ANNEX D
JUNE 11, 2004 JPMCC 2004-CIBC9
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STRUCTURAL AND COLLATERAL TERM SHEET
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$862,209,000
(Approximate)
J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
Depositor
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2004-CIBC9
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JPMORGAN CHASE BANK
CIBC INC.
Mortgage Loan Sellers
JPMORGAN CIBC WORLD MARKETS
ABN AMRO INCORPORATED MORGAN STANLEY
The analyses in this structural and collateral term sheet are based upon
information provided by JPMorgan Chase Bank and CIBC Inc. (the "Sellers"). J.P.
Morgan Securities Inc., CIBC World Markets Corp., ABN AMRO Incorporated, and
Morgan Stanley & Co. Incorporated (the "Underwriters") make no representations
as to the accuracy or completeness of the information contained herein. The
information contained herein is qualified in its entirety by the information in
the Prospectus and 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superseded by the applicable Prospectus and Final Prospectus Supplement.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-CIBC9
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KEY FEATURES
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CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Sole Bookrunner)
CIBC World Markets Corp.
CO-MANAGERS: ABN AMRO Incorporated
Morgan Stanley & Co. Incorporated
MORTGAGE LOAN SELLERS: JPMorgan Chase Bank (53.2%)
CIBC Inc. (46.8%)
SERVICER: GMAC Commercial Mortgage Corporation
SPECIAL SERVICER: ARCap Servicing, Inc.
TRUSTEE: LaSalle Bank National Association
FISCAL AGENT: ABN AMRO Bank N.V.
RATING AGENCIES: Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc. Fitch, Inc.
PRICING DATE: On or about June 23, 2004
CLOSING DATE: On or about June 30, 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
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COLLATERAL CHARACTERISTICS
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COLLATERAL CHARACTERISTICS ALL MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2
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INITIAL POOL BALANCE (IPB): $1,114,115,388 $942,981,413 $171,133,975
NUMBER OF MORTGAGED LOANS: 102 81 21
NUMBER OF MORTGAGED PROPERTIES: 117 95 22
AVERAGE CUT-OFF BALANCE PER LOAN: $10,922,700 $11,641,746 $8,149,237
AVERAGE CUT-OFF BALANCE PER PROPERTY: $9,522,354 $9,926,120 $7,778,817
WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.5365% 5.5778% 5.3091%
WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.66x 1.69x 1.45x
WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 68.6% 67.8% 73.0%
WEIGHTED AVERAGE MATURITY DATE LTV(1,2): 59.2% 58.6% 62.5%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS)(1): 118 120 110
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(3): 338 336 350
WEIGHTED AVERAGE SEASONING (MONTHS): 1 1 0
10 LARGEST LOANS AS % OF IPB(4): 47.2% 54.0% 80.3%
SINGLE TENANT PROPERTIES AS % OF IPB: 5.9% 7.0% 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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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-CIBC9
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SUMMARY OF CERTIFICATES
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PUBLICLY OFFERED CLASSES
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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)
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A-1 AAA/AAA $65,887,000 13.875% 2.99 7/2004-8/2009
A-2 AAA/AAA $205,168,000 13.875% 6.75 8/2009-6/2011
A-3 AAA/AAA $85,506,000 13.875% 8.98 6/2011-4/2014
A-4 AAA/AAA $431,837,000 13.875% 9.94 4/2014-7/2014
B AA/AA $27,853,000 11.375% 10.03 7/2014-7/2014
C AA-/AA- $13,927,000 10.125% 10.03 7/2014-7/2014
D A/A $20,889,000 8.250% 10.03 7/2014-7/2014
E A-/A- $11,142,000 7.250% 10.11 7/2014-11/2014
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PRIVATELY OFFERED CLASSES
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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)
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X3 AAA/AAA $1,114,115,388 N/A N/A N/A
A-1A AAA/AAA $171,133,000 13.875% N/A N/A
F BBB+/BBB+ $15,319,000 5.875% N/A N/A
G BBB/BBB $9,748,000 5.000% N/A N/A
H BBB-/BBB- $18,104,000 3.375% N/A N/A
J BB+/BB+ $2,786,000 3.125% N/A N/A
K BB/BB $4,178,000 2.750% N/A N/A
L BB-/BB- $5,570,000 2.250% N/A N/A
M B+/B+ $5,571,000 1.750% N/A N/A
N B/B $2,785,000 1.500% N/A N/A
P B-/B- $2,785,000 1.250% N/A N/A
NR NR/NR $13,927,388 N/A N/A N/A
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(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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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-CIBC9
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STRUCTURAL OVERVIEW
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o For the purposes of making distributions to the Class A-1, A-2, A-3, A-4 and
A-1A Certificates, the pool of mortgage loans will be deemed to consist of
two loan groups ("Loan Group 1" and "Loan Group 2").
o Generally, the holders of 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 holders of 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 holders of 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 in respect of
the mortgage loans in Loan Group 1, and to Class A-1A in respect of the
mortgage loans in Loan Group 2, the foregoing classes, collectively, 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 of Certificates 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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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-CIBC9
[THIS PAGE INTENTIONALLY LEFT BLANK]
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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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ALL MORTGAGE LOANS -- COLLATERAL CHARACTERISTICS
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CUT-OFF DATE PRINCIPAL BALANCE
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RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW
BALANCES OF LOANS BALANCE IPB LTV DSCR
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$1,250,000 -- $2,999,999 22 $44,414,073 4.0% 66.3% 1.52x
$3,000,000 -- $3,999,999 10 35,329,422 3.2 69.8% 1.38x
$4,000,000 -- $4,999,999 6 27,504,548 2.5 71.7% 1.40x
$5,000,000 -- $6,999,999 18 102,046,596 9.2 73.3% 1.35x
$7,000,000 -- $9,999,999 17 147,498,378 13.2 71.8% 1.42x
$10,000,000 -- $14,999,999 18 215,057,621 19.3 71.2% 1.51x
$15,000,000 -- $24,999,999 4 73,059,822 6.6 75.7% 1.38x
$25,000,000 -- $49,999,999 4 142,762,945 12.8 71.8% 1.46x
$50,000,000 -- $74,999,999 1 66,941,983 6.0 79.7% 1.28x
$75,000,000 -- $142,500,000 2 259,500,000 23.3 56.2% 2.41x
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TOTAL/WEIGHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
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AVERAGE PER LOAN: $10,922,700
AVERAGE PER PROPERTY: $9,522,354
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RANGE OF MORTGAGE INTEREST RATES
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RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW
RATES OF LOANS BALANCE IPB LTV DSCR
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3.9900% -- 4.4999% 6 $192,075,000 17.2% 57.7% 2.68x
4.5000% -- 4.9999% 5 40,350,000 3.6 62.2% 1.63x
5.0000% -- 5.4999% 23 180,492,153 16.2 75.5% 1.39x
5.5000% -- 5.9999% 35 381,739,644 34.3 68.4% 1.52x
6.0000% -- 6.4999% 21 213,297,591 19.1 75.6% 1.31x
6.5000% -- 6.9999% 9 74,061,000 6.6 65.1% 1.55x
7.0000% -- 7.4600% 3 32,100,000 2.9 68.7% 1.29x
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TOTAL/WEIGTHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
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WA MORTGAGE INTEREST RATE: 5.5365%
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ORIGINAL TERM TO MATURITY/ARD IN MONTHS
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ORIGINAL TERM TO NUMBER PRINCIPAL % OF WA WA UW
MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR
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60 -- 84 18 $223,632,297 20.1% 63.3% 2.41x
85 -- 120 71 773,684,165 69.4 69.9% 1.48x
121 -- 246 13 116,798,926 10.5 70.7% 1.37x
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TOTAL/WEIGHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
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WA ORIGINAL TERM TO MATURITY/ARD: 119
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GEOGRAPHIC DISTRIBUTION
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NUMBER PRINCIPAL % OF WA WA UW
LOCATION OF PROPERTIES BALANCE IPB LTV DSCR
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CALIFORNIA 20 $265,592,754 23.8% 63.1% 2.22x
Southern California 13 195,788,112 17.6 59.3% 2.47x
Northern California 7 69,804,642 6.3 74.0% 1.53x
NEW YORK 6 161,870,000 14.5 62.0% 1.68x
WASHINGTON 3 87,741,983 7.9 79.3% 1.29x
TEXAS 14 78,520,222 7.0 69.8% 1.46x
OTHER 74 520,390,429 46.7 71.5% 1.45x
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TOTAL/WEIGHTED AVERAGE: 117 $1,114,115,388 100.0% 68.6% 1.66x
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UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
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NUMBER PRINCIPAL % OF WA WA UW
UW DSCR OF LOANS BALANCE IPB LTV DSCR
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(less than) = 1.19X 1 $4,783,306 0.4% 70.3% 1.19x
1.20X -- 1.29X 31 284,155,491 25.5 76.7% 1.26x
1.30X -- 1.39X 28 264,803,000 23.8 75.4% 1.34x
1.40X -- 1.49X 15 117,093,134 10.5 72.4% 1.45x
1.50X -- 1.69X 13 76,889,456 6.9 70.1% 1.56x
1.70X -- 1.99X 8 199,466,000 17.9 54.1% 1.86x
2.00X -- 2.88X 6 166,925,000 15.0 58.0% 2.81x
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TOTAL/WEIGHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
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REMAINING TERM TO MATURITY/ARD DATE IN MONTHS
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RANGE OF REMAINING TERMS NUMBER PRINCIPAL % OF WA WA UW
TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR
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60 -- 84 18 $223,632,297 20.1% 63.3% 2.41x
85 -- 120 71 773,684,165 69.4 69.9% 1.48x
121 -- 241 13 116,798,926 10.5 70.7% 1.37x
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TOTAL/WEIGHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
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WA REMAINING TERM TO MATURITY/ARD: 118
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PROPERTY TYPE DISTRIBUTION
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NUMBER OF PRINCIPAL % OF WA WA UW
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR
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RETAIL Anchored 34 $413,945,620 37.2% 67.7% 1.94x
Shadow Anchored 11 54,408,647 4.9% 71.9% 1.36x
Unanchored 5 21,707,940 1.9% 72.1% 1.49x
Retail Showroom/Warehouse 1 2,800,000 0.3% 52.8% 1.38x
Subtotal 51 $492,862,207 44.2% 68.3% 1.85x
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OFFICE CBD 6 $205,491,983 18.4% 65.1% 1.61x
Suburban 17 105,750,709 9.5 73.8% 1.33x
Subtotal 23 $311,242,692 27.9% 68.1% 1.52x
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MULTIFAMILY Garden 21 $158,253,975 14.2% 72.4% 1.47x
Mid/High Rise 1 12,880,000 1.2% 80.0% 1.25x
Subtotal 22 $171,133,975 15.4% 73.0% 1.45x
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INDUSTRIAL Warehouse/Distribution 7 $52,860,013 4.7% 74.0% 1.37x
Flex 2 5,875,000 0.5% 64.1% 1.83x
Subtotal 9 $58,735,013 5.3% 73.1% 1.42x
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HOTEL Full Service 3 $32,914,000 3.0% 51.5% 1.77x
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MIXED USE Retail/Office 1 $14,000,000 1.3 46.7% 1.98x
Multifamily/Retail 2 10,240,000 0.9 78.8% 1.21x
Subtotal 3 $24,240,000 2.2% 60.3% 1.65x
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MANUFACTURED HOUSING Manufactured Housing 3 $13,562,500 1.2% 77.2% 1.31x
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SELF STORAGE Self Storage 3 $9,425,000 0.8% 69.4% 1.55x
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TOTAL/WEIGHTED AVERAGE 117 $1,114,115,388 100.0% 68.6% 1.66x
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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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ALL MORTGAGE LOANS -- COLLATERAL CHARACTERISTICS
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ORIGINAL AMORTIZATION TERM IN MONTHS(1)
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ORIGINAL AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
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180 -- 240 14 $92,182,233 9.7% 65.3% 1.38x
241 -- 300 21 113,108,302 11.9 62.6% 1.60x
301 -- 330 5 15,400,000 1.6 77.9% 1.29x
331 -- 360 59 732,224,853 76.8 72.1% 1.45x
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TOTAL/WEIGHTED AVERAGE: 99 $952,915,388 100.0% 70.4% 1.46x
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WA ORIGINAL
AMORTIZATION TERM: 338
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LTV RATIOS AS OF THE CUT-OFF DATE
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NUMBER PRINCIPAL % OF WA WA UW
CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR
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39.6% -- 49.9% 4 $28,441,000 2.6% 44.4% 1.82x
50.0% -- 59.9% 12 334,940,980 30.1 55.7% 2.26x
60.0% -- 64.9% 7 38,541,457 3.5 61.4% 1.98x
65.0% -- 69.9% 11 42,492,616 3.8 68.0% 1.41x
70.0% -- 74.9% 27 216,433,733 19.4 72.7% 1.36x
75.0% -- 80.0% 39 446,565,601 40.1 78.4% 1.34x
80.1% (greater than) = 2 6,700,000 0.6 81% 1.26x
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TOTAL/WEIGHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
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WA CUT-OFF DATE LTV RATIO: 68.6%
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AMORTIZATION TYPES
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NUMBER PRINCIPAL % OF WA WA UW
AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR
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BALLOON LOANS 65 $538,291,197 48.3% 71.7% 1.42x
PARTIAL INTEREST-ONLY 10 190,256,000 17.1 63.1% 1.65x
INTEREST ONLY(2) 3 161,200,000 14.5 58.2% 2.83x
ARD LOANS 13 155,869,265 14.0 76.8% 1.37x
FULLY AMORTIZING 10 57,498,926 5.2 63.1% 1.45x
IO-ARD 1 11,000,000 1.0 77.5% 1.39x
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TOTAL/WEIGHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
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CURRENT OCCUPANCY RATES(4)
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CURRENT OCCUPANCY NUMBER OF PRINCIPAL % OF WA WA UW
RATES PROPERTIES BALANCE IPB LTV DSCR
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69.8% -- 70.0% 1 $729,448 0.1% 74.2% 1.30x
70.1% -- 80.0% 3 21,855,480 2.0 70.6% 1.35x
80.1% -- 90.0% 21 116,248,233 10.8 73.1% 1.39x
90.1% -- 95.0% 23 250,401,288 23.2 73.7% 1.42x
95.1% -- 100.0% 66 691,966,938 64.0 66.8% 1.79x
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TOTAL/WEIGHTED AVERAGE: 114 $1,081,201,388 100.0% 69.2% 1.65x
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REMAINING AMORTIZATION TERM IN MONTHS(1)
- ----------------------------------------------------------------------------------------------
REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- ----------------------------------------------------------------------------------------------
179 -- 240 14 $92,182,233 9.7% 65.3% 1.38x
241 -- 300 21 113,108,302 11.9 62.6% 1.60x
301 -- 330 5 15,400,000 1.6 77.9% 1.29x
331 -- 360 59 732,224,853 76.8 72.1% 1.45x
- ----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 99 $952,915,388 100.0% 70.4% 1.46x
- ----------------------------------------------------------------------------------------------
WA REMAINING
AMORTIZATION TERM: 338
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY/ARD DATE(3)
- ----------------------------------------------------------------------------------------------
WA
NUMBER PRINCIPAL % OF MATURITY WA UW
MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR
- ----------------------------------------------------------------------------------------------
21.5% -- 29.9% 1 $3,200,000 0.3% 21.5% 1.26x
30.0% -- 49.9% 15 239,908,631 22.7 46.1% 1.75x
50.0% -- 59.9% 17 210,659,401 19.9 56.2% 2.40x
60.0% -- 69.9% 52 556,352,430 52.7 65.1% 1.38x
70.0% -- 74.9% 6 38,796,000 3.7 71.4% 1.27x
75.0% -- 79.8% 1 7,700,000 0.7 79.8% 2.18x
- ----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 92 $1,056,616,462 100.0% 59.2% 1.67x
- ----------------------------------------------------------------------------------------------
WA LTV RATIO AT MATURITY: 59.2%
- ----------------------------------------------------------------------------------------------
MAXIMUM LTV RATIO AT MATURITY: 79.8%
MINIMUM LTV RATIO AT MATURITY: 21.5%
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- ----------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
YEAR BUILT/RENOVATED OF PROPERTIES BALANCE IPB LTV DSCR
- ----------------------------------------------------------------------------------------------
1930 -- 1949 1 $2,900,000 0.3% 69.2% 1.38x
1960 -- 1969 2 7,750,000 0.7 69.2% 1.38x
1970 -- 1979 10 100,220,780 9.0 79.1% 1.36x
1980 -- 1989 22 142,309,723 12.8 70.0% 1.51x
1990 -- 1999 33 252,191,642 22.6 69.5% 1.63x
2000 -- 2004 49 608,743,243 54.6 66.2% 1.76x
- ----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 117 $1,114,115,388 100.0% 68.6% 1.66x
- ----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- --------------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------------------------
DEFEASANCE 99 $1,087,136,462 97.6% 68.5% 1.67x
YIELD MAINTENANCE 3 26,978,926 2.4 72.3% 1.26x
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 102 $1,114,115,388 100.0% 68.6% 1.66x
- --------------------------------------------------------------------------------------------------
(1) Excludes loans that are interest-only for their entire term.
(2) The mortgage loans provide for monthly payments of interest-only for the
entire term of the mortgage loans and the payment of the entire principal
amount of the mortgage loans at maturity.
(3) Excludes fully amortizing mortgage loans.
(4) Excludes mortgage loans secured by hotels.
7 of 75
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-CIBC9
- --------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------
$1,250,000 -- $3,999,999 24 $62,313,495 6.6% 67.0% 1.50x
$4,000,000 -- $4,999,999 6 27,504,548 2.9 71.7% 1.40x
$5,000,000 -- $6,999,999 15 85,846,596 9.1 72.9% 1.36x
$7,000,000 -- $9,999,999 14 121,308,633 12.9 70.7% 1.39x
$10,000,000 -- $14,999,999 15 178,151,388 18.9 69.6% 1.56x
$15,000,000 -- $24,999,999 1 23,651,824 2.5 73.7% 1.34x
$25,000,000 -- $49,999,999 3 117,762,945 12.5 75.8% 1.36x
$50,000,000 -- $99,999,999 1 66,941,983 7.1 79.7% 1.28x
$100,000,000 -- $142,500,000 2 259,500,000 27.5 56.2% 2.41x
- ----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 1.69x
- ----------------------------------------------------------------------------------------------------
AVERAGE PER LOAN: $11,641,746
AVERAGE PER PROPERTY: $9,926,120
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST RATES
- ----------------------------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW
RATES OF LOANS BALANCE IPB LTV DSCR
- ----------------------------------------------------------------------------------------------------
3.9900% -- 4.9999% 8 $183,225,000 19.4% 57.0% 2.68x
5.0000% -- 5.4999% 16 118,343,178 12.5 74.4% 1.43x
5.5000% -- 5.9999% 27 360,259,644 38.2 68.1% 1.53x
6.0000% -- 6.4999% 19 187,872,591 19.9 75.5% 1.32x
6.5000% -- 7.4600% 11 93,281,000 9.9 64.3% 1.51x
- ----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 1.69x
- ----------------------------------------------------------------------------------------------------
WA MORTGAGE INTEREST RATE: 5.5778%
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
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 10 $185,276,297 19.6% 60.1% 2.61x
85 -- 120 58 640,906,190 68.0 69.6% 1.49x
121 -- 240 12 111,798,926 11.9 71.3% 1.37x
241 -- 246 1 5,000,000 0.5 57.1% 1.43x
- ----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 1.69x
- ----------------------------------------------------------------------------------------------------
WA ORIGINAL TERM TO MATURITY/ARD: 120
- ----------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
LOCATION PROPERTIES BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------------------------
CALIFORNIA 19 $240,592,754 25.5% 64.2% 2.26x
Northern California 7 69,804,642 7.4 74.0% 1.53x
Southern California 12 170,788,112 18.1 60.2% 2.55x
NEW YORK 5 148,990,000 15.8 60.5% 1.71x
WASHINGTON 3 87,741,983 9.3 79.3% 1.29x
TEXAS 7 50,220,222 5.3 64.6% 1.43x
PR 1 45,462,945 4.8 75.1% 1.47x
OTHER 60 369,973,509 39.2 70.0% 1.48x
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 95 $942,981,413 100.0% 67.8% 1.69x
- --------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
- ----------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
UW DSCR OF LOANS BALANCE IPB LTV DSCR
- ----------------------------------------------------------------------------------------------
(less than) = 1.19X 1 $4,783,306 0.5% 70.3% 1.19x
1.20X -- 1.29X 20 211,994,491 22.5 77.2% 1.26x
1.30X -- 1.39X 25 235,343,022 25.0 75.0% 1.34x
1.40X -- 1.49X 12 98,380,137 10.4 71.4% 1.45x
1.50X -- 1.59X 8 40,571,317 4.3 73.0% 1.56x
1.60X -- 1.69X 3 18,218,139 1.9 60.7% 1.60x
1.70X -- 1.99X 7 174,466,000 18.5 54.3% 1.85x
2.00X -- 2.88X 5 159,225,000 16.9 57.0% 2.84x
- ----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 1.69x
- ----------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------
60 -- 84 10 $185,276,297 19.6% 60.1% 2.61x
85 -- 120 58 640,906,190 68.0 69.6% 1.49x
121 -- 241 13 116,798,926 12.4 70.7% 1.37x
- ------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 1.69x
- ------------------------------------------------------------------------------------------------
WA REMAINING TERM TO MATURITY/ARD: 120
- ------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION
- ---------------------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR
- ---------------------------------------------------------------------------------------------------------------------
RETAIL Anchored 34 $413,945,620 43.9% 67.7% 1.94x
Shadow Anchored 11 54,408,647 5.8 71.9% 1.36x
Unanchored 5 21,707,940 2.3 72.1% 1.49x
Retail Showroom/Warehouse 1 2,800,000 0.3 52.8% 1.38x
Subtotal 51 $492,862,207 52.3% 68.3% 1.85x
- ---------------------------------------------------------------------------------------------------------------------
OFFICE CBD 6 $205,491,983 21.8% 65.1% 1.61x
Suburban 17 105,750,709 11.2 73.8% 1.33x
Subtotal 23 4311,242,692 33.0% 68.1% 1.52x
- ---------------------------------------------------------------------------------------------------------------------
INDUSTRIAL Warehouse/Distribution 7 $52,860,013 5.6% 74.0% 1.37x
Flex 2 5,875,000 0.6 64.1% 1.83x
Subtotal 9 $58,735,013 6.2% 73.1% 1.42x
- ---------------------------------------------------------------------------------------------------------------------
HOTEL Full Service 3 $32,914,000 3.5% 51.5% 1.77x
- ---------------------------------------------------------------------------------------------------------------------
MIXED USE Retail/Office 1 $14,000,000 1.5% 46.7% 1.98x
Multifamily/Retail 2 10,240,000 1.1 78.8% 1.21x
Subtotal 3 $24,240,000 2.6% 60.3% 1.65x
- ---------------------------------------------------------------------------------------------------------------------
MANUFACTURED HOUSING Manufactured Housing 3 $13,562,500 1.4% 77.2% 1.31x
- ---------------------------------------------------------------------------------------------------------------------
SELF STORAGE Self Storage 3 $9,425,000 1.0% 69.4% 1.55x
- ---------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 95 $942,981,413 100.0% 67.8% 1.69x
- ---------------------------------------------------------------------------------------------------------------------
8 of 75
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-CIBC9
- --------------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------------------------
180 -- 240 13 $88,982,233 11.3% 65.9% 1.38x
241 -- 300 20 104,608,302 13.3 62.0% 1.63x
331 -- 360 46 595,890,878 75.5 71.9% 1.45x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 79 $789,481,413 100.0% 69.9% 1.47x
- -----------------------------------------------------------------------------------------------
WA ORIGINAL AMORTIZATION TERM: 336
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
LTV RATIOS AS OF THE CUT-OFF DATE
- -----------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
39.6% -- 49.9% 3 $25,241,000 2.7% 43.8% 1.90x
50.0% -- 59.9% 11 309,940,980 32.9 55.9% 2.29x
60.0% -- 64.9% 7 38,541,457 4.1 61.4% 1.98x
65.0% -- 69.9% 10 36,992,616 3.9 68.1% 1.44x
70.0% -- 74.9% 22 186,658,733 19.8 72.8% 1.35x
75.0% -- 80.0% 27 344,106,626 36.5 78.3% 1.33x
80.1% (greater than) = 1 1,500,000 0.2 82.4% 1.27x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 1.69x
- -----------------------------------------------------------------------------------------------
WA CUT--OFF DATE LTV RATIO: 67.8%
- -----------------------------------------------------------------------------------------------
MAXIMUM LTV RATIO: 82.4%
MINIMUM LTV RATIO: 39.6%
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
AMORTIZATION TYPES
- -----------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
BALLOON LOANS 52 $459,736,197 48.8% 72.4% 1.41x
PARTIAL INTEREST--ONLY 7 158,200,000 16.8 61.0% 1.70x
INTEREST ONLY2 2 153,500,000 16.3 57.2% 2.87x
ARD LOANS 9 103,046,290 10.9 75.7% 1.38x
FULLY AMORTIZING 10 57,498,926 6.1 63.1% 1.45x
IO-ARD 1 11,000,000 1.2 77.5% 1.39x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 1.69x
- -----------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES(4)
- -----------------------------------------------------------------------------------------------
CURRENT OCCUPANCY NUMBER OF PRINCIPAL % OF WA WA UW
RATES PROPERTIES BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
69.8% -- 75.0% 2 $8,422,428 0.9% 58.7% 1.46x
75.1% -- 85.0% 7 40,507,334 4.5 75.0% 1.36x
85.1% -- 90.0% 10 50,593,400 5.6 72.8% 1.35x
90.1% -- 95.0% 17 194,757,291 21.4 75.8% 1.37x
95.1% -- 100.0% 56 615,786,961 67.7 65.4% 1.85x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 92 $910,067,413 100.0% 68.4% 1.69x
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS(1)
- -----------------------------------------------------------------------------------------------
REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
179 -- 240 13 $88,982,233 11.3% 65.9% 1.38x
241 -- 300 20 104,608,302 13.3 62.0% 1.63x
331 -- 360 46 595,890,878 75.5 71.9% 1.45x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 79 $789,481,413 100.0% 69.9% 1.47x
- -----------------------------------------------------------------------------------------------
WA REMAINING AMORTIZATION TERM: 336
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY DATE/ARD(3)
- -----------------------------------------------------------------------------------------------
WA
NUMBER PRINCIPAL % OF MATURITY WA UW
MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
30.6% -- 49.9% 14 $214,908,631 24.3% 46.5% 1.73x
50.0% -- 59.9% 15 196,659,401 22.2 56.2% 2.49x
60.0% -- 64.9% 19 198,096,762 22.4 62.0% 1.47x
65.0% -- 69.9% 20 257,777,693 29.1 67.0% 1.32x
70.0% -- 72.0% 3 18,040,000 2.0 71.5% 1.25x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 71 $885,482,487 100.0% 58.6% 1.71x
- -----------------------------------------------------------------------------------------------
WA LTV RATIO AT MATURITY: 58.6%
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- -----------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
1930 -- 1959 1 $2,900,000 0.3% 69.2% 1.38x
1960 -- 1969 2 7,750,000 0.8 69.2% 1.38x
1970 -- 1979 6 88,190,780 9.4 79.3% 1.28x
1980 -- 1989 18 106,214,490 11.3 67.0% 1.59x
1990 -- 1999 28 208,435,642 22.1 69.1% 1.68x
2000 -- 2004 40 529,490,501 56.2 65.6% 1.79x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 95 $942,981,413 100.0% 67.8% 1.69x
- -----------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- ------------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR
- ------------------------------------------------------------------------------------------------
DEFEASANCE 79 $921,502,487 97.7% 67.7% 1.70x
YIELD MAINTENANCE 2 21,478,926 2.3 73.6% 1.27x
- ------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 81 $942,981,413 100.0% 67.8% 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 the
entire term of the mortgage loans and the payment of the entire principal
amount of the mortgage loans at maturity.
(3) Excludes fully amortizing mortgage loans.
(4) Excludes mortgage loans secured by hotels.
9 of 75
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-CIBC9
- --------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------
$1,280,000 -- $2,999,999 6 $10,905,000 6.4% 74.6% 1.35x
$3,000,000 -- $3,999,999 2 6,525,000 3.8 64.5% 1.26x
$5,000,000 -- $6,999,999 3 16,200,000 9.5 75.8% 1.29x
$7,000,000 -- $9,999,999 3 26,189,745 15.3 76.7% 1.56x
$10,000,000 -- $14,999,999 3 36,906,233 21.6 79.0% 1.27x
$15,000,000 -- $25,000,000 4 74,407,997 43.5 68.6% 1.57x
- ----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- ----------------------------------------------------------------------------------------------------
AVERAGE PER LOAN: $8,149,237
AVERAGE PER PROPERTY: $7,778,817
- ----------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST RATES
- --------------------------------------------------------------------------------------------------
RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW
RATES OF LOANS BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------------------------
4.0800% -- 4.9999% 3 $49,200,000 28.7% 63.8% 1.83x
5.0000% -- 5.4999% 7 62,148,975 36.3 77.6% 1.33x
5.5000% -- 5.9999% 8 21,480,000 12.6 73.0% 1.32x
6.0000% -- 6.7200% 3 38,305,000 22.4 77.2% 1.24x
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- --------------------------------------------------------------------------------------------------
WA MORTGAGE INTEREST RATE: 5.3091%
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
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 -- 120 21 $171,133,975 100.0% 73.0% 1.45x
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- --------------------------------------------------------------------------------------------------
WA ORIGINAL TERM TO MATURITY/ARD: 110
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
LOCATION PROPERTIES BALANCE IPB LTV DSCR
- --------------------------------------------------------------------------------------------------
NORTH CAROLINA 3 $35,056,000 20.5% 73.8% 1.38x
TEXAS 7 28,300,000 16.5 78.9% 1.53x
SOUTHERN CALIFORNIA 1 25,000,000 14.6 52.7% 1.92x
TENNESSEE 2 16,925,000 9.9 78.7% 1.22x
OTHER 9 65,852,975 38.5 76.2% 1.34x
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 22 $171,133,975 100.0% 73.0% 1.45x
- --------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
- -----------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
UW DSCR OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
1.22X -- 1.29X 11 $72,161,000 42.2% 75.5% 1.24x
1.30X -- 1.39X 3 29,459,978 17.2 79.3% 1.33x
1.40X -- 1.49X 3 18,712,997 10.9 77.4% 1.45x
1.50X -- 1.59X 2 18,100,000 10.6 73.2% 1.52x
1.70X -- 1.99X 1 25,000,000 14.6 52.7% 1.92x
2.00X -- 2.18X 1 7,700,000 4.5 79.8% 2.18x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- -----------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------
60 -- 120 21 $171,133,975 100.0% 73.0% 1.45x
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- -------------------------------------------------------------------------------------------------
WA REMAINING TERM TO MATURITY/ARD: 110
- -------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION
- ---------------------------------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR
- ---------------------------------------------------------------------------------------------------------------------
MULTIFAMILY Garden 21 $158,253,975 92.5% 72.4% 1.47x
Mid/High Rise 1 12,880,000 7.5 80.0% 1.25x
Subtotal 22 $171,133,975 100.0% 73.0% 1.45x
- ---------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 22 $171,133,975 100.0% 73.0% 1.45x
- ---------------------------------------------------------------------------------------------------------------------
10 of 75
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-CIBC9
- --------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS -- LOAN GROUP 2
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
ORIGINAL AMORTIZATION TERM IN MONTHS(1)
- -------------------------------------------------------------------------------------------------
ORIGINAL AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- -------------------------------------------------------------------------------------------------
180 -- 300 2 $11,700,000 7.2% 64.3% 1.27x
301 -- 330 5 15,400,000 9.4 77.9% 1.29x
331 -- 360 13 136,333,975 83.4 72.8% 1.44x
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 20 $163,433,975 100.0% 72.7% 1.42x
- -------------------------------------------------------------------------------------------------
WA ORIGINAL AMORTIZATION TERM: 350
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
LTV RATIOS AS OF THE CUT-OFF DATE
- -------------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR
- -------------------------------------------------------------------------------------------------
49.2% -- 59.9% 2 $28,200,000 16.5% 52.3% 1.85x
65.0% -- 69.9% 1 5,500,000 3.2 67.3% 1.22x
70.0% -- 74.9% 5 29,775,000 17.4 72.2% 1.43x
75.0% -- 80.0% 12 102,458,975 59.9 78.8% 1.37x
80.1% (greater than) = 1 5,200,000 3.0 80.6% 1.26x
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- -------------------------------------------------------------------------------------------------
WA CUT--OFF DATE LTV RATIO: 73.0%
- -------------------------------------------------------------------------------------------------
MAXIMUM LTV RATIO: 80.6%
MINIMUM LTV RATIO: 49.2%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
AMORTIZATION TYPES
- -------------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR
- -------------------------------------------------------------------------------------------------
BALLOON LOANS 13 $78,555,000 45.9% 67.9% 1.48x
ARD LOANS 4 52,822,975 30.9 79.0% 1.34x
PARTIAL INTEREST--ONLY 3 32,056,000 18.7 73.7% 1.38x
INTEREST ONLY(2) 1 7,700,000 4.5 79.8% 2.18x
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES
- -------------------------------------------------------------------------------------------------
CURRENT OCCUPANCY NUMBER OF PRINCIPAL % OF WA WA UW
RATES PROPERTIES BALANCE IPB LTV DSCR
- -------------------------------------------------------------------------------------------------
84.5 -- 90.0 6 $39,310,000 23.0% 73.3% 1.43x
90.1 -- 95.0 6 55,643,997 32.5 66.3% 1.62x
95.1 -- 100.0 10 76,179,978 44.5 77.7% 1.34x
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 22 $171,133,975 100.0% 73.0% 1.45x
- -------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS(1)
- -----------------------------------------------------------------------------------------------
REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW
TERM OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
180 -- 300 2 $11,700,000 7.2% 64.3% 1.27x
301 -- 330 5 15,400,000 9.4 77.9% 1.29x
331 -- 360 13 136,333,975 83.4 72.8% 1.44x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 20 $163,433,975 100.0% 72.7% 1.42x
- -----------------------------------------------------------------------------------------------
WA REMAINING AMORTIZATION TERM: 349
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
LTV RATIOS AS OF THE MATURITY DATE/ARD
- -----------------------------------------------------------------------------------------------
WA
NUMBER PRINCIPAL % OF MATURITY WA UW
MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
21.5% -- 49.9% 2 $28,200,000 16.5% 40.1% 1.85x
50.0% -- 59.9% 2 14,000,000 8.2 56.0% 1.25x
60.0% -- 64.9% 5 22,037,997 12.9 63.7% 1.44x
65.0% -- 79.7% 11 99,195,978 58.0 68.1% 1.31x
79.8% (greater than) = 1 7,700,000 4.5 79.8% 2.18x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 62.5% 1.45x
- -----------------------------------------------------------------------------------------------
WA LTV RATIO AT MATURITY: 62.5%
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
YEAR BUILT/RENOVATED
- -----------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
YEAR BUILT/RENOVATED OF PROPERTIES BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
1976 -- 1979 4 $12,030,000 7.0% 77.4% 1.94x
1980 -- 1989 4 36,095,233 21.1 79.0% 1.26x
1990 -- 1999 5 43,756,000 25.6 71.2% 1.35x
2000 -- 2003 9 79,252,742 46.3 70.6% 1.52x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 22 $171,133,975 100.0% 73.0% 1.45x
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
PREPAYMENT PROTECTION
- -----------------------------------------------------------------------------------------------
NUMBER PRINCIPAL % OF WA WA UW
PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR
- -----------------------------------------------------------------------------------------------
DEFEASANCE 20 $165,633,975 96.8% 73.2% 1.46x
YIELD MAINTENANCE 1 5,500,000 3.2 67.3% 1.22x
- -----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 21 $171,133,975 100.0% 73.0% 1.45x
- -----------------------------------------------------------------------------------------------
(1) Excludes loans that are interest-only for their entire term.
(2) The mortgage loans provide for monthly payments of interest-only for the
entire term of the mortgage loans and the payment of the entire principal
amount of the mortgage loans at maturity.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
LARGE LOAN PARI PASSU AND COMPANION LOAN SUMMARY
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
CUT-OFF DATE
LOAN TRANSACTION BALANCE SERVICER(1) SPECIAL SERVICER(1)
- -----------------------------------------------------------------------------------------------------------
GRACE BUILDING
--------------
PARI PASSU A1 NOTE JPMCC 2004-CIBC9 $117,000,000 GMAC/Wells(2) ARCap
PARI PASSU A2 NOTE TBD $117,000,000 Wells(3) TBD
PARI PASSU A3 NOTE TBD $117,000,000 Wells(3) TBD
- -----------------------------------------------------------------------------------------------------------
Total A Note: $351,000,000
- -----------------------------------------------------------------------------------------------------------
B NOTE: N/A $ 30,000,000 Wells TBD
- -----------------------------------------------------------------------------------------------------------
TOTAL INDEBTEDNESS : $381,000,000
- -----------------------------------------------------------------------------------------------------------
- ----------------------
FOOTNOTES:
(1) GMAC = GMAC Commercial Mortgage; Wells = Wells Fargo Bank NA; ARCap = ARCap
Servicing, Inc.
(2) GMAC will serve as Master Servicer for all loans in the JPMCC 2004-CIBC9
transaction, however, Wells will serve as the primary servicer for all
three of the pari passu notes, as well as the B Note, as dictated by the
JPMCC 2004-CIBC9 PSA.
(3) Wells will serve as the primary servicer for these two pari passu notes.
The master servicer for the transaction in which each will be securitized,
has not been determined.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
TOP 10 MORTGAGE LOANS
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
LOAN LOAN NAME LOAN CUT-OFF DATE % OF
SELLER(1) (LOCATION) GROUP BALANCE IPB
- ------------------------------------------------------------------------------------
JPMCB Centro Retail Portfolio II 1 $142,500,000 12.8%
(Various, CA)
JPMCB Grace Building 1 $117,000,000 10.5%
(New York, NY)
JPMCB 4th & Blanchard Building 1 $66,941,983 6.0%
(Seattle, WA)
CIBC Country Club Plaza 1 $47,300,000 4.2%
(Sacramento, CA)
CIBC Rexville Towne Center 1 $45,462,945 4.1%
(Bayamon, Puerto Rico)
JPMCB Harbour Lights Apartment 2 $25,000,000 2.2%
(Huntington Beach, CA)
CIBC Cedarville Warehouse 1 $25,000,000 2.2%
(Brandywine, MD)
CIBC Avion Midrise III and IV Portfolio 1 $23,651,824 2.1%
(Chantilly, VA)
CIBC Ridgemont Apartments and 2 $16,925,000 1.5%
Mountain Brook Apartments
Portfolio (Various, TN)
JPMCB Kings Pointe Apartments 2 $16,500,000 1.5%
(Fayetteville, NC)
- ------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: $526,281,752 47.2%
- ------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
LOAN UNIT OF LOAN PER UW CUT-OFF DATE PROPERTY
SELLER(1) UNITS MEASURE UNIT DSCR LTV RATIO TYPE
- ----------------------------------------------------------------------------------------------------------
JPMCB 1,445,334 SF $99 2.88x 56.9% Retail - Anchored
JPMCB 1,518,210 SF $231(2) 1.84x(2) 55.3%(2) Office - CBD
JPMCB 406,366 SF $165 1.28x 79.7% Office - CBD
CIBC 433,829 SF $109 1.30x 78.8% Retail - Anchored
CIBC 188,930 SF $241 1.47x 75.1% Retail - Anchored
JPMCB 342 Units $73,099 1.92x 52.7% Multifamily - Garden
CIBC 624,502 SF $40 1.26x 71.4% Industrial - Warehouse/
Distribution
CIBC 143,011 SF $165 1.34x 73.7% Office - Suburban
CIBC 506 Units $33,449 1.22x 78.7% Multifamily - Garden
JPMCB 244 Units $67,623 1.52x 73.3% Multifamily - Garden
- ----------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 1.89X 65.4%
- ----------------------------------------------------------------------------------------------------------
(1) "JPMCB" = JPMorgan Chase Bank; "CIBC" = CIBC Inc.
(2) Calculated based upon the aggregate principal balance of the Grace Building
loan and the Grace Building pari passu companion notes as of the cut-off
date.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
[4 PHOTOS OF CENTRO RETAIL PROTFOLIO II OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $142,500,000
CUT-OFF PRINCIPAL BALANCE: $142,500,000
% OF POOL BY IPB: 12.8%
SHADOW RATING (S/F):(1) BBB-/BBB-
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Centro Watt Property Owner I, LLC
SPONSOR: Centro Watt America REIT, Inc.
ORIGINATION DATE: 04/22/04
INTEREST RATE: 4.1901%
INTEREST ONLY PERIOD: 84 months
MATURITY DATE: 05/01/11
AMORTIZATION TYPE: Interest Only
ORIGINAL AMORTIZATION: NAP
REMAINING AMORTIZATION: NAP
CALL PROTECTION: L(24),Def(55),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:(3) $0 See footnote
Insurance:(3) $0 See footnote
Engineering: $288,125 $0
Environmental: $940,007 $0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee/Leasehold
PROPERTY TYPE: Retail - Anchored
SQUARE FOOTAGE: 1,445,334
LOCATION: Various, CA
YEAR BUILT/RENOVATED: Various
OCCUPANCY: 99.3%
OCCUPANCY DATE: 03/19/04
NUMBER OF TENANTS: 180
HISTORICAL NOI:
2002: $13,547,522
2003: $16,447,113
UW NOI:(2) $18,292,592
UW NET CASH FLOW:(2) $17,457,189
APPRAISED VALUE: $250,520,000
APPRAISAL DATES: 8/03 -- 9/03
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $99
CUT-OFF DATE LTV: 56.9%
MATURITY DATE LTV: 56.9%
UW DSCR: 2.88x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
BASE LEASE
MOODY'S/ RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P4 SQUARE FEET % OF GLA SALES PSF PSF YEAR
- -----------------------------------------------------------------------------------------------------------------------------------
VONS D.R. Horton, Inc. (NYSE: DHI) Ba1/BB+ 41,200 9.2% $535 $7.00 2013
43,153 $342 $5.16 2021
49,062 $701 $9.15 2019
TARGET Target Corporation (NYSE: TGT) A2/AA 105,565 7.3% $290 $5.68 2017
MERVYN'S Target Corporation (NYSE: TGT) A2/AA 70,685 4.9% NAV $10.28 2006
BED BATH & BEYOND Bed Bath & Beyond Inc. (NSDQ: BBBY) NR/BBB 35,150 4.5% NAV $11.95 2012
30,000 NAV $14.25 2014
BIG LOTS Big Lots, Inc. (NYSE: BLI) NR/BBB- 24,573 4.2% $103 $3.05 2005
36,135 $123 $6.59 2005
TJ MAXX/MARSHALLS TJX Companies, Inc. (NYSE: TJX) A3/A 28,000 4.0% $215 $12.00 2011
30,000 $152 $12.75 2013
RALPHS The Kroger Company (NYSE: KR) Baa2/BBB 45,000 3.1% $487 $12.46 2006
SAV-ON DRUGS Albertson's, Inc. (NYSE: ABS) Baa2/BBB 24,760 2.9% $533 $3.38 2009
16,825 NAV $14.00 2018
- -----------------------------------------------------------------------------------------------------------------------------------
(1) Standard & Poor's and Fitch have confirmed, in accordance with their
respective methodologies, that the Centro Retail Portfolio II loan has
credit characteristics consistent with investment-grade rated obligations.
(2) Centro Watt America REIT, Inc. acquired the properties in October 2003.
Since acquiring the property 15 new leases have been signed for 66,766
square feet with base rent totaling $1,453,144. As well, annualized net
operating income for the period October through year end 2003 was
$18,474,732.
(3) Following an event of default or net operating income falling below
$13,000,000 the borrower is required to deposit tax and insurance escrows.
(4) 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-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
YEAR BUILT/ SQUARE
PROPERTY NAME LOCATION RENOVATED FEET OCC.
- -------------------------------------------------------------------------------------------
MIRA MESA MALL San Diego, CA 1974/2003 412,250 99.3%
ESPLANADE SHOPPING CENTER Oxnard, CA 2001 356,234 100.0%
OCEANVIEW PLAZA San Clemente, CA 1990/1997 169,963 96.7%
UNIVERSITY MALL Davis, CA 1964/1998 94,424 100.0%
SANTA PAULA SHOPPING CENTER Santa Paula, CA 1960/1995 171,701 100.0%
FELICITA PLAZA Escondido, CA 1974/2002 98,912 98.8%
SAN BERNARDINO SHOPPING CENTER San Bernardino, CA 1963/2003 141,850 100.0%
- -------------------------------------------------------------------------------------------
TOTAL/WA 99.3%
- -------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
APPRAISED
PROPERTY NAME TOP TENANTS VALUE
- --------------------------------------------------------------------------------------------------
MIRA MESA MALL Mervyn's, Vons, Mira Mesa Lanes $83,500,000
ESPLANADE SHOPPING CENTER Bed Bath & Beyond, Nordstrom Rack, Circuit City 72,000,000
OCEANVIEW PLAZA Ralphs, Fitness Elite for Women, Sav-on Drug 38,500,000
UNIVERSITY MALL Gottschalks, Cost Plus, The Graduate 17,300,000
SANTA PAULA SHOPPING CENTER Vons, Big Lots, Longs Drug Store 16,600,000
FELICITA PLAZA Vons, Escondido Workout, Hollywood Video 12,320,000
SAN BERNARDINO SHOPPING CENTER Target, Big Lots, Jack's Key Service 10,300,000
- --------------------------------------------------------------------------------------------------
TOTAL/WA $250,520,000
- --------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
% OF
NUMBER SQUARE % 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 9,523 0.7% NAP NAP 9,523 0.7% NAP NAP
2004 & MTM 18 26,582 1.8 $650,820 3.4% 36,105 2.5% $650,820 3.4%
2005 25 146,994 10.2 1,576,492 8.2 183,099 12.7% $2,227,313 11.6%
2006 38 231,542 16.0 3,500,405 18.2 414,641 28.7% $5,727,717 29.7%
2007 31 125,523 8.7 1,579,796 8.2 540,164 37.4% $7,307,513 37.9%
2008 24 64,819 4.5 1,386,773 7.2 604,983 41.9% $8,694,287 45.1%
2009 18 72,691 5.0 1,103,562 5.7 677,674 46.9% $9,797,848 50.8%
2010 3 15,955 1.1 232,668 1.2 693,629 48.0% $10,030,516 52.0%
2011 11 111,026 7.7 1,696,979 8.8 804,655 55.7% $11,727,495 60.8%
2012 9 106,835 7.4 1,595,824 8.3 911,490 63.1% $13,323,319 69.1%
2013 8 97,484 6.7 1,416,990 7.4 1,008,974 69.8% $14,740,310 76.5%
2014 3 60,450 4.2 1,089,795 5.7 1,069,424 74.0% $15,830,105 82.1%
AFTER 13 375,910 26.0 3,445,723 17.9 1,445,334 100.0% $19,275,827 100.0%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 201 1,445,334 100.0% $19,275,827 100.0%
- -----------------------------------------------------------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
THE LOAN. The Centro Retail Portfolio II loan is secured by a fee and partial
leasehold mortgage on 7 anchored retail shopping centers
comprised of approximately 1,445,334 square feet.
THE BORROWER. The borrower is Centro Watt Property Owner I, 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. consist of
Centro MCS No. 32-International No. 2, an Australian Equity Syndicate
(approximately 48.5%), Prime Retail Property Trust (approximately 48.5%), and
Watt Commercial, a Los Angeles based real estate company (approximately 3%).
Centro MCS, which is a large Australian property syndicator and currently
manages approximately 29 unlisted 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 II consists of seven anchored
retail shopping centers located in California: Mira Mesa Mall, Esplanade
Shopping Center, Oceanview Plaza, University Mall, Santa Paula Shopping Center,
Felicita Plaza and San Bernardino Shopping Center. The properties contain a
total of 1,445,334 square feet with a weighted average occupancy of
approximately 99.3%. Under certain conditions, properties can be substituted or
released. See "Descriptions of the Mortgage Pool--Certain Terms and Conditions
of the Mortgage Loans--Defeasance; Collateral Substitution" in the prospectus
supplement. With respect to Esplanade Shopping Center, a portion of the related
mortgaged property is subject to a ground lease. See "Risk Factors--Mortgage
Loans Secured by Leasehold Interest May Expose Investors to Greater Risks of
Default and Loss" in the prospectus supplement.
THE MARKET(1).
MIRA MESA MALL
The Mira Mesa Mall property is located in San Diego, San Diego County,
California. The property has primary frontage along Mira Mesa Boulevard and
secondary frontage along Camino Ruiz. Additional frontage is provided on Reagan
Road and New Salem Drive. Mira Mesa Boulevard is a major north-south arterial
street within the Mira Mesa community. Camino Ruiz is a major north-south
arterial, which provides access further south into the Miramar
industrial/commercial district and the Miramar Air Station.
San Diego County ranks second in population among California's approximately 58
counties, and fourth as the most populous county in the nation. The 2003
population estimate for the county, according to the California Department of
Finance, was approximately 2,961,600. This was an increase of approximately
1.8% over the 2002 figure, which follows an approximately 2.0% increase in 2001
and approximately 1.8% increase in 2000. Median household income in San Diego
County increased approximately 3.5% to approximately $50,500 in 2002, which
follows approximately 4.9% increase in 2001, approximately 6.6% increase in
2000 and approximately 3.0% increase in 1999, according to the Economic
Research Bureau.
The demographic data for the five-mile radius around Mira Mesa Mall indicates a
population base characterized by mostly 25 to 54 year-old consumers with
white-collar employment. The demographic survey reported a relatively large
suburban population base of approximately 31,439 persons living within a
one-mile radius of the subject and approximately 94,038 with in a three-mile
radius.
Vacancy rate trends for the San Diego County retail market have declined
between 1996 and the present to a historical low of
approximately 3.1%, as of the second quarter 2003. The subject property is
approximately 99.3% occupied.
ESPLANADE SHOPPING CENTER
The Esplanade Shopping Center property is located in Oxnard, Ventura County,
California at the northwest quadrant of Vineyard Avenue and Ventura Freeway.
The Esplanade Shopping Center Property, which is the largest regional
development in the city, is well located with access from the Ventura Freeway,
which borders the Esplanade to the north.
Ventura County is located in the westernmost portion of the five-county
Southern California region. Ventura County's economic growth rate is expected
to exceed the State's growth rate due to the biotech sector, as well as large
government, military, and educational employment. The estimated median family
income in 2002 was approximately $67,299, reflecting approximately a 1.5%
growth rate over the previous six years.
The top four employers in Ventura County in 2003 were the US Naval Base at Port
Hueneme, the County of Ventura, Amgen, and
Countrywide. Major employment sectors include Agriculture, Oil and Gas
Production, Defense, Manufacturing, and Tourism.
The City of Oxnard is one of the largest cities in West Ventura County, with an
estimated population of approximately 176,277 in 2002. Within approximately a
3-mile radius of the Esplanade Shopping Center there were approximately 68,374
people living with a median household income of approximately $60,975, and an
average household income of approximately $79,075. The subject property is
100.0% occupied.
(1) Certain information from the Centro Retail Portfolio II's properties'
appraisals dated August 2003 through September 2003. Each appraisal relies
upon many assumptions, and no representation is made as to the accuracy of
the assumptions underlying the appraisals.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
OCEANVIEW PLAZA
The Ocean Plaza property is located in San Clemente, Orange County, California
on the south side of Camino De Los Mares, north of the San Diego Freeway.
Orange County contains approximately 8.1% of California's total population,
with an approximately 2,933,481 residents as of January 2002. The median and
average household incomes were approximately $68,871 and approximately $90,490
respectively. Many additional workers commute from neighboring counties, as
evidenced by the fact that the county employs approximately 10% of the state's
workers. A large freeway network provides access to the four neighboring
counties of San Diego, Riverside, San Bernardino, and Los Angeles. The major
airport is John Wayne Orange County Airport, which is served by approximately
nine commercial, and approximately five freight carriers, and provides direct
flight links to the West Coast and mid-west cities. An international airport
and deep-water port are in nearby Los Angeles, accessible by freeway.
The subject property is well located within the South Orange County sub market.
It benefits from close proximity to densely populated residential districts
with relatively high-income levels and heavily traveled roads with easy access
to freeways. Competition has resulted from the development of other centers in
the marketplace. The overall vacancy rate for all space within community
centers in South Orange County sub market is approximately 2.6%. The subject
property is approximately 96.7% occupied.
UNIVERSITY MALL
The University Mall property is located in Davis, Yolo County, California on
the north side of Russell Boulevard. Access to and from the neighborhood is
good, with Highway 133 and Interstate 80 forming the major arteries, and a
large network of bike trails interconnecting the campus with the downtown
district of Davis.
The Sacramento-Yolo Consolidated Metropolitan Statistical Area consists of
approximately 5,100 square miles, and is the hub of economic activity in the
California Central Valley. With an estimated 2002 population of approximately
1,849,131, the population has grown since 1990 at a rate significantly higher
than the state of California as a whole.
Traditionally, the employment base has been dominated by government and
agriculture, a more diversified economy has recently emerged due to the
pro-business environment and low cost of living, which has encouraged
businesses to locate in the area. The region is served by rail, highway, and
air transportation, and despite it's inland location possesses a deep-water
port. In 2002, the median household income was approximately $52,078, and it is
projected to grow to approximately $60,078 by 2007.
In 2002, approximately 62,582 people lived within a three-mile radius of
University Mall, with approximately $65,701 average and
approximately $46,227 median household income.
The West Sacramento/Davis retail sub market consists of 851,310 square feet of
total gross leasable area, with a vacancy rate of
approximately 7.9% as of the 4th quarter 2002. The subject property is 100.0%
occupied.
SANTA PAULA SHOPPING CENTER
The Santa Paula Shopping Center is located in Santa Paula, Ventura County,
California on the south side of West Main Street, extending through to Harvard
Boulevard approximately 1/4 mile north of the Santa Paula (126) Freeway.
Ventura County is located in the westernmost portion of the five-county
Southern California region. Population growth in Ventura County
has primarily taken place in the eastern portion of the county, as a result of
the expanding population base of Los Angeles County.
The top four employers in Ventura County in 2003 were the U.S. Naval Base at
Port Hueneme, the County of Ventura, Amgen, and
Countrywide. Major employment sectors include Agriculture, Oil and Gas
Production, Defense, Manufacturing, and Tourism.
As of 2002, approximately 31,407 people lived within an approximately 3-mile
radius of the shopping center, with median and average
household incomes of approximately $47,668 and approximately $60,821,
respectively. The subject property is 100.0% occupied.
FELICITA PLAZA
The Felicita Plaza property is located in Escondido, San Diego County,
California on the south side of Felicita Avenue at the intersection with Centre
City Parkway. San Diego County ranks second in population among California's 58
counties, and fourth as the most populous county in the nation. The 2003
population estimate for the county, according to the California Department of
Finance, was approximately 2,961,600. This was an increase of approximately
1.8% over the 2002 figure, which follows an approximately 2.0% increase in 2001
and an approximately 1.8% increase in 2000. Median household income in San
Diego County increased approximately 3.5% to approximately $50,500 in 2002,
which follows an approximately 4.9% increase in 2001, an approximately 6.6%
increase in 2000 and an approximately 3.0% increase in 1999, according to the
Economic Research Bureau.
Vacancy rate trends for the San Diego County retail market have declined
between 1996 and the present to a historical low of approximately 3.1%, as of
the second quarter 2003. This declining vacancy rate reflects strong demand for
retail space outpacing the growth in supply in San Diego. The subject property
is approximately 98.8% occupied.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
SAN BERNARDINO SHOPPING CENTER
The San Bernardino Shopping Center is located in San Bernardino, San Bernardino
County, California at the southeast corner of Orange Show Road and E Street.
The San Bernardino Shopping Center is located in the southern portion of the
city of San Bernardino, within San Bernardino County. There are approximately
400 acres of industrially zoned land within San Bernardino City limits, and
approximately 40% of this acreage is available for development. There are two
regional malls located in the City, the Inland Center Mall, and the Carousel
Mall, located within one mile of each other. However, since the closure of the
Montgomery Wards anchor store at the Carousel Mall, a significant portion of
the interior mall is being renovated for typical office use.
As of 2002, the city of San Bernardino had an estimated population of
approximately 57,008, and average and median incomes per
household of approximately $45,631 and approximately $36,226 respectively. The
subject property is 100.0% occupied.
PROPERTY MANAGEMENT. The property manager of the Centro Retail Portfolio II
properties is Watt/Centro Management Joint Venture LP.
The property manager is affiliated with the borrower.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
[MAP INDICATING CENTRO RETAIL PORTFOLIO II LOCATION OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
[SITE MAP OF CENTRO RETAIL PORTFOLIO II OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
[SITE MAP OF CENTRO RETAIL PORTFOLIO II OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
[SITE MAP OF CENTRO RETAIL PORTFOLIO II OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual
building area is not necessarily drawn to scale.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CENTRO RETAIL PORTFOLIO II
- --------------------------------------------------------------------------------
[SITE MAP OF CENTRO RETAIL PORTFOLIO II OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual
building area is not necessarily drawn to scale.
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
GRACE BUILDING
- --------------------------------------------------------------------------------
[3 PHOTOS OF GRACE BUILDING OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
GRACE BUILDING
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $117,000,000 (Pari Passu)
CUT-OFF PRINCIPAL BALANCE: $117,000,000 (Pari Passu)
% OF POOL BY IPB: 10.5%
SHADOW RATING (S/F):(1) A-/AA-
LOAN SELLER: JPMorgan Chase Bank
BORROWER: 1114 TrizecHahn-Swig, L.L.C.
SPONSOR: Trizec Properties, Inc., Swig Investment
Company
ORIGINATION DATE: 06/15/04
INTEREST RATE: 5.6000%
INTEREST ONLY PERIOD: 36 months
MATURITY DATE: 07/10/14
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 360 months
CALL PROTECTION: L(23),Def(93),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Cash Management Agreement
ADDITIONAL DEBT: $264,000,000
ADDITIONAL DEBT TYPE: Two Pari Passu Notes ($117mm each)
$30mm B-Note
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
All reserves have been waived prior to either (a) the occurence of an event of
default or (b) the actual net cash flow falls below a predetermined level. At
which time, reserves for taxes, insurance, CapEx and TI/LC will be collected.
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office - CBD
SQUARE FOOTAGE: 1,518,210
LOCATION: New York, NY
YEAR BUILT/RENOVATED: 1971/2002
OCCUPANCY: 98.1%
OCCUPANCY DATE: 05/01/04
NUMBER OF TENANTS: 50
HISTORICAL NOI:
2002: $ 29,221,151
2003: $ 32,800,409
TTM AS OF 03/31/04: $ 34,549,940
UW NOI: $ 46,922,483
UW NET CASH FLOW: $ 44,450,132
APPRAISED VALUE: $635,000,000
APPRAISAL DATE: 06/01/04
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
PARI PASSU WHOLE LOAN
-------------- --------------
CUT-OFF DATE LOAN/SF:(2) $ 231 $ 251
CUT-OFF DATE LTV:(2) 55.3% 60.0%
MATURITY DATE LTV:(2) 49.5% 53.9%
UW DSCR:(2) 1.84x 1.69x
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE
SIGNIFICANT TENANTS MOODY'S/ SQUARE % OF BASE EXPIRATION
TENANT NAME PARENT COMPANY TENANT NAME S&P(3) FEET GLA RENT PSF YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
TIME WARNER ENTERTAINMENT Time Warner Inc. (NYSE: TWX) TIME WARNER ENTERTAINMENT Baa1/BBB+ 279,434 18.4% $37.65 2018
COUDERT BROTHERS Coudert Brothers L.L.P. COUDERT BROTHERS NR/NR 258,445 17.0% $32.97 2013
INTERPUBLIC The Interpublic Group of Companies
(NYSE: IPG) INTERPUBLIC Baa3/BB+ 155,825 10.3% $32.65 2009
SALANT CORPORATION Perry Ellis International, Inc.
(NSDQ: PERY) SALANT CORPORATION B2/B+ 100,725 6.6% $29.49 2013
KRONISH LIEB Kronish Lieb Weiner & Hellman L.L.P. KRONISH LIEB NR/NR 93,030 6.1% $34.62 2014
TATE & LYLE Tate & Lyle PLC (OTC: TATYF) TATE & LYLE Baa2/BBB 58,590 3.9% $35.57 2011
ARG MANAGEMENT NAP ARG MANAGEMENT NR/NR 47,183 3.1% $33.27 2010
VICTORIA'S SECRET Victoria's Secret Stores, L.L.P. VICTORIA'S SECRET NR/NR 42,967 2.8% $29.97 2008
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Standard & Poor's and Fitch have confirmed, in accordance with their
respective methodologies, that the Grace Building loan has credit
characteristics consistent with investment-grade rated obligations.
(2) Calculated based upon the aggregate principal balance of the Grace Building
loan and the Grace Building pari passu companion notes as of the cut-off date.
(3) 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-CIBC9
- --------------------------------------------------------------------------------
GRACE BUILDING
- --------------------------------------------------------------------------------
THE LOAN. The Grace Building loan is secured by a 1,518,210 square foot class A
office building located midtown Manhattan in New York, New York. The Grace
Building secures a $351 million senior component and a $30 million junior
component. The senior component is split into 3 pari passu notes (A-1, A-2, A-3)
each with a balance of $117 million. The $117 million A-1 component note is
included in the trust. All other notes are held outside the trust.
THE BORROWER. The property is owned through a partnership entity controlled by
Trizec Properties, Inc. ("Trizec") and The Swig Company, on behalf of the Swig
Investment Company ("Swig") -- 1114 TrizecHahn-Swig, L.L.C. (the "Borrower")
Swig has owned a 50% interest in the property since Benjamin H. Swig developed
the building with Jack Weiler in the early 1970s. Trizec acquired a 49.9%
interest in 1997 from the Weiler-Arnow Investment Company. Trizec has leased and
managed the property since that time while the Weiler-Arnow Investment Company
retained the remaining 0.1%.
Trizec, a publicly traded real estate investment trust ("REIT"), is one of the
largest owners and managers of commercial property in North America. This REIT
has ownership interests in and manages a portfolio of 64 office properties
totaling approximately 43 million square feet in major markets throughout the
U.S.
Swig, a closely held real estate investment company with more than sixty years
of operating history, has significant interests in a portfolio of quality
commercial property assets in major cities across the U.S. The real estate
portfolio includes interests in downtown and suburban office buildings, full
service luxury hotels and credit-leased commercial buildings. Swig currently
owns more than seven million square feet of downtown and suburban office space,
four commercial development sites and 1,600 full service hotel rooms.
THE PROPERTY. The Grace Building is a 48 story multi-tenant Class A office
building located at 1114 Avenue of the Americas in New York, New York, near the
northeast corner of Sixth Avenue (Avenue of the Americas) and 42nd Street. The
Grace Building is conveniently located proximate to several subway lines, Grand
Central Terminal, Penn Station, Port Authority Bus Terminal, and New Jersey
Transit Trains. The Grace Building won the Building Owners and Managers
Association (BOMA) New York's 2003-2004 Pinnacle Award for Operating Office
Building of the Year in the over 1 million square feet category. The Grace
Building was built in 1971, designed by the architectural firm Skidmore, Owings
& Merrill and includes 1,518,210 square feet (1,497,967 square feet of office
space and 20,243 square feet of retail space). The Grace Building overlooks
Bryant Park and its amenities include a newly renovated travertine marble and
fine wood lobby, renovated elevator cabs, 24/7 building access and security, on
site Trizec management, 30 high speed passenger and two freight elevators, a 188
car underground garage, a public plaza on 43rd Street, ATMs, a corporate day
care center, a hair salon, a restaurant and cafe, a greeting card store, and
express mail service.
The property is approximately 98.1% leased to 50 tenants. Major tenants include
Time Warner Entertainment (279,434 square feet or 18.4% of net rentable area),
Coudert Brothers (258,445 square feet or 17.0% of net rentable area), and
Interpublic (155,825 square feet or 10.3% of net rentable area). Average
year-end occupancy since 1997 is 99.0%.
THE MARKET(1). The Grace Building is located New York, New York in midtown
Manhattan on 6th Avenue between 42nd and 43rd street within the 6th
Avenue/Rockefeller Center submarket. The Class A inventory for the 6th
Avenue/Rockefeller Center submarket consists of approximately 35.5 million
square feet with a direct vacancy rate of approximately 4.9% and an overall
vacancy rate of approximately 11.6%. As of first quarter 2004, the 6th
Avenue/Rockefeller Center submarket has had negative absorption of approximately
893,122 square feet. Leasing activity in Manhattan during the first quarter 2004
totaled 7.7 million square feet, well above the 5.8 million square feet leased
during first quarter 2003. Expected construction completions in 2004 include
Times Square Tower (1.0 million square feet), 300 Madison Avenue (1.2 million
square feet), and Columbus Centre (1.0 million square feet). Planned
construction within the submarket includes the approximately 2.1 million square
feet One Bryant Park, located at the northwest corner of the park opposite Grace
Building. This project is scheduled for completion in 2008 and Bank of America
has agreed to occupy approximately half of the building's lower/mid level
floors.
The Grace Building area is improved primarily with high-rise commercial office
buildings, but having some ancillary uses such as mixed commercial/residential
buildings and hotels. Overall, this area is primarily improved with corporate
headquarters, multi-tenanted office buildings and famous hotels. Land use in the
neighborhood primarily consists of office with grade level retail. The buildings
are generally of similar age to the subject.
PROPERTY MANAGEMENT. Trizec Holdings, Inc., an affiliate of Trizec Properties,
Inc., is the manager of the property.
- -------------------------------------------------------------------------------
(1) Certain information from the Grace Building's appraisals dated June 01,
2004. The appraisal relies upon many assumptions, and no representation is made
as to the accuracy of any of the assumptions underlying the appraisal.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
GRACE BUILDING
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
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 YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 28,534 1.9% NAP VACANT NAP 28,534 1.9% NAP NAP
2004 & MTM 4 33,277 2.2 $ 1,198,945 2004 & MTM 2.1% 61,811 4.1% $ 1,198,945 2.1%
2005 8 72,081 4.7 3,580,752 2005 6.2 133,892 8.8% $ 4,779,697 8.3%
2006 5 14,305 0.9 775,648 2006 1.3 148,197 9.8% $ 5,555,345 9.6%
2007 5 13,479 0.9 673,430 2007 1.2 161,676 10.6% $ 6,228,775 10.8%
2008 6 62,223 4.1 2,331,016 2008 4.0 223,899 14.7% $ 8,559,791 14.8%
2009 9 211,353 13.9 7,188,377 2009 12.4 435,252 28.7% $15,748,169 27.2%
2010 9 149,254 9.8 6,546,635 2010 11.3 584,506 38.5% $22,294,804 38.6%
2011 5 76,423 5.0 3,130,911 2011 5.4 660,929 43.5% $25,425,714 44.0%
2012 2 1,055 0.1 101,898 2012 0.2 661,984 43.6% $25,527,612 44.2%
2013 17 452,388 29.8 16,009,091 2013 27.7 1,114,372 73.4% $41,536,704 71.9%
2014 7 124,404 8.2 5,748,849 2014 9.9 1,238,776 81.6% $47,285,553 81.8%
AFTER 8 279,434 18.4 10,521,843 AFTER 18.2 1,518,210 100.0% $57,807,396 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 85 1,518,210 100.0% $57,807,396 TOTAL 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
31 of 75
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
GRACE BUILDING
- --------------------------------------------------------------------------------
[MAP INDICATING GRACE BUILDING LOCATION OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
GRACE BUILDING
- --------------------------------------------------------------------------------
[STACKING PLAN OF GRACE BUILDING OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual building
area is not necessarily drawn to scale. The information set forth in the above
stacking plan indicates the following information as provided by the borrower:
"Tenant Name", leased square footage [lease expiration month/year]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
4TH & BLANCHARD BUILDING
- --------------------------------------------------------------------------------
[2 PHOTOS OF 4TH & BLANCHARD OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
4TH & BLANCHARD BUILDING
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $67,000,000
CUT-OFF PRINCIPAL BALANCE: $66,941,983
% OF POOL BY IPB: 6.0%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Selig Real Estate Holdings Five, L.L.C.
SPONSOR: Martin Selig
ORIGINATION DATE: 04/29/04
INTEREST RATE: 5.8320%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 05/01/14
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 359 months
CALL PROTECTION: L(24),Def(93),O(2)
CROSS-COLLATERALIZATION: No
LOCK BOX: Hard
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
---------- -------
Tax: $ 87,006 $43,503
CapEx: $ 0 $ 3,902
TI/LC:(1) $ 0 $41,667
Holdback:(2) $1,000,000 $ 0
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office - CBD
SQUARE FOOTAGE: 406,366
LOCATION: Seattle, WA
YEAR BUILT/RENOVATED: 1979
OCCUPANCY: 91.4%
OCCUPANCY DATE: 04/06/04
NUMBER OF TENANTS: 48
HISTORICAL NOI:
2002: $ 6,958,066
2003: $ 7,076,260
TTM AS OF 03/31/04: $ 7,058,759
UW NOI: $ 6,576,218
UW NET CASH FLOW: $ 6,056,069
APPRAISED VALUE: $84,000,000
APPRAISAL DATE: 04/16/04
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $ 165
CUT-OFF DATE LTV: 79.7%
MATURITY DATE LTV: 67.3%
UW DSCR: 1.28x
- -------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE % OF BASE LEASE
TENANT NAME PARENT COMPANY S&P(3) FEET GLA RENT PSF EXPIRATION YEAR
- -------------------------------------------------------------------------------------------------------------------------
WASHINGTON STATE NAP NR/NR 34,760 8.6% $ 19.01 2006
FIRST AMERICAN First American Title Insurance Company NR/A- 28,854 7.1% $ 17.05 2008
KEMPER INSURANCE Kemper Insurance Companies NR/A- 28,854 7.1% $ 24.68 2010
FIREMAN'S FUND Allianz Group (NYSE: AZ) Aa3/AA- 20,669 5.1% $ 28.85 2005
- -------------------------------------------------------------------------------------------------------------------------
(1) The Monthly TI/LC escrow account shall not exceed $2,000,000.
(2) Lender will hold back $1,000,000 until the property reaches a stabilized
occupancy of 94%, with no material rollover in the upcoming 6-month period at
the time of release. Property must also maintain a debt service coverage ratio
of not less than 1.25x for the 12-month period ending on the date the borrower
requests the release of the holdback funds.
(3) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
35 of 75
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
4TH & BLANCHARD BUILDING
- --------------------------------------------------------------------------------
THE LOAN. The 4th & Blanchard loan is secured by a first mortgage interest in a
406,366 square foot office building located in the Denny Regrade area of
downtown Seattle, Washington's Central Business District.
THE BORROWER. The borrower is Selig Real Estate Holdings Five, L.L.C. The
borrower is a special purpose entity controlled by Martin Selig. Mr. Selig is a
Seattle area real estate developer and has been in real estate development for
over 35 years. His current portfolio includes 17 office buildings and several
surface parking lots. Mr. Selig's company employs in-house development, leasing
and property management professionals.
THE PROPERTY. 4th & Blanchard is a 406,366 square foot, 25-story glass facade
office-building. The building was constructed in 1979 by Martin Selig, who is
the current owner of the property. The property occupies a full city block at
the south end of the Denny Regrade area, adjacent to the CBD.
THE MARKET(1). The 4th & Blanchard Building property is located in Seattle, King
County, Washington. The subject is located in the Denny Regrade area of downtown
Seattle, approximately 6 blocks north of Seattle's financial and retail centers.
This area features a mix of office/ retail, apartments/condominiums,
restaurants, hotels, and tourist-related amenities. Elliott Bay and the Seattle
waterfront along with the Seattle Center, home of the Space Needle and Key
Arena, are all located within approximately 4 blocks of the subject.
The Denny Regrade submarket is the major office market within the Puget Sound
region. The overall vacancy rate remained virtually the same from 4th quarter
2003 (approximately 16.2%) to 1st quarter 2004 (approximately 16.3%). The 1st
quarter 2004 vacancy can be attributed to the delivery of approximately 557,240
square feet in the Downtown and Southend submarkets. Downtown Seattle vacancy
rates declined for the third consecutive quarter, decreasing from around
approximately 15.8% to approximately 15.4% at the end of 1st quarter 2004.
During the first quarter of 2004, Downtown Seattle recorded the most absorption
since the first quarter of 2001. 4th & Blanchard current occupancy rate is
approximately 91.4%.
The largest employers in the area include: The Boeing Company, Microsoft
Corporation, Costco Wholesale Corp., Port of Seattle, and University of
Washington.
PROPERTY MANAGEMENT. 4th & Blanchard is managed by Martin Selig Real Estate, the
sponsor's property management company. Martin Selig Real Estate currently
manages 17 office buildings totaling over 2.4 million square feet as well as
several surface parking lots.
- -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
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 YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- ------------------------------------------------------------------------------------------------------------------------------------
VACANT NAP 34,770 8.6% NAP VACANT NAP 34,770 8.6% NAP NAP
2004 & MTM 21 50,546 12.4 $1,020,459 2004 & MTM 12.5% 85,316 21.0% $1,020,459 12.5%
2005 22 58,860 14.5 1,527,980 2005 18.8 144,176 35.5% $2,548,438 31.3%
2006 8 59,149 14.6 1,403,043 2006 17.2 203,325 50.0% $3,951,481 48.6%
2007 15 83,689 20.6 1,809,066 2007 22.2 287,014 70.6% $5,760,548 70.8%
2008 20 53,032 13.1 993,036 2008 12.2 340,046 83.7% $6,753,583 83.0%
2009 4 5,475 1.3 116,945 2009 1.4 345,521 85.0% $6,870,528 84.5%
2010 5 51,620 12.7 1,081,564 2010 13.3 397,141 97.7% $7,952,092 97.7%
2011 0 0 0.0 0 2011 0.0 397,141 97.7% $7,952,092 97.7%
2012 0 0 0.0 0 2012 0.0 397,141 97.7% $7,952,092 97.7%
2013 4 9,225 2.3 183,130 2013 2.3 406,366 100.0% $8,135,222 100.0%
2014 0 0 0.0 0 2014 0.0 406,366 100.0% $8,135,222 100.0%
AFTER 0 0 0.0 0 AFTER 0.0 406,366 100.0% $8,135,222 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 99 406,366 100.0% $8,135,222 TOTAL 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Certain information from 4th & Blanchard's appraisal dated April 16, 2004.
The appraisal relies upon many assumptions, and no representation is made as to
the accuracy of any of the assumptions underlying the appraisal.
36 of 75
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-CIBC9
- --------------------------------------------------------------------------------
4TH & BLANCHARD BUILDING
- --------------------------------------------------------------------------------
[AERIAL PHOTO OF 4TH & BLANCHARD BUILDING OMITTED]
Key:
1. Columbia Tower 4. Elliot Bay 7. Interstate 5
2. Pacific Science Center 5. Two Union Square 8. State Highway 99
3. Space Needle 6. Experience Music Project
37 of 75
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A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
4TH & BLANCHARD BUILDING
- --------------------------------------------------------------------------------
[MAP INDICATING 4TH & BLANCHARD LOCATION OMITTED]
38 of 75
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SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
4TH & BLANCHARD BUILDING
- --------------------------------------------------------------------------------
[STACKING PLAN OF 4TH & BLANCHARD BUILDING OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual building
area is not necessarily drawn to scale.
39 of 75
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
COUNTRY CLUB PLAZA
- --------------------------------------------------------------------------------
[4 PHOTOS OF COUNTRY CLUB PLAZA OMITTED]
Note: Macy's is not part of the collateral for the Country Club Plaza Loan, but
serves as a shadow anchor.
40 of 75
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-CIBC9
- --------------------------------------------------------------------------------
COUNTRY CLUB PLAZA
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $47,300,000
CUT-OFF PRINCIPAL BALANCE: $47,300,000
% OF POOL BY IPB: 4.2%
LOAN SELLER: CIBC Inc.
BORROWER: CAMWATT, LLC
SPONSOR: Bruce I. Shapiro, Marko C. Burns
ORIGINATION DATE: 06/30/04
INTEREST RATE: 6.1500%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 11/01/14
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 360 months
CALL PROTECTION: L(23),Def(97),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Springing
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
----------- -----------
Tax: $ 275,458 $ 55,092
Insurance: $ 93,000 $ 15,500
CapEx: $ 5,423 $ 5,423
TI/LC: $ 8,333 $ 8,333
Other:(1) $1,313,207 $ 0
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Retail - Anchored
SQUARE FOOTAGE: 433,829
LOCATION: Sacramento, CA
YEAR BUILT/RENOVATED: 1960/2003
OCCUPANCY: 93.7%
OCCUPANCY DATE: 05/11/04
NUMBER OF TENANTS: 62
UW NOI: $ 4,757,595
UW NET CASH FLOW: $ 4,498,788
APPRAISED VALUE: $60,000,000
APPRAISAL DATE: 04/13/04
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $ 109
CUT-OFF DATE LTV: 78.8%
MATURITY DATE LTV: 66.6%
UW DSCR: 1.30x
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
MOODY'S/ SQUARE SALES BASE LEASE
TENANT NAME PARENT COMPANY S&P(2) FEET % OF GLA PSF RENT PSF EXPIRATION YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
GOTTSCHALKS Gottschalks Inc. (NYSE: GOT) NR/NR 194,446 44.8% $104 $ 2.57 2014
SPORT CHALET Sport Chalet, Inc. (NSDQ: SPCH) NR/NR 40,603 9.4% NAV $ 17.50 2014
OFF BROADWAY Rack Room Shoes Inc. NR/NR 32,890 7.6% NAV $ 11.75 2014
ROSS STORES Ross Stores, Inc. (NSDQ: ROST) NR/BBB 29,645 6.8% $144 $ 11.50 2006
BED BATH & BEYOND Bed Bath & Beyond Inc. (NSDQ: BBBY) NR/BBB 24,895 5.7% NAV $ 14.48 2014
- ------------------------------------------------------------------------------------------------------------------------------------
(1) The loan is structured with a $1,000,000 holdback for completion of
improvements on the two outparcels (Outparcel C and Outparcel D) currently
under construction that will account for approximately 12,555 square feet of
net rentable area. $500,000 may be released when tenant(s) paying no less than
$127,995 per year in base rent take occupancy, commence paying rent, and open
for business. An additional $250,000 may be released when tenants paying no
less than $191,933 per year in base rent are in occupancy, paying rent, and
open for business. The remaining balance of the reserve may be released when
tenant(s) paying no less than $255,990 per year in base rent are in occupancy,
paying rent, and open for business.
(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
41 of 75
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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-CIBC9
- --------------------------------------------------------------------------------
COUNTRY CLUB PLAZA
- --------------------------------------------------------------------------------
THE LOAN. The Country Club Plaza loan (the "Loan") is secured by a fee interest
in a 433,829 square foot anchored retail center located in Sacramento,
California.
THE BORROWER. CAMWATT, LLC (the "Borrower") is a single asset entity whose
managing member, Manwatt, Inc. is indirectly owned by the loan sponsors, Bruce
Shapiro and Mark Burns.
The Borrower is an affiliate of Arizona Partners, a real estate investment firm
specializing in the acquisition and redevelopment of retail shopping centers
located throughout California and Arizona. Arizona Partners performs all the
management and leasing of its real estate portfolio comprised of 16 retail
centers totaling more than 2.7 million square feet. Mark Burns and Bruce
Shapiro, the Borrower's sponsors, are the two principals of Arizona Partners.
THE PROPERTY. Country Club Plaza is a 433,829 square foot, anchored retail
center situated on approximately 24 acres of land located in Sacramento,
California, and is part of a larger regional mall (611,307 square feet) that is
situated on approximately 34 acres of land, and includes Macy's (169,408 square
feet) and an outparcel occupied by US Bank (8,070 square feet), which are not
part of the collateral. The property was acquired by Urban Retail Partners, LLC,
an affiliate of the Borrower, in February 2001 and underwent a complete
renovation/redevelopment at a cost of approximately $30 million. The
renovation/redevelopment included redesign and replacement of the entire common
area and the realignment of Butano Drive (which used to divide the property's
parking lot). The Borrower's sponsors also negotiated REA agreements with the
anchor tenants and negotiated with the in-line tenants to either vacate or
relocate their spaces. The property re-opened for operation in February 2004 and
was 93.7% occupied as of May 11, 2004.
The property is anchored by Gottschalks (194,446 square feet) and Macy's, which
owns its own store. Sport Chalet (40,603 square feet), Off Broadway (32,890
square feet), Ross Dress for Less (29,645 square feet), and Bed Bath & Beyond
(24,895 square feet) serve as junior anchors at the property, which also
includes 77,665 square feet of in-line space occupied by 56 in-line and kiosk
tenants. None of the in-line tenants occupy more than 2.1% of the NRA. In total,
national tenants (including anchor and junior anchor tenants) occupy 74.3% of
the NRA.
The property also includes three outparcels totaling 18,785 square feet. The
Loan is structured with a $1,000,000 holdback for completion of improvements on
the two outparcels (Outparcel C and Outparcel D) currently under construction
that will account for approximately 12,555 square feet of NRA. $500,000 may be
released when tenant(s) paying no less than $127,995 per year in base rent take
occupancy, commence paying rent, and open for business. An additional $250,000
may be released when tenants paying no less than $191,933 per year in base rent
are in occupancy, paying rent, and open for business. The remaining balance of
the reserve may be released when tenant(s) paying no less than $255,990 per year
in base rent, are in occupancy, paying rent, and open for business.
Commencing July 31, 2012, all excess cash flow will be swept and deposited in
the Gottschalk's reserve account, capped at $3 million. Funds may be remitted to
the Borrower if: 1) Gottschalk's exercises one or more of its 2, 10-year renewal
options or 2) Borrower re-leases part or all of the Gottschalk's space to one or
more tenants at a weighted average lease term of no less than 7 years at a
combined annual base rental rate of no less than $500,000 NNN. Notwithstanding
the aforementioned, the sweep of excess cash flow will not occur if during the
first five years of the Loan term Gottschalk's extends its lease at least five
years beyond its current maturity, or if prior to July 31, 2012 the Borrower
posts a $2.8 million letter of credit from an acceptable bank.
In addition, all excess cash flow will be swept should the DSCR fall below 1.10x
for two consecutive calendar quarters.
In the event that Off Broadway Shoes, Bed Bath & Beyond, and Sport Chalet have
not renewed their leases for a minimum term of 5 years, at rents not less than
their current rent level, six months prior to their respective lease
expirations, the Borrower will be required to make monthly deposits into the
TI/LC reserve account of $37,500, $37,500, and $75,000, respectively for each
tenant for six months.
The Borrower is required to deposit $100,000/year into a TI/LC reserve account
capped at $500,000 and replenished if drawn down upon. Replacement reserves will
be collected at an annual rate of $65,074 ($0.15/sf/year) for the term of the
Loan.
- -------------------------------------------------------------------------------
42 of 75
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SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
COUNTRY CLUB PLAZA
- --------------------------------------------------------------------------------
THE MARKET(1). The property is located in Sacramento, the capital of California,
with a current population of 427,109 people. Due to Sacramento's position as the
state capital its economy is dominated by the government, which employs 26.3% of
the work force. Other significant employment sectors include services (11.9%),
and retail trade (11.5%).
The property is located at the intersection of Watt Avenue and El Camino Avenue,
two major thoroughfares with a traffic count of approximately 87,000 cars per
day. The property has frontage and exposure along both Watt and El Camino
Avenues, and is easily accessible via three freeways: Highway 50 to the east,
Business Interstate 80 to the west, and Bypass Interstate to the north.
The property is surrounded by mixed commercial uses along El Camino Avenue to
the north, single family homes to the east, and the affluent neighborhoods of
Arden Oaks and Arden Park to the south. A complementary center (Country Club
Centre) is being constructed across the street, west of the property, which will
include Super Wal-Mart, Sam's Club and an Office Max.
The population within the 1-, 3- and 5-mile radii of the property is 14,301,
130,413, and 359,688 persons, respectively. The median household income within
the same radii is $45,823, $43,562 and $42,815, respectively.
The property is located in the Sacramento MSA, which contains 30.9 million
square feet of retail space. Community centers account for 13.8 million square
feet (44.7%), while neighborhood centers account for 6.3 million square feet
(20.4%), super-regional centers account for 6.6 million square feet (21.4%), and
regional centers account for 4.2 million square feet (13.6%). Further, the
property is located in the Carmichael/Fair Oaks submarket that contains 4.3
million square feet of retail space and represents 13.9% of the overall market.
According to Reis, as of the 4th Quarter 2003, the retail vacancy rate in the
Sacramento MSA and the Carmichael/Fair Oaks submarket was 6.0% and 6.5%,
respectively. Anchored centers within the submarket comprise 1.7 million square
feet of space, commanding an average asking in-line rent of $12.04/sf, and
exhibiting a vacancy rate of 7.5%.
PROPERTY MANAGEMENT. The property is managed by Arizona Partners, an affiliate
of the Borrower.
- -------------------------------------------------------------------------------
(1) Certain information from the Country Club Plaza loan appraisal dated April
13, 2004, unless otherwise stated. The appraisal relies upon many assumptions,
and no representation is made as to the accuracy of the assumptions underlying
the appraisal.
- --------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER 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 27,455 6.3% NAP NAP 27,455 6.3% NAP NAP
2004 & MTM 2 2,921 0.7 $ 61,500 1.2% 30,376 7.0% $ 61,500 1.2%
2005 3 1,501 0.3 87,276 1.7 31,877 7.3% $ 148,776 3.0%
2006 1 29,645 6.8 340,918 6.8 61,522 14.2% $ 489,694 9.8%
2007 0 0 0.0 0 0.0 61,522 14.2% $ 489,694 9.8%
2008 3 1,290 0.3 89,928 1.8 62,812 14.5% $ 579,622 11.6%
2009 34 39,824 9.2 1,481,523 29.7 102,636 23.7% $2,061,144 41.3%
2010 1 9,026 2.1 135,390 2.7 111,662 25.7% $2,196,534 44.0%
2011 1 6,230 1.4 130,830 2.6 117,892 27.2% $2,327,364 46.7%
2012 0 0 0.0 0 0.0 117,892 27.2% $2,327,364 46.7%
2013 1 1,003 0.2 29,087 0.6 118,895 27.4% $2,356,451 47.2%
2014 16 314,934 72.6 2,630,786 52.8 433,829 100.0% $4,987,238 100.0%
AFTER 0 0 0.0 0 0.0 433,829 100.0% $4,987,238 100.0%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL 62 433,829 100.0% $4,987,238 100.0%
- --------------------------------------------------------------------------------------------------------------------------
43 of 75
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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-CIBC9
- --------------------------------------------------------------------------------
COUNTRY CLUB PLAZA
- --------------------------------------------------------------------------------
[MAP INDICATING LOCATION OF COUNTRY CLUB PLAZA OMITTED]
44 of 75
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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-CIBC9
- --------------------------------------------------------------------------------
COUNTRY CLUB PLAZA
- --------------------------------------------------------------------------------
[SITE MAP OF COUNTRY CLUB PLAZA OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual building
area is not necessarily drawn to scale.
45 of 75
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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-CIBC9
- --------------------------------------------------------------------------------
REXVILLE TOWNE CENTER
- --------------------------------------------------------------------------------
[3 PHOTOS OF REXVILLE TOWNE CENTER OMITTED]
Note: The Home Depot is not part of the Rexvile Towne Center Loan, but serves as
a shadow anchor.
46 of 75
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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-CIBC9
- --------------------------------------------------------------------------------
REXVILLE TOWNE CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $45,600,000
CUT-OFF PRINCIPAL BALANCE: $45,462,945
% OF POOL BY IPB: 4.1%
LOAN SELLER: CIBC Inc.
BORROWER: MJS Rexville L.P.
SPONSOR: Michael J. Scarfia, Walter R. Samuels
ORIGINATION DATE: 02/18/04
INTEREST RATE: 5.4800%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 03/01/14
FINAL MATURITY DATE: 03/01/34
AMORTIZATION TYPE: ARD
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 357 months
CALL PROTECTION: L(24),Def(89),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Springing
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
----------- ----------
Tax: $ 40,833 $ 10,208
Insurance: $ 65,450 $ 14,416
CapEx:(1) $ 2,067 $ 2,067
TI/LC:(2) $ 14,641 $ 14,641
Other:(3) $2,000,000 $ 0
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Retail - Anchored
SQUARE FOOTAGE: 188,930
LOCATION: Bayamon, Puerto Rico
YEAR BUILT/RENOVATED: 2002 & 2003
OCCUPANCY: 97.9%
OCCUPANCY DATE: 02/09/04
NUMBER OF TENANTS: 43
HISTORICAL NOI:
TTM AS OF 08/31/03: $ 2,861,336
UW NOI: $ 4,755,969
UW NET CASH FLOW: $ 4,552,808
APPRAISED VALUE: $60,500,000
APPRAISAL DATE: 05/01/04
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $ 241
CUT-OFF DATE LTV: 75.1%
MATURITY DATE LTV: 62.9%
UW DSCR: 1.47x
- ------------------------------------------------------------------------------------------------------------------------
MAJOR TENANTS
BASE LEASE
MOODY'S/ SQUARE % OF SALES RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(4) FEET GLA PSF PSF YEAR
- ------------------------------------------------------------------------------------------------------------------------
SUPERMERCADOS AMIGO, INC. Wal-Mart (NYSE: WMT) Aa1/AA 35,588 18.8% $792 $ 10.50 2027
OFFICE MAX NAP NAP 18,066 9.6% NAV $ 33.06 2014
CARIBE VENTURES, INC.
D\B\A CHUCK E. CHEESE'S NAP NAP 13,600 7.2% NAV $ 25.00 2013
- ------------------------------------------------------------------------------------------------------------------------
(1) CapEx reserves will be collected at an annual rate of $24,804, subject to a
maximum of $74,420.
(2) TI/LC reserves will be collected at an annual rate of $175,697, subject to a
maximum of $527,090 and replenished if drawn upon. Commencing on or about June
1, 2011, TI/LC collections will increase to $675,697/year with a new limit of
$1,027,000. In the event the borrower renews or replaces at least 50% of the
space expiring between 2012 and/or 2013, TI/LC collections will revert to
$175,697/year, the maximum amount required to be reserved will be reduced to
$527,090 and all monies in the reserve exceeding $527,090 will be disbursed to
the borrower (provided no event of default is then continuing).
(3) At closing, $2,000,000 was held back until Office Max takes occupancy and
commences making its rental payments. However, up to $640,000 can be released to
the borrower, prior to the commencement of rental payments and/or occupancy, for
tenant improvements required under the Office Max lease.
(4) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
47 of 75
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CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
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SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
REXVILLE TOWNE CENTER
- --------------------------------------------------------------------------------
THE LOAN. The Rexville Towne Center loan (the "Loan") is secured by a fee
interest in a 188,930 square foot anchored retail shopping center located in
Bayamon, Puerto Rico.
THE BORROWER. MJS Rexville L.P. (the "Borrower") is a single asset entity formed
for the purpose of owning and operating Rexville Towne Center. MJS Rexville
Development Corporation, the general partner, which has a 1% ownership interest,
is wholly owned by Mr. Walter Samuels and Gulfcoast Irrevocable Trust V. The
limited partners include Walter Samuels (22%), Gulfcoast Irrevocable Trust V
(22%), P.R.S.S. LLC (10%), Robert Richter (5%), and Jay Furman (40%). Gulfcoast
Irrevocable Trust V is 100% owned and controlled by Michael Scarfia.
Walter Samuels is an experienced owner, operator and developer of commercial
real estate. Mr. Samuels' portfolio currently consists of ownership interests in
over 50 assets including five properties in Puerto Rico totaling approximately
2.5 million square feet. Michael Scarfia has over 30 years of experience in
operating and developing commercial real estate. Mr. Scarfia is the founder and
president of the Gibraltar Companies. Since 1988, the Gibraltar Companies have
developed in excess of 8.0 million square feet of shopping centers with an
additional 2.0 million square feet currently under construction. Jay Furman is
an experienced developer of commercial properties. Currently, Mr. Furman has
significant interests in more than 100 shopping centers and is the general
partner and controlling member of over 85 partnerships.
THE PROPERTY. The property, which was originally constructed in phases between
2002 and 2003, is a 188,930 square foot anchored retail shopping center, located
in Bayamon, Puerto Rico. The property contains seven buildings, five of which
are located on outparcels. All of the outparcels with the exception of one (El
Mason/Baskin Robins) were independently constructed by the tenants and are
subject to ground lease agreements. The property is anchored by a 35,588 square
foot Supermercados Amigo (sales of $792/sf for the nine months ended March 31,
2003 annualized) and a new 18,066 square foot Office Max. The property is also
shadow anchored by a 115,000 square foot Big Kmart and a 121,078 square foot
Home Depot, both of which are located within the center and are not part of the
collateral. Parking is provided for 2,259 vehicles, inclusive of the outparcel
sites and the shadow anchors, subject to reciprocal easement agreements.
The property is 97.9% leased by 43 tenants and anchored by Supermercados Amigo,
Inc. and Office Max, which together occupy 28.4% of the NRA. The
in-line/outparcel space, which is 69.5% of the net rentable area, is leased to
41 tenants, which range in size from 1,000 square feet to 13,600 square feet.
Approximately 37% of the in-line/out parcel space is leased to national
retailers including; Starbucks, Supercuts, Baker Shoes, Gamestop, Dollar Store,
Payless Shoe Source, Kress Stores, and Chili's. The remaining 32.5% of in-line
tenants is comprised of local and regional retailers including a pizza parlor,
several clothing stores, and other typical in-line retailers. The Property also
contains five outparcels ranging in size from 1,500 square feet to 6,752 square
feet, which are all restaurants.
THE MARKET(1). The property is located in Bayamon, Puerto Rico, approximately 10
miles southwest of the capital, San Juan. As of year-end 2000, the municipality
of Bayamon had a population of 224,044, a 1.72% increase from the 1990 figure.
The 2000 population within the 1-, 3- and 10-mile radii of the property was
218,589, 479,579 and 1,056,106, respectively. A 1998 study of the local economy
estimated the median household income for Bayamon to be $33,689, almost 30%
higher than Puerto Rico's median household income of $25,931.
The property is located in Puerto Rico's northeast region that includes 13
neighborhood/community shopping centers totaling approximately 4.3 million
square feet, with an average occupancy of 97.7%.
Within Bayamon there is an estimated 3.35 million square feet of retail space,
including convenience, neighborhood, community, large free standing and regional
shopping centers. Rents for anchor and in-line space within the property's
competitive area range from $7.00/sf to $11.00/sf (NNN) and $18.00/sf to
$60.00/sf (NNN), respectively. Lease terms for in-line space range from five to
ten years.
PROPERTY MANAGEMENT. The property is managed by MJS Realty Management Corp., an
affiliate of the Borrower.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
NUMBER SQUARE BASE % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE %
OF LEASES FEET % OF GLA RENT RENT SQUARE FEET % OF GLA BASE RENT OF BASE RENT
YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
- -------------------------------------------------------------------------------------------------------------------------
VACANT NAP 3,879 2.1% NAP NAP 3,879 2.1% NAP NAP
2004 & MTM 0 0 0.0 0 0.0% 3,879 2.1% $ 0 0.0%
2005 0 0 0.0 0 0.0 3,879 2.1% $ 0 0.0%
2006 0 0 0.0 0 0.0 3,879 2.1% $ 0 0.0%
2007 3 5,308 2.8 172,363 3.5 9,187 4.9% $ 172,363 3.5%
2008 1 6,300 3.3 152,000 3.1 15,487 8.2% $ 324,363 6.5%
2009 0 0 0.0 0 0.0 15,487 8.2% $ 324,363 6.5%
2010 0 0 0.0 0 0.0 15,487 8.2% $ 324,363 6.5%
2011 0 0 0.0 0 0.0 15,487 8.2% $ 324,363 6.5%
2012 29 81,937 43.4 2,596,920 52.2 97,424 51.6% $2,921,283 58.7%
2013 6 24,600 13.0 680,500 13.7 122,024 64.6% $3,601,783 72.4%
2014 1 18,066 9.6 597,300 12.0 140,090 74.1% $4,199,083 84.4%
AFTER 4 48,840 25.9 773,677 15.6 188,930 100.0% $4,972,760 100.0%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL 44 188,930 100.0% $4,972,760 100.0%
- -------------------------------------------------------------------------------------------------------------------------
(1) Certain information from the Rexville Towne Center loan appraisal dated
May 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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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
REXVILLE TOWNE CENTER
- --------------------------------------------------------------------------------
[2 MAPS INDICATING LOCATION OF REXVILLE TOWNE CENTER OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
REXVILLE TOWNE CENTER
- --------------------------------------------------------------------------------
[SITE MAP OF REXVILLE TOWNE CENTER OMITTED]
Note: This exhibit is provided for illustrative purposes. The actual building
area is not necessarily drawn to scale.
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
HARBOUR LIGHTS APARTMENT
- --------------------------------------------------------------------------------
[3 PHOTOS OF HARBOUR LIGHTS APARTMENT OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
HARBOUR LIGHTS APARTMENT
- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- -----------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $25,000,000
CUT-OFF PRINCIPAL BALANCE: $25,000,000
% OF POOL BY IPB: 2.2%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Harbour Lights Limited Partnership
SPONSOR: FDC Equities, Inc.
ORIGINATION DATE: 05/06/04
INTEREST RATE: 4.4000%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 06/01/14
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 360 months
CALL PROTECTION: L(24),Def(92),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: No
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
Due to the loan-to-value ratio of the Harbour Lights Apartment Loan, no escrows
were required.
PROPERTY INFORMATION
- -----------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Multifamily - Garden
UNITS: 342
LOCATION: Huntington Beach, CA
YEAR BUILT/RENOVATED: 1970/2002
OCCUPANCY: 90.1%
OCCUPANCY DATE: 04/20/04
HISTORICAL NOI:
2002: $ 3,182,324
2003: $ 3,234,548
TTM AS OF 03/31/04: $ 3,200,348
UW NOI: $ 2,968,726
UW NET CASH FLOW: $ 2,891,776
APPRAISED VALUE: $47,400,000
APPRAISAL DATE: 03/17/04
FINANCIAL INFORMATION
- -----------------------------------------
CUT-OFF DATE LOAN/UNIT: $73,099
CUT-OFF DATE LTV: 52.7%
MATURITY LTV: 42.5%
UW DSCR: 1.92x
- ------------------------------------------------------------------------------------------------------------------------------------
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 BEDROOM/1 BATHROOM 120 746 89,472 21.0% $1,210 $1,195
2 BEDROOM/ 2 BATHROOM 168 1,100 184,800 53.2% $1,445 $1,450
2 BEDROOM/ 2 BATHROOM + DEN 54 1,351 72,954 25.8% $1,625 $1,625
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/AVERAGE 342 1,015 347,226 100.0% $1,391 $1,388
- ------------------------------------------------------------------------------------------------------------------------------------
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
HARBOUR LIGHTS APARTMENT
- --------------------------------------------------------------------------------
THE LOAN. The Harbour Lights Apartment loan is secured by a first mortgage
interest in a garden style apartment complex consisting of 342 units on
approximately 8.4 acres.
THE BORROWER. The borrower is Harbour Lights Limited Partnership. The borrower
is a single purpose entity that is controlled by FDC Equities, Inc., which is
engaged in asset management, real estate syndication and partnership
administration. FDC Equities is the General Partner of 29 limited partnerships,
which comprise over 1,100 investors. These partnerships own apartment complexes
located in central and southern California, which comprise 3,485 apartment units
with a value in excess of $280 million. FDC Equities holds equity portions in
the partnerships as General Partner with percentage interests ranging from 1% to
50%. During 1994 and 1995, FDC was involved in the acquisition, development and
syndication of projects comprising over 890 apartment units and raised more than
$8.5 million in equity capital for such acquisitions.
FDC Equities, Inc. is the successor company to Fredricks Development
Corporation. During the 1970s and 1980s, Fredricks constructed over 15,000
residential units in Southern California while syndicating more than thirty
apartment projects and raising more than $56 million in equity capital.
THE PROPERTY. The Harbour Lights Apartments property is located in Huntington
Beach, California. The Harbour Lights apartment complex consists of 342 units
and is currently 90.1% occupied. Unit amenities include private decks and
patios, walk-in closets, air conditioning and central heating, dishwashers, and
refrigerators. Property amenities include elevators, heated pool and spa,
fitness center, landscaped grounds, covered parking, clubhouse, and laundry
facilities.
THE MARKET(1). The Harbour Lights Apartments are located in Huntington Beach,
California, which is a part of Orange County. The property is located on
Saybrook Lane and includes frontage on both Boardwalk Drive and Pickwick Circle.
The neighborhood is located in the northwestern section of the city of
Huntington Beach in the Huntington Harbour area. Interstate 405 and Pacific
Coast Highway 1 provide efficient access to the area. Additionally, it is 25
miles from Los Angeles International Airport.
The complex is part of a neighborhood about 1/4 mile east of Huntington Harbour
and is near the Pacific Ocean. The immediate neighborhood consists largely of
multifamily properties, single-family homes, and condos. The Harbour View Park
and the Harbour View Elementary School are located to the north of the property.
Huntington Harbour Mall, which consists of retail and office space, is to the
south.
Information provided by REIS identifies the property as part of the Orange
County/Huntington Beach submarket. The populations within the 1-, 3-, and 5-mile
radii of the property were 20,161, 74,468, and 276,236, respectively in 2003.
The Orange County multifamily market contains 194,495 units across 1,428 total
properties. Vacancy rates at competitive properties in this market are found to
be 4.2% on average.
PROPERTY MANAGEMENT. The manager of Harbour Lights is FDC Management, Inc, an
affiliate of the borrower. FDC Management Inc. is a 12-year old company that
manages over 4,000 apartment units in California.
- -------------------------------------------------------------------------------
(1) Certain information from Harbour Lights Apartment's appraisal dated March
17, 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-CIBC9
- --------------------------------------------------------------------------------
HARBOUR LIGHTS APARTMENT
- --------------------------------------------------------------------------------
[MAP INDICATING LOCATION OF HARBOUR LIGHTS APARTMENT OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CEDARVILLE WAREHOUSE
- --------------------------------------------------------------------------------
[2 PHOTOS OF CEDARVILLE WAREHOUSE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CEDARVILLE WAREHOUSE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $25,000,000
CUT-OFF PRINCIPAL BALANCE: $25,000,000
% OF POOL BY IPB: 2.2%
LOAN SELLER: CIBC Inc.
BORROWER: Cedarville II, Inc.
SPONSOR: Abdelrahman Ayyad
ORIGINATION DATE: 06/08/04
INTEREST RATE: 7.0200%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 07/01/14
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 240 months
REMAINING AMORTIZATION: 240 months
CALL PROTECTION: L(23),Def(93),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Springing
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
---------- -------
Tax: $ 258,968 $21,581
Insurance: $ 14,897 $ 3,724
CapEx: $ 5,204 $ 5,204
Engineering: $ 7,938 $ 0
GSA SLA Reserve:(1) $1,000,000 $ 0
GSA Work Reserve:(2) $ 77,915 $ 0
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Industrial - Warehouse/Distribution
SQUARE FOOTAGE: 624,502
LOCATION: Brandywine, MD
YEAR BUILT/RENOVATED: 1992
OCCUPANCY: 100.0%
OCCUPANCY DATE: 05/01/04
UW NOI: $ 3,116,338
UW NET CASH FLOW: $ 2,929,264
APPRAISED VALUE: $35,000,000
APPRAISAL DATE: 03/23/04
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $ 40
CUT-OFF DATE LTV: 71.4%
MATURITY DATE LTV: 48.7%
UW DSCR: 1.26x
- --------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE % OF BASE LEASE
TENANT NAME PARENT COMPANY S&P(3) FEET GLA RENT PSF EXPIRATION YEAR
- --------------------------------------------------------------------------------------------------------------------------------
REGENCY FURNITURE, INC. Regency Furniture, Inc. NAP 483,139 77.4% $ 5.28 2019
GENERAL SERVICES
ADMINISTRATION(4) United States Government Aaa/AAA 141,363 22.6% $ 6.54 2014
- --------------------------------------------------------------------------------------------------------------------------------
(1) The lender held back $1,000,000 at closing. The funds will be released to
the borrower when two General Services Administration lease amendments ("SLA 2
and SLA 3") are signed, the GSA provides satisfactory estoppels for SLA 2 and
SLA 3 and confirmation that the GSA will commence payment of rent on August 1,
2004 on the entire 141,363 square feet; provided, however, that if the GSA
commences payment of rent on a date other than August 1, 2004, the borrower is
required to provide evidence that GSA has actually commenced payment of rent as
set forth under SLA 3.
(2) The lender held back $77,915 at closing. The funds will be released to the
borrower when the GSA is in occupancy and paying rent on all of its 141,363
square feet, all work in connection with the construction under SLA 3 has been
completed and any required approval from the applicable government entity has
been issued with respect to the expansion premises, and GSA provides a
satisfactory estoppel confirming the foregoing matters.
(3) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(4) The General Services Administration ("GSA") currently leases 72,627 square
feet at $5.78/sf modified gross for 10 years that expires on November 30, 2013.
Although two supplemental lease agreements ("SLA 2" and "SLA 3") have not been
signed, they have been agreed to in principle by the GSA and are currently in
the final approval/signature process. Under SLA 2 and SLA 3, the GSA will
combine its initial 72,627 square feet with the expansion 68,736 square feet,
for a total of 141,363 square feet at a base rental rate of $6.54/sf modified
gross until January 31, 2014.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
CEDARVILLE WAREHOUSE
- --------------------------------------------------------------------------------
THE LOAN. The Cedarville Warehouse loan (the "Loan") is secured by a fee
interest in a 624,502 square foot industrial/warehouse prop erty located in
Brandywine, Maryland.
THE BORROWER. Cedarville II, Inc. (the "Borrower") is a single asset entity that
is 100% owned and controlled by Abdelrahman Ayyad. The ownership interest is
comprised of the three tenants in common: 7900 Cedarville Road, LLC (88.69%);
Trisun Brandywine LLC (5.54%); and SB Brandywine LLC (5.77%). 7900 Cedarville
Road, LLC is 100% owned and controlled by the principal, Abdelrahman Ayyad.
Mr. Ayyad is the founder and owner of Regency Furniture, Inc. ("Regency") and
has been in the furniture business since 1996. In 1998, Mr. Ayyad had opened
Regency's first store in Fairfax, Virginia and has since opened three other
Regency stores including the subject property, which serves as the corporate
headquarters and warehouse. Mr. Ayyad's real estate portfolio includes the
subject property, four assets in Maryland and six assets in Washington, D.C.
THE PROPERTY. Cedarville Warehouse is a 624,502 square foot industrial/warehouse
building situated on a 56.1 acre site in Brandywine, Maryland. The property,
which was constructed in 1992, has 147 working loading docks and a ceiling
height of 30.25 feet. In addition, the property has one drive-up dock located on
the east side of the building. Approximately 4% (24,980 square feet) of the
property's NRA consists of office finish.
The property is 89% leased, but 100% occupied by two tenants: Regency and the
General Services Administration ("GSA"). Regency leases 483,139 square feet or
77.4% of the NRA under a 15-year NNN lease at a rental rate of $5.28/sf with
3.0% annual increases. Regency's lease is personally guaranteed by Abdelrahman
Ayyad, the Borrower's sponsor. Regency's space could be subdivided for
multi-tenant use.
The GSA currently leases 72,627 square feet at $5.78/sf modified gross for 10
years that expires on November 30, 2013. Although two supplemental lease
agreements ("SLA 2" and "SLA 3") have not been signed, they have been agreed to
in principle by the GSA and are currently in the final approval/signature
process. As such, the lender held back $1,000,000, which will be released to the
Borrower upon the receipt of SLA 2 and SLA 3, and a satisfactory estoppel for
both SLA 2 and SLA 3 and confirmation that the GSA will commence paying rent on
August 1, 2004 on the entire 141,363 square feet. Lender held back $77,915,
which will be released to the Borrower upon the receipt of, and confirmation
that all work in connection with the construction under SLA 3 has been completed
and any required approval from the applicable government entity has been issued
with respect to the expansion premises, evidence that the GSA is in occupancy
and paying rent on all 141,363 square feet and an estoppel satisfactory to
lender confirming the foregoing matters. Under SLA 2 and SLA 3, the GSA will
combine its initial 72,627 square feet with the expansion 68,736 square feet,
for a total of 141,363 square feet at a base rental rate of $6.54/sf modified
gross until January 31, 2014. The GSA is responsible for the reimbursement of
real estate taxes and operating expenses over a base year. The GSA space is used
to store office equipment and supplies for the National Oceanic and Atmospheric
Administration.
Commencing January 31, 2013, one year prior to GSA's lease expiration, the
lender will institute a cash flow sweep. The cash flow sweep will cease with
funds remitted to the Borrower should the GSA renew its lease for a term no less
than five years or an acceptable replacement lease is entered into. Further, all
excess cash flow will be swept if the DSCR drops below 1.15x.
THE MARKET(1). The property is located in the Washington, D.C. Primary
Metropolitan Statistical Area ("PMSA"), which had a population of approximately
5.19 million people as of 2003. The property is located in Prince George's
County, 21 miles southeast of Washington D.C. Prince George's County is the
third most populated county in the PMSA with an estimated 2003 population of
830,419 people. The 2003 population within the 1-, 3- and 5-mile radii of the
property is 1,416, 17,382 and 54,440, respectively. The median household income
within the 1-, 3- and 5-mile radii of the property is $77,140, $67,674 and
$66,121, respectively, compared to the median household income for Prince
George's County of $60,273.
The property is located at the corner of Route 301 and Cedarville Road and has
good visibility from both arteries. Immediate access to the property is provided
by a single entrance off Cedarville Road on the south side of the Property. The
property has convenient access to southern Maryland and other parts of the
Washington, D.C. metropolitan area via Highway 301 and State Road 5. Highway
301, also known as Crain Road, is primarily an eight-lane road that traverses
the neighborhood in a north-south direction, providing access to Charles and St.
Mary's Counties to the south and Prince George's County and U.S. Route 50 to the
north. State Road 5 also provides north-south access to the area. This arterial
merges with Interstate 495 approximately 12 miles north of the property.
The Washington, D.C. industrial market is comprised of 30 submarkets that
include 142.8 million square feet with a 10.4% vacancy rate as of the fourth
quarter 2003. The subject's submarket of Prince George's County consists of 47.9
million square feet, with an overall vacancy rate of 11.5%. Asking rents for
industrial space in Prince George's County submarket average $6.71/psf as of the
fourth quarter of 2003. The property can be further classified as part of the
Brandywine/Upper Marlboro micro-market, which has a total inventory of 2,250,394
square feet in 19 buildings with a 3.9% vacancy rate.
PROPERTY MANAGEMENT. The property is managed by Santay Realty, LLC, an affiliate
of the Borrower.
- -------------------------------------------------------------------------------
(1) Based on information from the Cedarville Warehouse loan appraisal dated
March 23, 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-CIBC9
- --------------------------------------------------------------------------------
CEDARVILLE WAREHOUSE
- --------------------------------------------------------------------------------
[MAP INDICATING LOCATION OF CEDARVILLE WAREHOUSE OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
AVION MIDRISE III AND IV PORTFOLIO
- --------------------------------------------------------------------------------
[3 PHOTOS OF AVION MIDRISE III AND IV PORTFOLIO OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
- --------------------------------------------------------------------------------
AVION MIDRISE III AND IV PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $23,700,000
CUT-OFF PRINCIPAL BALANCE: $23,651,824
% OF POOL BY IPB: 2.1%
LOAN SELLER: CIBC Inc.
BORROWER: ARG at Avion II, LLC
SPONSOR: Advance Realty Group, LLC
ORIGINATION DATE: 03/31/04
INTEREST RATE: 5.5200%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 04/01/14
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 358 months
CALL PROTECTION: L(24),Def(90),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: Springing
ADDITIONAL DEBT: No
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Acquisition
- --------------------------------------------------------------------------------
ESCROWS
- --------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
--------- --------
Taxes: $ 106,473 $ 17,745
Insurance: $ 41,203 $ 3,434
CapEx: $ 2,384 $ 2,384
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Office - Suburban
SQUARE FOOTAGE: 143,011
LOCATION: Chantilly, VA
YEAR BUILT/RENOVATED: Avion III: 2003
Avion IV: 2001
OCCUPANCY: 100.0%
OCCUPANCY DATE: 06/01/04
NUMBER OF TENANTS: 2
HISTORICAL NOI:
2002: $ 1,514,868
2003: $ 1,131,079
TTM AS OF 10/31/03: $ 1,131,079
UW NOI: $ 2,386,135
UW NET CASH FLOW: $ 2,162,951
APPRAISED VALUE: $32,100,000
APPRAISAL DATE: 02/10/04
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $ 165
CUT-OFF DATE LTV: 73.7%
MATURITY DATE LTV: 61.7%
UW DSCR: 1.34x
- -------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
BASE LEASE
MOODY'S/ SQUARE % OF RENT EXPIRATION
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF YEAR
- -------------------------------------------------------------------------------------------------------------------------
LOCKHEED MARTIN CORP. Lockheed Martin Corp. Baa2/BBB 71,507 50.0% $ 20.35 2008
GENERAL SERVICES ADMINISTRATION United States Government Aaa/AAA 71,504 50.0% $ 25.74 2012
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(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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AVION MIDRISE III AND IV PORTFOLIO
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THE LOAN. The Avion Midrise III & IV loan (the "Loan") is secured by a fee
interest in two office buildings comprising 143,011 square feet located in
Chantilly, Virginia.
THE BORROWER. ARG at Avion II, LLC (the "Borrower") is a single asset entity
owned by BOI II LLC, which is owned by BEDCAP Opportunity Investors, LLC (99%)
and Advance 200, Inc. (1%). Both of these entities are owned 100% by Advance
Realty Advisors, LLC, which is owned by Advance Realty Group, LLC, the
Borrower's sponsor.
Advance Realty Group is a full service real estate firm that develops, acquires,
leases and manages suburban office, flex, R&D, retail, and industrial
properties. Advance Realty Group owns 5.17 million square feet and manages an
additional 1.2 million square feet of commercial real estate in Northern and
Central New Jersey, Washington, D.C., Boston, and Philadelphia metropolitan
areas. Advance Realty Group has over 1.3 million square feet of office space
under ownership in the suburban Washington D.C. market, inclusive of seven
office/flex buildings encompassing 586,446 square feet in the Avion Business
Park (not including Avion Midrise III & IV).
THE PROPERTY. Avion Midrise III & IV consists of two, three-story office
properties, together comprising 143,011 square feet (Avion Midrise III: 71,507
sf, Avion Midrise IV: 71,504 sf) located on a 11.39 acre parcel in Chantilly,
Virginia. The properties were constructed in 2001 (Avion Midrise IV) and 2003
(Avion Midrise III) and are situated in the Avion Business Park, a
master-planned community comprised of 23 properties situated on a 188-acre,
multi-use business campus comprised of office, R&D, and flex buildings. The
properties are 100% occupied by two investment grade tenants.
Avion Midrise III is fully occupied by Lockheed Martin Corp., rated "BBB" by S&P
and "Baa2" by Moody's. Lockheed Martin Corp. is the world's largest defense
contractor, with principal businesses including Electronic Systems, Space
Systems, Aeronautics, Integrated Systems and Solutions, and IT Services.
Lockheed Martin Corp. is subject to a 5-year lease expiring on September 30,
2008 with one, 4-year extension option.
Lockheed Martin Corp. has a one-time early termination option on October 31,
2006 with a nine-month notice provision and a $2,367,925 ($33.11/sf)
cancellation fee, which is equal to approximately 17 months of debt service. In
addition, in the event that Lockheed Martin provides notice of lease
termination, the lender will sweep all excess cash flow. Together, the
cancellation fee and the cash flow sweep would provide approximately $3,036,622
or $42.47/sf.
Avion Midrise IV is fully occupied by the General Services Administration (the
"GSA"), rated "AAA" by S&P and "Aaa" by Moody's. The GSA is one of three central
management agencies that set Federal policy in such areas as Federal
procurement, real property management, and information resource management. The
space is occupied by the Drug Enforcement Agency. The GSA is subject to a
10-year lease expiring on January 31, 2012 with two, 5-year extension options.
The Loan is structured with a cash flow sweep that will spring twelve months
prior to the expiration of either tenant's lease, provided that the tenant does
not extend or is not replaced. As a result of the all-excess cash flow sweep,
approximately $1.2 million ($16.60/sf) will be available on September 30, 2008
and approximately $1.8 million ($25.22/sf) available on January 31, 2012 to
re-tenant the Lockheed Martin and the GSA spaces, respectively, if the tenants
vacate.
Releases of individual properties are permitted subject to defeasance of 125% of
the allocated loan amount and a minimum DSCR of 1.25x on the remaining exposure
post release.
THE MARKET(1). The properties are located in the Washington, D.C. Primary
Metropolitan Statistical Area ("PMSA"), which has a population of approximately
5.22 million people as of 2003. The properties are located in Fairfax County,
the most populated county in the PMSA with approximately one million people. The
properties are located approximately 18 miles west of downtown Washington, D.C.,
along the southern border of Dulles International Airport. According to ESRI
BIS, Chantilly had an estimated 2003 population of 45,067 and median household
income of $100,534 per year.
The Northern Virginia office market consists of approximately 157 million square
feet spread across 6 submarkets, with Reston/Herndon being the largest at over
27 million square feet, with a vacancy rate of 13.2% and average asking rents of
$24.73/sf (modified gross) as of 4th quarter 2003. In 2003 the Northern Virginia
Office market had a positive absorption of approximately 5 million square feet.
The properties are located in the Route 28 South submarket, which is also known
as Dulles South. The submarket consists of 113 office buildings containing 8.2
million square feet of office inventory, of which 2.2 million square feet is
Class "A" space. During 2003, the direct vacancy rate for the Route 28 South
submarket was 16.50%, however, the 16 Class "A" buildings (including the
Properties) in the Route 28 South submarket had an overall vacancy rate of 4.3%.
The properties are located within the Avion Business Park, which is currently
98.1% occupied. The Avion Business Park has excellent visibility and access from
Lee Jackson Memorial Highway (Route 50), a six-lane thoroughfare serving as the
main east/west route in the Properties' immediate area. Secondary access is
available via Stonecroft Boulevard on the west side of the park. I-66 is located
approximately six miles east and provides direct access to the Capital Beltway
(I-95 and I-495) and addition to downtown Washington, D.C. In addition, Route
28, located approximately 1/4 mile east of the subject, provides access to
Dulles International Airport.
PROPERTY MANAGEMENT. The property is managed by Advance Realty Management, Inc.,
an affiliate of the Borrower.
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(1) Certain information from the Avion III & IV Loan appraisals dated February
10, 2004, unless otherwise stated. The appraisal relies upon many assumptions,
and no representation is made as to the accuracy of any of the assumptions
underlying the appraisals.
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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AVION MIDRISE III AND IV PORTFOLIO
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[MAP INDICATING LOCATION OF AVION MIDRISE III AND IV PORTFOLIO OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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RIDGEMONT APARTMENTS AND MOUNTAIN BROOK APARTMENTS
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[4 PHOTOS OF RIDGEMONT APARTMENTS AND MOUNTAIN BROOK APARTMENTS OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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RIDGEMONT APARTMENTS AND MOUNTAIN BROOK APARTMENTS
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MORTGAGE LOAN INFORMATION
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ORIGINAL PRINCIPAL BALANCE: $16,925,000
CUT-OFF PRINCIPAL BALANCE: $16,925,000
% OF POOL BY IPB: 1.5%
LOAN SELLER: CIBC Inc.
BORROWER: Ridge Mountain, LLC
SPONSOR: John Gosnell
ORIGINATION DATE: 05/07/04
INTEREST RATE: 6.3600%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 06/01/14
AMORTIZATION TYPE: Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 360 months
CALL PROTECTION: L(24),Def(92),O(4)
CROSS-COLLATERALIZATION: No
LOCK BOX: No
ADDITIONAL DEBT: $1,075,000
ADDITIONAL DEBT TYPE: B-Note
LOAN PURPOSE: Acquisition
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ESCROWS
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ESCROWS/RESERVES: INITIAL MONTHLY
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Taxes: $252,207 $25,221
Insurance: $ 15,697 $ 5,232
CapEx: $ 10,542 $10,542
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PROPERTY INFORMATION
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SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Multifamily - Garden
UNITS: 506
LOCATION: Various, TN
YEAR BUILT/RENOVATED: 1987 - 1988
OCCUPANCY: 92.5%
OCCUPANCY DATE: 03/22/04
HISTORICAL NOI:
2002: $ 1,444,244
2003: $ 1,517,562
TTM AS OF 02/29/04: $ 1,505,364
UW NOI: $ 1,676,141
UW NET CASH FLOW: $ 1,549,641
APPRAISED VALUE: $21,500,000
APPRAISAL DATE: 03/16/04
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FINANCIAL INFORMATION
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CUT-OFF DATE LOAN/UNIT: $33,449
CUT-OFF DATE LTV: 78.7%
MATURITY LTV: 67.5%
UW DSCR: 1.22x
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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RIDGEMONT APARTMENTS AND MOUNTAIN BROOK APARTMENTS
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RIDGEMONT APARTMENTS MULTIFAMILY INFORMATION
APPROXIMATE
AVERAGE NET RENTABLE % OF TOTAL AVERAGE MONTHLY AVERAGE MONTHLY
UNIT MIX NO. OF UNITS UNIT SQUARE FEET SF SF RENT MARKET RENT
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1 BEDROOM/1 BATH 68 732 49,776 25.9% $498 $540
1 BEDROOM/1 BATH DELUXE 58 792 45,936 23.9% $517 $568
2 BEDROOM/2 BATH 68 946 64,328 33.5% $607 $655
2 BEDROOM/2 BATH DELUXE 32 1,005 32,160 16.7% $648 $700
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TOTAL/AVERAGE 226 850 192,200 100.0% $557 $604
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MOUNTAIN BROOK APARTMENTS MULTIFAMILY INFORMATION
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1 BEDROOM/1 BATH 72 732 52,704 22.3% $485 $505
1 BEDROOM/1 BATH DELUXE 98 792 77,616 32.8% $515 $530
2 BEDROOM/2 BATH 70 943 66,010 27.9% $564 $605
2 BEDROOM/2 BATH DELUXE 40 1,005 40,200 17.0% $653 $675
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TOTAL/AVERAGE 280 845 236,530 100.0% $539 $563
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THE LOAN. The Ridgemont Apartments and Mountain Brook Apartments loan (the
"Loan") is secured by a fee interest in two multifamily properties comprising
506 units, located in Red Bank and Chattanooga, Tennessee, respectively.
THE BORROWER. Ridge Mountain, LLC (the "Borrower") is a single asset entity
owned by John Gosnell, who owns four other multifamily properties totaling 568
units where he is involved in all aspects of the property ownership and
management.
THE PROPERTY. Ridgemont Apartments ("Ridgemont") is a 226 unit multifamily
property situated on a 23.51-acre parcel of land located on the southeast side
of Ashmore Avenue in Red Bank, Tennessee. Ridgemont is improved with 12, two-
and three-story buildings that were constructed in 1988. Ridgemont's amenities
include a leasing office/clubhouse, two laundry rooms, an exercise building that
contains a hot tub, and a swimming pool and basketball court.
Mountain Brook Apartments ("Mountain Brook") is a 280 unit multifamily property
situated on a 42.93-acre parcel of land located on the west side of Mountain
Creek Road in Chattanooga, Tennessee. Mountain Brook is improved with 19, two-
and three-story buildings that were constructed in 1987. Mountain Brook's
amenities include a swimming pool, tennis court, two laundry rooms and a leasing
office/ clubhouse that contains an exercise facility.
There are no releases permitted under the Loan documents.
THE MARKET(1). Ridgemont and Mountain Brook are located in the Chattanooga MSA
that has a current population of 468,000. The properties are located in Hamilton
County, which grew 7.8% between 1990 and 2000, and has a population of 307,896
as of 2000.
Ridgemont is located in the town of Red Bank, a predominantly suburban community
three miles north of the Chattanooga CBD. Interstates 24, 59 and 75, which
traverse Red Bank, provide access to the Chattanooga CBD. The population within
the 1-, 3- and 5-mile radii is 4,644, 32,106 and 87,566, respectively. The
median household income in the 1-, 3-, and 5 mile radii is $31,103, $32,488 and
$33,000, respectively.
Mountain Brook is located along North Runyon Drive, approximately six miles
north of the Chattanooga CBD, and is part of the greater Chattanooga-Georgia
MSA. The property is situated along the eastern base of Signal Mountain, which
is an upscale neighborhood in the City of Chattanooga. The population within the
1-, 3- and 5-mile radii is 4,817, 32,094 and 66,913, respectively. The median
household income in the 1-, 3-, and 5-mile radii is $36,732, $42,614 and
$40,294, respectively.
Both properties are located in predominantly residential areas comprised of
single-family residential homes, several multifamily rental complexes, and
several commercial properties. Both neighborhoods are between 50% and 75%
developed. Both properties are located in the North Chattanooga submarket, which
had a vacancy rate of 9.0% as of the 4th Quarter 2003 according to REIS.
PROPERTY MANAGEMENT. Ridgemont and Mountain Brook are self-managed.
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(1) Certain information from the Ridgemont Apartments and Mountain Brook
Apartments Loan appraisals dated March 16, 2004, unless otherwise stated. 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-CIBC9
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RIDGEMONT APARTMENTS AND MOUNTAIN BROOK APARTMENTS
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[MAP INDICATING LOCATION OF RIDGEMONT APARTMENTS AND
MOUNTAIN BROOK APARTMENTS OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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KINGS POINTE APARTMENTS
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[4 PHOTOS OF KINGS POINTE APARTMENTS OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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KINGS POINTE APARTMENTS
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MORTGAGE LOAN INFORMATION
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ORIGINAL PRINCIPAL BALANCE: $16,500,000
CUT-OFF PRINCIPAL BALANCE: $16,500,000
% OF POOL BY IPB: 1.5%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Kings Pointe Apartments, L.L.C.
SPONSOR: Charles F. Weber, Betty A. Weber
ORIGINATION DATE: 05/13/04
INTEREST RATE: 4.6700%
INTEREST ONLY PERIOD: 60 months
MATURITY DATE: 06/01/14
AMORTIZATION TYPE: IO-Balloon
ORIGINAL AMORTIZATION: 360 months
REMAINING AMORTIZATION: 360 months
CALL PROTECTION: L(24),Def(92),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT: NAP
ADDITIONAL DEBT TYPE: NAP
LOAN PURPOSE: Refinance
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ESCROWS
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ESCROWS/RESERVES: INITIAL MONTHLY
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Taxes: $181,399 $18,140
Insurance: $ 17,805 $ 4,451
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PROPERTY INFORMATION
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SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Multifamily - Garden
UNITS: 244
LOCATION: Fayetteville, NC
YEAR BUILT/RENOVATED: 1998
OCCUPANCY: 100.0%
OCCUPANCY DATE: 02/29/04
HISTORICAL NOI:
2002: $ 1,782,076
2003: $ 1,758,760
UW NOI: $ 1,605,959
UW NET CASH FLOW: $ 1,551,984
APPRAISED VALUE: $22,525,000
APPRAISAL DATE: 03/26/04
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FINANCIAL INFORMATION
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CUT-OFF DATE LOAN/UNIT: $67,623
CUT-OFF DATE LTV: 73.3%
MATURITY LTV: 67.2%
UW DSCR: 1.52x
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MULTIFAMILY INFORMATION
APPROXIMATE
AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE MONTHLY AVERAGE MONTHLY
UNIT MIX NO. OF UNITS SQUARE FEET SF SF ASKING RENT MARKET RENT
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1 Bedroom/1 Bathroom 60 836 50,160 18.9% $714 $714
2 Bedroom/ 2 Bathroom 158 1,157 182,806 68.8% $823 $823
3 Bedroom/ 2 Bathroom 26 1,255 32,630 12.3% $907 $907
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TOTAL/AVERAGE 244 1,089 265,596 100.0% $805 $805
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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KINGS POINTE APARTMENTS
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THE LOAN. The Kings Pointe Apartments loan is secured by a first mortgage
interest on a class A garden style apartment community consisting of 244 units
on approximately 15.8 acres.
THE BORROWER. The borrower is Kings Pointe Apartments, L.L.C. The borrower is a
single purpose entity that is controlled by Chuck and Betty Webber. Chuck Webber
is a local developer currently owning and operating 3 multifamily projects in
the Fayetteville area, and has been in the real estate field for over 30 years.
Additionally Mr. Webber has been a builder since 1998 and has developed
multifamily and office units, as well as a 528 unit condominium complex in that
time.
THE PROPERTY. The Kings Pointe Apartments property is located in Fayetteville,
North Carolina. The Kings Pointe apartment complex is comprised of ten
three-story buildings totaling 244 units with nine different floor plan options.
The property was built in 1998 and is currently 100.0% occupied. Unit amenities
include built in entertainment center, built in computer desk, washer/dryer
combination, dishwasher, refrigerator, and gas log fireplace. Property amenities
include a swimming pool, fitness center with trainers, and lakeside setting.
THE MARKET. The Kings Pointe Apartments property is located in Fayetteville,
Cumberland County, North Carolina on the east side of Westlake Road, north of
its intersection with Morganton Road. The main entrance to the property is off
of Westlake Road. There is a traffic signal at the intersection of Morganton
Road and Westlake allowing easy access to the property. The property is located
on Westlake Road in the western part of the city, 1.5 miles west of Cross Creek
Mall and 4 miles east of Fort Bragg military base. Morganton Road and Interstate
401 provide access to the area, and serve as major throughways to the Cross
Creek retail corridor.
The subject is located in the residential corridor of Fayetteville, serving Fort
Bragg and the city of Fayetteville. There are currently approximately 10,711
units in the Fayetteville market as of January 2004, with the central mid-town
submarket contributing approximately 60.0% or approximately 6,396 units. The
average occupancy rate for the Fayetteville market as of January 2004 was
approximately 93.6% and approximately 96.0% for the submarket. The average
household income within a 5-mile radius of the subject property as of 2003 was
approximately $53,592.The comparable properties report occupancy rates of
approximately 98.0% to approximately 100.0%. The subject's current occupancy is
100.0%.
PROPERTY MANAGEMENT. The manager of Kings Pointe Apartments is Morganton
Development, which is owned by the borrower. Morganton Development has managed
multifamily properties since 1990 and currently manages over 650 units.
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KINGS POINTE APARTMENTS
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[MAP INDICATING LOCATION OF KINGS POINTE APARTMENTS OMITTED]
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STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2004-CIBC9
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KINGS POINTE APARTMENTS
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[SITE MAP OF KINGS POINTE APARTMENTS OMITTED]
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