UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: January 14, 2005
(Date of earliest event reported)
Commission File No.: 333-68246-01
First Union Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 2001-C4
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
22-3844543
22-3844544
22-3844545
22-6910887
(I.R.S. Employer Identification No.)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On January 14, 2005, a distribution was made to holders of First Union
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2001-C4.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2001-C4, relating to the
January 14, 2005 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Union Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 2001-C4
(Registrant)
By: Wells Fargo Bank, N.A. as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: January 14, 2005
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial
Mortgage Pass-Through Certificates, Series 2001-C4,
relating to the January 14, 2005 distribution.
Wells Fargo Bank, N.A.
Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
First Union Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 2001-C4
For Additional Information, please contact
CTSLink Customer Service
(301) 815-6600
Reports Available on the World Wide Web
@ www.ctslink.com/cmbs
Payment Date: January 14, 2005
Record Date: December 31, 2004
DISTRIBUTION DATE STATEMENT
Table of Contents
STATEMENT SECTIONS PAGE(s)
Certificate Distribution Detail 2
Certificate Factor Detail 3
Reconciliation Detail 4
Other Required Information 5
Cash Reconciliation 6
Ratings Detail 7
Current Mortgage Loan and Property Stratification Tables 8 - 10
Mortgage Loan Detail 11 - 15
Principal Prepayment Detail 16
Historical Detail 17
Delinquency Loan Detail 18
Specially Serviced Loan Detail 19 - 22
Modified Loan Detail 23
Liquidated Loan Detail 24
Depositor
First Union Commercial Mortgage Securities, Inc.
201 South College Street
Charlotte, NC 28288-1016
Contact: Tim Steward
Phone Number: (704) 593-7822
Master Servicer
First Union National Bank
Charlotte Plaza, Floor 23 NC-1075
201 South College Street
Charlotte, NC 28288
Contact: Timothy S. Ryan
Phone Number: (704) 593-7878
Special Servicer
Lennar Partners, Inc.
760 N.W. 107th Avenue
Miami, FL 33172
Contact: Steve Bruha
Phone Number: (305) 229-6614
This report has been compiled from information provided to
Wells Fargo Bank, N.A. by various third parties, which may
include the Servicer, Master Servicer, Special Servicer and others.
Wells Fargo Bank, N.A. has not independently confirmed the
accuracy of information received from these third parties and
assumes no duty to do so. Wells Fargo Bank, N.A. expressly
disclaims any responsibility for the accuracy or completeness
of information furnished by third parties.
Copyright 2005, Wells Fargo Bank, N.A.
Certificate Distribution Detail
Class CUSIP Pass-Through Original Beginning Principal Interest
Rate Balance Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 5.673000% 286,136,000.00 237,562,040.78 790,017.94 1,123,074.55
A-2 33736XEB1 6.223000% 469,800,000.00 469,800,000.00 0.00 2,436,304.50
B 33736XEC9 6.417000% 36,696,000.00 36,696,000.00 0.00 196,231.86
C 33736XED7 6.538000% 12,232,000.00 12,232,000.00 0.00 66,644.01
D 33736XEE5 6.617000% 12,232,000.00 12,232,000.00 0.00 67,449.29
E 33736XEF2 6.667000% 17,125,000.00 17,125,000.00 0.00 95,143.65
F 33736XEJ4 6.790000% 12,232,000.00 12,232,000.00 0.00 69,212.73
G 33736XEK1 6.937000% 12,232,000.00 12,232,000.00 0.00 70,711.15
H 33736XEL9 7.036000% 17,125,000.00 17,125,000.00 0.00 100,409.58
J 33736XEM7 7.225401% 14,678,000.00 14,678,000.00 0.00 88,378.70
K 33736XEN5 6.000000% 14,679,000.00 14,679,000.00 0.00 73,395.00
L 33736XEP0 6.000000% 22,017,000.00 22,017,000.00 0.00 110,085.00
M 33736XEQ8 6.000000% 7,339,000.00 7,339,000.00 0.00 36,695.00
N 33736XER6 6.000000% 7,029,000.00 7,029,000.00 0.00 35,145.00
O 33736XES4 6.000000% 6,938,000.00 6,938,000.00 0.00 34,690.00
P 33736XET2 6.000000% 4,626,000.00 4,626,000.00 0.00 23,130.00
Q 33736XEU9 6.000000% 25,443,069.00 25,359,624.54 0.00 115,864.57
Z-I 33736XEX3 0.000000% 0.00 0.00 0.00 0.00
Z-II 33736XEY1 0.000000% 0.00 0.00 0.00 0.00
R 33736XEW5 0.000000% 0.00 0.00 0.00 0.00
Totals 978,559,069.00 929,901,665.32 790,017.94 4,742,564.59
Class CUSIP Prepayment Realized Loss/ Total Ending Current
Penalties Additional Trust Distribution Balance Subordination
Fund Expenses Level (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 0.00 0.00 1,913,092.49 236,772,022.84 23.95%
A-2 33736XEB1 0.00 0.00 2,436,304.50 469,800,000.00 23.95%
B 33736XEC9 0.00 0.00 196,231.86 36,696,000.00 20.00%
C 33736XED7 0.00 0.00 66,644.01 12,232,000.00 18.69%
D 33736XEE5 0.00 0.00 67,449.29 12,232,000.00 17.37%
E 33736XEF2 0.00 0.00 95,143.65 17,125,000.00 15.53%
F 33736XEJ4 0.00 0.00 69,212.73 12,232,000.00 14.21%
G 33736XEK1 0.00 0.00 70,711.15 12,232,000.00 12.89%
H 33736XEL9 0.00 0.00 100,409.58 17,125,000.00 11.05%
J 33736XEM7 0.00 0.00 88,378.70 14,678,000.00 9.47%
K 33736XEN5 0.00 0.00 73,395.00 14,679,000.00 7.89%
L 33736XEP0 0.00 0.00 110,085.00 22,017,000.00 5.52%
M 33736XEQ8 0.00 0.00 36,695.00 7,339,000.00 4.73%
N 33736XER6 0.00 0.00 35,145.00 7,029,000.00 3.97%
O 33736XES4 0.00 0.00 34,690.00 6,938,000.00 3.23%
P 33736XET2 0.00 0.00 23,130.00 4,626,000.00 2.73%
Q 33736XEU9 0.00 0.00 115,864.57 25,359,624.54 0.00%
Z-I 33736XEX3 0.00 0.00 0.00 0.00 0.00%
Z-II 33736XEY1 0.00 0.00 0.00 0.00 0.00%
R 33736XEW5 0.00 0.00 0.00 0.00 0.00%
Totals 0.00 0.00 5,532,582.53 929,111,647.38
Class CUSIP Pass-Through Original Beginning Interest
Rate Notional Notional Distribution
Amount Amount
<s> <c> <c> <c> <c> <c>
IO-I 33736XEG0 0.584690% 978,559,069.00 929,901,665.32 453,087.22
IO-II 33736XEH8 0.875688% 537,874,000.00 537,874,000.00 392,508.35
Class CUSIP Prepayment Total Ending
Penalties Distribution Notional
Amount
<s> <c> <c> <c> <c>
IO-I 33736XEG0 0.00 453,087.22 929,111,647.38
IO-II 33736XEH8 0.00 392,508.35 537,874,000.00
<FN>
(1) Calculated by taking (A) the sum of the ending certificate balance of all
classes less (B) the sum of (i) the ending certificate balance of the designated
class and (ii) the ending certificate balance of all classes which are not
subordinate to the designated class and dividing the result by (A).
</FN>
Certificate Factor Detail
Class CUSIP Beginning Principal Interest Prepayment Realized Loss/ Ending
Balance Distribution Distribution Penalties Additional Balance
Trust Fund
Expenses
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 830.24170597 2.76098757 3.92496767 0.00000000 0.00000000 827.48071840
A-2 33736XEB1 1,000.00000000 0.00000000 5.18583333 0.00000000 0.00000000 1,000.00000000
B 33736XEC9 1,000.00000000 0.00000000 5.34750000 0.00000000 0.00000000 1,000.00000000
C 33736XED7 1,000.00000000 0.00000000 5.44833306 0.00000000 0.00000000 1,000.00000000
D 33736XEE5 1,000.00000000 0.00000000 5.51416694 0.00000000 0.00000000 1,000.00000000
E 33736XEF2 1,000.00000000 0.00000000 5.55583358 0.00000000 0.00000000 1,000.00000000
F 33736XEJ4 1,000.00000000 0.00000000 5.65833306 0.00000000 0.00000000 1,000.00000000
G 33736XEK1 1,000.00000000 0.00000000 5.78083306 0.00000000 0.00000000 1,000.00000000
H 33736XEL9 1,000.00000000 0.00000000 5.86333314 0.00000000 0.00000000 1,000.00000000
J 33736XEM7 1,000.00000000 0.00000000 6.02116773 0.00000000 0.00000000 1,000.00000000
K 33736XEN5 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
L 33736XEP0 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
M 33736XEQ8 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
N 33736XER6 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
O 33736XES4 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
P 33736XET2 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
Q 33736XEU9 996.72034612 0.00000000 4.55387556 0.00000000 0.00000000 996.72034612
Z-I 33736XEX3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Z-II 33736XEY1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 33736XEW5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class CUSIP Beginning Interest Prepayment Ending
Notional Distribution Penalties Notional
Amount Amount
<s> <c> <c> <c> <c> <c>
IO-I 33736XEG0 950.27647771 0.46301469 0.00000000 949.46914991
IO-II 33736XEH8 1,000.00000000 0.72974033 0.00000000 1,000.00000000
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 1,388,909.35
Servicing Advances Outstanding 166,115.76
Reimbursement for Interest on P & I Advances 0.00
paid from general collections
Reimbursement for Interest on Servicing 0.00
Advances paid from general collections
Aggregate amount of Nonrecoverable Advances 0.00
Servicing Fee Summary
<s> <c>
Current Period Accrued Servicing Fees 44,974.81
Less Delinquent Servicing Fees 2,134.78
Less Reductions to Servicing Fees 0.00
Plus Servicing Fees for Delinquent Payments Received 1,795.38
Plus Adjustments for Prior Servicing Calculation 0.00
Total Servicing Fees Collected 44,635.41
Certificate Interest Reconciliation
Class Accrued Net Aggregate Deferred Distributable Distributable
Certificate Prepayment Interest Certificate Certificate
Interest Interest Amount Interest Interest
Shortfall Adjustment
<s> <c> <c> <c> <c> <c>
A-1 1,123,074.55 0.00 0.00 1,123,074.55 0.00
A-2 2,436,304.50 0.00 0.00 2,436,304.50 0.00
IO-I 453,087.22 0.00 0.00 453,087.22 0.00
IO-II 392,508.35 0.00 0.00 392,508.35 0.00
B 196,231.86 0.00 0.00 196,231.86 0.00
C 66,644.01 0.00 0.00 66,644.01 0.00
D 67,449.29 0.00 0.00 67,449.29 0.00
E 95,143.65 0.00 0.00 95,143.65 0.00
F 69,212.73 0.00 0.00 69,212.73 0.00
G 70,711.15 0.00 0.00 70,711.15 0.00
H 100,409.58 0.00 0.00 100,409.58 0.00
J 88,378.70 0.00 0.00 88,378.70 0.00
K 73,395.00 0.00 0.00 73,395.00 0.00
L 110,085.00 0.00 0.00 110,085.00 0.00
M 36,695.00 0.00 0.00 36,695.00 0.00
N 35,145.00 0.00 0.00 35,145.00 0.00
O 34,690.00 0.00 0.00 34,690.00 0.00
P 23,130.00 0.00 0.00 23,130.00 0.00
Q 126,798.12 0.00 0.00 126,798.12 0.00
Z-I 0.00 0.00 0.00 0.00 0.00
Z-II 0.00 0.00 0.00 0.00 0.00
Total 5,599,093.71 0.00 0.00 5,599,093.71 0.00
Class Additional Interest Remaining Unpaid
Trust Fund Distribution Distributable
Expenses Certificate Interest
<s> <c> <c> <c>
A-1 0.00 1,123,074.55 0.00
A-2 0.00 2,436,304.50 0.00
IO-I 0.00 453,087.22 0.00
IO-II 0.00 392,508.35 0.00
B 0.00 196,231.86 0.00
C 0.00 66,644.01 0.00
D 0.00 67,449.29 0.00
E 0.00 95,143.65 0.00
F 0.00 69,212.73 0.00
G 0.00 70,711.15 0.00
H 0.00 100,409.58 0.00
J 0.00 88,378.70 0.00
K 0.00 73,395.00 0.00
L 0.00 110,085.00 0.00
M 0.00 36,695.00 0.00
N 0.00 35,145.00 0.00
O 0.00 34,690.00 0.00
P 0.00 23,130.00 0.00
Q 10,933.55 115,864.57 192,260.32
Z-I 0.00 0.00 0.00
Z-II 0.00 0.00 0.00
Total 10,933.55 5,588,160.16 192,260.32
Other Required Information
<s> <c>
Available Distribution Amount (1) 6,378,178.10
Aggregate Number of Outstanding Loans 135
Aggregate Stated Principal Balance of Loans Before Distribution 929,901,665.46
Aggregate Stated Principal Balance of Loans After Distribution 929,111,647.52
Aggregate Unpaid Principal Balance of Loans 929,346,870.70
Aggregate Amount of Servicing Fee 44,635.41
Aggregate Amount of Special Servicing Fee 8,079.43
Aggregate Amount of Trustee Fee 1,782.31
Aggregate Trust Fund Expenses 674.50
Interest Reserve Deposit 175,352.57
Interest Reserve Withdrawal 0.00
Specially Serviced Loans not Delinquent
Number of Outstanding Loans 1
Aggregate Unpaid Principal Balance 5,416,841.95
<fn>
(1) The Available Distribution Amount includes any Prepayment Premiums.
</fn>
Original Subordination Level
<s> <c> <c> <c>
Class A-1 22.750000% Class H 10.500000%
Class A-2 22.750000% Class J 9.000000%
Class B 19.000000% Class K 7.500000%
Class C 17.750000% Class L 5.250000%
Class D 16.500000% Class M 4.500000%
Class E 14.750000% Class N 3.780000%
Class F 13.500000% Class O 3.070000%
Class G 12.250000% Class P 2.600000%
Class Q 0.000000%
Appraisal Reduction Amount
Loan Appraisal Cumulative Date Appraisal
Number Reduction ASER Reduction
Amount Amount Effected
<s> <c> <c> <c>
502694601 730,776.46 29,166.54 05/11/2004
510000185 435,923.93 19,616.58 05/11/2004
Total 1,166,700.39 48,783.12
Cash Reconciliation Detail
<s>
Total Funds Collected
Interest:
Scheduled Interest 5,821,203.41
Interest reductions due to Nonrecoverability Determinations 0.00
Interest Adjustments 0.00
Deferred Interest 0.00
Net Prepayment Interest Shortfall 0.00
Net Prepayment Interest Excess 0.00
Extension Interest 0.00
Interest Reserve Withdrawal 0.00
Total Interest Collected 5,821,203.41
Principal:
Scheduled Principal 790,017.94
Unscheduled Principal 0.00
Principal Prepayments 0.00
Collection of Principal after Maturity Date 0.00
Recoveries from Liquidation and Insurance Proceeds 0.00
Excess of Prior Principal Amounts paid 0.00
Curtailments 0.00
Negative Amortization 0.00
Principal Adjustments 0.00
Total Principal Collected 790,017.94
Other:
Prepayment Penalties/Yield Maintenance 0.00
Repayment Fees 0.00
Borrower Option Extension Fees 0.00
Equity Payments Received 0.00
Net Swap Counterparty Payments Received 0.00
Total Other Collected: 0.00
Total Funds Collected 6,611,221.35
Total Funds Distributed
Fees:
Master Servicing Fee 44,974.81
Trustee Fee 1,782.31
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee 0.00
Total Fees 46,757.13
Additional Trust Fund Expenses:
Reimbursement for Interest on Advances 0.00
ASER Amount 2,179.62
Special Servicing Fee 8,079.43
Rating Agency Expenses 0.00
Attorney Fees & Expenses 0.00
Bankruptcy Expense 0.00
Taxes Imposed on Trust Fund 0.00
Non-Recoverable Advances 0.00
Other Expenses 674.50
Total Additional Trust Fund Expenses 10,933.55
Interest Reserve Deposit 175,352.57
Payments to Certificateholders & Others:
Interest Distribution 5,588,160.16
Principal Distribution 790,017.94
Prepayment Penalties/Yield Maintenance 0.00
Borrower Option Extension Fees 0.00
Equity Payments Paid 0.00
Net Swap Counterparty Payments Paid 0.00
Total Payments to Certificateholders & Others 6,378,178.10
Total Funds Distributed 6,611,221.35
Ratings Detail
Class CUSIP Original Ratings Current Ratings (1)
Fitch Moody's S & P Fitch Moody's S & P
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 X Aaa AAA X Aaa AAA
A-2 33736XEB1 X Aaa AAA X Aaa AAA
IO-I 33736XEG0 X Aaa AAA X Aaa AAA
IO-II 33736XEH8 X Aaa AAA X Aaa AAA
B 33736XEC9 X Aa2 AA X Aa2 AAA
C 33736XED7 X Aa3 AA- X Aa3 AA+
D 33736XEE5 X A1 A+ X A1 AA
E 33736XEF2 X A2 A X A2 AA-
F 33736XEJ4 X A3 A- X A3 A+
G 33736XEK1 X Baa1 BBB+ X Baa1 A
H 33736XEL9 X Baa2 BBB X Baa2 A-
J 33736XEM7 X Baa3 BBB- X Baa3 BBB+
K 33736XEN5 X Ba1 BB+ X Ba1 BBB-
L 33736XEP0 X Ba2 BB X Ba2 BB+
M 33736XEQ8 X Ba3 BB- X Ba3 BB
N 33736XER6 X B1 B+ X B1 B+
O 33736XES4 X B2 B X B2 B
P 33736XET2 X B3 B- X B3 B-
Q 33736XEU9 X NR NR X NR NR
Z-I 33736XEX3 X N/A NR X NR NR
Z-II 33736XEY1 X N/A NR X NR NR
<FN>
NR - Designates that the class was not rated by the above agency at the time of
original issuance.
X - Designates that the above rating agency did not rate any classes in this transaction at the time of
original issuance.
N/A - Data not available this period.
1) For any class not rated at the time of original issuance by any particular
rating agency, no request has been made subsequent to issuance to obtain rating
information, if any, from such rating agency. The current ratings were obtained
directly from the applicable rating agency within 30 days of the payment date
listed above. The ratings may have changed since they were obtained. Because the
ratings may have changed, you may want to obtain current ratings directly from the
rating agencies.
Fitch, Inc.
One State Street Plaza
New York, New York 10004
(212) 908-0500
Moody's Investors Service
99 Church Street
New York, New York 10007
(212) 553-0300
Standard & Poor's Rating Services
55 Water Street
New York, New York 10041
(212) 438-2430
</FN>
Current Mortgage Loan and Property Stratification Tables
Scheduled Balance
Scheduled # of Scheduled % of WAM WAC Weighted
Balance Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
Below 1,000,000 9 7,487,965.95 0.81 76 7.7111 1.646033
1,000,001 to 2,000,000 14 21,153,106.13 2.28 84 7.6367 1.350177
2,000,001 to 3,000,000 17 43,494,183.97 4.68 75 7.4215 1.384834
3,000,001 to 4,000,000 15 52,702,642.25 5.67 86 7.4389 1.442607
4,000,001 to 5,000,000 17 76,660,133.87 8.25 75 7.3958 1.330818
5,000,001 to 6,000,000 8 44,840,019.53 4.83 69 7.4440 1.405192
6,000,001 to 7,000,000 11 69,560,511.86 7.49 80 7.3633 1.455578
7,000,001 to 8,000,000 7 52,263,451.35 5.63 79 7.3374 1.315215
8,000,001 to 9,000,000 4 33,669,787.58 3.62 70 7.2736 1.560923
9,000,001 to 10,000,000 7 66,216,498.02 7.13 58 7.0673 1.188397
10,000,001 to 15,000,000 11 137,773,701.29 14.83 72 7.3061 1.294352
15,000,001 to 20,000,000 8 133,804,139.80 14.40 80 7.2484 1.467790
20,000,001 to 25,000,000 2 43,449,237.67 4.68 83 7.0000 1.516786
25,000,001 or greater 4 134,407,243.74 14.47 73 7.1169 1.630327
Totals 135 929,111,647.52 100.00 75 7.2857 1.421996
State (3)
State # of Scheduled % of WAM WAC Weighted
Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
Alaska 1 1,819,146.60 0.20 76 7.8700 1.590000
Arizona 3 7,859,160.21 0.85 77 7.4211 1.454845
Arkansas 2 6,049,864.54 0.65 81 6.9496 1.471192
California 33 162,562,664.54 17.50 74 7.3137 1.383150
Colorado 2 10,538,316.13 1.13 80 7.3821 0.994136
Connecticut 3 30,753,875.39 3.31 81 7.2558 1.373073
Florida 12 50,059,854.90 5.39 77 7.4416 1.499370
Georgia 3 15,929,619.46 1.71 80 7.2778 1.424712
Illinois 5 55,119,309.92 5.93 79 7.3889 0.984052
Indiana 1 2,878,041.59 0.31 78 7.5300 1.280000
Maine 1 18,931,453.44 2.04 83 7.0000 1.530000
Maryland 6 14,622,419.02 1.57 81 7.2129 1.569643
Massachusetts 1 22,112,558.45 2.38 83 7.0000 1.340000
Michigan 7 75,341,991.00 8.11 64 7.3475 1.977546
Minnesota 1 1,186,555.08 0.13 81 6.9200 1.970000
Missouri 1 956,630.05 0.10 77 8.0000 1.460000
Nevada 7 59,601,126.87 6.41 70 7.1919 1.292466
New Jersey 9 70,578,511.64 7.60 80 7.2347 1.490089
New Mexico 1 6,707,015.96 0.72 79 7.8200 1.150000
New York 6 35,532,552.73 3.82 73 7.1508 1.262994
North Carolina 4 36,967,212.78 3.98 77 7.3469 1.107491
North Dakota 1 4,839,159.17 0.52 80 7.2500 1.130000
Oklahoma 1 984,501.05 0.11 43 7.4000 1.170000
Pennsylvania 4 47,334,108.55 5.09 67 6.9898 1.452701
Texas 9 37,620,899.62 4.05 62 7.4466 1.530393
Utah 3 17,675,426.32 1.90 91 8.1627 1.371345
Virginia 10 79,732,345.31 8.58 78 7.1658 1.509916
Washington 2 20,207,975.64 2.17 81 7.0000 1.558814
Washington,DC 1 9,312,392.98 1.00 78 7.6250 1.400000
West Virginia 3 13,667,934.07 1.47 82 7.1364 1.066831
Totals 144 929,111,647.52 100.00 75 7.2857 1.421996
Debt Service Coverage Ratio (1)
Debt Service # of Scheduled % of WAM WAC Weighted
Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
1.19 or less 30 211,051,418.27 22.72 70 7.3636 1.001771
1.20 to 1.24 15 69,759,070.39 7.51 76 7.4927 1.217797
1.25 to 1.29 11 53,208,269.35 5.73 70 7.4555 1.263226
1.30 to 1.34 8 88,001,523.30 9.47 75 7.0417 1.324869
1.35 to 1.39 6 63,083,103.67 6.79 76 7.5868 1.359247
1.40 to 1.44 7 50,058,685.92 5.39 81 7.2558 1.414097
1.45 to 1.49 10 55,198,162.43 5.94 80 7.2845 1.466063
1.50 to 1.54 8 82,163,463.30 8.84 79 7.3650 1.523242
1.55 to 1.59 7 44,086,685.66 4.75 79 7.0621 1.576058
1.60 to 1.64 4 21,334,504.62 2.30 81 7.2778 1.616883
1.65 to 1.69 5 32,116,640.77 3.46 75 7.3112 1.669096
1.70 or greater 23 147,421,095.33 15.87 76 7.0340 2.053906
Totals 135 929,111,647.52 100.00 75 7.2857 1.421996
Property Type (3)
Property # of Scheduled % of WAM WAC Weighted
Type Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
Industrial 11 41,786,504.07 4.50 78 7.4494 1.339821
Mixed Use 5 17,064,317.36 1.84 80 7.3485 1.609172
Multi-Family 55 315,198,561.91 33.92 72 7.1246 1.306208
Office 27 245,536,070.66 26.43 70 7.3551 1.621705
Retail 42 285,904,048.47 30.77 81 7.3637 1.377170
Self Storage 3 11,993,120.55 1.29 82 7.2539 1.340896
Totals 144 929,111,647.52 100.00 75 7.2857 1.421996
Note Rate
Note Rate # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
6.749% or less 3 53,452,399.27 5.75 64 6.6696 2.159683
6.750% to 6.999% 11 109,118,936.61 11.74 74 6.9103 1.382357
7.000% to 7.249% 32 283,794,518.72 30.54 77 7.0533 1.462254
7.250% to 7.499% 38 211,031,855.10 22.71 76 7.3477 1.416290
7.500% to 7.749% 28 175,962,246.58 18.94 75 7.5625 1.205743
7.500% to 7.999% 8 29,126,024.06 3.13 77 7.8294 1.276673
8.000% to 8.249% 4 6,093,727.23 0.66 132 8.1341 1.294519
8.250% or greater 10 48,902,915.44 5.26 66 8.3719 1.345236
Totals 135 929,111,647.52 100.00 75 7.2857 1.421996
Seasoning
Seasoning # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
12 months or less 0 0.00 0.00 0 0.0000 0.000000
13 to 24 months 0 0.00 0.00 0 0.0000 0.000000
25 to 36 months 0 0.00 0.00 0 0.0000 0.000000
37 to 48 months 121 866,677,708.70 93.28 76 7.2203 1.424282
49 months and greater 13 50,804,914.31 5.47 66 8.3241 1.353686
Totals 135 929,111,647.52 100.00 75 7.2857 1.421996
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of WAM WAC Weighted
Remaining Term (2) Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
60 months or less 15 73,201,774.10 7.88 31 7.3623 1.197275
61 to 84 months 115 798,942,979.47 85.99 79 7.2991 1.384927
85 to 108 months 0 0.00 0.00 0 0.0000 0.000000
109 to 120 months 0 0.00 0.00 0 0.0000 0.000000
121 months or greater 1 3,086,699.77 0.33 200 8.1700 1.245876
Totals 132 886,860,477.85 95.45 75 7.3116 1.371118
Remaining Stated Term (Fully Amortizing Loans)
Remaining Stated # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
120 months or less 1 40,036,827.47 4.31 58 6.7000 2.520000
120 to 192 months 1 625,194.40 0.07 167 7.5000 2.190000
193 to 264 months 1 1,589,147.80 0.17 195 7.5300 1.850000
265 to 336 months 0 0.00 0.00 0 0.0000 0.000000
337 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 3 42,251,169.67 4.55 65 6.7431 2.489917
Remaining Amortization Term (ARD and Balloon Loans)
Remaining Amortization # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
Interest Only 6 67,524,198.76 7.27 77 7.1222 1.399663
120 months or less 1 912,226.23 0.10 81 7.8750 2.380000
120 to 192 months 0 0.00 0.00 0 0.0000 0.000000
193 to 264 months 25 98,243,539.11 10.57 73 7.5909 1.322579
265 to 336 months 99 708,551,489.24 76.26 76 7.2850 1.370894
337 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 132 886,860,477.85 95.45 75 7.3116 1.371118
Age of Most Recent NOI
Age of Most # of Scheduled % of WAM WAC Weighted
Recent NOI Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Defeased 1 11,629,024.51 1.25 41 7.6240 NAP
Underwriter's Information 3 7,629,886.45 0.82 79 7.4080 1.363597
1 year or less 113 813,149,023.05 87.52 75 7.2628 1.436115
1 to 2 years 14 75,438,554.11 8.12 77 7.4579 1.338627
2 years or greater 4 21,265,159.40 2.29 70 7.3209 1.128798
Totals 135 929,111,647.52 100.00 75 7.2857 1.421996
<FN>
(1) The Trustee makes no representations as to the accuracy of the data
provided by the borrower for this calculation. "NAP" means not applicable and
relates to the ommission of credit lease loans in the calculation of DSCR.
(2) Anticipated Remaining Term and WAM are each calculated based upon the term
from the current month to the earlier of the Anticipated Repayment Date, if
applicable, and the maturity date.
(3) Data in this table was calculated by allocating pro-rata the current loan
information to the properties based upon the Cut-off Date Balance of the related
mortgage loan as disclosed in the offering document.
</FN>
Mortgage Loan Detail
Loan Property Interest Principal Gross
Number ODCR Type (1) City State Payment Payment Coupon
<s> <c> <c> <c> <c> <c> <c> <c>
502717405 1 OF Detroit MI 223,538.95 0.00 6.700%
510000176 2 OF Little Falls NJ 215,382.40 26,353.90 7.375%
265950581 3 RT Orland Park IL 214,765.16 24,366.23 7.560%
502708001 4 OF Berwyn PA 157,814.07 29,410.64 6.875%
502709418 5 RT Sturbridge MA 133,399.83 18,289.14 7.000%
510000202 6 Various Various NJ 128,719.14 17,647.41 7.000%
502709417 7 RT Augusta ME 114,208.98 15,658.07 7.000%
502694905 8 MF Yorktown VA 105,009.97 14,744.48 7.000%
502700407 9 MF Summerlin NV 104,411.24 14,147.21 7.067%
502705804 10 OF Durham NC 112,587.88 10,484.99 7.530%
502713101 11 MF Pasedena CA 98,002.07 13,436.10 7.000%
502709419 12 RT Lisbon CT 97,826.54 13,412.04 7.000%
502707905 13 MF Richmond VA 94,914.72 12,582.40 7.160%
528000014 14 OF Troy MI 108,843.59 9,649.66 8.350%
502682901 15 RT Marlton NJ 89,874.96 11,740.26 7.180%
265950628 16 MF Carrboro NC 86,438.64 12,770.31 6.990%
502700406 17 MF Henderson NV 84,956.10 11,506.96 7.068%
510000190 18 RT Redmond WA 76,796.93 10,690.35 7.000%
265950625 19 MF Fredericksburg VA 74,591.72 11,020.07 6.990%
502715603 20 OF Dallas TX 79,099.81 15,039.96 7.625%
510000177 21 RT Wethersfield CT 78,751.61 8,898.13 7.570%
502710308 22 RT Santa Ana CA 70,783.33 0.00 6.850%
528000023 23 OF Clearfield UT 85,059.46 7,550.65 8.450%
510000173 24 IN Antioch CA 76,401.81 8,525.18 7.624%
628000025 25 MF Oviedo FL 75,579.15 8,984.93 7.580%
502701001 26 MF Midlothian VA 65,623.70 24,479.16 7.250%
502696703 27 MF Chicago IL 58,015.68 8,926.91 6.770%
502694601 28 MF Las Vegas NV 59,442.53 10,177.53 7.125%
510000199 29 RT Modesto CA 60,637.48 7,580.15 7.250%
502700901 30 OF Washington DC 61,189.29 6,758.91 7.625%
528000031 31 MF Cecil Township PA 54,651.59 8,253.30 6.850%
510000198 32 MF New York NY 52,534.75 8,488.29 6.610%
510000178 33 MF Hollis NY 56,855.81 7,268.76 7.250%
510000201 34 IN San Diego CA 57,774.93 6,655.59 7.450%
502704402 35 MF Reno NV 52,109.28 6,557.88 7.250%
265950627 36 MF Virginia Beach VA 49,581.55 7,325.11 6.990%
510000170 37 OF Placentia CA 51,588.70 6,375.57 7.390%
265950659 38 MF Azusa CA 51,562.41 6,052.87 7.500%
528000039 39 MF Mount Lebanon PA 49,617.38 5,936.82 7.430%
510000180 40 MF Colorado Springs CO 47,850.08 5,815.38 7.375%
510000192 41 OF Federal Way WA 45,114.55 6,280.06 7.000%
502693202 42 OF Henderson NV 47,024.59 5,365.15 7.490%
502676401 43 RT Dalton GA 45,117.50 5,614.75 7.300%
510000183 44 MF Athens GA 44,187.45 5,611.42 7.250%
528000045 45 IN Los Angeles CA 43,439.85 14,427.34 7.650%
502683801 46 RT Loxahatchee FL 45,032.87 4,814.00 7.688%
510000181 47 RT Santa Fe NM 45,195.08 4,571.55 7.820%
510000197 48 RT Hyde Park NY 41,947.35 8,304.05 7.500%
510000175 49 RT Davison MI 42,280.56 4,916.42 7.500%
502700408 50 OF Rancho Cucamonga CA 37,336.88 5,242.48 7.000%
502708301 51 OF Kensington MD 36,553.45 8,503.72 7.000%
510000206 52 RT Houston TX 38,117.52 7,944.49 7.290%
510000210 53 MF Parkersburg WV 36,454.82 5,018.16 6.990%
628000054 54 RT Manteca CA 38,846.60 4,597.81 7.440%
510000209 55 MF South Charleston WV 36,314.62 4,998.84 6.990%
628000056 56 RT San Diego CA 38,522.29 4,479.40 7.500%
502704503 57 MU Palm Beach FL 36,318.45 4,612.13 7.250%
510000184 58 RT Beekman NY 36,799.31 7,423.14 7.470%
510000200 59 SS Los Angeles CA 35,835.78 6,654.37 7.290%
628000060 60 MF Glendale CA 34,470.29 4,624.96 7.130%
528000061 61 RT Pleasant Hill CA 38,536.06 7,588.28 8.250%
502681201 62 RT South Gate CA 34,831.50 4,094.69 7.440%
502693511 63 RT Buffalo Grove IL 32,397.45 4,130.85 7.240%
528000064 64 MF Fargo ND 30,235.11 3,839.60 7.250%
510000171 65 RT Plantation FL 30,824.88 3,794.11 7.400%
502695901 66 IN Bedford Park IL 29,848.53 10,431.13 7.500%
528000067 67 OF Troy MI 34,219.00 5,750.93 8.350%
502664903 68 MF Blacksburg VA 28,609.44 3,729.05 7.125%
502684301 69 RT North Lauderdale FL 28,675.79 3,776.17 7.160%
502699109 70 OF San Diego CA 30,362.07 3,430.60 7.570%
628000071 71 OF San Diego CA 27,791.63 3,810.24 7.000%
528000072 72 OF Troy MI 32,369.06 5,440.04 8.350%
528000073 73 MF Cottonwood AZ 27,604.49 3,676.36 7.110%
528000074 74 RT Van Nuys CA 30,766.38 3,211.78 7.900%
510000203 75 SS Farmingdale NY 26,853.21 5,952.67 7.100%
502707510 76 MF Roanoke VA 27,561.65 3,600.35 7.180%
502697001 78 IN Houston TX 27,238.84 3,459.09 7.250%
510000205 79 MF Various CA 23,535.08 3,925.22 6.510%
628000080 80 MF Glendale CA 24,961.25 3,349.10 7.130%
502675902 81 MF Harrisonburg VA 27,233.11 2,856.20 7.750%
502700409 82 MU Los Angeles CA 26,903.31 2,740.29 7.820%
502705801 83 MF Tallahassee FL 25,118.52 5,126.80 7.480%
510000194 84 OF Gaithersburg MD 25,114.93 2,853.65 7.500%
628000085 85 MF Fayetteville AR 23,360.28 3,251.82 7.000%
502702614 86 MF El Cajon CA 23,335.55 3,276.55 7.000%
502709701 87 MF Panama City FL 23,064.77 3,146.85 7.050%
502706203 88 RT Greenville NC 25,456.08 2,619.34 7.880%
528000089 89 IN Rancho Cordova CA 21,932.43 2,932.76 7.100%
502694903 90 RT West Palm Beach FL 22,432.55 3,721.38 7.770%
510000185 91 RT West Jordan UT 21,760.84 6,403.61 8.170%
502701701 92 IN Houston TX 21,077.44 2,313.81 7.640%
510000186 93 OF Coral Gables FL 20,411.87 2,035.07 7.375%
528000094 94 MF Grand Rapids MI 18,940.54 2,542.91 7.090%
528000095 95 IN Brea CA 19,805.05 2,372.94 7.410%
528000096 96 RT Englewood CO 19,191.74 2,272.04 7.400%
502692006 97 RT Plano TX 18,780.84 2,300.47 7.300%
502708803 98 RT Odessa TX 18,849.26 2,127.18 7.500%
502707505 99 MF Provo UT 17,534.28 2,424.80 7.000%
502695608 100 RT Huntington IN 18,675.61 2,145.09 7.530%
502689301 101 OF Havertown PA 17,833.95 2,165.99 7.360%
502672306 102 RT Abilene TX 17,182.44 2,274.55 7.125%
502706201 103 RT Lynchburg VA 19,374.44 1,673.90 8.470%
628000104 104 RT Vacaville CA 16,351.68 1,827.90 7.500%
502703401 105 RT Cypress CA 16,324.70 1,854.88 7.500%
510000193 106 MF Waterbury CT 15,724.85 1,861.60 7.400%
265950568 108 RT Kewanee IL 15,993.03 1,705.49 7.710%
528000109 109 MF Atwater CA 14,308.17 1,991.75 7.000%
502698105 110 MU McAllen TX 14,944.82 1,804.05 7.375%
502695609 111 RT Casa Grande AZ 14,832.30 1,703.64 7.530%
265950602 112 RT Palm Desert CA 14,988.85 1,644.30 7.625%
502711512 113 MF Pine Bluff AR 12,875.15 1,883.20 6.860%
502704601 114 MF Homestead FL 13,602.87 2,805.52 7.350%
502682401 115 IN Las Vegas NV 12,527.70 1,442.90 7.490%
502702501 116 SS Hesperia CA 12,318.73 2,461.09 7.500%
528000117 117 OF Juneau AK 12,336.74 1,251.81 7.870%
528000118 118 MF Atlanta GA 10,610.32 2,240.44 7.300%
528000119 119 RT Moreno Valley CA 10,329.71 3,918.82 7.530%
502711509 120 MF Baltimore MD 9,944.55 1,243.14 7.250%
528000121 121 RT Summersville WV 11,290.82 992.39 8.250%
528000122 122 MF Charlotte NC 9,565.24 2,061.60 7.310%
528000123 123 MF Carlsbad CA 8,769.30 1,019.71 7.500%
502711508 124 MU Baltimore MD 8,444.04 1,072.32 7.250%
528000125 125 OF Troy MI 9,258.03 1,555.93 8.350%
528000126 126 MF Fernley NV 8,950.00 957.75 8.200%
528000127 127 MF St. Cloud MN 7,080.62 1,690.43 6.920%
502695001 128 RT Houston TX 6,241.90 8,238.27 7.875%
528000129 129 IN Tucson AZ 7,830.42 1,429.70 8.500%
528000130 130 MF Oklahoma City OK 6,284.76 1,772.73 7.400%
265950478 131 MF Lee`s Summit MO 6,598.05 1,150.99 8.000%
501711510 132 MF Baltimore MD 5,724.18 715.56 7.250%
265950586 133 MF Lakewood NJ 6,069.82 465.95 8.500%
502711507 134 MF Baltimore MD 5,133.01 651.85 7.250%
528000135 135 IN Fresno CA 5,441.55 1,147.07 8.050%
528000136 136 OF Los Angeles CA 4,292.50 1,200.13 7.550%
528000137 137 OF Smithtown NY 3,920.72 2,121.23 7.500%
Totals 5,821,203.41 790,017.94
Loan Anticipated Maturity Neg. Beginning Ending Paid Thru
Number Repayment Date Amort Scheduled Scheduled Date
Date (Y/N) Balance Balance
<s> <c> <c> <c> <c> <c> <c>
502717405 N/A 11/01/2009 N 40,036,827.47 40,036,827.47 01/01/2005
510000176 N/A 07/01/2011 N 33,914,779.73 33,888,425.83 01/01/2005
265950581 N/A 07/01/2011 N 32,990,039.42 32,965,673.19 01/01/2005
502708001 N/A 12/01/2011 N 27,545,727.89 27,516,317.25 01/01/2005
502709418 N/A 12/01/2011 N 22,130,847.59 22,112,558.45 01/01/2005
510000202 N/A 12/01/2011 N 21,354,326.63 21,336,679.22 01/01/2005
502709417 N/A 12/01/2011 N 18,947,111.51 18,931,453.44 01/01/2005
502694905 N/A 09/01/2011 N 17,421,009.62 17,406,265.14 01/01/2005
502700407 N/A 10/01/2011 N 17,156,974.18 17,142,826.97 01/01/2005
502705804 N/A 08/01/2011 N 17,363,508.65 17,353,023.66 01/01/2005
502713101 N/A 12/01/2011 N 16,258,407.73 16,244,971.63 01/01/2005
502709419 N/A 12/01/2011 N 16,229,288.12 16,215,876.08 01/01/2005
502707905 N/A 08/01/2011 N 15,394,349.38 15,381,766.98 01/01/2005
528000014 N/A 10/01/2010 N 15,137,605.56 15,127,955.90 12/01/2004
502682901 N/A 09/01/2011 N 14,536,339.84 14,524,599.58 01/01/2005
265950628 N/A 04/01/2011 N 14,360,565.50 14,347,795.19 01/01/2005
502700406 N/A 10/01/2011 N 13,958,304.74 13,946,797.78 01/01/2005
510000190 N/A 10/01/2011 N 12,740,504.70 12,729,814.35 01/01/2005
265950625 N/A 04/01/2011 N 12,392,365.96 12,381,345.89 01/01/2005
502715603 10/01/2006 10/01/2011 N 12,046,931.06 12,031,891.10 01/01/2005
510000177 N/A 07/01/2011 N 12,081,041.02 12,072,142.89 01/01/2005
502710308 N/A 11/01/2011 N 12,000,000.00 12,000,000.00 01/01/2005
528000023 N/A 05/01/2010 N 11,689,789.86 11,682,239.21 01/01/2005
510000173 N/A 06/01/2008 N 11,637,549.69 11,629,024.51 01/01/2005
628000025 N/A 01/01/2011 N 11,579,068.71 11,570,083.78 01/01/2005
502701001 N/A 09/01/2011 N 10,511,470.68 10,486,991.52 01/01/2005
502696703 N/A 09/01/2011 N 9,951,706.36 9,942,779.45 01/01/2005
502694601 N/A 08/01/2006 N 9,688,426.45 9,678,248.92 03/01/2004
510000199 11/01/2011 11/01/2031 N 9,712,789.56 9,705,209.41 01/01/2005
502700901 N/A 07/01/2011 N 9,319,151.89 9,312,392.98 01/01/2005
528000031 N/A 07/01/2006 N 9,265,162.68 9,256,909.38 01/01/2005
510000198 N/A 11/01/2011 N 9,229,666.56 9,221,178.27 12/01/2004
510000178 N/A 08/01/2008 N 9,107,048.37 9,099,779.61 01/01/2005
510000201 N/A 11/01/2011 N 9,005,835.19 8,999,179.60 01/01/2005
502704402 N/A 10/01/2011 N 8,346,759.73 8,340,201.85 01/01/2005
265950627 N/A 04/01/2011 N 8,237,278.57 8,229,953.46 01/01/2005
510000170 N/A 05/01/2008 N 8,106,828.24 8,100,452.67 01/01/2005
265950659 N/A 06/01/2011 N 7,983,857.36 7,977,804.49 01/01/2005
528000039 N/A 07/01/2011 N 7,755,072.29 7,749,135.47 01/01/2005
510000180 N/A 08/01/2011 N 7,534,621.81 7,528,806.43 01/01/2005
510000192 N/A 10/01/2011 N 7,484,441.35 7,478,161.29 01/01/2005
502693202 N/A 10/01/2011 N 7,290,948.44 7,285,583.29 01/01/2005
502676401 N/A 09/01/2011 N 7,177,330.24 7,171,715.49 01/01/2005
510000183 N/A 09/01/2011 N 7,077,856.31 7,072,244.89 01/01/2005
528000045 N/A 02/01/2011 N 6,594,284.01 6,579,856.67 01/01/2005
502683801 N/A 08/01/2011 N 6,802,762.63 6,797,948.63 01/01/2005
510000181 N/A 08/01/2011 N 6,711,587.51 6,707,015.96 01/01/2005
510000197 10/01/2011 10/01/2026 N 6,495,073.83 6,486,769.78 01/01/2005
510000175 N/A 07/01/2011 N 6,546,667.52 6,541,751.10 01/01/2005
502700408 N/A 09/01/2011 N 6,194,136.77 6,188,894.29 01/01/2005
502708301 N/A 10/01/2011 N 6,064,166.81 6,055,663.09 01/01/2005
510000206 N/A 12/01/2011 N 6,072,086.18 6,064,141.69 01/01/2005
510000210 N/A 12/01/2011 N 6,056,457.00 6,051,438.84 01/01/2005
628000054 N/A 08/01/2011 N 6,063,465.21 6,058,867.40 01/01/2005
510000209 N/A 12/01/2011 N 6,033,163.25 6,028,164.41 01/01/2005
628000056 N/A 07/01/2011 N 5,964,741.63 5,960,262.23 01/01/2005
502704503 N/A 09/01/2011 N 5,817,416.10 5,812,803.97 01/01/2005
510000184 09/01/2011 09/01/2026 N 5,720,841.18 5,713,418.04 01/01/2005
510000200 N/A 11/01/2011 N 5,708,606.41 5,701,952.04 01/01/2005
628000060 N/A 08/01/2006 N 5,614,307.66 5,609,682.70 01/01/2005
528000061 N/A 08/01/2009 N 5,424,430.23 5,416,841.95 01/01/2005
502681201 N/A 09/01/2011 N 5,436,758.42 5,432,663.73 01/01/2005
502693511 N/A 09/01/2011 N 5,196,525.72 5,192,394.87 01/01/2005
528000064 N/A 09/01/2011 N 4,842,998.77 4,839,159.17 01/01/2005
510000171 N/A 05/01/2011 N 4,837,383.32 4,833,589.21 01/01/2005
502695901 N/A 09/01/2011 N 4,621,707.55 4,611,276.42 01/01/2005
528000067 N/A 10/01/2010 N 4,759,064.96 4,753,314.03 12/01/2004
502664903 N/A 12/01/2011 N 4,662,998.08 4,659,269.03 01/01/2005
502684301 N/A 09/01/2011 N 4,650,966.35 4,647,190.18 01/01/2005
502699109 N/A 07/01/2011 N 4,657,750.77 4,654,320.17 01/01/2005
628000071 N/A 12/01/2011 N 4,610,593.18 4,606,782.94 01/01/2005
528000072 N/A 10/01/2010 N 4,501,782.26 4,496,342.22 12/01/2004
528000073 N/A 10/01/2011 N 4,508,695.56 4,505,019.20 01/01/2005
528000074 N/A 01/01/2011 N 4,522,619.81 4,519,408.03 01/01/2005
510000203 N/A 12/01/2011 N 4,392,165.30 4,386,212.63 01/01/2005
502707510 N/A 09/01/2011 N 4,457,810.94 4,454,210.59 01/01/2005
502697001 N/A 09/01/2011 N 4,363,062.30 4,359,603.21 01/01/2005
510000205 N/A 12/01/2011 N 4,198,318.75 4,194,393.53 01/01/2005
628000080 N/A 08/01/2006 N 4,065,533.28 4,062,184.18 01/01/2005
502675902 N/A 07/01/2011 N 4,080,715.33 4,077,859.13 01/01/2005
502700409 N/A 07/01/2011 N 3,995,210.82 3,992,470.53 01/01/2005
502705801 N/A 07/01/2011 N 3,899,718.90 3,894,592.10 01/01/2005
510000194 N/A 10/01/2011 N 3,888,763.53 3,885,909.88 01/01/2005
628000085 N/A 10/01/2011 N 3,875,438.70 3,872,186.88 01/01/2005
502702614 N/A 09/01/2011 N 3,871,335.51 3,868,058.96 01/01/2005
502709701 N/A 10/01/2011 N 3,799,275.93 3,796,129.08 01/01/2005
502706203 N/A 03/01/2011 N 3,751,509.83 3,748,890.49 01/01/2005
528000089 N/A 10/01/2011 N 3,587,312.63 3,584,379.87 01/01/2005
502694903 N/A 07/01/2011 N 3,352,728.47 3,349,007.09 01/01/2005
510000185 N/A 09/01/2021 N 3,093,103.38 3,086,699.77 09/01/2003
502701701 07/01/2011 07/01/2021 N 3,203,799.33 3,201,485.52 01/01/2005
510000186 N/A 08/01/2011 N 3,214,115.63 3,212,080.56 01/01/2005
528000094 N/A 10/01/2011 N 3,102,323.20 3,099,780.29 01/01/2005
528000095 N/A 08/01/2011 N 3,103,834.47 3,101,461.53 01/01/2005
528000096 N/A 10/01/2011 N 3,011,781.74 3,009,509.70 01/01/2005
502692006 N/A 11/01/2011 N 2,987,671.70 2,985,371.23 01/01/2005
502708803 N/A 11/01/2011 N 2,918,595.78 2,916,468.60 01/01/2005
502707505 N/A 11/01/2011 N 2,908,912.14 2,906,487.34 01/01/2005
502695608 N/A 07/01/2011 N 2,880,186.68 2,878,041.59 01/01/2005
502689301 N/A 09/01/2008 N 2,813,912.44 2,811,746.45 01/01/2005
502672306 N/A 10/01/2011 N 2,800,533.22 2,798,258.67 01/01/2005
502706201 N/A 07/01/2010 N 2,656,357.47 2,654,683.57 01/01/2005
628000104 N/A 12/01/2011 N 2,531,872.53 2,530,044.63 01/01/2005
502703401 N/A 10/01/2011 N 2,527,696.19 2,525,841.31 01/01/2005
510000193 N/A 10/01/2011 N 2,467,718.02 2,465,856.42 12/01/2004
265950568 N/A 07/01/2011 N 2,408,891.48 2,407,185.99 01/01/2005
528000109 N/A 10/01/2008 N 2,373,705.85 2,371,714.10 01/01/2005
502698105 N/A 09/01/2011 N 2,353,257.42 2,351,453.37 01/01/2005
502695609 N/A 07/01/2011 N 2,287,463.91 2,285,760.27 01/01/2005
265950602 N/A 08/01/2011 N 2,282,806.77 2,281,162.47 01/01/2005
502711512 N/A 11/01/2011 N 2,179,560.86 2,177,677.66 01/01/2005
502704601 N/A 11/01/2011 N 2,149,235.82 2,146,430.30 01/01/2005
502682401 N/A 09/01/2011 N 1,942,362.20 1,940,919.30 01/01/2005
502702501 N/A 09/01/2011 N 1,907,416.97 1,904,955.88 01/01/2005
528000117 N/A 05/01/2011 N 1,820,398.41 1,819,146.60 01/01/2005
528000118 N/A 10/01/2011 N 1,687,899.52 1,685,659.08 01/01/2005
528000119 N/A 04/01/2021 N 1,593,066.62 1,589,147.80 01/01/2005
502711509 N/A 11/01/2011 N 1,592,897.54 1,591,654.40 01/01/2005
528000121 N/A 03/01/2011 N 1,589,323.21 1,588,330.82 01/01/2005
528000122 N/A 07/01/2011 N 1,519,565.04 1,517,503.44 01/01/2005
528000123 N/A 07/01/2011 N 1,357,827.02 1,356,807.31 01/01/2005
502711508 N/A 09/01/2011 N 1,352,549.25 1,351,476.93 01/01/2005
528000125 N/A 10/01/2010 N 1,287,575.92 1,286,019.99 12/01/2004
528000126 N/A 08/01/2009 N 1,267,506.51 1,266,548.76 01/01/2005
528000127 N/A 10/01/2011 N 1,188,245.51 1,186,555.08 01/01/2005
502695001 N/A 10/01/2011 N 920,464.50 912,226.23 01/01/2005
528000129 N/A 08/01/2009 N 1,069,810.44 1,068,380.74 12/01/2004
528000130 N/A 08/01/2008 N 986,273.78 984,501.05 01/01/2005
265950478 N/A 06/01/2011 N 957,781.04 956,630.05 01/01/2005
501711510 N/A 11/01/2011 N 916,887.53 916,171.97 01/01/2005
265950586 N/A 06/01/2011 N 829,272.96 828,807.01 01/01/2005
502711507 N/A 09/01/2011 N 822,194.60 821,542.75 01/01/2005
528000135 N/A 07/01/2009 N 784,995.72 783,848.65 01/01/2005
528000136 N/A 04/01/2008 N 660,243.97 659,043.84 01/01/2005
528000137 N/A 12/01/2018 N 627,315.63 625,194.40 01/01/2005
Totals 929,901,665.46 929,111,647.52
Loan Appraisal Appraisal Res. Mod.
Number Reduction Reduction Strat. Code
Date Amount (2) (3)
<s> <c> <c> <c> <c>
528000014 13
502694601 05/11/2004 730,776.46 2
528000061 13
528000067 13
528000072 13
510000185 05/11/2004 435,923.93 7
528000125 13
Totals 1,166,700.39
<FN>
(1) Property Type Code
MF - Multi-Family
RT - Retail
HC - Health Care
IN - Industrial
WH - Warehouse
MH - Mobile Home Park
OF - Office
MU - Mixed Use
LO - Lodging
SS - Self Storage
OT - Other
IW - Industrial/Warehouse
(2) Resolution Strategy Code
1 - Modification
2 - Foreclosure
3 - Bankruptcy
4 - Extension
5 - Note Sale
6 - DPO
7 - REO
8 - Resolved
9 - Pending Return to Master Servicer
10 - Deed In Lieu Of Foreclosure
11 - Full Payoff
12 - Reps and Warranties
13 - Other or TBD
(3) Modification Code
1 - Maturity Date Extension
2 - Amortization Change
3 - Principal Write-Off
4 - Combination
</FN>
Principal Prepayment Detail
No Principal Prepayments this Period
Historical Detail
Delinquencies
Distribution 30-59 Days 60-89 Days 90 Days or More
Date # Balance # Balance # Balance
<s> <c> <c> <c> <c> <c> <c>
01/14/2005 0 $0.00 0 $0.00 0 $0.00
12/14/2004 0 $0.00 0 $0.00 0 $0.00
11/15/2004 0 $0.00 0 $0.00 0 $0.00
10/15/2004 0 $0.00 0 $0.00 0 $0.00
09/14/2004 0 $0.00 0 $0.00 0 $0.00
08/13/2004 1 $0.00 0 $0.00 0 $0.00
07/14/2004 0 $0.00 0 $0.00 0 $0.00
06/14/2004 0 $0.00 0 $0.00 0 $0.00
05/14/2004 0 $0.00 0 $0.00 0 $0.00
04/14/2004 0 $0.00 0 $0.00 2 $14,272,539.98
03/12/2004 0 $0.00 0 $0.00 1 $4,500,316.37
02/13/2004 0 $0.00 1 $4,505,145.46 2 $12,956,977.80
Distribution Foreclosure REO Modifications
Date # Balance # Balance # Balance
<s> <c> <c> <c> <c> <c> <c>
01/14/2005 1 $9,678,248.92 1 $3,086,699.77 0 $0.00
12/14/2004 1 $9,688,426.45 1 $3,093,103.38 0 $0.00
11/15/2004 1 $9,700,450.09 1 $3,100,160.90 0 $0.00
10/15/2004 1 $9,710,492.23 1 $3,106,470.47 0 $0.00
09/14/2004 1 $9,722,385.63 1 $3,113,437.60 0 $0.00
08/13/2004 1 $9,732,294.01 1 $3,119,654.41 0 $0.00
07/14/2004 2 $14,228,706.56 1 $3,125,827.79 0 $0.00
06/14/2004 2 $14,244,366.84 1 $3,132,664.02 0 $0.00
05/14/2004 2 $14,257,050.55 1 $3,138,746.52 0 $0.00
04/14/2004 0 $0.00 1 $3,145,495.39 0 $0.00
03/12/2004 1 $9,784,731.86 1 $3,151,488.24 0 $0.00
02/13/2004 0 $0.00 0 $0.00 0 $0.00
Prepayments Rate and Maturities
Distribution Curtailments Payoff Next Weighted Avg. WAM
Date # Amount # Amount Coupon Remit
<s> <c> <c> <c> <c> <c> <c> <c>
01/14/2005 0 $0.00 0 $0.00 7.285708% 7.200878% 75
12/14/2004 0 $0.00 0 $0.00 7.285739% 7.204494% 76
11/15/2004 0 $0.00 0 $0.00 7.285782% 7.204539% 77
10/15/2004 0 $0.00 0 $0.00 7.284149% 7.202593% 78
09/14/2004 0 $0.00 0 $0.00 7.284193% 7.216191% 79
08/13/2004 0 $0.00 1 $4,434,505.36 7.284223% 7.216224% 80
07/14/2004 0 $0.00 0 $0.00 7.286473% 7.216168% 80
06/14/2004 0 $0.00 0 $0.00 7.286515% 7.216214% 81
05/14/2004 0 $0.00 0 $0.00 7.286544% 7.216245% 82
04/14/2004 0 $0.00 0 $0.00 7.285054% 7.214441% 83
03/12/2004 0 $0.00 0 $0.00 7.285083% 7.214473% 84
02/13/2004 0 $0.00 0 $0.00 7.285137% 7.214532% 85
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
Delinquency Loan Detail
Offering # of Paid Through Current Outstanding Status of
Loan Number Document Months Date P & I P & I Mortgage
Cross- Delinq. Advances Advances ** Loan (1)
Reference
<s> <c> <c> <c> <c> <c> <c>
528000014 14 0 12/01/2004 117,862.51 117,862.51 B
502694601 28 9 03/01/2004 69,216.38 666,635.70 7
510000198 32 0 12/01/2004 60,638.48 60,638.48 B
528000067 67 0 12/01/2004 39,771.63 39,771.63 B
528000072 72 0 12/01/2004 37,621.52 37,621.52 B
510000185 91 15 09/01/2003 25,855.95 428,920.02 9
510000193 106 0 12/01/2004 17,483.63 17,483.63 B
528000125 125 0 12/01/2004 10,760.32 10,760.32 B
528000129 129 0 12/01/2004 9,215.54 9,215.54 B
Totals 9 388,425.96 1,388,909.35
Resolution Servicing Actual Outstanding
Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO
Number Code (2) Date Date Balance Advances Date Date
<s> <c> <c> <c> <c> <c> <c> <c>
528000014 13 10/08/2004 15,137,605.56 0.00
502694601 2 10/08/2002 9,776,619.89 22,637.21
510000198 9,229,666.56 0.00
528000067 13 10/08/2004 4,759,064.96 0.00
528000072 13 10/08/2004 4,501,782.26 0.00
510000185 7 04/22/2003 3,189,375.83 143,478.55 01/13/2004
510000193 2,467,718.02 0.00
528000125 13 10/08/2004 1,287,575.92 0.00
528000129 1,069,810.44 0.00
Totals 51,419,219.44 166,115.76
Current Outstanding Actual Outstanding
P & I P & I Principal Servicing
Advances Advances** Balance Advances
<s> <c> <c> <c> <c>
Totals By Delinquency Code:
Total for Status Code = 7 (1 loan) 69,216.38 666,635.70 9,776,619.89 22,637.21
Total for Status Code = 9 (1 loan) 25,855.95 428,920.02 3,189,375.83 143,478.55
Total for Status Code = B (7 loans) 293,353.63 293,353.63 38,453,223.72 0.00
<FN>
(1) Status of Mortgage Loan
A - Payment Not Received But Still In Grace Period
B - Late Payment But Less Than 1 Month Delinquent
0 - Current
1 - One Month Delinquent
2 - Two Months Delinquent
3 - Three or More Months Delinquent
4 - Assumed Scheduled Payment (Performing Matured Balloon)
7 - Foreclosure
9 - REO
(2) Resolution Strategy Code
1 - Modification
2 - Foreclosure
3 - Bankruptcy
4 - Extension
5 - Note Sale
6 - DPO
7 - REO
8 - Resolved
9 - Pending Return to Master Servicer
10 - Deed In Lieu Of Foreclosure
11 - Full Payoff
12 - Reps and Warranties
13 - Other or TBD
** Outstanding P & I Advances include the current period advance.
</FN>
Specially Serviced Loan Detail - Part 1
Offering Servicing Resolution Scheduled Property Interest Actual
Loan Document Transfer Strategy Balance Type (2) State Rate Balance
Number Cross Date Code (1)
Reference
<s> <c> <c> <c> <c> <c> <c> <c> <c>
528000014 14 10/08/2004 13 15,127,955.90 OF MI 8.350% 15,137,605.56
502694601 28 10/08/2002 2 9,678,248.92 MF NV 7.125% 9,776,619.89
528000061 61 12/31/2004 13 5,416,841.95 RT CA 8.250% 5,416,841.95
528000067 67 10/08/2004 13 4,753,314.03 OF MI 8.350% 4,759,064.96
528000072 72 10/08/2004 13 4,496,342.22 OF MI 8.350% 4,501,782.26
510000185 91 04/22/2003 7 3,086,699.77 RT UT 8.170% 3,189,375.83
528000125 125 10/08/2004 13 1,286,019.99 OF MI 8.350% 1,287,575.92
Net Remaining
Loan Operating DSCR Note Maturity Amortization
Number Income Date DSCR Date Date Term
<s> <c> <c> <c> <c> <c> <c>
528000014 1,085,389.18 06/30/2004 1.53 11/01/2000 10/01/2010 308
502694601 803,246.00 12/31/2001 0.99 09/01/2001 08/01/2006 318
528000061 488,600.21 09/30/2004 1.18 09/01/1999 08/01/2009 234
528000067 279,722.89 06/30/2004 1.17 11/01/2000 10/01/2010 248
528000072 384,312.35 06/30/2004 1.69 11/01/2000 10/01/2010 248
510000185 421,072.80 12/31/2002 1.25 10/01/2001 09/01/2021 199
528000125 (41,464.72) 06/30/2004 (0.64) 11/01/2000 10/01/2010 248
<FN>
(1) Resolution Strategy Code
1 - Modification
2 - Foreclosure
3 - Bankruptcy
4 - Extension
5 - Note Sale
6 - DPO
7 - REO
8 - Resolved
9 - Pending Return to Master Servicer
10 - Deed in Lieu Of Foreclosure
11 - Full Payoff
12 - Reps and Warranties
13 - Other or TBD
(2) Property Type Code
MF - Multi-Family
RT - Retail
HC - Health Care
IN - Industrial
WH - Warehouse
MH - Mobile Home Park
OF - Office
MU - Mixed Use
LO - Lodging
SS - Self Storage
OT - Other
</FN>
Specially Serviced Loan Detail - Part 2
Offering
Document Resolution Site Other REO
Loan Cross Strategy Inspection Phase 1 Appraisal Appraisal Property
Number Reference Code (1) Date Date Date Value Revenue
<s> <c> <c> <c> <c> <c> <c> <c>
528000014 14 13 20,500,000.00
502694601 28 2 07/06/2004 12,250,000.00
528000061 61 13 8,900,000.00
528000067 67 13 6,650,000.00
528000072 72 13 7,350,000.00
510000185 91 7 03/01/2004 3,300,000.00
528000125 125 13 2,190,000.00
Loan
Number Comments from Special Servicer
<s> <c>
528000014 Negotiating with Borrower a possible forbearance that would provide new cash investment by
Borrower in return for partial payment deferrals from Lender (among other terms).
Forbearance deal is subject to committee approval and documentation. Title will be
pulled if foreclosure is needed.
502694601 The foreclosure sale will proceed in February unless the borrower brings the loan current.
Updated reinstatement numbers have been provided to the borrower, but he has not made any
comments.
528000061 Imminent default due to single tenant (Breuner's Furniture) filing bankruptcy.
528000067 Negotiating with Borrower a possible forbearance that would provide new cash investment by
Borrower in return for partial payment deferrals from Lender (among other terms).
Forbearance deal is subject to committee approval and documentation. Title will be
pulled if foreclosure is needed.
528000072 Negotiating with Borrower a possible forbearance that would provide new cash investment by
Borrower in return for partial payment deferrals from Lender (among other terms).
Forbearance deal is subject to committee approval and documentation. Title will be
pulled if foreclosure is needed.
510000185 Contract being prepared with 60-day feasibility and 15-day close.
528000125 Negotiating with Borrower a possible forbearance that would provide new cash investment by
Borrower in return for partial payment deferrals from Lender (among other terms).
Forbearance deal is subject to committee approval and documentation. Title will be
pulled if foreclosure is needed.
<FN>
(1) Resolution Strategy Code
1 - Modification
2 - Foreclosure
3 - Bankruptcy
4 - Extension
5 - Note Sale
6 - DPO
7 - REO
8 - Resolved
9 - Pending Return to Master Servicer
10 - Deed in Lieu Of Foreclosure
11 - Full Payoff
12 - Reps and Warranties
13 - Other or TBD
</FN>
Modified Loan Detail
No Modified Loans
Liquidated Loan Detail
Loan Final Offering Appraisal Appraisal Actual Gross Gross Proceeds
Number Recovery Document Date Value Balance Proceeds as a % of
Determination Cross Actual Balance
Date Reference
<s> <c> <c> <c> <c> <c> <c> <c>
502701003 07/30/2004 77 02/17/2004 5,100,000.00 4,514,664.62 5,662,539.74 125.425%
Current Total 0.00 0.00 0.00
Cumulative Total 5,100,000.00 4,514,664.62 5,662,539.74
Liquidated Loan Detail
Loan Aggregate Net Net Proceeds Realized Repurchased
Number Liquidation Liquidation as a % of Loss by Seller
Expenses * Proceeds Actual Balance (Y/N)
<s> <c> <c> <c> <c> <c>
502701003 622,188.51 5,040,351.23 111.644% 58,723.86 N
Current Total 0.00 0.00 0.00
Cumulative Total 622,188.51 5,040,351.23 58,723.86
<FN>
* Aggregate liquidation expenses also include outstanding P & I advances
and unpaid fees (servicing, trustee, etc.).
</FN>