FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-261279-05 | ||
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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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