EX-99.1 2 file002.htm STRUCTURAL AND COLLATERAL TERM SHEET

CMBS NEW ISSUE
STRUCTURAL AND COLLATERAL TERM SHEET

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

$1,567,986,000
(APPROXIMATE OFFERED CERTIFICATES)

$1,702,020,823
(APPROXIMATE TOTAL COLLATERAL BALANCE)

COMM 2005-LP5

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

COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES

GERMAN AMERICAN CAPITAL CORPORATION
LASALLE BANK NATIONAL ASSOCIATION
PNC BANK, NATIONAL ASSOCIATION

MORTGAGE LOAN SELLERS
------------------------

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

A-1 $ 60,335,000 % AAA/Aaa 20.000% 2.53 5/05-12/09 12/10/2009
---------------------------------------------------------------------------------------------------------------------
A-2 $592,382,000 % AAA/Aaa 20.000% 4.77 12/09-5/10 5/10/2010
---------------------------------------------------------------------------------------------------------------------
A-3 $ 71,321,000 % AAA/Aaa 20.000% 6.89 1/12-4/12 4/10/2012
---------------------------------------------------------------------------------------------------------------------
A-SB $ 86,709,000 % AAA/Aaa 20.000% 7.68 5/10-11/14 11/10/2014
---------------------------------------------------------------------------------------------------------------------
A-4 $304,987,000 % AAA/Aaa 20.000% 9.84 11/14-4/15 4/10/2015
---------------------------------------------------------------------------------------------------------------------
A-1A $245,882,000 % AAA/Aaa 20.000% 8.00 5/05-4/15 4/10/2015
---------------------------------------------------------------------------------------------------------------------
X-P $ % AAA/Aaa N/A N/A N/A
---------------------------------------------------------------------------------------------------------------------
A-J $117,014,000 % AAA/Aaa 13.125% 9.95 4/15-4/15 4/10/2015
---------------------------------------------------------------------------------------------------------------------
B $ 46,806,000 % AA/Aa2 10.375% 9.95 4/15-4/15 4/10/2015
--------------------------------------------------------------------------------------------------------------------
C $ 14,892,000 % AA-/Aa3 9.500% 9.95 4/15-4/15 4/10/2015
--------------------------------------------------------------------------------------------------------------------
D $ 27,658,000 % A/A2 7.875% 9.95 4/15-4/15 4/10/2015
---------------------------------------------------------------------------------------------------------------------

DEUTSCHE BANK SECURITIES ABN AMRO INCORPORATED

Sole Book Running Manager and Co-Lead Manager Co-Lead Manager

PNC CAPITAL MARKETS, INC. BANC OF AMERICA SECURITIES LLC CITIGROUP WACHOVIA SECURITIES
Co-Manager Co-Manager Co-Manager Co-Manager

April 7, 2005

This term sheet does not contain all of the information set forth in the
Prospectus Supplement and Prospectus for this transaction. The information
contained herein shall be deemed superseded in its entirety by the information
contained in the Prospectus Supplement and Prospectus.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

TRANSACTION FEATURES
--------------------

o Sellers:

--------------------------------------------------------------------------------
NO. OF CUT-OFF DATE
SELLERS LOANS BALANCE ($) % OF POOL
--------------------------------------------------------------------------------
German American Capital Corporation 41 $ 992,285,263 58.30%
LaSalle Bank National Association 62 377,293,764 22.17
PNC Bank, National Association 34 332,441,795 19.53
--------------------------------------------------------------------------------
TOTAL: 137 $1,702,020,823 100.00%
--------------------------------------------------------------------------------

o Loan Pool:

o Average Cut-off Date Balance: $12,423,510

o Largest Mortgage Loan by Cut-off Date Balance: $260,000,000 (Shadow
Rated AA / A3 by S&P and Moody's, respectively)

o Five largest and ten largest loans or cross-collateralized loan
groups: 35.66% and 48.74% of pool, respectively

o Credit Statistics:

o Weighted average underwritten DSCR of 1.73x

o Weighted average cut-off date LTV ratio of 67.09%; weighted average
balloon LTV ratio of 58.96%

o Property Types:

[PIECHART OMITTED]

Retail 20.01%
Multifamily(1) 15.27%
Hotel 4.32%
Industrial 3.92%
Mixed Use(2) 2.83%
Self Storage 2.03%
Office 51.63%

(1) Consists of Multifamily (14.68%) and Manufactured Housing (0.59%)

(2) Consists of Office, Retail, Self Storage and Parking Garage
components.

o Call Protection: (as applicable)

o 100.00% of the pool (current balance) has a remaining lockout period
ranging from 20 to 118 payments, then defeasance or yield maintenance
charge (which in no event may be less than 1% of the amount prepaid).

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

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

OFFERED CERTIFICATES
--------------------

-----------------------------------------------------------------------------------------------------------------------------------
INITIAL CERTIFICATE ASSUMED FINAL INITIAL
BALANCE OR SUBORDINATION RATINGS AVERAGE PRINCIPAL DISTRIBUTION PASS-THROUGH
CLASS NOTIONAL BALANCE(1) LEVELS(2) (S&P/MOODY'S) LIFE (YRS.)(3) WINDOW (MO.)(3) DATE(3) RATE (APPROX.)(4)
-----------------------------------------------------------------------------------------------------------------------------------

A-1(5) $ 60,335,000 20.000%(7) AAA/Aaa 2.53 5/05-12/09 12/10/09 %
-----------------------------------------------------------------------------------------------------------------------------------
A-2(5) $592,382,000 20.000%(7) AAA/Aaa 4.77 12/09-5/10 5/10/10 %
-----------------------------------------------------------------------------------------------------------------------------------
A-3(5) $ 71,321,000 20.000%(7) AAA/Aaa 6.89 1/12-4/12 4/10/12 %
-----------------------------------------------------------------------------------------------------------------------------------
A-SB(5) $ 86,709,000 20.000%(7) AAA/Aaa 7.68 5/10-11/14 11/10/14 %
-----------------------------------------------------------------------------------------------------------------------------------
A-4(5) $304,987,000 20.000%(7) AAA/Aaa 9.84 11/14-4/15 4/10/15 %
-----------------------------------------------------------------------------------------------------------------------------------
A-1A(5) $245,882,000 20.000%(7) AAA/Aaa 8.00 5/05-4/15 4/10/15 %
-----------------------------------------------------------------------------------------------------------------------------------
X-P(6) $ N/A AAA/Aaa N/A N/A %
-----------------------------------------------------------------------------------------------------------------------------------
A-J $117,014,000 13.125% AAA/Aaa 9.95 4/15-4/15 4/10/15 %
-----------------------------------------------------------------------------------------------------------------------------------
B $ 46,806,000 10.375% AA/Aa2 9.95 4/15-4/15 4/10/15 %
-----------------------------------------------------------------------------------------------------------------------------------
C $ 14,892,000 9.500% AA-/Aa3 9.95 4/15-4/15 4/10/15 %
-----------------------------------------------------------------------------------------------------------------------------------
D $ 27,658,000 7.875% A/A2 9.95 4/15-4/15 4/10/15 %
-----------------------------------------------------------------------------------------------------------------------------------

PRIVATE CERTIFICATES (8)
------------------------

------------------------------------------------------------------------------------------------------------------------------------
INITIAL CERTIFICATE
BALANCE ASSUMED FINAL INITIAL
OR NOTIONAL SUBORDINATION RATINGS AVERAGE PRINCIPAL DISTRIBUTION PASS-THROUGH RATE
CLASS BALANCE(1) LEVELS(2) (S&P/MOODY'S) LIFE (YRS.)(3) WINDOW (MO.) (3) DATE(3) (APPROX.)(4)
------------------------------------------------------------------------------------------------------------------------------------

X-C(6) $1,702,020,822 N/A AAA/Aaa N/A N/A 3/10/24 %
------------------------------------------------------------------------------------------------------------------------------------
E $ 21,275,000 6.625% A-/A3 9.95 4/15-4/15 4/10/15 %
------------------------------------------------------------------------------------------------------------------------------------
F $ 23,403,000 5.250% BBB+/Baa1 10.02 4/15-5/15 5/10/15 %
------------------------------------------------------------------------------------------------------------------------------------
G $ 14,893,000 4.375% BBB/Baa2 10.03 5/15-5/15 5/10/15 %
------------------------------------------------------------------------------------------------------------------------------------
H $ 17,020,000 3.375% BBB-/Baa3 10.03 5/15-5/15 5/10/15 %
------------------------------------------------------------------------------------------------------------------------------------
J $ 12,765,000 2.625% BB+/Ba1 10.04 5/15-8/15 8/10/15 %
------------------------------------------------------------------------------------------------------------------------------------
K $ 6,383,000 2.250% BB/Ba2 11.25 8/15-7/17 7/10/17 %
------------------------------------------------------------------------------------------------------------------------------------
L $ 4,255,000 2.000% BB-/Ba3 12.75 7/17-9/18 9/10/18 %
------------------------------------------------------------------------------------------------------------------------------------
M $ 4,255,000 1.750% B+/B1 14.09 9/18-12/19 12/10/19 %
------------------------------------------------------------------------------------------------------------------------------------
N $ 6,383,000 1.375% B/NR 14.61 12/19-12/19 12/10/19 %
------------------------------------------------------------------------------------------------------------------------------------
O $ 4,255,000 1.125% B-/B3 14.61 12/19-12/19 12/10/19 %
------------------------------------------------------------------------------------------------------------------------------------
P $ 19,147,822 0.000% NR/NR 15.19 12/19-3/24 3/10/24 %
------------------------------------------------------------------------------------------------------------------------------------
GMB-1(9) $ (10)
------------------------------------------------------------------------------------------------------------------------------------
GMB-2(9) $ (10)
------------------------------------------------------------------------------------------------------------------------------------
GMB-3(9) $ (10)
------------------------------------------------------------------------------------------------------------------------------------
GMB-4(9) $ (10)
------------------------------------------------------------------------------------------------------------------------------------
GMB-5(9) $ (10)
------------------------------------------------------------------------------------------------------------------------------------

NOTES:

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

(2) With respect to the General Motors Building Loan representing approximately
15.28% of the aggregate principal balance of the pool of mortgage loans as
of the cut-off date, the related mortgaged property also secures a
subordinate loan (the "General Motors Building B Loan"). For more
information regarding the General Motors Building B Loan (as well as
information regarding other mortgaged properties which secure subordinate
notes that are held outside of the trust). see " Description of the
Mortgage Trust Pool - Split Loan Structures" in the Prospectus Supplement.
Except with respect to the Class GMB Certificates, the credit support for
each class of certificates does not include the General Motors Building B
Loan.

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

(4) The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-1A,
Class A-J, Class B, Class C, Class D, Class E, Class F, Class G and Class 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
pass-through rate, (iii) a rate equal to the weighted average net mortgage
pass-through rate less a specified percentage or (iv) a rate equal to the
weighted average net mortgage pass-through rate. The Class J, Class K,
Class L, Class M, Class N, Class O and Class P Certificates will accrue
interest at a rate equal to the lesser of the weighted average net mortgage
pass-through rate and a specified fixed rate. Calculation of the weighted
average net mortgage pass-through rate excludes the General Motors Building
B Loan.

(5) For purposes of making distributions to the Class A-1, Class A-2, Class
A-3, Class A-SB, Class A-4 and Class A-1A Certificates, the pool of
mortgage loans will be deemed to consist of two distinct Loan Groups, Loan
Group 1 and Loan Group 2. Loan Group 1 will consist of 109 mortgage loans,
representing approximately 85.55% of the outstanding pool balance. Loan
Group 2 will consist of 28 mortgage loans, representing approximately
14.45% of the outstanding pool balance. Loan Group 2 will include
approximately 97.60% of all the mortgage loans secured by multifamily
properties and approximately 19.79% of all the mortgage loans secured by
manufactured housing properties. The General Motors Building B Loan will
not be included in either Loan Group 1 or Loan Group 2.

So long as funds are sufficient on any distribution date to make
distributions of all interest on such distribution date to the Class A-1,
Class A-2, Class A-3, Class A-SB, Class A-4, Class A-1A, Class X-C and
Class X-P Certificates, interest distributions on the Class A-1, Class A-2,
Class A-3, Class A-SB and Class A-4 Certificates will be based upon amounts
available relating to mortgage loans in Loan

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

Group 1 and interest distributions on the Class A-1A Certificates will be
based upon amounts available relating to mortgage loans in Loan Group 2. In
addition, generally, the Class A-1, Class A-2, Class A-3, Class A-SB and
Class A-4 Certificates will be entitled to receive distributions of
principal collected or advanced in respect of mortgage loans in Loan Group
1, and after the certificate principal balance of the Class A-1A
Certificates has been reduced to zero, Loan Group 2, and the Class A-1A
Certificates will be entitled to receive distributions of principal
collected or advanced in respect of mortgage loans in Loan Group 2, and
after the certificate principal balance of the Class A-4 Certificates has
been reduced to zero, Loan Group 1. However, on and after any distribution
date on which the certificate principal balances of the Class A-J and the
Class B through Class P Certificates have been reduced to zero,
distributions of principal collected or advanced in respect of the pool of
mortgage loans will be distributed to the Class A-1, Class A-2, Class A-3,
Class A-SB, Class A-4 and Class A-1A Certificates, pro rata.

(6) The interest accrual amounts on each of the Class X-C and Class X-P
Certificates will be calculated by reference to a notional amount equal to
the aggregate of the class principal balances of all or some of the classes
of certificates, as applicable. The pass-through rates on the Class X-C and
Class X-P Certificates in the aggregate will be based on the weighted
average of the interest strip rates of the components of the Class X-C and
Class X-P Certificates, which will be based on the net mortgage rates
applicable to the mortgage loans (other than the General Motors Building B
Loan) as of the preceding distribution date minus the pass-through rates of
such components. The Class X-C and Class X-P Certificates were structured
assuming that the General Motors Building B Loan absorbs any loss prior to
the General Motors Building loan.

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

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

(9) The Class GMB-1, Class GMB-2, Class GMB-3, Class GMB-4 and Class GMB-5
Certificates will only receive distributions from and will only incur
losses with respect to the General Motors Building B Loan.

(10) Approximate credit support on this table with respect to such classes only
reflects credit support with respect to the General Motors Building B Loan.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

I. ISSUE CHARACTERISTICS
---------------------

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

SECURITIES OFFERED: $1,567,986,000 monthly pay, multi-class, sequential
pay commercial mortgage REMIC Pass-Through
Certificates, consisting of ten principal and
interest classes (Classes A-1, A-2, A-3, A-SB, A-4,
A-1A, A-J, B, C and D) and one interest-only class
(Class X-P).

MORTGAGE POOL: The Mortgage Pool consists of 137 Mortgage Loans
with an aggregate balance as of the Cut-Off Date of
$1,702,020,823. The Mortgage Loans are secured by
142 properties located throughout 32 states.

SELLERS: German American Capital Corporation (GACC), LaSalle
Bank National Association (LaSalle) and PNC Bank,
National Association (PNC)

BOOKRUNNER: Deutsche Bank Securities Inc.

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

CO-MANAGERS: PNC Capital Markets, Inc., Banc of America
Securities LLC, Citigroup Global Markets Inc. and
Wachovia Securities, LLC.

SERVICER: Midland Loan Services, Inc., a Delaware
corporation, with respect to all of the mortgage
loans other than two mortgage loans known as the 63
Madison Avenue loan and the Lakeside Mall loan
(together, the "Non-Serviced Mortgage Loans").

SPECIAL SERVICER: LNR Partners, Inc., a Florida corporation, 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: With respect to each mortgage loan, the later of
April 1, 2005 and the date of origination of such
mortgage loan.

EXPECTED CLOSING DATE: On or about April 29, 2005.

DISTRIBUTION DATES: The 10th day of each month or, if such 10th day is
not a business day, the business day immediately
following such 10th day, beginning in May, 2005.

MINIMUM DENOMINATIONS: (i) $10,000 with respect to the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A1-A
and Class A-J Certificates, (ii) $25,000 with
respect to the Class B, Class C and Class D
Certificates and (iii) $1,000,000 with respect to
the Class X-P Certificates, and in each case in
multiples of $1 thereafter.

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

ERISA/SMMEA STATUS: The Offered Certificates 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.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

II. STRUCTURE CHARACTERISTICS
-------------------------

On each Distribution Date, holders of each Class of the Offered Certificates
will be entitled to receive interest and principal distributions from available
funds in an amount equal to that Class' interest and principal entitlement,
subject to:

(i) payment of the respective interest entitlement for any class of
certificates bearing an earlier alphanumeric designation (except in respect
of the distribution of interest among the Class A-1, Class A-2, Class A-3,
Class A-SB, Class A-4, Class A-1A, Class X-C and Class X-P Certificates,
which will have the same senior priority, and except that distributions to
the Class A-J Certificates are paid after distributions to the foregoing
classes), and

(ii) if applicable, payment of the respective principal entitlement for such
distribution date to outstanding classes of certificates having an earlier
alphanumeric designation; provided, however, that the Class A-SB
Certificates have certain priority with respect to reducing the principal
balance of those certificates to their planned principal balance and
provided that the Class A-J Certificates receive distributions only after
distributions are made to the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, and Class A-1A Certificates.

For purposes of making distributions to the Class A-1, Class A-2, Class A-3,
Class A-SB, Class A-4 and Class A-1A Certificates, the pool of mortgage loans
(other than the General Motors Building B Loan) will be deemed to consist of two
distinct groups, Loan Group 1 and Loan Group 2. Loan Group 1 will consist of 109
mortgage loans, representing approximately 85.55% of the outstanding pool
balance, and Loan Group 2 will consist of 28 mortgage loans, representing
approximately 14.45% of the outstanding pool balance. Loan Group 2 will include
approximately 97.60% of all the mortgage loans secured by multifamily properties
and approximately 19.79% of all the mortgage loans secured by manufactured
housing properties.

The Class A-1, Class A-2, Class A-3, Class A-SB and Class A-4 Certificates will
have priority to payments received in respect of mortgage loans included in Loan
Group 1. The Class A-1A Certificates will have priority to payments received in
respect of mortgage loans included in Loan Group 2.

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.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

III. FULL COLLATERAL CHARACTERISTICS
-------------------------------

CUT-OFF DATE BALANCE ($)
----------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
----------------------------------------------------------------
897,021 - 1,999,999 29 41,880,409 2.46
2,000,000 - 2,999,999 17 39,275,764 2.31
3,000,000 - 3,999,999 12 42,629,068 2.50
4,000,000 - 5,999,999 20 98,337,469 5.78
6,000,000 - 6,999,999 6 38,584,073 2.27
7,000,000 - 9,999,999 16 138,345,741 8.13
10,000,000 - 14,999,999 12 154,808,241 9.10
15,000,000 - 29,999,999 12 227,090,215 13.34
30,000,000 - 49,999,999 6 213,646,297 12.55
50,000,000 - 69,999,999 3 155,449,121 9.13
70,000,000 - 260,000,000 4 551,974,425 32.43
----------------------------------------------------------------
TOTAL: 137 1,702,020,823 100.00
----------------------------------------------------------------
Min: 897,021 Max: 260,000,000 Average: 12,423,510
----------------------------------------------------------------

STATE
---------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
---------------------------------------------------------------
New York 13 524,471,220 30.81
California 24 278,920,555 16.39
Florida 14 199,191,128 11.70
Michigan 7 133,605,240 7.85
Texas 10 121,531,596 7.14
Illinois 5 89,984,460 5.29
Georgia 7 46,283,888 2.72
New Jersey 8 41,920,007 2.46
Virginia 10 38,118,722 2.24
Arizona 4 35,539,377 2.09
Nevada 3 25,382,374 1.49
Ohio 8 22,852,271 1.34
Maryland 4 21,790,637 1.28
Other States (a) 25 122,429,347 7.19
---------------------------------------------------------------
TOTAL: 142 1,702,020,823 100.00
---------------------------------------------------------------
(a) Includes 19 states.

PROPERTY TYPE
-------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
-------------------------------------------------------------------
Office 26 878,696,659 51.63
Retail 53 340,555,649 20.01
Anchored 17 242,942,569 14.27
Single Tenant 23 52,802,286 3.10
Unanchored 13 44,810,794 2.63
Multifamily 37 259,873,094 15.27
Multifamily 32 249,911,531 14.68
Manufactured Housing 5 9,961,563 0.59
Hotel 4 73,500,000 4.32
Industrial 10 66,727,535 3.92
Mixed Use 4 48,088,331 2.83
Self Storage 8 34,579,554 2.03
-------------------------------------------------------------------
TOTAL: 142 1,702,020,823 100.00
-------------------------------------------------------------------

MORTGAGE RATE (%)
----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
----------------------------------------------------------
4.280% - 4.999% 7 223,903,640 13.16
5.000% - 5.249% 10 490,142,616 28.80
5.250% - 5.449% 35 402,799,309 23.67
5.450% - 5.749% 54 462,173,252 27.15
5.750% - 5.999% 10 74,496,772 4.38
6.000% - 6.449% 5 19,758,375 1.16
6.450% - 7.780% 16 28,746,859 1.69
----------------------------------------------------------
TOTAL: 137 1,702,020,823 100.00
----------------------------------------------------------
Min: 4.280% Max: 7.780% Wtd Avg: 5.293%
----------------------------------------------------------

ORIGINAL TERM TO STATED MATURITY (MOS)(a)
---------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
---------------------------------------------------
60 - 80 10 612,218,546 35.97
81 - 100 10 164,417,306 9.66
101 - 120 90 768,039,258 45.13
121 - 240 27 157,345,713 9.24
---------------------------------------------------
TOTAL: 137 1,702,020,823 100.00
---------------------------------------------------
Min: 60 Max: 240 Wtd Avg: 99
---------------------------------------------------
(a) Calculated with respect to the anticipated repayment date for 2 mortgage
loans, representing 3.10% 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
----------------------------------------------------
56 - 84 20 776,635,852 45.63
85 - 119 59 358,812,508 21.08
120 - 227 58 566,572,463 33.29
----------------------------------------------------
TOTAL: 137 1,702,020,823 100.00
----------------------------------------------------
Min: 56 Max: 227 Wtd Avg: 96
----------------------------------------------------
(a) Calculated with respect to the anticipated repayment date for 2 mortgage
loans, representing 3.10% 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
------------------------------------------------------------
Taxes 98 1,341,005,756 78.79
Replacement 111 1,299,173,414 76.33
Insurance 92 1,256,347,498 73.82
TI/LC (b) 49 989,323,088 74.16
------------------------------------------------------------
(a) Includes upfront or on-going reserves.

(b) Based only on portion of pool secured by retail, office, industrial and
mixed use properties.

CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)(b)
------------------------------------------------------------

NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
------------------------------------------------------------
7.43% - 49.99% 8 275,389,710 16.18
50.00% - 59.99% 11 157,421,888 9.25
60.00% - 69.99% 41 285,989,385 16.80
70.00% - 74.99% 31 335,816,263 19.73
75.00% - 79.99% 38 594,143,575 34.91
80.00% - 82.79% 8 53,260,000 3.13
------------------------------------------------------------
TOTAL: 137 1,702,020,823 100.00
------------------------------------------------------------
Min: 7.43 Max: 82.79 Wtd Avg: 67.09
------------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 6
mortgage loans, representing 4.27% of the outstanding pool balance as of
the cut-off date.

(b) In the case of five mortgage loans, representing 32.19% of the outstanding
pool balance as of the cut-off date, 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. One of these mortgage loans,
representing 15.28% of the outstanding pool balance has a subordinate
mortgage loan and, unless otherwise indicated, LTV ratio and DSCR have been
calculated excluding such subordinate mortgage loan. In addition, in the
case of one mortgage loan, representing 0.13% of the outstanding pool
balance as of the cut-off date, with one subordinate companion loan that is
not included in the trust, unless otherwise indicated, DSCR and LTV ratio
have been calculated based on the mortgage loan included in the trust, but
excluding the subordinate companion loan.

LOAN-TO-VALUE RATIO AT MATURITY (%)(a)(b)(c)
---------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
---------------------------------------------------------
0.00% - 29.99% 19 47,035,166 2.76
30.00% - 39.99% 4 16,044,222 0.94
40.00% - 49.99% 10 384,170,058 22.57
50.00% - 59.99% 38 338,057,711 19.86
60.00% - 69.99% 49 428,492,329 25.18
70.00% - 78.75% 17 488,221,336 28.68
---------------------------------------------------------
TOTAL: 137 1,702,020,823 100.00
---------------------------------------------------------
Min: 0.00 Max: 78.75 Wtd Avg: 58.96
---------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 6
mortgage loans, representing 4.27% of the outstanding pool balance as of
the cut-off date.

(c) Calculated with respect to the anticipated repayment date for 2 mortgage
loans, representing 3.10% of the outstanding pool balance as of the cut-off
date.

DEBT SERVICE COVERAGE RATIOS (X) (a)(b)
------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
------------------------------------------------------
1.05 - 1.19 14 24,351,487 1.43
1.20 - 1.29 33 401,606,588 23.60
1.30 - 1.39 33 235,760,508 13.85
1.40 - 1.49 25 373,189,655 21.93
1.50 - 1.59 6 52,554,792 3.09
1.60 - 1.74 8 109,376,001 6.43
1.75 - 1.99 7 141,792,976 8.33
2.00 - 2.49 7 64,888,815 3.81
2.50 - 14.19 4 298,500,000 17.54
------------------------------------------------------
TOTAL: 137 1,702,020,823 100.00
------------------------------------------------------
Min: 1.05 Max: 14.19 Wtd Avg: 1.73
------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 6
mortgage loans, representing 4.27% of the outstanding pool balance as of
the cut-off date.

All numerical information concerning the mortgage loans is approximate but does
not include the General Motors Building B Loan. 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 but does not include the
General Motors Building B Loan. 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.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

IV. LOAN GROUP 1
------------

CUT-OFF DATE BALANCE ($)
------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE($) GROUP 1
------------------------------------------------------------------
997,636 - 1,999,999 21 31,353,405 2.15
2,000,000 - 2,999,999 16 37,102,817 2.55
3,000,000 - 3,999,999 10 35,587,648 2.44
4,000,000 - 5,999,999 18 87,839,488 6.03
6,000,000 - 6,999,999 3 18,657,581 1.28
7,000,000 - 9,999,999 12 103,753,124 7.13
10,000,000 - 14,999,999 9 115,158,241 7.91
15,000,000 - 29,999,999 8 142,016,000 9.75
30,000,000 - 49,999,999 5 177,246,297 12.17
50,000,000 - 69,999,999 3 155,449,121 10.68
70,000,000 - 260,000,000 4 551,974,425 37.91
------------------------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
------------------------------------------------------------------
Min: 997,636 Max: 260,000,000 Average: 13,359,066
------------------------------------------------------------------

STATE
----------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 1
----------------------------------------------------------------
New York 13 524,471,220 36.02
California 23 277,422,087 19.05
Florida 11 175,846,656 12.08
Michigan 6 132,531,117 9.10
Illinois 5 89,984,460 6.18
Georgia 5 43,088,360 2.96
New Jersey 2 26,670,007 1.83
Nevada 3 25,382,374 1.74
Virginia 8 25,158,722 1.73
Washington 3 21,657,025 1.49
Ohio 7 16,932,271 1.16
Texas 3 14,337,712 0.98
Maryland 3 14,298,020 0.98
Other States(a) 17 68,358,118 4.69
----------------------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
----------------------------------------------------------------
(a) Includes 14 states.

PROPERTY TYPE
-------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 1
-------------------------------------------------------------------
Office 26 878,696,659 60.34
Retail 53 340,555,649 23.39
Anchored 17 242,942,569 16.68
Single Tenant 23 52,802,286 3.63
Unanchored 13 44,810,794 3.08
Hotel 4 73,500,000 5.05
Industrial 10 66,727,535 4.58
Mixed Use 4 48,088,331 3.30
Self Storage 8 34,579,554 2.37
Multifamily 4 13,990,420 0.96
Manufactured Housing 3 7,990,420 0.55
Multifamily 1 6,000,000 0.41
-------------------------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
-------------------------------------------------------------------

MORTGAGE RATE (%)
---------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
---------------------------------------------------------
4.280% - 4.999% 6 200,979,425 13.80
5.000% - 5.249% 7 448,194,148 30.78
5.250% - 5.449% 25 298,798,591 20.52
5.450% - 5.749% 46 411,530,861 28.26
5.750% - 5.999% 7 52,199,751 3.58
6.000% - 6.449% 4 18,684,252 1.28
6.450% - 7.470% 14 25,751,121 1.77
---------------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
---------------------------------------------------------
Min: 4.280% Max: 7.470% Wtd Avg: 5.289%
---------------------------------------------------------

ORIGINAL TERM TO STATED MATURITY (MOS)(a)
-----------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
-----------------------------------------------------
60 - 80 9 597,968,546 41.07
81 - 100 6 69,293,091 4.76
101 - 120 69 634,526,537 43.58
121 - 240 25 154,349,975 10.60
-----------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
-----------------------------------------------------
Min: 60 Max: 240 Wtd Avg: 98
-----------------------------------------------------
(a) Calculated with respect to the anticipated repayment date for 2 mortgage
loans, representing 3.62% of the initial loan group 1 balance as of the
cut-off date.

REMAINING TERM TO STATED MATURITY (MOS)(a)
----------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
----------------------------------------------------
56 - 84 15 667,261,637 45.82
85 - 119 44 267,974,787 18.40
120 - 227 50 520,901,725 35.77
----------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
----------------------------------------------------
Min: 56 Max: 227 Wtd Avg: 95
----------------------------------------------------
(a) Calculated with respect to the anticipated repayment date for 2 mortgage
loans, representing 3.62% of the initial loan group 1 balance as of the
cut-off date.

LOANS WITH RESERVE REQUIREMENTS(a)
------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
------------------------------------------------------
Taxes 70 1,095,123,081 75.21
Replacement 84 1,054,687,393 72.43
Insurance 64 1,010,464,824 69.39
TI/LC (b) 49 989,323,088 74.16
------------------------------------------------------
(a) Includes upfront or on-going reserves.

(b) Based only on portion of pool secured by retail, office, industrial and
mixed use properties.

CUT-OFF DATE LOAN-TO-VALUE RATIO (%)(a)(b)
----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
----------------------------------------------------------
7.43% - 49.99% 5 271,195,347 18.62
50.00% - 59.99% 11 157,421,888 10.81
60.00% - 69.99% 37 272,878,609 18.74
70.00% - 74.99% 25 289,900,262 19.91
75.00% - 80.00% 31 464,742,041 31.92
----------------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
----------------------------------------------------------
Min: 7.43 Max: 80.00 Wtd Avg: 65.60
----------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 4
mortgage loans, representing 3.13% of the initial loan group 1 balance as
of the cut-off date.

(b) In the case of five mortgage loans, representing 37.63% of the initial loan
group 1 balance as of the cut-off date, 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. One of these mortgage loans,
representing 17.86% of the initial loan group 1 balance as of the cut-off
date, has a subordinate mortgage loan and, unless otherwise indicated, LTV
ratio and DSCR have been calculated excluding such subordinate mortgage
loan. In addition, in the case of one mortgage loan, representing 0.16% of
the initial loan group 1 balance as of the cut-off date, with one
subordinate companion loan that is not included in the trust, unless
otherwise indicated, DSCR and LTV ratio have been calculated based on the
mortgage loan included in the trust, but excluding the subordinate
companion loan.

LOAN-TO-VALUE RATIO AT MATURITY (%)(a)(b)(c)
-----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-----------------------------------------------------------
0.00% - 29.99% 17 44,639,678 3.07
30.00% - 39.99% 3 14,245,347 0.98
40.00% - 49.99% 9 382,830,058 26.29
50.00% - 59.99% 31 308,676,602 21.20
60.00% - 69.99% 39 331,199,341 22.75
70.00% - 78.75% 10 374,547,121 25.72
-----------------------------------------------------------
109 1,456,138,148 100.00
-----------------------------------------------------------
Min: 0.00 Max: 78.75 Wtd Avg: 57.52
-----------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 4
mortgage loans, representing 3.13% of the initial loan group 1 balance as
of the cut-off date.

(c) Calculated with respect to the anticipated repayment date for 2 mortgage
loans, representing 3.62% of the initial loan group 1 balance as of the
cut-off date.

DEBT SERVICE COVERAGE RATIOS (X) (a)(b)
---------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 1
---------------------------------------------------------
1.05 - 1.19 13 23,154,623 1.59
1.20 - 1.29 23 279,607,465 19.20
1.30 - 1.39 24 150,554,009 10.34
1.40 - 1.49 21 362,828,046 24.92
1.50 - 1.59 5 50,755,917 3.49
1.60 - 1.74 8 109,376,001 7.51
1.75 - 1.99 5 117,971,740 8.10
2.00 - 2.49 6 63,390,347 4.35
2.50 - 14.19 4 298,500,000 20.50
---------------------------------------------------------
TOTAL: 109 1,456,138,148 100.00
---------------------------------------------------------
Min: 1.05 Max: 14.19 Wtd Avg: 1.79
---------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 4
mortgage loans, representing 3.13% of the initial loan group 1 balance as
of the cut-off date.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

V. LOAN GROUP 2
------------

CUT-OFF DATE BALANCE ($)
---------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
---------------------------------------------------------------
897,021 - 1,999,999 8 10,527,004 4.28
2,000,000 - 2,999,999 1 2,172,947 0.88
3,000,000 - 3,999,999 2 7,041,420 2.86
4,000,000 - 6,999,999 5 30,424,472 12.37
7,000,000 - 9,999,999 4 34,592,617 14.07
10,000,000 - 14,999,999 3 39,650,000 16.13
15,000,000 - 29,999,999 4 85,074,215 34.60
30,000,000 - 36,400,000 1 36,400,000 14.80
---------------------------------------------------------------
TOTAL: 28 245,882,675 100.00
---------------------------------------------------------------
Min: 897,021 Max: 36,400,000 Average: 8,781,524
---------------------------------------------------------------

STATE
-------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 2
-------------------------------------------------------------
Texas 7 107,193,885 43.60
Florida 3 23,344,472 9.49
Arizona 1 22,924,215 9.32
New Jersey 6 15,250,000 6.20
Oregon 1 14,250,000 5.80
Virginia 2 12,960,000 5.27
North Carolina 2 11,472,947 4.67
Iowa 1 9,600,000 3.90
Maryland 1 7,492,617 3.05
Ohio 1 5,920,000 2.41
Mississippi 1 3,994,444 1.62
Georgia 2 3,195,528 1.30
Minnesota 1 3,046,976 1.24
Other States(a) 4 5,237,591 2.13
-------------------------------------------------------------
TOTAL: 33 245,882,675 100.00
-------------------------------------------------------------
(a) Includes 4 states.

PROPERTY TYPE
---------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) GROUP 2
---------------------------------------------------------------
Multifamily 31 243,911,531 99.20
Manufactured Housing 2 1,971,144 0.80
---------------------------------------------------------------
TOTAL: 33 245,882,675 100.00
---------------------------------------------------------------

MORTGAGE RATE (%)
-----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
-----------------------------------------------------------
4.285% - 4.999% 1 22,924,215 9.32
5.000% - 5.249% 3 41,948,468 17.06
5.250% - 5.449% 10 104,000,719 42.30
5.450% - 5.749% 8 50,642,391 20.60
5.750% - 5.999% 3 22,297,021 9.07
6.000% - 7.780% 3 4,069,862 1.66
-----------------------------------------------------------
TOTAL: 28 245,882,675 100.00
-----------------------------------------------------------
Min: 4.285% Max: 7.780% Wtd Avg: 5.318%
-----------------------------------------------------------

ORIGINAL TERM TO STATED MATURITY (MOS)
---------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
---------------------------------------------------
60 - 80 1 14,250,000 5.80
81 - 100 4 95,124,215 38.69
101 - 120 21 133,512,721 54.30
121 - 216 2 2,995,739 1.22
---------------------------------------------------
TOTAL: 28 245,882,675 100.00
---------------------------------------------------
Min: 60 Max: 216 Wtd Avg: 104
---------------------------------------------------

REMAINING TERM TO STATED MATURITY (MOS)
---------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
---------------------------------------------------
58 - 84 5 109,374,215 44.48
85 - 119 15 90,837,721 36.94
120 - 215 8 45,670,739 18.57
---------------------------------------------------
TOTAL: 28 245,882,675 100.00
---------------------------------------------------
Min: 58 Max: 215 Wtd Avg: 103
---------------------------------------------------

LOANS WITH RESERVE REQUIREMENTS(a)
-----------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
-----------------------------------------------------------
Taxes 28 245,882,675 100.00
Insurance 28 245,882,675 100.00
Replacement 27 244,486,021 99.43
-----------------------------------------------------------
(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 ($) GROUP 2
----------------------------------------------------------
34.06% - 59.99% 3 4,194,363 1.71
60.00% - 69.99% 4 13,110,777 5.33
70.00% - 74.99% 6 45,916,001 18.67
75.00% - 82.79% 15 182,661,534 74.29
----------------------------------------------------------
TOTAL: 28 245,882,675 100.00
----------------------------------------------------------
Min: 34.06 Max: 82.79 Wtd Avg: 75.89
----------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 2
mortgage loans, representing 11.00% of the initial loan group 2 balance as
of the cut-off date.

LOAN-TO-VALUE RATIO AT MATURITY (%)(a)
--------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
--------------------------------------------------------
19.96% - 39.99% 3 4,194,363 1.71
40.00% - 49.99% 1 1,340,000 0.54
50.00% - 59.99% 7 29,381,108 11.95
60.00% - 69.99% 10 97,292,988 39.57
70.00% - 76.55% 7 113,674,215 46.23
--------------------------------------------------------
28 245,882,675 100.00
--------------------------------------------------------
Min: 19.96 Max: 76.55 Wtd Avg: 67.45
--------------------------------------------------------
(a) Calculated on loan balances after netting out holdback amounts for 2
mortgage loans, representing 11.00% of the initial loan group 2 balance as
of the cut-off date.

DEBT SERVICE COVERAGE RATIOS (X)(a)
-----------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) GROUP 2
-----------------------------------------------------
1.15 - 1.24 5 64,846,864 26.37
1.25 - 1.34 13 132,594,687 53.93
1.35 - 1.49 6 21,322,546 8.67
1.50 - 1.74 1 1,798,875 0.73
1.75 - 1.99 2 23,821,236 9.69
2.00 - 2.39 1 1,498,468 0.61
-----------------------------------------------------
TOTAL: 28 245,882,675 100.00
-----------------------------------------------------
Min: 1.15 Max: 2.39 Wtd Avg: 1.35
-----------------------------------------------------
(a) Calculated on loan balances after netting out a holdback amount for 2
mortgage loans, representing 11.00% of the initial loan group 2 balance as
of the cut-off date.

VI. LARGE LOAN DESCRIPTION
--------------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

TEN LARGEST LOANS OR CROSSED LOAN GROUP

------------------------------------------------------------------------------------------------------------------------------------
LOAN PER
CUT-OFF DATE UNITS/SF/ UNITS/SF/ CUT-OFF BALLOON
NO. PROPERTY NAME CITY STATE BALANCE % OF POOL ROOMS ROOM(1) DSCR(1) DATE LTV(1) LTV(1)
------------------------------------------------------------------------------------------------------------------------------------

1. General Motors Building New York NY $260,000,000 15.28% 1,905,103 $374.78 2.67x 43.27% 43.27%
------------------------------------------------------------------------------------------------------------------------------------
2. 63 Madison Avenue New York NY 105,000,000 6.17 797,377 $206.93 1.49 75.00 75.00
------------------------------------------------------------------------------------------------------------------------------------
3. Lakeside Mall Sterling Heights MI 96,974,425 5.70 643,375 $301.46 1.93 63.59 58.29
------------------------------------------------------------------------------------------------------------------------------------
4. Bank of America Tower at Fort Lauderdale FL 90,000,000 5.29 409,075 $220.01 1.49 72.87 72.87
Las Olas City Centre
------------------------------------------------------------------------------------------------------------------------------------
5. Continental Park Plaza El Segundo CA 55,000,000 3.23 476,852 $115.34 1.73 58.51 53.19
------------------------------------------------------------------------------------------------------------------------------------
6. Burnham Center Chicago IL 50,449,121 2.96 579,778 $87.01 1.46 76.44 70.81
------------------------------------------------------------------------------------------------------------------------------------
7. Loews Miami Beach Miami Beach FL 50,000,000 2.94 790 $189,873.42 2.27 58.82 47.99
------------------------------------------------------------------------------------------------------------------------------------
8. 1414 Avenue of the Americas New York NY 43,000,000 2.53 121,608 $353.60 1.23 78.75 78.75
------------------------------------------------------------------------------------------------------------------------------------
9. G REIT Portfolio II Various Various 42,740,000 2.51 348,046 $122.80 1.36 74.79 65.49
------------------------------------------------------------------------------------------------------------------------------------
10. Signature Ridge Apartments San Antonio TX 36,400,000 2.14 612 $59,477.12 1.30 75.05 69.49
------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGES $829,563,546 48.74% 1.94X 61.70% 59.00
------------------------------------------------------------------------------------------------------------------------------------

(1) For purposes of calculating Loan per Unit/SF/Room, Cut-Off Date LTV,
Balloon LTV and DSCR the loan amount used for the General Motors Building
loan, 63 Madison Avenue loan, Lakeside Mall loan and Loews Miami Beach loan
is the principal balance of the Mortgage Loan included in the trust and the
aggregate principal balances 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. Of these mortgage loans only the General Motors
Building loan has a subordinate loan and such subordinate loan, unless
otherwise indicated, was not included in calculating Loan per Unit/SF/Room,
Cut-Off Date LTV, Balloon LTV or DSCR.

VII. COLLATERAL DESCRIPTION
----------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

PARI PASSU AND COMPANION LOANS(a)

-----------------------------------------------------------------------------------------------------------------------------------
A-NOTE BALANCES B-NOTE BALANCE
AS OF THE AS OF THE
NO. PROPERTY NAME CUT-OFF DATE TRANSACTION SERVICER SPECIAL SERVICER CUT-OFF DATE
-----------------------------------------------------------------------------------------------------------------------------------

1 General Motors Building(b)$260,000,000 COMM 2005-LP5 Midland Loan Services, Inc. LNR Partners, Inc. $86,000,000(d)
$454,000,000(e) TBD
-----------------------------------------------------------------------------------------------------------------------------------
2 63 Madison Avenue $60,000,000 GE 2005-C1 GEMSA Loan Services, L.P.(c) LNR Partners, Inc. $0
$105,000,000 COMM 2005-LP5
-----------------------------------------------------------------------------------------------------------------------------------
3 Lakeside Mall $96,974,425 GE 2005-C1 Primary: Midland Loan Services, Inc. LNR Partners, Inc. $0
$96,974,425 COMM 2005-LP5 Master: GEMSA Loan Services, L.P.(c)
-----------------------------------------------------------------------------------------------------------------------------------
$50,000,000 COMM 2005-LP5
7 Loews Miami Beach $50,000,000 TBD Midland Loan Services, Inc. LNR Partners, Inc. $0
$50,000,000 TBD
-----------------------------------------------------------------------------------------------------------------------------------
$35,900,297 COMM 2005-LP5
12 Wellpoint Office Tower $23,933,531 TBD Midland Loan Services, Inc. LNR Partners, Inc. $0
$24,930,762 TBD
-----------------------------------------------------------------------------------------------------------------------------------

(a) Does not include one mortgage loan with only a subordinate companion loan:
FedEx - Bellingham ($2,271,970 mortgage loan and $359,666 subordinate
loan).

(b) The equity owners of the borrower incurred mezzanine debt with an aggregate
balance of $300,000,000.

(d) B-Note deposited into the COMM 2005-LP5 securitization and sold as
non-pooled certificates.

(e) The aggregate amount of the pari passu notes.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $260,000,000
TMA DSCR: 2.42x ("As Is")
GENERAL MOTORS BUILDING TMA LTV: 43.27%
--------------------------------------------------------------------------------

[GENERAL MOTORS BUILDING PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5
COLLATERAL TERM SHEET

--------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
LOAN SELLER: GACC

LOAN PURPOSE: Acquisition/Refinance

ORIGINAL SENIOR COMPONENT
BALANCE: $260,000,000(1)

CUT-OFF SENIOR COMPONENT
BALANCE: $260,000,000(1)

% BY INITIAL UPB: 15.28%

INTEREST RATE: 5.1469%(2)

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: March 1, 2005

MATURITY DATE: February 1, 2010

AMORTIZATION: Interest Only

CALL PROTECTION: Lockout until the earlier of (i) 24 months from the
securitization of the last pari passu note and (ii)
three years after the loan closing date, then
defeasance is permitted. On and after October 1,
2009, prepayment permitted without penalty.

SPONSOR: Jamestown Corporation and Macklowe
Properties

BORROWER: Fifth Avenue 58/59 Acquisition Co. L.P.

PARI PASSU DEBT: $454,000,000(1)

B NOTE BALANCE: $86,000,000(1)

MEZZANINE DEBT: $300,000,000(1)

LOCKBOX: Hard

INITIAL RESERVES: Tax: $2,400,817
Insurance: $817,014
TI/LC: $70,529,451
NOI Support: $16,153,835
Engineering: $4,800,000

MONTHLY RESERVES: Tax: $2,400,817
Insurance: $163,403
Replacement: $31,590
--------------------------------------------------------------------------------

(1) The $260,000,000 senior component (the "Senior Component") and the
$454,000,000 Pari Passu Debt (not included in the trust) comprise the total
senior debt balance of $714,000,000 (the "Senior Loan"). The $86,000,000
B-Note and the Senior Loan comprise the total first mortgage balance of
$800,000,000 (the "First Mortgage"). Additionally, there is $300,000,000 of
mezzanine debt ("Mezzanine"). DSCR calculations in the chart are based on
"As-Is" cash flow. DSCR based on "As-Stabilized" cash flow is 2.67x for the
Senior Loan, 2.36x for the First Mortgage and 1.65x for the First Mortgage
plus the Mezzanine. The B note is included in the trust but does not back
any certificates other than the Class GMB Certificates. For additional
information regarding the capitalization structure, see "The General Motors
Building Capitalization" herein.

(2) Represents the average interest rate for first 12 payment periods after the
cut-off date. The interest rate will vary throughout the loan term. The
final interest rates for the General Motors Building loan have not yet been
determined. Refer to Annex A-5 for a schedule of assumed interest rates.

(3) Occupancy figure excludes the Madison Avenue and Fifth Avenue retail
expansion. Occupancy is 96.34% including the Madison Avenue and Fifth
Avenue retail expansion.

(4) Increase in cash flow from the "As-Is" cash flow to the "As-Stabilized"
cash flow is based on the anticipated lease up of 21,000 sq. ft. to Apple
(Fifth Avenue expansion) and anticipated lease up of 13,713 sq. ft. of
Madison Avenue expansion retail space. See "Madison Avenue and Fifth Avenue
Retail Expansion" herein.

--------------------------------------------------------------------------------
FINANCIAL INFORMATION(1)
--------------------------------------------------------------------------------
FIRST FIRST MORTGAGE
SENIOR LOAN MORTGAGE PLUS MEZZANINE
--------------------------------------------------------------------------------
LOAN BALANCE: $714,000,000 $800,000,000 $1,100,000,000

LOAN BALANCE/SQ. FT.: $374.78 $419.92 $577.40

LTV: 43.27% 48.48% 66.67%

BALLOON LTV: 43.27% 48.48% 66.67%

DSCR ("AS IS"): 2.42x 2.14x 1.50x

SHADOW RATING (S/M): AA/A3 Baa3 --
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset

PROPERTY TYPE: Office with retail component

COLLATERAL:(3) Fee simple

LOCATION: New York, NY

YEAR BUILT/RENOVATED: 1968/2005

COLLATERAL SQ. FT.: 1,905,103 sq. ft.

PROPERTY MANAGEMENT: Macklowe Management Co. Inc.
(a borrower affiliate)

OCCUPANCY (AS OF 1/1/05):(3) 96.27%

UNDERWRITTEN NET CASH FLOW:(4) "As-Is": $88,947,170
"As-Stabilized": $98,245,069

APPRAISED VALUE: $1,650,000,000

APPRAISAL DATE: January 1, 2005
--------------------------------------------------------------------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

---------------------------------------------------------------------------------------------------------------------------
MAJOR OFFICE TENANTS
---------------------------------------------------------------------------------------------------------------------------
% BELOW WEIGHTED AVG LEASE
TENANT NRSF % NRSF(1) MARKET RENT PSF EXPIRATION RATINGS (S/M/F)
---------------------------------------------------------------------------------------------------------------------------

Weil, Gotshal & Manges LLP 539,438 32.8% 45.20% $47.75 8/31/2019 - / - / -
---------------------------------------------------------------------------------------------------------------------------
Estee Lauder 327,562 19.9 14.60 84.18 3/31/2020 A+ / A1 / -
---------------------------------------------------------------------------------------------------------------------------
General Motors Corporation 100,348 6.1 15.82 68.26 3/31/2010 BBB- / Baa3 / BBB-
---------------------------------------------------------------------------------------------------------------------------
SUB TOTAL/WA: 967,348 58.8% $62.21
---------------------------------------------------------------------------------------------------------------------------

(1) % NRSF based on "As-Is" Office space only.

----------------------------------------------------------------------------------------------------------
MAJOR RETAIL TENANTS
----------------------------------------------------------------------------------------------------------
% BELOW WEIGHTED AVG LEASE
TENANT NRSF % NRSF(2) MARKET RENT PSF EXPIRATION RATINGS (S/M/F)
----------------------------------------------------------------------------------------------------------

FAO Schwarz 74,794 49.8% 63.1% $68.10 1/31/2012 - / - / -
----------------------------------------------------------------------------------------------------------
CBS 31,997 21.3 76.3% 47.19 3/31/2010 A- / A3 / A-(3)
----------------------------------------------------------------------------------------------------------
SUB TOTAL/WA: 106,791 71.1% $61.83
----------------------------------------------------------------------------------------------------------

(2) % NRSF based on "As-Is" Retail space only.
(3) Credit ratings are of the parent company whether or not the parent
guarantees the lease.

GENERAL MOTORS BUILDING LOAN

THE LOAN. The General Motors Building Loan is secured by a first mortgage on the
borrower's fee simple interest in a modern 50-story 1,905,103 sq. ft. Class "A"
office/retail building located at the southeast corner of Central Park,
occupying the entire city block bounded by Fifth Avenue, Madison Avenue, 58th
Street, and 59th Street. The General Motors Building Loan is a five-year
interest only loan. The $260 million Senior Component (shadow rated "AA"/"A3"
(S/M)) has been contributed to the trust.

GM BUILDING RECAPITALIZATION. In January, 2005, in connection with a
recapitalization of the entire GM Building capital structure, Deutsche Bank
provided a $1.1 billion capitalization package to the sponsors, JAMESTOWN
CORPORATION ("Jamestown") and MACKLOWE PROPERTIES ("Macklowe"). See "The
General Motors Building Capitalization" below, on page 20.

Jamestown and Macklowe contributed $385 million of new cash equity,
bringing the total cash equity to $520 million.

o Jamestown contributed $300 million of cash equity; and

o Macklowe contributed $85 million of cash equity above its
existing $135 million cash contribution, resulting in a $220
million cash contribution.

Deutsche Bank provided the sponsors with a $1.1 billion capitalization
package. This package, together with the equity contributions from the
sponsors, extinguished prior floating rate debt of $1.4 billion. The
Deutsche Bank package consists of a First Mortgage loan with an original
principal balance of $800 million and a Mezzanine loan with an original
principal balance of $300 million, as follows:

o A $260 million Senior Component (contributed to the trust) of a
$714 million parri passu senior mortgage loan;

o An $86 million subordinate portion of the $800 million First
Mortgage loan, which subordinate portion will be contributed to
the trust, certificated and sold as investment grade rated
non-pooled securities. The non-pooled junior securities will not
back any certificates other than the class GMB certificates; and

o A $300 million mezzanine loan that Deutsche Bank anticipates
privately placing with one or more institutional investors.

THE BORROWER. The borrower is a single-purpose, bankruptcy-remote entity with
two independent directors, for which a non-consolidation opinion was obtained at
closing. The borrower is sponsored by Jamestown and Macklowe.

Jamestown is a real estate investment company based in Atlanta, Georgia and
Cologne, Germany. Since 1983, Jamestown has been investing in income-producing
high quality commercial real estate in the United States. In 26 partnerships,
Jamestown and its affiliates have acquired over $5 billion of assets. In
addition to the GM Building, Jamestown currently owns

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

all or a portion of New York assets including One Times Square, 589 Fifth
Avenue, 1211 Sixth Avenue, 1290 Sixth Avenue, 620 6th Avenue, 111 Eighth Avenue,
and Chelsea Market. Jamestown also owns all or a portion of 125 High Street and
One Federal Street in Boston, Massachusetts, 4501 N. Fairfax in Arlington,
Virginia, and 400 Post Street in San Francisco, California. In Atlanta and
Cologne, Jamestown employs over 90 individuals who specialize in acquisitions,
asset and property management, accounting, taxes, marketing and sales. Jamestown
is a repeat client of Deutsche Bank.

Macklowe has over 30 years of commercial real estate investment & development
experience, predominantly in New York City. Macklowe's investments include
office & apartment properties, land assemblages, and conversion of industrial
properties and loft buildings in Manhattan. Macklowe's substantial real estate
portfolio includes interests in such prestigious residential properties as 777
Sixth Avenue, 305 West 50th Street (Longacre House), 515 East 72nd Street
(RiverTerrace) and 420 East 54th Street (RiverTower) as well as interests in 12
commercial properties leased to many high quality tenants at well known
addresses such as the GM Building, 540 Madison Avenue, 400 Madison Avenue, and
610 Broadway. In 2003, Deutsche Bank financed $1.15 billion of Macklowe's $1.45
billion acquisition of the GM Building. Macklowe is a repeat sponsor of a
Deutsche Bank borrower.

THE PROPERTY. The GM Building occupies a full city block bounded by Fifth and
Madison Avenues and 58th and 59th Streets in Midtown Manhattan's Plaza District.
The property consists of a central 50-story tower with north and south flanking
two-story wings containing approximately 1,709,037 sq. ft. of Class "A" office
space and 152,143 sq. ft. of prime retail/television studio space. The property
also contains a 35,657 sq. ft. underground parking garage with over 135 spaces.
The property has an average rent psf of $71.78 (with current asking rents of $75
-- $125 psf), well above prevailing market averages. Several of the more
seasoned leases are significantly below the building average. The building has
exhibited an excellent tenant retention rate well above the market average, with
more than 50.0% of the building occupied by tenants that have been in occupancy
since the building's completion in 1968. Historically, the GM Building has
maintained an occupancy rate of 98+%. The GM Building benefits from zoning
restrictions that restrict building height for buildings north of 58th Street.
As a result, the property has views of Central Park and the Upper Manhattan
skyline.

The property offers tenants design flexibility through its center core floor
plates and generous column bays. The distinctive "hips" on the north and south
sides of the property allow for eight corner offices per floor and the large bay
windows provide maximum light and Central Park views from two sides of the
building. The use of the finest materials through out the property's common
areas, such as the expansive lobby's Greek marble walls, highlighted brass trim,
Vermont marble flooring and decorative ceiling provide an environment consistent
with the nature of the property and its location.

The property was built in 1968 to serve as General Motors' worldwide
headquarters and today houses the company's treasury office. The previous owners
of the property, Trump Organization and Conseco Insurance, purchased the
building in August 1998 from a joint venture that included The Simon Property
Group. Over the past five years, the previous building owners invested $65
million to: (i) create a new landscaped plaza on Fifth Avenue; (ii) complete a
new marble lobby area with expanded concierge facilities for tenants; (iii)
install fiber optics in the building; (iv) develop ground floor broadcast
facilities and (v) the install a new state of the art security system.

The extensive improvements to the plaza area have added to the already
considerable pedestrian traffic off of Fifth Avenue and around Central Park. The
borrower has begun the expansion of the retail space at the property by building
a glass cube which will expand onto the promenade on the Fifth Avenue side of
the property and a two-story glass expansion of approximately 14,000 sq. ft. on
the Madison Avenue side of the building. See "Madison Avenue and Fifth Avenue
Retail Expansion" below.

The building's tenants benefit from efficient access to the property via
Manhattan's vast web of public transportation. Subway stops within close
proximity to the building include the N/R (Fifth Avenue at 59th Street), E/F
(Fifth Avenue at 53rd Street), 4/5/6 (Lexington and 59th Street) and the B/D/F/V
(Rockefeller Center). In addition, bus service runs along Fifth, Madison and
Sixth Avenues and 57th Street.

SIGNIFICANT TENANTS. The property is currently 96.3% occupied (excluding the
Madison Avenue and Fifth Avenue expansion spaces) by 33 office tenants and 6
retail tenants, with floor plates averaging 37,000 sq. ft. Below is a
description of the building's three largest office tenants and two largest
retail tenants.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

OFFICE:

WEIL, GOTSHAL & MANGES LLP (32.8% of NRA-Office; $47.75/sq. ft.; majority
of leases expire in 2019), is the property's largest tenant and has been in
the building since its construction in 1968. Founded in 1931 in New York,
Weil, Gotshal & Manges LLP ("Weil") is widely considered to be one of the
premier law firms in the world. Weil was awarded the "2004 Law Firm of the
Year in Western Europe: France" and the "2004 Law Firm of the Year in the
United States for Private Equity". The Weil space at the property was
custom designed and was most recently renovated in 1990, though it is
meticulously maintained. The GM Building serves as Weil's worldwide
headquarters, and its space includes an executive conference and banquet
level which features high ceilings, a kitchen and separate environmental
systems (this space was originally General Motors' executive floor). Weil's
current average space utilization of 170 employees per floor is well above
the building average of 117 and its rental rates are 45.21% below market.

ESTEE LAUDER (19.9% of NRA-Office; $84.18/sq. ft.; (S/M/F) A+ / A1 / -; a
majority of leases expire in 2020) (NYSE: EL) the second largest tenant at
the property, has maintained a worldwide reputation for innovation while
purveying stability in the production of high quality beauty products.
Estee Lauder ("Lauder") has maintained its global headquarters at the
property since completion in 1968. Lauder products are sold in over 130
countries and territories under brand names, such as Estee Lauder,
Clinique, Aramis, Prescriptives, Origins, M.A.C, Bobbi Brown, La Mer,
Aveda, Stila, Jo Malone, Bumble and Bumble, Darphin, Rodan & Fields, and
American Beauty and account for nearly half of the world's upscale
cosmetics sold. Lauder, which was founded in New York in 1946 and employs
22,000 people worldwide, reported 2004 earnings from continuing operations
of $376 million and sales of $5.79 billion -- the 47th consecutive year
annual sales have increased. In the 1990's, Lauder contributed significant
capital to the refurbishment of its space, including the 40th floor, which
houses the executive management offices, which was extravagantly decorated
by Ms. Estee Lauder. In October 2012 there is a $10.00 psf rent step for
the Estee Lauder space. After renewing its lease in July 2003, Estee
Lauder's rent averages $91.29 over the life of its lease term.

GENERAL MOTORS CORPORATION (6.1% of NRA-Office; $68.26/sq. ft.; (S/M/F)
BBB- / Baa3 / BBB-; lease expires in 2010) (NYSE: GM) the third largest
tenant at the property is one of the world's leading industrial firms,
manufacturing and selling vehicles world-wide under the Chevrolet, Buick,
Cadillac, Pontiac, Saab, Saturn and GMC brands. The property was originally
built in 1968 as General Motors Corporation's worldwide headquarters and
General Motors Corporation currently occupies three full floors of office
space for their treasury office, legal, tax and operations, human resources
and asset management . The world's largest automotive manufacturer with a
15% global market share, General Motors Corporation also produces products
and provides services ranging from satellite and wireless communication to
financial services. In 2003, General Motors Corporation sold nearly 8.6
million cars and trucks. The space was renovated in the mid-1990's with
stained wood and glass accents. For the nine months ended September 20,
2004, revenues rose 4% to approximately $141.69 billion. Net income from
continuing operations rose 7% to $3.06 billion and General Motors
Corporation had a recent equity market capitalization of $20.97 billion.

Other prominent tenants at the property include Baron Capital ($105.20/sq.
ft.), Forstmann Little & Co. ($115.00/sq. ft.), Icahn Associates
($103.20/sq. ft.), Thomas Lee Capital ($80.00/sq. ft.) and Perry Capital
($93.00/sq. ft.).

RETAIL:

F.A.O. SCHWARZ (49.8% of NRA-Retail; $68.10/sq. ft.; lease expires in 2012)
is one of the premier retail toy stores in the world. The F.A.O. Schwarz
("FAO") space benefits significantly from both tourism and its prime
location within one of the world's prime retail shopping corridors. FAO,
the building's fifth-largest tenant, is a specialty retailer of
developmental, educational and fun products for infants and children via
its FAO Schwarz and Right Start retail stores as well as through catalogs
and the internet. FAO filed for Chapter 11 bankruptcy protection in January
2003 and re-emerged in April 2003. In December of 2003, FAO filed for
bankruptcy again and in January 2004, D.E. Shaw & Co. agreed to pay $41
million in cash for the long-term lease in FAO's Las Vegas and New York
stores, among other things. FAO's flagship retail store has been located at
the property since November 1986 and reopened on Thanksgiving Day 2004.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

CBS TELEVISION STUDIOS (21.3% of NRA-Retail; $47.19/sq. ft. (S/M/F) A- / A3
/ A-, lease expires in 2010) broadcasts "The Early Show" from the property.
The CBS facilities include viewing areas along 59th Street and the plaza,
as well as extensive TV production studios and a gourmet kitchen. The high
profile nature of The Early Show brings additional pedestrian traffic to
the already highly trafficked area. The studios are equipped with cutting
edge technological equipment housed beneath the 30 foot ceilings. In
addition to The Early Show, CBS, a wholly owned subsidiary of Viacom Inc.,
utilizes their space as television studios for its NFL studio broadcasts,
talk shows and various soap opera productions. The estimated cost paid by
the tenant for the build out of the space was between $35 and $40 million.

THE MARKET: The GM Building is one of the centerpieces within the heart of
midtown Manhattan's prestigious Plaza District, occupying the entire city block
bounded by Madison and Fifth Avenues and 58th and 59th Streets. This location is
between many of New York's top residential and retail addresses and its midtown
office district. The location of the GM Building places the property at a
competitive advantage, both for the ground floor retail space and above ground
office space. The amenities surrounding the property, which include top
restaurants, hotels and retail such as The Four Seasons Hotel, The Plaza Hotel,
Tiffany & Co., Bergdorf Goodman, and Saks Fifth Avenue are an attractive draw
for prospective tenants. The building's ground floor retail space benefits from
the high volume of pedestrian traffic which visits the building due to the
property's location adjacent to Central Park and the CBS Morning Show's
"window-watching" capacity, and it's frontage along the retail Madison Avenue
corridor.

The Plaza District has historically been one of the strongest subdistricts in
Manhattan, consistently maintaining lower vacancy rates and higher rents than
its competitive locales due to its premier location and high quality buildings.
This combination of quality construction, tenant prestige, Central Park views,
and location allow rents at the GM Building to receive a premium to its
competition. According to REIS, the 54.8-million sq. ft. Plaza submarket, at the
southern edge of Central Park, is the most expensive area in Manhattan, with an
average asking rent of $57.28 psf per third quarter 2004. Reis reports
concessions in the Plaza District average 3.4 months of free rent over the
average lease term of 8.9 years and vacancy rates at 9.2%. Additionally, rents
at the property have outpaced the general market by as much as $40.00 to $60.00
psf, as recently exhibited by Perry Capital's execution of a lease for 74,061
square feet on floors 19 and 20 with a term of 14-years and 5-months at an
initial rate of $93.00 psf. In addition, York Capital executed a lease for
35,537 sq. ft. at an initial rate of $95.00 psf. Here is a schedule of recent
leases signed at the property:

--------------------------------------------------------------------------------
RECENTLY EXECUTED LEASES
LEASE
TENANT LEASE DATE FLOORS SF EXPIRATION RENT/SF
--------------------------------------------------------------------------------
PERRY CAPITAL 8/1/2005 19 & 20 74,061 1/31/2020 $93.00
--------------------------------------------------------------------------------
BANK OF AMERICA 10/22/2004 15 36,137 3/31/2007 $84.00
--------------------------------------------------------------------------------
YORK CAPITAL 2/1/2005 17 35,537 1/31/2020 $95.00
--------------------------------------------------------------------------------
ESTEE LAUDER 1/1/2005 45 14,251 4/30/2006 $120.00
--------------------------------------------------------------------------------
ICAHN 1/1/2005 46 9,184 5/31/2012 $100.00
--------------------------------------------------------------------------------
RUANE CUNIFF 6/1/2004 47 6,150 5/31/2014 $110.00
--------------------------------------------------------------------------------
HOVANANIAN 6/2/2004 46 2,788 12/31/2011 $115.00
--------------------------------------------------------------------------------

MADISON AVENUE AND FIFTH AVENUE RETAIL EXPANSION

On the Fifth Avenue side of the building, in the plaza area, the sponsors are
building a modern glass cube that houses a spiral walkway and a circular
platform elevator leading down to approximately 21,000 sq. ft. of sub-grade
retail space. Apple Computer Inc. ("Apple") (NASD: "AAPL") has signed a letter
of intent to occupy, for 10 years, this retail space with an initial base rent
of $2.8 million per annum ($132.29 psf). Additionally, the letter of intent
provides that Apple will pay percentage rent which is expected to generate
approximately $2.0 million of additional income per year.

On the Madison Avenue side, the GM Building is set back from Madison Avenue
significantly farther than zoning regulations require. The sponsors are
developing 13,713 sq. ft. (inclusive of 2,885 sq. ft. of mezzanine space) of
prime Madison Avenue retail space in this extra area. The average ground floor
Madison Avenue retail market rate is expected to be approximately $700 psf and
the mezzanine retail space is expected to command at least $100 psf.
Construction has commenced on the Madison Avenue retail space.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

$42.5 million of the TI/LC Reserve (as defined herein) is specifically allocated
towards the Madison Avenue and Fifth Avenue retail expansion.

PROPERTY MANAGEMENT. Macklowe Management Co. Inc., an affiliate of the borrower.

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

RESERVES. At closing, the borrower deposited $70.5 million in a tenant
improvement and leasing commissions reserve ("TI/LC Reserve"). $42.5 million of
the TI/LC Reserve is specifically allocated to the Madison and Fifth Avenue
retail expansion. The remaining $28 million is for additional tenant
improvements and leasing commissions. Additionally, the borrower deposited $16.2
million ("NOI Support Reserve") to provide credit enhancement for the Perry
Capital free rent period and rent associated with three vacant spaces with
leases either out for signature or in various stages of negotiation. Each month,
provided that there is no event of default (as such term is defined in the loan
documents), a monthly increment (as specified in the loan documents) of the NOI
Support Reserve, will be used to satisfy monthly payments due under the loan,
with any excess amounts released to the borrower. Each year, the borrower is
required to deposit $7,000,000 into the NOI Support Reserve, until such time
that the termination conditions (including termination of the Perry Capital free
rent period and lease up of the vacant spaces above specified rent thresholds)
have been satisfied, at which time any remaining funds in the NOI Support
Reserve will be remitted to the borrower and no future deposits will be
required.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. Equity owners of the borrower
incurred mezzanine debt from a Deutsche Bank affiliate, with an aggregate
balance of $300,000,000, secured by pledges of equity interests in the borrower.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[GENERAL MOTORS BUILDING MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THE GENERAL MOTORS BUILDING CAPITALIZATION
------------------------------------------

$260 MILLION $454 MILLION
SENIOR PARI PASSU
COMPONENT DEBT
LTV 43.37% LTV 43.27%
RATED RATED To be sold in
(AA/A3) (AA/A3) conduit/fusion
(S/M) (S/M) securitizations

$86 MILLION
"LEGS"
LTV 48.48%
(Baa1 to Baa3) (M)

$300 MILLION
MEZZANINE DEBT To be privately
LTV 66.7% placed

$520 MILLION
EQUITY

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $105,000,000
TMA DSCR: 1.49x
63 MADISON AVENUE TMA LTV: 75.00%
--------------------------------------------------------------------------------

[63 MADISON AVENUE PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Refinance

ORIGINAL TMA BALANCE: $105,000,000(1)

CUT-OFF TMA BALANCE: $105,000,000(1)

% BY INITIAL UPB: 6.17%

INTEREST RATE: 5.0600%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: February 1, 2005

MATURITY DATE: January 1, 2010

AMORTIZATION: Interest Only

CALL PROTECTION: Lockout for 24 months from securitization
date, then defeasance is permitted. On
and after October 1, 2009, prepayment
permitted without penalty.

SPONSOR: George Comfort & Sons, Inc. and Loeb
Partners Realty & Development Corp.

BORROWER: 63 Madison Owner LLC

PARI PASSU DEBT: $60,000,000(1)

ADDITIONAL FINANCING: None

LOCKBOX: Hard

INITIAL RESERVES: Tax: $374,870

Insurance: $123,743

TI/LC: $104,166

Replacement: $23,257

MONTHLY RESERVES: Tax: $374,870

Insurance: $16,146

TI/LC: $104,166

Replacement: $23,257
--------------------------------------------------------------------------------
(1) The Trust Mortgage Asset ("TMA") amount of $105,000,000 represents the A-2
Note and A-3 Note, each in the original amount of $52,500,000, from a first
mortgage loan in the original amount of $165,000,000 (evidenced by pari
passu A-1, A-2 and A-3 Notes). The A-1 Note is not included in the trust.
Calculations are based on the whole first mortgage loan balance as of the
cut-off date.

BALLOON BALANCE/SQ. FT.: $206.93

LTV: 75.00%

BALLOON LTV: 75.00%

DSCR: 1.49x
--------------------------------------------------------------------------------

PROPERTY TYPE: Office

COLLATERAL: Fee simple

LOCATION: New York, NY

YEAR BUILT/RENOVATED: 1963/1999

COLLATERAL SQ. FT.: 797,377 sq. ft.

PROPERTY MANAGEMENT: George Comfort & Sons, Inc.
(a borrower affiliate)

OCCUPANCY (AS OF 9/7/04): 100.00%

UNDERWRITTEN NET CASH FLOW: $12,594,730

APPRAISED VALUE: $220,000,000

APPRAISAL DATE: November 1, 2004
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------
MAJOR OFFICE TENANTS
--------------------------------------------------------------------------------------------------------------
WEIGHTED AVG LEASE RATINGS
TENANT NRSF % NRSF % GPR RENT PSF EXPIRATION (S/M/F)
--------------------------------------------------------------------------------------------------------------

Ziff-Davis, Inc.(1)(2) 399,773 50.1% 56.0% $29.72 6/30/2019 -
--------------------------------------------------------------------------------------------------------------
New York Life 397,604 49.9 44.0 23.51 12/31/2010 AA+/Aa1/AA
--------------------------------------------------------------------------------------------------------------
TOTAL/WA: 797,377 100.0% 100.0% $26.63
--------------------------------------------------------------------------------------------------------------

(1) Ziff-Davis, Inc. has subleased space to The Beanstalk Group (30,885 NRSF),
The Community Preservation Corporation (35,767 NRSF), FOJP Corporation
(61,494 NRSF), BeMusic, Inc. (56,742 NRSF) and CNet (49,140 NRSF).

(2) Ziff-Davis, Inc.'s rent obligation is supported by a $15,000,000 evergreen
Letter of Credit from Citibank, N.A. (rated AA- by S&P, Aa2 by Moody's and
AA+ by Fitch). See "The Property" below for additional information.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

63 MADISON AVENUE LOAN

THE LOAN. The 63 Madison Loan is a five-year, interest only fixed rate loan
secured by a first priority mortgage on the borrower's fee simple interest in a
797,377 sq. ft. Class "A" office building located in the Midtown South
sub-market of Manhattan, New York. Based on the appraised value of $220 million,
the borrower has implied equity of $55 million in the property.

THE BORROWER. The borrower is 63 Madison Owner LLC, a special-purpose,
bankruptcy-remote entity sponsored by GEORGE COMFORT & SONS, INC. and LOEB
PARTNERS REALTY & DEVELOPMENT CORP.

George Comfort & Sons, Inc. has nearly 85 years of real estate experience and
currently manages nine million sq. ft. of commercial property, 50% of which they
own. George Comfort & Sons, Inc.'s investments include all classes of office and
mixed use buildings in the New York City central business district and
metropolitan area, Washington, D.C. and Boston.

George Comfort & Sons, Inc.'s services include acquiring and brokering
properties, full service property management, leasing, construction and finance.
George Comfort & Sons, Inc. has continued to expand under the leadership of
Peter Duncan, who has been president since 1995 by acquiring more than four
million sq. ft. of office space and adding three million sq. ft. to its
third-party management portfolio in the last decade. It currently has assets of
$1 billion in partnership with top global investors.

Loeb Partners Realty & Development Corp. is a privately held real estate company
that makes opportunistic investments in real estate properties, with its major
focus on the creation and enhancement of the value of these properties through
repositioning, renovation and intensive asset management. Currently the
company's portfolio amounts to more than 12 million sq. ft. of income-producing
investment real estate.

THE PROPERTY. Built in 1963 as the New York Life annex, 63 Madison Avenue was
substantially renovated in 1998 -- 1999 into a multi-tenanted building. 63
Madison Avenue is located between 27th and 28th Streets in Manhattan directly
across from, and connected via underground walkway to, the distinctive, 40-story
(including six-story tower) New York Life Building, New York Life's
headquarters. The building consists of 797,377 net rentable sq. ft., over 15
floors of commercial space and two concourses. The property has large, open
floor plates of approximately 49,140 sq. ft. for floors 2 through 12 and
approximately 30,609 sq. ft. for the remaining three floors.

The 1998-1999 renovation was completed in mid 1999 and included the following:
(i) cleaning and repainting the exterior curtain wall; (ii) new lobby for the
office tenants including the reconstruction and design thereof; (iii) a new roof
covering was installed; (iv) modernization of the elevators and cabs, including
installation of a new service elevator and (v) the electrical system was
partially upgraded.

Out of the total NRA of the building, the two tenants, New York Life (397,604
sq. ft.) and Ziff-Davis, Inc. (399,773 sq. ft.), each also lease a concourse
(58,489 sq. ft. and 62,120 sq. ft., respectively). New York Life rents Concourse
A space for $12.00 psf and the remaining 339,115 sq. ft. of its office space is
at a cost of $25.50 psf. Ziff-Davis, Inc. rents Concourse B space for $15.45 psf
and the remaining 337,653 sq. ft. of its office space at a cost of $32.35 psf.
The property is currently 100% occupied by tenants and subtenants. The New York
Life lease runs through December, 2010 and the Ziff-Davis, Inc. lease runs
through June, 2019.

The property at 63 Madison Avenue was built by New York Life who occupied it in
its entirety until 1995 when New York Life sold the building to George Comfort &
Sons, Inc. In 1998, New York Life reduced its occupancy of the property to
approximately 50% and Ziff-Davis, Inc. entered into a 21.5-year lease, for
floors 8 through and including 15 and Concourse B. New York Life occupies
Concourse A and floors 1 through 7 under a lease that expires December 31, 2010.
Over the past few years, Ziff-Davis, Inc. has restructured internally and
reduced its share of occupied space through subleasing. Ziff-Davis, Inc. has
been successful in its efforts to sublease portions of its space to multiple
companies that currently occupy the building. Ziff-Davis, Inc. currently
occupies floors 11, 12 and Concourse B; while floors 8, 9, 10, 13, 14 and 15
have been sublet to a variety of other tenants. Ziff-Davis, Inc. remains
primarily liable for the rent payments under its lease through 2019. In
connection with obtaining landlord consent to its subleasing arrangements,
Ziff-Davis, Inc. posted a $15 million letter of credit

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

for the benefit of the building owner. The letter of credit was collaterally
assigned to the lender, to be drawn by the borrower and payable to the lender in
connection with a default by Ziff-Davis, Inc. of its rent obligations under its
lease or a failure to renew the letter of credit or post cash collateral through
expiration of its lease in 2019. The next renewal of the letter of credit will
be required in September 2006.

The two separate concourses, entrance lobbies, and two separate elevator banks
provides the tenants additional privacy. Ziff-Davis, Inc. has a designated
entrance on the 28th Street side of the building and New York Life has a
designated entrance on the 27th Street side of the building, facing New York
Life's headquarters building. The two buildings are connected by a
basement-level passageway that was built in order to link the New York Life
offices. The buildings are still to this day connected, and the mail facilities
for both the New York Life buildings are located in the basement of 63 Madison
Avenue.

SIGNIFICANT TENANTS. The property is currently 100% occupied by two tenants, New
York Life and Ziff-Davis, Inc. Ziff-Davis, Inc. has recently subleased portions
of its space to The Beanstalk Group, The Community Preservation Corporation,
Foundation of Jewish Philanthropies Service Corporation, BeMusic, Inc. and CNet.

NEW YORK LIFE (49.9% NRA; rent $23.51 psf; lease expires December 31, 2010;
AA+/Aa1/AA (S/M/F)) has been a tenant in the building since it was built in
1963. New York Life originally built the property to serve as part of its
Manhattan headquarters. New York Life occupied 100% of the building until
1998 when Ziff-Davis, Inc. signed a lease for approximately 50% of the
space. New York Life's current headquarters is located directly adjacent to
the property on Madison Avenue between 26th and 27th Streets, commonly
known as the "New York Life Building." New York Life built the underground
passageway between the two buildings.

New York Life was founded in 1845 and is the largest mutual life insurance
company in the United States, and one of the largest life insurers in the
world. Headquartered in New York City, New York Life's family of companies
offers life insurance, annuities and long-term care insurance. An
affiliate, New York Life Investment Management LLC provides institutional
asset management, retirement planning and trust services, and other New
York Life affiliates provide an array of securities products and services,
as well as institutional and retail mutual funds.

New York Life reported nearly $180 billion in managed assets in 2002 and
over $202 billion in 2003. In 2003, New York Life had, based on publicly
available information, a net income of $1.12 billion and a surplus and
asset valuation reserve of $10.8 billion. According to New York Life, its
surplus to asset ratio is nearly double the average of the top 25 insurers
and its liquidity benefits from its $80 billion bond portfolio, 89% of
which are investment grade.

ZIFF-DAVIS, INC. (50.1% of NRA; weighted average rent equal to $29.72 psf;
leases expire June 30, 2019) (NYSE: ZFDH.PK), is, based on publicly
available information, a leading integrated media company serving the
technology, videogame and consumer lifestyle markets and is one of the
largest technology magazine publishers in the United States, as measured by
revenue. Second quarter 2004 consolidated revenues totaled approximately
$51.3 million, with EBITDA of approximately $9.5 million. These numbers
were both superior to 2003 revenue and EBITDA of $47.1 million and $9.0
million respectively. Ziff-Davis, Inc. exports its brand internationally,
licensing its content to publications in 41 countries and reaching more
than 22 million readers. In connection with obtaining landlord consent to
its subleasing arrangements, Ziff-Davis, Inc. posted a $15 million letter
of credit for the benefit of the building owner, George Comfort & Sons,
Inc.

Ziff-Davis, Inc. has been a tenant in the property since 1998 when it
leased approximately 400,000 sq. ft. In 2000, Ziff-Davis, Inc. sold its
publishing arm to Willis Stein & Partners and James Dunning and the lease
was assigned to Ziff-Davis Publishing, subject to Ziff-Davis, Inc.'s parent
company, Softbank, subleasing back the 15th floor until 2010 and the 10th
floor until 2019. Bank of New York subleases the entire 8th and 9th floors
and part of Concourse B and subsequently sub-subleased parts of their
premises to the Community Preservation Corporation, Encompass and BeMusic,
Inc. Ziff-Davis Publishing has sublet the 13th and 14th floor to the
Foundation of Jewish Philanthropies. Softbank sub-sublet their space to The
Beanstalk Group. Currently, Ziff-Davis Publishing only occupies the 11th,
12th and Concourse B floors, which is approximately 145,000 sq. ft. out of
the original 400,000 sq. ft. (36.25%).

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

TENANTS UNDER SUBLEASES WITH ZIFF-DAVIS, INC.:

FOUNDATION OF JEWISH PHILANTHROPIES (7.7% of NRA sublet from Ziff-Davis,
Inc. -- occupies entire 13th and 14th floors) has been a tenant in the
building since 2003 when it subleased space from Ziff-Davis, Inc. Founded
in 1911 in Buffalo, New York, the foundation, according to its public
reports, manages over 1,000 individual endowment funds and with assets of
over $98 million.

BEMUSIC, INC. (6.9% of NRA sublet from Bank of New York who sublet the
space from Ziff-Davis, Inc.) BeMusic, Inc. occupies the entire 8th floor
and approximately 5,602 sq. ft. of the 9th floor. BeMusic, Inc. is a
subsidiary of the German media giant Bertelsmann Foundation. Part of
DirectGroup Bertelsmann, BeMusic was founded in July, 2001 and is
headquartered in New York City.

CNET (6.2% of NRA sublet from Ziff-Davis, Inc., occupies the entire 10th
floor) bought Ziff-Davis, Inc. for $1.6 billion in 2000. CNet, according to
publicly available information, provides advice on technology products and
services. CNet integrates an extensive directory of more than 200,000
computer, technology, and consumer electronics products with editorial
content, downloads, trends, reviews and price comparisons. CNet's
www.ZDNET.com website was the winner of the Computer Press Association's
"Best Overall Site" award for two consecutive years. CNet is comprised of
News.com, mySimon, Download.com, CNet Computer Shopper Magazine, and other
networks.

COMMUNITY PRESERVATION CORPORATION (4.5% of NRA sublet from Bank of New
York who sublet the space from Ziff-Davis, Inc.), currently occupies 35,767
sq. ft. of the total 49,140 sq. ft. on the 9th floor. Founded in 1974, the
Community Preservation Corporation finances the rehabilitation or
construction of affordable housing.

THE BEANSTALK GROUP, LLC (3.9% of NRA sublet from Ziff-Davis, Inc.) is 67%
owned by Ford Motor Company and is a leading brand licensing agency and
consultancy. Founded in 1991, The Beanstalk Group has a branch outside of
London, Beanstalk Europe. The Beanstalk Group currently occupies the entire
15th floor (top floor) of the property, which it subleased from Softbank,
Ziff-Davis, Inc.'s parent company.

THE MARKET. The property is located in Manhattan's Midtown South section in the
Murray Hill/Kips Bay neighborhood, one block north of Madison Square Park.
Murray Hill extends from 42nd Street, west of Park Avenue and extends south to
23rd Street. Kips Bay is the lower section of Murray Hill stretching from East
34th Street down to East 23rd Street in between Park Avenue South on the west
and the East River on the east. The area is largely residential but benefits
from many famous and historical churches and parks, the NYU Medical Center and
Bellevue Hospital located within Kips Bay. The building's location provides easy
access to both Penn Station and Grand Central Terminal, which offer entrance to
the subway system, Metro North Railroad, AMTRAK, and the Long Island Railroad.

According to Reis, the average market rent in Manhattan for the third quarter of
2004 was $42.25 psf and the overall vacancy rate for Manhattan remained flat at
10.5% from the first quarter of 2004 and down slightly from year-end 2003
(10.6%).

MIDTOWN SOUTH SUBMARKET. Manhattan is split into three major markets for office
space, with a total inventory of 390.3 million sq. ft. across Midtown, Midtown
South and Downtown. As previously noted, the property is located on the border
of the Midtown South and Midtown submarkets of Manhattan. Midtown South has 65.2
million sq. ft. of inventory, with 10.5 million sq. ft. (16.1%) being Class "A"
space, and is the smallest of Manhattan's three major markets.

Reis reported a third quarter vacancy rate of 9.9% for the Midtown South
submarket. The average asking rent is $30.93 psf, the lowest metrowide. During
the first half of 2004, overall asking rates increased by $0.19 psf to $30.56
from year end 2003.

Market rent in the Midtown South submarket for buildings built before 1970 was
$31.65 psf for the third quarter of 2004 as reported by Reis. This implies that
the New York Life's rent is approximately 25.72% below market and the
Ziff-Davis, Inc. space is approximately 6.10% below market. The vacancy rate for
buildings built before 1970 and located in the Midtown South submarket was
10.0%, favorable when compared to the overall city vacancy rate of 10.5%.
Buildings built before 1970 make up 70% of Manhattan's total market share of
353,247,000 sq. ft. of inventory. There is no construction of office buildings
planned for the immediate future in this submarket.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

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

PROPERTY MANAGEMENT. The property is managed by George Comfort & Sons, Inc., an
affiliate of the borrower.

RESERVES. The following reserves are required to be collected on a monthly
basis: one-twelfth of the annual taxes and insurance premiums due ($374,870 and
$16,146, respectively), tenant improvements/leasing commissions ($104,166), and
capital expenditures (replacement) ($23,257). In addition, Ziff-Davis, Inc. is
obligated to have a $15 million letter of credit or cash collateral posted at
all times during the term of its lease, as discussed under "The Property" above.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[63 MADISON AVENUE MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $96,974,4250
TMA DSCR: 1.93x
LAKESIDE MALL TMA LTV: 63.59%
--------------------------------------------------------------------------------

[LAKESIDE MALL PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $96,974,425
TMA DSCR: 1.93x
LAKESIDE MALL TMA LTV: 63.59%
--------------------------------------------------------------------------------

LOAN PURPOSE: Acquisition

SHADOW RATING BBB-/Baa3

ORIGINAL TMA BALANCE: $97,500,000(1)

CUT-OFF TMA BALANCE: $96,974,425(1)

% BY INITIAL UPB: 5.70%

INTEREST RATE: 4.28%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: January 1, 2005

MATURITY DATE: December 1, 2009

AMORTIZATION: Amortization on a 30-year schedule

CALL PROTECTION: Lockout for 24 months from securitization date, then
defeasance is permitted. On and after June 1, 2009,
prepayment permitted without penalty.

SPONSOR: General Growth Properties, Inc.

BORROWER: Lakeside Mall Property LLC

PARI PASSU DEBT: $97,500,000(1)

ADDITIONAL FINANCING: None

LOCKBOX: Hard

INITIAL RESERVES: None

MONTHLY RESERVES(2): Springing
--------------------------------------------------------------------------------
(1) The original Trust Mortgage Asset ("TMA") amount of $97,500,000 represents
the A-2 Note from a first mortgage loan in the principal amount of
$195,000,000, consisting of the A-2 Note and a pari passu A-1 Note. The A-1
Note is not included in the trust. All numbers under the heading "Financial
Information" are based on the whole first mortgage loan balance as of the
cut-off date, unless otherwise noted.

(2) See "Reserves" herein.

--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
LOAN BALANCE/SQ. FT.: $301.46

BALLOON BALANCE/SQ. FT.: $276.35

LTV: 63.59%

BALLOON LTV: 58.29%

DSCR: 1.93x
--------------------------------------------------------------------------------

PROPERTY TYPE: Super-Regional Mall

COLLATERAL: Fee Simple

LOCATION: Sterling Heights, MI

YEAR BUILT/RENOVATED: 1976/1978, 1999 and 2001

MORTGAGED COLLATERAL AREA: 643,375 sq. ft.

TOTAL MALL SQ. FT.: 1,478,375 sq. ft.

PROPERTY MANAGEMENT: Self Managed

OVERALL MALL OCCUPANCY
(AS OF 10/31/04): 92.42%

UNDERWRITTEN NET CASH FLOW: $22,312,736

APPRAISED VALUE: $305,000,000

APPRAISAL DATE: October 18, 2004
--------------------------------------------------------------------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

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

Sears 303,000 20.5% NAP BBB/Baa2/BBB- $44,598,570 $147.19
-----------------------------------------------------------------------------------------------------------------------------
Marshall Field's(2) 206,000 13.9 NAP BBB/Baa2/BBB 46,599,260 226.21
-----------------------------------------------------------------------------------------------------------------------------
J.C. Penney 204,000 13.8 NAP BB+/Ba2/BB+ 50,200,320 246.08
-----------------------------------------------------------------------------------------------------------------------------
Lord & Taylor(2) 122,000 8.3 NAP BBB/Baa2/BBB 31,900,560 261.48
-----------------------------------------------------------------------------------------------------------------------------
Marshall Field's Men & Home(3) 115,300 7.8 1/31/2006 BBB/Baa2/BBB 17,000,000 147.44
-----------------------------------------------------------------------------------------------------------------------------
TOTAL 950,300 64.3% $190,298,710 $200.25
-----------------------------------------------------------------------------------------------------------------------------

(1) The Sears, Marshall Field's, J.C. Penney, and Lord & Taylor stores are not
collateral for the mortgage loan. Those stores are subject to REAs that
expire on 3/2/2026 but the operating covenants expire on 1/31/2006 in the
case of Marshall Field's Men & Home, and on 3/2/2006 in the case of the
remaining anchor tenants.

(2) Credit ratings of parent company, May Department Stores, whether it
guarantees the related lease or not.

(3) Marshall Field's Men & Home leases the land from the Borrower pursuant to a
ground lease expiring 3/2/2006 with four, five-year extension options.

-----------------------------------------------
IN-LINE TENANTS SUMMARY INFORMATION(1)
-----------------------------------------------
TTE 8/31/04 SALES 2003 OCC. COST
PSF AS % OF SALES
-----------------------------------------------
$ 402 15.5%
-----------------------------------------------
(1) Does not include FYE (For Your Entertainment).

------------------------------------------------------------------------------------------------------------------------------------
MAJOR IN-LINE TENANTS
------------------------------------------------------------------------------------------------------------------------------------
% OF TOTAL NET OCCUPANCY
TENANTS SF MALL SF(2) RENT PSF LEASE EXPIRATION RATINGS (S/M/F)(3) SALES/SF COST
------------------------------------------------------------------------------------------------------------------------------------

FYE (For Your Entertainment) 26,790 1.8% $25.00 1/31/2009 - / - / - $ 179.80 16.75%
------------------------------------------------------------------------------------------------------------------------------------
Express 14,522 1.0 36.23 1/31/2014 BBB / Baa2 / - 571.12 9.61
------------------------------------------------------------------------------------------------------------------------------------
Steve & Barrys University Sportswear 13,641 0.9 24.50 1/31/2011 - / - / - 220.71 11.33
------------------------------------------------------------------------------------------------------------------------------------
Abercrombie & Fitch 11,372 0.8 25.00 1/31/2015 - / - / - 425.66 11.34
------------------------------------------------------------------------------------------------------------------------------------
New York & Company 10,642 0.7 34.00 1/31/2012 - / - / - 412.55 11.94
------------------------------------------------------------------------------------------------------------------------------------
Victoria's Secret 10,107 0.7 35.00 1/31/2015 BBB/Baa2/ - UAV UAV
------------------------------------------------------------------------------------------------------------------------------------
Charlotte Russe 9,277 0.6 28.00 1/31/2013 - / - / - 275.55 15.73
------------------------------------------------------------------------------------------------------------------------------------
The Gap 9,147 0.6 35.00 1/31/2007 BB+/Ba1/BB+ 392.06 13.23
------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WA 105,498 7.1% $29.48 $ 330.16 13.27%
------------------------------------------------------------------------------------------------------------------------------------

(2) Percentages are based on the total mall square footage of 1,478,375.

(3) Credit Ratings are of the parent company, whether it guarantees the lease
or not.

THE LAKESIDE MALL LOAN

THE LOAN. The Lakeside Mall Loan is secured by a first mortgage on the
borrower's fee simple interest in 643,375 sq. ft. of a 1,478,375 sq. ft.
anchored regional mall located in the Detroit suburb of Sterling Heights
approximately 22 miles north of the Detroit central business district. The
property was previously unencumbered and the financing was provided as part of
General Growth Properties, Inc.'s ("GGP") acquisition of the Rouse Company. The
five-year loan amortizes based on a 30-year schedule. Based on the appraised
value of $305 million and sponsor's acquisition of the property in conjunction
with their acquisition of the Rouse Company in November of 2004 (see below), the
borrower has cash equity of $110 million in the property.

THE BORROWER. The borrower is Lakeside Mall Property LLC, a special-purpose,
bankruptcy-remote entity sponsored by GGPLP LLC, an affiliate of GGP. GGP,
headquartered in Chicago, Illinois and publicly traded on the New York Stock
Exchange (NYSE: GGP) a REIT primarily engaged in the ownership, operation,
management, leasing, acquisition, development and expansion of regional malls
and community shopping centers in the United States. On November 12, 2004, GGP
announced the completion of its acquisition of the Rouse Company for
approximately $12.7 billion. The Rouse Company portfolio of shopping malls was
considered to be a highly productive and well-positioned collection of
properties in the mall industry with the last twelve month period ending June
30, 2004 sales psf of $448.00 (versus the mall REIT average of $370) and one of
the highest percentage of Class "A" rated properties in its peer group. By
combining the Rouse Company portfolio with its existing

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

portfolio, GGP is positioned to become the largest mall REIT in the United
States in terms of number of retail properties and square feet. GGP now has 200
retail properties encompassing over 200 million sq. ft. GGP is a repeat sponsor
of a Deutsche Bank borrower.

THE PROPERTY. The Lakeside Mall is a two-level, Class "A", 1,478,375 sq. ft.
super regional mall located in Sterling Heights, Michigan. The mall currently
contains five anchor department stores including Sears, J.C. Penney, Marshall
Field's, Marshall Field's Men & Home, and Lord & Taylor. Except the Marshall
Field's Mens & Home pad, which is owned by the borrower and ground leased to the
anchor pursuant to a lease expiring January 31, 2006 (with four, five-year
extension options), the anchor pads are not owned by the borrower. Lakeside Mall
features 479,418 square feet of in-line space including tenants such as Banana
Republic, Victoria's Secret, Guess, The Disney Store, Coach, Waldenbooks and
Lerner New York. The property was built in 1976 and was expanded in 1978 with
the addition of the Lord & Taylor space, which in 2003 was expanded by 40,000
sq. ft. In 1999, the mall underwent a $10.3 million expansion to add a 29,000
sq. ft. food court, which seats over 700 people. The mall was last renovated in
2001.

SIGNIFICANT TENANTS. The property is 92.4% occupied as of the rent roll for
October, 2004. More than fifteen new stores opened in 2003 and in 2004,
including: Foot Locker (July 2004), Underground Station (March 2004), Steve
Madden (August 2004), Torrid Plus Sizes (September 2004), and Forever 21
(December 2004). Overall, for the 440,383 occupied sq. ft. of in-line space, the
average base rent for the mall is $40.44 psf as of October, 2004. As referenced
above, average in-line sales for the trailing twelve month period ending August
31, 2004 were $402.00 psf.

SEARS -- Sears, Roebuck and Co. (NYSE: S) operates more than 870 mall based
stores in the United States and more than 790 independently owned stores.
For 2003, sales were reported to be approximately $41.1 billion with a net
income of $3.4 billion. Kmart Holding Corporation and Sears, Roebuck and
Co. announced in November of 2004 a definitive merger agreement that will
combine Sears and Kmart into a major new retail company named Sears
Holdings Corporation. Sears Holdings will be the nation's third largest
retailer, with approximately $55 billion in annual revenues, 2,350
full-line and off-mall stores, and 1,100 specialty retail stores.

MARSHALL FIELD'S -- There are 62 Marshall Field's stores located throughout
the Midwest. First-quarter revenue in 2004 increased approximately four
percent to $614 million at Marshall Field's, and comparable-store sales
were up 6.1 percent. This 206,000 sq. ft. upscale department stores
features women's clothing, jewelry, cosmetics and a cafe. Marshall Field's
is owned by May Department Stores (NYSE: MAY). May Department Stores owns
Lord & Taylor and Marshall Field's along with more than 500 department
stores under 12 names. May Department Stores reported net sales of $2.956
billion and net income of $101 million for the third quarter of 2004. In
June 2004, May bought the Marshall Field's chain from Target for
approximately $3.24 billion.

J.C. PENNEY -- (NYSE: JCP) Reported the highest sales volume of $50.2
million in 2003 of all of the Lakeside Mall anchors and has one of the
highest sales volumes of all J.C. Penney department stores in the United
States. The 204,000 sq. ft. store offers family accessories and apparel.

LORD & TAYLOR -- Lord & Taylor is owned by May Department Stores. The
122,000 sq. ft. store offers women's accessories and shoes, men's apparel
and other extensive departments. Sales in 2003 were reported at $261.48
psf. Founded in 1826, Lord & Taylor now operates approximately 84 stores in
markets including New York, Chicago, Boston, Washington, D.C., Detroit,
Houston, Atlanta, Dallas and Denver.

MARSHALL FIELD'S MEN & HOME -- Originally a local department store known as
Crowley's (bankrupt in 1999), the 115,300 sq. ft. store has been operated
as a Marshall Field's Men & Home store since 1999. This store serves as a
complement to the other Marshall Field's in the mall. Departments include
home accessories, a full men's department and a wine shop. Marshall Field's
Men & Home is owned by May Department Stores.

FYE (FOR YOUR ENTERTAINMENT) -- FYE is owned by Trans World Entertainment
Corporation (NASDAQ: TWMC). Trans World Entertainment Corporation is one of
the largest specialty music and video retailers in the United States.
Founded

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

in 1972, FYE currently operates nearly 900 stores in 47 states, Washington,
D.C., Puerto Rico and the U.S. Virgin Islands, and operates a retail
Website at www.fye.com. Its stores are divided into two categories:
mall-based and freestanding. Trans World Entertainment Corporation's
national mall-based portfolio is now united under the brand name FYE, For
Your Entertainment. Freestanding stores include Wherehouse Music, Coconuts
Music & Movies, Strawberries, Spec's, CD World, Streetside Records and
Planet Music.

THE MARKET. The Lakeside Mall is located in Macomb County within the Detroit
Metropolitan Statistical Area ("MSA") and benefits from good regional and local
accessibility as well as the proliferation of peripheral draws. Major roadway
proximity to the property provides convenient access to more regional
destinations throughout the region, while the property's anchor stores provide
the necessary drawing power. The ten-mile area surrounding the Lakeside Mall
reported a population of 756,412 in 2003, which reflects positive growth of
0.78% per year since 2000. The five-mile area reported a population of 233,325
in 2003, which reflects positive growth of 1.46% per year since 2000. Lakeside
Mall enjoys an expanding customer base with a location in one of the fastest
growing areas in the Detroit MSA. Major employers in the area include Ford Motor
Company (61,600 employees), General Motors (50,500 employees) and
Daimler-Chrysler (39,200 employees).

The average household income in the primary trade area is $74,726. The average
household income in the Detroit MSA is $71,743 and $64,631 in Michigan. Within
the five-mile radius around the property, 26.6% of households have incomes over
$100,000. The Detroit region's median age of 36.2 years is on par with both the
nation's top 100 largest metropolitan areas (Top 100) and the United States
overall. The market is more affluent than the Top 100 and the United States
overall, which can be attributed to Detroit's historically strong unionized
employment base. Twenty two percent of the Detroit MSAs households have annual
incomes of greater than $100,000, compared to 19.7% and 16.1% for the Top 100
and the United States, respectively. The six primary competitors to the property
comprise approximately 6.9 million square feet of regional mall space. Primary
competition consists of the Macomb Mall, Oakland Mall, Eastland Center, Great
Lakes Crossing, and the Village of Rochester Hills, all of which are located
within 22 miles of the property. Of these competitors Oakland Mall is viewed as
the most direct competition by virtue of its similar tenant mix and size. The
chart below shows salient facts about Lakeside Mall and its primary competitors.

-------------------------------------------------------------------------------------------------------
TYPICAL RANGE OF 2003 IN-LINE INLINE DISTANCE FROM
PROPERTY IN-LINE RENT / SF SALES/ SF OCCUPANCY SUBJECT
-------------------------------------------------------------------------------------------------------

Lakeside Mall $30.00 - $65.00 $402 (1) 92% NA
-------------------------------------------------------------------------------------------------------
Macomb Mall $18.00 - $40.00 $355 96% 10 Miles Southeast
-------------------------------------------------------------------------------------------------------
Oakland Mall $20.00 - $50.00 $305 94% 13 Miles Southwest
-------------------------------------------------------------------------------------------------------
The Somerset Collection $35.00 - $100.00 $615 98% 15 Miles Southwest
-------------------------------------------------------------------------------------------------------
Eastland Center $19.00 - $45.00 $302 64% 22 Miles Southeast
-------------------------------------------------------------------------------------------------------
Great Lakes Crossing $20.00 - $60.00 $285 84% 21 Miles Northwest
-------------------------------------------------------------------------------------------------------
Village of Rochester Hills $25.00 - $50.00 $400 100% 14 Miles Northwest
-------------------------------------------------------------------------------------------------------

(1) In-Line sales for tenants less than 15,000 sf for the twelve month period
ending August 31, 2004.

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

PROPERTY MANAGEMENT. The property is self-managed by the borrower, an affiliate
of GGP. GGP, the second largest regional mall REIT owns, develops, operates,
and/or manages shopping malls in 44 states. As of March, 2004, GGP had ownership
interest in and/or management responsibility for over 200 regional shopping
malls totaling approximately 200 million square feet of retail space. GGP also
has the distinction of being the largest third-party manager for owners of
regional malls.

RESERVES. During a "Cash Management Period", as such term is defined in the loan
documents, the following reserves will be collected: Ongoing monthly reserves
for 1/12th of the annual taxes due and insurance premiums, tenant improvement/
leasing commissions of $43,917 (capped at $527,000) and capital expenditures of
$13,129 (capped at $157,542).

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Mezzanine debt is permitted,
subject to receipt of no downgrade confirmation from the rating agencies and the
satisfaction of other conditions specified in the loan documents, including, but
not limited to, a combined DSCR of not less than 1.25x and a combined LTV of no
greater than 75%.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[LAKESIDE MALL MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $90,000,000
DSCR: 1.49x
BANK OF AMERICA TOWER AT LAS OLAS CITY CENTRE LTV: 72.87%
--------------------------------------------------------------------------------

[BANK OF AMERICA TOWER AT LAS OLAS CITY CENTRE PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Acquisition

ORIGINAL BALANCE: $90,000,000

CUT-OFF BALANCE: $90,000,000

% BY INITIAL UPB: 5.29%

INTEREST RATE: 5.2850%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: May 1, 2005

MATURITY DATE: April 1, 2015

AMORTIZATION: Interest Only

CALL PROTECTION: Lockout for 24 months from securitization date, then
defeasance is permitted. On and after January 1,
2015, prepayment permitted without penalty.

SPONSOR: Shorenstein (90%) and Stiles Capital
Group (10%)

BORROWER: Las Olas Venture, LLC

ADDITIONAL FINANCING: None

LOCKBOX: Hard

INITIAL RESERVES: Tax: $776,585

Insurance: $539,550

TI/LC Holdback: $4,000,000(1)

Scheduled TI/LC: $1,597,995(1)

MONTHLY RESERVES: Tax: $155,317

Insurance: $42,145
--------------------------------------------------------------------------------
(1) See "Reserves" below.

BALLOON BALANCE/SQ. FT.: $220.01

LTV: 72.87%

BALLOON LTV: 72.87%

DSCR: 1.49x
--------------------------------------------------------------------------------

PROPERTY TYPE: Office

COLLATERAL: Fee simple

LOCATION: Fort Lauderdale, FL

YEAR BUILT/RENOVATED: 2002/2005

COLLATERAL SQ. FT.: 409,075 sq. ft.

PROPERTY MANAGEMENT: Stiles Property Management
(a borrower affiliate)

OCCUPANCY (AS OF 1/26/05): 80.18% (Leased)

UNDERWRITTEN NET CASH FLOW: $7,186,292

APPRAISED VALUE: $123,500,000

APPRAISAL DATE: February 22, 2005
--------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------
MAJOR OFFICE TENANTS
----------------------------------------------------------------------------------------------------------
WEIGHTED
AVG RENT LEASE
TENANT NRSF % NRSF % GPR PSF(2) EXPIRATION RATINGS (S/M/F)
----------------------------------------------------------------------------------------------------------

Bank of America Corp 81,461 19.91% 18.34% $19.12 11/30/2012 AA-/Aa3/AA-
----------------------------------------------------------------------------------------------------------
Greenberg Traurig, P.A. 41,646 10.18 10.30 21.01 1/31/2016 -
----------------------------------------------------------------------------------------------------------
City Center Business Office 24,395 5.96 6.07 21.12 4/30/2013 -
----------------------------------------------------------------------------------------------------------
SUBTOTAL/WA: 147,502 36.06% 34.71% $19.99
----------------------------------------------------------------------------------------------------------

(2) The listed rents are shown on a triple net basis.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

BANK OF AMERICA TOWER AT LAS OLAS CITY CENTRE LOAN

THE LOAN. The Bank of America Tower at Las Olas City Centre Loan is a 10-year
interest only loan secured by a first priority mortgage on the borrower's fee
simple interest in a 409,075 sq. ft. Class "A" office tower in Fort Lauderdale,
FL. The loan was used to finance Shorenstein Company's acquisition of a 90%
interest in the property from the Stiles Capital Group for $111 million, which
equates to an implied value of the asset of $124 million (72% loan to
acquisition). Based on the implied value of the asset, there is approximately
$34.175 million of equity (27.5%) in the property. Based on the $111 million,
there is $21 million of hard equity (19.6%).

THE BORROWER. The borrower, Las Olas Venture, LLC, is a special-purpose,
bankruptcy-remote entity sponsored by an affiliate of the SHORENSTEIN COMPANY
(SRI Six Las Olas LLC Company) and the STILES CORPORATION ("Stiles").

Shorenstein Company (90% interest in property) ("Shorenstein") is a private
owner and operator of Class "A" office buildings in the United States, engaged
in all aspects of office investment, development, financing, leasing, and
management. Headquartered in San Francisco, Shorenstein owns and operates more
than 20 million sq. ft. of Class "A" space, valued in excess of $4.5 billion,
with a portfolio that includes renowned properties in the United States
including the John Hancock Center, Prudential Plaza and 500 West Monroe in
Chicago, and 450 Lexington Avenue and 125 Park Avenue in New York. Since 1992,
Shorenstein has sponsored a series of closed-end real estate investment funds,
which have invested in Class "A" office projects located throughout the United
States. Investors in these funds include foundations, college endowments,
pension funds and high net-worth families. As the manager of these funds,
Shorenstein has delivered attractive risk-adjusted returns to investors by
employing a disciplined value-added strategy. Shorenstein is a repeat sponsor of
a Deutsche Bank borrower.

Established in 1951, Stiles (10% interest in property), a privately held
company, has developed over 27 million sq. ft. of office, retail, multi-family
residential, and industrial facilities primarily in South Florida. Headquartered
in Fort Lauderdale, Stiles currently owns, manages and leases 5.8 million sq.
ft. of property in the South Florida area and is widely regarded as the
preeminent owner/operator in the downtown Fort Lauderdale market. Stiles has
earned a reputation of developing quality projects and has been a key
participant in the creation of downtown Fort Lauderdale's urban core. The urban
core consists of seven office buildings totalling 1.55 million sq. ft. and
numerous new residential buildings, all clustered around the property. Over the
past 15 years, Stiles has developed or redeveloped six of these office buildings
totalling 1.35 million sq. ft. Stiles currently owns two lower-quality,
non-competitive assets in the urban core totalling 190,000 sq. ft. and is
developing a 163-unit condominium project immediately to the west of the
property.

THE PROPERTY. The Bank of America Tower at Las Olas City Centre is a 409,075 sq.
ft., 22-story, Class "A" office building located in the downtown central
business district of Fort Lauderdale. The property is widely regarded as the
preeminent building in the market. The property has 15 floors of office space,
45,000 sq. ft. of street level retail and a 5-floor parking garage. The property
is a prominent building located at the corner of East Las Olas Boulevard and SE
Fifth Avenue. Las Olas Boulevard, the preferred address in downtown Fort
Lauderdale, is a pedestrian-friendly boulevard lined with palm trees,
restaurants and boutique retailers. The property has efficient floorplates
(24,395 sq. ft.), 9-foot finished ceiling heights, high-quality finishes and
amenities, including a high parking ratio (approximately 3.0 spaces per 1,000
square feet), a secure "Executive Parking" area with private elevator access to
tenant floors, a community conference room, and a state-of-the-art elevator
cueing system. On-site retail amenities include a Ben & Jerry's, La Salsa
restaurant, Subway, Offerdahl's Cafe Grill, UPS Store, a bank, a high-end
jeweler, a hair salon and a dry cleaner. The property is located within walking
distance of the Federal and County Courthouses, the Riverwalk along the New
River, the Broward Center for Performing Arts and numerous other nearby
amenities, including over 50 restaurants and 100 specialty retail stores along
Las Olas Boulevard. The property is the tallest office building in the market
and, accordingly, tenants enjoy panoramic views of the Atlantic Ocean, the New
River and downtown Fort Lauderdale.

The building's main entry canopy was constructed with mirror-finish structural
steel working as an effective transition to the interior. A grand, two-story
entryway leads into a lobby of granite and fine woodwork. The ground floor is
comprised of a

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

spacious lobby with artwork and high-end finishes, community/conference center
room, restaurants and retail shops. This is the only building in the
southeastern United States to install the technologically advanced Miconic
Elevators. These "smart" elevators help tenants avoid wait times by assigning
the elevator cab after tenant punches the floor destination, eliminating
overcrowding. Above the lobby are 15 floors of office space with stunning views
of downtown Fort Lauderdale and the Atlantic Ocean. Atop the property is a great
pyramid-shaped roof structure that compliments the Fort Lauderdale skyline with
its geometric complexity. Each face of the pyramid is formed by horizontal rows
of panels that create a tiered effect upon the structure. The property has won
numerous awards for its construction quality and overall vision, including: Best
Overall Craftsmanship award -- "best in show" honors from the Construction
Association of South Florida's annual Craftsmanship Awards, South Florida
Business Journal presented the centre with the Best Mixed Use Building award at
its annual real estate awards event, Best Private Building in Florida 2002 Award
from Southeast Construction Magazine, and Best New Construction Award --
Commercial High Rise Category from the City of Fort Lauderdale Community
Appearance Awards.

SIGNIFICANT TENANTS. Recently completed in December of 2002, the property is
undergoing its initial lease-up and is currently 80.18% leased.

BANK OF AMERICA CORPORATION (81,461 sq. ft.; 19.91% of NRA; 18.34% of GPR;
Ratings AA--/Aa3/AA-- (S/M/F); NYSE: BAC) is one of the world's largest
financial institutions, serving individual consumers, small and middle
market businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk-management
products and services. The property is considered the Broward County
headquarters for Bank of America. Bank of America Corporation ("BOA")
operates through its banking and non-banking subsidiaries as a provider of
financial services and products throughout the United States and in
selected international markets. BOA recently expanded its presence in the
northeast by purchasing northeastern banking behemoth FleetBoston in 2004
for almost $50 billion. Already the third-largest bank in the United States
by assets (behind Citigroup and JPMorgan Chase and ahead of hometown
competitor Wachovia), BOA also boasts the country's most extensive branch
network, with more than 5,700 locations covering some two dozen states and
Washington D.C. The FleetBoston deal should help expand its reach in other
parts of the world as well, particularly Latin America. For the full year
2004, BOA's net income increased 31% to $14.1 billion, or $3.69 per share
(diluted) from $10.8 billion, or $3.57 per share in 2003.

GREENBERG TRAURIG, P.A. (41,646 sq. ft.; 10.18% of NRA; 10.30% of GPR) is
an international, full-service law firm with approximately 1,300 attorneys
and governmental professionals in 27 offices in the United States and
Europe and, through an alliance with Studio Santa Maria, providing services
in Milan and Rome, Italy. Greenberg Traurig, P.A. ("Greenberg") opened its
Fort Lauderdale location in August 1985 with three attorneys. Today,
Greenberg has nearly 40 attorneys at the property. The location is full
service, focusing on Greenberg's core practice areas, including corporate
and securities, international, international trade, labor and employment,
environmental and land use, litigation, real estate, reorganization,
bankruptcy and restructuring, and tax, trusts and estates.

THE MARKET. The property is located in Fort Lauderdale, Broward County, Florida,
which is located at the center of the South Florida market and in the Fort
Lauderdale CBD sub-market. Fort Lauderdale is roughly midway between Miami to
the south and West Palm Beach to the north. According to a CB Richard Ellis
("CBRE") fourth quarter 2004 report on the Broward County Office Market, there
is 24.2 million sq. ft. of rentable office space with an average rental rate of
$15.12 psf and a 13.8% overall vacancy. More particularly, CBRE's fourth quarter
2004 report on the Fort Lauderdale CBD Office Market stated there are 4,644,671
sq. ft. of rentable office space (37 buildings) with an average rental rate of
$27.43 psf ($28.76 psf of Class "A" space) and a 17.5% overall vacancy. In
addition, according to a 2005 Marcus and Millichap research report for Fort
Lauderdale, the Fort Lauderdale 2005 NOI Rank is number one. The report cites
forecasts for dynamic improvement in vacancy and the highest job growth in their
coverage universe. More than 33,600 positions are projected to be added to local
payrolls, a 4.5% increase.

The immediate neighborhood of the property is the area lying east of Andrews
Avenue, south of Broward Boulevard, west of US1/Federal Highway, and north of
the New River. This neighborhood is considered to be the central business
district for the downtown area of Fort Lauderdale. Access to I-95 and other
major South Florida arterial highways is provided via Broward Boulevard, located
three blocks north.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

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

PROPERTY MANAGEMENT. The property is managed by Stiles Property Management, an
affiliate of the borrower.

RESERVES. At closing, $4,000,000 was deposited into a future tenant improvement
and leasing commissions reserve (the "Future TI/LC Reserve") to be available for
tenant improvements or leasing costs associated with future leases during the
loan term. If the property for a twelve-month period (i) achieves an average
occupancy of 93.0% and (ii) has average net rents exceeding $20.00 psf, any
remaining amounts in the Future TI/LC Reserve will be released to the borrower.
In addition, the borrower deposited $1,597,995 for scheduled tenant improvements
and/or leasing costs, representing the borrowers unfunded tenant improvement and
leasing commission obligations for recently executed leases.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[BANK OF AMERICA TOWER AT LAS OLAS CITY CENTRE MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $55,000,000
DSCR: 1.73x
CONTINENTAL PARK PLAZA LTV: 58.51%
--------------------------------------------------------------------------------

[CONTINENTAL PARK PLAZA PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Refinance

ORIGINAL BALANCE: $55,000,000

CUT-OFF BALANCE: $55,000,000

% BY INITIAL UPB: 3.23%

INTEREST RATE: 5.3000%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: May 1, 2005

MATURITY DATE: April 1, 2015

AMORTIZATION: Interest only for 48 months and 30-year amortization
thereafter.

CALL PROTECTION: Lockout for 24 months from securitization date, then
defeasance is permitted. On and after January 1,
2015, prepayment permitted without penalty.

SPONSOR: Continental Development Corporation

BORROWER: The Plaza CP LLC

ADDITIONAL FINANCING: None

LOCKBOX: Soft

INITIAL RESERVES: Tax: $63,500

TI/LC: $6,854,000(1)

Engineering: $486,000

Unocal Free Rent
Reserve: $2,660,000(1)

MONTHLY RESERVES: Tax: $63,500

Replacement: $7,945
--------------------------------------------------------------------------------
(1) See "Reserves" below.

(2) DSCR is calculated based on 30-year amortization.

BALLOON BALANCE/SQ. FT.: $104.86

LTV: 58.51%

BALLOON LTV: 53.19%

DSCR:(2) 1.73x

SHADOW RATING (S/M): BBB- / --
--------------------------------------------------------------------------------

PROPERTY TYPE: Office

COLLATERAL: Fee simple

LOCATION: El Segundo, CA

YEAR BUILT/RENOVATED: 1983/1994

COLLATERAL SQ. FT.: 476,852 sq. ft.

PROPERTY MANAGEMENT: Continental Development Corporation
(a borrower affiliate)

OCCUPANCY (AS OF 3/2/05): 87.80%

UNDERWRITTEN NET CASH
FLOW: $6,326,005

APPRAISED VALUE: $94,000,000

APPRAISAL DATE: January 23, 2005
--------------------------------------------------------------------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

-------------------------------------------------------------------------------------------------------------------
MAJOR OFFICE TENANTS
-------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG LEASE
TENANT NRSF % NRSF % GPR RENT PSF EXPIRATION RATINGS (S/M/F)
-------------------------------------------------------------------------------------------------------------------

ACCENTURE LTD. 88,222 18.50% 16.40% $20.88 9/30/2005 - / - / -
-------------------------------------------------------------------------------------------------------------------
UNION OIL COMPANY 87,205 18.29 20.44 26.33 12/31/2010 BBB+/Baa2/ BBB+
-------------------------------------------------------------------------------------------------------------------
THE VENDARE GROUP(1) 67,150 14.08 10.82 18.09 6/30/2012 - / - / -
-------------------------------------------------------------------------------------------------------------------
SUB TOTAL/WA: 242,577 50.87% 47.66% $22.07
-------------------------------------------------------------------------------------------------------------------

(1) The Vendare Group is required to commence paying rent in July, 2005.

CONTINENTAL PARK PLAZA LOAN

THE LOAN. The Continental Park Plaza Loan is a 10-year fixed rate loan secured
by a first priority mortgage on the borrower's fee simple interest in a 476,852
sq. ft. Class "A" office building located in El Segundo, Los Angeles County,
California. The loan is structured with interest only payments for the first
four years of the loan and amortizes on a 30-year schedule thereafter. Based on
the appraised value of $94 million, the borrower has implied equity of $39
million (41.4%) in the property.

THE BORROWER. The borrower is The Plaza CP LLC, a single-purpose,
bankruptcy-remote entity for which a non-consolidation opinion was obtained at
closing. The borrower is controlled by CONTINENTAL DEVELOPMENT CORPORATION
("CDC") and CHARLES LUNDQUIST. CDC has over 40 years of real estate development,
ownership and management experience. CDC developed and manages approximately 3.5
million sq. ft. of premium office, research and development, commercial, retail,
restaurant and entertainment properties located in California's suburban and
urban centers. CDC has a business record of successful real estate projects, and
has won numerous civic, environmental and industry awards. As of July 31, 2004,
CDC and its subsidiaries and partnerships had total stockholder's equity of $172
million including liquidity of $9.7 million. Richard Lundquist is the president
and 100% shareholder of CDC and Charles Lundquist is its Chairman.

THE PROPERTY. The property consists of three attached six story multi-tenant
Class "A" office buildings containing approximately 476,852 sq. ft. The
property's 6.33-acre parcel is also improved with an eight level parking
structure containing approximately 1,650 spaces, a parking ratio of 3.46 spaces
per 1,000 sq. ft. of NRA. The property is located within the Continental Park
Business Park (the "Park") which encompasses 2.5 million sq. ft. of office, R&D,
and other commercial space in more than 25 buildings. This multi-phased,
master-planned community is characterized by low and mid-rise developments on 86
acres. Integrated into the Park are a variety of tenant amenities including
financial institutions, restaurants, sports facilities, cinemas, hotels and
specialty stores. CDC developed all of the buildings within the Park. The
property was developed in 1983 for single tenant occupancy by Mattel, Inc.,
however, between 1994 and 1996, CDC reconfigured and renovated the property for
multi-tenant use, investing approximately $25 million in tenant improvements,
building improvements, and leasing commissions. The property includes offices on
each floor, a credit union, a deli, and two restaurants on the ground floor,
conference rooms, kitchens, and utility rooms. The entire third and fourth
floors of the three buildings are each occupied by a single tenant. The property
also includes 33,624 sq. ft. of basement space used for storage (21,018 sq. ft.)
and for R&D space (12,606 sq. ft.). Two of the ground floor tenants are
restaurants: McCormick & Schmick's, a national seafood restaurant (9,032 sq.
ft.) and The Daily Grill (7,165 sq. ft.).

SIGNIFICANT TENANTS. As of the March 2, 2005 rent roll, the property was 87.80%
occupied.

ACCENTURE LTD. -- (88,222 sq. ft.; 18.50% of NRA; 16.40% of GPR; lease
expiration September 2005; NYSE: ACN) is a global management consulting,
technology services and outsourcing company with net revenues of $13.7
billion for the fiscal year ended August 31, 2004. Founded in 1989,
Accenture Ltd. ("Accenture") has more than 100,000 employees in 48
countries. Accenture helps clients identify and enter new markets, increase
revenues in existing markets, improve operational performance and deliver
their products and services more effectively and efficiently. Accenture's
business is structured around five operating groups, which, together, are
comprised of 18 industry groups serving clients in every major industry.
Its operating groups are Communications and High Tech, Financial Services,
Government, Products, and Resources.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

UNION OIL COMPANY OF CALIFORNIA -- (87,205 sq. ft.; 18.29% of NRA; 20.44%
of GPR; NYSE: UCL) ("Unocal") is a subsidiary of Union Oil Corporation
("Union Oil"). Union Oil is an independent oil and gas exploration and
production company with principal operations in North America and Asia.
Union Oil is rated BBB+ by S&P, Baa2 by Moody's and BBB+ by Fitch. For the
year ended December 31, 2004, Union Oil's revenues rose 26% to $8.2
billion. Net income from continuing operations and before accounting
changes rose 69% to $1.15 billion. Unocal's space represents the world
headquarters facility for Union Oil.

THE VENDARE GROUP -- (67,150 sq. ft.; 14.08% of NRA; 10.82% of GPR) is an
online direct marketing and database management company. Its holdings
include syndicate media, e-mail marketing, search services, and Web
publishing operations such as Jackpot.com, Uproar.com, TrafficMarketplace,
and New.net. The company was founded in 1999 and is majority-owned by
idealab.

--------------------------------------------------------------------------------
NOTABLE TENANTS AT OTHER BUILDINGS IN THE CONTINENTAL PARK BUSINESS PARK(1)
--------------------------------------------------------------------------------
APPLE ONE MEDTRONIC, INC.
BUCHANAN STREET ADVISORS MERRILL LYNCH
CHAPMAN UNIVERSITY NORTEL NETWORKS USA
CITY NATIONAL BANK NORTHROP GRUMMAN
COMERICA -- SOUTHERN CALIFORNIA HEADQUARTERS PACIFIC BELL
COMMERCIAL CAPITAL BANK PEERLESS SYSTEM CORPORATION
COUNTRYWIDE HOME LOANS THE PEACE CORPS
DELOITTE & TOUCHE THE PRUDENTIAL INSURANCE CORP.
GMAC MORTGAGE CORPORATION RAYTHEON COMPANY
HEINEKEN USA SMITH BARNEY
KINECTA FEDERAL CREDIT UNION WASHINGTON MUTUAL BANK
LOS ANGELES TIMES WELLS FARGO BANK
--------------------------------------------------------------------------------
(1) Not part of the collateral for the loan, except for Nortel Networks USA,
Raytheon Company, and Peerless Systems Corporation.

THE MARKET. The property is located within the South Bay office market of Los
Angeles County. The South Bay has evolved from an industrial market to an office
market due to the expansion of the aerospace and defense industries, Pacific Rim
corporations and other service-oriented companies. According to Cushman &
Wakefield, as of the third quarter 2004, the South Bay market contained 31
million sq. ft. of office space with a 18.1% direct vacancy rate. Including
available sublease space, the overall vacancy rate of the South Bay market was
19.6%. Within the South Bay market, the direct vacancy rate for Class "A" office
space such as the property was 15.6% (19% including available sub-lease space),
and the average Class "A" office rental rate was $23.40 psf (full
service/gross).

The property is located within South Bay's LAX/El Segundo/Manhattan Beach
sub-market. This market, referred to as the "El Segundo" sub-market, is
considered perhaps the most desirable sub-market within the South Bay area due
to its newer office buildings and commercial amenities, as well as its coastal
location near desirable residential neighborhoods. As described above, the
property is located within Continental Park, an 86-acre business community which
offers tenants an abundance of very attractive amenities including nearby
hotels, restaurants, sports facilities, retail shops, financial institutions,
and a variety of business service providers. In addition, Los Angeles
International Airport is located approximately 4.5 miles from the property. As
of the year end 2004, the direct office vacancy rate in the El Segundo
sub-market for Class "A" space was 16.4%. The overall average vacancy rate for
all office space in the El Segundo market was 23.7%. As of the year end 2004,
the average full service gross Class "A" rental rate was $24.72 psf. In a recent
appraisal, Cushman & Wakefield identified eight competitive office buildings
that had an overall vacancy rate of 9.8% including sublease space (8.6% direct
vacancy rate).

CASH MANAGEMENT. The loan has been structured with a soft lockbox. A cash flow
sweep will be instituted upon the occurrence of an event of default under the
loan documents.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

PROPERTY MANAGEMENT. Continental Park Plaza is managed by the sponsor, CDC, who
has over 40 years of real estate development, ownership and management
experience. CDC developed and manages 3.5 million sq. ft. of premium office,
research and development, commercial, retail, restaurant and entertainment
properties in California's suburban and urban centers.

RESERVES. At closing, the borrower deposited $6,854,000 into the rollover
reserve ("Rollover Reserve") account. Ongoing deposits into the Rollover Reserve
are not required until the balance of the Rollover Reserve is less than
$3,000,000 at which time ongoing collections will be required at a rate of
$39,725 per month (approximately $1.00 psf per year or $476,700 annually).
Beginning on January 1, 2009, the borrower may request that lender transfer any
funds in the Rollover Reserve in excess of $3,000,000 to the replacement
reserve, provided that lender, determines that the funds remaining in the
Rollover Reserve are sufficient to mitigate the anticipated future tenant
rollover at the property during the remainder of the loan term. Including the
$1.71 million which will be transferred from the Unocal Reserve (as defined
below) account into the Rollover Reserve account on October 1, 2005, the total
balance in the Rollover Reserve is projected to be $8,564,000.

At closing, the borrower made an initial deposit of $2,660,000 into the Unocal
Reserve account. The Unocal Reserve provides NOI support for Unocal's free rent
period which runs from January 1, 2005 to February 28, 2006. On October 1, 2005,
$1,710,000 of the $2,660,000 will be transferred from the Unocal Reserve to the
Rollover Reserve. In addition, beginning on October 1, 2005, and continuing
until February 1, 2006, $950,000 of the Unocal Reserve funds will be released to
the borrower in monthly increments of $190,000.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[CONTINENTAL PARK PLAZA MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[CONTINENTAL PARK PLAZA MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $50,449,121
DSCR: 1.46x
BURNHAM CENTER LTV: 76.44%
--------------------------------------------------------------------------------

[BURNHAM CENTER PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Acquisition

ORIGINAL BALANCE: $50,500,000

CUT-OFF BALANCE: $50,449,121

% BY INITIAL UPB: 2.96%

INTEREST RATE: 5.2240%(1)

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: April 1, 2005

MATURITY DATE: March 1, 2035

ANTICIPATED REPAYMENT
DATE: March 1, 2010

AMORTIZATION: Amortization on a 30-year schedule

CALL PROTECTION: Lockout for 24 months from securitization closing
date, then defeasance is permitted. On or after
January 1, 2010 prepayment permitted without penalty.

SPONSOR: John W. Boyd

BORROWER: TIC Burnham Center, LLC

ADDITIONAL FINANCING: None

LOCKBOX: Hard

INITIAL RESERVES: Unfunded TI/LC: $2,360,776

Tax: $250,883

Insurance: $79,927

TI/LC: $3,743,489

MONTHLY RESERVES: Tax: $250,883

Insurance: $15,985

TI/LC:(2) $43,695

Replacement: $87,124
--------------------------------------------------------------------------------
(1) Increases to 7.2240% after the anticipated repayment date.

(2) Borrower is not required to make ongoing TI/LC deposits of $43,695, on any
payment date, if on such payment date the balance in the TI/LC reserve
account equals or exceeds $2,000,000 and no event of default then exists
under the loan.

(3) Calculated to the anticipated repayment date.

BALLOON BALANCE/SQ. FT.:(3) $80.60

LTV: 76.44%

BALLOON LTV:(3) 70.81%

DSCR: 1.46x
--------------------------------------------------------------------------------

PROPERTY TYPE: Office

COLLATERAL: Fee simple

LOCATION: Chicago, IL

YEAR BUILT/RENOVATED: 1914/2004

COLLATERAL SQ. FT.: 579,778 sq. ft.

PROPERTY MANAGEMENT: TIC Properties Management, LLC
(a borrower affiliate)

OCCUPANCY (AS OF 12/16/04): 82.62%

UNDERWRITTEN NET CASH FLOW: $4,860,038

APPRAISED VALUE: $66,000,000

APPRAISAL DATE: December 1, 2004
--------------------------------------------------------------------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS NRSF % OF TOTAL NRSF RENT PSF LEASE EXPIRATION RATINGS (S/M/F)
--------------------------------------------------------------------------------------------------------------------------------

The County of Cook 86,252 14.9% $23.66 6/30/2009(1) (AAA/Aa2/AA)
O'Donnell Wicklund Pigozzi and Peterson
Architects Incorporated 78,748 13.6 21.38 9/30/2015(2) (NA/NA/NA)
Cole Taylor Bank 40,662 7.0 27.44 12/31/2007 (NA/NA/NA)
--------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL/WA 205,662 35.5% $23.53
--------------------------------------------------------------------------------------------------------------------------------

(1) 21,532 NRSF expires in December 2005, and the tenant may terminate the
lease for this space effective September 30, 2005 by providing at least 30
days prior notice. Upon notice, the tenant may terminate the remaining
64,720 NRSF upon certain reductions in the tenant's appropriations or if
the tenant relocates to another government building and in each case the
tenant will be required to pay certain related costs of the borrower.

(2) 7,030 NRSF expires in December 2006. The tenant has a one time option to
terminate the entire lease as of September 30, 2012 by providing at least
one year prior notice of such election, paying a termination fee equal to
six months rent and paying certain related costs of the borrower.

THE BURNHAM CENTER

THE LOAN. The Burnham Center Loan is a loan secured by a first mortgage on an
approximately 579,778 sq. ft. office building located in the central business
district ("CBD") of Chicago, Illinois. The property was acquired by the borrower
for $71,910,000 resulting in a loan to cost ratio of 70.2% and cash equity of
approximately $21.4 million (29.8%).

THE BORROWER. The borrower, TIC Burnham Center, LLC is structured as a
single-purpose entity, with an independent director, for which a
non-consolidation opinion was obtained at origination. The sponsor of the
borrower, John W. Boyd founded TIC Properties, LLC in 2001 which specializes in
acquiring institutional-grade commercial real estate assets across the United
States. Headquartered in Greenville, South Carolina, TIC Properties, LLC assists
investors seeking suitable replacement property options when executing 1031 tax
deferred exchanges. TIC Properties, LLC has successfully syndicated
approximately $80,000,000 in real estate transactions in 2004 and anticipates
closing over $250,000,000 in 2005. Currently, TIC Properties Management, LLC
manages over 1.1 billion sq. ft. of commercial real estate located in ten states
across the country.

THE PROPERTY. The property is a 22 story, multi-tenant, Class B office building
located in Chicago's CBD. The property contains approximately 579,778 square
feet of rentable space and is approximately 83% leased to 110 tenants. Named for
the famous Chicago architect, Daniel H. Burnham, who designed and built the
property in 1914, the property is a high-rise office building that is listed on
the National Register of Historic Places.

SIGNIFICANT TENANTS.

THE COUNTY OF COOK is the property's largest tenant, leasing approximately
86,252 sq. ft. (14.9% of total NRSF) of office space. Cook County has a
population of over five million and 140 municipalities including the City
of Chicago. In 2004, the fiscal year budget for Cook County was in excess
of $2.9 billion. Cook County leases space at the property for the
following: The Clerk of the Circuit Court, Child Support Division, the
State's Attorney, Child Support Division, and Marriage and Family
Counseling.

O'DONNELL WICKLUND PIGOZZI AND PETERSON ARCHITECTS INCORPORATED ("OWP&P"),
the property's second largest tenant, is ranked as one of the largest
Chicago-based firms by Crain's Chicago Business and as one of the top 20
healthcare architects by Modern Healthcare. This award winning firm is
headquartered at the property and leases approximately 78,748 sq. ft.
(13.6% of NRSF). OWP&P's practice includes the design of education,
corporate, healthcare, life care, and law enforcement facilities. The OWP&P
staff of 250 includes 100 registered architects, 40 interior designers, and
a fully staffed consulting department. OWP&P recently renewed and extended
its lease beyond the previous expiration of August 2007 to September 2015.

COLE TAYLOR BANK is the property's third largest tenant, leasing
approximately 40,662 sq. ft. (7.0% of NRSF). Founded in 1929, Cole Taylor
Bank is a family-managed full service bank. It has ten bank center
locations and assets of nearly $2.6 billion.

THE MARKET. The property is located at 111 West Washington Street, on the
northeast corner of the block that is bounded by LaSalle Street to the west,
Washington Street to the north, Clark Street to the east, and Madison Street to
the south. The

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

property is easily visible from Clark Street, LaSalle Street and Daley Plaza and
it has vehicular access via Washington Street, Clark Street, LaSalle Street and
a rear alleyway known as Calhoun Place.

The property is located in an area known as the "Loop" which is within the
city's largest office market and its governmental and financial center. Major
tenants in the area include corporate offices, law firms, accounting firms,
banking and financial entities, and government offices. Moreover several older
office buildings are in the process of converting to apartments and
condominiums. The property benefits from its immediate proximity to Chicago's
City Hall and the Cook County Building (adjacent), the Richard J. Daley Center
(county and state courthouse across the street), The James R. Thompson Center
(one block north), and the Dirksen, Kluczynski, and Metcalfe Federal Buildings
(three blocks southeast). Additionally, the property is situated within easy
walking distance to the LaSalle Financial District, the State Street Retail
Corridor, the Theatre District, the major commuter train hubs, and numerous
access points to the city's elevated, subway, and bus system routes.

According to the appraiser, CB Richard Ellis, the submarket contains 48,765,583
sq. ft. of total inventory, of which 14.5% is currently vacant. Reis defines
this submarket as having approximately 31 million sq. ft. of inventory that is
presently 20% vacant. The Reis submarket analysis includes several large, newly
constructed buildings that are not competitive with the property (131 South
Dearborn which is 73% leased and One South Dearborn which is 70% pre-leased).
Excluding these and other non-competitive properties from the Reis submarket
analysis reduces the submarket vacancy to approximately 17%.

The appraiser identified four comparable properties all located within a one to
two block radius of the property. The comparable properties exhibit a rental
range of $21.50 to $30.00 psf for office space with an average of $25.88 psf.
The property exhibits an average rental rate of $24.93 psf which is below
average for the comparable properties. Each of these properties have lease
structures and terms similar to the property (gross leases with tenants
responsible for increases over base year operations).

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

PROPERTY MANAGEMENT. The property is managed by TIC Property Management, LLC, a
property management firm related to the sponsor who sub-contracts the day-to-day
operations of the property to CB Richard Ellis.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[BURNHAM CENTER MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET TMA BALANCE: $50,000,000
TMA DSCR: 2.27x
LOEWS MIAMI BEACH TMA LTV: 58.82%
--------------------------------------------------------------------------------

[LOEWS MIAMI BEACH PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Refinance

ORIGINAL TMA BALANCE: $50,000,000(1)

CUT-OFF TMA BALANCE: $50,000,000

% BY INITIAL UPB: 2.94%

INTEREST RATE: 4.7660%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: May 1, 2005

MATURITY DATE: April 1, 2015

AMORTIZATION: Amortization on a 30-year schedule

CALL PROTECTION: Lockout until the earlier of (i) 24 months from the
last securitization of the pari passu notes and (ii)
April 1, 2008, then defeasance is permitted. On and
after January 1, 2015, prepayment permitted without
penalty.

SPONSOR: Loews Hotels Holding Corporation

BORROWER: MB Redevelopment, Inc.

PARI PASSU DEBT: $100,000,000(1)

ADDITIONAL FINANCING: None

LOCKBOX: None(2)

INITIAL RESERVES: None

MONTHLY RESERVES: None(3)
--------------------------------------------------------------------------------
(1) The trust mortgage asset ("TMA") amount of $50,000,000 represents the A-1
note from a $150,000,000 first mortgage loan evidenced by pari passu A-1,
A-2 and A-3 notes. The A-2 and A-3 notes are not included in the trust.

(2) Springing hard lockbox upon: (i) an event of default, as such term is
defined in the loan documents or (ii) DSCR below 1.35x for two consecutive
calendar quarters ("Lockbox Event").

(3) Subsequent to a Lockbox Event, monthly reserves will be collected for: (i)
taxes and insurance, (ii) debt service, (iii) FF&E, (iv) garage easement
agreement and (v) management fee.

BALLOON BALANCE/KEY: $154,898

LTV: 58.82%

BALLOON LTV: 47.99%

DSCR: 2.27x
--------------------------------------------------------------------------------

PROPERTY TYPE: Full Service Resort Hotel

COLLATERAL: Fee simple

LOCATION: Miami Beach, FL

YEAR BUILT/RENOVATED: 1998 / NAP

NO. OF KEYS: 790

PROPERTY MANAGEMENT: Loews Miami Beach Hotel Operating Company, Inc.
(a borrower affiliate)

OCCUPANCY (AS OF 2/28/2005): 80.76%

UNDERWRITTEN NET CASH FLOW: $21,333,239

APPRAISED VALUE: $255,000,000

APPRAISAL DATE: March 1, 2005
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
SIGNIFICANT FIGURES
--------------------------------------------------------------------------------
LOEWS MIAMI BEACH 2002 2003 2004 T-12(1)
--------------------------------------------------------------------------------
Occupancy 72.04% 81.46% 80.15% 80.76%
--------------------------------------------------------------------------------
ADR $202.92 $206.14 $223.25 $226.75
--------------------------------------------------------------------------------
Rev Par $146.18 $167.92 $178.92 $183.12
--------------------------------------------------------------------------------
(1) Trailing 12 months numbers through February 28, 2005.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THE LOEWS MIAMI BEACH LOAN

THE LOAN. The Loews Miami Beach Loan is secured by a first mortgage on the
borrower's fee simple interest in a 790-key full service resort hotel located in
Miami Beach, Florida. The loan is for a term of 10-years and amortizes based on
a 30-year schedule. The $50 million A-1 Note is the first note of a $150 million
whole first mortgage loan (evidenced by pari passu A-1, A-2 and A-3 notes).
Based on the appraised value of $255 million, the borrower has implied equity of
$105 million in the property.

THE BORROWER. The borrower is MB Redevelopment, Inc., a single-purpose,
bankruptcy-remote entity for which a non-consolidation opinion was obtained at
closing. The loan is sponsored by LOEWS HOTELS HOLDING CORPORATION ("Loews
Hotels"), a wholly-owned subsidiary of the Loews Corporation (NYSE: LTR; rated
"A" by S&P, "Baa1" by Moody's, and "A-" by Fitch). Headquartered in New York
City, Loews Hotels offers distinctive hotels in most major markets in the United
States and Canada. In addition to the property, Loews destinations include the
cities of New York, Chicago, Denver, Los Angeles, Nashville, Philadelphia,
Washington, D.C., Annapolis, New Orleans, Montreal, and Quebec City, as well as
vacation destinations such as Universal Orlando, Florida, Tucson, Arizona, St.
Pete Beach, Florida and California's Coronado Island. Loews Hotels cater to
discerning business and leisure travelers and is host to numerous business,
political and industry association events. Loews Hotels is a repeat sponsor of a
Deutsche Bank borrower.

THE PROPERTY. Located within the Art Deco Historic District of South Beach in
Miami, Florida, the Loews Miami Beach Hotel was originally constructed in 1998
at a cost of $135 million. The 790-key hotel is situated on a 5.8-acre
beachfront lot less than eight miles from the Miami International Airport. The
property is primarily comprised of the 18-story tower building and the six-story
St. Moritz tower, one of the centerpieces of the property. The St. Moritz tower
carries the historical landmark designation and has been restored to the "Art
Deco" splendor. Both of these buildings contain guest rooms, food and beverage
outlets, and access to the swimming pool, the gardens and the beach. Amenities
at the hotel include: five restaurants/bars, 13 ballrooms/conference rooms (over
53,000 sq. ft.), a uniquely designed ocean-front swimming pool, a jacuzzi, a
4,500 sq. ft. fitness center, shops, a salon, a business center and parking for
over 750 vehicles. Food and beverage facilities include Preston's Restaurant,
Emeril's Miami Beach, Hemisphere Lounge, Nautilus poolside bar and grill, and
SoBe Coffee Bar. Among the many events and conferences generally held at the
property is the annual CMSA conference each January. The property benefits from
the fact that it contains the only large conference room space in South Beach
other than the Miami Convention Center. Loews Miami Beach Hotel has an AAA
rating of o o o o and a Mobil Travel Guide rating of * * * *.

The Loews Miami Beach guest rooms' connect modern-day technology with Art Deco
style, providing sweeping views of the ocean, bay and city. Guest rooms average
350 sq. ft. in size and are located on floors five through 18 of the tower
building and in the St. Moritz Tower. All guest rooms feature a stylish,
functional design with quality, modern furnishings and bathroom fixtures.
Amenities include 24-hour room service, work desk with dual-line telephone, fax
and high-speed internet, mini-bar and cable television with in-room movies and
walk-in closets with luggage rack, iron, safes and umbrellas. The tower building
has 620 guest rooms including 62 luxury and presidential suites. The St. Moritz
tower has 100 fully restored guest rooms offering the intimate charm of a
boutique beach hotel. Approximately $7.3 million was spent on capital
expenditures between 2001 and 2004 with approximately $3.0 million budgeted for
2005.

THE MARKET. The property is located on the white sandy beaches and in the
cosmopolitan atmosphere of the South Beach district of Florida. Making up the
bottom third of the island of Miami Beach, South Beach has become a magnet for
the fashion, music, and entertainment industries. Visitors from the world over
are drawn to the area's atmosphere, restaurants, nightclubs and beaches. The
property is located in the heart of the Art Deco Historic District of South
Beach which contains approximately 800 structures of historical significance,
the largest collection of Art Deco and Streamline Modern architecture in the
world.

In addition to being located within South Beach's Historic Art Deco District,
nearby points of interest include the Miccosokee Seminole Indian Village,
Ancient Spanish Monastery, Miami Seaquarium, Miami Metro Zoo and Fairchild
Garden. Miami Beach is acknowledged as an international center for the arts and
culture with a broad array of local galleries and museums

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

including Lincoln Theatre, Colony Theatre, the Greater Miami Performing Arts
Center, Vizcaya Museum and Gardens and Wolfsonian Bass. The Loews Miami Beach
hotel is within walking distance of the trendy shops and restaurants along Ocean
Drive and Lincoln Road.

The property's proximity to the convention center and its own large conference
space insulate the property from a downturn in leisure travel, enabling it to
draw from a larger, more diverse client base than its competitors. The market
demand has a strong meeting and group orientation; in 2004, this segment
contributed 49.0% of the overall occupancy. In 2004, the primary competitors
achieved an overall occupancy of 71.3%, ADR of $207.77 and RevPAR of $148.10.
The property's ability to attract business travelers is one reason the Loews
Miami Beach consistently outpaces its comparables in terms of occupancy, ADR and
RevPAR. In 2004, the hotel generated a net cash flow of $20 million before
ground rent, ADR of $223.25 and RevPAR of $178.92. Historically the market has
experienced increases in ADR at an annual rate of 1.6% since 1999 and at a rate
of 1.04% from 2001 to 2004. RevPAR has increased at an annual rate of 1.3% since
2000 and at a rate of 3.3% from 2001 to 2004. The property is performing above
market as a whole, as evidenced by an occupancy penetration of 112.4% and a
yield penetration of 120.7%. Below is a list of market competitors:

SEGMENTATION 2003
------------------- -----------------------------------------------
WEIGHTED
ANNUAL
NUMBER ROOM AVERAGE
PROPERTY OF ROOMS GROUP TRANSIENT COUNT OCC. RATE REVPAR
------------------------------------------------------------------------------------------------------------------

Loews Miami Beach Hotel 790 48% 52% 790 81.5% $ 206.14 $ 167.92
Hilton Fontainebleau 876 45 55 967 72 180.00 129.02
Inter-Continental Hotel Miami 641 30 70 641 63 154.00 97.02
Sheraton Bal Harbour Beach Resort 645 45 55 645 67 190.00 127.30
Boca Raton Resort 1,043 60 40 1,041 70 252.00 176.40
Westin Diplomat Resort Hotel 998 54 46 998 62 205.00 127.10
------------------------------------------------------------------------------------------------------------------
TOTAL/AVERAGES 4,993 49% 51% 5,082 69.3% $ 202.32 $ 140.14
==================================================================================================================

2004
--------------------------------------------------------------------------
WEIGHTED
ANNUAL
ROOM AVERAGE OCCUPANCY YIELD
PROPERTY COUNT OCC. RATE REVPAR PENETRATION PENETRATION
--------------------------------------------------------------------------------------------------------------

Loews Miami Beach Hotel 790 80.1% $ 223.25 $ 178.82 112.4% 120.7%
Hilton Fontainebleau 876 71 182.00 130.08 100.3 87.8
Inter-Continental Hotel Miami 641 65 150.00 97.50 91.2 65.8
Sheraton Bal Harbour Beach Resort 645 72 202.00 145.44 101.0 98.2
Boca Raton Resort 1,043 71 255.00 181.05 99.6 122.2
Westin Diplomat Resort Hotel 998 68 205.00 139.40 95.4 94.1
--------------------------------------------------------------------------------------------------------------
TOTAL/AVERAGES 4,993 71.3% $ 207.77 $ 148.10 100.0% 100.0%
==============================================================================================================

CASH MANAGEMENT. The loan is structured with a springing hard lockbox.

PROPERTY MANAGEMENT. The property is managed by Loews Miami Beach Hotel
Operating Company, Inc., an affiliate of the borrower.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[LOEWS MIAMI BEACH MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $43,000,000
DSCR: 1.23x
1414 AVENUE OF THE AMERICAS LTV: 78.75%
--------------------------------------------------------------------------------

[1414 AVENUE OF THE AMERICAS PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Acquisition

ORIGINAL BALANCE: $43,000,000

CUT-OFF BALANCE: $43,000,000

% BY INITIAL UPB: 2.53%

INTEREST RATE: 5.5050%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: June 1, 2005(1)

MATURITY DATE: May 1, 2010

AMORTIZATION: Interest Only

CALL PROTECTION: Lockout for 24 months from securitization date, then
defeasance is permitted. On and after February 1,
2010, prepayment permitted without penalty.

SPONSOR: Kenneth S. Aschendorf and Berndt Perl
(APF Properties)

BORROWER: 1414 APF LLC

PARI PASSU DEBT: None

ADDITIONAL FINANCING: None

LOCKBOX: Soft

INITIAL RESERVES: Engineering: $31,875

MONTHLY RESERVES: Tax: $71,647

Insurance: $6,659

Replacement Reserve: $2,007

TI/LC: $12,539
--------------------------------------------------------------------------------
(1) The accrued interest due on May 1, 2005 will be funded to the trust by the
mortgage loan seller on the securitization closing date.

BALLOON BALANCE/SQ. FT.: $353.60

LTV: 78.75%

BALLOON LTV: 78.75%

DSCR: 1.23x
--------------------------------------------------------------------------------

PROPERTY TYPE: Office

COLLATERAL: Fee simple

LOCATION: New York, NY

YEAR BUILT/RENOVATED: 1923/1967

COLLATERAL SF: 121,608 sq. ft.

PROPERTY MANAGEMENT: Newmark & Company Real Estate, Inc.

OCCUPANCY (AS OF 1/27/05): 98.18%

UNDERWRITTEN NET CASH FLOW: $2,940,124

APPRAISED VALUE: $54,600,000

APPRAISAL DATE: March 14, 2005
--------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------
MAJOR OFFICE TENANTS
----------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG LEASE
TENANT NRSF % NRSF % GPR RENT PSF EXPIRATION RATINGS (S/M/F)
----------------------------------------------------------------------------------------------------------------------

Royce & Associates, LLC 26,727 21.98% 19.8% $ 37.03 10/31/2010 BBB+ / - / -(1)
----------------------------------------------------------------------------------------------------------------------
4Kids Entertainment Licensing, Inc. 21,980 18.07 19.9 45.12 09/30/2010 - / - / -
----------------------------------------------------------------------------------------------------------------------
Deer Stags, Inc. 13,960 11.48 9.8 35.00 03/31/2010 - / - / -
----------------------------------------------------------------------------------------------------------------------
SUB TOTAL/WA: 62,667 51.53% 49.5% $ 39.42
----------------------------------------------------------------------------------------------------------------------

(1) Credit ratings of parent company, whether it guarantees the lease or not.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

1414 AVENUE OF THE AMERICAS LOAN

THE LOAN. The 1414 Avenue of the Americas Loan is a five-year fixed rate
interest only loan secured by a first priority mortgage on the borrower's fee
simple interest in a 121,608 sq. ft. office building located in New York, NY.
The borrower acquired the property for $62 million from SL Green, inclusive of
$1.5 million in closing costs. Consequently, there is approximately $19 million
of cash equity in the deal and the loan to cost ratio is 69.4%.

THE BORROWER. The borrowing entity, 1414 APF LLC, is a special-purpose
bankruptcy-remote entity for which a non-consolidation opinion was obtained at
closing. The loan sponsor and key principals are KENNETH ASCHENDORF
("Aschendorf") and BERNDT PERL ("Perl"). The sponsors co-founded APF PROPERTIES
("APF"), a real estate investment company based in New York City. Including the
property, APF owns four office buildings with an estimated current value of $156
million. As of December 31, 2004, Aschendorf had a stated net worth and liquid
net worth of $21.5 million and $525,000, respectively and Perl had a stated net
worth and liquid net worth of $23.4 million and $675,000. The sponsors have a
combined net worth of $44.9 million including $1.2 million in liquid assets. The
borrower under this loan is affiliated with the borrower under the loan known as
1156 Avenue of the Americas, also an asset of the trust. Aschendorf and Perl are
repeat sponsors of a Deutsche Bank borrower.

THE PROPERTY. 1414 Avenue of the Americas is a 121,608 sq. ft. office building
located in New York City with classic pre-war architecture, "postcard" Central
Park views, and an ornamental facade and roofline. Designed by architects Rouse
& Goldstone in the Renaissance Revival style, the building exterior is mostly
beige brick with the lower facade along West 58th Street and Avenue of the
Americas composed of white limestone panels. The building has been upgraded and
very well maintained over the years. Located on a 0.16-acre site, the building
contains 121,608 sq. ft. of net rentable area including 6,596 sq. ft. of ground
floor retail space. The lobby is approximately one and one-half stories in
height and four years ago underwent extensive remodeling. The building is served
by three passenger elevators, one of which doubles as a freight elevator. Over
the past two years, the controls on all elevators were replaced and the cab
interiors were remodeled. The typical floor size is approximately 7,300 sq. ft.,
which appeals to tenants that benefit from a full-floor identity. The
configuration and location of the building core maximizes window frontage
resulting in highly desirable Central Park and cityscape views. Presently, 12 of
the 17 office floors are occupied by a single tenant.

SIGNIFICANT TENANTS. As of the January 27, 2005 rent roll, 1414 Avenue of the
Americas was 98.18% occupied by 24 tenants including three retail tenants.

ROYCE & ASSOCIATES, LLC (26,727 sq. ft.; 21.98% of NRA; 19.8% of GPR) is a
registered investment adviser with a history that dates back to 1972. Royce
& Associates, LLC ("Royce"), is known for running high performing funds
that invest exclusively in small and micro-cap institutions. Royce
presently has approximately 21 investment professionals, a staff of 80, and
over $22.7 billion under management. In 2001, Royce & Associates became a
subsidiary of one of the nation's leading mutual fund management companies,
Legg Mason (NYSE: LM; rated "BBB+" by S&P).

4KIDS ENTERTAINMENT LICENSING, INC. (21,980 sq. ft.; 18.07% of NRA; 19.9%
of GPR; NYSE: KDE) is a global provider of children's entertainment and
merchandise licensing. 4Kids Entertainment Licensing, Inc. ("4Kids")
acquires, develops and markets children's properties globally and has a
vertically integrated platform including television, film, music, and home
video production and distribution; merchandise licensing, media buying and
planning, product development and Web site development. 4Kids is
headquartered in New York City and has a London office. 4Kids experienced a
92.3% growth in sales for the 2003 fiscal year, with a total of $102.1
million in sales and net income of $15 million.

DEER STAGS, INC. (13,960 sq. ft.; 11.48% of NRA; 9.8% of GPR) is a New
York-based shoe company that was founded in 1929 with a goal to provide its
consumers with affordable, comfortable footwear. More than 3,000 retailers
nationwide carry Deer Stags' footwear, generally selling for $50 or less.
According to the NPD Group, men's footwear retailing for $100 or less
comprises the bulk of today's footwear industry; this segment achieved a
7.3% increase in sales during 2004. Dear Stags' double-digit sales growth
during 2004 indicates the continued strength of this market segment.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THE MARKET. 1414 Avenue of the Americas is located in the Plaza Square District,
a micro-market of the Midtown Manhattan sub-market. As of year-end 2004, the
Midtown Manhattan sub-market had an inventory of approximately 287.8 million sq.
ft. of office space in nearly 1,500 buildings. As of December 31, 2004, the
direct office vacancy rate was 6.55%; including available sub-lease space, and
the vacancy rate was 8.72%. The average quoted rental rate within the Midtown
sub-market was $47.00psf, the highest of all the New York City sub-markets and
approximately 18.5% higher than the overall average Manhattan office rent of
$39.67 psf. Per CoStar, as of December 31, 2004, the Plaza Square District's
office micro-market had an inventory of 444 buildings totaling 96.93 million sq.
ft. And an overall vacancy rate of 8.4%. In addition, the average quoted rent of
$60.92psf. was the highest of all Manhattan's sub-markets and micro-markets.
Within the Plaza Square District micro-market, Class "B" space totaled 6.2
million sq. ft. with a 4.7% vacancy rate. The average rent for Class "B" space
was $43.51psf, the highest among the various sub-markets and micro-markets, and
30% higher than the Midtown average of $33.52psf for Class "B" space. Office
rents at the property range from $30.92psf to $45.34psf and average $36.67psf,
almost 16% below the average asking rent for Class "B" space within the Plaza
Square District micro-market, and 22% below the overall Midtown average of
$47.00psf.

Avenue of the Americas, in the vicinity of the property, is known as "Corporate
Row" due to the presence of a powerful collection of corporate tenants including
Bank of America, Marsh & McLennan, McGraw-Hill, Morgan Stanley, CBS, News
America, and Lazard Freres. The Plaza Square District is also within walking
distance of the Broadway Theater District, Carnegie Hall, Rockefeller Center,
and the Museum of Modern Art. In addition, some of the world's most famous
retailers are also located nearby, including Bergdorf Goodman, Tiffany, Henri
Bendel, Cartier, Versace, Prada, Louis Vuitton, Chanel, and Saks Fifth Avenue.

CASH MANAGEMENT. The loan has been structured with a soft lockbox. A cash flow
sweep will occur beginning March 2009 through the remainder of the loan term or
upon an event of default under the loan documents.

PROPERTY MANAGEMENT. The property will be managed by Newmark & Company Real
Estate, Inc. ("Newmark"), a New York-based company. Headquartered in Manhattan,
and with offices throughout the world employing nearly 800 people, Newmark has
created a global platform from which to serve its growing list of corporate
clients. Annually, the firm completes more than 25 million sq. ft. of
transactions, valued at nearly $9.5 billion in total consideration.
Additionally, Newmark manages and/or leases more than 50 million sq. ft. of
commercial space nationally.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5
COLLATERAL TERM SHEET

[1414 AVENUE OF THE AMERICAS MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $42,740,000
DSCR: 1.36x
G REIT PORTFOLIO II LTV: 74.79%
--------------------------------------------------------------------------------

[G REIT PORTFOLIO II PICTURES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Refinance

SHADOW RATING: NAP

ORIGINAL BALANCE: $42,740,000

CUT-OFF BALANCE: $42,740,000

% BY INITIAL UPB: 2.51%

INTEREST RATE: 5.4800%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: June 1, 2005(1)

MATURITY DATE: May 1, 2015

AMORTIZATION: Interest only for 24 months and 30 year amortization
thereafter

CALL PROTECTION: Lockout for 24 months from securitization closing
date, then defeasance is permitted. After February 1,
2015 prepayment permitted without penalty on any
payment date.

SPONSOR: G REIT, L.P.

BORROWERS: G REIT -- Madrona, LP and G REIT -- North Belt
Corporate, LP

ADDITIONAL FINANCING: None

LOCKBOX: Hard

INITIAL RESERVES: Engineering: $95,875

Tax: $76,570

Insurance: $88,219

Debt Service: $2,500,000

MONTHLY RESERVES: Tax: $63,808

Insurance: $6,126

TI/LC: $24,621

Replacement: $5,041
--------------------------------------------------------------------------------
(1) The accrued interest due on May 1, 2005 will be funded to the trust by the
mortgage loan seller on the securitization closing date.

(2) DSCR is calculated on 30-year amortization.

BALLOON BALANCE/SQ. FT.: $107.54

LTV: 74.79%

BALLOON LTV: 65.49%

DSCR:(2) 1.36x
--------------------------------------------------------------------------------

PROPERTY TYPE: Office

COLLATERAL: Two cross-collateralized and cross-defaulted
loans secured by the borrowers' fee simple
interest.

LOCATION: Torrance, CA & Houston, TX

YEAR BUILT/RENOVATED: Various

COLLATERAL SF: 348,046 sq. ft.

PROPERTY MANAGEMENT: Triple Net Properties Realty, Inc.
(a borrower affiliate)

PORTFOLIO OCCUPANCY
(AS OF 2/1/05): 95.99%

PORTFOLIO UNDERWRITTEN NET
CASH FLOW: $3,942,603

PORTFOLIO APPRAISED VALUE: $57,150,000

PORTFOLIO APPRAISAL DATES
(MADRONA/NORTH BELT): January 7, 2005 / January 20, 2005
--------------------------------------------------------------------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS NRSF % OF TOTAL NRSF NET RENT PSF LEASE EXPIRATION RATINGS (S/M/F)(1)
------------------------------------------------------------------------------------------------------------------------------------

MADRONA OFFICE BUILDING
American Honda Finance Corp. 87,206 45.8% $25.20 3/31/2015 (A+/A1/NA)
NavCom Technology, Inc. 53,391 28.1 27.00 7/31/2010 (A-/A3/A)
Kaiser Foundation Health Plan, Inc. 38,511 20.2 24.00 9/30/2013 (A/A3/A)
------------------------------------------------------------------------------------------------------------------------------------
SUB TOTAL/WA 179,108 94.1% $25.48
------------------------------------------------------------------------------------------------------------------------------------
NORTH BELT CORPORATE CENTER
Southwestern Energy Production Company 56,904 36.1% $16.50 12/31/2010 (BBB-/Ba2/NA)
United States of America (U.S. Customs) 32,834 20.8 15.25 8/31/2011(2) (AAA/Aaa/AAA)
Home Loan Corporation 18,903 12.0 17.65 3/31/2006 (NA/NA/NA)
------------------------------------------------------------------------------------------------------------------------------------
SUB TOTAL/WA 108,641 68.9% $16.11
------------------------------------------------------------------------------------------------------------------------------------

(1) Credit Ratings are of the parent company, whether or not the parent company
guarantees the lease.

(2) The tenant has the right to terminate the lease in whole or in part at the
end of the tenth year of the lease (August 2006), by providing notice
anytime during the initial three months of the tenth year of the lease.

THE G REIT PORTFOLIO II

THE LOAN. The G REIT Portfolio II consists of two cross-collateralized and
cross-defaulted mortgage loans secured by first mortgages on two office
buildings. The Madrona Office Building ("Madrona") is located in Torrance,
California and the North Belt Corporate Center ("North Belt") is located in
Houston, Texas (collectively, the "Mortgaged Properties"). The Mortgaged
Properties total approximately 348,046 sq. ft. The Mortgaged Properties were
acquired by the borrowers in March 2004 for $58,575,000 resulting in a loan to
cost ratio of 73.0% and cash equity of approximately $15.8 million (27.0%).

THE BORROWERS. The borrowers, G REIT -- Madrona, LP and G REIT -- North Belt
Corporate, LP ("Borrowers"), are structured as single-purpose entities with an
independent manager, for which a non-consolidation opinion was obtained at
closing for the Madrona loan. The sponsor of the Borrowers, G REIT, L.P., is a
subsidiary of G REIT, Inc. G REIT, Inc. is a real estate investment trust formed
to acquire and operate office, industrial and service properties. It was
incorporated in December of 2001, and held an initial private offering in
October of 2002. As of September 30, 2004, G REIT, L.P. reported assets of
$917.8 million and shareholder's equity of $363.4 million. Triple Net
Properties, LLC, the manager of the sponsor is currently the subject of an SEC
investigation and G REIT, Inc. has reported that numerical and other information
in its disclosure documents were incorrect as described under "Risk Factors --
Risk Relating to Litigation" in the prospectus supplement.

THE PROPERTIES. Madrona is comprised of two, two-story buildings and two,
three-story buildings totaling approximately 190,318 sq. ft. Madrona was built
in 1989-1990. Amenities include a three-story ground floor atrium, on-site
cafeteria, and a central courtyard with fountains. Madrona was purchased for
$45,900,000 ($241.18 psf) and has $12,900,000 (28.1%) of cash equity in the
transaction based on the purchase price.

North Belt is a 10-story, Class B+ office building. North Belt was developed in
1982 and contains approximately 157,728 sq. ft. North Belt was purchased for
$12,675,000 ($80.36 psf) and has $3,425,000 (27.0%) of cash equity in the
transaction based on the purchase price.

SIGNIFICANT TENANTS -- MADRONA.

AMERICAN HONDA FINANCE CORP. is Madrona's largest tenant leasing
approximately 87,206 sq. ft. (45.8% of NRSF). American Honda Finance Corp.
is a wholly owned subsidiary of American Honda Motor Co., Inc. American
Honda Motor Co. Inc.'s principal North American executive offices are
located less than two miles away in the city of Torrance, CA. American
Honda Finance Corp. offers financing in the form of both retail installment
sales contracts and leases.

NAVCOM TECHNOLOGY, INC. ("NavCom") is Madrona's second largest tenant,
leasing approximately 53,391 sq. ft. (28.1% of NRSF). NavCom specializes in
precision GPS and wireless communications, providing global positioning and

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

messaging services for land, marine and aeronautical applications, and
engineering hardware and software solutions for the implementation of
terrestrial and satellite-based applications. NavCom was founded in 1992.
In November 1999, NavCom was acquired by Deere & Company.

KAISER FOUNDATION HEALTH PLAN, INC. is Madrona's third largest tenant,
leasing approximately 38,511 sq. ft. (20.2% of NRSF). Kaiser Foundation
Health Plan, Inc. is a subsidiary of Kaiser Permanente. Founded in 1945,
Kaiser Permanente is the nation's largest nonprofit health plan with
headquarters in Oakland, California.

SIGNIFICANT TENANTS -- NORTH BELT.

SOUTHWESTERN ENERGY PRODUCTION COMPANY ("Southwestern") is North Belt's
largest tenant, leasing approximately 56,904 sq. ft. (36.1% of NRSF).
Southwestern is an integrated energy company headquartered in Houston,
Texas, primarily focused on the exploration for and production of natural
gas. Southwestern is engaged in natural gas and crude oil exploration and
production in the Arkoma Basin, East Texas, Permian Basin, and the onshore
Gulf Coast. Southwestern is also engaged in natural gas distribution
activities and natural gas marketing activities.

THE UNITED STATES OF AMERICA ("GSA") is North Belt's second largest tenant
leasing approximately 32,834 sq. ft. (20.8% of NRSF). The GSA leases
several offices housing U.S. Customs.

HOME LOAN CORPORATION ("Home Loan Corp.") is North Belt's third largest
tenant leasing approximately 18,903 sq. ft. (12.0% or NRSF). Home Loan
Corp. was founded in 1988 and offers home financing with a full range of
loan products. All Home Loan Corp. loans are originated, underwritten, and
processed locally in each of its branch offices throughout the country.

THE MARKET -- MADRONA. Madrona is located in close proximity to Interstate 405,
which offers access to Long Beach and West Los Angeles, and Interstate 110 in
South Bay submarket. Madrona is located between Los Angeles International
Airport and the ports of Long Beach and Los Angeles. Approximately 580,000
people live within a five-mile radius of Madrona with an average household
income of approximately $80,000.

According to the 3rd quarter 2004 REIS report for Los Angeles County, the Los
Angeles County office market is comprised of 2,080 buildings with a total
rentable area of 200,233,000 sq. ft. The weighted average vacancy rate for the
overall market is 13.8%. Torrance, CA resides in the South Bay submarket of Los
Angeles and the office submarket is comprised of 133 buildings totaling
9,062,000 sq. ft. According to REIS, vacancy in the Madrona's submarket is 12.0%
as of 3rd quarter 2004 with average rental rates of $25.26 psf for LA County,
and $21.70 psf for South Bay. However, the four properties identified as direct
comparables to Madrona reported an average rental rate of $22.26 psf compared to
Madrona's average rental rate of $25.48 psf.

THE MARKET -- NORTH BELT. North Belt is located near the 240-acre Greenspoint
master-planned community developed by Friendswood Development Company, a
subsidiary of Exxon Corporation. Greenspoint is the main employment center in
the area, serving as world or United States headquarters to 18 companies and
home to more than 50 multi-national corporations. Greenspoint includes office,
hotel, retail, industrial, and multi-family development. The area employs
approximately 37,000 people, many of whom work in the energy sector as more than
80 energy and energy-related companies are located in Greenspoint. The one,
three and five-mile radius population is 3,192; 53,887; and 151,177,
respectively.

According to the 4th Quarter 2004 REIS report, the North Belt submarket reported
overall vacancy of 19.7%, with an average rental rate of $18.60 psf. The
appraiser identified four properties as direct comparables to North Belt, which
represent 1,074,149 sq.ft. and reported occupancies ranging from 88% to 96%,
with an average of 91%. North Belt is currently 98.3% occupied, which is above
the submarket average. In addition, the direct comparable rental rate range was
$16.50 psf to $20.50 psf, with an average of $17.94 psf. Rents at North Belt
range from $15.25 psf to $18.50 psf, with an average of $16.61 psf. Six of the
tenants at North Belt have rental rates above the market rate of $17.50 psf, as
identified by the appraiser. The rent of these six tenants have been marked to
market.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

PROPERTY MANAGEMENT. The Mortgaged Properties are managed by Triple Net
Properties Realty, Inc., an affiliate of the borrower.

CASH MANAGEMENT. The loan has been structured with a hard lock box.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. None.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[G REIT PORTFOLIO II MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
COLLATERAL TERM SHEET BALANCE: $36,400,000
DSCR: 1.30x
SIGNATURE RIDGE APARTMENTS LTV: 75.05%
--------------------------------------------------------------------------------

[SIGNATURE RIDGE APARTMENTS PICUTRES OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

LOAN PURPOSE: Acquisition

ORIGINAL PRINCIPAL BALANCE: $36,400,000

CUT-OFF PRINCIPAL BALANCE: $36,400,000

% BY INITIAL UPB: 2.14%

INTEREST RATE: 5.2500%

PAYMENT DATE: 1st of each month

FIRST PAYMENT DATE: May 1, 2005

MATURITY DATE: April 1 2012

AMORTIZATION: Interest only through the payment date occurring
on April 1, 2007. Thereafter monthly amortization
on 30 year schedule.

CALL PROTECTION: Lockout for first 36 months of term, then
defeasance is permitted. On and after January 1,
2012, prepayment permitted without penalty.

SPONSOR: Michael B. Smuck, U.S. Advisor, LLC

BORROWER: USA Signature Ridge, DST

ADDITIONAL FINANCING: Unsecured short term note in the amount of
$938,394.

LOCKBOX: None

INITIAL RESERVES: Tax: None(1)

Engineering: $75,225

MONTHLY RESERVES: Tax: $83,842

Insurance: $12,685

Replacement: $12,750
--------------------------------------------------------------------------------
(1) Lender collected 1/2 of 2004 taxes ($335,366.33) at closing.

(2) DSCR is calculated based on a 30-year amortization.

BALLOON BALANCE/UNIT: $55,067.17

LTV: 75.05%

BALLOON LTV: 69.49%

DSCR:(2) 1.30x
--------------------------------------------------------------------------------

PROPERTY TYPE: Multifamily

COLLATERAL: Fee simple

LOCATION: San Antonio, TX

YEAR BUILT/RENOVATED: 2000 & 2003/NAP

TOTAL UNITS: 612

PROPERTY MANAGEMENT: MBS Management Services, Inc.
(a borrower affiliate)

OCCUPANCY (AS OF 1/31/05): 92.42%

UNDERWRITTEN NET CASH FLOW: $3,131,228

APPRAISED VALUE: $48,500,000

APPRAISAL DATE: December 20, 2004
--------------------------------------------------------------------------------

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

--------------------------------------------------------------------------------
PROPERTY
DESCRIPTION
NUMBER OF AVERAGE SQUARE AVERAGE RENT COMPARABLE MARKET RENT
UNIT TYPE UNITS FEET/UNIT (PER MONTH) RANGE (PER MONTH)
--------------------------------------------------------------------------------
1 bdrm / 1 bath 28 635 $631 $555-$750
--------------------------------------------------------------------------------
1 bdrm / 1 bath 26 676 $676 $585-$780
--------------------------------------------------------------------------------
1 bdrm / 1 bath 144 737 $701 $635-$830
--------------------------------------------------------------------------------
1 bdrm / 1 bath 78 770 $704 $616-$760
--------------------------------------------------------------------------------
1 bdrm / 1 bath 72 933 $795 $770-$936
--------------------------------------------------------------------------------
2 bdrm / 2 bath 60 1,060 $892 $795-$1,010
--------------------------------------------------------------------------------
2 bdrm / 2 bath 72 1,115 $908 $880-$1,025
--------------------------------------------------------------------------------
2 bdrm / 2 bath 42 1,145 $912 $900-$1,045
--------------------------------------------------------------------------------
2 bdrm / 2 bath 42 1,200 $976 $927-$1,102
--------------------------------------------------------------------------------
3 bdrm / 2 bath 36 1,339 $1,145 $1,120-$1,285
--------------------------------------------------------------------------------
3 bdrm / 2 bath 12 1,342 $1,200 $1,120-$1,285
--------------------------------------------------------------------------------
TOTAL/WA 612 940 $820 $763-$937(1)
--------------------------------------------------------------------------------
(1) Calculated based on a straight average of the comparable market rent ranges
on a weighted average for the subject number of units.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

SIGNATURE RIDGE APARTMENTS LOAN

THE LOAN. The Signature Ridge Apartments loan is secured by a first mortgage on
a Class "A", 612-unit multifamily property situated on a 30.47-acre site in San
Antonio, Bexar County, Texas.

THE BORROWER. The borrower is USA Signature Ridge, DST, a syndicated Delaware
Statutory Trust. The Trust Agreement creating the borrower names The Corporation
Trust Company and U.S. Advisor, LLC, as co-trustees, and also requires two
independent trustees. A non-consolidation opinion was obtained at the closing of
the loan. The beneficial ownership interests in the borrower were syndicated by
U.S. Advisor, LLC and Michael B. Smuck to third party investors. So long as the
co-trustees of the Trust borrower remain persons or entities acceptable to the
holder of this loan and the holder receives prompt notice of the same, transfers
of beneficial ownership interests in the Trust borrower may occur without the
holder's consent. Additionally, under certain circumstances related to a loan
default, the Trust borrower may be terminated and the property transferred to a
newly formed Delaware limited liability company. The form operating agreement
for this limited liability company has been approved by the lender, and its
members are to possess the same percentage ownership interests in the limited
liability company that they possessed in the Trust borrower prior to its
dissolution. The property is leased by borrower to USA Signature Ridge LeaseCo,
LLC under a master lease agreement. USA Signature Ridge LeaseCo, LLC is owned by
CB Richard Ellis Investors/U.S. Advisor, LLC, a Delaware limited liability
company, and MBS Strategic Acquisitions, LLC, a Louisiana limited liability
company (an entity controlled by Michael B. Smuck).

THE PROPERTY. The Signature Ridge Apartments consists of 49 three-story
residential buildings, a one-story clubhouse containing leasing offices, a
community lounge, a state-of-the-art fitness center and a business center. It is
located at 3711 Medical Drive in the northern central portion of San Antonio,
Bexar County, Texas. It was constructed in two phases in 2000 and 2003 and is
situated along the northwest side of Medical Drive just southwest of Interstate
10. It has thirteen different floor plans among 348 one-bedroom units, 216
two-bedroom units and 48 three-bedroom units. Each unit contains an electric
range/oven, solid wood cabinets, a refrigerator, a dishwasher, a stainless steel
sink with disposal, smoke detectors, full-size washer/dryers, ceiling fans and
nine-foot ceilings. Selected units have fireplaces, roman tubs, bookshelves and
reading alcoves. On-site amenities include two swimming pools with a spa and
playground, controlled access entry gates, a clubhouse with a business center
and a fitness center. The buildings are arranged in a linear or clustered
formation separated by landscaping, courtyards, amenities, drive aisles and
parking areas. The property contains a total of 949 parking spaces including 857
open spaces, 27 handicapped designated, and 65 detached garages.

THE MARKET. This property straddles the border between San Antonio's Far North
Central and Far Northwest submarkets. According to the third quarter San Antonio
Apartment Report, compiled by Reis, these submarkets contain a total of 55,047
apartment units in 221 communities. Of these units, 25,500 (46%) are considered
Class "A", and have ranged from 91.7% to 94.8% occupied over the last four
years, with a current weighted physical occupancy of 94%. Over the last 16
quarters dating back to the first quarter of 2001, these submarkets have seen a
positive net absorption of 1,844 apartment units. Also according to the Reis
report, there are 1,327 units expected to be completed within the submarkets by
the end of 2005. This would equate to 2.4% of the submarket's current inventory
of units. Within these submarkets there are several large corporate employers
and a growing health care and bioscience research presence. Much of that
industry is centered in the South Texas Medical Center, located only minutes
from this property. Approximately 25,000 employees work in the South Texas
Medical Center, and approximately 15,000 employees work at United States
Automative Association World Headquarters campus, located directly north of the
property along I-10. In addition, there are also various commercial, retail and
office developments, hotels, extended stay facilities and restaurants in
proximity to the property.

PROPERTY MANAGEMENT. The Signature Ridge Apartment Homes property is managed by
MBS Management Services, Inc., which is controlled by Michael B. Smuck, one of
the sponsors. The management agreement generally provides for a management fee
of 4.0% of gross collections, and is subordinate to the Signature Ridge
Apartment Homes Loan. The holder of this loan has the right to require
termination of the management agreement following the occurrence of, among other
circumstances, an event of default in connection with this loan. MBS Management
Services currently manages multifamily

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

properties containing approximately 15,000 apartment units in the south and
southeast regions of the United States, including Houston, Dallas/Fort Worth,
San Antonio, Tampa and Orlando.

CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS. The borrower incurred unsecured
subordinate debt in the amount of $938,394.

FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS. None permitted.

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

[SIGNATURE RIDGE APARTMENTS MAP OMITTED]

$1,567,986,000 (APPROXIMATE)
COMM 2005-LP5

THIS PAGE INTENTIONALLY LEFT BLANK