FWP 1 n1982-x6_anxa1.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226123-07
     

 

     
     
 

Free Writing Prospectus dated February [3], 2020

 

The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File no. 333-226123) for the offering to which this free writing prospectus 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 entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (866) 669-7629 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com.

 

The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled "Certain Characteristics of the Mortgage Loans and Mortgaged Properties" to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision.

 

The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.

 

Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.

 

Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another email system. 

  
     
     

  

 

 

 

ANNEX A-1 

                                 
                Number of Property   Property   Year    Unit of      Occupancy
Loan # Seller(1) Property Name Street Address City State Zip Code County Properties Type(2) Subtype Year Built Renovated Units(3)  Measure Occupancy %(4) Date
1 JPMCB/GACC 1633 Broadway 1633 Broadway New York NY 10019 New York 1 Office CBD 1972 2013 2,561,512 Square Feet 98.4% 10/31/19
2 GACC F5 Tower 801 5th Avenue Seattle WA 98104 King 1 Office CBD 2019   515,518 Square Feet 100.0% 12/19/19
3 JPMCB/CREFI Bellagio Hotel and Casino 3600 South Las Vegas Boulevard Las Vegas NV 89109 Clark 1 Hotel Full Service 1997 2019 3,933 Rooms 94.8% 09/30/19
4 JPMCB Kings Plaza 5100 Kings Plaza Brooklyn NY 11234 Kings 1 Retail Super Regional Mall 1969 2018 811,797 Square Feet 96.7% 10/31/19
5 JPMCB 1501 Broadway 1501 Broadway New York NY 10036 New York 1 Mixed Use Office/Retail 1926 2018 737,471 Square Feet 77.8% 11/01/19
6 CREFI 805 Third Avenue 805 Third Avenue New York NY 10022 New York 1 Office CBD 1982   596,100 Square Feet 91.9% 10/24/19
7 GACC 55 Hudson Yards 550 West 34th Street New York NY 10001 New York 1 Office CBD 2018   1,431,212 Square Feet 97.3% 11/19/19
8 GACC Southcenter Mall 2800 Southcenter Mall Tukwila WA 98188 King 1 Retail Super Regional Mall 1968 2008 783,068 Square Feet 84.1% 11/30/19
9 JPMCB 181 West Madison 181 West Madison Street Chicago IL 60602 Cook 1 Office CBD 1990 2016 946,099 Square Feet 87.7% 11/30/19
10 CREFI Parkmerced 3711 19th Avenue San Francisco CA 94132 San Francisco 1 Multifamily High-Rise/Townhome 1944, 1951 2009 3,165 Units 94.2% 09/10/19
11 GACC 560 Mission Street 560 Mission Street San Francisco CA 94105 San Francisco 1 Office CBD 2002   668,149 Square Feet 98.4% 10/31/19
12 GACC Starwood Industrial Portfolio Various Various Various Various Various 33 Industrial Various Various Various 4,070,396 Square Feet 98.4% Various
12.01 GACC 101 45th Street 101 45th Street Munster IN 46321 Lake 1 Industrial Warehouse/Distribution 1992   349,988 Square Feet 81.2% 11/26/19
12.02 GACC 4820-4850 Indianapolis Road 4820-4850 Indianapolis Road Whitestown IN 46075 Boone 1 Industrial Warehouse/Distribution 2016   323,000 Square Feet 100.0% 11/26/19
12.03 GACC 8401 Bearing Drive 8401 Bearing Drive Indianapolis IN 46268 Marion 1 Industrial Warehouse/Distribution 2015   266,400 Square Feet 100.0% 11/26/19
12.04 GACC 5900 North Meadows Drive 5900 North Meadows Drive Grove City OH 43123 Franklin 1 Industrial Warehouse/Distribution 1997   269,831 Square Feet 100.0% 02/06/20
12.05 GACC 5701 North Meadows Drive 5701 North Meadows Drive Grove City OH 43123 Franklin 1 Industrial Warehouse/Distribution 1997   268,905 Square Feet 100.0% 11/26/19
12.06 GACC 8421 Bearing Drive 8421 Bearing Drive Indianapolis IN 46268 Marion 1 Industrial Warehouse/Distribution 2015   124,200 Square Feet 100.0% 11/26/19
12.07 GACC 6451-6471 Northwind Parkway 6451-6471 Northwind Parkway Hobart IN 46342 Lake 1 Industrial Warehouse/Distribution 2016   159,813 Square Feet 100.0% 11/26/19
12.08 GACC 4910-4938 Indianapolis Road 4910-4938 Indianapolis Road Whitestown IN 46075 Boone 1 Industrial Warehouse/Distribution 2016   156,000 Square Feet 100.0% 11/26/19
12.09 GACC 6221-6241 Northwind Parkway 6221-6241 Northwind Parkway Hobart IN 46342 Lake 1 Industrial Warehouse/Distribution 2009   150,000 Square Feet 100.0% 11/26/19
12.10 GACC 775 Commerce Parkway West Drive 775 Commerce Parkway West Drive Greenwood IN 46143 Johnson 1 Industrial Warehouse/Distribution 2014 2019 155,000 Square Feet 100.0% 02/06/20
12.11 GACC 1901 Northwind Parkway 1901 Northwind Parkway Hobart IN 46342 Lake 1 Industrial Warehouse/Distribution 2006   101,437 Square Feet 100.0% 11/26/19
12.12 GACC 333 45th Street 333 45th Street Munster IN 46321 Lake 1 Industrial Warehouse/Distribution 1999 2015 140,000 Square Feet 100.0% 02/06/20
12.13 GACC 221 South Swift Road 221 South Swift Road Addison IL 60101 DuPage 1 Industrial Warehouse/Distribution 1995   110,000 Square Feet 100.0% 02/06/20
12.14 GACC W234N2091 Ridgeview Parkway Court W234N2091 Ridgeview Parkway Court Pewaukee WI 53188 Waukesha 1 Industrial Warehouse/Distribution 2001   105,444 Square Feet 100.0% 02/06/20
12.15 GACC 2240 Creekside Parkway 2240 Creekside Parkway Lockbourne OH 43137 Franklin 1 Industrial Warehouse/Distribution 2012   125,000 Square Feet 100.0% 02/06/20
12.16 GACC 201 South Swift Road 201 South Swift Road Addison IL 60101 DuPage 1 Industrial Warehouse/Distribution 1995   85,000 Square Feet 100.0% 02/06/20
12.17 GACC 8441 Bearing Drive 8441 Bearing Drive Indianapolis IN 46268 Marion 1 Industrial Warehouse/Distribution 2015   124,200 Square Feet 100.0% 02/06/20
12.18 GACC 4700 Ironwood Drive 4700 Ironwood Drive Franklin WI 53132 Milwaukee 1 Industrial Warehouse/Distribution 2000   123,200 Square Feet 100.0% 02/06/20
12.19 GACC 4410 North 132nd Street 4410 North 132nd Street Butler WI 53007 Waukesha 1 Industrial Warehouse/Distribution 1998   100,000 Square Feet 100.0% 11/26/19
12.20 GACC 999 Gerdt Court 999 Gerdt Court Greenwood IN 46143 Johnson 1 Industrial Warehouse/Distribution 2001   132,315 Square Feet 100.0% 11/26/19
12.21 GACC 480 45th Street 480 45th Street Munster IN 46321 Lake 1 Industrial Cold Storage 2002 2011 107,095 Square Feet 100.0% 02/06/20
12.22 GACC 12857 South Hamlin Court 12857 South Hamlin Court Alsip IL 60803 Cook 1 Industrial Warehouse/Distribution 2014   45,000 Square Feet 100.0% 02/06/20
12.23 GACC 1695 Glen Ellyn Road 1695 Glen Ellyn Road Glendale Heights IL 60139 DuPage 1 Industrial Warehouse/Distribution 2011   40,080 Square Feet 100.0% 02/06/20
12.24 GACC 1701-1721 Northwind Parkway 1701-1721 Northwind Parkway Hobart IN 46342 Lake 1 Industrial Warehouse/Distribution 2005   94,786 Square Feet 100.0% 11/26/19
12.25 GACC 1245 Lakeside Drive 1245 Lakeside Drive Romeoville IL 60446 Will 1 Industrial Warehouse/Distribution 1998   59,976 Square Feet 100.0% 02/06/20
12.26 GACC 3890 Perry Boulevard 3890 Perry Boulevard Whitestown IN 46075 Boone 1 Industrial Warehouse/Distribution 2008 2013 70,000 Square Feet 100.0% 02/06/20
12.27 GACC 215 45th Street 215 45th Street Munster IN 46321 Lake 1 Industrial Cold Storage 2000   65,000 Square Feet 100.0% 02/06/20
12.28 GACC 845 Telser Road 845 Telser Road Lake Zurich IL 60047 Lake 1 Industrial Warehouse/Distribution 2016   20,000 Square Feet 100.0% 02/06/20
12.29 GACC 1851 Northwind Parkway 1851 Northwind Parkway Hobart IN 46342 Lake 1 Industrial Warehouse/Distribution 2014   18,120 Square Feet 100.0% 02/06/20
12.30 GACC 1650 Northwind Parkway 1650 Northwind Parkway Hobart IN 46342 Lake 1 Industrial Warehouse/Distribution 2006   50,400 Square Feet 100.0% 02/06/20
12.31 GACC 225 45th Street 225 45th Street Munster IN 46321 Lake 1 Industrial Warehouse/Distribution 2000   45,000 Square Feet 100.0% 02/06/20
12.32 GACC 1600-1640 Northwind Parkway 1600-1640 Northwind Parkway Hobart IN 46342 Lake 1 Industrial Warehouse/Distribution 2006   50,206 Square Feet 100.0% 11/26/19
12.33 GACC 235 45th Street 235 45th Street Munster IN 46321 Lake 1 Industrial Warehouse/Distribution 2000   35,000 Square Feet 100.0% 02/06/20
13 CREFI 650 Madison Avenue 650 Madison Avenue New York NY 10022 New York 1 Mixed Use Office/Retail 1957, 1987 2015 600,415 Square Feet 97.4% 10/01/19

A-1-1

 

ANNEX A-1

 

              Original   Current           Net    
      Appraised Appraisal Current Original Balance Current   Balance % of Initial Crossed Related   Interest   Admin. Mortgage   Monthly Debt
Loan # Seller(1) Property Name Value ($)(5) Date LTV %(5) Balance ($)(6)(7) per Unit ($) Balance ($)(6)(7) per Unit ($) Pool Balance Loan Borrower(8) Rate %(9) Fee %(9) Rate %(9) Accrual Type Service ($)(10)(11)
1 JPMCB/GACC 1633 Broadway 2,400,000,000 10/24/19 41.7% 64,650,000 391 64,650,000 391 9.8% No No 2.99000 0.01300 2.97700 Actual/360 163,323.56
2 GACC F5 Tower 470,000,000 11/05/19 39.4% 55,500,000 359 55,500,000 359 8.4% No No 3.69868 0.01300 3.68568 Actual/360 173,439.84
3 JPMCB/CREFI Bellagio Hotel and Casino 4,260,000,000 10/16/19 39.3% 55,000,000 426,189 55,000,000 426,189 8.3% No No 3.170153 0.01300 3.157153 Actual/360 147,316.72
4 JPMCB Kings Plaza 900,000,000 10/17/19 54.1% 55,000,000 600 55,000,000 600 8.3% No No 3.35880 0.01300 3.34580 Actual/360 156,083.13
5 JPMCB 1501 Broadway 900,000,000 10/11/19 22.2% 55,000,000 271 55,000,000 271 8.3% No No 3.03200 0.01300 3.01900 Actual/360 140,896.76
6 CREFI 805 Third Avenue 460,000,000 10/01/19 32.6% 55,000,000 252 55,000,000 252 8.3% No No 4.24000 0.01300 4.22700 Actual/360 197,032.41
7 GACC 55 Hudson Yards 2,400,000,000 10/15/19 39.4% 52,450,000 660 52,450,000 660 7.9% No No 2.95000 0.01300 2.93700 Actual/360 130,730.41
8 GACC Southcenter Mall 980,000,000 11/17/19 22.2% 50,000,000 278 50,000,000 278 7.6% No No 2.88000 0.01425 2.86575 Actual/360 121,666.67
9 JPMCB 181 West Madison 375,289,826 10/22/19 28.8% 50,000,000 114 50,000,000 114 7.6% No No 3.90000 0.01300 3.88700 Actual/360 164,756.94
10 CREFI Parkmerced 2,110,000,000 09/03/19 25.9% 45,000,000 172,828 45,000,000 172,828 6.8% No No 2.72457 0.01300 2.71157 30/360 102,171.38
11 GACC 560 Mission Street 842,000,000 10/31/19 35.6% 45,000,000 449 45,000,000 449 6.8% No No 2.58900 0.01300 2.57600 Actual/360 98,435.94
12 GACC Starwood Industrial Portfolio 319,450,000 Various 45.2% 39,500,000 36 39,500,000 36 6.0% No No 3.23100 0.01425 3.21675 Actual/360 107,830.89
12.01 GACC 101 45th Street 24,400,000 10/29/19   3,017,061   3,017,061   0.5%              
12.02 GACC 4820-4850 Indianapolis Road 18,800,000 10/30/19   2,324,620   2,324,620   0.4%              
12.03 GACC 8401 Bearing Drive 18,300,000 10/30/19   2,262,795   2,262,795   0.3%              
12.04 GACC 5900 North Meadows Drive 16,200,000 10/30/19   2,003,130   2,003,130   0.3%              
12.05 GACC 5701 North Meadows Drive 14,900,000 10/30/19   1,842,385   1,842,385   0.3%              
12.06 GACC 8421 Bearing Drive 12,900,000 10/30/19   1,595,085   1,595,085   0.2%              
12.07 GACC 6451-6471 Northwind Parkway 12,500,000 10/29/19   1,545,625   1,545,625   0.2%              
12.08 GACC 4910-4938 Indianapolis Road 12,200,000 10/30/19   1,508,530   1,508,530   0.2%              
12.09 GACC 6221-6241 Northwind Parkway 12,000,000 10/29/19   1,483,800   1,483,800   0.2%              
12.10 GACC 775 Commerce Parkway West Drive 11,500,000 10/30/19   1,421,975   1,421,975   0.2%              
12.11 GACC 1901 Northwind Parkway 11,100,000 10/29/19   1,372,515   1,372,515   0.2%              
12.12 GACC 333 45th Street 10,600,000 10/29/19   1,310,690   1,310,690   0.2%              
12.13 GACC 221 South Swift Road 10,200,000 10/30/19   1,261,230   1,261,230   0.2%              
12.14 GACC W234N2091 Ridgeview Parkway Court 9,600,000 10/29/19   1,187,040   1,187,040   0.2%              
12.15 GACC 2240 Creekside Parkway 9,200,000 10/30/19   1,137,580   1,137,580   0.2%              
12.16 GACC 201 South Swift Road 9,100,000 10/30/19   1,125,215   1,125,215   0.2%              
12.17 GACC 8441 Bearing Drive 9,000,000 10/30/19   1,112,850   1,112,850   0.2%              
12.18 GACC 4700 Ironwood Drive 8,800,000 10/29/19   1,088,120   1,088,120   0.2%              
12.19 GACC 4410 North 132nd Street 8,500,000 10/29/19   1,051,025   1,051,025   0.2%              
12.20 GACC 999 Gerdt Court 8,300,000 10/30/19   1,026,295   1,026,295   0.2%              
12.21 GACC 480 45th Street 8,200,000 10/29/19   1,013,930   1,013,930   0.2%              
12.22 GACC 12857 South Hamlin Court 7,800,000 10/30/19   964,470   964,470   0.1%              
12.23 GACC 1695 Glen Ellyn Road 7,300,000 10/30/19   902,645   902,645   0.1%              
12.24 GACC 1701-1721 Northwind Parkway 7,200,000 10/30/19   890,280   890,280   0.1%              
12.25 GACC 1245 Lakeside Drive 6,300,000 10/30/19   778,995   778,995   0.1%              
12.26 GACC 3890 Perry Boulevard 6,200,000 10/30/19   766,630   766,630   0.1%              
12.27 GACC 215 45th Street 4,550,000 10/29/19   562,608   562,608   0.1%              
12.28 GACC 845 Telser Road 4,500,000 10/30/19   556,425   556,425   0.1%              
12.29 GACC 1851 Northwind Parkway 4,500,000 10/30/19   556,425   556,425   0.1%              
12.30 GACC 1650 Northwind Parkway 4,000,000 10/29/19   494,600   494,600   0.1%              
12.31 GACC 225 45th Street 4,000,000 10/29/19   494,600   494,600   0.1%              
12.32 GACC 1600-1640 Northwind Parkway 3,900,000 10/29/19   482,235   482,235   0.1%              
12.33 GACC 235 45th Street 2,900,000 10/29/19   358,585   358,585   0.1%              
13 CREFI 650 Madison Avenue 1,210,000,000 10/31/19 48.5% 37,900,000 977 37,900,000 977 5.7% No No 3.48600 0.01300 3.47300 Actual/360 111,628.66

A-1-2

 

ANNEX A-1

                                 
      Annual Debt   First   Partial IO Partial IO Loan Rem. Rem.     Payment Grace Period Grace Period    
Loan # Seller(1) Property Name Service ($)(11) Note Date Payment Date Last IO Payment First P&I Payment Term  Amort I/O Period Seasoning Due Date (Late Payment)(12)  (Default)(12) Maturity Date ARD Loan
1 JPMCB/GACC 1633 Broadway 1,959,882.72 11/25/19 01/06/20     118 0 120 2 6 0 0 12/06/29 No
2 GACC F5 Tower 2,081,278.08 12/19/19 02/06/20     119 0 120 1 6 0 0 01/06/30 Yes
3 JPMCB/CREFI Bellagio Hotel and Casino 1,767,800.64 11/15/19 01/05/20     118 0 120 2 5 0 0 12/05/29 No
4 JPMCB Kings Plaza 1,872,997.56 12/03/19 02/01/20     119 0 120 1 1 5 0 01/01/30 No
5 JPMCB 1501 Broadway 1,690,761.12 12/12/19 02/06/20     119 0 120 1 6 0 0 01/06/30 No
6 CREFI 805 Third Avenue 2,364,388.92 11/08/19 01/06/20     118 0 120 2 6 0 0 12/06/29 No
7 GACC 55 Hudson Yards 1,568,764.92 11/21/19 01/06/20     118 0 120 2 6 0 0 12/06/29 No
8 GACC Southcenter Mall 1,460,000.04 12/11/19 02/01/20     119 0 120 1 1 5 5 01/01/30 No
9 JPMCB 181 West Madison 1,977,083.28 11/27/19 01/01/20     82 0 84 2 1 0 0 12/01/26 No
10 CREFI Parkmerced 1,226,056.56 11/26/19 01/09/20     58 0 60 2 9 0 0 12/09/24 No
11 GACC 560 Mission Street 1,181,231.28 12/05/19 01/06/20     118 0 120 2 6 5 0 12/06/29 No
12 GACC Starwood Industrial Portfolio 1,293,970.68 11/26/19 01/06/20     118 0 120 2 6 0 0 12/06/29 No
12.01 GACC 101 45th Street                            
12.02 GACC 4820-4850 Indianapolis Road                            
12.03 GACC 8401 Bearing Drive                            
12.04 GACC 5900 North Meadows Drive                            
12.05 GACC 5701 North Meadows Drive                            
12.06 GACC 8421 Bearing Drive                            
12.07 GACC 6451-6471 Northwind Parkway                            
12.08 GACC 4910-4938 Indianapolis Road                            
12.09 GACC 6221-6241 Northwind Parkway                            
12.10 GACC 775 Commerce Parkway West Drive                            
12.11 GACC 1901 Northwind Parkway                            
12.12 GACC 333 45th Street                            
12.13 GACC 221 South Swift Road                            
12.14 GACC W234N2091 Ridgeview Parkway Court                            
12.15 GACC 2240 Creekside Parkway                            
12.16 GACC 201 South Swift Road                            
12.17 GACC 8441 Bearing Drive                            
12.18 GACC 4700 Ironwood Drive                            
12.19 GACC 4410 North 132nd Street                            
12.20 GACC 999 Gerdt Court                            
12.21 GACC 480 45th Street                            
12.22 GACC 12857 South Hamlin Court                            
12.23 GACC 1695 Glen Ellyn Road                            
12.24 GACC 1701-1721 Northwind Parkway                            
12.25 GACC 1245 Lakeside Drive                            
12.26 GACC 3890 Perry Boulevard                            
12.27 GACC 215 45th Street                            
12.28 GACC 845 Telser Road                            
12.29 GACC 1851 Northwind Parkway                            
12.30 GACC 1650 Northwind Parkway                            
12.31 GACC 225 45th Street                            
12.32 GACC 1600-1640 Northwind Parkway                            
12.33 GACC 235 45th Street                            
13 CREFI 650 Madison Avenue 1,339,543.92 11/26/19 01/08/20     118 0 120 2 8 3 0 12/08/29 No

A-1-3

 

ANNEX A-1

 

                HISTORICAL FINANCIALS(14)
                               
      Final   Maturity/ARD   Maturity Prepayment 2016 2016 2016 2017 2017 2017 2018 2018
Loan # Seller(1) Property Name Mat Date Balance ($)(6)   LTV %(5) Provision (Payments)(13) Revenues ($) Total Expenses ($) NOI ($) Revenues ($) Total Expenses ($) NOI ($) Revenues ($) Total Expenses ($)
1 JPMCB/GACC 1633 Broadway 12/06/29 64,650,000   41.7% L(26),Def(87),O(7) 155,689,790 61,868,404 93,821,386 159,464,803 65,274,796 94,190,007 179,219,236 70,120,786
2 GACC F5 Tower 09/06/33 55,500,000   39.4% L(24),Grtr1%orYM(1),DeforGrtr1%orYM(88),O(7)                
3 JPMCB/CREFI Bellagio Hotel and Casino 12/05/29 55,000,000   39.3% Grtr0.5%orYM(26),DeforGrtr0.5%orYM(87),O(7) 1,364,138,212 883,316,117 480,822,095 1,365,570,769 859,834,535 505,736,234 1,367,835,267 877,969,225
4 JPMCB Kings Plaza 01/01/30 55,000,000   54.1% L(25),Grtr1%orYM(90),O(5) 71,759,240 29,160,529 42,598,711 64,923,243 25,486,495 39,436,748 69,684,148 27,595,961
5 JPMCB 1501 Broadway 01/06/30 55,000,000   22.2% L(25),Def(90),O(5) 38,584,990 19,391,068 19,193,922 40,459,655 20,217,261 20,242,394 44,459,219 20,188,804
6 CREFI 805 Third Avenue 12/06/29 55,000,000   32.6% L(26),Def(87),O(7) 30,653,344 14,898,290 15,755,054 29,950,919 15,081,158 14,869,761 31,876,971 15,290,213
7 GACC 55 Hudson Yards 12/06/29 52,450,000   39.4% L(26),DeforGrtr1%orYM(87),O(7)                
8 GACC Southcenter Mall 01/01/30 50,000,000   22.2% L(25),DeforGrtr1%orYM(91),O(4) 62,363,757 17,594,460 44,769,297 61,877,793 18,294,166 43,583,627 63,260,401 19,078,116
9 JPMCB 181 West Madison 12/01/26 50,000,000   28.8% L(26),Def(53),O(5)       38,996,305 15,793,194 23,203,111 38,476,327 17,173,921
10 CREFI Parkmerced 12/09/24 45,000,000   25.9% YM(57),O(3) 83,181,077 38,976,882 44,204,195 90,052,338 40,409,981 49,642,357 95,282,237 41,596,712
11 GACC 560 Mission Street 12/06/29 45,000,000   35.6% L(26),DeforGrtr1%orYM(87),O(7) 50,385,582 12,540,816 37,844,766 42,356,897 11,585,462 30,771,436 49,571,805 11,702,280
12 GACC Starwood Industrial Portfolio 12/06/29 39,500,000   45.2% L(26),Def(90),O(4)       21,058,823 4,735,117 16,323,706 22,326,752 5,213,552
12.01 GACC 101 45th Street   3,017,061             1,650,705 472,856 1,177,849 946,261 557,687
12.02 GACC 4820-4850 Indianapolis Road   2,324,620             627,749 135,220 492,529 1,183,932 160,064
12.03 GACC 8401 Bearing Drive   2,262,795             1,286,864 139,410 1,147,454 1,520,727 247,258
12.04 GACC 5900 North Meadows Drive   2,003,130             892,360 508,885 383,475 1,269,866 554,658
12.05 GACC 5701 North Meadows Drive   1,842,385             1,293,772 464,854 828,918 1,348,864 493,248
12.06 GACC 8421 Bearing Drive   1,595,085             757,259 86,472 670,787 738,237 126,425
12.07 GACC 6451-6471 Northwind Parkway   1,545,625             717,424 128,860 588,565 902,730 144,034
12.08 GACC 4910-4938 Indianapolis Road   1,508,530             444,731 135,298 309,433 761,921 97,686
12.09 GACC 6221-6241 Northwind Parkway   1,483,800             899,965 237,017 662,948 932,905 277,082
12.10 GACC 775 Commerce Parkway West Drive   1,421,975             503,357 68,700 434,657 520,062 70,481
12.11 GACC 1901 Northwind Parkway   1,372,515             1,011,074 209,378 801,696 1,080,973 217,303
12.12 GACC 333 45th Street   1,310,690             651,000 22,627 628,373 651,000 27,309
12.13 GACC 221 South Swift Road   1,261,230             476,300 15,074 461,226 565,675 19,506
12.14 GACC W234N2091 Ridgeview Parkway Court   1,187,040             839,587 118,769 720,818 770,953 111,683
12.15 GACC 2240 Creekside Parkway   1,137,580             646,718 52,362 594,357 688,887 80,991
12.16 GACC 201 South Swift Road   1,125,215             488,184 194,393 293,791 641,561 181,762
12.17 GACC 8441 Bearing Drive   1,112,850             376,927 88,330 288,597 581,294 111,666
12.18 GACC 4700 Ironwood Drive   1,088,120             743,927 186,720 557,207 722,520 166,173
12.19 GACC 4410 North 132nd Street   1,051,025             724,771 213,364 511,406 626,181 230,490
12.20 GACC 999 Gerdt Court   1,026,295             679,399 183,851 495,548 666,142 171,473
12.21 GACC 480 45th Street   1,013,930             569,471 20,893 548,578 353,643 96,641
12.22 GACC 12857 South Hamlin Court   964,470             585,217 164,051 421,166 618,715 194,648
12.23 GACC 1695 Glen Ellyn Road   902,645             595,571 139,684 455,887 600,532 138,413
12.24 GACC 1701-1721 Northwind Parkway   890,280             644,871 185,735 459,135 662,171 194,092
12.25 GACC 1245 Lakeside Drive   778,995             417,576 143,974 273,602 407,773 161,805
12.26 GACC 3890 Perry Boulevard   766,630             386,242 58,482 327,760 396,331 66,688
12.27 GACC 215 45th Street   562,608             296,833 9,916 286,917 303,333 11,967
12.28 GACC 845 Telser Road   556,425             313,289 41,272 272,018 342,147 48,087
12.29 GACC 1851 Northwind Parkway   556,425             340,668 54,854 285,814 333,543 38,768
12.30 GACC 1650 Northwind Parkway   494,600             255,915 10,671 245,245 264,019 12,264
12.31 GACC 225 45th Street   494,600             238,125 12,729 225,396 242,625 9,622
12.32 GACC 1600-1640 Northwind Parkway   482,235             449,668 143,743 305,924 432,396 130,109
12.33 GACC 235 45th Street   358,585             253,304 86,673 166,631 248,831 63,469
13 CREFI 650 Madison Avenue 12/08/29 37,900,000   48.5% L(26),Def(87),O(7) 67,178,535 24,477,341 42,701,194 72,488,704 25,947,358 46,541,346 75,039,495 26,481,999

A-1-4

 

ANNEX A-1

 

      HISTORICAL FINANCIALS(14)                  
                UW                
      2018 Most Recent Most Recent Most Recent   Economic UW UW Total UW UW Capital UW UW UW NCF UW NOI
Loan # Seller(1) Property Name NOI ($)  Revenues ($)  Total Expenses ($) NOI ($)(15) As of Occupancy % Revenues ($)(4) Expenses ($) NOI ($)(4)(15)(16)  Items ($) NCF ($)(4)(16)  NOI DSCR(17) DSCR(17) Debt Yield %
1 JPMCB/GACC 1633 Broadway 109,098,450 182,760,348 71,951,033 110,809,315 09/30/19 95.9% 190,585,947 71,435,784 119,150,163 2,472,436 116,677,727 3.93 3.84 11.9%
2 GACC F5 Tower   31,110,161 8,731,929 22,378,232 T1 Annualized 12/31/2019 95.2% 32,787,852 8,792,416 23,995,436 876,381 23,119,056 3.46 3.33 13.0%
3 JPMCB/CREFI Bellagio Hotel and Casino 489,866,042 1,349,062,464 874,997,149 474,065,315 09/30/19 94.8% 1,349,062,464 874,997,149 474,065,315 20,235,937 453,829,378 8.80 8.42 28.3%
4 JPMCB Kings Plaza 42,088,187 76,315,642 28,858,298 47,457,344 09/30/19 95.0% 81,045,187 29,004,262 52,040,925 1,134,954 50,905,970 3.14 3.07 10.7%
5 JPMCB 1501 Broadway 24,270,415 45,988,841 21,992,510 23,996,331 09/30/19 81.6% 50,507,018 22,848,219 27,658,799 870,216 26,788,583 4.50 4.36 13.8%
6 CREFI 805 Third Avenue 16,586,758 31,859,168 15,087,482 16,771,686 08/31/19 91.3% 33,275,196 15,020,787 18,254,409 1,319,220 16,935,189 2.83 2.63 12.2%
7 GACC 55 Hudson Yards           96.6% 149,111,008 45,210,677 103,900,331 3,864,272 100,036,059 3.68 3.54 11.0%
8 GACC Southcenter Mall 44,182,284 60,001,063 18,292,261 41,708,802 10/31/19 90.7% 59,376,497 16,700,013 42,676,484 1,127,618 41,548,866 6.70 6.53 19.6%
9 JPMCB 181 West Madison 21,302,406 39,800,913 17,954,617 21,846,296 09/30/19 92.0% 41,394,765 19,384,258 22,010,506 2,081,418 19,929,089 5.16 4.67 20.4%
10 CREFI Parkmerced 53,685,525 99,501,311 43,742,948 55,758,363 08/31/19 91.9% 102,983,881 42,514,116 60,469,764 791,250 59,678,514 4.06 4.00 11.1%
11 GACC 560 Mission Street 37,869,525 50,792,721 12,479,248 38,313,473 09/30/19 96.0% 54,738,187 12,064,089 42,674,098 1,469,928 41,204,170 5.42 5.23 14.2%
12 GACC Starwood Industrial Portfolio 17,113,200         95.0% 26,338,363 7,461,253 18,877,110 1,493,800 17,383,310 3.99 3.67 13.1%
12.01 GACC 101 45th Street 388,574         95.0% 2,182,784 554,260 1,628,525 113,164 1,515,360      
12.02 GACC 4820-4850 Indianapolis Road 1,023,868         95.0% 1,289,010 255,245 1,033,764 101,033 932,732      
12.03 GACC 8401 Bearing Drive 1,273,469         95.0% 1,370,682 285,114 1,085,568 87,316 998,252      
12.04 GACC 5900 North Meadows Drive 715,207         95.0% 1,474,095 617,838 856,257 94,656 761,601      
12.05 GACC 5701 North Meadows Drive 855,616         95.0% 1,383,753 584,653 799,101 92,161 706,940      
12.06 GACC 8421 Bearing Drive 611,812         95.0% 887,036 186,509 700,527 46,678 653,850      
12.07 GACC 6451-6471 Northwind Parkway 758,696         95.0% 959,134 199,654 759,480 58,043 701,437      
12.08 GACC 4910-4938 Indianapolis Road 664,235         95.0% 809,898 143,521 666,377 53,625 612,752      
12.09 GACC 6221-6241 Northwind Parkway 655,822         95.0% 1,026,222 382,298 643,924 57,658 586,266      
12.10 GACC 775 Commerce Parkway West Drive 449,581         95.0% 799,547 101,972 697,575 52,884 644,690      
12.11 GACC 1901 Northwind Parkway 863,670         95.0% 1,089,747 321,906 767,840 48,577 719,263      
12.12 GACC 333 45th Street 623,691         95.0% 919,741 271,897 647,844 52,668 595,176      
12.13 GACC 221 South Swift Road 546,169         95.0% 788,278 259,290 528,987 43,181 485,806      
12.14 GACC W234N2091 Ridgeview Parkway Court 659,270         95.0% 700,785 114,411 586,374 39,764 546,610      
12.15 GACC 2240 Creekside Parkway 607,896         95.0% 910,231 348,263 561,968 49,637 512,332      
12.16 GACC 201 South Swift Road 459,799         95.0% 748,895 294,227 454,668 36,896 417,772      
12.17 GACC 8441 Bearing Drive 469,628         95.0% 625,134 161,410 463,724 42,194 421,531      
12.18 GACC 4700 Ironwood Drive 556,348         95.0% 721,128 184,917 536,211 43,992 492,219      
12.19 GACC 4410 North 132nd Street 395,692         95.0% 787,646 279,074 508,572 40,784 467,788      
12.20 GACC 999 Gerdt Court 494,669         95.0% 679,876 232,655 447,221 45,304 401,917      
12.21 GACC 480 45th Street 257,002         95.0% 765,833 161,078 604,755 38,056 566,700      
12.22 GACC 12857 South Hamlin Court 424,067         95.0% 664,701 193,301 471,400 25,724 445,676      
12.23 GACC 1695 Glen Ellyn Road 462,119         95.0% 612,878 144,685 468,193 22,921 445,272      
12.24 GACC 1701-1721 Northwind Parkway 468,079         95.0% 685,154 244,477 440,678 36,062 404,616      
12.25 GACC 1245 Lakeside Drive 245,968         95.0% 500,222 191,069 309,153 25,322 283,831      
12.26 GACC 3890 Perry Boulevard 329,644         95.0% 412,923 91,318 321,605 24,877 296,728      
12.27 GACC 215 45th Street 291,366         95.0% 401,686 112,543 289,143 23,808 265,335      
12.28 GACC 845 Telser Road 294,060         95.0% 369,948 56,349 313,598 12,463 301,135      
12.29 GACC 1851 Northwind Parkway 294,775         95.0% 350,028 44,891 305,137 12,669 292,468      
12.30 GACC 1650 Northwind Parkway 251,755         95.0% 338,170 96,420 241,750 19,205 222,544      
12.31 GACC 225 45th Street 233,003         95.0% 331,235 106,702 224,533 17,196 207,338      
12.32 GACC 1600-1640 Northwind Parkway 302,287         95.0% 501,937 168,716 333,220 21,619 311,602      
12.33 GACC 235 45th Street 185,362         95.0% 250,027 70,590 179,438 13,664 165,774      
13 CREFI 650 Madison Avenue 48,557,496 78,288,218 27,326,681 50,961,537 09/30/19 96.3% 87,327,989 28,901,495 58,426,495 1,650,104 56,776,391 2.82 2.74 10.0%

A-1-5

 

ANNEX A-1

 

                    UPFRONT ESCROW(20)
                         
      UW NCF   Ground Lease Ground Lease Franchise     Upfront Capex Upfront Engin. Upfront Envir.
Loan # Seller(1) Property Name Debt Yield % Title Type(18)  Expiration  Extension Terms Expiration Date(19) PML %   Reserve ($) Reserve ($)  Reserve ($)
1 JPMCB/GACC 1633 Broadway 11.7% Fee           0 0 0
2 GACC F5 Tower 12.5% Fee       9%   0 0 0
3 JPMCB/CREFI Bellagio Hotel and Casino 27.1% Fee/Leasehold 04/27/2033 Two, 20-year options       0 0 0
4 JPMCB Kings Plaza 10.5% Fee/Leasehold 05/28/2028 Three, 10-year options followed by one, nine-year option       0 0 0
5 JPMCB 1501 Broadway 13.4% Fee           0 955,000 0
6 CREFI 805 Third Avenue 11.3% Fee           0 458,500 0
7 GACC 55 Hudson Yards 10.6% Fee           0 0 0
8 GACC Southcenter Mall 19.1% Fee/Leasehold 06/30/2045 None   10%   0 0 0
9 JPMCB 181 West Madison 18.5% Fee           0 0 0
10 CREFI Parkmerced 10.9% Fee       18%   0 108,207 0
11 GACC 560 Mission Street 13.7% Fee       9%   0 0 0
12 GACC Starwood Industrial Portfolio 12.0% Fee           0 0 0
12.01 GACC 101 45th Street   Fee                
12.02 GACC 4820-4850 Indianapolis Road   Fee                
12.03 GACC 8401 Bearing Drive   Fee                
12.04 GACC 5900 North Meadows Drive   Fee                
12.05 GACC 5701 North Meadows Drive   Fee                
12.06 GACC 8421 Bearing Drive   Fee                
12.07 GACC 6451-6471 Northwind Parkway   Fee                
12.08 GACC 4910-4938 Indianapolis Road   Fee                
12.09 GACC 6221-6241 Northwind Parkway   Fee                
12.10 GACC 775 Commerce Parkway West Drive   Fee                
12.11 GACC 1901 Northwind Parkway   Fee                
12.12 GACC 333 45th Street   Fee                
12.13 GACC 221 South Swift Road   Fee                
12.14 GACC W234N2091 Ridgeview Parkway Court   Fee                
12.15 GACC 2240 Creekside Parkway   Fee                
12.16 GACC 201 South Swift Road   Fee                
12.17 GACC 8441 Bearing Drive   Fee                
12.18 GACC 4700 Ironwood Drive   Fee                
12.19 GACC 4410 North 132nd Street   Fee                
12.20 GACC 999 Gerdt Court   Fee                
12.21 GACC 480 45th Street   Fee                
12.22 GACC 12857 South Hamlin Court   Fee                
12.23 GACC 1695 Glen Ellyn Road   Fee                
12.24 GACC 1701-1721 Northwind Parkway   Fee                
12.25 GACC 1245 Lakeside Drive   Fee                
12.26 GACC 3890 Perry Boulevard   Fee                
12.27 GACC 215 45th Street   Fee                
12.28 GACC 845 Telser Road   Fee                
12.29 GACC 1851 Northwind Parkway   Fee                
12.30 GACC 1650 Northwind Parkway   Fee                
12.31 GACC 225 45th Street   Fee                
12.32 GACC 1600-1640 Northwind Parkway   Fee                
12.33 GACC 235 45th Street   Fee                
13 CREFI 650 Madison Avenue 9.7% Fee           0 0 0

A-1-6

 

ANNEX A-1

 

      UPFRONT ESCROW(20)
                 
      Upfront TI/LC Upfront RE Tax Upfront Ins. Upfront Debt Service Upfront Other Other Upfront
Loan # Seller(1) Property Name Reserve ($) Reserve ($) Reserve ($) Reserve ($) Reserve ($) Description ($)
1 JPMCB/GACC 1633 Broadway 0 0 0 0 36,389,727 Unfunded Obligations Reserve
2 GACC F5 Tower 0 644,935 0 0 0  
3 JPMCB/CREFI Bellagio Hotel and Casino 0 0 0 0 0  
4 JPMCB Kings Plaza 0 0 0 0 0  
5 JPMCB 1501 Broadway 0 0 0 0 0  
6 CREFI 805 Third Avenue 4,000,000 0 0 0 713,361 Unfunded Obligation Reserve
7 GACC 55 Hudson Yards 34,260,641 0 0 0 26,956,977 Free Rent Escrow Reserve: 11,482,346; Milbank Escrow Reserve: 11,000,000; MarketAxess Escrow Reserve: 4,474,631
8 GACC Southcenter Mall 0 0 0 0 0  
9 JPMCB 181 West Madison 157,683 0 0 0 2,822,678 Free Rent Reserve: 1,532,852; Outstanding Rollover Reserve: 1,229,826; Outstanding Capex Reserve: 60,000
10 CREFI Parkmerced 0 795,083 0 0 0  
11 GACC 560 Mission Street 2,152,612 0 0 0 0  
12 GACC Starwood Industrial Portfolio 0 0 0 0 880,000 Roof Repair Reserve
12.01 GACC 101 45th Street            
12.02 GACC 4820-4850 Indianapolis Road            
12.03 GACC 8401 Bearing Drive            
12.04 GACC 5900 North Meadows Drive            
12.05 GACC 5701 North Meadows Drive            
12.06 GACC 8421 Bearing Drive            
12.07 GACC 6451-6471 Northwind Parkway            
12.08 GACC 4910-4938 Indianapolis Road            
12.09 GACC 6221-6241 Northwind Parkway            
12.10 GACC 775 Commerce Parkway West Drive            
12.11 GACC 1901 Northwind Parkway            
12.12 GACC 333 45th Street            
12.13 GACC 221 South Swift Road            
12.14 GACC W234N2091 Ridgeview Parkway Court            
12.15 GACC 2240 Creekside Parkway            
12.16 GACC 201 South Swift Road            
12.17 GACC 8441 Bearing Drive            
12.18 GACC 4700 Ironwood Drive            
12.19 GACC 4410 North 132nd Street            
12.20 GACC 999 Gerdt Court            
12.21 GACC 480 45th Street            
12.22 GACC 12857 South Hamlin Court            
12.23 GACC 1695 Glen Ellyn Road            
12.24 GACC 1701-1721 Northwind Parkway            
12.25 GACC 1245 Lakeside Drive            
12.26 GACC 3890 Perry Boulevard            
12.27 GACC 215 45th Street            
12.28 GACC 845 Telser Road            
12.29 GACC 1851 Northwind Parkway            
12.30 GACC 1650 Northwind Parkway            
12.31 GACC 225 45th Street            
12.32 GACC 1600-1640 Northwind Parkway            
12.33 GACC 235 45th Street            
13 CREFI 650 Madison Avenue 0 0 0 0 9,576,014 Free Rent Reserve: 6,378,315; Unfunded Obligations: 3,197,699

A-1-7

 

ANNEX A-1

 

      MONTHLY ESCROW(21)     RESERVE CAPS(22)
                           
        Monthly Capex Monthly Envir. Monthly TI/LC Monthly RE Tax Monthly Ins. Monthly Other Other Monthly   CapEx Envir.
Loan # Seller(1) Property Name   Reserve ($) Reserve ($) Reserve ($) Reserve ($) Reserve ($) Reserve ($) Description ($)    Reserve Cap ($)  Reserve Cap ($)
1 JPMCB/GACC 1633 Broadway   Springing 0 Springing Springing Springing 0     1,024,605  
2 GACC F5 Tower   Springing 0 0 214,978 Springing Springing Lease Sweep Reserve      
3 JPMCB/CREFI Bellagio Hotel and Casino   Springing 0 0 Springing Springing 0        
4 JPMCB Kings Plaza   Springing 0 Springing Springing Springing Springing Ground Rent Reserve   24 times monthly constant  
5 JPMCB 1501 Broadway   0 0 0 Springing Springing 0        
6 CREFI 805 Third Avenue   9,807 0 Springing 700,333 Springing 0     450,000  
7 GACC 55 Hudson Yards   Springing 0 Springing Springing Springing 0        
8 GACC Southcenter Mall   Springing 0 Springing Springing Springing Springing Parking Area Rent Reserve   148,783  
9 JPMCB 181 West Madison   Springing 0 157,683 Springing Springing 0     567,660  
10 CREFI Parkmerced   65,938 0 0 795,083 Springing 0        
11 GACC 560 Mission Street   Springing 0 Springing Springing Springing 0     267,260  
12 GACC Starwood Industrial Portfolio   Springing 0 Springing Springing Springing 0     1,221,119  
12.01 GACC 101 45th Street                      
12.02 GACC 4820-4850 Indianapolis Road                      
12.03 GACC 8401 Bearing Drive                      
12.04 GACC 5900 North Meadows Drive                      
12.05 GACC 5701 North Meadows Drive                      
12.06 GACC 8421 Bearing Drive                      
12.07 GACC 6451-6471 Northwind Parkway                      
12.08 GACC 4910-4938 Indianapolis Road                      
12.09 GACC 6221-6241 Northwind Parkway                      
12.10 GACC 775 Commerce Parkway West Drive                      
12.11 GACC 1901 Northwind Parkway                      
12.12 GACC 333 45th Street                      
12.13 GACC 221 South Swift Road                      
12.14 GACC W234N2091 Ridgeview Parkway Court                      
12.15 GACC 2240 Creekside Parkway                      
12.16 GACC 201 South Swift Road                      
12.17 GACC 8441 Bearing Drive                      
12.18 GACC 4700 Ironwood Drive                      
12.19 GACC 4410 North 132nd Street                      
12.20 GACC 999 Gerdt Court                      
12.21 GACC 480 45th Street                      
12.22 GACC 12857 South Hamlin Court                      
12.23 GACC 1695 Glen Ellyn Road                      
12.24 GACC 1701-1721 Northwind Parkway                      
12.25 GACC 1245 Lakeside Drive                      
12.26 GACC 3890 Perry Boulevard                      
12.27 GACC 215 45th Street                      
12.28 GACC 845 Telser Road                      
12.29 GACC 1851 Northwind Parkway                      
12.30 GACC 1650 Northwind Parkway                      
12.31 GACC 225 45th Street                      
12.32 GACC 1600-1640 Northwind Parkway                      
12.33 GACC 235 45th Street                      
13 CREFI 650 Madison Avenue   Springing 0 Springing Springing Springing 0        

A-1-8

 

ANNEX A-1

 

      RESERVE CAPS(22)     LARGEST TENANT (4), (23), (24), (25)
                         
      TI/LC RE Tax Insur. Debt Service Other   Single     Lease
Loan # Seller(1) Property Name  Reserve Cap ($)  Reserve Cap ($)  Reserve Cap ($)  Reserve Cap ($) Reserve Cap ($)   Tenant Largest Tenant Unit Size Expiration
1 JPMCB/GACC 1633 Broadway 5,123,024           No Allianz Asset Management of America L.P. 320,911 01/31/31
2 GACC F5 Tower         Various   Yes F5 Networks, Inc. 515,518 09/30/33
3 JPMCB/CREFI Bellagio Hotel and Casino             No      
4 JPMCB Kings Plaza 24 times monthly constant           No Lowe's Home Centers 114,000 05/31/28
5 JPMCB 1501 Broadway             No Hardesty & Hanover 52,364 12/31/30
6 CREFI 805 Third Avenue 4,000,000           No Meredith Corporation 212,594 12/31/26
7 GACC 55 Hudson Yards             No Point72 332,283 04/30/34
8 GACC Southcenter Mall 978,835           No American Multi-Cinema 70,000 07/31/23
9 JPMCB 181 West Madison 7,000,000           No The Northern Trust Company 400,030 12/31/25
10 CREFI Parkmerced             No      
11 GACC 560 Mission Street 2,004,447           No JP Morgan 246,384 09/30/25
12 GACC Starwood Industrial Portfolio 2,849,277           Various      
12.01 GACC 101 45th Street             No  McJunkin Corp. 140,980 12/31/23
12.02 GACC 4820-4850 Indianapolis Road             No  Cummins Inc. 171,000 08/10/21
12.03 GACC 8401 Bearing Drive             No  The Harvard Drug Store 196,200 06/30/25
12.04 GACC 5900 North Meadows Drive             Yes  CTDI 269,831 02/28/23
12.05 GACC 5701 North Meadows Drive             No  ODW Logistics 190,400 11/30/23
12.06 GACC 8421 Bearing Drive             No  Sankyo America 67,850 11/30/25
12.07 GACC 6451-6471 Northwind Parkway             No  Calpipe Industries 105,952 03/31/23
12.08 GACC 4910-4938 Indianapolis Road             No  Stephen Gould Corp. 130,000 03/31/30
12.09 GACC 6221-6241 Northwind Parkway             No  Foremost Groups 87,985 11/30/20
12.10 GACC 775 Commerce Parkway West Drive             Yes  Poynter Sheet Metal 155,000 12/31/34
12.11 GACC 1901 Northwind Parkway             No  Furmanite America 36,782 08/31/21
12.12 GACC 333 45th Street             Yes  Staley 140,000 07/31/24
12.13 GACC 221 South Swift Road             Yes Mondelez 110,000 08/31/20
12.14 GACC W234N2091 Ridgeview Parkway Court             Yes  Anixter International, Inc. 105,444 06/30/30
12.15 GACC 2240 Creekside Parkway             Yes  Meadowbrook Meat Company 125,000 03/31/24
12.16 GACC 201 South Swift Road             Yes Men's Warehouse 85,000 05/31/23
12.17 GACC 8441 Bearing Drive             Yes  Old Castle 124,200 05/31/32
12.18 GACC 4700 Ironwood Drive             Yes  API Heat Transfer 123,200 07/31/26
12.19 GACC 4410 North 132nd Street             No Keystone Automotive Industries 48,282 11/30/25
12.20 GACC 999 Gerdt Court             No  Poly-Tainer 66,282 03/31/24
12.21 GACC 480 45th Street             Yes  Three Floyds Brewing, LLC. 107,095 06/30/33
12.22 GACC 12857 South Hamlin Court             Yes Bimbo Bakeries 45,000 11/30/29
12.23 GACC 1695 Glen Ellyn Road             Yes Bimbo Bakeries 40,080 02/28/27
12.24 GACC 1701-1721 Northwind Parkway             No  Vision Integrated Graphics 62,800 06/30/20
12.25 GACC 1245 Lakeside Drive             Yes Crown Corr 59,976 08/31/24
12.26 GACC 3890 Perry Boulevard             Yes  MWI Veterinary Supply Co. 70,000 09/30/22
12.27 GACC 215 45th Street             Yes  Carl Budding and Company 65,000 04/30/21
12.28 GACC 845 Telser Road             Yes Bimbo Bakeries 20,000 05/31/31
12.29 GACC 1851 Northwind Parkway             Yes Sunbelt Rentals 18,120 05/31/30
12.30 GACC 1650 Northwind Parkway             Yes  John Tillman & Co. 50,400 10/31/22
12.31 GACC 225 45th Street             Yes  Rockwell Automation 45,000 07/31/20
12.32 GACC 1600-1640 Northwind Parkway             No  Steiner Electric 18,960 08/31/22
12.33 GACC 235 45th Street             Yes  Holland Special Delivery 35,000 09/30/24
13 CREFI 650 Madison Avenue             No Ralph Lauren Corporation 277,016 12/31/24

A-1-9

 

ANNEX A-1

 

        2nd LARGEST TENANT (4), (23), (24), (25)   3rd LARGEST TENANT (4), (23), (24), (25)   4th LARGEST TENANT (4), (23), (24), (25)
                             
            Lease       Lease       Lease
Loan # Seller(1) Property Name   2nd Largest Tenant Unit Size Expiration   3rd Largest Tenant Unit Size Expiration   4th Largest Tenant Unit Size Expiration
1 JPMCB/GACC 1633 Broadway   WMG Acquisition Corp 293,888 07/31/29   Showtime Networks Inc 261,196 01/31/26   Morgan Stanley & Co 260,829 03/31/32
2 GACC F5 Tower                        
3 JPMCB/CREFI Bellagio Hotel and Casino                        
4 JPMCB Kings Plaza   Primark 102,805 07/31/38   JCPenney 94,895 07/31/38   Burlington 55,078 07/31/28
5 JPMCB 1501 Broadway   Tremor Video 50,965 01/31/25   Hard Rock Café 47,256 01/10/36   REGUS 39,854 11/30/24
6 CREFI 805 Third Avenue   Toyota Tsusho America, Inc. 41,322 11/30/22   Poten & Partners Inc. 29,696 06/30/20   Asset International, Inc. 23,800 12/31/20
7 GACC 55 Hudson Yards   Milbank, Tweed, Hadley & McCloy 287,333 03/31/34   Cooley 146,227 09/30/39   Boies, Schiller & Flexner 110,732 06/30/35
8 GACC Southcenter Mall   Seafood City 44,413 07/15/25   Round One 40,576 07/31/25   The Container Store 25,452 02/28/27
9 JPMCB 181 West Madison   Quantitative Risk Management Inc 107,092 03/31/22   The Marmon Group 45,123 12/31/22   CIBC 42,414 12/31/29
10 CREFI Parkmerced                        
11 GACC 560 Mission Street   EY 122,760 12/31/28   TIAA-CREF 64,696 09/30/27   ARUP 49,832 09/30/26
12 GACC Starwood Industrial Portfolio                        
12.01 GACC 101 45th Street   FedEx Ground Package Systems, Inc. 76,993 07/31/22   List Industries 66,098 05/31/24        
12.02 GACC 4820-4850 Indianapolis Road    Hyperikon, Inc. 152,000 01/31/23                
12.03 GACC 8401 Bearing Drive    MS International 70,200 05/31/26                
12.04 GACC 5900 North Meadows Drive                        
12.05 GACC 5701 North Meadows Drive    Expresspoint Technology Services 78,505 01/31/24                
12.06 GACC 8421 Bearing Drive    Business Furniture 56,350 03/31/26                
12.07 GACC 6451-6471 Northwind Parkway    Foremost Groups 53,861 07/31/22                
12.08 GACC 4910-4938 Indianapolis Road    Alliance Healthcare Services 26,000 06/30/24                
12.09 GACC 6221-6241 Northwind Parkway    Prologix Distribution (ANC) 62,015 10/31/22                
12.10 GACC 775 Commerce Parkway West Drive                        
12.11 GACC 1901 Northwind Parkway    Americall Group 35,000 02/28/21    Munch's Supply 29,655 10/31/21        
12.12 GACC 333 45th Street                        
12.13 GACC 221 South Swift Road                        
12.14 GACC W234N2091 Ridgeview Parkway Court                        
12.15 GACC 2240 Creekside Parkway                        
12.16 GACC 201 South Swift Road                        
12.17 GACC 8441 Bearing Drive                        
12.18 GACC 4700 Ironwood Drive                        
12.19 GACC 4410 North 132nd Street   Snyder's of Lance 32,188 12/31/23    Milwaukee Electric Tool Corp. 19,530 12/31/25        
12.20 GACC 999 Gerdt Court    NSK Corporation 66,033 08/31/21                
12.21 GACC 480 45th Street                        
12.22 GACC 12857 South Hamlin Court                        
12.23 GACC 1695 Glen Ellyn Road                        
12.24 GACC 1701-1721 Northwind Parkway   Stevens Engineers & Constructors, Inc. 31,986 09/30/20                
12.25 GACC 1245 Lakeside Drive                        
12.26 GACC 3890 Perry Boulevard                        
12.27 GACC 215 45th Street                        
12.28 GACC 845 Telser Road                        
12.29 GACC 1851 Northwind Parkway                        
12.30 GACC 1650 Northwind Parkway                        
12.31 GACC 225 45th Street                        
12.32 GACC 1600-1640 Northwind Parkway    Rogers Supply Company 18,271 04/30/23    Johnson Controls 12,975 01/31/22        
12.33 GACC 235 45th Street                        
13 CREFI 650 Madison Avenue   Memorial Sloan Kettering Cancer Center 100,700 07/31/23   Sotheby's Int'l Realty Inc 37,772 11/30/35   Willett Advisors LLC 25,732 12/31/24

A-1-10

 

ANNEX A-1

 

      5th LARGEST TENANT (4), (23), (24), (25)            
                       
          Lease   Loan   Lockbox Lockbox Cash
Loan # Seller(1) Property Name 5th Largest Tenant Unit Size Expiration   Purpose Principal / Carveout Guarantor(26)  (Y/N)  Type(27) Management(27)
1 JPMCB/GACC 1633 Broadway Kasowitz Benson Torres 203,394 03/31/37   Refinance Paramount Group Operating Partnership LP Yes Hard Springing
2 GACC F5 Tower         Acquisition FS KKR Capital Corp., FS KKR Capital Corp. II Yes Hard Springing
3 JPMCB/CREFI Bellagio Hotel and Casino         Acquisition BREIT Operating Partnership L.P. Yes Hard Springing
4 JPMCB Kings Plaza Best Buy 53,371 01/31/32   Refinance The Macerich Partnership, L.P. Yes Hard Springing
5 JPMCB 1501 Broadway Goldberg Weprin Finkel Goldstein LLP 25,573 11/30/23   Refinance NAP Yes Springing Springing
6 CREFI 805 Third Avenue YES Network, LLC 23,800 05/31/22   Refinance Charles Steven Cohen Yes Hard Springing
7 GACC 55 Hudson Yards Third Point 89,043 07/31/29   Recapitalization Mitsui Fudosan America, Inc., The Related Companies, L.P., OP Olympic Capital Corp (US), Inc. Yes Hard Springing
8 GACC Southcenter Mall H&M 24,506 01/31/29   Refinance URW WEA LLC Yes Hard Springing
9 JPMCB 181 West Madison Factset Research Systems Inc. 38,012 09/30/27   Refinance HNA Group North America LLC Yes Hard Springing
10 CREFI Parkmerced         Refinance Robert A. Rosania Yes Soft Springing
11 GACC 560 Mission Street Seyfarth Shaw 49,695 09/30/27   Recapitalization National Office Partners LLC Yes Hard Springing
12 GACC Starwood Industrial Portfolio         Acquisition Starwood REIT Operating Partnership, L.P. Yes Hard Springing
12.01 GACC 101 45th Street                  
12.02 GACC 4820-4850 Indianapolis Road                  
12.03 GACC 8401 Bearing Drive                  
12.04 GACC 5900 North Meadows Drive                  
12.05 GACC 5701 North Meadows Drive                  
12.06 GACC 8421 Bearing Drive                  
12.07 GACC 6451-6471 Northwind Parkway                  
12.08 GACC 4910-4938 Indianapolis Road                  
12.09 GACC 6221-6241 Northwind Parkway                  
12.10 GACC 775 Commerce Parkway West Drive                  
12.11 GACC 1901 Northwind Parkway                  
12.12 GACC 333 45th Street                  
12.13 GACC 221 South Swift Road                  
12.14 GACC W234N2091 Ridgeview Parkway Court                  
12.15 GACC 2240 Creekside Parkway                  
12.16 GACC 201 South Swift Road                  
12.17 GACC 8441 Bearing Drive                  
12.18 GACC 4700 Ironwood Drive                  
12.19 GACC 4410 North 132nd Street                  
12.20 GACC 999 Gerdt Court                  
12.21 GACC 480 45th Street                  
12.22 GACC 12857 South Hamlin Court                  
12.23 GACC 1695 Glen Ellyn Road                  
12.24 GACC 1701-1721 Northwind Parkway                  
12.25 GACC 1245 Lakeside Drive                  
12.26 GACC 3890 Perry Boulevard                  
12.27 GACC 215 45th Street                  
12.28 GACC 845 Telser Road                  
12.29 GACC 1851 Northwind Parkway                  
12.30 GACC 1650 Northwind Parkway                  
12.31 GACC 225 45th Street                  
12.32 GACC 1600-1640 Northwind Parkway                  
12.33 GACC 235 45th Street                  
13 CREFI 650 Madison Avenue BC Partners Inc. 19,380 01/31/27   Refinance Vornado Realty L.P., OPG Investment Holdings (US), LLC Yes Hard Springing

A-1-11

 

ANNEX A-1

 

      Pari Passu Debt   Additional Debt
        Pari Passu Pari Passu Pari Passu Total Cut-off         Additional
      Pari Passu Note Control Piece  In Trust Piece Non Trust Date Pari   Addit Debt Addit Debt Additional Debt Cut off
Loan # Seller(1) Property Name (Y/N)  (Y/N)(28) Cut-Off Balance Cut-Off Balance Passu Debt   Permitted (Y/N)  Exist (Y/N)(29) Debt Type(s) Date Balance
1 JPMCB/GACC 1633 Broadway Yes No 64,650,000 936,350,000 1,001,000,000   Yes Yes Subordinate Debt/Permitted Equityholder Debt or Debt-Like Preferred Equity 249,000,000
2 GACC F5 Tower Yes No 55,500,000 129,500,000 185,000,000   No Yes Subordinate Debt (112,600,000)/Mezzanine Loan (48,500,000) 161,100,000
3 JPMCB/CREFI Bellagio Hotel and Casino Yes No 55,000,000 1,621,200,000 1,676,200,000   Yes Yes B-Notes(650,500,000)/C-Notes(683,300,000) 1,333,800,000
4 JPMCB Kings Plaza Yes No 55,000,000 432,000,000 487,000,000   No Yes Mezzanine Loan 53,000,000
5 JPMCB 1501 Broadway Yes No 55,000,000 145,000,000 200,000,000   Yes No Permitted Mezzanine NAP
6 CREFI 805 Third Avenue Yes No 55,000,000 95,000,000 150,000,000   No Yes Subordinate Debt 125,000,000
7 GACC 55 Hudson Yards Yes No 52,450,000 892,550,000 945,000,000   No Yes Subordinate Debt 300,000,000
8 GACC Southcenter Mall Yes No 50,000,000 168,000,000 218,000,000   No No NAP NAP
9 JPMCB 181 West Madison Yes No 50,000,000 57,900,000 107,900,000   No Yes Subordinate Debt 132,100,000
10 CREFI Parkmerced Yes No 45,000,000 502,000,000 547,000,000   No Yes B-Notes (708,000,000)/C-Notes (245,000,000)/Mezzanine Loan (275,000,000) 1,228,000,000
11 GACC 560 Mission Street Yes No 45,000,000 255,000,000 300,000,000   Yes No Permitted Mezzanine NAP
12 GACC Starwood Industrial Portfolio Yes No 39,500,000 105,000,000 144,500,000   No Yes Subordinate Debt 65,527,072
12.01 GACC 101 45th Street                    
12.02 GACC 4820-4850 Indianapolis Road                    
12.03 GACC 8401 Bearing Drive                    
12.04 GACC 5900 North Meadows Drive                    
12.05 GACC 5701 North Meadows Drive                    
12.06 GACC 8421 Bearing Drive                    
12.07 GACC 6451-6471 Northwind Parkway                    
12.08 GACC 4910-4938 Indianapolis Road                    
12.09 GACC 6221-6241 Northwind Parkway                    
12.10 GACC 775 Commerce Parkway West Drive                    
12.11 GACC 1901 Northwind Parkway                    
12.12 GACC 333 45th Street                    
12.13 GACC 221 South Swift Road                    
12.14 GACC W234N2091 Ridgeview Parkway Court                    
12.15 GACC 2240 Creekside Parkway                    
12.16 GACC 201 South Swift Road                    
12.17 GACC 8441 Bearing Drive                    
12.18 GACC 4700 Ironwood Drive                    
12.19 GACC 4410 North 132nd Street                    
12.20 GACC 999 Gerdt Court                    
12.21 GACC 480 45th Street                    
12.22 GACC 12857 South Hamlin Court                    
12.23 GACC 1695 Glen Ellyn Road                    
12.24 GACC 1701-1721 Northwind Parkway                    
12.25 GACC 1245 Lakeside Drive                    
12.26 GACC 3890 Perry Boulevard                    
12.27 GACC 215 45th Street                    
12.28 GACC 845 Telser Road                    
12.29 GACC 1851 Northwind Parkway                    
12.30 GACC 1650 Northwind Parkway                    
12.31 GACC 225 45th Street                    
12.32 GACC 1600-1640 Northwind Parkway                    
12.33 GACC 235 45th Street                    
13 CREFI 650 Madison Avenue Yes No 37,900,000 548,900,000 586,800,000   No Yes Subordinate Debt 213,200,000

A-1-12

 

ANNEX A-1

 

      Additional Debt   Total Debt   HOTEL OPERATING STATISTICS
            Total Debt   Total Debt                
      Additional Debt   Total Debt  UW NCF Total Debt  UW NOI   2016 2016 2016 2017 2017 2017 2018
Loan # Seller(1) Property Name Interest Rate    Cut-off Balance  DSCR Current LTV %  Debt Yield %    Occupancy %  ADR ($)  RevPAR ($)  Occupancy %  ADR ($)  RevPAR ($)  Occupancy %
1 JPMCB/GACC 1633 Broadway 2.99000   1,250,000,000 3.08 52.1% 9.5%                
2 GACC F5 Tower 4.43666   346,100,000 1.63 73.6% 6.9%                
3 JPMCB/CREFI Bellagio Hotel and Casino 4.28688   3,010,000,000 4.06 70.7% 15.7%   93.5% 270.29 252.78 92.9% 276.24 256.53 94.9%
4 JPMCB Kings Plaza 6.00000   540,000,000 1.73 60.0% 9.6%                
5 JPMCB 1501 Broadway NAP   200,000,000 4.36 22.2% 13.8%                
6 CREFI 805 Third Avenue 3.80000   275,000,000 1.50 59.8% 6.6%                
7 GACC 55 Hudson Yards 2.95000   1,245,000,000 2.69 51.9% 8.3%                
8 GACC Southcenter Mall NAP   218,000,000 6.53 22.2% 19.6%                
9 JPMCB 181 West Madison 3.90000   240,000,000 2.10 64.0% 9.2%                
10 CREFI Parkmerced 4.99565   1,775,000,000 0.78 84.1% 3.4%                
11 GACC 560 Mission Street NAP   300,000,000 5.23 35.6% 14.2%                
12 GACC Starwood Industrial Portfolio 3.23100   210,027,072 2.53 65.7% 9.0%                
12.01 GACC 101 45th Street       2.53 65.7% 9.0%                
12.02 GACC 4820-4850 Indianapolis Road       2.53 65.7% 9.0%                
12.03 GACC 8401 Bearing Drive       2.53 65.7% 9.0%                
12.04 GACC 5900 North Meadows Drive       2.53 65.7% 9.0%                
12.05 GACC 5701 North Meadows Drive       2.53 65.7% 9.0%                
12.06 GACC 8421 Bearing Drive       2.53 65.7% 9.0%                
12.07 GACC 6451-6471 Northwind Parkway       2.53 65.7% 9.0%                
12.08 GACC 4910-4938 Indianapolis Road       2.53 65.7% 9.0%                
12.09 GACC 6221-6241 Northwind Parkway       2.53 65.7% 9.0%                
12.10 GACC 775 Commerce Parkway West Drive       2.53 65.7% 9.0%                
12.11 GACC 1901 Northwind Parkway       2.53 65.7% 9.0%                
12.12 GACC 333 45th Street       2.53 65.7% 9.0%                
12.13 GACC 221 South Swift Road       2.53 65.7% 9.0%                
12.14 GACC W234N2091 Ridgeview Parkway Court       2.53 65.7% 9.0%                
12.15 GACC 2240 Creekside Parkway       2.53 65.7% 9.0%                
12.16 GACC 201 South Swift Road       2.53 65.7% 9.0%                
12.17 GACC 8441 Bearing Drive       2.53 65.7% 9.0%                
12.18 GACC 4700 Ironwood Drive       2.53 65.7% 9.0%                
12.19 GACC 4410 North 132nd Street       2.53 65.7% 9.0%                
12.20 GACC 999 Gerdt Court       2.53 65.7% 9.0%                
12.21 GACC 480 45th Street       2.53 65.7% 9.0%                
12.22 GACC 12857 South Hamlin Court       2.53 65.7% 9.0%                
12.23 GACC 1695 Glen Ellyn Road       2.53 65.7% 9.0%                
12.24 GACC 1701-1721 Northwind Parkway       2.53 65.7% 9.0%                
12.25 GACC 1245 Lakeside Drive       2.53 65.7% 9.0%                
12.26 GACC 3890 Perry Boulevard       2.53 65.7% 9.0%                
12.27 GACC 215 45th Street       2.53 65.7% 9.0%                
12.28 GACC 845 Telser Road       2.53 65.7% 9.0%                
12.29 GACC 1851 Northwind Parkway       2.53 65.7% 9.0%                
12.30 GACC 1650 Northwind Parkway       2.53 65.7% 9.0%                
12.31 GACC 225 45th Street       2.53 65.7% 9.0%                
12.32 GACC 1600-1640 Northwind Parkway       2.53 65.7% 9.0%                
12.33 GACC 235 45th Street       2.53 65.7% 9.0%                
13 CREFI 650 Madison Avenue 3.48600   800,000,000 2.01 66.1% 7.3%                

A-1-13

 

ANNEX A-1

 

      HOTEL OPERATING STATISTICS  
                       
      2017 2018 Most Recent Most Recent Most Recent UW UW UW  
Loan # Seller(1) Property Name  ADR ($)  RevPAR ($)  Occupancy %  ADR ($)  RevPAR ($) Occupancy %  ADR ($)  RevPAR ($) Loan #
1 JPMCB/GACC 1633 Broadway                 1
2 GACC F5 Tower                 2
3 JPMCB/CREFI Bellagio Hotel and Casino 278.28 264.19 94.8% 281.69 267.18 94.8% 281.69 267.18 3
4 JPMCB Kings Plaza                 4
5 JPMCB 1501 Broadway                 5
6 CREFI 805 Third Avenue                 6
7 GACC 55 Hudson Yards                 7
8 GACC Southcenter Mall                 8
9 JPMCB 181 West Madison                 9
10 CREFI Parkmerced                 10
11 GACC 560 Mission Street                 11
12 GACC Starwood Industrial Portfolio                 12
12.01 GACC 101 45th Street                 12.01
12.02 GACC 4820-4850 Indianapolis Road                 12.02
12.03 GACC 8401 Bearing Drive                 12.03
12.04 GACC 5900 North Meadows Drive                 12.04
12.05 GACC 5701 North Meadows Drive                 12.05
12.06 GACC 8421 Bearing Drive                 12.06
12.07 GACC 6451-6471 Northwind Parkway                 12.07
12.08 GACC 4910-4938 Indianapolis Road                 12.08
12.09 GACC 6221-6241 Northwind Parkway                 12.09
12.10 GACC 775 Commerce Parkway West Drive                 12.10
12.11 GACC 1901 Northwind Parkway                 12.11
12.12 GACC 333 45th Street                 12.12
12.13 GACC 221 South Swift Road                 12.13
12.14 GACC W234N2091 Ridgeview Parkway Court                 12.14
12.15 GACC 2240 Creekside Parkway                 12.15
12.16 GACC 201 South Swift Road                 12.16
12.17 GACC 8441 Bearing Drive                 12.17
12.18 GACC 4700 Ironwood Drive                 12.18
12.19 GACC 4410 North 132nd Street                 12.19
12.20 GACC 999 Gerdt Court                 12.20
12.21 GACC 480 45th Street                 12.21
12.22 GACC 12857 South Hamlin Court                 12.22
12.23 GACC 1695 Glen Ellyn Road                 12.23
12.24 GACC 1701-1721 Northwind Parkway                 12.24
12.25 GACC 1245 Lakeside Drive                 12.25
12.26 GACC 3890 Perry Boulevard                 12.26
12.27 GACC 215 45th Street                 12.27
12.28 GACC 845 Telser Road                 12.28
12.29 GACC 1851 Northwind Parkway                 12.29
12.30 GACC 1650 Northwind Parkway                 12.30
12.31 GACC 225 45th Street                 12.31
12.32 GACC 1600-1640 Northwind Parkway                 12.32
12.33 GACC 235 45th Street                 12.33
13 CREFI 650 Madison Avenue                 13

A-1-14

 

Footnotes to Annex A-1

 

(1)“JPMCB” denotes JPMorgan Chase Bank, National Association, as Mortgage Loan Seller; “GACC” denotes German American Capital Corporation, as Mortgage Loan Seller; and “CREFI” denotes Citi Real Estate Funding Inc. or one of its affiliates, as Mortgage Loan Seller.

 

With respect to Loan No. 1, 1633 Broadway, the mortgage loan is part of a whole loan that was co-originated by DBR Investments Co. Limited, Wells Fargo Bank, National Association, JPMCB and Goldman Sachs Bank USA.

 

With respect to Loan No. 2, F5 Tower, the mortgage loan is part of a whole loan that was co-originated by DBR Investments Co. Limited and Barclays Capital Real Estate, Inc.

 

With respect to Loan No. 3, Bellagio Hotel and Casino, the mortgage loan is part of a whole loan that was co-originated by Morgan Stanley Bank, N.A., CREFI and JPMCB.

 

With respect to Loan No. 4, Kings Plaza, the mortgage loan is part of a whole loan that was co-originated by JPMCB, Société Générale Financial Corporation and Wells Fargo Bank, National Association.

 

With respect to Loan No. 7, 55 Hudson Yards, the mortgage loan is part of a whole loan that was co-originated by DBR Investments Co. Limited, Morgan Stanley Bank, N.A. and Wells Fargo Bank, N.A.

 

With respect to Loan No. 10, Parkmerced, the mortgage loan was co-originated by CREFI and Barclays Capital Real Estate Inc.

 

With respect to Loan No. 11, 560 Mission Street, the mortgage loan is part of a whole loan that was co-originated by DBR Investments Co. Limited and Bank of America, National Association.

 

With respect to Loan No. 13, 650 Madison Avenue, the mortgage loan was co-originated by Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., BMO Harris Bank N.A. and Goldman Sachs Bank USA.

 

(2)With respect to Loan No. 1, 1633 Broadway, the mortgaged property includes 145,192 square feet of theater space, constituting approximately 5.7% of the net rentable area at the Mortgaged Property, and approximately 80,000 square feet of retail space, constituting approximately 3.1% of the net rentable area at the mortgaged property, of which approximately 40,000 square feet is vacant.

 

With respect to Loan No. 3, Bellagio Hotel and Casino, approximately 71.6% of the total revenues from the mortgaged property comes from sources other than the hotel operation, including the following: (a) casino (29.6%), (b) food and beverage (24.7%), (c) entertainment (9.0%), (d) retail (4.1%) and (e) other operations (4.2%).

 

(3)Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property.

 

With respect to Loan No. 8, Southcenter Mall, each of JC Penney, Nordstrom, Sears, Olive Garden and KeyBank owns its improvements but not the underlying land, which is ground leased from the borrower.

 

With respect to Loan No. 8, Southcenter Mall, Macys owns its improvements and land with no attributable base rent.

 

(4)In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but have not yet commenced paying rent and/or are not in occupancy. UW Revenues ($), UW NOI ($) and UW NCF ($) are generally calculated by the Mortgage Loan Seller in accordance with its underwriting guidelines. UW NOI ($) and UW NCF ($) may include contractual or market rent escalations and, in the case of certain tenants, may be based on the average rent paid by the tenant through either the term of the related lease or the mortgage loan. Please see “Description of the Mortgage Pool—Certain Calculations and Definitions” for additional information.

 

A-1-15

 

With respect to Loan No. 1, 1633 Broadway, New Mountain Capital LLC representing 4.2% of the net rentable area has executed a lease but has not yet taken occupancy or begun paying rent.

 

With respect to Loan No. 3, Bellagio Hotel and Casino, the mortgaged property was acquired by the borrower in a sale-leaseback transaction from Bellagio, LLC, an indirectly wholly owned subsidiary of MGM Resorts International. Bellagio, LLC and the borrower entered into a new 30-year lease, with two 10-year extension options, for Bellagio, LLC to operate the mortgaged property.

 

With respect to Loan No. 4, Kings Plaza, though currently in occupancy and paying rent, Forever 21 has been underwritten as vacant. Forever 21 has been in occupancy at the Mortgaged Property since 2010 pursuant to a lease expiring in January 2020. Forever 21 filed for Chapter 11 bankruptcy in September 2019. The Forever 21 tenant and the borrower are currently negotiating a 3-year renewal with the tenant, which is pending court approval.

 

With respect to Loan No. 4, Kings Plaza, the mortgaged property contains a stand-alone power plant located on the roof that provides all electricity to the mortgaged property, and in 2019 the borrower sponsor completed a two-year, $17.5 million project allowing the power plant to interconnect with the local Consolidated Edison grid. The interconnected system went live in July 2019 and as a result the power plant was underwritten as generating approximately $1.8 million in revenue in 2020 and approximately $2.1 million upon reaching stabilization in 2021.

 

With respect to Loan No. 5, 1501 Broadway, the Taco Bell Cantina lease is scheduled to commence in March 2020.

 

With respect to Loan No. 8, Southcenter Mall, The current physical occupancy at the Southcenter Mall Property is 87.9%. Three tenants totaling 29,911 SF are excluded from the occupancy and underwriting because they are expected to or known to vacate. Forever21 (26,611 SF) is in bankruptcy and is excluded from the occupancy and underwriting.

 

With respect to Loan No. 8, Southcenter Mall, Total Occupancy is inclusive of JCPenney (272,267 square feet), Macy’s (258,944 square feet), Sears (174,630 square feet), Nordstrom (165,900 square feet), KeyBank (21,546 square feet) and Olive Garden (7,405 square feet), which each separately own their own improvements and as such are excluded from the loan collateral. Owned Occupancy is based on a total of 783,068 collateral square feet.

With respect to Loan No. 13, 650 Madison Avenue, the UW NOI is over 10% higher than the Most Recent NOI. The increase from Most Recent NOI to UW NOI is primarily attributable to the signing of six new leases since December 2018 as well as contractual rent steps.

 

In addition, with respect to Loan No. 1, 1633 Broadway, the appraisal includes the extraordinary assumption that the owner has provided a $55,980,670 capital expenditure budget that is projected to occur over the initial 10 years of the investment holding period, which was utilized to estimate the value set forth in the appraisal. Such capital expenditures are not required and have not been reserved for under the Mortgage Loan documents, and we cannot assure you that they will be made.

 

(5)With respect to all mortgage loans, with the exceptions of the mortgage loans listed below, the Current LTV % and the Maturity LTV % are based on the “as-is” Appraisal Value ($) even though, for certain mortgage loans, the appraiser provided “as-stabilized” values based on certain criteria being met.

 

With respect to Loan No. 3, Bellagio Hotel and Casino, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “As Leased” value solely with respect the real property portion of the Mortgaged Property of $4,260,000,000, excluding personal property and certain intangible value attributable to the Mortgaged Property. Based on the As-Is appraised value of $6,500,000,000, the Current LTV % and Maturity LTV % are both equal to 25.8%.

 

With respect to Loan No. 9, 181 West Madison, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “As Hypothetical” Appraised value of $375,289,826 which assumes the borrower sponsor has escrowed $1,289,826 for remaining capital expenses and unfunded tenant improvement allowances associated with CIBC. At origination, the borrower reserved $1,229,826 for all outstanding tenant improvements and $60,000 for outstanding capital expenditures. The Whole Loan Current LTV % and Maturity LTV %, calculated based on the “As-Is” Appraised Value as of October 22, 2019 of $374.0 million are 64.2% and 64.2% respectively.

 

A-1-16

 

With respect to Loan No. 10, Parkmerced, the Current LTV % and Maturity LTV % are calculated based upon the “As-Is Value Inclusive of Development Rights (Excluding all of Phase 1)” of $2,110,000,000, which reflects the sum of the (i) “As-Is Value (Excluding all of Phase 1)” of $1,741,000,000 and (ii) “As-Is Value of Development Rights (Excluding all of Phase 1)” of $369,000,000, in each case, as of September 3, 2019. The Current LTV % and Maturity LTV %, calculated based on the “As-Is” Value (Excluding all of Phase 1)” of $1,741,000,000 are 31.4% and 31.4%, respectively.

 

With respect to Loan No. 13, 650 Madison Avenue, the Current LTV % and Maturity LTV % are calculated based upon the “Hypothetical As-Is” Appraised Value of $1,210,000,000. This represents the aggregate “Hypothetical As-Is” of the 650 Madison Avenue Property as of October 31, 2019, which assumes that the Mortgaged Property will have in place reserves of approximately $10,000,000 at closing. The Current LTV % and Maturity LTV %, calculated based on the “As-Is” Appraised Value of $1,200,000,000 as of October 31, 2019, are 48.9% and 48.9% respectively.

 

(6)For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Current Balance ($), and Maturity/ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation.

 

With respect to Loan No. 2, F5 Tower, the F5 Tower whole loan is structured with an anticipated repayment date of January 6, 2030 (the “ARD”) and a final maturity date of September 6, 2033, or if the Largest Tenant, F5 Networks, Inc., exercises its early termination option pursuant to its lease, the final maturity date will be September 6, 2030. The monthly debt service payments are based on an initial interest rate of 3.69868%, and are interest-only through and including the ARD. Commencing on the ARD and each payment date thereafter, the F5 Tower whole loan will accrue interest at an adjusted interest rate, as defined in the F5 Tower whole loan documents; provided, however, interest accrued at the excess of the adjusted interest rate over the initial interest rate will be deferred and will be paid on the maturity date to the extent not paid sooner by the borrower. In addition, from and after the ARD, all excess cash flow from the F5 Tower mortgaged property after the payment of reserves for tax and insurance, condominium charges, mortgage interest on the four senior pari passu promissory notes and two subordinate B-notes (in each case, calculated at the initial interest rate), monthly repayments of the outstanding principal balance of the F5 Tower senior loan, in the amount required to fully amortize the outstanding principal balance of the whole loan (based on a 30-year amortization schedule, and once the F5 Tower senior loan has been repaid in full, to make monthly repayments of the outstanding principal balance of the F5 Tower B-notes in the amount required to fully amortize the outstanding principal balance of the whole loan (based on a 30-year amortization schedule), and the mezzanine debt service as described in the F5 Tower whole loan documents (with interest calculated at the initial interest rate) will be applied as provided in “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans—The F5 Tower Whole Loan” in the preliminary prospectus.

 

(7)With respect to all mortgage loans, in each case, the mortgage loan is part of a larger split whole loan, which consists of the mortgage loan and one or more pari passu and/or subordinate components. Please see “Description of the Mortgage Pool—The Whole Loans” for additional information.

 

(8)Each number identifies a group of related borrowers.

 

With respect to Loan No. 12, Starwood Industrial Portfolio, there are 33 mortgaged properties owned by 33 separate borrowers. The complete list of borrowers is as follows: SREIT 201 Swift Road, L.L.C., SREIT Hamlin Court, L.L.C., SREIT 221 Swift Road, L.L.C., SREIT Glen Ellyn Road, L.L.C., SREIT Tesler Road, L.L.C., SREIT Lakeside Drive, L.L.C., SREIT 1600 Northwind, L.L.C., SREIT 1650 Northwind, L.L.C., SREIT 1700 Northwind, L.L.C., SREIT 1901 Northwind, L.L.C., SREIT 6451 Northwind, L.L.C., SREIT 1851 Northwind, L.L.C., SREIT 6221 Northwind, L.L.C., SREIT 215 Munster, L.L.C., SREIT 225 Munster, L.L.C., SREIT 101 Munster, L.L.C., SREIT 235 Munster, L.L.C., SREIT 480 Munster, L.L.C., SREIT 333 Munster, L.L.C., SREIT Commerce Parkway, L.L.C., SREIT Gerdt Court, L.L.C., SREIT 8401 Bearing Drive, L.L.C., SREIT 8421 Bearing Drive, L.L.C., SREIT 8441 Bearing Drive, L.L.C., SREIT Perry Boulevard, L.L.C., SREIT 4910 Indianapolis Drive, L.L.C., SREIT 4820 Indianapolis Drive, L.L.C., SREIT 5701 North Meadows Drive, L.L.C., SREIT 5900 North Meadows Drive, L.L.C., SREIT Creekside Boulevard L.L.C., SREIT North 132nd Street, L.L.C., SREIT North Ironwood Drive, L.L.C. and SREIT 2091 Ridgeview Court, L.L.C.

 

(9)For each mortgage loan, the Net Mortgage Rate % is equal to the excess of the related Interest Rate % over the related Servicing Fee Rate, the Trustee Fee Rate (including the Certificate Administrator Fee Rate), the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate (collectively, the “Admin Fee %”).

 

A-1-17

 

(10)For the mortgage loans that are interest-only for the entire term and accrue interest on an Actual/360 basis, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360.

 

With respect to Loan No. 4, Kings Plaza, with respect to the related mezzanine loan, the mezzanine borrower is required to make Monthly Debt Service ($) payments of (i) from the first payment date of February 1, 2020 prior to February 1, 2025, interest only, and (ii) from February 1, 2025, and thereafter amortization payments in accordance with the amortization schedule set forth in the mezzanine loan documents.

 

With respect to Loan No. 10, Parkmerced, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance($), (ii) the Interest Rate % and (iii) 30/360 basis.

 

(11)With respect to all mortgage loans, Annual Debt Service ($) is calculated by multiplying the Monthly Debt Service ($) by 12.

 

(12)In some instances in which the loan documents provide grace periods with respect to payments, such grace periods may be permitted a limited number of times per any 12-month periods.

 

(13)The “L” component of the prepayment provision represents lockout payments.

The “Def” component of the prepayment provision represents defeasance payments.

The “YM” component of the prepayment provision represents yield maintenance payments.

The “O” Component of the prepayment provision represents the free payments including the Maturity Date.

 

In the case of certain mortgage loans, the loan documents permit the related borrower to prepay a portion of the mortgage loan in connection with partial releases of collateral, to cure a cash management period triggered by certain events or circumstances or to meet certain financial metrics contained in the related loan documents.

 

With respect to Loan No. 1, 1633 Broadway, the lockout period will be at least 26 payment dates beginning with and including the first payment date of January 6, 2020. The borrower may defease the whole loan in full after the date that is the earlier to occur of (i) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized (ii) November 25, 2022. The assumed lockout period of 26 payments is based on the expected Benchmark 2020-IG1 securitization closing date in February 2020. The actual lockout period may be longer.

 

With respect to Loan No. 2, F5 Tower, the defeasance lockout period will be at least 25 payments beginning with and including the first payment date of February 6, 2020. The borrower may defease the whole loan at any time after the earlier of (i) the end of the two-year period commencing on the closing date of the securitization of the last note to be securitized or (ii) December 19, 2022 or voluntary prepayment is permitted after the due date occurring in January 2022 with a prepayment fee in an amount equal to the greater of (a) the yield maintenance amount, or (b) 1.00% of the outstanding principal balance as of the prepayment date. The assumed defeasance lockout period of 25 months is based on the expected closing date of the Benchmark 2020-IG1 securitization in February 2020. The actual lockout period may be longer.

 

With respect to Loan No. 3, Bellagio Hotel and Casino, the defeasance lockout period will be 26 payments beginning with and including the first payment date of January 5, 2020. The borrower may defease the whole loan in full after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) November 15, 2022. The assumed defeasance lockout period of 26 payments is based on the expected Benchmark 2020-IG1 securitization closing date in February 2020. The actual defeasance lockout period may be longer.

 

With respect to Loan No. 4, Kings Plaza, the lockout period will be at least 25 payment dates beginning with and including the first payment date of February 1, 2020. The borrower may prepay with yield maintenance the whole loan in full after the earlier to occur of (i) February 1, 2023 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected Benchmark 2020-IG1 securitization closing date in February 2020. The actual lockout period may be longer.

 

A-1-18

 

 

With respect to Loan No. 5, 1501 Broadway, the lockout period will be 25 payments beginning with and including the first payment date of February 6, 2020. The borrower may defease the whole loan in full after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) February 6, 2023. The assumed lockout period of 25 payments is based on the expected Benchmark 2020-IG1 securitization closing date in February 2020. The actual lockout period may be longer.

 

With respect to Loan No. 6, 805 Third Avenue, the lockout period will be at least 26 payment dates beginning with and including the first payment date of January 6, 2020. Defeasance of the full $275.0 million 805 Third Avenue Whole Loan is permitted after the date that is the earlier of (i) November 8, 2022 and (ii) two years from the closing date of the securitization that includes the last note of the 805 Third Avenue Whole Loan. Voluntary prepayment of the 805 Third Avenue Loan is permitted on or after the due date in June 2029 without payment of any prepayment premium. The assumed lockout period of 26 payments is based on the expected Benchmark 2020-IG1 securitization closing date in February 2020. The actual lockout period may be longer.

 

Loan No. 7, 55 Hudson Yards, The lockout period will be at least 26 payments beginning with and including January 6, 2020. The borrower has the option to defease the 55 Hudson Yards Whole Loan in full or prepay the 55 Hudson Yards Whole Loan with a prepayment fee in an amount equal to the greater of (a) the yield maintenance amount, or (b) 1.00% of the outstanding principal balance as of the prepayment date after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) November 21, 2022. The assumed lockout period of 26 months is based on the expected closing date of the Benchmark 2020-IG1 securitization in February 2020. The actual lockout period may be longer.

 

Loan No. 8, Southcenter Mall, the lockout period is required to be at least 25 payments beginning with and including the first payment date of February 1, 2020. Defeasance, or prepayment with a prepayment fee in an amount equal to the greater of (a) the yield maintenance amount, or (b) 1.00% of the amount prepaid, of the full $218.0 million whole loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) January 1, 2023. The assumed lockout period of 25 months is based on the expected closing date of the Benchmark 2020-IG1 securitization in February 2020. The actual lockout period may be longer.

 

With respect to Loan No. 9, 181 West Madison, the lockout period will be at least 26 payment dates beginning with and including the first payment date of January 1, 2020. The borrower may defease the whole loan in full after the earlier to occur of (i) January 1, 2023 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 26 payments is based on the expected Benchmark 2020-IG1 securitization closing date in February 2020. The actual lockout period may be longer.

 

With respect to Loan No. 10, Parkmerced, prior to October 9, 2024 (the “Open Date”), and provided no event of default exists, the Total Debt may be prepaid in whole or in part with the payment of a yield maintenance premium. From and after the Open Date and provided no event of default exists, the Total Debt may be prepaid in whole or in part without the payment of a yield maintenance premium. Prepayments of the Total Debt in whole or in part along with any applicable yield maintenance premiums paid will be applied to the Parkmerced Whole Loan and Parkmerced Mezzanine Loan on a pro rata basis; provided, however, so long as no event of default or Cash Trap Period (as defined in the loan documents) has occurred and is continuing under the Parkmerced Whole Loan, a $75.0 million portion of the Parkmerced Mezzanine Loan may be prepaid in whole or in part at any time (accompanied by a corresponding payment of any accrued and unpaid interest outstanding at the time of such prepayment) without the payment of a yield maintenance premium and without a corresponding pro rata prepayment of the Parkmerced Whole Loan; provided, further, so long as no event of default or Cash Trap Period has occurred and is continuing under the Parkmerced Whole Loan, all accrued and unpaid interest on the Parkmerced Mezzanine Loan may be paid at any time without the simultaneous pro rata prepayment of the Parkmerced Whole Loan.

 

With respect to Loan No. 11, 560 Mission Street, the lockout period will be at least 26 payments beginning with and including the first payment date of January 6, 2020. At any time after the earlier to occur of (i) December 5, 2022 or (ii) the second anniversary of the securitization closing date of the last note to be securitized, the 560 Mission Street Whole Loan may be (i) defeased as permitted under the loan documents or (ii) prepaid with a prepayment fee in an amount equal to the greater of (a) the yield maintenance amount, or (b) 1.00% of the outstanding principal balance as of the prepayment date. The assumed lockout period of 26 months is based on the expected closing date of the Benchmark 2020-IG1 securitization in February 2020. The actual lockout period may be longer.

 

A-1-19

 

With respect to Loan No. 13, 650 Madison Avenue, the lockout period will be at least 26 payment dates beginning with and including the first payment date of January 8, 2020. Defeasance of the full $800.0 million 650 Madison Avenue Whole Loan is permitted after the date that is the earlier of (i) November 26, 2022 and (ii) two years from the closing date of the securitization that includes the last note of the 650 Madison Avenue Whole Loan. The actual lockout period may be longer.

 

(14)With respect to some mortgage loans, historical financial information may not be available due to the when the properties were constructed, renovated and/or acquired.

 

With respect to Loan No. 2 and 7, F5 Tower and 55 Hudson Yards, in each case, the related property is newly constructed and some historical financials are not available.

 

With respect to Loan No. 12 Starwood Industrial Portfolio, the borrower was not provided with 2017 historical information when the mortgaged properties were acquired in 2019.

  

(15)In the case of certain mortgage loans, the UW NOI ($) exceeds Most Recent NOI ($) by 10%.

 

With respect to Loan No. 4, Kings Plaza, the increase from the Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to (i) rent steps taken 12 months out until February 1, 2021 (based on the Kings Plaza whole loan's securitization in February of 2020) and straight-lined rents for investment grade-rated tenants and (ii) projected increases in power plant revenue as this component of the property stabilizes.

 

With respect to Loan No. 5, 1501 Broadway, the increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to (i) an additional 3,250 square foot lease executed with Taco Bell Cantina, accounting for approximately $2.6 million in underwritten base rent and (ii) approximately $1.5 million in contractual rent steps through December 2020.

 

With respect to Loan No. 7, 55 Hudson Yards, the borrower leases the 55 Hudson Yards Property to the New York City Industrial Development Agency (the “Agency”) (such lease, the “Company Lease”), and the Agency subleases the 55 Hudson Yards Property back to the 55 Hudson Yards Borrower (the “Agency Lease”) (the Company Lease and Agency Lease, collectively, the “IDA Leases”). The benefits of this lease structure to the borrower are a mortgage recording tax exemption and real property tax abatements. As such, the 55 Hudson Yards Borrower pays installment payments in lieu of real estate taxes as the rent under the Agency Lease (the “PILOT Payments”). In order for the PILOT Payments to achieve the same priority as would real estate tax payments (i.e., ahead of any mortgage or other lien), the borrower (with the Agency as holder of the leasehold under the Company Lease) provided mortgages in favor of the Hudson Yards Infrastructure Corporation, a not-for-profit local development corporation (“HYIC”), to secure the PILOT Payments (collectively, the “PILOT Mortgage”). The HYIC has issued revenue bonds for which the PILOT Payments are used to repay the bondholders. The term of the IDA Leases runs to June 30, 2044 (such period, the “Initial Term”), with annual automatic one-year extensions thereafter, unless within 60 days preceding the expiration of the current term the Agency provides written notice of termination to the 55 Hudson Yards Borrower (such date, the “Expiration Date”); provided that, after the Initial Term, the IDA Leases will automatically terminate within 60 days after the repayment in full or defeasance of all revenue bonds issued by HYIC for which an assignment of the PILOT Amount payable under the Agency Lease is used to repay the bondholders.

 

The 55 Hudson Yards Property is subject to tax abatements in the following amounts through 2038:

 

●29.7% tax abatement through 2023;

●2024 through 2034: taxes are due in amount equal to 103% of the preceding year’s PILOT payment;

●2035: taxes due in amount equal to the greater of (a) 76.3% of unabated taxes and (b) 103% of the preceding year’s PILOT payment;

●2036: taxes due in amount equal to the greater of (a) 82.2% of unabated taxes and (b) 103% of the preceding year’s PILOT payment;

●2037: taxes due in amount equal to the greater of (a) 88.1% of unabated taxes and (b) 103% of the preceding year’s PILOT payment; and

●2038: taxes due in amount equal to the greater of (a) 94.1% of unabated taxes and (b) 103% of the preceding year’s PILOT payment.

 

For additional information with respect to the IDA Leases and PILOT Payments, see “Description of the Mortgage Pool—Real Estate and Other Tax Considerations” in the Preliminary Prospectus.

 

With respect to Loan No. 11, 560 Mission Street, the UW NOI ($) is more than 10% higher than the Most Recent NOI ($) primarily due to credit rent steps through November 2020.

 

A-1-20

 

(16)With respect to all hotel properties the UW NOI ($) is shown after taking a deduction for an FF&E reserve, and as such, the UW NOI ($) and UW NCF ($) for these properties are the same.

 

With respect to Loan No. 4, Kings Plaza Mortgage Loan, a portion of the mortgaged property occupied by Lowe’s is subject to a 15-year Industrial & Commercial Incentive Program (“ICIP”) tax abatement that expires in the 2025/2026 tax year. For the 2019/2020 tax year, abated taxes for the applicable land and improvements are approximately $643,391 (as opposed to unabated taxes of approximately $992,466). Please see “Description of the Mortgage Pool—Real Estate and Other Tax Considerations” for additional information.

 

(17)The UW NOI DSCR and UW NCF DSCR for all partial interest-only mortgage loans were calculated based on the first principal and interest payment after the Note Date during the term of the mortgage loan.

 

(18)In the case of certain mortgage loans, all or a portion of the Title Type consists of a leasehold interest.

 

With respect to Loan No. 2, F5 Tower, the collateral consists of the borrower’s fee interest in the office condominium, 217 borrower-owned spaces in a parking garage, an easement over 42 spaces and an additional 63 parking spaces leased from The Rainier Club through September 30, 2026. The 63 parking spaces subject to the leasehold interest account for 19.3% of the spaces and 11.5% of the parking income (0.7% of total effective gross income).

 

(19)With respect to each hotel property, shows the expiration date of the related license agreement, franchise agreement, operating agreement or management agreement. See “Description of the Mortgage Pool—Property Types—Hotel Properties” in the preliminary prospectus for information related to mortgage loans secured by hotel properties.

 

(20)Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related loan documents.

 

With respect to Loan No. 5, 1501 Broadway, at origination of the mortgage loan, the borrower deposited $955,000 into the an Upfront Engineering Reserve ($) in connection with installing sprinkler system as required by the Mortgage Loan documents. The borrower is required under the mortgage loan documents to perform additional immediate repair work, including, among other items, evaluation of the electrical systems, inspection of the elevators, and resolving open building code violations, for which the aggregate estimated cost is approximately $34,920.

 

With respect to Loan No. 7, 55 Hudson Yards, at origination the borrower deposited $11,000,000 into a Milbank Escrow Reserve relating to the potential settlement of a dispute between the 55 Hudson Yards Borrower and the tenant Milbank, Tweed, Hadley & McCloy relating to a delay in the delivery of such tenant’s leased premises, and $4,474,631 into a MarketAxess Escrow Reserve relating to the rental expenses to be incurred by MarketAxess Holdings Inc., a tenant at the Mortgaged Property, under a prior sublease at an unrelated property which the borrower agreed to pay as an inducement to such tenant’s new lease at the Mortgaged Property.

  

(21)Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related loan documents. In certain cases, reserves with $0 balances are springing and are collected in the event of certain conditions being triggered in the respective mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being trigger in the respective mortgage loan documents.

 

With respect to Loan No. 2, F5 Tower, the lease sweep reserve payments of approximately $64,440 per month during a trigger period will be capped at amounts based on the following: (a) with respect to a Lease Sweep Period (as defined below) caused by clause (i)(a) or (i)(b) of a Lease Sweep Period below, $75.00 per rentable square foot of the terminated space; (b) with respect to a Lease Sweep Period caused by clause (ii) below, $38,663,850 ($75.00 per rentable square foot leased to F5 Networks, Inc. (“F5 Networks”)); (c) with respect to a Lease Sweep Period caused by clause (iv) below, $75.00 per rentable square foot of the related defaulted lease; or (d) with respect to a Lease Sweep Period caused by clause (iii) below, $75.00 per rentable square foot of applicable dark space; provided that the aggregate lease sweep reserve cap for all concurrent Lease Sweep Period triggers may not exceed $38,663,850. A “Lease Sweep Period” will commence on the first payment date prior to the ARD following the earliest to occur of (i)(a) a Lease Sweep Tenant Party (as defined below) terminating all or at least 40,000 square feet of space (or, if a full floor of space is less than 40,000 square feet, a full floor of space), upon the effective date of such termination or (b) a Lease Sweep Tenant Party delivering written notice to the borrower

 

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or property manager of intent to terminate 40,000 or more square feet of space, upon the later of the date that is 36 months prior to the lease expiration date and the date the written notice is received; (ii) the date that is 10 months prior to the ARD unless F5 Networks does not exercise its early termination right; (iii) a Lease Sweep Tenant Party going dark on 50% or more of its space, subject to certain exceptions set forth in the F5 Tower whole loan documents; (iv) a monetary default or material non-monetary default under (a) the F5 Networks lease or (b) an F5 Networks replacement lease for at least 75% of the square feet demised under the F5 Networks lease, if applicable; or (v) bankruptcy proceedings of a Lease Sweep Tenant Party. A “Lease Sweep Tenant Party” means (a) F5 Networks, (b) a tenant under one or more F5 Network replacement leases for at least 75% of the rentable square feet demised under the F5 Networks lease or (c) a direct or indirect parent company of either of the foregoing.

 

Other than a Lease Sweep Period regarding an insolvency event, the borrower may prevent the Lease Sweep Period by (i) posting a letter of credit equal to the applicable capped amount described above or (ii) (x) delivering a guaranty satisfactory to the lender from up to two guarantors considered investment grade (“BBB–” or equivalent) by at least two of S&P, Fitch and Moody’s (or a person that is wholly owned by a qualifying person) and that maintain an aggregate minimum net worth of $350,000,000 and liquidity of $50,000,000 or (y) subject to (A) rating agency confirmation, (B) approval of the mezzanine lender and (C) lender’s receipt of a guaranty that is satisfactory in form and substance from a guarantor acceptable to the lender in an amount equal to the applicable capped amount described above.

 

With respect to Loan No. 8, Southcenter Mall, the borrower may deliver a letter of credit meeting the requirements of the loan documents in lieu of funding any reserve, or to replace funds previously deposited into any reserve, or to prevent a cash management trigger period based on a decline in debt service coverage ratio.

 

With respect to Loan No. 11, 560 Mission Street, the borrower may deliver a letter of credit meeting the requirements of the loan documents in an amount equal to the funds then required to be deposited into the capital expenditure reserve or rollover reserve in order to prevent a sweep of funds into such account, or may deliver a letter of credit to prevent a cash management trigger period based on a decline in debt yield.

 

With respect to Loan No. 12 Starwood Industrial Portfolio, the borrower may deliver a letter of credit meeting the requirements of the loan documents in order to prevent a cash management trigger period based on a decline in debt yield.

 

With respect to Loan No. 12, Starwood Industrial Portfolio, The Ongoing Replacement Reserve is calculated as the product of (x) $0.15 and (y) rentable square feet, divided by 12 and is capped at the product of rentable square feet and $0.30. The Ongoing Rollover Reserve is calculated as the product of (x) $0.35 and (y) rentable square feet, divided by 12 and is capped at the product of rentable square feet and $0.70.

 

(22)Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents.

 

(23)With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any mortgaged property. In some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease.

 

With respect to Loan No. 1, 1633 Broadway, the Largest Tenant, Allianz Asset Management of America L.P., subleases 20,600 square feet of suite 4600 (totaling 54,118 square feet) to Triumph Hospitality at a base rent of $46.80 per square foot through December 30, 2030. Triumph Hospitality further subleases 3,000 square feet of suite 4600 to Stein Adler Dabah & Zelkowitz at a base rent of $41.33 per square foot through July 31, 2022. Underwritten base rent is based on the contractual rent under the prime lease. The 2nd Largest Tenant, WMG Acquisition Corp, subleases 3,815 square feet of suite 0400 (totaling 36,854 square feet) to Cooper Investment Partners LLC at a base rent of $58.37 per square foot on a month-to-month basis. Underwritten base rent is based on the contractual rent under the prime lease. The 5th Largest Tenant, Kasowitz Benson Torres, subleases a collective 32,487 square feet of Suite 2200 (totaling 50,718 square feet) to three tenants. Delcath Systems, Inc. subleases 6,877 square feet and pays a rent of $68.50 per square foot through February 28, 2021; Avalonbay Communities subleases 12,145 square feet through October 31, 2026 and pays a current rent of $74.00 per square foot; Cresa New York subleases 13,195 square feet and pays a rent of $65.00 per square foot through April 30, 2021. Underwritten base rent is based on the contractual rent under the prime lease.

 

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With respect to Loan No. 2, F5 Tower, the Largest Tenant, F5 Networks subleases 18,886 square feet (the 22nd floor) to Foursquare Labs, Inc. through November 30, 2022 at a current rental rate of $38.00 per square foot. F5 Networks subleases 18,636 square feet (the 23rd floor) to Grab Technology Corp. through February 28, 2023 at a current rental rate of $55.00 per square foot. The lender underwrote to the prime lease in both cases.

 

With respect to Loan No. 5, 1501 Broadway, the 2nd Largest Tenant, Tremor Video has subleased 41,308 square feet of space to Mergermarket (U.S.) LLP on a coterminous basis currently at $55.22 per square foot beginning in late 2018 and 10,178 square feet to Office Resources Inc. on a month to month basis at $57.00 per square foot beginning in 2016.

 

With respect to Loan No. 6, 805 Third Avenue, the Largest Tenant, Meredith Corporation, subleased 95,200 square feet of its space on floors 26 through 29 to KBRA (16.0% of NRA), 47,600 square feet on floors 24 and 25 to Gen II Fund Services which subsequently expanded to sublease 22,494 square feet on the 23rd floor and now occupies a total of 70,094 square feet (11.8% of NRA), and 23,800 square feet on the 22nd floor to NewsMax (4.0% of NRA). The subleases collectively account for 88.9% of Meredith’s leased NRA, and all three subleases are coterminous with the Meredith lease expiration in December 2026.

 

With respect to Loan No. 7, 55 Hudson Yards, the Largest Tenant, Point72, has signed a sublease for the entire 3rd floor (31,246 square feet) of its space to Elite World Group, LLC, with an expected sublease commencement date of February 2020, a 5-year term and an annual rate of $90.00 PSF. Point72 also subleases 11,844 square feet of its space to Light Sky Macro LP, with a sublease expiration of August 2029 and a rate of $99.00 PSF. The 3rd Largest Tenant, Cooley, subleases 12,229 square feet of its space to Cinctive Capital LLC, with a sublease expiration of June 2022 and an annual rate of $110 per square foot. The 4th Largest Tenant, Boies Schiller & Flexner, subleases 18,224 square feet of its space to Ashurst LLP, with a sublease expiration date of June 2026 and an annual rate of $94.00 per square foot.

 

(24)In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date, and may not include smaller spaces with different expiration dates.

 

With respect to Loan No. 5, 1501 Broadway, the Largest Tenant, Hardesty & Hanover, leases 52,634 square feet, of which (i) 34,391 square feet is leased for $46.15 per square foot, (ii) 17,656 square feet Is leased for $46.09 per square foot and (iii) 317 square feet is leased with no underwritten base rent.

 

With respect to Loan No. 5, 1501 Broadway, the Third Largest Tenant, Hard Rock Café, leases 47,256 square feet, of which 46,756 square feet is leased for $158.73 per square foot expiring in January 2036 and 500 square feet is leased with no underwritten base rent expiring in December 2050.

 

With respect to Loan No. 12, Starwood Industrial Portfolio, the Largest tenant, Bimbo Bakeries, has various expiration dates: (i) 45,000 square feet at 12857 South Hamlin Court with a lease expiration date of November 30, 2029, (ii) 40,080 square feet at 1695 Glen Ellyn Road with a lease expiration date of February 28, 2027, and (iii) 20,000 square feet at 845 Telser Road with a lease expiration date of May 31, 2031.

 

(25)The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. Certain tenants may have the right to reduce or abate rent or terminate all or a portion of their leased spaces for a breach or violation of co-tenancy provisions in the related leases.

 

With respect to Loan No. 1, 1633 Broadway, the 4th Largest Tenant, Morgan Stanley & Co, representing approximately 10.2% of net rentable area, has the option to terminate its lease as to all or any portion (but not less than one full floor) of its space at any time after April 1, 2027, upon 18 months’ notice and payment of a termination fee. The 5th Largest Tenant, Kasowitz Benson Torres, representing approximately 7.9% of the net rentable commercial area, has the right to terminate its lease as to all or a portion of one full floor of the premises located on the uppermost or lowermost floor (provided that the terminated space must be in a commercially reasonable configuration) effective as of March 31, 2024, by providing notice by March 31, 2023 and payment of a termination fee.

 

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With respect to Loan No. 2. F5 Tower, the Largest Tenant, F5 Networks, has the right to terminate its lease effective as of October 1, 2030 by providing a termination notice to the landlord no later than March 1, 2029 and paying a fee equal to the then-unamortized portions, calculated using a 5% interest factor, on an equal payment basis over the number of lease months during which base rent is payable during the initial lease term of (a) the tenant improvement allowance, (b) the base rent abatement, and (c) the leasing commissions paid to the tenant’s broker and landlord’s broker in connection with the lease. Additionally, F5 Networks has the right to terminate its lease with respect to the two highest full floors at the F5 Tower mortgaged property, effective between September 30, 2025 and September 30, 2026 with 12 months’ notice and payment of a fee equal to the then-unamortized portions, calculated using a 5% interest factor, on an equal payment basis over the number of lease months during which base rent is payable during the initial lease term (determined on a per rentable square foot basis for such two floors) of (a) the tenant improvement allowance, (b) the base rent abatement and (c) leasing commissions paid to the tenant’s broker in connection with the lease. If F5 Networks terminates or provides notice to terminate all or at least

 

40,000 square feet of its space (or, if a full floor of space is less than 40,000 square feet, a full floor of space), a lease sweep period as defined in the F5 Tower whole loan documents will commence.

 

With respect to Loan No. 4, Kings Plaza, the 2nd Largest Tenant, Primark, has the right to terminate its lease on July 7, 2028 with 12 months’ notice provided that, as of the termination date, (i) the tenant is Primark US Corp., or a Primark successor, and (ii) the tenant is not in default of its lease beyond any applicable notice and cure period; however, such termination option will be automatically terminated and of no force or effect if either (a) another Primark store opens for business within a certain radius of the Mortgaged Property, or (b) the tenant or any of its affiliates own, operate, otherwise become financially interested in any other Primark store or any other store branded under the Primark name within the radius.

 

With respect to Loan No. 4, Kings Plaza Mortgage Loan, the 5th Largest Tenant, Best Buy, is currently in negotiations with the borrower for an early termination of its related lease with respect to its entire demised premises (the “Best Buy Space”). The Mortgage Loan documents permit the borrower to enter into (i) a termination of the Best Buy lease, (ii) a modification of the Best Buy lease which results in the rent payable by Best Buy being less than an amount equal to 105% of the amount of the rent in effect as of the origination date, or (iii) a modification of the Best Buy lease which shortens the related term to a date expiring prior to January 31, 2032; provided, among other conditions, the borrower enters into a master lease with the related guarantor requiring such guarantor to pay an amount equal to (i) 105% of the amount of rent to which the borrower would otherwise be entitled pursuant to the Best Buy lease in effect as of the origination date, minus (ii) the sum of (x) the amount of rent actually received by the borrower from tenants under any replacement lease, plus (y) the amount of rent actually received by the borrower from Best Buy under the terms of the Best Buy lease. In connection with any redevelopment of the Best Buy Space, the Mortgage Loan documents require the borrower to, among other things, deliver a completion guaranty to the lender.

 

With respect to Loan No. 6, 805 Third Avenue, the Largest Tenant, Meredith Corporation, has the option to terminate its lease effective January 31, 2024, upon 15 months' prior notice and payment of a termination fee.

 

With respect to Loan No. 7, 55 Hudson Yards, the Largest Tenant, Point72, effective as of the 10th anniversary of the initial rent commencement date (which was April 16, 2019), and upon 15 months’ prior notice, has a one-time option to terminate either (i) the entirety of its leased premises or (ii) any one or more contiguous floors starting at either the highest or lowest office floor of the largest contiguous block of office floors then-leased by the tenant, such termination subject to a fee of the unamortized portion of allowances, commissions and free rent with respect to the terminated premises (calculated on a straight line basis over the period commencing on the rent commencement date and ending on the expiration date of the lease and bearing a 6% interest rate per annum). The 2nd Largest Tenant, Milbank, Tweed, Hadley & McCloy, has the one-time right to contract by up to one floor upon the tenth anniversary of the rent commencement date (which was April 1, 2019) with notice no less than 15 months prior to the contraction date. The 3rd Largest Tenant, Cooley, effective as of the 10th anniversary of the rent commencement date (which was September 1, 2019), with 18 months’ prior notice, has the one-time right to surrender either (i) the highest or lowest floor of any contiguous block or (ii) if the tenant did not exercise its initial expansion option, all of the square feet leased on the lowest floor of the leased premises (if tenant leases less than all of the square feet on such lowest floor), subject to a fee equal to the sum of the unamortized portion of allowances, commissions and rent concessions applicable to such space. In addition, effective as of the 15th anniversary of the rent commencement date, with 24 months’ prior notice, Cooley has the one-time right to terminate its lease subject to a fee of the sum of (i) unamortized allowances, commissions, rent concessions (each including interest at the rate of 6% per annum, compounded monthly) and (ii) four months of fixed rent and recurring additional charges at the rate immediately preceding the termination date. The 4th Largest Tenant, Boies Schiller & Flexner, effective as of the 10th anniversary of the rent commencement date (July 1, 2020), with 18 months’ prior notice, has a one-time right to surrender either (i) the highest or lowest floor of any contiguous block or (ii) any partial floor, each subject to a fee of 150% of the applicable per square foot base rent and 150% of the recurring additional charges due with respect to the contracted space for the immediately preceding 12-month period.

 

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With respect to Loan No. 9, 181 West Madison, the 4th Largest Tenant, CIBC, has a one-time right to terminate its lease effective as of December 31, 2025, with no less than 12 months’ prior notice and the payment of an estimated termination fee in the amount equal to (i) the unamortized portion of any brokerage commission at an interest rate of 8% per annum, (ii) the unamortized portion of any construction allowance, (iii) the unamortized portion of any abated rent, (iv) an amount equal to the then-escalated base rent and additional rent that would have been payable by the tenant under the lease for the three-month period immediately following the early termination date.

 

With respect to Loan No. 11, 560 Mission Street – the Largest Tenant, JP Morgan, has the right at any time through September 30, 2021 to terminate its lease with respect to one full floor of its leased premises upon 12 months’ prior notice and payment of a termination fee. The 3rd Largest Tenant, TIAA-CREF, has the one-time right to terminate the lease for all or any portion of its space effective as of March 31, 2023 upon written notice on or before March 31, 2022 and payment of a termination fee. The 5th Largest Tenant, Seyfarth Shaw, has a one-time right to terminate its lease with respect to the 29th floor effective as of September 30, 2022 upon written notice on or before September 30, 2021 and payment of a termination fee.

 

With respect to Loan No. 12, Starwood Industrial Portfolio, the sole tenant at the 333 45th Street Mortgaged Property, Staley, has the right to terminate its lease as of July 31, 2021 upon not less than 270 days prior written notice and payment of a termination fee equal to 6 months of the rent in effect as of the termination date plus the unamortized leasing commission amount equal to approximately $419,570. The Largest Tenant at the 8401 Bearing Drive Mortgaged Property, The Harvard Drug Store, has a one-time right to terminate its lease effective as of June 30, 2022, as follows: provided that (A)-(i) the tenant is not in default under the lease and (ii) occupying less than 75% of the leased premises, or (B) the landlord, after written notice from the tenant, is unable to accommodate an expansion of at least 20% of the leased premises, then the tenant may terminate the lease by giving the landlord written notice no later than June 30, 2021, and paying the landlord an early termination fee of $775,000.

 

With respect to Loan No. 13, 650 Madison Avenue, The Second Largest Tenant, Memorial Sloan Kettering Cancer Center, at the 650 Madison Mortgaged Property has (i) the one-time option to terminate its lease on any date between July 1, 2020, and June 30, 2022, so long as the tenant gives 18 months’ notice and (ii) the right to go dark at any time.

 

(26)In certain cases, the Principal / Carveout Guarantor name was shortened for spacing purposes or due to the number of parties serving as the Principal / Carveout Guarantor. In the case of certain mortgage loans, the loan documents permit the borrower to replace the Principal / Carveout Guarantor upon satisfaction of certain terms and conditions in the related loan documents.

 

 

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With respect to Loan Nos. 1, 5, 7, 9 and 11, 1633 Broadway, 1501 Broadway 55 Hudson Yards, 181 West Madison and 560 Mission Street, in each case, the related mortgage loan does not have a separate Carveout Guarantor, and each of the related borrowers is the only indemnitor under the related environmental indemnity agreement. Please see “Description of the Mortgage Pool—Non-Recourse Carveout Limitations” for additional information.

 

With respect to Mortgage Loan No. 2., F5 Tower, the related loan agreement provides that the guarantors will not be liable for losses arising out of or in connection with the breach of any representation, warranty, covenant or indemnification provision in the environmental indemnity or in the loan documents concerning environmental laws or hazardous materials and any indemnification of the lender with respect thereto, if the F5 Tower Mortgaged Property is subject to an environmental insurance policy reasonably satisfactory to the lender. In addition, the obligations of the non-recourse carveout guarantors are several and not joint.

 

With respect to Loan No. 3, Bellagio Hotel and Casino, the aggregate liability of the related Carveout Guarantor with respect to the full recourse carveouts is capped at 10% of the principal balance of the Whole Loan outstanding at the time of the occurrence of such event, plus any and all reasonable third-party costs actually incurred by the lender and/or any administrative agent (including reasonable attorneys’ fees and costs reasonably incurred) in connection with the collection of amounts due.

 

With respect to Loan Nos. 8 and 12, Southcenter Mall and Starwood Industrial Portfolio - The non-recourse carveout guarantor’s liability under the bankruptcy-related carveouts is limited to 20% of the then-current outstanding principal balance of the related Whole Loan.

 

With respect to Loan No. 13, 650 Madison Avenue, the liability for each guarantor (i) with respect to the full recourse carveouts relating to bankruptcy and substantive consolidation is capped at $80,000,000 (which is 10% of the original principal amount of the related Whole Loan) and (ii) with respect to all other guaranteed obligations is capped at $400,000,000 (which is 50% of the original principal amount of the related Whole Loan), in each case plus costs and expenses related to enforcement.

 

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(27)The classification of the lockbox and cash management types is described in the Prospectus. See “Description of the Mortgage Pool – Lockbox Accounts” for further details.

 

(28)With respect to Loan No. 4, Kings Plaza, the related whole loan is being serviced by the master servicer and special servicer pursuant to the pooling and servicing agreement for Benchmark 2020-B16. From and after the date on which the related lead servicing companion loan is securitized, it is anticipated that the related whole loan will be serviced under and by the master servicer and special servicer designated in the related pooling and servicing agreement entered into in connection with such securitization.

 

With respect to Loan No. 5, 1501 Broadway, the related whole loan will initially be serviced by the master servicer and special servicer pursuant to the pooling and servicing agreement for this transaction. From and after the date on which the related lead servicing companion loan is securitized, it is anticipated that the related whole loan will be serviced under and by the master servicer and special servicer designated in the related pooling and servicing agreement entered into in connection with such securitization.

 

(29)Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Debt—Mezzanine Indebtedness” and “—Other Indebtedness” and “Certain Legal Aspects of the Mortgage Loans” in the Prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future.

 

With respect to Loan No. 4, Kings Plaza, the borrowers are permitted to incur a “Property-Assessed Clean Energy loan” (the “PACE Loan”) for an amount not to exceed $10,000,000, provided that such PACE Loan is (i) incurred for improvements to the Mortgaged Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, (ii) repaid through multi-year tax assessments against the Mortgaged Property, and (iii) on terms and conditions reasonably acceptable to the lender, which may include, at the lender’s sole discretion, the delivery of a rating agency confirmation.

 

With respect to Loan No. 4, Kings Plaza, the Mortgage Loan documents permit the pledge by The Macerich Company, Macerich Partnership, L.P., and/or their affiliates of their indirect ownership interest in the related borrower to a qualified real estate investor (with total assets in name or under management in excess of $2 billion and, except with respect to pension advisory firm or similar fiduciary, capital/ statutory surplus, shareholder equity or net worth in excess of $1 billion) (a “QREI”) as part of a credit facility upon certain conditions, including (i) no event of default has occurred and is continuing; (ii) the value of the Mortgaged Property constitutes no more than 15% of the value of all assets securing such credit facility and (iii) neither the granting of the pledge nor exercise of any remedies will result in a change of the manager unless the replacement manager is a qualified manager (generally, any of certain specified national property management firms or a reputable and experienced management organization having at least seven years' experience in managing at least seven regional malls, other than the Mortgaged Property, of not less than 400,000 square feet (inclusive of anchor space) with at least one anchor store and totaling at least 5,000,000 square feet (including owned or leased anchor stores) of gross leasable area, which is not the subject of a bankruptcy or similar insolvency proceeding.

 

With respect to Loan No. 7, 55 Hudson Yards, the Mortgaged Property is subject to mortgages to secure PILOT payments as described above.

 

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