CMBS NEW ISSUE TERM SHEET
$782,927,364 (APPROXIMATE OFFERED CERTIFICATES)
$1,155,167,991 (APPROXIMATE TOTAL COLLATERAL BALANCE)
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2004-3
OFFERED CLASSES A-1, A-2, A-3, A-4, A-5, B, C, D AND E CERTIFICATES
BANK OF AMERICA, N.A.
MORTGAGE LOAN SELLER
BANK OF AMERICA, N.A.
MASTER SERVICER
MIDLAND LOAN SERVICES, INC.
SPECIAL SERVICER
JUNE 2004
THIS MATERIAL IS FOR YOUR PRIVATE INFORMATION AND NONE OF BANC OF AMERICA
SECURITIES LLC, BEAR, STEARNS & CO. INC. AND GOLDMAN, SACHS & CO. (COLLECTIVELY,
THE "UNDERWRITERS") IS SOLICITING ANY ACTION BASED UPON IT. THIS MATERIAL IS NOT
TO BE CONSTRUED AS AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY
SECURITY IN ANY JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE
ILLEGAL. NONE OF THE UNDERWRITERS NOR ANY OF THEIR AFFILIATES HAS CONDUCTED ANY
INDEPENDENT REVIEW OF THE INFORMATION CONTAINED HEREIN, AND NONE OF THE
UNDERWRITERS NOR ANY OF THEIR AFFILIATES REPRESENT THAT SUCH INFORMATION IS
ACCURATE OR COMPLETE AND THE INFORMATION SHOULD NOT BE RELIED UPON AS SUCH. BY
ACCEPTING THIS MATERIAL THE RECIPIENT AGREES THAT IT WILL NOT DISTRIBUTE OR
PROVIDE THE MATERIAL TO ANY OTHER PERSON. THE INFORMATION CONTAINED IN THIS
MATERIAL MAY PERTAIN TO SECURITIES THAT ULTIMATELY ARE NOT SOLD. THE INFORMATION
CONTAINED IN THIS MATERIAL MAY BE BASED ON ASSUMPTIONS REGARDING MARKET
CONDITIONS AND OTHER MATTERS AS REFLECTED HEREIN. THE UNDERWRITERS MAKE NO
REPRESENTATION REGARDING THE REASONABLENESS OF SUCH ASSUMPTIONS OR THE
LIKELIHOOD THAT ANY OF SUCH ASSUMPTIONS WILL COINCIDE WITH ACTUAL MARKET
CONDITIONS OR EVENTS, AND THIS MATERIAL SHOULD NOT BE RELIED UPON FOR SUCH
PURPOSES. THE UNDERWRITERS AND THEIR AFFILIATES, OFFICERS, DIRECTORS, PARTNERS
AND EMPLOYEES, INCLUDING PERSONS INVOLVED IN THE PREPARATION OR ISSUANCE OF THIS
MATERIAL MAY, FROM TIME TO TIME, HAVE LONG OR SHORT POSITIONS IN, AND BUY AND
SELL, THE SECURITIES MENTIONED THEREIN OR DERIVATIVES THEREOF (INCLUDING
OPTIONS). THIS MATERIAL MAY BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
(THE "SEC") AND INCORPORATED BY REFERENCE INTO AN EFFECTIVE REGISTRATION
STATEMENT PREVIOUSLY FILED WITH THE SEC UNDER RULE 415 OF THE SECURITIES ACT OF
1933, AS AMENDED INCLUDING ALL CASES WHERE THE MATERIAL DOES NOT PERTAIN TO
SECURITIES THAT ARE ULTIMATELY OFFERED FOR SALE PURSUANT TO SUCH REGISTRATION
STATEMENT. INFORMATION CONTAINED IN THIS MATERIAL IS CURRENT AS OF THE DATE
APPEARING IN THIS MATERIAL ONLY. INFORMATION IN THIS MATERIAL REGARDING ANY
ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR INFORMATION
REGARDING SUCH ASSETS. ANY INFORMATION IN THE MATERIAL, WHETHER REGARDING THE
ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED
IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ANY FINAL PROSPECTUS AND
PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU, WHICH YOU SHOULD
READ BEFORE MAKING ANY INVESTMENT DECISION. THIS MATERIAL IS FURNISHED SOLELY BY
THE UNDERWRITERS AND NOT BY THE ISSUER OF THE SECURITIES. THE ISSUER OF THE
SECURITIES HAS NOT PREPARED, REVIEWED OR PARTICIPATED IN THE PREPARATION OF THIS
MATERIAL, IS NOT RESPONSIBLE FOR THE ACCURACY OF THIS MATERIAL AND HAS NOT
AUTHORIZED THE DISSEMINATION OF THIS MATERIAL. EACH OF THE UNDERWRITERS IS
ACTING AS AN UNDERWRITER AND NOT ACTING AS AN AGENT FOR THE ISSUER IN CONNECTION
WITH THE PROPOSED TRANSACTION.
Sole Lead Manager and Bookrunner
BANC OF AMERICA SECURITIES LLC
-------------
BEAR, STEARNS & CO. INC. GOLDMAN, SACHS & CO.
TABLE OF CONTENTS
Transaction Structure
Structure Overview .................................................. 1
Structure Schematic ................................................. 2
Transaction Terms ................................................... 3
Contact Information ................................................. 6
Mortgage Pool Characteristics
General Characteristics ............................................. 7
Property Type ....................................................... 8
Property Location ................................................... 9
Mortgage Pool Characteristics ....................................... 10
Prepayment Provision Based on Outstanding Principal Balance ......... 13
Ten Largest Mortgage Loans or Crossed Pool
U-Haul Portfolio .................................................... 15
Calpine Center....................................................... 20
17 State Street ..................................................... 26
Sun Communities - Scio Farms ........................................ 32
369 Lexington Avenue ................................................ 36
Sun Communities Portfolio 9 ......................................... 42
Quarters at Memorial ................................................ 46
Sun Communities Portfolio 8 (cross-collateralized) .................. 51
Sun Communities - Arbor Terrace (cross-collateralized) .............. 54
Extra Space Storage - East One Portfolio ............................ 57
St. Clair Estates Manufactured Home Community ....................... 63
Additional Mortgage Loan Information ................................... 68
[THIS PAGE INTENTIONALLY LEFT BLANK]
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
STRUCTURE OVERVIEW
- --------------------------------------------------------------------------------
OFFERED CERTIFICATES
EXPECTED APPROX.
RATINGS CERTIFICATE % OF ASSUMED
---------- BALANCE OR INITIAL APPROX. WEIGHTED PRINCIPAL FINAL
MOODY'S/ NOTIONAL POOL CREDIT AVERAGE WINDOW DISTRIBUTION
CLASS S&P AMOUNT (1) BALANCE (1) SUPPORT LIFE (YRS) (2) (MOS) (2) DATE (2) RATE TYPE
- ------------------------------------------------------------------------------------------------------------------------------
A-1 Aaa/AAA $ 23,000,000 1.991% 14.250% 1.258 1-29 12/10/2006 Fixed
- ----------------------------------------------------------------------------------------------------------------------------
A-2 Aaa/AAA $ 34,000,000 2.943% 14.250% 3.642 29-57 04/10/2009 Fixed
- ----------------------------------------------------------------------------------------------------------------------------
A-3 Aaa/AAA $125,000,000 10.821% 14.250% 5.558 57-81 04/10/2011 Fixed
- ----------------------------------------------------------------------------------------------------------------------------
A-4 Aaa/AAA $110,000,000 9.522% 14.250% 7.234 81-104 03/10/2013 Fixed
- ----------------------------------------------------------------------------------------------------------------------------
A-5 Aaa/AAA $414,397,485 35.873% 14.250% 9.723 104-118 05/10/2014 Fixed(3)
- ----------------------------------------------------------------------------------------------------------------------------
B Aa2/AA $ 28,879,200 2.500% 11.750% 10.022 119-124 11/10/2014 Fixed(3)
- ----------------------------------------------------------------------------------------------------------------------------
C Aa3/AA- $ 11,551,680 1.000% 10.750% 11.192 124-136 11/10/2015 WAC(4)
- ----------------------------------------------------------------------------------------------------------------------------
D A2/A $ 24,547,319 2.125% 8.625% 11.613 136-144 07/10/2016 WAC(4)
- ----------------------------------------------------------------------------------------------------------------------------
E A3/A- $ 11,551,680 1.000% 7.625% 11.989 144-144 07/10/2016 WAC(4)
- ------------------------------------------------------------------------------------------------------------------------------
NON-OFFERED CERTIFICATES
EXPECTED APPROX.
RATINGS CERTIFICATE % OF ASSUMED
----------- BALANCE OR INITIAL APPROX. WEIGHTED PRINCIPAL FINAL
MOODY'S/ NOTIONAL POOL CREDIT AVERAGE WINDOW DISTRIBUTION
CLASS S&P AMOUNT (1) BALANCE (1) SUPPORT LIFE (YRS) (2) (MOS) (2) DATE (2) RATE TYPE
- ------------------------------------------------------------------------------------------------------------------------------
A-1A Aaa/AAA $ 284,159,066 24.599% 14.250% 7.748 1-119 06/10/2014 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
F Baa1/BBB+ $ 15,883,560 1.375% 6.250% 11.989 144-144 07/10/2016 WAC(4)
- ------------------------------------------------------------------------------------------------------------------------------
G Baa2/BBB $ 11,551,680 1.000% 5.250% 11.989 144-144 07/10/2016 WAC(4)
- ------------------------------------------------------------------------------------------------------------------------------
H Baa3/BBB- $ 15,883,560 1.375% 3.875% 11.989 144-144 07/10/2016 WAC(4)
- ------------------------------------------------------------------------------------------------------------------------------
J Ba1/BB+ $ 4,331,880 0.375% 3.500% 11.989 144-144 07/10/2016 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
K Ba2/BB $ 5,775,840 0.500% 3.000% 11.989 144-144 07/10/2016 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
L Ba3/BB- $ 5,775,840 0.500% 2.500% 11.989 144-144 07/10/2016 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
M B1/B+ $ 4,331,880 0.375% 2.125% 11.989 144-144 07/10/2016 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
N B2/B $ 2,887,920 0.250% 1.875% 11.989 144-144 07/10/2016 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
O B3/B- $ 2,887,920 0.250% 1.625% 11.989 144-144 07/10/2016 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
P NR/NR $ 18,771,480 1.625% 0.000% 14.623 144-179 06/10/2019 Fixed(5)
- ------------------------------------------------------------------------------------------------------------------------------
X Aaa/AAA $1,155,167,990 N/A N/A N/A N/A N/A Variable Rate(6)
- ------------------------------------------------------------------------------------------------------------------------------
(1) Subject to a variance of plus or minus 10%.
(2) As of the Cut-off Date, the Weighted Average Life, Principal Window and
Assumed Final Distribution Date were calculated assuming no prepayments
will be made on the Mortgage Loans prior to their related maturity dates
and/or anticipated repayment date and the other assumptions set forth
under "Yield and Maturity Considerations -- Yield Considerations" in the
prospectus supplement.
(3) The Class A-5 and Class B Certificates will accrue interest at either (i)
a fixed rate subject to a cap at the Weighted Average Net Mortgage Rate,
(ii) the Weighted Average Net Mortgage Rate or (iii) the Weighted Average
Net Mortgage Rate less a specified percentage.
(4) The Class C, Class D, Class E, Class F, Class G and Class H Certificates
will accrue interest at the Weighted Average Net Mortgage Rate. See
"Description of the Certificates -- Pass-Through Rates" in the prospectus
supplement.
(5) The Class A-1A, Class J, Class K, Class L, Class M, Class N, Class O and
Class P Certificates will accrue interest at a fixed rate subject to a cap
at the Weighted Average Net Mortgage Rate.
(6) The Class X Certificates will not have Certificate Balances and their
holders will not receive distributions of principal, but these holders are
entitled to receive payments of the aggregate interest accrued on the
Notional Amount of the Class X Certificates as described in the prospectus
supplement.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
1
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
STRUCTURE SCHEMATIC*
- --------------------------------------------------------------------------------
Class X(1)
------------------------------------------------
Class A-1 Aaa / AAA $23.00 MM
1.991%
------------------------------------------------
------------------------------------------------
Class A-2 Aaa / AAA $34.00 MM
2.943%
------------------------------------------------
------------------------------------------------
Class A-3 Aaa / AAA $125.00 MM
10.821%
------------------------------------------------
------------------------------------------------
Class A-4 Aaa / AAA $110.00 MM
9.522%
------------------------------------------------
------------------------------------------------
Class A-5 Aaa / AAA $414.39 MM
35.873%
------------------------------------------------
------------------------------------------------
Class A-1A(1) Aaa / AAA $284.15 MM
24.599%
------------------------------------------------
------------------------------------------------
Class B Aa2 / AA $28.87 MM
2.500%
------------------------------------------------
------------------------------------------------
Class C Aa3 / AA- $11.55 MM
1.000%
------------------------------------------------
------------------------------------------------
Class D A2 / A $24.54 MM
2.125%
------------------------------------------------
------------------------------------------------
Class E A3 / A- $11.55 MM
1.000%
------------------------------------------------
------------------------------------------------
Class F(1) Baa1 / BBB+ $15.88 MM
1.375%
------------------------------------------------
------------------------------------------------
Class G(1) Baa2 / BBB $11.55 MM
1.000%
------------------------------------------------
------------------------------------------------
Class H(1) Baa3 / BBB- $15.88 MM
1.375%
------------------------------------------------
------------------------------------------------
Class J(1) Ba1 / BB+ $4.33 MM
0.375%
------------------------------------------------
------------------------------------------------
Class K(1) Ba2 / BB $5.77 MM
0.500%
------------------------------------------------
------------------------------------------------
Class L(1) Ba3 / BB- $5.77 MM
0.500%
------------------------------------------------
------------------------------------------------
Class M(1) B1 / B+ $4.33 MM
0.375%
------------------------------------------------
------------------------------------------------
Class N(1) B2 / B $2.88 MM
0.250%
------------------------------------------------
------------------------------------------------
Class O(1) B3 / B- $2.88 MM
0.250%
------------------------------------------------
------------------------------------------------
Class P(1) NR / NR $18.77 MM
1.625%
------------------------------------------------
- ---------------
* Classes are not drawn to scale. Percentages are approximate percentages
of the Initial Pool balance as of the Cut-off Date.
(1) Offered privately pursuant to Rule 144A.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
2
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
TRANSACTION TERMS
- --------------------------------------------------------------------------------
NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE
MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT DATED JUNE 2004.
ISSUE TYPE Sequential pay REMIC. Class A-1, A-2, A-3, A-4,
A-5, B, C, D and E Certificates (collectively, the
"Offered Certificates") are offered publicly.
CUT-OFF DATE All Mortgage Loan characteristics are based on
balances as of the Cut-off Date, which is July 1,
2004 for all of the Mortgage Loans. All percentages
presented herein are approximate.
MORTGAGE POOL The Mortgage Pool consists of 94 Mortgage Loans (the
"Mortgage Loans") with an aggregate balance as of the
Cut-off Date of $1,155,167,991 (the "Initial Pool
Balance"). The Mortgage Loans are secured by 189
properties (the "Mortgaged Properties") located
throughout 38 states.
DEPOSITOR Banc of America Commercial Mortgage Inc.
MORTGAGE LOAN SELLERS Bank of America, N.A.
UNDERWRITERS Banc of America Securities LLC is acting as sole lead
manager and bookrunner with respect to all Classes of
Offered Certificates. Bear, Stearns & Co. Inc. and
Goldman, Sachs & Co. are acting as co-managers.
TRUSTEE Wells Fargo Bank, N.A.
MASTER SERVICER Bank of America, N.A.
SPECIAL SERVICER Midland Loan Services, Inc.
RATING AGENCIES Standard and Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc., ("S&P")
and Moody's Investors Service, Inc. ("Moody's").
DENOMINATIONS $10,000 minimum for Class A-1, A-2, A-3, A-4 and A-5
Certificates and $100,000 minimum for all other
Offered Certificates.
SETTLEMENT DATE On or about July 14, 2004.
SETTLEMENT TERMS Book-entry through DTC for all Offered Certificates.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
3
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
TRANSACTION TERMS
- --------------------------------------------------------------------------------
DISTRIBUTION DATE The 10th day of each month, or if such 10th day
is not a business day, the next succeeding business
day, commencing with respect to the Offered
Certificates in July 2004.
DETERMINATION DATE For any Distribution Date, the earlier of (i) the
sixth day of the month in which the related
Distribution Date occurs, or if such sixth day is not
a Business Day, then the immediately preceding
Business Day, and (ii) the fourth Business Day prior
to the related Distribution Date.
INTEREST DISTRIBUTIONS Each Class of Offered Certificates will be entitled
on each Distribution Date to interest accrued at its
Pass-Through Rate for such Distribution Date on the
outstanding Certificate Balance of such Class during
the prior calendar month. Interest will be
distributed on each Distribution Date in sequential
order of class designations with the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class A-1A and
Class X Certificates ranking pari passu in
entitlement to interest.
PRINCIPAL DISTRIBUTIONS Principal will be distributed on each Distribution
Date to the Class of Sequential Pay Certificates
outstanding with the earliest alphabetical numerical
Class designation until its Certificate Balance is
reduced to zero. Generally, the Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-5 Certificates will
only be entitled to receive distributions of
principal collected or advanced in respect of
Mortgage Loans in Loan Group 1 until the Certificate
Balance of the Class A-1A Certificates has been
reduced to zero, and the Class A-1A Certificates will
only be entitled to receive distributions of
principal collected or advanced in respect of
Mortgage Loans in Loan Group 2 until the Certificate
Balance of the Class A-1, Class A-2, Class A-3, Class
A-4 and Class A-5 Certificates has been reduced to
zero. If, due to losses, the Certificate Balances of
the Class B through Class P Certificates are reduced
to zero but any two or more of Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5 and/or Class A-1A
Certificates remain outstanding, payments of
principal to the outstanding Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5 and Class A-1A
Certificates will be made on a pro rata basis.
LOSSES To be applied first to Class P, then to the next most
subordinate Class of Sequential Pay Certificates,
etc.
PREPAYMENT PREMIUMS The manner in which any prepayment premiums received
during a particular Collection Period will be
allocated to one or more of the Classes of Offered
Certificates is described in the "Description of the
Certificates -- Distributions -- Distributions of
Prepayment Premiums" in the prospectus supplement.
ADVANCES Subject to certain limitations, including, but not
limited to, a recoverability determination, the
Master Servicer will be required to advance certain
principal, interest and other expenses. In the event
that the Master Servicer fails to make such advances,
the Trustee will be required to do so.
APPRAISAL REDUCTIONS Following the occurrence of: (1) any Mortgage Loan or
Whole Loan becoming a Modified Mortgage Loan; (2) any
Monthly Payment with respect to any Mortgage Loan or
Whole Loan remains unpaid for 60 days past the Due
Date for such payments; (3) the passage of 60 days
after the Special Servicer receives notice that the
mortgagor under such Mortgage Loan or Whole Loan
becomes the subject of bankruptcy, insolvency or
similar proceedings, which remain undischarged and
undismissed; (4) the passage of 60 days after the
Special
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
4
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
TRANSACTION TERMS
- --------------------------------------------------------------------------------
Servicer receives notice that a receiver or similar
official is appointed with respect to the related
Mortgaged Property; or (5) the related Mortgaged
Property becoming an REO Property, the Special
Servicer will obtain an appraisal on the property.
Advances of delinquent interest on the most
subordinate class or classes will be reduced to the
extent of the interest on the Appraisal Reduction
Amount. The Appraisal Reduction Amount will generally
be equal to the difference between (a) the scheduled
balance of the Mortgage Loan plus any unpaid advances
outstanding and other amounts payable with respect
thereto and (b) an amount equal to 90% of the
appraised value of the Mortgaged Property.
OPTIONAL TERMINATION The Master Servicer, the Special Servicer, and
certain Certificateholders will have the option to
terminate the trust, in whole but not in part, and
purchase the remaining assets of the Trust on or
after the Distribution Date on which the Stated
Principal Balance of the Mortgage Loans then
outstanding is less than 1% of the initial aggregate
pool balance. Such purchase price will generally be
at a price equal to the unpaid aggregate principal
balance of the Mortgage Loans (or fair market value
in the case of REO Properties), plus accrued and
unpaid interest and certain other additional trust
fund expenses.
CONTROLLING CLASS The most subordinate Class of Sequential Pay
Certificates with an outstanding Certificate Balance
at least equal to 25% of its initial Certificate
Balance (or, if no such Class satisfies such
criteria, the Class of Sequential Pay Certificates
with the then largest outstanding Class principal
balance).
ERISA The Offered Certificates are expected to be ERISA
eligible.
SMMEA The Offered Certificates are not expected to be
"mortgage-related securities" for the purposes of
SMMEA.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
5
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
CONTACT INFORMATION
- --------------------------------------------------------------------------------
BANC OF AMERICA SECURITIES LLC BEAR, STEARNS & CO. INC.
Bill Hale Craig Sedmak
(704) 388-1597 (Phone) (212) 272-4953 (Phone)
(704) 388-9677 (Fax) (917) 849-0223 (Fax)
bill.e.hale@bankofamerica.com csedmak@bear.com
Geordie Walker Tim Koltermann
(704) 388-1597 (Phone) (212) 272-4953 (Phone)
(704) 388-9677 (Fax) (917) 849-0223 (Fax)
geordie.r.walker@bankofamerica.com tkoltermann@bear.com
Chuck Mather Jignesh Patel
(704) 388-1597 (Phone) (212) 272-6184 (Phone)
(704) 388-9677 (Fax) (917) 849-0223 (Fax)
charles.mather@bankofamerica.com jignesh.patel@bear.com
GOLDMAN, SACHS & CO.
Rolf Edwards
(212) 902-5637 (Phone)
(212) 346-3594 (Fax)
rolf.edwards@gs.com
Scott Wisenbaker
(212) 902-2858 (Phone)
(212) 346-3594 (Fax)
scott.wisenbaker@gs.com
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
6
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE*
- --------------------------------------------------------------------------------
Three mortgage loans, representing 22.8% of the initial pool balance, are each
divided into a senior component and one or more subordinate components. Unless
otherwise stated, all references to the principal balance of each such mortgage
loan and related information (including cut-off balances, loan group balance,
debt service coverage ratios and loan-to-value ratios) is a reference to the
senior component only of such mortgage loan and accordingly, such ratios would
be lower (in the case of debt service coverage) or higher (in the case of
loan-to-value) if the subordinate components were included.
GENERAL CHARACTERISTICS MORTGAGE POOL LOAN GROUP 1 LOAN GROUP 2
Number of Mortgage Loans ................................................. 94 64 30
Number of Mortgaged Properties ........................................... 189 155 34
Aggregate Balance of all Mortgage Loans .................................. $1,155,167,991 $871,008,925 $284,159,066
Number of Balloon Payment Mortgage Loans(1) .............................. 89 61 28
Aggregate Balance of Balloon Payment Mortgage Loans(1) ................... $1,129,697,299 $851,025,602 $278,671,696
Number of Anticipated Repayment Date Mortgage Loans ...................... 1 1 0
Aggregate Balance of Anticipated Repayment Date Mortgage Loans ........... $6,393,323 $6,393,323 0
Number of Fully Amortizing Mortgage Loans ................................ 1 0 1
Aggregate Balance of Fully Amortizing Mortgage Loans ..................... $1,987,369 $0 $1,987,369
Number of Interest Only Mortgage Loans ................................... 3 2 1
Aggregate Balance of Interest Only Mortgage Loans ........................ $17,090,000 $13,590,000 $3,500,000
Minimum Balance .......................................................... $1,635,476 $1,635,476 $1,987,369
Maximum Balance .......................................................... $109,538,973 $109,538,973 $37,351,472
Average Balance .......................................................... $12,289,021 $13,609,514 $9,471,969
Number of Cross-Collateralized and Cross-Defaulted Loan Pools ............ 1 0 1
Maximum Balance for a Group of Cross-Collateralized and Cross-Defaulted
Mortgage Loans .......................................................... $27,920,000 $0 $27,920,000
Weighted Average LTV Ratio ............................................... 67.2% 63.8% 77.5%
Maximum LTV Ratio ........................................................ 80.9% 80.9% 80.7%
Minimum LTV Ratio ........................................................ 37.0% 37.5% 37.0%
Weighted Average DSCR .................................................... 1.62x 1.72x 1.29x
Maximum DSCR ............................................................. 2.84x 2.84x 1.65x
Minimum DSCR ............................................................. 1.15x 1.20x 1.15x
Weighted Average LTV at Maturity or Anticipated Repayment Date(2) ........ 57.8% 54.4% 68.3%
Range of Mortgage Loan Interest Rates .................................... 4.186%-6.664% 4.290%-6.664% 4.186%-6.327%
Weighted Average Mortgage Loan Interest Rate ............................. 5.443% 5.508% 5.241%
Range of Remaining Term to Maturity or Anticipated Repayment Date (months) 52 - 179 55 - 179 52 - 144
Weighted Average Remaining Term to Maturity or Anticipated Repayment Date
(months) ............................................................... 109 111 105
(1) Excludes mortgage loans that are Interest Only for their full term, Fully
Amortizing mortgage loans and the Anticipated Repayment Date Mortgage
Loan.
(2) Excludes the mortgage loans that are fully amortizing.
* The sum of aggregate percentage calculations may not equal 100% due to
rounding. Debt service coverage ratio was calculated based on net cash
flow unless otherwise noted in this term sheet.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
7
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE*
- --------------------------------------------------------------------------------
[PIE CHART OMITTED]
MORTGAGED PROPERTIES BY PROPERTY TYPE
Industrial 2.0%
Hotel 1.2%
Office 31.8%
Retail 12.8%
Multifamily 16.0%
Manufactured Housing 19.7%
Self Storage 16.5%
PROPERTY TYPE
WEIGHTED WEIGHTED WEIGHTED
NUMBER OF AGGREGATE % OF AVERAGE MIN/MAX AVERAGE MIN/MAX AVERAGE
MORTGAGED CUT-OFF DATE INITIAL POOL UNDERWRITING UNDERWRITING CUT-OFF DATE CUT-OFF DATE MORTGAGE
PROPERTY TYPE PROPERTIES BALANCE BALANCE DSCR DSCR LTV RATIO LTV RATIO RATE
- ------------------------------------------------------------------------------------------------------------------------------------
Office 25 $ 366,920,409 31.8% 1.74x 1.23x/2.28x 61.5% 44.6%/79.8% 5.348%
- ------------------------------------------------------------------------------------------------------------------------------------
Manufactured Housing 21 227,221,308 19.7 1.26x 1.20x/1.65x 77.9% 37.0%/80.9% 5.382%
- ------------------------------------------------------------------------------------------------------------------------------------
Self Storage 99 190,623,356 16.5 2.25x 1.23x/2.84x 54.4% 37.5%/80.0% 5.986%
- ------------------------------------------------------------------------------------------------------------------------------------
Multifamily 21 184,854,996 16.0 1.29x 1.15x/1.57x 76.0% 48.1%/80.0% 5.078%
- ------------------------------------------------------------------------------------------------------------------------------------
Retail 19 147,726,906 12.8 1.44x 1.25x/1.92x 71.8% 46.9%/79.9% 5.481%
- ------------------------------------------------------------------------------------------------------------------------------------
Anchored 11 100,062,956 8.7 1.48x 1.25x/1.92x 72.0% 46.9%/79.9% 5.474%
- ------------------------------------------------------------------------------------------------------------------------------------
Shadow Anchored 6 36,804,644 3.2 1.36x 1.26x/1.64x 71.1% 60.4%/79.8% 5.558%
- ------------------------------------------------------------------------------------------------------------------------------------
Unanchored 2 10,859,306 0.9 1.44x 1.35x/1.48x 71.6% 67.0%/73.7% 5.284%
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial 3 23,396,310 2.0 1.65x 1.28x/1.79x 64.8% 63.7%/67.8% 5.184%
- ------------------------------------------------------------------------------------------------------------------------------------
Hotel 1 14,424,707 1.2 1.58x 1.58x/1.58x 53.0% 53.0%/53.0% 6.309%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WTD AVG 189 $1,155,167,991 100.0% 1.62X 1.15X/2.84X 67.2% 37.0%/80.9% 5.443%
- ------------------------------------------------------------------------------------------------------------------------------------
* The sum of aggregate percentage calculations may not equal 100% due to
rounding. Debt service coverage ratio was calculated based on net cash
flow unless otherwise noted in this term sheet.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
8
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE*
- -------------------------------------------------------------------------------
[MAP OMITTED]
UTAH NORTH CAROLINA
2 properties 3 properties
$13,241,454 $19,988,417
1.1% of total 1.7% of total
MISSOURI SOUTH CAROLINA
2 properties 1 property
$2,772,671 $7,009,556
0.2% of total 0.6% of total
SOUTH DAKOTA GEORGIA
1 property 8 properties
$3,190,639 $26,015,950
0.3% of total 2.3% of total
NORTH DAKOTA FLORIDA
1 property 23 properties
$2,716,926 $89,111,522
0.2% of total 7.7% of total
IOWA KENTUCKY
1 property 1 property
$1,870,000 $2,708,337
0.2% of total 0.2% of total
MINNESOTA ALABAMA
2 properties 3 properties
$20,109,068 $8,638,027
1.7% of total 0.7% of total
ILLINOIS MISSISSIPPI
6 properties 1 property
$22,798,181 $166,360
2.0% of total 0.0% of total
MICHIGAN TENNESSEE
5 properties 5 properties
$91,624,950 $25,797,913
7.9% of total 2.2% of total
INDIANA LOUISIANA
5 properties 4 properties
$35,617,607 $14,046,111
3.1% of total 1.2% of total
OHIO TEXAS
2 properties 27 properties
$6,452,874 $210,332,973
0.6% of total 18.2% of total
PENNSYLVANIA OKLAHOMA
4 properties 1 property
$24,678,000 $480,596
2.1% of total 0.0% of total
NEW YORK KANSAS
4 properties 1 property
$136,342,202 $1,515,727
11.8% of total 0.1% of total
NEW HAMPSHIRE NEW MEXICO
1 property 1 property
$3,752,000 $720,894
0.3% of total 0.1$ of total
MASSACHUSETTS COLORADO
11 properties 4 properties
$36,529,936 $6,456,981
3.2% of total 0.6% of total
CONNECTICUT ARIZONA
1 property 14 properties
$20,916,858 $65,197,976
1.8% of total 5.6% of total
NEW JERSEY CALIFORNIA
6 properties 12 properties
$33,836,341 $85,556,196
2.9% of total 7.4% of total
DELAWARE NEVADA
1 property 11 properties
$2,710,354 $53,612,825
0.2% of total 4.6% of total
MARYLAND OREGON
3 properties 2 properties
$16,294,191 $16,052,002
1.4% of total 1.4% of total
VIRGINIA WASHINGTON
6 properties 3 properties
$27,732,220 $18,573,158
2.4% of total 1.6% of total
--------------------------------------------
(less than) 1.0% of Initial Pool Balance
1.0% - 5.0% of Initial Pool Balance
5.1% - 10.0% of Initial Pool Balance
(greater than) 10.0% of Initial Pool Balance
--------------------------------------------
PROPERTY LOCATION
WEIGHTED WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AVERAGE AVERAGE AVERAGE
MORTGAGED CUT-OFF DATE % OF INITIAL UNDERWRITING CUT-OFF DATE MORTGAGE
STATES PROPERTIES BALANCE POOL BALANCE DSCR LTV RATIO RATE
- -------------------------------------------------------------------------------------------------------------------
Texas 27 $ 210,332,973 18.2% 1.85x 59.2% 5.466%
- -------------------------------------------------------------------------------------------------------------------
New York 4 136,342,202 11.8 1.81x 59.3% 5.028%
- -------------------------------------------------------------------------------------------------------------------
Michigan 5 91,624,950 7.9 1.25x 78.9% 5.124%
- -------------------------------------------------------------------------------------------------------------------
Florida 23 89,111,522 7.7 1.66x 65.0% 5.875%
- -------------------------------------------------------------------------------------------------------------------
California+ 12 85,556,196 7.4 1.41x 71.5% 5.518%
- -------------------------------------------------------------------------------------------------------------------
Northern 2 7,576,170 0.7 1.47x 60.9% 5.257%
- -------------------------------------------------------------------------------------------------------------------
Southern 10 77,980,026 6.8 1.40x 72.5% 5.544%
- -------------------------------------------------------------------------------------------------------------------
Arizona 14 65,197,976 5.6 1.53x 69.2% 5.702%
- -------------------------------------------------------------------------------------------------------------------
Nevada 11 53,612,825 4.6 1.65x 65.2% 5.805%
- -------------------------------------------------------------------------------------------------------------------
Massachusetts 11 36,529,936 3.2 1.51x 76.3% 5.079%
- -------------------------------------------------------------------------------------------------------------------
Indiana 5 35,617,607 3.1 1.39x 77.8% 5.390%
- -------------------------------------------------------------------------------------------------------------------
New Jersey 6 33,836,341 2.9 1.42x 76.3% 5.215%
- -------------------------------------------------------------------------------------------------------------------
Others 71 317,405,463 27.5 1.59x 68.6% 5.513%
- -------------------------------------------------------------------------------------------------------------------
TOTAL/WTD AVG 189 $1,155,167,991 100.0% 1.62X 67.2% 5.443%
- -------------------------------------------------------------------------------------------------------------------
o THE MORTGAGED PROPERTIES ARE LOCATED THROUGHOUT 38 STATES.
* The sum of aggregate percentage calculations may not equal 100% due to
rounding. Debt service coverage ratio was calculated based on net cash flow
unless otherwise noted in this term sheet.
+ Northern California properties have a zip code greater than or equal to
93600. Southern California properties have a zip code less than 93600.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
9
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE*
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS
CUT-OFF DATE BALANCE ($)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
$1,635,476 -- $1,999,999 4 7,488,117 0.6
$2,000,000 -- $2,999,999 7 17,644,323 1.5
$3,000,000 -- $3,999,999 12 42,536,266 3.7
$4,000,000 -- $4,999,999 8 35,845,422 3.1
$5,000,000 -- $7,499,999 19 117,565,770 10.2
$7,500,000 -- $9,999,999 11 98,364,662 8.5
$10,000,000 -- $14,999,999 13 146,436,074 12.7
$15,000,000 -- $19,999,999 6 104,679,349 9.1
$20,000,000 -- $29,999,999 7 166,410,857 14.4
$30,000,000 -- $49,999,999 4 155,028,143 13.4
$50,000,000 -- $99,999,9999 2 153,630,036 13.3
$100,00,000 -- $109,538,973 1 109,538,973 9.5
- -------------------------------------------------------------
TOTAL 94 1,155,167,991 100.0
- -------------------------------------------------------------
Min: $1,635,476 Max: $109,538,973 Average: $12,289,021
STATE
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
Texas 27 210,332,973 18.2
New York 4 136,342,202 11.8
Michigan 5 91,624,950 7.9
Florida 23 89,111,522 7.7
California+ 12 85,556,196 7.4
Northern 2 7,576,170 0.7
Southern 10 77,980,026 6.8
Arizona 14 65,197,976 5.6
Nevada 11 53,612,825 4.6
Massachusetts 11 36,529,936 3.2
Indiana 5 35,617,607 3.1
New Jersey 6 33,836,341 2.9
Others 71 317,405,463 27.5
- -------------------------------------------------------------
TOTAL: 189 1,155,167,991 100.0
- -------------------------------------------------------------
PROPERTY TYPE
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
Office 25 366,920,409 31.8
Manufactured Housing 21 227,221,308 19.7
Self Storage 99 190,623,356 16.5
Multifamily 21 184,854,996 16.0
Retail 19 147,726,906 12.8
Anchored 11 100,062,956 8.7
Shadow Anchored 6 36,804,644 3.2
Unanchored 2 10,859,306 0.9
Industrial 3 23,396,310 2.0
Hotel 1 14,424,707 1.2
- -------------------------------------------------------------
TOTAL: 189 1,155,167,991 100.0
- -------------------------------------------------------------
MORTGAGE RATE (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
4.186% -- 4.499% 5 76,807,280 6.6
4.500% -- 4.749% 2 30,950,000 2.7
4.750% -- 4.999% 9 122,142,236 10.6
5.000% -- 5.249% 9 157,489,771 13.6
5.250% -- 5.499% 24 342,006,354 29.6
5.500% -- 5.749% 17 145,372,701 12.6
5.750% -- 5.999% 15 90,308,265 7.8
6.000% -- 6.249% 7 42,080,340 3.6
6.250% -- 6.499% 4 32,507,275 2.8
6.500% -- 6.664% 2 115,503,769 10.0
- -------------------------------------------------------------
TOTAL: 94 1,155,167,991 100.0
- -------------------------------------------------------------
Min: 4.186% Max: 6.664% Wtd Avg: 5.443%
- -------------------------------------------------------------
ORIGINAL TERM TO STATED MATURITY OR ARD (MOS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
60 -- 83 14 139,181,362 12.0
84 -- 99 10 160,617,210 13.9
100 -- 120 59 693,941,986 60.1
121 -- 179 9 139,627,432 12.1
180 2 21,800,000 1.9
- -------------------------------------------------------------
TOTAL: 94 1,155,167,991 100.0
- -------------------------------------------------------------
Min: 60 Max: 180 Wtd Avg: 112
- -------------------------------------------------------------
REMAINING TERM TO STATED MATURITY OR ARD (MOS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
52 -- 59 13 122,304,245 10.6
60 -- 79 2 20,067,756 1.7
80 -- 99 10 164,365,462 14.2
100 -- 109 1 6,740,678 0.6
110 -- 119 55 667,637,418 57.8
120 -- 139 7 46,016,010 4.0
140 -- 159 4 106,236,422 9.2
160 -- 179 2 21,800,000 1.9
- -------------------------------------------------------------
TOTAL: 94 1,155,167,991 100.0
- -------------------------------------------------------------
Min: 52 Max: 179 Wtd Avg: 109
- -------------------------------------------------------------
PREPAYMENT PROVISION SUMMARY
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
Lockout/Defeasance/Open 83 1,001,015,780 86.7
Lockout/Yield Maintenance/
Open 11 154,152,211 13.3
- -------------------------------------------------------------
TOTAL: 94 1,155,167,991 100.0
- -------------------------------------------------------------
CUT-OFF LOAN-TO-VALUE RATIO (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
37.0% -- 49.9% 6 270,151,649 23.4
50.0% -- 59.9% 6 53,469,046 4.6
60.0% -- 64.9% 9 57,088,447 4.9
65.0% -- 69.9% 8 47,628,996 4.1
70.0% -- 74.9% 23 205,129,622 17.8
75.0% -- 79.9% 34 395,221,876 34.2
80.0% -- 80.9% 8 126,478,354 10.9
- -------------------------------------------------------------
TOTAL: 94 1,155,167,991 100.0
- -------------------------------------------------------------
Min: 37.0% Max: 80.9% Wtd Avg: 67.2%
- -------------------------------------------------------------
LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
Fully Amortizing 1 1,987,369 0.2
29.6% -- 49.9% 10 305,178,003 26.4
50.0% -- 59.9% 22 158,550,573 13.7
60.0% -- 64.9% 20 184,561,113 16.0
65.0% -- 69.9% 27 300,191,784 26.0
70.0% -- 74.9% 11 145,011,148 12.6
75.0% -- 75.1% 3 59,688,000 5.2
- -------------------------------------------------------------
TOTAL: 94 1,155,167,991 100.0
- -------------------------------------------------------------
Min: 29.6% Max: 75.1% Wtd Avg: 57.8%(a)
- -------------------------------------------------------------
(a) Excludes the mortgage loans that are fully amortizing.
DEBT SERVICE COVERAGE RATIOS (X)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
1.15x -- 1.19x 2 9,875,833 0.9
1.20x -- 1.24x 18 249,305,971 21.6
1.25x -- 1.29x 17 174,284,801 15.1
1.30x -- 1.34x 13 116,782,597 10.1
1.35x -- 1.39x 12 95,589,357 8.3
1.40x -- 1.49x 11 128,737,229 11.1
1.50x -- 1.59x 8 49,325,940 4.3
1.60x -- 1.69x 4 26,105,300 2.3
1.70x -- 1.79x 1 7,639,865 0.7
1.80x -- 1.89x 2 20,588,198 1.8
1.90x -- 1.99x 3 13,763,891 1.2
2.00x -- 2.84x 3 263,169,009 22.8
- -------------------------------------------------------------
TOTAL: 94 1,155,167,991 100.0
- -------------------------------------------------------------
Min: 1.15x Max: 2.84x Wtd Avg: 1.62x
- -------------------------------------------------------------
* The sum of aggregate percentage calculations may not equal 100% due to
rounding. Debt service coverage ratio was calculated based on net cash flow
unless otherwise noted in this term sheet.
+ Northern California properties have a zip code greater than or equal to
93600. Southern California properties have a zip code less than 93600.
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
10
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE*
- --------------------------------------------------------------------------------
LOAN GROUP 1 CHARACTERISTICS
CUT-OFF DATE BALANCE ($)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
$1,635,476 -- $1,999,999 2 3,505,476 0.4
$2,000,000 -- $2,999,999 5 12,618,106 1.4
$3,000,000 -- $3,999,999 6 21,307,353 2.4
$4,000,000 -- $4,999,999 7 31,185,016 3.6
$5,000,000 -- $7,499,999 13 80,860,884 9.3
$7,500,000 -- $9,999,999 7 63,074,600 7.2
$10,000,000 -- $14,999,999 10 113,241,831 13.0
$15,000,000 -- $19,999,999 4 68,115,373 7.8
$20,000,000 -- $29,999,999 4 96,254,607 11.1
$30,000,000 -- $49,999,999 3 117,676,671 13.5
$50,000,000 -- $99,999,9999 2 153,630,036 17.6
$100,00,000 -- $109,538,973 1 109,538,973 12.6
- -------------------------------------------------------------
TOTAL 64 871,008,925 100.0
- -------------------------------------------------------------
Min: $1,635,476 Max: $109,538,973 Average: $13,609,514
- -------------------------------------------------------------
STATE
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
Texas 25 201,537,702 23.1
New York 3 118,778,227 13.6
California+ 10 63,981,804 7.3
Northern 2 7,576,170 0.9
Southern 8 56,405,634 6.5
Arizona 13 61,440,027 7.1
Nevada 11 53,612,825 6.2
Florida 17 50,998,297 5.9
Michigan 1 40,964,950 4.7
New Jersey 6 33,836,341 3.9
Massachusetts 10 33,029,936 3.8
Pennsylvania 4 24,678,000 2.8
Others 55 188,150,816 21.6
- -------------------------------------------------------------
TOTAL: 155 871,008,925 100.0
- -------------------------------------------------------------
PROPERTY TYPE
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
Office 25 366,920,409 42.1
Self Storage 99 190,623,356 21.9
Retail 19 147,726,906 17.0
Anchored 11 100,062,956 11.5
Shadow Anchored 6 36,804,644 4.2
Unanchored 2 10,859,306 1.2
Manufactured Housing 5 66,878,324 7.7
Multifamily 3 61,038,914 7.0
Industrial 3 23,396,310 2.7
Hotel 1 14,424,707 1.7
- -------------------------------------------------------------
TOTAL: 155 871,008,925 100.0
- -------------------------------------------------------------
MORTGAGE RATE (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
4.290% -- 4.499% 2 51,429,481 5.9
4.500% -- 4.749% 1 3,750,000 0.4
4.750% -- 4.999% 7 109,684,913 12.6
5.000% -- 5.249% 7 134,719,181 15.5
5.250% -- 5.499% 9 186,257,404 21.4
5.500% -- 5.749% 15 136,894,821 15.7
5.750% -- 5.999% 13 78,214,361 9.0
6.000% -- 6.249% 6 37,419,934 4.3
6.250% -- 6.499% 2 17,135,061 2.0
6.500% -- 6.664% 2 115,503,769 13.3
- -------------------------------------------------------------
TOTAL: 64 871,008,925 100.0
- -------------------------------------------------------------
Min: 4.290% Max: 6.664% Wtd Avg: 5.508%
- -------------------------------------------------------------
ORIGINAL TERM TO STATED MATURITY OR ARD (MOS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
60 -- 83 5 77,316,830 8.9
84 -- 99 6 106,410,321 12.2
100 -- 120 48 612,658,028 70.3
121 -- 179 3 52,823,746 6.1
180 2 21,800,000 2.5
- -------------------------------------------------------------
TOTAL: 64 871,008,925 100.0
- -------------------------------------------------------------
Min: 60 Max: 180 Wtd Avg: 113
- -------------------------------------------------------------
REMAINING TERM TO STATED MATURITY OR ARD (MOS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
55 -- 59 4 60,439,713 6.9
60 -- 79 1 16,877,117 1.9
80 -- 99 7 113,349,212 13.0
100 -- 109 1 6,740,678 0.8
110 -- 119 45 595,153,459 68.3
120 -- 139 3 15,683,796 1.8
140 -- 159 1 40,964,950 4.7
160 -- 179 2 21,800,000 2.5
- -------------------------------------------------------------
TOTAL: 64 871,008,925 100.0
- -------------------------------------------------------------
Min: 55 Max: 179 Wtd Avg: 111
- -------------------------------------------------------------
PREPAYMENT PROVISION SUMMARY
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
Lockout/Defeasance/Open 55 722,351,986 82.9
Lockout/Yield Maintenance/
Open 9 148,656,939 17.1
- -------------------------------------------------------------
TOTAL: 64 871,008,925 100.0
- -------------------------------------------------------------
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
37.5% -- 49.9% 4 266,169,009 30.6
50.0% -- 59.9% 6 53,469,046 6.1
60.0% -- 64.9% 7 49,830,499 5.7
65.0% -- 69.9% 8 47,628,996 5.5
70.0% -- 74.9% 21 191,669,216 22.0
75.0% -- 79.9% 15 206,643,806 23.7
80.0% -- 80.9% 3 55,598,354 6.4
- -------------------------------------------------------------
TOTAL: 64 871,008,925 100.0
- -------------------------------------------------------------
Min: 37.5% Max: 80.9% Wtd Avg: 63.8%
- -------------------------------------------------------------
LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
29.6% -- 49.9% 9 303,182,732 34.8
50.0% -- 59.9% 21 154,792,625 17.8
60.0% -- 64.9% 15 145,164,263 16.7
65.0% -- 69.9% 14 156,081,471 17.9
70.0% -- 74.9% 3 58,899,835 6.8
75.0% -- 75.1% 2 52,888,000 6.1
- -------------------------------------------------------------
TOTAL: 64 871,008,925 100.0
- -------------------------------------------------------------
Min: 29.6% Max: 75.1% Wtd Avg: 54.4%
- -------------------------------------------------------------
DEBT SERVICE COVERAGE RATIOS (X)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
1.20x -- 1.24x 9 166,637,097 19.1
1.25x -- 1.29x 10 72,177,094 8.3
1.30x -- 1.34x 8 62,619,844 7.2
1.35x -- 1.39x 11 92,089,357 10.6
1.40x -- 1.49x 9 110,969,875 12.7
1.50x -- 1.59x 5 37,236,766 4.3
1.60x -- 1.69x 3 24,117,930 2.8
1.70x -- 1.79x 1 7,639,865 0.9
1.80x -- 1.89x 2 20,588,198 2.4
1.90x -- 1.99x 3 13,763,891 1.6
2.00x -- 2.84x 3 263,169,009 30.2
- -------------------------------------------------------------
TOTAL: 64 871,008,925 100.0
- -------------------------------------------------------------
Min: 1.20x Max: 2.84x Wtd Avg: 1.72x
- -------------------------------------------------------------
* The sum of aggregate percentage calculations may not equal 100% due to
rounding. Debt service coverage ratio was calculated based on net cash flow
unless otherwise noted in this term sheet.
+ Northern California properties have a zip code greater than or equal to
93600. Southern California properties have a zip code less than 93600.
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
11
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE*
- --------------------------------------------------------------------------------
LOAN GROUP 2 CHARACTERISTICS
CUT-OFF DATE BALANCE ($)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
` LOANS BALANCE ($) POOL
- -------------------------------------------------------------
$1,987,369 -- $1,999,999 2 3,982,640 1.4
$2,000,000 -- $2,999,999 2 5,026,217 1.8
$3,000,000 -- $3,999,999 6 21,228,913 7.5
$4,000,000 -- $4,999,999 1 4,660,406 1.6
$5,000,000 -- $7,499,999 6 36,704,886 12.9
$7,500,000 -- $9,999,999 4 35,290,063 12.4
$10,000,000 -- $14,999,999 3 33,194,243 11.7
$15,000,000 -- $19,999,999 2 36,563,975 12.9
$20,000,000 -- $29,999,999 3 70,156,250 24.7
$30,000,000 -- $37,351,472 1 37,351,472 13.1
- -------------------------------------------------------------
TOTAL 30 284,159,066 100.0
- -------------------------------------------------------------
Min: $1,987,369 Max: $37,351,472 Average: $9,471,969
STATE
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
Michigan 4 $50,660,000 17.8%
Florida 6 38,113,225 13.4
Indiana 4 34,027,943 12.0
California+ 2 21,574,392 7.6
Southern 2 21,574,392 7.6
Virginia 1 20,316,250 7.1
Minnesota 1 19,000,000 6.7
Georgia 2 18,577,799 6.5
New York 1 17,563,975 6.2
Tennessee 2 14,960,000 5.3
Maryland 2 12,449,421 4.4
Others 9 36,916,061 13.0
- -------------------------------------------------------------
TOTAL: 34 284,159,066 100.0
- -------------------------------------------------------------
PROPERTY TYPE
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
Manufactured Housing 16 $160,342,984 56.4%
Multifamily 18 123,816,082 43.6
- -------------------------------------------------------------
TOTAL: 34 284,159,066 100.0
- -------------------------------------------------------------
MORTGAGE RATE (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
4.186% -- 4.499% 3 25,377,799 8.9
4.500% -- 4.749% 1 27,200,000 9.6
4.750% -- 4.999% 2 12,457,323 4.4
5.000% -- 5.249% 2 22,770,590 8.0
5.250% -- 5.499% 15 155,748,950 54.8
5.500% -- 5.749% 2 8,477,880 3.0
5.750% -- 5.999% 2 12,093,904 4.3
6.000% -- 6.249% 1 4,660,406 1.6
6.250% -- 6.327% 2 15,372,214 5.4
- -------------------------------------------------------------
TOTAL: 30 284,159,066 100.0
- -------------------------------------------------------------
Min: 4.186% Max: 6.327% Wtd Avg: 5.241%
- -------------------------------------------------------------
ORIGINAL TERM TO STATED MATURITY OR ARD (MOS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
60 -- 83 9 61,864,532 21.8
84 -- 99 4 54,206,889 19.1
100 -- 120 11 81,283,959 28.6
121 -- 144 6 86,803,686 30.5
- -------------------------------------------------------------
TOTAL: 30 284,159,066 100.0
- -------------------------------------------------------------
Min: 60 Max: 144 Wtd Avg: 108
- -------------------------------------------------------------
REMAINING TERM TO STATED MATURITY OR ARD (MOS)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
52 -- 59 9 61,864,532 21.8
60 -- 79 1 3,190,639 1.1
80 -- 99 3 51,016,250 18.0
110 -- 119 10 72,483,959 25.5
120 -- 139 4 30,332,214 10.7
140 -- 144 3 65,271,472 23.0
- -------------------------------------------------------------
TOTAL: 30 284,159,066 100.0
- -------------------------------------------------------------
Min: 52 Max: 144 Wtd Avg: 105
- -------------------------------------------------------------
PREPAYMENT PROVISION SUMMARY
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
Lockout/Defeasance/Open 28 278,663,795 98.1
Lockout/Yield Maintenance/
Open 2 5,495,271 1.9
- -------------------------------------------------------------
TOTAL: 30 284,159,066 100.0
- -------------------------------------------------------------
CUT-OFF DATE LOAN-TO-VALUE RATIO (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
37.0% -- 49.9% 2 3,982,640 1.4
60.0% -- 64.9% 2 7,257,949 2.6
70.0% -- 74.9% 2 13,460,406 4.7
75.0% -- 79.9% 19 188,578,070 66.4
80.0% -- 80.7% 5 70,880,000 24.9
- -------------------------------------------------------------
TOTAL: 30 284,159,066 100.0
- -------------------------------------------------------------
Min: 37.0% Max: 80.7% Wtd Avg: 77.5%
LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
Fully Amortizing 1 1,987,369 0.7
44.4% -- 49.9% 1 1,995,271 0.7
50.0% -- 59.9% 1 3,757,949 1.3
60.0% -- 64.9% 5 39,396,850 13.9
65.0% -- 69.9% 13 144,110,314 50.7
70.0% -- 74.9% 8 86,111,313 30.3
75.0% -- 75.1% 1 6,800,000 2.4
- -------------------------------------------------------------
TOTAL: 30 284,159,066 100.0
- -------------------------------------------------------------
Min: 44.4% Max: 75.1% Wtd Avg: 68.3%(a)
- -------------------------------------------------------------
(a) Excludes the mortgage loans that are fully amortizing.
DEBT SERVICE COVERAGE RATIOS (X)
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
1.15x -- 1.19x 2 9,875,833 3.5
1.20x -- 1.24x 9 82,668,874 29.1
1.25x -- 1.29x 7 102,107,707 35.9
1.30x -- 1.34x 5 54,162,753 19.1
1.35x -- 1.39x 1 3,500,000 1.2
1.40x -- 1.49x 2 17,767,355 6.3
1.50x -- 1.59x 3 12,089,175 4.3
1.60x -- 1.65x 1 1,987,369 0.7
- -------------------------------------------------------------
TOTAL: 30 284,159,066 100.0
- -------------------------------------------------------------
Min: 1.15x Max: 1.65x Wtd Avg: 1.29x
- -------------------------------------------------------------
* The sum of aggregate percentage calculations may not equal 100% due to
rounding. Debt service coverage ratio was calculated based on net cash flow
unless otherwise noted in this term sheet.
+ Northern California properties have a zip code greater than or equal to
93600. Southern California properties have a zip code less than 93600.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
12
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
PREPAYMENT PROVISION BASED ON OUTSTANDING PRINCIPAL BALANCE
PREPAYMENT PROVISIONS(1)(2)(3) JULY-04 JULY-05 JULY-06 JULY-07 JULY-08 JULY-09 JULY-10
- ------------------------------------------------------------------------------------------------------------------------------------
Lockout/Defeasance 100.00% 100.00% 90.44% 89.50% 85.73% 86.48% 84.84%
Yield Maintenance(4) 0.00% 0.00% 9.56% 10.50% 12.44% 13.52% 13.54%
Open 0.00% 0.00% 0.00% 0.00% 1.83% 0.00% 1.62%
- ------------------------------------------------------------------------------------------------------------------------------------
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Total Beginning Balance (in millions) $ 1,155.17 1,144.09 $ 1,131.74 $ 1,115.91 $ 1,097.86 $ 965.10 $ 946.88
Percent of Mortgage Pool Balance(2) 100.00% 99.04% 97.97% 96.60% 95.04% 83.55% 81.97%
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT PROVISIONS(1)(2)(3) JULY-11 JULY-12 JULY-13 JULY-14 JULY-15 JULY-16 JULY-17 JULY-18 JULY-19
- ------------------------------------------------------------------------------------------------------------------------------------
Lockout/Defeasance 84.41% 83.23% 83.74% 86.63% 86.12% 0.00% 0.00% 0.00% 0.00%
Yield Maintenance(4) 15.59% 15.98% 16.26% 13.37% 13.88% 100.00% 100.00% 100.00% 0.00%
Open 0.00% 0.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Total Beginning Balance
(in millions) $ 784.53 $ 749.46 $ 719.77 $ 141.95 $ 133.57 $ 18.09 $ 17.61 $ 17.10 $ 0.00
Percent of Mortgage Pool
Balance(2) 67.92% 64.88% 62.31% 12.29% 11.56% 1.57% 1.52% 1.48% 0.00%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Prepayment provisions in effect as a percentage of outstanding loan
balances as of the indicated date assuming no prepayments on the Mortgage
Loans (except that the ARD Loan will be repaid on its Anticipated Repayment
Date).
(2) As of the Cut-off Date.
(3) Numbers may not total 100% due to rounding.
(4) As of the Cut-off Date, 11 Mortgage Loans, representing 13.3% of the
initial pool balance, are subject to yield maintenance prepayment
provisions after the lockout period. The remaining Mortgage Loans,
representing 86.7% of the initial pool balance, are subject to defeasance
after an initial restriction period.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
13
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
TEN LARGEST MORTGAGE LOANS OR CROSSED POOL
- --------------------------------------------------------------------------------
The following table and summaries describe the ten largest Mortgage Loans or
Crossed Pool in the Mortgage Pool by Cut-off Date Balance:
TEN LARGEST MORTGAGE LOANS OR CROSSED POOL BY CUT-OFF DATE BALANCE*
% OF % OF
CUT-OFF INITIAL APPLICABLE CUT-OFF LTV
DATE LOAN POOL LOAN PROPERTY DATE LTV RATIO UNDERWRITTEN MORTGAGE
LOAN NAME BALANCE GROUP BALANCE GROUP TYPE RATIO AT MATURITY DSCR RATE
- ---------------------------- ------------ ----- ------- ---------- ------------------- -------- ----------- ------------ -----------
U-Haul Portfolio ........... $109,538,973 1 9.5% 12.6% Self Storage(1) 37.5% 29.6% 2.84x 6.664%
Calpine Center ............. 77,780,036 1 6.7 8.9% Office 48.3% 40.3% 2.28x 5.276%
17 State Street ............ 75,850,000 1 6.6 8.7% Office 44.6% 38.6% 2.23x 5.247%
Sun Communities -- Scio Manufactured
Farms ..................... 40,964,950 1 3.5 4.7% Housing Communities 77.9% 65.7% 1.22x 5.320%
369 Lexington Avenue ....... 40,839,481 1 3.5 4.7% Office 79.8% 73.3% 1.23x 4.400%
Sun Communities Manufactued
Portfolio 9 ............... 37,351,472 2 3.2 13.1% Housing Communities 79.3% 66.8% 1.27x 5.320%
Quarters at Memorial ....... 35,872,239 1 3.1 4.1% Multifamily 71.6% 63.6% 1.24x 4.902%
Sun Communities Portfolio Manufactured
8/Arbor Terrace** ......... 27,920,000 2 2.4 9.8% Housing Communities 80.0% 67.4% 1.32x 5.320%
Extra Space Storage -- East
One Portfolio ............. 27,208,000 1 2.4 3.1% Self Storage 80.0% 75.1% 1.41x 4.763%
St. Clair Estates
Manufactured Home Manufactured
Community ................. 27,200,000 2 2.4 9.6% Housing Communities 80.0% 73.5% 1.26x 4.660%
------------ ------ 59.6% 51.3% 1.92x 5.425%
TOTAL / WTD. AVG ........... $500,525,152 43.3% ======== =========== ============ ===========
============ ======
* The sum of aggregate percentage calculations may not equal 100% due to
rounding. Debt service coverage ratio was calculated based on net cash flow
unless otherwise noted in this term sheet.
** For crossed pools, the information is the sum or weighted average of the
information for the mortgage loans in the crossed pool.
(1) One property is a U-Haul truck rental facility.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
14
(THIS PAGE INTENTIONALLY LEFT BLANK)
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
U-HAUL PORTFOLIO
[U-HAUL PICTURE OMITTED] [U-HAUL PICTURE OMITTED]
[U-HAUL PICTURE OMITTED] [U-HAUL PICTURE OMITTED]
[U-HAUL PICTURE OMITTED] [U-HAUL PICTURE OMITTED]
[U-HAUL PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
15
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
U-HAUL PORTFOLIO
SIGNIFICANT MORTGAGE LOANS
U-HAUL PORTFOLIO
- --------------------------------------------------------------------------------
WHOLE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $183,000,000
FIRST PAYMENT DATE: June 1, 2004
TERM/AMORTIZATION: 120/300 months
SHADOW RATING (S&P/MOODY'S): AAA/Aaa
MATURITY DATE: May 1, 2014
EXPECTED MATURITY BALANCE: $144,298,864
BORROWING ENTITY: UH Storage (DE)
Limited Partnership
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
114 payments
Open: 6 payments
UP-FRONT RESERVES:
TAX/INSURANCE RESERVE: Yes
DEBT SERVICE: $30,000,000
REPLACEMENT RESERVE: $600,000
OTHER RESERVE: $46,875(1)
ONGOING MONTHLY RESERVE:
TAX/INSURANCE RESERVE: Yes
LOCKBOX: Hard
- --------------------------------------------------------------------------------
(1) Ground water monitoring reserve.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
WHOLE LOAN BALANCE*: $182,538,973
U-HAUL PORTFOLIO SENIOR COMPONENT
BALANCE*: $109,538,973
U-HAUL SUBORDINATE COMPONENT BALANCE*: $73,000,000
U-HAUL SENIOR COMPONENT SHADOW RATING
(S&P/MOODY'S): AAA/Aaa
CUT-OFF DATE LTV: 37.5%(2)
MATURITY DATE LTV: 29.6%(2)
UNDERWRITTEN DSCR**: 2.84x(2)
MORTGAGE RATE+: 6.664%
* As of the Cut-off Date.
** DSCR figures based on net cash flow unless otherwise noted.
+ The interest rate was rounded to three decimals and is subject to change
(prior to pricing).
- --------------------------------------------------------------------------------
With respect to the calculations of the Cut-off Date LTV and Undertwritten DSCR
with respect to the U-Haul Portfolio loan, such calculations exclude the U-Haul
Subordinate Components. If the U-Haul Portfolio Subordinate Components were
included, the Cut-off Date LTV would equal 62.4% and the Underwritten DSCR would
be 1.75x.
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Self Storage(3)
PROPERTY SUB-TYPE: Self Storage(3)
LOCATION: Various
YEAR BUILT/RENOVATED: Various
UNITS: 44,931
CUT-OFF BALANCE PER UNIT: $2,438(2)
OCCUPANCY AS OF 5/1/04: 76.8%
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: U-Haul Self-Storage
Management (WPC), Inc.
U/W NET CASH FLOW: $ 25,806,109
APPRAISED VALUE: $292,360,000
- --------------------------------------------------------------------------------
(2) Based on the U-Haul Senior Component Balance.
(3) One property is a U-Haul truck rental facility.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
16
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
U-HAUL PORTFOLIO
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
TRAILING-12 FULL YEAR
UNDERWRITTEN (12/31/03) (3/31/03)
---------------- ---------------- ---------------
EFFECTIVE GROSS INCOME ....... $ 41,581,156 $ 55,340,033 $ 50,589,942
TOTAL EXPENSES ............... $ 15,176,017 $ 27,683,097 $ 30,849,429
NET OPERATING INCOME (NOI) ... $ 26,405,139 $ 27,656,936 $ 19,740,513
CASH FLOW (CF) ............... $ 25,806,109 $ 27,656,936 $ 19,740,513
DSCR ON NOI (1) .............. 2.90x 3.04x 2.17x
DSCR ON CF(1) ................ 2.84x 3.04x 2.17x
- --------------------------------------------------------------------------------
(1) Based on the U-Haul Senior Component Balance.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
17
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
U-HAUL PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOAN:
o The U-Haul Portfolio loan is secured by a first mortgage on 77 self-storage
and truck rental properties and one truck rental facility. The 78
properties total 3,973,835 square feet and 44,931 self-storage units and
are located in 24 states.
o The U-Haul Portfolio loan is divided into a senior component and one or
more subordinate components as described herein.
o As will be set forth in more detail in the preliminary prospectus
supplement, the holder of designated classes of certificates that are
entitled to payments solely from the U-Haul Portfolio loan will be entitled
in certain instances to exercise rights analogous to the rights of the
Directing Certificateholder solely with respect to the U-Haul Portfolio
loan. Such rights may include the review and/or approval of certain actions
taken by the Master Servicer or the Special Servicer in connection with the
U-Haul Portfolio loan. In addition, such holder may (but is not obligated
to) purchase the U-Haul Portfolio loan, if the loan is then considered a
"Defaulted Mortgage Loan" as more particularly described in the preliminary
prospectus supplement, at a price generally equal to its (a) fair value as
determined by the Special Servicer (or the Master Servicer or Trustee if
the Special Servicer and the option holder are the same person or
affiliated) or (b) if the Special Servicer has not determined its fair
value unpaid principal balance, plus accrued and unpaid interest on such
balance, all related unreimbursed advances (with interest, if any), and all
accrued special servicing fees and additional trust fund expenses.
THE BORROWER:
o The borrower, UH Storage (DE) Limited Partnership (the "U-Haul Portfolio
Borrower"), is a single-purpose, bankruptcy-remote entity for which the
U-Haul Portfolio Borrower's legal counsel delivered a non-consolidation
opinion at loan closing.
o The borrower principal, Corporate Property Associates 15 Incorporated
("CPA:15") is a real estate investment trust ("REIT") engaged in the
business of investing in commercial and industrial real estate. W. P. Carey
provides ongoing management services to CPA:15. W. P. Carey & Co., an
investment firm headquartered in New York City, is a provider of corporate
real estate financing solutions. W. P. Carey currently owns and/or manages
680 commercial and industrial facilities throughout the United States and
Europe, comprising more than 75 million square feet of space.
THE PROPERTY:
o The U-Haul Portfolio consists of 77 U-Haul self-storage and truck rental
properties and one U-Haul truck rental facility for a total of 78
properties representing 44,931 units, and 3,973,835 net rentable square
feet located in 24 states. Six states contain 52 out of the 78 properties
(66.7%) and 30,105 out of the 44,931 units (67.0%): Texas 15 properties
(9,351 units, 20.8%), Florida 12 properties (7,185 units, 16.0%), Arizona 9
properties (4,672 units, 10.4%), Georgia 6 properties, including the 1
rental facility (3,115 units, 6.9%), Virginia 5 properties (2,178 units,
4.8%) and Nevada 5 properties (3,604 units, 8.0%).
PROPERTY MANAGEMENT:
o U-Haul Self-Storage Management (WPC), Inc., entered the self-storage
business in 1974 and through fiscal year ending March 31, 2003 (FYE 2003),
increased its presence in the industry through the acquisition of existing
facilities and new construction. Through close to 1,000 owned and operated
self-storage locations in United States and Canada, the company rents more
than 32.5 million square feet. U-Haul has also entered into management
agreements to manage self-storage properties owned by others, including SAC
Holding Corporation, and Private Mini Storage Realty, L.P., a Texas-based
operator of self-storage properties.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o Not allowed.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
18
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
U-HAUL PORTFOLIO
- --------------------------------------------------------------------------------
[U-HAUL MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
19
(THIS PAGE INTENTIONALLY LEFT BLANK)
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CALPINE CENTER
- --------------------------------------------------------------------------------
[CALPINE CENTER PICTURE OMITTED] [CALPINE CENTER PICTURE OMITTED]
[CALPINE CENTER PICTURE OMITTED] [CALPINE CENTER PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
20
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CALPINE CENTER
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
CALPINE CENTER
- --------------------------------------------------------------------------------
WHOLE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $103,000,000
FIRST PAYMENT DATE: June 1, 2004
TERM/AMORTIZATION: 120/360 months
MATURITY DATE: May 1, 2014
EXPECTED MATURITY BALANCE: $85,663,934
BORROWING ENTITY: Block 59 Limited Partnership
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout: 26 Payments
GRTR 1% PPMT or
Yield Maintenance:
88 Payments
Open: 6 Payments
UP-FRONT RESERVES:
TAX RESERVE: Yes
REPLACEMENT RESERVE: $588
TI/LC: $8,199,108
OTHER RESERVES: $2,076,333(1)
IMMEDIATE REPAIR RESERVE: $2,827,805
ONGONG MONTHLY RESERVES:
TAX RESERVE: Yes
REPLACEMENT RESERVE: $588
LOCKBOX: Soft
- --------------------------------------------------------------------------------
(1) Rent abatement reserve.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
WHOLE LOAN BALANCE*: $102,780,036
CALPINE CENTER SENIOR COMPONENT
BALANCE*: $77,780,036
CALPINE CENTER SUBORDINATE
COMPONENT BALANCE*: $25,000,000
CALPINE CENTER SENIOR COMPONENT
SHADOW RATING (S&P/MOODY'S): AAA/A3
CUT-OFF DATE LTV: 48.3%(1)
MATURITY DATE LTV: 40.3%(1)
UNDERWRITTEN DSCR**: 2.28x(1)
MORTGAGE RATE+: 5.276%
* As of the Cut-off Date.
** DSCR figures based on net cash flow unless otherwise noted.
+ The interest rate was rounded to three decimals and is subject to change
(prior to pricing).
- --------------------------------------------------------------------------------
With respect to the calculations of the Cut-off Date LTV and Underwritten DSCR
with respect to the Calpine Center Loan, such calculations exclude the Calpine
Center Subordinate Components If the Calpine Center Subordinate Components were
included then the Cut-off Date LTV would equal 63.9% and the Underwritten DSCR
would equal 1.72x.
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Office
PROPERTY SUB-TYPE: CBD
LOCATION: Houston, TX
YEAR BUILT/RENOVATED: 2003/NA
NET RENTABLE SQUARE FEET: 705,893
CUT-OFF BALANCE PER SF: $110(1)
OCCUPANCY AS OF 6/14/04: 87.0%
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: Hines Interests Limited
Partnership
U/W NET CASH FLOW: $11,799,489
APPRAISED VALUE: $160,925,000
- --------------------------------------------------------------------------------
(1) Based on the Calpine Center Senior Component Balance.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
21
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CALPINE CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT
UNDERWRITTEN (3/31/04)
---------------- ----------------
Effective Gross Income ............. $ 20,822,863 $ 14,601,572
Total Expenses ..................... $ 8,187,095 $ 5,719,616
Net Operating Income (NOI) ......... $ 12,635,768 $ 8,881,956
Cash Flow (CF) ..................... $ 11,799,489 $ 8,715,700
DSCR on NOI(1) ..................... 2.44x 1.72x
DSCR on CF(1) ...................... 2.28x 1.68x
- --------------------------------------------------------------------------------
(1) Based on the Calpine Center Senior Component.
- ---------------------------------------------------------------------------------------------------------------
TENANT INFORMATION
- ---------------------------------------------------------------------------------------------------------------
RATINGS TENANT % OF POTENTIAL % POTENTIAL LEASE
TOP TENANTS+ S&P/MOODY'S TOTAL SF TOTAL SF RENT PSF RENT RENT EXPIRATION
- ------------------------ ------------- ---------- ---------- ---------- ------------- ------------- -----------
Calpine ............... B/Caa1 255,742 36.23% $ 23.29 $ 5,955,945 45.56% 11/30/2013
Burlington(1) ......... BBB+/Baa1 250,058 35.42% $ 13.00 $ 3,194,854 24.44% 6/30/2015
Jones Day ............. Not Rated 54,600 7.73% $ 24.42 $ 1,333,332 10.20% 11/10/2018
------- ----- ----------- -----
Totals ................ 560,400 79.39% $10,484,131 80.20%
- ---------------------------------------------------------------------------------------------------------------
+ Credit Ratings are of the parent company whether or not the parent
guarantees the lease. Calculations with respect to Rent PSF, Potential Rent
and % of Potential Rent include base rent only and exclude common area
maintenance expense and reimbursement.
(1) Rent PSF does not include 4,300 square feet of rent free storage space.
- ------------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
- ------------------------------------------------------------------------------------------------------
# OF % TOTAL CUMULATIVE CUMULATIVE BASE RENT
YEAR OF EXPIRATION LEASES EXPIRING EXPIRING SF SF TOTAL SF % TOTAL SF EXPIRING
- -------------------- ----------------- ------------- --------- ------------ ------------ -------------
2010 .............. 2 22,814 3.2% 22,814 3.2% $ 476,560
2011 .............. 1 9,385 1.3% 32,199 4.6% $ 131,390
2013 .............. 9 255,742 36.2% 287,941 40.8% $5,955,945
2014 .............. 1 16,156 2.3% 304,097 43.1% $ 258,496
2015 .............. 10 250,058 35.4% 554,155 78.5% $3,194,854
2016 .............. 1 17,196 2.4% 571,351 80.9% $ 240,744
2018 .............. 2 54,600 7.7% 625,951 88.7% $1,333,332
Vacant ............ 79,942 11.3% 705,893 100.0% $1,480,361
-- ------- ----- ------- ----- ----------
TOTAL ............. 26 705,893 100.0%
- ------------------------------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
22
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CALPINE CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SUMMARY OF SIGNIFICANT TENANTS
- --------------------------------------------------------------------------------
o The Calpine Center is currently 87.0% leased to 7 tenants. The three
largest tenants, Calpine (the building's namesake), Burlington and Jones
Day, representing 79.4% of the buildings' net rentable area, are:
o Calpine (NYSE:CPN; Rated B by S&P and Caa1 by Moody's) Calpine
occupies 255,742 square feet (36.2% of NRA). The lease term is through
November 30, 2013 and there are renewal options for up to 20 years in
5 or 10-year increments. Currently, the base rent is $23.50 per square
foot, which contributes 45.6% of base rental income. Established in
1984, Calpine is an electric power company headquartered in San Jose,
California and employs more than 3,000 people. Calpine generates
approximately $7.5 billion in revenue, for the year ended 2003, and
maintains approximately 89 energy centers in 22 states.
o Burlington (NYSE: BR; Rated BBB+ by S&P and Baa1 by Moody's)
Burlington has leased 250,058 square feet. (35.4% of NRA). The company
will occupy the space in two stages: 112,452 square feet (floors 15
and 18-21) in January 2004 and the remaining 135,835 square feet
(floors 22-26) in July 2004. The lease term is through June 30, 2015
and there are four 5-year renewal options. The base rent is $13.00 per
square foot, leading to 24.4% of base rental income.
Burlington an independent oil and natural gas exploration and
production company. Headquartered in Houston, Burlington employs more
than 2,100 people, with major offices located in Calgary, London,
Farmington, Midland and Fort Worth. The company reported estimated net
income of approximately $267 million for the third quarter of 2003.
o Jones Day (Not Rated) Jones Day occupies 54,600 square feet (7.7% of
NRA) and leases floors 32 and 33. The lease term is through November
2018 and there are renewal options for up to 10 years. The base rent
is $24.42 per square foot, leading to 10.2% of base rental income.
Tracing its origins to 1893, Jones Day has more than 2,200 lawyers
resident in 29 locations. The law firm acts as principal outside
counsel to a variety of entities, including Fortune 500 companies,
privately held companies, financial institutions, investment firms,
health care providers, retail chains, foundations, educational
institutions and individuals.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
23
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CALPINE CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOAN:
o The Calpine Center loan is secured by a first mortgage on a 33-story,
705,893 square feet office building. The building has 24 levels of office
space resting above 10 levels of parking (950 spaces), of which 2 levels
are below grade, and a 2-story lobby and a retail level. The building is
situated on 1.11 acres in the Houston central business district.
o The Calpine Center loan is divided into a senior component and one or more
subordinate components as described herein.
o As will be set forth in more detail in the preliminary prospectus
supplement, the holder of designated classes of Certificates that are
entitled to payments solely from the Calpine Center loan will be entitled
in certain instances to exercise rights analogous to the rights of the
Directing Certificateholder solely with respect to the Calpine Center loan.
Such rights may include the review and/or approval of certain actions taken
by the Master Servicer or the Special Servicer in connection with the
Calpine Center loan. In addition, such holder may (but is not obligated to)
purchase the Calpine Center loan, if the loan is then considered a
"Defaulted Mortgage Loan" as more particularly described in the preliminary
prospectus supplement, at a price generally equal to its (a) fair value as
determined by the Special Servicer (or the Master Servicer or Trustee if
the Special Servicer and the option holder are the same person or
affiliated) or (b) if the Special Servicer has not determined its fair
value unpaid principal balance, plus accrued and unpaid interest on such
balance, all related unreimbursed advances (with interest, if any), and all
accrued special servicing fees and additional trust fund expenses.
THE BORROWER:
o The borrower, Block 59 Limited Partnership (the "Calpine Center Borrower"),
is a single-purpose, bankruptcy-remote entity with one independent director
for which the Calpine Center Borrower's legal counsel delivered a
substantive non-consolidation opinion at loan closing. The borrower
principals are Hines Real Estate Holdings Limited Partnership, a Texas
limited partnership and Texas Tower Limited, a Texas limited partnership
(collectively, the "Calpine Center Borrower Principal"). The general
partner of the Calpine Center Borrower Principal, Texas Tower Limited is
Prime Asset Management, LLC. Prime Asset Management is owned by Rafik
Al-Hariri.
THE PROPERTY:
o The Property is situated on 1.11 acres in the Downtown Houston central
business district. Calpine Center is a 33-story, 705,893 square feet office
building constructed in 2003. There are 24 levels of office space resting
above 10 levels of parking (950 spaces), of which 2 levels are below grade.
There is also a 2-story lobby and a retail level.
o The Calpine Borrower, at its sole cost and expense, is required to keep the
Calpine Property insured against loss or damage by fire and other risks
addressed by coverage of a comprehensive all risk insurance policy (or
separate policy) without an exclusion for acts of terrorism or similar acts
of sabotage with certain customary standard exclusions.
PROPERTY MANAGEMENT:
o Hines, (Hines Interests Limited Partnership) formed in 1957 by Gerald
Hines, is headquartered in Houston, Texas. The company has regional offices
located in San Francisco, New York, Chicago and Atlanta, with a physical
presence in 72 cities in the U.S. and international locations in Europe,
China, Mexico, Russia, and South America. Hines owns and/or manages over 73
million square feet of commercial space, of which 47 million square feet is
owned and 36 million square feet is third party managed, located in 168
buildings in the U.S. Hines manages ten office buildings in New York City.
Hines has over $4 billion in equity under management through relationships
with approximately 20 tax-exempt investors.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o The Calpine Center Borrower may incur certain "qualified subordinate debt"
which is defined as subordinate debt incurred by the Calpine Center
Borrower in connection with further technological updates to the Calpine
Center Property, provided that (i) such debt shall not exceed $5,000,000 in
the aggregate, (ii) such debt shall be unsecured and at market rates, terms
and conditions, (iii) the Calpine Center Borrower shall deliver to the
mortgagee an intercreditor and standstill agreement (with respect to any
such debt) acceptable to the mortgagee in all respects and (iv) the
mortgagee shall receive written confirmation from the Rating Agencies that
such subordinate debt will not result in a downgrade, withdrawal or
qualification of the initial, or if higher, then current ratings of the
Certificates.
- -------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
24
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
CALPINE CENTER
- --------------------------------------------------------------------------------
[CALPINE CENTER MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
25
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
17 STATE STREET
- --------------------------------------------------------------------------------
[17 STATE STREET PICTURE OMITTED] [17 STATE STREET PICTURE OMITTED]
[17 STATE STREET PICTURE OMITTED] [17 STATE STREET PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
26
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
17 STATE STREET
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
17 STATE STREET
- --------------------------------------------------------------------------------
WHOLE LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $112,000,000
FIRST PAYMENT DATE: May 1, 2004
TERM/AMORTIZATION: 120/336 months
INTEREST ONLY PERIOD: 24 months
MATURITY DATE: April 1, 2014
EXPECTED MATURITY BALANCE: $ 97,018,801
BORROWING ENTITY: RFR/SF 17 State Street L.P.
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
117 payments
Open: 3 payments
UP-FRONT RESERVES:
REPAIR RESERVE: $54,500
TAX RESERVE: Yes
TI/LC: $1,340,812
ONGOING MONTHLY RESERVES:
REPLACEMENT RESERVE: $5,311
TAX RESERVE: Yes
TI/LC: $26,042
LOCKBOX: Hard
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
WHOLE LOAN BALANCE*: $112,000,000
17 STATE STREET SENIOR COMPONENT
BALANCE*: $75,850,000
17 STATE STREET SUBORDINATE
COMPONENT BALANCE*: $36,150,000
17 STATE STREET SENIOR
COMPONENT SHADOW
RATING (S&P/MOODY'S): BBB+/Baa2
CUT-OFF DATE LTV: 44.6%(1)
MATURITY DATE LTV: 38.6%(1)
UNDERWRITTEN DSCR**: 2.23x(1)
MORTGAGE RATE:+ 5.247%
* As of the Cut-off Date.
** DSCR figures based on net cash flow unless otherwise noted.
+ The interest rate was rounded to three decimals and is subject to change
(prior to pricing).
- --------------------------------------------------------------------------------
With respect to the calculations of the Cut-off Date LTV and Underwritten DSCR
with respect to the 17 State Street loan, such calculations exclude the 17 State
Street Subordinate Components. If the 17 State Street Subordinate Components
were included, the Cut-off Date LTV would equal 65.9% and the Underwritten DSCR
would equal 1.38x.
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Office
PROPERTY SUB-TYPE: CBD
LOCATION: New York, NY
YEAR BUILT/RENOVATED: 1987/NA
NET RENTABLE SQUARE FEET: 531,521
CUT-OFF BALANCE PER SF: $143(1)
OCCUPANCY AS OF 5/6/04: 94.8%
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: RFR Realty LLC
U/W NET CASH FLOW: $11,232,779
APPRAISED VALUE: $170,000,000
- --------------------------------------------------------------------------------
(1) Based on the 17 State Street Senior Component.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
27
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
17 STATE STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT FULL YEAR
UNDERWRITTEN (4/30/04) (12/31/03)
---------------- ---------------- --------------
EFFECTIVE GROSS INCOME ...... $ 22,047,169 $ 21,791,041 $ 23,122,699
TOTAL EXPENSES .............. $ 9,732,615 $ 9,464,778 $ 9,718,314
NET OPERATING INCOME (NOI) .. $ 12,314,554 $ 12,326,263 $ 13,404,385
CASH FLOW (CF) .............. $ 11,232,779 $ 12,225,534 $ 13,310,545
DSCR ON NOI(1) .............. 2.44x 2.44x 2.66x
DSCR ON CF(1) ............... 2.23x 2.42x 2.64x
- --------------------------------------------------------------------------------
(1) Based on the 17 State Street Senior Component.
- -------------------------------------------------------------------------------------------------------------------
TENANT INFORMATION
- -------------------------------------------------------------------------------------------------------------------
RATINGS TENANT POTENTIAL % POTENTIAL LEASE
TOP TENANTS+ S&P/MOODY'S TOTAL SF % TOTAL SF RENT PSF RENT RENT EXPIRATION
- -------------------------------------------------------------------------------------------------------------------
AXA Reinsurance ......... A/A2 90,968 17.11% $ 39.34 $3,578,760 17.83% 7/1/2012
Shareholders
Communications ......... Not Rated 57,546 10.83% $ 37.23 $2,142,591 10.68% 2/1/2011
------ ----- ---------- -----
Totals .................. 148,514 27.94% $5,721,351 28.51%
- -------------------------------------------------------------------------------------------------------------------
+ Credit Ratings are of the parent company whether or not the parent
guarantees the lease. Calculations with respect to Rent PSF, Potential Rent
and % of Potential Rent include base rent only and exclude common area
maintenance expense and reimbursement.
- ------------------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
- ------------------------------------------------------------------------------------------------
NUMBER OF EXPIRING % TOTAL CUMULATIVE CUMULATIVE
YEAR OF EXPIRATION++ EXPIRING LEASES SF SF TOTAL SF % TOTAL SF
- ---------------------- ----------------- ---------- --------- ------------ -----------
2004 ................ 7 42,695 8.1% 42,695 8.1%
2005 ................ 5 17,332 3.3% 60,027 11.5%
2006 ................ 4 23,427 4.5% 83,454 15.9%
2007 ................ 10 49,504 9.4% 132,958 25.4%
2008 ................ 5 13,318 2.5% 146,276 27.9%
2009 ................ 9 69,071 13.2% 215,347 41.1%
2010 ................ 5 34,772 6.6% 250,119 47.7%
2011 ................ 9 66,054 12.6% 316,173 60.4%
2012 ................ 8 115,301 22.0% 431,474 82.4%
2013 ................ 1 4,422 0.8% 435,896 83.2%
2014 ................ 7 47,511 9.1% 483,407 92.3%
2015 ................ 1 13,100 2.5% 496,507 94.8%
Vacant .............. 27,387 5.2% 523,894 100.0%
------------------ ----------- ----------
Total ............... 71 523,894 100.0%
- ------------------------------------------------------------------------------------------------
++ Information obtained from Underwritten Rent Roll.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
28
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
17 STATE STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SUMMARY OF SIGNIFICANT TENANTS
- --------------------------------------------------------------------------------
o The subject property is 94.8% leased by forty-nine office tenants at an
average lease rate of $38.30 per square foot. The five largest tenants
representing 32.2% of the total net rentable area, are:
o AXA Reinsurance (NYSE: AXA; S&P A/Moody's A2) AXA Insurance plc "AXA"
occupies 90,968 square feet (17.1% of NRA) in 5 suites. It contributes
$3,578,760 to the base rental income (17.8%) and is one of the largest
general insurers in the UK. Launched in January 1998 as AXA Provincial
Insurance plc, the company changed its name to AXA Insurance plc in October
1998 following the 1997 merger of the UAP and AXA Group. The company
operates in more than 50 countries and serves more than 50 million
customers worldwide.
o Shareholders Communications (Not Rated) Shareholder Communications occupies
57,546 square feet (10.8% of NRA) in 6 suites. It contributes $2,142,591 to
the base rental income (10.7%). The company was established in 1935 by
Lloyd Georgeson. Georgeson Shareholder (GS), which became Shareholder
Communications in 1969, was established to facilitate communication between
corporations and shareholders.
o Computer Science Corporation (NYSE: CSC; S&P A/Moody's A3) Computer Science
Corporation "CSC" occupies 13,100 square feet (2.5% of NRA). It contributes
$589,500 of the base rental income (2.9%). The company was formed in 1959,
went public in 1963 and was listed the following year on the Pacific and
American stock exchanges. CSC offers services ranging from consulting in
the strategic uses of information technology, systems design, development
and integration and outsourcing. With approximately 90,000 employees in
locations worldwide, CSC reported revenue of approximately $13.8 billion
for the 12 months ended January 2, 2004.
o Norges Bank (Not Rated) Norges Bank occupies 5,698 square feet (1.1% of
NRA). It contributes $194,439 of the base rental income (0.97%) and is
headquarted in Oslo, Norway.
o Options Clearing Corporation (S&P AAA/Moody's NR) Options Clearing
Corporation occupies 3,775 square feet (0.7% of NRA). It contributes
$122,688 to the base rental income (0.6%). Founded in 1973, the OCC is an
equity derivatives clearing organization. The Options Clearing Corporation
is the first clearinghouse to receive S&P's 'AAA' credit rating. Operating
under the jurisdiction of the Securities and Exchange Commission and the
Commodity Futures Trading Commission, the OCC issues and clears U.S.-listed
options, futures and options on futures on a number of underlying financial
assets including common stocks, currencies, stock indexes and interest rate
composites.
- -------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
29
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
17 STATE STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOAN:
o The 17 State Street loan is secured by a first mortgage on a 42-story,
531,521 square foot office building located in the Financial District of
downtown Manhattan in New York City.
o The 17 State Street loan is divided into a senior component and one or more
subordinate components as described herein.
o As will be set forth in more detail in the preliminary prospectus
supplement, the holder of designated classes of Certificates that are
entitled to payments solely from the 17 State Street loan will be entitled
in certain instances to exercise rights analogous to the rights of the
Directing Certificateholder solely with respect to the 17 State Street
loan. Such rights may include the review and/or approval of certain actions
taken by the Master Servicer or the Special Servicer in connection with the
17 State Street loan. In addition, such holder may (but is not obligated
to) purchase the 17 State Street loan, if the loan is then considered a
"Defaulted Mortgage Loan" as more particularly described in the preliminary
prospectus supplement, at a price generally equal to its (a) fair value as
determined by the Special Servicer (or the Master Servicer or Trustee if
the Special Servicer and the option holder are the same person or
affiliated) or (b) if the Special Servicer has not determined its fair
value unpaid principal balance, plus accrued and unpaid interest on such
balance, all related unreimbursed advances (with interest, if any), and all
accrued special servicing fees and additional trust fund expenses.
THE BORROWER:
o The borrower, RFR/SF 17 State Street L.P., a Delaware limited partnership
(the "17 State Street Borrower") is a single-purpose, bankruptcy-remote
entity. 17 State Street Borrower is controlled and 50% owned by Abby Rosen,
Michael Fuchs, Harry Lis and certain other parties and is 50% owned by
SachenFonds USA III.
o Aby Rosen and Michael Fuchs are serving as the borrower principals for the
loan. The Rosen and Fuchs families have also been involved in real estate
investment and development throughout Europe for the past 50 years.
THE PROPERTY:
o The collateral for the 17 State Street loan consists of a fee simple
interest in one 42-story central business district building totaling
531,521 rentable square feet. The property was built in 1987 and is
situated on approximately 23,080 square feet (0.53 acres).
o The 17 State Street Borrower, at its sole cost and expense, is required to
keep the 17 State Street Mortgaged Property insured against loss or damage
by fire and other risks addressed by coverage of a comprehensive all risk
insurance policy (or separate policy) without an exclusion for acts of
terrorism or similar acts of sabotage with certain customary standard
exclusions.
PROPERTY MANAGEMENT:
o The property is managed by RFR Realty LLC, which is related a entity to
RFR, a privately held, Manhattan based, real estate investment, development
and management company. Aby Rosen and Michael Fuchs are the owners of RFR.
RFR established its operation in the United States in 1991 and through
various affiliates, presently controls approximately five million square
feet of office and retail space plus approximately 2,500 luxury residential
apartments.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o Not Allowed.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
30
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
17 STATE STREET
- --------------------------------------------------------------------------------
[17 STATE STREET MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
31
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES - SCIO FARMS
- --------------------------------------------------------------------------------
[SCIO FARMS PICTURE OMITTED] [SCIO FARMS PICTURE OMITTED]
[SCIO FARMS PICTURE OMITTED] [SCIO FARMS PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
32
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES -- SCIO FARMS
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
SUN COMMUNITIES -- SCIO FARMS
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $40,964,950
FIRST PAYMENT DATE: August 1, 2004
TERM/AMORTIZATION: 144/360 months
INTEREST ONLY PERIOD: 30 months
MATURITY DATE: July 1, 2016
EXPECTED MATURITY BALANCE: $34,538,058
BORROWING ENTITY: Sun Scio Farms LLC
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
138 payments
Open: 6 payments
LOCKBOX: Springing
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $40,964,950
CUT-OFF DATE LTV: 77.9%
MATURITY DATE LTV: 65.7%
UNDERWRITTEN DSCR*: 1.22 x
MORTGAGE RATE: 5.320%
* DSCR figures based on net cash flow unless otherwise noted.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Manufactured Housing
Communities
PROPERTY SUB-TYPE: Manufactured Housing
Communities
LOCATION: Ann Arbor, MI
YEAR BUILT/RENOVATED: 1985/NA
PADS: 913
CUT-OFF BALANCE PER PAD: $44,869
OCCUPANCY AS OF 2/29/04: 99.6%
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: Borrower/Owner
Managed
U/W NET CASH FLOW: $3,351,442
APPRAISED VALUE: $52,600,000
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT FULL YEAR
UNDERWRITTEN (2/29/04) (12/31/03)
-------------- --------------- --------------
EFFECTIVE GROSS INCOME ........... $ 5,050,986 $ 5,135,388 $ 4,988,910
TOTAL EXPENSES ................... $ 1,653,894 $ 1,642,602 $ 1,414,767
NET OPERATING INCOME (NOI) ....... $ 3,397,092 $ 3,492,786 $ 3,574,143
CASH FLOW (CF) ................... $ 3,351,442 $ 3,492,786 $ 3,574,143
DSCR ON NOI ...................... 1.24x 1.28x 1.31x
DSCR ON CF ....................... 1.22x 1.28x 1.31x
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
33
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES -- SCIO FARMS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOANS:
o The "Sun Communities Portfolio Loans" consist of the following Mortgage
Loans which are secured by manufactured housing community properties (each
a "Sun Communities Portfolio Property") owned by affiliates of Sun
Communities Operating Limited Partnership ("SCOLP"): the "SUN Communities -
Scio Farms", "SUN Communities Portfolio 9", "SUN Communities Portfolio 8",
and "SUN Communities - Arbor Terrace Loan". The SUN Communities - Scio
Farms Loan is secured by a first mortgage on a 913-pad manufactured housing
community located in Ann Arbor, Michigan and has a Cut-off Date Balance of
$40,964,950. The SUN Communities Portfolio 9 Loan is secured by a first
mortgage on manufactured housing community properties located in Orlando,
Florida, Owosso, Michigan, Holland, Michigan, and Holly, Michigan
consisting of 1,235 pads and has a Cut-off Date Balance of $37,351,472. The
SUN Communities Portfolio 8 Loan is secured by a first mortgage on
manufactured housing community properties located in Valparaiso and
Indianapolis, Indiana consisting of 772 pads and has a Cut-off Date Balance
of $22,640,000. The SUN Communities - Arbor Terrace Loan is secured by a
first mortgage on a 402-pad manufactured housing community located in
Bradenton, Florida and has a Cut-off Date Balance of $5,280,000.
o The SUN Communities Portfolio 8 is cross-collateralized and cross-defaulted
with the SUN Communities - Arbor Terrace Loan. None of the other Sun
Communities Portfolio Loans are either cross-collateralized and/or
cross-defaulted.
THE BORROWERS:
o Each of the loans in the Sun Communities Portfolio feature separate
borrowers (collectively, the "Sun Communities Portfolio Borrowers"). Each
Sun Communities Portfolio Borrower is a Michigan limited liability company
that is a single-purpose, bankruptcy-remote entity and features two
independent directors. In addition, each Sun Portfolio Borrower's legal
counsel delivered a non-consolidation opinion at the closing of the related
Sun Communities Portfolio Loan.
o Sun Communities, Inc., a Maryland corporation ("Sun"), is a fully
integrated, self-administered and self-managed real estate investment trust
which owns, operates, and develops manufactured housing communities
concentrated in the Midwestern and southeastern United States. Sun,
together with affiliates and predecessors, has been in the business since
1975. Structured as an umbrella partnership real estate investment trust,
or UPREIT, Sun is the sole general partner and holder of approximately
75.0% of the partnership interests in SCOLP, the borrower principal and the
entity through which Sun conducts substantially all of their operations,
and which owns, either directly or indirectly through subsidiaries, all of
the assets.
o As of December 31, 2003, the real estate investment trust owned and
operated a portfolio of approximately 127 properties located in seventeen
states, including 115 manufactured housing communities, five recreational
vehicle communities, and seven properties containing both manufactured
housing and recreational vehicle sites. As of December 31, 2003, the Sun
Communities Portfolio Properties contained an aggregate of 43,875 developed
sites comprised of 38,797 developed manufactured home sites and 5,078
recreational vehicle sites and an additional 6,756 manufactured home sites
suitable for development.
THE PROPERTIES:
o The collateral for each Sun Communities Portfolio Loan generally consists
of the fee simple interest in the related Sun Communities Portfolio
Property. Each Sun Communities Portfolio Property features certain
amenities, which generally include clubhouses, swimming pools, basketball
courts, volleyball courts, children's playgrounds and shuffleboard courts.
Each Sun Communities Portfolio Property features access to public
water/sewer service.
o Each Sun Communities Portfolio Borrower is generally required at its sole
cost and expense to keep the related Sun Communities Portfolio Property
insured against loss or damage by fire and other risks addressed by
coverage of a comprehensive all risk insurance policy.
PROPERTY MANAGEMENT:
o Each Sun Communities Portfolio Property is self managed by its related Sun
Communities Portfolio Borrower. SCOLP, through its subsidiaries, currently
manages 43,875 developed sites, consisting of 38,797 manufactured housing
sites and 5,078 RV sites, plus an additional 6,756 manufactured housing
sites suitable for development.
Each Sun Communities Portfolio Borrower neither receives nor pays any
management fee or other compensation in connection with the management of
the Sun Communities Portfolio Properties and none are subject to a formal
management agreement. In the event any Sun Communities Portfolio Borrower
elects to have the properties managed by a property manager, whether or not
affiliated with the Sun Communities Portfolio Borrower, such property
manager (if not affiliated with the Sun Communities Portfolio Borrower) is
required to be a "qualified manager" approved by the mortgagee, and the Sun
Communities Portfolio Borrower is required to enter into an acceptable
management agreement and subordination thereof that conforms to the
mortgagee's standards.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o Not allowed.
- -------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
34
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES - SCIO FARMS
- --------------------------------------------------------------------------------
[SCIO FARMS MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
35
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
369 LEXINGTON AVENUE
- --------------------------------------------------------------------------------
[369 LEXINGTON AVENUE PICTURE OMITTED] [369 LEXINGTON AVENUE PICTURE OMITTED]
[369 LEXINGTON AVENUE PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
36
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
369 LEXINGTON AVENUE
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
369 LEXINGTON AVENUE
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $41,000,000
FIRST PAYMENT DATE: May 1, 2004
TERM/AMORTIZATION: 60/360 months
MATURITY DATE: April 1, 2009
EXPECTED MATURITY BALANCE: $37,520,955
BORROWING ENTITY: CPP 369 Lex LLC
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
57 payments
Open: 3 payments
UP-FRONT RESERVES:
TAX/INSURANCE RESERVE: Yes
IMMEDIATE REPAIR RESERVE: $10,750
OTHER: $750,800(1)
ONGOING MONTHLY RESERVES:
TAX/INSURANCE RESERVE: Yes
REPLACEMENT RESERVE: $4,247
TI/LC RESERVE: $27,778
LOCKBOX: Hard
- --------------------------------------------------------------------------------
(1) Master Lease and Sanctuary Music Reserves.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $40,839,481
CUT-OFF DATE LTV: 79.8%
MATURITY DATE LTV: 73.3%
UNDERWRITTEN DSCR*: 1.23x
MORTGAGE RATE: 4.400%
* DSCR figures based on net cash flow unless otherwise noted.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Office
PROPERTY SUB-TYPE: CBD
LOCATION: New York, NY
YEAR BUILT/RENOVATED: 1927/NA
NET RENTABLE SQUARE FEET: 154,429
CUT-OFF BALANCE PER SF: $264
OCCUPANCY AS OF 3/31/04: 82.2%(2)
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: Core Plus Properties LLC
U/W NET CASH FLOW: $3,042,557
APPRAISED VALUE: $51,200,000
- --------------------------------------------------------------------------------
(2) Occupancy does not include the Master Lease (as defined herein) space but
it does include two tenants who will occupy 11,176 square feet on July 1,
2004.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
37
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
369 LEXINGTON AVENUE
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
FINANCIAL INFORMATION
- ------------------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT FULL YEAR
UNDERWRITTEN (9/30/03) (12/31/02)
-------------- --------------- ---------------
EFFECTIVE GROSS INCOME ............. $ 6,158,000 $ 5,716,539 $ 5,546,921
TOTAL EXPENSES ..................... $ 2,784,716 $ 2,800,832 $ 2,484,543
NET OPERATING INCOME (NOI) ......... $ 3,373,284 $ 2,915,707 $ 3,062,378
CASH FLOW (CF) ..................... $ 3,042,557 $ 2,883,999 $ 3,033,092
DSCR ON NOI ........................ 1.37x 1.18x 1.24x
DSCR ON CF ......................... 1.23x 1.17x 1.23x
- ------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
TENANT INFORMATION
- --------------------------------------------------------------------------------------------------------------------------
RATINGS TENANT % TOTAL POTENTIAL % POTENTIAL LEASE
TOP TENANTS+ S&P/MOODY'S TOTAL SF SF RENT PSF RENT RENT EXPIRATION
- -------------------------------- ------------- ---------- ----------- ---------- ------------- ------------- -------------
Master Lease .................. Not Rated 17,000 11.01% $ 35.00 $ 595,000 10.44% 3/15/2009
Sanctuary Music ............... Not Rated 15,324 9.92% $ 38.61 $ 591,679 10.38% 10/31/2006
Private Label ................. Not Rated 13,108 8.49% $ 23.99 $ 314,412 5.52% 12/31/2006
Anderson & Rottenberg ......... Not Rated 9,713 6.29% $ 30.46 $ 295,826 5.19% 9/30/2007
------ ----- ---------- -----
TOTALS ........................ 55,145 35.71% $1,796,917 31.53%
- --------------------------------------------------------------------------------------------------------------------------
+ Information obtained from Underwritten Rent Roll except for Ratings
(S&P/Moody's) and unless otherwise stated. Credit Ratings are of the parent
company whether or not the parent guarantees the lease. Calculations with
respect to Rent PSF, Potential Rent and % of Potential Rent include base
rent only and exclude common area maintenance expense and reimbursement.
- ----------------------------------------------------------------------------------------
LEASE ROLLOVER SCHEDULE
- ----------------------------------------------------------------------------------------
NUMBER OF EXPIRING % TOTAL CUMULATIVE CUMULATIVE
YEAR OF EXPIRATION++ LEASES EXPIRING SF SF TOTAL SF % TOTAL SF
- ---------------------- ----------------- ---------- ----------- ------------ -----------
2004 ................ 5 18,940 12.3% 18,940 12.3%
2005 ................ 5 28,426 18.4% 47,366 30.7%
2006 ................ 6 34,772 22.5% 82,138 53.2%
2007 ................ 4 19,260 12.5% 101,398 65.7%
2009 ................ 5 35,443 23.0% 136,841 88.6%
2010 ................ 1 3,366 2.2% 140,207 90.8%
2014 ................ 1 3,744 2.4% 143,951 93.2%
Vacant .............. 10,478 6.8% 154,429 100.00%
- ------ -----
TOTAL ............... 27 154,429 100.00%
- ----------------------------------------------------------------------------------------
++ Information obtained from Underwritten Rent Roll.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
38
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
369 LEXINGTON AVENUE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SUMMARY OF SIGNIFICANT TENANTS
- --------------------------------------------------------------------------------
o The subject property is 82.2% leased by twenty-three office tenants at
lease rates ranging from $23.99/square foot to $44.45/square foot. The
three largest tenants, excluding the Master Lease, representing 24.7% of
the total net rentable area are:
o Master Lease (17,000 square feet -- 11.0% of NRA): At closing, the
mortgagee required that the borrower sign a master lease for a minimum
term of 5 years for 17,000 sf with a base rent of $35 psf ($595,000
plus reimbursements such that total annual rent shall be at least
$662,500). A cash escrow in the amount of $662,500 was required at
closing for this master leased space. The master lease shall be
decreased based on trailing 6 months cash flow from operations
achieving underwritten debt service coverage based on the actual debt
service.
o Sanctuary Music (Not Rated) Sanctuary Music occupies 15,324 square
feet (9.9% of NRA). The Sanctuary Group, the tenant's parent company,
is a developer of intellectual property rights in the fields of music,
television and entertainment. Sanctuary Music has been a tenant in the
building since 2000 and they have expanded several times.
o Private Label (Not Rated) Private Label occupies 13,108 square feet
(8.5% of NRA). The subject serves as the corporate headquarters for
Private Label, a trade organization that provides services such as
trade shows, research and industry information for manufacturers of
store brand products. Founded in 1979, Private Label Manufacturers
Association (PLMA) represents more than 2,700 companies around the
world and has been a tenant in the building since 1993.
o Anderson & Rottenberg (Not Rated) Anderson & Rottenberg occupies 9,713
square feet (6.29% of total NRA). The law firm provides legal services
covering business and corporate law, real estate, intellectual
property, family law, estate planning, bankruptcy, collections,
municipal, employment and labor law. Anderson & Rottenberg has been a
tenant in the building since 1997.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
39
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
369 LEXINGTON AVENUE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOAN:
o The 369 Lexington Avenue loan is secured by a first mortgage on a
27-story office building constructed in 1927 which has been renovated
at several times over the ensuing years. The property has 154,429
square feet of net rentable area on a 10,419 square foot parcel of
land (0.24 acres) in Midtown Manhattan.
THE BORROWER:
o The borrowing entity, CPP 369 Lex LLC (the "369 Lexington Avenue
Borrower"), is a single-purpose, bankruptcy-remote entity. The
borrower principals are Faraj Srour and Albert Stavrach, who will have
a combined 32% interest in the 369 Lexington Avenue Borrower. These
individuals have been in the real estate business for over 20 years.
THE PROPERTY:
o The collateral for the 369 Lexington Avenue loan consists of a fee
simple interest in one 27-story building totaling 154,429 rentable
square feet. The property was originally constructed in 1927 and is
situated on approximately 10,419 square feet (0.24 acres) in Midtown
Manhattan. The site is at the southeast corner of East 41st Street and
Lexington Avenue in the Grand Central office submarket.
o The 369 Lexington Avenue Borrower, at its sole cost and expense, is
required to keep the 369 Lexington Avenue Property insured against
loss or damage by fire and other risks addressed by coverage of a
comprehensive all risk insurance policy without an exclusion for acts
of terrorism or similar acts of sabotage.
PROPERTY MANAGEMENT:
o The property is managed by Core Plus Properties LLC, an unrelated
entity, which is headquartered in Stamford, CT. The co-managers of the
company, James Millard and Frank Gallo, have a combined 48 years of
experience in asset and property management in New York, representing
over 25,000,000 square feet of office space.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o Not Allowed.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
40
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
369 LEXINGTON AVENUE
- --------------------------------------------------------------------------------
[369 LEXINGTON AVENUE MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
41
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES PORTFOLIO 9
- --------------------------------------------------------------------------------
[SUN COMMUNITIES PORTFOLIO 9 PICTURE OMITTED]
[SUN COMMUNITIES PORTFOLIO 9 PICTURE OMITTED]
[SUN COMMUNITIES PORTFOLIO 9 PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
42
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES PORTFOLIO 9
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
SUN COMMUNITIES PORTFOLIO 9
- --------------------------------------------------------------------------------
LOAN INFORMATION
ORIGINAL PRINCIPAL BALANCE: $37,351,472
FIRST PAYMENT DATE: August 1, 2004
TERM/AMORTIZATION: 144/360 months
INTEREST ONLY PERIOD: 30 months
MATURITY DATE: July 1, 2016
EXPECTED MATURITY BALANCE: $31,491,489
BORROWING ENTITY: Sun Candlewick LLC;
Sun Silver Star LLC;
Aspen-Holland Estates, LLC
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance: 138
payments
Open: 6 payments
LOCKBOX: Springing
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $37,351,472
CUT-OFF DATE LTV: 79.3%
MATURITY DATE LTV: 66.8%
UNDERWRITTEN DSCR*: 1.27x
MORTGAGE RATE: 5.320%
* DSCR figures based on net cash flow unless otherwise noted.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Manufactured Housing
Communities
PROPERTY SUB-TYPE: Manufactured Housing
Communities
LOCATION: Florida and Michigan
YEAR BUILT/RENOVATED: Silver Star 1975/NA
Candlewick Court 1975/NA
Lincoln Estates 1969/NA
Holly Village/
Hawaiian Gardens 1980/NA
PADS: 1,235
CUT-OFF BALANCE PER PAD: $30,244
OCCUPANCY: Silver Star as of
2/29/04 98.9%
Candlewick Court as of
2/29/04 95.7%
Lincoln Estates as of
2/27/04 96.3%
Holly Village / Hawaiian
Garden as of 4/30/04 100%
OWNERSHIP INTEREST: Fee 100%
PROPERTY MANAGEMENT: Borrower/Owner Managed
U/W NET CASH FLOW: $3,157,476
APPRAISED VALUE: $47,125,000
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
43
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES PORTFOLIO 9
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT FULL YEAR
UNDERWRITTEN (2/29/04) (12/31/03)
-------------- --------------- ---------------
EFFECTIVE GROSS INCOME ........ $ 4,909,475 $ 4,856,118 $ 4,763,159
TOTAL EXPENSES ................ $ 1,690,249 $ 1,367,784 $ 1,693,704
NET OPERATING INCOME (NOI) .... $ 3,219,226 $ 3,488,334 $ 3,069,455
CASH FLOW (CF) ................ $ 3,157,476 $ 3,488,334 $ 3,069,455
DSCR ON NOI ................... 1.29x 1.40x 1.23x
DSCR ON CF .................... 1.27x 1.40x 1.23x
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
44
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES PORTFOLIO 9
- --------------------------------------------------------------------------------
[SUN COMMUNITIES PORTFOLIO 9 MAP OMITTED]
[SUN COMMUNITIES PORTFOLIO 9 MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
45
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
QUARTERS AT MEMORIAL
- --------------------------------------------------------------------------------
[QUARTERS AT MEMORIAL PICTURE OMITTED] [QUARTERS AT MEMORIAL PICTURE OMITTED]
[QUARTERS AT MEMORIAL PICTURE OMITTED] [QUARTERS AT MEMORIAL PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
46
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
QUARTERS AT MEMORIAL
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
QUARTERS AT MEMORIAL
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $36,000,000
FIRST PAYMENT DATE: May 1, 2004
TERM/AMORTIZATION: 84/360 months
MATURITY DATE: April 1, 2011
EXPECTED MATURITY BALANCE: $31,853,684
BORROWING ENTITY: McCaslin Memorial I Limited
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
81 payments
Open: 3 payments
UP-FRONT RESERVES:
IMMEDIATE REPAIR RESERVE: $2,500
TAX/INSURANCE RESERVE(1): Yes
ONGOING RESERVES:
TAX RESERVE: Yes
REPLACEMENT RESERVE: $8,075
LOCKBOX: None
- --------------------------------------------------------------------------------
(1) The borrower has made a $98,338 initial deposit into the Insurance Reserve
and will make monthly deposits into the Insurance Reserve following an
event of default under the loan documents.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $35,872,239
CUT-OFF DATE LTV: 71.6%
MATURITY DATE LTV: 63.6%
UNDERWRITTEN DSCR*: 1.24x
MORTGAGE RATE: 4.902%
* DSCR figures based on net cash flow unless otherwise noted.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Multifamily
PROPERTY SUB-TYPE: Garden Style
LOCATION: Houston, TX
YEAR BUILT/RENOVATED: 2002/NA
UNITS: 380
CUT-OFF BALANCE PER UNIT: $94,401
OCCUPANCY AS OF 5/27/04: 91.8%
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: Pace Realty Corporation
U/W NET CASH FLOW: $2,838,899
APPRAISED VALUE: $50,100,000
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
47
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
QUARTERS AT MEMORIAL
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
FULL YEAR
UNDERWRITTEN (12/31/2003)
-------------- ---------------
EFFECTIVE GROSS INCOME .............. $ 5,711,866 $ 5,478,041
TOTAL EXPENSES ...................... $ 2,776,067 $ 2,804,547
NET OPERATING INCOME (NOI) .......... $ 2,935,799 $ 2,673,494
CASH FLOW (CF) ...................... $ 2,838,899 $ 2,661,588
DSCR ON NOI ......................... 1.28x 1.17x
DSCR ON CF .......................... 1.24x 1.16x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 BEDROOM 2 BEDROOM 3 BEDROOM
----------- ----------- ----------
Number of Units ................. 176 186 18
Average Rent .................... 1,211 1,554 1,925
Average Unit Size (SF) .......... 951 1,387 1,587
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
48
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
QUARTERS AT MEMORIAL
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOAN:
o The Quarters at Memorial Property is secured by a first mortgage on a
380-unit, apartment/townhouse community located one mile west of downtown
Houston, Texas.
THE BORROWER:
o The borrower, McCaslin Memorial I Limited, (the "Quarters at Memorial
Borrower"), is a single-purpose, bankruptcy-remote entity with at least one
independent director for which the Quarters at Memorial Borrower's legal
counsel delivered a non-consolidation opinion at loan closing.
o McCaslin Memorial, LLC owns 1% of the Quarters at Memorial Borrower,
McCaslin Development I Limited owns 29% of the Quarters at Memorial Borrower
and Millennium Growth Fund, L.L.C., a Nevada Limited Liability Company owns
70% of the Quarters at Memorial Borrower.
o J.D. McCaslin and Carl G. McCaslin, Jr. are the Borrower Principals with a
combined 60 years of real estate experience. Together the two are the only
shareholders of McCaslin Development Company, a Texas Corp. which has
completed the construction and lease-up of several thousand luxury apartment
homes in the Dallas-Ft. Worth area since 1994. McCaslin Development Company
is a full-service real estate service brokerage, development and acquisition
company.
THE PROPERTY:
o The collateral for the Quarters at Memorial loan consists of the fee simple
interest in a 380-unit, apartment and townhouse community consisting of five
four-story apartment buildings containing 453,968 square feet and an
additional building housing a clubhouse/leasing office. Built in 2002, the
Quarters at Memorial Property is situated on 10 acres midway between
Houston's central business district and the Galleria. The Quarters at
Memorial Property has 654 parking spaces (1.72 spaces/unit), 582 of which
are covered. Project amenities include a clubhouse, pool, spa, an outdoor
cabana, a fitness center, and a full service concierge.
The Quarters at Memorial Borrower, at its sole cost and expense, is required to
keep the Quarters at Memorial Property insured against loss or damage by fire
and other risks addressed by coverage of a comprehensive all risk insurance
policy.
PROPERTY MANAGEMENT:
o Pace Realty Corporation, co-founded by J.D. McCarlin in 1980, an affiliate
of the Quarters at Memorial Borrower, manages the property. Headquartered in
Dallas, Texas, the company has approximately 24 years of multifamily
property management experience and currently manages approximately 9,000
units in 14 Texas cities.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o Not Allowed.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
49
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
QUARTERS AT MEMORIAL
- --------------------------------------------------------------------------------
[QUARTERS AT MEMORIAL MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
50
(This Page Intentionally Left Blank)
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES PORTFOLIO 8
- --------------------------------------------------------------------------------
[SUN COMMONITIES PORTFOLIO 8 PICTURE OMITTED]
[SUN COMMONITIES PORTFOLIO 8 PICTURE OMITTED]
[SUN COMMONITIES PORTFOLIO 8 PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
51
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES PORTFOLIO 8
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
SUN COMMUNITIES PORTFOLIO 8 (CROSS-COLLATERALIZED WITH SUN - COMMUNITIES - ARBOR
TERRACE)
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $22,640,000
FIRST PAYMENT DATE: August 1, 2004
TERM/AMORTIZATION: 144/360 months
INTEREST ONLY PERIOD: 30 months
MATURITY DATE: July 1, 2016
EXPECTED MATURITY BALANCE: $19,088,065
BORROWING ENTITY: Sun Pool 8 LLC
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance: 138
Payments
Open: 6 Payments
LOCKBOX: Springing
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $22,640,000
CUT-OFF DATE LTV: 80.0%
MATURITY DATE LTV: 67.4%
UNDERWRITTEN DSCR*: 1.34x
MORTGAGE RATE: 5.320%
* DSCR figures based on net cash flow unless otherwise noted.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Manufactured Housing
Communities
PROPERTY SUB-TYPE: Manufactured Housing
Communities
LOCATION: Valparaiso, IN
Indianapolis, IN
YEAR BUILT/RENOVATED: Liberty Farms 1965/NA
West Glen Village 1969/NA
PADS: 772
CUT-OFF BALANCE PER SF: $29,326
OCCUPANCY AS OF: Liberty Farms (2/29/04) 99.6%
West Glen Village (2/27/04) 91.1%
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: Borrower/Owner
Manager
U/W NET CASH FLOW: $2,020,136
APPRAISED VALUE: $28,300,000
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT FULL YEAR
UNDERWRITTEN (2/29/04) (12/31/03)
-------------- --------------- ---------------
EFFECTIVE GROSS INCOME ....... $ 3,007,379 $ 2,974,122 $ 2,962,892
TOTAL EXPENSES ............... $ 948,643 $ 768,982 $ 718,468
NET OPERATING INCOME (NOI) ... $ 2,058,736 $ 2,205,144 $ 2,244,424
CASH FLOW (CF) ............... $ 2,020,136 $ 2,205,144 $ 2,244,424
DSCR ON NOI .................. 1.36x 1.46x 1.48x
DSCR ON CF ................... 1.34x 1.46x 1.48x
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
52
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES PORTFOLIO 8
- --------------------------------------------------------------------------------
[SUN COMMONITIES PORTFOLIO 8 MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
53
(This Page Intentionally Left Blank)
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES -- ARBOR TERRACE
- --------------------------------------------------------------------------------
[SUN COMMUNITIES -- ARBOR TERRACE PICTURE OMITTED]
[SUN COMMUNITIES -- ARBOR TERRACE PICTURE OMITTED]
[SUN COMMUNITIES -- ARBOR TERRACE PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
54
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES - ARBOR TERRACE
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
SUN COMMUNITIES - ARBOR TERRACE (CROSS-COLLATERALIZED WITH SUN COMMUNITIES
PORTFOLIO 8)
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $5,280,000
FIRST PAYMENT DATE: August 1, 2004
TERM/AMORTIZATION: 144/360 months
INTEREST ONLY PERIOD: 30 months
MATURITY DATE: July 1, 2016
EXPECTED MATURITY BALANCE: $4,451,633
BORROWING ENTITY: Sun Arbor Terrace LLC
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
138 payments
Open: 6 payments
LOCKBOX: Springing
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $5,280,000
CUT-OFF DATE LTV: 80.0%
MATURITY DATE LTV: 67.4%
UNDERWRITTEN DSCR*: 1.24x
MORTGAGE RATE: 5.320%
* DSCR figures based on net cash flow unless otherwise noted.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Manufactured Housing
Communities
PROPERTY SUB-TYPE: Manufactured Housing
Communities
LOCATION: Bradenton, FL
YEAR BUILT/RENOVATED: 1972/NA
PADS: 402
CUT-OFF BALANCE PER UNIT: $13,134
OCCUPANCY AS OF 4/5/04: 100%(1)
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: Borrower/Owner
Managed
U/W NET CASH FLOW: $437,238
APPRAISED VALUE: $6,600,000
- --------------------------------------------------------------------------------
(1) The occupancy percentage reflects the occupancy at the permanent pads only.
198 of the 402 total pads are permanent. The remaining 204 are seasonal
pads.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT FULL YEAR
UNDERWRITTEN (2/29/04) (12/31/03)
-------------- --------------- -------------
EFFECTIVE GROSS INCOME ....... $ 995,837 $ 1,778,538 $ 973,380
TOTAL EXPENSES ............... $ 538,499 $ 540,858 $ 504,816
NET OPERATING INCOME (NOI) ... $ 457,338 $ 1,237,680 $ 468,564
CASH FLOW (CF) ............... $ 437,238 $ 1,237,680 $ 468,564
DSCR ON NOI .................. 1.30x 3.51x 1.33x
DSCR ON CF ................... 1.24x 3.51x 1.33x
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
55
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SUN COMMUNITIES - ARBOR TERRACE
- --------------------------------------------------------------------------------
[SUN COMMUNITIES - ARBOR TERRACE MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
56
(This Page Intentionally Left Blank)
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
EXTRA SPACE STORAGE - EAST ONE PORTFOLIO
- --------------------------------------------------------------------------------
[EXTRA SPACE STORAGE - EAST ONE PORTFOLIO PICTURE OMITTED] [EXTRA SPACE STORAGE - EAST ONE PORTFOLIO PICTURE OMITTED]
[EXTRA SPACE STORAGE - EAST ONE PORTFOLIO PICTURE OMITTED] [EXTRA SPACE STORAGE - EAST ONE PORTFOLIO PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
57
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
EXTRA SPACE STORAGE - EAST ONE PORTFOLIO
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
EXTRA SPACE STORAGE - EAST ONE PORTFOLIO
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $27,208,000
FIRST PAYMENT DATE: July 1, 2004
TERM/AMORTIZATION: 84/360 months
INTEREST ONLY PERIOD: 36 months
MATURITY DATE: June 1, 2011
EXPECTED MATURITY BALANCE: $25,524,976
BORROWING ENTITY: Extra Space Properties
Ten LLC
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
82 payments
Open: 2 payments
UP-FRONT RESERVES:
IMMEDIATE REPAIR RESERVE: $23,250
TAX/INSURANCE RESERVE: Yes
ONGOING MONTHLY RESERVES:
TAX/INSURANCE RESERVE: Yes
REPLACEMENT RESERVES: $10,430(1)
LOCKBOX: None
- --------------------------------------------------------------------------------
(1) $10,430 per month for the first two years and $3,863 per month each year for
the remainder of the loan term.
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $27,208,000
CUT-OFF DATE LTV: 80.0%
MATURITY DATE LTV: 75.1%
UNDERWRITTEN DSCR*: 1.41x
MORTGAGE RATE**: 4.763%
* DSCR figures based on net cash flow unless otherwise noted.
** Full rate is 4.7632%.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Self Storage
PROPERTY SUB-TYPE: Self Storage
LOCATION: Massachusetts
New Jersey
Pennsylvania
YEAR BUILT/
RENOVATED: Foxboro 1996/NA
Hudson 1990/NA
Worcester 1995/NA
Auburn 1998/NA
Brockton 1999/NA
Parlin 1987/NA
Pittsburgh 1903/1979
Kennedy Township 1988/2000
Stoughton 1987/NA
UNITS: 4,069
CUT-OFF BALANCE
PER UNIT: $6,687
OCCUPANCY: Foxboro as of 4/27/04 83.8%
Hudson as of 4/27/04 81.9%
Worcester as of 4/27/04 85.6%
Auburn as of 5/6/04 82.9%
Brockton as of 5/6/04 74.9%
Parlin as of 4/27/04 84.2%
Pittsburgh as of 4/27/04 83.0%
Kennedy Township as of 4/27/04 89.5%
Stoughton as of 4/27/04 75.9%
OWNERSHIP
INTEREST: Fee/Leasehold
PROPERTY Extra Space
MANAGEMENT: Management LLC
U/W NET CASH
FLOW: $2,407,658
APPRAISED VALUE: $34,010,000
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
58
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
EXTRA SPACE STORAGE - EAST ONE PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
FULL YEAR
UNDERWRITTEN (12/31/03)
-------------- ---------------
EFFECTIVE GROSS INCOME .............. $ 4,693,545 $ 4,788,580
TOTAL EXPENSES ...................... $ 2,216,356 $ 2,123,022
NET OPERATING INCOME (NOI) .......... $ 2,477,189 $ 2,665,558
CASH FLOW (CF) ...................... $ 2,407,658 $ 2,665,558
DSCR ON NOI ......................... 1.45x 1.56x
DSCR ON CF .......................... 1.41x 1.56x
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
59
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
EXTRA SPACE STORAGE - EAST ONE PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOAN:
o The "Extra Space Storage - East One Portfolio Loan" consists of one Mortgage
Loan, which is secured by nine self-storage facilities (each an "Extra Space
Storage - East One Portfolio Property") and is owned by an affiliate of
Extra Space Storage LLC ("Extra Space Storage"). The Foxboro Property is
secured by a first mortgage on a 445-unit self-storage facility located in
Foxboro, Massachusetts. The Hudson Property is secured by a first mortgage
on a 348-unit self-storage facility located in Hudson, Massachusetts. The
Worcester Property is secured by a first mortgage on a 271-unit self-storage
facility located in Worcester, Massachusetts. The Auburn Property is secured
by a first mortgage on a 461-unit self-storage facility located in Auburn,
Massachusetts. The Brockton Property is secured by a first mortgage on a
375-unit self-storage facility located in Brockton, Massachusetts. The
Parlin Property is secured by a first leasehold mortgage on a 602-unit
self-storage facility located in Parlin, New Jersey. The Pittsburgh Property
is secured by a first mortgage on a 649-unit self-storage facility located
in Pittsburgh, Pennsylvania. The Kennedy Township Property is secured by a
first mortgage on a 446-unit self-storage facility located in Kennedy
Township, Pennsylvania. The Stoughton Property is secured by a first
mortgage on a 472-unit self-storage facility located in Stoughton,
Massachusetts. The East One Portfolio Loan has a Cut-off Date Balance of
$27,208,000.
THE BORROWER:
o The "Extra Space Storage - East One Portfolio Borrower" is Extra Space
Properties Ten LLC, a Delaware limited liability company and a single
purpose bankruptcy remote entity. Legal counsel to the Extra Space Storage
East One Portfolio Borrower has delivered a non-consolidation opinion.
o Extra Space Storage, founded in 1979, is a privately held company based in
Salt Lake City, Utah, with regional offices in California, Massachusetts,
New Jersey and Chicago. The company is a national owner, developer, acquirer
and operator of self-storage properties, currently operating 110
self-storage facilities totaling approximately 78,000 units located in 15
states with over 30 new facilities under development.
o Equity ownership will be transferred to (a) a new corporation or real estate
investment trust, (b) limited partnership controlled by the real estate
investment trust and functioning as the real estate investment trust's
operating partnership or (c) Massachusetts business trust formed as a
subsidiary of the real estate investment trust for the purpose of being the
general partner and/or the limited partner of the real estate investment
trust, subject to (1) at all times the real estate investment trust or the
real estate investment trust operating partnership continues to own and
control Extra Space Storage, and Extra Space Storage continues to own,
directly or indirectly, all of the real estate investment trust, (2) at all
times the Extra Space Storage East One Portfolio Borrower shall be
controlled by Mr. Wooley, or the real estate investment trust or the real
estate investment trust's operating partnership and a "qualified manager"
(as defined under the related Mortgage Loan documents) shall manage each
individual property, (3) real estate investment trust's operating
partnership's receipt of written confirmation from the Rating Agencies that
transfer will not result in a downgrade, withdrawal or qualification of the
initial, or if higher, then current ratings of the Certificate and (4) the
mortgagee shall be reimbursed for all expenses, including legal fees,
incurred by the mortgagee in connection with the transfer.
o Extra Space Storage proposed that the future real estate investment trust's
operating partnership be Extra Space Storage, Inc., which, as of 12/31/03,
reported liquidity of approximately $11.7 million, real estate assets of
$354.4 million and a net worth of $7.5 million.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
60
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
EXTRA SPACE STORAGE - EAST ONE PORTFOLIO
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE PROPERTIES:
o The collateral consists of nine self-storage facilities located throughout
Massachusetts, New Jersey and Pennsylvania containing a total of 71
buildings, 4,069 units and 472,841 net rentable square feet and situated on
a total of 33.77 acres. Most of the properties were constructed between 1903
and 2000, averaging 1992 construction. Of the 4,069 units, 3,289 (81%) are
standard storage units and 780 (19%) are climate-controlled storage units.
The average unit size is 114 square feet. In addition, there are a total of
100 outside vehicle storage spaces. Additional improvements typically
consist of a leasing office, either incorporated into one of the storage
buildings or combined with a manager's residence in a stand-alone building.
A code-operated access gate and a video surveillance system typically
provide property protection.
PROPERTY MANAGEMENT:
o Extra Space Management LLC manages all nine facilities in the portfolio.
Extra Space Management, an Extra Space Storage -- East One Portfolio
Borrower related entity founded in 1979 and headquartered in Salt Lake City,
Utah, currently manages 122 self-storage facilities totaling approximately
78,000 units located in 13 states.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o Not allowed.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
61
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
EXTRA SPACE STORAGE - EAST ONE PORTFOLIO
- --------------------------------------------------------------------------------
[EXTRA SPACE STORAGE - EAST ONE PORTFOLIO MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
62
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY
- --------------------------------------------------------------------------------
[ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY PICTURE OMITTED]
[ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY PICTURE OMITTED]
[ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY PICTURE OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
63
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY
- --------------------------------------------------------------------------------
SIGNIFICANT MORTGAGE LOANS
ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $27,200,000
FIRST PAYMENT DATE: May 1, 2004
TERM/AMORTIZATION: 84/360 months
INTEREST ONLY PERIOD: 24 months
MATURITY DATE: April 1, 2011
EXPECTED MATURITY BALANCE: $24,994,332
BORROWING ENTITY: St. Clair Estates (Delaware), LLC
INTEREST CALCULATION: Actual/360
CALL PROTECTION: Lockout/defeasance:
78 payments
Open: 6 payments
UP-FRONT RESERVES:
TAX/INSURANCE: Yes
OTHER RESERVE: $700,000(1)
ONGOING RESERVES:
TAX/INSURANCE RESERVE: Yes
REPLACEMENT RESERVE: Yes(2)
LOCKBOX: None
- --------------------------------------------------------------------------------
(1) Rental holdback.
(2) $2,224 during months 1-72 of the term of the loan and $2,080 per month
during the remainder of the term of the loan
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
CUT-OFF DATE BALANCE: $27,200,000
CUT-OFF DATE LTV: 80.0%
MATURITY DATE LTV: 73.5%
UNDERWRITTEN DSCR*: 1.26x
MORTGAGE RATE: 4.660%
* DSCR figures based on net cash flow unless otherwise noted.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
PROPERTY TYPE: Manufactured Housing
Communities
PROPERTY SUB-TYPE: Manufactured Housing
Communities
LOCATION: Clinton Township, MI
YEAR BUILT/RENOVATED: 1960, 2001/NA
PADS: 628
CUT-OFF BALANCE PER PAD: $43,312
OCCUPANCY AS OF 3/30/04: 91.6%
OWNERSHIP INTEREST: Fee
PROPERTY MANAGEMENT: Capital First Realty, Inc.
U/W NET CASH FLOW: $2,122,964
APPRAISED VALUE: $34,000,000
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
64
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
ANNUALIZED
MOST RECENT FULL YEAR
UNDERWRITTEN (12/31/03) (12/31/02)
-------------- --------------- ---------------
EFFECTIVE GROSS INCOME ......... $ 2,760,421 $ 2,703,617 $ 2,485,873
TOTAL EXPENSES ................. $ 611,343 $ 490,135 $ 514,138
NET OPERATING INCOME (NOI) ..... $ 2,149,078 $ 2,213,482 $ 1,971,735
CASH FLOW (CF) ................. $ 2,122,964 $ 2,213,482 $ 1,971,735
DSCR ON NOI .................... 1.28x 1.31x 1.17x
DSCR ON CF ..................... 1.26x 1.31x 1.17x
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
65
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
THE LOANS:
o The St. Clair Estates Manufactured Home Community loan is secured by a first
mortgage on a 628-pad manufactured housing community located at the
outskirts of metropolitan Detroit, 25 miles north of the Detroit central
business district.
THE BORROWERS:
o The borrower, St. Clair Estates (Delaware), LLC (the "St. Clair Estates
Borrower"), a Delaware limited liability company that is a single-purpose,
bankruptcy-remote entity. The borrower principal is Richard J. Klarchek, who
has over 20 years of experience owning and operating mobile home
communities. He owns 16 communities located throughout the Midwest totaling
6,250 pads, 1,000 of which are in the local market.
THE PROPERTY:
o The collateral for the St. Clair Estates Manufactured Home Community loan
consists of a fee simple interest in a 628-pad manufactured housing
community. The property was built in three phases, with construction between
the years of 1960 and 2001. The property includes such amenities as a
community center, a swimming pool, playgrounds, a basketball court,
off-street parking, visitor parking and concrete streets. The property also
features public water and sewer service.
o The St. Clair Estates Borrower is required at its sole cost and expense to
keep the St. Clair Estates MHC property insured against loss or damage by
fire and other risks addressed by coverage of a comprehensive all risk
insurance policy.
PROPERTY MANAGEMENT:
o The property is managed by Capital First Realty, Inc, where the borrower
principal Richard Klarchek serves as president. Founded in 1984 and
headquartered in Chicago, IL, Capital First Realty, Inc. currently manages
16 manufactured housing properties located throughout the Midwest containing
approximately 6,250 residential sites.
CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o None.
FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS:
o The direct and/or indirect owners of the St. Clair Estates Borrower ("St.
Clair Estates Mezzanine Borrower") are permitted to incur mezzanine debt
provided that 1) it is extended by a qualified financial institution, 2) it
is secured by a pledge of the St. Clair Estates Mezzanine Borrower's equity
interest in the St. Clair Estates Borrower, 3) notification to the
mortgagee, 4) mezzanine lender executes a subordination and intercreditor
agreement satisfactory to the mortgagee, 5) the aggregate principal amount
of mezzanine financing and subject loan shall not exceed a 80.0%
loan-to-value ratio, and 6) the aggregate debt service coverage ratio shall
not be less than 0.83x based on a 9.25% constant and underwritten net
operating income as determined by the mortgagee.
o Additional requirements for mezzanine debt include 1) confirmation of no
downgrade from the Rating Agencies, 2) the St. Clair Estates Mezzanine
Borrower needs to be structured into the St. Clair Estates Borrower's
organizational structure in a way so as not to adversely affect the
bankruptcy remote nature of the St. Clair Estates Borrower and not be
contrary to Rating Agency criteria (and all organizational documents of the
St. Clair Estates Borrower shall be revised to the reasonable satisfaction
of the mortgagee), and 3) satisfaction of such other conditions as the
mortgagee may require and/or a delivery of a legal opinion (including, but
not limited to a revised non-consolidation opinion). All of which must be
acceptable to the mortgagee and the Rating Agencies.
- --------------------------------------------------------------------------------
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
66
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY
- --------------------------------------------------------------------------------
[ST. CLAIR ESTATES MANUFACTURED HOME COMMUNITY MAP OMITTED]
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
67
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-3
- --------------------------------------------------------------------------------
ADDITIONAL MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
o GENERAL. For a detailed presentation of certain characteristics of the
Mortgage Loans and Mortgaged Properties, on an individual basis and in
tabular format, see Annex A to the prospectus supplement. See Annex B
Multifamily Schedule to the prospectus supplement for certain information
regarding multifamily Mortgaged Properties. See Annex B Capital Improvement,
Replacement Reserve and Escrow Accounts to the prospectus supplement for
certain information with respect to capital improvement, replacement and
tenant improvement reserves.
o CROSS-COLLATERALIZED AND CROSS-DEFAULTED MORTGAGE LOANS. The mortgage pool
contains one set of cross-collateralized and cross-defaulted Mortgage Loans.
Such Mortgage Loans collectively represent 2.4% of the Initial Pool Balance,
and 9.8% of the Group 2 balance and are referred to as the
"Cross-Collateralized Mortgage Loans." Each of the Cross-Collateralized
Mortgage Loans is evidenced by a separate Mortgage Note and secured by a
separate Mortgage, which Mortgage or separate cross-collateralization
agreement, which may include a subordinate mortgage as the case may be,
contains provisions creating the relevant partial cross-collateralization
and partial cross-default arrangements.
o GROUND LEASES. Seven Mortgaged Properties, which represent approximately
4.7% of the Initial Pool Balance, are secured, in whole or in part, by a
Mortgage on the applicable borrower's leasehold interest in the related
Mortgaged Property. Generally, with certain exceptions either (i) the ground
lessor has subordinated its interest in the related Mortgaged Property to
the interest of the holder of the related Mortgage Loan or (ii) the ground
lessor has agreed to give the holder of the Mortgage Loan notice of, and has
granted such holder the right to cure, any default or breach by the lessee.
o SUBORDINATE FINANCING. The Mortgage Loans generally either prohibit the
related borrower from encumbering the Mortgaged Property with additional
secured debt or require the consent of the holder of the first lien prior to
encumbering such property. Certain exceptions are noted below and described
in the prospectus supplement. Three Mortgage Loans, representing 2.5% of the
Initial Pool Balance, permits additional secured subordinate debt and 16
Mortgage Loans representing 19.1% of the Initial Pool Balance permits
additional unsecured debt. 13 of the 16 Mortgage Loans with unsecured debt,
representing 11.9% of the Initial Pool Balance, permit the members of the
related borrower to incur mezzanine debt under the circumstances set forth
in the related loan agreement. Two Mortgage Loans, representing 1.0% of the
Initial Pool Balance, have existing mezzanine debt. See the individual loan
descriptions under the heading "Description of the Mortgage Pool" in the
prospectus supplement for further information regarding additional
indebtedness relating to significant mortgage loans, as well as the
information under "Description of the Mortgage Pool -- Additional Mortgage
Loans -- Subordinate Financing" in the prospectus supplement. See also "Risk
Factors -- Risks Related to the Mortgage Loans -- Subordinate Financing May
Make Recovery Difficult in the Event of Loss" of the prospectus supplement.
This material is for your private information and none of Banc of America
Securities LLC, Bear, Stearns & Co. Inc. and Goldman, Sachs & Co. (collectively,
the "Underwriters") is soliciting any action based upon it. This material is not
to be construed as an offer to sell or the solicitation of any offer to buy any
security in any jurisdiction where such an offer or solicitation would be
illegal. None of the Underwriters nor any of their affiliates has conducted any
independent review of the information contained herein, and none of the
Underwriters nor any of their affiliates represent that such information is
accurate or complete and the information should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriters make no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriters and their affiliates, officers, directors, partners
and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, as amended including all cases where the material does not pertain to
securities that are ultimately offered for sale pursuant to such registration
statement. Information contained in this material is current as of the date
appearing in this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
in its entirety by the information contained in any final prospectus and
prospectus supplement for any securities actually sold to you, which you should
read before making any investment decision. This material is furnished solely by
the Underwriters and not by the issuer of the securities. The issuer of the
securities has not prepared, reviewed or participated in the preparation of this
material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. Each of the Underwriters is
acting as an Underwriter and not acting as an agent for the issuer in connection
with the proposed transaction.
68