-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ND/goyICpWBbFzd6+xaedkGh06yoK1VjmvgfA9Xyvjna5n/creqDH/Zv3FiCMZXO FKYFVwJbe8IIgrYZDtkNwQ== 0000950136-04-003531.txt : 20041022 0000950136-04-003531.hdr.sgml : 20041022 20041022172555 ACCESSION NUMBER: 0000950136-04-003531 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041022 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041022 DATE AS OF CHANGE: 20041022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE MORTGAGE & ASSET RECEIVING CORP CENTRAL INDEX KEY: 0001013454 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 043310019 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-04272 FILM NUMBER: 041092599 BUSINESS ADDRESS: STREET 1: ONE INTERNATIONAL PLACE STREET 2: ROOM 520 CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6179517690 MAIL ADDRESS: STREET 1: ONE INTERNATIONAL PLACE STREET 2: ROOM 608 CITY: BOSTON STATE: MA ZIP: 02110 8-K 1 file001.htm FORM 8-K



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

Date of Report:  October 22, 2004
(Date of earliest event reported)



                 Deutsche Mortgage & Asset Receiving Corporation
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

          Delaware                 333-112636                 04-3310019
- --------------------------------------------------------------------------------
(State or other jurisdiction  (Commission File No.)           (IRS Employer
      of incorporation)                                     Identification No.)

         60 Wall Street
         New York, New York                                       10005
- --------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)


Registrant's Telephone Number, including area code  (212) 250-2500
                                                    ----------------------------


- --------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[_]  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[_]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[_]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[_]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))



ITEM 8.01  Other Events.
           ------------

     Attached as Exhibit 99.1 to this Current Report is a collateral term sheet
(the "Collateral Term Sheet") furnished to the Registrant by Deutsche Bank
Securities Inc. (the "Underwriter"), an underwriter in respect of the
Registrant's Commercial Mortgage Pass-Through Certificates, Series COMM
2004-LNB4 (the "Certificates"). The Certificates are being offered pursuant to a
Prospectus and related Prospectus Supplement (together, the "Prospectus"), which
will be filed with the Commission pursuant to Rule 424(b)(5) under the
Securities Act of 1933, as amended (the "Act"). The Certificates have been
registered pursuant to the Act under a Registration Statement on Form S-3 (No.
333-112636) (the "Registration Statement"). The Registrant hereby incorporates
the Collateral Term Sheet by reference in the Registration Statement.

     The Collateral Term Sheet was prepared solely by the Underwriter, and the
Registrant did not prepare or participate in the preparation of the Collateral
Term Sheet.

     Any statement or information contained in the Collateral Term Sheet shall
be deemed to be modified or superseded for purposes of the Prospectus and the
Registration Statement by statements or information contained in the Prospectus.



ITEM 9.01.  Financial Statements and Exhibits.
            ----------------------------------

(c)  Exhibits

     Exhibit No.                           Description
     -----------                           -----------
        99.1                           Collateral Term Sheet



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       DEUTSCHE MORTGAGE & ASSET
                                          RECEIVING CORPORATION

Date: October 22, 2004

                                       By:  /s/ Andrew Cherrick
                                           -------------------------------------
                                           Name:  Andrew Cherrick
                                           Title: Vice President

                                       By: /s/ Jeremy Beard
                                           -----------------------------------
                                           Name:  Jeremy Beard
                                           Title: Vice President



                                INDEX TO EXHIBITS
                                -----------------

                                                                Paper (P) or
    Exhibit No.                       Description               Electronic (E)
    -----------                       -----------               --------------

       99.1                      Collateral Term Sheet               E

ANNEX B

CMBS NEW ISSUE
STRUCTURAL AND COLLATERAL TERM SHEET

------------------------

$1,125,857,000
(APPROXIMATE OFFERED CERTIFICATES)

$1,222,098,157
(APPROXIMATE TOTAL COLLATERAL BALANCE)

COMM 2004-LNB4

------------------------

COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES

GERMAN AMERICAN CAPITAL CORPORATION
LASALLE BANK NATIONAL ASSOCIATION
NOMURA CREDIT & CAPITAL, INC.

MORTGAGE LOAN SELLERS

------------------------

- --------------------------------------------------------------------------------------------------------------------
INITIAL PASS-
APPROX. SIZE THROUGH RATINGS SUBORDINATION WAL PRINCIPAL ASSUMED FINAL
CLASS (FACE) RATE (S&P / MOODY'S) LEVELS (YRS.) WINDOW DISTRIBUTION DATE
- --------------------------------------------------------------------------------------------------------------------

A-1 $ 47,795,000 % AAA/AAA 12.625% 2.60 12/04 - 5/09 MAY 15, 2009
----- ------------ -------------- ------- ------ ---- --------------- ------------------
A-2 $148,782,000 % AAA/AAA 12.625% 4.88 5/09 - 12/09 DECEMBER 15, 2009
----- ------------ -------------- ------- ------ ---- --------------- ------------------
A-3 $ 86,461,000 % AAA/AAA 12.625% 6.49 12/09 - 8/11 AUGUST 15, 2011
----- ------------ -------------- ------- ------ ---- --------------- ------------------
A-4 $ 88,047,000 % AAA/AAA 12.625% 7.48 8/11 - 1/14 JANUARY 15, 2014
----- ------------ -------------- ------- ------ ---- --------------- ------------------
A-5 $343,272,000 % AAA/AAA 12.625% 9.74 1/14 - 10/14 OCTOBER 15, 2014
----- ------------ -------------- ------- ------ ---- --------------- ------------------
A-1A $353,451,000 % AAA/AAA 12.625% 8.15 12/04 - 10/14 OCTOBER 15, 2014
----- ------------ -------------- ------- ------ ---- --------------- ------------------
B $ 24,442,000 % AA/AA2 10.625% 9.93 10/14 - 10/14 OCTOBER 15, 2014
----- ------------ -------------- ------- ------ ---- --------------- ------------------
C $ 10,693,000 % AA-/AA3 9.750% 9.93 10/14 - 10/14 OCTOBER 15, 2014
----- ------------ -------------- ------- ------ ---- --------------- ------------------
D $ 22,914,000 % A/A2 7.875% 9.93 10/14 - 10/14 OCTOBER 15, 2014
- --------------------------------------------------------------------------------------------------------------------

DEUTSCHE BANK SECURITIES ABN AMRO INCORPORATED NOMURA
Sole Book Running Manager Co-Lead Manager Co-Lead Manager
and Co-Lead Manager

J.P. MORGAN SECURITIES INC. CITIGROUP
Co-Manager Co-Manager

October 20, 2004

This information has been prepared solely for information purposes and is not
an offer to buy or sell or solicitation of an offer to buy or sell any security
or instrument or to participate in any trading strategy. No representation or
warranty can be given with respect to the accuracy or completeness of the
information, or that any future offer of securities will conform to the terms
hereof. If any such offer of securities is made, it will be made pursuant to a
definitive Prospectus and Prospectus Supplement, prepared by the Depositor,
which will contain material information not contained herein and to which
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded in its entirety by such Prospectus and
Prospectus Supplement. Any decision to invest in such securities should be made
only after reviewing such Prospectus and Prospectus Supplement. Deutsche Bank
Securities Inc., ABN AMRO Incorporated, Nomura Securities International, Inc.,
J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. (the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation, any express or implied representations or
warranties for, statements contained in, and omissions from, this information.
This information should only be considered after reading the Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other
Information (the Statement) which is attached. Do not use or rely on this
information if you have not received the Statement. You may obtain a copy of
the Statement from your sales representative.

B-1

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

TRANSACTION FEATURES

o Sellers:

- --------------------------------------------------------------------------------
NO. OF CUT-OFF DATE
SELLERS LOANS BALANCE ($) % OF POOL
- -------------------------------------- -------- ----------------- ----------
German American Capital Corporation 38 $ 600,202,639 49.11%
LaSalle Bank National Association 53 361,581,656 29.59
Nomura Credit & Capital, Inc. 27 260,313,862 21.30
- -------------------------------------- -- -------------- ------
TOTAL: 118 $1,222,098,157 100.00%
- --------------------------------------------------------------------------------

o Loan Pool:

o Average Cut-off Date Balance: $10,356,764

o Largest Mortgage Loan by Cut-off Date Balance: $79,500,000

o Five largest and ten largest loans: 25.46% and 38.40% of pool,
respectively

o Credit Statistics:

o Weighted average underwritten DSCR of 1.60x

o Weighted average cut-off date LTV ratio of 69.28%; weighted average
balloon LTV ratio of 59.34%

o Property Types:

[GRAPHIC OMITTED]

Multifamily 31.09%
Retail 28.08%
Office 27.87%
Hotel 5.70%
Self Storage 0.49%
Land 0.09%
Industrial 3.63%
Mixed Use 1.24%
Manufactured Housing 1.82%

o Call Protection: (as applicable)

o 96.73% of the pool (current balance) has a lockout period ranging from
23 to 35 payments from the Closing Date, then defeasance or yield
maintenance.

o 2.77% of the pool (current balance) does not have a lockout period, but
has yield maintenance.

o Bond Information: Cash flows are expected to be modeled by TREPP, CONQUEST
and INTEX and are expected to be available on BLOOMBERG.

B-2

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

OFFERED CERTIFICATES

- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ASSUMED FINAL INITIAL
INITIAL CERTIFICATE SUBORDINATION RATINGS LIFE PRINCIPAL DISTRIBUTION PASS-THROUGH
CLASS BALANCE(1) LEVELS (S&P / MOODY'S) (YRS.)(2) WINDOW (2) DATE(2) RATE (APPROX.)(3)
- --------- --------------------- ----------------- ----------------- ----------- --------------- --------------- -------------------

A-1 $47,795,000 12.625%(5) AAA/Aaa 2.60 12/04 - 5/09 5/15/2009 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
A-2 $148,782,000 12.625%(5) AAA/Aaa 4.88 5/09 - 12/09 12/15/2009 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
A-3 $86,461,000 12.625%(5) AAA/Aaa 6.49 12/09 - 8/11 8/15/2011 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
A-4 $88,047,000 12.625%(5) AAA/Aaa 7.48 8/11 - 1/14 1/15/2014 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
A-5 $343,272,000 12.625%(5) AAA/Aaa 9.74 1/14 - 10/14 10/15/2014 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
A-1A $353,451,000 12.625%(5) AAA/Aaa 8.15 12/04 - 10/14 10/15/2014 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
B $24,442,000 10.625% AA/Aa2 9.93 10/14 - 10/14 10/15/2014 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
C $10,693,000 9.750% AA-/Aa3 9.93 10/14 - 10/14 10/15/2014 %
------ ------------ --------- ------- ---- --------------- ---------- ------------------
D $22,914,000 7.875% A/A2 9.93 10/14 - 10/14 10/15/2014 %
- -----------------------------------------------------------------------------------------------------------------------------------

PRIVATE CERTIFICATES (4)

- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ASSUMED FINAL INITIAL
INITIAL CERTIFICATE SUBORDINATION RATINGS LIFE PRINCIPAL DISTRIBUTION PASS-THROUGH RATE
CLASS BALANCE(1) LEVELS (S&P / MOODY'S) (YRS.)(2) WINDOW (2) DATE(2) (APPROX.)(3)
- ----------- --------------------- --------------- ----------------- ----------- --------------- --------------- -------------------

X-C(6) $1,222,098,157 N/A AAA/Aaa N/A N/A 6/15/2024 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
X-P(6) $1,178,545,000 N/A AAA/Aaa N/A N/A 11/15/2011 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
E $10,694,000 7.000% A-/A3 9.93 10/14 - 10/14 10/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
F $15,276,000 5.750% BBB+/Baa1 10.00 10/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
G $15,276,000 4.500% BBB/Baa2 10.02 11/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
H $12,221,000 3.500% BBB-/Baa3 10.02 11/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
J $4,583,000 3.125% BB+/Ba1 10.02 11/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
K $3,055,000 2.875% BB/Ba2 10.02 11/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
L $6,111,000 2.375% BB-/Ba3 10.02 11/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
M $7,638,000 1.750% B+/B1 10.02 11/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
N $3,055,000 1.500% B/B2 10.02 11/14 - 11/14 11/15/2014 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
O $3,055,000 1.250% B-/B3 10.26 11/14 - 2/16 2/15/2016 %
- ----------- -------------- ----- --------- ----- --------------- ---------- ------------------
P $15,277,157 0.000% NR/NR 14.84 2/16 - 6/24 6/15/2024 %
- -----------------------------------------------------------------------------------------------------------------------------------

NOTES:

(1) Subject to a permitted variance of plus or minus 5%.

(2) Based on the structuring assumptions, assuming 0% CPR, described in the
Prospectus Supplement.

(3) The Class A-1, A-2, A-3, A-4, A-5, A-1A, B, C, D, E, F, G and H
Certificates will each accrue interest at either (i) a fixed rate, (ii) a
fixed rate subject to a cap at the weighted average net mortgage interest
rate, (iii) a rate equal to the weighted average net mortgage interest
rate less a specified percentage or (iv) a rate equal to the weighted
average net mortgage interest rate. The Class J, K, L, M, N, O and P will
accrue interest at a fixed rate subject to a Net WAC Cap.

(4) Certificates to be offered privately pursuant to Rule 144A and Regulation
S.

(5) Represents the approximate subordination level for the Class A-1, A-2,
A-3, A-4, A-5 and A-1A Certificates in the aggregate.

(6) Each of the properties referred to herein as 731 Lexington Avenue -
Bloomberg Headquarters and Strategic Hotel Portfolio also secures a
subordinate note in a split note structure that is held outside of the
trust. The Class X-C and Class X-P Certificates were structured assuming
that such subordinate notes absorb any loss prior to the related mortgage
loan that is held in the trust. For more information regarding these
loans (as well as information regarding other subordinate notes in a
split note structure), see "Description of the Mortgage Trust Pool -
Split Loan Structures" in the Prospectus Supplement.

B-3

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

I. ISSUE CHARACTERISTICS

ISSUE TYPE: Public: Classes A-1, A-2, A-3, A-4, A-5, A-1A, B, C
and D (the "Offered Certificates"). Private (Rule
144A, Regulation S), Classes X-C, X-P, E, F, G, H,
J, K, L, M, N, O and P.

SECURITIES OFFERED: $1,125,857,000 monthly pay, multi-class, sequential
pay commercial mortgage REMIC Pass-Through
Certificates, consisting of nine fixed-rate
principal and interest classes (Classes A-1, A-2,
A-3, A-4, A-5, A-1A, B, C and D).

MORTGAGE POOL: The Mortgage Pool consists of 118 Mortgage Loans
with an aggregate balance as of the Cut-off Date of
$1,222,098,157. The Mortgage Loans are secured by
145 properties located throughout 37 states and the
District of Columbia.

SELLERS: German American Capital Corporation (GACC), LaSalle
Bank National Association (LaSalle) and Nomura
Credit & Capital, Inc. (NCCI)

BOOKRUNNER: Deutsche Bank Securities Inc.

CO-LEAD MANAGERS: Deutsche Bank Securities Inc., ABN AMRO
Incorporated and Nomura Securities International,
Inc.

CO-MANAGERS: J.P. Morgan Securities Inc. and Citigroup Global
Markets Inc.

SERVICER: GMAC Commercial Mortgage Corporation, a California
corporation, with respect to all of the mortgage
loans other than three mortgage loans known as the
731 Lexington Avenue -- Bloomberg Headquarters
loan, the Strategic Hotel Portfolio loan and the
DDR -- Macquarie Portfolio loan (collectively, the
"Non-Serviced Mortgage Loans").

SPECIAL SERVICER: Midland Loan Services, Inc., with respect to all of
the mortgage loans other than the Non-Serviced
Mortgage Loans.

TRUSTEE: Wells Fargo Bank, N.A.

BOND ADMINISTRATOR: LaSalle Bank National Association.

CUT-OFF DATE: November 1, 2004.

EXPECTED CLOSING DATE: On or about November , 2004.

DISTRIBUTION DATES: The 15th day of each month or, if such 15th day is
not a business day, the business day immediately
following such 15th day, beginning in December,
2004.

MINIMUM DENOMINATIONS: $10,000 for the Offered Certificates and in
multiples of $1 thereafter.

SETTLEMENT TERMS: DTC, Euroclear and Clearstream, same day funds,
with accrued interest.

ERISA/SMMEA STATUS: Classes A-1, A-2, A-3, A-4, A-5, A-1A, B, C and D
are expected to be ERISA eligible. No Class of
Certificates is SMMEA eligible.

RATING AGENCIES: The Offered Certificates will be rated by Standard
& Poor's Rating Services, a division of The
McGraw-Hill Companies, Inc. ("S&P") and Moody's
Investors Service, Inc. ("Moody's").

RISK FACTORS: THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT
BE SUITABLE FOR ALL INVESTORS. SEE THE "RISK
FACTORS" SECTION OF THE PROSPECTUS SUPPLEMENT AND
THE "RISK FACTORS" SECTION OF THE PROSPECTUS.

B-4

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

II. STRUCTURE CHARACTERISTICS

The Class A-1, A-2, A-3, A-4, A-5, A-1A, B, C, D, E, F, G and H Certificates
will each accrue interest at (i) a fixed rate, (ii) a fixed rate subject to a
cap at the weighted average net mortgage interest rate, (iii) a rate equal to
the weighted average net mortgage interest rate less a specified percentage or
(iv) a rate equal to the weighted average net mortgage interest rate. The Class
J, K, L, M, N, O and P Certificates will accrue interest at a fixed rate
subject to a Net WAC Cap. The Class X-C and X-P Certificates will accrue
interest at a variable rate.

[GRAPHIC OMITTED]

Class X-C(1), X-P(1)
AAA/Aaa
Class A-1 [------[ ]%-------] [xxxxxxxxxxxxxxxxxxxxxxxxxxx] $47.8MM

AAA/Aaa
Class A-2 [------[ ]%--------] [xxxxxxxxxxxxxxxxxxxxxxxxxx] $148.8MM

AAA/Aaa
Class A-3 [------[ ]%---------] [xxxxxxxxxxxxxxxxxxxxxxxxx] $86.5MM

AAA/Aaa
Class A-4 [------[ ]%----------] [xxxxxxxxxxxxxxxxxxxxxxxx] $88.0MM

AAA/Aaa
Class A-5 [------[ ]%-----------] [xxxxxxxxxxxxxxxxxxxxxxx] $343.3MM

AAA/Aaa
Class A-1A [------[ ]%----------] [xxxxxxxxxxxxxxxxxxxxxxxx] $353.5MM

AA/Aa2
Class B [-----------[ ]%-------------] [xxxxxxxxxxxxxxxx] $24.4MM

AA/Aa3
Class C [-----------[ ]%--------------] [xxxxxxxxxxxxxxx] $10.7MM

A/A2
Class D [-----------[ ]%---------------] [xxxxxxxxxxxxxx] $22.9MM

A-/A3
Class E(1) [-----------[ ]%----------------] [xxxxxxxxxxxxx] $10.7MM

BBB+/Baa1
Class F(1) [--------------[ ]%---------------] [xxxxxxxxxxx] $15.3MM

BBB/Baa2
Class G(1) [--------------[ ]%---------------] [xxxxxxxxxxx] $15.3MM

BBB/Baa3
Class H(1) [---------------------[ ]%----------------------] $12.2MM

BB+/Ba1
Class J(1) [-----------[ ]%-----------] [xxxxxxxxxxxxxxxxxx] $4.6MM

BB/Ba2
Class K(1) [-----------[ ]%-----------] [xxxxxxxxxxxxxxxxxx] $3.1MM

BB-/Ba3
Class L(1) [-----------[ ]%-----------] [xxxxxxxxxxxxxxxxxx] $6.1MM

B+/B1
Class M(1) [-----------[ ]%-----------] [xxxxxxxxxxxxxxxxxx] $7.6MM

B/B2
Class N(1) [-----------[ ]%-----------] [xxxxxxxxxxxxxxxxxx] $3.1MM

B-/B3
Class O(1) [-----------[ ]%-----------] [xxxxxxxxxxxxxxxxxx] $3.1MM

NR/NR
Class P(1) [-----------[ ]%-----------] [xxxxxxxxxxxxxxxxxx] $15.3MM

- ------------------------------

[xx] Class X-C and Class X-P

Note: Diagram not to scale

- ------------------------------

(1). Offered privately pursuant to Rule 144A and Regulation S.

THE FOREGOING TERMS AND STRUCTURAL CHARACTERISTICS OF THE CERTIFICATES ARE IN
ALL RESPECTS SUBJECT TO THE MORE DETAILED DESCRIPTION THEREOF IN THE
PROSPECTUS, PROSPECTUS SUPPLEMENT AND POOLING AND SERVICING AGREEMENT.

B-5

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

III. FULL COLLATERAL CHARACTERISTICS

CUT-OFF DATE BALANCE ($)
- ---------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- ---------------------------------------------------------------
1,049,031 -- 1,999,999 16 22,761,604 1.86
2,000,000 -- 2,999,999 15 37,173,299 3.04
3,000,000 -- 3,999,999 16 55,223,107 4.52
4,000,000 -- 5,999,999 20 106,537,013 8.72
6,000,000 -- 6,999,999 4 26,770,604 2.19
7,000,000 -- 9,999,999 15 126,688,510 10.37
10,000,000 -- 14,999,999 9 105,905,396 8.67
15,000,000 -- 29,999,999 14 299,160,640 24.48
30,000,000 -- 49,999,999 6 218,659,016 17.89
50,000,000 -- 69,999,999 1 69,718,968 5.70
70,000,000 -- 79,500,000 2 153,500,000 12.56
- ---------------------------------------------------------------
TOTAL 118 1,222,098,157 100.00
- ---------------------------------------------------------------
Min: 1,049,031 Max: 79,500,000 Average: 10,356,764
- ---------------------------------------------------------------

STATE
- -------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
California 14 196,508,421 16.08
New York 16 160,748,529 13.15
Maryland 3 92,329,964 7.56
Connecticut 7 66,970,735 5.48
Texas 9 66,455,763 5.44
North Carolina 5 63,217,790 5.17
Georgia 4 61,325,000 5.02
Florida 16 51,410,000 4.21
Michigan 4 36,055,280 2.95
Kansas 2 35,178,590 2.88
Illinois 6 34,089,308 2.79
Louisiana 1 31,766,437 2.60
Virginia 2 30,500,000 2.50
Other States(a) 56 295,542,340 24.18
- -------------------------------------------------------------
TOTAL 145 1,222,098,157 100.00
- -------------------------------------------------------------

(a) Includes 24 states and the District of Columbia.

PROPERTY TYPE
- ------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- ------------------------------------------------------------------
Multifamily 67 402,143,093 32.91
Multifamily 57 379,925,592 31.09
Manufactured Housing 10 22,217,501 1.82
Retail 47 343,117,131 28.08
Anchored 29 282,008,171 23.08
Unanchored 15 53,953,997 4.41
CTL(a) 3 7,154,963 0.59
Office(b) 20 340,567,349 27.87
Hotel 3 69,718,968 5.70
Industrial 3 44,308,845 3.63
Mixed Use 3 15,199,095 1.24
Self Storage 1 5,944,603 0.49
Land 1 1,099,074 0.09
- ------------------------------------------------------------------
TOTAL 145 1,222,098,157 100.00
- ------------------------------------------------------------------

(a) Rite Aid credit (B-/Caa1 by S&P and Moody's respectively).

(b) Includes the Bank of America CTL loan (0.20% of Initial Outstanding Pool
Balance) (AA-/Aa1 by S&P and Moody's respectively).

MORTGAGE RATE (%)
- --------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------------
4.180% -- 4.999% 9 155,161,130 12.70
5.000% -- 5.249% 9 118,018,002 9.66
5.250% -- 5.449% 9 150,963,884 12.35
5.450% -- 5.749% 36 393,584,364 32.21
5.750% -- 5.999% 46 380,951,388 31.17
6.000% -- 6.449% 6 16,264,425 1.33
6.450% -- 7.490% 3 7,154,963 0.59
- --------------------------------------------------------
TOTAL 118 1,222,098,157 100.00
- --------------------------------------------------------
Min: 4.180 Max: 7.490 Average: 5.492
- --------------------------------------------------------

ORIGINAL TERM TO STATED MATURITY (MOS)(a)
- ---------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- ---------------------------------------------------
60 -- 80 17 226,859,943 18.56
81 -- 100 11 131,893,799 10.79
101 -- 120 80 840,665,228 68.79
121 -- 264 10 22,679,188 1.86
- ---------------------------------------------------
TOTAL 118 1,222,098,157 100.00
- ---------------------------------------------------
Min: 60 Max: 264 Average: 107
- ---------------------------------------------------

(a) Calculated with respect to the anticipated repayment date for 4 mortgage
loans, representing 7.12% of the outstanding pool balance as of the cut-off
date.

REMAINING TERM TO STATED MATURITY (MOS) (a)
- --------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------------
55 -- 84 28 358,753,742 29.36
85 -- 119 74 757,615,228 61.99
120 -- 235 16 105,729,188 8.65
- --------------------------------------------------------
TOTAL 118 1,222,098,157 100.00
- --------------------------------------------------------
Min: 55 Max: 235 Average: 104
- --------------------------------------------------------

(a) Calculated with respect to the anticipated repayment date for 4 mortgage
loans, representing 7.12% of the outstanding pool balance as of the cut-off
date.

LOANS WITH RESERVE REQUIREMENTS (a)
- ----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- ----------------------------------------------------------
Tax 89 833,933,022 68.24
Replacement 85 736,350,652 60.25
Insurance 78 660,063,184 54.01
TI/LC(b) 31 285,132,478 38.37
- ----------------------------------------------------------

(a) Includes upfront or on-going reserves.

(b) TI/LC % based only on portion of pool secured by retail, office, mixed use
and industrial properties.

CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)(b)
- --------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------------
33.30% -- 49.99% 7 95,978,000 7.85
50.00% -- 59.99% 14 231,509,292 18.94
60.00% -- 69.99% 21 127,237,178 10.41
70.00% -- 74.99% 25 209,826,671 17.17
75.00% -- 79.99% 36 470,375,523 38.49
80.00% -- 92.33% 15 87,171,493 7.13
- --------------------------------------------------------
TOTAL 118 1,222,098,157 100.00
- --------------------------------------------------------
Min: 33.30 Max: 92.33 Average: 69.28
- --------------------------------------------------------

(a) Unless otherwise indicated, calculated on Mortgage Loan balances after
netting out a holdback amount for 4 Mortgage Loans (6.77% of the Initial
Outstanding Pool Balance, 6.88% of the Initial Loan Group 1 Balance and
6.48% of the Initial Loan Group 2 Balance). With respect to two Mortgage
Loans known as "Crossings at Corona" and "Inver Grove", representing 6.75%
of the Initial Outstanding Pool Balance and 9.49% of the Initial Loan Group
1 Balance, $10,200,000 and $500,000, respectively, have been escrowed until
certain conditions under the Mortgage Loan Documents are satisfied. The LTV
and DSCRs of such Mortgage Loans were calculated assuming these conditions
have been met. Notwithstanding the foregoing, the DSCR for such Mortgage
Loans net of holdback amounts and without assuming such conditions have been
satisfied are 1.20x and 1.27x, respectively.

(b) In the case of three Mortgage Loans with one or more companion loans that
are not included in the Trust, calculated only with respect to the Mortgage
Loans that are included in the Trust and the companion loans that are not
included in the Trust but are pari passu in right of payment with the
Mortgage Loans included in the Trust.

LOAN-TO-VALUE RATIO AT MATURITY (%)(a)
- --------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------------
0.00% -- 29.99% 7 13,617,945 1.11
30.00% -- 39.99% 1 1,796,580 0.15
40.00% -- 49.99% 21 281,190,756 23.01
50.00% -- 59.99% 26 244,226,104 19.98
60.00% -- 69.99% 42 387,978,696 31.75
70.00% -- 79.93% 21 293,288,076 24.00
- --------------------------------------------------------
TOTAL 118 1,222,098,157 100.00
- --------------------------------------------------------
Min: 0.00 Max: 79.93 Average: 59.34
- --------------------------------------------------------

(a) In the case of three Mortgage Loans with one or more companion loans that
are not included in the Trust, calculated only with respect to the Mortgage
Loans that are included in the Trust and the companion loans that are not
included in the Trust but are pari passu in right of payment with the
Mortgage Loans included in the trust.

DEBT SERVICE COVERAGE RATIOS (X) (a)(b)
- ------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- ------------------------------------------------------
1.00x+ -- 1.19x 6 61,867,466 5.06
1.20x+ -- 1.29x 27 313,825,231 25.68
1.30x+ -- 1.39x 33 246,954,126 20.21
1.40x+ -- 1.49x 16 187,755,656 15.36
1.50x+ -- 1.59x 8 74,058,042 6.06
1.60x+ -- 1.74x 5 48,941,365 4.00
1.75x+ -- 1.99x 11 92,525,041 7.57
2.00x+ -- 2.49x 5 73,479,580 6.01
2.50x+ -- 3.62x 7 122,691,651 10.04
- ------------------------------------------------------
TOTAL 118 1,222,098,157 100.00
- ------------------------------------------------------
Min: 1.00 Max: 3.62 Average: 1.60
- ------------------------------------------------------

All numerical information concerning the Mortgage Loans is approximate. All
weighted average information regarding the Mortgage Loans reflects the
weighting of the loans based on their outstanding principal balances as of the
Cut-off Date. State and Property Type tables reflect allocated loan amounts in
the case of Mortgage Loans secured by multiple properties. Sum of Columns may
not match "Total" due to rounding.

B-6

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

IV. LOAN GROUP 1

CUT-OFF DATE BALANCE ($)
- -------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------------
1,049,031 -- 1,999,999 8 11,837,145 1.36
2,000,000 -- 2,999,999 13 32,407,731 3.73
3,000,000 -- 3,999,999 9 32,117,302 3.70
4,000,000 -- 5,999,999 9 46,940,521 5.40
6,000,000 -- 6,999,999 4 26,770,604 3.08
7,000,000 -- 9,999,999 10 82,904,613 9.54
10,000,000 -- 14,999,999 7 84,505,396 9.73
15,000,000 -- 29,999,999 6 142,785,640 16.44
30,000,000 -- 49,999,999 5 185,159,016 21.32
50,000,000 -- 69,999,999 1 69,718,968 8.03
70,000,000 -- 79,500,000 2 153,500,000 17.67
- -------------------------------------------------------------
TOTAL 74 868,646,937 100.00
- -------------------------------------------------------------
Min: 1,049,031 Max: 79,500,000 Average: 11,738,472
- -------------------------------------------------------------

STATE
- -------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -------------------------------------------------------------
California 13 192,914,811 22.21
New York 14 149,398,529 17.20
Maryland 3 92,329,964 10.63
Connecticut 4 53,970,735 6.21
Texas 5 52,968,240 6.10
North Carolina 2 34,579,070 3.98
Michigan 3 34,565,511 3.98
Illinois 6 34,089,308 3.92
Louisiana 1 31,766,437 3.66
Tennessee 3 29,675,896 3.42
Arizona 3 27,868,213 3.21
Florida 2 16,330,000 1.88
Colorado 3 15,559,126 1.79
Other States (a) 28 102,631,097 11.82
- -------------------------------------------------------------
TOTAL 90 868,646,937 100.00
- -------------------------------------------------------------

(a) Includes 14 states and the District of Columbia.

PROPERTY TYPE
- -----------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- -----------------------------------------------------------------
Office(b) 20 340,567,349 39.21
Retail 47 343,117,131 39.50
Anchored 29 282,008,171 32.47
Unanchored 15 53,953,997 6.21
CTL(a) 3 7,154,963 0.82
Multifamily 12 48,691,873 5.61
Multifamily 6 34,750,000 4.00
Manufactured Housing 6 13,941,872 1.61
Industrial 3 44,308,845 5.10
Mixed Use 3 15,199,095 1.75
Self Storage 1 5,944,603 0.68
- -----------------------------------------------------------------
TOTAL 90 868,646,937 100.00
- -----------------------------------------------------------------

(a) Rite Aid credit (B-/Caa1 by S&P and Moody's respectively).

(b) Includes the Bank of America CTL loan (0.20% of Initial Outstanding Pool
Balance) (AA-/Aa1 by S&P and Moody's respectively).

MORTGAGE RATE (%)
- --------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------------
4.180% -- 4.999% 7 116,536,130 13.42
5.000% -- 5.249% 5 95,691,285 11.02
5.250% -- 5.449% 5 132,151,847 15.21
5.450% -- 5.749% 20 243,291,709 28.01
5.750% -- 5.999% 30 262,247,304 30.19
6.000% -- 6.449% 4 11,573,700 1.33
6.450% -- 7.490% 3 7,154,963 0.82
- --------------------------------------------------------
TOTAL 74 868,646,937 100.00
- --------------------------------------------------------
Min: 4.180 Max: 7.490 Average: 5.474
- --------------------------------------------------------

ORIGINAL TERM TO STATED MATURITY (MOS)(a)
- --------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------
60 -- 80 10 145,677,547 16.77
81 -- 100 7 121,844,480 14.03
101 -- 120 48 579,935,490 66.76
121 -- 264 9 21,189,419 2.44
- --------------------------------------------------
TOTAL 74 868,646,937 100.00
- --------------------------------------------------
Min: 60 Max: 264 Average: 107
- --------------------------------------------------

(a) Calculated with respect to the anticipated repayment date for 3 mortgage
loans, representing 6.98% of the outstanding pool balance as of the cut-off
date and 9.82% of the Initial Loan Group 1 Balance.

REMAINING TERM TO STATED MATURITY (MOS) (a)
- --------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------
55 -- 84 17 267,522,028 30.80
105 -- 119 45 536,985,490 61.82
120 -- 235 12 64,139,419 7.38
- --------------------------------------------------
TOTAL 74 868,646,937 100.00
- --------------------------------------------------
Min: 55 Max: 235 Average: 104
- --------------------------------------------------

(a) Calculated with respect to the anticipated repayment date for 3 mortgage
loans, representing 6.98% of the outstanding pool balance as of the cut-off
date and the 9.82% of the Initial Loan Group 1 Balance.

LOANS WITH RESERVE REQUIREMENTS (a)
- ----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- ----------------------------------------------------------
Tax 48 511,571,570 58.89
Replacement 45 422,088,059 48.59
Insurance 42 359,039,733 41.33
TI/LC (b) 31 285,132,478 38.37
- ----------------------------------------------------------

(a) Includes upfront or on-going reserves.

(b) TI/LC % based only on portion of pool secured by retail, office, mixed use
and industrial properties.

CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)(b)
- -------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------
34.35% -- 49.99% 5 93,289,372 10.74
50.00% -- 59.99% 12 224,668,964 25.86
60.00% -- 69.99% 15 83,155,422 9.57
70.00% -- 74.99% 17 147,394,609 16.97
75.00% -- 79.99% 20 302,583,077 34.83
80.00% -- 92.33% 5 17,555,493 2.02
- -------------------------------------------------------
TOTAL 74 868,646,937 100.00
- -------------------------------------------------------
Min: 34.35 Max: 92.33 Average: 66.73
- -------------------------------------------------------

(a) Unless otherwise indicated, calculated on Mortgage Loan balances after
netting out a holdback amount for 2 Mortgage Loans (4.89% of the Initial
Outstanding Pool Balance as of the Cut-off Date and 6.88% of the Initial
Loan Group 1 Balance). With respect to two Mortgage Loans known as
"Crossings at Corona" and "Inver Grove", representing 6.75% of the Initial
Outstanding Pool Balance and 9.49% of the Initial Loan Group 1 Balance,
$10,200,000 and $500,000, respectively, have been escrowed until certain
conditions under the Mortgage Loan Documents are satisfied. The LTV and
DSCRs of such Mortgage Loans were calculated assuming these conditions have
been met. Notwithstanding the foregoing, the DSCR for such Mortgage Loans
net of holdback amounts and without assuming such conditions have been
satisfied are 1.20x and 1.27x, respectively.

LOAN-TO-VALUE RATIO AT MATURITY (%)(a)
- ------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- ------------------------------------------------------
0.00% -- 29.99% 5 10,929,317 1.26
30.00% -- 39.99% 1 1,796,580 0.21
40.00% -- 49.99% 18 249,416,264 28.71
50.00% -- 59.99% 20 219,591,332 25.28
60.00% -- 69.99% 24 254,808,957 29.33
70.00% -- 77.71% 6 132,104,485 15.21
- ------------------------------------------------------
TOTAL 74 868,646,937 100.00
- ------------------------------------------------------
Min: 0.00 Max: 77.71 Average: 56.50
- ------------------------------------------------------

DEBT SERVICE COVERAGE RATIOS (X) (a)(b)
- ------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- ------------------------------------------------------
1.00x+ -- 1.19x 6 61,867,466 7.12
1.20x+ -- 1.29x 13 194,152,053 22.35
1.30x+ -- 1.39x 18 146,804,766 16.90
1.40x+ -- 1.49x 11 129,505,656 14.91
1.50x+ -- 1.59x 6 50,811,324 5.85
1.60x+ -- 1.74x 4 30,516,365 3.51
1.75x+ -- 1.99x 5 60,016,936 6.91
2.00x+ -- 2.49x 5 73,479,580 8.46
2.50x+ -- 3.62x 6 121,492,792 13.99
- ------------------------------------------------------
TOTAL 74 868,646,937 100.00
- ------------------------------------------------------
Min: 1.00 Max: 3.62 Average: 1.69
- ------------------------------------------------------

information if you have not received the Statement. You may obtain a copy of
the Statement from your sales representative.

B-7

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

V. LOAN GROUP 2

CUT-OFF DATE BALANCE ($)
- --------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------------------
1,097,115 -- 1,999,999 8 10,924,459 3.09
2,000,000 -- 2,999,999 2 4,765,568 1.35
3,000,000 -- 3,999,999 7 23,105,805 6.54
4,000,000 -- 6,999,999 11 59,596,492 16.86
7,000,000 -- 9,999,999 5 43,783,898 12.39
10,000,000 -- 14,999,999 2 21,400,000 6.05
15,000,000 -- 29,999,999 8 156,375,000 44.24
30,000,000 -- 33,500,000 1 33,500,000 9.48
- --------------------------------------------------------------
TOTAL 44 353,451,221 100.00
- --------------------------------------------------------------
Min: 1,097,115 Max: 33,500,000 Average: 8,032,982
- --------------------------------------------------------------

STATE
- ------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- ------------------------------------------------------------
Georgia 4 61,325,000 17.35
Kansas 2 35,178,590 9.95
Florida 14 35,080,000 9.92
South Carolina 6 30,475,313 8.62
North Carolina 3 28,638,720 8.10
Alabama 1 23,500,000 6.65
Virginia 1 20,500,000 5.80
New Mexico 1 20,200,000 5.72
Texas 4 13,487,523 3.82
Connecticut 3 13,000,000 3.68
New York 2 11,350,000 3.21
Mississippi 2 11,107,293 3.14
Wisconsin 1 10,400,000 2.94
Other States(a) 11 39,208,781 11.09
- --------------------------------------------------------------
TOTAL 55 353,451,221 100.00
- --------------------------------------------------------------

(a) Includes 10 states.

PROPERTY TYPE
- ---------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
- ---------------------------------------------------------------
Multifamily 51 345,175,592 97.66
Manufactured Housing 4 8,275,629 2.34
- ---------------------------------------------------------------
TOTAL 55 353,451,221 100.00
- ---------------------------------------------------------------

MORTGAGE RATE (%)
- --------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------------
4.700% -- 4.999% 2 38,625,000 10.93
5.000% -- 5.249% 4 22,326,718 6.32
5.250% -- 5.449% 4 18,812,038 5.32
5.450% -- 5.749% 16 150,292,655 42.52
5.750% -- 5.999% 16 118,704,085 33.58
6.000% -- 6.223% 2 4,690,725 1.33
- --------------------------------------------------------
TOTAL 44 353,451,221 100.00
- --------------------------------------------------------
Min: 4.700 Max: 6.223 Average: 5.537
- --------------------------------------------------------

ORIGINAL TERM TO STATED MATURITY (MOS)(a)
- --------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------
60 -- 80 7 81,182,396 22.97
81 -- 100 4 10,049,318 2.84
101 -- 120 32 260,729,737 73.77
121 -- 180 1 1,489,769 0.42
- --------------------------------------------------
TOTAL 44 353,451,221 100.00
- --------------------------------------------------
Min: 60 Max: 180 Average: 105
- --------------------------------------------------

(a) Calculated with respect to the anticipated repayment date for 1 mortgage
loan, representing 0.14% of the outstanding pool balance as of the cut-off
date and 0.47% of the Initial Loan Group 2 Balance.

REMAINING TERM TO STATED MATURITY (MOS)(a)
- --------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- --------------------------------------------------
56 -- 84 11 91,231,714 25.81
85 -- 119 29 220,629,737 62.42
120 -- 178 4 41,589,769 11.77
- --------------------------------------------------
TOTAL 44 353,451,221 100.00
- --------------------------------------------------
Min: 56 Max: 178 Average: 104
- --------------------------------------------------

LOANS WITH RESERVE REQUIREMENTS(a)
- -----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -----------------------------------------------------------
Tax 41 322,361,451 91.20
Replacement 40 314,262,593 88.91
Insurance 36 301,023,451 85.17
- -----------------------------------------------------------

(a) Includes upfront or on-going reserves.

CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)
- -------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------
33.30% -- 49.99% 2 2,688,628 0.76
50.00% -- 59.99% 2 6,840,328 1.94
60.00% -- 69.99% 6 44,081,757 12.47
70.00% -- 74.99% 8 62,432,061 17.66
75.00% -- 80.00% 26 237,408,447 67.17
- -------------------------------------------------------
TOTAL 44 353,451,221 100.00
- -------------------------------------------------------
Min: 33.30 Max: 80.00 Average: 75.54
- -------------------------------------------------------

(a) Unless otherwise indicated, calculated on Mortgage Loan balances after
netting out a holdback amount for 2 Mortgage Loans (1.87% of the Initial
Outstanding Pool Balance, and 6.48% of the Initial Loan Group 2 Balance).

LOAN-TO-VALUE RATIO AT MATURITY (%)
- -------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------
0.46% - 29.99% 2 2,688,628 0.76
40.00% - 49.99% 3 31,774,492 8.99
50.00% - 59.99% 6 24,634,772 6.97
60.00% - 69.99% 18 133,169,739 37.68
70.00% - 79.93% 15 161,183,590 45.60
- -------------------------------------------------------
TOTAL 44 353,451,221 100.00
- -------------------------------------------------------
Min: 0.46 Max: 79.93 66.31
- -------------------------------------------------------

DEBT SERVICE COVERAGE RATIOS (X)(a)
- -------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
- -------------------------------------------------------
1.20x+ -- 1.29x 14 119,673,179 33.86
1.30x+ -- 1.39x 15 100,149,360 28.33
1.40x+ -- 1.49x 5 58,250,000 16.48
1.50x+ -- 1.59x 2 23,246,718 6.58
1.60x+ -- 1.74x 1 18,425,000 5.21
1.75x+ -- 2.49x 6 32,508,105 9.20
2.50x+ -- 3.20x 1 1,198,859 0.34
- -------------------------------------------------------
TOTAL 44 353,451,221 100.00
- -------------------------------------------------------
Min: 1.20 Max: 3.20 Average: 1.40
- -------------------------------------------------------

(a) Unless otherwise indicated, calculated on Mortgage Loan balances after
netting out a holdback amount for 2 Mortgage Loans (1.87% of the Initial
Outstanding Pool Balance and 6.48% of the Initial Loan Group 2 Balance).

B-8

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

VI. LARGE LOAN DESCRIPTION

TEN LARGEST LOANS OR CROSSED LOAN GROUP

- -----------------------------------------------------------------------------------
NO. PROPERTY NAME CITY STATE
- -----------------------------------------------------------------------------------

1. Crossings at Corona-Phase I & II Corona CA
- -----------------------------------------------------------------------------------
2. 731 Lexington Avenue - Bloomberg Headquarters New York NY
- -----------------------------------------------------------------------------------
3. Strategic Hotel Portfolio Various Various
- -----------------------------------------------------------------------------------
4. Woodyard Crossing Shopping Center Clinton MD
- -----------------------------------------------------------------------------------
5. Metro I Building Hyattsville MD
- -----------------------------------------------------------------------------------
6. 280 Trumbull Street Hartford CT
- -----------------------------------------------------------------------------------
7. Deer Creek Apartments Overland Park KS
- -----------------------------------------------------------------------------------
8. GMAC Building Winston-Salem NC
- -----------------------------------------------------------------------------------
9. 2901 West Alameda Avenue Burbank CA
- -----------------------------------------------------------------------------------
10. Fort Henry Mall Kingsport TN
- -----------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE
- -----------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------
CUT-OFF DATE LOAN PER CUT-OFF BALLOON
NO. PROPERTY TYPE BALANCE % OF POOL UNITS/SF UNITS/SF DSCR(1) DATE LTV(1) LTV(1)
- ------------------------------------------------------------------------------------------------------------------

1. Retail $79,500,000 6.51% 503,037 $158.04 1.24x 79.90% 71.46%
- ------------------------------------------------------------------------------------------------------------------
2. Office 74,000,000 6.06 694,634 $106.53 1.48 58.69 42.01
- ------------------------------------------------------------------------------------------------------------------
3. Hotel 69,718,968 5.70 2,315 $30,116.18 2.74 46.35 41.40
- ------------------------------------------------------------------------------------------------------------------
4. Retail 48,045,008 3.93 483,724 $99.32 1.16 75.48 51.68
- ------------------------------------------------------------------------------------------------------------------
5. Office 39,889,008 3.26 310,282 $128.56 1.32 73.87 62.50
- ------------------------------------------------------------------------------------------------------------------
6. Office 34,000,000 2.78 664,479 $51.17 1.84 51.59 45.26
- ------------------------------------------------------------------------------------------------------------------
7. Multifamily 33,500,000 2.74 404 $82,920.79 1.21 79.38 70.52
- ------------------------------------------------------------------------------------------------------------------
8. Office 33,000,000 2.70 532,012 $62.03 2.47 55.00 55.00
- ------------------------------------------------------------------------------------------------------------------
9. Office 30,225,000 2.47 116,081 $260.38 1.27 76.71 70.50
- ------------------------------------------------------------------------------------------------------------------
10. Retail 27,442,640 2.25 530,193 $51.76 1.38 70.37 65.41
- ------------------------------------------------------------------------------------------------------------------
$469,320,625 38.40% 1.64X 66.01% 56.03%
- ------------------------------------------------------------------------------------------------------------------

(1) Unless otherwise indicated, for purposes of calculating Cut-Off Date LTV
Ratio, LTV Ratio at Maturity and DSCR, the loan amount used for the 731
Lexington Avenue-Bloomberg Headquarters Loan, The Strategic Hotel
Portfolio Loan and the DDR-Macquarie Portfolio Loan is the principal
balance of the Mortgage Loan included in the trust and the principal
balance of their respective companion loans that are pari passu in right
of payment to the subject Mortgage Loans that are not included in the
Trust. With respect to Strategic Hotel Portfolio Loan, LTV is calculated
based on the original principal balance of the Mortgage Loan together
with its respective pari passu companion loans. With respect to the
Crossings at Corona Loan the DSCR and LTV are calculated assuming certain
conditions have been met. With respect to Woodyard Crossing Shopping
Center, DSCR and LTV is calculated net of a $2,000,000 earnout reserve.

B-9

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

VII. COLLATERAL DESCRIPTION

PARI PASSU AND COMPANION LOANS(A)

- --------------------------------------------------------------------------------------------
CONTROL
NUMBER PROPERTY NAME A-NOTE BALANCES TRANSACTION
- --------------------------------------------------------------------------------------------

$125,000,000 COMM 2004-LNB3
$65,000,000 GE 2004-C3
[ ] 731 Lexington Avenue -- Bloomberg Headquarters $50,000,000 GMAC 2004-C2
$74,000,000 COMM 2004-LNB4
- --------------------------------------------------------------------------------------------
$50,000,000 GE 2004-C3
[ ] Strategic Hotel Portfolio $70,000,000 COMM 2004-LNB4
$55,000,000 TBD
- --------------------------------------------------------------------------------------------
$75,000,000 COMM 2004-LNB3
$66,000,000 GE 2004-C3
[ ] DDR-Macquarie Portfolio $24,250,000 COMM 2004-LNB4
$49,750,000 TBD
- --------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------
CONTROL
NUMBER SERVICER SPECIAL SERVICER B-NOTE BALANCE
- ------------------------------------------------------------------------------------------------

Lennar
[ ] Midland Loan Services, Inc.(b) Partners, Inc. $86,000,000

- ------------------------------------------------------------------------------------------------

[ ] Primary: GMAC Commercial Mortgage Corporation Lennar
Master: GEMSA Loan Services, L.P. (b) Partners, Inc. $33,500,000(c)
- ------------------------------------------------------------------------------------------------

[ ] Midland Loan Services, Inc. (b) Lennar
Partners, Inc. $0
- ------------------------------------------------------------------------------------------------

(a) Does not include one mortgage loan with a subordinate companion
loan: FedEx Reno Airport ($8,111,463 mortgage loan and $1,373,848
subordinate loan).

(b) Being serviced pursuant to a separate pooling and servicing
agreement.

B-10

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THIS PAGE INTENTIONALLY LEFT BLANK

B-11

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $79,500,000
TMA DSCR: 1.24x
CROSSINGS AT CORONA -- PHASE I & II TMA LTV: 79.90%
- --------------------------------------------------------------------------------

[CROSSINGS AT CORONA - PHASE I & II PICTURES OMITTED]

B-12

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: NCCI

LOAN PURPOSE: Refinance

ORIGINAL TMA BALANCE: $79,500,000

CUT-OFF TMA BALANCE: $79,500,000

% BY INITIAL UPB: 6.51%

INTEREST RATE: 5.5700%

PAYMENT DATE: 11th of each month

FIRST PAYMENT DATE: November 11, 2004

MATURITY DATE: October 11, 2014

AMORTIZATION: Interest only through and including the payment date
in September, 2007 and thereafter monthly amortization
on a 30-year schedule.

CALL PROTECTION: Lockout for 24 months from the securitization closing
date, then defeasance is permitted. After April 11,
2014, prepayment permitted without penalty on any
payment date.

SPONSOR: David H. Murdock, both individually and as Trustee of
the David H. Murdock Living Trust dated May 28, 1986

BORROWER: Castle & Cooke Corona Crossings I, Inc.

SUBORDINATE DEBT: None

LOCKBOX: Soft at Closing/Springing Hard

INITIAL RESERVES(1): Letter of Credit: $10,200,000
Other Reserves: $ 2,721,201

MONTHLY RESERVES(2): None

- --------------------------------------------------------------------------------

1. Real Estate and Insurance escrows will be waived as long as Castle & Cooke,
Inc. (or any affiliate of Castle and Cooke, Inc.) is the managing member and
majority owner. At closing, the Borrower posted a letter of credit in the
amount of $10,200,000. Portions of the letter of credit may be released
periodically upon certain conditions including the completion and leasing of
the additional improvements on the subject property, provided that such
letter of credit may not be reduced below a minimum of $2,500,000 until the
last portion of the planned improvements have been substantially completed.
Other Reserves consist of an Ethan Allen Reserve ($2,500,000) and, with
respect to certain tenants currently in a free rent period, a Rental
Collection Reserve ($221,201).

2. At any time that the borrower is not owned by Castle & Cooke, Inc. or
managed and controlled by Castle & Cooke, Inc. or if an event of default
exists, in accordance with the loan documents, the lender is permitted to
implement a TILC Reserve in the amount of $10,000 per month (capped at
$400,000).

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / SQ. FT.(3): $158.04

BALLOON BALANCE / SQ. FT.(3): $141.36

LTV: 79.90%

BALLOON LTV: 71.46%

DSCR(4): 1.24x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: Retail Anchored

COLLATERAL(3): Fee simple interest in a 503,037 SF
retail center

LOCATION: Corona, CA

YEAR BUILT / RENOVATED: 2004 / NAP

COLLATERAL SF(3): 503,037 sq. ft.

PROPERTY MANAGEMENT: Castle & Cooke Corona, Inc.
(Borrower affiliate)

OCCUPANCY (AS OF 9/16/04)(3): 89.1%

UNDERWRITTEN NET CASH FLOW(4): $6,746,295

APPRAISED VALUE: $99,500,000

APPRAISAL DATE: July 17, 2004

- --------------------------------------------------------------------------------

3. Square footage calculation assumes the completion of the additional
improvements and includes ground leased buildings.

4. The financials presented above assume the completion and leasing of
additional improvements. Notwithstanding the foregoing, the DSCR as of the
Cut-off date net of the letter of credit and without assuming such
conditions have been satisfied, is 1.20x.

B-13

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE CROSSINGS AT CORONA LOAN

THE LOAN. The Crossings at Corona Loan is secured by a first mortgage on the
fee simple interest in an anchored retail center located in Corona, California.
The loan is interest only for 35 months and then amortizes based on a 30-year
amortization schedule. The estimated total cost to develop the subject property
is approximately $103,300,000 (approximately 77.0% loan to cost).

THE BORROWER. The subject property is currently 100% owned by Castle & Cooke
Corona Crossings I, Inc., a California S-Corporation and an affiliate of Castle
& Cooke, Inc., a privately held company. David H. Murdock, the Chairman and CEO
of Castle and Cooke, Inc., is consistently listed on the Forbes 400 list of
wealthiest people. Castle & Cooke, Inc., founded in 1851, is involved in the
real estate, transportation and manufacturing industries. Castle & Cooke, Inc.
owns and operates 12 million square feet of commercial space, including almost
3 million square feet of retail space.

THE PROPERTY. The subject property is an anchored retail center built in 2003
and 2004, situated on a 51.50-acre site in Corona, Riverside County, CA. The
subject property is anchored by Kohl's, Gart's Sportmart, Marshall's, Bed Bath
& Beyond and Ross and is shadow-anchored by a Target store. In addition, the
collateral includes five ground-leased sites. The subject property is a portion
of a larger power center that is projected to contain a total of 878,261 square
feet, including a Target, a 16 screen Edward's movie theater, a Toys R Us and a
Borders Bookstore (none of which are the loan collateral). The subject property
(Phases I and II) is currently 89.1% occupied and 91.0% leased. The remainder
of the center (including portions of the subject property) is scheduled for
completion by 2005.

SIGNIFICANT TENANTS. The subject property is anchored by Kohl's, Best Buy,
Gart's Sportmart, Marshall's, Bed Bath & Beyond and Ross and is shadow-anchored
by a 128,163 square foot Target store. Other national tenants at the subject
property include Cost Plus, Aaron Brothers, Ethan Allen, Romano's Macaroni
Grill, Chili's Grill & Bar, Chick Fil-A, Wendy's, Famous Footwear, Bombay,
Pacific Sunwear, Lane Bryant, Anchor Blue, Old Navy, Staples, Michael's, and
Petco.The subject property is 65.4% occupied by investment grade tenants, while
the rest of the center is occupied or leased by various national and regional
tenants. The leases are generally written on a triple-net basis. At closing,
the borrower posted a letter of credit in the amount of $10,200,000. Portions
of the letter of credit may be released periodically upon certain conditions
contained in the loan documents, provided that such letter of credit may not be
reduced below $2,500,000 until the last portion of the planned improvements at
the subject property have been substantially completed.

- -----------------------------------------------------------------------------------------------------------------------------
ANCHOR TENANTS
- -----------------------------------------------------------------------------------------------------------------------------
% OF TOTAL 2002 SALES 2003 SALES
TENANTS SF NRSF LEASE EXPIRATION RATINGS (S/M/F)(1) PSF2 PSF2
- -----------------------------------------------------------------------------------------------------------------------------

Kohl's 87,050 17.3% 01/31/2024 A- / A3 / A NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Best Buy 45,000 8.9% 01/31/2014 BBB- / Baa3 / BBB NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Gart's Sportmart 37,633 7.5% 01/31/2014 - / - / - NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Ross 30,187 6.0% 01/31/2015 BBB / - / - NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Marshall's 30,000 6.0% 10/31/2013 A / A3 / - NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Bed Bath & Beyond, Inc. 24,000 4.8% 01/31/2014 BBB / - / - NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL/WA 253,870 50.5% NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------------------------------
MAJOR IN-LINE TENANTS
- -----------------------------------------------------------------------------------------------------------------------------
% OF TOTAL 2002 SALES 2003 SALES
TENANTS SF NRSF LEASE EXPIRATION RATINGS (S/M/F)(1) PSF(2) PSF(2)
- -----------------------------------------------------------------------------------------------------------------------------

Michaels 23,716 4.7% 02/28/2014 BB+ / Ba1 / - NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Staples 20,388 4.1% 05/31/2019 BBB- / Baa2 / BBB NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Ethan Allen(3) 20,000 4.0% 04/28/2030 A- / Ba1 / - NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Cost Plus, Inc. 18,300 3.6% 1/31/2014 - / - / - NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
Old Navy 16,800 3.3% 10/1/2014 BB+ / Ba1 / BB+ NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL/WA 99,204 19.7% NAP NAP
- -----------------------------------------------------------------------------------------------------------------------------

1. Ratings provided are for the tenant's parent company whether or not the
parent company guarantees the lease.

2. Property was constructed in 2004.

3. Ground lease parcel.

B-14

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

KOHL'S DEPARTMENT STORE (NYSE: KSS) -- The company operates more than 480
discount department stores in 34 states. About half of its stores are in
the Midwest. Its stores sell moderately priced name brand and private-label
apparel, shoes, accessories, and housewares. Centrally located cash
registers in the stores are designed to expedite checkout and keep staff
costs down. Kohl's competes with both discount and mid-level department
stores. It stocks names such as Nike, Levi, OshKosh B'Gosh, and other
brands. Kohl's is rated A- by S&P.

BEST BUY (NYSE: BBY) -- Best Buy, a leading consumer electronics retailer,
sells consumer electronics (televisions, DVD players, audio systems), home
office products (computers, telephones, copiers), entertainment software
(CDs, video games, DVDs), and appliances (microwaves, vacuums). Best Buy
has more than 550 stores in 48 states and Canada with concentrations in the
Midwest, Texas, California, and Florida. Best Buy is rated BBB- by S&P.

SPORTMART (NYSE:TSA) -- Gart Sports Company, headquartered in Denver,
Colorado, is a large full-line sporting goods retailer in the Western
United States. The Company was established in 1928 and offers a
comprehensive assortment of brand name sporting apparel and equipment at
competitive prices. Gart Sports Company operates 183 stores in 25 states
under the Gart Sports, Sportmart and Oshman's names. Sportmart is not
rated.

ROSS (NASDAQ: ROST) -- Ross Stores operates a discount clothing chain with
about 550 outlets. The company sells mostly closeout merchandise, including
men's, women's, and children's clothing, at prices generally below those of
department and specialty stores. Although apparel accounts for about
two-thirds of sales, the stores also sell small furnishings, educational
toys and games, luggage, and gourmet foods in select stores. Featuring the
Ross "Dress for Less" trademark, the chain targets 25- to 54-year-old
white-collar shoppers from primarily middle-income households. Ross stores
are located in strip malls in 23 states, mostly in the Western United
States and Guam. Ross is rated BBB by S&P.

MARSHALL'S (NYSE: TJX) -- Marshall's, a leading off-price family apparel
and home fashion retailer with over 650 stores spanning 42 states and
Puerto Rico, offers a selection of current season, top quality, brand name
fashions for the entire family as well as giftware and domestics for the
family and home at prices generally below those of department stores,
specialty boutiques and catalogs. Marshall's is rated A by S&P.

BED BATH AND BEYOND (NASDAQ: BBBY) -- Bed Bath and Beyond, a superstore
domestics retailer, with about 500 stores in 44 states and Puerto Rico,
stocks brand name and private-label goods in two main categories: domestics
(bed linens, bathroom and kitchen items) and home furnishings (cookware and
cutlery, small household appliances, picture frames, and more). Bed Bath &
Beyond relies exclusively on circulars, mailings, and word-of-mouth for
advertising. Bed Bath & Beyond is rated BBB by S&P.

THE MARKET(1). Riverside County, part of the Inland Empire, is located in the
southern portion of California, adjacent to the most highly urbanized areas of
Southern California. As vacant land becomes more scarce and expensive in Los
Angeles and Orange Counties, it is anticipated that the vacant land in the
Inland Empire's west end will capture a large share of future housing and
population growth.

The subject property is located in the southern portion of the city of Corona
having close proximity to Highway 15 and the surrounding residential community.
In addition the site is located on Cajalco Road, which provides direct freeway
access at the Highway 15 and Cajalco Road interchange. The surrounding area
includes a mixture of vacant land, retail and commercial properties along
Highway 15 and residential uses in the surrounding streets and hillsides.

It is anticipated that the subject property will be the primary retail and
entertainment development in the area and therefore will draw patronage not
only from the residents of Corona but also from the surrounding cities in
Riverside County. The site has good visibility and access, which enhances its
ability to attract retail users.

In the second quarter of 2004, the average triple net lease rate for retail
space in the Inland Empire submarket ranged from $15.24 per square foot to
$17.04 per square foot. In comparison to the second quarter of 2003, the
average high lease rate has increased 3% from $16.56 per square foot, and the
average low lease rate also increased 3% from $14.76 per square foot.

B-15

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $79,500,000
TMA DSCR: 1.24x
CROSSINGS AT CORONA -- PHASE I & II TMA LTV: 79.90%
- --------------------------------------------------------------------------------

Among the five major sub-markets for the Inland Empire, the East End sub-market
carried the lowest average asking lease rate at $12.00 per square foot, while
the Low Desert area recorded the highest rate of $21.00 per square foot. Of the
Center types, Strip Centers demonstrated the lowest average asking rate of
$10.80, whereas Power Centers possess the highest rate of $20.52 per square
foot.

CASH MANAGEMENT. The loan is structured with a soft lockbox. Upon the
occurrence of certain "trigger events" as defined in the loan documents, the
tenants will be required to deliver rents to a lender controlled account.

PROPERTY MANAGEMENT. The subject is managed by Castle & Cooke Corona, Inc., an
affiliate of the borrower. Castle & Cooke Corona Crossings, Inc. is a
California S-Corporation and an affiliate of Castle & Cooke, Inc., a privately
held company led by David H. Murdock.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Mezzanine financing (secured by
partnership interests, or associated equity interests) is permitted, subject to
the satisfaction of certain conditions contained in the loan documents
including a minimum total DSCR of 1.20 and a maximum total LTV not exceed 80%.

1. The market information was obtained from The Crossings at Corona appraisal
dated 07/17/2004. The appraisal relies upon many assumptions, and no
representation is made as to the accuracy of the assumptions underlying the
appraisal.

B-16

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[CROSSINGS AT CORONA -- PHASE I & II MAP OMITTED]

B-17

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $74,000,000
TMA DSCR: 1.48x
731 LEXINGTON AVENUE -- BLOOMBERG HEADQUARTERS TMA LTV: 58.69%
- --------------------------------------------------------------------------------

[731 LEXINGTON AVENUE -- BLOOMBERG HEADQUARTERS PICTURES OMITTED]

B-18

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: GACC

LOAN PURPOSE: Refinance

ORIGINAL TMA BALANCE: $74,000,0001

CUT-OFF TMA BALANCE: $74,000,0001

SHADOW RATINGS:
(FIRST MORTGAGE) AAA / AAA / A3 / AAA (S/F/M/D)

SHADOW RATINGS:
(WHOLE LOAN) BBB- / A- (S/F)

% BY INITIAL UPB: 6.06%

INTEREST RATE: 5.3625238854% initially, then by
schedule per Annex A-4

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: April 1, 2004

ANTICIPATED REPAYMENT
DATE: March 1, 2014

MATURITY DATE: March 1, 2029

AMORTIZATION: Interest only through and including the payment date
occurring on March 1, 2006. Thereafter the A-Note
amortizes on a schedule per the loan documents which
is equivalent to a 19.75-year schedule (See Annex A-4)

CALL PROTECTION: Lockout for 24 months from the securitization closing
date, then defeasance is permitted. After December 1,
2013, prepayment can be made without penalty on any
Payment Date

SPONSOR: Alexander's, Inc. (NYSE: ALX), a REIT controlled by
Vornado Realty Trust

BORROWERS: 731 Office One LLC

PARI PASSU DEBT: $240,000,0001

SUBORDINATE DEBT: A $86,00,000 investment grade B-note, held outside the
trust(1,2)

LOCKBOX: Hard

INITIAL RESERVES(3): Debt Service: $11,169,694
(current balance:
$283,240)
Tax: $382,217

MONTHLY RESERVES(4): None

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION1
- --------------------------------------------------------------------------------

TMA + PARI TMA + PARI PASSU
PASSU DEBT DEBT + SUBORDINATE DEBT
------------ ------------------------
LOAN BALANCE / SQ. FT.: $452.04 $575.84
BALLOON BALANCE / SQ. FT.: $323.54 $447.35
LTV: 58.69% 74.77%
BALLOON LTV: 42.01% 58.08%
DSCR: 1.48x 1.25x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: Office

COLLATERAL: Fee simple interest in an office condominium

LOCATION: New York, NY

YEAR BUILT / RENOVATED: 2004 / NAP

COLLATERAL SF: 694,634 sq. ft.

PROPERTY MANAGEMENT: Vornado Management Corporation
(Borrower affiliate)

OCCUPANCY (AS OF 2/9/04): 100.0%

UNDERWRITTEN NET CASH FLOW(5): $35,990,430

APPRAISED VALUE (AS OF FINAL $535,000,000
RENT COMMENCEMENT DATE)(6):

- --------------------------------------------------------------------------------

1. The trust mortgage asset ("TMA") represents the A-4 note from a $400,000,000
first mortgage loan consisting of a $314,000,000 senior loan (evidenced by
pari passu A-1, A-2, A-3 and A-4 notes), an $86,000,000 subordinate B note
and an $86,000,000 (notional balance) I/O note. The A-1, A-2 and A-3 notes,
the subordinate B note, and the I/O note are not included in the trust.

2. The subordinate B note is held by an affiliate of the tenant -- Bloomberg,
L.P.

3. Initial Reserves for debt service and taxes on whole loan until the final
rent commencement date.

4. So long as the tenant complies with the obligations under the NNN lease,
there will be no monthly reserves for taxes, insurance, operating expenses
and capital expenditures past the final rent commencement date.

5. Calculated based on the average rent for the period commencing on the rent
commencement date and ending on the Anticipated Repayment Date. The final
rent commencement date is expected to occur on or about November 9, 2004.

6. Valuation Date as of building construction completion. Appraisal date is
January 9, 2004.

B-19

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- -------------------------------------------------------------------------------------------------
MAJOR TENANT
- -------------------------------------------------------------------------------------------------
TENANT NRSF % NRSF RENT PSF LEASE EXPIRATION RATINGS (S/M/F)
- -------------------------------------------------------------------------------------------------

Bloomberg, L.P. 694,634 100.0% $ 49.71 11/1/2028 - / - / - 1
- -------------------------------------------------------------------------------------------------

1. See "Tenant" Section herein.

THE 731 LEXINGTON AVENUE -- BLOOMBERG HEADQUARTERS LOAN

THE LOAN. The 731 Lexington Avenue -- Bloomberg Headquarters Loan is secured by
a first mortgage on the borrower's fee simple interest in a 694,634 sq. ft.,
Class-A office condominium within a larger complex comprising the full square
block from 58th to 59th Street between Lexington Avenue and Third Avenue in the
Plaza District of midtown Manhattan. The Bloomberg condominium consists of
floors 3 -- 19, the exclusive lobby and the lower level space, and is
triple-net leased to Bloomberg, L.P. ("Bloomberg"), which will utilize the
space as its global headquarters.

The subject $74 million loan (shadow rated AAA / AAA / A3 / AAA by S&P, Fitch,
Moody's and DBRS, respectively) has an Anticipated Repayment Date of March 1,
2014 with amortization commencing April 1, 2006, based on a 19.75-yr schedule.
The loan is one of four pari passu senior notes totaling $314 million. The
remaining three A-notes, totaling $240 million, have the same interest rate,
maturity date, amortization term, and shadow rating as the subject loan and are
held outside of the trust. There also exists an $86 million investment grade
(shadow rated investment grade by S&P and Fitch), subordinate B-note, which is
held outside of the trust and which is held by an affiliate of the tenant.

THE BORROWER. The borrower is a single-purpose, bankruptcy-remote entity
sponsored by ALEXANDER'S, INC. Alexander's is a publicly traded REIT (NYSE:
ALX, Rated BB+ by S&P) engaged in leasing, managing, developing and
redeveloping properties in the metropolitan and suburban areas of New York City
where its department stores had previously been located.

Alexander's activities are conducted through its manager, Vornado Realty Trust
(NYSE: VNO). As of September 30, 2003, Vornado (33%) and an affiliate,
Interstate Properties (27%), owned a combined 60% of Alexander's common stock.
Steven Roth is CEO of Alexander's, Chairman/CEO of Vornado, and a general
partner in Interstate Properties. The other two general partners in Interstate
Properties, David Mandelbaum and Russell B. Wight, Jr., are also directors of
Alexander's and trustees of Vornado.

VORNADO REALTY TRUST (rated BBB+/BBB by S&P and Fitch, respectively) has been
traded on the New York Stock Exchange for over 40 years and is currently the
fourth largest REIT in the United States with a total market capitalization of
approximately $6 billion. Vornado owns, operates, develops, and manages
offices, retail centers, merchandise and furniture marts,
temperature-controlled logistics and real estate properties totaling over 75
million square feet, primarily in the Northeast and mid-Atlantic regions of the
United States. Vornado is one of the largest property owners in the New York
City metropolitan area, with ownership interests in 21 office buildings
aggregating more than 13.6 million square feet of space. With its recent
purchase of Charles E. Smith Commercial Realty and Kaempfer Company, Vornado is
also one of the largest owners of commercial properties in the Washington D.C.
region.

Vornado Realty Trust and Interstate Properties are both previous sponsors of a
Deutsche Bank borrower.

THE PROPERTY. Vornado took control of Alexander's and the subject site,
formerly home to Alexander's flagship department store, in 1991. The department
store was demolished in 1998 and construction of the current project began in
2001. The subject property features newly constructed Class A office and studio
space with column free floor plates with feature floor to ceiling windows with
excellent views of Central Park, the East River, and surrounding city views.
Collateral for the subject loan consists of the fee simple interest in the
694,634 sq. ft. office condominium. The condominium interest consists of floors
3-19, the exclusive lobby and lower level space, of a 1.39 million sq. ft.
development that is comprised of a 54-story tower attached to a nine-story
building around a central courtyard, which covers the full square block from
58th to 59th Street between Lexington Avenue and Third Avenue in Manhattan. The
full development contains 900,000 sq. ft. of office space, 160,000 sq.

B-20

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

ft. of retail space, and 105 luxury residential condominiums (see diagram for
stacking plan). Alexander's Inc. currently owns all the condominium units but
each unit will be sold off to individual condominium owners and are currently
being marketed for sale.

In all, the 731 Lexington Avenue property will be divided into a total of four
condominium units: (i) a retail condominium consisting of 160,000 sq. ft. that
will include a Home Depot Expo, H&M, Bank of America, Wachovia, a high-end
restaurant and several other smaller retail spaces (not collateral for the
mortgage loan), (ii) a residential condominium consisting of 105 units (not
collateral for the mortgage loan), (iii) a speculative office condominium
consisting of 205,000 sq. ft. that is currently being marketed for lease
(collateral for the mortgage loan as described below under the section
"Additional Collateral"), and (iv) the Bloomberg office condominium (collateral
for the loan). Portions of the 731 Lexington Avenue property are currently
under construction.

The triple-net lease to Bloomberg, the sole tenant at the mortgaged property,
has a term of 25 years, commenced in stages as outlined below, and has an
average rental rate of $49.71 per sq. ft. Construction costs for the loan
collateral were approximately $442 million, exclusive of Bloomberg's build out.
There is a nine-month free rent period after acceptance of space ("Possession
Date"), with the end of the free rent period on November 9, 2004, as more
specifically shown in the schedule below:

- --------------------------------------------------------------------------------
LEASE COMMENCEMENT: RENT COMMENCEMENT: SQ. FT.: % OF TOTAL:
- --------------------------------------------------------------------------------
11/14/2003 8/14/2004 608,426 87.6%
- --------------------------------------------------------------------------------
12/26/2003 9/26/2004 81,947 11.8%
- --------------------------------------------------------------------------------
2/9/2004 11/9/2004 4,261 0.6%
- --------------------------------------------------------------------------------
694,634 100.0%
- --------------------------------------------------------------------------------

A debt service reserve ($11,169,694) was funded at closing which covers all
debt service during the free rent period. Current balance for the debt service
reserve is $283,240.

THE TENANT. Bloomberg is a global information services, news and media company,
serving customers in 126 countries around the world. Headquartered in New York,
the company employs more than 8,200 people in 110 offices. Bloomberg is the
49th largest private company in the US with 2003 revenues estimated at $3
billion according to Forbes. Bloomberg is the second largest news-syndicate
(behind Associated Press and ahead of Reuters and Dow Jones). Its global
headquarters is located at 731 Lexington Avenue.

BLOOMBERG L.P, IS CURRENTLY PRIVATELY RATED `A-MINUS' (LONG-TERM SENIOR
UNSECURED DEBT RATING) BY FITCH, INC. WITH A POSITIVE OUTLOOK.

STANDARD & POOR'S RATING SERVICES' THREE-YEAR (2000-2002) ADJUSTED KEY U.S.
INDUSTRIAL FINANCIAL RATIOS FOR SINGLE-`A' RATED COMPANIES INCLUDE A MEDIAN
EBITDA INTEREST COVERAGE RATIO OF 8.5X AND A MEDIAN FREE OPERATING CASH FLOW /
TOTAL DEBT RATIO OF 22.3%. BLOOMBERG L.P. MET OR EXCEEDED BOTH OF THESE RATIOS
AS OF JUNE 30, 2003.

Bloomberg provides worldwide financial communication via the Bloomberg
Professional (Registered Trademark) service, Bloomberg Television (Registered
Trademark) , Bloomberg RadioSM, several magazines, a book publishing division,
and websites. Clients include the central banks, investment institutions,
commercial banks, government offices and agencies, corporations and news
organizations.

BLOOMBERG PRODUCTS

Bloomberg Professional (Registered Trademark) service has forged an enviable
position within the financial services industry and is the world's
second-largest provider of global financial data to market professionals with
37% market share. The Professional service provides an excellent combination of
data, analytics, electronic trading and straight-through processing tools on a
single platform. The Bloomberg Professional (Registered Trademark) service's
terminals provide real-time, around-the-clock financial news, market data,
analysis and provides access to more than 3.6 million financial instruments via
170,000 terminals to 260,000 users.

Bloomberg News (Registered Trademark) has more than 1,600 journalists and
editors reporting from 94 bureaus and serves as an electronic newspaper with
unlimited updates and editions. In addition to being a central element of the
Professional service, and providing

B-21

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

the content for Bloomberg Television (Registered Trademark) and Bloomberg
Radio(SM), more than 350 leading newspapers worldwide use Bloomberg News as a
key source for business news stories. The news service produces more than 4,000
news stories daily.

Bloomberg Television (Registered Trademark) delivers information via 10
networks in seven languages and reaches more than 200 million homes around the
world. Bloomberg also delivers market reports -- integrated into local
newscasts -- to more than 100 television stations in major markets across the
country. Globally syndicated and custom reports are produced for many other
television networks. Bloomberg Radio (Registered Trademark) delivers
information via a 24-hour business station in the New York-metropolitan area
and is available in the U.S. through satellite radio and is distributed as far
away as Singapore and Japan. Bloomberg Radio (Registered Trademark) also
distributes syndicated reports to more than 840 affiliates worldwide in four
languages.

THE MARKET. The subject property is located within Midtown Manhattan's Plaza
District, occupying the entire city block bounded by Lexington and Third
Avenues and 58th and 59th Streets. This location may be seen as a gateway
between New York's top residential and retail addresses and its world famous
midtown office district. The subject property is strategically located within
New York City's subway system, with the 4, 5 express subway line stop located
adjacent to the property and the N, R, W subway line stops also located within
close proximity.

According to the appraisal, the subject property is statistically located in
the East Side subdistrict, which is classified within the Plaza District, and
considered one of Manhattan's premier office and retail locations. The subject
property is also surrounded by many New York landmarks, restaurants, hotels,
retail shops and tourist attractions. It is located near various bus and subway
lines. The Plaza District is generally bound by 47th Street to the south and
65th Street to the north and to the west from Avenue of the Americas to the
East River. The Plaza District is comprised of four statistical areas tracked
by Cushman & Wakefield: East Side, Park Avenue, Madison/Fifth, and Sixth
Avenue/Rockefeller Center.

As of fourth quarter 2003, the four office subdistricts that comprise the Plaza
District contained 96,519,139 sq. ft. of Class A office space and 5,010,082 sq.
ft. of Class B office space. There is little Class C office space in these
subdistricts, with Class C space totaling 281,400 sq. ft., or less than one
percent.

According to the appraisal, the Plaza District has historically evidenced the
highest rents in midtown Manhattan due to the demand generated by its location
and quality office space. The direct primary (Class A) asking rental rate in
the four Plaza District subdistricts averaged $57.34 in the fourth quarter of
2003, above the overall direct primary midtown Manhattan average of $52.83. The
direct primary vacancy rate for the four Plaza District subdistricts averaged
7.0 percent in fourth quarter 2003, and the direct secondary (Class B) vacancy
rate averaged 5.3 percent. In comparison, the direct primary vacancy rate for
midtown Manhattan as a whole was 7.6%, while Midtown's direct secondary vacancy
rate was 10.1%. Recent sale prices of comparable office properties include the
GM Building ($730 per sq. ft.) in Manhattan, One Lincoln ($675 per sq. ft.) in
Boston and 399 Park Avenue ($570 per sq. ft.) in Manhattan.

The attractiveness of the Plaza District is reflected by the presence of
numerous top firms in a diverse array of businesses, including domestic and
international banking, legal services, manufacturing, printing and publishing,
advertising and communications. Seventeen Fortune 500 Industrial companies have
headquarters in the Plaza District, including RJR Nabisco Holdings,
Bristol-Myers Squibb and Colgate-Palmolive. There are approximately two dozen
Fortune 500 Service companies in the Plaza District as well, notably, Chase
Manhattan Bank, Citicorp, Time Warner and Bear Stearns & Co., Inc.

The Plaza District boasts several first class hotels that offer luxury
accommodations to business travelers and tourists. Several of New York's finer
hotels are located in the immediate vicinity of the subject, including the
Parker Meridian, the Ritz-Carlton, The Plaza, and the Essex House. Within
walking distance are the New York Palace, the St. Regis Hotel, the Four
Seasons, as well as the Waldorf-Astoria. The presence of many fine hotels in
the area serves as an important inducement to national and international firms
seeking space in midtown Manhattan.

The comparable properties, as determined by the appraiser, contain a total net
rentable area of 16,216,736 sq. ft. The direct occupancy rate for these
buildings is 89.9%, compared to 91.9% for the East Side subdistrict direct
inventory. The asking rental rates range from $58.00 to $130.00. These average
rental rates are well above the $49.71psf that Bloomberg averages over the
length of the 25 year lease term.

B-22

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

RESERVES. On a whole loan basis:

Debt service -- $11,169,694 to pay debt service through the free rent
period of the Bloomberg L.P. lease.

Taxes -- $382,217 to pay real estate taxes through the free rent period of
the Bloomberg L.P. lease.

CASH MANAGEMENT. The loan has been structured with a hard lockbox.

PROPERTY MANAGEMENT. The subject property will be managed by Vornado Management
Corporation, an affiliate of the borrower.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. $86,000,000 investment grade
B-note held outside of the trust (shadow rated BBB- by S&P and A- by Fitch). An
affiliate of Bloomberg, L.P. holds the subordinate debt.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

ADDITIONAL COLLATERAL. The 731 Lexington Loan is also secured by the borrower's
fee simple interest in a 205,000 sq. ft. speculative office condominium ("Unit
2") in the building; the lender received this additional collateral because
Bloomberg has certain expansion rights into Unit 2 which arise under the
Bloomberg Condo lease. The Unit 2 collateral is subject to release if space in
Unit 2 is no longer required to be available to Bloomberg pursuant to the
Bloomberg Condo lease; rents and other cash flows from Unit 2 are not required
to be deposited in the lockbox and may be separately financed by the borrower's
parents; and the lender has agreed not to foreclose on the Unit 2 collateral
unless certain Unit 2-specific defaults occur. In addition, subject to the
consent of the holder of the subordinate B-Note and certain other conditions,
the loan documents permit the borrower to transfer Unit 2 to another
wholly-owned subsidiary of the sponsor. If such loan modification becomes
effective, Unit 2 may be separately financed, and, under certain circumstances,
the Unit 2 owner may obtain the release of Unit 2 from the lien of the mortgage
of the 731 Lexington Loan. No value is attributed to the Unit 2 collateral and
no information on Unit 2 (or any rents or cash flows from Unit 2) is included
in this Collateral Term Sheet. While this speculative office space serves as
additional collateral for this loan, it is excluded from all valuation
calculations such as loan balance per square foot and balloon balance per
square foot.

B-23

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[731 LEXINGTON AVENUE -- BLOOMBERG HEADQUARTERS BUILDING DESCRIPTION OMITTED]

B-24

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[731 LEXINGTON AVENUE -- BLOOMBERG HEADQUARTERS MAP OMITTED]

B-25

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $69,718,968
TMA DSCR: 2.74x
STRATEGIC HOTEL PORTFOLIO TMA LTV: 46.35%
- --------------------------------------------------------------------------------

[PICTURE OMITTED]

HYATT REGENCY PHOENIX, PHOENIX, AZ

[PICTURE OMITTED]

HYATT REGENCY LA JOLLA AT AVENTINE, LA JOLLA, CA

[PICTURE OMITTED]

HYATT REGENCY NEW ORLEANS, NEW ORLEANS, LA

B-26

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: GACC

LOAN PURPOSE: Refinance

ORIGINAL TMA BALANCE: $70,000,000(1)

CUT-OFF TMA BALANCE: $69,718,968

% BY INITIAL UPB: 5.70%

INTEREST RATE: 5.1575268171%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: August 1, 2004

MATURITY DATE: July 1, 2011

AMORTIZATION: 360 months (see Annex A-5)

CALL PROTECTION: Lockout until the earlier of (a) 24 months from the
last securitization date of the pari passu notes and
(b) June 29, 2007, then defeasance is permitted. On
and after April 1, 2011, prepayment permitted without
penalty.

SPONSOR: Strategic Hotel Funding, L.L.C.

BORROWER: SHC New Orleans, L.L.C., SHC Phoenix III, L.L.C., New
Aventine, L.L.C.

PARI PASSU DEBT: $105,000,000(1)

SUBORDINATE DEBT: $33,500,000(1) (not included in trust)

LOCKBOX: Hard

INITIAL RESERVES: Deferred Maintenance
and Environmental
Conditions: $1,125

Liquidity Reserve
Account:(2) $1,885,535

MONTHLY RESERVES: FF+E(3)
Incentive Fee(4)

- --------------------------------------------------------------------------------

1. The Trust Mortgage Asset ("TMA") amount of $70,000,000 represents the A-2
note from a $208,500,000 first mortgage loan consisting of a $175,000,000
senior loan (evidenced by pari passu A-1, A-2, A-3, and A-4 notes) and a
$33,500,000 subordinate loan (evidenced by B-1, B-2, B-3 and B-4 notes). The
A-1, A-3, and A-4 notes are not included in the trust. The B notes (shadow
rated Ba1/BB by Moody's and S&P, respectively) are subordinate to the A
notes and were included in the GE 2004-C3 trust but do not back any
certificates other than Class SHP certificates in the GE 2004-C3 trust.

2. Equals two months of debt service. The loan documents permit the release of
this amount to the borrower, beginning January 22, 2005, in an amount equal
to 1/6th of the initial reserve amount each month that trailing twelve month
NOI exceeds 100% of closing date NOI.

3. Monthly reserves will be collected based on total revenues in the amount of
5% for the New Orleans property, 3% for the Phoenix property, and 4% for the
La Jolla property. Monthly reserves will only be collected for FF&E to the
extent such fees are not withheld by the property manager.

4. Monthly reserves will only be collected for incentive fees to the extent
such fees are not withheld by the property manager. Incentive fees are fully
subordinate to debt service.

5. The LTV is calculated based on the original TMA balance.

6. Excludes incentive fees which are fully subordinate to debt service.

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION(1)
- --------------------------------------------------------------------------------

TMA + PARI PASSU
TMA + PARI DEBT + SUBORDINATE
PASSU DEBT DEBT
---------- ----
LOAN BALANCE: $175,000,000 $208,500,000

LOAN BALANCE/KEY: $75,594 $90,065

LTV(5): 46.35% 55.22%

BALLOON LTV: 41.40% 49.32%

DSCR: 2.74x 2.21x

SHADOW RATING (S/M): AA-/Baa2 BB/Ba1

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Portfolio

PROPERTY TYPE: Full Service Hotel

COLLATERAL: Fee simple interests in three luxury hotels

LOCATION: New Orleans, LA
Phoenix, AZ
La Jolla, CA

YEAR BUILT / RENOVATED: Various

PORTFOLIO NO. OF KEYS: 2,315

PROPERTY MANAGEMENT: Hyatt Corporation

PORTFOLIO OCCUPANCY: 63.7%

UNDERWRITTEN NET CASH FLOW(6): $31,127,593

PORTFOLIO APPRAISED VALUE: $377,600,000

PORTFOLIO APPRAISAL DATE: March 9, 2004 -- April 1, 2004

- --------------------------------------------------------------------------------

B-27

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- ------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO HOTELS
- ------------------------------------------------------------------------------------------------------------------------------
# OF YEAR BUILT/ APPRAISED APPRAISED ALLOCATED LOAN
PROPERTY NAME LOCATION KEYS RENOVATED VALUE VALUE/KEY AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------

Hyatt Regency New Orleans New Orleans, LA 1,184 1976/2001 $185,000,000 $156,250 $31,894,485
- ------------------------------------------------------------------------------------------------------------------------------
Hyatt Regency Phoenix Phoenix, AZ 712 1976/2002 $102,700,000 $144,242 $15,947,242
- ------------------------------------------------------------------------------------------------------------------------------
Hyatt Regency La Jolla La Jolla, CA 419 1989/2001 $89,900,000 $214,558 $22,158,273
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL/WTD. AVG. 2,315 377,600,000 $163,110 $70,000,000
- ------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------
SIGNIFICANT FIGURES
- ----------------------------------------------------------------------------------------------------------

HYATT REGENCY NEW ORLEANS 2001 2002 2003 T-12(1)
- ----------------------------------------------------------------------------------------------------------
Occupancy 67.2% 63.2% 65.0% 62.4%
- ----------------------------------------------------------------------------------------------------------
ADR $150.75 $147.02 $142.75 $142.81
- ----------------------------------------------------------------------------------------------------------
Rev Par $101.30 $ 92.98 $ 92.79 $ 89.08
- ----------------------------------------------------------------------------------------------------------
HYATT REGENCY PHOENIX
- ----------------------------------------------------------------------------------------------------------
Occupancy 60.2% 61.3% 59.7% 61.1%
- ----------------------------------------------------------------------------------------------------------
ADR $146.35 $144.85 $136.33 $134.44
- ----------------------------------------------------------------------------------------------------------
Rev Par $ 88.03 $ 88.74 $ 81.34 $ 82.09
- ----------------------------------------------------------------------------------------------------------
HYATT REGENCY LA JOLLA AT AVENTINE
- ----------------------------------------------------------------------------------------------------------
Occupancy 69.5% 73.1% 69.0% 72.1%
- ----------------------------------------------------------------------------------------------------------
ADR $177.34 $157.32 $155.73 $147.24
- ----------------------------------------------------------------------------------------------------------
Rev Par $123.22 $114.97 $107.47 $106.16
- ----------------------------------------------------------------------------------------------------------

1. Trailing 12 months numbers through 6/30/04.

STRATEGIC HOTEL PORTFOLIO LOAN

THE LOAN. The Strategic Hotel Portfolio Loan is secured by a first mortgage on
the fee simple interests in three luxury hotels totaling 2,315 rooms. The
hotels were constructed between 1976 and 1989 and renovated in 2001 and 2002.
The hotels are located in New Orleans, Louisiana, Phoenix, Arizona, and La
Jolla, California. There is a $33.5 million B-note which is subordinate to the
A-note but does not back any certificates other than Class SHP certificates in
the GE 2004-C3 trust. Based on the portfolio cost basis of $397.8 million,
there is $189.4 million (47.6%) of implied equity in the properties.

THE BORROWERS. The borrowers, SHC New Orleans L.L.C., SHC Phoenix III, L.L.C.,
and New Aventine, L.L.C., are single-purpose, bankruptcy-remote entities for
which non-consolidation opinions were obtained. The loan sponsor is Strategic
Hotel Capital, Inc. ("SHCI"), a newly formed public real estate investment
trust which trades on the NYSE under the ticker symbol "SLH". In June 2004 SHCI
successfully raised $246.4 million in an initial public offering and has a
market capitalization of approximately $369 million as of June 30, 2004. No
cash dividend was distributed to the investors from the IPO proceeds. SHCI was
incorporated in January 2004 to own and manage luxury hotels in North America
and Europe. The company's predecessor, Strategic Hotel Capital, L.L.C. ("SHC
LLC"), was founded in 1997 by Laurence S. Geller with an aggregate investment
of approximately $927 million from investors such as Prudential Insurance
Company of America, Whitehall Street Real Estate Limited Partnerships VII and
IX and Security Capital (which sold its interest to SHC LLC in 1999).

SHCI does not operate any of their hotels directly; instead it employs
internationally known hotel management companies to operate them under
management contracts or operating leases. SHCI's existing hotels are operated
under the brands of Embassy Suites, Four Seasons, Hilton, Hyatt,
InterContinental, Loews and Marriott.

SHCI seeks to maximize asset value and operating results through systematic
asset management. The company also seeks to acquire additional properties that
meet their investment criteria. Given the company's history of rigorous asset
management, strategic acquisitions and selective dispositions, they believe
that they are well-positioned not only to take advantage of the market
recovery, but also to continue to reap the benefits of their value-added asset
management systems. Based on their past

B-28

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

experience, SHCI also believes that full-service properties, such as the hotels
within their portfolio in the upper-upscale and luxury segments of the hotel
industry, may benefit disproportionately well relative to properties in other
segments during periods of economic recovery.

SHCI manages or has investments in 14 hotels and resorts that have a total of
approximately 5,931 rooms. SHCI had net income of $67.7 million in the three
months ended March 31, 2004.

THE PROPERTIES.

HYATT REGENCY NEW ORLEANS.

PROPERTY INFORMATION. The Hyatt Regency New Orleans, a 31-story atrium style
hotel, opened in 1976 and is comprised of 1,184 guestrooms, including 305 king
rooms, 566 double/doubles rooms and 313 suites. Guest rooms average 450 square
feet in size and are located on floors 6 through 27 of the atrium tower and on
floors 6 through 11 of the Lanai wing. Approximately $16.7 million was spent on
capital improvements between 1999 and 2003. The hotel also purchased a new
trolley and expanded its telecommunications technology in 2003. Capital
expenditures for 2004 are expected to be approximately $4.0 million and
predominately include the replacement of soft goods in the Courtyard Restaurant
and the improvement of mechanical equipment and property systems. During 2005,
a major guestroom renovation is scheduled with an estimated cost of $15
million. The hotel offers over 108,000 SF of meeting space and includes a
parking garage with 300 spaces. Food and beverage outlets at the hotel include
two restaurants, a lounge and a sports bar. Other amenities include an outdoor
pool, health club, sauna, business center and a gift shop.

The hotel is situated in the northwestern section of the New Orleans central
business district. The Louisiana Superdome and the New Orleans Sports Arena are
situated in the immediate vicinity of the Hyatt Regency New Orleans. The hotel
is also connected to the New Orleans Mall which is a 600,000-square-foot retail
mall anchored by Macy's and Lord & Taylor. Nearby attractions include the
Ernest N. Morial Convention Center, the French Quarter and the Riverfront. The
Hyatt Regency New Orleans benefits from convenient access. By virtue of the
building's height and clear signage on top of the structure, the Hyatt Regency
New Orleans hotel is highly visible from either direction on Poydras Street.
The Hyatt Regency New Orleans is located approximately 12 miles from Louis
Armstrong New Orleans International Airport.

THE MARKET: New Orleans is a key metropolitan area in the Gulf South region of
the United States, serving as a transportation hub and vital seaport. The city
lies approximately 90 miles from the mouth of the Mississippi River in
southeast Louisiana, and provides access to U.S. markets, as well as to Latin
America and the entire global marketplace. The Port of New Orleans is one of
America's leading general cargo ports and holds the nation's top market share
for import steel, natural rubber, plywood, and coffee.

New Orleans is a unique tourist destination that features a distinct culture,
heritage, and cuisine that have been indigenous to the area for more than two
centuries. The French Quarter, or "Vieux Carre," is an 84-square-block district
bounded by the Mississippi River and located in the center of downtown New
Orleans. Contained within this distinct area are hotels, bars, restaurants,
museums, a brewery, a French Market, and retail facilities all consistent in
their preserved architecture and small scale. The French Quarter is home to
Bourbon Street, renowned as the birthplace of jazz, and the site of the annual
Mardi Gras celebration. It is also an attraction for attendees of the
festivals, events, and conventions held in New Orleans throughout the year. In
2003, the New Orleans area reportedly attracted over 8.5 million visitors, an
increase of 3.3% from 2002, and spending increased from roughly $3.8 billion to
$4.5 billion.

In 2003, the subject property's competitive market recorded an average
occupancy of 69.3% at an average rate of $145.76, thereby yielding a RevPAR of
$100.96. The market demand has a meeting and group orientation; in 2003, this
segment contributed 69% of the overall occupancy. The leisure segment
constituted 20% of the total, followed by the commercial segment (at 11%).

B-29

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

In 2003, the subject property achieved an occupancy of 65.0% at an average rate
of $142.75 thereby yielding a RevPAR of $92.79. This performance resulted in an
occupancy penetration of 93.8% and RevPAR penetration of 97.9%. Penetration is
the ratio between a specific hotel's operating results and the corresponding
data for the market. If the penetration factor is greater than 100%, the
property is performing better than the market as a whole; conversely, if the
penetration is less than 100%, the hotel is performing at a level below the
marketwide average. In 2003, the subject property's meeting and group
orientation segment contributed 75% of the overall occupancy. The leisure
segment constituted 10% of the total, followed by the commercial segment (at
15%).

HYATT REGENCY PHOENIX:

PROPERTY INFORMATION. The Hyatt Regency Phoenix, completed in 1976, is
comprised of 712 guest rooms including 286 king rooms, 205 queen rooms, 152
double rooms, 36 studio suites, 25 two bedroom suites, 5 hospitality suites and
3 one bedroom suites. The hotel guestrooms were refurbished in 1999. Capital
expenditures for 2003 were approximately $788,000 and major projects included
refurbishment of the food and beverage equipment, guestroom thermostats and the
replacement of the boiler tube and replacement of an escalator. Capital
expenditures for 2004 are expected to be approximately $1.4 million, including
elevator improvements at the hotel. The Hyatt Regency Phoenix is located in
downtown Phoenix, Arizona. The property is directly adjacent to the Phoenix
Downtown Civic Plaza Convention Center and thus serves as the convention
headquarters hotel for the majority of conventions held in Phoenix. Other
nearby attractions include the America West Arena, Bank One Ballpark, and the
Orpheum Theatre, as well as local, national and multinational businesses in the
downtown area. Additionally, the property offers a rotating rooftop restaurant
and lounge, a bar and grill, and two cafes. The hotel offers approximately
47,000 square feet of meeting space. The subject property is readily accessible
to a variety of local, county, state and interstate highways, including
Interstates 10 and 17. The Hyatt Regency Phoenix is located approximately six
miles northwest of the Phoenix Sky Harbor International Airport.

THE MARKET. The Phoenix metropolitan area is the 15th largest in the country.
The greater Phoenix area is strategically located between California and Texas.
The greater Phoenix metropolitan area enjoys a diverse economy built on a base
of various industries including aerospace, electronics manufacturing, business
services, travel and tourism, and information processing. In addition, Phoenix
is home to the state capital, county government, and many federal government
services. Many financial services and banking institutions have established
data processing, credit card, and customer service operations in the greater
Phoenix area over the past five years. Some of the businesses represented
include American Express, Discover Card, Ernst and Young, Merrill Lynch,
Charles Schwab, and Sprint.

The Phoenix market area is a dynamic area for both business and leisure travel.
Millions of people are attracted to the city's recreational facilities,
shopping activities, and natural sites. The Greater Phoenix Convention &
Visitors Bureau estimates that over twelve million people visit the Phoenix
region each year, which accounts for over $5 billion in annual tourism-related
expenditures. The metropolitan area features over 50,000 hotel rooms, over 200
golf courses, a dozen or more luxury spas, museums, art galleries, and
outstanding shopping. The city's focus on increasing downtown entertainment
venues, such as the sports complexes, symphony hall, Arizona Center, and the
expansion of the Civic Plaza indicate the desire to revitalize downtown Phoenix
into a living city that not only houses business during the week, but social
and entertainment functions during non-business hours.

In 2003, the subject property's competitive market recorded an average
occupancy of 61.9% at an average rate of $122.53, thereby yielding a RevPAR of
$75.89. The market demand has a meeting and convention orientation; in 2003,
the convention segments contributed 25% of the overall marketwide occupancy and
the in-house group segment constituted an additional 26% of business.
Commercial demand was significant at 35% of the market demand, and leisure
demand accounted for the remaining 14%. This compares to the subject property's
substantially higher convention segment of 39%, in-house segment of 30%,
commercial segment with 23% and the leisure segment with 8% of demand. In 2003,
the subject property achieved an occupancy of 59.7% at an average rate of
$136.33 thereby yielding a RevPAR of $81.34. This performance resulted in an
occupancy penetration of 96.3% and a RevPAR penetration of 107.2%.

B-30

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

HYATT REGENCY LA JOLLA AT AVENTINE:

PROPERTY INFORMATION. The Hyatt Regency La Jolla at Aventine, completed in
1989, has 419 guest rooms including 24 suites, 220 king rooms and 175 double
rooms. Guest rooms are located in a 16-story building. The subject property is
part of a larger, mixed-use development known as the Aventine that was
constructed in 1989 and includes a six-story office building with an adjacent
11-story office tower, a three-story health club building, the 16-story Hyatt
Regency La Jolla hotel, a restaurant complex housing four individual
restaurants, two parking garages, an outdoor swimming pool, and two lighted
tennis courts. The subject property includes the hotel facilities (including
the free standing Pavillion meeting space), the hotel motor court/entrance, the
swimming pool and the 32,000-square-foot health club. The freestanding
restaurant Japengo in the restaurant complex which is managed by Hyatt is
leased from a third party. Additionally, the hotel offers approximately 30,500
square feet of meeting and banquet space. Between 1997 and 2001, approximately
$8.0 million was invested in the Hyatt Regency La Jolla at Aventine for the
addition of new facilities and the refurbishment of existing improvements.
Capital expenditures for 2003 were approximately $2.1 million and included a
major guestroom and corridor renovation at the hotel while $2.0 million has
been budgeted for 2004 improvements.

The Hyatt Regency La Jolla at Aventine is located approximately 10 miles north
of the San Diego International Airport within an area commonly referred to as
the "Golden Triangle", a triangular region in north San Diego that is bordered
by Interstates 5 (I-5) and 805 (I-805) and State Route 52. Specifically, the
hotel is located in the southeast quadrant formed by the intersection of I-5
and La Jolla Village Drive. The hotel is located in close proximity to beaches
on the Pacific Ocean, Sea World, Del Mar Racetrack, Fairgrounds, Qualcomm
Stadium, UCSD and University Center Shopping Mall.

THE MARKET. The subject property is located in the city of La Jolla and county
of San Diego, California. San Diego County covers 2,147 square miles and is
located in Southern California. The county's economy is supported by the
following key industries: agriculture, defense, fishing, technology,
international trade, manufacturing, medical research, retail sales, and
tourism. According to the San Diego Convention and Visitor's Bureau, 2003
convention delegate attendance was up 35.7% to 450,000 attendees and 2003
delegate room nights were up 16.0% to 667,007. Presently, the convention
center's capacity is somewhat constrained by the number of available hotel
rooms in the downtown area, which allows for compression into other San Diego
markets such as the subject's market area. Commercial lodging demand provided
roughly 47% of marketwide occupancy in 2003, followed by the meeting and group
segment at roughly 31%, driven by the competitive properties' ample meeting and
group facilities. Leisure demand accounted for the remainder of the balance, at
roughly 22%, supported by the area's wide array of tourist attractions. In
2003, the subject property's commercial segment accounted for approximately 47%
of the hotel's total demand. The subject property accommodated 36% of its total
demand from the meeting and group segment; this is above the market average and
reflects the Hyatt's superior meeting facilities. The leisure segment
contributed 17%. Per the appraisal, marketwide occupancy for the primarily
competitive set increased moderately from 70.6% in 2001 to 71.5% in 2003.
However, average rate declined from $159.37 to $143.45, a decline of roughly
10%. Note also that despite a decline of roughly $22.00 from 2001 to 2003, the
subject property's average rate was at 111% of the marketwide average. The
subject property underwent a guestroom refurbishment in the fourth quarter of
2003, which will have a positive impact on management's ability to grow average
rate. In 2003 occupancy penetration was 98.2% and RevPar penetration was
108.8%.

PROPERTY MANAGEMENT. The subject properties are managed by Hyatt Corporation.
Hyatt Corporation opened its first hotel on September 27, 1957 and now owns and
operates 207 Hyatt Hotels and Resorts worldwide. Hyatt Regency Hotels are
Hyatt's core brand of hotels, lobbies and rooms are designed to reflect the
best of the local cultures, the food and beverage outlets are inventive, and
exceptional technology, meeting, and fitness facilities are available. Hyatt
Hotels Corporation, a separate company, and its subsidiaries operate, lease and
franchise 122 hotels and resorts in the United States, Canada, and the
Caribbean. Today, Hyatt specializes in deluxe hotels with meeting facilities
and special services for the business traveler near airports, and leading
resort areas throughout the world.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. The Trust Mortgage Asset amount
of $70,000,000 represents the A-2 note from a $208,500,000 first mortgage loan
consisting of a $175,000,000 senior loan (evidenced by pari passu A-1, A-2, A-3
and A-4 notes) and a $33,500,000 subordinate loan (evidenced by four separate B
notes). The A-1, A-3 and A-4 notes are not

B-31

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

included in the trust. The B notes (shadow rated Ba1/BB by Moody's and S&P,
respectively) are subordinate to the A notes and were included in the GE
2004-C3 trust but do not back any certificates other than Class SHP
certificates in the GE 2004-C3 trust.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

RELEASE PROVISIONS. On one or more occasions, subject to satisfaction of the
following conditions, the borrowers may obtain the release of any Strategic
Hotel Portfolio Loan property or properties. From and after April 1, 2011, the
borrower may prepay the loan subject to the payment of debt service through the
end of the interest accrual period in which the prepayment is to occur. In
connection with such prepayment, any property may be released provided that the
amount of the prepayment equals or exceeds 120% of the property's allocated
loan amount and subject to the satisfaction of certain conditions set forth in
the loan agreement.

At any time after the earlier to occur of 24 months from the last
securitization date of the pari passu notes and June 29, 2007, and subject to
the satisfaction of certain requirements set forth in the loan documents, the
borrower may obtain a release of any applicable Strategic Hotel Portfolio Loan
property by defeasance with U.S. Treasuries equal to 120% of the allocated loan
amount for such property, provided that the aggregate DSCR, as of the date of
the proposed release for all properties then remaining subject to the liens of
the mortgages, is not less than the greater of (i) 2.66 to 1.0 and (ii) the
aggregate DSCR for the mortgaged properties immediately prior to the applicable
release. In the event the DSCR test is not satisfied, the borrowers may repay a
portion of the loan in excess of the 120% of the allocated loan amount
generally required so that the loan is in compliance with the DSCR requirement.
In connection with a sale, provided the aggregate DSCR requirement immediately
prior to the release in question is satisfied, the borrowers will not be
obligated to defease the loan by more than 100% of the net sale proceeds
received from a bona-fide third party purchaser in connection with a release of
a property, however, in no event will the principal amount of the loan defeased
be less than 120% of the allocated loan amount for such property.

B-32

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COMM 2004-LNB4

[STRATEGIC HOTEL MAP OMITTED]

B-33

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COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $48,045,008
DSCR1: 1.16x
WOODYARD CROSSING SHOPPING CENTER LTV: 75.48%
- --------------------------------------------------------------------------------

[WOODYARD CROSSING SHOPPING CENTER PICTURES OMITTED]

B-34

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: GACC

LOAN PURPOSE: Refinance

ORIGINAL BALANCE: $48,350,000

CUT-OFF BALANCE: $48,045,008

% BY INITIAL UPB: 3.93%

INTEREST RATE: 5.8590%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: September 1, 2004

MATURITY DATE: August 1, 2014

AMORTIZATION: Amortization on a 20-year schedule

CALL PROTECTION: Lockout for 24 months from the securitization closing
date, then defeasance is permitted. After April 1, 2014,
prepayment permitted without penalty on any payment
date.

SPONSOR: Schottenstein Stores Corporation1

BORROWERS: Jubilee-Clinton II LLC

SUBORDINATE DEBT: $3,100,000

LOCKBOX: Soft at Closing/Springing Hard

INITIAL RESERVES(2): Earnout Reserve: $2,000,000

MONTHLY RESERVES(3): Real Estate Taxes: $50,912
Replacement Reserves: $4,304

- --------------------------------------------------------------------------------

1. Parent of Jubilee Limited Partnership.

2. See "Reserves" section below.

3. The borrower maintains blanket insurance policies covering multiple
properties, consequently, the lender has agreed to suspend monthly deposits
to the insurance reserve provided certain conditions in the loan documents
are satisfied.

4. DSCR is calculated net of the $2,000,000 Earnout Reserve. Based on a 30-year
amortization schedule, the DSCR, net of earnout, would be 1.39x.

5. As of 7/8/04, the collateral is 87.4% occupied.

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / SQ. FT.: $140.03

BALLOON BALANCE / SQ. FT.: $91.88

LTV: 75.48%

BALLOON LTV: 51.68%

DSCR(4): 1.16x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: Retail Anchored

COLLATERAL: Fee simple interest in a 343,099
SF retail building

LOCATION: Clinton, MD

YEAR BUILT / RENOVATED: 1966 / 2004

COLLATERAL SF: 343,099 sq. ft.

PROPERTY MANAGEMENT: Schottenstein Management
Company (Borrower affiliate)

ECONOMIC OCCUPANCY (AS OF
7/8/04)(5): 96.1%

UNDERWRITTEN NET CASH FLOW: $4,580,924

APPRAISED VALUE: $61,000,000

APPRAISAL DATE: June 2, 2004

B-35

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE WOODYARD CROSSING SHOPPING CENTER LOAN

THE LOAN. The Woodyard Crossing Shopping Center Loan is secured by a first
mortgage on the borrower's fee simple interest in a 343,099 sq. ft., retail
anchored center located in Clinton, Maryland. The subject $48.35 million loan
amortizes based on a 20-yr schedule, which provides a Balloon LTV of 51.68%.
The borrower acquired the subject property in March 1999 at a cost of $30.3
million. Since acquiring the subject property, the borrower has expanded the
center with the construction of a Wal-Mart, Lowe's, IHOP, Ruby Tuesdays and
24,000 SF of in-line retail space. Upon completion of the Staples and lease-up
of vacant space, the borrower's total cost basis will be approximately
$54,000,000, resulting in implied equity of $5.65 million (10.5%).

THE BORROWER. The borrower is a special-purpose entity sponsored by Jubilee
Limited Partnership which is owned by Schottenstein Stores Corporation. The
borrower delivered a non-consolidation opinion at closing. Schottenstein Stores
Corporation owns interests in several retail businesses, including nearly 50%
of Retail Ventures (the operator of 115 Value City stores, 20 Filene's Basement
stores, and some 125 DSW Shoe Warehouse stores). Schottenstein Stores also owns
Value City Furniture (about 80 superstores in the Midwest and East Coast
states), 26% of casual clothing chain American Eagle Outfitters (750 mall
stores in the US and Canada), and retail liquidator Schottenstein Bernstein
Capital Group, as well as 50 shopping centers. The company launched American
Signature Home stores in 2002 with plans for 25 of the furniture outlets
throughout the Southeast. The company is private with 100% of stock owned by
members of the Schottenstein family. For the fiscal year ended 7/31/03,
Schottenstein Stores Corporation had sales in excess of $3.2 billion and net
income of $47.9 million; as of 7/31/03, the company had stockholders' equity of
$447.5 million including liquidity of $84.4 million. As of 12/31/03, Jubilee
Limited Partnership had a net worth of approximately $9.02 million, with cash
and marketable securities of $16.9 million and $362.72 million in real estate
assets. Jubilee Limited Partnership is a repeat sponsor of a Deutsche Bank
borrower.

THE PROPERTY. Woodyard Crossing Shopping Center is a 483,724 SF community
shopping center (of which 343,099 SF is loan collateral) located at the
northwest corner of Branch Avenue (State Route 5) and Woodyard Road (State
Route 223). The 99.3-acre site is improved with 12 (soon to be 14) retail
buildings constructed between 1966 and 2004. Nine of the 14, including the two
buildings under construction, buildings totaling 343,099 SF are part of the
collateral; the other five buildings (total of 140,625 SF) are tenant-owned
buildings constructed on land ground leased from the borrower (Lowe's, Ruby
Tuesdays, IHOP, Wendy's and Exxon Mobil). The subject is anchored by Wal-Mart,
Safeway Supermarket, Lowe's Home Center, Fashion Bug, a CVS Drugstore, and a
to-be-completed Staples office supply store.

SIGNIFICANT TENANTS. Based on the 7/8/04 rent roll, the subject is 96.1% leased
and 87.4% occupied. Four tenants are projected to take occupancy between
November 2004 and February 2005. Panda Express is expected to take occupancy
and commence paying rent in November 2004; Starbucks and Verizon are scheduled
to take occupancy and commence paying rent in February 2005; and it is
estimated that Staples will take occupancy and begin paying rent January 1,
2005. To mitigate the risk associated with these tenants not yet in occupancy,
the borrower deposited $2 million into an escrow account at the loan closing.
Tenant sales are not available for Wal-Mart or Lowe's Home Center, however,
2003 sales for the following tenants are available: Safeway ($417/SF), CVS
($327/SF), Fashion Bug ($123/SF), Dress Barn ($169/SF), Payless Shoesource
($253/SF), Radio Shack ($482/SF), and Wendy's ($625/SF).

B-36

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COMM 2004-LNB4

- -----------------------------------------------------------------------------------------------------------------------
ANCHOR TENANTS
- -----------------------------------------------------------------------------------------------------------------------
% OF TOTAL LEASE 2003 RENT 2003 SALES OCCUPANCY
TENANTS SF NRSF EXPIRATION RATINGS (S/M/F)(1) PSF PSF COSTS (%)
- -----------------------------------------------------------------------------------------------------------------------

Wal-Mart 134,247 39.1% 10/24/2020 AA / Aa2 / AA $8.23 NAV NAV
- -----------------------------------------------------------------------------------------------------------------------
Safeway 60,106 17.5% 12/31/2019 BBB / Baa2 / BBB $9.50 $417 3.0%
- -----------------------------------------------------------------------------------------------------------------------
Staples(2) 20,000 5.8% 12/31/2019(2) BBB- / Baa2 / BBB NAP NAP NAP
- -----------------------------------------------------------------------------------------------------------------------
CVS 11,486 3.3% 12/31/2007(3) A- / A3 / NR $6.75 $327 3.0%
- -----------------------------------------------------------------------------------------------------------------------
Lowe's(4) 0 0.0% 04/27/2021 A / A2 / A $6.70 NAV NAV
- -----------------------------------------------------------------------------------------------------------------------
TOTAL/WA 225,839 65.7% $8.36 $403
- -----------------------------------------------------------------------------------------------------------------------

1. If Tenant is not a rated entity ratings are of the parent company whether or
not the parent company guarantees the lease.

2. The Staples store is still under construction; Staples is scheduled to take
occupancy and commence paying rent in January 2005 under a 15-year lease.
See "Reserves" section herein.

3. The lease to CVS permits CVS to terminate at any time with 12 months prior
notice.

4. Lowe's Companies, Inc. owns the improvements and leases the parcel from the
borrower. As such, it is not part of the loan collateral.

WAL-MART has nearly 4,800 stores, including discount stores (Wal-Mart),
combination discount and grocery stores (Wal-Mart Supercenters and ASDA in
the U.K.), and membership-only warehouse stores (Sam's Club). Most of its
stores are in the U.S., however, Wal-Mart is expanding internationally and
is now the largest retailer in Canada and Mexico. Wal-Mart also has
operations in South America, Asia, and Europe. As of 1/31/04, Wal-Mart had
total assets of $104.9 billion and, for the 12 months then ended, reported
sales of $256.3 billion. Wal-Mart signed a 20-year lease at the subject
(expiration of 10/24/2020); the lease has six 5-year renewal options.

LOWE'S COMPANIES, INC. (not part of the collateral) constructed its own
store (118,000 SF) on land ground leased from the borrower. Lowe's is the
second largest home improvement chain in the U.S. (after Home Depot) with
more than 930 superstores in more than 45 states. The company's stores sell
40,000 products including plumbing, electrical, and building supplies,
hardware, home decor and garden products, major appliances, lumber, tools,
paint, and consumer electronics. As of 1/30/04, Lowe's reported total
assets of $19.0 billion, shareholders' equity of $10.3 billion, and for the
12 months then ended, total sales of $30.8 billion. Lowe's 20-year ground
lease expires on 4/27/2021, and in addition, has eight 5-year renewal
options.

SAFEWAY is one of North America's largest food retailers with approximately
1,800 stores located mostly in the western, mid-western and mid-Atlantic
regions of the U.S. as well as western Canada. Safeway also operates
regional supermarket companies including The Vons Companies (primarily in
Southern California), Dominick's Finer Foods (Chicago), Carr-Gottstein
Foods (Alaska), Genuardi's Family Markets (eastern U.S.) and Randall's Food
Markets (Texas). Outside of the U.S., Safeway owns 49% of Casa Ley, which
operates approximately 100 food and variety stores in western Mexico. As of
12/31/03, Safeway reported total assets of $15.1 billion, shareholders'
equity of $3.6 billion, and for the 12 months then ended, sales of $35.5
billion. Safeway's 25-year lease (expiring 12/2019) has eight 5-year
renewal options.

STAPLES is the second largest office supply superstore company in the U.S.
(behind Office Depot), sells office products, furniture, computers, and
printing and photocopying services at more than 1,500 Staples and Staples
Express stores in the U.S., Canada, Germany, the U.K., Netherlands, and
Portugal. As of 1/31/04, Staples reported total assets of $6.5 billion,
shareholders' equity of $3.6 billion, and, for the 12 months then ended,
sales of $13.1 billion. Staples is scheduled to take occupancy and commence
paying rent in January 2005 under a 15-year lease expiring on 12/31/2019.

CVS operates more drugstores than any other drugstore chain. It operates
nearly 4,100 stores primarily in the eastern U.S. and has total sales
roughly equivalent to its rival Walgreen's. Prescription sales account for
nearly 70% of its revenues. Subsidiary PharmaCare Management Services
offers managed-care drug programs. CVS went online when it bought Soma.com
(renamed CVS.com). CVS ProCare stores serve patients with long-term
conditions requiring complex drug therapies. CVS is the survivor of
Melville, once a diversified retailer that discontinued its other
operations in the mid-1990s and took the name of its top performer. As of
1/3/03, CVS reported total assets of $10.5 billion,

B-37

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

shareholders' equity of $6.0 billion, and for the 12 months then ended,
sales of $26.5 billion. CVS has been in occupancy at the subject property
since 1966; its lease expires on 12/31/2007, has one 5-year renewal option,
and is cancelable anytime with 12 months written notice.

THE MARKET. Prince George's County is one of 25 counties within the Washington
D.C. MSA. It encompasses nearly 500 square miles, more than 801,500 residents
(2000 Census), and wraps around the northeastern, eastern, and southeastern
borders of Washington D.C. Prince George's County is a community of diverse
neighborhoods with 27 unique municipalities ranging in population from less
than 100 to as many as 50,000 people. Proximity to Washington, D.C. has been a
considerable benefit in attracting important federal facilities to Prince
George's County. Nearly a dozen federal agencies, many with research-focused
activities, are located in the northern and southern part of the county.
According to CB Richard Ellis as of the first quarter 2004, the Suburban
Maryland Retail Market contained 29.09 million SF of neighborhood and community
shopping center space which had an overall vacancy rate of 5.7%.

Woodyard Crossing Shopping Center is located within the southwestern section of
the county which includes the areas of Oxon Hill, Temple Hills, Camp Springs,
Fort Washington and Clinton. This area consists of a mixture of commercial and
residential development. The immediate area surrounding the subject is an older
area of development consisting primarily of residential uses; much of the
development occurred during the 1960's. Within a five-mile radius of the
subject, the 2003 average household income was $75,432. The population of
122,246 represented a 15.2% increase over the 1990 population.

The subject property is specifically located within the Southern Prince
George's County Retail sub-market. As of the first quarter 2004, this
sub-market included 7.49 million square feet of space in neighborhood and
community shopping centers and had an overall average vacancy rate of 5.7%. CB
Richard Ellis reviewed rental rates within the subject's market area. The
subject's rents appear to be at or below market levels: Market rental rates for
anchor space range from $9.00 SF to $22.50 SF; the subject's anchor tenants pay
rents ranging from $6.75/SF to $15.13/SF. Market rental rates for in-line space
ranges from $20.00/SF to $40.00/SF; tenants of the subject's in-line space pay
rents ranging from $10.50/SF to $35.00/SF and averaging $20.07/SF.

CASH MANAGEMENT. The loan has been structured with a soft lockbox. Upon a
monetary default under the loan documents, the tenants will be required to send
rents directly to a lender controlled lockbox account and a cash flow sweep
will be instituted.

PROPERTY MANAGEMENT. The subject property is managed by Schottenstein
Management Company ("SMC"), an affiliate of the sponsor. SMC's services include
property management, leasing, maintenance, surplus property disposition, site
analysis and construction/renovation. SMC has a successful track record of new
development and of acquiring and `turning around' distressed properties. SMC's
real estate holdings include over 16 million square feet of retail, office and
industrial space located in 17 states.

RESERVES. At the closing of the loan, $2,000,000 was deposited into the Earnout
Reserve escrow account. Funds held in escrow will be released to the borrower,
subject to the following conditions: (i) $150,000 will be released to borrower
once Staples has taken occupancy, is open for business and is paying rent and
(ii) the remaining $1,850,000 will be released to the borrower in minimum
increments of $300,000 (other than the final release) subject to among other
things, other new tenant(s) taking occupancy, being open for business and
paying rent under their respective lease agreement.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. In connection with the
borrower's 1999 acquisition of the subject property, the seller of the property
required, to avoid adverse tax consequences, that a debt /deed of trust lien of
$3.1 million remain on the property for 10 years. The borrower delivered a $3.1
million note in favor of Jubilee Limited Partnership (the sponsor and
co-managing member of the borrower) and at loan closing, the $3.1 million deed
of trust was subordinated to the subject loan. Jubilee Limited Partnership, the
holder of the $3.1 million note, agreed it would not accelerate or foreclose on
the subordinate lien without lender's consent. The subordinate $3.1 million
note and deed of trust were assigned to the lender as collateral for the
subject loan.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

B-38

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[WOODYARD CROSSING SHOPPING CENTER MAP OMITTED]

B-39

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $39,889,008
DSCR: 1.32x
METRO I BUILDING LTV: 73.87%
- --------------------------------------------------------------------------------

[METRO I BUILDING PICTURES OMITTED]

B-40

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: GACC

LOAN PURPOSE: Refinance

ORIGINAL BALANCE: $40,000,000

CUT-OFF BALANCE: $39,889,008

% BY INITIAL UPB: 3.26%

INTEREST RATE: 5.8300%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: September 1, 2004

MATURITY DATE: August 1, 2014

AMORTIZATION: Amortization on a 30-year schedule

CALL PROTECTION: Lockout for 24 months from the securitization closing
date, then defeasance is permitted. After April 1, 2014,
prepayment permitted without penalty on any payment
date.

SPONSOR: Herschel Blumberg; Prince George's Metro Center, Inc.

BORROWERS: Prince George's Center I, Inc.

PARI PASSU DEBT: None

SUBORDINATE DEBT: None

LOCKBOX: Soft at Closing/Springing Hard

INITIAL RESERVES: Insurance: $14,922
TI/LC $1,500,000

MONTHLY RESERVES: Taxes: $14,552
Insurance: $1,658
Replacement: $ 5,171
TI/LC(1): $28,701

- --------------------------------------------------------------------------------

1. The initial TI/LC reserve is fully funded. Monthly deposits will be required
if: (i) the cap on the amount held in the TI/LC reserve is removed in
accordance with the loan documents or (ii) the Borrower draws on the TI/LC
reserve.

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / SQ. FT.: $128.56

BALLOON BALANCE / SQ. FT.: $108.77

LTV: 73.87%

BALLOON LTV: 62.50%

DSCR: 1.32x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: Office

COLLATERAL: Fee simple interest in a 8 story
office building

LOCATION: Hyattsville, MD

YEAR BUILT / RENOVATED: 1961 / 1996

COLLATERAL SF: 310,282 sq. ft.

PROPERTY MANAGEMENT: QDC Property Management, Inc.

OCCUPANCY (AS OF 7/1/04): 97.7%

UNDERWRITTEN NET CASH FLOW: $3,725,863

APPRAISED VALUE: $54,000,000

APPRAISAL DATE: May 12, 2004

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------
MAJOR TENANT
- --------------------------------------------------------------------------------------------------------
TENANT NRSF % NRSF RENT PSF LEASE EXPIRATION
- --------------------------------------------------------------------------------------------------------

Federal Emergency Management Agency(2) 128,660 41.47% $20.53 11/30/06(3)
- --------------------------------------------------------------------------------------------------------
The State of Maryland's Department of Human
Resources and Social Services 51,224 16.51% $17.95 06/04/08(4)
- --------------------------------------------------------------------------------------------------------
University of Maryland University College 49,960 16.10% $17.83 12/31/05(5)
- --------------------------------------------------------------------------------------------------------
TOTAL/WA 229,844 74.08% $19.37
- --------------------------------------------------------------------------------------------------------

2. If the government fails to occupy any portion of the premises, the lease
provides for a proportionate reduction in rent due.

3. 97,510 NRSF expire in November 2006; 31,150 NRSF expire in December 2007.

4. Tenant has termination rights if funds are not appropriated, upon notice to
the borrower effective at the beginning of the fiscal year such funds are
not appropriated.

5. 18,080 NRSF expires in December 2005; 31,880 NRSF expires in December 2008.
In addition, tenant has termination rights in the event funds are not
appropriated or otherwise made available, effective at the beginning of the
fiscal year such funds are not appropriated. In the event the tenant
terminates the lease, the master lease between the borrower and Prince
George's Metro Center, Inc. will be operative and rent payments will be made
pursuant to this master lease.

B-41

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE METRO I BUILDING LOAN

THE LOAN. The Metro I Buidling Loan is secured by a first mortgage on the
borrower's fee simple interest in a 310,282 SF, Class-A office building located
in the central business district of Hyattsville, MD. The subject $40 million
loan amortizes based on a 30-yr schedule. Based on the appraised value of $54
million the borrower has implied equity of $14 million (25.9%) in the subject
property.

THE BORROWER. The borrower is a single-purpose bankruptcy-remote entity
sponsored by Prince George's Metro Center, Inc. The Borrower is owned by UTC,
Inc., a Delaware Corporation which is owned by Hershel and Goldene Blumberg
(husband/wife). Herschel W. Blumberg is the president and sole owner of Prince
George's Metro Center, Inc., the developer of University Town Center. Since
1948, Mr. Blumberg has been involved in the design, construction and management
of a large number of varied real estate ventures. In 1961, Mr. Blumberg
developed the Metro I Building, the first of a four-building 1.29 million SF
office development known as the University Town Center. In addition to the
University Town Center Development, Mr. Blumberg has participated in the
acquisition, engineering, zoning, development and sale of over 10,000 single
family detached and attached lots, as well as apartments and condo conversions.

THE PROPERTY. The Metro I Building is an 8-story, 310,282 SF, Class "A" office
building located in Hyattsville (Prince George's County) Maryland,
approximately 10 miles northeast of downtown Washington, D.C. The building is
situated on a 1.7-acre site within an expanding mixed-use development known as
University Town Center. At present, University Town Center consists of the
subject property, three other office buildings and a 1,455 space parking garage
(1.29 million SF total). Future development plans for the Town Center Complex
include a 244-unit student housing building (housing for 910 University of
Maryland students) and an additional 1,170-space parking garage (to be
completed by July 2006, and May 2005, respectively), a 16-screen movie theater
(scheduled to commence construction in early 2005) and 250,000 square feet of
retail space. Metro I Building was developed by the owners of the borrower in
1961. The subject property has been well-maintained and upgraded over the
years. Between 1996 and 2003, the subject property was renovated at a cost of
approximately $13.5 million ($7.23 million in base building improvements, and
$6.25 million in tenant improvements). The building has large floor plates that
can accommodate both large and small space users and it is of particular appeal
to government-related tenants looking for large blocks of space with convenient
access to public transportation.

SIGNIFICANT TENANTS. Metro I Building is currently leased to and occupied by
eight tenants. In addition, AT&T leases rooftop space for antenna placement.
Tenants of the subject are the Federal Emergency Management Agency ("FEMA")
(128,660 SF; 41.5% of NRA; 41.8% of GPR), The State of Maryland-Department of
Human Resources (51,224 SF; 16.5% of NRA; 14.5% of GPR), University of Maryland
University College ("UMUC") (49,960 SF; 16.1% of NRA; 14.1% of GPR), Prince
George's Community College (31,150 SF; 10.0% of NRA; 10.3% of GPR), Access
Worldwide (24,525 SF; 7.9% of NRA; 10.0% of GPR), Defense Intelligence Agency
("DIA"; 4.4% of NRA; 5.2% of GPR), Deli Corner (2,205 SF; 0.7% of NRA; 0.5% of
GPR), and Mark Sugar, D.P.M. (1,509 SF; 0.5% of NRA; 0.6% of GPR). The General
Services Administration ("GSA") executed the leases for FEMA and the Defense
Intelligence Agency. Approximately 62.4% of the subject's NRA is tenanted by
Federal or State agencies with another 26.1% occupied by the University of
Maryland and Prince George's Community College. In addition, the tenants have a
weighted average lease term of nine years. Provided below is a brief profile of
the three largest tenants:

FEDERAL EMERGENCY MANAGEMENT AGENCY ("FEMA") occupies two different spaces
at the subject. The larger space consists of approximately 97,510 square
feet and houses one of FEMA's National Processing Service Centers. These
centers process applications for disaster relief, determine eligibility,
schedule inspections, and manage the associated records. FEMA has only two
other processing service centers, one located in Mt. Weather, Virginia, and
one in Denton, Texas. The use of the remainder of FEMA's space, 31,150 SF,
is classified. Overall, FEMA has more than 2,600 full-time employees.
FEMA's 10-year lease for the larger space expires in November 2006; the
small space was leased for a 5-year term expiring in December 2007.

THE STATE OF MARYLAND'S DEPARTMENT OF HUMAN RESOURCES AND SOCIAL SERVICES
occupies approximately 51,224 SF (16.5% of NRA; 14.5% of GPR) under a
10-year lease that expires in June 2008. Some of the departments and
services

B-42

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

conducted from offices at the subject include the food stamp office and a
child abuse report hotline. A representative of the Department of Human
Services indicated that the State is satisfied with its space and cited the
benefits of being adjacent to the College Park Metro rail station.

UNIVERSITY OF MARYLAND UNIVERSITY COLLEGE ("UMUC") leases a total of
approximately 49,960 SF (16.1% of NRA; 14.1% of GPR). One 5-year lease
covers 18,080 SF and expires in December 2005; a second 5-year lease for
the remaining 31,880 SF expires in 2009. UMUC specializes in providing
access to public higher education for Maryland's adult learners through
traditional and innovative instruction and delivery of graduate and
undergraduate degree programs, non-credit professional development
programs, and conference services. The total number of students enrolled in
UMUC's stateside programs has grown by 83% in the last five years - from
14,142 in Fall 1998 to 25,857 in Fall 2003. UMUC has become the second
largest university in Maryland. The Maryland Higher Education Commission
projects that UMUC's enrollment will grow by another 120% by 2010. The
University's main campus is located approximately two miles from the
subject, but has insufficient housing and office space, requiring
alternative locations. There are currently no plans to build housing or
office space on campus that would compete with the facilities at University
Town Center.

THE MARKET. Prince George's County is one of twenty-five counties within the
Washington D.C. MSA, encompassing nearly 500 square miles, more than 801,500
residents (2000 Census), and wraps around the northeastern, eastern, and
southeastern borders of Washington, D.C. Prince George's County is a community
of diverse neighborhoods with 27 unique municipalities ranging in population
from less than 100 to as many as 50,000 people. Proximity to Washington, D.C.
has been a considerable benefit in attracting important federal facilities to
Prince George's County. Nearly a dozen federal agencies, many with
research-focused activities, are located in the northern part of the county.
According to CB Richard Ellis, as of year-end 2003 the Metropolitan Washington
D.C. Area office market consisted of 340.7 million square feet of competitive
multi-tenanted office space, and had an overall direct vacancy rate of 9.9%
(10.9% including sub-lease space).

The Suburban Maryland market is divided into 20 sub-markets including the
College Park sub-market in which the subject property is located. The subject
property is within two miles of I-495 (the Capital Beltway) and across the
street from the Prince George's Plaza metrorail station. Tenants at the subject
have a variety of retail stores, restaurants and entertainment options within
walking distance. The retail development will include a 16-screen multiplex
theater and 250,000 SF of retail space (anticipated completion 2006-2007).

Within the College Park sub-market, there are only six Class "A" office
buildings (totaling 1.6 million square feet) in addition to the subject
property. According to CB Richard Ellis, five of the six buildings were 100%
occupied as of May 2004. Excluding one of the spaces currently under
renovation, the subject property's competitive set within the College Park
sub-market has an average occupancy rate of 96.9%. The appraiser estimated that
market rent for office space at the subject on a full service/gross basis to be
$24.00/SF.

CASH MANAGEMENT. The loan is structured with a soft lockbox. Upon the
occurrence of an event of default under the loan documents, the tenants will be
required to deliver rents directly to a lockbox account and a cash flow sweep
will be instituted by lender.

PROPERTY MANAGEMENT. The Metro I Building is managed by QDC Property
Management, Inc., an independent third party management company based in the
Washington, D.C. area. Founded in 1971, Quadrangle Development Corp. is one of
Washington's largest full-service commercial real estate developers, owners and
managers.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

B-43

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[METRO I BUILDING MAP OMITTED]

B-44

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THIS PAGE INTENTIONALLY LEFT BLANK

B-45

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $34,000,000
DSCR: 1.84x
280 TRUMBULL STREET LTV: 51.59%
- --------------------------------------------------------------------------------

[280 TRUMBULL STREET PICTURES OMITTED]

B-46

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: GACC

LOAN PURPOSE: Acquisition

ORIGINAL BALANCE: $34,000,000

CUT-OFF BALANCE: $34,000,000

SHADOW RATINGS: BBB/Baa2 (S/M)

% BY INITIAL UPB: 2.78%

INTEREST RATE: 5.5600%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: September 1, 2004

MATURITY DATE: August 1, 2014

AMORTIZATION: Interest only through and including the payment date
occurring on August 1, 2006, and thereafter monthly
amortization on a 30-year schedule.

CALL PROTECTION: Lockout for 24 months from the securitization
closing date, then defeasance is permitted. On or
after May 1, 2014, prepayment permitted without
penalty on any payment date.

SPONSOR: Fanny Grunberg, Michael Grunberg

BORROWERS: FGA 280 Trumbull, LLC and Grunberg
280 Trumbull, LLC

ADDITIONAL FINANCING: None

LOCKBOX: None

INITIAL RESERVES: Taxes: $369,351
Insurance: $ 28,443
Rollover(1): $933,540

MONTHLY RESERVES: Taxes: $184,676
Insurance: $ 14,221

- --------------------------------------------------------------------------------

1. Rollover reserve for tenant Robinson & Cole.

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / SQ. FT.: $51.17

BALLOON BALANCE / SQ. FT.: $44.89

LTV: 51.59%

BALLOON LTV: 45.26%

DSCR: 1.84x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: Office

COLLATERAL: Fee interest in a 28 story office building

LOCATION: Hartford, CT

YEAR BUILT / RENOVATED: 1984 / 1999

COLLATERAL SF: 664,479 sq. ft.

PROPERTY MANAGEMENT: Grunberg Management, LLC
(Borrower affiliate)

OCCUPANCY (AS OF 7/22/04): 95.2%

UNDERWRITTEN NET CASH FLOW: $4,294,128

APPRAISED VALUE: $65,900,000

APPRAISAL DATE: June 18, 2004

- --------------------------------------------------------------------------------

B-47

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE 280 TRUMBULL STREET LOAN

THE LOAN. The 280 Trumbull Street Loan is secured by a first mortgage on the
borrower's fee simple interest in a 664,479 SF Class-A office building located
in the central business district of Hartford, Connecticut. The subject $34
million loan (shadow rated BBB/Baa2 by S&P and Moody's respectively) is
interest only for two years and then amortizes based on a 30-yr schedule. Based
on the acquisition cost of $65 million (52% Loan to Cost) the borrower has hard
equity of $31 million (48%) in the subject property.

THE BORROWER. The borrower consists of two special-purpose bankruptcy-remote
entities that own the subject property as tenants-in-common. The borrower
delivered a non-consolidation opinion at loan closing. The loan is sponsored by
Fanny Grunberg and her son Michael Grunberg. The Grunberg family owns a New
York City-based real estate company, Grunberg Realty, established over 40 years
ago. The Grunberg family currently owns six multifamily and three commercial
properties located in New York City and Hartford, Connecticut. As of May 31,
2004, the sponsors reported combined net worth of approximately $71 million and
liquidity of $23 million.

THE PROPERTY. The subject property is situated on a approximately 2.0-acre
site, and contains 664,479 SF of net rentable area on 28 floors, with a
basement level that provides parking and storage space. The subject property,
developed in 1984, has a facade of beige pre-cast concrete panels with bronze
tinted windows. The main two-story atrium lobby is a modern well-lit design
consisting of wood and travertine paneled walls, large storefront windows,
granite tiled floors and a collection of potted plants. A retail bank branch is
located in the lobby and the borrower is interested in leasing additional lobby
space to add a deli and full-service restaurant. Tenant spaces contain standard
commercial grade finishes. The building has 13 passenger elevators, one freight
elevator and two escalators between the lower-level and lobby. The subject
property includes 52 parking spaces in the basement of the building and 20
surface spaces. Additional parking is available in multiple public garages
including a city-owned garage situated directly across Church Street. The
subject property and the garage are connected by a climate-controlled
pedestrian bridge. Six hundred spaces in the city-owned garage are reserved for
tenants of the subject property under a long-term license agreement. No license
fee payment is required of the borrower; tenants using the garage pay parking
fees directly to the garage operator.

SIGNIFICANT TENANTS. The subject property is 95.2% occupied as of July 22, 2004
with 17 tenants, some of which are investment grade by one or more of the
rating agencies. The largest tenant is Prudential Insurance Company of America,
(50.3% of NRSF, under a 10-year lease expiring 12/31/2007). The subject
property's second largest tenant is Robinson & Cole (20.8% of NRSF, primary
lease expiring 12/31/2016), a major corporate law firm with over 200 lawyers in
eight offices nationally. Other tenants include First International (financial
subsidiary of United Parcel Post; parent company rated AAA/Aaa by S&P/Moody's),
Hudson United Bank (retail branch; rated BBB-/BBB by S&P/Fitch), multiple law
firms, several financial/ insurance advisors, a federal agency, and an
educational institute.

- ---------------------------------------------------------------------------------------------------------------------------
MAJOR TENANT
- ---------------------------------------------------------------------------------------------------------------------------
TENANT NRSF % NRSF RENT PSF LEASE EXPIRATION RATINGS (S/M/F)(1)
- ---------------------------------------------------------------------------------------------------------------------------

Prudential Insurance Company of America 333,924 50.3% $15.01 12/31/2007 A- / A3 / A
- ---------------------------------------------------------------------------------------------------------------------------
Robinson & Cole 138,110 20.8% $18.16 12/31/2016(2) - / - / -
- ---------------------------------------------------------------------------------------------------------------------------
First International 50,287 7.6% $20.00 12/31/2006 AAA / Aaa / -
- ---------------------------------------------------------------------------------------------------------------------------
Chase 25,170 3.8% $11.92 3/31/2005 A+ / Aa3 / A+
- ---------------------------------------------------------------------------------------------------------------------------
O'Connel, Flaherty & Attmore 23,285 3.5% $22.07 11/30/2008 - / - / -
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL/WA 570,776 85.9% $16.36
- ---------------------------------------------------------------------------------------------------------------------------

1. Credit ratings are of the parent company, whether or not the parent company
guarantees the lease.

2. Robinson & Cole has 99,778 SF expiring 12/31/2016 with rent of $22.40 PSF,
17,829 SF expiring 12/31/2016 with rent of $15.50, 14,720 SF expiring
1/31/2005 with rent of $17.50 and 5,792 SF expiring 12/31/2016 with rent of
$18.00 PSF.

B-48

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

PRUDENTIAL INSURANCE COMPANY OF AMERICA occupies approximately 333,922 SF
(50.25% of NRSF) under a 10-year lease that expires in December 2007. The
company is one of the largest life insurance companies in the U.S. and is a
division of Prudential Financial, Inc. (NYSE: PRU). Prudential Financial,
Inc. provides financial services throughout the United States and several
locations worldwide. The company offers a variety of products and services,
including life insurance, mutual funds, annuities, pension and retirement
related services and administration, asset management, securities
brokerage, real estate brokerage, and relocation services. Prudential has
two 5-year renewal options at 95% of the then fair market rent, requiring
12-months prior written notice of tenant's intent to renew. In the event
Prudential does not exercise its renewal option on or before December 31,
2006 for a minimum of nine of the thirteen floors that it currently
occupies (i) the borrower will provide the lender with a letter of credit
in the amount of $1,000,000 or (ii) a cash flow sweep will be triggered and
excess cash flow, up to $1,000,000 will be deposited in the TI/LC reserve
account. The cash sweep provision applies to the expiration of Prudential's
current lease term as well as the expiration of any subsequent lease
extension. The majority of the Prudential space is occupied by a
retirement/investment subsidiary in occupancy since 1997. The subsidiary,
which Prudential acquired from Cigna Corporation in 1st Quarter 2004, is
headquartered at the subject property. The acquisition doubled Prudential's
retirement assets under management. Prudential recently posted two large
company signs on two walls at the top of the building, announcing the
company's presence in Hartford. Approximately 102,000 SF of Prudential's
total space has been subleased to and is occupied by Cigna Corporation
(rated BBB by S&P). Prudential has an early termination option, effective
June 2005, for 29,793 SF (less than 5% of NRSF), consisting of space on the
20th floor and ground floor. The borrower has been exploring plans to
convert the ground floor portion to retail/restaurant use. To exercise this
option, Prudential is required to provide 8-months early termination notice
and pay a termination fee equal to unamortized TI/LC costs. The early
termination fee shall be assigned to the lender.

ROBINSON & COLE occupies 138,110 SF (20.8% of NRSF) and is headquartered at
the subject property. Founded in 1845, Robinson & Cole is a leading New
England law firm that employs over 200 lawyers in eight offices in
Connecticut, Massachusetts, New York City and Sarasota, Florida. The firm's
areas of practice include antitrust and trade regulation, tax planning and
representation, business litigation, bankruptcy, finance, health law,
immigration, labor relations, construction and land use, real estate
finance and development, and mergers and acquisitions. Robinson & Cole
occupies the top five floors of the subject property (floors 25-29) in
addition to several spaces on lower floors. In occupancy since 1988, the
law firm extended its primary lease in 2002 for 15 years (99,778 SF
expiring in 12/2016, more than two years beyond the loan term). The
remaining space has the following partial early termination options: (i)
12,900 SF on 1/1/2007, (ii) 13,500 SF on 1/1/2012 and (iii) 25,500 SF
effective 1/1/2012. The exercise of options (i) and (ii) require 12 months
notice and payment of a termination fee equal to 6-months rent; the
exercise of option (iii) requires 9 months notice and a fee equal to 9
months of rent. Any early termination fee is required to be assigned to
lender. The tenant recently invested $3 million in tenant improvement
upgrades ($130/SF) and is planning to invest an additional $1 million
($40/SF) to upgrade another of its floors.

THE MARKET. The subject property is well located in Hartford's central business
district ("CBD") at the intersection of two major downtown thoroughfares, near
the State Capitol and other governmental office buildings, cultural centers,
retail/ restaurant amenities and other CBD office towers. The Hartford Civic
Center, Connecticut's largest sports arena, is situated directly adjacent to
the subject. The subject is situated across the street from the Civic Center
redevelopment, a major $160 million mixed-use project. Upon completion, the
development will offer 53,000 SF of entertainment/retail/restaurant space
together with 262 luxury rental units contained in what will be New England's
tallest residential high-rise building (36 stories). Also adjacent to the
subject is a 400-room Hilton Hotel currently undergoing a $22 million
renovation. Interstates 84 and 91 are accessible within blocks, providing quick
links between the CBD and other destination points both within and outside of
the Hartford metro area.

B-49

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

The Hartford Capitol Region consists of the City of Hartford and 28 towns
surrounding the city center. The 2003 Hartford MSA population was estimated at
1.21 million residents, up 5% over 1995, with the growth concentrated in the
MSA's many exclusive suburban communities. Hartford has enjoyed an historic
concentration of insurance companies headquartered in the city center. Hartford
also benefits from its position as the State Capitol. With several major
hospital complexes, the health care industry is another key economic driver, as
is the defense industry. The four largest employment sectors are services
(26%), government (17%), trade (14.5%) and financial activities (12%). In
addition to the state government, major employers include United Technologies,
Hartford Financial, Aetna, Prudential, Hartford and St. Francis Hospitals and
ING. As of May 2004, the MSA unemployment rate stood at 5.2%, slightly below
the national rate of 5.6%.

According to the 1st Quarter 2004 CB Richard Ellis Greater Hartford Office
Market report, the Hartford CBD contained a total of 7.1 million SF in 42
office buildings including 5.1 million SF in 13 Class A properties. The
appraiser identified five comparable Class A office buildings considered
directly competitive with the subject property. The buildings ranged in size
from 297,000 SF to 782,000 SF and had average occupancy of 92.2%. This compares
favorably with the total Hartford CBD Class A sector which averaged 85.2%
occupancy. The CBD market occupancy rate has remained stable since 1st Quarter
2003; no new office space is under construction or proposed.

Rental rates at the comparable office buildings ranged from $20.25 to $23.50
PSF and averaged $23.00 PSF. The appraiser determined a market range for the
subject property of $20.00 to $24.00 PSF with an average of $21.00 PSF. As of
the July 22, 2004 rent roll, the subject property's 17 office tenants had
rental rates ranging from $11.92 PSF to $24.00 PSF for an overall average of
$17.33 PSF, approximately 16.5% below market. The Prudential lease, averaging
$15.01 PSF, is 28.5% below market.

CASH MANAGEMENT. Springing, as described above under "--Significant
Tenants--Prudential Insurance Company of America."

PROPERTY MANAGEMENT. The subject property will be managed by Grunberg
Management LLC, an affiliate of the borrower.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Future mezzanine financing is
permitted, subject to the following conditions in the loan documents including:
(i) the pledge securing such mezzanine loan consists only of membership
interests in the borrower, (ii) an aggregate maximum LTV of 70%, (iii) delivery
of an inter-creditor/subordination agreement acceptable to lender and (iv)
rating agency review of mezzanine debt structure and confirmation of no ratings
downgrade of related CMBS securities.

B-50

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[280 TRUMBULL STREET MAP OMITTED]

B-51

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $33,500,000
DSCR: 1.21x
DEER CREEK APARTMENTS LTV: 79.38%
- --------------------------------------------------------------------------------

[DEER CREEK APARTMENTS PICTURES OMITTED]

B-52

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: NCCI

LOAN PURPOSE: Refinance

ORIGINAL PRINCIPAL BALANCE: $33,500,000

CUT-OFF PRINCIPAL BALANCE: $33,500,000

% BY INITIAL UPB: 2.74%

INTEREST RATE: 5.5100%

PAYMENT DATE: 11th of each month

FIRST PAYMENT DATE: October 11, 2004

MATURITY DATE: September 11, 2014

AMORTIZATION: Interest only through and including the payment
date in September, 2007, and thereafter monthly
amortization on a 30 year schedule.

CALL PROTECTION: Lockout for 24 months from securitization date,
then defeasance is permitted. On and after July
11, 2014, prepayment permitted without penalty.

SPONSOR: Douglas M. Price and Kent A. Price

BORROWERS: Deer Creek SPE, LLC

ADDITIONAL FINANCING: None

LOCKBOX: None

INITIAL RESERVES: Tax: $161,077
Insurance: $74,250

MONTHLY RESERVES: Tax: $32,215
Insurance: $6,750

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / UNIT: $82,921

BALLOON BALANCE / UNIT: $73,661

LTV: 79.38%

BALLOON LTV: 70.52%

DSCR: 1.21x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET/PORTFOLIO: Single Asset

PROPERTY TYPE: Multifamily

COLLATERAL: Fee simple interest in a multifamily property
situated on a 34.77-acre site

LOCATION: Overland Park, KS

YEAR BUILT / RENOVATED: 2002 / NAP

TOTAL UNITS: 404

PROPERTY MANAGEMENT: Price Management Company, Inc.
(Borrower affiliate)

OCCUPANCY (8/10/04): 95.8%

UNDERWRITTEN NET CASH FLOW: $2,760,806

APPRAISED VALUE: $42,200,000

APPRAISAL DATE: July 27, 2004

- --------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------
PROPERTY DESCRIPTION
- ---------------------------------------------------------------------------------------------------------------
NUMBER AVERAGE SQUARE AVERAGE RENT COMPARABLE MARKET RENT
UNIT TYPE OF UNITS FEET/UNIT (PER MONTH) RANGE (PER MONTH)
- ---------------------------------------------------------------------------------------------------------------

1 bdrm / 1 bath 72 672 $698 $633 - $819
- ---------------------------------------------------------------------------------------------------------------
1 bdrm / 1 bath 4 802 $790 $670 - $855
- ---------------------------------------------------------------------------------------------------------------
1 bdrm / 1 bath - garage 24 848 $895 $670 - $870
- ---------------------------------------------------------------------------------------------------------------
1 bdrm / 1 bath - garage 60 876 $902 $670 - $870
- ---------------------------------------------------------------------------------------------------------------
1 bdrm / 1 bath - study & garage 72 998 $955 $807 - $1,125
- ---------------------------------------------------------------------------------------------------------------
2 bdrm / 2 bath 76 1,010 $935 $809 - $995
- ---------------------------------------------------------------------------------------------------------------
2 bdrm / 2 bath - garage 48 1,228 $1,163 $809 - $1,315
- ---------------------------------------------------------------------------------------------------------------
2 bdrm / 2 bath - garage 28 1,348 $1,278 $809 - $1,315
- ---------------------------------------------------------------------------------------------------------------
3 bdrm / 2 bath - garage 20 1,393 $1,290 $1,010 - $1,650
- ---------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVG. 404 984 $956 $757 - $1,052(1)
- ---------------------------------------------------------------------------------------------------------------

1. Calculated based on a straight average of the comparable market rent ranges
on a weighted average for the subject number of units.

B-53

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE DEER CREEK APARTMENTS LOAN

THE LOAN. The Deer Creek Apartments Loan is secured by a first mortgage on a
Class A, 404-unit multifamily property situated on a 34.77-acre site in
Overland Park, Johnson County, Kansas. The loan is structured with a ten-year
term, with the first three years interest only, followed by a 30-year
amortization schedule. The loan amount represents 79.38% of the MAI appraised
value of $42,200,000.

THE BORROWER. The borrowing entity, Deer Creek SPE LLC, is a single-purpose,
bankruptcy-remote entity with an independent director. A non-consolidation
opinion was also obtained in connection with the loan closing. The borrowing
entity's sole member is Deer Creek Apartments, LLC. Doug Price and Kent Price
are the sponsors of the borrower. They have over 25 years of real estate
experience and are co-chairmen of Price Brothers Realty, a real estate company
involved in the development, acquisition and management of multifamily,
single-family, condominium and retail properties. The company has a current
portfolio consisting of 7,449 units among 30 multifamily complexes.

THE PROPERTY. The subject property includes 404 multifamily units among 37
two-story buildings, as well as a 7,504 square foot one-story clubhouse
building including a business center, fitness center with shower/changing
facilities, party room with kitchen accommodations, and leasing office. In
addition to those amenities found in the clubhouse building, the subject offers
an outdoor swimming pool, gated controlled access, security intercom access
system for each building, and garage parking for 276 vehicles, with an
additional 681 surface parking spaces, for a total of 957 spaces. The subject
property's unit mix is comprised of 160 one-bedroom/one-bath units, 72
one-bedroom/one-bath units with den, 152 two-bedroom/two-bath units, and 20
three-bedroom/two-bath units. Each unit is equipped with an amenity package
that includes a patio or balcony, washer & dryer, refrigerator, dishwasher,
microwave, central air, and electric range with self-cleaning oven. As of
August 10, 2004, the subject property was 95.8% occupied.

THE MARKET.(1) The subject property is located in Johnson County within the
Kansas City MSA, which ranks 31st in the nation in population, with a 2003
estimated population of 1,843,550. There are approximately 40,000 firms located
in the metropolitan area representing a wide diversification of job categories.
Kansas City is the home of several well-known companies including Sprint
Corporation, Ford Motor Company, Hallmark Cards, Inc., and DST Systems. As of
May 2004, the unemployment rate for the Kansas City MSA was reported at
approximately 5.60%, which is slightly lower than the nation's unemployment
rate of 5.65%. Within the Kansas City MSA there has been significant growth in
the residential market over the last several years. Single-family residential
units account for most of the new housing constructed in the past three years.
Out of 191 metropolitan areas surveyed by the National Association of Home
Buildings, Kansas City ranks thirteenth in housing affordability as of fourth
quarter 2004. The median sale price for a single family home in the Kansas City
MSA was $125,000 as of the first quarter of 2004.

The subject property is located within a growing and affluent neighborhood with
an average household income of approximately $225,841 within a one-mile radius.
The subject is also located in an area of substantial growth within the fastest
growing county in the Kansas City Metropolitan Statistical Area ("MSA").
Additionally, the subject property's location is within close proximity (less
than two miles) to the intersections of 119th and 135th Streets with Metcalf
Avenue, which are among the most desirable intersections within the Kansas City
MSA. Within the immediate area of the subject property, there are several
office parks, new retail development, and single-family housing, along with
other multi-family properties.

The subject property is located within the Overland Park South submarket, which
is estimated by the appraiser to have an occupancy rate of 91.9% as of the 2nd
Quarter of 2004. In order to estimate an accurate submarket occupancy for the
subject property, the appraiser's vacancy rate was considered along with
surveying the current vacancy rate among the rental comparables. Vacancy at
comparable properties ranged for 2% to 8%, with an average of 4.7%. Placing
more emphasis on the comparable property survey, as their vacancy rates are
more current, the properties are all similar to the subject property, and the
market area surveyed is narrower, the appraiser concluded a stabilized market
vacancy rate of 5% to be appropriate for the subject property's submarket.

(1) Market information was obtained from the Deer Creek Apartments appraisal
dated 07/27/2004. The appraisal relies upon many assumptions, and no
representation is made as to the accuracy of the assumptions underlying the
appraisal.

B-54

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

PROPERTY MANAGEMENT. Price Management Company, Inc., an affiliate of the
borrower, manages the subject property. Price Management Company is a
subsidiary of Price Brothers Realty, and handles the management of all
multifamily projects held within the company's portfolio. Price Management
Company currently has 7,449 multifamily units among 30 multifamily complexes
under management, all of which are owned by Price Brothers Realty.

CASH MANAGEMENT. None.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

B-55

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[DEER CREEK APARTMENTS MAP OMITTED]

B-56

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

[THIS PAGE INTENTIONALLY LEFT BLANK]

B-57

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $33,000,000
DSCR: 2.47x
GMAC BUILDING LTV: 55.00%
- --------------------------------------------------------------------------------

[GMAC BUILDING PICTURES OMITTED]

B-58

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: LaSalle Bank National
Association

LOAN PURPOSE: Acquisition

SHADOW RATING:
(S&P/MOODY'S/DBRS) NAP

ORIGINAL TMA BALANCE: $33,000,000

CUT-OFF TMA BALANCE: $33,000,000

% BY INITIAL UPB: 2.70%

INTEREST RATE: 4.6100%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: November 1, 2004

MATURITY DATE: October 1, 2009

AMORTIZATION: Interest only for the entire term

CALL PROTECTION: Lockout until 24 months from the origination date,
then prepayment is permitted subject to a prepayment
premium equal to the greater of 1% or yield
maintenance.

SPONSOR: Inland Western Retail Real Estate Trust, Inc.

BORROWER: Inland Western Winston-Salem 5th Street, L.L.C.

ADDITIONAL FINANCING: None

LOCKBOX: None

INITIAL RESERVES: None

MONTHLY RESERVES: None(1)

- --------------------------------------------------------------------------------

1. None required at closing. Upon the occurrence of an event of default,
monthly reserves will be required.

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / SQ. FT.: $62.03

BALLOON BALANCE / SQ. FT.: $62.03

LTV: 55.00%

BALLOON LTV: 55.00%

DSCR: 2.47x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: CBD Office

COLLATERAL: Fee simple interest in a 4 building
office complex

LOCATION: Winston-Salem, NC.

YEARS BUILT: 1951

YEARS RENOVATED: 1992

COLLATERAL SF: 532,012 sq. ft.

PROPERTY MANAGEMENT: Inland Northwest Management Corp.
(Borrower affiliate)

OCCUPANCY (AS OF 10/1/2004): 100.0%

UNDERWRITTEN NET CASH FLOW: $3,763,314

APPRAISED VALUE: $60,000,000

APPRAISAL DATE: August 27, 2004

- --------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------
% OF NET LEASE
SIGNIFICANT TENANTS SF TOTAL NRA RENT PSF EXPIRATION RATINGS (S/M)
- ---------------------------------------------------------------------------------------------------------

GMAC Insurance Mangement Corp. 532,012 100.0% $9.71 9/30/2014 NA/NA
- ---------------------------------------------------------------------------------------------------------
TOTAL OCCUPIED SPACE/WA 532,012 100.0% $9.71
- ---------------------------------------------------------------------------------------------------------
TOTAL RENTABLE SPACE 532,012
- ---------------------------------------------------------------------------------------------------------

B-59

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE GMAC BUILDING LOAN

THE LOAN. The GMAC Building Loan is an interest only loan secured by a first
mortgage on a 532,012 SF that serves as the corporate headquarters for GMAC
Insurance Management Corp. The complex was acquired by the borrower for
$60,000,000 resulting in a loan to cost ratio of 55.0% and cash equity of
approximately $27.0 million (45%).

THE BORROWERS. The borrower, Inland Western Winston-Salem 5th Street, L.L.C.,
is structured as a single-purpose, bankruptcy-remote entity, with an
independent director, for which a non-consolidation opinion was obtained. The
sponsor of the borrower, Inland Western Retail Real Estate Trust, Inc. was
formed in March of 2003, as a Maryland corporation created to acquire and
manage a diversified portfolio of real estate, primarily west of the
Mississippi River. It is structured as a traditional REIT with no operating
partnership. It is a public company registered with the SEC and sells shares
privately to individuals through a private broker dealer network. The common
stock is not traded on any stock exchange and therefore, the stock price is not
determined daily. The company started raising equity capital in September 2003,
and as of March 31, 2004, had raised more than $240 million.

The REIT's strategy is to acquire high-quality, well-located, properties with
minimal lease rollover. As of March 31, 2004 the Company had $1.174 billion in
assets (at cost). Given Inland's track record and the success of the West REIT
offering, the REIT is expected to grow to over $2 billion in total assets
during 2004.

THE PROPERTY. GMAC Building is a multi-building corporate headquarters property
100% master-leased by GMAC Insurance Management Corp. The primary structure is
an 18-story office building containing 349,438 SF (North Office Tower) built in
1980 and an attached 6-story office building containing 135,800 SF (South
Office Tower) that was built in 1951. The property also includes a 5-level,
735-space parking deck with an attached two-story office building containing
30,498 SF that was constructed in 1992. The two-story office building is
partially subleased to the Winston-Salem Chamber of Commerce and is referred to
as the "Chamber Building". The remaining structure is a two-story Daycare
Center containing 15,826 SF. The property also includes three surface parking
lots. The site consists of six, non-contiguous parcels totaling 6.41 acres
located in the vicinity of 5th and Poplar Streets in downtown Winston-Salem,
North Carolina.

THE TENANT. GMAC Insurance Management Corp. is part of GMAC Insurance Holdings,
Inc., which is in turn a subsidiary of GMAC. GMAC Insurance Holdings, Inc.
guarantees the subject lease. GMAC Insurance Holdings, Inc. is an underwriter
in the preferred and nonstandard automobile insurance markets. GMAC Insurance
sells insurance to about one million policyholders a year through 14,000
independent agencies throughout the U.S. With more than $1.3 billion in annual
written premiums, GMAC Insurance Holdings, Inc. is the 15th largest underwriter
of personal lines of insurance in the U.S. A.M. Best, an independent worldwide
insurance-rating and information agency, rates GMAC Insurance Holdings, Inc.
"A" (Excellent) for financial strength and claims paying ability.

THE MARKET. The subject property is located at the southwest corner of 5th
Street and Spruce Street in the western portion of the Winston-Salem central
business district ("CBD"). The subject property has strong access via
Interstate 40, which is the primary east/west roadway serving the CBD. The
subject property is also located less than a mile off of US Route 52, which
runs north/south through the center of the CBD. Salt Creek Parkway forms a
bypass around downtown linking I-40, Business I-40 and US Route 52. This
location is considered to be one of the premier office corridors within
Metropolitan Winston-Salem.

The immediate neighborhood remains the primary center of office development in
the metropolitan statistical area. New development has occured with the
creation of "Restaurant Row" along 4th street and Libby Street, the development
of the Nissen Building, a residential/retail development at 4th and Cherry
Street, the current construction of Unity Place, a mixed use development with
office, retail and residential uses, the completion of One West Fourth Street
office building and the ongoing renovation of the Winston Tower office
building. The area immediately surrounding the subject property is developed
with a variety of retail and commercial uses including office buildings,
restaurants and hotels.

The area economy has traditionally been based on manufacturing, led by
textiles, cigarettes and furniture manufacturing. These industries remain
important components of the economy with Greensboro containing over 20 percent
of the nation's

B-60

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COMM 2004-LNB4
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $33,000,000
DSCR: 2.47x
GMAC BUILDING LTV: 55.00%
- --------------------------------------------------------------------------------

tobacco workers and High Point remaining the center of the nation's furniture
industry. However, in recent years, the area's economic base has become more
diversified with medical, high-tech, banking industries and higher education
fueling much of the economic growth. The largest employment sector in the City
of Winson-Salem is currently the services industry with approximately 29.7% of
the workforce. The City of Winston-Salem is home to several major area
employers including Wake Forest University/Baptist Medical Center, Novant
Health Care, Sara Lee Corportation, RJ Reynolds, Wachovia Bank, BB&T
Corporation, and USAirways.

The appraiser indicates that the Winston-Salem office market consists of
3,919,821 SF of office space located in 48 buildings. The overall vacancy rate
in the market is currently 21%, which is an improvement from 23.1% in January
2004 and 23.5% one year prior. The subject property is located in the Downtown
submarket, which consists of 1,638,943 SF in 11 buildings. The appraiser
determined a competitive set of 7 properties, resulting in a vacancy rate for
the competitive set of 23%. This is primarily due to the Winston Tower
building, which is currently undergoing significant renovations and is only 35%
occupied. The Winston Tower building property is inferior to the subject
property with respect to age and condition. Removing the Winston Tower building
from the survey results in an occupancy rate among the subject's competitive
set of 92%.

Reis surveys a much larger market for the overall Greensboro/Winston-Salem
office market consisting of 15.3 million SF of space. According to Reis the
subject property is located in the West-Northwest Forsyth submarket, which has
3,172,000 SF of office space accounting for 21% of the office market in
Greensboro-WInston Salem. Reis has determined an overall submarket vacancy rate
of 13.1% for the 2nd Quarter of 2004.

Currently asking rents among comparable properties in the submarket range from
$7.00 to $19.00 per square foot, NNN, with a weighted average of $12.91 per
square foot, NNN. The subject property is currently 100% master leased by GMAC
Insurance Management Corp. for $9.71/SF, NNN, which is at the low end of the
market range.

PROPERTY MANAGEMENT. The subject property will be managed by Inland Northwest
Management Corp., an affiliate of the borrower.

CASH MANAGEMENT. None.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

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COMM 2004-LNB4

[GMAC BUILDING MAP OMITTED]

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[THIS PAGE INTENTIONALLY LEFT BLANK]

B-63

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COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $30,225,000
DSCR: 1.27x
2901 WEST ALAMEDA AVENUE LTV: 76.71%
- --------------------------------------------------------------------------------

[2901 WEST ALAMEDA AVENUE PICTURES OMITTED]

B-64

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COMM 2004-LNB4
COLLATERAL TERM SHEET

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: GACC

LOAN PURPOSE: Acquisition

ORIGINAL BALANCE: $30,225,000

CUT-OFF BALANCE: $30,225,000

% BY INITIAL UPB: 2.47%

INTEREST RATE: 5.9400%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: October 1, 2004

MATURITY DATE: September 1, 2014

AMORTIZATION: Interest only through and including the payment date
occurring on September 1, 2008, and thereafter monthly
amortization on a 30-year schedule.

CALL PROTECTION: Lockout for 24 months from securitization closing
date, then defeasance is permitted. After May 1, 2014,
prepayment permitted without penalty on any payment
date.

SPONSOR: Kevin S. Green

BORROWERS: Alameda 2901 West, LLC, Alameda
10474 Associates, LLC and Alameda JJ
Burbank, LLC

ADDITIONAL FINANCING: $3,000,000 mezzanine debt

LOCKBOX: Hard

INITIAL RESERVES: Insurance: $ 8,055
Enginnering: $258,429

MONTHLY RESERVES: Insurance: $ 2,685
Replacement: $ 967
Rollover: $ 11,511

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / SQ. FT.: $260.38

BALLOON BALANCE / SQ. FT.: $239.29

LTV: 76.71%

BALLOON LTV: 70.50%

DSCR: 1.27x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: Office

COLLATERAL: Fee simple interest in a 7 story
office building

LOCATION: Burbank, CA

YEAR BUILT / RENOVATED: 1981 / NAP

COLLATERAL SF: 116,081 SF

PROPERTY MANAGEMENT: George Elkins Property Management Company,
Inc. (Borrower affiliate)

OCCUPANCY (AS OF 8/12/04): 100.0%

UNDERWRITTEN NET CASH FLOW: $2,738,950

APPRAISED VALUE: $39,400,000

APPRAISAL DATE: May 28, 2004

- --------------------------------------------------------------------------------

S-65

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE 2901 WEST ALAMEDA AVENUE LOAN

THE LOAN. The 2901 West Alameda Avenue Loan is secured by a first mortgage on
the borrower's fee simple interest in a 116,081 SF, Class-A- office building
located in Burbank, California. The subject $30.2 million loan is interest only
for four years and then amortizes based on a 30-yr schedule. Based on the
acquisition cost of $39.5 million and including the mezzanine financing
(described below under "--Current Mezzanine or Subordinate Indebtedness"), the
borrower has hard equity of $6.2 million (excluding closing costs) in the
subject property.

THE BORROWER. The borrower consists of three single-purpose bankruptcy remote
entities that own the property as tenants-in-common: Alameda 2901 West, LLC,
Alameda 10474 Associates, LLC and Alameda JJ Burbank, LLC. The loan sponsor is
Kevin S. Green, owner of George Elkins Property Management Company, Inc.
Founded in 1922, George Elkins Property Management Company, Inc. is one of the
oldest real estate firms in California. Since acquisition of the company in
1996, Mr. Green has more than tripled the size of its California-based
portfolio which consists of mid-size Class A and boutique office, multifamily,
retail, and industrial properties. The firm currently manages approximately 8
million square feet of space and has offices in Los Angeles and San Francisco.
In addition to property management, Mr. Green is active in the acquisition and
repositioning of value-added commercial properties on behalf of third-party
investors and his own account. As of June 22, 2004, Mr. Green reported a net
worth of $14.9 million, liquidity of approximately $1.0 million and ownership
interests in 13 commercial properties with a total market value of $256.5
million.

THE PROPERTY. 2901 West Alameda Avenue is a single-tenant, Class A- office
building located in Burbank, California (12 miles northwest of the Los Angeles
central business district via I-5). The subject property, a 7-story rectangular
building with a partial basement level, contains 116,081 SF of net rentable
area. The subject property was developed in 1981 and built-to-suit Ascent Media
Group, Inc., its current single-tenant. The subject property forms part of a
three-building campus that is occupied entirely by Ascent Media Group Inc. The
subject property has visibility and pedestrian/vehicular access on Alameda
Avenue, an east-west commercial thoroughfare, approximately one-quarter mile
east of a Ventura Freeway (US 134) interchange. This provides a rapid link to
the Los Angeles interstate network (I-5, I-405, SR 170) for access to
destination points throughout the Los Angeles metropolitan area.

The building, situated on 1.19 acres, was constructed to the tenant's
specifications at considerable expense to the tenant. Tenant-specific
improvements include 20-foot ceilings, raised computer flooring, extra electric
and HVAC capacity, back-up generators and satellite communication
installations. The building consists of a steel-frame structure, tinted glass
facade on the upper floors, grey brick veneer at ground level, three passenger
elevators, 100% sprinklering and flat roof equipped with multiple satellite
communication dishes, antennae and HVAC equipment. The main lobby is accessed
via a covered driveway that passes under the second floor of an abutting
building (also occupied by Ascent Media). The driveway leads to the subject
property's rear 4-story parking garage. The lobby is designed with terrazzo
flooring, wood paneled concierge desk and modern furniture The common area
hallways and meeting spaces have a similar modern design including curved
walls, spot lighting fixtures, cappuccino bars, and flat-screen TVs.

The interior office spaces are a mix of standard open floor plans with cubicles
and perimeter offices. Approximately 50% of the building is improved with
studio and post-production facilities. These facilites provide a full
complement of satellite services for domestic and international video, audio
and data uplink and downlink capabilities to and from all U.S. domestic and
Canadian satellites. In addition, these facilites aid in the distribution of
live events, multi-format videotape playback, and have multiple fiber
interconnects to all major southern California venues. Clients include: Carsey
Werner Manderbach, Classic Arts Showcase,Crystal Cathedral, Don Cornelius
Productions,Integrity Media,NBC Enterprises,Sony Pictures Television, TVN,
Universal Television, and Warner Brothers Television.

According to the Property Condition and Site Inspection reports, the subject
property is in very good condition with minimal reported deferred maintenance.
Recent renovations include a new roof, boiler, elevators, cooling tower, lobby
interior and bathroom interiors. Landscaping consists of mature perimeter trees
and a lushly landscaped inner courtyard with tropical plantings and beige
pebble ground cover. Parking totals 296 garage spaces in a detached 4-story
pre-cast concrete garage.

S-66

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COMM 2004-LNB4

THE TENANT. The subject property is 100% occupied by Ascent Media Group, Inc.,
pursuant to a triple net lease expiring on 12/31/2016. The lease provides for a
3% annual base rent increase and one 8-year renewal option. Ascent Media, an
international media post-production company, is a wholly-owned subsidiary of
Liberty Media Corporation (parent company rated BBB-/Baa3 by S&P/Moody's).
Liberty Media Corp. is an international media holding company that reported
year-end 2003 consolidated revenues of $4.0 billion and operating cash flow of
$832 million. In addition to Ascent Media, Liberty Media's major businesses
include the QVC cable-TV shopping channel and several other cable networks
(e.g., Discovery Channel, Court TV). Ascent Media provides audio and video
post-production media services. Ascent Media customers include major motion
picture studios (feature films), advertising agencies (commercials), television
production companies (TV episodes and mini-series), major record labels and
other entertainment-related businesses. Ascent Media also provides satellite
program distribution services for major broadcast and cable networks (news,
sports, etc.). For year-end 2003, Ascent Media generated revenues of $508
million and operating cash flow of $75 million. For 1st quarter ending March
31, 2004, Ascent Media reported revenues of $145 million, up 19% over 2003 and
operating cash flow of $22 million, up 16% over 2003.

- ----------------------------------------------------------------------------------------------------------------
MAJOR TENANT
- ----------------------------------------------------------------------------------------------------------------
TENANT NRSF % NRSF RENT PSF LEASE EXPIRATION RATINGS (S/M/F)
- ----------------------------------------------------------------------------------------------------------------

Ascent Media Group, Inc. 116,081 100.0% $25.46(1) 12/31/2016(2) BBB- / Baa3 / BBB-(3)
- ----------------------------------------------------------------------------------------------------------------

1. The lease provides for a 3% annual base rent increase.

2. The tenant has the option to terminate the lease in December 2011, upon 12
months prior notice and payment of a $2,000,000 termination fee. In
addition, the loan is structured with a cash flow sweep provision that will
be triggered in the event the tenant exercises its early termination option
or vacates the premises. The cash flow sweep will terminate subject to a
satisfactory replacement tenant/lease and minimum 1.25x DSCR.

3. Ratings of parent company, Liberty Media Corporation.

THE MARKET. The subject property is located in Burbank California's Media
District, one of several densely developed commercial districts constituting
the Burbank office submarket. The Media District is one of the world's media
capitals. Many global media companies (movies, television, records) are
headquartered in the city or the immediately adjacent Los Angeles communities
of Universal City and Studio City. The subject property has visibility and
access on an east-west commercial thoroughfare (Alameda Avenue). NBC Studios
and Warner Brother Studios each have office/studio campuses immediately across
Alameda Avenue from the subject property, while Walt Disney and Universal
Studios are situated nearby.

Burbank, Los Angeles County, California is situated 12 miles northwest of the
Los Angeles central business district. Los Angeles County, together with large
sections of Orange, Ventura, Riverside and San Bernardino Counties, comprise
the Greater Los Angeles metropolitan area. As of the 2000 Census, the
population for these five counties totaled 16.4 million residents, up 1.8
million residents or nearly 13% over 1990. The region's population base is
projected to expand rapidly by 2010 to 18.9 million residents, up an additional
2.5 million (1.5% average annual growth rate).

The city of Burbank has 103,874 residents (as of 2003), up approximately 11%
over 1990. As Burbank is fully urbanized, future growth will be accommodated by
the redevelopment of older obsolete structures to higher density uses. Burbank
has established several master planned redevelopment zones to encourage the
redevelopment of blighted or underutilized industrial areas to higher-grade
retail, multifamily and office use. A growth-control plan is, however, in place
for the city's Media District, where the subject is located, in order to
preserve the district's residential quality of life. Burbank's has an
unemployment rate of 4.2% (as of March 2004), which is significantly lower than
the Los Angeles metropolitan rate of 6.5%, the state rate of 6.3% and the
national rate of 5.6%. Burbank benefits from a concentration of media companies
and hospital complexes. Major media companies in Burbank include Warner
Brothers (3,736 employees), Walt Disney Studios (2,758), NBC Studios (1,545)
and Columbia Pictures (700). Other Burbank employers include St. Joseph's
Medical Center (1,775), 1928 Jewelry Company (984) and IBM (546). Located in
adjacent Glendale and Universal City are Amblin Entertainment, Universal
Studios, Dreamworks, Sega Gameworks and the Glendale Memorial Hospital.

According to a 1st Quarter 2004 office market report issued by CB Richard
Ellis, the Tri-Cities market totaled 24.1 million SF in 214 office buildings at
88.7% occupancy. The Burbank submarket totaled 5.3 million SF in 45 office
buildings at 86.4% occupancy. The appraiser identified seven comparable office
properties considered directly competitive with the subject. The comparable
properties totaled 1.5 million SF (range: 41,991 SF -- 420,950 SF) at 85.5%
occupancy. No Burbank office

S-67

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

properties were completed in 2003, and no projects are scheduled for completion
in 2004. The subject property is 100% occupied by a single-tenant under a
long-term lease that expires in 2016 with an 8-year extension option.

In 1st Quarter 2004, the Burbank submarket averaged $26.16 PSF gross. The
comparable office buildings, all located in Burbank's Media District, had
rental rates that ranged from $30.00 PSF to $36.60 PSF gross and averaged
$33.28 PSF, well above the submarket's average rental rate. On a net equivalent
basis, the comparables ranged from $20.76 PSF NNN to 26.64 PSF NNN. For the
subject property, the appraiser determined a market rental rate of $22.80 PSF
NNN. Factoring in an annual charge of $2.52 PSF for use of the subject's
parking garage, the appraiser concluded an all-in market rental rate of $25.32
PSF NNN. The tenant's current rate of $25.46 PSF NNN is in line with the
appraiser's estimate of market.

CASH MANAGEMENT. The loan has been structured with a hard lockbox.

PROPERTY MANAGEMENT. The property is managed by George Elkins Property
Management Company, Inc., an affiliate of the borrower.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. The sole owner of each of the
tenant-in-common borrowers has pledged 100% of its interest in the borrower to
HAR-Alameda Mezz, LLC, to secure a mezzanine loan in the original principal
amount of $3,000,000.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

S-68

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COMM 2004-LNB4

[2901 WEST ALAMEDA AVENUE MAP OMITTED]

S-69

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $27,442,640
TMA DSCR: 1.38x
FORT HENRY MALL TMA LTV: 70.37%
- --------------------------------------------------------------------------------

[FORT HENRY MALL PICTURES OMITTED]

B-70

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------

LOAN SELLER: GACC

LOAN PURPOSE: Acquisition

ORIGINAL BALANCE: $27,500,000

CUT-OFF BALANCE: $27,442,640

% BY INITIAL UPB: 2.25%

INTEREST RATE: 5.4000%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: October 1, 2004

MATURITY DATE: September 1, 2009

AMORTIZATION: 360 months

CALL PROTECTION: Lockout for 24 months from the securitization closing
date, then defeasance is permitted. On or after April
1, 2009, prepayment permitted without penalty on any
payment date.

SPONSOR: Mark Schleicher, Stephen Salzman, Mark Stebbins, and
John M. Kane

BORROWER: Baltry LLC

ADDITIONAL FINANCING: None

LOCKBOX: Soft at Closing/Springing Hard

INITIAL RESERVES: Taxes: $353,626
Insurance: $13,991
TI/LC (Letter of Credit): $1,000,000
Environmental: $18,750

MONTHLY RESERVES: Taxes: $44,203
Insurance: $6,996
Replacement: $16,775
Rollover: $37,291

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

LOAN BALANCE / SF: $51.76

BALLOON BALANCE / SF: $48.12

LTV: 70.37%

BALLOON LTV: 65.41%

DSCR: 1.38x

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO: Single Asset

PROPERTY TYPE: Retail Anchored

COLLATERAL: Fee/Leasehold interest in a
regional mall

LOCATION: Kingsport, TN

YEAR BUILT / RENOVATED: 1976 / 1989

TOTAL MALL SF: 530,193 SF

PROPERTY MANAGEMENT: Boardwalk Management
Company, Inc.

OVERALL MALL OCCUPANCY (AS OF 8/19/04): 98.3%

UNDERWRITTEN NET CASH FLOW: $2,552,580

APPRAISED VALUE: $39,000,000

APPRAISAL DATE: July 8, 2004

- --------------------------------------------------------------------------------

B-71

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

- --------------------------------------------------------------------------------------------------------------------------
ANCHOR TENANTS
- --------------------------------------------------------------------------------------------------------------------------
% OF TOTAL LEASE OCCUPANCY 2003 2003 SALES
TENANTS SF NRSF EXPIRATION RATINGS (S/M/F)(1) RENT PSF COST TOTAL SALES PSF
- --------------------------------------------------------------------------------------------------------------------------

Proffitt's 101,547 19.2% 3/31/2006 BB / Ba3 / BB-(2) $2.50 1.5% $17,051,219 $167.91
- --------------------------------------------------------------------------------------------------------------------------
Sears 93,750 17.7% 3/31/2006 BBB / Baa1 / BBB $1.09 0.6% $15,808,205 $168.62
- --------------------------------------------------------------------------------------------------------------------------
JC Penney 87,623 16.5% 2/28/2007 BB+ / Ba3 / BB+ $2.61 1.6% $14,736,168 $168.18
- --------------------------------------------------------------------------------------------------------------------------
Proffitt's Home 41,400 7.8% 3/31/2006 BB / Ba3 / BB-(2) $2.99 3.9% $3,131,443 $75.64
- --------------------------------------------------------------------------------------------------------------------------
TOTAL/WA 324,320 61.2% $50,727,035 $156.41
- --------------------------------------------------------------------------------------------------------------------------

1. Credit ratings are of the parent company whether or not the parent company
guarantees the lease.

2. Credit ratings of parent company, Saks Inc.

-----------------------------------------------------
IN-LINE TENANTS SUMMARY INFORMATION(3)
-----------------------------------------------------
2003 OCC. COST
2002 SALES PSF 2003 SALES PSF AS % OF SALES
-----------------------------------------------------

$240.00 $238.00 7.27%
-----------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------
MAJOR IN-LINE TENANTS(6)
- ----------------------------------------------------------------------------------------------------------------------------
% OF TOTAL MALL LEASE 2002 2003
TENANTS SF SF NET RENT PSF EXPIRATION SALES/SF SALES/SF
- ----------------------------------------------------------------------------------------------------------------------------

Marquee Cinemas (8 screens) 27,171 5.12% $3.00 6/30/2012 -- $233,032(4)
Piccadilly Cafeteria 13,000 2.45% $10.70 5/31/2006 $193.72 $177.67
Deb 6,928 1.31% $4.91 1/31/2013 -- $113.99
Hibbett Sports 6,600 1.24% $10.60 5/31/2005 $206.09 $209.71
Record Tower 6,241 1.18% $22.50 9/30/2008 $153.92 $166.70
The Closet 6,080 1.15% $17.00 9/30/2004 $148.23 $143.54
Lenscrafters 6,040 1.14% $20.00 8/31/2008 $249.01 $238.94
American Eagle Outfitters 5,317 1.00% $18.00 1/31/2012 $377.34 $371.26
Walden Books 5,300 1.00% $20.00 1/31/2010 $239.34 $235.64
Rue 21 5,050 0.95% $5.30 12/31/2004 $142.41 $136.29
Garfield's (Restaurant) 5,004 0.94% $18.93 11/30/2004 $221.78 $258.76
Rack Room Shoes 4,627 0.87% $16.00 5/31/2005 $237.57 $228.88
Kirkland's 4,550 0.86% $17.00 1/31/2014 -- $211.51
TOTAL/WA(5) 74,737 14.10% $14.48 $179.93 $201.60
- ----------------------------------------------------------------------------------------------------------------------------

3. Marquee Cinemas is not included in In-line Tenants Summary Information.

4. Represents sales per screen.

5. Marquee Cinemas is not included in In-line Tenants Totals/WA.

6. As of August 19, 2004

B-72

$1,125,857,000 (APPROXIMATE)
COMM 2004-LNB4

THE FORT HENRY MALL LOAN

THE LOAN. The Fort Henry Mall loan is secured by a first mortgage on a
two-level 530,193 SF enclosed regional mall located in Kingsport, Sullivan
County, Tennessee. The majority of the collateral for the loan is the
borrower's leasehold interest in Fort Henry Mall. The borrower is the lessee
under two ground leases which cover 48.76 acres of the subject's 50.44-acre
site; the borrower has fee simple ownership of the remaining 1.68 acres. The
ground leases expire in November 2058 (when all automatic renewal options
expire). Loan proceeds were used to acquire the leasehold and fee interests in
the property for $32,167,000. Including closing costs of $692,000 and an
upfront TI/LC deposit of $1,000,000 (letter of credit), the borrower's total
cost basis is approximately $33,859,000 (loan to cost ratio of 81.2%; cash
equity of $6.36 million).

THE BORROWER. The borrower, Baltry LLC, is a single-purpose bankruptcy-remote
entity for which non-consolidation opinions were obtained. The sponsors of the
borrower are Mark Schleicher, Stephen Salzman, Mark Stebbins, and John M. Kane,
all of whom have extensive commercial real estate experience. Mark Schleicher
has over 18 years of real estate experience primarily in the acquisition and
development of commercial and industrial space. Mr. Schleicher currently owns
over 1 million square feet of commercial and industrial space located in New
England. Stephen Salzman is the managing member and portfolio manager of
Priderock, a Greenwich, Connecticut-based private investment partnership which
makes equity investments in public companies. Priderock currently has an
investment portfolio of over $300 million. Mark Stebbins is the owner and CEO
of Pro Con Incorporated, the largest design and construction company in New
Hampshire. Pro Con has designed and built over 45 hotels in states stretching
from Virginia to Maine. Mr. Stebbins also owns Stebbins Commercial Properties
Inc., a New Hampshire-based full-service commercial real estate, investment and
property management firm which has developed over 1 million square feet of
commercial property. John Kane is a principal of The Kane Company, a New
Hampshire-based full service real estate company specializing in brokerage
sales and leasing, development, property management and consulting. In recent
years, The Kane Company has developed over 1.1 million square feet of
office/industrial space in New Hampshire. The four sponsors have a combined net
worth of $66.21 million including liquidity of $13.96 million.

THE PROPERTY. The Fort Henry Mall loan collateral encompasses a two-level,
530,193 SF enclosed regional mall located in Kingsport, Sullivan County,
Tennessee.

The subject property is located at the intersection of Fort Henry Drive (State
Route 36) and Memorial Boulevard, approximately three miles southeast of the
Kingsport CBD. Fort Henry Drive, the primary north/south roadway in the
neighborhood, provides access to the Kingsport CBD to the north and to
Interstate-81 approximately 5 miles to the south. Access to the site is
provided from both Fort Henry Drive and Memorial Boulevard. Parking is provided
for 3,230 vehicles (6.1 spaces per 1,000 SF of net rentable area).

The appraiser valued the subject property at $39,000,000, which results in an
LTV of 70.37%.

SIGNIFICANT TENANTS. Fort Henry Mall has had occupancy rates in excess of 95%
for each of the past three years. The mall has a total of 71 tenants including
four anchor tenants (each of which is part of the collateral): Proffitt's
Department Store (a subsidiary of Saks, Inc. rated "BB" by S&P; 101,547 SF;
19.2% of NRSF; 6.1% of GPR), Sears (93,750 SF; 17.7% of NRSF; 2.5% of GPR;
rated "BBB" by S&P), JC Penney (87,623 SF; 16.5% of NRSF; 5.5% of GPR; rated
"BB+" by S&P), and Proffitt's Home Store (41,400 SF; 7.8% of NRSF; 3.0% of
GPR). The anchor tenants total 324,320 SF (61.2% of NRSF) yet contribute only
17.1% of GPR. All of the anchor tenants have been in occupancy since 1976/77
when the mall was first developed. An 8-screen Marquee Cinema with stadium
style seating occupies 27,171 SF (5.1% of NRSF) and contributes 3.3% of GPR.
In-line and kiosk-type space at the subject property totals 178,702 SF (33.7%
of NRSF) and represents 79.7% of GPR.

In-line tenants at the subject property include well-known national/regional
retailers such as American Eagle Outfitters, Waldenbooks, Bath & Body Works,
Lenscrafters, Dollar Tree, Aeropostale, Payless Shoesource, Radio Shack, Kay
Bee Toy & Hobby, General Nutrition Center, Software, Etc., Verizon Wireless,
Merle Norman, Footlocker, Victoria's Secret, Kay Jewelers, Zales Jewelers,
Sunglass Hut, Subway, and Chick-fil-A. Sears just completed a renovation of its
store in June 2004 at a reported cost of $1.5 to $2.0 million. Marquee Cinemas,
part of the collateral is currently in the process of expanding by

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adding three new stadium-style theaters. Both renovation projects were (or are
being) paid for by the tenant. The anchor tenants at the subject property do
not own their own stores.

PROFFITT'S, a subsidiary of Saks Inc. (rated "BB" by S&P and "Ba3" by
Moody's), operates both a Proffitt's Department Store and a Proffitt's
HomeStore at Fort Henry Mall. The two stores combined total 142,947 SF of
space (27.0% NRSF) yet account for only 9.2% of GPR. In addition to its 64
Saks Fifth Avenue Department Stores, Saks, Inc. operates 54 Saks Off 5th
stores and 241 department stores under the names of Parisian, Proffitt's,
McRae's, Younkers, Herberger's, Carson Pirie Scott, Bergner's, Boston Store
and 34 mall-based Club Libby Lu specialty stores. Proffitt's Department
Store has been in occupancy at Fort Henry Mall since 1976 under a 30-year
lease expiring March 31, 2006; the lease provides for five 5-year renewal
options with no increase in rent. Proffitt's Home Store has been in
occupancy since 1976 under a 25-year lease with an original expiration date
of March 31, 2001; Proffitt's Home Store is in its first 5-year option
period (expiring March 31, 2006) and has two remaining 5-year options (also
with no change in rent).

SEARS (93,750 SF; 17.7% of NRSF; 2.5% of GPR; rated "BBB" by S&P and "Baa1"
by Moody's) operates 870 mall-based stores in the U.S. In addition, Sears
operates 1,100 other Sears store locations nationwide. The company operates
over 790 independently owned Sears dealer stores in small towns and 245
hardware stores, such as Orchard Supply Hardware and Sears Hardware. Sears
has been in occupancy at Fort Henry Mall since 1976 under a 30-year lease
with an original expiration date of March 31, 1996. Sears is currently in
its second 5-year option period (expiring March 31, 2006); the lease has
two remaining 5-year options with no increases in rent.

JC PENNEY (87,623 SF; 16.5% of NRSF; 5.6% of GPR; rated "BB+" by S&P and
"Ba3" by Moody's) operates 1,020 department stores throughout the U.S.
(except Hawaii) and in Puerto Rico. The company also operates 58 Renner
department stores in Brazil. JC Penney stores sell fashion at value prices.
Its target customers have household income ranging from $30,000 to $80,000
per year. JC Penney has been in occupancy at Fort Henry Mall since 1977
under a 30-year lease expiring February 28, 2007; the lease has five 5-year
options with no increase in rent.

THE MARKET. The subject property competes within an area of northeast Tennessee
known as the Tri-Cities region which includes the cities of Bristol, Johnson
City and Kingsport. The subject property's primary trade area is an approximate
radius of ten to fifteen miles and extends between Route 81 to the north and
Route 40 to the south. The 2004 estimated population within the primary trade
area was 188,406, a 14.2% increase over the 1990 population. The 2004 estimated
median household income within the trade area was $38,435, significantly higher
than the Tri-Cities MSA median household income of $22,996.

Most of the subject property's existing competition is from three
malls/shopping centers located to the south and east of Fort Henry Mall: (i)
The Mall at Johnson City, a 534,281 SF enclosed regional mall anchored by
Sears, JC Penney & Proffitt's (20 miles southeast of the subject), (ii) Bristol
Mall, a 487,502 SF enclosed regional mall anchored by Belk, J.C. Penney,
Proffitt's, and Sears (22 miles northeast of the subject), and (iii) Johnson
City Crossing, a 378,533 SF open-air power center anchored by Home Depot, Stein
Mart, Circuit City & PetsMart (18 miles southeast of the subject property). The
average occupancy rate of these three primary competitors is 90.7%. The subject
property is outperforming its competitors and has maintained an occupancy rate
of over 95.0% during the last three years.

The subject property's neighborhood is located approximately three miles
southeast of downtown Kingsport. Primary access to the neighborhood is from
State Highway Route 93, also known as the John B. Dennis Highway. Other primary
roads in the area include Interstate Route 181 (approximately three miles west
of the subject), Interstate-81 (approximately 5 miles south) and Fort Henry
Drive (a/k/a State Route 36) which provides direct access to the subject
property.

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- -------------------------------------------------------------------------------------------------------------------------------
DISTANCE
FROM 2003
SUBJECT COMPLETED / MALL SHOP IN-LINE SALES
PROPERTY NAME (MILES) RENOVATED NRSF OCCUPANCY PSF ANCHOR TENANTS
- -------------------------------------------------------------------------------------------------------------------------------

Fort Henry Mall N/A 1976 / 1989 530,193 98.3% $246.71 Proffitt's, Sears, JC Penney
- -------------------------------------------------------------------------------------------------------------------------------
The Mall at Johnson City 20 1971 / 1992 534,281 90%(1) (less than) $300 Sears, JC Penney, Proffitt's
- -------------------------------------------------------------------------------------------------------------------------------
Bristol Mall 22 1975 / 1997 487,502 85%(1) $236 Belk, JC Penney, Proffitt's, Sears
- -------------------------------------------------------------------------------------------------------------------------------
Johnson City Crossing 18 1997 378,533 99% NA Home Depot, Stein Mart, Circuit City
and PetsMart
- -------------------------------------------------------------------------------------------------------------------------------

1. In-Line Occupancy Rate only.

PROPERTY MANAGEMENT. Fort Henry Mall is managed by Boardwalk Management
Company, Inc., a newly-formed management and investment company led by a team
of professionals with over 30 years of combined retail experience. While
technically not a borrower affiliate, one of the principals of the management
company, Michael Salzman, is the brother of a principal (Stephen Salzman) of
the borrower. Along with Michael Salzman, Boardwalk Management Company, Inc. is
owned and operated by Kevin Murphy and Bradford Freeman; all three are former
employees of The Pyramid Companies, the largest privately-held owner, manager
and developer of shopping centers and malls in the northeastern U.S. Mr.
Salzman and Mr. Freeman also had valuable retail leasing/management experience
at, respectively, The Mills Corporation (one of the top REITs in the world with
28 million square feet in 14 major U.S. markets), and Prime Retail, Inc. (a
national outlet center REIT with a portfolio totaling 10.5 million square
feet). Some of the properties financed, managed, leased and/or marketed by the
principals of Boardwalk Management Company include the New York properties of
Walden Galleria, Pyramid Mall Ithaca, Salmon Run Mall, Sangertown Square,
Aviation Mall, Crossgates Mall, Riverside Mall, Hudson Valley Mall,
Poughkeepsie Galleria, Galleria at Crystal Run and Palisades Center, and the
Massachusetts properties of Berkshire Mall, Hampshire Mall, Holyoke Mall and
Independence Mall. The current focus of Boardwalk Management Company, Inc. is
to own/manage retail properties that are in stable/growth markets, have
superior locations within their markets, and that have tenant mixes that can be
optimized. In addition to the knowledge and experience brought to the operation
of Fort Henry Mall by the principals of Boardwalk Management Company, Inc., the
company has also retained the seller's highly competent on-site management
team.

CASH MANAGEMENT. Soft lockbox in place at closing. Upon an event of default or
if any of Proffits, Sears or JC Penney goes dark or fails to renew its lease,
the loan documents require the borrower to cause the tenants to deposit rent
into a lender controlled account.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

GROUND LEASE. The loan is secured primarily by the borrower's interest in two
ground leases. The ground leases expire in November 2058, when all automatic
renewal options expire. The ground leases contain standard lender protections.

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[FORT HENRY MALL MAP OMITTED]

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STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Deutsche Bank Securities Inc., ABN AMRO
Incorporated, Nomura Securities International, Inc., J.P.Morgan Securities Inc.
and Citigroup Global Markets Inc. (the "Underwriters") not as agent for any
issuer, and although it may be based on data supplied to it by an issuer, the
issuer has not participated in its preparation and makes no representations
regarding its accuracy or completeness. Should you receive Information that
refers to the "Statement Regarding Assumptions and Other Information", please
refer to this statement instead.

The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to
significant factors that may prove not to be as assumed. You should understand
the assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
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upon the value of the inputs given. Inputs to these models include but are not
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Contact your registered representative for detailed explanations of any
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The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested at assumptions different from those included in the
Information. The assumptions underlying the Information, including structure
and collateral, may be modified from time to time to reflect changed
circumstances. Any investment decision should be based only on the data in the
prospectus and prospectus supplement ("Offering Documents") and the then
current version of the Information. The Offering Documents contain data that is
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any further explanation regarding the information.

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its view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
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confirmed by actual trades, may vary from the value such Underwriter assigns
any such security while in its inventory, and may not take into account the
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estimated yield spread relationship between the securities.

General Information: The data underlying the Information has been obtained from
sources that the Underwriters believe are reliable, but the Underwriters do not
guarantee the accuracy of the underlying data or computations based thereon.
The Underwriters and/or individuals thereof may have positions in these
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appropriateness for you of such transactions and address any legal, tax or
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