FREE WRITING PROSPECTUS
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FILED PURSUANT TO RULE 433 | |
REGISTRATION STATEMENT NO.: 333-172143-03 |
February 27, 2012
FREE WRITING PROSPECTUS
STRUCTURAL AND COLLATERAL TERM SHEET
$941,268,017
(Approximate Total Mortgage Pool Balance)
$829,492,000
(Approximate Offered Certificates)
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COMM 2012-LC4
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Deutsche Mortgage & Asset Receiving Corporation
Depositor
German American Capital Corporation
Ladder Capital Finance LLC
Guggenheim Life and Annuity Company
Sponsors and Mortgage Loan Sellers
Deutsche Bank Securities
Sole Bookrunner and Lead Manager
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Ladder Capital Securities
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Guggenheim Securities
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Morgan Stanley
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RBS
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Co-Managers
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KEY FEATURES OF SECURITIZATION |
Key Features:
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Pooled Collateral Facts(1):
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Sole Bookrunner & Lead Manager:
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Deutsche Bank Securities Inc.
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Initial Outstanding Pool Balance:
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$941,268,017
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Co-Managers:
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Ladder Capital Securities LLC
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Number of Mortgage Loans:
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43
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Guggenheim Securities, LLC
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Number of Mortgaged Properties:
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67
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Morgan Stanley & Co. LLC
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Average Mortgage Loan Cut-off Date Balance:
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$21,889,954
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RBS Securities Inc.
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Average Mortgaged Property Cut-off Date Balance:
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$14,048,776
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Mortgage Loan Sellers:
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German American Capital Corporation* (“GACC”)
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Weighted Avg Mortgage Loan U/W NCF DSCR:
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1.78x
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(44.4%), Ladder Capital Finance LLC (“LCF”)
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Range of Mortgage Loan U/W NCF DSCR:
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1.22x – 4.12x
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(41.8%) and Guggenheim Life and Annuity
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Weighted Avg Mortgage Loan Cut-off Date LTV:
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59.2%
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Company (“GLAC”) (13.8%)
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Range of Mortgage Loan Cut-off Date LTV:
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24.2% - 74.8%
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*An indirect wholly owned subsidiary of Deutsche Bank AG. |
Weighted Avg Mortgage Loan Maturity Date or ARD LTV:
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51.2%
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Master Servicer:
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Wells Fargo Bank, National Association
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Range of Mortgage Loan Maturity Date or ARD LTV:
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24.2% - 74.8%
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Operating Advisor:
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Park Bridge Lender Services LLC
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Weighted Avg U/W NOI Debt Yield:
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12.8%
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Special Servicer:
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CWCapital Asset Management LLC
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Range of U/W NOI Debt Yield:
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9.3% - 21.5%
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Trustee:
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U.S. Bank National Association
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Weighted Avg Mortgage Loan
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Certificate Administrator:
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Deutsche Bank Trust Company Americas
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Original Term to Maturity (months)(2):
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115
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Rating Agencies:
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Fitch, Inc. and Moody’s Investors Service, Inc.
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Weighted Avg Mortgage Loan
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Determination Date:
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The 6th day of each month, or if such 6th day is not a
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Remaining Term to Maturity (months)(2):
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110
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business day, the following business day,
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Weighted Avg Mortgage Loan Seasoning (months):
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5
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commencing in April 2012.
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% Mortgage Loans with Amortization for Full Term(3):
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85.9%
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Distribution Date:
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4th business day following the Determination Date in
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% Mortgage Loans with Partial Interest Only:
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3.6%
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each month, commencing April 2012
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% Mortgage Loans with Full Interest Only(4):
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10.6%
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Cut-off Date:
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Due Dates in March 2012. Unless otherwise noted,
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% Mortgage Loans with Upfront or Ongoing Tax Reserves:
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64.9%
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all Mortgage Loan statistics are based on balances
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% Mortgage Loans with Upfront or
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as of the Cut-off Date.
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Ongoing Replacement Reserves(5):
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68.4%
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Settlement Date:
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On or about March 20, 2012
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% Mortgage Loans with Upfront or Ongoing Insurance Reserves:
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45.4%
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Settlement Terms:
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DTC, Euroclear and Clearstream, same day funds,
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% Mortgage Loans with Upfront or Ongoing TI/LC Reserves(6):
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51.6%
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with accrued interest.
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% Mortgage Loans with Upfront Engineering Reserves:
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42.0%
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ERISA Eligible:
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All of the Offered Classes are expected to be ERISA eligible.
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% Mortgage Loans with Upfront or Ongoing Other Reserves:
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38.8%
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SMMEA Eligible:
Day Count:
Tax Treatment:
Rated Final Distribution Date:
Minimum Denominations:
Clean-up Call:
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None of the Offered Classes will be SMMEA eligible.
30/360
REMIC
December 2044
$10,000 and in each case in multiples of $1 thereafter.
1%
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(1) | For purposes of calculating distributions on the Certificates, the Hartman Portfolio Mortgage Loan will be divided into a pooled senior trust component having a cut-off date balance of $56,514,846 and a non-pooled junior trust component having a cut-off date balance of $10,000,000. Although the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan is an asset of the trust, unless otherwise indicated, for purposes of numerical and statistical information contained herein, the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan is not reflected and the term “Mortgage Loan” in that context does not include the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan. The numerical and statistical information related to the loan-to-value ratios, debt service coverage ratios and debt yields have been calculated based on the pooled senior trust component only and does not include the non-pooled junior trust component. See “Structure Overview—Hartman Portfolio Loan Components” below. | ||
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(2) | For ARD loans, the original term to maturity and remaining term to maturity are through the Anticipated Repayment Date. | ||
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(3) | Includes 1 ARD loan representing 1.6% of the outstanding pool balance as of the Cut-off Date. | ||
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(4) | Interest only through the maturity date or, in the case of an ARD loan, through the Anticipated Repayment Date. | ||
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(5) | Includes FF&E Reserves. | ||
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(6) | Represents the percent of the allocated Initial Outstanding Pool Balance of office, retail, industrial and mixed use properties only. |
Distribution of Collateral by Property Type |
COMM 2012-LC4 Mortgage Trust
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SUMMARY OF THE CERTIFICATES
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Class(1)
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Ratings
(Fitch/Moody’s)
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Initial Certificate
Balance(2)
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Subordination
Levels(3)
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Weighted Avg
Life (years)(4)
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Principal
Window
(months)(4)
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Certificate
Principal to
Value Ratio(5)
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Underwritten
NOI Debt Yield(6)
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Class A-1
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AAA(sf) / Aaa(sf)
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$48,958,000 | 30.000 | %(8) | 2.29 | 1 - 52 | 41.4 | % | 18.3 | % | |||||||||||||||
Class A-2
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AAA(sf) / Aaa(sf)
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$77,841,000 | 30.000 | %(8) | 4.64 | 52 - 60 | 41.4 | % | 18.3 | % | |||||||||||||||
Class A-3
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AAA(sf) / Aaa(sf)
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$115,586,000 | 30.000 | %(8) | 6.86 | 60 - 112 | 41.4 | % | 18.3 | % | |||||||||||||||
Class A-4
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AAA(sf) / Aaa(sf)
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$416,502,000 | 30.000 | %(8) | 9.60 | 112 - 118 | 41.4 | % | 18.3 | % | |||||||||||||||
Class A-M
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AAA(sf) / Aaa(sf)
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$92,950,000 | 20.125 | % | 9.82 | 118 - 119 | 47.3 | % | 16.0 | % | |||||||||||||||
Class B
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AA(sf) / Aa2(sf)
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$44,711,000 | 15.375 | % | 9.89 | 119 - 119 | 50.1 | % | 15.1 | % | |||||||||||||||
Class C
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A(sf) / A2(sf)
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$32,944,000 | 11.875 | % | 9.89 | 119 - 119 | 52.2 | % | 14.5 | % |
Class(1)
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Ratings
(Fitch/Moody’s)
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Initial Certificate
or Notional
Balance(2)(7)
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Subordination
Levels(3)
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Weighted Avg
Life (years)(4)
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Principal
Window
(months)(4)
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Certificate
Principal to
Value Ratio(5)
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Underwritten
NOI Debt Yield(6)
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Class X-A(9)
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AAA(sf) / Aaa(sf)
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$751,837,000 | N/A | 8.02 | N/A | N/A | N/A | ||||||||||||||||||
Class X-B(10)
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NR / NR
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$189,431,016 | N/A | 9.70 | N/A | N/A | N/A | ||||||||||||||||||
Class D
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BBB-(sf) / Baa3(sf)
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$52,946,000 | 6.250 | % | 9.96 | 119 - 120 | 55.5% | 13.7% | |||||||||||||||||
Class E
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BB(sf) / Ba2(sf)
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$15,296,000 | 4.625 | % | 9.97 | 120 - 120 | 56.5% | 13.4% | |||||||||||||||||
Class F
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B(sf) / B2(sf)
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$11,766,000 | 3.375 | % | 9.97 | 120 - 120 | 57.2% | 13.2% | |||||||||||||||||
Class G
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NR / NR
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$31,768,016 | 0.000 | % | 9.97 | 120 - 120 | 59.2% | 12.8% | |||||||||||||||||
Class HP(11)(12)
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NR / NR
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$10,000,000 | N/A | 6.26 | 1 - 79 | N/A | N/A |
(1)
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The pass-through rates applicable to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates will equal one of the following rates: (i) a fixed rate, (ii) a rate equal to the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only), (iii) a rate equal to the lesser of the initial pass-through rate for that class and the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only), or (iv) a rate equal to the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only) less a specified rate.
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(2)
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Subject to a permitted variance of plus or minus 5% (except for Class X Certificates).
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(3)
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The credit support for each class of certificates does not include the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan.
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(4)
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Based on the structuring assumptions, assuming 0% CPR for the classes with a certificate balance and 100% CPR after each mortgage loan’s applicable lockout, defeasance, yield maintenance or prepayment penalty period for the Class X-A and Class X-B certificates, as described in the Free Writing Prospectus.
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(5)
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“Certificate Principal to Value Ratio” for any class with a Certificate Balance is calculated as the product of (a) the weighted average mortgage loan Cut-off Date LTV Ratio of the mortgage pool, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance of the subject class of Certificates and all other classes, if any, that are senior to such class, and the denominator of which is the total initial Certificate Balance of all Certificates. The Certificate Principal to Value Ratios of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates are calculated in the aggregate for those classes as if they were a single class.
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(6)
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“Underwritten NOI Debt Yield” for any class with a Certificate Balance is calculated as the product of (a) the weighted average UW NOI Debt Yield for the mortgage pool, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance, and the denominator of which is the total initial Certificate Balance of the subject class of Certificates and all other classes, if any, that are senior to such class. The Underwritten NOI Debt Yields of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates are calculated in the aggregate for those classes as if they were a single class.
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(7)
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The Class X-A and Class X-B Certificates (the “Class X Certificates”) will not have a Certificate Balance. The interest accrual amounts on the Class X-A Certificates will be calculated by reference to a notional amount equal to the sum of the total class principal balances of each of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-M Certificates. The interest accrual amounts on the Class X-B Certificates will be calculated by reference to a notional amount equal to the sum of the total class principal balances of each of the Class B, Class C, Class D, Class E, Class F and Class G Certificates.
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(8)
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Represents the approximate subordination level for the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates in the aggregate.
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(9)
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The pass-through rate applicable to the Class X-A Certificates for each Distribution Date will generally be equal to the excess of (i) the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only), over (ii) the weighted average of the pass-through rates of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-M Certificates (based on their Certificate Balances), as further described in the Free Writing Prospectus.
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(10)
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The pass-through rate applicable to the Class X-B Certificates for each Distribution Date will generally be equal to the excess of (i) the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only), over (ii) the weighted average of the pass-through rates of the Class B, Class C, Class D, Class E, Class F and Class G Certificates (based on their Certificate Balances), as further described in the Free Writing Prospectus.
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(11)
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The Class HP certificates will only receive distributions from, and will only incur losses with respect to, the non-pooled component of the Hartman Portfolio Mortgage Loan.
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(12)
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For any distribution date, the pass-through rate applicable to the Class HP Certificates will be the net mortgage pass-through rate of the non-pooled component of the Hartman Portfolio Mortgage Loan.
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COMM 2012-LC4 Mortgage Trust
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SUMMARY OF THE CERTIFICATES
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Short-Term Certificate Principal Paydown Summary(1) |
Class
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Mortgage
Loan Seller
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Mortgage Loan
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Property
Type
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Cut-off Date
Balance
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Remaining
Term to
Maturity (Mos.)
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U/W
NCF DSCR
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Cut-off Date
LTV Ratio
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U/W NOI
Debt Yield
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A-2
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GACC
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Healdsburg Hotel
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Hospitality
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$16,883,352 | 52 | 1.46 | x | 66.2 | % | 13.4 | % | ||||||||||||
A-2
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LCF
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Fingerlakes Crossing Shopping Center
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Retail
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$10,440,050 | 54 | 1.27 | x | 62.5 | % | 10.3 | % | ||||||||||||
A-2
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GLAC
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Marina Towers
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Office
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$7,507,794 | 54 | 1.31 | x | 68.3 | % | 10.7 | % | ||||||||||||
A-2
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LCF
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Fox Hunt Apartments
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Multifamily
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$4,049,455 | 54 | 1.74 | x | 58.1 | % | 14.0 | % | ||||||||||||
A-2
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LCF
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Rio Apartments
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Multifamily
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$18,479,935 | 59 | 1.45 | x | 65.4 | % | 11.5 | % | ||||||||||||
A-2
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LCF
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Treetop Apartments
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Multifamily
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$15,982,647 | 59 | 1.45 | x | 65.4 | % | 11.5 | % | ||||||||||||
A-3
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GLAC
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Staybridge Suites SeaWorld
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Hospitality
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$8,933,110 | 78 | 1.39 | x | 59.6 | % | 12.9 | % | ||||||||||||
A-3
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GACC
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Hartman Portfolio
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Various
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$56,514,846 | 79 | 1.34 | x | 62.7 | % | 12.5 | % |
(1)
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This table identifies loans with balloon payments due during the principal paydown window assuming 0% CPR and no losses for the indicated Certificates. See “Yield and Maturity Considerations – Yield Considerations” in the Free Writing Prospectus.
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COMM 2012-LC4 Mortgage Trust
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TRANSACTION HIGHLIGHTS
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§
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$941,268,016 (Approximate) New-Issue Multi-Borrower CMBS:
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–
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Overview: The mortgage pool consists of 43 fixed-rate commercial, manufactured housing community and multifamily loans that have an aggregate Cut-off Date Balance of $941,268,017 (the “Initial Outstanding Pool Balance”), have an average Cut-off Date Balance of $21,889,954 per Mortgage Loan and are secured by 67 Mortgaged Properties located throughout 17 states and Puerto Rico.
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–
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LTV: 59.2% weighted average Cut-off Date LTV and 51.2% weighted average Maturity Date or ARD LTV.
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–
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DSCR: 1.91x weighted average Debt Service Coverage Ratio, based on Underwritten Net Operating Income. 1.78x weighted average Debt Service Coverage Ratio, based on Underwritten Net Cash Flow.
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–
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Debt Yield: 12.8% weighted average debt yield, based on Underwritten Net Operating Income. 11.9% weighted average debt yield, based on Underwritten Net Cash Flow.
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–
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Credit Support: 30.000% credit support to Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, which are rated AAA(sf) /Aaa(sf) by Fitch/Moody’s.
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§
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Loan Structural Features:
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–
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Amortization: 89.4% of the Mortgage Loans by Initial Outstanding Pool Balance have scheduled amortization:
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§
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85.9% of the Mortgage Loans by Initial Outstanding Pool Balance have amortization for the entire term with a balloon payment due at Maturity or ARD.
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§
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3.6% of the Mortgage Loans by Initial Outstanding Pool Balance have scheduled amortization following a partial interest-only period with a balloon payment due at Maturity or ARD.
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–
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Hard Lockboxes: 57.4% of the Mortgage Loans by Initial Outstanding Pool Balance have Hard Lockboxes in place.
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§
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Cash Traps: 80.3% of the Mortgage Loans by Initial Pool Balance have cash traps triggered by certain declines in net cash flow, all at levels greater than a 1.05x coverage, that fund an excess cash flow reserve.
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–
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Reserves: The Mortgage Loans require amounts to be escrowed for reserves upfront or on an ongoing basis as follows:
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§
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Real Estate Taxes: 34 Mortgage Loans representing 64.9% of the Initial Outstanding Pool Balance.
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§
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Insurance Reserves: 28 Mortgage Loans representing 45.4% of the Initial Outstanding Pool Balance.
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§
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Replacement Reserves (Including FF&E Reserves): 35 Mortgage Loans representing 68.4% of Initial Outstanding Pool Balance.
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§
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Tenant Improvement / Leasing Commissions: 16 Mortgage Loans representing 51.6% of the allocated Initial Outstanding Pool Balance of office, retail, mixed use and industrial properties only.
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–
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Defeasance: 80.8% of the Mortgage Loans by Initial Outstanding Pool Balance permit defeasance after a lockout period and prior to an open period.
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–
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Yield Maintenance: 18.1% of the Mortgage Loans by Initial Outstanding Pool Balance permit prepayment only with a Yield Maintenance Charge, following the respective lockout period (which may be zero) and prior to an open period.
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–
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Defeasance or Yield Maintenance: 1.2% of the Mortgage Loans by Initial Outstanding Pool Balance permit prepayment with either a Yield Maintenance Charge from the first payment date until the open period, or Defeasance following an initial period of 2 years from the Closing Date until the open period.
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§
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Multiple-Asset Types > 5.0% of the Total Pool:
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–
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Retail: 52.8% of the Mortgaged Properties by allocated Initial Outstanding Pool Balance are retail properties (50.9% are anchored retail properties, including single tenant properties).
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–
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Office: 15.2% of the Mortgaged Properties by allocated Initial Outstanding Pool Balance are office properties.
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–
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Multifamily: 11.6% of the Mortgaged Properties by allocated Initial Outstanding Pool Balance are multifamily properties.
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–
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Manufactured Housing Community: 7.8% of the Mortgaged Properties by allocated Initial Outstanding Pool Balance are manufactured housing community properties.
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–
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Hospitality: 5.3% of the Mortgaged Properties by allocated Initial Outstanding Pool Balance are hospitality properties.
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§
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Geographic Diversity: The 67 Mortgaged Properties are located throughout 17 states and Puerto Rico, with only four states having greater than 10.0% of the allocated Initial Outstanding Pool Balance: California (13.3%), Massachusetts (11.8%), Texas (11.3%) and New York (11.2%).
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COMM 2012-LC4 Mortgage Trust
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STRUCTURE OVERVIEW
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Principal Payments:
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Payments in respect of principal of the Certificates will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates, in that order, until the Certificate Balance of each such Class is reduced to zero. Notwithstanding the foregoing, if the total Certificate Balance of the Class A-M through Class G Certificates has been reduced to zero as a result of loss allocation, payments in respect of principal of the Offered Certificates will be distributed, first, to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, on a pro rata basis, based on the Certificate Balance of each such Class, and then (to the extent of any recoveries on realized losses) to the Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates, in that order, in each case until the Certificate Balance of each such Class is reduced to zero (or previously allocated realized losses have been fully reimbursed).
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The Class X-A and Class X-B Certificates will not be entitled to receive distributions of principal; however, (i) the notional amount of the Class X-A Certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to Certificates that are components of the notional amount of Class X-A Certificates (the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-M Certificates); and (ii) the notional amount of the Class X-B Certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to Certificates that are components of the notional amount of Class X-B Certificates (the Class B, Class C, Class D, Class E, Class F and Class G Certificates).
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Interest Payments:
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On each Distribution Date, interest accrued for each Class of the Certificates at the applicable pass-through rate will be distributed in the following order of priority, to the extent of available funds: first, to the Class A-1, Class A-2, Class A-3, Class A-4, Class X-A and Class X-B Certificates, on a pro rata basis, based on the accrued and unpaid interest on each such Class, and then, to the Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates in that order, in each case until the interest payable to each such Class is paid in full.
The pass-through rates applicable to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates for each Distribution Date will equal one of the following rates: (i) a fixed rate, (ii) a rate equal to the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only), (iii) a rate equal to the lesser of the initial pass-through rate for that class and the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only), or (iv) a rate equal to the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only) less a specified rate.
The pass-through rate applicable to the Class X-A Certificates for each Distribution Date will generally be equal to the excess of (i) the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the interest rate and principal balance of the pooled senior trust component only), over (ii) the weighted average of the pass-through rates of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-M Certificates (based on their Certificate Balances), as further described in the Free Writing Prospectus.
The pass-through rate applicable to the Class X-B Certificates for each Distribution Date will generally be equal to the excess of (i) the weighted average net mortgage pass-through rate (in the case of the Hartman Portfolio Mortgage Loan, taking into account the
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COMM 2012-LC4 Mortgage Trust
|
STRUCTURE OVERVIEW
|
interest rate and principal balance of the pooled senior trust component only), over (ii) the weighted average of the pass-through rates of the Class B, Class C, Class D, Class E, Class F and Class G Certificates (based on their Certificate Balances), as further described in the Free Writing Prospectus.
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Prepayment Interest Shortfalls:
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Net prepayment interest shortfalls will be allocated pro rata generally based on interest entitlements, in reduction of the interest otherwise payable with respect to each of the interest-bearing certificate classes.
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Loss Allocation:
|
Losses on the Mortgage Loans (other than with respect to the non-pooled component of the Hartman Portfolio Mortgage Loan) will be allocated to each Class of Certificates in reverse alphabetical order starting with Class G through and including Class A-M, and then to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates on a pro rata basis. The notional amount of either of the Class X Certificates will be reduced by the aggregate amount of realized losses allocated to Certificates that are components of the notional amount of such Class of Class X Certificates.
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Prepayment Premiums:
|
A percentage of all prepayment premiums (either fixed prepayment premiums or yield maintenance amounts) collected will be allocated to each of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates (the “YM P&I Certificates”) then entitled to principal distributions, which percentage will be equal to the product of (a) the percentage of the principal distribution amount that such Class receives on that Distribution Date, and (b) a fraction (expressed as a percentage which can be no greater than 100% nor less than 0%), the numerator of which is the excess of the pass-through rate of such Class of Certificates currently receiving principal over the relevant Discount Rate, and the denominator of which is the excess of the Mortgage Rate of the related Mortgage Loan over the relevant Discount Rate.
|
Prepayment Premium Allocation Percentage for all YM P&I Certificates = | ||
(Pass-Through Rate – Discount Rate)
|
||
(Mortgage Rate – Discount Rate)
|
The remaining percentage of the prepayment premiums will be allocated to the Class X Certificates in the manner described in the Free Writing Prospectus. In general, this formula provides for an increase in the percentage of prepayment premiums allocated to the YM P&I Certificates then entitled to principal distributions relative to the Class X Certificates as Discount Rates decrease and a decrease in the percentage allocated to such Classes as Discount Rates increase.
|
Control Rights:
|
Certain Classes of Certificates (the “Control Eligible Certificates”) will have certain control rights over servicing matters with respect to each Mortgage Loan. The majority owner or appointed representative of the Class of Control Eligible Certificates that is the Controlling Class (such owner or representative the “Directing Holder”), will be entitled to direct the Special Servicer to take, or refrain from taking certain actions with respect to a Mortgage Loan. Furthermore, the Directing Holder will also have the right to receive notice and consent to certain material actions that the Master Servicer and the Special Servicer proposes to take with respect to such Mortgage Loan.
In the case of the Hartman Portfolio Mortgage Loan, the Directing Holder for the Mortgage Loan will initially be the majority owner or the appointed representative of the Class HP Certificates until a “Control Appraisal Event” has occurred and is continuing (i.e. the Certificate Balance of the Class HP Certificates, as reduced by payments of principal and any Appraisal Reduction Amounts and realized losses allocated to the Class HP Certificates, is less than 25% of the initial Certificate Balance of the Class HP Certificates,
|
COMM 2012-LC4 Mortgage Trust
|
STRUCTURE OVERVIEW
|
as reduced by payments of principal). Following the occurrence and continuation of a Control Appraisal Event, the majority owner or appointed representative of the Controlling Class will be the Directing Holder for the Hartman Portfolio Mortgage Loan.
|
Control Eligible Certificates:
|
Class E, Class F and Class G Certificates.
|
Controlling Class:
|
The Controlling Class will be the most subordinate Class of Control Eligible Certificates then outstanding that has an aggregate Certificate Balance, as notionally reduced by any Appraisal Reduction Amounts allocable to such Class, equal to no less than 25% of the initial Certificate Balance of such Class.
|
The Controlling Class as of the Settlement Date will be the Class G Certificates. |
Appraised-Out Class:
|
Any Class of Control Eligible Certificates that has been determined, as result of Appraisal Reductions Amounts allocable to such Class, to no longer be the Controlling Class.
|
Remedies Available to Holders
of an Appraised-Out Class:
|
Holders of the majority of any Class of Control Eligible Certificates that is determined at any time of determination to no longer be the Controlling Class as a result of Appraisal Reduction Amounts allocated to such Class will have the right, at their sole expense, to require the Special Servicer to order a second appraisal for any Mortgage Loan that results in the Class becoming an Appraised-Out Class. Upon receipt of the second appraisal, the Special Servicer will be required to determine, in accordance with the Servicing Standard, whether, based on its assessment of the second appraisal, a recalculation of the Appraisal Reduction Amount is warranted. If warranted, the Special Servicer will recalculate the Appraisal Reduction Amount based on the second appraisal, and if required by such recalculation, the Special Servicer will reinstate the Appraised-Out Class as the Controlling Class. The Holders of an Appraised-Out Class requesting a second appraisal will refrain from exercising any rights of the Controlling Class until such time, if any, as the Class is reinstated as the Controlling Class.
|
Directing Holder:
|
CPUSI Co-Investment SS Securities, LLC, a Delaware limited liability company, will be the initial Directing Holder (for each Mortgage Loan other than the Hartman Portfolio Mortgage Loan) and will also own 100% of the Class E, Class F and Class G Certificates as of the Settlement Date.
The Directing Holder with respect to the Hartman Portfolio Mortgage Loan will initially be the majority owner or the appointed representative of the Class HP Certificates.
|
Control Termination Event:
|
Will occur when no Class of Control Eligible Certificates has a Certificate Balance (as notionally reduced or reduced by any Appraisal Reduction Amounts and Realized Losses) equal to or greater than 25% of the Certificate Balance as of the Settlement Date.
|
Upon the occurrence and the continuance of a Control Termination Event, the Controlling Class will no longer have any Control Rights. The Directing Holder will relinquish its right to direct certain actions of the Special Servicer and will no longer have consent rights with respect to certain material actions that the Master Servicer or Special Servicer proposes to take with respect to a Mortgage Loan.
|
Upon the occurrence and continuation of a Control Termination Event, the Directing Holder (i.e. the majority owner or representative of the senior most Class of Control Eligible Certificates) will retain non-binding consultation rights with respect to certain material actions that the Special Servicer proposes to take with respect to a Mortgage Loan. Such consultation rights will continue until the occurrence of a Consultation Termination Event.
|
COMM 2012-LC4 Mortgage Trust
|
STRUCTURE OVERVIEW
|
Consultation Termination Event:
|
Will occur when, without giving regard to the application of any Appraisal Reduction Amounts (i.e., giving effect to principal reduction through Realized Losses only), there is no Class of Control Eligible Certificates that satisfies the requirement of a Controlling Class.
|
Upon the occurrence of a Consultation Termination Event, there will be no Class of Certificates that will act as the Controlling Class and the Directing Holder will have no rights under the Pooling and Servicing Agreement other than those rights that all Certificateholders have.
|
Appointment and Replacement
of Special Servicer:
|
The Directing Holder will appoint the initial Special Servicer as of the Settlement Date. Prior to the occurrence and continuance of a Control Termination Event, the Special Servicer may generally be replaced at any time by the Directing Holder.
|
Upon the occurrence and during the continuance of a Control Termination Event, the Directing Holder will no longer have the right to replace the Special Servicer and such replacement will occur based on a vote of holders of all voting eligible Classes of Certificates as described below. |
Replacement of Special Servicer
by Vote of Certificateholders:
|
Upon (i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights of all Classes of pooled principal balance Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable) requesting a vote to replace the Special Servicer with a replacement Special Servicer, (ii) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such holders to the Certificate Administrator of written confirmations from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the Certificates, the Certificate Administrator will be required to promptly provide written notice to all Certificateholders of such request and conduct the solicitation of votes of all Certificates in such regard. Upon the written direction (within 180 days) of Holders of (1) at least 75% of the aggregate of all Voting Rights of the pooled principal balance Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable) or (2) at least 50% of the Voting Rights of each Class of pooled principal balance Certificates that have not been “appraised out” (i.e. reduced to less than 25% of its initial Certificate Balance as a result of the application of Appraisal Reduction Amounts or realized losses), the Trustee will immediately replace the Special Servicer with the replacement Special Servicer.
In addition, after the occurrence of a Consultation Termination Event, if the Operating Advisor determines that the Special Servicer is not performing its duties in accordance with the Servicing Standard, the Operating Advisor will have the right to recommend the replacement of the Special Servicer. The Operating Advisor’s recommendation to replace the Special Servicer must be confirmed by a majority of all Classes of pooled Certificates entitled to principal (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable) within 180 days from the time of recommendation and is subject to the receipt written confirmations from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the Certificates.
|
COMM 2012-LC4 Mortgage Trust
|
STRUCTURE OVERVIEW
|
Cap / Limitation on Workout and
Liquidation Fees:
|
The workout fees and liquidation fees payable to a Special Servicer will be an amount equal to the lesser of: (1) 1.0% of each collection of interest and principal following a workout or liquidation proceeds and (2) $1,000,000 per workout or liquidation. All Modification Fees actually paid to the Special Servicer in connection with a workout or liquidation or in connection with any prior workout or partial liquidation that occurred within the prior 18 months will be deducted from the total workout and/or liquidation fees payable (other than Modification Fees earned while the Mortgage Loan was not in special servicing). In addition, the total amount workout and liquidation fees actually payable by the Trust will be capped in the aggregate at $1,000,000 for each Mortgage Loan. If a new special servicer begins servicing the Mortgage Loan, all amounts paid to the prior special servicer will be disregarded for purposes of calculating the cap.
|
Prohibition on Special Servicer
Compensation and Disclosure:
|
The Special Servicer will not be entitled to any workout fees or liquidation fees from the trust with respect to a Mortgage Loan that (1) became a specially serviced loan solely due to a balloon payment default at maturity and (2) is paid off within 9 months of the maturity as a result of a refinancing obtained by the borrower.
The Special Servicer and its affiliates will be prohibited from receiving or retaining any compensation or any other remuneration (including in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any person (including the trust fund, any borrower, any manager, any guarantor or indemnitor in respect of a Mortgage Loan or Loan Combination and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under the Pooling and Servicing Agreement, other than as expressly permitted in the Pooling and Servicing Agreement. The Special Servicer will also be required to disclose in the Certificateholders’ monthly distribution date statement any compensation or other remuneration the Special Servicer or its affiliates have received from any person.
|
Operating Advisor:
|
With respect to the mortgage loans and prior to the occurrence of a Control Termination Event, the Operating Advisor will have access to any final asset status report and all information available with respect to the transaction on the Certificate Administrator’s website but will not have any approval or consultation rights. After a Control Termination Event, the Operating Advisor will have consultation rights with respect to certain major decisions and will have additional monitoring responsibilities on behalf of the entire trust.
After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor will be entitled to consult with the Special Servicer with respect to all major decisions on behalf of the issuing entity and in the best interest of, and for the benefit of, the certificateholders, as a collective whole, as if those certificateholders constituted a single lender.
The Operating Advisor will be subject to termination if holders of at least 15% of the Voting Rights of the pooled Certificates (in connection with termination and replacement relating to the Mortgage Loans), vote to terminate and replace the Operating Advisor and such vote is approved by holders of more than 50% of the applicable Voting Rights that exercise their right to vote, provided that holders of at least 50% of the applicable Voting Rights have exercised their right to vote. The holders initiating such vote will be responsible for the fees and expenses in connection with the vote and replacement.
|
COMM 2012-LC4 Mortgage Trust
|
STRUCTURE OVERVIEW
|
Liquidated Loan Waterfall:
|
On liquidation of any Mortgage Loan, all net liquidation proceeds will be applied so that amounts allocated as a recovery of accrued and unpaid interest will not, in the first instance, include any amount by which the interest portion of P&I Advances previously made was reduced as a result of Appraisal Reduction Amounts. After the adjusted interest amount is so allocated, any remaining net liquidation proceeds will be allocated to pay principal on the Mortgage Loan until the unpaid principal amount of the Mortgage Loan has been reduced to zero. Any remaining liquidation proceeds would then be allocated as a recovery of accrued and unpaid interest corresponding to the amount by which the interest portion of P&I Advances previously made was reduced as a result of Appraisal Reduction Amounts.
|
Hartman Portfolio Loan
Components:
|
The Hartman Portfolio Mortgage Loan will be divided into a pooled senior trust component having a cut-off date balance of $56,514,846 and a non-pooled junior trust component having an aggregate cut-off date balance of $10,000,000. The pooled senior trust component of the Hartman Portfolio Mortgage Loan will be pooled together with the other Mortgage Loans and interest and principal received in respect of the pooled senior trust component of the Hartman Portfolio Mortgage Loan will be available to make distributions in respect of each Class of Certificates other than the Class HP Certificates. Payments of interest and principal received in respect of the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan will be available to make distributions in respect of the Class HP Certificates. Prior to certain events of default under the Hartman Portfolio Mortgage Loan, the non-pooled junior trust component will generally receive distributions of interest and principal on a pro rata basis with the pooled senior trust component. Subsequent to certain events of default under the Hartman Portfolio Mortgage Loan, the non-pooled junior trust component will be subordinated in right of payment to the pooled senior trust component. As further described in the Free Writing Prospectus, losses with respect to the Hartman Portfolio Mortgage Loan will be allocated first, to the non-pooled junior trust component and then, to the pooled senior trust component. Losses with respect to the other Mortgage Loans will not be allocated to the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan.
Although the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan is an asset of the trust, unless otherwise indicated, for purposes of numerical and statistical information contained herein, the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan is not reflected and the term “Mortgage Loan” in that context does not include the non-pooled junior trust component of the Hartman Portfolio Mortgage Loan.
|
COMM 2012-LC4 Mortgage Trust
|
OVERVIEW OF MORTGAGE POOL CHARACTERISTICS(1)
|
Distribution of Cut-off Date Balances |
Weighted Averages
|
|||||||||||||
Range of Cut-off Date Balances
|
Number of
Mortgage Loans
|
Aggregate
Cut-off Date Balance
|
% of Initial
Outstanding
Pool
Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W
NCF
DSCR
|
Cut-off Date
LTV Ratio
|
LTV Ratio
at Maturity
or ARD
|
|||||
$4,049,455
|
$9,999,999 | 14 |
$104,473,503
|
11.1%
|
5.997%
|
108
|
1.52x
|
65.3%
|
54.9%
|
||||
$10,000,000
|
-
|
$24,999,999
|
19
|
$282,766,244
|
30.0%
|
5.798%
|
103
|
1.66x
|
60.9%
|
53.3%
|
|||
$25,000,000
|
-
|
$39,999,999
|
2
|
$61,395,902
|
6.5%
|
5.799%
|
119
|
1.67x
|
70.0%
|
60.7%
|
|||
$40,000,000
|
-
|
$54,999,999
|
4
|
$203,587,965
|
21.6%
|
6.037%
|
116
|
1.39x
|
64.6%
|
55.0%
|
|||
$55,000,000
|
-
|
$69,999,999
|
2
|
$114,264,846
|
12.1%
|
6.171%
|
100
|
1.47x
|
65.2%
|
56.8%
|
|||
$70,000,000
|
-
|
$99,779,556
|
2
|
$174,779,556
|
18.6%
|
5.219%
|
116
|
2.82x
|
38.7%
|
34.1%
|
|||
Total/Weighted Average
|
43
|
$941,268,017
|
100.0%
|
5.810%
|
110
|
1.78x
|
59.2%
|
51.2%
|
Distribution of Mortgage Rates |
Weighted Averages
|
|||||||||||||
Range of Mortgage Rates
|
Number of
Mortgage Loans
|
Aggregate
Cut-off Date Balance
|
% of Initial
Outstanding
Pool
Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W
NCF DSCR
|
Cut-off Date
LTV Ratio
|
LTV Ratio
at Maturity
or ARD
|
|||||
4.880%
|
5.749% | 13 |
$325,430,463
|
34.6%
|
5.255%
|
116
|
2.35x
|
49.4%
|
43.4%
|
||||
5.750%
|
-
|
6.249%
|
20
|
$417,881,957
|
44.4%
|
5.951%
|
115
|
1.53x
|
63.8%
|
53.9%
|
|||
6.250%
|
-
|
6.750%
|
10
|
$197,955,596
|
21.0%
|
6.423%
|
89
|
1.37x
|
65.5%
|
58.3%
|
|||
Total/Weighted Average
|
43
|
$941,268,017
|
100.0%
|
5.810%
|
110
|
1.78x
|
59.2%
|
51.2%
|
Property Type Distribution(3) |
Weighted Averages
|
||||||||||||||||||||||||||||||||||||||||||
Property Type
|
Number of
Mortgaged
Properties
|
Aggregate
Cut-off
Date Balance
|
% of Initial
Outstanding
Pool
Balance
|
Number
of Units, Rooms, Pads or NRA
|
Cut-off Date
Balance per Units, Rooms, Pads or NRA
|
Mortgage
Rate
|
Stated
Remaining
Term (Mos.)(2)
|
Occupancy
|
U/W
NCF
DSCR
|
Cut-off Date
LTV Ratio
|
LTV Ratio
at Maturity or
ARD
|
|||||||||||||||||||||||||||||||
Retail
|
21 | $496,595,028 | 52.8 | % | 4,435,987 | 167 | 5.587 | % | 115 | 92.6 | % | 2.02 | x | 55.0 | % | 47.4 | % | |||||||||||||||||||||||||
Anchored(4)
|
18 | $479,495,688 | 50.9 | % | 4,154,091 | 168 | 5.567 | % | 115 | 92.9 | % | 2.05 | x | 54.6 | % | 47.1 | % | |||||||||||||||||||||||||
Unanchored
|
3 | $17,099,340 | 1.8 | % | 281,896 | 143 | 6.152 | % | 96 | 85.1 | % | 1.41 | x | 65.5 | % | 57.2 | % | |||||||||||||||||||||||||
Office
|
16 | $143,008,710 | 15.2 | % | 2,212,244 | 98 | 6.094 | % | 103 | 88.7 | % | 1.56 | x | 59.9 | % | 52.1 | % | |||||||||||||||||||||||||
Suburban
|
13 | $65,312,416 | 6.9 | % | 1,531,063 | 58 | 6.315 | % | 84 | 77.6 | % | 1.34 | x | 64.9 | % | 58.0 | % | |||||||||||||||||||||||||
Data Center
|
1 | $54,888,798 | 5.8 | % | 350,267 | 157 | 5.930 | % | 118 | 100.0 | % | 1.62 | x | 57.8 | % | 49.0 | % | |||||||||||||||||||||||||
CBD
|
2 | $22,807,496 | 2.4 | % | 330,914 | 70 | 5.855 | % | 118 | 93.1 | % | 2.02 | x | 50.4 | % | 42.6 | % | |||||||||||||||||||||||||
Multifamily
|
11 | $109,074,771 | 11.6 | % | 3,191 | 42,415 | 6.168 | % | 96 | 94.9 | % | 1.40 | x | 65.9 | % | 57.9 | % | |||||||||||||||||||||||||
Manufactured Housing Community
|
8 | $73,170,195 | 7.8 | % | 2,456 | 30,764 | 6.098 | % | 116 | 91.1 | % | 1.44 | x | 64.4 | % | 54.5 | % | |||||||||||||||||||||||||
Hospitality
|
5 | $49,419,862 | 5.3 | % | 426 | 164,977 | 6.294 | % | 88 | 74.6 | % | 1.61 | x | 62.1 | % | 53.2 | % | |||||||||||||||||||||||||
Mixed Use
|
2 | $34,700,000 | 3.7 | % | 243,969 | 147 | 5.511 | % | 120 | 94.0 | % | 1.45 | x | 74.1 | % | 64.9 | % | |||||||||||||||||||||||||
Industrial
|
3 | $21,747,925 | 2.3 | % | 680,732 | 32 | 6.041 | % | 116 | 97.0 | % | 1.39 | x | 65.4 | % | 51.4 | % | |||||||||||||||||||||||||
Other
|
1 | $13,551,525 | 1.4 | % | 46 |
NAP
|
5.150 | % | 113 | 100.0 | % | 1.98 | x | 65.2 | % | 65.2 | % | |||||||||||||||||||||||||
Total/Weighted Average
|
67 | $941,268,017 | 100.0 | % | 5.810 | % | 110 | 91.5 | % | 1.78 | x | 59.2 | % | 51.2 | % |
Geographic Distribution(3) |
Weighted Averages
|
|||||||||||||||||||||||||||||||
State/Location
|
Number of
Mortgaged
Properties
|
Aggregate Cut-off
Date Balance
|
% of Initial
Outstanding
Pool
Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W NCF
DSCR
|
Cut-off Date
LTV Ratio
|
LTV Ratio
at Maturity
or ARD
|
|||||||||||||||||||||||
California
|
6 | $125,262,187 | 13.3 | % | 5.660 | % | 108 | 1.69 | x | 58.2 | % | 49.9 | % | ||||||||||||||||||
Southern(5)
|
5 | $108,378,835 | 11.5 | % | 5.553 | % | 117 | 1.72 | x | 56.9 | % | 47.9 | % | ||||||||||||||||||
Northern(5)
|
1 | $16,883,352 | 1.8 | % | 6.350 | % | 52 | 1.46 | x | 66.2 | % | 62.7 | % | ||||||||||||||||||
Massachusetts
|
2 | $110,779,556 | 11.8 | % | 5.476 | % | 118 | 1.82 | x | 52.1 | % | 44.8 | % | ||||||||||||||||||
Texas
|
17 | $106,226,989 | 11.3 | % | 6.327 | % | 94 | 1.39 | x | 63.5 | % | 55.0 | % | ||||||||||||||||||
New York
|
4 | $105,145,654 | 11.2 | % | 5.213 | % | 109 | 3.33 | x | 34.8 | % | 32.4 | % | ||||||||||||||||||
Pennsylvania
|
3 | $74,947,427 | 8.0 | % | 5.682 | % | 118 | 1.73 | x | 69.2 | % | 61.5 | % | ||||||||||||||||||
North Carolina
|
2 | $65,783,085 | 7.0 | % | 5.825 | % | 113 | 1.57 | x | 63.5 | % | 54.0 | % | ||||||||||||||||||
Puerto Rico
|
4 | $57,750,000 | 6.1 | % | 5.850 | % | 120 | 1.59 | x | 67.6 | % | 57.1 | % | ||||||||||||||||||
Other
|
29 | $295,373,119 | 31.4 | % | 6.046 | % | 108 | 1.48 | x | 64.3 | % | 55.1 | % | ||||||||||||||||||
Total/Weighted Average
|
67 | $941,268,017 | 100.0 | % | 5.810 | % | 110 | 1.78 | x | 59.2 | % | 51.2 | % |
(1)
|
For the Hartman Portfolio Mortgage Loan, the numerical and statistical information related to the loan-to-value ratios, debt service coverage ratios, debt yields and Cut-off Date Balances per Unit includes the pooled senior trust component, but does not include the non-pooled junior trust component.
|
(2)
|
In the case of 1 Mortgage Loan with an Anticipated Repayment Date, Stated Remaining Term (Mos.) is through the related Anticipated Repayment Date.
|
(3)
|
Reflects allocated loan amount for properties securing multi-property Mortgage Loans.
|
(4)
|
Includes single tenant properties.
|
(5)
|
Northern California properties have a zip code greater than 93600. Southern California properties have a zip code less than or equal to 93600.
|
COMM 2012-LC4 Mortgage Trust
|
OVERVIEW OF MORTGAGE POOL CHARACTERISTICS(1)
|
Distribution of Cut-off Date LTV Ratios |
Weighted Averages
|
||||||||||||||
Range of Cut-off Date LTV
Ratios
|
Number of
Mortgage Loans
|
Aggregate Cut-off
Date Balance
|
% of Initial
Outstanding
Pool Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W NCF
DSCR
|
Cut-off
Date
LTV Ratio
|
LTV Ratio
at Maturity or
ARD
|
||||||
24.2%
|
-
|
49.9%
|
5
|
$221,541,167
|
23.5%
|
5.281%
|
117
|
2.72x
|
39.3%
|
34.3%
|
||||
50.0%
|
-
|
54.9%
|
2
|
$30,500,656
|
3.2%
|
5.258%
|
113
|
1.86x
|
53.7%
|
43.9%
|
||||
55.0%
|
-
|
59.9%
|
5
|
$87,879,610
|
9.3%
|
5.895%
|
111
|
1.61x
|
58.0%
|
49.1%
|
||||
60.0%
|
-
|
64.9%
|
7
|
$135,097,267
|
14.4%
|
6.124%
|
96
|
1.52x
|
63.1%
|
55.3%
|
||||
65.0%
|
-
|
69.9%
|
18
|
$384,099,098
|
40.8%
|
6.027%
|
108
|
1.43x
|
67.0%
|
57.7%
|
||||
70.0%
|
-
|
74.8%
|
6
|
$82,150,218
|
8.7%
|
5.817%
|
118
|
1.43x
|
73.1%
|
64.6%
|
||||
Total/Weighted Average
|
43
|
$941,268,017
|
100.0%
|
5.810%
|
110
|
1.78x
|
59.2%
|
51.2%
|
Distribution of LTV Ratios at Maturity or ARD |
Weighted Averages
|
||||||||||||||
Range of LTV Ratios
at Maturity or ARD
|
Number of
Mortgage Loans
|
Aggregate Cut-off
Date Balance
|
% of Initial
Outstanding
Pool Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W NCF
DSCR
|
Cut-off
Date
LTV Ratio
|
LTV Ratio
at Maturity or
ARD
|
||||||
24.2%
|
-
|
44.9%
|
7
|
$252,041,823
|
26.8%
|
5.278%
|
116
|
2.62x
|
41.1%
|
35.4%
|
||||
45.0%
|
-
|
49.9%
|
3
|
$74,897,044
|
8.0%
|
5.811%
|
118
|
1.63x
|
57.9%
|
48.4%
|
||||
50.0%
|
-
|
54.9%
|
9
|
$87,656,239
|
9.3%
|
5.909%
|
110
|
1.53x
|
63.7%
|
52.4%
|
||||
55.0%
|
-
|
59.9%
|
13
|
$372,117,439
|
39.5%
|
6.074%
|
110
|
1.42x
|
66.3%
|
56.9%
|
||||
60.0%
|
-
|
64.9%
|
8
|
$96,503,946
|
10.3%
|
6.323%
|
80
|
1.40x
|
68.2%
|
61.9%
|
||||
65.0%
|
-
|
74.8%
|
3
|
$58,051,525
|
6.2%
|
5.418%
|
118
|
1.61x
|
72.3%
|
67.0%
|
||||
Total/Weighted Average
|
43
|
$941,268,017
|
100.0%
|
5.810%
|
110
|
1.78x
|
59.2%
|
51.2%
|
Distribution of Underwritten NCF Debt Service Coverage Ratios |
Weighted Averages
|
||||||||||||||
Range of Underwritten NCF Debt Service Coverage Ratios
|
Number of
Mortgage Loans
|
Aggregate Cut-off
Date Balance
|
% of Initial
Outstanding
Pool Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W NCF
DSCR
|
Cut-off Date
LTV Ratio
|
LTV Ratio
at Maturity or
ARD
|
||||||
1.22x
|
-
|
1.29x
|
3
|
$61,970,602
|
6.6%
|
6.276%
|
108
|
1.24x
|
66.2%
|
57.6%
|
||||
1.30x
|
-
|
1.34x
|
6
|
$148,156,200
|
15.7%
|
6.251%
|
99
|
1.33x
|
65.2%
|
57.1%
|
||||
1.35x
|
-
|
1.39x
|
5
|
$111,701,476
|
11.9%
|
5.956%
|
112
|
1.36x
|
67.3%
|
56.2%
|
||||
1.40x
|
-
|
1.49x
|
9
|
$132,587,980
|
14.1%
|
6.072%
|
95
|
1.44x
|
68.5%
|
60.9%
|
||||
1.50x
|
-
|
1.59x
|
4
|
$82,674,611
|
8.8%
|
5.833%
|
120
|
1.56x
|
67.1%
|
56.2%
|
||||
1.60x
|
-
|
1.69x
|
4
|
$87,936,731
|
9.3%
|
5.708%
|
118
|
1.63x
|
61.3%
|
53.1%
|
||||
1.70x
|
-
|
1.79x
|
3
|
$30,526,333
|
3.2%
|
5.488%
|
108
|
1.77x
|
53.5%
|
45.6%
|
||||
1.80x
|
-
|
1.99x
|
6
|
$179,406,704
|
19.1%
|
5.558%
|
117
|
1.88x
|
54.6%
|
46.3%
|
||||
2.00x
|
-
|
4.12x
|
3
|
$106,307,379
|
11.3%
|
5.025%
|
115
|
3.68x
|
28.1%
|
26.3%
|
||||
Total/Weighted Average
|
43
|
$941,268,017
|
100.0%
|
5.810%
|
110
|
1.78x
|
59.2%
|
51.2%
|
Distribution of Original Terms to Maturity or ARD |
Weighted Averages
|
||||||||||||||
Range of Original Terms
to Maturity or ARD
|
Number of
Mortgage Loans
|
Aggregate Cut-off
Date Balance
|
% of Initial
Outstanding
Pool Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W NCF
DSCR
|
Cut-off Date
LTV Ratio
|
LTV Ratio
at Maturity or
ARD
|
||||||
60
|
-
|
119
|
8
|
$132,730,466
|
14.1%
|
6.152%
|
79
|
1.40x
|
66.3%
|
59.9%
|
||||
120
|
-
|
120
|
35
|
$808,537,551
|
85.9%
|
5.754%
|
115
|
1.84x
|
58.0%
|
49.8%
|
||||
Total/Weighted Average
|
43
|
$941,268,017
|
100.0%
|
5.810%
|
110
|
1.78x
|
59.2%
|
51.2%
|
Distribution of Remaining Terms to Maturity or ARD
|
Weighted Averages
|
||||||||||||||
Range of Remaining Terms
to Maturity or ARD
|
Number of
Mortgage Loans
|
Aggregate Cut-off
Date Balance
|
% of Initial
Outstanding
Pool Balance
|
Mortgage Rate
|
Stated
Remaining Term
(Mos.)(2)
|
U/W NCF
DSCR
|
Cut-off Date
LTV Ratio
|
LTV Ratio
at Maturity or
ARD
|
||||||
52
|
-
|
64
|
6
|
$73,343,234
|
7.8%
|
6.301%
|
56
|
1.43x
|
65.1%
|
61.3%
|
||||
65
|
-
|
101
|
2
|
$65,447,957
|
7.0%
|
6.534%
|
79
|
1.35x
|
62.3%
|
55.9%
|
||||
102
|
-
|
120
|
35
|
$802,476,826
|
85.3%
|
5.706%
|
117
|
1.84x
|
58.4%
|
49.9%
|
||||
Total/Weighted Average
|
43
|
$941,268,017
|
100.0%
|
5.810%
|
110
|
1.78x
|
59.2%
|
51.2%
|
(1)
|
For the Hartman Portfolio Mortgage Loan, the numerical and statistical information related to the loan-to-value ratios, debt service coverage ratios, debt yields and Cut-off Date Balances per Unit includes the pooled senior trust component, but does not include the non-pooled junior trust component.
|
(2)
|
In the case of 1 Mortgage Loan with an Anticipated Repayment Date, Stated Remaining Term (Mos.) is through the related Anticipated Repayment Date.
|
COMM 2012-LC4 Mortgage Trust
|
OVERVIEW OF MORTGAGE POOL CHARACTERISTICS(1)
|
Ten Largest Mortgage Loans or Groups of Cross-Collateralized Mortgage Loans
|
Mortgage Loans
|
Mortgage
Loan
Seller
|
City, State
|
Property
Type
|
Cut-off Date
Balance
|
% of Initial
Outstanding
Pool Balance
|
Cut-off Date
Balance/SF/
Unit/Room
|
Cut-off Date
LTV Ratio
|
U/W NCF
DSCR
|
U/W
NOI Debt
Yield
|
|
Square One Mall |
GACC
|
Saugus, MA
|
Retail
|
$99,779,556
|
10.6%
|
$184
|
49.6%
|
1.84x
|
13.2%
|
|
Union Square Retail |
LCF
|
New York, NY
|
Retail
|
$75,000,000
|
8.0%
|
$318
|
24.2%
|
4.12x
|
21.5%
|
|
Puerto Rico Retail Portfolio |
LCF
|
Various, PR
|
Retail
|
$57,750,000
|
6.1%
|
$104
|
67.6%
|
1.59x
|
12.0%
|
|
Hartman Portfolio |
GACC
|
Various, TX
|
Various
|
$56,514,846
|
6.0%
|
$34
|
62.7%
|
1.34x
|
12.5%
|
|
180 Peachtree Street |
GACC
|
Atlanta, GA
|
Office
|
$54,888,798
|
5.8%
|
$157
|
57.8%
|
1.62x
|
12.4%
|
|
Hampshire Multifamily Portfolio |
GACC
|
Indianapolis, IN
|
Multifamily
|
$54,793,389
|
5.8%
|
$26,055
|
65.9%
|
1.32x
|
10.9%
|
|
Alamance Crossing |
GLAC
|
Burlington, NC
|
Retail
|
$50,454,122
|
5.4%
|
$110
|
69.4%
|
1.35x
|
10.2%
|
|
Brea Plaza Shopping Center |
LCF
|
Brea, CA
|
Retail
|
$43,451,656
|
4.6%
|
$263
|
65.8%
|
1.22x
|
9.6%
|
|
Rio Apartments(2) |
LCF
|
Miami, FL
|
Multifamily
|
$18,479,935
|
2.0%
|
$62,857
|
65.4%
|
1.45x
|
11.5%
|
|
Treetop Apartments(2) |
LCF
|
Miami, FL
|
Multifamily
|
$15,982,647
|
1.7%
|
$60,771
|
65.4%
|
1.45x
|
11.5%
|
|
Piatt Place |
GLAC
|
Pittsburgh, PA
|
Mixed Use
|
$33,500,000
|
3.6%
|
$151
|
74.3%
|
1.45x
|
10.2%
|
|
Total/Weighted Average: |
$560,594,950
|
59.6%
|
57.3%
|
1.86x
|
13.0%
|
Split Loan Summary |
Mortgage Loans
|
A-Note or
Pooled
Component
Cut-off Date
Balance
|
B-Note or Non-
Pooled
Component
Cut-off Date
Balance
|
Total Mortgage
Debt Cut-off
Date Balance
|
Pooled Trust
U/W NCF DSCR
|
Total
Mortgage U/W
NCF DSCR
|
Pooled Trust
Cut-off Date
LTV Ratio
|
Total Mortgage
Debt Cut-off
Date LTV Ratio
|
Pooled Trust
U/W NOI
Debt Yield
|
Total
Mortgage
Debt U/W NOI Debt Yield
|
Hartman Portfolio(1)
|
$56,514,846
|
$10,000,000
|
$66,514,846
|
1.34x
|
1.14x
|
62.7%
|
73.7%
|
12.5%
|
10.6%
|
Existing Mezzanine Debt Summary
|
Mortgage Loans
|
Cut-off Date
Balance
|
Mezzanine
Cut-off Date
Balance
|
Total Debt
Cut-off Date
Balance
|
Trust
U/W NCF
DSCR
|
Total Debt
U/W NCF
DSCR
|
Trust
Cut-off Date
LTV Ratio
|
Total Debt
Cut-off Date
LTV Ratio
|
Trust
U/W NOI
Debt Yield
|
Total Debt
U/W NOI
Debt Yield
|
Puerto Rico Retail Portfolio
|
$57,750,000
|
$15,000,000
|
$72,750,000
|
1.59x
|
1.13x
|
67.6%
|
85.2%
|
12.0%
|
9.5%
|
BB&T Headquarters Building
|
$15,328,964
|
$8,933,996
|
$24,262,960
|
2.29x
|
1.25x
|
44.0%
|
69.7%
|
17.2%
|
10.9%
|
Previous Securitization History(3)
|
Mortgage Loans
|
Mortgage Loan
Seller
|
City, State
|
Property Type
|
Cut-off Date
Balance
|
% of Initial
Outstanding
Pool Balance
|
Previous
Securitization
|
|
Square One Mall
|
GACC
|
Saugus, MA
|
Retail
|
$99,779,556
|
10.6%
|
LBUBS 2002-C2
|
|
Puerto Rico Retail Portfolio
|
LCF
|
Various, PR
|
Retail
|
$57,750,000
|
6.1%
|
GECMC 2001-1(4)
|
|
Rio Apartments
|
LCF
|
Miami, FL
|
Multifamily
|
$18,479,935
|
2.0%
|
BACM 2000-2
|
|
Evergreen Portfolio
|
LCF
|
Various, Various
|
Manufactured Housing Community
|
$16,964,976
|
1.8%
|
LBUBS 2004-C8
|
|
Holiday Village
|
LCF
|
Mesa, AZ
|
Manufactured Housing Community
|
$15,454,232
|
1.6%
|
WBCMT 2002-C1
|
|
BB&T Headquarters Building
|
LCF
|
Winston-Salem, NC
|
Office
|
$15,328,964
|
1.6%
|
WBCMT 2003-C7
|
|
Rancho Penasquitos Towne Center II
|
GACC
|
San Diego, CA
|
Retail
|
$11,022,646
|
1.2%
|
BAFU 2001-3
|
|
Southwood Manor MHC
|
LCF
|
Anchorage, AK
|
Manufactured Housing Community
|
$11,000,933
|
1.2%
|
JPMCC 2004-C3
|
|
Penland Park MHC
|
LCF
|
Anchorage, AK
|
Manufactured Housing Community
|
$10,951,155
|
1.2%
|
JPMCC 2004-C3
|
|
Eagle Crest MHC
|
LCF
|
Hamburg, NY
|
Manufactured Housing Community
|
$10,720,004
|
1.1%
|
FUNBC 2002-C1
|
|
Hickory Glen Apartments
|
LCF
|
Springfield, IL
|
Multifamily
|
$8,989,011
|
1.0%
|
LBUBS 2007-C2
|
|
Boulevard Estates MHC
|
LCF
|
Clearwater, FL
|
Manufactured Housing Community
|
$8,078,896
|
0.9%
|
LBUBS 2006-C7
|
|
Spalding Building
|
LCF
|
Portland, OR
|
Office
|
$7,478,533
|
0.8%
|
BACM 2001-1
|
|
Addison Place North
|
GACC
|
Delray Beach, FL
|
Retail
|
$6,950,000
|
0.7%
|
LBUBS 2002-C2
|
|
Wood Forest Apartments
|
GLAC
|
Nacogdoches, TX
|
Multifamily
|
$6,780,333
|
0.7%
|
CSFB 2005-C2
|
|
Fox Hunt Apartments
|
LCF
|
Dayton, OH
|
Multifamily
|
$4,049,455
|
0.4%
|
PSSF 2000-C1
|
|
Total
|
$309,778,629
|
32.9%
|
(1)
|
For the Hartman Portfolio Mortgage Loan, the numerical and statistical information related to the loan-to-value ratios, debt service coverage ratios, debt yields and Cut-off Date Balances per Unit includes the pooled senior trust component, but does not include the non-pooled junior trust component unless otherwise specified.
|
(2)
|
The Rio Apartments Mortgage Loan and the Treetop Apartments Mortgage Loan are cross-collateralized and cross-defaulted with each other and included in this table as a crossed group.
|
(3)
|
Includes Mortgaged Properties securing Mortgage Loans for which the most recent prior financing of all or a significant portion of such property was included in a securitization.
|
(4)
|
For the Puerto Rico Retail Portfolio Mortgage Loan, only the Juncos Plaza Mortgaged Property was securitized in GECMC 2001-1.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
Mortgage Loan Information
|
Property Information
|
|||||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Single Asset
|
|||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Regional Mall
|
|||||||
Sponsor:
|
Mayflower Realty LLC
|
Collateral:
|
Fee Simple
|
|||||||
Borrower:
|
Mayflower Square One, LLC
|
Location:
|
Saugus, MA
|
|||||||
Original Balance:
|
$100,000,000
|
Year Built / Renovated:
|
1959 / 1994, 2001
|
|||||||
Cut-off Date Balance:
|
$99,779,556
|
Total Sq. Ft.:
|
928,667
|
|||||||
% by Initial UPB:
|
10.60%
|
Total Collateral Sq. Ft.(3):
|
541,128
|
|||||||
Interest Rate:
|
5.47%
|
Property Management:
|
Simon Management Associates, LLC
|
|||||||
Payment Date:
|
6th of each month
|
Underwritten NOI:
|
$13,141,569
|
|||||||
First Payment Date:
|
6-Feb-12
|
Underwritten NCF:
|
$12,519,255
|
|||||||
Maturity Date:
|
6-Jan-22
|
Appraised Value:
|
$201,000,000
|
|||||||
Amortization:
|
360 months
|
Appraisal Date:
|
November 11, 2011
|
|||||||
Additional Debt:
|
None
|
|||||||||
Call Protection:
|
L(26), D(90), O(4)
|
Historical NOI
|
||||||||
Lockbox / Cash Management:
|
Hard / In Place
|
TTM NOI:
|
$14,209,439 (T-12 October 31, 2011)
|
|||||||
2010 NOI:
|
$14,172,910 (December 31, 2010)
|
|||||||||
Reserves(1)
|
2009 NOI:
|
$15,021,283 (December 31, 2009)
|
||||||||
Initial
|
Monthly
|
|
2008 NOI:
|
$15,215,979 (December 31, 2008)
|
||||||
Taxes:
|
$0
|
Springing
|
|
2007 NOI:
|
NAV
|
|||||
Insurance:
|
$0
|
Springing
|
|
2006 NOI:
|
NAV
|
|||||
Replacement:
|
$0
|
Springing |
|
|||||||
TI/LC:
|
$0
|
Springing |
|
Historical Occupancy(4)
|
||||||
Current Occupancy:
|
90.0% (December 1, 2011)
|
|||||||||
Financial Information
|
2010 Occupancy:
|
93.6% (December 31, 2010)
|
||||||||
Cut-off Date Balance / Sq. Ft.(2):
|
$184
|
|
2009 Occupancy:
|
97.2% (December 31, 2009)
|
||||||
Balloon Balance / Sq. Ft.(2):
|
$154
|
|
2008 Occupancy:
|
93.5% (December 31, 2008)
|
||||||
Cut-off Date LTV:
|
49.60%
|
|
2007 Occupancy:
|
NAV
|
||||||
Balloon LTV:
|
41.50%
|
|
2006 Occupancy:
|
NAV
|
||||||
Underwritten NOI DSCR:
|
1.93x
|
|
||||||||
Underwritten NCF DSCR:
|
1.84x
|
|
Historical Annual Rent PSF(5)
|
|||||||
Underwritten NOI Debt Yield:
|
13.20%
|
|
Current Rent PSF:
|
$27.66 (December 1, 2011)
|
||||||
Underwritten NCF Debt Yield:
|
12.50%
|
|
2010 Rent PSF:
|
$27.82 (December 31, 2010)
|
||||||
2009 Rent PSF:
|
$25.88 (December 31, 2009)
|
|||||||||
2008 Rent PSF:
|
$28.86 (December 31, 2008)
|
|||||||||
(1) See Initial Reserves” and “Ongoing Reserves” herein.
|
||||||||||
(2) Based on the Total Collateral Sq. Ft. of 541,128.
|
||||||||||
(3) Excludes Sears (210,427 sq. ft.) and Macy’s (177,112 sq. ft.), which are not part of the collateral.
|
||||||||||
(4) Current Occupancy does not include non-collateral anchor space. Historical occupancy percentages include the non-collateral anchor space. Including the non-collateral anchor space, Current Occupancy would be 94.2%.
|
||||||||||
(5) Historical Rent PSF shown in the table above is based on historical operating statements and occupancy rates provided by the borrower, and do not include non-collateral anchor space or 32,022 sq. ft. of temporary tenant space.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
Anchor and Major Tenant Summary
|
|||||||||||
Anchor Tenants
|
Ratings
(Fitch/Moody’s/S&P)(1)
|
Total
Sq. Ft.
|
% of Total
Sq. Ft.
|
Lease
Expiration
|
Total Sales
(000s)(2) |
Sales PSF(2)
|
Occupancy Cost
(% of Sales)(2)
|
||||
Dick’s Clothing & Sporting Goods(3)
|
NR/NR/NR
|
68,500
|
12.7%
|
1/31/2023
|
$10,279
|
$150
|
15.0%
|
||||
Best Buy (3)(4)
|
BBB-/Baa2/BBB-
|
60,000
|
11.1%
|
2/28/2013
|
NAP
|
NAP
|
NAP
|
||||
T.J. Maxx & More(3)
|
NR/A3/A
|
58,075
|
10.7%
|
1/31/2014
|
$11,824
|
$204
|
12.3%
|
||||
Subtotal
|
186,575
|
34.5%
|
$22,103
|
$175
|
13.5%
|
||||||
Non-Collateral Anchors
|
|||||||||||
Sears
|
NR/NR/CCC+
|
210,427
|
NAP
|
NAP
|
NAP
|
NAP
|
NAP
|
||||
Macy’s
|
NR/Baa3/BBB-
|
177,112
|
NAP
|
NAP
|
NAP
|
NAP
|
NAP
|
||||
Subtotal
|
387,539
|
||||||||||
Major In-Line Tenants
|
|
||||||||||
Old Navy
|
BBB-/Baa3/BB+
|
18,800
|
3.5%
|
5/31/2021
|
$3,925
|
$209
|
11.5%
|
||||
Gap(5)
|
BBB-/Baa3/BB+
|
11,977
|
2.2%
|
MTM
|
$1,678
|
$140
|
22.8%
|
||||
Express
|
BB+/Ba2/BB+
|
8,529
|
1.6%
|
1/31/2021
|
$3,406
|
$399
|
13.7%
|
||||
American Eagle Outfitters
|
NR/NR/NR
|
8,359
|
1.5%
|
1/31/2021
|
$1,940
|
$232
|
27.1%
|
||||
New York & Company
|
NR/NR/NR
|
7,432
|
1.4%
|
1/31/2016
|
$2,005
|
$270
|
23.7%
|
||||
Subtotal
|
55,097
|
10.2%
|
$12,954
|
$235
|
17.7%
|
||||||
Remaining Tenants
|
|||||||||||
Other In-line
|
203,514
|
37.6%
|
$62,023
|
$328
|
18.7%
|
||||||
Temporary
|
32,022
|
5.9%
|
NAP
|
NAP
|
NAP
|
||||||
Food Court
|
8,405
|
1.6%
|
$5,236
|
$699
|
23.4%
|
||||||
Kiosk
|
1,294
|
0.2%
|
$1,939
|
$1,498
|
33.4%
|
||||||
Subtotal
|
245,235
|
45.3%
|
|||||||||
Total Occupied Collateral
|
486,907
|
90.0%
|
|||||||||
Vacant
|
54,221
|
10.0%
|
|||||||||
Total(6)
|
541,128
|
100.0%
|
|||||||||
(1) |
Certain ratings may be those of the parent company whether or not the parent company guarantees the lease.
|
(2) |
Total Sales (000s), Sales PSF and Occupancy Cost provided by the borrower as of December 31, 2011 and only include tenants reporting sales.
|
(3) |
The Rent PSF for Dick’s Clothing & Sporting Goods is $19.75 PSF, for Best Buy is $8.90 PSF, and for T.J. Maxx & More is $18.90 PSF.
|
(4) |
Blast Fitness subleases 21,668 sq. ft. of the Best Buy space.
|
(5) |
Gap’s current lease expired at the end of January 2012. A one-year lease extension is out for signature. Gap is open and currently paying rent.
|
(6) |
Does not include non-collateral anchor tenants.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
Lease Rollover Schedule(1)
|
||||||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W
Base Rent Per Sq. Ft.(3)
|
% U/W
Base Rent Rolling(3)
|
Cumulative %
of U/W
Base Rent
|
||||
Temp Tenants(2)
|
13
|
32,022
|
5.9%
|
32,022
|
5.9%
|
$0.00
|
0.0%
|
0.0%
|
||||
MTM
|
5
|
31,271
|
5.8%
|
63,293
|
11.7%
|
$26.61
|
6.6%
|
6.6%
|
||||
2012
|
10
|
8,831
|
1.6%
|
72,124
|
13.3%
|
$82.47
|
5.8%
|
12.4%
|
||||
2013
|
13
|
89,610
|
16.6%
|
161,734
|
29.9%
|
$16.40
|
11.7%
|
24.1%
|
||||
2014
|
19
|
88,768
|
16.4%
|
250,502
|
46.3%
|
$28.60
|
20.2%
|
44.3%
|
||||
2015
|
11
|
35,330
|
6.5%
|
285,832
|
52.8%
|
$40.77
|
11.4%
|
55.7%
|
||||
2016
|
10
|
24,574
|
4.5%
|
310,406
|
57.4%
|
$42.05
|
8.2%
|
63.9%
|
||||
2017
|
6
|
30,165
|
5.6%
|
340,571
|
62.9%
|
$31.12
|
7.5%
|
71.4%
|
||||
2018
|
7
|
12,759
|
2.4%
|
353,330
|
65.3%
|
$39.53
|
4.0%
|
75.4%
|
||||
2019
|
1
|
2,176
|
0.4%
|
355,506
|
65.7%
|
$40.84
|
0.7%
|
76.1%
|
||||
2020
|
3
|
4,332
|
0.8%
|
359,838
|
66.5%
|
$34.52
|
1.2%
|
77.3%
|
||||
2021
|
11
|
56,485
|
10.4%
|
416,323
|
76.9%
|
$25.35
|
11.4%
|
88.7%
|
||||
2022
|
1
|
2,084
|
0.4%
|
418,407
|
77.3%
|
$35.00
|
0.6%
|
89.2%
|
||||
Thereafter
|
1
|
68,500
|
12.7%
|
486,907
|
90.0%
|
$19.75
|
10.8%
|
100.0%
|
||||
Vacant
|
NAP
|
54,221
|
10.0%
|
541,128
|
100.0%
|
NAP
|
NAP
|
|||||
Total / Wtd. Avg.
|
111
|
541,128
|
100.0%
|
$27.66
|
100.0%
|
(1) |
Excludes non-collateral anchor tenants, Sears and Macy’s.
|
(2) |
Temp Tenants represent tenants with leases of less than a year.
|
(3) |
Total / Wtd. Avg. Annual U/W Base Rent Per Sq. Ft. and % U/W Base Rent Rolling excludes Temp Tenant space.
|
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Loan Amount
|
$100,000,000
|
100.0%
|
Loan Payoff
|
$83,337,494
|
83.3%
|
|
Closing Costs
|
1,052,394
|
1.1%
|
||||
Cash Out
|
15,610,112
|
15.6%
|
||||
Total Sources
|
$100,000,000
|
100.0%
|
Total Uses
|
$100,000,000
|
100.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
Historical Sales PSF(1)(2)
|
|||||
2007
|
2008
|
2009
|
2010
|
2011
|
|
Dick’s Clothing & Sporting Goods
|
$108
|
$147
|
$136
|
$146
|
$150
|
T.J. Maxx & More
|
$193
|
$199
|
$202
|
$203
|
$204
|
In-Line Tenants
|
$360
|
$357
|
$319
|
$287
|
$307
|
(1)
|
Historical Sales PSF are based on historical operating statements provided by the borrower.
|
(2)
|
Approximately 92% of in-line tenants report sales.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
Competitive Set(1)
|
|||||||
Name
|
Square One Mall Property(2)
|
Northshore Mall
|
Burlington Mall
|
CambridgeSide Galleria
|
Liberty Tree Mall
|
||
Distance from Subject
|
NAP
|
10 miles North
|
14 miles West
|
9 miles South
|
11 miles North
|
||
Property Type
|
Regional Mall
|
Regional Mall
|
Regional Mall
|
Regional Mall
|
Regional Mall
|
||
Year Built / Renovated
|
1959 / 1994
|
1958 / 1993
|
1968 / 1996
|
1991 / NAP
|
1972 / 1996
|
||
Total Occupancy
|
94.2%
|
94.0%
|
97.0%
|
96.0%
|
91.0%
|
||
Size (Sq. Ft.)
|
928,667
|
1,579,820
|
1,317,061
|
636,847
|
859,087
|
||
Anchors / Major Tenants
|
Sears
Macy’s
Dick’s Clothing & Sporting Goods
Best Buy
T.J. Maxx & More
|
Macy's
JCPenney
Macy's Men & Furniture
Nordstrom
Sears
|
Macy's
Lord & Taylor
Sears
Crate & Barrel
Nordstrom
|
Best Buy
H&M
Macy's
Macy's Home
Sears
|
Best Buy
Kohl's
Marshalls
Nordstrom Rack
Target
Stop & Shop
|
||
(1)
|
Source: Appraisal
|
(2)
|
Includes non-collateral anchor tenants Sears and Macy’s.
|
Cash Flow Analysis
|
|||||
2009
|
2010
|
T-12 10/31/2011
|
U/W
|
U/W PSF
|
|
Base Rent(1)
|
$13,643,864
|
$13,680,131
|
$13,523,162
|
$13,938,060
|
$25.76
|
Value of Vacant Space
|
0
|
0
|
0
|
818,535
|
1.51
|
Gross Potential Rent
|
$13,643,864
|
$13,680,131
|
$13,523,162
|
$14,756,595
|
$27.27
|
Total Recoveries
|
8,847,648
|
7,866,668
|
8,278,893
|
7,409,608
|
13.69
|
Total Other Income
|
895,129
|
926,087
|
883,310
|
824,960
|
1.52
|
Less: Vacancy(2)
|
256,376
|
(110,199)
|
(140,052)
|
(1,757,983)
|
(3.25)
|
Effective Gross Income
|
$23,643,017
|
$22,362,687
|
$22,545,313
|
$21,233,180
|
$39.24
|
Total Operating Expenses
|
8,621,734
|
8,189,777
|
8,335,874
|
8,091,611
|
14.95
|
Net Operating Income
|
$15,021,283
|
$14,172,910
|
$14,209,439
|
$13,141,569
|
$24.29
|
TI/LC
|
0
|
0
|
0
|
439,808
|
0.81
|
Capital Expenditures
|
0
|
0
|
0
|
182,506
|
0.34
|
Net Cash Flow
|
$15,021,283
|
$14,172,910
|
$14,209,439
|
$12,519,255
|
$23.14
|
(1)
|
U/W Base Rent includes $149,024 in contractual step rent through November 2012.
|
(2)
|
U/W Vacancy of $1,757,983 is comprised of 3.6% of gross income ($818,535) of actual vacancy and 4.1% of gross income ($939,448) of mark to market.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
1201 Broadway
Saugus, MA 01906
|
Collateral Asset Summary
Square One Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$99,779,556
49.6%
1.84x
13.2%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
One Union Square South
New York, NY 10003
|
Collateral Asset Summary
Union Square Retail
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$75,000,000
24.2%
4.12x
21.5%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
One Union Square South
New York, NY 10003
|
Collateral Asset Summary
Union Square Retail
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$75,000,000
24.2%
4.12x
21.5%
|
Mortgage Loan Information
|
Property Information
|
||||||
Loan Seller:
|
LCF
|
Single Asset / Portfolio:
|
Single Asset
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Anchored Retail
|
||||
Sponsor:
|
The Related Companies, L.P.
|
Collateral:
|
Leasehold
|
||||
(“Related”); OTR, an Ohio general
|
Location:
|
New York, NY
|
|||||
partnership acting as the duly
|
Year Built / Renovated:
|
1999 / NAP
|
|||||
designated nominee of the Board of
|
Total Sq. Ft.:
|
236,215
|
|||||
the State Teachers Retirement System
|
Property Management:
|
Related Management Company, L.P.
|
|||||
of Ohio (“STRSO”)
|
Underwritten NOI(2):
|
$16,090,296
|
|||||
Borrower:
|
Union Square Retail Lessee, LLC
|
Underwritten NCF(2):
|
$15,293,527
|
||||
Original Balance:
|
$75,000,000
|
Appraised Value:
|
$310,000,000
|
||||
Cut-off Date Balance:
|
$75,000,000
|
Appraisal Date:
|
January 4, 2012
|
||||
% by Initial UPB:
|
8.00%
|
||||||
Interest Rate:
|
4.88%
|
Historical NOI
|
|||||
Payment Date:
|
6th of each month
|
2011 NOI(2):
|
$18,885,516 (YTD November 30, 2011 Ann.)
|
||||
First Payment Date:
|
6-Oct-11
|
2010 NOI(2):
|
$9,205,430 (December 31, 2010)
|
||||
Maturity Date:
|
6-Sep-21
|
2009 NOI:
|
$3,334,520 (December 31, 2009)
|
||||
Amortization:
|
Interest Only
|
2008 NOI:
|
$6,285,738 (December 31, 2008)
|
||||
Additional Debt:
|
None
|
||||||
Call Protection:
|
L(30), D(86), O(4)
|
Historical Occupancy
|
|||||
Lockbox / Cash Management(1):
|
None
|
Current Occupancy:
|
100.0% (November 30, 2011)
|
||||
2010 Occupancy:
|
88.2% (December 31, 2010)
|
||||||
Reserves
|
2009 Occupancy:
|
73.1% (December 31, 2009)
|
|||||
Initial
|
Monthly
|
2008 Occupancy:
|
100.0% (December 31, 2008)
|
||||
None
|
NAP
|
NAP
|
(1) See “Lockbox / Cash Management” herein. | ||||
(2) Includes rents paid by certain sub-subtenants. | |||||||
Financial Information
|
|||||||
Cut-off Date Balance / Sq. Ft.:
|
$318
|
||||||
Balloon Balance / Sq. Ft.:
|
$318
|
||||||
Cut-off Date LTV:
|
24.20%
|
||||||
Balloon LTV:
|
24.20%
|
||||||
Underwritten NOI DSCR:
|
4.34x
|
||||||
Underwritten NCF DSCR:
|
4.12x
|
||||||
Underwritten NOI Debt Yield:
|
21.50%
|
||||||
Underwritten NCF Debt Yield:
|
20.40%
|
Tenant Summary
|
||||||
Ratings
|
Net Rentable
|
% of Net
|
U/W Base
|
% of Total
|
Lease
|
|
Tenant
|
(Fitch/Moody’s/S&P)(1)
|
Area (Sq. Ft.)
|
Rentable Area
|
Rent PSF
|
U/W Base Rent
|
Expiration
|
Regal Cinemas
|
B+/B3/B+
|
118,779
|
50.30%
|
$42.24
|
23.20%
|
4/30/2023
|
Best Buy(2)
|
BBB-/Baa2/BBB-
|
46,088
|
19.50%
|
$74.00
|
15.80%
|
1/31/2025
|
Nordstrom Rack(2)
|
A-/Baa1/A-
|
32,136
|
13.60%
|
$124.47
|
18.50%
|
5/31/2020
|
Duane Reade(2)
|
NR/A2/A
|
13,947
|
5.90%
|
$238.40
|
15.40%
|
9/30/2030
|
Citibank, N.A. (2)
|
A/A3/A-
|
9,755
|
4.10%
|
$500.00
|
22.60%
|
3/31/2020
|
Total Major Tenants
|
220,705
|
93.40%
|
$93.48
|
95.50%
|
||
Remaining Tenants
|
15,510
|
6.60%
|
$62.46
|
4.50%
|
||
Total Occupied Collateral
|
236,215
|
100.00%
|
$91.44
|
100.00%
|
||
Vacant
|
0
|
0.00%
|
||||
Total
|
236,215
|
100.00%
|
||||
(1)
|
Certain ratings are those of the parent company whether or not the parent company guarantees the lease
|
(2)
|
Tenant listed is a sub-subtenant. See “The Property” herein.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
One Union Square South
New York, NY 10003
|
Collateral Asset Summary
Union Square Retail
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$75,000,000
24.2%
4.12x
21.5%
|
Lease Rollover Schedule
|
||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W
Base Rent Per Sq. Ft.
|
% U/W
Base Rent Rolling
|
Cumulative %
of U/W
Base Rent
|
MTM
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2012
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2013
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2014
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2015
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2016
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2017
|
1
|
9,091
|
3.8%
|
9,091
|
3.8%
|
$46.66
|
2.0%
|
2.0%
|
2018
|
0
|
0
|
0.0%
|
9,091
|
3.8%
|
$0.00
|
0.0%
|
2.0%
|
2019
|
0
|
0
|
0.0%
|
9,091
|
3.8%
|
$0.00
|
0.0%
|
2.0%
|
2020
|
3
|
48,310
|
20.5%
|
57,401
|
24.3%
|
$195.03
|
43.6%
|
45.6%
|
2021
|
0
|
0
|
0.0%
|
57,401
|
24.3%
|
$0.0
|
0.0%
|
45.6%
|
2022
|
0
|
0
|
0.0%
|
57,401
|
24.3%
|
$0.0
|
0.0%
|
45.6%
|
Thereafter
|
3
|
178,814
|
75.7%
|
236,215
|
100.0%
|
$65.73
|
54.4%
|
100.0%
|
Vacant
|
NAP
|
0
|
0.0%
|
236,215
|
100.0%
|
NAP
|
NAP
|
|
Total / Wtd. Avg.
|
7
|
236,215
|
100.0%
|
$91.44
|
100.0%
|
Sources and Uses
|
|||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||
Loan Amount
|
$75,000,000
|
100%
|
Loan Payoff
|
$32,754,946
|
43.7%
|
||
Borrower Recapitalization
|
$39,357,952
|
52.5%
|
|||||
Closing Costs
|
$2,887,102
|
3.8%
|
|||||
Total Sources
|
$75,000,000
|
100.0%
|
Total Uses
|
$75,000,000
|
100.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
One Union Square South
New York, NY 10003
|
Collateral Asset Summary
Union Square Retail
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$75,000,000
24.2%
4.12x
21.5%
|
One Union Square South
New York, NY 10003
|
Collateral Asset Summary
Union Square Retail
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$75,000,000
24.2%
4.12x
21.5%
|
Competitive Set(1)
|
|||||||
Name
|
10 Union
Square East
|
156 Fifth Avenue
|
541 Broadway
|
110 Fifth Avenue
|
530 Fifth Avenue
|
38 E. 14th Street
|
|
Distance from Subject
|
0.1 miles
|
0.5 miles
|
1.0 miles
|
0.3 miles
|
1.7 miles
|
0.1 miles
|
|
Property Type
|
Retail
|
Retail
|
Retail
|
Retail
|
Retail
|
Retail
|
|
Total Occupancy
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Size (Sq. Ft.)
|
4,556 SF
|
9,000 SF
|
4,800 SF
|
12,300 SF
|
11,100 SF
|
4,000 SF
|
|
Tenant
|
Panera Bread
|
Nike
|
Lacoste
|
Joe Fresh
|
Chase Bank
|
Bank of America
|
|
(1)
|
Source: Appraisal
|
Cash Flow Analysis
|
|||||||
2009
|
2010
|
YTD 11/30/2011
(Annualized) |
U/W
|
U/W PSF
|
|||
Base Rent(1)
|
$8,374,149
|
$13,994,963
|
$21,946,605
|
$22,587,984
|
$95.62
|
||
Value of Vacant Space
|
0
|
0
|
0
|
0
|
0.00
|
||
Gross Potential Rent
|
$8,374,149
|
$13,994,963
|
$21,946,605
|
$22,587,984
|
$95.62
|
||
Total Recoveries
|
3,338,748
|
3,706,990
|
3,757,727
|
3,782,263
|
16.01
|
||
Total Other Income
|
0
|
56,042
|
6,479
|
6,479
|
0.03
|
||
Less: Vacancy(2)
|
0
|
0
|
0
|
(1,318,512)
|
(5.58)
|
||
Effective Gross Income
|
$11,712,897
|
$17,757,995
|
$25,706,810
|
$25,058,213
|
$106.08
|
||
Total Operating Expenses
|
8,378,377
|
8,552,565
|
6,821,294
|
8,967,917
|
37.97
|
||
Net Operating Income
|
$3,334,520
|
$9,205,430
|
$18,885,516
|
$16,090,296
|
$68.12
|
||
TI/LC
|
0
|
0
|
0
|
749,526
|
3.17
|
||
Capital Expenditures
|
0
|
0
|
0
|
47,243
|
0.20
|
||
Net Cash Flow
|
$3,334,520
|
$9,205,430
|
$18,885,516
|
$15,293,527
|
$64.74
|
||
(1)
|
U/W Base Rent includes $65,845 in contractual step rent through August 2012 and $988,662 in straight-line rent over the term of the loan for investment grade tenants.
|
(2)
|
U/W vacancy of 5.0% of gross income.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
One Union Square South
New York, NY 10003
|
Collateral Asset Summary
Union Square Retail
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$75,000,000
24.2%
4.12x
21.5%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
One Union Square South
New York, NY 10003
|
Collateral Asset Summary
Union Square Retail
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$75,000,000
24.2%
4.12x
21.5%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
Mortgage Loan Information | Property Information | |||||
Loan Seller:
|
LCF
|
Single Asset / Portfolio:
|
Portfolio of 4 Properties
|
|||
Loan Purpose:
|
Acquisition
|
Property Type:
|
Anchored Retail
|
|||
Sponsor:
|
Community Reinvestment Partners II LP
|
Collateral:
|
Fee Simple
|
|||
Borrowers:
|
CRP II – Juncos, LLC;
|
Location:
|
Various, Puerto Rico
|
|||
CRP II – Los Prados, LLC;
|
Year Built / Renovated:
|
1999-2008 / NAP
|
||||
CRP II – Manati, LLC;
|
Total Sq. Ft.:
|
554,490
|
||||
CRP II – University, LLC
|
Property Management:
|
The Sembler Company of Puerto Rico, Inc.
|
||||
Original Balance:
|
$57,750,000
|
Underwritten NOI:
|
$6,922,251
|
|||
Cut-off Date Balance:
|
$57,750,000
|
Underwritten NCF:
|
$6,514,823
|
|||
% by Initial UPB:
|
6.10%
|
Appraised Value:
|
$85,400,000
|
|||
Interest Rate:
|
5.85%
|
Appraisal Dates:
|
November 21-22, 2011
|
|||
Payment Date:
|
6th of each month
|
|||||
First Payment Date:
|
6-Apr-12
|
|||||
Maturity Date:
|
6-Mar-22
|
Historical NOI(5)
|
||||
Amortization:
|
360 months
|
TTM NOI:
|
$6,478,922 (T-12 October 31, 2011)
|
|||
Additional Debt(1):
|
Mezzanine
|
2010 NOI:
|
$6,148,240 (December 31, 2010)
|
|||
Call Protection(2):
|
L(24), D(93), O(3)
|
2009 NOI:
|
$6,489,963 (December 31, 2009)
|
|||
Lockbox / Cash Management:
|
Hard / In Place
|
2008 NOI:
|
$6,751,118 (December 31, 2008)
|
Reserves(3) | Historical Occupancy | ||||||
Initial
|
Monthly
|
Current Occupancy:
|
88.5% (January 5, 2012)
|
||||
Taxes:
|
$128,080
|
$42,693
|
2011 Occupancy:
|
87.2% (October 31, 2011)
|
|||
Insurance:
|
$0
|
Springing
|
2010 Occupancy:
|
87.4% (December 31, 2010)
|
|||
Replacement:
|
$0
|
$13,862
|
2009 Occupancy:
|
90.3% (December 31, 2009)
|
|||
TI/LC:
|
$0
|
$19,407
|
(1) See “Current Mezzanine or Subordinate Indebtedness” herein.
|
||||
Tank Permit Reserve:
|
$69,375
|
$0
|
(2) See “Partial Release” herein.
|
||||
Required Repairs:
|
$121,141
|
NAP
|
(3) See “Initial Reserves” and “Ongoing Reserves” herein.
|
||||
(4) Total Debt includes the mezzanine loan described under “Current Mezzanine or Subordinate Indebtedness” herein.
|
|||||||
The mezzanine loan currently has an interest rate of 11.0%. | |||||||
Financial Information |
(5) The Walgreens building at the Plaza Los Prados property was recently constructed and opened and commenced
|
||||||
Mortgage Loan
|
Total Debt(4)
|
paying rent in May 2011. Walgreens pays underwritten total rent of $680,366. The rental income from Walgreens | |||||
Cut-off Date Balance / Sq. Ft.:
|
$104
|
$131
|
is not included in the 2008, 2009, 2010 or TTM NOI. Including the rental income from Walgreens, the 2008, 2009, | ||||
Balloon Balance / Sq. Ft.:
|
$88
|
$115
|
2010 and TTM NOI are $7,431,484, $7,170,329, $6,828,606, and $7,159,288, respectively. | ||||
Cut-off Date LTV:
|
67.60%
|
85.20%
|
|||||
Balloon LTV:
|
57.10%
|
74.70%
|
|||||
Underwritten NOI DSCR:
|
1.69x
|
1.20x
|
|||||
Underwritten NCF DSCR:
|
1.59x
|
1.13x
|
|||||
Underwritten NOI Debt Yield:
|
12.00%
|
9.50%
|
|||||
Underwritten NCF Debt Yield:
|
11.30%
|
9.00%
|
Property Name
|
Location
|
Sq. Ft.
|
Year Built / Renovated
|
Allocated
Loan Amount
|
Appraised Value
|
Occupancy
|
Juncos Plaza
|
Juncos, PR
|
208,080
|
1999 / NAP
|
$14,250,000
|
$23,000,000
|
76.3%
|
Plaza Los Prados
|
Caguas, PR
|
163,532
|
2008 / NAP
|
22,700,000
|
32,600,000
|
94.5%
|
Manati Centro Plaza
|
Manati, PR
|
117,872
|
2001 / NAP
|
13,800,000
|
20,300,000
|
95.3%
|
University Plaza
|
Mayaguez, PR
|
65,006
|
1999 / NAP
|
7,000,000
|
9,500,000
|
100.0%
|
Total / Wtd. Average:
|
554,490
|
$57,750,000
|
$85,400,000
|
88.5%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
Tenant Summary
|
|||||||
Ratings
|
Net Rentable
|
% of Net
|
U/W Base
|
% of Total
|
Lease
|
||
Tenant
|
(Fitch/Moody’s/S&P)(1)
|
Area (Sq. Ft.)
|
Rentable Area
|
Rent PSF
|
U/W Base Rent
|
Expiration
|
|
Capri(2)
|
NR/NR/NR
|
90,903
|
16.40%
|
$10.96
|
13.20%
|
Various
|
|
PITUSA (Todo a Peso)
|
NR/NR/NR
|
35,000
|
6.30%
|
$7.87
|
3.60%
|
12/31/2019
|
|
Selectos
|
NR/NR/NR
|
32,081
|
5.80%
|
$8.00
|
3.40%
|
3/31/2027
|
|
Supermercado Amigo
|
AA/Aa2/AA
|
30,046
|
5.40%
|
$7.00
|
2.80%
|
11/30/2018
|
|
Marshall’s
|
NR/A3/A
|
29,500
|
5.30%
|
$13.50
|
5.30%
|
1/31/2017
|
|
Gatsby(3)
|
NR/NR/NR
|
27,760
|
5.00%
|
$15.48
|
5.70%
|
Various
|
|
Total Major Tenants
|
245,290
|
44.20%
|
$10.46
|
33.90%
|
|||
Remaining Tenants
|
245,304
|
44.30%
|
$20.41
|
66.10%
|
|||
Total Occupied Collateral
|
490,594
|
88.50%
|
$15.44
|
100.00%
|
|||
Vacant
|
63,896
|
11.50%
|
|||||
Total
|
554,490
|
100.00%
|
|||||
(1)
|
Certain ratings are those of the parent company whether or not the parent company guarantees the lease.
|
(2)
|
The Capri leases expire January 2015 (25,789 sq. ft.), October 2016 (30,000 sq. ft.) and July 2027 (35,114 sq. ft.).
|
(3)
|
The Gatsby lease at Manati Centro Plaza includes a termination option at either April 2015 or April 2016 with 180 days advance notice. The Gatsby lease at University Plaza includes a termination option at either April 2013 or April 2014 with 180 days advance notice. The Gatsby lease for Manati Centro Plaza (14,512 sq. ft.) expires March 2017 and the Gatsby lease for University Plaza (13,248 sq. ft.) expires February 2015.
|
Lease Rollover Schedule
|
||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W Base Rent
Per Sq. Ft.
|
% U/W Base Rent
Rolling
|
Cumulative %
of U/W
Base Rent
|
MTM
|
2
|
2,151
|
0.4%
|
2,151
|
0.4%
|
$23.13
|
0.7%
|
0.7%
|
2012
|
21
|
41,836
|
7.5%
|
43,987
|
7.9%
|
$22.49
|
12.4%
|
13.1%
|
2013
|
8
|
21,022
|
3.8%
|
65,009
|
11.7%
|
$19.27
|
5.3%
|
18.4%
|
2014
|
14
|
48,429
|
8.7%
|
113,438
|
20.5%
|
$14.14
|
9.0%
|
27.5%
|
2015
|
14
|
66,827
|
12.1%
|
180,265
|
32.5%
|
$15.69
|
13.8%
|
41.3%
|
2016
|
13
|
51,260
|
9.2%
|
231,525
|
41.8%
|
$15.44
|
10.5%
|
51.8%
|
2017
|
10
|
63,575
|
11.5%
|
295,100
|
53.2%
|
$16.73
|
14.0%
|
65.8%
|
2018
|
4
|
54,720
|
9.9%
|
349,820
|
63.1%
|
$8.48
|
6.1%
|
71.9%
|
2019
|
1
|
35,000
|
6.3%
|
384,820
|
69.4%
|
$7.87
|
3.6%
|
75.6%
|
2020
|
0
|
0
|
0.0%
|
384,820
|
69.4%
|
$0.00
|
0.0%
|
75.6%
|
2021
|
4
|
15,760
|
2.8%
|
400,580
|
72.2%
|
$23.89
|
5.0%
|
80.5%
|
2022
|
0
|
0
|
0.0%
|
400,580
|
72.2%
|
$0.00
|
0.0%
|
80.5%
|
Thereafter
|
5
|
90,014
|
16.2%
|
490,594
|
88.5%
|
$16.37
|
19.5%
|
100.0%
|
Vacant
|
NAP
|
63,896
|
11.5%
|
554,490
|
100.0%
|
NAP
|
NAP
|
|
Total / Wtd. Avg.
|
96
|
554,490
|
100.0%
|
$15.44
|
100.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Loan Amount
|
$57,750,000
|
69.3%
|
Purchase Price
|
$80,000,000
|
96.0%
|
|
Mezzanine Loan
|
15,000,000
|
18.0%
|
Escrow at Closing
|
318,596
|
0.4%
|
|
Borrower Equity
|
10,593,233
|
12.7%
|
Closing Costs
|
3,024,637
|
3.6%
|
|
Total Sources
|
$83,343,233
|
100.0%
|
Total Uses
|
$83,343,233
|
100.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
Juncos Plaza Competitive Set(1)
|
|||||
Name
|
Plaza Los Prados
|
Perez Hermanos
Plaza |
Plaza Centro 2
|
Plaza Junana Diaz
|
Plaza Villa Blanca
|
Distance from Subject
|
Approx 13 miles
|
Approx 15 miles
|
Approx 7 miles
|
Approx 25 miles
|
Approx 6 miles
|
Property Type
|
Retail
|
Retail
|
Retail
|
Retail
|
Retail
|
Year Built / Renovated
|
2008
|
1994
|
1995
|
1989
|
1985
|
Total Occupancy
|
95%
|
100%
|
97%
|
100%
|
94%
|
Size (Sq. Ft.)
|
163,532
|
156,399
|
366,346
|
234,823
|
138,274
|
Anchors / Major Tenants
|
Selectos, Capri, Walgreens
|
Xtra Supermarket, Kmart
|
Sam’s Club, Costco,
Office Max
|
Big Kmart, Pueblo
Supermarket, Walgreens
|
Marshall’s, Grande
Supermarket |
(1)
|
Source: Appraisal and Rent Roll
|
Plaza Los Prados Competitive Set(1)
|
||||
Name
|
Montehiedra Town
Center |
Plaza Centro 2
|
Plaza Escorial
|
Plaza Villa Blanca
|
Distance from Subject
|
Approx 10 miles
|
Approx 2 miles
|
Approx 14 miles
|
Approx 2 miles
|
Property Type
|
Retail
|
Retail
|
Retail
|
Retail
|
Year Built / Renovated
|
1999
|
1995
|
1997
|
1985
|
Total Occupancy
|
99%
|
97%
|
100%
|
94%
|
Size (Sq. Ft.)
|
610,911
|
366,346
|
636,415
|
138,274
|
Anchors / Major Tenants
|
Kmart, Home Depot,
Caribbean Cinemas, Mega Marshall’s |
Sam’s Club, Costco, Office
Max |
Sam's Club, WalMart, Home
Depot, Caribbean Cinemas, Office Max |
Marshall’s, Grande
Supermarket |
(1)
|
Source: Appraisal
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
Manati Centro Plaza Competitive Set(1)
|
|||||
Name
|
Plaza
Isabela SC
|
Plaza Vega
Baja SC
|
Rexville Plaza
|
Rexville Towne
Center |
Western
Plaza II SC
|
Distance from Subject
|
Approx 38 miles
|
Approx 10 miles
|
Approx 30 miles
|
Approx 30 miles
|
Approx 50 miles
|
Property Type
|
Retail
|
Retail
|
Retail
|
Retail
|
Retail
|
Year Built / Renovated
|
1994
|
1990
|
1980
|
1975
|
1998
|
Total Occupancy
|
99%
|
95%
|
71%
|
96%
|
97%
|
Size (Sq. Ft.)
|
255,520
|
184,938
|
132,309
|
366,400
|
224,655
|
Anchors / Major Tenants
|
WalMart, Selectos,
Pep Boys, Caribbean Cinemas |
WalMart, Econo
Supermarket, Walgreens |
Capri, CVS, Western
Auto Parts |
Supermercado
Amigo, Office Max |
Caribbean Cinemas,
Sam’s Club, Pep Boys |
(1)
|
Source: Appraisal
|
University Plaza Competitive Set(1)
|
|||||
Name
|
Manati Centro
Plaza |
Plaza Del Oeste SC
|
Plaza Isabela SC
|
Western Plaza II SC
|
Yauco Plaza 2
|
Distance from Subject
|
Approx 55 miles
|
Approx 18 miles
|
Approx 22 miles
|
Approx 1 miles
|
Approx 28 miles
|
Property Type
|
Retail
|
Retail
|
Retail
|
Retail
|
Retail
|
Year Built / Renovated
|
2001
|
1991
|
1994
|
1998
|
N/A
|
Total Occupancy
|
95%
|
99%
|
99%
|
97%
|
100%
|
Size (Sq. Ft.)
|
134,685
|
184,746
|
255,250
|
224,655
|
205,714
|
Anchors / Major Tenants
|
Marshall's, Capri,
Gatsby |
Kmart, Pueblo
Supermarket |
WalMart, Selectos,
Pep Boys, Caribbean Cinemas |
Caribbean Cinemas,
Sam's Club, Pep Boys |
Kmart, Walgreens,
Grande Supermarket |
(1)
|
Source: Appraisal and Rent Roll
|
Cash Flow Analysis
|
||||||
2009
|
2010
|
T-12 10/31/11
|
U/W
|
U/W PSF
|
||
Base Rent(1)
|
$6,736,219
|
$6,434,525
|
$6,764,521
|
$7,573,089
|
$13.66
|
|
Value of Vacant Space
|
0
|
0
|
0
|
811,205
|
1.46
|
|
Gross Potential Rent
|
$6,736,219
|
$6,434,525
|
$6,764,521
|
$8,384,294
|
$15.12
|
|
Total Recoveries
|
2,125,693
|
2,169,553
|
2,331,883
|
2,471,049
|
4.46
|
|
Total Other Income
|
305,091
|
289,192
|
335,265
|
302,750
|
0.55
|
|
Less: Vacancy(2)
|
0
|
0
|
0
|
(1,119,387)
|
(2.02)
|
|
Effective Gross Income
|
$9,167,003
|
$8,893,270
|
$9,431,669
|
$10,038,706
|
$18.10
|
|
Total Operating Expenses
|
2,677,040
|
2,745,030
|
2,952,747
|
3,116,456
|
5.62
|
|
Net Operating Income
|
$6,489,963
|
$6,148,240
|
$6,478,922
|
$6,922,251
|
$12.48
|
|
TI/LC
|
399
|
599
|
3,787
|
241,081
|
0.43
|
|
Capital Expenditures
|
16,870
|
22,596
|
12,135
|
166,347
|
0.30
|
|
Net Cash Flow
|
$6,472,694
|
$6,125,045
|
$6,463,000
|
$6,514,823
|
$11.75
|
|
(1)
|
U/W Base Rent includes $143,176 in contractual step rent through November 2012.
|
(2)
|
U/W vacancy of 10.0% of gross income.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, PR
|
Collateral Asset Summary
Puerto Rico Retail Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$57,750,000
67.6%
1.59x
12.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller(1):
|
GACC
|
Single Asset / Portfolio:
|
Portfolio of 12 Properties
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Office, Retail and Industrial
|
||||
Sponsor:
|
Allen R. Hartman; Hartman Income REIT, Inc.
|
Collateral:
|
Fee Simple
|
||||
Borrower:
|
Hartman Income REIT Property Holdings, LLC
|
Location:
|
Various, TX
|
||||
Original Balance(2):
|
$56,514,846
|
Year Built / Renovated:
|
1970-1984 / Various
|
||||
Cut-off Date Balance(2):
|
$56,514,846
|
Total Sq. Ft.:
|
1,638,830
|
||||
% by Initial UPB:
|
6.00%
|
Property Management:
|
Hartman Income REIT Management, LLC
|
||||
Interest Rate:
|
6.50%
|
Underwritten NOI:
|
$7,074,166
|
||||
Payment Date:
|
1st of each month
|
Underwritten NCF:
|
$5,841,945
|
||||
First Payment Date:
|
1-Nov-08
|
“As-is” Appraised Value:
|
$90,200,000
|
||||
Maturity Date:
|
1-Oct-18
|
“As-is” Appraisal Date:
|
May-July 2011
|
||||
Amortization(3):
|
360 months
|
“As Stabilized” Appraised Value(5):
|
$96,540,000
|
||||
Additional Debt(2):
|
$10,000,000 Non-Pooled Junior Trust Component
|
“As Stabilized” Appraisal Date(5):
|
July 2012-May 2014
|
||||
Call Protection:
|
YM1(117), O(3)
|
||||||
Lockbox / Cash Management:
|
None
|
Historical NOI | |||||
TTM NOI:
|
$7,755,639 (T-12 October 31, 2011)
|
||||||
Reserves(4) |
2010 NOI:
|
$8,824,245 (December 31, 2010)
|
|||||
Initial
|
Monthly
|
2009 NOI:
|
$8,834,836 (December 31, 2009)
|
||||
None
|
NAP
|
NAP
|
2008 NOI:
|
$7,169,586 (December 31, 2008)
|
|||
Financial Information |
Historical Occupancy
|
||||||
Mortgage Loan
|
Total Debt
|
Current Occupancy:
|
70.5% (November 14, 2011)
|
||||
Cut-off Date Balance / Sq. Ft.:
|
$34
|
$41
|
2010 Occupancy:
|
71.6% (December 31, 2010)
|
|||
Balloon Balance / Sq. Ft.:
|
$31
|
$37
|
2009 Occupancy:
|
76.8% (December 31, 2009)
|
|||
Cut-off Date LTV:
|
62.70%
|
73.70%
|
2008 Occupancy:
|
82.6% (December 31, 2008)
|
|||
Balloon LTV:
|
56.50%
|
66.40%
|
(1) At origination in September 2008, J. P. Morgan Investment Management Inc.
|
||||
Underwritten NOI DSCR:
|
1.62x
|
1.38x
|
funded a loan with an original principal balance of $67.6 million.
|
||||
Underwritten NCF DSCR:
|
1.34x
|
1.14x
|
GACC purchased the loan in June 2011.
|
||||
Underwritten NOI Debt Yield:
|
12.50%
|
10.60%
|
(2) The Hartman Portfolio Loan has been split into a pooled senior trust component
|
||||
Underwritten NCF Debt Yield:
|
10.30%
|
8.80%
|
of approximately $56.5 million and a non-pooled junior trust component of $10.0 million.
|
||||
The $56,514,846 balance represents the original Total Debt of
|
|||||||
$67,600,000 amortized down to $66,514,846, less the $10,000,000 Non-Pooled
|
|||||||
Junior Trust Component. See “Current Mezzanine or Subordinate
|
|||||||
Indebtedness” herein.
|
|||||||
(3) The Hartman Portfolio Loan was structured with an initial 2-year interest only
|
|||||||
period that expired after the payment date in October 2010.
|
|||||||
(4) The lender may require, in its discretion, monthly deposits of 1/12 of 110% of
|
|||||||
the annual insurance premiums and taxes due.
|
|||||||
(5) The “As Stabilized” Cut-off Date LTV is 58.5% based on the Mortgage Loan
|
|||||||
amount and certain properties achieving stabilized occupancy levels. Total Debt
|
|||||||
As Stabilized Cut-off Date LTV is 68.9%.
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Property Name
|
Location
|
Sq. Ft.
|
Year Built / Renovated
|
Allocated Mortgage
Loan Amount
|
Appraised Value
|
Westheimer Central Plaza
|
Houston, TX
|
182,506
|
1982 / NAP
|
$9,397,628
|
$14,750,000
|
The Preserve
|
Houston, TX
|
218,689
|
1970 / NAP
|
6,881,402
|
10,000,000
|
North Central Plaza
|
Dallas, TX
|
198,374
|
1982 / NAP
|
6,112,582
|
13,000,000
|
Walzem Plaza
|
San Antonio, TX
|
182,713
|
1981 / NAP
|
5,790,096
|
11,560,000
|
3100 Timmons Lane
|
Houston, TX
|
111,265
|
1975 / 2000
|
4,560,381
|
10,750,000
|
One Mason Plaza
|
Katy, TX
|
75,183
|
1983 / NAP
|
4,359,243
|
6,900,000
|
Northbelt Atrium I
|
Houston, TX
|
118,461
|
1980 / NAP
|
4,250,177
|
3,350,000
|
Park Central
|
Dallas, TX
|
127,913
|
1974 / NAP
|
3,892,502
|
6,000,000
|
Northbelt Atrium II
|
Houston, TX
|
106,677
|
1983 / NAP
|
3,653,721
|
2,800,000
|
11811 North Freeway
|
Houston, TX
|
156,361
|
1982 / 2000
|
3,477,462
|
4,500,000
|
Tower Pavilion
|
Houston, TX
|
87,589
|
1981 / NAP
|
2,359,532
|
3,550,000
|
Central Park Business Center
|
Richardson, TX
|
73,099
|
1984 / NAP
|
1,780,118
|
3,040,000
|
Total / Wtd. Avg.
|
1,638,830
|
$56,514,846
|
$90,200,000
|
Tenant Summary | ||||||||||||
Tenant
|
Property
|
Ratings
(Fitch/Moody’s/S&P)(1)
|
Net Rentable
Area (Sq. Ft.)
|
% of Net
Rentable Area
|
U/W Base
Rent PSF
|
% of Total
U/W Base Rent
|
Lease
Expiration
|
|||||
Alon USA Energy, Inc.
|
Park Central
|
NR/NR/B
|
41,969
|
2.60%
|
$17.70
|
4.50%
|
12/31/2012
|
|||||
Harris County Sheriff’s Department
|
Northbelt Atrium I
|
NR/NR/NR
|
27,303
|
1.70%
|
$14.57
|
2.40%
|
6/30/2020
|
|||||
Fallas Paredes / J & M Sales
|
Walzem Plaza
|
NR/NR/NR
|
25,000
|
1.50%
|
$5.00
|
0.80%
|
7/31/2018
|
|||||
F.E.S. Management
|
Westheimer Central
Plaza |
NR/NR/NR
|
20,565
|
1.30%
|
$18.00
|
2.20%
|
MTM(2)
|
|||||
Harbor Freight Tools
|
Walzem Plaza
|
NR/NR/NR
|
18,125
|
1.10%
|
$5.52
|
0.60%
|
1/31/2017
|
|||||
Total Major Tenants
|
132,962
|
8.10%
|
$13.05
|
10.40%
|
||||||||
Remaining Tenants
|
1,023,017
|
62.40%
|
$14.55
|
89.60%
|
||||||||
Total Occupied Collateral
|
1,155,979
|
70.50% |
$14.38
|
100.00%
|
||||||||
Vacant
|
482,851
|
29.50% | ||||||||||
Total
|
1,638,830
|
100.00%
|
||||||||||
(1)
|
Certain ratings are those of the parent company whether or not the parent company guarantees the lease.
|
(2)
|
F.E.S. Management has been at the property since July 2003 and has been on a MTM lease since March 2008.
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Lease Rollover Schedule
|
||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W
Base Rent Per Sq. Ft.
|
% U/W
Base Rent Rolling
|
Cumulative %
of U/W
Base Rent
|
MTM
|
33
|
73,523
|
4.5%
|
73,523
|
4.5%
|
$16.15
|
7.1%
|
7.1%
|
2012
|
65
|
201,252
|
12.3%
|
274,775
|
16.8%
|
$16.46
|
19.9%
|
27.1%
|
2013
|
74
|
200,926
|
12.3%
|
475,701
|
29.0%
|
$14.36
|
17.4%
|
44.4%
|
2014
|
43
|
128,162
|
7.8%
|
603,863
|
36.8%
|
$15.15
|
11.7%
|
56.1%
|
2015
|
62
|
184,920
|
11.3%
|
788,783
|
48.1%
|
$14.97
|
16.7%
|
72.8%
|
2016
|
52
|
146,366
|
8.9%
|
935,149
|
57.1%
|
$15.05
|
13.3%
|
86.0%
|
2017
|
16
|
106,918
|
6.5%
|
1,042,067
|
63.6%
|
$11.33
|
7.3%
|
93.3%
|
2018
|
11
|
36,969
|
2.3%
|
1,079,036
|
65.8%
|
$7.49
|
1.7%
|
95.0%
|
2019
|
2
|
6,628
|
0.4%
|
1,085,664
|
66.2%
|
$16.67
|
0.7%
|
95.6%
|
2020
|
6
|
50,753
|
3.1%
|
1,136,417
|
69.3%
|
$13.78
|
4.2%
|
99.9%
|
2021
|
0
|
0
|
0.0%
|
1,136,417
|
69.3%
|
$0.00
|
0.0%
|
99.9%
|
2022
|
0
|
0
|
0.0%
|
1,136,417
|
69.3%
|
$0.00
|
0.0%
|
99.9%
|
Thereafter
|
13
|
19,562
|
1.2%
|
1,155,979
|
70.5%
|
$1.21
|
0.1%
|
100.0%
|
Vacant
|
NAP
|
482,851
|
29.5%
|
1,638,830
|
100.0%
|
NAP
|
NAP
|
|
Total / Wtd. Avg.
|
377
|
1,638,830
|
100.0%
|
$14.38
|
100.0%
|
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds |
% of Total
|
|
Mortgage Loan
|
$57,600,000
|
85.2%
|
Loan Payoff
|
$52,841,825
|
78.2%
|
|
Non-Pooled Junior Trust Component
|
$10,000,000
|
14.8%
|
Closing Costs
|
1,429,967
|
2.1%
|
|
Borrower Cash Out
|
13,328,208
|
19.7%
|
||||
Total Sources
|
$67,600,000
|
100.0%
|
Total Uses
|
$67,600,000
|
100.0%
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Hartman Portfolio Market Comparison
|
||||||||
CoStar
Property Type(1)
|
Occupancy
|
Rental Rate PSF
|
||||||
Property Name
|
City
|
CoStar Submaket(1)
|
Phys.(2)
|
U/W
|
Mkt.(1)
|
U/W
|
Mkt. (1)
|
|
Westheimer Central Plaza
|
Houston, TX
|
Class B Office
|
Westchase
|
71.2%
|
71.1%
|
85.8%
|
$19.00
|
$18.22
|
The Preserve
|
Houston, TX
|
Class B Office
|
North Loop West
|
78.3%
|
78.6%
|
76.4%
|
$13.60
|
$16.33
|
North Central Plaza
|
Dallas, TX
|
Class B Office
|
East LBJ Freeway
|
75.7%
|
76.7%
|
75.9%
|
$16.80
|
$16.03
|
Walzem Plaza
|
San Antonio, TX
|
Retail Shopping Center
|
Northeast
|
79.9%
|
80.4%
|
88.9%
|
$8.80
|
$11.29
|
3100 Timmons Lane
|
Houston, TX
|
Class B Office
|
Greenway Plaza
|
94.6%
|
94.8%
|
91.6%
|
$18.12
|
$22.38
|
One Mason Plaza
|
Katy, TX
|
Retail Shopping Center
|
Far Katy South Ret
|
82.1%
|
82.2%
|
91.5%
|
$13.71
|
$18.97
|
Northbelt Atrium I
|
Houston, TX
|
Class B Office
|
Greenspoint/IAH
|
57.5%
|
57.6%
|
87.1%
|
$14.50
|
$16.67
|
Park Central
|
Dallas, TX
|
Class B Office
|
East LBJ Freeway
|
85.4%
|
86.3%
|
75.9%
|
$15.21
|
$16.03
|
Northbelt Atrium II
|
Houston, TX
|
Class B Office
|
Greenspoint/IAH
|
16.1%
|
16.1%
|
87.1%
|
$16.01
|
$16.67
|
11811 North Freeway
|
Houston, TX
|
Class B Office
|
Greenspoint/N Belt West
|
50.9%
|
51.2%
|
80.7%
|
$12.53
|
$15.32
|
Tower Pavilion
|
Houston, TX
|
Class B Office
|
Richmond/Fountainview
|
80.8%
|
81.1%
|
89.5%
|
$13.82
|
$15.97
|
Central Park Business Center
|
Richardson, TX
|
Flex Industrial
|
Richardson Ind
|
63.7%
|
62.4%
|
75.8%
|
$7.69
|
$8.48
|
Total / Wtd. Avg.
|
70.5%
|
71.4%
|
83.0%
|
$14.38
|
$16.03
|
(1)
|
Market information is based on Q3 2011 CoStar Reports, and represents submarket Occupancy and Rent Rates PSF.
|
(2)
|
Physical Occupancy based on the rent rolls dated November 14, 2011.
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Cash Flow Analysis
|
||||||
2009
|
2010
|
T-12 10/31/2011
|
U/W
|
U/W PSF
|
||
Base Rent(1)
|
$19,355,695
|
$18,916,707
|
$16,418,858
|
$16,915,297
|
$10.32
|
|
Value of Vacant Space
|
0
|
0
|
0
|
7,250,666
|
4.42
|
|
Gross Potential Rent
|
$19,355,695
|
$18,916,707
|
$16,418,858
|
$24,165,962
|
$14.75
|
|
Total Recoveries
|
1,479,976
|
1,240,763
|
1,391,373
|
807,022
|
0.49
|
|
Total Other Income
|
399,640
|
389,891
|
383,371
|
394,692
|
0.24
|
|
Credit Loss
|
(193,795)
|
(608,846)
|
355,484
|
0
|
0.00
|
|
Less: Vacancy(2)
|
0
|
0
|
0
|
(7,250,666)
|
(4.42)
|
|
Effective Gross Income
|
$21,041,517
|
$19,938,515
|
$18,549,086
|
$18,117,011
|
$11.05
|
|
Total Operating Expenses
|
12,206,681
|
11,114,270
|
10,793,447
|
11,042,844
|
6.74
|
|
Net Operating Income
|
$8,834,836
|
$8,824,245
|
$7,755,639
|
$7,074,166
|
$4.32
|
|
TI/LC
|
0
|
0
|
0
|
904,455
|
0.55
|
|
Capital Expenditures
|
0
|
0
|
0
|
327,766
|
0.20
|
|
Net Cash Flow
|
$8,834,836
|
$8,824,245
|
$7,755,639
|
$5,841,945
|
$3.56
|
|
(1)
|
U/W Base Rent includes $295,890 in contractual step rent through December 2012.
|
(2)
|
Underwritten vacancy of 28.6% of gross income, compared to Q3 2011 overall market vacancy of 17.0%.
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
Various, TX
|
Collateral Asset Summary
Hartman Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$56,514,846
62.7%
1.34x
12.5%
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Single Asset
|
||||
Loan Purpose:
|
Acquisition
|
Property Type:
|
Office / Data Center
|
||||
Sponsor:
|
Carter/Validus Operating Partnership, LP
|
Collateral:
|
Fee Simple / Leasehold
|
||||
Borrower:
|
DC-180 Peachtree, LLC
|
Location:
|
Atlanta, GA
|
||||
Original Balance:
|
$55,000,000
|
Year Built / Renovated:
|
1927 / 2000
|
||||
Cut-off Date Balance:
|
$54,888,798
|
Total Sq. Ft.(3):
|
350,267
|
||||
% by Initial UPB:
|
5.80%
|
Property Management:
|
Carter Validus Real Estate Management Services, LLC
|
||||
Interest Rate:
|
5.93%
|
Underwritten NOI:
|
$6,782,969
|
||||
Payment Date:
|
6th of each month
|
Underwritten NCF:
|
$6,352,551
|
||||
First Payment Date:
|
6-Feb-12
|
Appraised Value:
|
$95,000,000
|
||||
Maturity Date:
|
6-Jan-22
|
Appraisal Date:
|
18-Nov-11
|
||||
Amortization:
|
360 months
|
||||||
Additional Debt:
|
None
|
Historical NOI | |||||
Call Protection:
|
L(26), D(89), O(5)
|
TTM NOI:
|
$7,364,036 (T-12 August 31, 2011)
|
||||
Lockbox / Cash Management:
|
Hard / In Place
|
2010 NOI:
|
$7,102,209 (December 31, 2010)
|
||||
2009 NOI:
|
$5,638,145 (December 31, 2009)
|
||||||
Reserves(1) |
2008 NOI:
|
$4,742,280 (December 31, 2008)
|
|||||
Initial
|
Monthly
|
||||||
Taxes:
|
$233,781
|
$51,234
|
Historical Occupancy | ||||
Insurance:
|
$29,971
|
$5,994
|
Current Occupancy:
|
100.0% (December 22, 2011)
|
|||
Replacement:
|
$0
|
$10,763
|
2010 Occupancy:
|
99.2% (December 31, 2010)
|
|||
TI/LC(2):
|
$313,289
|
Springing
|
2009 Occupancy:
|
99.2% (December 31, 2009)
|
|||
Required Repairs:
|
$1,052,823
|
NAP
|
2008 Occupancy:
|
77.0% (December 31, 2008)
|
|||
Ground Rent:
|
$0
|
$4,792
|
(1) See “Initial Reserves” herein and “Ongoing Reserves” herein.
|
||||
Common Charges:
|
$0
|
Springing
|
(2) Initial Reserve represents the City of Atlanta rental payments collected at closing for months
|
||||
February through June 2012. See “City of Atlanta Reserve” herein. | |||||||
Financial Information |
(3) Total Sq. Ft. represents the total square feet of the fee simple interest in the office and data center
|
||||||
Cut-off Date Balance / Sq. Ft.:
|
$157
|
property located at 180 Peachtree Street Northwest. It excludes the 4-story garage adjacent to the | |||||
Balloon Balance / Sq. Ft.:
|
$133
|
180 Peachtree Street Northwest building and the leasehold interest in the 9-story garage located at 150 | |||||
Cut-off Date LTV:
|
57.80%
|
Carnegie Way Northwest. | |||||
Balloon LTV:
|
49.00%
|
||||||
Underwritten NOI DSCR:
|
1.73x
|
||||||
Underwritten NCF DSCR:
|
1.62x
|
||||||
Underwritten NOI Debt Yield:
|
12.40%
|
||||||
Underwritten NCF Debt Yield:
|
11.60%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
Tenant Summary
|
|||||||||||||
Tenant
|
Ratings
(Fitch/Moody’s/S&P)(1)
|
Total
Sq. Ft.
|
% of Total
Sq. Ft.
|
U/W Base
Rent PSF
|
% of Total
U/W Base Rent
|
Lease
Expiration
|
|||||||
Level 3 Communications
|
B-/Caa2/B-
|
158,073
|
45.1%
|
$24.46
|
57.5%
|
5/31/2021
|
|||||||
Equinix
|
NR/Ba2/BB-
|
83,473
|
23.8%
|
$12.39
|
15.4%
|
11/30/2023
|
|||||||
City of Atlanta
|
NR/Aa2/A
|
54,485
|
15.6%
|
$13.80
|
11.2%
|
6/30/2037
|
|||||||
Stanley Beaman Sears
|
NR/NR/NR
|
24,728
|
7.1%
|
$18.68
|
6.9%
|
1/31/2016
|
|||||||
Time Warner Telecom
|
NR/B2/BB-
|
17,704
|
5.1%
|
$26.82
|
7.1%
|
6/30/2016
|
|||||||
Total Major Tenants
|
338,463
|
96.6%
|
$19.47
|
98.1%
|
|||||||||
Remaining Tenants
|
11,804
|
3.4%
|
$11.04
|
1.9%
|
|||||||||
Total Occupied Collateral
|
350,267
|
100.0%
|
$19.18
|
100.0%
|
|||||||||
Vacant
|
0
|
0.0%
|
|||||||||||
Total
|
350,267
|
100.0%
|
|||||||||||
(1)
|
Certain ratings are those of the parent company whether or not the parent company guarantees the lease
|
Lease Rollover Schedule
|
||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W
Base Rent Per Sq. Ft.
|
% U/W
Base Rent Rolling
|
Cumulative %
of U/W
Base Rent
|
MTM
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2012
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2013
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2014
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2015
|
0
|
0
|
0.0%
|
0
|
0.0%
|
$0.00
|
0.0%
|
0.0%
|
2016
|
3
|
54,236
|
15.5%
|
54,236
|
15.5%
|
$19.67
|
15.9%
|
15.9%
|
2017
|
0
|
0
|
0.0%
|
54,236
|
15.5%
|
$0.00
|
0.0%
|
15.9%
|
2018
|
0
|
0
|
0.0%
|
54,236
|
15.5%
|
$0.00
|
0.0%
|
15.9%
|
2019
|
0
|
0
|
0.0%
|
54,236
|
15.5%
|
$0.00
|
0.0%
|
15.9%
|
2020
|
0
|
0
|
0.0%
|
54,236
|
15.5%
|
$0.00
|
0.0%
|
15.9%
|
2021
|
1
|
158,073
|
45.1%
|
212,309
|
60.6%
|
$24.46
|
57.5%
|
73.4%
|
2022
|
0
|
0
|
0.0%
|
212,309
|
60.6%
|
$0.00
|
0.0%
|
73.4%
|
Thereafter
|
2
|
137,958
|
39.4%
|
350,267
|
100.0%
|
$12.95
|
26.6%
|
100.0%
|
Vacant
|
NAP
|
0
|
0.0%
|
350,267
|
100.0%
|
NAP
|
NAP
|
|
Total / Wtd. Avg.
|
6
|
350,267
|
100.0%
|
$19.18
|
100.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Loan Amount
|
$55,000,000
|
55.9%
|
Acquisition of Property
|
$94,750,000
|
96.4%
|
|
Sponsor Equity
|
43,337,272
|
44.1%
|
Closing Costs
|
1,957,409
|
2.0%
|
|
Reserves
|
1,629,863
|
1.6%
|
||||
Total Sources
|
$98,337,272
|
100.0%
|
Total Uses
|
$98,337,272
|
100.0%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
Data Center Market Rents(1)
|
|||
Category
|
Lease Term
|
Annual Initial
Rent PSF |
Rent Abatement
|
Cold-Shell Data Center Space
|
15 years
|
$12.50
|
6 months
|
Warm-Shell Data Center Space
|
15 years
|
$20.00
|
6 months
|
2nd Generation Data Center Space
|
15 years
|
$33.48
|
6 months
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
Cash Flow Analysis
|
||||||
2009
|
2010
|
T-12 8/31/2011
|
U/W
|
U/W PSF
|
||
Base Rent(1)
|
$5,391,195
|
$6,372,046
|
$6,483,934
|
$6,932,543
|
$19.79
|
|
Value of Vacant Space
|
0
|
0
|
0
|
0
|
0.00
|
|
Gross Potential Rent
|
$5,391,195
|
$6,372,046
|
$6,483,934
|
$6,932,543
|
$19.79
|
|
Total Recoveries
|
2,973,705
|
3,536,660
|
4,123,522
|
4,554,238
|
13.00
|
|
Total Other Income
|
789,638
|
1,323,589
|
1,366,358
|
1,514,198
|
4.32
|
|
Less: Vacancy(2)
|
0
|
0
|
0
|
(1,118,084)
|
(3.19)
|
|
Effective Gross Income
|
$9,154,538
|
$11,232,296
|
$11,973,814
|
$11,882,895
|
$33.93
|
|
Total Operating Expenses
|
3,516,392
|
4,130,087
|
4,609,778
|
5,099,926
|
14.56
|
|
Net Operating Income
|
$5,638,145
|
$7,102,209
|
$7,364,036
|
$6,782,969
|
$19.37
|
|
TI/LC
|
0
|
0
|
0
|
301,256
|
0.86
|
|
Capital Expenditures
|
23,750
|
73,344
|
0
|
129,162
|
0.37
|
|
Net Cash Flow
|
$5,614,396
|
$7,028,865
|
$7,364,036
|
$6,352,551
|
$18.14
|
|
(1)
|
U/W Base Rent includes $147,912 in contractual step rent through October 2012.
|
(2)
|
Underwritten vacancy of 8.6% of gross income.
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
180 Peachtree Street Northwest &
150 Carnegie Way Northwest
Atlanta, GA 30303
|
Collateral Asset Summary
180 Peachtree Street
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,888,798
57.8%
1.62x
12.4%
|
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Mortgage Loan Information
|
|
Property Information
|
|||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Portfolio of 6 Properties
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Conventional Multifamily
|
||||||
Sponsor:
|
Tomas Rosenthal; Henri Schmidt; The
JR Family Credit Shelter Trust, U/T/A Dated January 3, 1996; The TR Family Trust, U/T/A Dated December 26, 1995 |
Collateral:
|
Fee Simple
|
||||||
Location:
|
Indianapolis, IN
|
||||||||
Year Built / Renovated:
|
1967-1981 / Various
|
||||||||
Total Units:
|
2,103
|
||||||||
Borrower:
|
Riverwood Holdings LLC; Spyglass
Holdings LLC; Villa Nova Holdings LLC; Westlake Properties LLC; Wind Drift Holdings LLC; Woods Edge Holdings LLC |
Property Management(2):
|
Flaherty & Collins, Inc.; Buckingham Management, LLC
|
||||||
Underwritten NOI:
|
$5,997,401
|
||||||||
Underwritten NCF:
|
$5,286,411
|
||||||||
Original Balance:
|
$55,000,000
|
Appraised Value:
|
$83,090,000
|
||||||
Cut-off Date Balance:
|
$54,793,389
|
Appraisal Date:
|
October 2011
|
||||||
% by Initial UPB:
|
5.8%
|
||||||||
Interest Rate:
|
6.1100%
|
Historical NOI
|
|||||||
Payment Date:
|
6th of each month
|
TTM NOI:
|
$6,379,655 (T-12 September 30, 2011)
|
||||||
First Payment Date:
|
December 6, 2011
|
2010 NOI:
|
$6,125,553 (December 31, 2010)
|
||||||
Maturity Date:
|
November 6, 2021
|
2009 NOI:
|
$5,963,154 (December 31, 2009)
|
||||||
Amortization:
|
360 months
|
2008 NOI:
|
NAV
|
||||||
Additional Debt:
|
None
|
||||||||
Call Protection:
|
L(28), D(88), O(4)
|
Historical Occupancy
|
|||||||
Lockbox / Cash Management:
|
Springing Soft / Springing
|
Current Occupancy:
|
93.8% (September – October 2011)
|
||||||
2010 Occupancy:
|
88.3% (December 31, 2010)
|
||||||||
Reserves(1)
|
2009 Occupancy:
|
89.0% (December 31, 2009)
|
|||||||
Initial
|
Monthly
|
2008 Occupancy:
|
NAV
|
||||||
Taxes:
|
$92,291
|
$92,291
|
(1) See “Initial Reserves” herein and “Ongoing Reserves” herein.
|
||||||
Insurance:
|
$160,976
|
$26,829
|
(2) Flaherty & Collins, Inc. manages Westlake Apartments and Wind Drift Apartments, and Buckingham Management, LLC manages Woods Edge Apartments, Riverwood Apartments, Spyglass Apartments and Villa Nova Apartments.
|
||||||
Replacement:
|
$0
|
$59,312
|
|||||||
Required Repairs:
|
$735,260
|
NAP
|
|||||||
Financial Information
|
|||||||||
Cut-off Date Balance / Unit:
|
$26,055
|
||||||||
Balloon Balance / Unit:
|
$22,253
|
||||||||
Cut-off Date LTV:
|
65.9%
|
||||||||
Balloon LTV:
|
56.3%
|
||||||||
Underwritten NOI DSCR:
|
1.50x
|
||||||||
Underwritten NCF DSCR:
|
1.32x
|
||||||||
Underwritten NOI Debt Yield:
|
10.9%
|
||||||||
Underwritten NCF Debt Yield:
|
9.6%
|
Property Name
|
Location
|
Units
|
Year Built / Renovated
|
Allocated
Loan Amount
|
Appraised Value
|
Occupancy(1)
|
|||||||||||||
Westlake Apartments
|
Indianapolis, IN
|
1,381
|
1967-1976 / 2009-2011
|
$
|
32,025,774
|
$
|
45,100,000
|
93.6%
|
|||||||||||
Woods Edge Apartments
|
Indianapolis, IN
|
190
|
1981 / NAP
|
7,360,361
|
10,490,000
|
98.9%
|
|||||||||||||
Wind Drift Apartments
|
Indianapolis, IN
|
166
|
1979 / NAP
|
5,511,655
|
7,870,000
|
92.8%
|
|||||||||||||
Riverwood Apartments
|
Indianapolis, IN
|
120
|
1977 / NAP
|
4,111,166
|
8,030,000
|
90.8%
|
|||||||||||||
Spyglass Apartments
|
Indianapolis, IN
|
120
|
1979 / 2009-2010
|
3,810,391
|
6,800,000
|
95.0%
|
|||||||||||||
Villa Nova Apartments
|
Indianapolis, IN
|
126
|
1972 / NAP
|
2,180,651
|
4,800,000
|
91.3%
|
|||||||||||||
Total / Wtd. Avg.
|
2,103
|
$
|
55,000,000
|
$
|
83,090,000
|
93.8%
|
(1)
|
Based on borrower rent rolls dated September – October 2011.
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Unit Mix(1)
|
||||||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Occupied Units
|
Occupancy
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental
Rate(2)
|
Average
Monthly Rental
Rate PSF(2)
|
|||||||||||||||||||||
Studio
|
232 | 11.0 | % | 217 | 93.5 | % | 454 | $ | 377 | $ | 0.83 | |||||||||||||||||
1 Bedroom
|
741 | 35.2 | % | 698 | 94.2 | % | 625 | $ | 476 | $ | 0.76 | |||||||||||||||||
2 Bedroom
|
1,012 | 48.1 | % | 948 | 93.7 | % | 946 | $ | 608 | $ | 0.64 | |||||||||||||||||
3 Bedroom
|
118 | 5.6 | % | 109 | 92.4 | % | 1,300 | $ | 897 | $ | 0.69 | |||||||||||||||||
Total / Wtd. Avg.
|
2,103 | 100.0 | % | 1,972 | 93.8 | % | 799 | $ | 539 | $ | 0.69 |
(1)
|
Based on borrower rent rolls dated September – October 2011.
|
(2)
|
Average Monthly Rental Rate does not include Section 8 units and is based on occupied units only.
|
Sources and Uses(1)
|
|||||||||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||||||||||
First Mortgage
|
$ | 55,000,000 | 100.0 | % |
Loan Payoff
|
$ | 44,321,844 | 80.6 | % | ||||||||
Reserves
|
988,527 | 1.8 | % | ||||||||||||||
Closing Costs
|
275,601 | 0.5 | % | ||||||||||||||
Borrower Cash Out
|
9,414,028 | 17.1 | % | ||||||||||||||
Total Sources
|
$ | 55,000,000 | 100.0 | % |
Total Uses
|
$ | 55,000,000 | 100.0 | % |
(1)
|
The sponsors initially acquired the Hampshire Multifamily Portfolio Properties in 2008 for a total of $44.5 million. Approximately $3.5 million ($1,662/Unit) of capital expenditures have been invested into the properties since acquisition.
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Westlake Apartments Unit Mix(1)
|
||||||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Occupied Units
|
Occupancy
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental
Rate(2)
|
Average
Monthly Rental
Rate PSF(2)
|
|||||||||||||||||||||
Studio
|
232 | 16.8 | % | 217 | 93.5 | % | 454 | $ | 377 | $ | 1.21 | |||||||||||||||||
1 BR – 1 BA(3)
|
493 | 35.7 | % | 457 | 92.7 | % | 591 | $ | 451 | $ | 1.31 | |||||||||||||||||
2 BR – 1 BA
|
472 | 34.2 | % | 444 | 94.1 | % | 825 | $ | 536 | $ | 1.55 | |||||||||||||||||
2 BR – 1.5 BA
|
72 | 5.2 | % | 68 | 94.4 | % | 1,066 | $ | 656 | $ | 1.66 | |||||||||||||||||
2 BR – 2 BA
|
72 | 5.2 | % | 70 | 97.2 | % | 1,134 | $ | 653 | $ | 1.77 | |||||||||||||||||
2 BR – 2.5 BA
|
24 | 1.7 | % | 21 | 87.5 | % | 1,276 | $ | 699 | $ | 1.81 | |||||||||||||||||
3 BR – 1.5 BA
|
16 | 1.2 | % | 15 | 93.8 | % | 1,200 | $ | 786 | $ | 1.53 | |||||||||||||||||
Total / Wtd. Avg.
|
1,381 | 100.0 | % | 1,292 | 93.6 | % | 720 | $ | 497 | $ | 1.43 |
(1)
|
Based on the October 17, 2011 rent roll.
|
(2)
|
Average Monthly Rental Rate is based on occupied units only.
|
(3)
|
The 1 BR – 1 BA unit type includes the Open Door School of Learning space which pays $1,250 per month.
|
Woods Edge Apartments Unit Mix(1)
|
||||||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Occupied Units
|
Occupancy
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental
Rate(2) |
Average
Monthly Rental
Rate PSF(2) |
|||||||||||||||||||||
1 BR – 1 BA
|
96 | 50.5 | % | 96 | 100.0 | % | 671 | $ | 549 | $ | 0.82 | |||||||||||||||||
2 BR – 1.5 BA
|
22 | 11.6 | % | 21 | 95.5 | % | 1,170 | $ | 770 | $ | 0.66 | |||||||||||||||||
2 BR – 2 BA
|
56 | 29.5 | % | 55 | 98.2 | % | 974 | $ | 691 | $ | 0.71 | |||||||||||||||||
3 BR – 2.5 BA
|
16 | 8.4 | % | 16 | 100.0 | % | 1,345 | $ | 972 | $ | 0.72 | |||||||||||||||||
Total / Wtd. Avg.
|
190 | 100.0 | % | 188 | 98.9 | % | 875 | $ | 650 | $ | 0.76 |
(1)
|
Based on the October 6, 2011 rent roll.
|
(2)
|
Average Monthly Rental Rate does not include Section 8 unit (1 unit is 3BR – 2.5 BA) and is based on occupied units only.
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Wind Drift Apartments Unit Mix(1)
|
|||||||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Occupied Units
|
Occupancy
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental
Rate(2)
|
Average
Monthly Rental
Rate PSF(2)
|
||||||||||||||||||||||
1 BR – 1 BA
|
72 | 43.4 | % | 69 | 95.8 | % | 671 | $ | 513 | $ | 1.30 | ||||||||||||||||||
2 BR – 1 BA
|
48 | 28.9 | % | 44 | 91.7 | % | 956 | $ | 650 | $ | 1.47 | ||||||||||||||||||
2 BR – 1.5 BA
|
24 | 14.5 | % | 22 | 91.7 | % | 1,170 | $ | 754 | $ | 1.54 | ||||||||||||||||||
3 BR – 2.5 BA
|
22 | 13.3 | % | 19 | 86.4 | % | 1,345 | $ | 891 | $ | 1.51 | ||||||||||||||||||
Total / Wtd. Avg.
|
166 | 100.0 | % | 154 | 92.8 | % | 915 | $ | 633 | $ | 1.41 |
(1)
|
Based on the October 17, 2011 rent roll.
|
(2)
|
Average Monthly Rental Rate is based on occupied units only.
|
Riverwood Apartments Unit Mix(1) | |||||||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Occupied Units
|
Occupancy
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental
Rate(2)
|
Average
Monthly Rental
Rate PSF(2)
|
||||||||||||||||||||||
2 BR – 1.5 BA
|
80 | 66.7 | % | 73 | 91.3 | % | 1,024 | $ | 733 | $ | 1.40 | ||||||||||||||||||
3 BR – 2.5 BA
|
40 | 33.3 | % | 36 | 90.0 | % | 1,271 | $ | 890 | $ | 1.43 | ||||||||||||||||||
Total / Wtd. Avg.
|
120 | 100.0 | % | 109 | 90.8 | % | 1,106 | $ | 784 | $ | 1.41 |
(1)
|
Based on the September 26, 2011 rent roll.
|
(2)
|
Average Monthly Rental Rate is based on occupied units only.
|
Spyglass Apartments Unit Mix(1) | |||||||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Occupied Units
|
Occupancy
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental
Rate(2)
|
Average
Monthly Rental
Rate PSF(2)
|
||||||||||||||||||||||
1 BR – 1 BA
|
36 | 30.0 | % | 34 | 94.4 | % | 671 | $ | 484 | $ | 0.72 | ||||||||||||||||||
2 BR – 1.5 BA
|
28 | 23.3 | % | 27 | 96.4 | % | 1,170 | $ | 679 | $ | 0.58 | ||||||||||||||||||
2 BR – 2 BA
|
32 | 26.7 | % | 30 | 93.8 | % | 974 | $ | 658 | $ | 0.68 | ||||||||||||||||||
3 BR – 2.5 BA
|
24 | 20.0 | % | 23 | 95.8 | % | 1,345 |
NAV
|
NAV
|
||||||||||||||||||||
Total / Wtd. Avg.
|
120 | 100.0 | % | 114 | 95.0 | % | 1,003 | $ | 598 | $ | 0.67 |
(1)
|
Based on the October 6, 2011 rent roll.
|
(2)
|
Average Monthly Rental Rate does not include Section 8 units (1 unit is 2 BR – 1.5 BA and 24 units are 3 BR – 2.5 BA) and is based on occupied units only.
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Villa Nova Apartments Unit Mix(1)
|
||||||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Occupied Units
|
Occupancy
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental
Rate(2)
|
Average
Monthly Rental
Rate PSF(2)
|
|||||||||||||||||||||
1 BR – 1 BA
|
44 | 34.9 | % | 42 | 95.5 | % | 792 | $ | 521 | $ | 0.66 | |||||||||||||||||
2 BR – 1.5 BA
|
82 | 65.1 | % | 73 | 89.0 | % | 966 | $ | 576 | $ | 0.60 | |||||||||||||||||
Total / Wtd. Avg.
|
126 | 100.0 | % | 115 | 91.3 | % | 905 | $ | 556 | $ | 0.62 |
(1)
|
Based on the October 6, 2011 rent roll.
|
(2)
|
Average Monthly Rental Rate does not include Section 8 units (1 unit is 1 BR – 1 BA and 3 units are 2 BR – 1.5 BA) and is based on occupied units only.
|
Westlake Apartments - Competitive Set(1)
|
|||||||||||||||||||||
Property Name
|
Location
|
Year Built
|
Occupancy
|
Number of Units
|
Average Unit
Size (Sq. Ft.)
|
Effective Average
Rent Per Month
|
|||||||||||||||
Westlake Apartments
|
Indianapolis, IN
|
1967-1976 | 93.6 | % | 1,381 | 720 | $ | 503 | |||||||||||||
Ashton Pointe
|
Indianapolis, IN
|
1968 | 95 | % | 250 | 900 | $ | 689 | |||||||||||||
Auburn Hills Apartments
|
Indianapolis, IN
|
2000 | 95 | % | 160 | 981 | $ | 766 | |||||||||||||
Port O’Call Apartments
|
Indianapolis, IN
|
1970 | 96 | % | 587 | 884 | $ | 577 | |||||||||||||
Forest Hills Apartments
|
Indianapolis, IN
|
1975 | 98 | % | 420 | 790 | $ | 466 | |||||||||||||
Chapel Hill Apartments
|
Indianapolis, IN
|
1968 | 93 | % | 148 | 1,277 | $ | 660 |
(1)
|
Source: Appraisal
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Wind Drift Apartments - Competitive Set(1)
|
||||||||||||||||||
Property Name
|
Location
|
Year Built
|
Occupancy
|
Number of Units
|
Average Unit
Size (Sq. Ft.)
|
Effective Average
Rent Per Month
|
||||||||||||
Wind Drift Apartments
|
Indianapolis, IN
|
1979
|
92.8 | % | 166 | 915 | $ | 638 | ||||||||||
Deercross Apartments
|
Indianapolis, IN
|
1979
|
93 | % | 372 | 820 | $ | 603 | ||||||||||
Spinnaker Apartments
|
Indianapolis, IN
|
1987
|
92 | % | 532 | 743 | $ | 603 | ||||||||||
Idlewood Apartments
|
Indianapolis, IN
|
1990
|
95 | % | 320 | 808 | $ | 639 | ||||||||||
Bayhead Village
|
Indianapolis, IN
|
1978
|
89 | % | 202 | 1,002 | $ | 624 | ||||||||||
Eagle Pointe Apartments
|
Indianapolis, IN
|
1987
|
93 | % | 256 | 789 | $ | 657 |
(1)
|
Source: Appraisal
|
Villa Nova Apartments - Competitive Set(1)
|
||||||||||||||||||
Property Name
|
Location
|
Year Built
|
Occupancy
|
Number of Units
|
Average Unit
Size (Sq. Ft.)
|
Effective Average
Rent Per Month
|
||||||||||||
Villa Nova Apartments
|
Indianapolis, IN
|
1972
|
91.3 | % | 126 | 907 | $ | 564 | ||||||||||
Spyglass Apartments
|
Indianapolis, IN
|
1981
|
95 | % | 120 | 1,003 | $ | 733 | ||||||||||
Carlton Apartments
|
Indianapolis, IN
|
1986
|
95 | % | 701 | 707 | $ | 552 | ||||||||||
Villages of Bent Tree
|
Indianapolis, IN
|
1982
|
96 | % | 616 | 868 | $ | 688 | ||||||||||
North Willow Apartments
|
Indianapolis, IN
|
1971
|
96 | % | 130 | 1,198 | $ | 823 | ||||||||||
Reflections Apartments
|
Indianapolis, IN
|
1973
|
96 | % | 582 | 789 | $ | 616 |
(1)
|
Source: Appraisal
|
Spyglass Apartments - Competitive Set(1)
|
||||||||||||||||||
Property Name
|
Location
|
Year Built
|
Occupancy
|
Number of Units
|
Average Unit
Size (Sq. Ft.)
|
Effective Average
Rent Per Month
|
||||||||||||
Spyglass Apartments
|
Indianapolis, IN
|
1979
|
95.0 | % | 120 | 1,003 | $ | 707 | ||||||||||
Carlton Apartments
|
Indianapolis, IN
|
1986
|
95 | % | 701 | 707 | $ | 552 | ||||||||||
Dogwood Glen
|
Indianapolis, IN
|
1986
|
89 | % | 160 | 580 | $ | 449 | ||||||||||
North Willow Apartments
|
Indianapolis, IN
|
1971
|
96 | % | 130 | 1,198 | $ | 823 | ||||||||||
Pickwick Place
|
Indianapolis, IN
|
1976
|
96 | % | 336 | 1,035 | $ | 696 | ||||||||||
Villa Nova Apartments
|
Indianapolis, IN
|
1972
|
91 | % | 126 | 907 | $ | 538 |
(1)
|
Source: Appraisal
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Riverwood Apartments - Competitive Set(1)
|
||||||||||||||||||
Property Name
|
Location
|
Year Built
|
Occupancy
|
Number of Units
|
Average Unit
Size (Sq. Ft.)
|
Effective Average
Rent Per Month
|
||||||||||||
Riverwood Apartments
|
Indianapolis, IN
|
1977
|
90.8 | % | 120 | 1,106 | $ | 793 | ||||||||||
Woodbridge at Castleton
|
Indianapolis, IN
|
1980
|
93 | % | 318 | 882 | $ | 689 | ||||||||||
Scandia
|
Indianapolis, IN
|
1979
|
94 | % | 444 | 1,132 | $ | 758 | ||||||||||
Autumn Woods
|
Indianapolis, IN
|
1978
|
98 | % | 424 | 959 | $ | 690 | ||||||||||
Core Riverbend
|
Indianapolis, IN
|
1982
|
93 | % | 996 | 821 | $ | 664 | ||||||||||
Woods Edge Apartments
|
Indianapolis, IN
|
1981
|
99 | % | 190 | 875 | $ | 653 |
(1)
|
Source: Appraisal
|
Woods Edge Apartments - Competitive Set(1)
|
||||||||||||||||||
Property Name
|
Location
|
Year Built
|
Occupancy
|
Number of Units
|
Average Unit
Size (Sq. Ft.)
|
Effective Average
Rent Per Month
|
||||||||||||
Woods Edge Apartments
|
Indianapolis, IN
|
1981
|
98.9 | % | 190 | 875 | $ | 653 | ||||||||||
Avery Point Apartments
|
Indianapolis, IN
|
1980
|
97 | % | 512 | 912 | $ | 739 | ||||||||||
The Masters
|
Indianapolis, IN
|
1986
|
94 | % | 400 | 880 | $ | 742 | ||||||||||
Autumn Woods Apartments
|
Indianapolis, IN
|
1978
|
98 | % | 424 | 959 | $ | 690 | ||||||||||
Riverwood Apartments
|
Indianapolis, IN
|
1978
|
91 | % | 120 | 1,106 | $ | 793 | ||||||||||
Woodbridge at Castleton
|
Indianapolis, IN
|
1980
|
93 | % | 318 | 882 | $ | 689 |
(1)
|
Source: Appraisal
|
Cash Flow Analysis
|
||||||||||||||||||||
2009
|
2010
|
T-12 9/30/2011
|
U/W |
U/W per Unit
|
||||||||||||||||
Gross Potential Rent
|
$ | 13,613,403 | $ | 13,869,758 | $ | 13,914,227 | $ | 13,982,318 | $ | 6,649 | ||||||||||
Total Recoveries
|
727,055 | 793,212 | 843,696 | 843,696 | 401 | |||||||||||||||
Total Other Income
|
691,498 | 698,496 | 805,892 | 804,037 | 382 | |||||||||||||||
Less: Vacancy & Credit Loss
|
(1,947,180 | ) | (1,948,508 | ) | (1,671,567 | ) | (1,739,641 | ) | (827 | ) | ||||||||||
Effective Gross Income
|
$ | 13,084,777 | $ | 13,412,958 | $ | 13,892,248 | $ | 13,890,410 | $ | 6,605 | ||||||||||
Total Operating Expenses
|
7,121,623 | 7,287,406 | 7,512,594 | 7,893,009 | 3,753 | |||||||||||||||
Net Operating Income
|
$ | 5,963,154 | $ | 6,125,553 | $ | 6,379,655 | $ | 5,997,401 | $ | 2,852 | ||||||||||
Capital Expenditures
|
0 | 0 | 0 | 710,990 | 338 | |||||||||||||||
Net Cash Flow
|
$ | 5,963,154 | $ | 6,125,553 | $ | 6,379,655 | $ | 5,286,411 | $ | 2,514 | ||||||||||
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
Indianapolis, IN
|
Collateral Asset Summary
Hampshire Multifamily Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$54,793,389
65.9%
1.32x
10.9%
|
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
Mortgage Loan Information
|
Property Information | ||||||||
Loan Seller(1):
|
GLAC
|
Single Asset / Portfolio:
|
Single Asset
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Regional Mall
|
||||||
Sponsor:
|
CBL & Associates Properties, Inc.
|
Collateral:
|
Fee Simple
|
||||||
Borrower:
|
Alamance Crossing CMBS, LLC
|
Location:
|
Burlington, NC
|
||||||
Original Balance:
|
$50,800,000
|
Year Built / Renovated:
|
2006 / 2008
|
||||||
Cut-off Date Balance:
|
$50,454,122
|
Total Sq. Ft.:
|
684,498
|
||||||
% by Initial UPB:
|
5.4%
|
Total Collateral Sq. Ft.(4):
|
456,989
|
||||||
Interest Rate:
|
5.8300%
|
Property Management:
|
CBL & Associates
Management, Inc.
|
||||||
Payment Date:
|
1st of each month
|
||||||||
First Payment Date:
|
September 1, 2011
|
Underwritten NOI:
|
$5,169,275
|
||||||
Maturity Date:
|
July 1, 2021
|
Underwritten NCF:
|
$4,857,350
|
||||||
Amortization:
|
360 months
|
Appraised Value:
|
$72,670,000
|
||||||
Additional Debt:
|
None
|
Appraisal Date:
|
April 20, 2011
|
||||||
Call Protection:
|
L(31), D(83), O(5)
|
||||||||
Lockbox / Cash Management:
|
Hard / Springing
|
Historical NOI
|
|||||||
TTM NOI:
|
$5,972,814 (T-12 November 30, 2011)
|
||||||||
Reserves(2)
|
2010 NOI:
|
$5,988,307 (December 31, 2010)
|
|||||||
Initial
|
Monthly
|
2009 NOI:
|
$5,683,662 (December 31, 2009)
|
||||||
Taxes:
|
$334,788
|
$41,849
|
2008 NOI:
|
$3,802,792 (December 31, 2008)
|
|||||
Insurance:
|
$0
|
$0
|
|||||||
Replacement:
|
$0
|
$4,199
|
Historical Occupancy(4)
|
||||||
TI/LC:
|
$0
|
$27,990
|
Current Occupancy:
|
84.3% (November 23, 2011)
|
|||||
2010 Occupancy:
|
91.2% (December 31, 2010)
|
||||||||
Financial Information
|
2009 Occupancy:
|
91.7% (December 31, 2009)
|
|||||||
Cut-off Date Balance / Sq. Ft.(3):
|
$110
|
2008 Occupancy:
|
86.7% (December 31, 2008)
|
||||||
Balloon Balance / Sq. Ft.(3):
|
$94
|
(1) | In July 2011, Regions Bank originated the $50.8 million loan, which was then purchased by GLAC on the same day. |
||||||
Cut-off Date LTV:
|
69.4%
|
||||||||
Balloon LTV:
|
59.1%
|
(2) | See “Initial Reserves” herein and “Ongoing Reserves” herein. | ||||||
Underwritten NOI DSCR:
|
1.44x
|
(3) | Based on the Total Collateral Sq. Ft. of 456,989. | ||||||
Underwritten NCF DSCR:
|
1.35x
|
(4) | Excludes JCPenney (102,826 sq. ft.) and Dillard’s (124,683 sq. ft.), which are not part of the collateral. |
||||||
Underwritten NOI Debt Yield:
|
10.2%
|
||||||||
Underwritten NCF Debt Yield:
|
9.6%
|
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
Anchor and Major Tenant Summary
|
||||||||||||||||||||||
Anchor Tenants
|
Ratings
Fitch/Moody’s/S&P(1)
|
Total
Sq. Ft.
|
% of Total
Sq. Ft.
|
Lease
Expiration
|
Total Sales (000s)(2)
|
Sales PSF
|
Occupancy Cost
(% of Sales)
|
|||||||||||||||
Belk
|
NR/NR/NR
|
96,485 | 21.1 | % |
10/16/2027
|
$ | 12,600 | $ | 131 | 4.7 | % | |||||||||||
Hobby Lobby
|
NR/NR/NR
|
52,500 | 11.5 | % |
5/31/2024
|
NAP
|
NAP
|
NAP
|
||||||||||||||
Carousel Cinemas
|
NR/NR/NR
|
52,000 | 11.4 | % |
6/30/2028
|
$ | 5,254 | $ | 101 | 13.0 | % | |||||||||||
Subtotal
|
200,985 | 44.0 | % | $ | 120 | 7.6 | % | |||||||||||||||
Non-Collateral Anchors
|
||||||||||||||||||||||
Dillard’s
|
BB/B2 /BB-
|
124,683 |
NAP
|
NAP
|
$ | 15,000 | $ | 120 |
NAP
|
|||||||||||||
JCPenney
|
BBB-/NR/BB+
|
102,826 |
NAP
|
NAP
|
$ | 7,400 | $ | 72 |
NAP
|
|||||||||||||
Subtotal
|
227,509 |
NAP
|
$ | 98 |
NAP
|
|||||||||||||||||
Major In-Line Tenants
|
||||||||||||||||||||||
Barnes and Noble
|
NR/NR/NR
|
26,848 | 5.9 | % |
7/31/2017
|
$ | 4,364 | $ | 163 | 9.4 | % | |||||||||||
Victoria’s Secret
|
BB+/Ba2/BB+
|
8,090 | 1.8 | % |
1/31/2018
|
$ | 2,087 | $ | 258 | 12.2 | % | |||||||||||
Subtotal
|
34,938 | 7.6 | % | $ | 185 | 10.0 | % | |||||||||||||||
Other In-line Tenants
|
126,299 | 27.6 | % | |||||||||||||||||||
Restaurants (3)
|
23,000 | 5.0 | % | |||||||||||||||||||
Total Occupied Collateral
|
385,222 | 84.3 | % | |||||||||||||||||||
Vacant
|
71,767 | 15.7 | % | |||||||||||||||||||
Total(4)
|
456,989 | 100.0 | % | |||||||||||||||||||
(1)
|
Certain ratings may be those of the parent company whether or not the parent company guarantees the lease.
|
(2)
|
Total Sales and Sales PSF for all tenants listed above are as of year-end 2011, except Belk, Dillard’s and JCPenney are as of year-end 2010.
|
(3)
|
Includes 12,200 sq. ft. of restaurant tenants that are on a ground lease.
|
(4)
|
Does not include non-collateral anchor tenants.
|
Lease Rollover Schedule
|
||||||||||||||||||||||||||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W Base Rent
Per Sq. Ft.
|
% U/W Base Rent
Rolling
|
Cumulative %
of U/W
Base Rent
|
||||||||||||||||||||||||
MTM
|
0 | 0 | 0.0 | % | 0 | 0.0 | % | $ | 0.00 | 0.0 | % | 0.0 | % | |||||||||||||||||||
2012
|
8 | 18,270 | 4.0 | % | 18,270 | 4.0 | % | $ | 27.68 | 9.2 | % | 9.2 | % | |||||||||||||||||||
2013
|
3 | 9,640 | 2.1 | % | 27,910 | 6.1 | % | $ | 24.01 | 4.2 | % | 13.4 | % | |||||||||||||||||||
2014
|
2 | 10,529 | 2.3 | % | 38,439 | 8.4 | % | $ | 31.19 | 6.0 | % | 19.3 | % | |||||||||||||||||||
2015
|
0 | 0 | 0.0 | % | 38,439 | 8.4 | % | $ | 0.00 | 0.0 | % | 19.3 | % | |||||||||||||||||||
2016
|
1 | 4,064 | 0.9 | % | 42,503 | 9.3 | % | $ | 10.00 | 0.7 | % | 20.1 | % | |||||||||||||||||||
2017
|
7 | 42,955 | 9.4 | % | 85,458 | 18.7 | % | $ | 19.10 | 14.9 | % | 34.9 | % | |||||||||||||||||||
2018
|
12 | 53,987 | 11.8 | % | 139,445 | 30.5 | % | $ | 21.46 | 21.0 | % | 56.0 | % | |||||||||||||||||||
2019
|
5 | 17,792 | 3.9 | % | 157,237 | 34.4 | % | $ | 26.20 | 8.5 | % | 64.4 | % | |||||||||||||||||||
2020
|
1 | 6,000 | 1.3 | % | 163,237 | 35.7 | % | $ | 18.60 | 2.0 | % | 66.5 | % | |||||||||||||||||||
2021
|
0 | 0 | 0.0 | % | 163,237 | 35.7 | % | $ | 0.00 | 0.0 | % | 66.5 | % | |||||||||||||||||||
2022
|
2 | 9,300 | 2.0 | % | 172,537 | 37.8 | % | $ | 14.73 | 2.5 | % | 68.9 | % | |||||||||||||||||||
Thereafter
|
12 | 212,685 | 46.5 | % | 385,222 | 84.3 | % | $ | 8.05 | 31.1 | % | 100.0 | % | |||||||||||||||||||
Vacant
|
NAP
|
71,767 | 15.7 | % | 456,989 | 100.0 | % |
NAP
|
NAP
|
|||||||||||||||||||||||
Total / Wtd. Avg.
|
53 | 456,989 | 100.0 | % | $ | 14.31 | 100.0 | % |
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
Sources and Uses
|
|||||||||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||||||||||
Loan Amount
|
$ | 50,800,000 | 96.4 | % |
Loan Payoff
|
$ | 51,963,364 | 98.6 | % | ||||||||
Sponsor Equity
|
1,906,847 | 3.6 | % |
Reserves
|
334,788 | 0.6 | % | ||||||||||
Closing Costs
|
408,695 | 0.8 | % | ||||||||||||||
Total Sources
|
$ | 52,706,847 | 100.0 | % |
Total Uses
|
$ | 52,706,847 | 100.0 | % |
Historical Sales PSF/Screen(1)
|
||||||||||||||||
2008
|
2009
|
2010
|
2011
|
|||||||||||||
Belk
|
$ | 136 | $ | 125 | $ | 131 |
NAV
|
|||||||||
Carousel Cinemas(2)
|
$ | 140,810 | (3) | $ | 326,179 | $ | 324,112 | $ | 328,353 | |||||||
In-Line Tenants(4)
|
NAV
|
$ | 198 | $ | 219 | $ | 218 | |||||||||
(1)
|
Historical Sales PSF is based on historical operating statements provided by the borrower.
|
(2)
|
Historical Sales per Screen for Carousel Cinemas is based on 16 screens.
|
(3)
|
Sales presented above for Carousel Cinemas tenant for 2008 are for a partial year, as the tenant’s lease commencement date is July 1, 2008.
|
(4)
|
In-Line Tenants sales for comparable in-line tenants only.
|
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
Competitive Set(1)
|
||||||
Name
|
Friendly Shopping
Center |
Shops at
Friendly Center |
Tanger Factory
Outlets |
Burlington Mall
|
University
Crossing |
Huffman Mill
Plaza |
Distance from Subject
|
18 miles
|
18 miles
|
15 miles
|
2 miles
|
Adjacent to subject
|
1 mile
|
Property Type
|
Regional Center
|
Lifestyle Center
|
Outlet Center
|
Regional Mall
|
Power Center
|
Community Center
|
Owner
|
CBL & Associates Properties, Inc.
|
CBL & Associates Properties, Inc.
|
NAV
|
NAV
|
NAV
|
NAV
|
Year Built / Renovated
|
1957 / 1996
|
2006-2008 / NAP
|
2010 / NAP
|
1969 / 2004
|
2005 / NAP
|
1988 / 1993
|
Size (Sq. Ft.)
|
953,149
|
307,419
|
318,990
|
415,944
|
233,746
|
200,000
|
Anchors / Major Tenants
|
Barnes & Noble, Belk, Grande Cinema, Macy’s, Sears
|
Harris Teeter, REI, DSW
|
Saks Fifth Avenue, J. Crew, Banana Republic, Polo Ralph Lauren, Gap
|
Sears
|
Target, Best Buy, Michael’s Stores, PetsMart, Old Navy, Ross Stores, Bed Bath & Beyond
|
WalMart Supercenter
|
(1)
|
Source: Appraisal
|
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
Cash Flow Analysis
|
||||||||||||||||||||
2009
|
2010
|
T-12 11/30/2011
|
U/W |
U/W PSF
|
||||||||||||||||
Base Rent(1)
|
$ | 5,453,670 | $ | 5,589,943 | $ | 5,646,857 | $ | 7,224,709 | $ | 15.81 | ||||||||||
Total Recoveries
|
1,870,173 | 1,794,157 | 1,832,009 | 1,884,447 | 4.12 | |||||||||||||||
Total Other Income
|
244,314 | 373,145 | 345,531 | 406,364 | 0.89 | |||||||||||||||
Less: Vacancy & Credit Loss(2)
|
(6,396 | ) | (1,088 | ) | 0 | (2,199,803 | ) | (4.81 | ) | |||||||||||
Effective Gross Income
|
$ | 7,561,761 | $ | 7,756,157 | $ | 7,824,397 | $ | 7,315,718 | $ | 16.01 | ||||||||||
Total Operating Expenses
|
1,878,099 | 1,767,850 | 1,851,582 | 2,146,443 | 4.70 | |||||||||||||||
Net Operating Income
|
$ | 5,683,662 | $ | 5,988,307 | $ | 5,972,814 | $ | 5,169,275 | $ | 11.31 | ||||||||||
TI/LC
|
0 | 0 | 0 | 220,527 | 0.48 | |||||||||||||||
Capital Expenditures
|
0 | 0 | 0 | 91,398 | 0.20 | |||||||||||||||
Net Cash Flow
|
$ | 5,683,662 | $ | 5,988,307 | $ | 5,972,814 | $ | 4,857,350 | $ | 10.63 | ||||||||||
(1)
|
U/W Base Rent includes value of vacant space.
|
(2)
|
U/W Vacancy and Credit Loss is 18.0%, with additional adjustments made to U/W rents, including mark downs to market levels and U/W rent reductions to meet certain sustainable occupancy cost thresholds.
|
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
1080 Piper Lane
Burlington, NC 27215
|
Collateral Asset Summary
Alamance Crossing
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$50,454,122
69.4%
1.35x
10.2%
|
|
|
835 East Imperial Highway and 1647 East Imperial Highway
Brea, CA 92821
|
Collateral Asset Summary
Brea Plaza Shopping Center
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$43,451,656
65.8%
1.22x
9.6%
|
835 East Imperial Highway and 1647 East Imperial Highway
Brea, CA 92821
|
Collateral Asset Summary
Brea Plaza Shopping Center
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$43,451,656
65.8%
1.22x
9.6%
|
Mortgage Loan Information
|
Property Information
|
||||||||
Loan Seller:
|
LCF
|
Single Asset / Portfolio:
|
Single Asset
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Anchored Retail
|
||||||
Sponsor:
|
BOSC Realty Advisors LLC
|
Collateral:
|
Fee Simple / Leasehold
|
||||||
Borrower:
|
BPI Brea LLC
|
Location:
|
Brea, CA
|
||||||
Original Balance:
|
$43,500,000
|
Year Built / Renovated:
|
1976 / 1993-1994, 2008-2011
|
||||||
Cut-off Date Balance:
|
$43,451,656
|
Total Sq. Ft.:
|
165,337
|
||||||
% by Initial UPB:
|
4.6%
|
Property Management:
|
Coreland Companies
|
||||||
Interest Rate:
|
6.3220%
|
Underwritten NOI:
|
$4,161,126
|
||||||
Payment Date:
|
6th of each month
|
Underwritten NCF:
|
$3,943,614
|
||||||
First Payment Date:
|
March 6, 2012
|
Appraised Value:
|
$66,000,000
|
||||||
Maturity Date:
|
February 6, 2022
|
Appraisal Date:
|
December 7, 2011
|
||||||
Amortization:
|
360 months
|
||||||||
Additional Debt:
|
None
|
Historical NOI
|
|||||||
Call Protection:
|
L(25), D(91), O(4)
|
TTM NOI:
|
$3,117,192 (T-12 October 31, 2011)
|
||||||
Lockbox / Cash Management:
|
Hard / In Place
|
2010 NOI:
|
NAV
|
||||||
2009 NOI:
|
NAV
|
||||||||
Reserves(1)
|
2008 NOI:
|
NAV
|
|||||||
Initial
|
Monthly
|
||||||||
Taxes:
|
$382,220
|
$76,444
|
Historical Occupancy
|
||||||
Insurance:
|
$63,199
|
$5,745
|
Current Occupancy(2):
|
98.0% (January 4, 2012)
|
|||||
Replacement:
|
$0
|
$2,756
|
2010 Occupancy:
|
NAV
|
|||||
TI/LC:
|
$81,158
|
$13,778
|
2009 Occupancy:
|
NAV
|
|||||
DXL – Casual Male Reserve:
|
$150,225
|
$0
|
2008 Occupancy:
|
NAV
|
|||||
DSW Reserve:
|
$522,500
|
$0
|
(1)
|
See “Initial Reserves” herein and “Ongoing Reserves” herein.
|
|||||
DXL – Casual Male Delivery Reserve:
|
$260,000
|
$0
|
(2)
|
Current Occupancy includes DXL – Casual Male Group andDSW, which have signed leases and are in the process of performing build out of their respective spaces. DXL – Casual Male Group is anticipated to receive their space in April 2012 and DSW is expected to receive their space by July 2012. Rent will commence for DSW three months after delivery and for DXL – Casual Male Group four months after delivery. Each such tenant has the right to terminate its lease if its space is not delivered by October 1, 2012, in the case of DSW, and June 1, 2012, in the case of DXL – Casual Male Group.
|
|||||
DSW Delivery Reserve:
|
$366,450
|
$0
|
|||||||
Free Rent Holdback Reserve:
|
$300,429
|
$0
|
|||||||
Build Out Reserve:
|
$1,099,351
|
$0
|
|||||||
Loftus Channel Completion Reserve:
|
$60,000
|
$0
|
|||||||
Financial Information
|
|||||||||
Cut-off Date Balance / Sq. Ft.:
|
$263
|
||||||||
Balloon Balance / Sq. Ft.:
|
$225
|
||||||||
Cut-off Date LTV:
|
65.8%
|
||||||||
Balloon LTV:
|
56.4%
|
||||||||
Underwritten NOI DSCR:
|
1.28x
|
||||||||
Underwritten NCF DSCR:
|
1.22x
|
||||||||
Underwritten NOI Debt Yield:
|
9.6%
|
||||||||
Underwritten NCF Debt Yield:
|
9.1%
|
||||||||
835 East Imperial Highway and 1647 East Imperial Highway
Brea, CA 92821
|
Collateral Asset Summary
Brea Plaza Shopping Center
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$43,451,656
65.8%
1.22x
9.6%
|
Tenant Summary
|
||||||||||||||||||
Tenant
|
Ratings
(Fitch/Moody’s/S&P)
|
Net Rentable
Area (sq. ft.)
|
% of Net
Rentable Area
|
U/W Base
Rent PSF
|
% of Total
U/W Base Rent
|
Lease
Expiration
|
||||||||||||
Tristone Cinemas
|
NR/NR/NR
|
18,450 | 11.2 | % | $ | 9.59 | 4.1 | % |
7/31/2020
|
|||||||||
Total Wines(2)
|
NR/NR/NR
|
18,013 | 10.9 | % | $ | 16.00 | 6.7 | % |
6/30/2020
|
|||||||||
DSW
|
NR/NR/NR
|
17,450 | 10.6 | % | $ | 21.00 | 8.6 | % |
8/31/2022(1)
|
|||||||||
Mother’s Market
|
NR/NR/NR
|
13,006 | 7.9 | % | $ | 19.25 | 5.9 | % |
8/31/2031
|
|||||||||
Lucille’s Smokehouse
|
NR/NR/NR
|
11,829 | 7.2 | % | $ | 14.58 | 4.0 | % |
3/30/2013
|
|||||||||
Total Major Tenants
|
78,748 | 47.6 | % | $ | 15.93 | 29.3 | % | |||||||||||
Non-Major Tenants
|
83,359 | 50.4 | % | $ | 36.24 | 70.7 | % | |||||||||||
Total Occupied Collateral
|
162,107 | 98.0 | % | $ | 26.37 | 100.0 | % | |||||||||||
Vacant
|
3,230 | 2.0 | % | |||||||||||||||
Total / Wtd. Avg.
|
165,337 | 100.0 | % |
(1)
|
The DSW lease includes a termination option after the 5th lease year (year ending 8/2017) if the gross sales do not exceed $4.0 million in year 5 of the lease term.
|
(2)
|
Total Wines has a right to rent abatement if the Borders space (vacant since September 16, 2011 but leased to DSW and DXL – Casual Male Group and in build-out phase) remains vacant for 270 consecutive days, and a termination right under its lease if the Borders space remains vacant for one year.
|
Lease Rollover Schedule
|
||||||||||||||||||||||||||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W
Base Rent Per Sq. Ft.
|
% U/W Base Rent
Rolling
|
Cumulative %
of U/W
Base Rent
|
||||||||||||||||||||||||
MTM
|
0 | 0 | 0.0 | % | 0 | 0.0 | % | $ | 0.00 | 0.0 | % | 0.0 | % | |||||||||||||||||||
2012
|
0 | 0 | 0.0 | % | 0 | 0.0 | % | $ | 0.00 | 0.0 | % | 0.0 | % | |||||||||||||||||||
2013
|
1 | 11,829 | 7.2 | % | 11,829 | 7.2 | % | $ | 14.58 | 4.0 | % | 4.0 | % | |||||||||||||||||||
2014
|
1 | 7,500 | 4.5 | % | 19,329 | 11.7 | % | $ | 16.13 | 2.8 | % | 6.9 | % | |||||||||||||||||||
2015
|
4 | 8,061 | 4.9 | % | 27,390 | 16.6 | % | $ | 50.50 | 9.5 | % | 16.4 | % | |||||||||||||||||||
2016
|
6 | 10,933 | 6.6 | % | 38,323 | 23.2 | % | $ | 37.80 | 9.7 | % | 26.1 | % | |||||||||||||||||||
2017
|
1 | 4,000 | 2.4 | % | 42,323 | 25.6 | % | $ | 29.00 | 2.7 | % | 28.8 | % | |||||||||||||||||||
2018
|
0 | 0 | 0.0 | % | 42,323 | 25.6 | % | $ | 0.00 | 0.0 | % | 28.8 | % | |||||||||||||||||||
2019
|
1 | 1,365 | 0.8 | % | 43,688 | 26.4 | % | $ | 26.88 | 0.9 | % | 29.6 | % | |||||||||||||||||||
2020
|
6 | 54,655 | 33.1 | % | 98,343 | 59.5 | % | $ | 19.91 | 25.4 | % | 55.1 | % | |||||||||||||||||||
2021
|
6 | 13,549 | 8.2 | % | 111,892 | 67.7 | % | $ | 40.94 | 13.0 | % | 68.0 | % | |||||||||||||||||||
2022
|
2 | 27,450 | 16.6 | % | 139,342 | 84.3 | % | $ | 22.82 | 14.7 | % | 82.7 | % | |||||||||||||||||||
Thereafter
|
3 | 22,765 | 13.8 | % | 162,107 | 98.0 | % | $ | 32.49 | 17.3 | % | 100.0 | % | |||||||||||||||||||
Vacant
|
NAP
|
3,230 | 2.0 | % | 165,337 | 100.0 | % |
NAP
|
NAP
|
|||||||||||||||||||||||
Total / Wtd. Avg.
|
31 | 165,337 | 100.0 | % | $ | 26.37 | 100.0 | % |
835 East Imperial Highway and 1647 East Imperial Highway
Brea, CA 92821
|
Collateral Asset Summary
Brea Plaza Shopping Center
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$43,451,656
65.8%
1.22x
9.6%
|
Sources and Uses
|
|||||||||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||||||||||
Loan Amount
|
$ | 43,500,000 | 99.9 | % |
Loan Payoff
|
$ | 39,300,000 | 90.3 | % | ||||||||
Borrower Equity
|
$ | 40,000 | 0.1 | % |
Prior Loan Reserves Refund
|
($2,756,839 | ) | (6.3 | %) | ||||||||
Loan Reserves
|
$ | 3,285,531 | 7.5 | % | |||||||||||||
Jared Building Purchase
|
$ | 1,500,000 | 3.4 | % | |||||||||||||
Deferred Development Costs
|
$ | 1,098,014 | 2.5 | % | |||||||||||||
Closing Costs
|
$ | 1,113,293 | 2.6 | % | |||||||||||||
Total Sources
|
$ | 43,540,000 | 100.0 | % |
Total Uses
|
$ | 43,540,000 | 100.0 | % |
835 East Imperial Highway and 1647 East Imperial Highway
Brea, CA 92821
|
Collateral Asset Summary
Brea Plaza Shopping Center
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$43,451,656
65.8%
1.22x
9.6%
|
Competitive Set(1)
|
||||||
Name
|
Brea Gateway
Center |
Brea Center
|
Morningside
Plaza |
Imperial Center
East |
Fullerton
University Center |
Fullerton
Crossroads |
Distance from Subject
|
0.5 miles
|
1.1 miles
|
1.4 miles
|
1.7 miles
|
2.0 miles
|
2.2 miles
|
Property Type
|
Community SC
|
Neighborhood SC
|
Neighborhood SC
|
Community SC
|
Community SC
|
Community SC
|
Year Built / Renovated
|
1994
|
1967
|
1992
|
1989
|
1975
|
1970 / 2005
|
Total Occupancy
|
99%
|
98%
|
95%
|
98%
|
100%
|
99%
|
Size (Sq. Ft.)
|
181,854
|
56,945
|
91,209
|
221,224
|
189,000
|
226,000
|
Anchors / Major Tenants
|
Ralph’s, Cost Plus World Market
|
Vons
|
Stater Brothers
|
Albertsons, TJ Maxx, Trader Joe’s
|
Target
|
Ralph’s, Kohl’s
|
(1)
|
Source: Appraisal
|
Cash Flow Analysis
|
||||||||||||
T-12 10/31/2011
|
U/W |
U/W PSF
|
||||||||||
Base Rent(1)
|
$ | 2,944,060 | $ | 4,275,387 | $ | 25.86 | ||||||
Value of Vacant Space
|
0 | 140,201 | 0.85 | |||||||||
Gross Potential Rent
|
$ | 2,944,060 | $ | 4,415,588 | $ | 26.71 | ||||||
Total Recoveries
|
879,230 | 1,695,992 | 10.26 | |||||||||
Total Other Income
|
303,770 | 300,000 | 1.81 | |||||||||
Less: Vacancy(2)
|
0 | (320,579 | ) | (1.94 | ) | |||||||
Effective Gross Income
|
$ | 4,127,060 | $ | 6,091,001 | $ | 36.84 | ||||||
Total Operating Expenses
|
1,009,868 | 1,929,875 | 11.67 | |||||||||
Net Operating Income
|
$ | 3,117,192 | $ | 4,161,126 | $ | 25.17 | ||||||
TI/LC
|
0 | 184,445 | 1.12 | |||||||||
Capital Expenditures
|
0 | 33,067 | 0.20 | |||||||||
Net Cash Flow
|
$ | 3,117,192 | $ | 3,943,614 | $ | 23.85 |
(1)
|
U/W Base Rent includes $24,253 in contractual step rent through November 2012.
|
(2)
|
U/W vacancy of 5.0% of gross income.
|
835 East Imperial Highway and 1647 East Imperial Highway
Brea, CA 92821
|
Collateral Asset Summary
Brea Plaza Shopping Center
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$43,451,656
65.8%
1.22x
9.6%
|
835 East Imperial Highway and 1647 East Imperial Highway
Brea, CA 92821
|
Collateral Asset Summary
Brea Plaza Shopping Center
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$43,451,656
65.8%
1.22x
9.6%
|
Miami, FL
|
Collateral Asset Summary
Rio Apartments and Treetop
Apartments
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$34,462,582
65.4%
1.45x
11.5%
|
Miami, FL
|
Collateral Asset Summary
Rio Apartments and Treetop
Apartments
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$34,462,582
65.4%
1.45x
11.5%
|
Mortgage Loan Information | Property Information | ||||||||
Loan Seller:
|
LCF
|
Single Asset / Portfolio:
|
Two crossed single assets
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Conventional Multifamily
|
||||||
Sponsor:
|
Belinda Meruelo
|
Collateral:
|
Fee Simple
|
||||||
Borrower:
|
Rio Apartments, Inc.; Residences at
107 Ave., Inc. |
Location:
|
Miami, FL
|
||||||
Year Built / Renovated:
|
1971,1974 / NAP
|
||||||||
Original Balance(1):
|
$34,500,000
|
Total Units:
|
557
|
||||||
Cut-off Date Balance(1):
|
$34,462,582
|
Property Management:
|
Self-Managed
|
||||||
% by Initial UPB:
|
3.7%
|
Underwritten NOI:
|
$3,978,909
|
||||||
Interest Rate:
|
6.5000%
|
Underwritten NCF:
|
$3,783,959
|
||||||
Payment Date:
|
6th of each month
|
Appraised Value:
|
$52,700,000
|
||||||
First Payment Date:
|
March 6, 2012
|
Appraisal Date:
|
November 10, 2011
|
||||||
Maturity Date:
|
February 6, 2017
|
||||||||
Amortization:
|
360 months
|
Historical NOI
|
|||||||
Additional Debt:
|
None
|
TTM NOI:
|
$4,461,028 (T-12 November 30, 2011)
|
||||||
Call Protection:
|
YM1(59), O(1)
|
2010 NOI:
|
$3,496,226 (December 31, 2010)
|
||||||
Lockbox / Cash Management:
|
Soft / In Place
|
2009 NOI:
|
$3,741,858 (December 31, 2009)
|
||||||
2008 NOI:
|
$3,114,394 (December 31, 2008)
|
||||||||
Reserves(2) | |||||||||
Initial
|
Monthly
|
Historical Occupancy
|
|||||||
Taxes:
|
$162,720
|
$54,240
|
Current Occupancy:
|
97.8% (November 28, 2011)
|
|||||
Insurance:
|
$189,411
|
$36,324
|
2010 Occupancy:
|
95.1% (December 31, 2010)
|
|||||
Replacement:
|
$0
|
$16,246
|
2009 Occupancy:
|
93.9% (December 31, 2009)
|
|||||
Required Repairs:
|
$537,638
|
NAP
|
2008 Occupancy:
|
93.0% (December 31, 2008)
|
|||||
Debt Service Reserve:
|
$218,064
|
NAP
|
(1)
|
Aggregate balance of two cross-defaulted and cross-collateralized mortgage loans.
|
|||||
Security Deposit Reserve:
|
$485,370
|
$0
|
(2) |
See “Initial Reserves” and “Ongoing Reserves” herein.
|
|||||
|
|||||||||
Financial Information
|
|||||||||
Cut-off Date Balance / Unit:
|
$61,872
|
||||||||
Balloon Balance / Unit:
|
$58,322
|
||||||||
Cut-off Date LTV:
|
65.4%
|
||||||||
Balloon LTV:
|
61.6%
|
||||||||
Underwritten NOI DSCR:
|
1.52x
|
||||||||
Underwritten NCF DSCR:
|
1.45x
|
||||||||
Underwritten NOI Debt Yield:
|
11.5%
|
||||||||
Underwritten NCF Debt Yield:
|
11.0%
|
Property Name
|
Location
|
Units
|
Year Built / Renovated
|
Original Principal Balance
|
Appraised Value
|
Occupancy
|
Rio Apartments
|
Miami, FL
|
294
|
1971 / NAP
|
$18,500,000
|
$27,700,000
|
98.0%
|
Treetop Apartments
|
Miami, FL
|
263
|
1974 / NAP
|
$16,000,000
|
$25,000,000
|
97.7%
|
Total / Wtd. Average:
|
557
|
$34,500,000
|
$52,700,000
|
97.8%
|
Miami, FL
|
Collateral Asset Summary
Rio Apartments and Treetop
Apartments
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$34,462,582
65.4%
1.45x
11.5%
|
Unit Mix – Rio Apartments(1)
|
||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Sq. Ft.
|
Occupied Units
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental Rate
|
||||||||||||||||||
1 Bed / 1 Bath
|
90 | 30.6 | % | 58,950 | 89 | 655 | $ | 923 | ||||||||||||||||
1 Bed / 1.5 Bath
|
95 | 32.3 | % | 86,260 | 92 | 908 | $ | 1,114 | ||||||||||||||||
2 Bed / 1 Bath
|
109 | 37.1 | % | 99,190 | 107 | 910 | $ | 1,116 | ||||||||||||||||
Total / Wtd. Avg.
|
294 | 100.0 | % | 244,400 | 288 | 831 | $ | 1,056 |
(1)
|
Based on an appraiser utilized rent roll dated November 28, 2011.
|
Unit Mix – Treetop Apartments(1)
|
||||||||||||||||||||||||
Unit Type
|
# of Units
|
% of Total
|
Sq. Ft.
|
Occupied Units
|
Average
Unit Size (Sq. Ft.)
|
Average
Monthly Rental Rate
|
||||||||||||||||||
1 Bed / 1 Bath
|
17 | 6.5 | % | 13,141 | 17 | 773 | $ | 893 | ||||||||||||||||
1 Bed / 1.5 Bath
|
140 | 53.2 | % | 130,760 | 136 | 934 | $ | 990 | ||||||||||||||||
2 Bed / 1 Bath
|
70 | 26.6 | % | 68,460 | 68 | 978 | $ | 1,114 | ||||||||||||||||
2 Bed / 1.5 Bath
|
36 | 13.7 | % | 36,504 | 36 | 1,014 | $ | 1,140 | ||||||||||||||||
Total / Wtd. Avg.
|
263 | 100.0 | % | 248,865 | 257 | 946 | $ | 1,037 |
(1)
|
Based on an appraiser utilized rent roll dated November 28, 2011.
|
Sources and Uses – Rio Apartments
|
|||||||||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||||||||||
Loan Amount
|
$ | 18,500,000 | 100 | % |
Loan Payoff
|
$ | 11,211,284 | 60.6 | % | ||||||||
Reserves
|
$ | 1,054,693 | 5.7 | % | |||||||||||||
Cash to Borrower
|
$ | 5,577,765 | 30.2 | % | |||||||||||||
Closing Costs
|
$ | 656,258 | 3.5 | % | |||||||||||||
Total Sources
|
$ | 18,500,000 | 100.0 | % |
Total Uses
|
$ | 18,500,000 | 100.0 | % |
Sources and Uses – Treetop Apartments
|
|||||||||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||||||||||
Loan Amount
|
$ | 16,000,000 | 100 | % |
Loan Payoff
|
$ | 10,540,035 | 65.9 | % | ||||||||
Reserves
|
$ | 538,509 | 3.4 | % | |||||||||||||
Cash to Borrower
|
$ | 4,424,660 | 27.6 | % | |||||||||||||
Closing Costs
|
$ | 496,796 | 3.1 | % | |||||||||||||
Total Sources
|
$ | 16,000,000 | 100.0 | % |
Total Uses
|
$ | 16,000,000 | 100.0 | % |
Miami, FL
|
Collateral Asset Summary
Rio Apartments and Treetop
Apartments
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$34,462,582
65.4%
1.45x
11.5%
|
Miami, FL
|
Collateral Asset Summary
Rio Apartments and Treetop
Apartments
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$34,462,582
65.4%
1.45x
11.5%
|
Competitive Set (1) – Rio Apartments
|
||||
Name
|
Blue Riviera
|
Fontainbleau Milton
|
Vista Verde at
Westchester |
Birchwood
|
Distance from Subject
|
1.4 mi
|
0.8 mi
|
3.3 mi
|
0.6 mi
|
Property Type
|
Garden style
|
High rise
|
Garden style
|
Garden style
|
Year Built / Renovated
|
1986
|
1992
|
1993
|
1972
|
Total Occupancy
|
100%
|
97%
|
94%
|
98%
|
Size (units)
|
310
|
1,351
|
306
|
330
|
(1)
|
Source: Appraisal
|
Competitive Set(1) – Treetop Apartments
|
||||
Name
|
Nob Hill Apartments
|
Harbour Key
|
Wellington Manor
|
Sherwood West
|
Distance from Subject
|
1.4 mi
|
0.9 mi
|
0.5 mi
|
1.0 mi
|
Property Type
|
Garden style
|
Garden style
|
Garden style
|
Garden style
|
Year Built / Renovated
|
1969
|
1969
|
1968
|
1970
|
Total Occupancy
|
99%
|
97%
|
96%
|
92%
|
Size (units)
|
314
|
300
|
205
|
184
|
(1)
|
Source: Appraisal
|
Cash Flow Analysis – Rio Apartments
|
||||||||||||||||||||
2009
|
2010
|
T-12 11/30/2011
|
U/W |
U/W per Unit
|
||||||||||||||||
Gross Potential Rent
|
$ | 3,251,254 | $ | 3,280,102 | $ | 3,342,920 | $ | 3,726,876 | $ | 12,676 | ||||||||||
Total Other Income
|
67,826 | 70,510 | 71,341 | 73,500 | 250 | |||||||||||||||
Less: Vacancy & Credit Loss
|
0 | 0 | 0 | (186,344 | ) | (634 | ) | |||||||||||||
Effective Gross Income
|
$ | 3,319,080 | $ | 3,350,612 | $ | 3,414,261 | $ | 3,614,032 | $ | 12,293 | ||||||||||
Total Operating Expenses
|
1,281,123 | 1,299,947 | 1,004,434 | 1,477,948 | 5,027 | |||||||||||||||
Net Operating Income
|
$ | 2,037,957 | $ | 2,050,664 | $ | 2,409,827 | $ | 2,136,084 | $ | 7,266 | ||||||||||
Capital Expenditures
|
0 | 0 | 0 | 102,900 | 350 | |||||||||||||||
Net Cash Flow
|
$ | 2,037,957 | $ | 2,050,664 | $ | 2,409,827 | $ | 2,033,184 | $ | 6,916 |
Cash Flow Analysis – Treetop Apartments
|
||||||||||||||||||||
2009
|
2010
|
T-12 11/30/2011
|
U/W |
U/W per Unit
|
||||||||||||||||
Gross Potential Rent
|
$ | 2,636,006 | $ | 2,661,737 | $ | 2,828,348 | $ | 3,148,572 | $ | 11,972 | ||||||||||
Total Other Income
|
82,522 | 88,123 | 72,909 | 85,475 | 325 | |||||||||||||||
Less: Vacancy & Credit Loss
|
0 | 0 | 0 | (157,429 | ) | (599 | ) | |||||||||||||
Effective Gross Income
|
$ | 2,718,528 | $ | 2,749,860 | $ | 2,901,257 | $ | 3,076,618 | $ | 11,698 | ||||||||||
Total Operating Expenses
|
1,014,627 | 1,304,298 | 850,056 | 1,233,794 | 4,691 | |||||||||||||||
Net Operating Income
|
$ | 1,703,901 | $ | 1,445,562 | $ | 2,051,201 | $ | 1,842,825 | $ | 7,007 | ||||||||||
Capital Expenditures
|
0 | 0 | 0 | 92,050 | 350 | |||||||||||||||
Net Cash Flow
|
$ | 1,703,901 | $ | 1,445,562 | $ | 2,051,201 | $ | 1,750,775 | $ | 6,657 |
Miami, FL
|
Collateral Asset Summary
Rio Apartments and Treetop
Apartments
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$34,462,582
65.4%
1.45x
11.5%
|
|
|
Miami, FL
|
Collateral Asset Summary
Rio Apartments and Treetop
Apartments
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$34,462,582
65.4%
1.45x
11.5%
|
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller:
|
GLAC
|
Single Asset / Portfolio:
|
Single Asset
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Office / Retail
|
||||
Sponsor:
|
Millcraft Investments, Inc.; Kathleen S.
|
Collateral:
|
Fee Simple
|
||||
Piatt Marital Trust; Jack B. Piatt |
Location:
|
Pittsburgh, PA
|
|||||
Family Trust No. 2; Lucas B. Piatt; |
Year Built / Renovated:
|
1998 / 2006-2007
|
|||||
Piatt Place NMTC Lender, LLC |
Total Sq. Ft.:
|
222,155
|
|||||
Borrower:
|
Piatt Place Downtown Pittsburgh, L.P.
|
Property Management:
|
Millcraft Property Management
|
||||
Original Balance:
|
$33,500,000
|
Services, LLC | |||||
Cut-off Date Balance:
|
$33,500,000
|
Underwritten NOI:
|
$3,404,707
|
||||
% by Initial UPB:
|
3.60%
|
Underwritten NCF:
|
$3,309,898
|
||||
Interest Rate:
|
5.50%
|
Appraised Value(3):
|
$45,100,000
|
||||
Payment Date:
|
6th of each month
|
Appraisal Date:
|
April 1, 2012
|
||||
First Payment Date:
|
6-Apr-12
|
||||||
Maturity Date:
|
6-Mar-22
|
Historical NOI | |||||
Amortization:
|
Interest Only for first 24 months; 360 months thereafter
|
TTM 2011 NOI:
|
$2,167,925 (T-12 October 31, 2011)
|
||||
Additional Debt(1):
|
$16,813,000 Subordinate Debt
|
TTM 2010 NOI:
|
$1,280,550 (T-12 October 31, 2010)
|
||||
Call Protection:
|
L(24), YM1(89), O(7)
|
TTM 2009 NOI:
|
$224,192 (T-12 October 31, 2009)
|
||||
Lockbox / Cash Management:
|
Hard / In Place
|
2008 NOI:
|
NAV
|
Reserves(2) | Historical Occupancy | ||||||
Initial
|
Monthly
|
Current Occupancy(3):
|
93.8% (February 1, 2012)
|
||||
Taxes:
|
$0
|
Springing
|
2010 Occupancy:
|
87.0% (October 31, 2010)
|
|||
Insurance:
|
$0
|
Springing
|
2009 Occupancy:
|
10.4% (October 31, 2009)
|
|||
Replacement:
|
$3,132
|
$3,132
|
2008 Occupancy:
|
NAV
|
|||
TI/LC:
|
$0
|
$0
|
|||||
Phoenix Reserve:
|
$1,250,000
|
$0
|
(1) The Piatt Place Property is encumbered by several subordinated financings structured as
|
||||
subordinate mortgages to qualify for certain tax credits under the New Markets Tax Credits
|
|||||||
Financial Information |
program. See “Description of the Mortgage Pool – Certain Terms and Conditions of the
|
||||||
Cut-off Date Balance / Sq. Ft.:
|
$151
|
Mortgage Loans – New Markets Tax Credits” in the Free Writing Prospectus.
|
|||||
Balloon Balance / Sq. Ft.:
|
$132
|
(2) See “Initial Reserves” and “Ongoing Reserves” herein.
|
|||||
Cut-off Date LTV:
|
74.30%
|
(3) Phoenix tenant has taken occupancy. University of Phoenix has signed a lease, and the
|
|||||
Balloon LTV:
|
65.10%
|
tenant’s space is currently being built-out. $1.25 million was escrowed upfront in a reserve
|
|||||
Underwritten NOI DSCR:
|
1.49x
|
account to cover the costs associated with the tenant build-out of the University of Phoenix space.
|
|||||
Underwritten NCF DSCR:
|
1.45x
|
|
|||||
Underwritten NOI Debt Yield:
|
10.20%
|
||||||
Underwritten NCF Debt Yield:
|
9.90%
|
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
Tenant Summary
|
|||||||
Tenant
|
Ratings
(Fitch/Moody’s/S&P)(1)
|
Net Rentable
Area (Sq. Ft.)
|
% of Net
Rentable Area
|
U/W Base
Rent PSF
|
% of Total
U/W Base Rent
|
Lease
Expiration
|
|
Commonwealth of PA - Department of General Services(2)
|
AA+/Aa1/AA
|
165,500
|
74.5%
|
$10.86
|
57.9%
|
12/31/2029
|
|
University of Phoenix
|
NR/NR/NR
|
15,182
|
6.8%
|
$24.21
|
11.8%
|
12/31/2018
|
|
The Capital Grille
|
BBB/Baa2/BBB
|
10,533
|
4.7%
|
$35.22
|
12.0%
|
8/31/2017
|
|
McCormick & Schmick
|
NR/NR/NR
|
8,918
|
4.0%
|
$36.00
|
10.3%
|
4/30/2018
|
|
Total Major Tenants
|
200,133
|
90.1%
|
$14.28
|
92.1%
|
|||
Non-Major Tenants
|
8,322
|
3.7%
|
$29.50
|
7.9%
|
|||
Total Occupied Collateral
|
208,455
|
93.8%
|
$14.88
|
100.0%
|
|||
Vacant
|
13,700
|
6.2%
|
|||||
Total / Wtd. Avg.
|
222,155
|
100.0%
|
|||||
(1)
|
Certain ratings are those of the parent company whether or not the parent company guarantees the lease.
|
(2)
|
The tenant currently occupies 165,500 sq. ft. or 74.5% of the NRA and has the obligation to add an additional 13,700 sq. ft. or 6.2% of the NRA commencing March 2012. % of Total U/W Base Rent does not include amounts attributable to such additional space.
|
Lease Rollover Schedule
|
||||||||||||||||||||||||||||||||
Year
|
# of
Leases
Expiring
|
Total
Expiring
Sq. Ft.
|
% of Total Sq.
Ft. Expiring
|
Cumulative
Sq. Ft.
Expiring
|
Cumulative % of
Sq. Ft. Expiring
|
Annual U/W Base Rent
Per Sq. Ft.
|
% U/W Base Rent
Rolling
|
Cumulative %
of U/W
Base Rent
|
||||||||||||||||||||||||
MTM
|
0 | 0 | 0.0 | % | 0 | 0.0 | % | $0.00 | 0.0 | % | 0.0 | % | ||||||||||||||||||||
2012
|
0 | 0 | 0.0 | % | 0 | 0.0 | % | $0.00 | 0.0 | % | 0.0 | % | ||||||||||||||||||||
2013
|
0 | 0 | 0.0 | % | 0 | 0.0 | % | $0.00 | 0.0 | % | 0.0 | % | ||||||||||||||||||||
2014
|
0 | 0 | 0.0 | % | 0 | 0.0 | % | $0.00 | 0.0 | % | 0.0 | % | ||||||||||||||||||||
2015
|
1 | 858 | 0.4 | % | 858 | 0.4 | % | $27.04 | 0.7 | % | 0.7 | % | ||||||||||||||||||||
2016
|
0 | 0 | 0.0 | % | 858 | 0.4 | % | $0.00 | 0.0 | % | 0.7 | % | ||||||||||||||||||||
2017
|
2 | 14,087 | 6.3 | % | 14,945 | 6.7 | % | $35.90 | 16.3 | % | 17.0 | % | ||||||||||||||||||||
2018
|
2 | 24,100 | 10.8 | % | 39,045 | 17.6 | % | $28.58 | 22.2 | % | 39.2 | % | ||||||||||||||||||||
2019
|
0 | 0 | 0.0 | % | 39,045 | 17.6 | % | $0.00 | 0.0 | % | 39.2 | % | ||||||||||||||||||||
2020
|
0 | 0 | 0.0 | % | 39,045 | 17.6 | % | $0.00 | 0.0 | % | 39.2 | % | ||||||||||||||||||||
2021
|
1 | 36 | 0.0 | % | 39,081 | 17.6 | % | $280.00 | 0.3 | % | 39.6 | % | ||||||||||||||||||||
2022
|
0 | 0 | 0.0 | % | 39,081 | 17.6 | % | $0.00 | 0.0 | % | 39.6 | % | ||||||||||||||||||||
Thereafter
|
2 | 169,374 | 76.2 | % | 208,455 | 93.8 | % | $11.07 | 60.4 | % | 100.0 | % | ||||||||||||||||||||
Vacant
|
NAP
|
13,700 | 6.2 | % | 222,155 | 100.0 | % |
NAP
|
NAP
|
|||||||||||||||||||||||
Total / Wtd. Avg.
|
8 | 222,155 | 100.0 | % | $ | 14.88 | 100.0 | % |
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
Sources and Uses
|
|||||||||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||||||||||
Loan Amount
|
$ | 33,500,000 | 100.0 | % |
Loan Payoff
|
$ | 30,063,476 | 89.7 | % | ||||||||
Reserves
|
1,253,132 | 3.7 | % | ||||||||||||||
Closing Costs
|
595,047 | 1.8 | % | ||||||||||||||
Cash to Borrower
|
1,588,345 | 4.7 | % | ||||||||||||||
Total Sources
|
$ | 33,500,000 | 100.0 | % |
Total Uses
|
$ | 33,500,000 | 100.0 | % |
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
Competitive Set(1)
|
||||||
Name
|
US Steel Building
|
K&L Gates Centre
|
Six PPG
|
One PPG
|
EQT Tower
|
11 Stanwix Street
|
Distance from Subject
|
< 1 mile
|
< 1 mile
|
< 1 mile
|
< 1 mile
|
< 1 mile
|
< 1 mile
|
Property Type
|
Office
|
Office
|
Office
|
Office
|
Office
|
Office
|
Year Built / Renovated
|
1971
|
1968
|
1983
|
1983
|
1987
|
1970
|
Total Occupancy
|
93%
|
87%
|
85%
|
78%
|
95%
|
92%
|
Size (Sq. Ft.)
|
2,336,272
|
637,698
|
306,439
|
899,823
|
615,942
|
432,238
|
Anchors / Major Tenants
|
UPMC
|
K&L Gates
|
PPG
|
PPG
|
EQT
|
First Niagara
|
(1)
|
Source: Appraisal
|
Cash Flow Analysis
|
||||||||||||||||||||
10/31/2009
|
10/31/2010
|
10/31/2011
|
U/W |
U/W PSF
|
||||||||||||||||
Base Rent(1)
|
$ | 1,018,729 | $ | 3,185,724 | $ | 4,393,584 | $ | 3,251,322 | $ | 14.64 | ||||||||||
Value of Vacant Space
|
0 | 0 | 0 | 0 | 0.00 | |||||||||||||||
Gross Potential Rent
|
$ | 1,018,729 | $ | 3,185,724 | $ | 4,393,584 | $ | 3,251,322 | $ | 14.64 | ||||||||||
Total Recoveries(2)
|
0 | 0 | 0 | 2,491,513 | 11.22 | |||||||||||||||
Total Other Income
|
0 | 0 | 0 | 50,000 | 0.23 | |||||||||||||||
Less: Vacancy(3)
|
0 | 0 | 0 | (214,808 | ) | (0.97 | ) | |||||||||||||
Effective Gross Income
|
$ | 1,018,729 | $ | 3,185,724 | $ | 4,393,584 | $ | 5,578,027 | $ | 25.11 | ||||||||||
Total Operating Expenses
|
794,537 | 1,905,174 | 2,225,659 | 2,173,320 | 9.78 | |||||||||||||||
Net Operating Income
|
$ | 224,192 | $ | 1,280,550 | $ | 2,167,925 | $ | 3,404,707 | $ | 15.33 | ||||||||||
TI/LC
|
46,665 | 165,267 | 196,478 | 50,378 | 0.23 | |||||||||||||||
Capital Expenditures
|
0 | 0 | 0 | 44,431 | 0.20 | |||||||||||||||
Net Cash Flow
|
$ | 177,527 | $ | 1,115,283 | $ | 1,971,447 | $ | 3,309,898 | $ | 14.90 |
(1)
|
U/W Base Rent assumes that the University of Phoenix tenant has commenced rent payments.
|
(2)
|
Historic operating statements do not adequately breakout reimbursement income. Recoveries have been modeled individually through an analysis of each individual lease.
|
(3)
|
Underwritten Vacancy is 3.7% of Gross Potential Rent, Total Recoveries and Other Income, based on an underwritten vacancy of 2.0% for the Commonwealth of Pennsylvania – Department of General Services, and 8.4% for all other tenants, which is in line with the submarket vacancy.
|
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
301 Fifth Avenue
Pittsburgh, PA 15222
|
Collateral Asset Summary
Piatt Place
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$33,500,000
74.3%
1.45x
10.2%
|
1 Susquehanna Valley Mall Drive
Selinsgrove, PA 17870
|
Collateral Asset Summary
Susquehanna Valley Mall
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$27,895,902
64.9%
1.94x
15.8%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Single Asset
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Regional Mall
|
||||
Sponsor:
|
Alma O. Cohen; Edwin Lakin; Albert Boscov; Mid-Island Properties, Inc.
|
Collateral:
|
Fee Simple
|
||||
Borrower:
|
Susquehanna Valley Mall Associates, L.P.
|
Location:
|
Selinsgrove, PA
|
||||
Original Balance:
|
$27,950,000
|
Year Built / Renovated:
|
1977 / 1998
|
||||
Cut-off Date Balance:
|
$27,895,902
|
Total Sq. Ft.:
|
744,790
|
||||
% by Initial UPB:
|
3.00%
|
Total Collateral Sq. Ft.(5):
|
628,063
|
||||
Interest Rate:
|
6.16%
|
Property Management:
|
PREIT-Rubin, Inc.
|
||||
Payment Date:
|
6th of each month
|
Underwritten NOI:
|
$4,398,476
|
||||
First Payment Date:
|
6-Feb-12
|
Underwritten NCF:
|
$3,964,818
|
||||
Maturity Date:
|
6-Jan-22
|
Appraised Value:
|
$43,000,000
|
||||
Amortization:
|
360 months
|
Appraisal Date:
|
October 11, 2011
|
||||
Additional Debt:
|
None
|
||||||
Call Protection:
|
L(26), D(90), O(4)
|
Historical NOI | |||||
Lockbox / Cash Management(1):
|
Hard / Springing
|
TTM NOI:
|
$4,132,081 (T-12 August 31, 2011)
|
||||
2010 NOI:
|
$4,042,399 (December 31, 2010)
|
||||||
Reserves |
2009 NOI:
|
$4,551,774 (December 31, 2009)
|
|||||
Initial
|
Monthly
|
2008 NOI:
|
$5,133,826 (December 31, 2008)
|
||||
Taxes:
|
$238,948
|
$89,218
|
|||||
Insurance:
|
$132,776
|
$12,071
|
Historical Occupancy(6) | ||||
Replacement:
|
$0
|
$18,842
|
Current Occupancy(4)(5):
|
94.7% (December 31, 2011)
|
|||
TI/LC(2):
|
$0
|
$31,250
|
2010 Occupancy:
|
96.1% (December 31, 2010)
|
|||
Required Repairs
|
$55,375
|
NAP
|
2009 Occupancy:
|
95.1% (December 31, 2009)
|
|||
Accretive Leasing(3):
|
$1,075,000
|
$0
|
2008 Occupancy:
|
96.1% (December 31, 2008)
|
|||
(1) |
Cash management will be triggered upon (i) an event of default, (ii) DSCR less than 1.20x, (iii) a “Partial Lease Sweep Period”, commencing 12 months prior to the end of any anchor tenant lease, or (iv) a “Full Lease Sweep Period”, commencing when any anchor tenant vacates the premises, terminates or cancels its lease, or discontinues its business, provided that either (a) non-anchor tenant occupancy is less than 85% or (b) remaining DSCR is less than either (x) 1.45x if there is less than $500,000 in the TI/LC account, or (y) 1.35x if there is $500,000 or more in the TI/LC account.
|
||||||
Financial Information | |||||||
Cut-off Date Balance / Sq. Ft.(4):
|
$44
|
||||||
Balloon Balance / Sq. Ft.(4):
|
$38
|
||||||
Cut-off Date LTV:
|
64.90%
|
||||||
Balloon LTV:
|
55.40%
|
(2) |
Beginning in year 3 of the loan term, so long as no Partial or Full Lease Sweep Period is in effect and Bon-Ton and Weis Markets have exercised their extension options, the TI/LC reserve is subject to a cap of $750,000.
|
||||
Underwritten NOI DSCR:
|
2.15x
|
(3) |
The Accretive Leasing reserve will be used for TI/LCs on vacant space or to enable short term leases to be converted into permanent leases. Funds will be released provided: (i) in-line occupancy is at least 85%, (ii) annualized in-line sales for reporting tenants are at least $240 PSF, (iii) the debt yield exceeds 11.0% and
(iv) the lease for the proposed tenant is not less than $10 PSF for at least four years and otherwise provides for terms comparable to existing local market rates.
|
||||
Underwritten NCF DSCR:
|
1.94x
|
||||||
Underwritten NOI Debt Yield:
|
15.80%
|
||||||
Underwritten NCF Debt Yield:
|
14.20%
|
||||||
(4) |
Based on Total Collateral Sq. Ft. of 628,063.
|
||||||
(5) |
Excludes Applebee’s (4,738 sq. ft.), Friendly’s (3,950 sq. ft.), Sears (106,206 sq. ft.) and Taco Bell (1,833 sq. ft.), all of which own their improvements. Including these tenants, overall mall occupancy is 95.5%.
|
||||||
(6) |
Historical occupancy is based on the total mall square footage of 744,790.
|
TRANSACTION HIGHLIGHTS
|
§
|
Stable Tenancy. Susquehanna Valley Mall is 94.7% leased (based on Total Collateral Sq. Ft.) to approximately 69 tenants, with three of the five largest tenants having been in place since the late 1970s. Occupancy has remained steady, averaging 95.8% since 2007 and the mall has an overall occupancy cost as of August 2011 of 5.9%, with in-line tenants having an occupancy cost of 9.3%.
|
§
|
Experienced Sponsorship. The sponsors are well capitalized, with a combined net worth in excess of $164 million, and contributed approximately $2.54 million of fresh equity as part of the loan refinancing. In addition, the property manager is a subsidiary of Pennsylvania Real Estate Investment Trust (“PREIT”), one of the first equity REITs in the United States. PREIT is headquartered in Philadelphia, Pennsylvania and has a primary investment focus on retail shopping malls. PREIT’s portfolio consists of 49 retail properties in 13 states, totaling over 34 million square feet.
|
§
|
Environmental Insurance. In connection with the existence of certain underground hydraulic lifts located on the property, the Borrower obtained a $2 million Zurich Lender Environmental Collateral Protection Policy that expires 2 years after the term of the loan. The policy premiums have been paid in full.
|
6205-6477 Pats Ranch Road
Mira Loma, CA 91752
|
Collateral Asset Summary
Vernola Marketplace
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$23,561,921
53.8%
1.83x
13.0%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Single Asset
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Anchored Retail
|
||||
Sponsor:
|
Vestar Development Co.; Rockwood V REIT,
|
Collateral:
|
Fee Simple
|
||||
Inc.; Equity One, Inc. |
Location:
|
Mira Loma, CA
|
|||||
Borrower:
|
Vernola Marketplace, LLC
|
Year Built / Renovated:
|
2007 / NAP
|
||||
Original Balance:
|
$23,750,000
|
Total Sq. Ft.:
|
210,963
|
||||
Cut-off Date Balance:
|
$23,561,921
|
Property Management:
|
Vestar Properties, Inc.
|
||||
% by Initial UPB:
|
2.50%
|
Underwritten NOI:
|
$3,068,823
|
||||
Interest Rate:
|
5.11%
|
Underwritten NCF:
|
$2,836,941
|
||||
Payment Date:
|
6th of each month
|
“As-Is” Appraised Value:
|
$43,800,000
|
||||
First Payment Date:
|
6-Sep-11
|
“As-Is” Appraisal Date:
|
25-Jun-11
|
||||
Maturity Date:
|
6-Aug-21
|
“As Stabilized” Appraised Value(5):
|
$44,800,000
|
||||
Amortization:
|
360 Months
|
“As Stabilized” Appraisal Date(5):
|
December 25, 2012
|
||||
Additional Debt(1):
|
Future Mezzanine
|
||||||
Call Protection:
|
L(11), YM1(105), O(4)
|
Historical NOI | |||||
Lockbox / Cash Management:
|
Hard / In Place
|
TTM NOI:
|
$3,017,293 (YTD October 31, 2011 Ann.)
|
||||
2010 NOI:
|
$3,195,868 (December 31, 2010)
|
||||||
Reserves |
2009 NOI:
|
$3,628,225 (December 31, 2009)
|
|||||
Initial
|
Monthly
|
2008 NOI:
|
$3,807,037 (December 31, 2008)
|
||||
Taxes:
|
$140,947
|
$46,947
|
|||||
Insurance(2):
|
$0
|
Springing
|
Historical Occupancy(4) | ||||
Replacement(3):
|
$0
|
$4,396
|
Current Occupancy:
|
82.9% (October 31, 2011)
|
|||
TI/LC:
|
$46,309
|
$14,928
|
2010 Occupancy:
|
81.9% (December 31, 2010)
|
|||
2009 Occupancy:
|
76.9% (December 31, 2009)
|
||||||
Financial Information |
2008 Occupancy:
|
81.4% (December 31, 2008)
|
|||||
Cut-off Date Balance / Sq. Ft.:
|
$112
|
(1) Future mezzanine debt is permitted provided, among other things, the combined LTV is not greater than
|
|||||
Balloon Balance / Sq. Ft.:
|
$93
|
65%, the combined DSCR is not less than 1.50x and the combined debt yield is not less than 10.8%.
|
|||||
Cut-off Date LTV:
|
53.80%
|
(2) If an acceptable blanket policy is not in place, monthly deposits equal to 1/12 of
|
|||||
Balloon LTV:
|
44.70%
|
the annual insurance premium are required.
|
|||||
Underwritten NOI DSCR:
|
1.98x
|
(3) Replacement reserve cap of $158,250.
|
|||||
Underwritten NCF DSCR:
|
1.83x
|
(4) Historical Occupancy excludes Lowe’s Home Improvement Warehouse (“Lowe’s”), which is a shadow
|
|||||
Underwritten NOI Debt Yield:
|
13.00%
|
anchor and not collateral for the loan. Including Lowe’s, the shopping center is 90.6% occupied. In addition,
|
|||||
Underwritten NCF Debt Yield:
|
12.00%
|
occupancy includes Michael’s Stores (“Michael’s”), which lease contains a prohibition against selling or
|
|||||
leasing space to a gym/health club. This covenant was breached when the borrower entered into a lease with
|
|||||||
Fitness 19 in March 2010. Michael’s lease provides that, after certain time periods, it may reduce its rent or
|
|||||||
terminate its lease after providing notice of the violation to the landlord. Michael’s has not notified the
|
|||||||
landlord of the breach or of any intention to exercise remedies under its lease. Michael’s reported 2010 sales
|
|||||||
of $144 PSF and an occupancy cost ratio of 15.4%.
|
|||||||
(5) “As Stabilized” LTV is 52.6% assuming a stabilized occupancy of 94.0%.
|
TRANSACTION HIGHLIGHTS
|
§
|
Credit Tenants. The tenant mix consists of approximately 30 tenants, with 29.1% of the center’s Total Sq. Ft. occupied by investment grade tenants that include Bed Bath & Beyond (NR/NR/BBB+ by Fitch/Moody’s/S&P), Ross Stores (NR/NR/BBB+ by Fitch/Moody’s/S&P) and H&R Block (NR/NR/BBB by Fitch/Moody’s/S&P).
|
§
|
Experienced Sponsorship. Vestar Development Co., Rockwood V REIT, Inc. and Equity One, Inc. collectively have a net worth of approximately $1.7 billion and liquidity of approximately $39 million. As of September 30, 2011, the Equity One, Inc. portfolio comprised 199 properties totaling approximately 20.7 million square feet, including 176 shopping centers. Since the acquisition in December 2010, the sponsors have executed three new leases with Five Guys Burgers, Subway, and Health Source.
|
§
|
Strong Credit Metrics. The Vernola Marketplace loan has a 53.8% Cut-off Date LTV, 1.83x Underwritten NCF DSCR and a 13.0% Underwritten NOI Debt Yield.
|
§
|
Location. The Vernola Marketplace property has frontage along the Interstate 15 Freeway at a major off ramp with good visibility and access. Interstate 15 averages 158,000 cars per day.
|
Houston, TX and Bedford Park, IL
|
Collateral Asset Summary
GRM Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$19,967,806
65.6%
1.39x
11.9%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Portfolio of 2 Properties
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Warehouse / Distribution Industrial
|
||||
Sponsor:
|
Moishe Mana
|
Collateral:
|
Fee Simple
|
||||
Borrower:
|
Bedford Park Holdings, LLC; Harwin
|
Location(3):
|
Texas and Illinois
|
||||
Holdings, LLC
|
Year Built / Renovated:
|
1971 / 2009 and 2005 / NAP
|
|||||
Original Balance:
|
$20,000,000
|
Total Sq. Ft.:
|
607,633
|
||||
Cut-off Date Balance:
|
$19,967,806
|
Property Management:
|
M Management, Inc.
|
||||
% by Initial UPB:
|
2.10%
|
Underwritten NOI:
|
$2,384,849
|
||||
Interest Rate:
|
6.00%
|
Underwritten NCF:
|
$2,142,310
|
||||
Payment Date:
|
6th of each month
|
Appraised Value(4):
|
$30,440,000
|
||||
First Payment Date:
|
6-Mar-12
|
Appraisal Date:
|
November 2011
|
||||
Maturity Date:
|
6-Feb-22
|
||||||
Amortization:
|
300 months
|
Historical NOI(5) | |||||
Additional Debt:
|
None
|
TTM NOI:
|
NAV
|
||||
Call Protection(1):
|
L(25), D(91), O(4)
|
2010 NOI:
|
NAV
|
||||
Lockbox / Cash Management:
|
Hard / In Place
|
2009 NOI:
|
NAV
|
||||
2008 NOI:
|
NAV
|
||||||
Reserves | |||||||
Initial
|
Monthly
|
Historical Occupancy(5) | |||||
Taxes:
|
$153,852
|
$59,000
|
Current Occupancy:
|
100.0% (January 19, 2012)
|
|||
Insurance(2):
|
$0
|
Springing
|
2010 Occupancy:
|
NAV
|
|||
Replacement:
|
$0
|
$7,595
|
2009 Occupancy:
|
NAV
|
|||
2008 Occupancy:
|
NAV
|
||||||
Financial Information | |||||||
Cut-off Date Balance / Sq. Ft.:
|
$33
|
(1) Partial defeasance is permitted, subject to the payment of 125% of the allocated loan amount for
|
|||||
Balloon Balance / Sq. Ft.:
|
$25
|
such property and the satisfaction of DSCR, LTV and Debt Yield tests on the remaining property. | |||||
Cut-off Date LTV:
|
65.60%
|
(2) If an acceptable blanket insurance policy is not in place, monthly deposits equal to 1/12 of the annual | |||||
Balloon LTV:
|
50.90%
|
insurance premium are required.
|
|||||
Underwritten NOI DSCR:
|
1.54x
|
(3) The properties are located at 10310 Harwin Drive in Houston, Texas (the “Harwin Drive Property”) and | |||||
Underwritten NCF DSCR:
|
1.39x
|
7123 West 65th Street in Bedford Park, Illinois (the “Bedford Park Property”).
|
|||||
Underwritten NOI Debt Yield:
|
11.90%
|
(4) The appraisals also reported a “Go Dark” value totaling $23,570,000.
|
|||||
Underwritten NCF Debt Yield:
|
10.70%
|
(5) The Bedford Park Property was acquired in 2010 and the Harwin Drive Property was acquired in 2011;
|
|||||
historical NOI and occupancy was not made available by the previous owner. |
TRANSACTION HIGHLIGHTS
|
§
|
Portfolio Lease Guarantees. The lease of GRM Information Management of Chicago, LLC (“GRM Chicago”), which comprises 100.0% of the NRA at the Bedford Park Property and the lease of GRM Document Storage, LLC (“GRM Texas”), which comprises 55.6% of the NRA at the Harwin Drive Property, are guaranteed by the loan sponsor, Moishe Mana. If GRM Chicago or GRM Texas fails to pay its contractual rent in any month, the sponsor is required to deposit such rent shortfall directly into the lockbox prior to the next monthly payment. Iron Mountain occupies the remaining 44.4% of NRA at the Harwin Drive Property. In the event Iron Mountain does not renew its lease when it expires in 2016, GRM Texas is obligated to execute a lease for the entirety of the space vacated by Iron Mountain on the same terms as the then-current GRM Texas lease.
|
§
|
Experienced Sponsorship. Moishe Mana founded GRM Information Management Services, Inc. (“GRM”), the parent company of GRM Chicago and GRM Texas, in 1987. In addition, Mr. Mana has developed several businesses, including, M Management, Inc. (the property manager of the portfolio). Mr. Mana has reported net worth of $87.9 million and liquidity of $2.2 million as of May 2011. The sponsor has put approximately $5.6 million into the two properties for tenant improvements and capital expenditures to build out space for the document storage business.
|
§
|
Tenancy. GRM provides information and records management solutions worldwide with approximately 400 employees, and leases 77.2% of the portfolio NRA. GRM has been at the Bedford Park Property since the sponsor acquired it in April 2010 and the Harwin Drive Property since the sponsor acquired it in August 2011. Iron Mountain is one of the world’s largest records storage and information management companies, assisting more than 140,000 organizations in 39 countries on five continents with storing, protecting and managing information. Iron Mountain has been in occupancy at the Harwin Drive Property since 1995, and exercised a five-year extension option in October 2011 which extended the expiration date of the lease to June 30, 2016. In addition, Iron Mountain has invested over $5.0 million into its space at the Harwin Drive Property.
|
Sharonville, OH
Indianapolis, IN
Marion, OH
|
Collateral Asset Summary
Evergreen Portfolio
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$16,964,976
66.8%
1.38x
10.5%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller:
|
LCF
|
Single Asset / Portfolio:
|
Portfolio of 3 Properties(2)
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Manufactured Housing Community
|
||||
Sponsor(1):
|
Ross H. Partrich
|
Collateral:
|
Fee Simple
|
||||
Borrower:
|
Vance Associates, LLC; Yorktowne
Associates, LLC; Pondarosa Associates, LLC |
Location:
|
Ohio – 2 properties
Indiana – 1 property
|
||||
Original Balance:
|
$17,500,000
|
Year Built / Renovated:
|
1965,1970 / NAP
|
||||
Cut-off Date Balance(2):
|
$16,964,976
|
Total Pads:
|
595
|
||||
% by Initial UPB:
|
1.80%
|
Property Management:
|
Newbury Management Company
|
||||
Interest Rate:
|
6.05%
|
Underwritten NOI:
|
$1,785,964
|
||||
Payment Date:
|
6th of each month
|
Underwritten NCF:
|
$1,748,891
|
||||
First Payment Date:
|
6-Jan-12
|
Appraised Value:
|
$25,400,000
|
||||
Maturity Date:
|
6-Dec-21
|
Appraisal Date:
|
October 11, 2011
|
||||
Amortization:
|
360 months
|
||||||
Additional Debt:
|
None
|
Historical NOI | |||||
Call Protection(3):
|
L(27), D(90), O(3)
|
TTM NOI:
|
$1,776,372 (T-12 September 30, 2011)
|
||||
Lockbox / Cash Management(4):
|
Soft / Springing
|
2010 NOI:
|
$1,702,429 (December 31, 2010)
|
||||
2009 NOI:
|
$1,735,953 (December 31, 2009)
|
||||||
Reserves |
2008 NOI:
|
$1,605,636 (December 31, 2008)
|
|||||
Initial
|
Monthly
|
||||||
Taxes:
|
$95,144
|
$20,484
|
Historical Occupancy | ||||
Insurance:
|
$8,990
|
$4,495
|
Current Occupancy:
|
84.9% (November 1, 2011)
|
|||
Replacement:
|
$0
|
$3,099
|
2010 Occupancy:
|
89.3% (December 31, 2010)
|
|||
Yorktowne Deficiency Reserve:
|
$47,814
|
$0
|
2009 Occupancy:
|
89.5% (December 31, 2009)
|
|||
Evergreen Monitoring Reserve:
|
$45,000
|
$0
|
2008 Occupancy:
|
89.3% (December 31, 2008)
|
|||
Well Closure Reserve:
|
$3,750
|
$0
|
(1) The Evergreen Portfolio sponsor is the sponsor under three other mortgage loans in the mortgage
|
||||
Yorktowne Remediation Reserve:
|
$352,186
|
$0
|
pool (Holiday Village, Eagle Crest MHC and Boulevard Estates MHC).
|
||||
Required Repairs:
|
$53,565
|
NAP
|
(2) A portion of the Environmental Reserve in an amount equal to $483,618 was applied to prepay
|
||||
the loan upon completion of certain recommended environmental work at the Pondarosa MHP
|
|||||||
Financial Information |
property.
|
||||||
Cut-off Date Balance / Pad:
|
$28,513
|
(3) Release of any individual property through partial defeasance is permitted after the lockout date
|
|||||
Balloon Balance / Pad:
|
$23,499
|
provided that, among other things, (i) DSCR of the remaining properties is equal to or greater
|
|||||
Cut-off Date LTV:
|
66.80%
|
than both (a) DSCR of all individual properties at origination and (b) DSCR of all individual
|
|||||
Balloon LTV:
|
55.00%
|
properties prior to such partial defeasance; (ii) LTV of the remaining properties is equal to or less
|
|||||
Underwritten NOI DSCR:
|
1.41x
|
than both (a) LTV of all individual properties at origination and (b) LTV of all individual properties
|
|||||
Underwritten NCF DSCR:
|
1.38x
|
prior to such partial defeasance; and (iii) defeasance of a principal amount equal to 125% of the
|
|||||
Underwritten NOI Debt Yield:
|
10.50%
|
allocated loan amount for the individual property to be released.
|
|||||
Underwritten NCF Debt Yield:
|
10.30%
|
(4) Cash management will spring upon the occurrence of any of the following (i) the occurrence of an
|
|||||
event of default under the loan or the property management agreement, (ii) the trailing 12 month
|
|||||||
DSCR falling to 1.05x or below for three consecutive calendar quarters, or (iii) September 6, | |||||||
2021. Borrower is permitted to cure a sweep event caused by an event described in clause (ii)
|
|||||||
above two times during the term of the loan by the property achieving a trailing 12 month DSCR | |||||||
in excess of 1.15x for three consecutive calendar quarters.
|
TRANSACTION HIGHLIGHTS
|
§
|
Experienced Sponsorship / Management. Ross H. Partrich currently owns, operates and manages 124 properties with 28,771 housing units and sites in 20 states. Newbury Management Company (established 1988) manages all of these units and acts as a third party manager at 31 properties located in eight states comprised of approximately 8,000 sites. Newbury Management Company’s institutional clients include Fortress Investment Group, Midland Loan Services, CW Capital, Natixis, Berkadia and JER Partners.
|
§
|
Locations. The three properties are located in two different states and three different metropolitan statistical areas. The portfolio has diversified exposure to three local area economies, all of which have different employment and economic drivers. Indianapolis (Pondarosa MHP) is the capital of Indiana with government and healthcare as major contributors to the local economy. The Marion, Ohio (Vance MHP) economic drivers include industrial production and transportation and the Sharonville, Ohio (Yorktowne MHP) economic drivers include retail and healthcare.
|
25 Matheson Street
Healdsburg, CA 95448
|
Collateral Asset Summary
Healdsburg Hotel
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$16,883,352
66.2%
1.46x
13.4%
|
Mortgage Loan Information | Property Information | ||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Single Asset
|
||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Full Service Hospitality
|
||||
Sponsor:
|
Merritt Sher; Pamela Sher
|
Collateral:
|
Fee Simple
|
||||
Borrower:
|
HH Healdsburg Investment Group,
|
Location:
|
Healdsburg, CA
|
||||
LLC |
Year Built / Renovated:
|
2001 / NAP
|
|||||
Original Balance:
|
$17,000,000
|
Total Rooms:
|
55
|
||||
Cut-off Date Balance:
|
$16,883,352
|
Property Management:
|
Piazza Hotel Management, LLC
|
||||
% by Initial UPB:
|
1.80%
|
Underwritten NOI:
|
$2,261,915
|
||||
Interest Rate:
|
6.35%
|
Underwritten NCF:
|
$1,853,788
|
||||
Payment Date:
|
6th of each month
|
Appraised Value:
|
$25,500,000
|
||||
First Payment Date:
|
6-Aug-11
|
Appraisal Date:
|
April 13, 2011
|
||||
Maturity Date:
|
6-Jul-16
|
||||||
Amortization:
|
360 months
|
Historical NOI | |||||
Additional Debt:
|
None
|
TTM NOI:
|
$2,206,115 (T-12 October 31,2011)
|
||||
Call Protection:
|
L(32), D(24), O(4)
|
2010 NOI:
|
$2,179,193 (December 31, 2010)
|
||||
Lockbox / Cash Management(1):
|
Hard / Springing
|
2009 NOI:
|
$1,631,717 (December 31, 2009)
|
||||
2008 NOI:
|
$2,325,474 (December 31, 2008)
|
||||||
Reserves | |||||||
Initial
|
Monthly
|
Historical Occupancy | |||||
Taxes:
|
$102,031
|
$17,005
|
Current Occupancy:
|
70.2% (October 31, 2011)
|
|||
Insurance:
|
$3,893
|
$3,893
|
2010 Occupancy:
|
70.9% (December 31, 2010)
|
|||
Replacement(2):
|
$0
|
1/12 of 2.0% of Gross Revenue
|
2009 Occupancy:
|
71.1% (December 31, 2009)
|
|||
Required Repairs:
|
$16,133
|
NAP
|
2008 Occupancy:
|
79.7% (December 31, 2008)
|
|||
Seasonality Reserve(3):
|
$250,000
|
Excess Cash Flow
|
(1) Cash management will be triggered upon (i) an event of default or (ii) if the DSCR is less than 1.15x
|
||||
on the last calendar day of the quarter, and will cease when, with respect to clause (i) the event of
|
|||||||
Financial Information |
default has been cured and such cure has been accepted by Lender and, with respect to clause (ii)
|
||||||
Cut-off Date Balance / Room:
|
$306,970
|
when the DSCR has been at least 1.15x for two consecutive calendar quarter ends, as reasonably
|
|||||
Balloon Balance / Room:
|
$290,537
|
determined by Lender.
|
|||||
Cut-off Date LTV:
|
66.20%
|
(2) Monthly Replacement Reserves are required to be 1/12 of 2.0% of the prior year Gross Revenues,
|
|||||
Balloon LTV:
|
62.70%
|
increasing by 0.5% on each August payment date (beginning August 2012) until reaching 4.0%, and
|
|||||
Underwritten NOI DSCR:
|
1.78x
|
remaining 4.0% thereafter.
|
|||||
Underwritten NCF DSCR:
|
1.46x
|
(3) Excess cash flow is required to be deposited into the Seasonality Reserve, not exceeding
|
|||||
Underwritten NOI Debt Yield:
|
13.40%
|
$150,000 per month and subject to a cap of $700,000 inclusive of the initial Seasonality Reserve
|
|||||
Underwritten NCF Debt Yield:
|
11.00%
|
amount. The balance as of the February 2012 payment date was $396,520.
|
TRANSACTION HIGHLIGHTS
|
§
|
Unique Property and Location. The Healdsburg Hotel is surrounded by local shops, restaurants and wineries, and is across the street from Healdsburg Town Plaza, a venue for weekly concerts that draw large local crowds. The hotel benefits from a variety of tourist and leisure attractions in the area and is located in a built-out area, minimizing the potential for future competitive projects.
|
§
|
High Quality Collateral. The Healdsburg Hotel was completed in 2001 and the sponsors have since invested $851,002 ($15,473 per room) in upgrades and renovations including improvements to the guestrooms, spa, meeting spaces, restaurants and lounges. The full serve restaurant is operated under chef Charlie Palmer.
|
§
|
Experienced Sponsorship. The sponsors have extensive experience in the real estate and hospitality industries. Merritt Sher has been a board member, real estate consultant and early stage investor for several national retail companies and was the founder of Terranomics Retail Services, a retail real estate brokerage which specialized in tenant representation, project leasing and institutional property management.
|
§
|
Performance. October 31, 2011 occupancy is 70.2%, ADR is $341.96 and RevPAR is $239.93.
|
1445 North Montebello Boulevard
Montebello, CA 90640
|
Collateral Asset Summary
Montebello Town Square
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$15,978,416
31.2%
2.97x
20.1%
|
Mortgage Loan Information
|
Property Information
|
||||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Single Asset
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Anchored Retail
|
||||||
Sponsor(1):
|
Kimco Income Operating Partnership,
L.P.
|
Collateral:
|
Fee Simple
|
||||||
Location:
|
Montebello, CA
|
||||||||
Borrower:
|
KIR Montebello, L.P.
|
Year Built / Renovated:
|
1992 / NAP
|
||||||
Original Balance:
|
$16,000,000
|
Total Sq. Ft.:
|
251,489
|
||||||
Cut-off Date Balance:
|
$15,978,416
|
Property Management:
|
KRC Property Management I, Inc.
|
||||||
% by Initial UPB:
|
1.7%
|
Underwritten NOI:
|
$3,219,000
|
||||||
Interest Rate:
|
4.9560%
|
Underwritten NCF:
|
$3,046,942
|
||||||
Payment Date:
|
6th of each month
|
Appraised Value:
|
$51,190,000
|
||||||
First Payment Date:
|
March 6, 2012
|
Appraisal Date:
|
January 4, 2012
|
||||||
Maturity Date:
|
February 6, 2022
|
||||||||
Amortization:
|
360 months
|
Historical NOI
|
|||||||
Additional Debt:
|
None
|
2011 NOI:
|
$3,339,657 (December 31, 2011)
|
||||||
Call Protection:
|
L(25), D(91), O(4)
|
2010 NOI:
|
$3,201,101 (December 31, 2010)
|
||||||
Lockbox / Cash Management(2):
|
Springing Hard / Springing
|
2009 NOI:
|
$3,195,362 (December 31, 2009)
|
||||||
2008 NOI:
|
$3,181,560 (December 31, 2008)
|
||||||||
Reserves(3)
|
|||||||||
Initial
|
Monthly
|
Historical Occupancy
|
|||||||
Taxes:
|
$0
|
Springing
|
Current Occupancy:
|
98.5% (February 2, 2012)
|
|||||
Insurance:
|
$0
|
Springing
|
2010 Occupancy:
|
98.5% (December 31, 2010)
|
|||||
2009 Occupancy:
|
97.3% (December 31, 2009)
|
||||||||
Financial Information
|
2008 Occupancy:
|
99.3% (December 31, 2008)
|
|||||||
Cut-off Date Balance / Sq. Ft.:
|
$64
|
(1)
|
The Montebello Town Square sponsor is affiliated with the sponsor under two other mortgage loans in the mortgage pool (Rancho Penasquitos Towne Center I and Rancho Penasquitos Towne Center II).
|
||||||
Balloon Balance / Sq. Ft.:
|
$52
|
||||||||
Cut-off Date LTV:
|
31.2%
|
(2)
|
A hard lockbox with cash management will be triggered upon an event of default or if the debt service coverage ratio is less than 1.20x on the last day of the calendar quarter.
|
||||||
Balloon LTV:
|
25.7%
|
(3)
|
During the continuance of an event of default or if the debt service coverage ratio is less than 1.20x on the last day of the calendar quarter, the borrower will be required to deposit (i) 1/12 of the annual tax payment into the tax reserve and (ii) 1/12 of the annual insurance premiums into the insurance reserve. | ||||||
Underwritten NOI DSCR:
|
3.14x
|
||||||||
Underwritten NCF DSCR:
|
2.97x
|
||||||||
Underwritten NOI Debt Yield:
|
20.1%
|
|
|
||||||
Underwritten NCF Debt Yield:
|
19.1%
|
||||||||
TRANSACTION HIGHLIGHTS
|
§
|
Stable Tenancy. Montebello Town Square is 98.5% leased as of February 2, 2012. The majority of tenants (86.8% of NRA) have been at the property since 1992, including Petco, which renewed its lease in December 2011 for 10 years. Additionally, for tenants that report sales (60.8% of NRA), 2010 total sales PSF were $151.51 with an occupancy cost of 11.7%. AMC Theatres reported 2010 sales of $418,078 per screen.
|
§
|
Experienced Sponsorship. Kimco Income Operating Partnership, L.P. (“KIOP”) is closely related to Kimco Realty Corporation (NYSE: KIM), a publicly traded REIT that owns and operates one of North America’s largest portfolios of neighborhood and community shopping centers. As of December 31 2011, Kimco Realty Corporation owned interest in 946 shopping centers comprising 138 million square feet across 44 states, Puerto Rico, Canada, New Mexico and South America. As of December 31, 2011, KIOP reported $1.26 billion in assets with $16.9 million in liquidity. The sponsor initially acquired the Property in 2000 for $25.14 million and has since spent approximately $600,000 in tenant and building improvements.
|
§
|
Strong Credit Metrics. The loan exhibits an Underwritten NOI Debt Yield of 20.1% and Underwritten NCF DSCR of 2.97x. Based on the appraised value of $51.19 million ($204 PSF), the Cut-off Date LTV is 31.2% and the borrower’s implied equity is approximately $35.2 million.
|
§
|
Strong Market. The Southeast Los Angeles submarket consists of approximately 17.3 million square feet of retail inventory, with a Q4 2011 vacancy rate of 4.7%. Vacancy has averaged 4.7% over the past five years, with no new inventory added in the last year and only one retail project of approximately 3,750 square feet under construction that will be added in the near term.
|
2205 Veterans Boulevard
Del Rio, TX 78840
|
Collateral Asset Summary
Plaza del Sol
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$15,732,025
66.0%
1.44x
11.9%
|
Mortgage Loan Information
|
Property Information
|
||||||||
Loan Seller:
|
GACC
|
Single Asset / Portfolio:
|
Single Asset
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Regional Mall
|
||||||
Sponsor:
|
Herbert L. Levine; Elliott Aintabi
|
Collateral:
|
Fee Simple
|
||||||
Borrower:
|
Plaza-Al, LLC
|
Location:
|
Del Rio, TX
|
||||||
Original Balance:
|
$15,750,000
|
Year Built / Renovated:
|
1977 / NAP
|
||||||
Cut-off Date Balance:
|
$15,732,025
|
Total Sq. Ft.:
|
260,538
|
||||||
% by Initial UPB:
|
1.7%
|
Property Management:
|
Levcor, Inc.
|
||||||
Interest Rate:
|
6.1300%
|
Underwritten NOI:
|
$1,874,038
|
||||||
Payment Date:
|
6th of each month
|
Underwritten NCF:
|
$1,656,476
|
||||||
First Payment Date:
|
March 6, 2012
|
Appraised Value:
|
$23,850,000
|
||||||
Maturity Date:
|
February 6, 2022
|
Appraisal Date:
|
December 1, 2011
|
||||||
Amortization:
|
360 months
|
||||||||
Additional Debt:
|
None
|
Historical NOI
|
|||||||
Call Protection:
|
L(25), D(91), O(4)
|
TTM NOI:
|
$1,573,994 (T-12 October 31, 2011)
|
||||||
Lockbox / Cash Management(1):
|
Springing Hard / Springing
|
2010 NOI:
|
$1,369,444 (December 31, 2010)
|
||||||
2009 NOI:
|
$1,378,946 (December 31, 2009)
|
||||||||
Reserves
|
2008 NOI:
|
$1,488,947 (December 31, 2008)
|
|||||||
Initial
|
Monthly
|
||||||||
Taxes:
|
$18,062
|
$18,062
|
Historical Occupancy
|
||||||
Insurance(2):
|
$0
|
Springing
|
Current Occupancy:
|
99.6% (December 1, 2011)
|
|||||
Replacement:
|
$0
|
$6,905
|
2010 Occupancy:
|
84.1% (December 31, 2010)
|
|||||
TI/LC(3):
|
$0
|
$11,317
|
2009 Occupancy:
|
83.9% (December 31, 2009)
|
|||||
Required Repairs:
|
$93,875
|
NAP
|
2008 Occupancy:
|
84.6% (December 31, 2008)
|
|||||
(1)
|
A hard lockbox with cash management will be triggered upon (i) an event of default, (ii) if the DSCR is less than 1.20x on the last day of a calendar quarter, or (iii) the commencement of a JCPenney or Cinemark Trigger Period, which will occur upon (a) the date that is twelve months prior to the tenant’s lease expiration date, (b) the early termination or cancellation of the tenant’s lease, (c) if the tenant goes dark at the property, or (d) if there is a bankruptcy or insolvency proceeding of the tenant or its parent entity. The JCPenney Sweep Account is subject to a cap of $287,000 and the Cinemark Sweep Account is subject to a cap of $248,000.
|
||||||||
Financial Information
|
|||||||||
Cut-off Date Balance / Sq. Ft.:
|
$60
|
||||||||
Balloon Balance / Sq. Ft.:
|
$51
|
||||||||
Cut-off Date LTV:
|
66.0%
|
||||||||
Balloon LTV:
|
56.2%
|
(2)
|
If an acceptable blanket policy is not in place, monthly deposits equal to 1/12 of the annual insurance premiums are required.
|
||||||
Underwritten NOI DSCR:
|
1.63x
|
(3)
|
TI/LC reserves subject to a cap of $400,000.
|
||||||
Underwritten NCF DSCR:
|
1.44x
|
||||||||
Underwritten NOI Debt Yield:
|
11.9%
|
||||||||
Underwritten NCF Debt Yield:
|
10.5%
|
|
TRANSACTION HIGHLIGHTS
|
§
|
Historical Sales. Sales PSF for reporting anchor tenants has increased from an average of $137 PSF in 2009 to $141 PSF in 2010 and $145 PSF for the trailing twelve months. For reporting in-line tenants, sales PSF have increased from an average of $169 in 2009 to $181 in 2010 and $194 for the trailing twelve months. Tenant sales were reported on a trailing twelve month basis as of August, September or October 2011. 70.8% of in-line tenants report sales.
|
§
|
National Retailer Presence. The Plaza del Sol property currently operates with a strong national tenant presence, with 18 national tenants comprising 88.5% of total square feet. National anchor tenants have demonstrated strong retention, with a weighted average lease term of 18.2 years.
|
§
|
Recent Leasing. Since acquisition by the current sponsorship in 2010, 9 new leases totaling 47,002 square feet have been signed, of which 41,136 square feet have been leased to three national tenants – Marshall’s, The Children’s Place and Kirkland’s.
|
§
|
Experienced Sponsorship. Sponsor Herbert L. Levine, who also serves as president of the property manager, Levcor, Inc., has been involved with the development, leasing and management of over 15 million square feet of retail centers and office buildings, with a focus on the Texas market and the repositioning of under-performing properties. Elliott Aintabi is chairman and CEO of the Jesta Group, which acquires, develops and manages real estate in North America and Europe.
|
701 South Dobson Road
Mesa, AZ 85202
|
Collateral Asset Summary
Holiday Village
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$15,454,232
49.9%
1.78x
12.7%
|
Mortgage Loan Information
|
Property Information
|
||||||||
Loan Seller:
|
LCF
|
Single Asset / Portfolio:
|
Single Asset
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Manufactured Housing Community
|
||||||
Sponsor(1):
|
Ross H. Partrich
|
Collateral:
|
Fee Simple
|
||||||
Borrower:
|
Holiday MHC Limited Partnership
|
Location:
|
Mesa, AZ
|
||||||
Original Balance:
|
$15,500,000
|
Year Built / Renovated:
|
1963 / NAP
|
||||||
Cut-off Date Balance:
|
$15,454,232
|
Total Pads(3):
|
495
|
||||||
% by Initial UPB:
|
1.6%
|
Property Management:
|
Newbury Management Company
|
||||||
Interest Rate:
|
5.8020%
|
Underwritten NOI:
|
$1,969,500
|
||||||
Payment Date:
|
6th of each month
|
Underwritten NCF:
|
$1,944,750
|
||||||
First Payment Date:
|
January 6, 2012
|
Appraised Value:
|
$31,000,000
|
||||||
Maturity Date:
|
December 6, 2021
|
Appraisal Date:
|
October 25, 2011
|
||||||
Amortization:
|
360 months
|
||||||||
Additional Debt:
|
None
|
Historical NOI
|
|||||||
Call Protection:
|
L(27), D(90), O(3)
|
TTM NOI:
|
$1,934,069 (T-12 October 31, 2011)
|
||||||
Lockbox / Cash Management(2):
|
Soft / Springing
|
2010 NOI:
|
$1,880,636 (December 31, 2010)
|
||||||
2009 NOI:
|
$1,916,457 (December 31, 2009)
|
||||||||
Reserves
|
2008 NOI:
|
$1,802,398 (December 31, 2008)
|
|||||||
Taxes:
|
$38,224
|
$7,645
|
|||||||
Insurance:
|
$8,926
|
$2,975
|
Historical Occupancy
|
||||||
Replacement:
|
$0
|
$2,063
|
Current Occupancy:
|
88.3% (November 1, 2011)
|
|||||
Required Repairs:
|
$5,013
|
NAP
|
2010 Occupancy:
|
91.0% (December 31, 2010)
|
|||||
2009 Occupancy:
|
93.0% (December 31, 2009)
|
||||||||
Financial Information
|
2008 Occupancy:
|
NAV
|
|||||||
Cut-off Date Balance / Pad(3):
|
$31,221
|
(1)
|
The Holiday Village sponsor is the sponsor under three other mortgage loans in the mortgage pool (Evergreen Portfolio, Eagle Crest MHC and Boulevard Estates MHC).
|
||||||
Balloon Balance / Pad(3):
|
$26,404
|
||||||||
Cut-off Date LTV:
|
49.9%
|
(2)
|
Cash management will be triggered upon (i) an event of default under the loan or the management agreement, (ii) the DSCR based on the trailing twelve month period is 1.05x or less for three consecutive calendar quarters, or (iii) reaching September 6, 2021. The borrower is permitted to cure a sweep event caused by an event described in clause (ii) above twice during the loan term, by the property achieving a trailing twelve month DSCR in excess of 1.20x for three consecutive calendar quarters.
|
||||||
Balloon LTV:
|
42.2%
|
|
|||||||
Underwritten NOI DSCR:
|
1.80x
|
||||||||
Underwritten NCF DSCR:
|
1.78x
|
||||||||
Underwritten NOI Debt Yield:
|
12.7%
|
(3)
|
In addition to the 495 home sites, there are also 83 RV sites located at the property. Cut-off Date Balance / Pad and Balloon Balance / Pad are based on the 495 home sites only.
|
||||||
Underwritten NCF Debt Yield:
|
12.6%
|
||||||||
|
|||||||||
TRANSACTION HIGHLIGHTS
|
§
|
Experienced Sponsorship / Management. Ross H. Partrich currently owns, operates and manages 124 properties with 28,771 housing units and sites in 20 states. Newbury Management Company (established 1988) manages all of these units and acts as a third party manager at 31 properties located in 8 states comprised of approximately 8,000 sites. Newbury Management Company’s institutional clients include Fortress Investment Group, Midland Loan Services, CW Capital, Natixis, Berkadia and JER Partners.
|
§
|
Location. The Holiday Village property is located in Mesa, Arizona. Mesa is the third most populous city in Arizona. The 2010 median household income for the metropolitan statistical area was 11.5% higher than the national average, while the Cost of Living Index is 98.3% of the national average.
|
§
|
Strong Credit Metrics and Performance. The Holiday Village loan has a 49.9% Cut-off Date LTV based on the appraised value of $31.0 million as of October 25, 2011, a 1.78x Underwritten NCF DSCR and an Underwritten NOI Debt Yield of 12.7%.
|
§
|
Consistent Rental Collections. The annual collections have varied minimally from $2,161,073 in 2008 to $2,241,484 as of T-12 October 2011.
|
830-1140 Biddle Road
Medford, OR 97504
|
Collateral Asset Summary
Bear Creek Plaza
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$15,381,462
67.8%
1.35x
10.8%
|
Mortgage Loan Information
|
Property Information
|
||||||||
Loan Seller:
|
GLAC
|
Single Asset / Portfolio:
|
Single Asset
|
||||||
Loan Purpose:
|
Refinance
|
Property Type:
|
Anchored Retail
|
||||||
Sponsor:
|
Flamey Damian; Egla Damian
|
Collateral:
|
Fee Simple
|
||||||
Borrower:
|
Bear Creek Ventures, LLC
|
Location:
|
Medford, OR
|
||||||
Original Balance:
|
$15,400,000
|
Year Built / Renovated:
|
1977 / 2010
|
||||||
Cut-off Date Balance:
|
$15,381,462
|
Total Sq. Ft.:
|
189,953
|
||||||
% by Initial UPB:
|
1.6%
|
Property Management:
|
Self-Managed
|
||||||
Interest Rate:
|
5.7500%
|
Underwritten NOI:
|
$1,656,950
|
||||||
Payment Date:
|
6th of each month
|
Underwritten NCF:
|
$1,453,825
|
||||||
First Payment Date:
|
March 6, 2012
|
Appraised Value:
|
$22,700,000
|
||||||
Maturity Date:
|
February 6, 2022
|
Appraisal Date:
|
November 2, 2011
|
||||||
Amortization:
|
360 months
|
||||||||
Additional Debt:
|
None
|
Historical NOI
|
|||||||
Call Protection:
|
L(25), D(91), O(4)
|
TTM NOI:
|
$1,600,538 (T-12 November 30, 2011)
|
||||||
Lockbox / Cash Management:
|
None
|
2010 NOI:
|
$1,551,654 (December 31, 2010)
|
||||||
2009 NOI:
|
$1,470,759 (December 31, 2009)
|
||||||||
Reserves
|
2008 NOI:
|
NAV
|
|||||||
Initial
|
Monthly
|
||||||||
Taxes:
|
$22,417
|
$22,417
|
Historical Occupancy
|
||||||
Insurance:
|
$5,042
|
$1,260
|
Current Occupancy:
|
92.9% (January 1, 2012)
|
|||||
Replacement(1):
|
$80,000
|
Springing
|
2010 Occupancy:
|
88.0% (December 31, 2010)
|
|||||
TI/LC(2):
|
$250,000
|
Springing
|
2009 Occupancy:
|
87.0% (December 31, 2009)
|
|||||
2008 Occupancy:
|
NAV
|
||||||||
Financial Information
|
(1)
|
Any time the balance of the replacement reserve account falls below $80,000, the borrower will be required to make monthly deposits in the amount of $ 2,374, until such time the balance of the replacement reserve account is
equal to $80,000.
|
|||||||
Cut-off Date Balance / Sq. Ft.:
|
$81
|
||||||||
Balloon Balance / Sq. Ft.:
|
$68
|
(2)
|
Any time the balance of the TI/LC reserve account falls below $250,000, the borrower will be required to make monthly deposits in the amount of $7,915, until such time the balance of the replacement reserve escrow account is
equal to $250,000.
|
||||||
Cut-off Date LTV:
|
67.8%
|
||||||||
Balloon LTV:
|
57.1%
|
|
|||||||
Underwritten NOI DSCR:
|
1.54x
|
||||||||
Underwritten NCF DSCR:
|
1.35x
|
||||||||
Underwritten NOI Debt Yield:
|
10.8%
|
||||||||
Underwritten NCF Debt Yield:
|
9.5%
|
TRANSACTION HIGHLIGHTS
|
§
|
Strong Location/Market. The Bear Creek Plaza property is well-located within the central retail corridor of Medford, Oregon and has excellent frontage and visibility along Biddle Road and Interstate 5 (traffic count in excess of 50,000 vehicles per day). Per the appraisal, the Medford retail inventory was over 4.6 million square feet with a 4.8% vacancy rate as of Q3 2011. There was no additional inventory delivered in Q3 2011 and no new deliveries are expected in the next year.
|
§
|
Tenant Mix/Granular Rent Roll. Bear Creek Plaza benefits from a diverse tenant mix, with a variety of local and national tenants. In addition, no single tenant occupies more than 15.8% of the NRA, or 12.7% of GPR. Thirteen tenants occupying over 66.6% of the NRA and contributing 55.7% of the GPR have been at the Bear Creek Plaza property for over 10 years, of which 6 tenants occupying 25.3% of the NRA and contributing 20.7% of the GPR have been at the Bear Creek Plaza property for over 25 years.
|
§
|
Equity. The borrower under the Bear Creek Plaza loan acquired the Bear Creek Plaza property in 2007 for approximately $19.25 million, and has made over $1.4 million in capital improvements. The borrower has approximately $5.8 million or 27.8% remaining equity in the property.
|
200 West Second Street
Winston-Salem, NC 27101
|
Collateral Asset Summary
BB&T Headquarters Building
|
Cut-off Date Balance:
Cut-off Date LTV:
U/W NCF DSCR:
U/W NOI Debt Yield:
|
$15,328,964
44.0%
2.29x
17.2%
|
Mortgage Loan Information
|
Property Information
|
||||||||
Loan Seller:
|
LCF
|
Single Asset / Portfolio:
|
Single Asset
|
||||||
Loan Purpose:
|
Acquisition
|
Property Type:
|
CBD Office
|
||||||
Sponsor:
|
Inland Private Capital Corporation
|
Collateral:
|
Fee Simple
|
||||||
Borrower:
|
Winston-Salem Office DST
|
Location:
|
Winston-Salem, NC
|
||||||
Original Balance:
|
$15,360,750
|
Year Built / Renovated:
|
1987 / 2001-2003
|
||||||
Cut-off Date Balance:
|
$15,328,964
|
Total Sq. Ft.:
|
239,854
|
||||||
% by Initial UPB:
|
1.6%
|
Property Management:
|
Inland Continental Property Management Corp.
|
||||||
Interest Rate(1):
|
5.8080%
|
Underwritten NOI:
|
$2,640,873
|
||||||
Payment Date:
|
6th of each month
|
Underwritten NCF:
|
$2,478,662
|
||||||
First Payment Date:
|
February 6, 2012
|
Appraised Value:
|
$34,800,000
|
||||||
Anticipated Repayment Date(1):
|
January 6, 2022
|
Appraisal Date:
|
November 9, 2011
|
||||||
Amortization(1):
|
360 months
|
||||||||
Additional Debt(2):
|
$8,933,996 Mezzanine Loan
|
Historical NOI
|
|||||||
Call Protection:
|
L(26), YM1(90), O(4)
|
2011 NOI:
|
$2,241,670 (YTD September 30, 2011 Ann.)
|
||||||
Lockbox / Cash Management:
|
Hard / In Place
|
2010 NOI:
|
$2,920,391 (December 31, 2010)
|
||||||
2009 NOI:
|
$3,016,439 (December 31, 2009)
|
||||||||
Reserves
|
2008 NOI:
|
$2,847,913 (December 31, 2008)
|
|||||||
Initial
|
Monthly
|
||||||||
Taxes:
|
$91,889
|
$30,630
|
Historical Occupancy
|
||||||
Insurance:
|
$0
|
Springing
|
Current Occupancy:
|
100.0% (December 1, 2011)
|
|||||
Replacement(3):
|
$750,000
|
See Footnote
|
2010 Occupancy:
|
100.0% (December 31, 2010)
|
|||||
TI/LC:
|
$206,430
|
$0
|
2009 Occupancy:
|
100.0% (December 31, 2009)
|
|||||
2008 Occupancy:
|
100.0% (December 31, 2008)
|
||||||||
Financial Information
|
(1)
|
The loan is structured with an anticipated repayment date (“ARD”) of January
6, 2022 and a final maturity date of January 6, 2037. In the event that the loan
is not paid off on or before the ARD, the borrower will be required to make
monthly payments of principal based on a 15-year amortization schedule and
the loan will accrue interest at an increased interest rate equal to the initial
interest rate plus 2%; provided that payment of the interest accrued at the
additional two percentage points will be deferred until payment in full of the
principal balance of the loan and will, to the extent permitted by applicable
law, accrue interest at the initial interest rate plus 2%. Additionally, from and
after the ARD, all excess cash flow will be used to pay down the loan.
LCF funded a $10,250,000 mezzanine loan secured by the unsold passive
equity interests in the borrower, which has since been paid down to $8,933,996. The mezzanine loan has a term of one-year and initially bears interest at a rate of 10.0000% per annum and is interest-only throughout the term. If the mezzanine loan is not repaid in full by April 6, 2012, the interest rate will increase to 14.0000% per annum. In addition, if the mezzanine loan is not repaid in full by July 6, 2012, all excess cash flow will be swept and used to pay down the mezzanine loan. |
|||||||
Mortgage Loan
|
Total Debt(4)
|
||||||||
Cut-off Date Balance / Sq. Ft.:
|
$64
|
$101
|
|||||||
Balloon Balance / Sq. Ft.:
|
$54
|
$91
|
|||||||
Cut-off Date LTV:
|
44.0%
|
69.7%
|
|||||||
ARD LTV(1):
|
37.2%
|
62.9%
|
|||||||
Underwritten NOI DSCR:
|
2.44x
|
1.33x
|
(2)
|
||||||
Underwritten NCF DSCR:
|
2.29x
|
1.25x
|
|||||||
Underwritten NOI Debt Yield:
|
17.2%
|
10.9%
|
|
||||||
Underwritten NCF Debt Yield:
|
16.2%
|
10.2%
|
|||||||
|
|||||||||
(3)
|
Replacement reserves per annum are: 2013 – $50,000, 2014 –$125,000,
2015 - $175,000, 2016 – $275,000, 2017 – $150,000, 2018 – $300,000, and 2019 through 2021 – $450,000 . |
||||||||
(4)
|
Total Debt includes the BB&T Headquarters Building mortgage loan and the
$8,933,996 mezzanine loan. |
TRANSACTION HIGHLIGHTS
|
§
|
Tenancy. The BB&T Headquarters Building is primarily leased to and is the corporate headquarters for Branch Banking and Trust Company (“BB&T”) (rated A-/A2/A+ by S&P/Moody’s/Fitch) (91.4% of NRA/ 93.5% of UW Total Rent). BB&T has been a tenant at the property since 2001 and recently extended its lease through March 2023 with fixed rent steps of $0.40 PSF every year, throughout the base term of the lease.
|
·
|
Strong Credit Metrics. The BB&T Headquarters Building loan has a 43.1% Loan to Cost and a 44.0% Cut-off Date LTV. There is minimal rollover during the term as only 8.6% of the square footage at the property expires prior to ARD.
|
·
|
Location. The BB&T Headquarters Building is strategically located within 2 blocks of freeway access to I-40 Business Loop (I-40 BUS W/US-158 W/US-421 N/N Carolina 150 W), the major east west freeway through Winston-Salem connecting Winston-Salem with Greensboro. Location provides visibility and direct freeway access to all major thoroughfares that traverse the “Piedmont Triad” area.
|
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