0001539497-15-000809.txt : 20150619 0001539497-15-000809.hdr.sgml : 20150619 20150619132300 ACCESSION NUMBER: 0001539497-15-000809 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20150619 0001013454 ITEM INFORMATION: 2.01 FILED AS OF DATE: 20150619 DATE AS OF CHANGE: 20150619 RULE-15GA2 025-00564 Y Commercial mortgages 0001013454 0001645384 COMM 2015-PC1 Mortgage Trust 333-193376 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE MORTGAGE & ASSET RECEIVING CORP CENTRAL INDEX KEY: 0001013454 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 043310019 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: SEC FILE NUMBER: 025-00564 FILM NUMBER: 15941912 BUSINESS ADDRESS: STREET 1: ONE INTERNATIONAL PLACE STREET 2: ROOM 520 CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6179517690 MAIL ADDRESS: STREET 1: ONE INTERNATIONAL PLACE STREET 2: ROOM 608 CITY: BOSTON STATE: MA ZIP: 02110 ABS-15G 1 n496_x1abs.htm FORM ABS-15G Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM ABS-15G

ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
 
o Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period   to    
 
  Date of Report (Date of earliest event reported)        
           
  Commission File Number of securitizer:        
           
  Central Index Key Number of securitizer:        
 
Helaine M. Kaplan, (212) 250-5270
Name and telephone number, including area code, of the person to
contact in connection with this filing


Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1)  o

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i)  o

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii)  o


[ü] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001013454                                                                                                                            
 
 
 
 
 
Deutsche Mortgage & Asset Receiving Corporation                                                                                                                                                                                               
(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): 0001645384                          

Central Index Key Number of underwriter (if applicable): Not applicable                   

Helaine M. Kaplan, (212) 250-5270
Name and telephone number, including area code, of the person to
contact in connection with this filing


INFORMATION TO BE INCLUDED IN THE REPORT
 
FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
 
 
Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
 
Attached as Exhibit 1 hereto is an agreed-upon procedures report, dated June 17, 2015, of KPMG LLP, obtained by the issuer, which report sets forth the findings and conclusions, as applicable, of KPMG LLP with respect to certain agreed-upon procedures performed by KPMG LLP.
 
 
 
 


SIGNATURES

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

   
 
DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION
(Depositor)
 
   
 Date:  June 19, 2015
  
 
By:
/s/ Matt Smith
  
   
Name: Matt Smith
  
   
Title: Vice President
  
       
       
 
By:
/s/ Natalie Grainger
  
   
Name: Natalie Grainger
  
   
Title: Vice President
  
 
 
 
 
 
 
Exhibit 1 Agreed-upon procedures report, dated June 17, 2015, of KPMG LLP.
 
 
 
EX-1 2 exhibit_1.htm AGREED-UPON PROCEDURES REPORT

Exhibit 1

 

This draft is

   
KPMG LOGO 


KPMG LLP
1676 International Drive
McLean, VA 22102

 

Independent Accountants’ Report on Applying Agreed-Upon Procedures

 

German American Capital Corporation (“GACC”)

Jefferies LoanCore LLC (“JLC”)

Natixis Real Estate Capital LLC (“Natixis”)

UBS Real Estate Securities Inc. (“UBSRES”)

The Bank of New York Mellon (“BNYM”)

(together with GACC, JLC, Natixis and UBSRES, the “Loan Sellers”)

Deutsche Mortgage & Asset Receiving Corporation

Deutsche Bank Securities, Inc.

Jefferies LLC

Natixis Securities Americas LLC

UBS Securities LLC

(together, the “Specified Parties”)

 

Re:COMM 2015-PC1 – Loan File Procedures

 

We have performed the procedures described below, which were agreed to by the Specified Parties, solely to assist the Specified Parties with the certain information pertaining to the mortgage loans and the related mortgaged properties which we were informed are intended to be included as collateral in the offering of the Certificates by COMM 2015-PC1 Mortgage Trust. The Company is responsible for the information contained in the Data File (defined below). This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

 

For purposes of this report, we have completed the loan file procedures explained below and have performed procedures on the information you have requested.

 

Unless otherwise noted, the following definitions have been adopted in presenting our procedures and findings:

 

•     The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were attributable to rounding.

 

•     The term “recomputed” means recalculated and compared the results to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were attributable to rounding.

 

•     The term “rounding” means that amounts and percentages were within $1.00 and 0.1%, respectively.

 

 

 
 

 

KPMG LOGO   

COMM 2015-PC1
June 17, 2015
Page 2		  

 

A.      The Loan Sellers provided us with a combined data file on June 17, 2015 (the “Data File”) containing data with respect to their respective mortgage loans (“Mortgage Loans”) and related mortgaged properties (“Mortgaged Properties”). We were instructed by the Loan Sellers to perform the agreed-upon procedures on the entire population of Mortgage Loans and related Mortgaged Properties in the Data File. A summary of the contents of the Data File is as follow:

 

Loan Seller Number of Mortgage Loans Number of Mortgaged
Properties
GACC 14 14
JLC 27 63
Natixis   9 30
UBSRES 20 21
BNYM 10 19
  TOTAL 80 147  

 

For the Mortgage Loans and related Mortgaged Properties in the Data File, we compared the information (attributes) listed on Attachment A to this report in the Data File to the corresponding information set forth in copies of the indicated source documents (the “Loan Files”) made available to us by the applicable Loan Seller (including the Instructions described below). Where more than one document is indicated, we used the highest priority document that we could locate in the Loan File. The document priority is the order provided by the Loan Sellers, which is summarized on Attachment A, with the highest priority document listed first.

 

For the Mortgage Loans in the table, the Loan Seller provided the values and/or instructions described in the table below (the “Instructions”) which supersedes any value found in the Loan File:

 

Loan Seller Mortgage Loan Attribute Value/Instruction
GACC 8500 Tyco Road Most Recent Rent Roll/Census Date 5/31/2015
Natixis Hampton Inn St. Charles Appraisal Value As Is / Stabilized As Complete
Natixis Hampton Inn Rochester Appraisal Value As Is / Stabilized As Complete
BNYM Crossroads Plaza Shopping Center Sponsor George Chami

 

We found such information in the Data File to be in agreement.

 

B.       Using (i) certain information in the Data File, (ii) the calculation methodology provided by the Loan Sellers and summarized in Attachment B (“Calculation Methodology”), and (iii) the additional instructions from the applicable Loan Sellers described below, we recomputed the attributes listed on Attachment B to this report for the Mortgage Loans and related Mortgaged Properties listed in the Data File and compared the results of our recomputations to information contained in the Data File.

 

 
 

 

KPMG LOGO   

COMM 2015-PC1
June 17, 2015
Page 3		  

 

For the Mortgage Loans in the table, the Loan Seller provided the additional instructions described in the table below:

 

Loan Seller  Mortgage Loan (s) Attribute Instruction
JLC 7 Eleven & Walgreens Portfolio Maturity Balance; Monthly Debt Service Payment; Original Amort. Term (Months) To use the Fixed Amortization Schedule provided by JLC
Natixis 760 & 800 Westchester Avenue Maturity Balance; Monthly Debt Service Payment; Original Amort. Term (Months) To use the Fixed Amortization Schedule provided in the Note
Natixis 760 & 800 Westchester Avenue and Gateway Portfolio Cut-off Balance per Unit, LTV at Cut-off, LTV at Maturity, U/W NOI Debt Yield, U/W NCF Debt Yield, U/W NCF DSCR (Current), U/W NCF DSCR (After IO Period), U/W NOI DSCR (Current), and U/W NOI DSCR (After IO Period) To recomputed the attribute based on the aggregate loan amounts including the applicable pari passu companion loans which we were informed will not be included as collateral in the COMM 2015-PC1 Mortgage Trust
UBSRES   North Park Commons LTV at Cut-off; “As is” Cut-off Date LTV; U/W NOI Debt Yield; U/W NCF Debt Yield Net out $1,750,000 of Reserve Funds from calculations
UBSRES 1800 41 Street LTV at Cut-off; “As is” Cut-off Date LTV; U/W NOI Debt Yield; U/W NCF Debt Yield Net out $1,500,000 of Reserve Funds from calculations
UBSRES The Row LTV at Cut-off; “As is” Cut-off Date LTV; U/W NOI Debt Yield; U/W NCF Debt Yield Net out $977,000 of Reserve Funds from calculations

 

 

We found such information in the Data File to be in agreement.

 

There were no conclusions that resulted from the procedures.

 

We were not engaged to, and did not conduct an examination or review, the objectives of which would be the expression of an opinion or conclusion, respectively, on the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

The procedures performed were applied based on the methodologies, assumptions and information provided to us by the Loan Sellers, without verification or evaluation of such methodologies, assumptions, documents and information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the methodologies, assumptions or information provided to us by the Loan Sellers, (ii) the physical existence of the Mortgage Loans and Mortgaged Properties, (iii) the reliability or accuracy of the documents furnished to us by the Loan Sellers which were used in our procedures, (iv) the adequacy of the disclosures in the Data File, (v) as to whether any of the statements expressed therein omit any material facts, or (vi) the enforceability of any contractual provision in the Loan Files.

 

 
 

 

 

KPMG LOGO   

COMM 2015-PC1
June 17, 2015
Page 4		  

 

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Mortgage Loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Mortgage Loans being securitized, (iii) the compliance of the originator of the Mortgage Loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loans that would be material to the likelihood that the issuer or the asset-backed security will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by a nationally recognized statistical rating organization (“NRSRO”).

 

The terms of our engagement are such that we have no obligation to update this report because of events and transactions that may subsequently occur.

 

This report is intended solely for the information and use of the German American Capital Corporation, Jefferies LoanCore LLC, Natixis Real Estate Capital LLC, UBS Real Estate Securities Inc., The Bank of New York Mellon, Deutsche Mortgage & Asset Receiving Corporation, Deutsche Bank Securities, Inc., Jefferies LLC, Natixis Securities Americas LLC and UBS Securities LLC. It is not intended to be and should not be used by any other person or entity, including investors and NRSROs, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

 

KPMG LLP LOGO

June 17, 2015

 

 
 

 

THE PAGES THAT FOLLOW CONSTITUTE ATTACHMENT A

 

 
 

 

Attribute Source Document
Property Name Provided by Loan Seller
Address Appraisal/Engineering Report
City Appraisal/Engineering Report
County Appraisal/Engineering Report
State Appraisal/Engineering Report
Zip Code Appraisal, USPS
Property Type Appraisal
Property Sub-Type Appraisal
Year Built Appraisal/Engineering Report
Year Renovated Appraisal/Engineering Report
Units/Rentable Square Ft. Borrower Rent Roll/Underwritten Rent Roll, Lease
Primary Unit of Measure Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Original Balance Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement
Appraisal Value Appraisal
Date of Valuation Appraisal
Appraisal Value (As Is / Stabilized) Appraisal
“As is” Appraisal Value Appraisal
“As is” Date of Valuation Appraisal
FIRREA Eligible (Yes/No) Appraisal
Note Date Loan Agreement/Promissory Note, Deed of Trust, Mortgage
First Payment Date Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Interest Rate Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement
Interest Calculation (30/360/Actual/360) Loan Agreement
Monthly Debt Service Payment Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement.  For the Mortgage Loans identified on the Data File for which the Amortization Type characteristic is ‘Interest Only’ or ‘Interest Only, ARD’, the Monthly Debt Service Payment was recomputed using the following formula:  Interest Rate multiplied by the number of days in the month (30 for 30/360 loans and actual for Actual 360 loans) multiplied by the Original Balance.
Pari Passu Companion Loan Monthly Debt Service Payment Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Note Splitter Agreement
Grace Period (Default) Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Grace Period (Late Fee) Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Payment Day Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Original Interest Only Period (Months) Loan Agreement
Maturity/ARD Date Loan Agreement/Promissory Note, Deed of Trust, Mortgage
ARD (Yes/No) Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Final Maturity Date Loan Agreement/Promissory Note, Deed of Trust, Mortgage
LockBox Type Loan Agreement/Promissory Note/Cash Management Agreement/Lockbox Agreement
Cash Management Loan Agreement/Promissory Note/Cash Management Agreement/Lockbox Agreement

 

 
 

 

Attribute Source Document
Excess Cash Trap Trigger Loan Agreement/Promissory Note/Cash Management Agreement/Lockbox Agreement
Prepayment Provision Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Lockout Expiration Date Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Amortization Type Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Lien Position Proforma Title Policy/Title Policy/Escrow Instruction Letter
Ownership Interest Proforma Title Policy/Title Policy/Escrow Instruction Letter
Ground Lease Expiration Date Proforma Title Policy/Title Policy/Ground Lease
Ground Lease Extension Options Proforma Title Policy/Title Policy/Ground Lease
Cross-Collateralized Cross-Collateralization Agreement/Loan Agreement
Existing Additional Debt (Yes/No) Note Splitter Agreement/Loan Agreement/Promissory Note
Existing Additional Debt Amount Note Splitter Agreement/Loan Agreement/Promissory Note
Existing Additional Debt Description Mezzanine Loan Agreement, Intercreditor Agreement, Subordinate Notes
Future Debt Permitted (Yes/No) Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Future Debt Permitted Type Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Future Debt Description Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Partial Prepay or Release Allowed (Yes/No) Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Partial Prepayment or Release Description Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Substitution Allowed (Yes/No) Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Substitution Description Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Third Most Recent Occupancy Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy
Third Most Recent Occupancy Date Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy
Second Most Recent Occupancy Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy
Second Most Recent Occupancy Date Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report/Historical Occupancy
Most Recent Physical Occupancy Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report
Most Recent Rent Roll/Census Date Borrower Rent Roll/Underwritten Rent Roll/Travel Research Report
Major Tenant Name # 1 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Sq. Ft. # 1 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Lease Expiration Date # 1 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Name # 2 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Sq. Ft. # 2 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Lease Expiration Date # 2 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Name # 3 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Sq. Ft. # 3 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Lease Expiration Date # 3 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Name # 4 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Sq. Ft. # 4 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Lease Expiration Date # 4 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll

 

 
 

 

Attribute Source Document
Major Tenant Name # 5 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Sq. Ft. # 5 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Major Tenant Lease Expiration Date # 5 Underwritten Rent Roll/Lease Agreement/Borrower Rent Roll
Most Recent Operating Statement Date Underwritten Financial Schedule
Most Recent EGI Underwritten Financial Schedule
Most Recent Expenses Underwritten Financial Schedule
Most Recent NOI Underwritten Financial Schedule
Most Recent Capital Items Underwritten Financial Schedule
Most Recent NCF Underwritten Financial Schedule
Second Most Recent Operating Statement Date Underwritten Financial Schedule
Second Most Recent EGI Underwritten Financial Schedule
Second Most Recent Expenses Underwritten Financial Schedule
Second Most Recent NOI Underwritten Financial Schedule
Second Most Recent Capital Items Underwritten Financial Schedule
Second Most Recent NCF Underwritten Financial Schedule
Third Most Recent Operating Statement Date Underwritten Financial Schedule
Third Most Recent EGI Underwritten Financial Schedule
Third Most Recent Expenses Underwritten Financial Schedule
Third Most Recent NOI Underwritten Financial Schedule
Third Most Recent Capital Items Underwritten Financial Schedule
Third Most Recent NCF Underwritten Financial Schedule
UW Revenues Underwritten Financial Schedule
UW EGI Underwritten Financial Schedule
UW Expenses Underwritten Financial Schedule
UW NOI Underwritten Financial Schedule
UW Replacement Reserves Underwritten Financial Schedule
UW TI/LC Underwritten Financial Schedule
UW NCF Underwritten Financial Schedule
UW Vacancy Underwritten Financial Schedule
Replacement Reserve taken at Closing Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Monthly Replacement Reserve Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Replacement Reserve Cap Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Replacement Reserve Springing Condition Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Replacement Reserve Interest to Borrower Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
TI/LC taken at Closing Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Monthly TI/LC Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
TI/LC Reserve Cap Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
TI/LC Reserve Springing Condition Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
TI/LC Reserve Interest To Borrower Loan Agreement
Tax at Closing Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Monthly Tax Constant / Escrow Closing Statement/Loan Agreement/Reserve Agreement/Mortgage, Escrow Analysis

 

 
 

 

Attribute Source Document
Tax Reserve Springing Condition Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Tax Reserve Interest To Borrower Loan Agreement
Insurance at Closing Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Monthly Insurance Constant / Escrow Closing Statement/Loan Agreement/Reserve Agreement/Mortgage, Escrow Analysis
Insurance Reserve Springing Condition Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Insurance Reserve Interest To Borrower Loan Agreement
Engineering Reserve taken at Closing Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Engineering Reserve Interest to Borrower Loan Agreement
Other Reserve Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Description Other Reserve Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Other Reserve Cap Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Other Reserve Springing Condition Closing Statement/Loan Agreement/Reserve Agreement/Mortgage
Other Reserve Interest to Borrower Loan Agreement
Borrower Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Owner Occupancy > 5% Provided by Loan Seller
Sponsor Guaranty of Recourse Obligations
Earthquake Insurance (Y/N) Insurance Certificate/Insurance Review
Terrorism Insurance (Y/N) Insurance Certificate/Insurance Review
Windstorm Insurance (Y/N) Insurance Certificate/Insurance Review
Environmental Insurance (Y/N) Insurance Certificate/Insurance Review
Date of Engineering Report Engineering Report
Date of Phase I Report Environmental Report
Date of Phase II Report (if applicable) Environmental Report
Date of Seismic Report Seismic Report
Franchise Flag Franchise Agreement
Franchise Agreement Expiration Date Franchise Agreement
PML/SEL % Seismic Report
SPE Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Independent Director (Yes/No) Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Non-Consolidation Opinion (Yes/No) Loan Agreement/Promissory Note, Deed of Trust, Mortgage/Non-consolidation letter
Single Tenant (Yes/No) Borrower Rent Roll/Underwritten Rent Roll
Guarantor Guaranty of Recourse Obligations
Property Manager Management Agreement
TIC Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Loan Purpose Closing Statement/Loan Agreement
Assumption Fee Loan Agreement/Promissory Note, Deed of Trust, Mortgage
Letter of Credit Loan Agreement/Letter of Credit
Earnout/Holdback Closing Statement/Loan Agreement/Promissory Note/Reserve Agreement
Earnout/Holdback Description Closing Statement/Loan Agreement/Promissory Note/Reserve Agreement

 

 
 

 

 

THE PAGES THAT FOLLOW CONSTITUTE ATTACHMENT B

 

 
 

 

Attribute Calculation Methodology
Cut-off Balance per Unit Cut-off Balance divided by Units/Rentable SF
Cut-off Balance We recomputed using the Original Balance, Interest Calculation (30/360 / Actual/360), Seasoning as of Cut-off Date (Months), Original Interest Only Period, First Payment Date, Maturity/ARD Date, Interest Rate and Monthly Debt Service Payment. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections.
% of Total Cut-off Date Pool Balance Cut-off Balance divided by the aggregate Cut-off Balance of all Mortgage Loans
LTV at Cut-off Cut-off Balance divided by Appraisal Value
“As is” Cut-off Date LTV Cut-off Balance divided by “As is” Appraisal Value
Maturity Balance We recomputed using the Original Balance, Interest Calculation (30/360 / Actual/360), Seasoning as of Cut-off Date (Months), Original Interest Only Period, First Payment Date, Maturity/ARD Date, Interest Rate and Monthly Debt Service Payment.  We are assuming all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections.  For each Mortgage Loan, we recomputed the Maturity Balance as the aggregate principal amount that is scheduled to be paid on the “Maturity/ARD Date,” including the principal component that is included in the Monthly Debt Service Payment that is due on the “Maturity/ARD Date.”
LTV at Maturity Maturity Balance divided by Appraisal Value
U/W NOI Debt Yield UW NOI divided by Cut-off Balance
U/W NCF Debt Yield UW NCF divided by Cut-off Balance
NOI Debt Yield at Maturity UW NOI divided by Maturity Balance
NCF Debt Yield at Maturity UW NCF divided by Maturity Balance
Original Amort. Term (Months) We recomputed by using the Original Balance, Interest Rate and Monthly Debt Service Payment for Mortgage Loans identified on the  Data File from which the Amortization Type characteristic is ‘Amortizing Balloon’, (the “Balloon Loans”). For the Mortgage Loans identified on the Data File for which the Amortization Type characteristic is ‘Interest Only, then Amortizing’ (the “Partial Interest Only Loans”), we used the Monthly Debt Service Payment after the expiration of the interest only period.  For the Mortgage Loans identified on the Data File for which the Amortization Type characteristic is ‘Interest Only’ or ‘Interest Only, ARD’) is shown as ‘0’, (the “Interest Only Loans”).
Original Balloon Term (Months) Number of payments between and including the Maturity/ARD Date and the First Payment Date
Seasoning as of Cut-off Date (Months) Number of payments between and including the First Payment Date and the Cut-off Date
Remaining Term to Amortization (Months) Original Amort. Term (Months) minus Seasoning as of the Cut-off Date (Months)
Remaining Term to Maturity (Months) Original Balloon Term (Months) minus Seasoning as of the Cut-off Date (Months)
Rem IO Period Original Interest Only Period minus Seasoning as of the Cut-off Date (Months)

 

 
 

 

Attribute Calculation Methodology
Major % of Sq. Ft. # 1 Major Tenant Sq. Ft. # 1 divided by Units/Rentable SF
Major % of Sq. Ft. # 2 Major Tenant Sq. Ft. # 2 divided by Units/Rentable SF
Major % of Sq. Ft. # 3 Major Tenant Sq. Ft. # 3 divided by Units/Rentable SF
Major % of Sq. Ft. # 4 Major Tenant Sq. Ft. # 4 divided by Units/Rentable SF
Major % of Sq. Ft. # 5 Major Tenant Sq. Ft. # 5 divided by Units/Rentable SF
UW NCF DSCR (Current) UW NCF divided by annual ((Interest Rate times Interest Calculation (30/360 / Actual/360)) times Original Balance) for the Partial Interest Only Loans.  For Interest Only Loans and Balloon Loans we used the “annual” Monthly Debt Service Payment amount.
UW NCF DSCR (After IO Period) UW NCF divided by “annual” Monthly Debt Service Payment
UW NOI DSCR (Current) UW NOI divided by annual ((Interest Rate times Interest Calculation (30/360 / Actual/360)) times Original Balance) for the Partial Interest Only Loans.  For Interest Only Loans and Balloon Loans we used the “annual” Monthly Debt Service Payment amount.
UW NOI DSCR (After IO Period) UW NCF divided by “annual” Monthly Debt Service Payment
Total Debt Cut-off Balance per Unit The sum of the Cut-off Balance and Existing Additional Debt Amount divided by Units/Rentable SF
Total Debt Balance per Unit at Maturity The sum of the Maturity Balance and the ‘maturity balance’ Existing Additional Debt Amount divided by Units/Rentable SF
Total Debt LTV at Cut-off The sum of the Cut-off Balance and Existing Additional Debt Amount divided Appraisal Value
Total Debt LTV at Maturity The sum of the Maturity Balance and the ‘maturity balance’ Existing Additional Debt Amount divided Appraisal Value
Total Debt U/W NOI Debt Yield UW NOI divided by the sum of the Cut-off Balance and Existing Additional Debt Amount
Total Debt U/W NCF Debt Yield UW NCF divided by the sum of the Cut-off Balance and Existing Additional Debt Amount
Total Debt NOI Debt Yield at Maturity UW NOI divided by the sum of the Maturity Balance and the ‘maturity balance’ Existing Additional Debt Amount
Total Debt NCF Debt Yield at Maturity UW NCF divided by the sum of the Maturity Balance and the ‘maturity balance’ Existing Additional Debt Amount
Total Debt U/W NOI DSCR (After IO Period) UW NOI divided by “annual” Monthly Debt Service Payment and the annual monthly debt service payment for the Existing Additional Debt Amount
Total Debt U/W NCF DSCR (After IO Period) UW NCF divided by “annual” Monthly Debt Service Payment and the annual monthly debt service payment for the Existing Additional Debt Amount
Related Principal Using the “Guarantor” of each Mortgage Loan, as shown on the Final Data File, we identified those Mortgage Loans that had at least one common “Related Principal”.

 

 
 

 

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