FREE WRITING PROSPECTUS
|
||
FILED PURSUANT TO RULE 433
|
||
REGISTRATION FILE NO.: 333-184376-07
|
||
·
|
Loan No. 43- Cronacher Portfolio – The Walgreens – St. Clair Shores Mortgaged Property tenant expiration of December 31, 2022 represents the first termination option of the lease and Walgreens has a full lease term expiration of November 30, 2062. Walgreens may also terminate its lease every five years following the initial termination option.
|
·
|
Loan No. 56- Walgreens - Mt. Pleasant – The Walgreens - Mt. Pleasant Mortgaged Property tenant expiration of December 31, 2027 represents the first termination option of the lease and Walgreens has a full lease term expiration of November 30, 2077. Walgreens may also terminate its lease every five years following the initial termination option.
|
Date
|
0% CPR
|
25% CPR
|
50% CPR
|
75% CPR
|
100% CPR
|
Initial
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2014
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2015
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2016
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2017
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2018
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2019
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2020
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2021
|
100%
|
100%
|
100%
|
100%
|
100%
|
September 2022
|
100%
|
99%
|
99%
|
98%
|
89%
|
September 2023 and thereafter
|
0%
|
0%
|
0%
|
0%
|
0%
|
Weighted Average Life (years)
|
9.70
|
9.64
|
9.58
|
9.51
|
9.30
|
Class
|
Initial Certificate
Balance(1)
|
Approximate
Initial Credit
Support
|
Description of
Pass-Through
Rate
|
Assumed Final
Distribution
Date(2)
|
Approximate
Initial
Pass-Through
Rate
|
Weighted
Average
Life (Yrs.)(3)
|
Principal
Window
(Mos.)(3)
|
Anticipated Ratings
(Moody’s/S&P/KBRA(4)
|
||||||||
Offered Certificates
|
||||||||||||||||
A-4
|
$97,100,000
|
30.000%(5)
|
(6)
|
August 2023
|
%
|
9.70
|
109 – 119
|
Aaa(sf)/AAA(sf)/AAA(sf)
|
||||||||
Non-Offered Certificates
|
||||||||||||||||
A-AB
|
$76,198,000
|
30.000%(5)
|
(6)
|
June 2023
|
%
|
7.48
|
61 -117
|
Aaa(sf)/AAA(sf)/AAA(sf)
|
(1)
|
Approximate; subject to a variance of plus or minus 5.0%.
|
(2)
|
The assumed final distribution date with respect to each of the Class A-4 and Class A-AB certificates is the distribution date on which the final distribution would occur for the Class A-4 and Class A-AB certificates based upon the assumption that no mortgage loan is prepaid prior to its stated maturity date or anticipated repayment date, as applicable, and otherwise based on modeling assumptions described in the Primary Free Writing Prospectus. The rated final distribution date for each of the Class A-4 and Class A-AB certificates is the distribution date in August 2046. The actual performance and experience of the mortgage loans will likely differ from such assumptions. See “Yield and Maturity Considerations” and “Ratings” in the Primary Free Writing Prospectus.
|
(3)
|
The weighted average life and principal window during which distributions of principal would be received as set forth in the table with respect to each of the Class A-4 and Class A-AB certificates is based on (i) modeling assumptions and prepayment assumptions described in the Primary Free Writing Prospectus, (ii) assumptions that there are no prepayments or losses on the mortgage loans and (iii) assumptions that there are no extensions of maturity dates and that mortgage loans with anticipated repayment dates are repaid on their respective anticipated repayment dates.
|
(4)
|
It is a condition to issuance of each of the Class A-4 and Class A-AB certificates that they receive the ratings set forth above. Ratings shown are those of Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and Kroll Bond Rating Agency, Inc. Certain nationally recognized statistical rating organizations, as such term is defined in Section 3(a)(62) of the Securities Exchange Act of 1934 that were not hired by the depositor may use information they receive pursuant to Rule 17g 5 under the Securities Exchange Act of 1934 to rate the certificates. There can be no assurance as to what ratings a nationally recognized statistical rating organization other than Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and Kroll Bond Rating Agency, Inc. would assign or that its report will not express differing, possibly negative, views of the mortgage loans and/or the offered certificates. See “Risk Factors—Risks Related to the Offered Certificates—Ratings of the Offered Certificates” and “Ratings” in the Primary Free Writing Prospectus.
|
(5)
|
Represents the approximate initial credit support for the Class A-1, Class A-2, Class A-AB, Class A-3, Class A-4 and Class A-5 certificates, in the aggregate.
|
(6)
|
For any distribution date, the pass-through rate on each of the Class A-4 and Class A-AB certificates will equal one of (i) a fixed per annum rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360 day year consisting of twelve 30 day months) as of their respective due dates in the month preceding the month in which such distribution date occurs, (iii) a rate equal to the lesser of a specified pass-through rate and the rate specified in clause (ii), or (iv) the rate specified in clause (ii), less a specified rate.
|
(1)
|
first, to the Class A-AB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class A-AB Certificates has been reduced to the Planned Principal Balance as set forth on Attachment B of this free writing prospectus for such Distribution Date;
|
(2)
|
then, to the Class A-1 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof remaining after distributions on the Class A-AB Certificates pursuant to clause (1) above) for such Distribution Date, until the Certificate Balance of the Class A-1 Certificates has been reduced to zero;
|
(3)
|
then, to the Class A-2 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof remaining after distributions on the Class A-1 and Class A-AB Certificates pursuant to clauses (1) and (2) above) for such Distribution Date, until the Certificate Balance of the Class A-2 Certificates has been reduced to zero;
|
(4)
|
then, to the Class A-3 Certificates, in reduction of their respective Certificate Balances, an amount equal to the Principal Distribution Amount (or the portion thereof remaining after distributions on the Class A-1, Class A-2 and Class A-AB Certificates pursuant to clauses (1), (2) and (3) above) for such Distribution Date, until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero;
|
(5)
|
then, to the Class A-4 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof remaining after distributions on the Class A-1, Class A-2, Class A-AB and Class A-3 Certificates pursuant to clauses (1), (2), (3) and (4) above) for such Distribution Date, until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
|
(6)
|
then, to the Class A-5 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof remaining after distributions on the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates pursuant to clauses (1), (2), (3), (4) and (5) above) for such Distribution Date, until the aggregate Certificate Balance of the Class A-5 Certificates has been reduced to zero; and
|
(7)
|
then, to the Class A-AB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof remaining after distributions on
|
the Class A-1, Class A-2, Class A-AB, Class A-3, Class A-4 and Class A-5 Certificates pursuant to clauses (1), (2), (3), (4), (5) and (6) above) for such Distribution Date, until the Certificate Balance of the Class A-AB Certificates has been reduced to zero; and
|
Period
|
Balance ($)
|
Period
|
Balance ($)
|
Period
|
Balance ($)
|
Initial Balance
|
76,198,000.00
|
40
|
76,198,000.00
|
80
|
51,526,138.83
|
1
|
76,198,000.00
|
41
|
76,198,000.00
|
81
|
50,292,134.99
|
2
|
76,198,000.00
|
42
|
76,198,000.00
|
82
|
48,953,091.06
|
3
|
76,198,000.00
|
43
|
76,198,000.00
|
83
|
47,707,229.16
|
4
|
76,198,000.00
|
44
|
76,198,000.00
|
84
|
46,455,626.08
|
5
|
76,198,000.00
|
45
|
76,198,000.00
|
85
|
45,099,471.93
|
6
|
76,198,000.00
|
46
|
76,198,000.00
|
86
|
43,835,850.40
|
7
|
76,198,000.00
|
47
|
76,198,000.00
|
87
|
42,468,011.74
|
8
|
76,198,000.00
|
48
|
76,198,000.00
|
88
|
41,192,262.21
|
9
|
76,198,000.00
|
49
|
76,198,000.00
|
89
|
39,910,633.40
|
10
|
76,198,000.00
|
50
|
76,198,000.00
|
90
|
38,329,667.14
|
11
|
76,198,000.00
|
51
|
76,198,000.00
|
91
|
37,034,842.40
|
12
|
76,198,000.00
|
52
|
76,198,000.00
|
92
|
35,636,667.52
|
13
|
76,198,000.00
|
53
|
76,198,000.00
|
93
|
34,329,430.37
|
14
|
76,198,000.00
|
54
|
76,198,000.00
|
94
|
32,919,187.97
|
15
|
76,198,000.00
|
55
|
76,198,000.00
|
95
|
31,599,425.28
|
16
|
76,198,000.00
|
56
|
76,198,000.00
|
96
|
30,273,579.89
|
17
|
76,198,000.00
|
57
|
76,198,000.00
|
97
|
28,845,246.28
|
18
|
76,198,000.00
|
58
|
76,198,000.00
|
98
|
27,506,705.73
|
19
|
76,198,000.00
|
59
|
76,198,000.00
|
99
|
26,066,029.71
|
20
|
76,198,000.00
|
60
|
76,198,000.00
|
100
|
24,714,678.28
|
21
|
76,198,000.00
|
61
|
76,197,472.33
|
101
|
23,357,098.14
|
22
|
76,198,000.00
|
62
|
74,999,413.66
|
102
|
21,707,213.64
|
23
|
76,198,000.00
|
63
|
73,686,253.35
|
103
|
20,335,768.01
|
24
|
76,198,000.00
|
64
|
72,476,670.79
|
104
|
18,863,101.18
|
25
|
76,198,000.00
|
65
|
71,261,538.02
|
105
|
17,478,544.71
|
26
|
76,198,000.00
|
66
|
69,713,676.04
|
106
|
15,993,131.32
|
27
|
76,198,000.00
|
67
|
68,485,861.01
|
107
|
14,595,344.49
|
28
|
76,198,000.00
|
68
|
67,143,771.70
|
108
|
13,191,114.31
|
29
|
76,198,000.00
|
69
|
65,904,162.69
|
109
|
11,725,928.66
|
30
|
76,198,000.00
|
70
|
64,550,607.31
|
110
|
10,346,290.66
|
31
|
76,198,000.00
|
71
|
63,299,097.27
|
111
|
8,868,392.46
|
32
|
76,198,000.00
|
72
|
62,041,844.05
|
112
|
7,475,559.30
|
33
|
76,198,000.00
|
73
|
60,671,135.04
|
113
|
6,076,294.69
|
34
|
76,198,000.00
|
74
|
59,401,820.64
|
114
|
4,396,807.44
|
35
|
76,198,000.00
|
75
|
58,019,385.80
|
115
|
2,900,380.32
|
36
|
76,198,000.00
|
76
|
56,737,900.73
|
116
|
1,408,689.18
|
37
|
76,198,000.00
|
77
|
55,491,990.44
|
117
|
0.00
|
38
|
76,198,000.00
|
78
|
54,076,011.17
|
||
39
|
76,198,000.00
|
79
|
52,853,758.31
|