NOVEMBER 14, 2003 JPMCC 2003-CIBC7
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STRUCTURAL AND COLLATERAL TERM SHEET
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---------------------------
$902,269,000
(Approximate)
J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
Depositor
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2003-CIBC7
---------------------------
JPMORGAN CHASE BANK
CIBC INC.
Mortgage Loan Sellers
JPMORGAN CIBC WORLD MARKETS
RBS GREENWICH CAPITAL WACHOVIA
The analyses in this report are based upon information provided by JPMorgan
Chase Bank and CIBC Inc. (the "Sellers"). J.P. Morgan Securities Inc., CIBC
World Markets Corp., Greenwich Capital Markets, Inc., and Wachovia Capital
Markets, 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
Preliminary 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and will be superseded by the applicable Prospectus and Final Prospectus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 Final 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-CIBC7
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KEY FEATURES
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CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Sole Bookrunner)
CIBC World Markets Corp.
CO-MANAGERS: Greenwich Capital Markets, Inc.
Wachovia Capital Markets, LLC
MORTGAGE LOAN SELLERS: JPMorgan Chase Bank (78.3%)
CIBC Inc. (21.7%)
MASTER SERVICER: Midland Loan Services Inc.
SPECIAL SERVICER: Midland Loan Services Inc.
TRUSTEE: LaSalle Bank National Association
PAYING AGENT: JPMorgan Chase Bank
FISCAL AGENT: ABN AMRO Bank N.V.
RATING AGENCIES: Moody's Investors Service, Inc.
Standard & Poor's Ratings Services
PRICING DATE: On or about November 25, 2003
CLOSING DATE: On or about December 8, 2003
CUT-OFF DATE: With respect to each mortgage loan, the related due
date of such mortgage loan in December 2003 or, such
other date in December 2003 specified in the
preliminary prospectus supplement.
DISTRIBUTION DATE: 12th of each month, or if the 12th day is not a
business day, on the next succeeding business day,
beginning in January 2004
PAYMENT DELAY: 11 days
TAX STATUS: REMIC
ERISA CONSIDERATION: Classes A-1, A-2, A-3, A-4, 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): $1,395,209,337 $1,005,166,139 $390,043,199
NUMBER OF MORTGAGED LOANS: 185 136 49
NUMBER OF MORTGAGED PROPERTIES: 212 152 60
AVERAGE CUT-OFF BALANCE PER LOAN: $7,541,672 $7,390,927 $7,960,065
AVERAGE CUT-OFF BALANCE PER PROPERTY: $6,581,176 $6,612,935 $6,500,720
WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.5778% 5.6514% 5.3881%
WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.65x 1.70x 1.51x
WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 66.0% 64.5% 70.0%
WEIGHTED AVERAGE MATURITY DATE LTV: 56.8% 54.9% 61.9%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 119 118 119
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS): 324 331 308
WEIGHTED AVERAGE SEASONING (MONTHS): 2 2 2
10 LARGEST LOANS AS % OF IPB: 38.9% 33.5% 52.6%
SINGLE TENANT PROPERTIES AS % OF IPB: 10.4% 14.5% NAP
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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APPROXIMATE SECURITIES STRUCTURE
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PUBLICLY OFFERED CLASSES
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EXPECTED RATINGS APPROXIMATE CREDIT SUPPORT (% EXPECTED WEIGHTED EXPECTED PAYMENT
CLASS (MOODY'S/ S&P) FACE AMOUNT OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3)
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A-1 Aaa/AAA $71,500,000 14.000% 2.50 01/04-05/08
A-2 Aaa/AAA $150,000,000 14.000% 5.85 05/08-10/10
A-3 Aaa/AAA $198,337,000 14.000% 7.00 10/10-07/11
A-4 Aaa/AAA $390,000,000 14.000% 9.67 07/11-10/13
B Aa2/AA $34,880,000 11.500% 9.95 11/13-12/13
C Aa3/AA- $13,952,000 10.500% 10.01 12/13-12/13
D A2/A $27,904,000 8.500% 10.11 12/13-08/14
E A3/A- $15,696,000 7.375% 11.35 08/14-12/15
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PRIVATELY OFFERED CLASSES
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EXPECTED RATINGS APPROXIMATE CREDIT SUPPORT (% EXPECTED WEIGHTED EXPECTED PAYMENT
CLASS (MOODY'S/ S&P) FACE AMOUNT OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3)
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X-1 Aaa/AAA $1,395,209,337(1) N/A N/A N/A
X-2 Aaa/AAA $1,325,086,000(1) N/A N/A N/A
A-1A Aaa/AAA $390,043,000 14.000% N/A N/A
F Baa1/BBB+ $17,440,000 6.125% N/A N/A
G Baa2/BBB $10,464,000 5.375% N/A N/A
H Baa3/BBB- $19,184,000 4.000% N/A N/A
J Ba1/BB+ $5,232,000 3.625% N/A N/A
K Ba2/BB $5,233,000 3.250% N/A N/A
L Ba3/BB- $8,720,000 2.625% N/A N/A
M B1/B+ $8,720,000 2.000% N/A N/A
N B2/B $3,488,000 1.750% N/A N/A
P B3/B- $3,488,000 1.500% N/A N/A
NR NR/NR $20,928,337 N/A N/A N/A
FS-1 A1/AA+ $8,000,000 N/A N/A N/A
FS-2 A1/AA $6,400,000 N/A N/A N/A
FS-3 A2/AA $3,800,000 N/A N/A N/A
FS-4 A2/BBB+ $6,700,000 N/A N/A N/A
FS-5 A2/BBB $8,600,000 N/A N/A N/A
FS-6 A3/BBB $4,500,000 N/A N/A N/A
FS-7 A3/BBB- $11,500,000 N/A N/A N/A
FS-8 Baa1/BBB- $17,000,000 N/A N/A N/A
FS-9 Baa2/BBB- $18,500,000 N/A N/A N/A
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(1) Notional Amount
(2) The credit support percentages set forth for Class A-1, Class A-2, Class
A-3, Class A-4 and Class A-1A Certificates are 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 Life" 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-CIBC7
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STRUCTURAL OVERVIEW
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o For the purposes of making distributions to the Class A-1, A-2, A-3, A-4
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,
principal distributions on the Class A-1, Class A-2, Class A-3, and Class
A-4 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 made concurrently to Classes A-1, A-2, A-3, A-4,
A-1A (pro-rata to Class A-1, A-2, A-3, and A-4, 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 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-4, 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, A-2, A-3 and A-4 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-4 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, A-3, A-4 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, Class A-3, Class A-4 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 Publicly 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, A-3, A-4 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 Certificates).
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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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-CIBC7
[THIS PAGE INTENTIONALLY LEFT BLANK]
5 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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ALL MORTGAGE LOANS - COLLATERAL CHARACTERISTICS
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CUT-OFF DATE PRINCIPAL BALANCE
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RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW
BALANCES OF LOANS BALANCE IPB LTV DSCR
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$1,143,917 - $2,999,999 63 $135,071,909 9.7% 64.3% 1.57x
$3,000,000 - $3,999,999 29 98,400,418 7.1 68.6% 1.54x
$4,000,000 - $4,999,999 20 88,687,805 6.4 73.9% 1.40x
$5,000,000 - $6,999,999 29 174,788,933 12.5 67.9% 1.69x
$7,000,000 - $9,999,999 15 125,861,983 9.0 67.8% 1.50x
$10,000,000 - $14,999,999 16 195,316,192 14.0 70.1% 1.59x
$15,000,000 - $24,999,999 6 124,620,867 8.9 71.6% 1.38x
$25,000,000 - $49,999,999 3 122,182,118 8.8 71.8% 1.47x
$50,000,000 - $155,000,000 4 330,279,112 23.7 55.6% 2.02x
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TOTAL/WEIGHTED AVERAGE: 185 $1,395,209,337 100.0% 66.0% 1.65x
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AVERAGE PER LOAN: $7,541,672
AVERAGE PER PROPERTY: $6,581,176
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RANGE OF MORTGAGE INTEREST RATES
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RANGE OF MORTGAGE NUMBER PRINCIPAL % WA WA UW
INTEREST RATES OF LOANS BALANCE OF IPB LTV DSCR
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4.2500% - 4.9999% 12 $232,468,597 16.7% 53.8% 2.07x
5.0000% - 5.4999% 40 399,658,869 28.6 61.2% 1.77x
5.5000% - 5.9999% 71 436,661,119 31.3 72.2% 1.53x
6.0000% - 6.4999% 48 240,826,203 17.3 74.1% 1.34x
6.5000% - 6.8000% 14 85,594,550 6.1 68.2% 1.44x
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TOTAL/WEIGHTED 185 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE:
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WA MORTGAGE RATE: 5.5778%
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ORIGINAL TERM TO MATURITY/ARD IN MONTHS
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ORIGINAL TERM TO NUMBER PRINCIPAL % WA WA UW
MATURITY OF LOANS BALANCE OF IPB LTV DSCR
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60 - 84 26 $439,990,442 31.5% 62.9% 1.79x
85 - 120 118 726,665,908 52.1 69.5% 1.57x
121 - 240 41 228,552,988 16.4 61.0% 1.62x
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TOTAL/WEIGHTED AVERAGE: 185 $1,395,209,337 100.0% 66.0% 1.65x
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WA ORIGINAL
TERM TO MATURITY: 121
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GEOGRAPHIC DISTRIBUTION
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NUMBER OF PRINCIPAL % WA WA UW
STATE PROPERTIES BALANCE OF IPB LTV DSCR
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NEVADA 8 $172,367,221 12.4% 48.3% 2.16x
TEXAS 32 165,790,799 11.9 72.7% 1.42x
FLORIDA 23 156,601,833 11.2 68.9% 1.55x
CALIFORNIA 29 118,116,583 8.5 67.5% 1.43x
NEW YORK 18 88,540,549 6.3 58.7% 2.21x
MASSACHUSETTES 2 69,750,000 5.0 47.0% 2.32x
OTHER 100 624,042,353 44.7 71.4% 1.48x
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TOTAL/WEIGHTED 212 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE
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UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
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NUMBER PRINCIPAL % WA WA UW
UW DSCR OF LOANS BALANCE OF IPB LTV DSCR
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1.18x 1 $6,975,413 0.5% 58.1% 1.18x
1.20x - 1.29x 31 161,364,136 11.6 72.4% 1.25x
1.30x - 1.39x 41 266,466,012 19.1 75.7% 1.34x
1.40x - 1.49x 42 309,099,725 22.2 72.9% 1.44x
1.50x - 1.59x 22 152,665,082 10.9 68.6% 1.55x
1.60x - 1.69x 14 130,208,120 9.3 71.0% 1.65x
1.70x - 1.99x 19 102,420,701 7.3 59.5% 1.77x
2.00x - 2.99x 11 243,323,300 17.4 45.0% 2.28x
3.00x - 7.67x 4 22,686,849 1.6 26.3% 4.50x
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TOTAL/WEIGHTED 185 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE:
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REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
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RANGE OF REMAINING NUMBER PRINCIPAL % WA WA UW
TERMS TO MATURITY OF LOANS BALANCE OF IPB LTV DSCR
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53 - 84 26 $439,990,442 31.5% 62.9% 1.79x
85 - 120 119 742,825,824 53.2 69.5% 1.57x
121 - 240 40 212,393,072 15.2 60.4% 1.65x
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TOTAL/WEIGHTED AVERAGE: 185 $1,395,209,337 100.0% 66.0% 1.65x
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WA REMAINING
TERM TO MATURITY/ARD: 119
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PROPERTY TYPE DISTRIBUTION
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SUB
PROPERTY PROPERTY NUMBER OF PRINCIPAL % OF WA UW
TYPE TYPE PROPERTIES BALANCE IPB WA LTV DSCR
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RETAIL ANCHORED 33 $375,113,197 26.9% 61.6% 1.72x
UNANCHORED 34 $114,027,679 8.2% 70.5% 1.48x
SUBTOTAL 67 $489,140,875 35.1% 63.7% 1.66x
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OFFICE SUBURBAN 35 $183,093,335 13.1% 70.6% 1.43x
CBD 9 $145,121,250 10.4% 57.7% 2.06x
SUBTOTAL 44 $328,214,585 23.5% 64.9% 1.71x
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MULTIFAMILY GARDEN 47 $247,887,364 17.8% 70.1% 1.51x
COOP 2 $16,963,527 1.2% 27.9% 4.67x
MID/HIGH RISE 1 $1,897,387 0.1% 63.7% 1.20x
SUBTOTAL 50 $266,748,277 19.1% 67.4% 1.71x
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MANUFACTURED MANUFACTURED 17 $155,222,834 11.1% 68.9% 1.55x
HOUSING HOUSING
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INDUSTRIAL WAREHOUSE/DISTRIBUTION 16 $70,126,684 5.0% 68.2% 1.49x
FLEX 9 $57,326,865 4.1% 74.4% 1.51x
SUBTOTAL 25 $127,453,549 9.1% 71.0% 1.50x
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SELF SELF 6 $14,960,091 1.1% 65.1% 1.39x
STORAGE STORAGE
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MIXED USE OFFICE/RETAIL 2 $10,173,998 0.7% 75.2% 1.36x
INDUSTRIAL/OFFICE 1 $3,295,127 0.2% 64.6% 1.45x
SUBTOTAL 3 $13,469,125 1.0% 72.6% 1.38x
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TOTAL/WEIGHTED AVERAGE 212 $1,395,209,337 100.0% 66.0% 1.65x
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6 of 67
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-CIBC7
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ALL MORTGAGE LOANS - COLLATERAL CHARACTERISTICS
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ORIGINAL AMORTIZATION TERM IN MONTHS(1)
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ORIGINAL NUMBER PRINCIPAL % WA WA UW
AMORTIZATION TERM OF LOANS BALANCE OF IPB LTV DSCR
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120 - 180 9 $42,357,990 3.1% 54.9% 1.38x
181 - 240 34 209,685,188 15.2 62.3% 1.54x
241 - 300 45 200,971,075 14.5 70.6% 1.40x
301 - 330 2 69,559,416 5.0 74.7% 1.46x
331 - 360 94 860,235,667 62.2 65.6% 1.76x
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TOTAL/WEIGHTED 184 $1,382,809,337 100.0% 66.0% 1.65x
AVERAGE:
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WA ORIGINAL
AMORTIZATION TERM: 324
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LTV RATIOS AS OF THE CUT-OFF DATE
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NUMBER PRINCIPAL % WA WA UW
CUT-OFF LTV OF LOANS BALANCE OF IPB LTV DSCR
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9.8% - 49.9% 22 $289,739,968 20.8% 43.7% 2.40x
50.0% - 59.9% 16 94,516,613 6.8 55.0% 1.58x
60.0% - 64.9% 20 125,379,845 9.0 62.6% 1.53x
65.0% - 69.9% 21 120,843,970 8.7 67.8% 1.43x
70.0% - 74.9% 45 335,564,329 24.1 73.5% 1.48x
75.0% - 79.9% 61 429,164,612 30.8 78.2% 1.39x
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TOTAL/WEIGHTED 185 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE:
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AMORTIZATION TYPES
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NUMBER PRINCIPAL % WA WA UW
AMORTIZED TYPES OF LOANS BALANCE OF IPB LTV DSCR
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BALLOON LOANS(2) 113 $562,698,043 40.3% 69.8% 1.60x
PARTIAL INTEREST-ONLY 8 340,051,120 24.4 56.1% 1.97x
ARD LOANS 27 297,369,421 21.3 73.7% 1.46x
FULLY AMORTIZING 36 182,690,753 13.1 60.2% 1.50x
INTEREST ONLY(3) 1 12,400,000 0.9 70.7% 1.87x
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TOTAL/WEIGHTED 185 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE:
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CURRENT OCCUPANCY RATES
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CURRENT OCCUPANCY NUMBER OF PRINCIPAL % WA WA UW
RATES PROPERTIES BALANCE OF IPB LTV DSCR
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55.1 - 75.0 1 $1,221,452 0.1% 49.9% 1.25x
75.1 - 85.0 11 42,167,763 3.0 68.8% 1.57x
85.1 - 90.0 23 131,257,372 9.4 71.3% 1.45x
90.1 - 95.0 43 315,997,001 22.6 66.8% 1.74x
95.1 - 100.0 134 904,565,750 64.8 64.9% 1.65x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 212 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING NUMBER PRINCIPAL % WA WA UW
AMORTIZATION TERM OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
115 - 180 9 $42,357,990 3.1% 54.9% 1.38x
181 - 240 34 209,685,188 15.2 62.3% 1.54x
241 - 300 45 200,971,075 14.5 70.6% 1.40x
301 - 330 2 69,559,416 5.0 74.7% 1.46x
331 - 360 94 860,235,667 62.2 65.6% 1.76x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 184 $1,382,809,337 100.0% 66.0% 1.65x
AVERAGE:
- --------------------------------------------------------------------------------
WA REMAINING
AMORTIZATION TERM: 323
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY/ARD DATE(4)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
MATURITY LTV OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
7.1% - 29.9% 4 $13,207,413 1.1% 17.5% 5.49x
30.0% - 49.9% 27 367,053,766 30.3 51.1% 2.03x
50.0% - 59.9% 35 183,496,277 15.1 68.7% 1.46x
60.0% - 64.9% 36 208,808,566 17.2 74.7% 1.43x
65.0% - 69.9% 37 327,901,769 27.0 76.9% 1.45x
70.0% - 75.1% 10 112,050,794 9.2 77.8% 1.50x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 149 $1,212,518,584 100.0% 66.9% 1.67x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER
YEAR OF PRINCIPAL % WA WA UW
BUILT/RENOVATED PROPERTIES BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
1946 - 1959 6 $83,277,813 6.0% 59.1% 1.98x
1960 - 1969 8 21,373,165 1.5 66.6% 1.50x
1970 - 1979 23 100,258,058 7.2 69.5% 1.56x
1980 - 1989 40 285,427,533 20.5 63.8% 1.75x
1990 - 1999 54 282,495,503 20.2 70.1% 1.46x
2000 - 2003 81 622,377,266 44.6 65.6% 1.67x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 212 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT NUMBER PRINCIPAL % WA WA UW
PROTECTION OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
DEFEASANCE 177 $1,366,122,220 97.9% 66.1% 1.65x
YIELD MAINTENANCE 8 29,087,118 2.1 65.1% 1.56x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 185 $1,395,209,337 100.0% 66.0% 1.65x
AVERAGE:
- --------------------------------------------------------------------------------
(1) Excludes loans that are interest-only for their entire term.
(2) Excludes the mortgage loans with Anticipated Repayment Dates, mortgage
loans that pay interest-only for a portion of their term and the mortgage
loans that pay interest-only for the entire term.
(3) The mortgage loans provides for monthly payments of interest-only for their
entire term of the mortgage loans and the payment of the entire principal
amount at the mortgage loans at maturity.
(4) Excludes fully amortizing mortgage loans.
7 of 67
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-CIBC7
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUT-OFF DATE PRINCIPAL BALANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF PRINCIPAL NUMBER PRINCIPAL % WA WA UW
BALANCES OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
$ 1,143,917 - $ 2,999,999 48 $104,077,772 10.4% 64.4% 1.59x
$ 3,000,000 - $ 3,999,999 22 74,156,456 7.4 68.0% 1.55x
$ 4,000,000 - $ 4,999,999 13 58,067,320 5.8 73.3% 1.42x
$ 5,000,000 - $ 6,999,999 22 131,399,645 13.1 67.7% 1.71x
$ 7,000,000 - $ 9,999,999 11 89,669,586 8.9 71.9% 1.46x
$10,000,000 - $ 14,999,999 11 134,057,114 13.3 68.6% 1.62x
$15,000,000 - $ 24,999,999 5 99,920,867 9.9 69.6% 1.40x
$25,000,000 - $ 49,999,999 1 46,914,387 4.7 79.5% 1.32x
$50,000,000 - $155,000,000 3 266,902,992 26.6 51.0% 2.16x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 136 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE
- --------------------------------------------------------------------------------
AVERAGE PER LOAN: $7,390,927
AVERAGE PER PROPERTY: $6,612,935
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST RATES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF MORTGAGE NUMBER PRINCIPAL % WA WA UW
INTEREST RATES OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
4.4200% - 4.9999% 7 $178,848,881 17.8% 47.2% 2.23x
5.0000% - 5.4999% 22 195,427,592 19.4 57.3% 1.94x
5.5000% - 5.9999% 54 333,643,238 33.2 70.6% 1.58x
6.0000% - 6.4999% 39 211,651,878 21.1 74.7% 1.34x
6.5000% - 6.8000% 14 85,594,550 8.5 68.2% 1.44x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 136 $1,005,166,139 100.0% 64.5% 1.70x
- --------------------------------------------------------------------------------
WA MORTGAGE
RATE: 5.6514%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL TERM TO MATURITY/ARD DATE IN MONTHS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL TERM TO NUMBER PRINCIPAL % WA WA UW
MATURITY OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
60 - 84 16 $315,972,481 31.4% 59.8% 1.89x
85 - 120 92 533,393,713 53.1 67.4% 1.63x
121 - 240 28 155,799,944 15.5 64.1% 1.59x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 136 $1,005,166,139 100.0% 64.5% 1.70x
- --------------------------------------------------------------------------------
WA ORIGINAL
TERM TO MATURITY: 120
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % WA WA UW
STATE PROPERTIES BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
NEVADA 8 $172,367,221 17.1% 48.3% 2.16x
CALIFORNIA 24 107,821,626 10.7 69.3% 1.40x
FLORIDA 18 85,764,524 8.5 71.2% 1.53x
TEXAS 23 84,639,183 8.4 69.5% 1.43x
NEW YORK 13 73,988,048 7.4 54.9% 2.38x
MASSACHUSETTES 2 69,750,000 6.9 47.0% 2.32x
VIRGINIA 4 55,662,833 5.5 78.3% 1.32x
CONNECTICUT 1 51,902,992 5.2 74.0% 1.67x
OTHER 59 303,269,713 30.2 70.9% 1.45x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 152 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
UW DSCR OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
1.18x 1 $6,975,413 0.7% 58.1% 1.18x
1.20x - 1.29x 26 123,354,337 12.3 71.2 1.24x
1.30x - 1.39x 29 216,261,302 21.5 75.7 1.34x
1.40x - 1.49x 29 188,105,698 18.7 71.2 1.44x
1.50x - 1.59x 14 44,750,761 4.5 68.6 1.54x
1.60x - 1.69x 12 114,724,652 11.4 70.8 1.65x
1.70x - 1.99x 13 54,960,999 5.5 64.0 1.80x
2.00x - 2.99x 8 233,346,128 23.2 45.3 2.28x
3.00x - 7.67x 4 22,686,849 2.3 26.3 4.50x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 136 $1,005,166,139 100.0% 64.5% 1.70x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF REMAINING NUMBER PRINCIPAL % WA WA UW
TERMS TO MATURITY OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
53 - 84 16 $315,972,481 31.4% 59.8% 1.89x
85 - 120 93 549,553,629 54.7 67.4% 1.62x
121 - 240 27 139,640,028 13.9 63.5% 1.63x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 136 $1,005,166,139 100.0% 64.5% 1.70x
- --------------------------------------------------------------------------------
WA REMAINING
TERM TO MATURITY/ARD: 118
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
PROPERTY NUMBER OF PRINCIPAL % OF WA UW
TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB WA LTV DSCR
- ---------------------------------------------------------------------------------------------------------------
RETAIL ANCHORED 33 $375,113,197 37.3% 61.6% 1.72x
UNANCHORED 34 $114,027,679 11.3 70.5% 1.48x
SUBTOTAL 67 $489,140,875 48.7% 63.7% 1.66x
- ---------------------------------------------------------------------------------------------------------------
OFFICE SUBURBAN 35 $183,093,335 18.2 70.6% 1.43x
CBD 9 $145,121,250 14.4% 57.7% 2.06x
SUBTOTAL 44 $328,214,585 32.7% 64.9% 1.71x
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL WAREHOUSE/DISTRIBUTION 16 $70,126,684 7.0% 68.2% 1.49x
FLEX 9 $57,326,865 5.7% 74.4% 1.51x
SUBTOTAL 25 $127,453,549 12.7% 71.0% 1.50x
- ---------------------------------------------------------------------------------------------------------------
MULTIFAMILY COOP 2 $16,963,527 1.7% 27.9% 4.67x
GARDEN 2 $5,177,332 0.5% 58.4% 1.50x
SUBTOTAL 4 $22,140,860 2.2% 35.0% 3.93x
- ---------------------------------------------------------------------------------------------------------------
STORAGE STORAGE 6 $14,960,091 1.5% 65.1% 1.39x
- ---------------------------------------------------------------------------------------------------------------
MIXED USE OFFICE/RETAIL 2 $10,173,998 1.0% 75.2% 1.36x
INDUSTRIAL/OFFICE 1 $3,295,127 0.3% 64.6% 1.45x
SUBTOTAL 3 $13,469,125 1.3% 72.6% 1.38x
- ---------------------------------------------------------------------------------------------------------------
MANUFACTURED MANUFACTURED HOUSING 3 $9,787,054 1.0% 59.7% 2.07x
HOUSING
- ---------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED 152 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE
- ---------------------------------------------------------------------------------------------------------------
8 of 67
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-CIBC7
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL NUMBER PRINCIPAL % WA WA UW
AMORTIZATION TERM OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
180 - 240 29 $138,122,060 13.9% 65.3% 1.37x
241 - 300 34 155,912,517 15.7 69.8% 1.40x
301 - 360 72 698,731,562 70.4 63.1% 1.84x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 135 $992,766,139 100.0% 64.4% 1.70x
AVERAGE:
- --------------------------------------------------------------------------------
WA ORIGINAL
AMORTIZATION TERM: 331
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
CUT-OFF LTV OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
9.8% - 49.9% 17 $ 276,487,465 27.5% 44.0% 2.41x
50.0% - 59.9% 11 53,044,294 5.3 56.6% 1.48x
60.0% - 64.9% 12 52,309,009 5.2 63.2% 1.51x
65.0% - 69.9% 18 100,808,282 10.0 67.6% 1.43x
70.0% - 74.9% 39 252,830,583 25.2 73.2% 1.49x
75.0% - 79.9% 39 269,686,506 26.8 78.1% 1.37x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 136 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AMORTIZATION TYPES
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
AMORTIZED TYPES OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
BALLOON LOANS(2) 86 $391,169,890 38.9% 69.0% 1.65x
PARTIAL INTEREST-ONLY 5 248,300,000 24.7 48.5% 2.17x
ARD LOANS 21 234,644,101 23.3 73.2% 1.46x
FULLY AMORTIZING 23 118,652,148 11.8 65.0% 1.37x
INTEREST ONLY(3) 1 12,400,000 1.2 70.7% 1.87x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 136 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CURRENT OCCUPANCY NUMBER OF PRINCIPAL % WA WA UW
RATES PROPERTIES BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
55.1 - 75.0 1 $1,221,452 0.1% 49.9% 1.25x
75.1 - 85.0 8 31,027,067 3.1 66.8% 1.62x
85.1 - 90.0 18 95,870,887 9.5 71.9% 1.42x
90.1 - 95.0 28 236,870,480 23.6 64.2% 1.83x
95.1 - 100.0 97 640,176,253 63.7 63.4% 1.71x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 152 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING NUMBER PRINCIPAL % WA WA UW
AMORTIZATION TERM OF LOANS BALANCE OF IPB LTV DSCR
175 - 240 29 $138,122,060 13.9% 65.3% 1.37x
241 - 300 34 155,912,517 15.7 69.8% 1.40x
301 - 360 72 698,731,562 70.4 63.1% 1.84x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 135 $992,766,139 100.0% 64.4% 1.70x
AVERAGE:
- --------------------------------------------------------------------------------
WA REMAINING
AMORTIZATION TERM: 329
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY DATE(4)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
MATURITY LTV OF LOANS BALANCE OF IPB LTV DSCR
7.1% - 29.9% 4 $13,207,413 1.5% 17.5% 5.49x
30.0% - 49.9% 23 303,306,507 34.2 48.6% 2.13x
50.0% - 59.9% 30 160,462,852 18.1 69.0% 1.45x
60.0% - 64.9% 26 115,580,784 13.0 74.0% 1.43x
65.0% - 70.9% 30 293,956,435 33.2 76.7% 1.48x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 113 $886,513,991 100.0% 64.4% 1.75x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER
YEAR OF PRINCIPAL % WA WA UW
BUILT/RENOVATED PROPERTIES BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
1946 - 1959 4 $22,966,259 2.3% 44.9% 3.08x
1960 - 1969 4 4,699,000 0.5 70.7% 1.87x
1970 - 1979 14 50,827,207 5.1 65.3% 1.66x
1980 - 1989 20 149,677,538 14.9 59.0% 1.94x
1990 - 1999 40 237,529,561 23.6 70.2% 1.45x
2000 - 2003 70 539,466,574 53.7 64.3% 1.69x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 152 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT NUMBER PRINCIPAL % WA WA UW
PROTECTION OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
DEFEASANCE 129 $977,976,407 97.3% 64.5% 1.71x
YIELD MAINTENANCE 7 27,189,731 2.7 65.2% 1.58x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 136 $1,005,166,139 100.0% 64.5% 1.70x
AVERAGE:
- --------------------------------------------------------------------------------
(1) Excludes loans that are interest-only for their entire term.
(2) Excludes the mortgage loans with Anticipated Repayment Dates, mortgage
loans that pay interest-only for a portion of their term and the mortgage
loans that pay interest-only for the entire term.
(3) The mortgage loans provides for monthly payments of interest-only for their
entire term of the mortgage loans and the payment of the entire principal
amount at the mortgage loans at maturity.
(4) Excludes fully amortizing mortgage loans.
9 of 67
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-CIBC7
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP 2
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CUT-OFF DATE PRINCIPAL BALANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF PRINCIPAL NUMBER PRINCIPAL % WA WA UW
BALANCES OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
$ 1,179,351 - $ 2,999,999 15 $30,994,137 7.9% 64.1% 1.48x
$ 3,000,000 - $ 3,999,999 7 24,243,962 6.2 70.3% 1.51x
$ 4,000,000 - $ 4,999,999 7 30,620,485 7.9 75.0% 1.35x
$ 5,000,000 - $ 6,999,999 7 43,389,288 11.1 68.8% 1.64x
$ 7,000,000 - $ 9,999,999 4 36,192,397 9.3 57.7% 1.60x
$10,000,000 - $14,999,999 5 61,259,078 15.7 73.3% 1.54x
$15,000,000 - $24,999,999 1 24,700,000 6.3 79.9% 1.29x
$25,000,000 - $49,999,999 2 75,267,731 19.3 67.0% 1.56x
$50,000,000 - $63,376,120 1 63,376,120 16.2 74.8% 1.46x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 49 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
AVERAGE PER LOAN: $7,960,065
AVERAGE PER PROPERTY: $6,500,720
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST RATES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF MORTGAGE NUMBER PRINCIPAL % WA WA UW
INTEREST RATES OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
4.2500% - 4.9999% 5 $53,619,716 13.7% 75.8% 1.55x
5.0000% - 5.4999% 18 204,231,277 52.4 64.9% 1.60x
5.5000% - 5.9999% 17 103,017,881 26.4 77.3% 1.35x
6.0000% - 6.4000% 9 29,174,325 7.5 69.7% 1.35x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 49 $390,043,199 100.0% 70.0% 1.51x
- --------------------------------------------------------------------------------
WA MORTGAGE
RATE: 5.3881%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL TERM TO MATURITY IN MONTHS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL TERM TO NUMBER PRINCIPAL % WA WA UW
MATURITY OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
60 - 84 10 $124,017,960 31.8% 70.8% 1.55x
85 - 120 26 193,272,195 49.6 75.4 1.42x
121 - 240 13 72,753,043 18.7 54.2 1.69x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 49 $390,043,199 100.0% 70.0% 1.51x
- --------------------------------------------------------------------------------
WA ORIGINAL
TERM TO MATURITY: 121
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % WA WA UW
STATE PROPERTIES BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
TEXAS 9 $81,151,616 20.8% 76.0% 1.42x
FLORIDA 5 70,837,309 18.2 66.2% 1.58x
KENTUCKY 10 51,520,634 13.2 56.7% 1.69x
MICHIGAN 3 30,856,353 7.9 74.8% 1.45x
COLORADO 1 29,600,000 7.6 74.8% 1.46x
OTHER 32 126,077,286 32.3 71.4% 1.48x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 60 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
UW DSCR OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
1.20x - 1.29x 5 $38,009,798 9.7% 76.0% 1.28x
1.30x - 1.39x 12 50,204,711 12.9 75.6% 1.33x
1.40x - 1.49x 13 120,994,026 31.0 75.5% 1.44x
1.50x - 1.59x 8 107,914,321 27.7 68.6% 1.56x
1.60x - 1.69x 2 15,483,468 4.0 72.7% 1.62x
1.70x - 1.99x 6 47,459,702 12.2 54.3% 1.73x
2.00x - 2.49x 3 9,977,173 2.6 38.5% 2.38x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 49 $390,043,199 100.0% 70.0% 1.51x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RANGE OF REMAINING NUMBER PRINCIPAL % WA WA UW
TERMS TO MATURITY OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
55 - 84 10 $124,017,960 31.8% 70.8% 1.55x
85 - 120 26 193,272,195 49.6 75.4% 1.42x
121 - 238 13 72,753,043 18.7 54.2% 1.69x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 49 $390,043,199 100.0% 70.0% 1.51x
- --------------------------------------------------------------------------------
WA REMAINING
TERM TO MATURITY: 119
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
PROPERTY NUMBER OF PRINCIPAL % OF WA UW
TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB WA LTV DSCR
- ----------------------------------------------------------------------------------------------------------
MULTIFAMILY GARDEN 45 $242,710,031 62.2% 70.4% 1.51x
MID/HIGH RISE 1 $1,897,387 0.5 63.7% 1.20x
SUBTOTAL 46 $244,607,418 62.7% 70.3% 1.51x
- ----------------------------------------------------------------------------------------------------------
MANUFACTURED MANUFACTURED HOUSING 14 $145,435,781 37.3 69.5% 1.51x
HOUSING
- ----------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED 60 $390,043,199 100.0% 70.0% 1.51x
AVERAGE
- ----------------------------------------------------------------------------------------------------------
10 of 67
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-CIBC7
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS - LOAN GROUP 2
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL NUMBER PRINCIPAL % WA WA UW
AMORTIZATION TERM OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
120 - 180 2 $5,901,043 1.5% 57.6% 1.27x
181 - 240 12 108,020,075 27.7 55.9% 1.70x
241 - 300 11 45,058,558 11.6 73.7% 1.38x
301 - 330 2 69,559,416 17.8 74.7% 1.46x
331 - 360 22 161,504,105 41.4 76.9% 1.45x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 49 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
WA ORIGINAL
AMORTIZATION TERM: 308
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
CUT-OFF LTV OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
32.3% - 49.9% 5 $13,252,503 3.4% 37.9% 2.18x
50.0% - 59.9% 5 41,472,319 10.6 53.1% 1.72x
60.0% - 64.9% 8 73,070,837 18.7 62.3% 1.55x
65.0% - 69.9% 3 20,035,688 5.1 68.8% 1.41x
70.0% - 74.9% 6 82,733,746 21.2 74.4% 1.45x
75.0% - 79.9% 22 159,478,106 40.9 78.5% 1.42x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 49 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AMORTIZATION TYPES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
AMORTIZED TYPES OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
BALLOON LOANS(2) 27 $171,528,153 44.0% 71.6% 1.49x
PARTIAL INTEREST-ONLY 3 91,751,120 23.5 76.4% 1.41x
FULLY AMORTIZING 13 64,038,606 16.4 51.4% 1.75x
ARD LOANS 6 62,725,320 16.1 75.2% 1.47x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 49 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CURRENT OCCUPANCY NUMBER OF PRINCIPAL % WA WA UW
RATES PROPERTIES BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
82.4 - 90.0 8 $46,527,182 11.9% 70.8% 1.52x
90.1 - 95.0 15 79,126,520 20.3 74.4% 1.48x
95.1 - 100.0 37 264,389,497 67.8 68.6% 1.52x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 60 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS(1)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REMAINING NUMBER PRINCIPAL % WA WA UW
AMORTIZATION TERM OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
115 - 180 2 $5,901,043 1.5% 57.6% 1.27x
181 - 240 12 108,020,075 27.7 55.9% 1.70x
241 - 300 11 45,058,558 11.6 73.7% 1.38x
301 - 330 2 69,559,416 17.8 74.7% 1.46x
331 - 360 22 161,504,105 41.4 76.9% 1.45x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 49 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
WA REMAINING
AMORTIZATION TERM: 306
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY DATE(3)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER PRINCIPAL % WA WA UW
MATURITY LTV OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
42.1% - 49.9% 4 $63,747,259 19.6% 63.2% 1.53x
50.0% - 59.9% 5 23,033,425 7.1 66.7% 1.57x
60.0% - 64.9% 10 93,227,782 28.6 75.6% 1.44x
65.0% - 69.9% 11 72,110,526 22.1 77.6% 1.43x
70.0% - 75.1% 6 73,885,602 22.7 78.6% 1.44x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 36 $326,004,593 100.0% 73.7% 1.46x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NUMBER
YEAR OF PRINCIPAL % WA WA UW
BUILT/RENOVATED PROPERTIES BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
1957 - 1959 2 $60,311,554 15.5% 64.6% 1.56x
1960 - 1969 4 16,674,165 4.3 65.4% 1.40x
1970 - 1979 9 49,430,851 12.7 73.8% 1.45x
1980 - 1989 20 135,749,995 34.8 69.2% 1.53x
1990 - 1999 14 44,965,942 11.5 69.7% 1.49x
2000 - 2003 11 82,910,692 21.3 74.1% 1.50x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 60 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT NUMBER PRINCIPAL % WA WA UW
PROTECTION OF LOANS BALANCE OF IPB LTV DSCR
- --------------------------------------------------------------------------------
DEFEASANCE 48 $388,145,812 99.5% 70.0% 1.51x
YIELD MAINTENANCE 1 1,897,387 0.5 63.7% 1.20x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED 49 $390,043,199 100.0% 70.0% 1.51x
AVERAGE:
- --------------------------------------------------------------------------------
(1) Excludes loans that are interest-only for their entire term.
(2) Excludes the mortgage loans with Anticipated Repayment Dates, mortgage
loans that pay interest-only for a portion their term and the mortgage
loans that pay interest-only for their entire term.
(3) Excludes fully amortizing mortgage loans.
11 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- ----------------------------------------------------------------------------------------------
TOP 10 MORTGAGE LOANS
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
LOAN LOAN NAME LOAN CUT-OFF DATE % OF
SELLER(1) (LOCATION) GROUP BALANCE IPB UNITS
- ----------------------------------------------------------------------------------------------
JPMCB The Forum Shops 1 $155,000,000 11.1% 655,079
(Las Vegas, NV)
JPMCB Hometown America Portfolio III 2 $63,376,120 4.5% 1,953
(Various, Various)
JPMCB One Post Office Square 1 $60,000,000 4.3% 766,462
(Boston, MA)
CIBC State House Square 1 $51,902,992 3.7% 855,270
(Hartford, CT)
JPMCB Colony Cove 2 $50,000,000 3.6% 2,210
(Ellenton, FL)
JPMCB Potomac Run 1 $46,914,387 3.4% 361,365
(Sterling, VA)
JPMCB Brown Noltemeyer Portfolio 2 $41,600,000 3.0% 2,087
(Louisville, KY)
CIBC Versailles and Dana Point Apts. 2 $25,385,217 1.8% 652
(Dallas, TX)
JPMCB The Villagio and Palm Court Apts. 2 $24,700,000 1.8% 626
(Houston, TX)
CIBC Rainier Office Portfolio 1 $23,350,000 1.7% 479,717
(Various, TX)
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: $542,228,716 38.9%
- ----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
LOAN UNIT OF LOAN PER UW CUT-OFF PROPERTY
SELLER(1) MEASURE UNIT DSCR LTV RATIO TYPE
- -----------------------------------------------------------------------------------
JPMCB SF $710(2) 2.20x(2) 46.5%(2) Retail
JPMCB Pads $32,451 1.46x 74.8% Manufactured Housing
JPMCB SF $1572 2.47x(2) 42.9%(2) Office
CIBC SF $61 1.67x 74.0% Office
JPMCB Pads $22,571 1.59x 61.8% Manufactured Housing
JPMCB SF $130 1.32x 79.5% Retail
JPMCB Units $19,872 1.72x 53.1% Multifamily
CIBC Units $38,934 1.51x 77.2% Multifamily
JPMCB Units $39,457 1.29x 79.9% Multifamily
CIBC SF $49 1.43x 65.2% Office
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
1.82x 60.9%
- -----------------------------------------------------------------------------------
(1) "JPMCB" = JPMORGAN CHASE BANK; "CIBC" = CIBC INC.
(2) WITH RESPECT TO THE FORUM SHOPS LOAN AND ONE POST OFFICE SQUARE LOAN
CALCULATED BASED UPON THEIR AGGREGATE PARI PASSU COMPONENT NOTE BALANCES.
12 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
[THIS PAGE INTENTIONALLY LEFT BLANK]
13 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE FORUM SHOPS
- --------------------------------------------------------------------------------
[PICTURE OF THE FORUM SHOPS PROPERTY OMITTED]
[PICTURE OF THE FORUM SHOPS PROPERTY OMITTED]
[PICTURE OF THE FORUM SHOPS PROPERTY OMITTED]
[PICTURE OF THE FORUM SHOPS PROPERTY OMITTED]
- --------------------------------------------------------------------------------
14 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE FORUM SHOPS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $155,000,000 (Pari Passu)(1)
CUT-OFF PRINCIPAL BALANCE: $155,000,000 (Pari Passu)(1)
% OF POOL BY IPB: 11.1%
SHADOW RATING (M/S): Aa3/AAA
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Forum Shops, LLC
SPONSOR: Simon Property Group, L.P.
ORIGINATION DATE: 11/14/2003
INTEREST RATE: 4.7325%
INTEREST ONLY PERIOD: 24 Months
MATURITY DATE: 12/1/2010
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 360
CALL PROTECTION: L(24),Def(53),O(7)(2)
CROSS-COLLATERALIZATION: No
LOCK BOX: Cash Management Agreement
ADDITIONAL DEBT: Yes
ADDITIONAL DEBT TYPE: Represents the subordinate B component note
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
Monthly reserves are required for CapEx and an upfront reserve for tenant
improvements on Phase III space is required in the amount of $8,000,000.
Following a trigger event, monthly reserves are required for taxes and ground
rent. In lieu of cash deposits by the Forum Shops Borrower, Simon Property
Group, L.P. may provide a guaranty of such amounts. Such guaranty will be
allowed so long as Simon Property Group, L.P. maintains a long term debt rating
of at least BBB- (or its equivalent) by any of the rating agencies.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Leasehold
PROPERTY TYPE: Retail - Anchored
SQUARE FOOTAGE(3): 655,079
LOCATION: Las Vegas, NV
YEAR BUILT/RENOVATED: 1992 & 1997/2003
OCCUPANCY: 97.0%
OCCUPANCY DATE: 8/31/2003
SALES PER SF(4):
1999: $1,248
2000: $1,243
2001: $1,165
2002: $1,201
NUMBER OF TENANTS: 98
HISTORICAL NOI:
2001: $31,193,611
2002: $33,960,871
TTM AS OF 9/30/2003: $40,586,874
UW NOI: $64,362,759
UW NET CASH FLOW: $63,846,143
APPRAISED VALUE(5): $1,000,000,000
APPRAISAL DATE: 11/1/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
PARI PASSU
NOTES(6) WHOLE LOAN(7)
----------------------------
CUT-OFF DATE LOAN/SF: $710 $840
CUT-OFF DATE LTV: 46.5% 55.0%
MATURITY DATE LTV: 42.7% 50.0%
UW DSCR: 2.20 1.85x
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
- ---------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE % OF SALES BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(8) FEET GLA PSF(9) PSF EXPIRATION YEAR
- ---------------------------------------------------------------------------------------------------------------------
FAO SCHWARZ F.A.O. Inc. NAP/NAP 31,642 6.5% $443 $53.29 2013
VIRGIN MEGASTORE Virgin Group Ltd. NAP/NAP 28,695 5.9% $475 $50.36 2013
NIKETOWN Nike, Inc. (NYSE: NKE) A2/A 27,693 5.7% $757 $55.98 2008
PLANET HOLLYWOOD Planet Hollywood NAP/NAP 24,290 5.0% $336 $43.56 2009
International Inc.
BANANA REPUBLIC The Gap Inc. (NYSE: GPS) Ba3/BB+ 16,912 3.5% $1,146 $53.22 2008
THE GAP/GAP KIDS The Gap Inc. (NYSE: GPS) Ba3/BB+ 15,910 3.3% $935 $80.77 2009
CHINOIS Chinois NAP/NAP 15,317 3.1% $680 $19.33 2013
EXPRESS WOMEN Limited Brands (NYSE: LTD) Baa1/BBB+ 12,876 2.6% $704 $40.00 2005
- ----------------------------------------------------------------------------------------------------------------------
(1) Represents the A1 component note in a 4 component note whole loan structure
in the aggregate principal amount of $550,000,000. The A1 component note is
pari passu with a $155,000,000 A2 component note, and a $155,000,000 A3
component note (both of which are not included in the trust). The
$85,000,000 B component note is subordinate to the A1, the A2 and A3
component notes.
(2) Remaining lockout is the earlier of three years from Origination Date or
two years from securitization of the last securitized component note. The
lockout period and defeasance period will vary accordingly.
(3) Includes the 166,035 square foot Phase III expansion, which is currently
under construction with an expected completion date of November 2004.
(4) For all tenants under 10,000 square feet reporting sales.
(5) Represents stabilized value upon the completion of Phase III construction.
(6) Calculated using a loan amount equal to $465,000,000 (the aggregate Pari
Passu Notes balance).
(7) Calculated using a loan amount equal to $550,000,000 (the aggregate whole
loan balance including the B component note).
(8) Ratings provided are the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease
(9) Represents space for which the respective tenant reports sales as of
12/31/02.
15 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE FORUM SHOPS
- --------------------------------------------------------------------------------
THE LOAN. The Forum Shops loan is secured by a leasehold mortgage on a 655,079
square foot anchored retail center. Phase I was constructed in 1992, Phase II
was constructed in 1997, and Phase III is currently being constructed with an
expected opening date of November 2004. The Forum Shops loan is a senior loan in
a split loan structure with the Forum Shops Companion Notes (pari passu with the
Forum Shops loan) which are not included in the trust and the Forum Shops B
component note, which is included in the trust. The Class FS Certificates will
be entitled to distributions from the Forum Shops B component note only, which
has a principal balance of $85,000,000 as of the cut-off date. The Class FS
Certificates are not being offered by this prospectus supplement.
LOAN FEATURES.The Forum Shops is encumbered by a long term ground lease
terminating in August 2050, with one 25 year extension option. Under the terms
of the ground lease, the Forum Shops Loan Borrower is required to complete
construction of Phase III, which is expected to include 166,035 of rentable
space. Simon Property Group, L.P. ("SPG") has provided a completion guaranty
with respect to the Phase III construction, which is currently taking place.
Such completion guaranty is additionally supported by a letter of credit in the
amount of $48,020,000, which is equal to 125% of the estimated remaining hard
construction costs. Upon closing of the Forum Shops Loan, SPG leased all of the
Phase III space from the Forum Shops Loan Borrower under a 20-year master lease
at an initial rate of $25,000,000 per year. Rent under the master lease reduces
as, among other things, space tenants at Phase III take possession and commence
paying rent under their respective space leases.
THE BORROWER. The Borrowing Entity is a single purpose, entity controlled by
SPG. SPG is the largest publicly traded retail real estate company in North
America with a total market capitalization of approximately $25 billion as of
October 30, 2003. Through its subsidiary partnerships, SPG currently has an
interest in 236 properties containing an aggregate of 184 million square feet of
gross leasable area in 36 states, as well as nine assets in Europe and Canada.
SPG was founded in 1960.
THE PROPERTY. The Forum Shops in Las Vegas, NV originally opened in 1992 with
approximately 255,426 square feet (Phase I) of retail connected to the Caesars
Palace hotel and casino. Forum Shops nearly doubled its size in 1997 when it
added approximately 233,618 square feet, which is known as Phase II. SPG is now
adding Phase III which will include approximately 175,000 square feet and will
include frontage and entrances directly on Las Vegas Boulevard. Phase III is
expected to be fully constructed in the spring of 2004 with extensive tenant
work during the summer and a grand opening scheduled for November 2004. The
Forum Shops is 97% leased with sales of $1,201 per square foot for tenants under
10,000 square feet that reported sales in 2002.
Tenants at the Forum Shops include retailers such as Louis Vuitton, Versace,
Gucci, Valentino, and Spago. Some of the larger tenants at the center include
Niketown, Virgin Megastore, Banana Republic, and Express Women. Leasing for
Phase III is in its preliminary stages with most leases currently being
negotiated or out for signature. Some notable retailers and restaurants which
are expected to take space in Phase III include Donna Karan, Harry Winston,
Ralph Lauren/Polo, Joe's Stone Crab, and Il Mulino of New York.
THE MARKET(1). The Forum Shops is located at 3500 Las Vegas Boulevard South, in
the heart of Las Vegas, NV. Las Vegas Boulevard is known as "The Strip" and is
considered by some to be one of the most famous and recognizable streets in the
United States. More than 35 million visitors come to Las Vegas annually and a
large majority of them visit and/or stay on Las Vegas Boulevard. The Forum Shops
will have direct frontage and entrances on Las Vegas Boulevard upon the
completion of Phase III.
The trade area for the Forum Shops includes approximately 1,496,850 people in
555,607 households. The annual household income of these residents is
approximately $60,142 and the median age is 33 years old. From 1990 to 2000, the
market experienced nearly 70% population growth, making it one of the fastest
growing metropolitan areas in the United States.
Additionally, there are over 120,000 hotel rooms in Las Vegas and nine of the
ten largest hotels in the world are located there. It is the number one summer
destination in the United States and the number one gambling destination in the
world. The Las Vegas airport is reportedly the 8th busiest in the United States
with 850 flights per day.
PROPERTY MANAGEMENT. The property manager of the Forum Shops property is Simon
Management Associates, LLC. The property manager is affiliated with the
borrower.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE(2)
- ------------------------------------------------------------------------------------------------------------------------------------
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 14,869 3.0% NAP NAP 14,869 3.0% NAP NAP
2003 & MTM 3 7,147 1.5 $918,910 2.1% 22,016 4.5% $918,910 2.1%
2004 10 29,298 6.0 3,052,457 7.0 51,314 10.5% $3,971,367 9.1%
2005 11 48,842 10.0 3,587,010 8.2 100,156 20.5% $7,558,377 17.4%
2006 5 4,622 0.9 865,145 2.0 104,778 21.4% $8,423,522 19.4%
2007 7 24,839 5.1 1,507,158 3.5 129,617 26.5% $9,930,680 22.8%
2008 29 115,796 23.7 9,636,218 22.2 245,413 50.2% $19,566,899 45.0%
2009 8 50,852 10.4 3,896,250 9.0 296,265 60.6% $23,463,149 54.0%
2010 4 17,607 3.6 1,328,585 3.1 313,872 64.2% $24,791,734 57.0%
2011 1 1,620 0.3 202,500 0.5 315,492 64.5% $24,994,234 57.5%
2012 9 31,895 6.5 5,335,515 12.3 347,387 71.0% $30,329,749 69.8%
2013 17 108,318 22.1 9,003,019 20.7 455,705 93.2% $39,332,768 90.5%
AFTER 6 33,339 6.8 4,150,060 9.5 489,044 100.0% $43,482,828 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 110 489,044 100.0% $43,482,828 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Certain information from the Forum Shops loan appraisal dated November 14,
2003. The appraisal relies upon many assumptions, and no representation is
made as to the accuracy of the assumptions underlying the appraisal.
(2) The lease rollover schedule includes only Phase I and Phase II.
16 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE FORUM SHOPS
- --------------------------------------------------------------------------------
[FLOOR PLAN OF THE FORUM SHOPS PROPERTY OMITTED]
- --------------------------------------------------------------------------------
17 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE FORUM SHOPS
- --------------------------------------------------------------------------------
[MAP OF THE FORUM SHOPS PROPERTY OMITTED]
- --------------------------------------------------------------------------------
18 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE FORUM SHOPS
- --------------------------------------------------------------------------------
[PHOTO OF THE FORUM SHOPS PROPERTY OMITTED]
- --------------------------------------------------------------------------------
19 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
HOMETOWN AMERICA PORTFOLIO III
- --------------------------------------------------------------------------------
[PICTURE OF HOMETOWN AMERICA PORTFOLIO III PROPERTY OMITTED]
[PICTURE OF HOMETOWN AMERICA PORTFOLIO III PROPERTY OMITTED]
[PICTURE OF HOMETOWN AMERICA PORTFOLIO III PROPERTY OMITTED]
- --------------------------------------------------------------------------------
20 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
HOMETOWN AMERICA PORTFOLIO III
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL $63,376,120
BALANCE:
CUT-OFF PRINCIPAL BALANCE: $63,376,120
% OF POOL BY IPB: 4.5%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Denali Park SPE LLC, Lakeland Junction
SPE LLC and Timberton Rance SPE LLC
SPONSOR: Hometown America, L.L.C.
ORIGINATION DATE: 10/16/2003
INTEREST RATE: 5.4880%
INTEREST ONLY PERIOD: 24 Months
MATURITY DATE: 11/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 330
REMAINING AMORTIZATION: 330
CALL PROTECTION: L(24),Def(91),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Soft
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $300,142 $49,161
CapEx: $0 $5,025
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Manufactured Housing Community
PADS: Various (see chart titled
"Portfolio Properties")
LOCATION: Various (see chart titled
"Portfolio Properties")
YEAR BUILT/RENOVATED: Various (see chart titled
"Portfolio Properties")
OCCUPANCY: 95.5%
OCCUPANCY DATE: 7/21/2003
HISTORICAL NOI:
2001: $5,790,223
2002: $6,177,959
TTM AS OF 5/03 & 6/03 $6,438,578
UW NOI: $6,611,333
UW NET CASH FLOW: $6,513,683
APPRAISED VALUE: $84,710,000
APPRAISAL DATE: Various
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $32,451
CUT-OFF DATE LTV: 74.8%
MATURITY LTV: 63.6%
UW DSCR: 1.46x
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
- ---------------------------------------------------------------------------------------------------------------------------------
AVERAGE AVERAGE
YEAR BUILT/ # OF % OF RENT PER MARKET APPRAISED
PROPERTY NAME LOCATION RENOVATED PADS TOTAL PADS PAD RENT(1) OCCUPANCY VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
PINE LAKES RANCH Thornton, CO 1972 762 39.0% $410 $400 99.0% $38,200,000
CHATEAU AVON Rochester Hills, MI 1969/1987 617 31.6% $476 $472 96.4% 30,600,000
TIMBER HEIGHTS MHC Davison, MI 1992 221 11.3% $338 $300 84.6% 7,660,000
DENALI PARK Apache Junction, AZ 1979 162 8.3% $414 $214 84.6% 4,000,000
LAKELAND JUNCTION Lakeland, FL 1982 191 9.8% $225 $225 100.0% 4,250,000
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 1,953 100.0% $388 $379 95.5% $84,710,000
- ---------------------------------------------------------------------------------------------------------------------------------
(1) Certain information from the Hometown America Portfolio III loan appraisals
dated July 10, 2003, July 14, 2003, and August 1, 2003. The appraisals rely
upon many assumptions, and no representation is made as to the accuracy of
the assumptions underlying the appraisals.
21 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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HOMETOWN AMERICA PORTFOLIO III
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- --------------------------------------------------------------------------------
THE LOAN. The Hometown America Portfolio III loan is secured by a first mortgage
on five manufactured housing communities totaling 1,953 pads. The properties are
located in Thornton, Colorado; Rochester Hills, Michigan; Davison, Michigan;
Apache Junction, Arizona; and Lakeland, Florida.
THE BORROWER. Denali Park SPE LLC, Lakeland Junction SPE LLC and Timberton Rance
SPE LLC are the borrowing entities. The sponsor of the loan is Hometown America
L.L.C. ("Hometown"). On October 16, 2003, Hometown, one of the nation's largest
privately-held owners and operators of manufactured home communities acquired
Chateau Communities, Inc., the largest owner and operator of manufactured home
communities in the U.S, for total consideration of approximately $2.2 billion in
cash and assumed debt. The combined company has a portfolio of 261 communities
with over 88,000 sites, located in 34 states. The Hometown America Portfolio III
properties were acquired as part of the acquisition. Hometown is 99% owned and
funded by the Washington State Investment Board ("WSIB"). WSIB manages about $52
billion in assets for 33 separate state retirement and public funds including
approximately $3.6 billion in real estate.
THE PROPERTIES. The Hometown America Portfolio III consists of five manufactured
housing communities: Pine Lakes Ranch, Chateau Avon, Timber Heights Mobile Home
Community, Denali Park and Lakeland Junction. There are a total of 1,953 pads
with a weighted average occupancy of 95.5%. The weighted average monthly pad
rent is approximately $388 and the weighted average monthly market rent is
approximately $379. See the chart labeled "Portfolio Properties" on the previous
page for additional information.
THE MARKET(1).
PINE LAKES RANCH
The Pine Lakes Ranch property is located in Thorton, Adams County, Colorado. The
property is located on both the north and south side of East 100th Avenue,
approximately one mile east of Interestate 25. Ingress/egress to the subject
property is available via Ranch Road from East 100th Avenue and Riverdale Road.
Major north/south roadways in the subject's neighborhood include Interstate 25,
Colorado Boulevard and Riverdale Road. Major east/west arteries in the subject
neighborhood include East 120th, 112th, 104th and 88th Avenues. The subject
property is located just outside of Denver, Colorado, which sits on the eastern
slopes of the Rocky Mountains. Denver is located 70 miles north of Colorado
Springs, 112 miles north of Pueblo, and 60 miles south of Fort Collins.
Adams County's population, as of the year-end 2000 was 350,642. Adams County
experienced a 2.84% average annual growth since 1990. The Pine Lakes Property is
located within the Denver MSA. The Denver MSA has a current unemployment rate of
6.2%, compared to the national level of approximately 6.5%. The 2002 average
household income within a five mile radius was $63,237. The Denver MSA's
dominant employment sectors are services (38.4%); Retail Trade (10.5%); and
Transportation, Communications and Utilities (9.1%). The area's top employers
include King Scooper's, Inc., Qwest Communications Inc., Centure Health,
Safeway, Inc. and HealthOne.
CHATEAU AVON
The Chateau Avon property is located in Rochester Hills, Oakland County,
Michigan. Michigan is economically dominated by the Detroit MSA, which consists
of six counties. The six counties are Lapeer, Macomb, Monroe, Oakland, St. Clair
and Wayne Counties, which are located along the shores of Lake Erie, Lake St.
Clair and the Detroit River, which connects the two lakes. Major metropolitan
areas in the region include Toledo, Ohio to the south (62 miles), Cleveland,
Ohio to the southeast (178 miles), Chicago, Illinois to the southwest (279
miles) and Toronto, Ontario to the northeast (257 miles). The subject property
is located on the north side of Auburn Road about one-half mile west of Crooks
Road. The property is located 25 miles north of the Detroit CBD. Primary access
to the subject neighborhood is provided by Interstate Highway 75. Interstate
Highway 75 is located west of the subject and provides access to Detroit to the
southeast and Flint to the northwest.
The Detroit MSA's population, as of year-end 2000 was 4,441,551. The MSA's
population grew 4.1% between 1990 and 2000. The Detroit MSA has a current
unemployment rate of 6.6%. Average household income within a five-mile radius of
the subject is $111,135. Detroit's dominant employment sectors are Services,
Retail Trade, and Durable Manufacturing. The area's top employers include Ford
Motor Company, General Motors Corporation, Daimler Chrysler AG, Henry Ford
Health System, Detroit Medical Center, St. John's Health System, Kmart
Corporation and EDS Corporation.
- --------------------------------------------------------------------------------
(1) Certain information from the Hometown America Portfolio III loan appraisals
dated July 10, 2003, July 14, 2003, and August 1, 2003. The appraisals rely
upon many assumptions, and no representation is made as to the accuracy of
the assumptions underlying the appraisals.
22 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
HOMETOWN AMERICA PORTFOLIO III
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TIMBER HEIGHTS MOBILE HOME COMMUNITY
The Chestnut Creek property is located in Davison, Genesee County, Michigan,
which is in the Flint MSA. The Flint MSA is located in east-central Michigan and
its economic performance is heavily tied to that of the Detroit MSA, which is
approximately 60 miles southeast. The subject property is located on the east
side of North Oak Road, north of Lapeer Road, in Davison Township. The site is
accessible via Chestnut Creek Boulevard, which is off the east side of East Oak
Road. Davison Township is a small residential community located at the
intersection of Interstate 69 and State Route 15 and is about five miles east of
Burton and Flint. Davison Township is about 70 miles northwest of the Detroit
CBD.
Genesee County's population, as of year-end 2002, was 436,593. Genesee County
has a current unemployment rate of 7.7%. Household income within a five-mile
radius of the subject property is $58,859. Genesee County's dominant employment
sectors are Services (29.4%); Wholesale/Retail Trade (26.2%); and manufacturing
(16.7%). The area's top employers include General Motors, Delphi Automotive,
McLaren Medical Centers, Genseys Health Care Systems and Flint Public Schools.
DENALI PARK
The Denali Park property is located in Apache Junction, Pinal County, Arizona
which is part of the Phoenix MSA. The subject neighborhood is located in the
southeastern portion of the Phoenix MSA. The property is on the east side of S.
Tomahawk Road, about one-half mile south of U.S. 60, which runs east and west
through the neighborhood and connects Apache Junction with metro-Phoenix.
Ironwood Drive, Idaho Road and Tomahawk Road are the primary north-south
arterials through the neighborhood, and the Apache Trail, Broadway Road,
Southern Avenue, and Baseline Roads are the primary east-west roads. The Phoenix
CBD is roughly a fifty minute drive from the subject and Phoenix International
Airport is about a forty minute drive.
Pinal County's population, as of year-end 2002 was 192,807. Pinal County has
experienced a 3.6% average annual growth since 2000. The Metro Phoenix
unemployment rate as of December 2002 was 5.2% and compared to the State
unemployment of 5.6%. The 2002 average household income within a five-mile
radius of the subject was $37,052. The Phoenix-Mesa dominant employment sectors
are Services (32.3%); Retail Trade (18.5%); and State and Local Government
(12.4%). The top employers in metropolitan Phoenix include Wal Mart, Honeywell
International, Motorola, Inc., Banner Health Systems, The Kroger Company and
American Express.
LAKELAND JUNCTION
The Lakeland Junction Property is located in Lakeland, Polk County, Florida,
which is part of the Lakeland/Winter Haven MSA. The subject is located in the
northeast portion of the city of Lakeland. The City of Lakeland is about 40
miles east of the Tampa CBD and approximately 50 miles from the Orlando CBD. The
subject's neighborhood is the State Road 33 corridor and is bounded on the north
by Daughty Road, on the east by Old Combee Road, to the south by Memorial Blvd
(U.S. Hwy 92) and west by Florida Avenue (U.S. HWY 98).
Polk County 2002 estimated population was 504,984, a 1.8% average annual
increase since 1990. Polk County has, as of June 2003, an unemployment rate of
6.8%. 2002 average household income within a five mile radius of the subject is
$74,043. Polk's primary industry is phosphate mining, which has produced half of
the phosphate mined in the United States. Agriculture is the second largest
industry in the county, due to the extensive citrus and cattle production.
However, most of the employment is in the Services (24.5%) and Retail Trade
sectors (11.6%). The area's top employers include Publix Supermarkets, Lakeland
Regional Medical Center, GEICO, and Matson Clinic.
PROPERTY MANAGEMENT. The property manager of the Hometown America Portfolio III
is Hometown America Management, L.P. The property manager is affiliated with the
borrower.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
HOMETOWN AMERICA PORTFOLIO III
- --------------------------------------------------------------------------------
[MAP OF HOMETOWN AMERICA PORTFOLIO III PROPERTY OMITTED]
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24 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
[PICTURE OF ONE POST OFFICE SQUARE PROPERTY OMITTED]
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26 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
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MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL
BALANCE: $60,000,000 (Pari Passu)(1)
CUT-OFF PRINCIPAL BALANCE: $60,000,000 (Pari Passu)(1)
% OF POOL BY IPB: 4.3%
SHADOW RATING (M/S): Aa3/AAA
LOAN SELLER: JPMorgan Chase Bank
BORROWER: One Post Office Square, L.L.C.
SPONSOR: Equity Office Properties Trust and the
Prime Property Fund
ORIGINATION DATE: 9/12/2003
INTEREST RATE: 5.3851%
INTEREST ONLY PERIOD: 24 Months
MATURITY DATE: 10/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 360
CALL PROTECTION: L(24),Def(89),O(5)
CROSS-COLLATERALIZATION: No
LOCK BOX: Cash Management Agreement
ADDITIONAL DEBT: Yes
ADDITIONAL DEBT TYPE: Represents the subordinate B
component note
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
Twelve months prior to the lease expiration of the Putnam Investments or
Pricewaterhouse Coopers space, the One Post Office Square borrower is required
to deposit into a reserve account either through a excess cash flow sweep or in
the form of a guaranty, an amount equal to $35 per square foot. The One Post
Office Square borrower may provide a guaranty from EOP Operating Limited
Partnership and/or 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 entities have a long term debt rating of at least BBB- by Standard
and Poor's and Baa3 by Moody's.
- --------------------------------------------------------------------------------
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PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office
SQUARE FOOTAGE: 766,462
LOCATION: Boston, MA
YEAR BUILT/RENOVATED: 1981
OCCUPANCY: 90.9%
OCCUPANCY DATE: 8/7/2003
NUMBER OF TENANTS: 23
HISTORICAL NOI:
2001: $20,340,518
2002: $22,825,836
TTM AS OF 7/31/2003 $20,138,744
UW NOI: $21,122,367
UW NET CASH FLOW: $19,705,493
APPRAISED VALUE: $280,000,000
APPRAISAL DATE: 8/20/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
PARI
PASSU WHOLE
NOTES(2) LOAN(3)
-------- ------
CUT-OFF DATE LOAN/SF: $157 $228
CUT-OFF DATE LTV: 42.9% 62.5%
MATURITY DATE LTV: 37.8% 55.1%
UW DSCR: 2.47x 1.62x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
- --------------------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE BASE LEASE
TENANT NAME PARENT COMPANY S&P(4) FEET % OF GLA RENT PSF EXPIRATION 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
- --------------------------------------------------------------------------------------------------------------------------------
(1) Represents the A2 component note in a 3 component note Whole Loan structure
in the aggregate amount of $175,000,000. The A2 component note is pari
passu with a $60,000,000 A1 component note, which is not included in the
trust. The $55,000,000 B-Note is subordinate to the A1 component note and
the A2 component note and such B-Note is not included in the trust.
(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), including the B component note.
(4) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
27 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. The One Post Office Square loan is secured by a first mortgage on a
Class A Office building located in Boston, MA. The One Post Office Square Loan
is a senior loan in a split loan structure with the One Post Office Square
Companion Note (pari passu with the One Post Office Square Loan) and the One
Post Office Square B component note, neither of which are included in the trust.
THE BORROWER. The borrower is One Post Office Square, L.L.C. The sponsor is a
joint venture between 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 Properties Trust 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.
THE PROPERTY. One Post Office Square is a 42-story class A office building
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, and an attached 330-room hotel (not part of the collateral).
The property is approximately 90.9% leased to over 20 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 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.
THE MARKET(1). The total Boston inventory of office buildings is approximately
66.5 million 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
also has some class B and 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
approximately 4.3 million square feet. Of these buildings, only two would be
directly competitive to One Post Office Square, containing 603,000 square feet
(reportedly 0% committed) and 1,022,000 square feet (reportedly 100% committed).
In the second of quarter 2003, the overall Boston office market reflected a
vacancy rate of 13.1% 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 approximately 2.1 million 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 decline from its peak of over 3.0 million in the first quarter of 2001.
PROPERTY MANAGEMENT. The property manager of the One Post Office Square property
is an affiliate of Equity Office Properties Trust. The property manager is
affiliated with the borrower.
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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 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%
2013 1 19,618 2.6 735,852 2.7 745,524 97.3% $26,463,360 98.5%
AFTER 9 20,938 2.7 404,856 1.5 766,462 100.0% $26,868,216 100.0%
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TOTAL 63 766,462 100.0% $26,868,216 100.0%
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(1) Certain information from the One Post Office Square loan 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.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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ONE POST OFFICE SQUARE
- --------------------------------------------------------------------------------
STACKING PLAN
- --------------------------------------------------------------------------------------------------
FLOOR TENANT TYPE SQ FT EXPRIRATION 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 4,592 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 PricewaterhouseCoopers 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
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 Seveg Tavitian (Chantal Jewlers) 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
NOTE: THIS EXHIBIT IS PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY. THE ACTUAL
BUILDING AREA IS NOT DRAWN TO SCALE.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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ONE POST OFFICE SQUARE
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[MAP OF ONE POST OFFICE SQUARE PROPERTY OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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STATE HOUSE SQUARE
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[PICTURE OF STATE HOUSE SQUARE PROPERTY OMITTED]
[PICTURE OF STATE HOUSE SQUARE PROPERTY OMITTED]
[PICTURE OF STATE HOUSE SQUARE PROPERTY OMITTED]
32 of 67
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-CIBC7
- --------------------------------------------------------------------------------
STATE HOUSE SQUARE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $52,000,000
CUT-OFF PRINCIPAL BALANCE: $51,902,992
% OF POOL BY IPB: 3.7%
LOAN SELLER: CIBC Inc.
BORROWER: State House Financial Associates, LLC
SPONSOR: Harbor Group International
ORIGINATION DATE: 9/10/2003
INTEREST RATE: 5.9100%
INTEREST ONLY PERIOD: NAP
ANTICIPATED REPAYMENT DATE: 10/1/2010
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 358
CALL PROTECTION: L(24),Def(54),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Springing
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $1,079,333 $269,833
Insurance: $34,748 $17,374
CapEx: $0 $14,255
TI/LC: $2,000,000 $41,667
Other: $1,175,000(1) $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee/Leasehold
PROPERTY TYPE: Office
SQUARE FOOTAGE: 855,270
LOCATION: Hartford, CT
YEAR BUILT/RENOVATED: 1920/2002
OCCUPANCY: 91.5%
OCCUPANCY DATE: 7/1/2003
NUMBER OF TENANTS: 38
HISTORICAL NOI:
2001: $4,829,577
2002: $6,853,801
TTM AS OF 5/31/2003: $7,075,169
UW NOI: $7,188,091
UW NET CASH FLOW: $6,172,983
APPRAISED VALUE: $70,100,000
APPRAISAL DATE: 7/1/2003
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $61
CUT-OFF DATE LTV: 74.0%
MATURITY DATE LTV: 66.9%
UW DSCR: 1.67x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE % OF BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(2) FEET GLA PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
TRAVELERS INDEMNITY COMPANY Travelers Property Casualty Corp. Aa3/AA- 294,643 34.5% $14.95(3) 2004 and 2013(6)
AELTUS INVESTMENT MANAGEMENT ING Group N.V. Aa3/A+ 121,370 14.2% $20.90(4) 2012 and 2009(7)
ADVEST GROUP AXA SA A2/A 105,745 12.4% $19.60 2010
HILB, ROGAL & HAMILTON CO. Hilb, Rogal & Hamilton Co. NAP/NAP 33,357 3.9% $19.00 2005
CONNECTICUT NATURAL GAS CORP. Energy East Corp. Baa1/BBB+ 26,564 3.1% $22.96(5) 2006
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Capital Improvements Reserve, Aeltus Tenant Reserve.
(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(3) Rental rate shown is the weighted average rate. Travelers leases 93,574 SF
at $21.00/SF, 84,309 SF at $19.50/SF, 68,260 SF at $1.00/SF and 48,500 SF
at $15.00/SF.
(4) Rental rate shown is the weighted average rate. Aeltus Investment
Management leases 120,274 SF at $20.95/SF and 1,096 SF at $15.00/SF
(Storage space).
(5) Rental rate shown is the weighted average rate. Connecticut Natural Gas
Corp. leases 25,548 SF at $23.40/SF and 1,016/SF at $12.00/SF (Storage
space).
(6) Travelers Indemnity Company is under two separate leases with 152,569 SF
expiring on 6/30/2004 and 142,074 SF expiring on 6/30/2013.
(7) Aeltus Investment Management is under two separate leases with 120,274 SF
expiring on 2/28/2012 and 1,096 SF of storage space expiring on 2/28/2009.
33 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
STATE HOUSE SQUARE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. The State House Square loan is secured by a fee/leasehold interest in
an 855,270 square foot office building. Three small portions of the complex are
under a 75-year ground lease, which commenced on July 1, 1971 and runs through
May 31, 2046.
THE BORROWER. The subject was acquired by State House Financial Associates, LLC,
a single purpose bankruptcy remote entity under the control of its managing
member SHFA Managing Company, LLC (10%). The managing member is 100% owned by
HGGP Capital, LLC, a single purpose entity controlled by the members of Harbor
Group International ("HGI").
HGI has been acquiring real estate since 1990, and since then has owned and
managed an extensive and diversified portfolio of commercial real estate. HGI's
portfolio is currently valued in excess of $900 million and includes
approximately 4.8 million square feet of office space in eleven markets, 1.3
million square feet of retail space, 1.0 million square feet of industrial
space, and 4,200 apartment units. While a large portion of HGI's portfolio is
concentrated around the southeastern portion of the United States, it owns
properties as far west as El Paso, Texas, and as far north as Rochester, New
York.
THE PROPERTY. The subject property is an 855,270 square foot class A office
building situated on 2.64 acres of land within the Hartford, Connecticut CBD.
The subject contains twin 14 story office towers (10 State House Square and 90
State House Square) and a historic seven story (plus mezzanine and basement
space) office building (50-58 State Street) plus retail space. 50-58 State
Street was originally constructed in 1920 and substantially renovated in 2000,
with the two 14 story towers and the retail spaces built in 1987.
The subject's amenities include 24-hour security (complete with closed circuit
television), a fully-equipped, state of the art health club facility, a food
court with seating for approximately 500 people, a variety of retail shops, and
an on-site underground parking garage with parking available for approximately
444 vehicles.
The property is 91.5% leased by 38 tenants with over 40.0% of the total space
occupied by credit tenants. National tenants make up over 75% of the total
tenant base, with the subject's largest tenant Travelers Indemnity Company
("Travelers"), a provider of property and casualty insurance, occupying 294,643
square feet (34.5% of NRA including 48,500 square feet used for a corporate gym
owned and operated by Travelers). In addition to Travelers, three prominent
financial services firms occupy 30.5% of NRA. Aeltus Investment Management, a
global financial institution offering banking, insurance and asset management
that is an independently managed subsidiary of ING Group N.V., occupies 121,370
square feet; the Advest Group, Inc., a regional financial services and
investment advisory firm owned by AXA SA (NYSE: AXA), occupies 105,745 square
feet; and Hilb Rogal & Hamilton Company, the nation's seventh largest insurance
brokerage firm, occupies 33,357 square feet. The remainder of the tenant base is
comprised of a diverse mix of premier service providers, established regional
companies, and retail tenants including Connecticut Natural Gas Corporation
(26,564 square feet, 3.1% of NRA), a wholly-owned regulated subsidiary of Energy
East Corp. (NYSE: EAS); Edwards & Angell (21,407 square feet, 2.4% of NRA), a
full-service law firm with approximately 300 attorneys; Pullman & Comley, LLC
(20,230 square feet, 2.3% of NRA), a full-service law firm; UBS Financial
Services, Inc. (18,331 square feet, 2.2% of NRA), and Morton's of Chicago (8,000
square feet, 0.9% of NRA).
Three small portions of the complex (primarily under 10 State House Square) are
under a 75-year ground lease, which commenced on July 1, 1971 and runs through
May 31, 2046. The ground lease calls for a current annual payment $116,850,
which remains flat until June 1, 2021, at which time the ground lease payment
increases or decreases based upon the Cost of Living Index, offset by the
original annual payment in 1971 ($25,000). Additionally, during the 74th and
75th lease years, the lessee has the right to purchase the premises from the
lessor for $50,000.
THE MARKET(1). State House Square occupies an entire city block in the middle of
the Hartford, Connecticut CBD. The location provides immediate highway access to
Interstates 84 and 91 and provides access to all points outside the city. The
subject's immediate location (at State House Square, Main Street, and Market
Street) makes it accessible from all areas of the CBD and the region.
Additionally, the subject is conveniently located approximately four blocks east
of Union station, serving Amtrak and all major interstate bus operators,
providing access to New Haven, New York and Washington, D.C.
Connecticut's economy is one of the most productive in the Northeast.
Connecticut ranks first nationwide in: per capita personal income, median
household income, average annual pay, average salary of teachers, and major
corporate headquarters per million residents. The City of Hartford, which is the
state capital, has been southern New England's economic, cultural, and social
center for more than three centuries. Hartford is commonly referred to as "The
Insurance Capital of the World", with companies the likes of Aetna, Cigna,
Hartford Steam Boiler, ITT Hartford, Phoenix Mutual, and Travelers all calling
Hartford home. In addition to being a powerful insurance and financial center,
the region is home to numerous major high-tech manufacturing firms, including
many Fortune 500 corporations. Small to mid size businesses are the backbone of
the region's economy and are boosted by an aggressive program of business
incubators, economic incentives, and financial assistance packages made
available through federal, state, and local government and area educational
facilities.
- --------------------------------------------------------------------------------
(1) Certain information from the State House Square loan appraisal dated July
1, 2003. The appraisal relies upon many assumptions, and no representation
is made as to the accuracy of the assumptions underlying the appraisal.
34 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
STATE HOUSE SQUARE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Two significant projects, Adrian's Landing and Trumbull Centre, are currently
under construction, with several others planned for the near future, ranging
from reconstructing older office buildings to remaking the Hartford Civic Center
shops and offices into a residential community. The plan sets out Six Pillars of
State investment (which has since grown to 8 objectives). The Pillars of this
strategy include a reunion with the Connecticut River; a convention,
entertainment, and cultural district called Adriaen's Landing; revitalization of
the CBD; a downtown college campus; investments in homes and careers throughout
the City; and a college football stadium in East Hartford.
According to both CB Richard Ellis and Cushman & Wakefield as of the second
quarter 2003 there was approximately 23.88 million square feet of office space
located within the Hartford MSA. According to Cushman & Wakefield as of the
second quarter of 2003 the Hartford MSA reported an overall vacancy rate of
16.4%. Additionally, according to the Cushman & Wakefield second quarter 2003
report the Hartford MSA reported an average rental rate of $19.54/sf.
According to CB Richard Ellis and Cushman & Wakefield, as of the second quarter
2003 the Hartford CBD contained a total of 7.69 million square feet of
multi-tenanted office space, the majority of which is Class "A" space (5.99
million square feet per Cushman & Wakefield). During the first quarter 2003 the
overall CBD reported a total vacancy rate of 22.5%, and average rental rates of
$21.67/sf. According to Cushman & Wakefield, the 5.99 million square feet of
Class "A" space in the CBD consisted of 14 buildings (including 10 and 90 State
House Square as two of the 14), with a direct vacancy rate of 13.5%. According
to both CB Richard Ellis and Cushman & Wakefield, rental rates as the second
quarter 2003 were approximately $22.30/sf for Class "A" space and $18.16/sf for
Class "B" office space.
It is important to note, however, that all of the above figures, and virtually
all other recognized market indicators, do not take into account owner-occupied
office space in the Hartford CBD. According to CB Richard Ellis, seven large
employers (Fleet Bank, The Hartford, Mass Mutual, Phoenix, the State of
Connecticut, Travelers, and Aetna) occupy a total of 7,475,000 square feet in
downtown Hartford in properties that they own; these properties are currently
95.2% occupied. Taking into account this additional space and occupancy rate
that are not captured in any major market survey, CB Richard Ellis calculates an
adjusted Hartford Class "A" vacancy rate of 10%.
PROPERTY MANAGEMENT. The property manager of the State House Square property is
Harbor Group Management Company, an entity controlled by HGI. The property
manager is affiliated with the borrower.
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE(1)
NUMBER SQUARE % OF % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE %
OF LEASES FEET 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 72,888 8.5% NAP NAP 72,888 8.5% NAP NAP
2003 & MTM 5 3,350 0.4 $ 76,823 0.5% 76,238 8.9% $76,823 0.5%
2004 5 153,616 18.0 1,738,461 12.3% 229,854 26.9% $1,815,284 12.8%
2005 5 52,023 6.1 1,046,274 7.4% 281,877 33.0% $2,861,557 20.2%
2006 7 44,115 5.2 1,041,672 7.3% 325,992 38.1% $3,903,230 27.5%
2007 10 38,357 4.5 823,455 5.8% 364,349 42.6% $4,726,684 33.3%
2008 1 21,407 2.5 394,871 2.8% 385,756 45.1% $5,121,555 36.1%
2009 4 23,863 2.8 574,764 4.1% 409,619 47.9% $5,696,319 40.2%
2010 10 120,790 14.1 2,348,618 16.6% 530,409 62.0% $8,044,937 56.7%
2011 1 20,230 2.4 536,904 3.8% 550,639 64.4% $8,581,841 60.5%
2012 7 120,274 14.1 2,519,740 17.8% 670,913 78.4% $11,101,582 78.3%
2013 6 153,243 17.9 2,843,894 20.1% 824,156 96.4% $13,945,476 98.4%
AFTER 1 8,000 0.9 233,800 1.6% 832,156 97.3% $14,179,276 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 62 832,156 97.3% $14,179,276 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Food Court Common Area space totaling 23,114 square feet was not included
as part of the lease rollover schedule.
35 of 67
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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-CIBC7
- --------------------------------------------------------------------------------
STATE HOUSE SQUARE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[MAP OF STATE HOUSE SQUARE PROPERTY OMITTED]
36 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
[THIS PAGE INTENTIONALLY LEFT BLANK]
37 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
COLONY COVE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[PICTURE OF COLONY COVE PROPERTY OMITTED]
[PICTURE OF COLONY COVE PROPERTY OMITTED]
[PICTURE OF COLONY COVE PROPERTY OMITTED]
[PICTURE OF COLONY COVE PROPERTY OMITTED]
38 of 67
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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-CIBC7
- --------------------------------------------------------------------------------
COLONY COVE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL
BALANCE: $50,000,000
CUT-OFF PRINCIPAL BALANCE: $49,882,513
% OF POOL BY IPB: 3.6%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Colony Cove SPE LLC
SPONSOR: Hometown America, L.L.C.
ORIGINATION DATE: 10/16/2003
INTEREST RATE: 5.3000%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 11/1/2010
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 240
REMAINING AMORTIZATION: 239
CALL PROTECTION: L(24),Def(56),O(3)
CROSS-COLLATERALIZATION: No
LOCK BOX: Soft
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $927,222 $71,325
CapEx: $0 $8,097
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee/Leasehold
PROPERTY TYPE: Manufactured Housing Community
PADS: 2,210
LOCATION: Ellenton, FL
YEAR BUILT/RENOVATED: 1957
OCCUPANCY: 98.7%
OCCUPANCY DATE: 7/21/2003
AVERAGE MONTHLY PAD RENT: $378
HISTORICAL NOI:
2001: $5,989,254
2002: $6,285,660
TTM AS OF 6/30/2003: $7,715,126
UW NOI: $6,554,897
UW NET CASH FLOW: $6,444,397
APPRAISED VALUE: $80,700,000
APPRAISAL DATE: 8/1/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $22,571
CUT-OFF DATE LTV: 61.8%
MATURITY LTV: 47.6%
UW DSCR: 1.59x
- --------------------------------------------------------------------------------
39 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
COLONY COVE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. The Colony Cove loan is secured by a fee & leasehold interest in a
2,210 pad manufactured housing community located in Ellenton, Florida.
Approximately 202.8 acres of the Colony Cove property are subject to a ground
lease and are not part of collateral; however, the 1,153 pads situated on the
ground leased portion of the Colony Cove property are part of the collateral.
The remaining 1,057 pads owned in fee serve as collateral for the Colony Cove
loan.
THE BORROWER. Colony Cove SPE LLC is the borrowing entity. The sponsor of the
loan is Hometown America L.L.C. ("Hometown"). On October 16, 2003, Hometown, one
of the nation's largest privately-held owners and operators of manufactured home
communities acquired Chateau Communities, Inc., the largest owner and operator
of manufactured home communities in the U.S, for total consideration of
approximately $2.2 Billion in cash and assumed debt. The combined company has a
portfolio of 261 communities with over 88,000 sites, located in 34 states. The
Colony Cove property was acquired by the borrower as part of the acquisition.
Hometown is 99% owned and funded by the Washington State Investment Board
("WSIB"). WSIB manages about $52 billion in assets for 33 separate state
retirement and public funds including approximately $3.6 billion in real estate.
THE PROPERTY. The Colony Cove property is a 2,210-pad manufactured housing
community located in Ellenton, FL. The site contains approximately 538.3 acres
comprised of three leasehold parcels and six fee simple parcels, and was
developed in 1957, 1976, 1982 and 1986. The leases covering the three parcels on
ground leases, all of which will expire on May 31, 2022. The site offers four
unit/pad types with rental rates ranging from $336 to $403 per pad with a
weighted average rental rate of $378.
The property amenities include 5 swimming pools, 4 clubhouses with auditorium
and billiards, 3 laundry rooms, 2 tennis courts, 72 canopied and lighted
shuffleboard courts, woodworking shop, marina, boat ramp, picnic pavilion and
fishing pier. The clubhouse facilities include a full-size kitchen and tables
and chairs. Utilities are individually metered.
THE MARKET(1). The subject property is located in Ellenton, Florida, Manatee
County which is located in the Sarasota MSA. The subject property is located
approximately six miles north of the Brandenton Central Business District (CBD).
Manatee County is located along the western coast of the state, just south of
the Tampa-St. Petersburg metropolitan area. The subject is located along the
north side of US Highway 301 and between 72nd Avenue and Erie Road. Access to
the subject is provided on US 301, 72nd Avenue and Erie Road.
The Sarasota MSA's population, as of year-end 2002 was 618,608. The MSA has
experienced a 2.4% average annual growth since 2000. The area has a current
unemployment rate of 3.6%, compared to Florida's unemployment rate of 5.1%. The
2002 average household income within five miles of the subject was $55,319.
Sarasota MSA's dominant employment sectors are Services (45.0%); Retail Trade
(21.0%); and Manufacturing (10.0%), and Government. The area's top employers
include Sarasota Memorial Hospital, Publix Grocery, Tropicana, Bon Secours
Hospital, PGT Industries, Blake Medical Center, Manatee Memorial Hospital,
Charter One, Wal-Mart, and Wellcraft Boats.
PROPERTY MANAGEMENT. The property manager of the Colony Cove property is
Hometown America Management, L.P. The property manager is affiliated with the
borrower
- --------------------------------------------------------------------------------
(1) Certain information from the Colony Cove loan appraisal August 1, 2003. The
appraisal relies upon many assumptions, and no representation is made as to
the accuracy of the assumptions underlying the appraisal.
40 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
COLONY COVE
- --------------------------------------------------------------------------------
[MAP OF COLONY COVE PROPERTY OMITTED]
41 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
POTOMAC RUN
- --------------------------------------------------------------------------------
[PICTURE OF POTOMAC RUN PROPERTY OMITTED]
[PICTURE OF POTOMAC RUN PROPERTY OMITTED]
[PICTURE OF POTOMAC RUN PROPERTY OMITTED]
42 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
POTOMAC RUN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $47,000,000
CUT-OFF PRINCIPAL BALANCE: $46,914,387
% OF POOL BY IPB: 3.4%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Potomac Run, LLC
SPONSOR: A joint venture between GE Capital
Real Estate and Kimco Realty
Corporation
ORIGINATION DATE: 9/25/2003
INTEREST RATE: 6.0170%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 10/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 358
CALL PROTECTION: L(24),Def(90),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: NAP
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
Escrows/Reserves: Initial Monthly
-------------- ---------------
Taxes: $300,130 $50,022
CapEx: $0 $1,250
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Retail - Anchored
SQUARE FOOTAGE: 361,365
LOCATION: Sterling, VA
YEAR BUILT/RENOVATED: 1996
OCCUPANCY: 98.9%
OCCUPANCY DATE: 9/16/2003
NUMBER OF TENANTS: 27
HISTORICAL NOI:
2001: $4,573,213
2002: $4,608,357
UW NOI: $4,626,462
UW NET CASH FLOW: $4,481,916
APPRAISED VALUE: $59,000,000
APPRAISAL DATE: 9/3/2003
- ----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $130
CUT-OFF DATE LTV: 79.5%
MATURITY LTV: 67.6%
UW DSCR: 1.32x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
- ------------------------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE % OF SALES BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF(2) PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
TOYS R US Toys "R" Us, Inc. (NYSE: TOY) Baa3/BBB- 45,210 12.5% NAV $5.11 2012
MICHAELS Michaels Store, Inc. (NYSE: MIK) Ba1/BB+ 35,333 9.8% $132 $11.00 2011
CIRCUIT CITY STORES Circuit City Stores, Inc. (NYSE: CC) NAP/NAP 33,000 9.1% NAV $14.17 2017
OFFICE DEPOT Office Depot, Inc. (NYSE: ODP) Baa3/BBB- 27,400 7.6% NAV $11.00 2011
PETSSMART PetsMART, Inc. (NSDQ: PETM) Ba3/B+ 26,040 7.2% NAV $11.50 2011
KITCHEN & ETC Kitchen & ETC NAP/NAP 25,654 7.1% $176 $14.03 2009
ROSS DRESS FOR LESS Ross Stores Inc (NSDQ: ROST) NAP/BBB 24,255 6.7% NAV $12.50 2007
KIDS R US Toys "R" Us, Inc. (NYSE: TOY) Baa3/BBB- 16,500 4.6% NAV $11.00 2012
- ------------------------------------------------------------------------------------------------------------------------------------
(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 the 12 month period ending August 31, 2003.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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POTOMAC RUN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. The Potomac Run loan is secured by a first mortgage interest in a
361,365 square foot anchored retail center.
THE BORROWER. The borrower is Potomac Run, LLC. The sponsor of the borrower is a
joint venture between GE Capital Real Estate and Kimco Realty Corporation known
as the Kimco Retail Opportunity Portfolio. GE Capital Real Estate, headquartered
in Stamford, CT, is one of the industry's leading global resources for
commercial real estate capital, with a portfolio of over $21 billion, through
its structured finance, equity and capital markets products. Kimco Realty
Corporation, a publicly-traded real estate investment trust (REIT), is the
nation's largest owner and operator of neighborhood and community shopping
centers. Kimco has interests in over 510 properties in 41 states, with
approximately 68 million square feet of leasable space.
THE PROPERTY. Potomac Run is a 361,365 square foot anchored retail center
located in Sterling, VA. The center was built in 1996. The center is situated on
38.1 acres and contains 15 single story buildings with 27 tenants. The property
is 98.9% leased to over 20 tenants including Michael's (approximately 35,000
square feet), Circuit City (approximately 33,000 square feet), Office Depot
(approximately 27,000 square feet) and PetSmart (approximately 26,000 square
feet). Additionally, the center has a variety of in-line tenants and pad site
tenants, as well as a 125,204 square foot Target that owns its own store and
does not serve as collateral for the Potomac Run loan. The site is located at
the southeast corner of Cascades Parkway and Route 7 (Harry Byrd Highway) and is
approximately three miles north of Dulles International Airport (IAD) and
fifteen miles west of Washington D.C.
THE MARKET(1). The Potomac Run property is located in Sterling, Virginia, Loudon
County in the Washington, D.C. MSA. The subject property is at the southeastern
corner of Cascades Parkway and Harry F. Byrd Highway (Route 7). Route 7 one of
the primary transportation arteries for this area. The property can be accessed
on Bartholomew Fair Drive, which connects with both Route 7 and Cascades
Parkway. Average household income within a 1-, 3- and 5-mile radius is $100,191,
$101,013 and $113,943 respectively.
REIS divides the Northern Virginia retail market into five submarkets. The
subject property is located in the Loudon County submarket. Overall neighborhood
and community center retail vacancy in Northern Virginia market is currently
3.4% while Loudon County stands at 2.5%, both of which are below national
levels. Loudon County's effective rental rate is $18.79 per square foot, which
is below regional averages but above national levels.
PROPERTY MANAGEMENT. The property manager of the Potomac Run property is KRC
Property Management I, Inc. The property manager is affiliated with the
borrower.
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LEASE ROLLOVER SCHEDULE
NUMBER SQUARE % OF % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE %
OF LEASES FEET 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 4,100 1.1% NAP NAP 4,100 1.1% NAP NAP
2003 & MTM 0 0 0.0 $0 0.0% 4,100 1.1% $0 0.0%
2004 0 0 0.0 0 0.0 4,100 1.1% $0 0.0%
2005 0 0 0.0 0 0.0 4,100 1.1% $0 0.0%
2006 6 60,176 16.7 771,322 16.5 64,276 17.8% $771,322 16.5%
2007 3 32,903 9.1 484,285 10.3 97,179 26.9% $1,255,607 26.8%
2008 3 11,769 3.3 274,207 5.9 108,948 30.1% $1,529,814 32.7%
2009 2 26,479 7.3 385,105 8.2 135,427 37.5% $1,914,919 40.9%
2010 0 0 0.0 0 0.0 135,427 37.5% $1,914,919 40.9%
2011 3 88,773 24.6 989,523 21.1 224,200 62.0% $2,904,442 62.0%
2012 3 71,710 19.8 648,523 13.8 295,910 81.9% $3,552,965 75.9%
2013 0 0 0.0 0 0.0 295,910 81.9% $3,552,965 75.9%
AFTER 7 65,455 18.1 1,130,717 24.1 361,365 100.0% $4,683,682 100.0%
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TOTAL 27 361,365 100.0% $4,683,682 100.0%
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(1) Certain information from the Potomac Run appraisal dated September 3, 2003.
The appraisal relies upon many assumptions, and no representation is made
as to the accuracy of the assumptions underlying the appraisal.
44 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
POTOMAC RUN
- --------------------------------------------------------------------------------
NOTE: THIS EXHIBIT IS FOR ILLUSTRATIVE PURPOSES ONLY. THE ACTUAL BUILDING AREA
IS NOT NECESSARILY DRAWN TO SCALE.
[FLOOR PLAN OF POTOMAC RUN PROPERTY OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
POTOMAC RUN
- --------------------------------------------------------------------------------
[PICTURE OF POTOMAC RUN PROPERTY OMITTED]
46 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
POTOMAC RUN
- --------------------------------------------------------------------------------
[MAP OF POTOMAC RUN PROPERTY OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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BROWN NOLTEMEYER APARTMENT PORTFOLIO
- --------------------------------------------------------------------------------
[PICTURE OF BROWN NOLTEMEYER APARTMENT PORTFOLIO PROPERTY OMITTED]
[PICTURE OF BROWN NOLTEMEYER APARTMENT PORTFOLIO PROPERTY OMITTED]
[PICTURE OF BROWN NOLTEMEYER APARTMENT PORTFOLIO PROPERTY OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
BROWN NOLTEMEYER APARTMENT PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $41,600,000
CUT-OFF PRINCIPAL BALANCE: $41,472,319
% OF POOL BY IPB: 3.0%
SHADOW RATING (M/S): Aa2/AAA
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Brown Noltemeyer Company
SPONSOR: Brown Noltemeyer Company; Norman
Noltemeyer and Charles A Brown, Jr.
ORIGINATION DATE: 10/31/2003
INTEREST RATE: 5.1700%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 11/1/2020
AMORTIZATION TYPE: Fully Amortizing
ORIGINAL AMORTIZATION: 204
REMAINING AMORTIZATION: 203
CALL PROTECTION: L(24),Def(166),O(13)
CROSS-COLLATERALIZATION: Yes
LOCK BOX: NAP
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $445,585 $37,797
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee/Leasehold
PROPERTY TYPE: Multifamily - Garden
UNITS: 2,087
LOCATION: Louisville, KY
YEAR BUILT/RENOVATED: Various (see chart titled
"Portfolio Properties")
OCCUPANCY: 95.9%
OCCUPANCY DATE: Various (see chart titled
"Portfolio Properties")
HISTORICAL NOI:
2001: $7,371,737
2002: $7,133,919
TTM AS OF 8/31/2003: $7,354,779
UW NOI: $7,032,041
UW NET CASH FLOW: $6,338,805
APPRAISED VALUE: $78,125,000
APPRAISAL DATE: 9/4/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $19,872
CUT-OFF DATE LTV: 53.1%
MATURITY DATE LTV: 0.7%
UW DSCR: 1.72x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
# OF OCCUPANCY
PROPERTY NAME CITY STATE UNITS YEAR BUILT OCCUPANCY DATE APPRAISED VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PARTRIDGE MEADOWS APARTMENTS Louisville KY 502 1981 89.8% 8/1/2003 $20,725,000
BOULDER CREEK APARTMENTS Louisville KY 402 1987 97.0% 8/22/2003 $16,650,000
DEVONSHIRE APARTMENTS Louisville KY 416 1980 96.6% 8/31/2003 $13,900,000
UNIVERSITY PARK APARTMENTS Louisville KY 224 1986 99.1% 8/28/2003 $9,050,000
CEDAR SPRING APARTMENTS Louisville KY 150 1990 97.3% 8/29/2003 $6,025,000
TYMBERWOOD TRACE APARTMENTS Louisville KY 160 1987 100.0% 8/29/2003 $4,825,000
CHATSWORTH PARK APARTMENTS Louisville KY 153 1966 100.0% 8/20/2003 $3,850,000
EAGLES EYRIE APARTMENTS Louisville KY 80 1973 96.3% 8/20/2003 $3,100,000
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TOTAL/WEIGHTED AVERAGE 2,087 95.9% $78,125,000
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(1) BASED ON INFORMATION FROM THE BROWN NOLTEMEYER APARTMENTS PORTFOLIO LOAN
APPRAISALS DATED SEPTEMBER 4, 2003. THE APPRAISALS RELY UPON MANY
ASSUMPTIONS, AND NO REPRESENTATION IS MADE AS TO THE ACCURACY OF THE
ASSUMPTIONS UNDERLYING THE APPRAISALS.
49 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
BROWN NOLTEMEYER APARTMENT PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. The Brown Noltemeyer Apartment Portfolio loan is secured by a first
mortgage interest in eight garden-style apartment complexes that have a combined
2,087 units.
THE BORROWER. The Borrowing Entity is Brown Noltemeyer Company, which consists
of Charles A. Brown and Norman V. Noltemeyer as equal owners. The Company was
formed in 1963 and currently owns 4,000 multifamily units, warehouse complexes,
office buildings, shopping centers and five restaurants. All of the properties
are located within the Louisville metropolitan statistical area. Brown,
Noltemeyer Company manages all of their properties and currently has over 200
employees.
THE PROPERTIES. The Brown Noltemeyer Apartment Portfolio ("Brown Noltemeyer
Portfolio") is comprised of eight class B multi-family garden style apartment
complexes located in Louisville, KY. The Brown Noltemeyer Portfolio has a total
of 2,087 apartment units with a weighted average occupancy of 95.9%. Apartment
unit amenities include dishwashers, washer/dryer connections, and private
balconies. Property amenities include swimming pools, tennis courts and
clubhouses. See the chart labeled "Portfolio Properties" for additional
information.
THE MARKET(1). All of the Brown Noltemeyer Portfolio is located in Louisville,
Kentucky. According to REIS, the Louisville, Kentucky MSA has recently seen
slight improvements in vacancy rates, which is in tandem with the region and the
country. Since 1999, current vacancy rates in Louisville have increased 2.7% to
8.1%. The 8.1% vacancy rate is an improvement over the 9.6% vacancy reported as
of first quarter 2003.
PROPERTY MANAGEMENT. The property manager of the The Brown Noltemeyer Apartment
Portfolio is Brown Noltemeyer Company.
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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 176 625 110,000 8.4% $404 $404
1 BEDROOM 947 754 714,038 45.3% $452 $463
2 BEDROOM 822 1,034 849,948 39.4% $564 $579
3 BEDROOM 142 1,376 195,392 6.8% $688 $692
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TOTAL 2,087 896 1,869,378 100.0% $508 $519
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Based on information from the Brown Noltemeyer Apartments Portfolio
appraisals dated September 4, 2003. The appraisals rely upon many
assumptions, and no representation is made as to the accuracy of the
assumptions underlying the appraisals.
50 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
BROWN NOLTEMEYER APARTMENT PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[MAP OF BROWN NOLTEMEYER APARTMENT PORTFOLIO PROPERTY OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO
- --------------------------------------------------------------------------------
[PICTURE OF VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO PROPERTY OMITTED]
[PICTURE OF VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO PROPERTY OMITTED]
[PICTURE OF VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO PROPERTY OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $25,550,000
CUT-OFF PRINCIPAL BALANCE: $25,385,217
% OF POOL BY IPB: 1.8%
LOAN SELLER: CIBC Inc.
BORROWER: Adodhya Limited Partnership
and Kolatam Limited Partnership
SPONSOR: Chowdary Yalamanchili
ORIGINATION DATE: 6/10/2003
INTEREST RATE: 4.3500%
INTEREST ONLY PERIOD: NAP
ANTICIPATED REPAYMENT DATE: 7/1/2008
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 355
CALL PROTECTION: L(24),Def(27),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Springing
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $509,864 $63,733
Insurance: $51,914 $14,255
CapEx: $14,155 $14,155
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Multifamily - Garden
UNITS: 652
LOCATION: Dallas, TX
YEAR BUILT/RENOVATED: 1986
OCCUPANCY: 90.0%
OCCUPANCY DATE: Various (see chart titled
"Portfolio Properties")
HISTORICAL NOI:
2001: $2,587,597
2002: $2,423,683
TTM AS OF 4/30/2003: $2,303,701
UW NOI: $2,462,388
UW NET CASH FLOW: $2,299,388
APPRAISED VALUE: $32,900,000
APPRAISAL DATE: 4/14/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $38,934
CUT-OFF DATE LTV: 77.2%
MATURITY DATE LTV: 70.9%
UW DSCR: 1.51x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
# OF OCCUPANY
PROPERTY NAME CITY STATE UNITS YEAR BUILT OCCUPANCY DATE APPRAISED VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
VERSAILLES APARTMENTS Dallas TX 388 1986 89.7% 5/15/2003 $20,400,000
DANA POINT APARTMENTS Dallas TX 264 1986 90.5% 5/14/2003 $12,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 652 90.0% $32,900,000
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53 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. Versailles and Dana Point Apartments loan is secured by a fee interest
in two garden style multifamily properties with a combined 652 units.
THE BORROWER. The borrower, who acquired the subject properties and maintains
approximately 25% cash equity in the transaction is comprised of two bankruptcy
remote special purpose entities, Adodhya Limited Partnership and Kolatam Limited
Partnership, both of which are controlled by Chowdary Yalamanchili, the founder
and President of CNC Investments, which is now associated with the acquisition
and property management of as many as 93 apartment communities, representing
more than 22,000 units. The majority of properties managed are located in
Houston (43%), with another 32% of the portfolio located in various other cities
in Texas. The Houston Business Journal has ranked CNC Investments as the 7th
largest residential property manager in Houston for 2002.
THE PROPERTIES. Versailles Apartments is a 388-unit garden apartment complex
located in the North Dallas section of Dallas, Texas. The property was built in
1986 with improvements positioned on a 15.4-acre tract of land. Amenities at
Versailles Apartments include a swimming pool/spa, a fitness center, a
clubhouse/community room, and one carport for every unit. Unit amenities include
full size washers/dryers in every unit, patios/balconies, and walk-in closets.
Select units offer fireplaces, dry bars, and sunrooms. The property offers ten
floorplans with a combination of one bedroom/one bath units and two bedroom/two
bath units. The floorplans range in size from 575 square feet to 1,050 square
feet, with an average unit size of 776 square feet. These unit sizes are among
the largest in the market. Asking rents vary according to floor plan and whether
a fireplace is present, with the average contract rent $761/unit.
Dana Point Apartments is a 264-unit garden apartment complex located in the
North Dallas section of Dallas, Texas. The property was built in 1986 with
improvements positioned on a 9.4-acre tract of land. Amenities at Dana Point
Apartments include a swimming pool/spa, a fitness center, a clubhouse/community
room, and one carport for every unit. Unit amenities include washers/dryers in
every unit, patios/balconies, and walk-in closets. Select units offer
fireplaces, dry bars, and sunrooms. The property offers nine floorplans with a
combination of one bedroom/one bath units, two bedroom/one bath units, and two
bedroom/two bath units. The floorplans range in size from 575 square feet to
1,050 square feet, with an average unit size of 779 square feet. These unit
sizes are among the largest in the market. Asking rents vary according to floor
plan and whether a fireplace is present, with the average contract rent
$746/unit.
The principal of the borrower has a recourse obligation to perform $1.2 million
in capital improvements to the subject properties.
THE MARKET(1). The subject properties are located in the Dallas PMSA, which is
home to approximately 3.8 million residents and makes up the majority of the
larger Dallas/Fort Worth CMSA, the 9th largest metropolitan area in the United
States. From 1997 to 2002, the population of the PMSA increased at a compounded
annual rate of 2.71% compared to the Texas growth rate of 1.83% and the national
growth rate of 1.20%. Over the next five years, the Dallas PMSA population is
projected to increase at a compounded annual rate of 1.93%, while the State of
the Texas is projected to grow at a rate of 1.65% and the nation is projected to
grow at a rate of 1.02%. The subject properties are in an area of suburban north
Dallas that is experiencing significant population growth. From 2000 to 2003,
the population within a one, three, and five-mile radius of the subject has
grown at an average annual rate of 5.35%, 4.80% and 3.61%, respectively, to
21,542, 132,675, and 323,209, respectively. In the next five years the
populations in these zones are expected to grow at an average annual rate of
4.46%, 4.07% and 3.19%, respectively.
The estimated 2003 median household income in the Dallas MSA is $55,076. The
subject's immediate area is more affluent, exhibiting a median household income
of $60,528, $66,574, and $69,346 within a one, three, and five-mile radius of
the property, respectively.
The subjects' neighborhoods are influenced by their proximity to the large
amount of employment located within the numerous office buildings along the
Dallas North Tollway between the subject's neighborhood and I-635. There has
been significant recent retail development in the area including the Legacy
Business Park and the Shops at Willow Bend regional mall. The Shops at Willow
Bend, opened in August of 2001, contains over 1.3 million square feet of retail
space and is anchored by Neiman Marcus, Lord & Taylor, Foley's and Dillard's.
- --------------------------------------------------------------------------------
(1) Certain information from the Versailles and Dana Point Apartments Portfolio
appraisals dated April 14, 2003. The appraisals rely upon many assumptions,
and no representation is made as to the accuracy of the assumptions
underlying the appraisals.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Land uses in the both subjects' neighborhoods include a mix of residential
(single- and multi- family), commercial, and retail developments, although
residential land uses dominate the area. To the immediate north, south, and west
of the subject are Class A and B apartment complexes.
According to REIS, Inc., the Dallas apartment market encompasses 1,734 apartment
complexes and 362,853 units. As of March 2003, the overall vacancy was 9.4%. The
market appears to be stabilizing, however, as the number of units given back is
on the decline and is approximating the number of completions entering the
market. Completions of new units declined to 1.0% of inventory in 2002, well
below historical levels. Average rents in the market declined 1.5% to $677 per
unit through March 2003 compared to a 2.7% decline to $687 per unit in 2002.
Versailles Apartments is located in the Far North Dallas sub market, according
to REIS, Inc. The Far North sub market has 35,281 units within 141 properties
and exhibited a March 2003 vacancy rate of 8.5%. There has been no new
construction in the sub market since 1999 and net absorption in 2003 has been
zero units. Effective rents (including concessions) were approximately $714 per
unit through March 2003.
Dana Point is located in the Carrollton/Addison/Coppell sub market, according to
REIS, Inc. The sub market has 30,933 units within 124 properties and exhibited a
March 2003 vacancy rate of 8.8%. There have been 240 units added to the market
since 2000. Effective rents (including concessions) were approximately $699 per
unit through March 2003.
PROPERTY MANAGEMENT. The property manager of the Versailles and Dana Point
Apartments Portfolio properties is CNC Investments, a management company that is
100% controlled by Chowdary Yalamanchili. The property manager is affiliated
with the borrower.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY INFORMATION (VERSAILLES APARTMENTS)
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)
- ------------------------------------------------------------------------------------------------------------------------------------
1 BEDROOM/1 BATH 72 575 41,400 18.6% $640 $640
1 BEDROOM/1 BATH 48 640 30,720 12.4% $680 $680
1 BEDROOM/1 BATH 48 733 35,184 12.4% $715 $715
1 BEDROOM/1 BATH 48 735 35,280 12.4% $725 $725
1 BEDROOM/1 BATH 48 813 39,024 12.4% $770 $770
1 BEDROOM/1 BATH 24 850 20,400 6.2% $825 $825
1 BEDROOM/1 BATH 24 965 23,160 6.2% $895 $895
1 BEDROOM/1 BATH 4 800 3,200 1.0% $825 $825
2 BEDROOM/2 BATH 36 965 34,740 9.3% $895 $895
2 BEDROOM/2 BATH 36 1,050 37,800 9.3% $930 $930
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 388 776 300,908 100.0% $761 $761
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY INFORMATION (DANA POINT APARTMENTS)
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)
- ------------------------------------------------------------------------------------------------------------------------------------
1 BEDROOM/1 BATH 48 575 27,600 18.2% $635 $635
1 BEDROOM/1 BATH 32 640 20,480 12.1% $665 $660
1 BEDROOM/1 BATH 32 733 23,456 12.1% $695 $695
1 BEDROOM/1 BATH 32 735 23,520 12.1% $725 $720
1 BEDROOM/1 BATH 32 813 26,016 12.1% $760 $760
1 BEDROOM/1 BATH/DEN 20 850 17,000 7.6% $805 $805
1 BEDROOM/1 BATH/DEN 20 965 19,300 7.6% $855 $855
2 BEDROOM/2 BATH 24 965 23,160 9.1% $865 $875
2 BEDROOM/2 BATH 24 1,050 25,200 9.1% $895 $920
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/ WEIGHTED AVERAGE 264 779 205,732 100.0% $746 $748
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Certain information from the Versailles and Dana Point Apartments Portfolio
Loan appraisal dated April 14, 2003. The appraisal relies upon many
assumptions, and no representation is made as to the accuracy of the
assumptions underlying the appraisals.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[MAP OF VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO PROPERTY OMITTED]
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VERSAILLES AND DANA POINT APARTMENTS PORTFOLIO
- --------------------------------------------------------------------------------
[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE VILLAGIO AND PALM COURT APARTMENTS
- --------------------------------------------------------------------------------
[PICTURE OF THE VILLAGIO AND PALM COURT APARTMENTS PROPERTY OMITTED]
[PICTURE OF THE VILLAGIO AND PALM COURT APARTMENTS PROPERTY OMITTED]
[PICTURE OF THE VILLAGIO AND PALM COURT APARTMENTS PROPERTY OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE VILLAGIO AND PALM COURT APARTMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $24,700,000
CUT-OFF PRINCIPAL BALANCE: $24,700,000
% OF POOL BY IPB: 1.8%
LOAN SELLER: JP Morgan Chase Bank
BORROWER: IMT PCV Portfolio, LP
SPONSOR: Investors Management Trust Real
Estate Group, Inc.
ORIGINATION DATE: 9/30/2003
INTEREST RATE: 5.8800%
INTEREST ONLY PERIOD: 24 Months
MATURITY DATE: 10/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 360
CALL PROTECTION: L(24),Def(90),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: NAP
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $464,857 $46,486
CapEx: $0 10,433
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Multifamily - Garden
UNITS: 626
LOCATION: Houston, TX
YEAR BUILT/RENOVATED: Various (see chart titled
"Portfolio Properties")
OCCUPANCY: 95.2%
OCCUPANCY DATE: 7/31/2003
HISTORICAL NOI:
2001: NAV
2002: $2,156,759
TTM AS OF 6/30/2003: $2,278,509
UW NOI: $2,382,817
UW NET CASH FLOW: $2,257,617
APPRAISED VALUE: $30,900,000
APPRAISAL DATE: Various (see chart titled
"Portfolio Properties")
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $39,457
CUT-OFF DATE LTV: 79.9%
MATURITY DATE LTV: 70.6%
UW DSCR: 1.29x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
# OF YEAR BUILT/ APPRAISAL
PROPERTY NAME CITY STATE UNITS YEAR RENOVATED OCC. OCC. DATE APPRAISED VALUE DATE
- ------------------------------------------------------------------------------------------------------------------------------------
VILLAGIO APARTMENTS Houston TX 330 1964/2001 97.6% 7/31/2003 $16,600,000 7/23/2003
PALM COURT APARTMENTS Houston TX 296 1973/2001 92.6% 7/31/2003 $14,300,000 7/25/2003
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 626 95.2% $30,900,000
- ------------------------------------------------------------------------------------------------------------------------------------
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- --------------------------------------------------------------------------------
THE VILLAGIO AND PALM COURT APARTMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. The Villagio and Palm Court Apartments are secured by a first mortgage
interest in two garden-style apartment complexes that have a combined 626 units.
THE BORROWER. The Borrowing entity is IMT PCV Portfolio, LP. The borrower
sponsor is Investors Management Trust Real Estate Group, Inc. ("IMT"). IMT is a
privately held company originally established in 1992 to focus on multifamily
property management. In 1996, IMT began acquiring multifamily properties in
major metropolitan markets while establishing a regional presence. Currently,
the company owns and manages over 13,778 units in Texas California, Arizona, and
Florida.
THE PROPERTIES. The Villagio and Palm Court Apartments are comprised of two
multi-family properties located in Houston, TX. The Villagio and Palm Court
Apartments have a total of 626 apartment units with a weighted average occupancy
of 95.2%. Apartment unit amenities include private balconies, ceiling fans,
extra storage space, walk-in closets and washer/dryer connections. Property
amenities include swimming pools, tennis courts and clubhouses. See the chart
labeled "Portfolio Properties" for additional information.
THE MARKET(1). The Villagio and Palm Court Apartments are located in Houston,
Texas, Harris County, which is in the Houston MSA.
The Villagio Apartments are located on the south corner of Westheimer and Locke
Lee Lane, Houston, Harris County, Texas. The neighborhood is situated
approximately eight miles west of the Houston Central Business District (CBD)
and approximately three miles west of the Galleria area. The neighborhood
boundaries are IH-10 Katy Freeway to the north, Richmond Avenue to the south,
Loop 610 to the east and the Sam Houston Tollway to the west. The Villlagio
Apartments are a 20-minute drive from the Houston CBD, 35-minutes from George
Bush Intercontinental Airport and 30-minutes from Hobby Airport.
The Villagio Apartments are located in the Woodlake/Westheimer submarket as
defined by Apartment Data Services. The submarket contains 11,055 total units
and exhibits a vacancy rate of 10.4%. Information provided by REIS as of the end
of the second quarter of 2003, identifies the subject property as part of the
Briar Grove/Westchase submarket containing a total of 30,146 units. The units
are divided into Class A (8,377 units) and Class B and C (21,769 units)
properties. The overall submarket vacancy rate is 8.3% with Class B and C
properties reporting a vacancy rate of 8.5%. Vacancy rate at competitive
properties reflect a 8.7% rate vs. 2.7% at the subject as of 7/31/03.
The Palm Court Apartments are located on the corner of Country Place Drive and
Fern Road. The neighborhood is situated approximately 18 miles west of the
Houston CBD and approximately 12 miles west of the Galleria area. The
neighborhood boundaries are IH 10 Katy Freeway to the north, Westheimer
Boulevard to the south, Kirkwood Boulevard to the east and Eldridge Road to the
west. The Sam Houston Parkway, as well as I-10, provide freeway access through
the area. The Southwest Freeway traverses the area in a northeast-southwest
direction, connecting the area with Sugar Land and Victoria to the southwest and
the Houston CBD to the northeast. The drive to the Houston CBD is 30 minutes,
35-minutes to George Bush Intercontinental Airport, and 30-minutes to Hobby
Airport.
The Palm Court Apartments are located in the West Memorial/Briar Forest
submarket as defined by Apartment Data Services. The submarket contains 20,936
total units and has a vacancy rate of 9.8% as of the end of the second quarter
of 2003. Information provided by REIS as of the end of second quarter 2003,
identifies the Palm Court Apartments as part of the Briar Forest/Ashford
submarket, which contains a total of 39,197 units. The units are divided into
Class A (19,560 units) and Class B and C (19,637 units) properties. The overall
submarket vacancy rate is 8.3% with Class B and C properties reporting vacancy
rates of 7.5%.
PROPERTY MANAGEMENT. The property manager of the The Villagio and Palm Court
Apartments is Investors Management Trust Real Estate Group, Inc. The property
manager is affiliated with the borrower.
- ------------------------------------------------------------------------------------------------------------------------------------
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)
- ------------------------------------------------------------------------------------------------------------------------------------
1 BEDROOM 222 728 161,596 35.5% $606 $607
2 BEDROOM 293 1,081 316,679 46.8% $781 $804
3 BEDROOM 111 1,199 133,120 17.7% $868 $899
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 626 611,395 100.0% $734
- -----------------------------------------------------------------------------------------------------------------------------------
(1) Certain information from The Villagio and Palm Court Apartments Loan
appraisals dated July 23, 2003 and July 25, 2003. The appraisals rely upon
many assumptions, and no representation is made as to the accuracy of the
assumptions underlying the appraisals.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
THE VILLAGIO AND PALM COURT APARTMENTS
- --------------------------------------------------------------------------------
[MAP OF THE VILLAGIO AND PALM COURT APARTMENTS PROPERTY OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
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RAINIER OFFICE PORTFOLIO
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[PICTURE OF RAINIER OFFICE PORTFOLIO PROPERTY OMITTED]
[PICTURE OF RAINIER OFFICE PORTFOLIO PROPERTY OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
RAINIER OFFICE PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $23,350,000
CUT-OFF PRINCIPAL BALANCE: $23,350,000
% OF POOL BY IPB: 1.7%
LOAN SELLER: CIBC Inc.
BORROWER: Rainer Metroplex Partners, LP
SPONSOR: R. Maurice Crowe, Jr.
ORIGINATION DATE: 7/23/2003
INTEREST RATE: 5.3000%
INTEREST ONLY PERIOD: 12 Months
MATURITY DATE: 8/1/2010
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 300
REMAINING AMORTIZATION: 300
CALL PROTECTION: L(24),Def(52),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: NAP
ADDITIONAL DEBT: Yes
ADDITIONAL DEBT TYPE: B Note Secured by Mortgage;
Intercreditor Agreement in Place
between A Note Holder and B Note
Holder
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------- ---------------
Taxes: $582,750 $64,750
Insurance: $40,748 $8,150
CapEx: $9,965 $9,965
TI/LC: $535,872 $35,872
Other(1): $925,748 $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Office
SQUARE FOOTAGE: 479,917
LOCATION: Various, TX
YEAR BUILT/RENOVATED: Various
OCCUPANCY: 88.7%
OCCUPANCY DATE: Various
NUMBER OF TENANTS: 140
HISTORICAL NOI:
2001: $2,642,491
2002: $2,807,184
TTM AS OF 2/28/2003: $2,696,369
UW NOI: $2,912,349
UW NET CASH FLOW: $2,410,961
APPRAISED VALUE: $35,800,000
APPRAISAL DATE: 4/1/2003, 4/3/2003 & 5/1/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $49
CUT-OFF DATE LTV: 65.2%
MATURITY DATE LTV: 56.7%
UW DSCR: 1.43x
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
BASE LEASE
MOODY'S/ SQUARE % OF RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(2) FEET GLA(3) PSF YEAR
- ----------------------------------------------------------------------------------------------------------------------------------
JPMORGAN CHASE BANK JPMorgan Chase Bank & Co. A1/A+ 25,883 5.4% $13.87(4) 2009(5)
STATE OF TEXAS DEPT OF HUMAN RESOURCES State of Texas Dept of Human Resources NAP/NAP 23,560 4.9% $7.48 2004
ENDOCRINE ASSOCIATES OF DALLAS, P.A. Endocrine Associates of Dallas, P.A. NAP/NAP 14,867 3.1% $11.77 2012
- ----------------------------------------------------------------------------------------------------------------------------------
(1) Chase Bank Reserve (One Time), Interest Reserve A-Note (One Time), Interest
Reserve B-Note (One Time)
(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(3) Calculations are based on the total square footage of the Rainier Office
Portfolio.
(4) Rental rate shown is the blended rate. JPMorgan Chase Bank leases 14,655 SF
at $15.00/SF, 4,558 SF at $17.00/SF and 6,670 SF at $9.23/SF.
(5) JPMorgan Chase Bank is subject to three leases with 14,655SF expiring on
6/30/2009, 4,558 SF expiring on 4/30/2008 and 6,670 SF expiring on
6/30/2004.
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- --------------------------------------------------------------------------------
RAINIER OFFICE PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE LOAN. The Rainier Office Portfolio loan is secured by a fee interest in four
office properties with a combined 479,917 square feet. The properties are
located in Hurst, Dallas and Bellaire, Texas.
THE BORROWER. The subject properties are under the ownership of Rainier
Metroplex Investors, LP (the "borrower"), a single purpose entity under the
control of its sole general partner Rainer Metroplex GP, LLC (1.0%) and its 99%
limited partner Rainer Metroplex Investors, LP.
Rainer Metroplex GP, LLC is 100% owned by Kenneth Dunn, an experienced owner and
operator of commercial real estate. Mr. Dunn currently serves as a partner for
Ratner Rainer Realty Advisors.
Rainer Metroplex Investors, LP. is owned by R.M. Crowe Property Holdings, LP
(40%), Robert P McNutt/Collin Street Bakery (40%), Rainier Capital Management,
LP (19%), and Rainier Investment GP, LLC (1.0%).
R.M. Crowe Property Holdings, LP is owned and controlled by Maurice Crowe, the
founder of RM Crowe Company (1987). Mr. Crowe is an experienced owner and
operator of commercial real estate with interests in approximately 39 properties
totaling more than 4.5 million square feet of space.
The borrower maintains approximately $6.35 million or 21% cash equity in the
subject properties.
THE PROPERTIES. The first mortgage is secured by the fee simple estate in four
office buildings called the Rainier Office Portfolio, which are not subject to
release provisions.
CHASE BANK BUILDING -
- -------------------
The subject property is a seven story mid-rise Class "B" office building
comprised of 118,275 net rentable square feet situated on 5.5 acres of land
located in Hurst, Texas. The subject was constructed in 1984. The subject has
441 parking spaces, including 12 handicap accessible car spaces.
The subject property is 86.3% occupied by 18 tenants with 36.5% of the space
occupied by investment grade tenants including JP Morgan Chase Bank (21.9% of
NRA), American Express (3.5% of NRA), and Payless Shoesource (11.1% of NRA). The
remaining space is occupied by a diverse mix of tenants including several
residential mortgage companies, several law firms, an insurance company, and
several other local and regional businesses.
BANK OF TEXAS -
- -------------
The subject property is a four story suburban Class "B" office building
comprised of 84,699 net rentable square feet situated on 4.8 acres of land
located in Hurst, Texas. The subject was originally constructed in 1984. The
subject has 349 parking spaces with 8 handicap accessible spaces including 4 van
accessible spaces.
The subject property is 92.1% leased by 24 tenants, with three tenants (Bank of
Texas 12.5%, Mega Life & Health Co. 16.8%, and Pro-Cuts Franchise Corp. 15.3%)
comprising 44.6% of the NRA. The corporate headquarters for Mega Life & Health
Co. is located down the street from the subject. The remaining leased space is
occupied by a number of local, regional, and national tenants including several
mortgage companies, the Bayer Corporation, and several law firms.
MEADOW PARK -
- -----------
The subject consists of two atrium-style multi-tenant office buildings (Meadow
Park IV and Meadow Park V) located in Dallas, Texas. Combined, the properties
contain 176,394 net rentable square feet situated on 7.0 acres of land. Meadow
Park IV consists of a two story office building comprised of 69,720 net rentable
square feet, and Meadow Park V consists of a five story office building
consisting of 107,045 net rentable square feet. Both buildings were originally
constructed in 1975 and have 583 parking spaces including 12 handicap accessible
spaces.
The subject is 92.2% occupied by 53 tenants, with only one tenant occupying more
than 10% of the NRA (State of Texas 13.4%). The State of Texas operates its
Department of Human Services out of the subject, which is a State Agency
providing support services for Long Term Care to Aged and Disabled, Medicaid for
Children, and the Community Care Division. Other large tenants at the subject
include Endocrine Associates of Dallas, P.A. (8.4% of NRA), and the Texas
Attorney General's Office (5.2% of NRA).
WEST LOOP -
- ---------
The subject is a six-story, Class "B" office building containing 100,349 net
rentable square feet with an attached 3-story parking garage (399 spaces)
situated on a 1.35-acre tract of land located in Bellaire, Texas. The building
and garage were originally constructed in 1973.
The subject property is currently 82.7% occupied by 45 tenants. The subject's
tenant base is well diversified with only four tenants occupying more than 5.0%
of the NRA (Chemstress 8.9%, South Texas Dental Associates 7.5%, ManTech
Environmental 5.9%, and GBS Insurance 5.5%).
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-CIBC7
- --------------------------------------------------------------------------------
RAINIER OFFICE PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE MARKET(1).
CHASE BANK BUILDING AND BANK OF TEXAS -
- -------------------------------------
The Chase Bank Building is located at the northeast corner of State Highway 121
(Airport Freeway) and Campus Drive. The subject is provided frontage along the
north side of the westbound service road of Airport Freeway (SH 121) and the
east side of Campus Drive. The Bank of Texas is located in the central portion
of Tarrant County, at the northwest corner of Precinct Line Road and Airport
Freeway. The subject is provided with frontage along Grapevine Highway and
Hurstview Drive.
The subject properties are located in Tarrant County, which as of 2000 had a
population of 1,446,219, up 24% from the 1990 figure of 1,170,103. Over the next
ten years. As of 2000, Tarrant County had a median household income of $30,994.
The subjects are specifically located within the city of Hurst, Texas. The city
of Hurst is located in Tarrant County in the Mid-Cities of the Dallas/Fort Worth
MSA. As of 2000, the city of Hurst had a population of 35,375 persons, a 5%
increase from 1990 (33,574 persons). As of 2002, Hurst had a total of 14,913
households with a median household income of $42,277.
According to D/FW Real Smart reports as of the 4th Quarter 2002, the entire
Dallas/Fort Worth market contained a total of 1,591 office buildings with a
total of 223,724,686 square feet of space. As of the 4th Quarter 2002, the
average occupancy level within the Dallas/Fort Worth Area was reported at 77%,
with rental rates averaging $19.55/sf. There is an additional 2.29 million
square feet of office space currently under construction.
According to D/FW Real Smart, the subject is specifically located within the
Northeast Tarrant County Submarket. As of 4th Quarter 2002, the submarket
contained 105 office buildings with a total of 9,166,750 square feet of office
space. There are 81 multi-tenant buildings totaling 5,335,052 square feet and 24
single tenant buildings totaling 3,831,698 square feet. The market is further
broken-down to 24 Class "A" office buildings totaling 2,994,591 square feet, 31
Class "B" office buildings totaling 2,035,478 square feet of space, and 40 Class
"C" office buildings totaling 1,667,853 square feet of space. As of the 4th
quarter 2002, the total gross submarket occupancy was 87%, with Class "A"
buildings reporting an 86% occupancy, Class "B" office buildings at a 91%
occupancy and Class "C" office buildings at an 83% occupancy. The average rental
rate was $20.18/sf (full service), with Class "A" rental rate of $25.40/sf,
Class "B" rental rate of $18.52/sf, and Class "C" rental rate of $14.07/sf. The
subject's submarket displayed an overall positive absorption of 186,836 square
feet for the 4th quarter 2002.
MEADOW PARK -
- -----------
The subject is located, with frontage, on the northbound service road of N.
Central Expressway (IH-75), which is a major traffic artery. The subject's
visibility is considered good primarily due to the frontage the subject is
provided along the northbound IH-75 service road and Blair Road.
The Dallas PMSA is home to over 3.8 million residents and makes up the majority
of the larger Dallas/Fort Worth CMSA, the 9th largest metropolitan area in the
United States. From 1997 to 2002, the population of the PMSA increased at a
compounded annual rate of 2.71% compared to the Texas growth rate of 1.83% and
the national growth rate of 1.20%. The estimated 2003 median household income in
the Dallas MSA is $55,076. The subject's immediate area is more affluent,
exhibiting a median household income of $71,521, $90,561, and $91,778 within a
one, three, and five-mile radius of the property, respectively.
According to D/FW Real Smart reports as of the 4th Quarter 2002, the entire
Dallas/Fort Worth market contained a total of 1,591 office buildings with a
total of 223,724,686 square feet of space. As of the 4th Quarter 2002 the
average occupancy level within the Dallas/Fort Worth Area was reported at 77%,
with rental rates averaging $19.55/sf.
According to D/FW Real Smart, the subject is located within the North Central
submarket. The North Central submarket contains 38 office buildings with a total
of 5,579,119 square feet of office space. There are 33 multi-tenant buildings
totaling 5,287,398 square feet and five single tenant buildings totaling 291,721
square feet. The market is comprised of 14 Class "A" office buildings totaling
3,920,767 square feet, 11 Class "B" office buildings totaling 954,138 square
feet of space and nine Class "C" office buildings totaling 506,787 square feet.
As of the 4th quarter 2002, the total occupancy for the submarket was 81%, with
Class "A" buildings at an 83% occupancy, Class "B" office buildings at a 69%
occupancy rate and class "C" office buildings at an 88% occupancy rate. The
average rental rate was $19.67/sf (full service), with a Class "A" rental rate
of $20.86/sf, a Class "B" rental rate of $17.33/sf, and a Class "C" rental rate
of $13.66/sf. The subject's submarket displayed an overall positive absorption
of 3,107 square feet square feet for the 4th quarter 2002, with Class "C" office
buildings reporting the only positive figure of 5,523 square feet over the 4th
quarter.
WEST LOOP -
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The subject has frontage along the West Loop South Frontage Road and Elm Street.
Overall, access to the subject is considered good due to the egress/ingress
provided to the subject from West Loop South and Elm Street.
Houston, the county seat of Harris County, is part of the
Houston-Galveston-Brazoria Consolidated Metropolitan Area (CMSA). With 4.49
million people, the seven-county Houston CMSA ranks as the nation's 10th most
populous metropolitan area according to the 2000 U.S. Census. The city of
Houston, with a population of 1,953,631, is the fourth largest city in the
United States, behind only New York, Los Angeles and Chicago, and is the largest
in the Southern U.S.
(1) CERTAIN INFORMATION FROM THE RAINIER PORTFOLIO APPRAISALS DATED APRIL
1,2003, APRIL 3, 2003 AND MAY 1, 2003. THE APPRAISALS RELY UPON MANY
ASSUMPTIONS, AND NO REPRESENTATION IS MADE AS TO THE ACCURACY OF THE
ASSUMPTIONS UNDERLYING THE APPRAISALS.
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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-CIBC7
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RAINIER OFFICE PORTFOLIO
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According to the REIS data, there are 1,098 office buildings in the Houston
metro area with a total of over 148 MM square feet. As of the 4th quarter 2002,
the overall average asking rental rate is reported to be $19.53/sf with an
average vacancy rate of 14.2%.
According to the REIS report, the subject property is located within the
Galleria/West Loop South office market, which encompasses approximately 2.3
million square feet of office space in 19 buildings. As of the 4th quarter 2002,
the submarket had a vacancy of 19.6% and has shown no and/or negative absorption
since year-end 2000. Average asking were $17.36/sf. From 2000 through 2002, no
additional space reportedly entered this submarket. The CoStar Group indicates
that, as of 1st Quarter 2003, average Class "A" rental rates in the subject's
submarket were $20.96/sf and with an 86.5% occupancy level, Class "B" space
averaging $17.93/sf with an 82.6% occupancy level.
PROPERTY MANAGEMENT. The property manager of the Rainer Office Portfolio is RM
Crowe Management ("RM Crowe"). RM Crowe, headquartered in Dallas, currently
oversees the management for over five million square feet of space, located in
Texas (Dallas, Austin, Houston, San Antonio, and Fort Worth), and two office
buildings in Denver, Colorado. RM Crowe has an team of approximately 110 people
providing asset management, legal expertise, partnership administration,
finance, office and retail marketing, project management, construction
management, office, apartment and retail project operations, as well as project
development. The property manager is affiliated with the borrower.
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LEASE ROLLOVER SCHEDULE(1)
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 54,061 11.3% NAP NAP 54,061 11.3% NAP NAP
2003 & MTM 22 53,760 11.2 $621,581 10.1% 107,821 22.5% $621,581 10.1%
2004 43 121,464 25.3 1,785,893 29.1% 229,285 47.8% $2,407,474 39.3%
2005 38 79,945 16.7 1,287,109 21.0% 309,230 64.5% $3,694,583 60.3%
2006 19 40,378 8.4 613,915 10.0% 349,608 72.9% $4,308,498 70.3%
2007 11 35,722 7.4 533,764 8.7% 385,330 80.3% $4,842,262 79.0%
2008 11 46,361 9.7 700,556 11.4% 431,691 90.0% $5,542,818 90.5%
2009 2 16,509 3.4 245,781 4.0% 448,200 93.4% $5,788,599 94.5%
2010 1 11,899 2.5 163,611 2.7% 460,099 95.9% $5,952,210 97.1%
2011 0 0 0.0 0 0.0% 460,099 95.9% $5,952,210 97.1%
2012 1 14,867 3.1 175,000 2.9% 474,966 99.0% $6,127,210 100.0%
2013 0 0 0.0 0 0.0% 474,966 99.0% $6,127,210 100.0%
AFTER 0 0 0.0 0 0.0% 474,966 99.0% $6,127,210 100.0%
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TOTAL 148 474,966 99.0% $6,127,210 100.0%
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(1) MANAGEMENT SPACE TOTALING 4,751 SQUARE FEET WAS NOT INCLUDED AS PART OF THE
LEASE ROLLOVER SCHEDULE.
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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-CIBC7
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RAINIER OFFICE PORTFOLIO
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[MAP OF RAINIER OFFICE PORTFOLIO PROPERTY OMITTED]
67 of 67
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.