0001539497-24-001484.txt : 20240723 0001539497-24-001484.hdr.sgml : 20240723 20240723153849 ACCESSION NUMBER: 0001539497-24-001484 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240723 DATE AS OF CHANGE: 20240723 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANK5 2024-5YR8 CENTRAL INDEX KEY: 0002012481 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-261279-05 FILM NUMBER: 241134345 BUSINESS ADDRESS: STREET 1: BANK OF AMERICA CORPORATE CENTER STREET 2: 100 NORTH TYRON ST CITY: CHARLOTTE STATE: NC ZIP: 28255 BUSINESS PHONE: 7043862400 MAIL ADDRESS: STREET 1: BANK OF AMERICA CORPORATE CENTER STREET 2: 100 NORTH TRYON STREET CITY: CHARLOTTE STATE: NC ZIP: 28255 FORMER COMPANY: FORMER CONFORMED NAME: BANK5 2024-5YR6 DATE OF NAME CHANGE: 20240216 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Banc of America Merrill Lynch Commercial Mortgage Inc. CENTRAL INDEX KEY: 0001005007 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 561950039 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: BANK OF AMERICA CORPORATE CENTER STREET 2: 100 NORTH TYRON ST CITY: CHARLOTTE STATE: NC ZIP: 28255 BUSINESS PHONE: 7043862400 MAIL ADDRESS: STREET 1: BANK OF AMERICA CORPORATE CENTER STREET 2: 100 NORTH TRYON STREET CITY: CHARLOTTE STATE: NC ZIP: 28255 FORMER COMPANY: FORMER CONFORMED NAME: BANC OF AMERICA COMMERCIAL MORTGAGE INC DATE OF NAME CHANGE: 20000831 FORMER COMPANY: FORMER CONFORMED NAME: NATIONSLINK FUNDING CORP DATE OF NAME CHANGE: 19951218 FWP 1 n4400_x5-a1.htm ANNEX A-1
    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-261279-05
     

 

The depositor has filed a registration statement (including a prospectus) with the SEC (File No. 333-261279) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the depositor or any underwriter or dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-800-294-1322 or by email to dg.Prospectus_Requests@bofa.com.

This material was prepared by sales, trading, banking or other non-research personnel of one of the following (or an affiliate thereof): BofA Securities, Inc. (together with its affiliates, “BofA Securities, ”), Wells Fargo Securities, LLC (together with its affiliates, “Wells Fargo” ), Morgan Stanley & Co. LLC, Morgan Stanley & Co. International Limited, Morgan Stanley Japan Limited and/or Morgan Stanley Dean Witter Asia Limited (together with their affiliates, hereinafter “Morgan Stanley"), J.P. Morgan Securities LLC (together with its affiliates, “J.P. Morgan”), Academy Securities, Inc. (together with its affiliates, "Academy") or Drexel Hamilton, LLC (together with its affiliates, “Drexel” and, collectively with BofA Securities, Wells Fargo , J.P. Morgan, Citigroup and Academy the “Underwriters”). This material was not produced by an Underwriter’s research analyst, although it may refer to an Underwriter’s research analyst or research report. Unless otherwise indicated, these views (if any) are the author’s and may differ from those of the fixed income or equity research departments of the Underwriters or others in those firms.

This material may have been prepared by or in conjunction with the respective trading desks of the Underwriters that may deal as principal in or own or act as market maker or liquidity provider for the securities/instruments (or related derivatives) mentioned herein. The trading desk of any Underwriter may have accumulated a position in the subject securities/instruments based on the information contained herein. Trading desk materials are not independent of the proprietary interests of the Underwriters, which may conflict with your interests. Each of the Underwriters may also perform or seek to perform investment banking services for the issuers of the securities and instruments mentioned herein.

This material has been prepared for information purposes to support the promotion or marketing of the transaction or matters addressed herein. This is not a research report and was not prepared by the research department of any Underwriter. It was prepared by sales, trading, banking or other non-research personnel of one or more of the Underwriters. This material is not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Past performance is not necessarily a guide to future performance. Please see additional important information and qualifications at the end of this material.

The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuing entity nor any Underwriter will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.

The information contained in this material is subject to change, completion or amendment from time to time, and the information in this material supersedes information in any other communication relating to the securities referred to in this material. This material is not a solicitation to participate in any trading strategy, and is not an offer to sell any security or instrument or a solicitation of an offer to buy or sell any security or instrument in any jurisdiction where an offer, solicitation or sale is not permitted. Unless otherwise set forth in this material, any securities referred to in this material may not have been registered under the U.S. Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption therefrom. Recipients are required to comply with any legal or contractual restrictions on their purchase, holding, sale, exercise of rights or performance of obligations under any securities/instruments transaction.

The securities/instruments discussed in this material may not be suitable for all investors. This material has been prepared and issued by the Underwriters for intended distribution to market professionals and institutional investor clients. Other recipients should seek independent investment advice prior to making any investment decision based on this material. This material does not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. You should consider this material as only a single factor in making an investment decision.

The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies or other factors. There may be time limitations on the exercise of options or other rights in securities/instruments transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions may have been made for modeling purposes only to simplify the presentation and/or calculation of any projections or estimates, and the Underwriters do not represent that any such assumptions will reflect actual future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein. Some of the information contained in this document may be aggregated data of transactions in securities or other financial instruments executed by one or more Underwriters that has been compiled so as not to identify the underlying transactions of any particular customer.

Notwithstanding anything herein to the contrary, the Underwriters and each recipient hereof agree that they (and their employees, representatives, and other agents) may disclose to any and all persons, without limitation of any kind from the commencement of discussions, the U.S. federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to the tax treatment and tax structure (as such terms are defined in Treasury Regulation 1.6011-4). For this purpose, “tax structure” is limited to facts relevant to the U.S. federal and state income tax treatment of the transaction and does not include information relating to the identity of the parties, their affiliates, agents or advisors. This authorization of tax disclosure is retroactively effective to the commencement of discussions with prospective investors regarding the transactions contemplated herein.

THE DISTRIBUTION OF THIS MATERIAL (A) IF MADE BY A PERSON WHO IS NOT AN AUTHORIZED PERSON UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (“FSMA”), IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (I) ARE OUTSIDE THE UNITED KINGDOM, OR (II) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND QUALIFY AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED, THE “FINANCIAL PROMOTION ORDER”), OR (III) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) THROUGH (D) (“HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.”) OF THE FINANCIAL PROMOTION ORDER OR, (IV) ARE PERSONS TO WHOM THIS MATERIAL MAY OTHERWISE LAWFULLY BE COMMUNICATED OR DIRECTED; AND (B) IF MADE BY A PERSON WHO IS AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (I) ARE OUTSIDE THE UNITED KINGDOM, OR (II) HAVE PROFESSIONAL EXPERIENCE OF PARTICIPATING IN UNREGULATED SCHEMES (AS DEFINED FOR PURPOSES OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS) ORDER 2001 (AS AMENDED, THE “PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER”)) AND QUALIFY AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 14(5) OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER, OR (III) ARE PERSONS FALLING WITHIN ARTICLE 22(2)(A) THROUGH (D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER, OR (IV) ARE PERSONS TO WHOM THE ISSUING ENTITY MAY LAWFULLY BE PROMOTED IN ACCORDANCE WITH SECTION 4.12 OF THE FCA HANDBOOK CONDUCT OF BUSINESS SOURCEBOOK.

THE OFFERED CERTIFICATES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FINANCIAL INSTRUMENTS AND EXCHANGE LAW OF JAPAN, AS AMENDED (THE “FIEL”), AND DISCLOSURE UNDER THE FIEL HAS NOT BEEN AND WILL NOT BE MADE WITH RESPECT TO THE OFFERED CERTIFICATES. ACCORDINGLY, EACH OF BOFA SECURITIES, INC., WELLS FARGO SECURITIES, LLC, MORGAN STANLEY & CO. LLC, J.P. MORGAN SECURITIES LLC, ACADEMY SECURITIES, INC. AND DREXEL HAMILTON, LLC HAS REPRESENTED AND AGREED THAT IT HAS NOT, DIRECTLY OR INDIRECTLY, OFFERED OR SOLD AND WILL NOT, DIRECTLY OR INDIRECTLY, OFFER OR SELL ANY OFFERED CERTIFICATES, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN (WHICH TERM AS USED IN THIS MATERIAL MEANS ANY PERSON RESIDENT IN JAPAN, INCLUDING ANY CORPORATION OR OTHER ENTITY ORGANIZED UNDER THE LAWS OF JAPAN) OR TO OTHERS FOR REOFFERING OR RE SALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE FIEL AND OTHER RELEVANT LAWS, REGULATIONS AND MINISTERIAL GUIDELINES OF JAPAN. AS PART OF THIS OFFERING OF THE OFFERED CERTIFICATES, THE UNDERWRITERS MAY OFFER THE OFFERED CERTIFICATES IN JAPAN TO UP TO 49 OFFEREES IN ACCORDANCE WITH THE ABOVE PROVISIONS.

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Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name % of Initial Pool Balance % of Loan Balance Mortgage Loan Originator Mortgage Loan Seller Related Group Crossed Group Address City County State Zip Code General Property Type Detailed Property Type Year Built
1 Loan 5, 9, A 1 Showcase I 9.99% 100.0% JPMCB/CREFI JPMCB NAP NAP 3785 South Las Vegas Boulevard Las Vegas Clark NV 89109 Retail Anchored 1997
2 Loan 5, 10, 11 1 640 5th Avenue 9.98% 100.0% MSBNA/BMO/GSBI MSMCH NAP NAP 640 5th Avenue New York New York NY 10022 Mixed Use Office/Retail 1949
3 Loan 5, 12 1 Stonebriar Centre 9.4% 100.0% BANA/GSBI/SGFC BANA NAP NAP 2601 Preston Road Frisco Collin TX 75034 Retail Super Regional Mall 2000
4 Loan 5, 13 1 Cummins Station 8.7% 100.0% WFB WFB NAP NAP 209 10th Avenue South Nashville Davidson TN 37203 Office CBD 1910
5 Loan 5 1 iPark Norwalk 8.0% 100.0% BANA/SMC BANA NAP NAP 761 Main Avenue Norwalk Fairfield CT 06851 Mixed Use Medical Office/Office/Retail 1953
6 Loan 7, 14, 15 1 Johns Creek Town Center 5.8% 100.0% MSBNA MSMCH NAP NAP 3630 Peachtree Parkway Suwanee Forsyth GA 30024 Retail Anchored 2001
7 Loan   1 Embassy Suites Atlanta Airport North 5.4% 100.0% MSBNA MSMCH NAP NAP 3450 International Boulevard Hapeville Fulton GA 30354 Hospitality Full Service 2022
8 Loan 16 1 2568-2574 Broadway 4.4% 100.0% BANA BANA NAP NAP 2568-2574 Broadway and 226 & 230 West 97th Street New York New York NY 10025 Mixed Use Multifamily/Retail 1910, 1920
9 Loan 5 1 9950 Woodloch 4.3% 100.0% WFB/AREF2 WFB NAP NAP 9950 Woodloch Forest Drive The Woodlands Montgomery TX 77380 Office Suburban 2014
10 Loan B 1 8400 Winchester 3.9% 100.0% JPMCB JPMCB NAP NAP 8400 Winchester Road Memphis Shelby TN 38125 Industrial Warehouse/Distribution 1982
11 Loan   1 Pioneer 2.9% 100.0% BANA BANA NAP NAP 10100 and 10330 Pioneer Boulevard Santa Fe Springs Los Angeles CA 90670 Office Suburban 1981, 1989
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC 2.8%   MSBNA MSMCH NAP NAP Various Various Various Various Various Manufactured Housing Manufactured Housing Various
12.01 Property   1 Pleasanton MHC 1.5% 55.9%         218 Green Park Drive Mobile Mobile AL 36695 Manufactured Housing Manufactured Housing 1972
12.02 Property   1 Deerfield MHC 1.2% 44.1%         1115 White Tail Lane Sevierville Sevier TN 37876 Manufactured Housing Manufactured Housing 1992
13 Loan   1 Fairfield Inn & Suites Denver West 2.5% 100.0% WFB WFB NAP NAP 140 South Union Boulevard Lakewood Jefferson CO 80228 Hospitality Limited Service 2019
14 Loan D 1 435 Beverly Oakhurst 2.4% 100.0% MSBNA MSMCH NAP NAP 435 North Oakhurst Drive Beverly Hills Los Angeles CA 90210 Multifamily High Rise 1969
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 2.2% 100.0% BANA BANA NAP NAP 700 West Convention Way Anaheim Orange CA 92802 Hospitality Full Service 1981, 1983, 2007
16 Loan   1 Orlando Terrace 2.2% 100.0% MSBNA MSMCH NAP NAP 4697 Rose Coral Drive Orlando Orange FL 32808 Multifamily Garden 1988
17 Loan   1 Value Store It Allston 1.8% 100.0% MSBNA MSMCH NAP NAP 1354, 1356 and 1360 Commonwealth Avenue Boston Suffolk MA 02134 Self Storage Self Storage 1900
18 Loan   1 Yorkside Towers II 1.5% 100.0% MSBNA MSMCH NAP NAP 89-44 162nd Street Jamaica Queens NY 11432 Multifamily Mid Rise 2003
19 Loan F 1 San Rafael Self Storage 1.4% 100.0% MSBNA MSMCH NAP NAP 675 Andersen Drive San Rafael Marin CA 94901 Self Storage Self Storage 2001
20 Loan   1 433 3rd Avenue 1.4% 100.0% MSBNA MSMCH NAP NAP 433 3rd Avenue Brooklyn Kings NY 11215 Multifamily Mid Rise 2009
21 Loan 19 1 321-323 Court Street 1.3% 100.0% MSBNA MSMCH NAP NAP 321-323 Court Street Brooklyn Kings NY 11231 Mixed Use Retail/Multifamily 1931
22 Loan   1 Holiday Inn Express Warminster 1.1% 100.0% MSBNA MSMCH NAP NAP 240 Veterans Way Warminster Bucks PA 18974 Hospitality Limited Service 2008
23 Loan   1 East End Commons 1.1% 100.0% MSBNA MSMCH NAP NAP 607 Old Country Road Riverhead Suffolk NY 11901 Retail Anchored 1995
24 Loan G 1 78 Fernbrook 0.9% 100.0% MSBNA MSMCH NAP NAP 78 Fernbrook Street Yonkers Westchester NY 10705 Industrial Warehouse 1987
25 Loan   1 Springs at Lake Jackson 0.8% 100.0% BANA BANA NAP NAP 905 TX 332 Lake Jackson Brazoria TX 77566 Multifamily Garden 1974
26 Loan   1 Creswell Plaza 0.8% 100.0% MSBNA MSMCH NAP NAP 1723 Creswell Lane Opelousas St. Landry Parish LA 70570 Retail Shadow Anchored 2002
27 Loan   1 Hamish Business Park 0.7% 100.0% BANA BANA NAP NAP 18803-18827 Hamish Road Tomball Harris TX 77377 Industrial Flex 2020
28 Loan H 1 Westward Village 0.6% 100.0% MSBNA MSMCH NAP NAP 3300 South 8th Avenue Yuma Yuma AZ 85365 Manufactured Housing Manufactured Housing/RV Park 1967
29 Loan   1 CVS Waterford MI 0.6% 100.0% MSBNA MSMCH NAP NAP 4300 Dixie Highway Waterford Oakland MI 48329 Retail Single Tenant 2009
30 Loan 20, 21, I 1 304-308 East 73rd Street 0.5% 100.0% MSBNA MSMCH NAP NAP 304-308 East 73rd Street New York New York NY 10021 Multifamily Cooperative 1910
31 Loan J 1 Cottonwood Village Apartments 0.5% 100.0% MSBNA MSMCH NAP NAP 4053 Mississippi Avenue Cahokia Heights St. Clair IL 62206 Multifamily Garden 1983
32 Loan   1 36-36 38th Street 0.4% 100.0% MSBNA MSMCH NAP NAP 36-36 38th Street Long Island City Queens NY 11101 Industrial Warehouse 1930

 

 A-1-1 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Year Renovated Number of Units Unit of Measure Loan Per Unit ($) Original Balance ($) Cut-off Date Balance ($) Maturity/ARD Balance ($) Interest Rate % Administrative Fee Rate % Net Mortgage Rate % Monthly Debt Service (P&I) ($) Monthly Debt Service (IO) ($) Annual Debt Service (P&I) ($) Annual Debt Service (IO) ($) Amortization Type ARD Loan (Yes / No)
1 Loan 5, 9, A 1 Showcase I 2003 180,848 SF 937.25 69,000,000 69,000,000 69,000,000 6.36000% 0.02139% 6.33861% NAP 370,779.17 NAP 4,449,350.04 Interest Only No
2 Loan 5, 10, 11 1 640 5th Avenue 2003 314,533 SF 952.40 69,000,000 68,899,375 63,063,125 6.12933330% 0.02139% 6.10794% 455,102.66 NAP 5,461,231.92 NAP Amortizing Balloon No
3 Loan 5, 12 1 Stonebriar Centre NAP 1,096,880 SF 232.48 65,000,000 65,000,000 65,000,000 6.99900% 0.02014% 6.97886% NAP 384,377.95 NAP 4,612,535.40 Interest Only No
4 Loan 5, 13 1 Cummins Station 2017 410,740 SF 328.68 60,000,000 60,000,000 60,000,000 7.15500% 0.02139% 7.13361% NAP 362,718.75 NAP 4,352,625.00 Interest Only No
5 Loan 5 1 iPark Norwalk 2007 372,175 SF 255.26 55,000,000 55,000,000 55,000,000 6.58900% 0.02139% 6.56761% NAP 306,190.22 NAP 3,674,282.64 Interest Only No
6 Loan 7, 14, 15 1 Johns Creek Town Center NAP 303,297 SF 131.88 40,000,000 40,000,000 40,000,000 6.80000% 0.02139% 6.77861% NAP 229,814.81 NAP 2,757,777.72 Interest Only No
7 Loan   1 Embassy Suites Atlanta Airport North NAP 178 Rooms 209,269.66 37,250,000 37,250,000 37,250,000 8.04000% 0.02139% 8.01861% NAP 253,041.32 NAP 3,036,495.84 Interest Only No
8 Loan 16 1 2568-2574 Broadway 2023 71 Units 426,056.34 30,250,000 30,250,000 30,250,000 6.87800% 0.02139% 6.85661% NAP 175,791.01 NAP 2,109,492.12 Interest Only No
9 Loan 5 1 9950 Woodloch NAP 601,151 SF 216.12 29,500,000 29,481,972 28,001,102 7.07500% 0.05139% 7.02361% 197,752.39 NAP 2,373,028.68 NAP Amortizing Balloon No
10 Loan B 1 8400 Winchester 2003 817,274 SF 33.04 27,000,000 27,000,000 27,000,000 7.37600% 0.02139% 7.35461% NAP 168,265.00 NAP 2,019,180.00 Interest Only No
11 Loan   1 Pioneer NAP 177,383 SF 112.75 20,000,000 20,000,000 20,000,000 7.08000% 0.02139% 7.05861% NAP 119,638.89 NAP 1,435,666.68 Interest Only No
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC NAP 511 Pads 37,182.00 19,000,000 19,000,000 19,000,000 6.61000% 0.02139% 6.58861% NAP 106,111.92 NAP 1,273,343.04 Interest Only No
12.01 Property   1 Pleasanton MHC NAP 341 Pads   10,615,000 10,615,000 10,615,000                  
12.02 Property   1 Deerfield MHC NAP 170 Pads   8,385,000 8,385,000 8,385,000                  
13 Loan   1 Fairfield Inn & Suites Denver West NAP 128 Rooms 132,539.06 16,965,000 16,965,000 16,965,000 7.18800% 0.02139% 7.16661% NAP 103,031.74 NAP 1,236,380.88 Interest Only No
14 Loan D 1 435 Beverly Oakhurst 2024 39 Units 424,923.08 16,572,000 16,572,000 16,572,000 6.70000% 0.02139% 6.67861% NAP 93,812.10 NAP 1,125,745.20 Interest Only No
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 2018 1,030 Rooms 121,359.22 15,000,000 15,000,000 15,000,000 6.37300% 0.02139% 6.35161% NAP 80,768.92 NAP 969,227.04 Interest Only No
16 Loan   1 Orlando Terrace 2022 165 Units 90,303.03 14,900,000 14,900,000 14,900,000 6.36000% 0.02139% 6.33861% NAP 80,066.81 NAP 960,801.72 Interest Only No
17 Loan   1 Value Store It Allston 2017 76,409 SF 163.59 12,500,000 12,500,000 12,500,000 6.50000% 0.05889% 6.44111% NAP 68,648.73 NAP 823,784.76 Interest Only No
18 Loan   1 Yorkside Towers II NAP 90 Units 116,917.69 10,540,000 10,522,592 9,928,330 6.45000% 0.02139% 6.42861% 66,273.77 NAP 795,285.24 NAP Amortizing Balloon No
19 Loan F 1 San Rafael Self Storage NAP 35,747 SF 279.74 10,000,000 10,000,000 10,000,000 6.33700% 0.02139% 6.31561% NAP 53,541.78 NAP 642,501.36 Interest Only No
20 Loan   1 433 3rd Avenue NAP 26 Units 376,923.08 9,800,000 9,800,000 9,800,000 5.80000% 0.02139% 5.77861% NAP 48,024.54 NAP 576,294.48 Interest Only No
21 Loan 19 1 321-323 Court Street 2023 10,093 SF 891.71 9,000,000 9,000,000 9,000,000 6.34500% 0.02139% 6.32361% NAP 48,248.44 NAP 578,981.28 Interest Only No
22 Loan   1 Holiday Inn Express Warminster 2018 92 Rooms 85,326.09 7,850,000 7,850,000 7,510,254 7.83000% 0.02139% 7.80861% 56,672.95 NAP 680,075.40 NAP Amortizing Balloon No
23 Loan   1 East End Commons NAP 188,417 SF 40.87 7,700,000 7,700,000 7,700,000 6.46000% 0.02139% 6.43861% NAP 42,027.38 NAP 504,328.56 Interest Only No
24 Loan G 1 78 Fernbrook 2001 49,500 SF 121.21 6,000,000 6,000,000 6,000,000 6.99000% 0.02139% 6.96861% NAP 35,435.42 NAP 425,225.04 Interest Only No
25 Loan   1 Springs at Lake Jackson NAP 153 Units 35,947.71 5,500,000 5,500,000 5,500,000 7.52800% 0.08889% 7.43911% NAP 34,982.55 NAP 419,790.60 Interest Only No
26 Loan   1 Creswell Plaza NAP 42,540 SF 126.94 5,400,000 5,400,000 5,400,000 7.02000% 0.02139% 6.99861% NAP 32,028.75 NAP 384,345.00 Interest Only No
27 Loan   1 Hamish Business Park 2023 49,800 SF 94.18 4,690,000 4,690,000 4,690,000 6.72800% 0.02139% 6.70661% NAP 26,660.48 NAP 319,925.76 Interest Only No
28 Loan H 1 Westward Village NAP 99 Pads 40,909.09 4,050,000 4,050,000 4,050,000 6.55000% 0.09389% 6.45611% NAP 22,413.28 NAP 268,959.36 Interest Only No
29 Loan   1 CVS Waterford MI NAP 12,979 SF 308.19 4,000,000 4,000,000 4,000,000 7.03000% 0.10139% 6.92861% NAP 23,758.80 NAP 285,105.60 Interest Only No
30 Loan 20, 21, I 1 304-308 East 73rd Street 1987 48 Units 71,875.00 3,450,000 3,450,000 3,450,000 5.84000% 0.02139% 5.81861% NAP 17,023.19 NAP 204,278.28 Interest Only No
31 Loan J 1 Cottonwood Village Apartments 2022-2024 88 Units 36,363.64 3,200,000 3,200,000 3,200,000 7.51000% 0.02139% 7.48861% NAP 20,304.81 NAP 243,657.72 Interest Only No
32 Loan   1 36-36 38th Street 2023-2024 8,352 SF 299.33 2,500,000 2,500,000 2,500,000 7.67000% 0.02139% 7.64861% NAP 16,201.10 NAP 194,413.20 Interest Only No

 

 A-1-2 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Interest Accrual Method Original Interest-Only Period (Mos.) Remaining Interest-Only Period (Mos.) Original Term To Maturity / ARD (Mos.) Remaining Term To Maturity / ARD (Mos.) Original Amortization Term (Mos.) Remaining Amortization Term (Mos.) Origination Date Seasoning (Mos.) Payment Due Date First Payment Date First P&I Payment Date Maturity Date or Anticipated Repayment Date Final Maturity Date Grace Period - Late Fee (Days) Grace Period - Default (Days) Prepayment Provision
1 Loan 5, 9, A 1 Showcase I Actual/360 60 59 60 59 0 0 6/7/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 0 0 L(24),YM1(29),O(7)
2 Loan 5, 10, 11 1 640 5th Avenue Actual/360 0 0 60 59 NAP NAP 6/10/2024 1 1 8/1/2024 8/1/2024 7/1/2029 NAP 0 0 L(25),D(28),O(7)
3 Loan 5, 12 1 Stonebriar Centre Actual/360 60 59 60 59 0 0 7/1/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 0 0 L(25),D(28),O(7)
4 Loan 5, 13 1 Cummins Station Actual/360 60 58 60 58 0 0 6/6/2024 2 11 7/11/2024 NAP 6/11/2029 NAP 0 0 L(26),D(27),O(7)
5 Loan 5 1 iPark Norwalk Actual/360 60 58 60 58 0 0 6/6/2024 2 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(26),D(30),O(4)
6 Loan 7, 14, 15 1 Johns Creek Town Center Actual/360 60 59 60 59 0 0 6/7/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(25),D(28),O(7)
7 Loan   1 Embassy Suites Atlanta Airport North Actual/360 60 59 60 59 0 0 7/1/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(25),D(28),O(7)
8 Loan 16 1 2568-2574 Broadway Actual/360 60 58 60 58 0 0 5/31/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 5 4 L(26),D(27),O(7)
9 Loan 5 1 9950 Woodloch Actual/360 0 0 60 59 360 359 6/12/2024 1 11 8/11/2024 8/11/2024 7/11/2029 NAP 0 0 L(25),D(28),O(7)
10 Loan B 1 8400 Winchester Actual/360 60 60 60 60 0 0 7/11/2024 0 5 9/5/2024 NAP 8/5/2029 NAP 0 0 L(25),YM1(29),O(6)
11 Loan   1 Pioneer Actual/360 60 58 60 58 0 0 5/10/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 3 3 L(26),D(27),O(7)
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC Actual/360 60 59 60 59 0 0 6/27/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 0 L(23),YM1(30),O(7)
12.01 Property   1 Pleasanton MHC                                  
12.02 Property   1 Deerfield MHC                                  
13 Loan   1 Fairfield Inn & Suites Denver West Actual/360 60 59 60 59 0 0 6/20/2024 1 11 8/11/2024 NAP 7/11/2029 NAP 0 0 L(25),D(31),O(4)
14 Loan D 1 435 Beverly Oakhurst Actual/360 60 60 60 60 0 0 7/3/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 0 5 L(23),YM1(30),O(7)
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim Actual/360 60 58 60 58 0 0 5/17/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 0 3 L(26),DorYM1(27),O(7)
16 Loan   1 Orlando Terrace Actual/360 60 58 60 58 0 0 5/31/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 5 5 L(26),D(30),O(4)
17 Loan   1 Value Store It Allston Actual/360 60 59 60 59 0 0 6/27/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(25),D(28),O(7)
18 Loan   1 Yorkside Towers II Actual/360 0 0 60 58 360 358 5/24/2024 2 1 7/1/2024 7/1/2024 6/1/2029 NAP 0 5 L(26),D(27),O(7)
19 Loan F 1 San Rafael Self Storage Actual/360 60 59 60 59 0 0 6/27/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(23),YM1(30),O(7)
20 Loan   1 433 3rd Avenue Actual/360 60 59 60 59 0 0 6/17/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(25),D(31),O(4)
21 Loan 19 1 321-323 Court Street Actual/360 60 60 60 60 0 0 7/10/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 0 5 L(24),D(32),O(4)
22 Loan   1 Holiday Inn Express Warminster Actual/360 0 0 60 60 360 360 7/11/2024 0 1 9/1/2024 9/1/2024 8/1/2029 NAP 5 5 L(24),D(29),O(7)
23 Loan   1 East End Commons Actual/360 60 59 60 59 0 0 6/28/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(25),D(30),O(5)
24 Loan G 1 78 Fernbrook Actual/360 60 58 60 58 0 0 5/29/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 5 5 L(24),YM1(29),O(7)
25 Loan   1 Springs at Lake Jackson Actual/360 60 58 60 58 0 0 5/23/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 5 4 L(26),D(27),O(7)
26 Loan   1 Creswell Plaza Actual/360 60 58 60 58 0 0 5/31/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 5 5 L(23),YM1(30),O(7)
27 Loan   1 Hamish Business Park Actual/360 60 59 60 59 0 0 6/26/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 4 L(25),D(31),O(4)
28 Loan H 1 Westward Village Actual/360 60 59 60 59 0 0 6/17/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(23),YM1(32),O(5)
29 Loan   1 CVS Waterford MI Actual/360 60 58 60 58 0 0 5/29/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 5 5 L(26),D(27),O(7)
30 Loan 20, 21, I 1 304-308 East 73rd Street Actual/360 60 59 60 59 0 0 6/4/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(23),YM1(30),O(7)
31 Loan J 1 Cottonwood Village Apartments Actual/360 60 57 60 57 0 0 4/23/2024 3 1 6/1/2024 NAP 5/1/2029 NAP 5 5 L(23),YM1(30),O(7)
32 Loan   1 36-36 38th Street Actual/360 60 58 60 58 0 0 5/31/2024 2 1 7/1/2024 NAP 6/1/2029 NAP 5 5 L(26),D(27),O(7)

 

 A-1-3 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Most Recent EGI ($) Most Recent Expenses ($) Most Recent NOI ($) Most Recent NOI Date Most Recent Description Second Most Recent EGI ($) Second Most Recent Expenses ($) Second Most Recent NOI ($) Second Most Recent NOI Date Second Most Recent Description Third Most Recent EGI ($) Third Most Recent Expenses ($) Third Most Recent NOI ($) Third Most Recent NOI Date Third Most Recent Description Underwritten Economic Occupancy (%)
1 Loan 5, 9, A 1 Showcase I 16,088,013 3,194,013 12,894,000 4/30/2024 T-12 15,515,891 3,125,777 12,390,114 12/31/2023 T-12 13,686,743 2,886,618 10,800,125 12/31/2022 T-12 91.7%
2 Loan 5, 10, 11 1 640 5th Avenue 72,036,886 18,237,231 53,799,655 12/31/2023 T-12 67,571,078 19,799,244 47,771,835 12/31/2022 T-12 66,651,606 17,827,438 48,824,168 12/31/2021 T-12 92.9%
3 Loan 5, 12 1 Stonebriar Centre 59,253,463 15,561,540 43,691,924 4/30/2024 T-12 59,426,990 15,869,494 43,557,495 12/31/2023 T-12 56,031,261 16,837,781 39,193,479 12/31/2022 T-12 95.0%
4 Loan 5, 13 1 Cummins Station 16,879,806 4,185,679 12,694,127 3/31/2024 T-12 16,603,708 4,311,244 12,292,464 12/31/2023 T-12 16,698,714 4,697,634 12,001,080 12/31/2022 T-12 73.5%
5 Loan 5 1 iPark Norwalk 13,604,871 3,245,725 10,359,146 3/31/2024 T-12 13,682,197 3,361,863 10,320,334 12/31/2023 T-12 13,509,314 3,224,216 10,285,098 12/31/2022 T-12 95.8%
6 Loan 7, 14, 15 1 Johns Creek Town Center 5,089,629 958,988 4,130,642 3/31/2024 T-12 4,928,876 977,867 3,951,009 12/31/2023 T-12 4,908,950 944,954 3,963,996 12/31/2022 T-12 95.0%
7 Loan   1 Embassy Suites Atlanta Airport North 11,337,937 6,462,823 4,875,114 5/31/2024 T-12 11,276,658 6,563,399 4,713,259 12/31/2023 T-12 NAP NAP NAP NAP NAP 96.4%
8 Loan 16 1 2568-2574 Broadway NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0%
9 Loan 5 1 9950 Woodloch 17,550,604 10,994,138 6,556,466 3/31/2024 T-12 15,811,720 10,373,607 5,438,113 12/31/2023 T-12 10,330,570 8,993,211 1,337,359 12/31/2022 T-12 95.0%
10 Loan B 1 8400 Winchester 3,732,559 792,882 2,939,676 12/31/2023 T-12 NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0%
11 Loan   1 Pioneer 4,689,272 2,026,637 2,662,635 3/31/2024 T-12 4,407,527 2,024,891 2,382,636 12/31/2023 T-12 4,472,030 1,815,043 2,656,987 12/31/2022 T-12 89.7%
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC 2,438,471 987,897 1,450,574 3/31/2024 T-12 2,306,618 973,314 1,333,304 12/31/2023 T-12 2,021,290 909,583 1,111,707 12/31/2022 T-12 89.2%
12.01 Property   1 Pleasanton MHC 1,638,095 760,992 877,103 3/31/2024 T-12 1,570,229 739,402 830,827 12/31/2023 T-12 1,354,700 734,784 619,916 12/31/2022 T-12 87.8%
12.02 Property   1 Deerfield MHC 800,377 226,906 573,471 3/31/2024 T-12 736,389 233,912 502,477 12/31/2023 T-12 666,590 174,799 491,791 12/31/2022 T-12 91.7%
13 Loan   1 Fairfield Inn & Suites Denver West 5,772,368 3,487,079 2,285,289 4/30/2024 T-12 5,671,049 3,457,315 2,213,734 12/31/2023 T-12 5,087,006 3,155,422 1,931,584 12/31/2022 T-12 86.7%
14 Loan D 1 435 Beverly Oakhurst 2,467,619 884,195 1,583,424 4/30/2024 T-12 2,484,320 908,056 1,576,264 12/31/2023 T-12 2,453,284 872,546 1,580,737 12/31/2022 T-12 94.4%
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 10,306,767 0 10,306,767 12/31/2023 T-12 10,306,767 0 10,306,767 12/31/2022 T-12 10,303,778 0 10,303,778 12/31/2021 T-12 NAV
16 Loan   1 Orlando Terrace 2,348,732 1,018,176 1,330,556 4/30/2024 T-12 2,291,825 943,424 1,348,402 12/31/2023 T-12 1,929,984 850,662 1,079,321 12/31/2022 T-12 94.5%
17 Loan   1 Value Store It Allston 1,942,741 793,661 1,149,080 5/31/2024 T-12 1,941,366 791,513 1,149,853 12/31/2023 T-12 1,951,186 747,531 1,203,655 12/31/2022 T-12 69.0%
18 Loan   1 Yorkside Towers II 2,207,058 648,814 1,558,243 3/31/2024 T-12 2,187,373 526,921 1,660,452 12/31/2023 T-12 2,081,203 554,429 1,526,774 12/31/2022 T-12 95.0%
19 Loan F 1 San Rafael Self Storage 1,527,249 546,358 980,891 2/29/2024 T-12 1,539,125 521,949 1,017,176 12/31/2023 T-12 1,531,739 502,064 1,029,675 12/31/2022 T-12 91.4%
20 Loan   1 433 3rd Avenue 1,157,921 200,757 957,163 3/31/2024 T-12 1,158,208 160,204 998,004 12/31/2023 T-12 1,078,497 157,655 920,842 12/31/2022 T-12 95.0%
21 Loan 19 1 321-323 Court Street 606,201 106,709 499,492 4/30/2024 T-12 420,134 88,122 332,012 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0%
22 Loan   1 Holiday Inn Express Warminster 3,354,928 2,224,269 1,130,659 5/31/2024 T-12 3,282,526 2,304,461 978,065 12/31/2023 T-12 2,908,886 1,381,769 1,527,117 12/31/2022 T-12 71.2%
23 Loan   1 East End Commons 1,261,417 1,097,391 164,026 4/30/2024 T-12 771,481 1,028,447 (256,966) 12/31/2023 T-12 742,445 1,080,079 (337,634) 12/31/2022 T-12 68.9%
24 Loan G 1 78 Fernbrook 927,022 28,376 898,646 12/31/2023 T-12 904,096 16,150 887,946 12/31/2022 T-12 641,184 23,924 617,260 12/31/2021 T-12 94.1%
25 Loan   1 Springs at Lake Jackson 1,594,431 919,272 675,159 3/31/2024 T-12 1,582,062 905,551 676,511 12/31/2023 T-12 1,590,140 880,357 709,783 12/31/2022 T-12 86.2%
26 Loan   1 Creswell Plaza 853,431 109,870 743,561 3/31/2024 T-12 843,650 97,998 745,652 12/31/2023 T-12 814,692 92,503 722,189 12/31/2022 T-12 95.0%
27 Loan   1 Hamish Business Park 647,323 92,412 554,911 4/30/2024 T-12 651,725 216,076 435,649 12/31/2023 T-12 NAV NAV NAV NAV NAV 91.4%
28 Loan H 1 Westward Village 552,876 237,301 315,575 4/30/2024 T-12 520,054 219,029 301,025 12/31/2023 T-12 442,143 261,857 180,287 12/31/2022 T-12 87.6%
29 Loan   1 CVS Waterford MI 380,292 0 380,292 12/31/2023 T-12 380,292 0 380,292 12/31/2022 T-12 380,292 0 380,292 12/31/2021 T-12 100.0%
30 Loan 20, 21, I 1 304-308 East 73rd Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0%
31 Loan J 1 Cottonwood Village Apartments 667,037 379,484 287,553 3/31/2024 T-12 585,771 380,676 205,095 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0%
32 Loan   1 36-36 38th Street NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0%

 

 A-1-4 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Underwritten EGI ($) Underwritten Expenses ($) Underwritten Net Operating Income ($) Underwritten Replacement / FF&E Reserve ($) Underwritten TI / LC ($) Underwritten Net Cash Flow ($) Underwritten NOI DSCR (x) Underwritten NCF DSCR (x) Underwritten NOI Debt Yield (%) Underwritten NCF Debt Yield (%) Appraised Value ($) Appraised Value Type Appraisal Date Cut-off Date LTV Ratio (%) LTV Ratio at Maturity / ARD (%)
1 Loan 5, 9, A 1 Showcase I 17,910,209 3,501,507 14,408,703 27,127 180,848 14,200,728 1.32 1.30 8.5% 8.4% 250,000,000 As Is 3/27/2024 67.8% 67.8%
2 Loan 5, 10, 11 1 640 5th Avenue 77,479,026 21,293,412 56,185,614 78,633 7,574,210 48,532,770 2.37 2.04 18.8% 16.2% 720,000,000 As Is 2/28/2024 41.6% 38.1%
3 Loan 5, 12 1 Stonebriar Centre 58,468,101 15,644,476 42,823,625 219,376 1,038,756 41,565,493 2.37 2.30 16.8% 16.3% 605,000,000 As Is 5/13/2024 42.1% 42.1%
4 Loan 5, 13 1 Cummins Station 18,454,322 4,621,356 13,832,966 102,685 0 13,730,281 1.41 1.40 10.2% 10.2% 229,700,000 As Is 4/16/2024 58.8% 58.8%
5 Loan 5 1 iPark Norwalk 13,397,394 3,062,968 10,334,426 55,826 93,044 10,185,556 1.63 1.60 10.9% 10.7% 167,900,000 As Is 2/27/2024 56.6% 56.6%
6 Loan 7, 14, 15 1 Johns Creek Town Center 5,707,977 1,106,055 4,601,922 63,301 306,330 4,232,291 1.67 1.53 11.5% 10.6% 59,100,000 As Is 4/7/2024 67.7% 67.7%
7 Loan   1 Embassy Suites Atlanta Airport North 11,306,959 6,465,477 4,841,482 452,278 0 4,389,204 1.59 1.45 13.0% 11.8% 61,000,000 As Is 4/25/2024 61.1% 61.1%
8 Loan 16 1 2568-2574 Broadway 5,132,087 1,895,067 3,237,020 23,441 6,014 3,207,565 1.53 1.52 10.7% 10.6% 47,100,000 As Is 2/9/2024 64.2% 64.2%
9 Loan 5 1 9950 Woodloch 29,009,847 12,018,882 16,990,965 120,230 1,202,302 15,668,433 1.62 1.50 13.1% 12.1% 231,500,000 As Is 5/9/2024 56.1% 53.3%
10 Loan B 1 8400 Winchester 3,770,179 821,551 2,948,628 81,727 126,979 2,739,921 1.46 1.36 10.9% 10.1% 49,000,000 As Is 5/22/2024 55.1% 55.1%
11 Loan   1 Pioneer 4,719,009 2,021,257 2,697,752 44,346 277,591 2,375,815 1.88 1.65 13.5% 11.9% 36,200,000 As Is 1/4/2024 55.2% 55.2%
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC 2,678,977 953,786 1,725,192 25,550 0 1,699,642 1.35 1.33 9.1% 8.9% 34,400,000 As Is Various 55.2% 55.2%
12.01 Property   1 Pleasanton MHC 1,726,120 767,119 959,001 17,050 0 941,951         19,700,000 As Is 4/6/2024    
12.02 Property   1 Deerfield MHC 952,858 186,667 766,190 8,500 0 757,690         14,700,000 As Is 4/5/2024    
13 Loan   1 Fairfield Inn & Suites Denver West 5,756,929 3,475,730 2,281,199 230,277 0 2,050,922 1.85 1.66 13.4% 12.1% 26,100,000 As Is 5/2/2024 65.0% 65.0%
14 Loan D 1 435 Beverly Oakhurst 2,376,912 932,132 1,444,780 9,750 0 1,435,030 1.28 1.27 8.7% 8.7% 30,350,000 As Is 5/3/2024 54.6% 54.6%
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 10,306,767 0 10,306,767 0 0 10,306,767 1.28 1.28 8.2% 8.2% 190,000,000 As Is 4/9/2024 65.8% 65.8%
16 Loan   1 Orlando Terrace 2,402,419 959,997 1,442,422 41,250 0 1,401,172 1.50 1.46 9.7% 9.4% 22,900,000 As Is 4/19/2024 65.1% 65.1%
17 Loan   1 Value Store It Allston 1,940,218 770,649 1,169,569 9,291 5,208 1,155,071 1.42 1.40 9.4% 9.2% 21,800,000 As Is 5/15/2024 57.3% 57.3%
18 Loan   1 Yorkside Towers II 2,174,470 613,955 1,560,515 22,500 0 1,538,015 1.96 1.93 14.8% 14.6% 20,100,000 As Is 4/5/2024 52.4% 49.4%
19 Loan F 1 San Rafael Self Storage 1,535,679 477,393 1,058,285 5,362 0 1,052,923 1.65 1.64 10.6% 10.5% 18,630,000 As Is 4/5/2024 53.7% 53.7%
20 Loan   1 433 3rd Avenue 1,221,035 479,540 741,495 6,515 0 734,980 1.29 1.28 7.6% 7.5% 15,000,000 As Is 4/5/2024 65.3% 65.3%
21 Loan 19 1 321-323 Court Street 981,958 140,519 841,439 1,750 16,155 823,535 1.45 1.42 9.3% 9.2% 14,300,000 As Is 5/6/2024 62.9% 62.9%
22 Loan   1 Holiday Inn Express Warminster 3,345,761 2,200,707 1,145,054 133,830 0 1,011,224 1.68 1.49 14.6% 12.9% 12,500,000 As Is 5/15/2024 62.8% 60.1%
23 Loan   1 East End Commons 2,516,964 1,135,110 1,381,855 37,683 103,236 1,240,935 2.74 2.46 17.9% 16.1% 52,200,000 As Is 5/10/2024 14.8% 14.8%
24 Loan G 1 78 Fernbrook 1,040,574 193,943 846,631 7,500 26,000 813,131 1.99 1.91 14.1% 13.6% 14,150,000 As Is 3/28/2024 42.4% 42.4%
25 Loan   1 Springs at Lake Jackson 1,635,696 956,101 679,595 38,250 0 641,345 1.62 1.53 12.4% 11.7% 9,200,000 As Is 5/13/2024 59.8% 59.8%
26 Loan   1 Creswell Plaza 804,803 106,105 698,698 6,381 39,602 652,715 1.82 1.70 12.9% 12.1% 8,800,000 As Is 4/24/2024 61.4% 61.4%
27 Loan   1 Hamish Business Park 722,107 235,390 486,716 7,470 29,062 450,184 1.52 1.41 10.4% 9.6% 6,700,000 As Is 5/22/2024 70.0% 70.0%
28 Loan H 1 Westward Village 593,131 203,043 390,089 8,039 0 382,050 1.45 1.42 9.6% 9.4% 6,600,000 As Is 5/6/2024 61.4% 61.4%
29 Loan   1 CVS Waterford MI 380,292 3,803 376,489 1,935 0 374,554 1.32 1.31 9.4% 9.4% 5,600,000 As Is 3/28/2024 71.4% 71.4%
30 Loan 20, 21, I 1 304-308 East 73rd Street 1,800,516 752,913 1,047,603 16,429 0 1,031,174 5.13 5.05 30.4% 29.9% 21,800,000 As Is 4/17/2024 15.8% 15.8%
31 Loan J 1 Cottonwood Village Apartments 835,020 400,225 434,795 22,000 0 412,795 1.78 1.69 13.6% 12.9% 5,970,000 As Is 3/11/2024 53.6% 53.6%
32 Loan   1 36-36 38th Street 314,525 43,289 271,236 835 7,434 262,967 1.40 1.35 10.8% 10.5% 4,150,000 As Is 3/12/2024 60.2% 60.2%

 

 A-1-5 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Leased Occupancy (%) Occupancy Date Single Tenant (Y/N) Largest Tenant Largest Tenant SF Largest Tenant % of NRA Largest Tenant Lease Expiration Date Second Largest Tenant Second Largest Tenant SF Second Largest Tenant % of NRA Second Largest Tenant Lease Expiration Date
1 Loan 5, 9, A 1 Showcase I 90.0% 2/29/2024 No FlyOver 41,108 22.7% 8/31/2034 M&M World 31,025 17.2% 8/31/2040
2 Loan 5, 10, 11 1 640 5th Avenue 92.9% 6/1/2024 No Victoria's Secret 63,779 20.3% 1/31/2032 Fidelity Real Estate Company 40,615 12.9% 11/30/2026
3 Loan 5, 12 1 Stonebriar Centre 96.7% 4/30/2024 No JCPenney 162,347 14.8% 12/31/2040 AMC Theatres 94,560 8.6% 9/30/2028
4 Loan 5, 13 1 Cummins Station 71.1% 5/15/2024 No Gibson Brands, Inc. 57,357 14.0% 12/31/2032 Axial Healthcare, Inc 45,911 11.2% 6/30/2028
5 Loan 5 1 iPark Norwalk 100.0% 4/1/2024 No Nuvance Health 102,343 27.5% 12/31/2042 LA Fitness 60,000 16.1% 10/31/2026
6 Loan 7, 14, 15 1 Johns Creek Town Center 99.7% 4/3/2024 No Kohl's 86,584 28.5% 1/31/2027 Market by Macy's 31,000 10.2% 8/31/2032
7 Loan   1 Embassy Suites Atlanta Airport North 96.4% 5/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
8 Loan 16 1 2568-2574 Broadway 95.8% 5/23/2024 No Bank of America, N.A. 5,000 62.4% 7/24/2026 Paris Baguette America, Inc. 2,400 29.9% 7/31/2029
9 Loan 5 1 9950 Woodloch 97.0% 6/3/2024 No Western Midstream Partners, LP 188,318 31.3% 12/31/2031 The Woodlands Land Development 57,329 9.5% 10/31/2030 (42,675 SF), 1/31/2031 (14,654 SF)
10 Loan B 1 8400 Winchester 100.0% 8/1/2024 Yes Cart.com, Inc. 817,274 100.0% 5/31/2029 NAP NAP NAP NAP
11 Loan   1 Pioneer 91.4% 5/1/2024 No Los Angeles County Office of Education 62,955 35.5% 6/30/2035 County of LA Department of Health Services 41,720 23.5% 5/31/2032
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC 92.7% Various                  
12.01 Property   1 Pleasanton MHC 89.1% 5/17/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
12.02 Property   1 Deerfield MHC 100.0% 5/2/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
13 Loan   1 Fairfield Inn & Suites Denver West 86.7% 4/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
14 Loan D 1 435 Beverly Oakhurst 94.9% 6/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 78.2% 12/31/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP
16 Loan   1 Orlando Terrace 96.4% 5/10/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
17 Loan   1 Value Store It Allston 73.4% 5/10/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
18 Loan   1 Yorkside Towers II 98.9% 5/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
19 Loan F 1 San Rafael Self Storage 91.5% 5/22/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
20 Loan   1 433 3rd Avenue 100.0% 6/4/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
21 Loan 19 1 321-323 Court Street 100.0% 4/30/2024 No Stretch Lab 1,200 11.9% 6/30/2033 Cheese Plate Brooklyn 1,000 9.9% 6/30/2033
22 Loan   1 Holiday Inn Express Warminster 71.3% 5/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
23 Loan   1 East End Commons 78.7% 6/1/2024 No BJ's Wholesale Club 79,697 42.3% 1/31/2031 County of Suffolk 38,555 20.5% 1/31/2044
24 Loan G 1 78 Fernbrook 100.0% 8/1/2024 Yes Hudson Scenic Studios 49,500 100.0% 6/30/2029 NAP NAP NAP NAP
25 Loan   1 Springs at Lake Jackson 88.2% 5/10/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
26 Loan   1 Creswell Plaza 100.0% 3/31/2024 No Dollar Tree Stores, Inc. 10,200 24.0% 1/31/2031 Hibbett Sporting Goods, Inc. 7,400 17.4% 1/31/2026
27 Loan   1 Hamish Business Park 97.8% 5/15/2024 No Goatathletix, LLC 4,500 9.0% 11/30/2025 Kirtley Roofing & Sheet Metal 4,500 9.0% 7/31/2025
28 Loan H 1 Westward Village 86.9% 5/29/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
29 Loan   1 CVS Waterford MI 100.0% 8/1/2024 Yes CVS 12,979 100.0% 10/1/2034 NAP NAP NAP NAP
30 Loan 20, 21, I 1 304-308 East 73rd Street 100.0% 5/20/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
31 Loan J 1 Cottonwood Village Apartments 96.6% 4/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP
32 Loan   1 36-36 38th Street 100.0% 8/1/2024 Yes I-Grace 8,352 100.0% 5/31/2034 NAP NAP NAP NAP

 

 A-1-6 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Third Largest Tenant Third Largest Tenant SF Third Largest Tenant % of NRA Third Largest Tenant Lease Expiration Date Fourth Largest Tenant Fourth Largest Tenant SF Fourth Largest Tenant % of NRA Fourth Largest Tenant Lease Expiration Date Fifth Largest Tenant Fifth Largest Tenant SF
1 Loan 5, 9, A 1 Showcase I Marshalls 30,624 16.9% 1/31/2029 Coca Cola 18,597 10.3% 12/31/2029 Showcase Food Court 14,737
2 Loan 5, 10, 11 1 640 5th Avenue The Klein Group, LLC 30,103 9.6% 4/14/2034 Abbot Capital Management 20,019 6.4% 12/31/2032 Buchanan Ingersoll & Rooney 16,816
3 Loan 5, 12 1 Stonebriar Centre Dick's Sporting Goods 77,411 7.1% 1/31/2027 Kidzania 60,000 5.5% 11/30/2046 Haverty's Furniture 60,000
4 Loan 5, 13 1 Cummins Station Serendipity Labs 32,124 7.8% 7/28/2033 Gish, Sherwood & Friends, Inc. 28,363 6.9% 5/31/2026 The Interpublic Group of Companies, Inc.  17,074
5 Loan 5 1 iPark Norwalk Cycling Sports Group / Cannondale 58,477 15.7% 8/1/2029 Reproductive Medical Associates 25,428 6.8% 4/30/2030 ICR 23,743
6 Loan 7, 14, 15 1 Johns Creek Town Center Sprouts Farmers Market 30,355 10.0% 9/30/2029 PetSmart 29,017 9.6% 11/30/2025 Michaels 25,348
7 Loan   1 Embassy Suites Atlanta Airport North NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
8 Loan 16 1 2568-2574 Broadway Penn Food Concepts LLC d/b/a Auntie Anne's 618 7.7% 10/31/2033 NAP NAP NAP NAP NAP NAP
9 Loan 5 1 9950 Woodloch Kodiak Gas Services, LLC 53,060 8.8% 10/31/2036 Centric Services, Inc. 52,634 8.8% 2/29/2036 HL Amenities 31,264
10 Loan B 1 8400 Winchester NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11 Loan   1 Pioneer Employment Development Department 16,661 9.4% 3/31/2027 The United States of America - Veterans Affairs 9,885 5.6% 12/31/2026 Court Appearance Professionals 6,999
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC                    
12.01 Property   1 Pleasanton MHC NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
12.02 Property   1 Deerfield MHC NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
13 Loan   1 Fairfield Inn & Suites Denver West NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
14 Loan D 1 435 Beverly Oakhurst NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
16 Loan   1 Orlando Terrace NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17 Loan   1 Value Store It Allston NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
18 Loan   1 Yorkside Towers II NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
19 Loan F 1 San Rafael Self Storage NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
20 Loan   1 433 3rd Avenue NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
21 Loan 19 1 321-323 Court Street Ramsey Tutoring, LLC 940 9.3% 4/30/2033 The Meat Hook Carroll Gardens LLC 781 7.7% 12/31/2033 NAP NAP
22 Loan   1 Holiday Inn Express Warminster NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23 Loan   1 East End Commons Big Batch Enterprises, LLC 30,000 15.9% 8/31/2039 NAP NAP NAP NAP NAP NAP
24 Loan G 1 78 Fernbrook NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
25 Loan   1 Springs at Lake Jackson NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
26 Loan   1 Creswell Plaza Shoe Dept. 5,200 12.2% 4/30/2029 Cato of South Carolina, LLC 4,640 10.9% 1/31/2029 Hulin Health, LLC 3,150
27 Loan   1 Hamish Business Park SWEC Electrical Contractors 3,000 6.0% 2/28/2026 Okra LLC 3,000 6.0% 1/31/2027 Sunfire Protection & Alarm Services 3,000
28 Loan H 1 Westward Village NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
29 Loan   1 CVS Waterford MI NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
30 Loan 20, 21, I 1 304-308 East 73rd Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
31 Loan J 1 Cottonwood Village Apartments NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
32 Loan   1 36-36 38th Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP

 

 A-1-7 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Fifth Largest Tenant % of NRA Fifth Largest Tenant Lease Expiration Date Environmental Phase I Report Date Environmental Phase II Report Date Engineering Report Date Seismic Report Date PML or SEL (%) Flood Zone Ownership Interest Ground Lease Expiration Date Ground Lease Extension Terms Annual Ground Lease Payment as of the Cut-off Date ($) Annual Ground Rent Increases (Y/N)
1 Loan 5, 9, A 1 Showcase I 8.1% 9/30/2038 4/4/2024 NAP 4/5/2024 NAP NAP No Fee NAP NAP NAP NAP
2 Loan 5, 10, 11 1 640 5th Avenue 5.3% 1/31/2029 4/17/2024 NAP 4/12/2024 NAP NAP No Fee/Leasehold 7/30/2070 None 1 No
3 Loan 5, 12 1 Stonebriar Centre 5.5% 1/31/2026 4/15/2024 NAP 4/16/2024 NAP NAP No Fee NAP NAP NAP NAP
4 Loan 5, 13 1 Cummins Station 4.2% 10/31/2028 4/16/2024 NAP 4/17/2024 NAP NAP No Fee NAP NAP NAP NAP
5 Loan 5 1 iPark Norwalk 6.4% 11/30/2029 2/28/2024 NAP 2/28/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP
6 Loan 7, 14, 15 1 Johns Creek Town Center 8.4% 6/30/2026 5/3/2024 NAP 6/6/2024 NAP NAP No Fee NAP NAP NAP NAP
7 Loan   1 Embassy Suites Atlanta Airport North NAP NAP 5/14/2024 NAP 5/13/2024 NAP NAP No Fee NAP NAP NAP NAP
8 Loan 16 1 2568-2574 Broadway NAP NAP 2/27/2024 NAP 2/27/2024 NAP NAP No Fee NAP NAP NAP NAP
9 Loan 5 1 9950 Woodloch 5.2% 10/31/2030 (28,047 SF), 1/31/2031 (3,217 SF) 5/20/2024 NAP 5/20/2024 NAP NAP No Fee NAP NAP NAP NAP
10 Loan B 1 8400 Winchester NAP NAP 5/24/2024 NAP 5/24/2024 5/24/2024 10% No Fee NAP NAP NAP NAP
11 Loan   1 Pioneer 3.9% 10/31/2026 4/19/2024 NAP 4/19/2024 4/19/2024 13% No Fee NAP NAP NAP NAP
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC                          
12.01 Property   1 Pleasanton MHC NAP NAP 4/15/2024 NAP 4/15/2024 NAP NAP No Fee NAP NAP NAP NAP
12.02 Property   1 Deerfield MHC NAP NAP 4/15/2024 NAP 4/15/2024 NAP NAP Yes Fee NAP NAP NAP NAP
13 Loan   1 Fairfield Inn & Suites Denver West NAP NAP 5/9/2024 NAP 5/8/2024 NAP NAP No Fee NAP NAP NAP NAP
14 Loan D 1 435 Beverly Oakhurst NAP NAP 5/8/2024 NAP 5/8/2024 5/8/2024 19% No Fee NAP NAP NAP NAP
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim NAP NAP 4/16/2024 NAP 4/16/2024 4/15/2024 13% No Fee NAP NAP NAP NAP
16 Loan   1 Orlando Terrace NAP NAP 5/2/2024 NAP 5/2/2024 NAP NAP No Fee NAP NAP NAP NAP
17 Loan   1 Value Store It Allston NAP NAP 5/20/2024 NAP 5/20/2024 NAP NAP No Fee NAP NAP NAP NAP
18 Loan   1 Yorkside Towers II NAP NAP 4/15/2024 NAP 4/15/2024 NAP NAP No Fee NAP NAP NAP NAP
19 Loan F 1 San Rafael Self Storage NAP NAP 4/26/2024 NAP 4/26/2024 4/26/2024 14% Yes Fee NAP NAP NAP NAP
20 Loan   1 433 3rd Avenue NAP NAP 4/22/2024 NAP 4/22/2024 NAP NAP No Fee NAP NAP NAP NAP
21 Loan 19 1 321-323 Court Street NAP NAP 3/28/2024 NAP 3/28/2024 NAP NAP No Fee NAP NAP NAP NAP
22 Loan   1 Holiday Inn Express Warminster NAP NAP 5/31/2024 NAP 5/30/2024 NAP NAP No Fee NAP NAP NAP NAP
23 Loan   1 East End Commons NAP NAP 6/13/2024 NAP 6/13/2024 NAP NAP No Fee NAP NAP NAP NAP
24 Loan G 1 78 Fernbrook NAP NAP 4/5/2024 NAP 4/5/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP
25 Loan   1 Springs at Lake Jackson NAP NAP 1/9/2024 NAP 1/9/2024 NAP NAP No Fee NAP NAP NAP NAP
26 Loan   1 Creswell Plaza 7.4% 8/30/2028 5/2/2024 NAP 5/2/2024 NAP NAP No Fee NAP NAP NAP NAP
27 Loan   1 Hamish Business Park 6.0% 9/30/2026 5/24/2024 NAP 5/24/2024 NAP NAP No Fee NAP NAP NAP NAP
28 Loan H 1 Westward Village NAP NAP 5/17/2024 NAP 5/17/2024 5/17/2024 6% No Fee NAP NAP NAP NAP
29 Loan   1 CVS Waterford MI NAP NAP 4/5/2024 NAP 4/5/2024 NAP NAP No Fee NAP NAP NAP NAP
30 Loan 20, 21, I 1 304-308 East 73rd Street NAP NAP 4/24/2024 NAP 4/24/2024 NAP NAP No Fee NAP NAP NAP NAP
31 Loan J 1 Cottonwood Village Apartments NAP NAP 3/21/2024 NAP 3/21/2024 NAP NAP No Fee NAP NAP NAP NAP
32 Loan   1 36-36 38th Street NAP NAP 3/22/2024 NAP 3/21/2024 NAP NAP No Fee NAP NAP NAP NAP

 

 A-1-8 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Upfront RE Tax Reserve ($) Monthly RE Tax Reserve ($) Upfront Insurance Reserve ($) Monthly Insurance Reserve ($) Upfront Replacement / PIP Reserve ($) Monthly Replacement / FF&E Reserve ($) Replacement Reserve Caps ($) Upfront TI/LC Reserve ($) Monthly TI/LC Reserve ($) TI/LC Caps ($) Upfront Debt Service Reserve ($) Monthly Debt Service Reserve ($) Debt Service Reserve Cap ($) Upfront Deferred Maintenance Reserve ($)
1 Loan 5, 9, A 1 Showcase I 363,322 121,107 0 Springing 2,261 2,261 0 15,071 15,071 542,544 0 0 0 0
2 Loan 5, 10, 11 1 640 5th Avenue 0 Springing 0 Springing 0 Springing 195,217 1,567,900 500,000 15,000,000 0 0 0 0
3 Loan 5, 12 1 Stonebriar Centre 0 Springing 0 Springing 0 Springing 438,752 0 91,407 2,193,760 0 0 0 0
4 Loan 5, 13 1 Cummins Station 355,264 88,816 0 Springing 0 8,557 205,370 10,000,000 83,333 0 0 0 0 160,050
5 Loan 5 1 iPark Norwalk 754,694 125,782 12,047 Springing 0 4,652 0 1,500,000 Springing 500,000 0 0 0 4,875
6 Loan 7, 14, 15 1 Johns Creek Town Center 237,059 26,340 0 Springing 0 5,275 0 0 12,637 0 0 0 0 30,500
7 Loan   1 Embassy Suites Atlanta Airport North 251,100 27,900 30,423 10,141 0 37,690 0 0 0 0 0 0 0 0
8 Loan 16 1 2568-2574 Broadway 0 81,250 19,617 19,617 0 1,953 0 0 501 0 0 0 0 42,500
9 Loan 5 1 9950 Woodloch 1,309,164 218,194 0 Springing 0 10,019 360,684 0 100,192 0 0 0 0 0
10 Loan B 1 8400 Winchester 309,488 35,733 0 Springing 6,811 6,811 0 20,432 20,432 0 0 0 0 1,541,611
11 Loan   1 Pioneer 49,709 24,855 0 Springing 22,500 3,695 0 2,500,000 Springing 1,000,000 0 0 0 0
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC 45,864 4,888 46,278 7,713 0 2,129 0 0 0 0 0 0 0 22,385
12.01 Property   1 Pleasanton MHC                            
12.02 Property   1 Deerfield MHC                            
13 Loan   1 Fairfield Inn & Suites Denver West 26,342 26,342 0 Springing 0 19,241 0 0 0 0 0 0 0 0
14 Loan D 1 435 Beverly Oakhurst 106,518 17,752 40,503 14,303 0 813 19,500 0 0 0 0 0 0 1,875
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 0 Springing 0 Springing 0 Springing 0 0 0 0 0 0 0 0
16 Loan   1 Orlando Terrace 126,420 18,060 132,053 13,205 0 3,438 0 0 0 0 0 0 0 16,081
17 Loan   1 Value Store It Allston 80,412 26,804 2,730 1,365 0 637 0 0 0 0 0 0 0 20,563
18 Loan   1 Yorkside Towers II 3,503 1,752 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0
19 Loan F 1 San Rafael Self Storage 23,016 5,754 9,435 1,965 0 447 10,724 0 0 0 0 0 0 0
20 Loan   1 433 3rd Avenue 47,580 15,860 11,412 1,902 0 571 13,704 0 0 0 0 0 0 0
21 Loan 19 1 321-323 Court Street 6,362 6,362 7,682 1,097 0 146 3,500 0 1,346 32,309 0 0 0 0
22 Loan   1 Holiday Inn Express Warminster 22,963 11,481 0 Springing 0 11,153 0 0 0 0 0 0 0 9,000
23 Loan   1 East End Commons 115,803 38,601 0 Springing 37,249 Springing 0 0 Springing 1,024,342 0 0 0 0
24 Loan G 1 78 Fernbrook 0 Springing 36,072 4,008 0 625 10,100 0 Springing 0 0 0 0 0
25 Loan   1 Springs at Lake Jackson 113,255 18,876 17,632 17,632 50,000 3,188 0 0 0 0 0 0 0 29,625
26 Loan   1 Creswell Plaza 17,655 2,522 10,973 2,195 0 532 19,200 43,000 1,773 128,000 0 0 0 19,563
27 Loan   1 Hamish Business Park 66,784 9,541 6,050 6,050 25,000 623 0 75,000 2,075 99,600 0 0 0 0
28 Loan H 1 Westward Village 3,460 865 11,358 1,262 0 670 0 0 0 0 0 0 0 11,785
29 Loan   1 CVS Waterford MI 0 Springing 0 Springing 0 161 1,935 0 0 0 0 0 0 0
30 Loan 20, 21, I 1 304-308 East 73rd Street 0 Springing 0 Springing 0 Springing 0 0 0 0 0 0 0 0
31 Loan J 1 Cottonwood Village Apartments 40,645 8,129 23,630 3,015 0 1,833 0 0 0 0 0 0 0 49,125
32 Loan   1 36-36 38th Street 0 Springing 0 Springing 0 0 0 0 Springing 0 0 0 0 9,375

 

 A-1-9 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Upfront Other Reserve ($) Monthly Other Reserve ($) Other Reserve Description Other Reserve Cap ($) Holdback/ Earnout Amount ($) Holdback/ Earnout Description Lockbox Type Cash Management
1 Loan 5, 9, A 1 Showcase I 14,402,888 0 Unfunded M&M TI Obligations Reserve ($12,000,000); Unfunded Obligations Reserve ($250,000); Unfunded M&M Free Rent Obligations Reserve ($2,152,888) 0 0 NAP Hard Springing
2 Loan 5, 10, 11 1 640 5th Avenue 1,648,112 0 Free Rent Reserve 0 0 NAP Hard In Place
3 Loan 5, 12 1 Stonebriar Centre 12,477,527 0 Upfront TI/LC Reserve ($11,720,606); Gap Rent Reserve ($756,921) 0 0 NAP Hard Springing
4 Loan 5, 13 1 Cummins Station 3,138,645 0 Rent Concession Reserve Funds ($1,023,389.00); Existing TI/LC Reserve Funds ($2,115,256.38); Low DSCR Trigger Event Reserve (Springing) 0 0 NAP Hard In Place
5 Loan 5 1 iPark Norwalk 165,000 Springing Free Rent Reserve ($150,000); Common Charge Reserve (Upfront: $15,000; Monthly: Springing) 0 0 NAP Hard In Place
6 Loan 7, 14, 15 1 Johns Creek Town Center 168,921 0 Tenant Inducement Funds 0 0 NAP Hard Springing
7 Loan   1 Embassy Suites Atlanta Airport North 0 Springing PIP Reserve 0 0 NAP Springing Springing
8 Loan 16 1 2568-2574 Broadway 0 0 NAP 0 0 NAP Springing Springing
9 Loan 5 1 9950 Woodloch 12,861,020 0 Rent Concession Reserve Funds ($4,020,411); Existing TI/LC Reserve Funds ($8,840,609); Western Midstream Termination Reserve Funds (Springing) 0 0 NAP Hard Springing
10 Loan B 1 8400 Winchester 0 0 NAP 0 0 NAP Hard Springing
11 Loan   1 Pioneer 755,455 0 Landlord Obligation Reserve ($745,924); Free Rent Reserve ($9,531.48) 0 0 NAP Hard Springing
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC 0 0 NAP 0 0 NAP Springing Springing
12.01 Property   1 Pleasanton MHC                
12.02 Property   1 Deerfield MHC                
13 Loan   1 Fairfield Inn & Suites Denver West 128,500 63,000 Seasonality Reserve Funds (Upfront: $126,000; Monthly: $63,000); Replacement Comfort Letter Reserve Funds ($2,500) 0 0 NAP Hard Springing
14 Loan D 1 435 Beverly Oakhurst 0 0 NAP 0 0 NAP Springing Springing
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 0 0 NAP 0 0 NAP Hard In Place
16 Loan   1 Orlando Terrace 0 0 NAP 0 0 NAP Springing Springing
17 Loan   1 Value Store It Allston 71,000 0 Seasonality Reserve 0 0 NAP Springing Springing
18 Loan   1 Yorkside Towers II 0 0 NAP 0 0 NAP Springing Springing
19 Loan F 1 San Rafael Self Storage 0 0 NAP 0 0 NAP Springing Springing
20 Loan   1 433 3rd Avenue 0 0 NAP 0 0 NAP Springing Springing
21 Loan 19 1 321-323 Court Street 0 0 NAP 0 0 NAP Springing Springing
22 Loan   1 Holiday Inn Express Warminster 525,000 Springing PIP Reserve 0 0 NAP Springing Springing
23 Loan   1 East End Commons 170,000 0 Free Rent Reserve - Big Batch Enterprises ($90,000); Leasing Commisions - Big Batch Enterprises ($80,000) 0 0 NAP Hard Springing
24 Loan G 1 78 Fernbrook 2,550 0 Utility Shed and Silo Reserve 0 0 NAP Springing Springing
25 Loan   1 Springs at Lake Jackson 71,000 0 Property Insurance Deductible Reserve 0 0 NAP Springing Springing
26 Loan   1 Creswell Plaza 123,451 0 Roof Repair Reserve 0 0 NAP Springing Springing
27 Loan   1 Hamish Business Park 0 0 NAP 0 0 NAP Springing Springing
28 Loan H 1 Westward Village 0 0 NAP 0 0 NAP Springing Springing
29 Loan   1 CVS Waterford MI 0 0 NAP 0 0 NAP Hard In Place
30 Loan 20, 21, I 1 304-308 East 73rd Street 0 0 NAP 0 0 NAP None None
31 Loan J 1 Cottonwood Village Apartments 0 0 NAP 0 0 NAP Springing Springing
32 Loan   1 36-36 38th Street 0 0 NAP 0 0 NAP Springing Springing

 

 A-1-10 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)  Tenant Specific Excess Cash Trap Trigger (Y/N)  Pari Passu (Y/N) Pari Passu in Trust Controlling (Y/N) Trust Pari Passu Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Subordinate Companion Loan Cut-off Date Balance ($) Subordinate Companion Loan Interest Rate Whole Loan Cut-off Date Balance ($)
1 Loan 5, 9, A 1 Showcase I Yes No Yes Yes 69,000,000 100,500,000 540,047.92 910,827.08 NAP NAP 169,500,000
2 Loan 5, 10, 11 1 640 5th Avenue Yes Yes Yes Yes 68,899,375 230,663,125 1,523,604.54 1,978,707.20 NAP NAP 299,562,500
3 Loan 5, 12 1 Stonebriar Centre Yes Yes Yes No 65,000,000 190,000,000 1,123,566.32 1,507,944.27 NAP NAP 255,000,000
4 Loan 5, 13 1 Cummins Station Yes Yes Yes Yes 60,000,000 75,000,000 453,398.44 816,117.19 NAP NAP 135,000,000
5 Loan 5 1 iPark Norwalk Yes Yes Yes Yes 55,000,000 40,000,000 222,683.80 528,874.02 NAP NAP 95,000,000
6 Loan 7, 14, 15 1 Johns Creek Town Center Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
7 Loan   1 Embassy Suites Atlanta Airport North Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
8 Loan 16 1 2568-2574 Broadway Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
9 Loan 5 1 9950 Woodloch Yes Yes Yes No 29,481,972 100,438,583 673,698.80 871,451.19 NAP NAP 129,920,556
10 Loan B 1 8400 Winchester Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
11 Loan   1 Pioneer Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
12.01 Property   1 Pleasanton MHC                      
12.02 Property   1 Deerfield MHC                      
13 Loan   1 Fairfield Inn & Suites Denver West Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
14 Loan D 1 435 Beverly Oakhurst Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim No No Yes No 15,000,000 110,000,000 592,305.44 673,074.36 NAP NAP 125,000,000
16 Loan   1 Orlando Terrace Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
17 Loan   1 Value Store It Allston Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
18 Loan   1 Yorkside Towers II Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
19 Loan F 1 San Rafael Self Storage Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
20 Loan   1 433 3rd Avenue Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
21 Loan 19 1 321-323 Court Street Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
22 Loan   1 Holiday Inn Express Warminster Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
23 Loan   1 East End Commons Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
24 Loan G 1 78 Fernbrook Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
25 Loan   1 Springs at Lake Jackson Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
26 Loan   1 Creswell Plaza Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP
27 Loan   1 Hamish Business Park Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
28 Loan H 1 Westward Village Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
29 Loan   1 CVS Waterford MI No Yes No NAP NAP NAP NAP NAP NAP NAP NAP
30 Loan 20, 21, I 1 304-308 East 73rd Street No No No NAP NAP NAP NAP NAP NAP NAP NAP
31 Loan J 1 Cottonwood Village Apartments Yes No No NAP NAP NAP NAP NAP NAP NAP NAP
32 Loan   1 36-36 38th Street No Yes No NAP NAP NAP NAP NAP NAP NAP NAP

 

 A-1-11 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Whole Loan Monthly Debt Service ($) Whole Loan Cut-off Date LTV Ratio (%) Whole Loan Underwritten NCF DSCR (x) Whole Loan Underwritten NOI Debt Yield (%) Mezzanine Debt Cut-off Date Balance($) Mezzanine Debt Interest Rate (%) Total Debt Cut-off Date Balance ($) Total Debt Monthly Debt Service ($) Total Debt Cut-off Date LTV Ratio (%) Total Debt Underwritten NCF DSCR (x) Total Debt Underwritten NOI Debt Yield (%) Future Additional Debt Permitted (Y/N) Future Debt Permitted Type
1 Loan 5, 9, A 1 Showcase I 910,827.08 67.8% 1.30 8.5% NAP NAP NAP NAP NAP NAP NAP No NAP
2 Loan 5, 10, 11 1 640 5th Avenue 1,978,707 41.6% 2.04 18.8% 99,854,167 0.115 399,416,667 3,088,424 55.5% 1.31 14.1% No NAP
3 Loan 5, 12 1 Stonebriar Centre 1,507,944.27 42.1% 2.30 16.8% NAP NAP NAP NAP NAP NAP NAP No NAP
4 Loan 5, 13 1 Cummins Station 816,117.19 58.8% 1.40 10.2% NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine
5 Loan 5 1 iPark Norwalk 528,874.02 56.6% 1.60 10.9% 15,000,000 14.00000% 110,000,000 706,304.58 65.5% 1.20 9.4% No NAP
6 Loan 7, 14, 15 1 Johns Creek Town Center NAP NAP NAP NAP 10,000,000 0.12 50,000,000 329,815 84.6% 1.07 9.2% No NAP
7 Loan   1 Embassy Suites Atlanta Airport North NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
8 Loan 16 1 2568-2574 Broadway NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
9 Loan 5 1 9950 Woodloch 871,451.19 56.1% 1.50 13.1% NAP NAP NAP NAP NAP NAP NAP No NAP
10 Loan B 1 8400 Winchester NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
11 Loan   1 Pioneer NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
12.01 Property   1 Pleasanton MHC                          
12.02 Property   1 Deerfield MHC                          
13 Loan   1 Fairfield Inn & Suites Denver West NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
14 Loan D 1 435 Beverly Oakhurst NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 673,074 65.8% 1.28 8.2% NAP NAP NAP NAP NAP NAP NAP No NAP
16 Loan   1 Orlando Terrace NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
17 Loan   1 Value Store It Allston NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
18 Loan   1 Yorkside Towers II NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
19 Loan F 1 San Rafael Self Storage NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
20 Loan   1 433 3rd Avenue NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
21 Loan 19 1 321-323 Court Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
22 Loan   1 Holiday Inn Express Warminster NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
23 Loan   1 East End Commons NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
24 Loan G 1 78 Fernbrook NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
25 Loan   1 Springs at Lake Jackson NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
26 Loan   1 Creswell Plaza NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
27 Loan   1 Hamish Business Park NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
28 Loan H 1 Westward Village NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
29 Loan   1 CVS Waterford MI NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
30 Loan 20, 21, I 1 304-308 East 73rd Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
31 Loan J 1 Cottonwood Village Apartments NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP
32 Loan   1 36-36 38th Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP

 

 A-1-12 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Sponsor Non-Recourse Carveout Guarantor Delaware Statutory Trust
(Y/N)
Tenants-in-common
(Y/N)
Loan Purpose Property Located Within a Qualified Opportunity Zone (Y/N) Sources: Loan Amount ($)
1 Loan 5, 9, A 1 Showcase I Jeffrey Gindi and Eli Gindi Jeffrey Gindi and Eli Gindi No No Refinance   169,500,000
2 Loan 5, 10, 11 1 640 5th Avenue Vornado Realty Trust Manhattan High Street Holdings LP No No Refinance   300,000,000
3 Loan 5, 12 1 Stonebriar Centre GGP/Homart II L.L.C., Brookfield Properties Retail Holding LLC and New York State Common Retirement Fund GGP/HOMART II L.L.C. No No Refinance   255,000,000
4 Loan 5, 13 1 Cummins Station Zachary P. Liff Zachary P. Liff No No Refinance   135,000,000
5 Loan 5 1 iPark Norwalk Joseph Cotter and Lynne Ward Joseph Cotter No No Refinance   95,000,000
6 Loan 7, 14, 15 1 Johns Creek Town Center Jeffrey G. Rosenberg Jeffrey G. Rosenberg No No Acquisition   40,000,000
7 Loan   1 Embassy Suites Atlanta Airport North Niteshkumar Patel Niteshkumar Patel No No Refinance   37,250,000
8 Loan 16 1 2568-2574 Broadway Nathan Benelyahou Nathan Benelyahou, Ladan Sohayegh, Bijan Kaypour and Alan Kaypour No No Acquisition   30,250,000
9 Loan 5 1 9950 Woodloch The Woodlands Land Development Company, L.P. The Woodlands Land Development Company, L.P. No No Refinance   130,000,000
10 Loan B 1 8400 Winchester Bain Capital Credit, L.P. and RealOp Investments, LLC ROIB2-A JV, LLC No No Refinance   27,000,000
11 Loan   1 Pioneer Neil Kadisha and Benjamin Nazarian Neil Kadisha and Benjamin Nazarian No No Refinance   20,000,000
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC John A. Franklin John A. Franklin No No Refinance   19,000,000
12.01 Property   1 Pleasanton MHC              
12.02 Property   1 Deerfield MHC              
13 Loan   1 Fairfield Inn & Suites Denver West Joel Sybrowsky and Cory Turner Joel Sybrowsky and Cory Turner No No Refinance   16,965,000
14 Loan D 1 435 Beverly Oakhurst Watts Family Trust, Erik Watts and Hamilton Von Watts Watts Family Trust, Erik Watts and Hamilton Von Watts No No Refinance   16,572,000
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim Tushar Patel and HRG Holdings I, LLC Mr. Tushar Patel and HRG Holdings I, LLC No No Refinance   125,000,000
16 Loan   1 Orlando Terrace Odin Properties Philip Balderston No No Refinance    
17 Loan   1 Value Store It Allston Todd A. Ruderman Todd A. Ruderman No No Refinance    
18 Loan   1 Yorkside Towers II Joseph G. Ciampa Joseph G. Ciampa No No Refinance    
19 Loan F 1 San Rafael Self Storage Kent Swisher Kent Swisher No No Refinance    
20 Loan   1 433 3rd Avenue Ioannis D. Glyptis and Nicholas G. Malafis Ioannis D. Glyptis and Nicholas G. Malafis No No Refinance    
21 Loan 19 1 321-323 Court Street Joseph E. Safdie and Chun Y. Lee Joseph E. Safdie and Chun Y. Lee No No Refinance    
22 Loan   1 Holiday Inn Express Warminster Sigma Hospitality Group Sonny Ho and Chandresh J. Patel No No Refinance    
23 Loan   1 East End Commons Feil Organization Jeffrey J. Feil No No Refinance    
24 Loan G 1 78 Fernbrook Yoram Shemesh and Ronnie Shemesh Yoram Shemesh and Ronnie Shemesh No No Recapitalization    
25 Loan   1 Springs at Lake Jackson Better World Properties, LLC Terri Clifton, Michael D. Knight, Emmanual Favor and Baskaran Audikesavan No No Acquisition    
26 Loan   1 Creswell Plaza Isaac Seruya Isaac Seruya No No Refinance    
27 Loan   1 Hamish Business Park Fulton Realty Capital Lawrence Charles Kaplan and George Thacker No No Acquisition    
28 Loan H 1 Westward Village Comfort Communities Blake Comfort and Jennifer Purcell No No Refinance    
29 Loan   1 CVS Waterford MI Ryuichi Yokoo and Kureha Yokoo Ryuichi Yokoo and Kureha Yokoo No Yes Refinance    
30 Loan 20, 21, I 1 304-308 East 73rd Street NAP NAP No No Refinance    
31 Loan J 1 Cottonwood Village Apartments Carmelo Oliveri Carmelo Oliveri No No Refinance    
32 Loan   1 36-36 38th Street David J. Cohen David J. Cohen No No Refinance    

 

 A-1-13 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Sources: Principal's New Cash Contribution ($) Sources: Subordinate Debt ($) Sources: Other Sources ($) Sources: Total Sources ($) Uses: Loan Payoff ($) Uses: Purchase Price ($) Uses: Closing Costs ($) Uses: Reserves ($) Uses: Principal Equity Distribution ($) Uses: Other Uses ($) Uses: Total Uses ($) Franchise Agreement Expiration Underwritten ADR ($) Underwritten RevPAR ($) Underwritten Hotel Occupancy (%) Most Recent ADR ($) Most Recent RevPAR ($) Most Recent Hotel Occupancy (%)
1 Loan 5, 9, A 1 Showcase I 4,571,072 0 0 174,071,072 151,744,918 0 7,542,613 14,783,541 0 0 174,071,072 NAP NAP NAP NAP NAP NAP NAP
2 Loan 5, 10, 11 1 640 5th Avenue 106,245,190 100,000,000 0 506,245,190 501,608,063 0 1,421,115 3,216,012 0 0 506,245,190 NAP NAP NAP NAP NAP NAP NAP
3 Loan 5, 12 1 Stonebriar Centre 0 0 0 255,000,000 242,815,054 0 811,504 10,449,929 923,513 0 255,000,000 NAP NAP NAP NAP NAP NAP NAP
4 Loan 5, 13 1 Cummins Station 649,890 0 0 135,649,890 117,462,455 0 4,533,475 13,653,959 0 0 135,649,890 NAP NAP NAP NAP NAP NAP NAP
5 Loan 5 1 iPark Norwalk 0 15,000,000 0 110,000,000 84,749,308 0 6,857,783 2,436,615 15,956,294 0 110,000,000 NAP NAP NAP NAP NAP NAP NAP
6 Loan 7, 14, 15 1 Johns Creek Town Center 10,031,910 10,000,000 0 60,031,910 0 57,953,650 1,641,781 436,480 0 0 60,031,910 NAP NAP NAP NAP NAP NAP NAP
7 Loan   1 Embassy Suites Atlanta Airport North 0 0 0 37,250,000 32,149,731 0 713,979 281,523 4,104,766 0 37,250,000 1/31/2041 153.75 148.14 96.4% 152.76 147.18 96.4%
8 Loan 16 1 2568-2574 Broadway 13,399,884 0 0 43,649,884 0 42,750,000 837,768 62,117 0 0 43,649,884 NAP NAP NAP NAP NAP NAP NAP
9 Loan 5 1 9950 Woodloch 6,865,528 0 0 136,865,528 120,907,122 0 1,788,222 14,170,184 0 0 136,865,528 NAP NAP NAP NAP NAP NAP NAP
10 Loan B 1 8400 Winchester 0 0 0 27,000,000 13,433,907 0 427,079 1,878,341 11,260,673 0 27,000,000 NAP NAP NAP NAP NAP NAP NAP
11 Loan   1 Pioneer 1,396,909 0 0 21,396,909 17,935,110 0 134,134 3,327,665 0 0 21,396,909 NAP NAP NAP NAP NAP NAP NAP
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC 0 0 0 19,000,000 11,441,863 0 429,320 114,527 7,014,290 0 19,000,000 NAP NAP NAP NAP NAP NAP NAP
12.01 Property   1 Pleasanton MHC                       NAP NAP NAP NAP NAP NAP NAP
12.02 Property   1 Deerfield MHC                       NAP NAP NAP NAP NAP NAP NAP
13 Loan   1 Fairfield Inn & Suites Denver West 216,668 0 0 17,181,668 12,751,085 0 728,523 154,842 0 3,547,217 17,181,668 1/31/2039 139.14 120.62 86.7% 139.14 120.62 86.7%
14 Loan D 1 435 Beverly Oakhurst 0 0 0  16,572,000.00   13,544,913.00  0  325,631.00   148,896.00   2,552,560.00  0  16,572,000.00  NAP NAP NAP NAP NAP NAP NAP
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 0 0 0 125,000,000 96,627,196 0 314,775 0 28,058,028 0 125,000,000 NAP NAV NAV 100.0% 216.05 168.95 78.2%
16 Loan   1 Orlando Terrace                       NAP NAP NAP NAP NAP NAP NAP
17 Loan   1 Value Store It Allston                       NAP NAP NAP NAP NAP NAP NAP
18 Loan   1 Yorkside Towers II                       NAP NAP NAP NAP NAP NAP NAP
19 Loan F 1 San Rafael Self Storage                       NAP NAP NAP NAP NAP NAP NAP
20 Loan   1 433 3rd Avenue                       NAP NAP NAP NAP NAP NAP NAP
21 Loan 19 1 321-323 Court Street                       NAP NAP NAP NAP NAP NAP NAP
22 Loan   1 Holiday Inn Express Warminster                       10/10/2029 138.19 98.42 71.2% 138.16 98.45 71.3%
23 Loan   1 East End Commons                       NAP NAP NAP NAP NAP NAP NAP
24 Loan G 1 78 Fernbrook                       NAP NAP NAP NAP NAP NAP NAP
25 Loan   1 Springs at Lake Jackson                       NAP NAP NAP NAP NAP NAP NAP
26 Loan   1 Creswell Plaza                       NAP NAP NAP NAP NAP NAP NAP
27 Loan   1 Hamish Business Park                       NAP NAP NAP NAP NAP NAP NAP
28 Loan H 1 Westward Village                       NAP NAP NAP NAP NAP NAP NAP
29 Loan   1 CVS Waterford MI                       NAP NAP NAP NAP NAP NAP NAP
30 Loan 20, 21, I 1 304-308 East 73rd Street                       NAP NAP NAP NAP NAP NAP NAP
31 Loan J 1 Cottonwood Village Apartments                       NAP NAP NAP NAP NAP NAP NAP
32 Loan   1 36-36 38th Street                       NAP NAP NAP NAP NAP NAP NAP

 

 A-1-14 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

 

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name Second Most Recent ADR ($) Second Most Recent RevPAR ($) Second Most Recent Hotel Occupancy (%) Third Most Recent ADR ($) Third Most Recent RevPAR ($) Third Most Recent Hotel Occupancy (%) Coop - Committed Secondary Debt Coop - Rental Value Coop - LTV as Rental  Coop - Unsold Percent Coop - Sponsor Units Coop - Investor Units Coop - Coop Units Coop - Sponsor/
Investor Carry
1 Loan 5, 9, A 1 Showcase I NAP NAP NAP NAP NAP NAP                  
2 Loan 5, 10, 11 1 640 5th Avenue NAP NAP NAP NAP NAP NAP                  
3 Loan 5, 12 1 Stonebriar Centre NAP NAP NAP NAP NAP NAP                  
4 Loan 5, 13 1 Cummins Station NAP NAP NAP NAP NAP NAP                  
5 Loan 5 1 iPark Norwalk NAP NAP NAP NAP NAP NAP                  
6 Loan 7, 14, 15 1 Johns Creek Town Center NAP NAP NAP NAP NAP NAP                  
7 Loan   1 Embassy Suites Atlanta Airport North 152.59 146.29 95.9% NAP NAP NAP                  
8 Loan 16 1 2568-2574 Broadway NAP NAP NAP NAP NAP NAP                  
9 Loan 5 1 9950 Woodloch NAP NAP NAP NAP NAP NAP                  
10 Loan B 1 8400 Winchester NAP NAP NAP NAP NAP NAP                  
11 Loan   1 Pioneer NAP NAP NAP NAP NAP NAP                  
12 Loan 6, 7, C 2 Deerfield and Pleasanton MHC NAP NAP NAP NAP NAP NAP                  
12.01 Property   1 Pleasanton MHC NAP NAP NAP NAP NAP NAP                  
12.02 Property   1 Deerfield MHC NAP NAP NAP NAP NAP NAP                  
13 Loan   1 Fairfield Inn & Suites Denver West 141.93 118.89 83.8% 122.47 106.33 86.8%                  
14 Loan D 1 435 Beverly Oakhurst NAP NAP NAP NAP NAP NAP                  
15 Loan 5, 8, 17, 18, E 1 Marriott Anaheim 204.62 147.59 72.1% 153.12 65.57 42.8%                  
16 Loan   1 Orlando Terrace NAP NAP NAP NAP NAP NAP                  
17 Loan   1 Value Store It Allston NAP NAP NAP NAP NAP NAP                  
18 Loan   1 Yorkside Towers II NAP NAP NAP NAP NAP NAP                  
19 Loan F 1 San Rafael Self Storage NAP NAP NAP NAP NAP NAP                  
20 Loan   1 433 3rd Avenue NAP NAP NAP NAP NAP NAP                  
21 Loan 19 1 321-323 Court Street NAP NAP NAP NAP NAP NAP                  
22 Loan   1 Holiday Inn Express Warminster 138.50 95.86 69.2% 129.40 85.58 66.1%                  
23 Loan   1 East End Commons NAP NAP NAP NAP NAP NAP                  
24 Loan G 1 78 Fernbrook NAP NAP NAP NAP NAP NAP                  
25 Loan   1 Springs at Lake Jackson NAP NAP NAP NAP NAP NAP                  
26 Loan   1 Creswell Plaza NAP NAP NAP NAP NAP NAP                  
27 Loan   1 Hamish Business Park NAP NAP NAP NAP NAP NAP                  
28 Loan H 1 Westward Village NAP NAP NAP NAP NAP NAP                  
29 Loan   1 CVS Waterford MI NAP NAP NAP NAP NAP NAP                  
30 Loan 20, 21, I 1 304-308 East 73rd Street NAP NAP NAP NAP NAP NAP  NAP     18,200,000 19.0% 2.1% 4 0 1 NAP
31 Loan J 1 Cottonwood Village Apartments NAP NAP NAP NAP NAP NAP                  
32 Loan   1 36-36 38th Street NAP NAP NAP NAP NAP NAP                  

 

 A-1-15 

 

BANK5 2024-5YR8

Footnotes to Annex A-1

(1) BANA—Bank of America, National Association; WFB—Wells Fargo Bank, National Association; MSBNA—Morgan Stanley Bank, N.A.; MSMCH—Morgan Stanley Mortgage Capital Holdings LLC;  JPMCB—JPMorgan Chase Bank, National Association.
(2) Certain tenants may not be in occupancy or may be in free rent periods. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this prospectus for information regarding (i) single tenant properties, (ii) the largest 5 tenants with respect to the largest 15 Mortgage Loans or groups of cross-collateralized Mortgage Loans and (iii) tenants that individually or together with their affiliates occupy 50% or more of the net rentable area of related Mortgaged Properties, which, in each case, are not in occupancy or are in free rent periods.
(3) The Administrative Fee Rate % includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.
(4) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” for information regarding certain lease termination options affecting (i) single tenant properties, (ii) the largest 5 tenants with respect to the largest 15 Mortgage Loans or groups of cross-collateralized Mortgage Loans and (iii) tenants that occupy 50% or more of the net rentable area of the related Mortgaged Properties.
(5) With respect to Mortgage Loan No. 1, Showcase I, Mortgage Loan No. 2, 640 5th Avenue, Mortgage Loan No. 3, Stonebriar Centre, Mortgage Loan No. 4, Cummins Station, Mortgage Loan No. 5, iPark Norwalk, Mortgage Loan No. 9, 9950 Woodloch, and Mortgage Loan No. 15, Marriott Anaheim, each such Mortgage Loan is part of a whole loan related to the Issuing Entity. For further information, with respect to each serviced whole loan, see “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement”, and with respect to each non-serviced whole loan, see “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans”, “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans” and “—Servicing of the Servicing Shift Mortgage Loans” in this prospectus.
(6) With respect to Mortgage Loan No. 12, Deerfield and Pleasanton MHC, such Mortgage Loan is secured by multiple mortgaged properties. For purposes of the statistical information set forth in this prospectus as to such mortgage loans, all LTV, DSCR, Debt Yield and Cut-off Date Balance per SF/Units/Rooms/Pads calculations are shown on an aggregate basis, and a portion of the Cut-off Date Balance has been allocated to each mortgaged property based on the respective Appraised Values and/or UW NCF, among other methods.
(7) With respect to Mortgage Loan No. 6, Johns Creek Town Center, and Mortgage Loan No. 12, Deerfield and Pleasanton MHC, the related loan documents permit a partial collateral release subject to LTV, DSCR and/or Debt Yield tests, and/or other release conditions, in connection with a partial defeasance or prepayment of the related mortgage loan. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Defeasance” and “—Releases; Partial Releases; Property Additions” in this prospectus.
(8) With respect to Mortgage Loan No. 15, Marriott Anaheim, the related loan documents permit one or more outparcel or other releases without prepayment or defeasance. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases; Property Additions” in this prospectus.
(9) With respect to Mortgage Loan No. 1, Showcase I, the second largest tenant, M&M World, recently executed a lease renewal in connection with a potential renovation of the M&M World space with a renewal rent of $4,000,000 per year, which renewal rent is scheduled to commence upon the earlier to occur of (i) the delivery of the renovated M&M World space to M&M World and (ii) September 1, 2025. The underwritten rent for M&M World is based on the renewal rent amount of $4,000,000 per year.
(10) With respect to Mortgage Loan No. 2, 640 5th Avenue, the 640 5th Avenue Whole Loan and the 640 5th Avenue Mezzanine Loan each have fixed amortization for their entire 60-month loan terms. With respect to the 640 5th Avenue Whole Loan, the borrower is required to make payments on each monthly payment date, as follows: (x) principal in the amount of $437,500 and (y) the monthly interest payment. With respect to the 640 5th Avenue Mezzanine Loan, the mezzanine borrower is required to make payments on each monthly payment date as follows: (x) principal in the amount of approximately $145,833 and (y) the monthly interest payment.
(11) With respect to Mortgage Loan No. 2, 640 5th Avenue, a prior owner of the mortgaged property ground leased the mortgaged property to the owner of the property located at 650 5th Avenue (the “Air Rights Tenant”), who subleased the mortgaged property (other than development rights relating to the West 52nd Street building, which was retained by the Air Rights Tenant) back to such prior owner of the mortgaged property, solely for the purpose of satisfying certain zoning requirements in connection with the transfer of such development rights to the Air Rights Tenant.
(12) With respect to Mortgage Loan No. 3, Stonebriar Centre, in lieu of depositing $2,027,598 of the total required amount of $11,720,606 into a reserve at origination for outstanding tenant improvement allowances and leasing commissions, a guaranty of limited payment was provided by the non-recourse carveout guarantor, GGP/HOMART II L.L.C., in such amount. The amount guaranteed will be reduced on a dollar-for-dollar basis, calculated monthly, by the aggregate amount actually expended by the borrowers or their affiliates on upfront expenditures.
 A-1-16 

 

(13) With respect to Mortgage Loan No. 4, Cummins Station, TI/LC reserves may be used for general TI/LCs and existing TI/LCs totalling $2,115,000 with respect to the Vidorra Restaurant space (9,400 square feet of net rentable area).
(14) With respect to Mortgage Loan No. 6, Johns Creek Town Center, at origination, approximately $39,888 of the purchase price payable to the seller of the Johns Creek Town Center Property was held back in respect of gap rent for the tenant Clean Eatz,  and placed into a reserve with the escrow agent which handled the sale of the Johns Creek Town Center Property.  Such reserve is required by the related escrow agreement to be disbursed monthly to the lockbox account in the amount of approximately  $6,648 monthly, commencing on July 31, 2024 and continuing on the last business day of each succeeding calendar month until the earlier of either (i) December 31, 2024 or (ii) the rent commencement date under the Clean Eatz lease.
(15) With respect to Mortgage Loan No. 6, Johns Creek Town Center, the mezzanine borrower is required under the Johns Creek Town Center Mezzanine Loan to make monthly interest only payments to the mezzanine lender. The Johns Creek Town Center Mezzanine Loan is coterminous with the Johns Creek Town Center Mortgage Loan, and accrues interest at the rate of 12.000% per annum. However, on any payment date, the mezzanine borrower may elect to pay interest currently at the rate of 10.000% per annum (the “10% Rate”), and to defer payment of the remaining interest.  In addition, at any time that a Cash Sweep Event Period under the Johns Creek Town Center Mortgage Loan is likely to occur due to the combined debt service coverage ratio of the Johns Creek Town Center Mortgage Loan and the Johns Creek Town Center Mezzanine Loan falling below 1.10x at the end of any calendar year, commencing on the beginning of the next calendar year, the mezzanine borrower may elect to pay interest currently at the rate of 8.000% per annum (the “8% Rate”), and to defer payment of the remaining interest.  Any interest deferred due to the payment of current interest at the 10% Rate or 8% Rate (the “Deferred Interest”) will be payable on the maturity date of the Johns Creek Town Center Mezzanine Loan or such earlier date on which the Johns Creek Town Center Mezzanine Loan may be due and payable. If (x) the Cash Sweep Event Period is cured (either due to an increase in net operating income or by providing collateral), or (y) the mezzanine lender determines that the debt service coverage ratio (using the 10% Rate) does not result in the commencement of a Cash Sweep Event Period under the Johns Creek Town Center Mortgage Loan, the rate at which the mezzanine borrower may elect to pay current interest will revert to the 10% Rate effective as of the beginning of the applicable month when such event occurs. During any period in which the mezzanine borrower pays interest at the 8.00% Rate, the difference between the 10% Rate and the 8% Rate will be compounded monthly at the rate of 12% per annum and added to the Deferred Interest. In addition, during any period the mezzanine borrower is entitled to pay current interest at the 8% Rate, it may nevertheless elect to pay current interest at the 10% Rate or at the full 12.00% interest rate. Because of the accrual and (to the extent described above) compounding of Deferred Interest on the Johns Creek Town Center Mezzanine Loan, the amount due on the Johns Creek Town Center Mezzanine Loan at the coterminous maturity of the Johns Creek Town Center Mortgage Loan and Johns Creek Town Center Mezzanine Loan, assuming no prepayments or defaults, will be increased by such Deferred Interest amount, which, assuming no prepayments or defaults, would be $1,000,000 assuming that interest is paid currently at the 10% Rate  for the entire mezzanine loan term and $2,361,161 assuming that interest is paid currently at the 8% Rate for the entire mezzanine loan term.  If such Deferred Interest amount were included in the calculation of the UW NOI Debt Yield at Maturity and Maturity Date LTV Ratio, Deferred Interest assuming a current pay rate of the 10% Rate would result in a Total Debt UW NOI Debt Yield at Maturity and Total Debt Maturity Date LTV Ratio of 9.0% and 86.3%, respectively, and Deferred Interest assuming a current pay rate of the 8% Rate would result in a Total Debt UW NOI Debt Yield at Maturity and Total Debt Maturity Date LTV Ratio of 8.8% and 88.6%, respectively.
(16) With respect to Mortgage Loan No. 8, 2568-2574 Broadway, the property is a mixed use property with 71 multifamily units and 8,018 SF of ground floor retail space. The Unit of Measure represents the 71 multifamily units.
(17) With respect to Mortgage Loan No. 15, Marriott Anaheim, the appraiser concluded to an “as-is” value for the Marriott Anaheim Property of $190,000,000. The appraiser also provided a hypothetical fee simple value of $387,700,000, which assumes the operating lease is dissolved and the borrower assumes full ownership of Marriott Anaheim Property’s operational cash flows. This results in a look through Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 32.2%.
(18) With respect to Mortgage Loan No. 15, Marriott Anaheim, the hotel operates under a long-term operating lease agreement between the borrower, as lessor, and Marriott Hotel Services, LLC ("Marriott"), as lessee, whereby the lessee is responsible for a monthly operating lease payment to the borrower and retains any profit in excess of the operating lease payment from the operations of the property. The operating lease has an expiration date of December 31, 2031 and Marriott has one remaining 25-year renewal option which would extend the operating lease through December 31, 2056. Base rent under the operating lease is equal to 10.0% of the borrower’s invested capital. As of loan origination, the borrower’s invested capital has a current balance of $103,067,669, resulting in a current annual base rent under the operating lease of $10,306,767. The base rent payment cannot decline but has the potential to increase if the borrower sponsor invests additional capital to upgrade the Marriott Anaheim Property during the operating lease term. The operating lease is triple net with Marriott being responsible for direct payment of all real estate taxes, insurance, utilities, operating costs and maintenance costs. Underwritten and historical financials represent the operating lease payment. Historical ARD, RevPar and occupancy information represents the performance of the hotel operations.
(19) With respect to Mortgage Loan No. 21, 321-323 Court Street, the 321-323 Court Street Property is comprised of 7 residential units (6,172 SF) and 3,921 SF of ground floor retail space.
(20) With respect to Mortgage Loan No. 30, 304-308 East 73rd Street, the borrower is a cooperative housing corporation.  No individual or entity (other than the borrower) has recourse obligations with respect to the loans, including pursuant to any guaranty or environmental indemnity.  Accordingly, no information is presented in the column labeled Sponsor or Guarantor in Annex A-1.  In addition, with respect to information presented in Annex A-1 with respect to the 304-308 East 73rd Street Mortgage Loan:  (1) Coop – Sponsor Units refers to the number of units owned by the original sponsor responsible for the mortgaged property’s conversion into cooperative ownership; such sponsor may rent its units or opt to market them for sale (either individually or as a whole); (2) Coop – Investor Units refers to a bulk number of units owned by a non-tenant investor(s),
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who can rent or sell the units; (3) Coop – Coop Units refers to the number of units owned by the borrower, which is a cooperative corporation; In this capacity, the cooperative may manage its units as an investor would or use the units for the benefit of its cooperative members; (4) Coop – Unsold Percent refers to the ratio of the total number of units collectively owned by the original sponsor, a non-tenant investor or the cooperative corporation to the number of units with shares allocated; and (5) Coop – Sponsor/Investor Carry is the sponsor’s or the investor’s net cash flow calculated by subtracting maintenance charges on the sponsor or investor owned units from the actual rents payable on such units, to the extent available. In addition, due to the specialized nature of residential housing cooperatives, certain information presented in and shown on Annex A-1 with respect to other mortgage loans is not presented with respect to the 304-308 East 73rd Street mortgage loan and is, instead, reflected as not applicable (NAP).  For example, since residential cooperatives are not-for-profit entities that generally set maintenance fees to cover current expenses and plan for future capital needs and a residential cooperative is generally able to increase or decrease maintenance fees according to its anticipated expenses and level of cash reserves, historical Net Operating Income figures for residential cooperative properties are generally not representative of the cash flow generated by the property if it were operated as a multifamily rental property.  Accordingly, the Most Recent NOI, Second Most Recent NOI, Third Most Recent NOI, and the related fields shown on Annex A-1 are not presented on Annex A-1 with respect to the 304-308 East 73rd Street Mortgage Loan.
(21) With respect to Mortgage Loan No. 30, 304-308 East 73rd Street, see “Risk Factors–Risks Relating to the Mortgage Loans-Residential Cooperative Properties Have Special Risks” with respect to the determination of certain fields on Annex A-1, including but not limited to the Appraised Value, Coop-Rental Value, Underwritten NOI and Underwritten NCF.
A. “Yield Maintenance Premium” shall mean, with respect to any payment or prepayment of the outstanding principal balance of the Loan that, pursuant to the terms hereof, expressly requires payment of the “Yield Maintenance Premium”, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the Note to be made with respect to the portion of the Loan under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any shortterm interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid.
B. "Yield Maintenance Premium" shall mean, with respect to any repayment of the outstanding principal balance of the Loan, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the Note to be made with respect to the portion of the Loan under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid.
C. “Yield Maintenance Premium” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid and (ii) an amount equal to the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Stated Maturity Date determined by discounting such payments at the Discount Rate. As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of the Loan being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (y) the Interest Rate and (z) the Yield Maintenance Treasury Rate. As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Stated Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise
D. "Yield Maintenance Premium" shall mean an amount equal to the greater of (i) one percent (I%) of the principal amount of the Loan being prepaid and (ii) an amount equal to the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Stated Maturity Date detennined by discounting such payments at the Discount Rate. As used in this definition, the tenn "Prepayment Date" shall mean the date on which prepayment is made. As used in this definition, the tenn "Calculated Payments" shall mean the monthly payments of interest only which would be due based on the principal amount of the Loan being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (y) the Interest Rate and (z) the Yield Maintenance Treasury Rate. As used in this definition, the tenn "Discount Rate" shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the te1111 "Yield Maintenance Treasury Rate" shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending p1ior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Stated Maturity Date. In the event Release H.15 is no longer published,
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Lender shall select a comparable publication to detem1ine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
E. “Yield Maintenance” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid, and (ii) the present value as of the Prepayment Calculation Date of a series of monthly payments over the remaining term of the Loan through and including the Open Prepayment Date each equal to the amount of interest which would be due on the principal amount of the Loan being prepaid assuming a per annum interest rate equal to the excess of the Interest Rate over the Reinvestment Yield, and discounted at the Reinvestment Yield. As used herein, “Reinvestment Yield” means the yield calculated by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading “U.S. government securities” and the sub-heading “Treasury constant maturities” for the week ending prior to the date of prepayment, of the U.S. Treasury constant maturities with maturity dates (one longer and one equal to or shorter) most nearly approximating the Open Prepayment Date, and converted to a monthly compounded nominal yield. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Reinvestment Yield. The “Prepayment Calculation Date” shall mean, as applicable, the Payment Date on which Lender applies any prepayment to the reduction of the outstanding principal amount of the Note. Lender’s calculation of Yield Maintenance shall be conclusive and binding absent manifest error.
F. “Yield Maintenance Premium” shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of this Note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
G. “Yield Maintenance Premium” shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the first day of the Open Period (as hereinafter defined) determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of this Note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15 Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
H. “Yield Maintenance Premium” shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of this Note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
I. “Yield  Maintenance Premium” shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the
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Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of this Note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
J. "Yield Maintenance Premium" shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term "Prepayment Date" shall mean the date on which prepayment is made. As used in this definition, the term "Calculated Payments" shall mean the monthly payments of interest only which would be due based on the principal amount of this Note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term "Discount Rate" shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term "Yield Maintenance Treasury Rate" shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.

 

 

 

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