MAY 21, 2004 JPMCC 2004-PNC1
STRUCTURAL AND COLLATERAL TERM SHEET
------------------------------------
$762,999,000
(Approximate)
J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
Depositor
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2004-PNC1
------------------------------------
JPMORGAN CHASE BANK
PNC BANK, NATIONAL ASSOCIATION
MERRILL LYNCH MORTGAGE LENDING, INC.
Mortgage Loan Sellers
JPMORGAN MERRILL LYNCH & CO.
PNC CAPITAL MARKETS, INC. NOMURA
The analyses in this report are based upon information provided by JPMorgan
Chase Bank, PNC Bank, National Association, and Merrill Lynch Mortgage Lending,
Inc. (the "Sellers"). J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated, PNC Capital Markets, Inc., and Nomura Securities
International, Inc. (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 Final Prospectus Supplement for the securities referred to herein
(the "Securities"). The information contained herein 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information delivered to you by the Underwriters and will be superseded by the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.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
KEY FEATURES
CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Joint Bookrunner)
Merrill Lynch, Pierce, Fenner & Smith Incorporated
(Joint Bookrunner)
CO-MANAGERS: PNC Capital Markets, Inc.
Nomura Securities International, Inc.
MORTGAGE LOAN SELLERS: JPMorgan Chase Bank (52.9%)
PNC Bank, National Association (26.8%)
Merrill Lynch Mortgage Lending, Inc. (20.3%)
SERVICER: Midland Loan Services, Inc.
SPECIAL SERVICER: Midland Loan Services, Inc.
TRUSTEE: LaSalle Bank National Association
FISCAL AGENT: ABN AMRO Bank N.V.
PAYING AGENT: JPMorgan Chase Bank
RATING AGENCIES: Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc.
Fitch, Inc.
PRICING DATE: On or about June 7, 2004
CLOSING DATE: On or about June 18, 2004
CUT-OFF DATE: With respect to each mortgage loan, the related
due date of that mortgage loan in June 2004 or,
with respect to those mortgage loans that were
originated in May 2004 and have their first
payment date in July 2004, June 1, 2004 or, with
respect to those mortgage loans that were
originated in June 2004 and have their first
payment date in August 2004, the origination date.
DISTRIBUTION DATE: The 12th day of each month or, if the 12th day is
not a business day, on the next succeeding
business day, beginning in July 2004.
PAYMENT DELAY: 11 days
TAX STATUS: REMIC
ERISA CONSIDERATIONS: Classes A-1, A-2, A-3, A-4, B, C, D & E are
expected to be ERISA eligible.
OPTIONAL TERMINATION: 1.0% (Clean-up Call) and when offered certificates
are retired, upon election by holder of all
outstanding certificates
MINIMUM DENOMINATIONS: $10,000
SETTLEMENT TERMS: DTC, Euroclear and Clearstream Banking
COLLATERAL CHARACTERISTICS
COLLATERAL CHARACTERISTICS ALL MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2
- ------------------------------------------------------ -------------------- ----------------- -----------------
INITIAL POOL BALANCE (IPB): $1,097,458,312 $850,795,357 $246,662,954
NUMBER OF MORTGAGED LOANS: 100 66 34
NUMBER OF MORTGAGED PROPERTIES: 130 96 34
AVERAGE CUT-OFF BALANCE PER LOAN: $10,974,583 $12,890,839 $7,254,793
AVERAGE CUT-OFF BALANCE PER PROPERTY: $8,441,987 $8,862,452 $7,254,793
WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.4429% 5.4258% 5.5017%
WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.69x 1.78x 1.39x
WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 69.9% 68.4% 75.3%
WEIGHTED AVERAGE MATURITY DATE LTV(1),(2): 60.5% 59.9% 62.7%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS)(1): 117 115 124
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(3): 354 351 354
WEIGHTED AVERAGE SEASONING (MONTHS): 2 2 2
10 LARGEST LOANS AS % OF IPB(4): 44.0% 56.2% 57.6%
SINGLE TENANT PROPERTIES AS % OF IPB: 11.7% 15.1% NAP
(1) With respect to each ARD loan, to the related anticipated repayment date.
(2) Excludes fully amortizing mortgage loans.
(3) Excludes Mortgage loans that are interest only for their entire term.
(4) Each group of cross-collateralized mortgage loans is treated as one loan.
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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 2004-PNC1
SUMMARY OF CERTIFICATES
PUBLICLY OFFERED CLASSES
INITIAL CLASS
EXPECTED RATINGS CERTIFICATE BALANCE CREDIT SUPPORT WEIGHTED AVG.
CLASS (S&P/FITCH) OR NOTIONAL AMOUNT (% OF BALANCE)(1) LIFE (YEARS)(2) PRINCIPAL WINDOW(2)
- -----------------------------------------------------------------------------------------------------------------------
A-1 AAA/AAA $ 37,400,000 14.500% 2.37 07/04-12/08
A-2 AAA/AAA $113,700,000 14.500% 4.66 12/08-06/09
A-3 AAA/AAA $ 98,400,000 14.500% 7.71 06/09-12/13
A-4 AAA/AAA $442,164,000 14.500% 9.86 12/13-06/14
B AA/AA $ 28,809,000 11.875% 9.98 06/14-06/14
C AA-/AA- $ 13,718,000 10.625% 9.98 06/14-06/14
D A/A $ 17,834,000 9.000% 9.98 06/14-06/14
E A-/A- $ 10,974,000 8.000% 9.98 06/14-06/14
- -----------------------------------------------------------------------------------------------------------------------
PRIVATELY OFFERED CLASSES
INITIAL CLASS
EXPECTED RATINGS CERTIFICATE BALANCE CREDIT SUPPORT WEIGHTED AVG.
CLASS (S&P/FITCH) OR NOTIONAL AMOUNT (% OF BALANCE)(1) LIFE (YEARS)(2) PRINCIPAL WINDOW(2)
- -----------------------------------------------------------------------------------------------------------------------
X AAA/AAA $ 1,097,458,311(3) N/A N/A N/A
A-1A AAA/AAA $ 246,662,000 14.500% N/A N/A
F BBB+/BBB+ $ 16,462,000 6.500% N/A N/A
G BBB/BBB $ 10,975,000 5.500% N/A N/A
H BBB-/BBB- $ 20,577,000 3.625% N/A N/A
J BB+/BB+ $ 2,744,000 3.375% N/A N/A
K BB/BB $ 6,859,000 2.750% N/A N/A
L BB-/BB- $ 4,115,000 2.375% N/A N/A
M B+/B+ $ 5,487,000 1.875% N/A N/A
N B/B $ 2,744,000 1.625% N/A N/A
P B-/B- $ 2,744,000 1.375% N/A N/A
NR NR/NR $ 15,090,311 N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------
(1) 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.
(2) 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.
(3) Notional Amount.
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
STRUCTURAL OVERVIEW
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").
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 the Class A-4 Certificates has been
reduced to zero. However, on any distribution date on which the certificate
principal balance of the Class B Certificates through 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 the Class A-1, A-2, A-3, A-4 and A-1A Certificates,
pro-rata.
o Interest payments will be made concurrently to Classes A-1, A-2, A-3, A-4
and 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"), Class X and then, after payment of the principal
distribution amount to such Classes (other than the Class X Certificates),
interest will be paid sequentially to the Class B, C, D, E, F, G, H, J, K,
L, M, N, P and NR Certificates.
o The pass-through rates on the Class A-1, A-2, A-3, 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 Losses will be borne by the Classes (other than the Class X 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 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 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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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
[THIS PAGE INTENTIONALLY LEFT BLANK]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
ALL MORTGAGE LOANS -- COLLATERAL CHARACTERISTICS
CUT-OFF DATE PRINCIPAL BALANCE
RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW
BALANCES OF LOANS BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------
$823,610 -- $2,999,999 16 $ 32,714,644 3.0% 67.9% 1.44x
$3,000,000 -- $3,999,999 14 49,714,151 4.5 74.5% 1.38x
$4,000,000 -- $4,999,999 7 32,046,083 2.9 77.6% 1.37x
$5,000,000 -- $6,999,999 24 141,473,960 12.9 67.8% 1.51x
$7,000,000 -- $9,999,999 10 82,570,986 7.5 75.4% 1.45x
$10,000,000 -- $14,999,999 12 140,037,985 12.8 71.7% 1.63x
$15,000,000 -- $24,999,999 8 158,847,893 14.5 76.6% 1.47x
$25,000,000 -- $49,999,999 6 203,052,611 18.5 72.3% 1.69x
$50,000,000 -- $135,500,000 3 257,000,000 23.4 60.8% 2.18x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
- --------------------------------------------------------------------------------
AVERAGE PER LOAN: $10,974,583
AVERAGE PER PROPERTY: $8,441,987
RANGE OF MORTGAGE INTEREST RATES
RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW
RATES OF LOANS BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------
4.4400% -- 4.9999% 6 $ 225,715,925 20.6% 60.7% 2.43x
5.0000% -- 5.4999% 35 353,285,489 32.2 73.7% 1.44x
5.5000% -- 5.9999% 42 412,202,399 37.6 73.1% 1.50x
6.0000% -- 6.4999% 9 53,804,426 4.9 72.5% 1.47x
6.5000% -- 6.9999% 4 40,610,000 3.7 57.3% 2.12x
7.0000% -- 8.0600% 4 11,840,073 1.1 54.4% 1.29x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
- --------------------------------------------------------------------------------
WA MORTGAGE RATE: 5.4429%
ORIGINAL TERM TO MATURITY/ARD IN MONTHS
ORIGINAL TERM TO NUMBER PRINCIPAL % OF WA WA UW
MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------
60 -- 84 6 $ 135,748,386 12.4% 62.9% 2.25x
85 -- 120 82 868,189,705 79.1 71.4% 1.65x
121 -- 240 12 93,520,221 8.5 66.1% 1.30x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
- --------------------------------------------------------------------------------
WA ORIGINAL TERM TO
MATURITY/ARD: 119
GEOGRAPHIC DISTRIBUTION
NUMBER OF PRINCIPAL % OF WA WA UW
STATE PROPERTIES BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------
CALIFORNIA 20 $ 246,032,831 22.4% 62.0% 2.27x
Southern 17 163,760,666 14.9 63.4% 2.11x
Northern 3 $ 82,272,165 7.5 59.4% 2.58x
TEXAS 23 132,644,932 12.1 74.5% 1.36x
DISTRICT OF COLUMBIA 1 66,500,000 6.1 70.7% 1.35x
OTHER 86 652,280,549 59.4 71.9% 1.58x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 130 $1,097,458,312 100.0% 69.9% 1.69x
- --------------------------------------------------------------------------------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
NUMBER OF PRINCIPAL % OF WA WA UW
UW DSCR LOANS BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------
1.09x -- 1.19x 3 $ 17,800,055 1.6% 74.0% 1.14x
1.20x -- 1.29x 15 131,986,543 12.0 73.2% 1.26x
1.30x -- 1.39x 27 244,077,691 22.2 75.6% 1.35x
1.40x -- 1.49x 24 188,890,215 17.2 76.0% 1.43x
1.50x -- 1.69x 19 203,551,083 18.5 74.1% 1.54x
1.70x -- 1.99x 4 38,001,398 3.5 59.8% 1.78x
2.00x -- 3.11x 8 273,151,327 24.9 57.1% 2.53x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
- --------------------------------------------------------------------------------
REMAINING TERM TO MATURITY/ARD DATE IN MONTHS
RANGE OF REMAINING TERMS NUMBER PRINCIPAL % OF WA WA UW
TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------
55 - 84 6 $ 135,748,386 12.4% 62.9% 2.25x
85 - 120 82 868,189,705 79.1 71.4% 1.65x
121 - 238 12 93,520,221 8.5 66.1% 1.30x
- --------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
- --------------------------------------------------------------------------------
WA REMAINING
TERM TO MATURITY/ARD: 117
PROPERTY TYPE DISTRIBUTION
- ----------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR
- ----------------------------------------------------------------------------------------------------
RETAIL Anchored 32 $ 359,969,714 32.8% 62.7% 2.18x
Unanchored 11 41,415,693 3.8 69.8% 1.57x
Shadow Anchored 2 10,701,389 1.0 77.4% 1.41x
Subtotal 45 $ 412,086,796 37.5% 63.8% 2.10x
- ----------------------------------------------------------------------------------------------------
OFFICE Suburban 19 $ 209,024,449 19.0% 74.8% 1.41x
CBD 2 70,014,000 6.4 71.2% 1.35x
Subtotal 21 $ 279,038,449 25.4% 73.9% 1.40x
- ----------------------------------------------------------------------------------------------------
MULTIFAMILY Garden 34 $ 247,359,273 22.5% 74.7% 1.39x
Mid/High Rise 1 6,073,809 0.6 78.9% 1.32x
Subtotal 35 $ 253,433,082 23.1% 74.8% 1.39x
- ----------------------------------------------------------------------------------------------------
INDUSTRIAL Warehouse/Distribution 6 $ 31,143,154 2.8% 74.3% 1.43x
Flex 9 24,956,879 2.3 74.6% 1.52x
Subtotal 15 $ 56,100,032 5.1% 74.5% 1.47x
- ----------------------------------------------------------------------------------------------------
HOTEL Full Service 3 $ 37,910,000 3.5% 56.0% 2.17x
Limited Service 1 10,200,000 0.9 75.0% 1.56x
Subtotal 4 $ 48,110,000 4.4% 60.0% 2.04x
- ----------------------------------------------------------------------------------------------------
MANUFACTURED HOUSING Manufactured Housing 8 $ 39,692,558 3.6% 79.6% 1.45x
- ----------------------------------------------------------------------------------------------------
SELF STORAGE Self Storage 2 $ 8,997,393 0.8% 74.3% 1.47x
- ----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 130 $1,097,458,312 100.0% 69.9% 1.69x
- ----------------------------------------------------------------------------------------------------
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DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES
REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
ALL MORTGAGE LOANS -- COLLATERAL CHARACTERISTICS
ORIGINAL AMORTIZATION TERM IN MONTHS(1)
ORIGINAL AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
------------------------ -------- -------------- ------- ------- -----
192 - 240 7 $ 36,849,914 4.3% 66.1% 1.32x
241 - 300 8 34,116,402 4.0 71.5% 1.49x
331 - 360 81 782,311,995 91.7 73.7% 1.46x
------------------------ -------- -------------- ------- ------- -----
TOTAL/WEIGHTED AVERAGE: 96 $853,278,312 100.0% 73.3% 1.46x
------------------------ -------- -------------- ------- ------- -----
WA ORIGINAL
AMORTIZATION TERM: 352
LTV RATIOS AS OF THE CUT-OFF DATE
NUMBER PRINCIPAL % OF WA WA UW
CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR
------------------------ -------- -------------- ------- ------- -----
23.0% - 49.9% 5 $ 20,384,012 1.9% 35.9% 2.19x
50.0% - 59.9% 8 224,444,289 20.5 57.1% 2.41x
60.0% - 64.9% 6 72,257,517 6.6 61.0% 2.17x
65.0% - 69.9% 10 104,625,622 9.5 67.3% 1.59x
70.0% - 74.9% 19 191,669,420 17.5 72.2% 1.43x
75.0% - 80.0% 51 476,798,709 43.4 78.3% 1.40x
81.5% 1 7,278,743 0.7 81.5% 1.34x
------------------------ -------- -------------- ------- ------- -----
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
------------------------ -------- -------------- ------- ------- -----
WA CUT-OFF DATE LTV RATIO: 69.9%
AMORTIZATION TYPES
NUMBER PRINCIPAL % OF WA WA UW
AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR
- ---------------------- ---------- -------------- ------- -------- --------
BALLOON LOANS 77 $ 672,470,672 61.3% 73.5% 1.48x
INTEREST ONLY(2) 4 244,180,000 22.2 58.1% 2.51x
PARTIAL INTEREST-ONLY 8 91,275,000 8.3 75.6% 1.42x
ARD LOANS 7 38,286,180 3.5 74.5% 1.42x
IO-ARD 1 37,620,000 3.4 68.4% 1.28x
FULLY AMORTIZING 3 13,626,460 1.2 60.5% 1.28x
- ---------------------- ---------- -------------- ------- -------- --------
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
- ---------------------- ---------- -------------- ------- -------- --------
CURRENT OCCUPANCY RATES
CURRENT OCCUPANCY NUMBER OF PRINCIPAL % OF WA WA UW
RATES PROPERTIES BALANCE IPB LTV DSCR
- ---------------------- ---------- -------------- ------- -------- --------
59.4% - 70.0% 3 $ 13,738,134 1.3% 71.8% 1.52x
70.1% - 80.0% 3 14,217,266 1.4 71.9% 1.46x
80.1% - 90.0% 16 117,801,966 11.2 71.4% 1.65x
90.1% - 95.0% 22 194,881,568 18.6 76.9% 1.44x
95.1% - 100.0% 82 708,709,378 67.5 68.4% 1.75x
- ---------------------- ---------- -------------- ------- -------- --------
TOTAL/WEIGHTED AVERAGE: 126 $1,049,348,312 100.0% 70.4% 1.68x
- ---------------------- ---------- -------------- ------- -------- --------
REMAINING AMORTIZATION TERM IN MONTHS(1)
REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
--------------------- ---------- ------------- ------- -------- --------
191 -- 240 7 $ 36,849,914 4.3% 66.1% 1.32x
241 -- 300 8 34,116,402 4.0 71.5% 1.49x
331 -- 360 81 782,311,995 91.7 73.7% 1.46x
--------------------- ---------- ------------- ------- -------- --------
TOTAL/WEIGHTED AVERAGE: 96 $853,278,312 100.0% 73.3% 1.46x
--------------------- ---------- ------------- ------- -------- --------
WA REMAINING
AMORTIZATION TERM: 351
LTV RATIOS AS OF THE MATURITY/ARD DATE(3)
NUMBER PRINCIPAL % OF WA WA UW
MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR
--------------------- ---------- --------------- ------- -------- --------
15.3% - 29.9% 5 $ 20,067,191 1.9% 38.3% 1.93x
30.0% - 49.9% 11 59,426,038 5.5 61.8% 1.85x
50.0% - 59.9% 19 402,069,156 37.1 63.6% 1.93x
60.0% - 69.9% 61 589,269,467 54.4 76.2% 1.52x
70.0% - 74.9% 1 13,000,000 1.2 79.8% 1.36x
--------------------- ---------- --------------- ------- -------- --------
TOTAL/WEIGHTED AVERAGE: 97 $1,083,831,852 100.0% 70.1% 1.70x
--------------------- ---------- --------------- ------- -------- --------
YEAR BUILT/RENOVATED
NUMBER PRINCIPAL % OF WA WA UW
YEAR BUILT/RENOVATED OF PROPERTIES BALANCE IPB LTV DSCR
--------------------- ------------- --------- ------- ------ -------
1951 - 1959 3 $ 7,473,884 0.7% 62.3% 1.99x
1960 - 1969 1 952,880 0.1 73.3% 1.39x
1970 - 1979 11 56,477,987 5.1 78.1% 1.38x
1980 - 1989 25 226,428,777 20.6 72.9% 1.52x
1990 - 1999 26 232,996,340 21.2 69.2% 1.68x
2000 - 2004 64 573,128,444 52.2 68.4% 1.79x
--------------------- ------------- --------- ------- ------ -------
TOTAL/WEIGHTED AVERAGE: 130 $1,097,458,312 100.0% 69.9% 1.69x
--------------------- ------------- --------- ------- ------ -------
PREPAYMENT PROTECTION
NUMBER PRINCIPAL % OF WA WA UW
PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR
--------------------- -------- --------- -------- ------ -------
DEFEASANCE 92 $1,024,935,692 93.4% 69.5% 1.71x
YIELD MAINTENANCE 8 72,522,620 6.6 75.5% 1.47x
--------------------- -------- --------- -------- ------ -------
TOTAL/WEIGHTED AVERAGE: 100 $1,097,458,312 100.0% 69.9% 1.69x
--------------------- -------- --------- -------- ------ -------
(1) Excludes loans that are interest-only for their entire term.
(2) The mortgage loans provide 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.
(3) 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 2004-PNC1
COLLATERAL CHARACTERISTICS -- LOAN GROUP 1
CUT-OFF DATE PRINCIPAL BALANCE
RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW
BALANCES OF LOANS BALANCE IPB LTV DSCR
- --------------------------------- ---------- -------------- --------- ---------- ----------
$1,448,688 -- $3,999,999 19 $ 56,177,251 6.6% 74.2% 1.42x
$4,000,000 -- $4,999,999 6 27,206,070 3.2 77.5% 1.36x
$5,000,000 -- $6,999,999 14 82,332,846 9.7 64.5% 1.57x
$7,000,000 -- $9,999,999 5 43,864,952 5.2 73.2% 1.52x
$10,000,000 -- $14,999,999 9 102,862,801 12.1 69.7% 1.74x
$15,000,000 -- $24,999,999 5 105,072,893 12.3 75.5% 1.53x
$25,000,000 -- $49,999,999 5 176,278,545 20.7 71.9% 1.71x
$50,000,000 -- $99,999,999 2 121,500,000 14.3 65.1% 1.75x
$100,000,000 -- $135,500,000 1 135,500,000 15.9 56.9% 2.56x
- --------------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE 66 $850,795,357 100.0% 68.4% 1.78x
- --------------------------------- ---------- -------------- --------- ---------- ----------
AVERAGE PER LOAN: $12,890,839
AVERAGE PER PROPERTY: $8,862,452
RANGE OF MORTGAGE INTEREST RATES
RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW
RATES OF LOANS BALANCE IPB LTV DSCR
- ----------------------------- ---------- --------------- ---------- ---------- ----------
4.4400% -- 4.9999% 3 $189,180,000 22.2% 58.1% 2.59x
5.0000% -- 5.4999% 22 246,483,225 29.0 72.4% 1.47x
5.5000% -- 5.9999% 30 327,757,982 38.5 72.0% 1.55x
6.0000% -- 6.4999% 7 46,764,151 5.5 73.2% 1.46x
6.5000% -- 6.8090% 4 40,610,000 4.8 57.3% 2.12x
- ----------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE 66 $850,795,357 100.0% 68.4% 1.78x
- ----------------------------- ---------- --------------- ---------- ---------- ----------
WA MORTGAGE RATE: 5.4258%
ORIGINAL TERM TO MATURITY/ARD IN MONTHS
ORIGINAL TERM TO NUMBER PRINCIPAL % OF WA WA UW
MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- --------------- ---------- ---------- ----------
60 -- 84 6 $135,748,386 16.0% 62.9% 2.25x
85 -- 120 53 650,566,823 76.5 69.9% 1.73x
121 -- 240 7 64,480,148 7.6 65.3% 1.31x
- -------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 66 $850,795,357 100.0% 68.4% 1.78x
- -------------------------- ---------- --------------- ---------- ---------- ----------
WA ORIGINAL TERM TO
MATURITY/ARD: 117
GEOGRAPHIC DISTRIBUTION
NUMBER OF PRINCIPAL % OF WA WA UW
STATE PROPERTIES BALANCE IPB LTV DSCR
- ------------------------- ------------ --------------- ---------- ---------- ----------
CALIFORNIA 19 $245,209,222 28.8% 62.2% 2.27x
Southern 16 162,937,056 19.2 63.6% 2.11x
Nouthern 3 82,272,165 9.7 59.4% 2.58x
DISTRICT OF COLUMBIA 1 66,500,000 7.8 70.7% 1.35x
KANSAS 3 47,473,382 5.6 70.8% 1.31x
ARIZONA 4 44,298,043 5.2 71.7% 1.61x
VIRGINIA 6 43,350,193 5.1 70.1% 1.47x
OTHER 63 403,964,517 47.5 71.0% 1.66x
- ------------------------- ------------ --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE 96 $850,795,357 100.0% 68.4% 1.78x
- ------------------------- ------------ --------------- ---------- ---------- ----------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
NUMBER PRINCIPAL % OF WA WA UW
UW DSCR OF LOANS BALANCE IPB LTV DSCR
- ------------------------- ---------- -------------- --------- ---------- ----------
1.23x -- 1.29x 7 $ 68,709,512 8.1% 69.7% 1.27x
1.30x -- 1.39x 20 197,389,129 23.2 74.8% 1.35x
1.40x -- 1.49x 16 142,801,040 16.8 77.0% 1.42x
1.50x -- 1.59x 9 121,663,909 14.3 74.1% 1.53x
1.60x -- 1.69x 3 15,064,967 1.8 73.3% 1.63x
1.70x -- 1.99x 4 38,001,398 4.5 59.8% 1.78x
2.00x -- 2.49x 2 60,500,000 7.1 57.3% 2.24x
2.50x -- 3.11x 5 206,665,402 24.3 57.0% 2.63x
- ------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE 66 $850,795,357 100.0% 68.4% 1.78x
- ------------------------- ------------ --------------- ---------- ---------- ----------
REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW
TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR
- ---------------------------- ---------- --------------- ---------- ---------- ----------
55 -- 84 6 $135,748,386 16.0% 62.9% 2.25x
85 -- 120 53 650,566,823 76.5 69.9% 1.73x
121 -- 238 7 64,480,148 7.6 65.3% 1.31x
- ---------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 66 $850,795,357 100.0% 68.4% 1.78x
- ---------------------------- ---------- --------------- ---------- ---------- ----------
WA REMAINING
TERM TO MATURITY/ARD: 115
PROPERTY TYPE DISTRIBUTION
NUMBER OF PRINCIPAL % OF WA WA UW
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
RETAIL Anchored 32 $ 359,969,714 42.3% 62.7% 2.18x
Unanchored 11 41,415,693 4.9 69.8% 1.57x
Shadow Anchored 2 10,701,389 1.3 77.4% 1.41x
Subtotal 45 $ 412,086,796 48.4% 63.8% 2.10x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
OFFICE Suburban 19 $ 209,024,449 24.6% 74.8% 1.41x
CBD 2 70,014,000 8.2 71.2% 1.35x
Subtotal 21 $ 279,038,449 32.8% 73.9% 1.40x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
INDUSTRIAL Warehouse/Distribution 6 $ 31,143,154 3.7% 74.3% 1.43x
Flex 9 24,956,879 2.9 74.6% 1.52x
Subtotal 15 $ 56,100,032 6.6% 74.5% 1.47x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
HOTEL Full Service 3 $ 37,910,000 4.5% 56.0% 2.17x
Limited Service 1 10,200,000 1.2 75.0% 1.56x
Subtotal 4 $ 48,110,000 5.7% 60.0% 2.04x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
MANUFACTURED HOUSING Manufactured Housing 8 $ 39,692,558 4.7% 79.6% 1.45x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
SELF STORAGE Self Storage 2 $ 8,997,393 1.1% 74.3% 1.47x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
MULTIFAMILY Garden 1 $ 6,770,128 0.8% 56.4% 1.30x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE 96 $ 850,795,357 100.0% 68.4% 1.78x
- -------------------------- ------------------------ ------------ ------------------- ---------- ---------- ----------
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 2004-PNC1
COLLATERAL CHARACTERISTICS -- LOAN GROUP 1
ORIGINAL AMORTIZATION TERM IN MONTHS(1)
ORIGINAL AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- --------- ---------- ----------
192 -- 240 5 $ 29,809,639 4.9% 65.7% 1.28x
241 -- 300 6 25,579,318 4.2 71.0% 1.49x
331 -- 360 51 551,226,400 90.9 73.0% 1.50x
- -------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 62 $606,615,357 100.0% 72.5% 1.48x
- -------------------------- ---------- -------------- --------- ---------- ----------
WA ORIGINAL
AMORTIZATION TERM: 351
LTV RATIOS AS OF THE CUT-OFF DATE
NUMBER PRINCIPAL % OF WA WA UW
CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- --------- ---------- ----------
25.3% -- 49.9% 3 $ 17,195,402 2.0% 36.2% 2.32x
50.0% -- 59.9% 6 216,260,498 25.4 57.0% 2.42x
60.0% -- 64.9% 4 63,606,054 7.5 60.9% 2.30x
65.0% -- 69.9% 7 95,589,690 11.2 67.3% 1.60x
70.0% -- 74.9% 14 157,815,485 18.5 72.1% 1.43x
75.0% -- 79.9% 32 300,328,229 35.3 78.4% 1.42x
- -------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 66 $850,795,357 100.0% 68.4% 1.78x
- -------------------------- ---------- -------------- --------- ---------- ----------
AMORTIZATION TYPES
NUMBER PRINCIPAL % OF WA WA UW
AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- --------------- ---------- ---------- ----------
BALLOON LOANS 47 $491,582,717 57.8% 73.2% 1.51x
PARTIAL INTEREST-ONLY 4 25,500,000 3.0 69.3% 1.52x
INTEREST ONLY2 4 244,180,000 28.7 58.1% 2.51x
IO-ARD 1 37,620,000 4.4 68.4% 1.28x
FULLY AMORTIZING 3 13,626,460 1.6 60.5% 1.28x
ARD LOANS 7 38,286,180 4.5 74.5% 1.42x
- -------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 66 $850,795,357 100.0% 68.4% 1.78x
- -------------------------- ---------- --------------- ---------- ---------- ----------
CURRENT OCCUPANCY RATES
CURRENT OCCUPANCY NUMBER OF PRINCIPAL % OF WA WA UW
RATES PROPERTIES BALANCE IPB LTV DSCR
- -------------------------- ------------ -------------- --------- ---------- ----------
63.3% -- 75.0% 2 $ 12,386,520 1.5% 73.8% 1.48x
75.1% -- 85.0% 3 9,947,481 1.2 70.5% 1.59x
85.1% -- 90.0% 8 73,278,987 9.1 69.9% 1.85x
90.1% -- 95.0% 8 61,128,689 7.6 77.8% 1.45x
95.1% -- 100.0% 71 645,943,680 80.5 67.8% 1.79x
- -------------------------- ------------ -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 92 $802,685,357 100.0% 68.9% 1.76x
- -------------------------- ------------ -------------- --------- ---------- ----------
REMAINING AMORTIZATION TERM IN MONTHS(1)
REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- --------- ---------- ----------
191 -- 240 5 $ 29,809,639 4.9% 65.7% 1.28x
241 -- 300 6 25,579,318 4.2 71.0% 1.49x
331 -- 360 51 551,226,400 90.9 73.0% 1.50x
- -------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 62 $606,615,357 100.0% 72.5% 1.48x
- -------------------------- ---------- -------------- --------- ---------- ----------
WA REMAINING
AMORTIZATION TERM: 350
LTV RATIOS AS OF THE MATURITY DATE/ARD(3)
NUMBER PRINCIPAL % OF WA WA UW
MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR
- ---------------------------- ---------- -------------- --------- ---------- ----------
15.3% -- 29.9% 3 $ 16,878,582 2.0% 39.0% 2.02x
30.0% -- 49.9% 5 35,550,509 4.2 61.2% 2.04x
50.0% -- 59.9% 15 385,219,564 46.0 63.3% 1.95x
60.0% -- 64.9% 17 174,009,923 20.8 71.7% 1.77x
65.0% -- 69.9% 22 212,510,319 25.4 78.2% 1.46x
70.0% -- 74.9% 1 13,000,000 1.6 79.8% 1.36x
- ---------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 63 $837,168,898 100.0% 68.5% 1.79x
- ---------------------------- ---------- -------------- --------- ---------- ----------
WA LTV RATIO AT MATURITY:
YEAR BUILT/RENOVATED
NUMBER OF PRINCIPAL % OF WA WA UW
YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR
- -------------------------- ------------ -------------- --------- ---------- ----------
1954 -- 1959 2 $ 1,487,958 0.2% 73.3% 1.39x
1960 -- 1969 1 952,880 0.1 73.3% 1.39x
1970 -- 1979 9 48,561,538 5.7 77.9% 1.41x
1980 -- 1989 18 192,976,191 22.7 72.5% 1.55x
1990 -- 1999 19 180,057,954 21.2 66.8% 1.81x
2000 -- 2004 47 426,758,837 50.2 66.1% 1.92x
- -------------------------- ------------ -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 96 $850,795,357 100.0% 68.4% 1.78x
- -------------------------- ------------ -------------- --------- ---------- ----------
PREPAYMENT PROTECTION
NUMBER PRINCIPAL % OF WA WA UW
PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- --------------- ---------- ---------- ----------
DEFEASANCE 63 $830,310,272 97.6% 68.3% 1.79x
YIELD MAINTENANCE 3 20,485,085 2.4 72.9% 1.44x
- -------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 66 $850,795,357 100.0% 68.4% 1.78x
- -------------------------- ---------- --------------- ---------- ---------- ----------
(1) Excludes loans that are interest-only for their entire term.
(2) The mortgage loans provide 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.
(3) 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 2004-PNC1
COLLATERAL CHARACTERISTICS -- LOAN GROUP 2
CUT-OFF DATE PRINCIPAL BALANCE
RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW
BALANCES OF LOANS BALANCE IPB LTV DSCR
- -------------------------------- ---------- -------------- --------- ---------- ----------
$823,610 -- $2,999,999 8 $ 15,300,204 6.2% 62.6% 1.41x
$3,000,000 -- $3,999,999 3 10,951,339 4.4 72.6% 1.31x
$4,000,000 -- $4,999,999 1 4,840,013 2.0 78.1% 1.45x
$5,000,000 -- $6,999,999 10 59,141,115 24.0 72.5% 1.43x
$7,000,000 -- $9,999,999 5 38,706,033 15.7 78.0% 1.36x
$10,000,000 -- $14,999,999 3 37,175,184 15.1 77.4% 1.33x
$15,000,000 -- $24,999,999 3 53,775,000 21.8 78.7% 1.36x
$25,000,000 -- $26,774,066 1 26,774,066 10.9 75.2% 1.51x
- -------------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------------- ---------- -------------- --------- ---------- ----------
AVERAGE PER LOAN: $7,254,793
AVERAGE PER PROPERTY: $7,254,793
RANGE OF MORTGAGE INTEREST RATES
RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW
RATES OF LOANS BALANCE IPB LTV DSCR
- ----------------------------- ---------- -------------- ---------- ---------- ----------
4.6700% -- 4.9999% 3 $ 36,535,925 14.8% 74.4% 1.61x
5.0000% -- 5.4999% 13 106,802,264 43.3 76.6% 1.38x
5.5000% -- 5.9999% 12 84,444,417 34.2 77.5% 1.31x
6.0000% -- 6.4999% 2 7,040,275 2.9 67.7% 1.52x
6.5000% -- 8.0600% 4 11,840,073 4.8 54.4% 1.29x
- ----------------------------- ---------- -------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- ----------------------------- ---------- -------------- ---------- ---------- ----------
WA MORTGAGE RATE: 5.5017%
ORIGINAL TERM TO MATURITY/ARD IN MONTHS
ORIGINAL TERM TO NUMBER PRINCIPAL % OF WA WA UW
MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- --------------- ---------- ---------- ----------
108 -- 120 29 $217,622,882 88.2% 76.2% 1.41x
121 -- 180 1 17,200,000 7.0 77.5% 1.30x
181 -- 216 4 11,840,073 4.8 54.4% 1.29x
- -------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- --------------- ---------- ---------- ----------
WA ORIGINAL TERM TO
MATURITY/ARD: 125
GEOGRAPHIC DISTRIBUTION
NUMBER OF PRINCIPAL % OF WA WA UW
STATE PROPERTIES BALANCE IPB LTV DSCR
- -------------------------- ------------ -------------- ---------- ---------- ----------
TEXAS 13 $ 95,666,066 38.8% 75.5% 1.34x
OKLAHOMA 5 36,430,288 14.8 76.0% 1.52x
TENNESSEE 1 17,200,000 7.0 77.5% 1.30x
ALABAMA 1 13,200,000 5.4 77.6% 1.25x
OTHER 14 84,166,600 34.1 73.8% 1.44x
- -------------------------- ------------ -------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ------------ -------------- ---------- ---------- ----------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
NUMBER PRINCIPAL % OF WA WA UW
UW DSCR OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- --------- ---------- ----------
1.09x -- 1.19x 3 $ 17,800,055 7.2% 74.0% 1.14x
1.20x -- 1.29x 8 63,277,031 25.7 77.0% 1.25x
1.30x -- 1.39x 7 46,688,561 18.9 78.8% 1.32x
1.40x -- 1.49x 8 46,089,175 18.7 73.0% 1.46x
1.50x -- 1.59x 7 66,822,207 27.1 74.4% 1.53x
1.60x -- 2.14x 1 5,985,925 2.4 59.6% 2.14x
- -------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- -------------- --------- ---------- ----------
REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW
TERMS TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR
- ---------------------------- ---------- --------------- ---------- ---------- ----------
107 -- 120 29 $217,622,882 88.2% 76.2% 1.41x
121 -- 180 1 17,200,000 7.0 77.5% 1.30x
181 -- 215 4 11,840,073 4.8 54.4% 1.29x
- ---------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- ---------------------------- ---------- --------------- ---------- ---------- ----------
WA REMAINING
TERM TO MATURITY/ARD: 124
PROPERTY TYPE DISTRIBUTION
NUMBER OF PRINCIPAL % OF WA WA UW
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR
- -------------------------- -------------------- ------------ --------------- ---------- ---------- ----------
MULTIFAMILY Garden 33 $ 240,589,145 97.5% 75.2% 1.39x
Mid/High Rise 1 6,073,809 2.5 78.9% 1.32x
Subtotal 34 $ 246,662,954 100.0% 75.3% 1.39x
- -------------------------- -------------------- ------------ --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE 34 $ 246,662,954 100.0% 75.3% 1.39x
- -------------------------- ------------ --------------- ---------- ---------- ----------
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 2004-PNC1
COLLATERAL CHARACTERISTICS -- LOAN GROUP 2
ORIGINAL AMORTIZATION TERM IN MONTHS
ORIGINAL AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- --------- ---------- ----------
240 -- 300 4 $ 15,577,359 6.3% 70.5% 1.51x
331 -- 360 30 231,085,595 93.7 75.6% 1.38x
- -------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- -------------- --------- ---------- ----------
LTV RATIOS AS OF THE CUT-OFF DATE
NUMBER PRINCIPAL % OF WA WA UW
CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- --------- ---------- ----------
23.0% -- 49.9% 2 $ 3,188,610 1.3% 34.4% 1.47x
50.0% -- 59.9% 2 8,183,791 3.3 59.4% 1.99x
60.0% -- 64.9% 2 8,651,463 3.5 61.7% 1.22x
65.0% -- 69.9% 3 9,035,932 3.7 67.5% 1.51x
70.0% -- 74.9% 5 33,853,935 13.7 72.5% 1.43x
75.0% -- 80.0% 19 176,470,481 71.5 78.1% 1.36x
80.1% -- 81.5% 1 7,278,743 3.0 81.5% 1.34x
- -------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- -------------- --------- ---------- ----------
AMORTIZATION TYPES
NUMBER PRINCIPAL % OF WA WA UW
AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- --------------- ---------- ---------- ----------
BALLOON LOANS 30 $180,887,954 73.3% 74.3% 1.40x
PARTIAL INTEREST-ONLY 4 65,775,000 26.7 78.0% 1.38x
- -------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- --------------- ---------- ---------- ----------
CURRENT OCCUPANCY RATES
CURRENT OCCUPANCY NUMBER OF PRINCIPAL % OF WA WA UW
RATES PROPERTIES BALANCE IPB LTV DSCR
- -------------------------- ------------ -------------- --------- ---------- ----------
59.4% -- 80.0% 2 $ 7,040,275 2.9% 67.7% 1.52x
80.1% -- 85.0% 2 14,097,921 5.7 75.1% 1.17x
85.1% -- 90.0% 5 29,006,182 11.8 74.0% 1.35x
90.1% -- 95.0% 14 133,752,879 54.2 76.5% 1.43x
95.1% -- 100.0% 11 62,765,698 25.4 74.1% 1.37x
- -------------------------- ------------ -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ------------ -------------- --------- ---------- ----------
REMAINING AMORTIZATION TERM IN MONTHS
REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- --------- ---------- ----------
236 -- 300 4 $ 15,577,359 6.3% 70.5% 1.51x
331 -- 360 30 231,085,595 93.7 75.6% 1.38x
- -------------------------- ---------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- -------------- --------- ---------- ----------
LTV RATIOS AS OF THE MATURITY DATE/ARD
NUMBER PRINCIPAL % OF WA WA UW
MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- -------------- ---------- ---------- ----------
16.4% -- 49.9% 8 $ 27,064,139 11.0% 59.4% 1.56x
50.0% -- 59.9% 4 16,849,592 6.8 70.1% 1.40x
60.0% -- 64.9% 7 71,366,140 28.9 75.9% 1.43x
65.0% -- 69.0% 15 131,383,084 53.3 78.8% 1.34x
- -------------------------- ---------- -------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- -------------- ---------- ---------- ----------
YEAR BUILT/RENOVATED
NUMBER PRINCIPAL % OF WA WA UW
YEAR BUILT/RENOVATED OF PROPERTIES BALANCE IPB LTV DSCR
- -------------------------- --------------- -------------- --------- ---------- ----------
1951 -- 1959 1 $ 5,985,925 2.4% 59.6% 2.14x
1970 -- 1979 2 7,916,449 3.2 79.5% 1.21x
1980 -- 1989 7 33,452,587 13.6 75.7% 1.36x
1990 -- 1999 7 52,938,386 21.5 77.3% 1.26x
2000 -- 2004 17 146,369,607 59.3 74.8% 1.43x
- -------------------------- --------------- -------------- --------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- --------------- -------------- --------- ---------- ----------
PREPAYMENT PROTECTION
NUMBER PRINCIPAL % OF WA WA UW
PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR
- -------------------------- ---------- --------------- ---------- ---------- ----------
DEFEASANCE 29 $194,625,420 78.9% 74.9% 1.37x
YIELD MAINTENANCE 5 52,037,534 21.1 76.4% 1.48x
- -------------------------- ---------- --------------- ---------- ---------- ----------
TOTAL/WEIGHTED AVERAGE: 34 $246,662,954 100.0% 75.3% 1.39x
- -------------------------- ---------- --------------- ---------- ---------- ----------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
TOP 10 MORTGAGE LOANS
LOAN LOAN NAME LOAN CUT-OFF DATE % OF UNIT OF LOAN PER UW CUT-OFF DATE PROPERTY
SELLER(1) (LOCATION) GROUP BALANCE IPB UNITS MEASURE UNIT DSCR LTV RATIO TYPE
- ------------------------------------------------------------------------------------------------------------------------------------
JPMCB Centro Retail Portfolio I 1 $135,500,000 12.3% 1,683,463 SF $ 80 2.56x 56.9% Retail
(Various, CA)
MLML 901 E Street 1 66,500,000 6.1 257,547 SF $ 258 1.35x 70.7% Office
(Washington, DC)
MLML Galileo Retail Portfolio 1 55,000,000 5.0 682,452 SF $ 81 2.24x 58.3% Retail
(Various, Various)
JPMCB El Cerrito Plaza 1 41,580,000 3.8 256,032 SF $ 162 2.69x 60.0% Retail
(El Cerrito, CA)
JPMCB Employers Reinsurance Corp I 1 37,620,000 3.4 320,198 SF $ 117 1.28x 68.4% Office
(Overland Park, KS)
MLML ARC MHC Portfolio 1 36,100,393 3.3 1,805 Pads $20,000 1.43x 79.8% Manufactured Housing
(Various, Various)
PNC Billerica-Wilmington 1 34,630,974 3.2 525,340 SF $ 66 1.53x 76.1% Office/Industrial
(Various, Various)
PNC Gardens at Vail Apartments 2 26,774,066 2.4 582 Units $46,004 1.51x 75.2% Multifamily
(Dallas, TX)
JPMCB 538 Broadhollow Road 1 26,347,178 2.4 182,322 SF $ 145 1.41x 79.4% Office
(Melville, NY)
JPMCB Belvidere Industrial Portfolio 1 22,954,149 2.1 652,800 SF $ 35 1.39x 79.8% Industrial
(Various, IL)
TOTAL/WEIGHTED AVERAGE: $483,006,760 44.0% 1.93x 66.5%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) "JPMCB" = JPMorgan Chase Bank; "MLML" = Merrill Lynch Mortgage Lending,
Inc.; "PNC" = PNC Bank, National Association
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
CENTRO RETAIL PORTFOLIO I
[PICTURE OF TARGET STORE OMITTED]
[PICTURE OF WAL-MART STORE OMITTED]
[PICTURE OF OFFICE MAX STORE OMITTED]
[PICTURE OF MARSHALLS STORE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
CENTRO RETAIL PORTFOLIO I
MORTGAGE LOAN INFORMATION
- -----------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $135,500,000
CUT-OFF PRINCIPAL BALANCE: $135,500,000
% OF POOL BY IPB: 12.3%
SHADOW RATING (S/F)(1): BBB-/BBB-
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Centro Watt Property Owner II, LLC
SPONSOR: Centro Watt America REIT, Inc.
ORIGINATION DATE: 4/22/2004
INTEREST RATE: 4.8495%
INTEREST ONLY PERIOD: 120 months
MATURITY DATE: 5/1/2014
AMORTIZATION TYPE: Interest Only
ORIGINAL AMORTIZATION: NAP
REMAINING AMORTIZATION: NAP
CALL PROTECTION: L(24),Def(91),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Cash Management Agreement
ADDITIONAL DEBT: Permitted
ADDITIONAL DEBT TYPE: Permitted Mezzanine Debt and
Additional Secured Debt
LOAN PURPOSE: Refinance
ESCROWS
- -------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-----------------------------
Taxes(2): $0 See footnote
CapEx(2): $0 See footnote
Engineering: $34,375 $0
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Retail -- Anchored
SQUARE FOOTAGE: 1,683,463
LOCATION: Various (See chart titled "Portfolio Properties")
YEAR BUILT/RENOVATED: Various (See chart titled "Portfolio Properties")
OCCUPANCY: 95.4%
OCCUPANCY DATE: 3/19/2004
NUMBER OF TENANTS: 188
HISTORICAL NOI:
2001: $12,781,540
2002: $14,803,450
2003: $17,330,232
UW NOI: $17,940,581
UW NET CASH FLOW: $17,034,535
APPRAISED VALUE: $238,050,000
APPRAISAL DATES: 8/28/2003, 9/8/2003, 9/9/2003, 9/10/2003 &
9/11/2003
FINANCIAL INFORMATION
- ------------------------------------
CUT-OFF DATE LOAN/SF: $80
CUT-OFF DATE LTV: 56.9%
MATURITY DATE LTV: 56.9%
UW DSCR: 2.56x
SIGNIFICANT TENANTS
MOODY'S/ SQUARE % OF SALES BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(3) FEET GLA PSF(4) PSF EXPIRATION YEAR
- -------------------- ------------------------------------- -------- -------------- ----- ---------- ------------ -----------------
WAL-MART Wal-Mart Stores, Inc. (NYSE: WMT) Aa2/AA 142,000 8.4% NAV $ 4.44 2027
MARSHALLS TJX Companies, Inc. (NYSE: TJX) A3/A 94,403 5.6% $199 $10.23 2010
TARGET Target Corporation (NYSE: TGT) A2/A+ 85,879 5.1% $292 $ 5.96 2022
ROSS DRESS FOR LESS Ross Stores, Inc. (NASDAQ: ROST) NAP/BBB 40,000/26,240 3.9% $211 $ 6.89 2004/2007
VONS SUPERMARKET Safeway Inc. (NYSE: SWY) Baa2/BBB 54,982 3.3% NAV $12.50 2021
GIGANTE SUPERMARKET Gigante NAP/NAP 54,960 3.3% $348 $11.33 2022
FOOD 4 LESS Fred Meyer Inc NAP/NAP 52,924 3.1% $398 $10.53 2010
CENTURY THEATRES Century Theatres NAP/NAP 50,090 3.0% $508,056(5) $ 3.99 2010
BIG LOTS Big Lots, Inc. (NYSE: BLI) NAP/BBB- 25,500/24,050 2.9% NAV $ 7.18 2008/2009
MICHAEL'S Michael's Stores, Inc. (NYSE: MIK) Ba1/BB+ 24,995/24,000 2.9% NAV $ 9.57 2010/2011
OFFICE MAX Boise Cascade Corporation (NYSE: BCC) Ba2/BB 23,500/23,500 2.8% NAV $10.87 2005/2017
(1) S&P and Fitch have confirmed that the Centro Retail Portfolio loan has
credit characteristics consistent with investment-grade rated obligations.
(2) Following an event of default or NOI falling below $12,000,000 the borrower
is required to deposit monthly CapEx and tax escrows.
(3) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(4) Sales represent most recent Reporting Period (either 2002 or 2003).
(5) Per Screen.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
CENTRO RETAIL PORTFOLIO I
PORTFOLIO PROPERTIES
YEAR BUILT/ SQUARE APPRAISED
PROPERTY NAME LOCATION RENOVATED FEET OCC. TOP TENANTS VALUE
- ---------------------------- -------------------- ----------- --------- ------ --------------------------------------- -------------
GATEWAY PLAZA Vallejo, CA 1991/2002 406,768 97.9% Century Theatres, Linens N' Things $ 65,100,000
PUENTE HILLS TOWN CENTER Rowland Heights, CA 1982/1991 267,588 95.1% Marshall's, Benhome Furniture, Michaels 51,000,000
SANTE FE SPRINGS MALL Sante Fe Springs, CA 1985/2002 295,172 100.0% Wal-Mart, Gigante, L.A. Fitness 41,000,000
SEQUOIA MALL AND TOWER PLAZA Visalia, CA 1976/1999 220,013 85.9% Ross Dress for Less, Signature Theaters 26,750,000
PACOIMA CENTER Pacoima, CA 1960/2003 185,543 100.0% Target, Food 4 Less, Big Lots 19,100,000
CALIFORNIA OAKS CENTER Murrieta, CA 1990 127,653 97.2% Ralph's, Thrifty 17,700,000
LOMPOC CENTER Lompoc, CA 1961/2001 180,726 88.4% Vons, Big Lots, Staples 17,400,000
- ---------------------------- -------------------- ----------- --------- ------ --------------------------------------- -------------
TOTAL/WA 1,683,463 95.4% $238,050,000
- ---------------------------- --------- ----- ------------
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 77,324 4.6% NAP NAP 77,324 4.6% NAP NAP
2004 & MTM 41 127,722 7.6 $ 1,629,287 8.9% 205,046 12.2% $ 1,629,287 8.9%
2005 34 131,007 7.8 1,606,462 8.8 336,053 20.0% $ 3,235,749 17.7%
2006 35 139,640 8.3 2,071,419 11.4 475,693 28.3% $ 5,307,167 29.1%
2007 28 108,365 6.4 1,670,237 9.2 584,058 34.7% $ 6,977,404 38.3%
2008 17 55,073 3.3 840,553 4.6 639,131 38.0% $ 7,817,957 42.9%
2009 8 39,880 2.4 418,811 2.3 679,011 40.3% $ 8,236,768 45.2%
2010 10 231,148 13.7 2,138,005 11.7 910,159 54.1% $10,374,774 56.9%
2011 3 55,680 3.3 670,503 3.7 965,839 57.4% $11,045,277 60.6%
2012 8 45,557 2.7 866,636 4.8 1,011,396 60.1% $11,911,913 65.3%
2013 3 18,815 1.1 310,812 1.7 1,030,211 61.2% $12,222,725 67.0%
2014 2 44,732 2.7 440,764 2.4 1,074,943 63.9% $12,663,489 69.5%
AFTER 21 608,520 36.1 5,568,096 30.5 1,683,463 100.0% $18,231,585 100.0%
- ------------- ----------- ------------ ---------- -------------------------- ------------- ------------- ------------- -------------
TOTAL 210 1,683,463 100.0% $18,231,585 100.0%
- ------------- ----------- ------------ ---------- -------------- -----
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
CENTRO RETAIL PORTFOLIO I
THE LOAN. The Centro Retail Portfolio I loan is secured by a first mortgage on
the fee interests in 7 anchored retail shopping centers comprised of
approximately 1,683,463 square feet.
THE BORROWER. The borrower is Centro Watt Property Owner II, LLC. The borrower
is a special purpose entity controlled by Centro Watt America REIT, Inc, a U.S.
based REIT. The investors of the Centro Watt America REIT, Inc are comprised of
Centro MCS 32-International No. 2, an Australian Equity Syndicate (approximately
48.5%), Prime Retail Group (approximately 48.5%), and Watt Commercial, a Los
Angeles based Real Estate Company (approximately 3%).
Centro MCS is Australia's largest property syndicate and currently manages
approximately 29 retail property syndicates with a total value of approximately
$2.1 billion and has an interest in approximately 66 shopping centers across
Australia and New Zealand. Centro Properties Group holds a significant ownership
interest (approximately 25-50%) in this Syndicate.
THE PROPERTIES. The Centro Retail Portfolio I consists of 7 retail shopping
centers in California: Gateway Plaza, Puente Hills Town Center, Sante Fe Springs
Mall, Sequoia Mall and Tower Plaza, Pacoima Center, California Oaks Center and
Lompoc Center. The properties contain a total of 1,683,463 square feet with a
weighted average occupancy of approximately 95.4%. Under certain conditions,
properties can be substituted or released. See "Description of the mortgage
pool--Certain Terms and Conditions of the Mortgage Loans--Defeasance; Collateral
Substitution; Property Releases".
THE MARKET(1).
GATEWAY PLAZA
The Gateway Plaza property is located in Vallejo, Solano County, California, at
the intersection of Plaza Drive and Admiral Callaghan Lane. The subject is
located within approximately 1/4 mile of Interstate 80 and Highway 37.
Solano County is situated between the rapidly growing Sacramento area and the
northeastern San Francisco Bay Area. The population for 2000 was estimated at
approximately 394,542 and, is anticipated to grow to approximately 571,300 by
2025. Between 2000 and 2025 the total number of households in Solano County is
expected to rise from approximately 130,403 to approximately 191,330. As of July
2003 the unemployment rate for the Bay Area stood at approximately 6.9%.
The comparable properties reported average overall occupancy rates range from
approximately 94% to 100%. The subject property is approximately 97.9% occupied.
PUENTE HILLS TOWN CENTER
The Puente Hills Town Center property is located in Rowland Heights, Los
Angeles, California, on the southeast corner of Colima Road and Albatross Road.
Population growth in Los Angeles County is projected to increase 11.4% between
2000 and 2010. As of 2002, average household income within a one mile radius of
Puente Hills Town Center was $87,839, approximately 23.1% higher than that of
Los Angeles County ($71,353). Population within a five-mile radius of the
shopping center is expected to increase 6.8% between 2002 and 2007, as compared
to expected growth of 5.9% for all of Los Angeles County. Demographic statistics
indicate Rowland Heights is a relatively middle to upper income residential
area.
Puente Hills Town Center is located in the San Gabriel Valley East submarket,
with a total tracked retail inventory of approximately 9.2 million square feet
comprised of approximately 94 properties. These properties range in size from
approximately 9,385 to approximately 631,000 square feet and were developed
between 1957 and 1999. As of the end of the 2nd quarter 2003, the overall
vacancy rate for community centers in the submarket was approximately 6.4
percent, slightly higher than the 2002 vacancy of approximately 5.4% and the
2001-year end vacancy of approximately 5.6 percent. Vacancy in the submarket
averages approximately 6.0% over the past 3 years and approximately 6.7% for the
past 5 years. The subject's current vacancy rate is approximately 4.9%
SANTE FE SPRINGS MALL
The Sante Fe Springs Mall property is located in Sante Fe Springs, Los Angeles,
California, on the southwest corner of Carmenita Road and Telegraph Road.
As of 2002, average household income within a five-mile radius of Sante Fe
Springs Mall was approximately $67,865, approximately 5.1% lower than that of
Los Angeles County (approximately $71,353); while median income figures are
slightly higher than Los Angeles County (approximately $57,366 within a 5-mile
radius of Santa Fe Springs Mall, verses approximately $50,251 for Los Angeles
County). Population within a one-mile radius of Santa Fe Springs Mall is
expected to increase approximately 9.2% between 2002 and 2007, as compared to
expected growth of approximately 5.9% for all of Los Angeles County. Demographic
statistics indicate Santa Fe Springs is growing faster than the Los Angeles
County.
Gateway Plaza is located in the Paramount/Downey/East County submarket. As of
the end of the 2nd quarter 2003, this submarket had a total tracked retail
inventory of approximately 4.7 million square feet comprised of approximately 41
properties, ranging in size from approximately 10,000 to approximately 373,397
square feet, developed between 1952 and 1999. As of the end of the 2nd quarter
2003, the overall occupancy rate for community centers in the submarket was
89.8%. The subject property is 100.0% occupied.
(1) Certain information from the Centro Retail Portfolio I appraisals dated
August 28, 2003, September 8, 2003, September 9, 2003, September 10, 2003 and
September 11, 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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CENTRO RETAIL PORTFOLIO I
SEQUIOA MALL AND TOWER PLAZA
The Sequioa Mall and Tower Plaza property is located in Visalia, Tulare County,
California, at the northwest corner of Mooney Boulevard and Caldwell Avenue.
Tulare County is the number one milk producing county in the nation and one of
the most productive agricultural counties in the world, with approximately 250
different commodities. The neighboring counties of Fresno (to the north), Kings
(to the west), and Kern (to the south) are all among the top 25 nationwide in
terms of value of agricultural production. Approximately 52% of the county's
land area of three million acres is government owned, with approximately 883,373
acres in national forest.
Tulare county's 2002 estimated population was approximately 380,378. The 2002
average household income for Tulare County was approximately $50,522. The
comparable properties reported overall occupancy rates from approximately 85% to
approximately 100%. The subject property is approximately 85.9% occupied.
PACOIMA CENTER
The Pacoima Center property is located in Pacoima, Los Angeles, California, on
the southwest corner of Laurel Canyon Boulevard and Osborne Street. The subject
property is approximately one-half block east of the Golden State Freeway (I-5)
which stretches between Los Angeles and Seattle.
Population growth in Los Angeles County is projected to increase 5.9% between
2002 and 2017. As of 2002, average household income within a one mile radius of
Pacoima Center was $57,239. Population within a five-mile radius of the shopping
center is expected to increase 9.2% between 2002 and 2007, as compared to growth
of 5.9% for Los Angeles County as a whole.
Los Angeles County's occupancy rate was approximately 95.1% in 2002. The subject
property is 100.0% occupied.
CALIFORNIA OAKS CENTER
The California Oaks property is located in Murrieta, Riverside County,
California, at the intersection of California Oaks Road and Jackson Avenue.
California Oaks Road provides access to the I-15 and I-215 freeways which are
1/2 mile southwest of the subject property.
Riverside County has strong historical population growth rates, reflecting the
availability of land, affordable housing, as well as convenient regional freeway
access. Growth in Riverside County is expected to remain stable over the next
five years, as demand for new housing is generating significant absorption, due
to its proximity to Orange and San Diego Counties. The fastest growing segments
of the job market were mining (approximately 9.1%), construction (approximately
9.8%), finance, insurance and real estate (or approximately 6.0%), and
government (or approximately 4.5%) retail trade (approximately 4.4%).
The population of the city of Murrieta has grown from approximately 19,239 in
1990 to approximately 46,733 in 2002. The annual average growth has been
approximately 13.0% per year since 1990. This growth trend exceeds that of
Riverside, Orange and Los Angeles Counties, which have achieved rates of
approximately 3.0%, approximately 2.0% and approximately 1.0%, respectively,
over this same period. Murrieta has a median household income of approximately
$57,813, versus the County median of approximately $45,802. The comparable
properties reported overall occupancy rates from approximately 75% to
approximately 100% with five of the seven centers over 95% occupied. The subject
property is approximately 97.2% occupied.
LOMPOC CENTER
The Lompoc Center property is located in Lompoc, Santa Barbara, California, on
the northwest corner of H Street and College Avenue, extending through to Pine
Avenue to the north. H street is the primary commercial corridor servicing the
city of Lompoc.
Santa Barbara County had a population of approximately 411,205 in 2002. In 2002,
the average and median household incomes were approximately $72,410 and
approximately $51,565, respectively. Income growth has been moderate over the
last five years. The top employers in Santa Barbara County include Vandenberg
Air Force Base and the county government. Aside from government employment,
major industries include tourism and agriculture. The comparable properties
reported overall occupancy rates from approximately 80% to approximately 95% and
the subject property is approximately 88.4% occupied.
PROPERTY MANAGEMENT. The property manager of the Centro Retail Portfolio I
properties is Watt/Centro Management Joint Venture LP. The property manager is
affiliated with the borrower.
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CENTRO RETAIL PORTFOLIO I
[MAP OF CALIFORNIA OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
CENTRO RETAIL PORTFOLIO I
[MAP OF GATEWAY PLAZA PROPERTY OMITTED]
[MAP OF PUENTE HILLS TOWN CENTER PROPERTY OMITTED]
Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.
20 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
CENTRO RETAIL PORTFOLIO I
[MAP OF SANTA FE SPRINGS MALL PROPERTY OMITTED]
[MAP OF SEQUOIA MALL AND TOWER PLAZA PROPERTY OMITTED]
Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
CENTRO RETAIL PORTFOLIO I
[MAP OF PACOIMA CENTER PROPERTY OMITTED]
[MAP OF LOMPOC CENTER PROPERTY OMITTED]
Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
901 E STREET
[PICTURE OF 901 E STREET BUILDING OMITTED]
[PICTURE OF 901 E STREET BUILDING OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
901 E STREET
LOAN INFORMATION
- ----------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $66,500,000
CUT-OFF PRINCIPAL BALANCE: $66,500,000
% OF POOL BY IPB: 6.1%
LOAN SELLER: MLML
BORROWER: A&A 901 E Street Associates, L.L.C.
SPONSOR: A&A Investment Holdings, L.L.C.
ORIGINATION DATE: 5/10/2004
INTEREST RATE: 5.3000%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 6/1/2014
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 360 months
CALL PROTECTION: L(24), Def(92), O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Hard
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
ESCROWS
- ------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-------------------------
TAXES: $342,296 $114,099
INSURANCE: $45,928 $7,655
CAPEX: $4,262 $4,262
TI/LC: $285,000 $95,000(2)
PROPERTY INFORMATION
- --------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office - CBD
SQUARE FOOTAGE: 257,547
LOCATION: Washington, DC
YEAR BUILT/RENOVATED: 1989/NAP
OCCUPANCY: 99.4%
OCCUPANCY DATE: 3/1/2004
NUMBER OF TENANTS: 11
HISTORICAL NOI:
2001: $5,772,263
2002: $7,524,801
2003: $6,948,982
UW NOI: $6,578,809
UW NET CASH FLOW: $5,981,276
APPRAISED VALUE: $94,000,000
APPRAISAL DATE: 3/16/2004
FINANCIAL INFORMATION
- ----------------------------------------
CUT-OFF DATE LOAN/SF: $258
CUT-OFF DATE LTV: 70.7%
MATURITY DATE LTV: 58.7%
UW DSCR: 1.35x
SIGNIFICANT TENANTS
MOODY'S/ SQUARE BASE LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET % OF GLA RENT PSF EXPIRATION YEAR
- --------------------------- ------------------------------- ----------- --------- ----------- ---------- ----------------
GSA/SEC U.S. Government Aaa/AAA 86,740 33.7% $ 38.90 2008
GSA/SEC U.S. Government Aaa/AAA 49,123 19.1% $ 38.15 2005
GSA/SEC U.S. Government Aaa/AAA 40,585 15.8% $ 38.90 2008
AMERICAN CANCER SOCIETY American Cancer Society, Inc. NAP/NAP 23,532 9.1% $ 43.08 2011
PITNEY BOWES MANAGEMENT Pitney Bowes Inc. Aa3/AA 18,614 7.2% $ 15.45 2007
GSA/SEC U.S. Government Aaa/AAA 15,257 5.9% $ 41.50 2008
USA EDUCATION/SALLIE MAE SLM Corporation A2/A 6,886 2.7% $ 38.53 2005
USA EDUCATION/SALLIE MAE SLM Corporation A2/A 3,268 1.3% $ 40.85 2005
AMERICAN CANCER SOCIETY American Cancer Society, Inc. NR/NR 2,726 1.1% $ 43.08 2011
(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(2) TI/LC Reserve increases to $150,000 per month from February 1, 2007 to
January 1, 2008, if the GSA/SEC lease for floors 1, 4 and 6-10 is not
renewed by February 1, 2007.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
901 E STREET
THE LOAN. The 901 E Street loan amount is secured by a first mortgage on a fee
interest in an approximately 257,547 square foot office building.
THE BORROWER. The borrower is A&A 901 E Street Associates, L.L.C., a single
purpose bankruptcy remote entity. A&A Investment Holdings L.L.C., an affiliate
of the borrower, has provided a standard non-recourse carveout guaranty in
connection with the borrower and was formed to acquire real estate assets in the
Washington DC metropolitan area for long-term investment and cash flow.
A&A Investment Holdings, L.L.C. and affiliated entities currently hold over 1.25
million SF in 13 multistory office buildings primarily in the Washington DC
metro area. The total portfolio value is in excess of $250 million.
THE PROPERTY. Built in 1989, 901 E Street is a 10-story class A office building
located on the northwest corner of 9th and E Streets, one block north of
Pennsylvania Avenue in the East End submarket of Washington DC. The property has
approximately 257,547 SF of net rentable area, and is currently 99.4% leased.
Major tenants include the Securities and Exchange Commission (approximately
191,705 SF), American Cancer Society (approximately 26,258 SF), Pitney Bowes
Management (approximately 18,614 SF) and Sallie Mae (approximately 10,154 SF).
The primary tenant, GSA-SEC, has a staggered expiration schedule including
49,123 SF expiring in May 2005 and approximately 142,582 SF expiring in January
2008. The GSA is entitled to renew each lease for a 5-year period by providing
notice 12 months prior to expiration.
THE MARKET(1). 901 E Street occupies the northwest corner of 9th and E Street,
NW in the East End office submarket. This area falls near the southern edge of
the East End submarket, which extends west from 3rd Street, NW, to 15th Street,
NW, between Pennsylvania and Massachusetts Avenue. This location is north of The
Mall, north northeast of The White House, and northwest of The Capitol. The
predominant use in the East End is office, with a strong governmental presence,
cultural facilities and restaurants.
The subject is in close proximity to three Metro rail stations less than three
blocks east, west and south, and is near several federal agency headquarters
including the Federal Bureau of Investigation (FBI), Department of Justice (DOJ)
and the Internal Revenue Service (IRS). Nearby amenities include several hotels,
fine restaurants and the MCI Arena.
The population of the Washington DC MSA totals 5.1 million, of which only
573,400, or 11.1%, reside within the District. The metro area's average annual
growth in population of approximately 1.7% was above the top 100 metropolitan
areas (Top 100) average over the 10-year period from 1992 through 2002.
Approximately 37.0% of the population has a 4-year degree or better, compared to
just 23.9% for the Top 100 areas and 20.8% for the U.S. overall. The median
household income is more than 33.0% higher than the Top 100 and over 53.0%
greater than the U.S. median.
Washington's employment is significantly weighted in the government and services
sectors. Financial, information, professional and business services have
expanded significantly and form a major presence within the economy. As a
result, a large share of the metro area's employment (40%) is office-using. Over
the years, the Washington metro area economy has transitioned from its heavy
reliance on the Federal Government to an increasingly higher concentration of
services and high technology firms, which have diversified the regional office
tenant base. Major non-government employers in the area included Verizon
Communications, Safeway Stores, Inc., Marriott International, Inc., Inova Health
System, and U.S. Airways, Inc.
According to the Appraisal prepared by Cushman & Wakefield, based on the
subject's Class A status and location, the subset of buildings deemed very
likely to compete with the subject total approximately 11.5 million SF. The
competitive subset has a 4.8% overall vacancy rate including sublet space. The
average asking rental rate is $47.13 PSF.
PROPERTY MANAGEMENT. The property manager of the 901 E Street property is
Cambridge Property Group LP.
LEASE ROLLOVER SCHEDULE
NUMBER SQUARE % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE %
OF 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 1,528 0.6% NAP NAP 1,528 NAP NAP NAP
2004 & MTM 2 5,610 2.2 $ 0 0.0% 7,138 2.8% $ 0 0.0%
2005 4 61,376 23.8 2,375,709 25.2 68,514 26.6% $2,375,709 25.2%
2006 0 0 0.0 0 0.0 68,514 26.6% $2,375,709 25.2%
2007 1 18,614 7.2 287,586 3.1 87,128 33.8% $2,663,295 28.3%
2008 3 142,582 55.4 5,586,108 59.3 229,710 89.2% $8,249,403 87.6%
2009 0 0 0.0 0 0.0 229,710 89.2% $8,249,403 87.6%
2010 0 0 0.0 0 0.0 229,710 89.2% $8,249,403 87.6%
2011 3 27,837 10.8 1,176,417 12.5 257,547 100.0% $9,425,820 100.0%
2012 0 0 0.0 0 0.0 257,547 100.0% $9,425,820 100.0%
2013 0 0 0.0 0 0.0 257,547 100.0% $9,425,820 100.0%
2014 0 0 0.0 0 0.0 257,547 100.0% $9,425,820 100.0%
AFTER 0 0 0.0 0 0.0 257,547 100.0% $9,425,820 100.0%
- ------------- ----------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- --------------
TOTAL 13 257,547 100.0% $9,425,820 100.0%
- ------------- ----------- ---------- ----------- ----------- ------------
(1) Certain information from the 901 East Street Loan appraisal dated March 16,
2004. The appraisal relies upon many assumptions, and no representation is
made as to the accuracy of the assumptions underlying the appraisal.
26 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
901 E STREET
[MAP OF WASHINGTON, D.C. OMITTED]
27 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GALILEO RETAIL PORTFOLIO
[PICTURE OF JCPENNEY STORE OMITTED]
[PICTURE OF OFFICE MAX AND FURNITURE MAX STORES OMITTED]
28 of 67
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GALILEO RETAIL PORTFOLIO
MORTGAGE LOAN INFORMATION
- ------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $55,000,000
CUT-OFF PRINCIPAL BALANCE: $55,000,000
% OF POOL BY IPB: 5.0%
LOAN SELLER: MLML
BORROWER: Galileo CMBS T2 LLC(1)
SPONSOR: Galileo America, LLC
ORIGINATION DATE: 1/5/2004
INTEREST RATE: 5.5000%
INTEREST ONLY PERIOD: 60 months
MATURITY DATE: 2/1/2009
AMORTIZATION TYPE: Interest Only
ORIGINAL AMORTIZATION: NAP
REMAINING AMORTIZATION: NAP
CALL PROTECTION: L(24), Def(34), O(2)
CROSS-COLLATERALIZATION: No
LOCK BOX: Cash Management Agreement
ADDITIONAL DEBT: No(2)
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
ESCROWS
- ----------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
---------------------------
TAXES: $247,542 $82,514
INSURANCE: $325,271 $27,106
CAPEX: $47,458 $23,729
TI/LC: $48,850 $24,425
IMMEDIATE REPAIR: $70,688 $0
GROUND LEASE: $6,666 $3,333
PROPERTY INFORMATION
- ---------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee & Leasehold
PROPERTY TYPE: Retail
SQUARE FOOTAGE: 682,452
LOCATION: Various (See chart titled "Portfolio Properties")
YEAR BUILT/RENOVATED: Various (See chart titled "Portfolio Properties")
OCCUPANCY: 96.2%
OCCUPANCY DATE: Various
SALES PER SF:
2003: See "Significant Tenants" chart below
NUMBER OF TENANTS: 58(3)
HISTORICAL NOI:
2001: $3,992,899
2002: $3,709,023
2003: $4,642,978
UW NOI: $7,461,651(4)
UW NET CASH FLOW: $6,883,818(4)
APPRAISED VALUE: $94,375,000
APPRAISAL DATE: 10/1/2003 & 1/1/2004
FINANCIAL INFORMATION
- ----------------------------------------
CUT-OFF DATE LOAN/SF: $81
CUT-OFF DATE LTV: 58.3%
MATURITY DATE LTV: 58.3%
UW DSCR: 2.24x
SIGNIFICANT TENANTS
LEASE
MOODY'S/ SQUARE % OF SALES BASE RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(5) FEET GLA PSF PSF 2003 YEAR
- ----------------------- ------------------------------------------ ---------- ------------- ----- ---------- ----------- ----------
FOOD LION(6) Delhaize Group (NYSE: DEG) Ba1/BB+ 33,800/35,798 10.2% $282/$284(7) $7.30/$4.69 2016/2021
DICK'S SPORTING GOODS Dick's Sporting Goods, Inc. (NYSE: DKS) NR/NR 50,000 7.3% NAV $13.00 2019
GOODY'S Goody's Family Clothing (NASDAQ: GDYS) NR/NR 40,000 5.9% $120 $8.50 2009
J.C. PENNEY J. C. Penney Company, Inc. (NYSE: JCP) Ba3/BB+ 35,385 5.2% $822(7) $12.78 2005
OFFICE MAX Boise Cascade Corporation (NYSE: BCC) Ba2/BB 33,024 4.8% $140 $14.75 2008
OFFICE DEPOT Office Depot, Inc. (NYSE: ODP) Baa3/BBB- 31,022 4.5% NAV $7.00 2008
LINENS N THINGS Linens N Things, Inc. (NYSE: LIN) NR/NR 28,000 4.1% NAV $16.00 2019
BORDERS Borders Group, Inc. (NYSE: BGP) NR/NR 23,010 3.4% NAV $17.99 2019
MICHAELS Michael's (NYSE: MIK) Ba1/BB+ 21,306 3.1% NAV $11.65 2013
PETCO PETCO Animal Supplies, Inc. (NASDAQ: PETC) B1/BB 21,000 3.1% NAV $17.73 2014
(1) The borrower also includes Galileo CMBS T2 TN LLC and Galileo CMBS T2 NC LP,
which are affiliated single purpose bankruptcy-remote entities, owned and
controlled indirectly by Galileo America LLC.
(2) The indirect ownership interests in the borrower have been pledged as
security for additional debt.
(3) Includes the two master lease tenants.
(4) Waterford Commons, which opened in 2003, is included in the UW NOI and UW
NCF but not included in the historical NOI and NCF.
(5) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(6) Food Lion is in occupancy at two properties, Springs Crossing and Longview
Crossing.
(7) 2002 sales.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GALILEO RETAIL PORTFOLIO
PORTFOLIO PROPERTIES
YEAR SQUARE APPRAISED
PROPERTY NAME LOCATION BUILT FEET OCC. TOP TENANTS VALUE
- ----------------------- ------------- -------- ------- ------ --------------------------------------------------------- ------------
LONGVIEW CROSSING Hickory, NC 1988 40,598 100.0% Food Lion $ 1,600,000
SPRINGS CROSSING Hickory, NC 1987 42,920 84.3% Food Lion 2,450,000
STONE EAST PLAZA Kingsport, TN 1983 45,259 96.2% Auto Zone, Cal's Spas & Pools 3,025,000
VALLEY CROSSING Hickory, NC 1988 186,141 98.0% Goody's, Office Depot, T.J. Maxx, Circuit City, Rack Room 16,300,000
WATERFORD COMMONS Waterford, CT 2003 237,271 95.6% Dick's Sporting Goods, Linens N Things, Borders, Michaels 52,000,000
WILLOW SPRINGS Nashua, NH 1990 130,263 97.5% Office Max, J.C. Penney, Petco 19,000,000
- ----------------------- ------------- -------- ------- ------ --------------------------------------------------------- ------------
TOTAL/WEIGHTED AVERAGE 682,452 96.2% $94,375,000
- ----------------------- ------- ------ ------------
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 25,708 3.8% NAP NAP 25,708 3.8% NAP NAP
2004 & MTM 6 54,923 8.1 $ 459,233 5.6% 80,631 11.8% $ 459,233 5.6%
2005 13 81,474 11.9 822,616 10.0 162,105 23.8% $1,281,849 15.6%
2006 10 34,619 5.1 457,506 5.6 196,724 28.8% $1,739,355 21.1%
2007 3 4,600 0.7 63,654 0.8 201,324 29.5% $1,803,009 21.9%
2008 10 108,637 15.9 1,222,512 14.8 309,961 45.4% $3,025,521 36.7%
2009(1) 3 113,299 16.6 1,799,433 21.8 423,260 62.0% $4,824,954 58.6%
2010 1 1,058 0.2 25,180 0.3 424,318 62.2% $4,850,134 58.9%
2011 0 0 0.0 0 0.0 424,318 62.2% $4,850,134 58.9%
2012 1 1,300 0.2 35,750 0.4 425,618 62.4% $4,885,884 59.3%
2013 2 31,306 4.6 433,215 5.3 456,924 67.0% $5,319,099 64.6%
2014(2) 2 30,408 4.5 541,642 6.6 487,332 71.4% $5,860,741 71.2%
AFTER 7 195,120 28.6 2,376,590 28.9 682,452 100.0% $8,237,331 100.0%
- ------------- ----------- ---------- ---------- ------------ ------------ ------------- ------------- ------------- --------------
TOTAL 58 682,452 100.0% $8,237,331 100.0%
- ------------- ----------- ---------- ---------- ------------ ------------
(1) Includes the master lease at Waterford Commons that expires at the earlier
to occur of the 5th anniversary of the lease or the full leasing of all
space covered by approved leases.
(2) Includes the master lease at Waterford Commons that expires in 2018.
30 of 67
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GALILEO RETAIL PORTFOLIO
THE LOAN. The Galileo Retail Portfolio loan is secured by a first mortgage on a
fee/leasehold interest in six retail shopping centers comprised of approximately
682,452 square feet.
LOAN FEATURES. CBL, as tenant, has entered into two master leases with one of
the borrowers, as landlord, for space at the Waterford Commons property. One
master lease is for approximately 49,088, square feet at an initial annual base
rent of $1,277,850 and remains in effect until the earlier to occur of the 5th
anniversary of the Lease or the full leasing of all space covered by the master
lease payment to approved leases. The second master lease is for approximately
24,512 square feet at an initial annual base rent of $448,000. CBL is obligated
to pay this master lease rent until rent has commenced under a sublease with
Babies R Us in an annual amount of $298,000. At such time, CBL's rental
obligation under the second master lease will be reduced to $150,000 annually
through 2018. Rent payments under the sublease are anticipated to commence in
late summer 2004, with the sublease expiring in 2018.
Key Bank has issued a letter of credit ("LOC") in favor of Merrill Lynch as
beneficiary, to provide credit support for the rents payable under these master
leases. Consequently, Merrill Lynch has underwritten the master lease rent at
Waterford Commons. The LOC, in the original amount of $9,800,217, which
approximates the loan amount supported by the master lease rent payments, has a
2-year term and three 1-year extension options. The amount of the LOC will be
reduced as space, subject to the master leases, is tenanted pursuant to approved
leases.
THE BORROWERS. The borrowers are Galileo CMBS T2 LLC, Galileo CMBS T2 NC LP and
Galileo T2 TN LLC, each a single purpose bankruptcy-remote entity, owned and
controlled indirectly by Galileo America LLC. Legal counsel to the borrowers
delivered a non-consolidation opinion in connection with the origination of the
Galileo Retail Portfolio Loan. The borrowers are wholly-owned indirectly by
Galileo America LLC, a Delaware limited liability company (JV), the members of
which are Galileo America, Inc., a real estate investment trust (REIT) that has
a 90% interest in the JV, and CBL & Associates Properties Limited Partnership, a
Delaware limited partnership, that is controlled by CBL & Associates Properties,
Inc. (CBL), a NYSE-listed REIT, and has a 10% interest in the JV.
Galileo America, Inc. is wholly-owned by Galileo Shopping America Trust (GSA), a
publicly traded Australian real estate investment trust on the Australian Stock
Exchange that was formed in 2003 and that had approximately $279 million of
assets as of December 31, 2003.
CBL is a Chattanooga, Tennessee-based REIT that has been a shopping center owner
and developer since 1978 and publicly traded on the NYSE since 1993. CBL
currently owns approximately 60 malls containing approximately 47,570,176 square
feet and has a market capitalization of approximately $6.4 billion. In addition
to its interest in the JV, CBL will provide property management and leasing
services to the borrowers under a long-term contract.
THE PROPERTIES. The Galileo Retail Portfolio Loan is collateralized by 6
properties containing a total of approximately 682,452 square feet. The
properties are located in four states and include 58 national and local retail
tenants. Under certain conditions, properties can be substituted or released.
See "Description of the Mortgage Pool--Certain Terms and Conditions of the
Mortgage Loans--Defeasance Collateral Substitution; Property Releases" in the
preliminary prospectus supplement.
THE MARKET(1).
LONGVIEW CROSSING
The Longview Crossing property is located in Hickory, Catawba County, North
Carolina, approximately 2 miles west of the central business district of
Hickory. Primary access to the property's neighborhood is provided by Interstate
40 which is oriented in an east-west direction.
Population for 2000 within a 1, 3 and 5 mile radius of the property is 3,967,
24,231 and 58,451 and average household income as of 2002 is $50,213, $59,781
and $59,172, respectively.
Comparable properties reported average overall occupancy rates of 94.6%.
SPRINGS CROSSING
The Springs Crossing property is located in Hickory, Catawba County, North
Carolina, approximately 4 miles west of the central business district of
Hickory. Primary access to the property's neighborhood is provided by Interstate
40 which is oriented in an east-west direction. The major retail development in
the neighborhood is located along Springs Road, which provides ingress and
egress to the subject. Springs Road provides the primary access to the
neighborhood from the central portion of Hickory.
Population for 2000 within a 1, 3 and 5 mile radius of the property is 4,294,
28,033 and 60,925 and average household income as of 2002 is $62,819, $61,972
and $64,264, respectively.
Average occupancy for the subject's submarket is approximately 89%.
STONE EAST PLAZA
The Stone East Plaza property is located in Kingsport, Tennessee within Sullivan
County within the northeastern portion of the state. Kingsport along with
Johnson City, Tennessee and Bristol, Virginia, are collectively referred to as
the "Tri-Cities" MSA. State Highway 93 and East Stone Drive (which provides
ingress and egress to the subject) provide primary access to the subject
neighborhood.
The estimated population and average household income for 2002 within a 1, 3 and
5 mile radius of the property is 4,608 and $45,299, 35,294 and $45,594 and
64,531 and $47,231, respectively.
Comparable properties reported average overall occupancy rates of between 72%
and 97%. The subject property is approximately 96% occupied.
(1) Certain information from the Galileo Retail Portfolio appraisals dated
October 1, 2003, August 18, 2003, and January 1, 2004. 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 2004-PNC1
GALILEO RETAIL PORTFOLIO
VALLEY CROSSING
The Valley Crossing property is located in Hickory, Catawba County, North
Carolina, approximately 1 mile south of the central business district of
Hickory. Primary access to the property's neighborhood is provided by Interstate
40 which is oriented in an east-west direction. Major retail development in the
neighborhood is located along Highway 70 which provides ingress and egress to
the subject.
Population for 2000 within a 1, 3 and 5 mile radius of the property is 760,
16,129 and 63,838 and average household income as of 2002 is $52,759, $51,804
and $58,712, respectively.
Comparable properties reported average overall occupancy rates of approximately
92%.
WATERFORD COMMONS
The Waterford Commons property is located in Waterford, New London County, in
southeastern Connecticut. Ingress and egress is provided by Route 85 (Hartford
Turnpike) approximately one-half mile north of Interstate 95.
Population for 2000 within a 1, 3 and 5 mile radius of the property is 1,016,
24,209 and 73,805 and average household income as of 2002 is $85,993, $61,611
and $61,602, respectively.
According to Claritas, the Waterford area (five-mile radius) contains
approximately 2.85 million square feet of space and is anchored by the Crystal
Mall in Waterford, approximately one-quarter mile south of the subject.
Occupancy rates are approximately 98% with rental rates varying from a low of $8
per square foot to as high as $40 per square foot for small tenant space within
the Crystal Mall.
WILLOW SPRINGS PLAZA
The Willow Springs Plaza property is located within the City of Nashua located
in the southeast New Hampshire just over the Massachusetts border. Ingress and
egress is provided by Daniel Webster Highway, which is a major retail corridor
in Nashua and the surrounding communities. The property is located immediately
adjacent to the 1 million square foot Pheasant Lane Mall, which is anchored by a
Target, Filene's, JC Penney and Macy's.
The estimated population and average household income for 2002 within a 3, 5 and
10 mile radius of the property is 31,853 and $87,594, 105,757 and $76,709 and
366,132 and $81,951, respectively.
Comparable properties along Daniel Webster Highway reported average overall
occupancy rates of approximately 100%.
PROPERTY MANAGEMENT. CBL & Associates Management, Inc. is the property manager
for the 6 properties providing security for the Galileo Retail Portfolio Loan.
The property manager is affiliated with the borrower through its parent
company's 10% ownership interest in Galileo America LLC, the indirect owner of
the borrowers.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GALILEO RETAIL PORTFOLIO
[MAP OF CONNECTICUT OMITTED] [MAP OF NEW HAMPSHIRE OMITTED]
[MAP OF TENNESSEE OMITTED] [MAP OF NORTH CAROLINA OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GALILEO RETAIL PORTFOLIO
[MAP OF VALLEY COMMONS PROPERTY OMITTED]
[MAP OF WILLOW SPRINGS PLAZA PROPERTY OMITTED]
Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GALILEO RETAIL PORTFOLIO
[MAP OF WATERFORD COMMONS PROPERTY OMITTED]
Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EL CERRITO PLAZA
[PICTURE OF BARNES & NOBLE BOOK SELLERS STORE OMITTED]
[PICTURE OF BED BATH & BEYOND STORE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EL CERRITO PLAZA
MORTGAGE LOAN INFORMATION
- ------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $41,580,000
CUT-OFF PRINCIPAL BALANCE: $41,580,000
% OF POOL BY IPB: 3.8%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: MCD-RC CA-EL Cerrito, LLC
SPONSOR: Regency Center Corporation and
Macquarie Countrywide Trust
ORIGINATION DATE: 12/2/2003
INTEREST RATE: 4.5100%
INTEREST ONLY PERIOD: 60 Months
MATURITY DATE: 1/1/2009
AMORTIZATION TYPE: Interest Only
ORIGINAL AMORTIZATION: NAP
REMAINING AMORTIZATION: NAP
CALL PROTECTION: L(24),Def(28),O(3)
CROSS-COLLATERALIZATION: No
LOCK BOX: No
ADDITIONAL DEBT: Permitted
ADDITIONAL DEBT TYPE: Subordinate Debt permitted with a total
loan to value ratio not to exceed 75%
LOAN PURPOSE: Acquisition
ESCROWS
- ---------------------------------------------------------------------
No escrows were required
In connection with a relatively high DSCR, the lender did not require
escrow deposits.
PROPERTY INFORMATION
- ----------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Retail -- Anchored
SQUARE FOOTAGE: 256,032
LOCATION: El Cerrito, CA
YEAR BUILT/RENOVATED: 1958/2002
OCCUPANCY: 97.0%
OCCUPANCY DATE: 2/27/2004
NUMBER OF TENANTS: 62
HISTORICAL NOI:
2004 ANNUALIZED(1): $5,194,791
UW NOI: $5,243,316
UW NET CASH FLOW: $5,038,555
APPRAISED VALUE: $69,300,000
APPRAISAL DATE: 8/1/2003
FINANCIAL INFORMATION
- ----------------------------------------
CUT-OFF DATE LOAN/SF: $162
CUT-OFF DATE LTV: 60.0%
MATURITY DATE LTV: 60.0%
UW DSCR: 2.69x
MAJOR TENANTS
BASE LEASE
MOODY'S/ SQUARE % OF SALES RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF PSF YEAR
- -------------------- ------------------------------------------ ----------- --------- ---------- -------- ----------- -----------
COPELAND SPORTS Copeland Sports NAP/NAP 34,310 13.4% NAV $ 13.93 2018
ROSS DRESS FOR LESS Ross Stores, Inc. (NASDAQ: ROST) NAP/BBB 30,241 11.8% NAV $ 17.50 2012
BED BATH & BEYOND Bed Bath & Beyond Inc. (NASDAQ: BBBY) NAP/BBB 30,000 11.7% NAV $ 19.00 2012
BARNES & NOBLE Barnes & Noble, Inc. (NYSE: BKS) Ba3/BB 25,000 9.8% NAV $ 21.00 2012
PETCO PETCO Animal Supplies, Inc. (NASDAQ: PETC) Ba3/BB 15,482 6.0% NAV $ 22.50 2013
TRADER JOE'S Trader Joe's NAP/NAP 11,188 4.4% NAV $ 22.69 2013
(1) Based on the April 20, 2004 year to date NOI number of $1,731,597.
(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(3) Trailing twelve month sales information as of 9/30/2003.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EL CERRITO PLAZA
THE LOAN. The El Cerrito Plaza loan is secured by a first mortgage on a fee
interest in an approximately 256,032 square foot anchored retail center.
THE BORROWER. The borrower is MCD-RC CA-EL Cerrito, LLC. The borrower is a
special purpose entity controlled by MCW/MDP-Regency, LLC. MCW/MDP-Regency, LLC
is a joint venture between Regency Centers Corporation (NYSE: REG) and Macquarie
Countrywide Trust, an Australian REIT. Regency Centers Corporation is an owner,
operator and developer of grocery-anchored neighborhood and community shopping
centers, with an approximately $3.2 billion national real estate portfolio that
encompasses approximately 262 retail properties. Macquarie CountryWide Trust
owns a portfolio of approximately 117 supermarkets and shopping centers located
throughout Australia, New Zealand and the United States.
THE PROPERTY. El Cerrito Plaza is a 256,032 square foot anchored retail center
located in El Cerrito, California. The center was built in 1958 and renovated in
2002. The property is approximately 97.0% leased to approximately 62 tenants
including Copeland Sports (approximately 34,310 square feet), Ross Dress for
Less (approximately 30,241 square feet), Bed Bath & Beyond (approximately 30,000
square feet), Barnes & Noble (approximately 25,000 square feet), and Petco
(approximately 15,482 square feet). The site is shadow anchored by an
approximately 66,700 square foot Albertson's and an approximately 26,500 square
foot Longs Drugs, which will not serve as collateral for the El Cerrito Plaza
loan.
THE MARKET(1). The El Cerrito Plaza property is located in El Cerrito, Contra
Costa, California. The subject property is located at the southeast corner of
San Pablo Avenue and Fairmount Avenue, near the El Cerrito/Albany city limits in
southern El Cerrito. The subject has access on a busy commercial thoroughfare
and is near Interstate 80, which is located directly west of the property.
Interstate 80 is a primary thoroughfare which travels southwest to San Francisco
and northeast to Sacramento. San Pablo Avenue is the main thoroughfare traveling
through El Cerrito leading to nearby communities such as Pinole, Richmond, San
Pablo, Albany, Berkeley and Oakland. The subject is also located adjacent to a
BART (Bay Area Rapid Transit) station.
Retail developments have occupancy rates between approximately 95% to 100%. The
subject property has an occupancy rate of approximately 97.0%. Demand for retail
use is influenced in general by surrounding residential growth, visibility and
access, general economic conditions, new store prototypes, changing retailing
techniques and other real estate and business factors. The median household
income within a 3 mile radius of the subject is approximately $60,283.
PROPERTY MANAGEMENT. The property manager of the El Cerrito Plaza property is
Regency Centers, L.P. The property manager is affiliated with the borrower.
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 7,722 3.0% NAP NAP 7,722 3.0% NAP NAP
2004 & MTM 8 8,993 3.5 204,625 3.7% 16,715 6.5% $ 204,625 3.7%
2005 6 11,522 4.5 274,439 5.0 28,237 11.0% $ 479,064 8.7%
2006 9 10,316 4.0 247,360 4.5 38,553 15.1% $ 726,424 13.2%
2007 13 25,896 10.1 728,784 13.3 64,449 25.2% $1,455,208 26.5%
2008 6 9,355 3.7 252,674 4.6 73,804 28.8% $1,707,883 31.1%
2009 0 0 0.0 0 0.0 73,804 28.8% $1,707,883 31.1%
2010 0 0 0.0 0 0.0 73,804 28.8% $1,707,883 31.1%
2011 0 0 0.0 0 0.0 73,804 28.8% $1,707,883 31.1%
2012 12 109,597 42.8 2,342,429 42.7 183,401 71.6% $4,050,312 73.8%
2013 2 26,670 10.4 602,201 11.0 210,071 82.0% $4,652,512 84.7%
2014 0 0 0.0 0 0.0 210,071 82.0% $4,652,512 84.7%
AFTER 6 45,961 18.0 838,076 15.3 256,032 100.0% $5,490,589 100.0%
- ------------- ----------- ---------- ---------- ------------ ------------ ------------- ------------- ------------- --------------
TOTAL 62 256,032 100.0% $5,490,589 100.0%
(1) Certain information from the El Cerrito Plaza loan appraisal dated August
1, 2003. The appraisal relies upon many assumptions, and no representation
is made as to the accuracy of the assumptions underlying the appraisal
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EL CERRITO PLAZA
[MAP OF CALIFORNIA OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EL CERRITO PLAZA
[MAP OF EL CERRITO PLAZA PROPERTY OMITTED]
Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EMPLOYERS REINSURANCE CORP I
[PICTURE OF EMPLOYERS REINSURANCE CORP I BUILDING OMITTED]
[PICTURE OF EMPLOYERS REINSURANCE CORP I BUILDING OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EMPLOYERS REINSURANCE CORP I
LOAN INFORMATION
- -----------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $37,620,000
CUT-OFF PRINCIPAL BALANCE: $37,620,000
% OF POOL BY IPB: 3.4%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Lexington Overland Park LLC
SPONSOR: Lexington Corporate Properties Trust
ORIGINATION DATE: 4/15/2004
INTEREST RATE: 5.8300%
INTEREST ONLY PERIOD: 60 Months
ANTICIPATED REPAYMENT DATE: 5/1/2019
MATURITY DATE: 5/1/2034
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 360 months
CALL PROTECTION: L(24),Def(142),O(13)
CROSS-COLLATERALIZATION: No
LOCK BOX: Cash Management Agreement
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
ESCROWS
- --------------------------------------------------------------------------------
The lender has waived the collections of taxes, insurance, replacement reserves
and TI/LCs based on the long-term lease in place to an investment grade tenant
on an absolute net basis.
The lender reserves the right to collect TI/LC escrows if Employers Reinsurance
Corporation's Moody's and S&P credit ratings fall below investment grade.
PROPERTY INFORMATION
- -------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office -- Suburban
SQUARE FOOTAGE: 320,198
LOCATION: Overland Park, KS
YEAR BUILT/RENOVATED: 1980/1990
OCCUPANCY: 100.0%
OCCUPANCY DATE: 3/8/2004
NUMBER OF TENANTS: 1
HISTORICAL NOI:
TTM AS OF 2/29/2004: $3,842,376
UW NOI: $3,552,632
UW NET CASH FLOW: $3,405,341
APPRAISED VALUE: $55,000,000
APPRAISAL DATE: 11/25/2003
FINANCIAL INFORMATION
- ------------------------------------
CUT-OFF DATE LOAN/SF: $117
CUT-OFF DATE LTV: 68.4%
MATURITY DATE LTV: 57.7%
UW DSCR: 1.28x
SIGNIFICANT TENANTS
BASE
MOODY'S/ SQUARE % OF RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF EXPIRATION YEAR
- -------------------------- ------------------------------ -------- ------- ------ ------- ----------------
EMPLOYERS REINSURANCE General Electric Corporation Aa2/A+ 320,198 100.0% $ 12.00 2019
CORPORATION (NYSE: GE)
(1) The Ratings provided are for Employers Reinsurance Corporation.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EMPLOYERS REINSURANCE CORP I
THE LOAN. The Employers Reinsurance Corporation I loan is secured by a first
mortgage on the fee interest in an approximately 320,198 square foot office
building.
THE BORROWER. The borrower is Lexington Overland Park LLC. The borrower is a
special purpose entity controlled by Lexington Corporate Properties Trust (NYSE:
LXP). Lexington Corporate Properties Trust is a real estate investment trust
which invests in single-tenant net-lease properties throughout the United
States. The Company currently owns and/or manages approximately 125 properties
located in 34 states totaling approximately 24.9 million square feet.
THE PROPERTY. Employers Reinsurance Corporation I is an approximately 320,198
square foot single-tenant office building located in Overland Park, Kansas. The
building was constructed in 1980 with significant renovations completed in 1990
and 2004. The single tenant is Employers Reinsurance Corporation ("ERC"). ERC
recently completed an approximately $6 million renovation at the Employers
Reinsurance Corporation I property.
ERC is a wholly-owned subsidiary of GE Global Insurance Holding Corp. GE Global
Insurance Holding Corp is a wholly-owned subsidiary of General Electric
Corporation (NYSE: GE). ERC is made up of three separate business units: (i)
Global Life & Health, (ii) Global P&C Reinsurance and (iii) GE Commercial
Insurance. ERC serves the life & health reinsurance, property & casualty
reinsurance, commercial insurance and healthcare insurance markets. These
products and services are offered around the world. ERC has approximately $50
billion in assets.
THE MARKET(1). The Employers Reinsurance Corp I property is located in Overland
Park, Johnson County, Kansas. The subject is approximately eight miles southwest
of the Kansas City CBD, and is accessible by way off Metcalf Avenue near the
intersection of Interstate 635 and Interstate 35. The Kansas City International
Airport lies approximately 25 miles north of the property. In the immediate
area, surrounding uses include: Interstate 35 to the north, single family to the
south (commercial development along Metcalf Avenue), multifamily and low-rise
commercial to the east, and single family to the west.
The subject property is located in the Kansas City office market and the North
Johnson submarket. Per Reis, the Kansas City market has an average vacancy of
approximately 17.5%, with older buildings (pre-1990s) at approximately 17% to
approximately 28%. Although still above its three-year (approximately 15.4%) and
five-year averages (approximately 13.6%), overall vacancy has fallen throughout
2003. Net rents range from approximately $15 to approximately $23 per square
foot, with older buildings at the lower end of the range.
Vacancy for the subject's submarket averages approximately 13.4%, which is
inline with the previous year, but up from the three year average of
approximately 10.8%. The increase is mainly due to new product coming on line in
2001-2002, as well as the economic downturn. Average asking rents total
approximately $17.75 per square foot, and rent growth remains positive and
inline with historical levels. There are approximately 93 office properties
(approximately 18% of metro) totaling approximately 5.4 million square feet in
the North Johnson submarket.
PROPERTY MANAGEMENT. The Employers Reinsurance Corporation II property is self
managed by Employers Reinsurance Corporation.
- -------------------------------------------------------------------------------
(1) Certain information from the Employers Reinsurance Corp I loan appraisal
dated November 25, 2003. The appraisal relies upon many assumptions, and no
representation is made as to the accuracy of the assumptions underlying the
appraisal.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
EMPLOYERS REINSURANCE CORP I
[MAP OF KANSAS OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
ARC MHC PORTFOLIO
[PICTURE OF MANUFACTURED HOME OMITTED]
[PICTURE OF MANUFACTURED HOME OMITTED]
[PICTURE OF MANUFACTURED HOME OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
ARC MHC PORTFOLIO
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $36,208,000
CUT-OFF PRINCIPAL BALANCE: $36,100,393
% OF POOL BY IPB: 3.3%
LOAN SELLER: MLML
BORROWER: ARC Communities 12 LLC
SPONSOR: Affordable Residential Communities Inc.
and Affordable Residential Communities
LP
ORIGINATION DATE: 2/18/2004
INTEREST RATE: 5.5300%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 3/1/2014
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 357
CALL PROTECTION: L(24), Def(90), O(3)
CROSS-COLLATERALIZATION: No
LOCK BOX: Soft
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Various
ESCROWS
- ------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
----------------------------
Taxes: $99,589 $37,102
Insurance: $25,551 $6,473
Engineering: $2,188 $0
CapEx: $7,521 $7,521
Master Lease: $26,257 $0
Security Deposit: $225,952 $0
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Manufactured Housing Community
PADS: 1,805
LOCATION: Various (See chart titled "Portfolio Properties")
YEAR BUILT/RENOVATED: Various (See chart titled "Portfolio Properties")
OCCUPANCY: 94.2%
OCCUPANCY DATE: Various
HISTORICAL NOI:
2002: $3,940,163
TTM AS OF 9/30/2003: $4,107,955
UW NOI: $3,633,420
UW NET CASH FLOW: $3,543,170
APPRAISED VALUE: $45,260,000
APPRAISAL DATES: Various
FINANCIAL INFORMATION
- ----------------------------------------
CUT-OFF DATE LOAN/PADS: $20,000
CUT-OFF DATE LTV: 79.8%
MATURITY LTV: 66.9%
UW DSCR: 1.43x
PORTFOLIO PROPERTIES
% OF AVERAGE
YEAR # OF TOTAL RENT PER
PROPERTY NAME LOCATION BUILT PADS PADS PAD OCCUPANCY APPRAISED VALUE
- -------------------------- ---------------------- ------- ------- ---------- --------- ------------ -----------------
SADDLEBROOK North Charleston, SC 1983 425 23.5% $239 92.9% $ 9,600,000
TERRACE HEIGHTS Dubuque, IA 1972 317 17.6 $270 90.2% 7,350,000
EASY LIVING Lawrence, KS 1970 263 14.6 $260 93.5% 5,540,000
CAMELOT Salt Lake City, UT 1971 379 21.0 $385 98.9% 15,300,000
MERIDIAN SOONER Oklahoma City, OK 1970 207 11.5 $180 98.6% 2,040,000
PARK PLAZA Gillette, WY 1985 78 4.3 $230 97.4% 1,900,000
DYNAMIC II DeSoto, TX 1984 136 7.5 $297 87.5% 3,530,000
- -------------------------- ---------------------- ------- ------- ---------- --------- ------------ -----------------
TOTAL/ WEIGHTED AVERAGE 1,805 100% $275 94.2% $45,260,000
- -------------------------- ------- ---------- --------- ------------ -----------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
ARC MHC PORTFOLIO
THE LOAN. The ARC MHC Portfolio loan is secured by a first mortgage on the fee
interest in 7 manufactured housing communities comprised of approximately 1,805
pads.
The ARC MHC Portfolio Loan has a remaining term of 117 months to its anticipated
maturity date of March 1, 2014. The ARC MHC Portfolio Loan permits defeasance
with United States government obligations beginning two years after
securitization.
THE BORROWER. The borrower under the ARC MHC Portfolio Loan is ARC Communities
12 LLC. The borrower was established as a special purpose entity. Legal counsel
to the borrower delivered a non-consolidation opinion in connection with the
origination of the ARC MHC Portfolio Loan. The sponsor of the borrowers is the
publicly traded REIT, Affordable Residential Communities (NYSE: ARC), "ARC," a
Denver based real estate investment trust that builds and manages affordable
housing communities. ARC currently owns and operates approximately 67,000 home
sites located in approximately 302 communities in 29 states, making them the
largest owner and operator of manufactured housing communities in the United
States. As of May 19, 2004 ARC had a market capitalization of approximately
$637.6 million.
THE PROPERTIES. The ARC MHC Portfolio consists of 7 manufactured housing
communities located across seven states. There are a total of approximately
1,805 pads with a weighted average occupancy of approximately 94.2%. On average,
there are approximately 258 pads per location. Communities range in size from 78
to 425 pads. The two largest state concentrations are South Carolina with one
community totaling approximately 425 home sites (23.5%), and Utah with one
community totaling approximately 379 home sites (21.0%). As of the closing of
the ARC MHC Portfolio Loans, approximately 147 pads are currently leased to ARC
Housing, LLC or its affiliates, which are subsidiaries of ARC, under one or more
leases, which leases provide for rent to be payable for each leased pad in the
event the pad is subleased to a third party or the related manufactured housing
community is more then 97% leased. Any such rents are not to be less than the
greater of the subrental rate for the pad or market rates. Under certain
conditions, properties can be released. See "Description of the Mortgage Pool --
Certain Terms and Conditions of the Mortgage Loans -- Defeasance; Collateral
Substitution; Property Release"
THE MARKET(1).
SADDLEBROOK
The Saddlebrook property is located in metropolitan Charleston, in a portion of
South Carolina known as the Trident Region, in Dorchester County. The immediate
area surrounding the property is an established area of residential single
family homes along secondary roadways surrounded by developed commercial
thoroughfares.
The estimated population and average household income for 2002 within a 1, 3 and
5 mile radius of the property is 5,702 and $46,594, 28,864 and $55,514 and
66,575 and $52,468, respectively.
Comparable properties reported average overall occupancy rates of 87.6%. The
subject property is approximately 92.9% occupied.
TERRACE HEIGHTS
The Terrace Heights property is located in the city of Dubuque in northeast Iowa
along the western bank of the Mississippi River. The immediate area surrounding
the property has some newer development, consisting of primarily residential
uses (single family and manufactured housing).
The estimated population and average household income for 2003 within a 1, 3 and
5 mile radius of the property is 5,108 and $44,465, 38,139 and $47,930 and
65,692 and $54,579,respectively.
Comparable properties reported average overall occupancy rates of 89.2%. The
subject property is approximately 90.2% occupied.
EASY LIVING
The Easy Living property is located in central Lawrence, within Douglas County,
Kansas. Lawrence is the home of the University of Kansas and is the areas
largest employer and is located north of the subject property.
The estimated population and average household income for 2003 within a 1, 3 and
5 mile radius of the property is 6,504 and $46,988, 52,174 and $51,610 and
84,457 and $56,566, respectively.
Comparable properties reported average overall occupancy rates of 93.4%. The
subject property is approximately 93.5% occupied.
CAMELOT
The Camelot property is located in North Salt Lake, Utah. The property is
located in the central part of Davis County, between Interstate Highway 15 and
Highway 89 (State Street). Both transverse the subject neighborhood in a
north-south direction, and offer access to Salt Lake City to the south, and
Davis and Weber counties to the north.
The estimated population and average household income for 2003 within a 1, 3 and
5 mile radius of the property is 10,990 and $68,722, 45,624 and $60,215 and
90,754 and $58,385, respectively.
Comparable properties reported average overall occupancy rates of 90.8%. The
subject property is approximately 98.9% occupied.
- -------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
ARC MHC PORTFOLIO
MERIDIAN SOONER
The Meridian Sooner property is located in the southeastern portion of the metro
Oklahoma City area in Oklahoma. The largest area employer is the State of
Oklahoma.
The estimated population and average household income for 2003 within a 1, 3 and
5 mile radius of the property is approximately 8,975 and $51,555, 50,385 and
$43,014 and 108,661 and $43,839, respectively.
Comparable properties reported a range of overall occupancy rates of 40% to 96%.
The subject property is approximately 98.6% occupied and is considered to be an
upper-end project in relation to the comparable set in terms of location,
amenities and overall appeal.
PARK PLAZA
The Park Plaza property is located within the southerly sector of the city
limits of Gillete in northeast Wyoming. The central business district is located
approximately two and one-half miles northeast. Access to the property is via
South Douglas Highway (State Highway 59) located to the east of the property and
provides access to Interstate 90 to the north.
The estimated population and average household income for 2003 within a 1, 3 and
5 mile radius of the property is approximately 1,665 and $58,457, 16,251 and
$59,250 and 27,625 and $60,381, respectively.
Comparable properties reported average overall occupancy rates of approximately
92.8%. The subject property is approximately 97.4% occupied.
DYNAMIC II
The Dynamic II property is located within in Desoto within Dallas County in
Texas.
The estimated population and average household income for 2003 within a 1, 3 and
5 mile radius of the property is approximately 7,393 and $63,064, 34,889 and
$75,710 and 88,754 and $72,842, respectively.
Comparable properties reported average overall occupancy rates of approximately
93.4%. The subject property is approximately 87.5% occupied.
PROPERTY MANAGEMENT. ARC Management Services, Inc. is the property manager for
all of the ARC MHC Properties. The property manager is affiliated with the
borrowers.
- --------------------------------------------------------------------------------
(1) Certain information from the ARC MHC Portfolio appraisals dated August 1,
2003, December 1, 2003, and January 1, 2004. 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 2004-PNC1
ARC MHC PORTFOLIO
[MAP OF UTAH OMITTED] [MAP OF WYOMING OMITTED] [MAP OF IOWA OMITTED]
[MAP OF OKLAHOMA AND [MAP OF KANSAS OMITTED] [MAP OF SOUTH CAROLINA
TEXAS OMITTED] OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
BILLERICA-WILMINGTON PORTFOLIO
[PICTURE OF BILLERICA-WILMINGTON PORTFOLIO PROPERTY OMITTED]
[PICTURE OF BILLERICA-WILMINGTON PORTFOLIO PROPERTY OMITTED]
[PICTURE OF BILLERICA-WILMINGTON PORTFOLIO PROPERTY OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
BILLERICA-WILMINGTON PORTFOLIO
LOAN INFORMATION
- -------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $34,700,000.00
CUT-OFF PRINCIPAL BALANCE: $34,630,974
% OF POOL BY IPB: 3.2%
LOAN SELLER: PNC
BORROWER: Billtech Equity
Partners, LLC,5/10
Cornell Equity Partners,
LLC, Ballard
Equity Partners, LLC and
Nashlow
Equity Partners, LLC
SPONSOR: Kambiz Shahbazi,
Constantine Alexakos
ORIGINATION DATE: 3/4/2004
INTEREST RATE: 5.6200%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 4/1/2014
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 358
CALL PROTECTION: L(36), Def(80), O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Springing
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
ESCROWS
- -------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-----------------------
Taxes: $0 $68,322
Insurance: $0 $5,133
CapEx: $66,725 $4,169
TI/LC: $500,000 $20,833
Letter of Credit(1): $251,600 $0
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Office/Industrial
SQUARE FOOTAGE: 525,340
LOCATION: Various (See chart titled "Portfolio Properties")
YEAR BUILT/RENOVATED: Various (See chart titled "Portfolio Properties")
OCCUPANCY: 91.1%
OCCUPANCY DATE: 2/27/2004
NUMBER OF TENANTS: 16
HISTORICAL NOI:
2002: $4,263,292
2003: $3,812,843
UW NOI: $4,046,173
UW NET CASH FLOW: $3,655,574
APPRAISED VALUE: $45,500,000
APPRAISAL DATE: 12/4/2003 & 12/30/2003
FINANCIAL INFORMATION
- ------------------------------------
CUT-OFF DATE LOAN/SF: $66
CUT-OFF DATE LTV: 76.1%
MATURITY DATE LTV: 63.9%
UW DSCR: 1.53x
SIGNIFICANT TENANTS
BASE LEASE
MOODY'S/ SQUARE % OF RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(2) FEET GLA PSF YEAR
- ------------------------------ ----------------------------- ------------ ---------- ---------- ---------- -----------
COMPUWARE Compuware Corporation NAP/BBB- 69,834 13.3% $ 7.00 2006
ADAPTEC, INC. INTERNATIONAL Adaptec, Inc. NR/B+ 67,166 12.8% $ 7.00 2007
VESTCOM Vestcom International NAP/NAP 49,500 9.4% $ 6.75 2011
THERMO KEY TEK Thermo Electron Corporation Baa2/BBB+ 40,757 7.8% $ 12.50 2005
FEDERAL EXPRESS Federal Express Baa2/BBB 39,727 7.6% $ 7.25 2007
(1) Security deposit from Mintera Corporation in lieu of cash security deposit.
As a condition of the loan, the Letter of Credit was transferred to the
Lenders.
(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
BILLERICA-WILMINGTON PORTFOLIO
THE LOAN. The Billerica-Wilmington Portfolio loan is secured by a first mortgage
in a fee interest in 5 office/industrial properties comprised of approximately
525,340 square feet.
THE BORROWER. The four Borrowers are Billtech Equity Partners, LLC, 5/10 Cornell
Equity Partners, LLC, Ballard Equity Partners, LLC and Nashlow Equity Partners,
LLC, each of which is a single purpose, single asset and bankruptcy remote
entity. KC Everest, LLC is the manager of each of the four Borrowers.
THE PROPERTY. Collateral for this loan consists of 5 separate properties
containing 9 separate buildings that were constructed between 1979 and 1987. The
properties are as follows: (i) 700 & 900 Technology Park Drive, located in
Billerica, MA with approximately 85,713 square feet of office; (ii) 255, 261 and
265 Ballardvale Street, located in Wilmington, MA with approximately 158,568
square feet of office; (iii) 5-10 Cornell Place, located in Wilmington, MA with
approximately 89,227 square feet of industrial; (iv) 847 Rogers Road, located in
Lowell, MA with approximately 54,832 square fee of office; and (v) 9 Townsend
West, located in Nashua, NH with approximately 137,000 square feet of office.
THE MARKET(1). Four of the properties are well located in the north Boston
metropolitan in close proximity to residential areas and with interstate access.
The fifth property is approximately 50 miles north of Boston in Nashua, NH
(Manchester), near the Nashua airport. The properties fall into two different
submarkets -- Boston 495 North and Nashua, NH. The 495-North submarket contains
(i) approximately 5 million SF of flex space with an overall occupancy of
approximately 7.2% and an average rental rate of approximately $10.64/SF, and
(ii) approximately 10 million SF of office space with an overall occupancy of
approximately 85.5% and an average rental rate of approximately $19.87/SF. The
Nashua submarket contains approximately 1.9 million SF of flex-office with an
overall occupancy of approximately 93.6% and rents ranging between approximately
$4.50-$8.00/SF. Leases in these submarkets are typically quoted triple-net and
new lease terms typically run five years with CPI rent bumps.
PROPERTY MANAGEMENT. The Billerica-Wilmington Portfolio properties are managed
by Everest Partners.
- ------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
SQUARE APPRAISED
PROPERTY NAME LOCATION YEAR BUILT FEET OCC. TOP TENANTS VALUE
- --------------------------- -------------- ---------- ------- ------- ------------------------------------------------ ------------
TECHNOLOGY PARK Billerica, MA 1985 85,713 63.3% Titan Corporation, Tactical Communicallo $ 8,800,000
BALLARDVALE Wilmington, MA 1985 158,568 90.5% All Seasons Servicers Inc., Komatsu Technologies 13,870,000
CORNELL PLACE Wilmington, MA 1979 89,227 100.0% Vestcom International, Federal Express 6,930,000
ONE LOWELL RESEARCH CENTER Lowell, MA 1985 54,832 100.0% Thermo Key Tek, Mintera Corporation 7,000,000
9 TOWNSEND WEST Nashua, NH 1987 137,000 100.0% Compuware, Adaptac, Inc. 8,900,000
- --------------------------- -------------- ---------- ------- ------- ------------------------------------------------ ------------
TOTAL/WEIGHTED AVERAGE 525,340 91.1% $45,500,000
- --------------------------- ------- ------- ------------
LEASE ROLLOVER SCHEDULE
CUMULATIVE CUMULATIVE CUMULATIVE
NUMBER SQUARE BASE % OF BASE SQUARE CUMULATIVE BASE % OF BASE
OF LEASES FEET % OF GLA RENT RENT FEET % OF GLA RENT RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------- ----------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- ------------
VACANT NAP 46,557 8.9% NAP NAP 46,557 8.9% NAP NAP
2004 & MTM 1 29,125 5.5 $ 154,363 3.3% 75,682 14.4% $ 154,363 3.3%
2005 6 126,986 24.2 1,811,969 39.1 202,668 38.6% $1,966,332 42.4%
2006 5 101,239 19.3 900,977 19.4 303,907 57.8% $2,867,309 61.8%
2007 4 147,113 28.0 1,070,207 23.1 451,020 85.9% $3,937,516 84.9%
2008 0 0 0.0 0 0.0 451,020 85.9% $3,937,516 84.9%
2009 3 24,820 4.7 364,330 7.9 475,840 90.6% $4,301,846 92.8%
2010 0 0 0.0 0 0.0 475,840 90.6% $4,301,846 92.8%
2011 1 49,500 9.4 334,125 7.2 525,340 100.0% $4,635,971 100.0%
2012 0 0 0.0 0 0.0 525,340 100.0% $4,635,971 100.0%
2013 0 0 0.0 0 0.0 525,340 100.0% $4,635,971 100.0%
2014 0 0 0.0 0 0.0 525,340 100.0% $4,635,971 100.0%
AFTER 0 0 0.0 0 0.0 525,340 100.0% $4,635,971 100.0%
- ------------- ----------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- ------------
TOTAL 17 525,340 100.0% $4,635,971 100.0%
- ------------- ----------- ---------- ----------- ------------ ------------
(1) Certain information from the Billerica-Wilmington Portfolio appraisals
dated December 4, 2003 and December 30, 2003. The appraisals rely 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 2004-PNC1
BILLERICA-WILMINGTON PORTFOLIO
[MAP OF MASSACHUSETTS AND NEW HAMPSHIRE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GARDENS AT VAIL APARTMENTS
[PICTURE OF GARDENS AT VAIL APARTMENTS OMITTED]
[PICTURE OF GARDENS AT VAIL APARTMENTS OMITTED]
[PICTURE OF GARDENS AT VAIL APARTMENTS OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
GARDENS AT VAIL APARTMENTS
LOAN INFORMATION
- ----------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $26,800,000
CUT-OFF PRINCIPAL BALANCE: $26,774,066
% OF POOL BY IPB: 2.4%
LOAN SELLER: PNC
BORROWERS: USA Gardens at Vail 1, LLC, et. al.
SPONSOR: Internacional Realty, Inc.
ORIGINATION DATE: 4/27/2004
INTEREST RATE: 5.3900%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 5/1/2014
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360
REMAINING AMORTIZATION: 359
CALL PROTECTION: L(36), Def(80), O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: No
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
ESCROWS
- ----------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-----------------------
Taxes: $0 $54,773
Insurance: $0 $13,691
CapEx: $0 $9,717
Other: $15,000 $0
PROPERTY INFORMATION
- -------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Multifamily
UNITS: 582
LOCATION: Dallas, TX
YEAR BUILT/RENOVATED: 2002
OCCUPANCY: 90.9%
OCCUPANCY DATE: 2/18/2004
NUMBER OF TENANTS: N/A
HISTORICAL NOI:
2003: $2,296,863
UW NOI: $2,869,410
UW NET CASH FLOW: $2,723,660
APPRAISED VALUE: $35,600,000
APPRAISAL DATE: 1/9/2004
FINANCIAL INFORMATION
- ----------------------------------------
CUT-OFF DATE LOAN/UNIT: $46,004
CUT-OFF DATE LTV: 75.2%
MATURITY DATE LTV: 62.7%
UW DSCR: 1.51x
MULTIFAMILY INFORMATION
APPROXIMATE
AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE MONTHLY AVERAGE MONTHLY
UNIT MIX NO. OF UNITS SQUARE FEET SF SF ASKING RENT MARKET RENT(1)
- -------------------------- --------------- ----------------- -------------- ------------- ------------------ -----------------
STUDIO 64 377 24,128 6.5% $517 $ 561
ONE BEDROOM 464 625 290,000 78.6 $681 $ 774
TWO BEDROOM 54 1,014 54,756 14.8 $964 $1,126
- -------------------------- --------------- ----------------- -------------- ------------- ------------------ -----------------
TOTAL/ WEIGHTED AVERAGE 582 634 368,988 100.0% $689 $ 783
- -------------------------- --------------- ----------------- -------------- ------------- ------------------ -----------------
(1) Certain information from the Gardens at Vail Apartments loan appraisal
dated January 9, 2004. 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 2004-PNC1
GARDENS AT VAIL APARTMENTS
THE LOAN. The Garden at Vail Apartments loan is secured by a first mortgage in a
fee interest in a 582 unit apartment complex.
THE BORROWER. The Borrowers are 27 separate single purpose, single asset
companies, each of which owns an undivided tenant in common interest in the
subject property. Generally, either a single member or a husband and wife own
each Borrower. However, the organizational documents for each Borrower also
provide for an independent director.
THE PROPERTY. The subject property is a approximately 582-unit apartment complex
(32 two and three-story buildings) located approximately 17 miles northwest of
the Dallas central business district. It has a clubhouse, swimming pool,
computer resource room, fitness center and community room with pool tables,
shuffle board, air hockey and televisions. The property includes 64 efficiency
units, approximately 464 one-bedroom units and approximately 54 two-bedroom
units with approximately 918 parking spaces, including 18 detached single-car
garages and 644 reserved carports.
THE MARKET(1). The subject property the Far North Dallas submarket of Dallas,
Texas, which is part of the overall Dallas-Fort Worth market. For this
submarket, as of December, 2003: (a) the apartment occupancy rate went from
approximately 93.6% to approximately 91.6% over the previous two year period,
(b) approximately 28,663 apartment units existed with slightly less than 40% of
these units being newer than 1990, and (c) no new apartment units were under
construction.
PROPERTY MANAGEMENT. The Borrowers have master leased the entire subject
property to USA Gardens at Vail LeaseCo, LLC, a single purpose, single asset
Delaware limited liability company ("LeaseCo"). LeaseCo is responsible for all
costs of operating, managing, leasing and maintaining the subject property.
LeaseCo has entered into a property management agreement with Internacional
Realty, Inc., an affiliate of both LeaseCo and the sponsor of the project.
Internacional Realty is headquartered in San Antonio, TX. Since its inception in
1994, Internacional Realty has acquired or developed 24 multifamily properties
containing 5,440 apartment units primarily in Texas and Florida. Nine of these
properties were developed by Internacional Realty and 15 were purchased as
completed projects.
- -------------------------------------------------------------------------------
(1)Certain information from the Gardens at Vail Apartments loan appraisal dated
January 9, 2004. 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 2004-PNC1
GARDENS AT VAIL APARTMENTS
[MAP OF DALLAS, TEXAS OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
538 BROADHOLLOW ROAD
[PICTURE OF 538 BROADHOLLOW ROAD BUILDING OMITTED]
[PICTURE OF 538 BROADHOLLOW ROAD BUILDING OMITTED]
[PICTURE OF 538 BROADHOLLOW ROAD BUILDING OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
538 BROADHOLLOW ROAD
LOAN INFORMATION
- ------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $26,500,000
CUT-OFF PRINCIPAL BALANCE: $26,347,178
% OF POOL BY IPB: 2.4%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: AHM SPV II, LLC
SPONSOR: American Home Mortgage Holdings, Inc.
ORIGINATION DATE: 11/25/2003
INTEREST RATE: 5.8200%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 12/1/2013
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 354 months
CALL PROTECTION: L(24),Def(86),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Hard
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
ESCROWS
- -------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
--------------------------
Taxes: $363,302 $40,367
Insurance: $30,266 $5,044
CapEx: $0 $2,283
TI/LC(3): $4,146,000 $0
Engineering(3): $1,717,000 $0
PROPERTY INFORMATION
- ---------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office -- Suburban
SQUARE FOOTAGE: 182,322
LOCATION: Melville, NY
YEAR BUILT/RENOVATED: 1987
OCCUPANCY: 100.0%
OCCUPANCY DATE: 2/29/2004
NUMBER OF TENANTS: 8
HISTORICAL NOI:
2001: $2,723,647
2002: $1,918,064
TTM AS OF 8/31/2003: $1,902,134
UW NOI(2): $2,917,052
UW NET CASH FLOW: $2,631,077
APPRAISED VALUE: $33,200,000
APPRAISAL DATE: 3/1/2004
FINANCIAL INFORMATION
- ------------------------------------
CUT-OFF DATE LOAN/SF: $145
CUT-OFF DATE LTV: 79.4%
MATURITY DATE LTV: 67.3%
UW DSCR: 1.41x
SIGNIFICANT TENANTS
BASE LEASE
MOODY'S/ SQUARE % OF RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF YEAR
- ----------------------------- -------------------------------------------------- ---------- --------- -------- ---------- ----------
AMERICAN HOME MORTGAGE American Home Mortgage Investment Corp (NYSE: AHH) NAP/NAP 107,181 58.8% $ 30.48 2018
LADENBURG THALMANN FINANCIAL Ladenburg Thalmann Financial Services NAP/NAP 22,004 12.1% $ 18.48 2008
AER LINGUS SHANNON LTD. AER Lingus Shannon Ltd. NAP/NAP 17,326 9.5% $ 24.60 2007
RB ULRICH & ASSOCIATES HB Ulrich & Associates NAP/NAP 14,321 7.9% $ 26.40 2010
J&L TECHNOLOGIES GROUP James, Lasala & Associates, LLP NAP/NAP 7,884 4.3% $ 26.88 2010
(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(2) Underwritten NOI includes new American Home Mortgage lease for
approximately 107,000 square feet which commenced in December, 2003.
(3) Upfront TI/LC and Engineering reserves will be used to pay for initial
improvements associated with the new American Home Mortgage lease.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
538 BROADHOLLOW ROAD
THE LOAN. The 538 Broadhollow Road loan is secured by a first mortgage in a fee
interest in an approximately 182,322 square foot office building.
THE BORROWER. The borrower is AHM SPV II, LLC. The borrower is a special purpose
entity controlled by American Home Mortgage Investment Corp. (NYSE: AHH).
American Home Mortgage Investment Corp. is a mortgage real estate investment
trust (REIT) focused on earning net interest income from self-originated
mortgage backed securities, and through its taxable subsidiaries, on originating
and servicing mortgage loans for institutional investors. Mortgages are
originated though a network of approximately 276 loan production offices as well
as through mortgage brokers.
THE PROPERTY. The subject property is an approximately 182,322 square foot,
Class A office building. The 4-story, steel frame building with gray aluminum
facade and continuous ribbon windows was built in 1987. The subject property is
100.0% leased to 8 tenants. American Home Mortgage Investment Corp currently
occupies approximately 107,181 square feet (approximately 58.8%) in the building
along with approximately 7 other tenants including Ladenburg Thalmann Financial
(approximately 22,004 square feet or approximately 12.1%), Aer Lingus Shannon
Ltd. (approximately 17,326 square feet or approximately 9.5%) and RB Ulrich &
Associates (approximately 14,321 square feet or approximately 7.9%).
THE MARKET(1). The 538 Broadhollow Road property is located in Melville, Suffolk
County, New York. The subject property is located on Broad Hollow Road (Route
110).The Northern State Parkway and the Long Island Expressway are both located
within one and a half miles north of the subject property. Rail transportation
is provided by the Long Island Railroad with a local station in Huntington
Station and Pinelawn. Mass transit via public bus service, is provided along
most heavily traveled secondary arteries. The existence of an extensive
transportation network within the immediate vicinity has facilitated the
development of the Route 110 Corridor into a major commercial & industrial
location on Long Island. The subject's Melville neighborhood is dominated by
commercial uses.
The subject's submarket consists of approximately 5,272,389 square feet of Class
A office space. This market has a current direct vacancy rate of approximately
7.7% and an overall vacancy rate of approximately 10.8%. The direct vacancy rate
of approximately 7.7% is below the Suffolk County rate of approximately 14.9%
due to the submarket's linkage and exposure. It is lower than the Melville
vacancy rate of approximately 14.9% since the subject's direct competition
consists of Class A space which is well located within the market. The overall
vacancy rate within the submarket ranged from approximately 10.6% to
approximately 19.5% over the past three years.
PROPERTY MANAGEMENT. The property manager of the 538 Broadhollow Road property
is CB Richard Ellis Real Estate Services, Inc.
- -------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER SQUARE % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE %
OF LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET % OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- -------------- ----------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- --------------
VACANT NAP 0 0.0% NAP NAP 0 0.0% NAP NAP
2004 & MTM 1 7,712 4.2 $ 224,882 4.4% 7,712 4.2% $ 224,882 4.4%
2005 0 0 0.0 0 0.0 7,712 4.2% $ 224,882 4.4%
2006 0 0 0.0 0 0.0 7,712 4.2% $ 224,882 4.4%
2007 1 17,326 9.5 426,220 8.4 25,038 13.7% $ 651,102 12.8%
2008 3 27,898 15.3 560,777 11.1 52,936 29.0% $1,211,879 23.9%
2009 0 0 0.0 0 0.0 52,936 29.0% $1,211,879 23.9%
2010 2 22,205 12.2 589,996 11.6 75,141 41.2% $1,801,875 35.5%
2011 0 0 0.0 0 0.0 75,141 41.2% $1,801,875 35.5%
2012 0 0 0.0 0 0.0 75,141 41.2% $1,801,875 35.5%
2013 0 0 0.0 0 0.0 75,141 41.2% $1,801,875 35.5%
2014 0 0 0.0 0 0.0 75,141 41.2% $1,801,875 35.5%
AFTER 1 107,181 58.8 3,266,877 64.5 182,322 100.0% $5,068,752 100.0%
- -------------- ----------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- --------------
TOTAL 8 182,322 100.0% $5,068,752 100.0%
(1) Certain information from the 538 Broadhollow Road Loan appraisal dated
March 1, 2004. 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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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
538 BROADHOLLOW ROAD
[MAP OF LONG ISLAND NEW YORK OMITTED]
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
BELVIDERE INDUSTRIAL PORTFOLIO
[PICTURE OF BELVIDERE INDUSTRIAL PORTFOLIO PROPERTY OMITTED]
[PICTURE OF BELVIDERE INDUSTRIAL PORTFOLIO PROPERTY OMITTED]
[PICTURE OF BELVIDERE INDUSTRIAL PORTFOLIO PROPERTY OMITTED]
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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
BELVIDERE INDUSTRIAL PORTFOLIO
LOAN INFORMATION
- ---------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $23,000,000
CUT-OFF PRINCIPAL BALANCE: 22,954,149
% OF POOL BY IPB: 2.1%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Landmark Holdings, LLC
SPONSORS: Richard B. Conner, John F. Paquin,
Daniel K. Ericson and
Robert A. Sanches
ORIGINATION DATE: 3/22/2004
INTEREST RATE: 5.6100%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 4/1/2014
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 358 months
CALL PROTECTION: L(24),Def(90),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: No
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
ESCROWS
- -----------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
-----------------------------
Taxes: $114,834 $0
Insurance: $20,000 $0
TI/LC(2): $2,000,000 $0
PROPERTY INFORMATION
- --------------------------------------------
SINGLE ASSET/PORTFOLIO: Porfolio
TITLE: Fee
PROPERTY TYPE: Industrial
SQUARE FOOTAGE: 652,800
LOCATION: Various (See chart
titled "Portfolio
Properties")
YEAR BUILT/RENOVATED: Various (See chart
titled "Portfolio
Properties")
OCCUPANCY: 100.0%
OCCUPANCY DATE: 12/29/2003
NUMBER OF TENANTS: 5
HISTORICAL NOI:
2002: $2,091,265
2003: $2,636,581
UW NOI: $2,393,077
UW NET CASH FLOW: $2,196,971
APPRAISED VALUE: $28,750,000
APPRAISAL DATES: 1/6/2004 & 1/7/2004
FINANCIAL INFORMATION
- --------------------------------------------
CUT-OFF DATE LOAN/SF: $35
CUT-OFF DATE LTV: 80.4%
MATURITY DATE LTV: 67.5%
UW DSCR: 1.39x
SIGNIFICANT TENANTS
BASE
MOODY'S/ SQUARE % OF RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF EXPIRATION YEAR
- ------------------------- ----------------------------------------- ----------- ---------------- -------- --------- ----------------
MILLWOOD DISTRIBUTORS Millwood Distributors NAP/NAP 255,000 39.1% $ 4.08 2006
PIERCE DISTRIBUTION Pierce Distribution NAP/NAP 90,000/100,800 29.2% $ 4.24 2008, 2010
ANDERSON PACKAGING AmerisourceBergen Corporation (NYSE: ABC) Ba3/BB+ 105,000 16.1% $ 4.38 2008
FRANKLIN WIRE Franklin Wire NAP/NAP 70,000 10.7% $ 4.46 2007
CLOROX SERVICES COMPANY Clorox Company (NYSE: CLX) A1/A+ 32,000 4.9% $ 10.88 2006
(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(2) Upfront TI/LC reserve collected for Millwood Inc whose lease expires in
2006. When the upfront reserve is released, the borrower will be required
to make monthly TI/LC deposits.
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REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
BELVIDERE INDUSTRIAL PORTFOLIO
THE LOAN. The Belvidere Industrial Portfolio loan is secured by a first mortgage
fee interest in 6 industrial properties comprised of approximately 652,800
square feet.
THE BORROWER. The borrower is Landmark Holdings, LLC. The borrower is a special
purpose entity controlled by Richard B. Conner, John F. Paquin, Daniel K.
Ericson and Robert A. Sanches who have been developers of industrial properties
in Rockford-Belvidere, Illinois for the past five years. They currently own
approximately one million square feet of industrial properties
THE PROPERTY. The Belvidere Industrial Portfolio consists of 6 single tenant
industrial properties located in the Belvidere-Rockford area of Illinois. The
properties total approximately 53 acres and contain approximately 650,000 square
feet. All of the properties are served by major highways, rail and air service.
All of the subject properties are 100% occupied.
THE MARKET(1). The Belvidere-Rockford area is located approximately 70 miles
east of Chicago, in a high growth area along Interstate 90. Interstate 39 also
runs through the area and connects it with Bloomington, Indiana. Major
corporations with a presence in the Belvidere-Rockford area include
Daimler-Chrysler, United Parcel Service and Rockford Health System. Within a
10-mile radius of Belvidere, there are approximately 192,800 residents. The
average household income within this 10-mile radius was $64,905 in 2002.
PROPERTY MANAGEMENT. The property manager of the Belvidere Industrial Portfolio
properties is Landmark Development, Inc. The property manager is affiliated with
the borrower.
- -------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
SQUARE % OF TOTAL
PROPERTY NAME LOCATION YEAR BUILT FEET GLA OCCUPANCY APPRAISED VALUE
- ------------------------ --------------- ------------- ---------- ------------ ------------ -----------------
857 LANDMARK DRIVE Belvidere, IL 2002 255,000 39.1% 100% $ 10,400,000
1701 INDUSTRIAL COURT Belvidere, IL 2003 105,000 16.1 100% 4,500,000
888 LANDMARK DRIVE Belvidere, IL 1999 100,800 15.4 100% 4,000,000
795 LANDMARK DRIVE Belvidere, IL 1998 90,000 13.8 100% 3,900,000
725 LANDMARK DRIVE Belvidere, IL 2002 70,000 10.7 100% 3,000,000
1221 RESEARCH PARKWAY Rockford, IL 1986 32,000 4.9 100% 2,750,000
- ------------------------ --------------- ------------- ---------- ------------ ------------ -----------------
TOTAL/WA 652,800 100.00% 100% $28,750,000(2)
- ------------------------ ---------- ------------ ------------ -----------------
LEASE ROLLOVER SCHEDULE
NUMBER SQUARE % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE %
OF LEASES FEET % OF GLA BASE RENT RENT SQUARE FEET % OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- -------------- ----------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- --------------
VACANT NAP 0 0.0% NAP NAP 0 0.0% NAP NAP
2004 & MTM 0 0 0.0 $ 0 0.0% 0 0.0% $ 0 0.0%
2005 0 0 0.0 0 0.0 0 0.0% $ 0 0.0%
2006 2 287,000 44.0 1,388,460 46.8 287,000 44.0% $1,388,460 46.8%
2007 1 70,000 10.7 312,204 10.5 357,000 54.7% $1,700,664 57.3%
2008 2 195,000 29.9 877,320 29.5 552,000 84.6% $2,577,984 86.8%
2009 0 0 0.0 0 0.0 552,000 84.6% $2,577,984 86.8%
2010 1 100,800 15.4 391,716 13.2 652,800 100.0% $2,969,700 100.0%
2011 0 0 0.0 0 0.0 652,800 100.0% $2,969,700 100.0%
2012 0 0 0.0 0 0.0 652,800 100.0% $2,969,700 100.0%
2013 0 0 0.0 0 0.0 652,800 100.0% $2,969,700 100.0%
2014 0 0 0.0 0 0.0 652,800 100.0% $2,969,700 100.0%
AFTER 0 0 0.0 0 0.0 652,800 100.0% $2,969,700 100.0%
- -------------- ----------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- --------------
TOTAL 6 652,800 100.0% $2,969,700 100.0%
- -------------- ----------- ---------- ----------- ------------ ------------
(1) Certain information from the Belvidere Industrial Portfolio Loan appraisals
dated January 6, 2004 and January 7, 2004. The appraisals rely upon many
assumptions, and no representation is made as to the accuracy of the
assumptions underlying the appraisals.
(2) The appraised value of the Belvidere Industrial Portfolio (identified as
loan number 10 on Annex A-1 to this prospectus supplement), representing
approximately 2.1% of the Initial Pool Balance (approximately 2.7% of the
Initial Loan Group 1 Balance) used to calculate the Cut-off LTV and
Maturity LTV, is $200,000 higher than the aggregate appraised value of each
separate mortgaged property as a result of the appraisal assigning
additional value to the collective ownership of the mortgaged properties.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-PNC1
BELVIDERE INDUSTRIAL PORTFOLIO
[MAP OF ILLINOIS OMITTED]
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