 9.4 74.4% 1.49x
90.1 - 95.0 18 77,243,225 21.1 74.0% 1.47x
95.1 - 100.0 56 228,334,419 62.4 74.8% 1.53x
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 86 $365,776,719 100.0% 74.4% 1.51X
- ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA UW
PREPAYMENT PROTECTION LOANS BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------
LO-DEFEASANCE 73 351,701,089 96.2 74.6 1.5
LO-YIELD MAINTENANCE 2 14,075,630 3.8 69.8 1.69
- ---------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 75 365,776,719 100.0 74.4 1.51
- ---------------------------------------------------------------------------------------------
(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.
(3) Excludes the fully amortizing mortgage loans.
(4) Excludes the hotel and parking garage properties.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
TOP 10 MORTGAGE LOANS
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
LOAN LOAN NAME LOAN CUT-OFF DATE % OF SQUARE FEET(2)/
SELLER(1) (LOCATION) GROUP BALANCE IPB UNIT
- -------------------------------------------------------------------------------------------------------
JPMCB One Post Office Square(3) 1 $60,000,000 5.0% 766,462 SF
(Boston, MA)
ABN IAC - Boston (International Cargo Port) 1 50,871,090 4.2% 376,267 SF
(Boston, MA)
JPMCB Sheraton Inner Harbor Hotel 1 36,000,000 3.0% 337 Rooms
(Baltimore, MD)
JPMCB Tindeco Wharf 2 33,952,685 2.8% 240 Units
(Baltimore, MD)
JPMCB Chasewood Office Portfolio 1 26,000,000 2.2% 250,778 SF
(Houston, TX)
NCCI Tower Place 200 1 24,431,497 2.0% 259,096 SF
(Atlanta, GA)
JPMCB Lillian Vernon Corporation 1 24,000,000 2.0% 827,000 SF
(Virginia Beach, VA)
NCCI Metro Four Office Building 1 23,000,000 1.9% 144,997 SF
(Springfield, VA)
ABN The Prado at Spring Creek 1 21,000,000 1.7% 152,072 SF
(Bonita Springs, FL)
JPMCB Piilani Shopping Center 1 20,000,000 1.7% 65,702 SF
(Kihei, HI)
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: $319,255,272 26.5%
- -----------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUT-OFF
LOAN PER UW LTV PROPERTY
SF/UNIT DSCR RATIO TYPE
- --------------------------------------------------------------------------------
$157 3.10x 42.9% Office
$135 1.36x 74.3% Industrial/Office
$106,825 1.84x 63.2% Full Service Hotel
$141,470 1.24x 79.1% Multifamily
$104 1.60x 80.0% Office
$94 1.51x 45.7% Office
$29 1.51x 64.2% Industrial
$159 1.35x 76.4% Office
$138 1.44x 78.4% Retail
$304 1.36x 80.0% Retail
- ------------------------------------------------------
- ------------------------------------------------------
1.77X 65.9%
- ------------------------------------------------------
(1) "JPMCB" = JPMORGAN CHASE BANK; "ABN" = ABN AMRO BANK N.V.; "NCCI" = NOMURA;
(2) APPROXIMATE.
(3) SEE FOOTNOTES TO THE ONE POST OFFICE SQUARE LOAN DESCRIPTION
12 of 59
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- --------------------------------------------------------------------------------
ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
[PHOTO OF ONE POST OFFICE SQUARE OMITTED]
- --------------------------------------------------------------------------------
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- --------------------------------------------------------------------------------
ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------ --------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ORIGINAL PRINCIPAL SINGLE
BALANCE: $60,000,000 (Pari Passu)(1) ASSET/PORTFOLIO: SINGLE ASSET
CUT-OFF PRINCIPAL BALANCE:$60,000,000 (Pari Passu)(1) TITLE: Fee
% OF POOL BY IPB: 5.0% PROPERTY TYPE: Office
LOAN SELLER: JPMorgan Chase Bank SQUARE FOOTAGE: 766,462
BORROWER: One Post Office Square, L.L.C. LOCATION: Boston, MA
SPONSOR: Equity Office Properties Trust and the YEAR BUILT/RENOVATED: 1981
Prime Property Fund
ORIGINATION DATE: 9/12/2003 OCCUPANCY: 90.9%
INTEREST RATE: 5.3676% OCCUPANCY DATE: 8/7/2003
INTEREST ONLY PERIOD: 24 Months NUMBER OF TENANTS: 23
MATURITY DATE: 10/1/2013 HISTORICAL NOI:
AMORTIZATION TYPE: Interest Only - Balloon 2001: $20,340,518
ORIGINAL AMORTIZATION: 360 2002: $22,825,836
REMAINING AMORTIZATION: 360 2003: $20,138,744 (TTM as of 7/31/2003)
CALL PROTECTION: L(24),Def(91),O(5) UW NOI: $21,122,367
CROSS-COLLATERALIZATION: NAP UW NET CASH FLOW: $19,705,493
LOCK BOX: Cash Management Agreement APPRAISED VALUE: $280,000,000
ADDITIONAL DEBT: Yes APPRAISAL DATE: 8/20/2003
ADDITIONAL DEBT TYPE: Pari Passu and B-Note
LOAN PURPOSE: Refinance
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
(1) Represents the A1 component note in a 3 component note whole loan
structure in the aggregate amount of $175,000,000. The A1 component note is
a Pari Passu with a $60,000,000 A2 component note (not included in the
trust). The $55,000,000 B-Note is subordinate to the A1 component note and
the A2 component note.
- ------------------------------------------------------------------ --------------------------------------------------------------
RESERVES FINANCIAL INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
The One Post Square borrower is obligated to make deposits into certain
reserve accounts upon the net operating income for One Post Office Square
falling below $17,000,000. Additionally, the One Post Office Square
borrower may provide a guaranty from EOP Operating Limited Partnership and
the Equitable Life Assurance Society of the United States, on behalf of its
Separate Account No. 8, also known as the Prime Property Fund, so long as such Whole Loan
entities have a long term debt rating of at least BBB- by Pari Passu (Include the
Standard and Poor's and Baa3 by Moody's. Notes(2) B-Note)(3)
-------------------- -----------------
CUT-OFF DATE
LOAN/SF: $157 $228
CUT-OFF DATE LTV: 42.9% 62.5%
MATURITY DATE LTV: 37.4% 55.1%
UW DSCR: 3.10x 1.62x
- ------------------------------------------------------------------ ----------------------- -------------------- -----------------
(2) Calculated using a loan amount equal to $120,000,000 (the aggregate Pari
Passu Notes balance).
(3) Calculated using a loan amount equal to $175,000,000 (the aggregate whole
loan balance).
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE
MOODY'S/ SQUARE EXPIRATION
TENANT NAME PARENT COMPANY S&P(4) FEET % OF GLA BASE RENT PSF YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
PUTNAM INVESTMENTS Putnam Investments NR/NR 298,589 39.0% $42.94 2009
PRICEWATERHOUSECOOPERS PricewaterhouseCoopers LLP NR/NR 179,105 23.4% $23.01 2005
SULLIVAN & WORCESTER Sullivan & Worcester NR/NR 105,840 13.8% $52.25 2011
- ------------------------------------------------------------------------------------------------------------------------------------
(4) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
15 of 59
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The property is owned by a joint venture controlled by the Prime Property
Fund and Equity Office Properties Trust. The Prime Property Fund, an
open-end commingled insurance company separate account of the Equitable
Life Assurance Society, is a subsidiary of AXA Financial Group. Founded in
1973, the fund was created as a vehicle for pension funds to invest in real
estate. The fund is managed by Lend Lease Real Estate Investments. Equity
Office Properties Trust (NYSE: EOP) is the largest REIT and publicly held
owner of office properties in the nation, with a total capitalization of
approximately $25 billion. Equity Office owns and manages approximately 124
million square feet of primarily Class A office space in 721 buildings in
30 major metropolitan areas across the country.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
One Post Office Square is a 42-story class A office property consisting of
approximately 766,462 square feet and an attached 385-car parking garage.
The property is located in the center of Boston's financial district at the
corner of Milk and Pearl Streets. The building was originally constructed
in 1981 and offers its tenants modern amenities including a three-story
lobby finished in patterned marble walls and columns, 24-hour manned
security desk, a restaurant, an attached 330-room hotel (not part of the
collateral), and a loading dock.
The property is approximately 90.9% leased to over twenty tenants including
Putnam Investments (approximately 298,589 square feet), Pricewaterhouse
Coopers (approximately 179,105 square feet), and Sullivan & Worcester
(approximately 105,840 square feet). The building has a view of Post Office
Square Park, an urban park located directly across the street. The Property
shares its location with the upscale Le Meridien Hotel giving its tenants
additional amenities. The property has highway access and is situated four
blocks from South Station, which houses the Red MBTA subway line, Amtrak
trains, and commuter trains and buses. Express buses from the Western
suburbs also stop directly in front of One Post Office Square.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
The total Boston inventory of office buildings is 66,465,579 square feet.
Approximately 34.6 million, or 52% of this inventory, is located in the
Central Business District. Approximately 14.0 million or 21% is located in
the Back Bay section of Boston. The subject property is situated within the
Central Business District in downtown Boston, located in the approximate
middle of this district within what is known as Post Office Square. This
area is improved primarily with high-rise commercial office buildings but
having some class B/C buildings as well as hotels. The CBD is supported by
major residential development within the Back Bay to the west, the North
End to the north and the South End to the south. In the downtown Boston
market, new construction to be delivered between 2001and 2004, is expected
to total 4,274,000 square feet. Of these buildings, only two would be
directly competitive to One Post Office Square, containing 603,000 square
feet (0% committed) and 1,022,000 square feet (100% committed).
In second quarter 2003, the overall Boston office market reflects a vacancy
rate of 13.1 percent and an "available" rate of 17.1%. The difference
between the two rates is that vacancy is defined as space, which is
immediately available for occupancy, while available is all currently
marketed space. The Class A market within the CBD reported an availability
of 19.7% and an actual vacancy of 12.2%.
The appraiser's survey of competitive office properties in the subject's
area indicated typical rental rates ranged from $38.00 to $60.00 per
rentable square foot per year, gross. A substantial amount of sublease
space has entered the market, totaling 2,132,878 square feet in downtown
Boston. The amount of new sublease space has slowed significantly over the
past several quarters. Further support is borne out by the fact that
sublease space has shown a steady decline from its peak of over 3.0 million
in the first quarter of 2001.
- --------------------------------------------------------------------------------
(1) Certain information from the CB Richard Ellis appraisal dated
August 20, 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 69,703 9.1% NAP NAP 69,703 9.1% NAP NAP
2003 & MTM 4 17,927 2.3 $439,416 1.6% 87,630 11.4% $439,416 1.6%
2004 5 11,990 1.6 669,492 2.5 99,620 13.0% $1,108,908 4.1%
2005 9 184,975 24.1 4,413,036 16.4 284,595 37.1% $5,521,944 20.6%
2006 1 3,313 0.4 175,584 0.7 287,908 37.6% $5,697,528 21.2%
2007 6 14,512 1.9 664,596 2.5 302,420 39.5% $6,362,124 23.7%
2008 2 6,180 0.8 292,284 1.1 308,600 40.3% $6,654,408 24.8%
2009 21 311,466 40.6 13,542,960 50.4 620,066 80.9% $20,197,368 75.2%
2010 0 0 0.0 0 0.0 620,066 80.9% $20,197,368 75.2%
2011 5 105,840 13.8 5,530,140 20.6 725,906 94.7% $25,727,508 95.8%
2012 0 0 0.0 0 0.0 725,906 94.7% $25,727,508 95.8%
AFTER 10 40,556 5.3 1,140,708 4.2 766,462 100.0% $26,868,216 100.0%
- --------------- ----------- ---------- ---------- -------------- ---------- -------------- ------------- ------------- -------------
TOTAL 63 766,462 100.0% $26,868,216 100.0%
- --------------- ----------- ---------- ---------- -------------- ---------- -------------- ------------- ------------- -------------
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- --------------------------------------------------------------------------------
ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
STACKING PLAN
- ------------------------------------------------------------------------------------------------------------------------------------
FLOOR TENANT TYPE SQ FT EXPIRATION DATE
- ------------------------------------------------------------------------------------------------------------------------------------
42,41 Vacant Not Applicable 8,025 Not Applicable
- ------------------------------------------------------------------------------------------------------------------------------------
40 Jefferies Group, Inc. Financial 9,023 2003
- ------------------------------------------------------------------------------------------------------------------------------------
39 ABN Amro Bank, NV Financial 5,870 2005
- ------------------------------------------------------------------------------------------------------------------------------------
39 Vacant Not Applicable 5,312 Not Applicable
- ------------------------------------------------------------------------------------------------------------------------------------
38 Anchor Capital Advisors, Inc. Financial 11,909 2013
- ------------------------------------------------------------------------------------------------------------------------------------
38 Vacant Not Applicable 5,592 Not Applicable
- ------------------------------------------------------------------------------------------------------------------------------------
38 Loch Capital Management Financial 3,313 2006
- ------------------------------------------------------------------------------------------------------------------------------------
37 Needham & Company, Inc. Financial 6,289 2004
- ------------------------------------------------------------------------------------------------------------------------------------
37 McCall & Almy Inc. Real Estate 5,727 2007
- ------------------------------------------------------------------------------------------------------------------------------------
37 Bulkley, Richardson and Gelinas, LLP Law 3,199 2008
- ------------------------------------------------------------------------------------------------------------------------------------
37 Bank of Scotland, Inc. (BoS) Financial 2,981 2008
- ------------------------------------------------------------------------------------------------------------------------------------
37 Griffith Properties Real Estate 930 2004
- ------------------------------------------------------------------------------------------------------------------------------------
36 Schroder & Co. Financial 8,289 2003
- ------------------------------------------------------------------------------------------------------------------------------------
36 Congress Financial Corporation Financial 7,272 2007
- ------------------------------------------------------------------------------------------------------------------------------------
36 Charles Schwab & Company Financial 4,771 2003
- ------------------------------------------------------------------------------------------------------------------------------------
35 Holiday Fenoglio Fowler Financial 9,980 2009
- ------------------------------------------------------------------------------------------------------------------------------------
35 Vacant Not Applicable 9,438 Not Applicable
- ------------------------------------------------------------------------------------------------------------------------------------
34 Jefferies Group, Inc. Financial 19,618 2013
- ------------------------------------------------------------------------------------------------------------------------------------
33 PricewaterhouseCoopers Consulting 23,927 2005
- ------------------------------------------------------------------------------------------------------------------------------------
32 PricewaterhouseCoopers Consulting 22,793 2005
- ------------------------------------------------------------------------------------------------------------------------------------
31 PricewaterhouseCoopers Consulting 22,793 2005
- ------------------------------------------------------------------------------------------------------------------------------------
30 PricewaterhouseCcoopers Consulting 22,764 2005
- ------------------------------------------------------------------------------------------------------------------------------------
29 PricewaterhouseCoopers Consulting 22,017 2005
- ------------------------------------------------------------------------------------------------------------------------------------
28 PricewaterhouseCoopers Consulting 21,872 2005
- ------------------------------------------------------------------------------------------------------------------------------------
27 PricewaterhouseCoopers Consulting 21,877 2005
- ------------------------------------------------------------------------------------------------------------------------------------
26 PricewaterhouseCoopers Consulting 21,062 2005
- ------------------------------------------------------------------------------------------------------------------------------------
25 Sullivan & Worcester Law 21,168 2011
- ------------------------------------------------------------------------------------------------------------------------------------
24 Sullivan & Worcester Law 21,168 2011
- ------------------------------------------------------------------------------------------------------------------------------------
23 Sullivan & Worcester Law 21,168 2011
- ------------------------------------------------------------------------------------------------------------------------------------
22 Sullivan & Worcester Law 21,168 2011
- ------------------------------------------------------------------------------------------------------------------------------------
21 Sullivan & Worcester Law 21,168 2011
- ------------------------------------------------------------------------------------------------------------------------------------
20 Vacant Not Applicable 21,168 Not Applicable
- ------------------------------------------------------------------------------------------------------------------------------------
19 Vacant Not Applicable 21,168 Not Applicable
- ------------------------------------------------------------------------------------------------------------------------------------
18 Putnam Investments Financial 21,730 2009
- ------------------------------------------------------------------------------------------------------------------------------------
17 Putnam Investments Financial 21,168 2009
- ------------------------------------------------------------------------------------------------------------------------------------
16 Putnam Investments Financial 21,168 2009
- ------------------------------------------------------------------------------------------------------------------------------------
15 Putnam Investments Financial 22,024 2009
- ------------------------------------------------------------------------------------------------------------------------------------
14 Putnam Investments Financial 20,427 2009
- ------------------------------------------------------------------------------------------------------------------------------------
13 Putnam Investments Financial 20,464 2009
- ------------------------------------------------------------------------------------------------------------------------------------
12 Putnam Investments Financial 20,969 2009
- ------------------------------------------------------------------------------------------------------------------------------------
11 Putnam Investments Financial 20,442 2009
- ------------------------------------------------------------------------------------------------------------------------------------
10 Putnam Investments Financial 20,442 2009
- ------------------------------------------------------------------------------------------------------------------------------------
9 Putnam Investments Financial 20,844 2009
- ------------------------------------------------------------------------------------------------------------------------------------
8 Putnam Investments Financial 20,317 2009
- ------------------------------------------------------------------------------------------------------------------------------------
7 Putnam Investments Financial 20,065 2009
- ------------------------------------------------------------------------------------------------------------------------------------
6 Putnam Investments Financial 13,537 2009
- ------------------------------------------------------------------------------------------------------------------------------------
5 Putnam Investments Financial 13,988 2009
- ------------------------------------------------------------------------------------------------------------------------------------
4 Putnam Investments Financial 11,809 2009
- ------------------------------------------------------------------------------------------------------------------------------------
3 Putnam Investments Financial 7,795 2009
- ------------------------------------------------------------------------------------------------------------------------------------
2 Putnam Investments Financial 1,400 2009
- ------------------------------------------------------------------------------------------------------------------------------------
2 Oliver Street Associates (Le Meridien Hotel) Hotel 5,400 2046
- ------------------------------------------------------------------------------------------------------------------------------------
2 Oliver Street Associates (Le Meridien Hotel) Hotel 3,629 2046
- ------------------------------------------------------------------------------------------------------------------------------------
1 Adecco North America Recruiters 2,737 2009
- ------------------------------------------------------------------------------------------------------------------------------------
1 Fleet Bank (Automatic Teller Machine) Retail 1,211 2007
- ------------------------------------------------------------------------------------------------------------------------------------
1 Hunter-Southworth, Inc. (the Lobby Shoppe) Retail 313 2003
- ------------------------------------------------------------------------------------------------------------------------------------
1 Sevag Tavitian (Chantal Jewelers) Retail 302 2003
- ------------------------------------------------------------------------------------------------------------------------------------
1 Sarni Cleaners of Greats Retail 302 2007
- ------------------------------------------------------------------------------------------------------------------------------------
1 Rebecca's Cafe (Bewley's) Retail 160 2009
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL SQUARE FEET = 766,462
17 of 59
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- --------------------------------------------------------------------------------
ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING ONE POST OFFICE SQUARE OMITTED]
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- --------------------------------------------------------------------------------
IAC - BOSTON (INTERNATIONAL CARGO PORT)
- --------------------------------------------------------------------------------
[THREE PHOTOS OF IAC INTERNATIONAL CARGO PORT - BOSTON OMITTED]
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- --------------------------------------------------------------------------------
IAC - BOSTON (INTERNATIONAL CARGO PORT)
- --------------------------------------------------------------------------------
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LOAN INFORMATION PROPERTY INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ORIGINAL PRINCIPAL SINGLE
BALANCE: $51,000,000 ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $50,871,090 TITLE: Leasehold
% OF POOL BY IPB: 4.2% PROPERTY TYPE: Office (49.2%)/Industrial (50.8%)
LOAN SELLER: LaSalle Bank National Association SQUARE FOOTAGE: 376,267
BORROWER: International Cargo Port - Boston L.L.C. LOCATION: Boston, MA
SPONSOR: International Airport Centers L.L.C. YEAR BUILT/RENOVATED: 2000
ORIGINATION DATE: 5/20/2003 OCCUPANCY: 88.9%
INTEREST RATE: 6.2270% OCCUPANCY DATE: 7/31/2003
INTEREST ONLY PERIOD: NAP NUMBER OF TENANTS: 28
MATURITY DATE: 6/1/2013 HISTORICAL NOI:
AMORTIZATION TYPE: Balloon 2001: $3,770,195
ORIGINAL AMORTIZATION: 360 2002: $3,676,982
REMAINING AMORTIZATION: 357 2003: $3,550,421 (TTM as of 6/30/2003)
CALL PROTECTION: L(32), Def(82), O(3) UW NOI: $5,378,114
CROSS-COLLATERALIZATION: NAP UW NET CASH FLOW: $5,097,664
LOCK BOX: Springing APPRAISED VALUE: $68,500,000
ADDITIONAL DEBT: Permitted APPRAISAL DATE: 3/5/2003
ADDITIONAL DEBT TYPE: Purchase Money Interest Security
LOAN PURPOSE: Refinance
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
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RESERVES FINANCIAL INFORMATION
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ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF: $135
-------------- ---------------
TI/LC: $0 $20,378 CUT-OFF DATE LTV: 74.3%
CapEx: $0 $3,136 MATURITY DATE LTV: 63.6%
Other: $5,100,000(1) $0 UW DSCR: 1.36x
- ----------------------------------- -------------- --------------- ----------------------- -------------------- -----------------
(1) The IAC - Boston (International Cargo Port) Loan is structured with a
$5,100,000 performance holdback. The borrower has 180 days from closing to
lease the IAC Property to a tenant occupancy level of 91.5% or greater and
to generate sufficient income to support debt service ratio of 1.30x. If
the borrower has not met the 91.5% occupancy requirement after 180 days
from closing, the $5,100,000 performance holdback (or any undistributed
portion thereof) will be used to pay down the outstanding loan balance,
prorated based on the actual income level and occupancy rate at the time of
pay down, and the IAC - Boston (International Cargo Port) Loan will be
re-amortized.
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SIGNIFICANT TENANTS
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LEASE
MOODY'S/ SQUARE BASE RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(2) FEET % OF GLA PSF YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
EGL EAGLE GLOBAL LOGISTICS, LP EGL Eagle Global Logistics, LP NR/NR 60,638 16.1% $10.75 2013
TIGHE WAREHOUSING & DISTRIBUTION, INC. Tighe Warehousing & Distribution, Inc. NR/NR 33,711 9.0% $10.85 2004
WALL USA, INC. Wall USA, Inc. NR/NR 28,395 7.6% $14.99 2011
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(2) Ratings provided are for 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-LN1
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IAC - BOSTON (INTERNATIONAL CARGO PORT)
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SPONSOR
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The sponsor of the IAC International Cargo Port - Boston Loan is
International Airport Centers L.L.C. ("International"). International is
the manager of International Cargo Port - Boston L.L.C., the borrowing
entity, and was formed in 1995 to construct, own and manage a portfolio of
transportation related cargo, warehouse distribution and office properties
at major airports throughout the country. International currently owns and
manages over 4 million square feet of industrial airport centers.
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COLLATERAL
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The IAC property consists of an approximately 376,267 square foot facility
comprised of approximately 185,224 square feet of office space on two
floors, and approximately 191,043 square feet of warehouse space on one
level. The warehouse portion of the IAC property is 99.1% leased to eleven
(11) tenants, which occupy space ranging from approximately 1,393 square
feet to approximately 60,638 square feet. The office portion is 78.3%
leased to twenty-one (21) tenants, which occupy space ranging from
approximately 758 square feet to approximately 27,885 square feet. Included
in the 11 warehouse tenants and the 21 office tenants are 3 tenants that
lease both warehouse and office space. The largest tenants on the IAC
Property are EGL Eagle Global Logistics, LP (approximately 60,638 square
feet), Tighe Warehousing and Distribution, Inc. (approximately 33,711
square feet) and Wall USA, Inc. (approximately 28,395 square feet).
Overall, the occupancy rate for the IAC property is approximately 88.9%.
The IAC property is leased from the Massachusetts Port Authority ("MPA")
pursuant to a ground lease having a 50-year term, which expires on June 30,
2050. The MPA can terminate the ground lease after 10 years upon giving the
borrower 12 months prior notice of such termination. The MPA must also pay
the borrower the greater of (i) the fair market value of the IAC property
or (ii) the amount of debt then encumbering the IAC property together with
any prepayment premium.
The IAC property is managed by International Airport Centers L.L.C.
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MARKET(1)
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The Boston, MA metropolitan area has over 146.1 million square feet of
office space. The Boston CBD consists of 55.25 million of the total square
footage. The subject property is located within the South Boston Waterfront
submarket, which is part of the Boston CBD. The Greater Boston office
market has seen a significant increase in available space between 2001 and
2002 due to the overall decline in the economy. As of 4th quarter 2002, the
South Boston office market reported market vacancy of 12.6% according to
Spaulding & Slye's Greater Boston Office Market. Vacancy including sublet
space was 17.2%. Fourth quarter 2002 are the most recent reports available
(Reis does not cover the subject area and CB Richard Ellis' most recent
report is dated 4th quarter 2002). There are no new projects scheduled for
construction, however there are currently five buildings under construction
totaling approximately 2.4 million square feet. Approximately 45% of the
space under construction has been pre-leased.
The average gross asking rental rate for the Greater Boston office market
was $28.75/SF as of 4th quarter 2002, according to Spaulding & Slye.
Overall, Boston's CBD represents the highest rental rates of the six
submarkets with rental rates ranging from $26.24/SF to $42.20/SF, with an
average of $39.72/SF. The appraiser has determined a rental range of
$23.00/SF to $26.00/SF for the subject property based on its location and
actual leases signed at the subject property.
The Greater Boston industrial market vacancy was 11.8% (16.2% including
sublet space) as of 4th quarter 2002 according to Spaulding and Slye's
Greater Boston Industrial Market. At year end 2001 the vacancy rate was
9.0% for Greater Boston (15.0% including sublet space). According to
Spaulding & Slye, 4th quarter rental rates ranged from approximately
$6.50/SF to approximately $14.00/SF net. According to a survey completed by
International, within the Logan International Airport industrial market,
total off airport industrial space is approximately 3.9 million square
feet, with 43% of that space being air cargo space. Total vacancy for the
off airport space is 7.1% with all of the vacancy being Class C property.
The rental rates range from $8.00/SF to $16.00/SF for this space.
The on-airport industrial space is 466,934 square feet. There was no
available on-airport space at the time of the survey. Rental rates are
generally higher for on-airport space as the access to the cargo terminals
is more direct. The appraiser concluded that rental rates for air cargo
facilities are less susceptible to depreciating rent levels as a result of
demand for the space as companies are being forced to meet tighter delivery
schedules in a global economy. Due to the quality and location of the
subject, the appraiser determined a market range for the subject property
of $12.49/SF to $16.35/SF on a net basis.
- --------------------------------------------------------------------------------
(1) Certain information from the Real Estate Research Corporation appraisal
dated March 5, 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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LEASE ROLLOVER SCHEDULE
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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 41,762 11.1% NAP NAP 41,762 11.10% NAP NAP
2003 & MTM 1 7,497 2.0 $192,744 3.2% 49,259 13.09% $192,744 3.19%
2004 4 48,987 13.0 561,276 9.3 98,246 26.11% $754,020 12.49%
2005 5 37,420 10.0 944,808 15.7 135,666 36.06% $1,698,828 28.15%
2006 3 13,494 3.6 210,528 3.5 149,160 39.64% $1,909,356 31.64%
2007 2 15,293 4.1 294,072 4.9 164,453 43.71% $2,203,428 36.51%
2008 2 20,621 5.5 251,994 4.9 185,074 49.19% $2,455,422 40.68%
2009 2 9,207 2.5 193,968 3.2 194,281 51.63% $2,649,390 43.90%
2010 4 60,927 16.2 1,797,906 29.8 255,208 67.83% $4,447,296 73.68%
2011 3 33,065 8.8 531,758 8.8 288,273 76.61% $4,979,054 82.50%
2012 1 8,102 2.2 50,232 0.8 296,375 78.77% $5,029,287 83.33%
AFTER 2 79,892 21.2 1,006,279 16.7 376,267 100.00% $6,035,566 100.00%
- --------------- ----------- ----------- ---------- ------------- ----------- -------------- -------------- ----------- -------------
TOTAL 29 376,267 100.0% $6,035,566 100.0%
- --------------- ----------- ----------- ---------- ------------- ----------- -------------- -------------- ----------- -------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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IAC - BOSTON (INTERNATIONAL CARGO PORT)
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[MAP OF AREA SURROUNDING IAC INTERNATIONAL CARGO PORT - BOSTON OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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SHERATON INNER HARBOR HOTEL
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[THREE PHOTOS OF SHERATON INNER HARBOR HOTEL OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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SHERATON INNER HARBOR HOTEL
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LOAN INFORMATION PROPERTY INFORMATION
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ORIGINAL PRINCIPAL BALANCE: $36,000,000 SINGLE
ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $36,000,000 TITLE: Fee
% OF POOL BY IPB: 3.0% PROPERTY TYPE: Full Service Hotel
LOAN SELLER: JPMorgan Chase Bank ROOMS: 337
BORROWER: Lot 10A, Inc. LOCATION: Baltimore, MD
SPONSOR: Willard B. Hackerman YEAR BUILT/RENOVATED: 1985/2001
ORIGINATION DATE: 9/17/2003 OCCUPANCY: 71.0%
INTEREST RATE: 6.1500% OCCUPANCY DATE: 7/31/2003
INTEREST ONLY PERIOD: NAP HISTORICAL NOI:
MATURITY DATE: 9/1/2013 2001: $7,145,502
AMORTIZATION TYPE: Balloon 2002: $5,717,038
ORIGINAL AMORTIZATION: 300 2003: $5,837,275 (TTM as of 7/31/2003)
REMAINING AMORTIZATION: 300 UW NOI: $5,997,921
CALL PROTECTION: L(24),Def(92),O(4) UW NET CASH FLOW: $5,204,432
CROSS-COLLATERALIZATION: NAP APPRAISED VALUE: $57,000,000
LOCK BOX: Cash Management Agreement APPRAISAL DATE: 7/1/2003
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- ----------------------------------- ---------------------------------- ----------------------- ----------------------------------
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RESERVES FINANCIAL INFORMATION
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ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/ROOM: $106,825
---------------- -----------------
Taxes: $0 $84,628 CUT-OFF DATE LTV: 63.2%
Insurance: $0 $155,000 MATURITY LTV: 49.2%
CapEx (FF&E): $0 $66,124 UW DSCR: 1.84x
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HISTORICAL OPERATING DATA
1998 1999 2000 2001 2002 TTM (7/31/03) UW
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Average Daily Rate (ADR).... $136.94 $146.62 $149.15 $149.39 $143.08 $144.92 $146.53
Occupancy %................. 73.2% 75.6% 79.4% 73.4% 73.0% 71.0% 72.0%
RevPar...................... $98.53 $106.32 $118.42 $109.60 $104.48 $102.89 $105.50
- ------------------------------- -------------- -------------- -------------- ------------- ------------- -------------- ------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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SHERATON INNER HARBOR HOTEL
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SPONSOR
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Mr. Willard Hackerman is the President and CEO of Whiting Turner Construction
Company. Whiting Turner has completed many notable projects including Raven
Stadium in downtown Baltimore. Mr. Hackerman has owned this asset since its
construction and has considerable investment in the property.
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COLLATERAL
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Opened in 1985, the Sheraton Inner Harbor is located in Baltimore's inner
harbor and connected to the Baltimore convention center. The Sheraton Inner
Harbor Hotel features first-class amenities and services, and 337
guestrooms that offer views of the city and harbor. The Sheraton is one of
eight full service hotels serving the Inner Harbor/CBD market. The hotel
serves both businesses and tourists; it is convenient to all the Inner
Harbor attractions including the central business district, the convention
center and both professional sports stadiums (Camden Yards and Ravens
Stadium). The hotel features an array of banquet and meeting rooms, a hotel
restaurant serving breakfast and lunch, a swimming pool, fitness center,
lobby shop, and guest laundry services. The hotel bar is called the Orioles
Grill and the Sheraton is the official hotel of the Baltimore Orioles. A
major addition to the hotel was the opening of a Morton's Restaurant at the
property. The hotel underwent a $3 million room renovation during 2001.
The borrower and the manager of the hotel have been involved in a dispute since
1985 over the amount of incentive fees owed to the manager. The manager claims
approximately $3.92 million in incentive fees and seeks to recover additional
incentive fees through December 2005, the expiration date of the management
agreement. The borrower delivered two letters of credit to the lender in
connection with this dispute: the first is in the amount of $5 million and may
be drawn on to recover any amounts not paid to the lender by the borrower that
result in a monetary event of default under the loan; the second is in the
amount of $2.8 million (approximately the annual debt service required under the
loan) and may be drawn on if the manager terminates the management agreement or
fails to renew and the borrower fails to pay the lender any amount that results
in a monetary event of default under the loan during the one-year period
following such termination or non-renewal. Both letters of credit are subject to
reduction or release under certain specified circumstances, including the
resolution of the dispute and obtaining a successor manager.
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MARKET(1)
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The subject property is located in the City of Baltimore in the State of
Maryland. Baltimore is situated in the approximate center of Maryland, near
the Chesapeake Bay, approximately 45 miles northeast of Washington, D.C.
(from city center to city center). The subject property's primary market
area is best defined as the City of Baltimore, which covers an
approximately 49,183-acre total land area. Baltimore is part of the
Baltimore, MD Metropolitan Statistical Area (MSA). The Baltimore, MD MSA
encompasses six counties, including Anne Arundel, Baltimore (County),
Carroll, Harford, Howard and Queen Annes, as well as the City of Baltimore.
Baltimore is Maryland's largest city, and the largest metropolitan area in
the state. The city is the 12th largest in the nation. According to Woods &
Poole Economics, Inc., Baltimore had approximately 642,000 residents in
2002.
The Baltimore/Washington MSA is the fourth-largest consumer market in the
nation. Because Baltimore's cost of living index is below the national
average, the city has become an increasingly desirable business location.
The City of Baltimore was the business, financial, professional,
transportation, and cultural center of Maryland until the recession in the
early 1990s. An average of 453,300 people worked in Baltimore in the third
quarter of 1988, according to figures from the State Department of Labor,
Licensing and Regulation. At the end of 1997, that number had fallen by 16
percent, to 381,900. In recent years, downtown Baltimore has undergone an
extensive revitalization program. The $223 million spent on the new Ravens
football stadium at Camden Yards is the largest public investment ever made
in the downtown area. Further projects included Oriole at Camden Yards, the
Power Plant, the Gallery at Harborplace, Port Discovery, the National
Aquarium, the Maryland Science Center, the Columbus Center of Marine
Research, and the Maritime Museum. Although exact statistics regarding the
number of workers in the downtown core are not tracked by any agency, the
Downtown Partnership of Baltimore, an economic development organization,
estimates that about 100,000 people work there today. The tourism and
hospitality sector is most vibrant in downtown Baltimore, employing
approximately 16,000 workers. The arrival of themed restaurants in 1997 and
1998 - including Planet Hollywood, the Hard Rock Cafe and the ESPN Zone -
have expanded the Inner Harbor district. Baltimore's significant investment
in leisure attractions has positively affected other areas in the county.
- --------------------------------------------------------------------------------
(1) Certain information from the Hospitality Valuation Services appraisal
dated July 15, 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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SHERATON INNER HARBOR HOTEL
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[MAP OF AREA SURROUNDING SHERATON INNER HARBOR HOTEL OMITTED]
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SHERATON INNER HARBOR HOTEL
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[AERIAL PHOTO OF SHERATON INNER HARBOR HOTEL OMITTED]
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TINDECO WHARF
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[FOUR PHOTOS OF TINDECO WHARF OMITTED]
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TINDECO WHARF
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LOAN INFORMATION PROPERTY INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ORIGINAL PRINCIPAL SINGLE
BALANCE: $34,000,000 ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $33,952,685 TITLE: Fee
% OF POOL BY IPB: 2.8% PROPERTY TYPE: Multifamily
LOAN SELLER: JPMorgan Chase Bank UNITS: 240
BORROWER: Tindeco Wharf Partnership LOCATION: Baltimore, MD
SPONSOR: Adam Kauffman, Betsy Cohen and Edward YEAR BUILT/RENOVATED: 1914/1985
ORIGINATION DATE: 7/31/2003 OCCUPANCY: 95.4%
INTEREST RATE: 5.5500% OCCUPANCY DATE: 7/1/2003
INTEREST ONLY PERIOD: NAP HISTORICAL NOI:
MATURITY DATE: 8/1/2013 2001: $3,198,134
AMORTIZATION TYPE: Balloon 2002: $3,443,343
ORIGINAL AMORTIZATION: 300 UW NOI: $3,242,453
REMAINING AMORTIZATION: 299 UW NET CASH FLOW: $3,112,853
CALL PROTECTION: L(24),Def(91),O(4) APPRAISED VALUE: $42,900,000
CROSS-COLLATERALIZATION: NAP APPRAISAL DATE: 5/7/2003
LOCK BOX: Cash Management Agreement
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
- ------------------------------------------------------------------ --------------------------------------------------------------
RESERVES FINANCIAL INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF $141,470
-------------- ---------------
Taxes: $87,569 $43,784 CUT-OFF DATE LTV: 79.1%
Insurance: $108,219 $10,822 MATURITY DATE LTV: 60.4%
CapEx: $0 $10,750 UW DSCR: 1.24x
- ----------------------------------- -------------- --------------- ----------------------- --------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY INFORMATION
- ------------------------------------------------------------------------------------------------------------------------------------
APPROXIMATE
AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE MONTHLY AVERAGE MONTHLY
UNIT MIX NO. OF UNITS SQUARE FEET SF UNITS ASKING RENT MARKET RENT (1)
- ------------------------------------------------------------------------------------------------------------------------------------
STUDIO 116 1,079 125,164 48.3% $1,376 $1,389
ONE BEDROOM 39 1,379 53,781 16.3% $1,625 $1,653
TWO BEDROOM 67 1,327 88,909 27.9% $1,574 $1,584
THREE BEDROOM 18 1,397 25,146 7.5% $2,076 $2,078
- ---------------------------------- --------------- --------------- --------------- ------------ ------------------ -----------------
(1) Based on information from the appraisal dated May 7, 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-LN1
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TINDECO WHARF
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SPONSOR
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Our sponsor is Adam Kauffman who was one of the founders of Brandywine
Construction & Management Inc. over 20 years ago. Other Borrower principals
include Betsy and Edward Cohen. Betsy Cohen was a founder of the Jefferson
Bank NJ, which has 31 branches in the Philadelphia region. Betsy Cohen also
serves on several Boards of Directors, including Bryn Mawr College,
Aetna/USHealthcare and the Board of Community Banks for the Federal Reserve
Bank of Philadelphia. Betsy Cohen has served as the Chairman, Chief
Executive Officer and trustee of RAIT Reit (NYSE: RAS) since its founding
in August 1997. RAIT Investment Trust (NYSE:RAS) is a finance company
focused on the mid-sized commercial real estate industry. RAIT provides
structured financing to private and corporate owners of real estate,
including senior and junior mortgage debt and mezzanine lending, and
acquires real estate for its own account.
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COLLATERAL
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Originally built in 1914, the property was home to the Tin Decorating
Company as a light manufacturing and warehouse facility. Located on the
Inner Harbor of Baltimore, Maryland, the property has unobstructed
water-front views as well as a small marina providing individual boat
slips. In 1985, the subject property was purchased and fully renovated into
a Class B apartment building. In addition to the 240 apartment units, the
property has 40,005 square feet of commercial space, a 215-space
income-producing parking garage, health club, onsite restaurant and the
afore-mentioned boat slips. The main building is five stories high and
features a central open courtyard, while the smaller building houses gym
facilities.
---------------------------------------------------------------------------
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MARKET(1)
---------------------------------------------------------------------------
The property is located at the southwest corner of the intersection of
Boston Street and Linwood Avenue in the Canton section of Baltimore.
Located roughly 2 miles due east of the CBD, the area is rapidly growing in
popularity as an upscale urban neighborhood with young professionals as
well as with nearby Johns Hopkins students. Primary access to the area is
via the O'Donnell exit of Interstate-95, less than 1.5 miles east of the
site. Boston Street connects Canton to Fells Point and is considered the
primary arterial where various retailers are located, including a
Safeway-anchored shopping center less than 1 mile away. Canton is also
accessible by local City bus service as well as Inner Harbor water taxis.
The neighborhood's property warehouse properties have repeatedly been
redeveloped into loft apartment or office buildings that have gained
popularity with young professionals and high-growth corporate users.
Baltimore City apartment supply totaled more than 127,000 units at year end
2002, with only approximately 7,000 units (5.5%) added since 1995. This
controlled growth has supported the strength of the submarket vacancy rate,
which has not exceeded 5% since 1994.
The appraiser concluded the average market rents for: a studio unit was
$1,389, a 1-bedroom unit was $1,653, a 2-bedroom unit was $1,584, and a
3-bedroom unit was $2,078.
---------------------------------------------------------------------------
(1) Certain information from the Integra Realty Resources appraisal dated
May 7, 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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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
TINDECO WHARF
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING TINDECO WHARF OMITTED]
33 of 59
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
CHASEWOOD OFFICE PORTFOLIO
- --------------------------------------------------------------------------------
[THREE PHOTOS OF CHASEWOOD OFFICE PORTFOLIO OMITTED]
34 of 59
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
CHASEWOOD OFFICE PORTFOLIO
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------ --------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ORIGINAL PRINCIPAL SINGLE
BALANCE: $26,000,000 ASSET/PORTFOLIO: Portfolio
CUT-OFF PRINCIPAL BALANCE: $26,000,000 TITLE: Fee
% OF POOL BY IPB: 2.2% PROPERTY TYPE: Office
LOAN SELLER: JPMorgan Chase Bank SQUARE FOOTAGE: 250,778
BORROWER: CTP Office, Ltd. LOCATION: Houston, TX
SPONSOR: CTP Office GP, Inc. YEAR BUILT/RENOVATED: 1985/2001 & 1999
ORIGINATION DATE: 8/5/2003 OCCUPANCY: 93.3%
INTEREST RATE: 5.0000% OCCUPANCY DATE: 5/31/2003
INTEREST ONLY PERIOD: NAP NUMBER OF TENANTS: 47
MATURITY DATE: 9/1/2013 HISTORICAL NOI:
AMORTIZATION TYPE: Balloon 2001: $2,940,721
ORIGINAL AMORTIZATION: 360 2002: $3,251,464
REMAINING AMORTIZATION: 360 2003: $3,198,548 (TTM as of 5/31/2003)
CALL PROTECTION: L(24),Def(92),O(4) UW NOI: $2,968,045
CROSS-COLLATERALIZATION: NAP UW NET CASH FLOW: $2,672,960
LOCK BOX: NAP APPRAISED VALUE: $32,500,000
ADDITIONAL DEBT: NAP APPRAISAL DATE: 6/18/2003
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
- ------------------------------------------------------------------ --------------------------------------------------------------
RESERVES FINANCIAL INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF: $104
-------------- ---------------
Taxes: $405,569 $40,557 CUT-OFF DATE LTV: 80.0%
Insurance: $30,310 $7,578 MATURITY DATE LTV: 65.8%
TI/LC: $0 $22,988 UW DSCR: 1.60x
CapEx: $0 $3,135
- ----------------------------------- -------------- --------------- ----------------------- -------------------- -----------------
- ------------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
- ------------------------------------------------------------------------------------------------------------------------------------
YEAR
BUILT/ SQUARE # OF APPRAISED
PROPERTY NAME BORROWER LOCATION RENOVATED FEET OCC. TOP TENANTS TENANTS VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TWO CHASEWOOD CTP Office, Ltd. Houston, TX 1985/2001 153,226 90.0% RPSI, Inc., Severn Trent 26 $17,500,000
Systems,
THREE CHASEWOOD CTP Office, Ltd. Houston, TX 1999 97,552 98.0% Factory Mutual Insurance 21 $15,000,000
Company, Burr Computer
Environments, Intel
Americas, Inc.
------------ ---------- ------ -------------------------- --------- --------------
Total/WA 250,778 93.3% 47 $32,500,000
- -------------------- --------------- ------------ ------------ ---------- ------ -------------------------- --------- --------------
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
- ------------------------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE LEASE
TENANT NAME PARENT COMPANY S&P(2) FEET % OF GLA BASE RENT PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
RPSI, INC. Retriever Payment Systems NR/NR 58,183 23.2% $19.95 2011
SEVERN TRENT SYSTEMS Severn Trent plc A3/A 25,878 10.3% $11.25 2004
FACTORY MUTUAL INSURANCE COMPANY Factory Mutual Insurance Company NR/BBB 11,303 4.5% $22.25 2005
BURR COMPUTER ENVIRONMENTS Burr Computer Environments NR/NR 9,113 3.6% $22.75 2005
INTEL AMERICAS, INC. Intel Corporation (NSDQ: INTC) A1/A+ 7,977 3.2% $22.50 2005
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Ratings provided are for 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-LN1
---------------------------------------------------------------------------
CHASEWOOD OFFICE PORTFOLIO
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SPONSOR
---------------------------------------------------------------------------
Borrowing entity is CTP Office, Ltd, a TX LP, the sole GP of which is CTP
Office GP, LLC and the sole LP of which is GenCap Office Fund I, Ltd. (GOF
I). GOF I is a private equity office fund sponsored by GenCap Partners, LP
and will ultimately hold $400-$500 million in office assets throughout the
US. The majority partner of GOF I is Stichting Pensioenfonds Stork ("SPS").
SPS is a corporate pension fund that was established in 1954 and based in
the Netherlands for the benefit of Stork NV. SPS has investments of $4.5
billion Guilders ($2.3 billion US) of which 6% is in real estate holdings.
Stork NV makes industrial machines and provides services relating to those
machines, such as print systems, package systems for food and beverages,
pump systems, pipeline systems, air conditioning systems and petroleum
refinery systems.
GenCap Partners, L.P. (GenCap) is the asset management and lending division
of Genesis Capital Advisors, LLC, a real estate investment advisor based in
Dallas. GenCap has invested in the development of 2,807 apartment units and
acquired or developed over 840,000 square feet of office properties in the
Southeast and Southwestern United States since January 1998.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
COLLATERAL
---------------------------------------------------------------------------
Chasewood Office Portfolio is comprised of a 153,226 square feet class
A-/B+ office building and a 97,552 square feet class A-/B+ office building,
totaling 250,778 square feet, built in 1985 & 1999. The two office
buildings are part of a master planned office park, Chasewood Technology
Park. Two Chasewood is an 8-story 153,226 square feet office Class A-/B+
office building constructed in 1985 on a 3.12-acre site. Three Chasewood is
a 4-story 97,552 square feet Class A-/B+ office building constructed in
1999 on a 1.67-acre site by the borrower. The buildings share a five-level
parking garage and has 628 parking spaces and 129 surface spaces. The
buildings are located in the Northwest section of Houston in the FM 1960
corridor and directly adjacent to the Hewlett Packard headquarters.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MARKET(1)
---------------------------------------------------------------------------
Houston is the nation's fourth most populous city, and the largest in the
south and southwest. The neighborhood is located in northwest Houston and
may be defined as being bound by either side of SH 249 between North Sam
Houston Parkway (Beltway 8) and Spring-Cypress Road. More specifically, the
property is located at the southwest corner of SH 249 and Chasewood Park
Drive. Most of the development around the site is concentrated along the SH
249 and FM 1960 corridors. These two thoroughfares serve as primary
intersections within the neighborhood. The intersection of SH 249 and FM
1960 is home to Willowbrook Mall. Compaq's world headquarters is located
just west of the subject property. Access to the subject property recently
improved with the completion of the SH 249 widening. This roadway was
widened from a four-lane road to a six-lane thoroughfare.
The average occupancy rate for the subject submarket of 87.6% is higher
than that of the overall Houston area market of 84.6%. The average rental
rate for the submarket ($16.36) is slightly less as compared to that of the
overall Houston area market ($17.89). Absorption for 2002 has been negative
for the overall market area and positive for the sub-market. The average
occupancy rate for the Class B properties within the sub-market is
approximately 88% and approximately 95% for Class A properties. The subject
property is considered to be a Class A-/B+ property.
---------------------------------------------------------------------------
(1) Certain information from the CB Richard Ellis, Inc. appraisal dated
June 18, 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 16,741 6.7% NAP NAP 16,741 6.7% NAP NAP
2003 & MTM 6 12,046 4.8 $268,127 5.6% 28,787 11.5% $268,127 5.6%
2004 16 66,937 26.7 1,232,571 25.5 95,724 38.2% $1,500,698 31.1%
2005 17 64,638 25.8 1,453,088 30.1 160,362 63.9% $2,953,786 61.2%
2006 4 12,453 5.0 283,488 5.9 172,815 68.9% $3,237,274 67.1%
2007 3 4,960 2.0 90,468 1.9 177,775 70.9% $3,327,742 68.9%
2008 4 7,818 3.1 174,000 3.6 185,593 74.0% $3,501,742 72.5%
2009 1 7,002 2.8 164,547 3.4 192,595 76.8% $3,666,289 76.0%
2010 0 0 0.0 0 0.0 192,595 76.8% $3,666,289 76.0%
2011 11 58,183 23.2 1,160,684 24.0 250,778 100.0% $4,826,973 100.0%
2012 0 0 0.0 0 0.0 250,778 100.0% $4,826,973 100.0%
AFTER 0 0 0.0 0 0.0 250,778 100.0% $4,826,973 100.0%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 62 250,778 100.0% $4,826,973 100.0%
-----------------------------------------------------------------------------------------------------------------------------------
36 of 59
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
CHASEWOOD OFFICE PORTFOLIO
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING CHASEWOOD OFFICE PORTFOLIO OMITTED]
37 of 59
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
TOWER PLACE 200
- --------------------------------------------------------------------------------
[TWO PHOTOS OF TOWER PLACE 200 OMITTED]
38 of 59
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
TOWER PLACE 200
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------ --------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ORIGINAL PRINCIPAL $25,625,000 SINGLE
BALANCE: ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $24,431,497 TITLE: Fee
% OF POOL BY IPB: 2.0% PROPERTY TYPE: Office
LOAN SELLER: NCCI SQUARE FOOTAGE: 259,096
BORROWER: OP&F Tower Inc. LOCATION: Atlanta, GA
SPONSOR: Ohio Police & Fire Pension Fund YEAR BUILT/RENOVATED: 1998
ORIGINATION DATE: 12/22/2000 OCCUPANCY: 97.0% (80.5% Physical Occupancy)
INTEREST RATE: 8.050% OCCUPANCY DATE: 6/30/2003
INTEREST ONLY PERIOD: NAP NUMBER OF TENANTS: 24
MATURITY DATE: 7/1/2009 HISTORICAL NOI:
AMORTIZATION TYPE: Balloon 2001: NAP
ORIGINAL AMORTIZATION: 271 2002: $5,326,793
REMAINING AMORTIZATION: 239 2003: $5,269,284 (TTM as of 6/30/2003)
CALL PROTECTION: L(0),Gtr1% or YM(67),O(3) UW NOI: $4,220,471
CROSS-COLLATERALIZATION: NAP UW NET CASH FLOW: $3,713,111
LOCK BOX: NAP APPRAISED VALUE: $53,500,000
ADDITIONAL DEBT: Permitted APPRAISAL DATE: 7/8/2003
ADDITIONAL DEBT TYPE: Secondary financing secured by
LOAN PURPOSE: Refinance
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
- ------------------------------------------------------------------ --------------------------------------------------------------
RESERVES FINANCIAL INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF: $94
-------------- ---------------
Taxes: $0 $58,750 CUT-OFF DATE LTV: 45.7%
MATURITY DATE LTV: 38.8%
UW DSCR: 1.51x
- ----------------------------------- -------------- --------------- ----------------------- -------------------- -----------------
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
- ------------------------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET % OF GLA BASE RENT PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
SIEBEL SYSTEMS, INC.(2) Siebel Systems, Inc. NR/BB 42,650 16.5% $25.00 2009
PALMER & CAY HOLDINGS Palmer & Cay Holdings NR/NR 28,927 11.2% $27.87 2009
RETEK, INC. Retek, Inc. NR/NR 28,265 10.9% $28.42 2005
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(2) Tenant is not currently in occupancy but is contractually obligated to
meet all the rent provisions of their lease. The tenant is current on all
payments.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
TOWER PLACE 200
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SPONSOR
- --------------------------------------------------------------------------------
The Tower Place 200 borrowing entity is OP&F Tower Inc. a Delaware
corporation, wholly owned by The Ohio Police and Fire Pension Fund. The
Fund reported holdings of approximately $9.9 billion in net assets and the
fund contributed over $25,000,000 in equity to this transaction.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL
- --------------------------------------------------------------------------------
The Tower Place 200 is a thirteen (13) story, Class "A" office building is
located in Atlanta, GA in the Buckhead submarket. The Tower Place 200 site
is a rectangular shaped parcel situated in the eastern portion of the Tower
Place development and is delineated by Tower Place Drive to the north and
the east and a 6-story parking garage to the south. The Wyndham Garden
Hotel borders Tower Place 200 to the west. The property is zoned PD-OC or
Planned Development-Office Commercial district. The Tower Place 200 site
contains 255,769 net rentable square feet of office space and 3,327 net
rentable square feet of retail space. In addition to the 13-story office
building, collateral for this loan includes an accompanying 6-story,
676-car capacity parking garage. The building has readily available access
to two Metropolitan Atlanta Rapid Transit Authority stations and two
Interstate Highways provide access to downtown Atlanta. One of the
property's key attributes is its central location and ease of accessibility
from every direction. Tower Place 200 is situated near numerous retail
malls, hotels and restaurants, and Hartsfield International Airport is
approximately fifteen (15) miles from the building. The building design
allows for retail and office visibility and frontage. The parking garage is
located on a square shaped parcel adjacent to Tower Place 200. The property
is 97% leased to twenty-four (24) tenants. The lease expiration schedule is
staggered with the effect that the majority of the larger leases are in
effect through 2008.
The loan on Tower Place 200 was acquired by Nomura. The loan was originated on
behalf of Teachers Insurance and Annuity Association of America ("TIAA") in
December 2000. Subsequently TIAA acquired an interest in Lowe Enterprises who is
acting as an advisor to the Borrower (Ohio Police and Fire Pension Funds). As a
result of this potential conflict resulting from TIAA's position as a lender and
an advisor to the Borrower, TIAA determined that they needed to sell the loan.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET(1)
- --------------------------------------------------------------------------------
The Buckhead submarket consists of 13,844,400 rentable square feet of
office space in 94 multi-tenant buildings (15,000 square feet or greater),
which is approximately 9% of the Metro Atlanta Office market's GLA. Growth
was suspended in this market after third quarter 2001. A further reflection
of this change of pace can be seen in the fact that there have been no
deliveries of new product over six consecutive quarters. Buckhead has
historically maintained a significantly lower vacancy rate than the overall
Metro Atlanta market. The increased pressure on rents and occupancy are
causing this market to reverse historical trends. However, as the business
community sheds more space, absorption rates should stabilize as new
deliveries are being held off and the economy begins to reverse negative
trends. Development in Buckhead has leveled off since FY 1998, which
recorded the delivery of approximately 1.1 million square feet of new
product. As of first quarter 2003, there has been no delivery of new space
into the submarket. Additionally, there is currently no new space under
construction.
- --------------------------------------------------------------------------------
(1) Certain information from the Landauer Realty Group, Inc. appraisal dated
July 8, 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 7,764 3.0% NAP NAP 7,764 3.0% NAP NAP
2003 & MTM 1 6,343 2.4 $171,647 2.5% 14,107 5.4% $171,647 2.5%
2004 9 50,157 19.4 1,448,406 21.1 64,264 24.8% $1,620,053 23.6%
2005 6 48,775 18.8 1,388,090 20.2 113,039 43.6% $3,008,144 43.9%
2006 2 13,246 5.1 390,896 5.7 126,285 48.7% $3,399,040 49.6%
2007 1 23,300 9.0 630,517 9.2 149,585 57.7% $4,029,557 58.7%
2008 3 11,865 4.6 315,108 4.6 161,450 62.3% $4,344,665 63.3%
2009 5 94,877 36.6 2,515,307 36.7 256,327 98.9% $6,859,972 100.0%
2010 1 2,769 1.1 0 0.0 259,096 100.0% $6,859,972 100.0%
2011 0 0 0.0 0 0.0 259,096 100.0% $6,859,972 100.0%
2012 0 0 0.0 0 0.0 259,096 100.0% $6,859,972 100.0%
AFTER 0 0 0.0 0 0.0 259,096 100.0% $6,859,972 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 28 259,096 100.0% $6,859,972 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
40 of 59
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
TOWER PLACE 200
- --------------------------------------------------------------------------------
[MAP OF AREA SURROUNDING TOWER PLACE 200 OMITTED]
41 of 59
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
LILLIAN VERNON CORPORATION
- --------------------------------------------------------------------------------
[THREE PHOTOS OF LILLIAN VERNON CORPORATION OMITTED]
42 of 59
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
- --------------------------------------------------------------------------------
LILLIAN VERNON CORPORATION
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------ --------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ORIGINAL PRINCIPAL SINGLE
BALANCE: $24,000,000 ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $24,000,000 TITLE: Fee
% OF POOL BY IPB: 2.0% PROPERTY TYPE: Industrial
LOAN SELLER: JPMorgan Chase Bank SQUARE FOOTAGE: 827,000
BORROWER: GIFT (VA) LLC LOCATION: Virginia Beach, VA
SPONSOR: Corporate Property Associates 15 YEAR BUILT/RENOVATED: 1987
ORIGINATION DATE: 8/20/2003 OCCUPANCY: 100.0%
INTEREST RATE: 6.2700% OCCUPANCY DATE: 8/20/2003
INTEREST ONLY PERIOD: NAP NUMBER OF TENANTS: 1
MATURITY DATE: 9/1/2023 HISTORICAL NOI:
AMORTIZATION TYPE: Fully 2001: NAP(1)
ORIGINAL AMORTIZATION: 240 2002: NAP(1)
REMAINING AMORTIZATION: 240 2003: NAP(1)
CALL PROTECTION: L(24),Def(209),O(7) UW NOI: $3,358,574
CROSS-COLLATERALIZATION: NAP UW NET CASH FLOW: $3,192,347
LOCK BOX: Hard APPRAISED VALUE: $37,400,000
ADDITIONAL DEBT: NAP APPRAISAL DATE: 7/24/2003
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
(1) Lillian Vernon Corporation was the owner/occupant of the property prior
to the sale leaseback to the borrowing entity. Lillian Vernon never
completed a budget or tracked building operating expenses outside of normal
operations which is the reason for the lack of historical NOI.
- ------------------------------------------------------------------ --------------------------------------------------------------
RESERVES FINANCIAL INFORMATION
- ------------------------------------------------------------------ --------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF: $29
-------------- ---------------
Taxes: $72,648 $0 CUT-OFF DATE LTV: 64.2%
Insurance: $117,975 $0 MATURITY DATE LTV: 1.7%
CapEx: $200,000 $15,974 UW DSCR: 1.51x
Other: $2,108,432(2) $0
- ----------------------------------- -------------- --------------- ----------------------- -------------------- -----------------
(2) Represents a Debt Service reserve, equal to 1 year's debt service. The
reserve will be held for at least 5 years. If Lillian Vernon does not
achieve positive cash flow in years four and five of the loan, the reserve
term may be extended until they achieve two consecutive years of positive
cash flow. In addition, a cash flow sweep will occur if Lillian Vernon
files for bankruptcy or if they "Go Dark" and cease operations. The Cash
Flow sweep will remain in place until the lease has been affirmed and
Lillian Vernon has emerged from bankruptcy or a satisfactory sub-tenant has
opened for business.
- ------------------------------------------------------------------------------------------------------------------------------------
SINGLE TENANT
- ------------------------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE LEASE
TENANT NAME PARENT COMPANY S&P(3) FEET % OF GLA BASE RENT PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
LILLIAN VERNON CORPORATION(4) Ripplewood Holdings L.L.C. NR/NR 827,000 100% $4.65 (NNN) 2023
- -------------------------------- ---------------------------- ------------- ----------- ----------- ---------------- ---------------
(3) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(4) On July 2, 2003, Lillian Vernon Corporation was acquired by a private equity
fund managed by Ripplewood Holdings L.L.C. Under the terms of the merger,
stockholders of Lillian Vernon Corporation received $7.25 in cash for each
share.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
---------------------------------------------------------------------------
LILLIAN VERNON CORPORATION
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SPONSOR
---------------------------------------------------------------------------
The property is owned by an SPE controlled by Corporate Property Associates
15 Incorporated ("CPA(R):15"). Formed in November 2001, Corporate Property
Associates 15 Incorporated (CPA(R):15) is the fourteenth in a series of
funds created and managed by W. P. Carey & Co. LLC (NYSE:WPC). CPA(R):15 is
a publicly held non-traded real estate investment trusts (REIT) that
purchases single-tenant corporate properties and leases them back to the
original tenant. Founded in 1973, W. P. Carey currently owns and/or manages
550 commercial and industrial facilities throughout the United States and
Europe, comprising more than 75 million square feet of space.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
COLLATERAL
---------------------------------------------------------------------------
The subject property is a single 1- and 2-story warehouse/distribution
center completed in 1987 with subsequent additions added in 1992 and 1996.
The building contains a total of 827,000 square feet with approximately
85,000 square feet of office and call center space constructed on a
mezzanine level in the northwest section of the building. In addition,
there is a company cafeteria with adjoining outdoor area and locker room
space. The subject is in good condition and could be subdivided for
multi-tenant use. It is situated on 61.2 acres and has 1,900 parking
spaces. The clear ceiling heights range from 30 feet to 48 feet. There are
18 dock high receiving doors, 24 dock high shipping doors and 5 drive-in
doors. The receiving area is located on the south side of the building;
while the shipping area is located on the north side. The subject property
was acquired in July 2003, by a subsidiary of Corporate Property Associates
15 Incorprated, an investment fund affiliate of W.P. Carey.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TENANT PROFILE
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Lillian Vernon Corporation, ("LVC") is a 52-year old catalog and online
retailer that markets gifts, house wares, gardening, Christmas, and
children's products and is based in Rye, NY. They are one of the largest
specialty catalogs in the United States, publishing seven catalog titles
and selling products in the Business to Business and outlet store markets.
The National Distribution Center ("subject property") is situated on 61
acres in Virginia Beach, Virginia and totals 827,000 square feet. LVC is
one of the first direct marketers to offer personalized items
free-of-charge, becoming a trademark. During fiscal year 2003, over 150
million catalogs were mailed in 33 editions generating approximately 3.8
million orders with an average order worth $56.69 and generating revenues
of $238 million. At the height of the Christmas season, employment swells
to over 4,600 employees from 1,200.
LVC was acquired by a private equity fund managed by Ripplewood Holdings
LLC on 7/2/2003. Stockholders received $7.25 in cash per share, totaling
approximately $61 million. The Stock was previously traded on the AMEX
under the symbol "LVC". Following the acquisition, Lillian Vernon, the
founder of the Company, will serve as a non-executive Chairman and
spokesperson.
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MARKET(1)
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The subject property is situated in the Oceana West Corporate Park in
Virginia Beach, VA. The property is located on the east side of
International Parkway, south of Central Drive and north of London Bridge
Road. Access is provided via two curb cuts on International Parkway, one of
which is signalized. The subject has frontage and visibility along the east
side of International Parkway, while the rear of the property is visible
from the west side of London Bridge Road. The subject property is located
approximately 6 miles northwest of the CBD and 16 miles northwest of
Norfolk International Airport. It is also in close proximity to the Port of
Hampton Roads, which is 15 miles northwest. The Port of Hampton Roads is
considered to be a major point along the Inland Waterway, which stretches
from Maine to Florida.
The boundaries of the immediate area are I-264 to the north, Dam Neck Road
to the south, Oceana Naval Air Station to the east and Lynnhaven Parkway to
the west. The local area has access to London Bridge Road to the east and
Lynnhaven Parkway to the west providing local north/south access. Dam Neck
Road south of the subject provides local east/west access from its
intersection with Route 165 in the west to the coastline in the east. The
area is considered to have a well-developed regional roadway system. The
region is linked to Richmond (state capitol) in the west by I-64.
According to the "Hampton Roads Industrial Survey 2003" completed by Old
Dominion Real Estate Center, the Hampton Roads Industrial market contains a
total of 91.3 million square feet of industrial space in 2,619 buildings of
year-end 2002. The market is further split into the Southside and Peninsula
markets, with each containing 66.8 million square feet in 1,967 buildings
and 24.4 million square feet in 652 buildings, respectively. There are 11
sub-markets in the Southside market and 4 sub-markets in the Peninsula
market. According to the report, the vacancy rate in the overall market was
8%, representing 6.85 million square feet, while vacancy in the Southside
market was 7% or 4.38 million square feet and vacancy in the Peninsula
market was 10% or 2.47 million square feet. There are a total of 166
buildings included in the subject sub-market containing a total of 5.28
million square feet with an 8% vacancy rate or 407,941 square feet
available. The appraiser concluded a market rental rate of $4.65 per square
foot for the subject on a NNN basis.
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(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.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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LILLIAN VERNON CORPORATION
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[MAP OF AREA SURROUNDING LILLIAN VERNON CORPORATION OMITTED]
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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METRO FOUR OFFICE BUILDING
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[TWO PHOTOS OF METRO FOUR OFFICE BUILDING OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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METRO FOUR OFFICE BUILDING
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LOAN INFORMATION PROPERTY INFORMATION
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ORIGINAL PRINCIPAL SINGLE
BALANCE: $23,000,000 ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $23,000,000 TITLE: Fee
% OF POOL BY IPB: 1.9% PROPERTY TYPE: Office
LOAN SELLER: NCCI SQUARE FOOTAGE: 144,997
BORROWER: MPW 6359 LLC LOCATION: Springfield, VA
SPONSOR: B. Mark Fried YEAR BUILT/RENOVATED: 2003
ORIGINATION DATE: 9/10/2003 OCCUPANCY: 94.4%
INTEREST RATE: 6.2300% OCCUPANCY DATE: 7/16/2003
INTEREST ONLY PERIOD: NAP NUMBER OF TENANTS: 5
MATURITY DATE: 9/11/2013 HISTORICAL NOI:
AMORTIZATION TYPE: Balloon 2001: NAP (Built in 2003)
ORIGINAL AMORTIZATION: 360 2002: NAP (Built in 2003)
REMAINING AMORTIZATION: 360 2003: NAP (Built in 2003)
CALL PROTECTION: L(24),Def(90),O(6) UW NOI: $2,513,456
CROSS-COLLATERALIZATION: No UW NET CASH FLOW: $2,281,335
LOCK BOX: Soft APPRAISED VALUE: $30,100,000
ADDITIONAL DEBT: No APPRAISAL DATE: 7/25/2003
ADDITIONAL DEBT TYPE: No
LOAN PURPOSE: Refinance
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
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RESERVES FINANCIAL INFORMATION
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ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF: $159
-------------- ---------------
Taxes: $0 $25,500 CUT-OFF DATE LTV: 76.4%
Insurance: $0 $2,833 MATURITY DATE LTV: 65.2%
TI/LC: $0 $17,498 UW DSCR: 1.35x
CapEx: $0 $2,417
Other: $0 $33,3331
- ----------------------------------- -------------- --------------- ----------------------- -------------------- -----------------
(1) The loan is structured with a soft lockbox, and rent direction letters
have already been obtained. Additionally, a reserve accumulates to
$2,300,000 over the first five years of the loan term. This reserve is
available to address the rollover risk related to the US Army Corps of
Engineers and/or IRS, and is maintained until the loan is retired. The
reserve is collected by escrowing (i) $33,333 in months 1 through 48 of the
loan term, and (ii) $58,333 in months 49 through 60 of the loan term.
Additionally, TI/LC reserves will be collected on a monthly basis. The two
reserves will collectively reach a total cap of $3,100,000 by the fifth
loan year. Should the aggregate reserve fund be drawn down below the
$3,100,000 cap, collection will resume until the aggregate fund is
replenished.
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SIGNIFICANT TENANTS
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MOODY'S/ SQUARE LEASE
TENANT NAME PARENT COMPANY S&P(2) FEET % OF GLA BASE RENT PSF EXPIRATION YEAR
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US ARMY CORPS OF ENGINEERS The United States Government Aaa/AAA 101,935 70.3% $18.10 2008
OBJECT SCIENCES CORP Object Sciences, Inc. NR/NR 12,951 8.9% $28.72 2010
IRS (GSA) The United States Government Aaa/AAA 10,241 7.1% $30.21 2008
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(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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METRO FOUR OFFICE BUILDING
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SPONSOR
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The Borrower is MPW 6359, LLC, a Virginia limited liability company. The
manager of the borrowing entity is 6359 SPE LLC which has a 0.1% interest
in the borrower and is owned by B. Mark Fried, the key principal. Metro
Park Associates owns the other 99.9% of the borrower. Metro Park Associates
LLC is owned 85% by Metro Park LLC and 15% by Levine MP LLC. Stanley Levine
is a retired investor and owns 100% of Levine MP LLC. Metro Park LLC is
comprised as follows: B. Mark Fried and his wife Barbara each own 37% and
33% interests respectively and their daughter Leah Fried owns the remaining
30% interest. B. Mark Fried is chairman of the board of the Fried
Companies, Inc. a real estate construction, leasing and property management
company located in Springfield, Virginia. B. Mark Fried has been involved
in the development, ownership and management of commercial real estate for
the last 30 years.
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COLLATERAL
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Metro Four Office Building is a recently completed, 6-story, sprinklered
Class "A" office building totaling 144,997 SF and located at 6359 Walker
Lane, Springfield, VA. The property includes unit ownership interests for
480 spaces (3.2/1,000 SF) in a 4-level (above grade) parking garage
condominium. The property is situated on approximately 4 acres of land and
is part of the 49-acre Metro Office Park Development. Three passenger
elevators service the building and the parking garage features one
elevator. The property is 94.4% leased to five tenants. The largest tenant
is the US Army Corps of Engineers (GSA), occupying 70.3% (101,935 SF) of
the building. The occupancy of the four remaining tenants are as follows:
Object Sciences, Inc. occupies 8.9% (12,951 SF), IRS (GSA) occupies 7.1%
(10,241 SF), Cadd Microsystems occupies 6.2% (8,970 SF), and the Armed
Services YMCA (GSA) occupies 1.9% (2,800 SF).
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MARKET(1)
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The subject site is located on the south side of Walker Lane, west of
Beulah Street, in the Springfield area of Fairfax County, VA. The street
address is 6359 Walker Lane. The subject's location, known as Springfield,
is located in eastern Fairfax County, adjacent to the City of Alexandria,
VA. The subject's Supervision District K, known as the Lee District,
extends from Route 1 on the east to the Accotink Creek on the west. The
District also extends from the Capital Beltway on the north to the
Newington area on the south. The population in this area grew 24% between
1990 and 2001, from 39,919 to 49,461. Over the next five years, the
population in this area is expected to grow by 20%, from 49,461 to 59,561.
Average income levels in this area grew by 88% between 1990 and 2003, from
$57,271 to $107,452. The growth of the subject property's immediate area is
attributable to the vast transportation improvements that have been made to
the immediate area within the past decade. The subject property's
Springfield market has approximately 4,962,380 million square feet of
office space with an overall vacancy of approximately 10.6%. It should be
recognized that Springfield typically consists of older buildings that were
built in the 1980's and are not competitive with the subject property. The
subject's commercial park is within GSA acceptable limits to the Metro's
new construction, and is proximate to major transportation arteries,
ensuring stable demand for this area.
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(1) Certain information from the Continental Wingate Corporation appraisal dated
July 25, 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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LEASE ROLLOVER SCHEDULE
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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
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VACANT NAP 8,100 5.6% NAP NAP 8,100 5.6% NAP NAP
2003 & MTM 0 0 0.0 $0 0.0% 8,100 5.6% $0 0.0%
2004 0 0 0.0 0 0.0 8,100 5.6% $0 0.0%
2005 0 0 0.0 0 0.0 8,100 5.6% $0 0.0%
2006 0 0 0.0 0 0.0 8,100 5.6% $0 0.0%
2007 0 0 0.0 0 0.0 8,100 5.6% $0 0.0%
2008 2 112,176 77.4 2,154,388 75.2 120,276 83.0% $2,154,388 75.2%
2009 0 0 0.0 0 0.0 120,276 83.0% $2,154,388 75.2%
2010 1 12,951 8.9 371,902 13.0 133,227 91.9% $2,526,291 88.2%
2011 0 0 0.0 0 0.0 133,227 91.9% $2,526,291 88.2%
2012 2 11,770 8.1 338,495 11.8 144,997 100.0% $2,864,785 100.0%
AFTER 0 0 0.0 0 0.0 144,997 100.0% $2,864,785 100.0%
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TOTAL 5 144,997 100.0% $2,864,785 100.0%
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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METRO FOUR OFFICE BUILDING
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[MAP OF AREA SURROUNDING METRO FOUR OFFICE BUILDING OMITTED]
49 of 59
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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THE PRADO AT SPRING CREEK
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[THREE PHOTOS OF THE PRADO AT SPRING CREEK OMITTED]
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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THE PRADO AT SPRING CREEK
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LOAN INFORMATION PROPERTY INFORMATION
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ORIGINAL PRINCIPAL SINGLE
BALANCE: $21,000,000 ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $21,000,000 TITLE: Fee
% OF POOL BY IPB: 1.7% PROPERTY TYPE: Retail - Anchored
LOAN SELLER: LaSalle Bank National Association SQUARE FOOTAGE: 152,072
BORROWER: PMAT The Prado, L.L.C. LOCATION: Bonita Springs, FL
SPONSOR: James M. Cope, Patrick K. Dempsey, YEAR BUILT/RENOVATED: 2001
Robert A. Whelan
ORIGINATION DATE: 8/4/2003 OCCUPANCY: 91.3%
INTEREST RATE: 5.4500% OCCUPANCY DATE: 7/31/2003
INTEREST ONLY PERIOD: NAP NUMBER OF TENANTS: 23
MATURITY DATE: 9/1/2008 HISTORICAL NOI:
AMORTIZATION TYPE: Balloon 2001: $ 1,697,211
ORIGINAL AMORTIZATION: 360 2002: $ 2,197,153
REMAINING AMORTIZATION: 360 2003: $ 2,042,343 (TTM as of 3/31/2003 )
CALL PROTECTION: L(35),Def(22),O(3) UW NOI: $ 2,141,976
CROSS-COLLATERALIZATION: NAP UW NET CASH FLOW: $ 2,043,694
LOCK BOX: Springing APPRAISED VALUE: $ 26,800,000
ADDITIONAL DEBT: Permitted APPRAISAL DATE: 7/2/2003
ADDITIONAL DEBT TYPE: Mezzanine (Future)
LOAN PURPOSE: Acquisition
- ---------------------------- ------------------------------------- ----------------------- --------------------------------------
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RESERVES FINANCIAL INFORMATION
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ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF: $138
-------------- ---------------
Taxes: $23,582 CUT-OFF DATE LTV: 78.4%
$235,817
Insurance: $0 $0 MATURITY LTV: 72.8%
TI/LC: $0 $6,290 UW DSCR: 1.44x
CapEx: $0 $1,901
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MAJOR TENANTS
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MOODY'S SQUARE % OF BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET GLA SALES PSF PSF EXPIRATION YEAR
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REGAL CINEMAS Regal Entertainment Group B3/BB- 44,288 29.1% $ 253,000(2) $16.50 2020
STEIN MART Stein Mart Inc. NR/NR 28,000 18.4% $93.00 $7.50 2014
CONGRESS JEWELRY Congress Jewelers NR/NR 10,000 6.6% NAV $11.03 2010
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(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(2) Per screen
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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THE PRADO AT SPRING CREEK
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SPONSOR
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The sponsors of The Prado at Spring Creek Loan are Robert A. Whelan,
Patrick K. Dempsey and James M. Cope. The borrowing entity for The Prado at
Spring Creek Loan, PMAT The Prado, L.L.C. (the "Prado Borrower"), is a
single purpose limited liability company controlled by its managing member,
PMAT The Prado Investment, L.L.C., a single purpose entity indirectly owned
by each of the sponsors and controlled by PMAT Real Estate Investments,
L.L.C. (the "PMAT Manager"). The PMAT Manager is 100% owned by Robert A.
Whelan, who until recently was the CFO of Sizeler Property Investors, Inc.,
a publicly traded apartment and shopping center REIT, which owns and
operates 15 shopping centers in four states encompassing in excess of over
3 million square feet of retail space. Messrs. Patrick K. Dempsey and James
M. Cope have extensive experience in the origination, structuring,
placement and closing of multiple types of real estate transactions. To
date Mr. Dempsey has originated and closed more than $900 million of equity
and debt transactions. Mr. Cope began acquiring commercial real estate in
1997 and currently owns partnership interests in five industrial
properties, two multi-family properties, one retail property and one
medical office building.
A consent agreement was entered into by and between LaSalle and Kimco
Preferred Investor XIV, Inc. (the "Kimco Member"), an equity investor and
member in the Prado Borrower, under which LaSalle (i) consented to the
admission of the Kimco Member as a member in the Prado Borrower; (ii)
agreed to give the Kimco Member notice of a default prior to the
commencement of any foreclosure proceeding, acceleration of the maturity
date or the exercise of any right or remedy under the loan documents
(defined as an "Enforcement Action" under the Consent Agreement); and (iii)
acknowledged that under the operating agreement entered into by and between
the sponsors and the Kimco Member, the Kimco Member has the right to remove
the sponsors from their rights as PMAT Manager and/or their ownership
interests in the Prado Borrower and substitute an entity owned and
controlled by the Kimco Member as the sole manager of the Prado Borrower
and appoint a new property manager for the Prado Property.
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COLLATERAL
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The Prado at Spring Creek Property (the "Prado Property") consists of an
approximately 152,072 square foot retail and entertainment shopping center
located in Bonita Springs, Florida. Phase I (95,636 SF) was completed in
2000 and Phase II (56,436 SF) opened in late 2002. National and regional
tenants make up 77% of the rent roll, which includes Stein Mart (NASDAQ:
SMRT), Regal Cinemas (NYSE: RGC), Prudential WCI Realty, and Washington
Mutual. The Prado Property is currently 91% leased and is still considered
to be in the lease-up stage, as it was completed in late 2001. Sales at
Stein Mart and Regal Cinemas for fiscal 2002 were $2.6 million ($93/SF) and
$3,031,000 ($253,000/screen), respectively.
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MARKET(1)
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The subject area is located north of the Naples area and has become one of
the strongest growth areas of the MSA. The trade area reflects a strong
population growth. Within a 3-mile radius of the site, the population over
the last two years has grown at a rate of 4.80 percent while the State of
Florida grew by 2.07 percent. Although the growth rate is expected to
moderate over the next five years, the 3-mile area is forecast to grow at a
compound annual rate of 3.91 percent.
Retail sales in the area are much higher than normal. At the end of last
year, the Naples MSA had an aggregate retail sales level of $4.5 billion,
with average retail sales per household of $39,583. By comparison, Florida
had average sales per household of $32,024, while the U.S. was $33,662. The
average household income for the country in 2002 was $64,338 and the
average for the State of Florida was $58,562. The subject property lies at
the southern end of Lee County, which had an average household income of
$59,583. In the 3-mile radius, the average household income was estimated
at $69,674. Within 1-mile of the property, the average income was estimated
at $74,200.
The appraiser surveyed several centers considered to be direct comparables
with the subject property. The appraiser determined occupancy rates range
from 90% to 100%. The subject property center is at the low end of this
range, but is still in its initial lease-up, as it was completed last year.
Although there has been a significant amount of new construction of retail
centers in recent years, retail construction has tended to lag behind the
residential growth taking place. The result has been that vacancies have
been relatively low in this market once properties have achieved initial
lease-up. The appraiser determined market rents for the subject as well as
several out lot buildings and several big box retailers, and based on the
research, market rents were determined to be as follows: anchor space
-$16.50/SF based on a 10 year lease term, out lot space-$26.00/SF based on
a 10 year lease term, in-line space>4,000 SF-$19.00/SF based on a 5 year
lease term, and typical in-line space-$21.00/SF, based on a 5 year lease
term.
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(1) Certain information from the Cushman & Wakefield of Florida, Inc. appraisal
dated July 2, 2002. 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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LEASE ROLLOVER SCHEDULE
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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 13,180 8.7% NAP NAP 13,180 8.7% NAP NAP
2003 & MTM 0 0 0.0 0 0.0% 13,180 8.7% $0 0.0%
2004 2 3,105 2.0 61,664 2.7 16,285 10.7% $61,664 2.7%
2005 8 18,317 12.0 389,767 17.1 34,602 22.8% $451,431 19.8%
2006 4 7,396 4.9 153,411 6.7 41,998 27.6% $604,842 26.6%
2007 3 6,974 4.6 130,968 5.8 48,972 32.2% $735,810 32.3%
2008 0 0 0.0 0 0.0 48,972 32.2% $735,810 32.3%
2009 0 0 0.0 0 0.0 48,972 32.2% $735,810 32.3%
2010 1 10,000 6.6 263,195 11.6 58,972 38.8% $999,005 43.9%
2011 0 0 0.0 0 0.0 58,972 38.8% $999,005 43.9%
2012 3 20,812 13.7 335,052 14.7 79,784 52.5% $1,334,057 58.6%
AFTER 2 72,288 47.5 940,752 41.4 152,072 100.0% $2,274,809 100.0%
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TOTAL 23 152,072 100.0% $2,274,809 100.0%
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52 of 59
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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The Prado at Spring Creek
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[MAP OF AREA SURROUNDING THE PRADO AT SPRING CREEK OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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PIILANI SHOPPING CENTER
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[THREE PHOTOS OF PIILANI SHOPPING CENTER OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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PIILANI SHOPPING CENTER
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LOAN INFORMATION PROPERTY INFORMATION
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ORIGINAL PRINCIPAL SINGLE
BALANCE: $20,000,000 ASSET/PORTFOLIO: Single Asset
CUT-OFF PRINCIPAL BALANCE: $20,000,000 TITLE: Fee
% OF POOL BY IPB: 1.7% PROPERTY TYPE: Retail - Shadow Anchored
LOAN SELLER: JPMorgan Chase Bank SQUARE FOOTAGE: 65,702
BORROWER: KP Hawaii I, LLC LOCATION: Kihei, HI
SPONSOR: F. Ron Krausz YEAR BUILT/RENOVATED: 2000
ORIGINATION DATE: 6/13/2003 OCCUPANCY: 94.4%
INTEREST RATE: 5.5900% OCCUPANCY DATE: 6/1/2003
INTEREST ONLY PERIOD: 12 NUMBER OF TENANTS: 30
MATURITY DATE: 7/1/2018 HISTORICAL NOI:
AMORTIZATION TYPE: Interest Only - ARD 2001: $2,247,656
ORIGINAL AMORTIZATION: 360 2002: $2,818,726
REMAINING AMORTIZATION: 360 2003: $2,929,342 (TTM as of 4/30/2003)
CALL PROTECTION: L(93),Gtr1% or YM(78),O(7) UW NOI: $1,953,694
CROSS-COLLATERALIZATION: NAP UW NET CASH FLOW: $1,872,881
LOCK BOX: Cash Management Agreement APPRAISED VALUE: $25,000,000
ADDITIONAL DEBT: Permitted APPRAISAL DATE: 5/11/2003
ADDITIONAL DEBT TYPE: Mezzanine (Future)
LOAN PURPOSE: Acquisition
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RESERVES FINANCIAL INFORMATION
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ESCROWS/RESERVES: INITIAL MONTHLY CUT-OFF DATE LOAN/SF: $304
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Taxes: $84,375 $14,063 CUT-OFF DATE LTV: 80.0%
Insurance: $0 $5,440 MATURITY DATE LTV: 59.4%
TI/LC: $0 $5,475 UW DSCR: 1.36x
CapEx: $0 $1,259
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SIGNIFICANT TENANTS
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LEASE
MOODY'S/ SQUARE SALES BASE RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(1) FEET PSF(2) % OF GLA PSF YEAR
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OUTBACK STEAKHOUSE Outback Steakhouse, Inc. (NYSE: NR/NR 6,000 $467 9.1% $17.80 2010
OSI)
ROY'S RESTAURANT Roy's Restaurant NR/NR 6,000 $388 9.1% $30.50 2011
KIHEI-WAILEA MEDICAL CENTER Kihei-Wailea Medical Center NR/NR 5,592 NAV 8.5% $30.16 2012
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(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(2) Sales per square foot for 9-months ending 9/30/2002
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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-LN1
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PIILANI SHOPPING CENTER
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SPONSOR
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KP Hawaii I, LLC, the borrowing entity. Its sole member is Krausz Puente
LLC, a California limited liability company. F. Ron Krausz is the guarantor
of the non-recourse carveouts on the loan. He is president of Krausz
Companies and is responsible for corporate financial planning and strategy,
as well as for major tenant lease negotiations and project acquisition,
disposition and financing. Krausz Companies was founded in 1966. The
company acquires and develops office and retail properties in the Western
United States.
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COLLATERAL
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Piilani Shopping Center is a shopping center (the "Property") located in
the city of Kihei on the island of Maui, Hawaii developed in 2000. The
property is shadow anchored by Hilo Hattie and the largest Safeway
supermarket on the state of Hawaii. The master planned community of Piilani
Village surrounds the area. Piilani Shopping Center is currently the only
major shopping center on Piilani Highway.
The Property is approximately 94.4% leased to almost thirty tenants
including Outback Steakhouse (6,000 square feet), Roy's Restaurant (6,000
square feet) and Kihei-Wailea Medical Center (5,592 square feet).
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MARKET(1)
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The subject Property is located on the island of Maui with land area of 727
square miles and a population of 130,335. Being an island, the region has
very limited space for new commercial developments and the State of
Hawaii's State Conservationist Districts further inhibits future
development. The Property is situated on the northwest corner of Piikea
Avenue and Piilani Highway in eastern Kihei. Access to the Kihei area is
via Mokulele Highway (Highway 35) or Kuihelani Highway (Highway 38) from
Kahului or via Honoapiilan Highway (Highway 30) from Wailuku. The main
roadways serving the Kihei area are Kihei Road and Piilani Highway.
Maui is the second largest island in the Hawaiian chain and lies midway
between Oahu and Hawaii. Maui County is the third most populous county in
the state. Maui contains the second highest concentration of retail
inventory, 3,656,764 sf, 15.9% of the total leasable area, with the island
contributing roughly 11% of the total state population. The Island of Maui
varies dramatically by location. Wailuku and Kahului are the primary local
shopping districts. Kihei is a mixture of both local and tourist shopping
areas. Lease rates reflect this diversity with ranges between $12 psf to
$300psf and vacancies in the market vary as dramatically between 0% to 10%.
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(1) Certain information from the CB Richard Ellis appraisal dated May 11, 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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LEASE ROLLOVER SCHEDULE
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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
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VACANT NAP 3,689 5.6% NAP NAP 3,689 5.6% NAP NAP
2003 & MTM 0 0 0.0 $0 0.0% 3,689 5.6% $0 0.0%
2004 0 0 0.0 0 0.0 3,689 5.6% $0 0.0%
2005 10 14,767 22.5 466,790 24.3 18,456 28.1% $466,790 24.3%
2006 6 10,332 15.7 350,760 18.3 28,788 43.8% $817,550 42.6%
2007 1 2,161 3.3 88,620 4.6 30,949 47.1% $906,170 47.2%
2008 1 3,304 5.0 99,120 5.2 34,253 52.1% $1,005,290 52.4%
2009 0 0 0.0 0 0.0 34,253 52.1% $1,005,290 52.4%
2010 4 11,739 17.9 278,970 14.5 45,992 70.0% $1,284,260 66.9%
2011 3 9,348 14.2 291,916 15.2 55,340 84.2% $1,576,176 82.1%
2012 4 7,634 11.6 252,996 13.2 62,974 95.8% $1,829,172 95.3%
AFTER 1 2,728 4.2 90,000 4.7 65,702 100.0% $1,919,172 100.0%
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TOTAL 30 65,702 100.0% $1,919,172 100.0%
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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-LN1
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PIILANI SHOPPING CENTER
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[MAP OF AREA SURROUNDING PIILANI SHOPPING CENTER 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.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-LN1
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PIILANI SHOPPING CENTER(1)
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[SITE PLAN OF PIILANI SHOPPING CENTER OMITTED]
(1) THE COLLATERAL SECURING THE MORTGAGED PROPERTY DOES NOT INCLUDE SAFEWAY AND
HILO HATTIES.
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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-LN1
[THIS PAGE INTENTIONALLY LEFT BLANK]
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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.
[THIS PAGE INTENTIONALLY LEFT BLANK]