FWP 1 fwp.htm FREE WRITING PROSPECTUS Unassociated Document
 
 
 
   
FREE WRITING PROSPECTUS
   
FILED PURSUANT TO RULE 433
   
REGISTRATION FILE NO.: 333-166711-02
     
 
August 28, 2012
 
 
 
Free Writing Prospectus
 
Citigroup Commercial Mortgage Trust 2012-GC8
 
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., any other underwriter, or any dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-877-858-5407.
 
IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS
 
Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, 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 system.
 
The Securities May Not Be a Suitable Investment for You
 
The securities offered by this Free Writing Prospectus are not suitable investments for all investors. In particular, you should not purchase any class of securities unless you understand and are able to bear the prepayment, credit, liquidity and market risks associated with that class of securities. For those reasons, among others, the yield to maturity and the aggregate amount and timing of distributions on the offered securities are subject to material variability from period to period and give rise to the potential for significant loss over the life of those securities. The interaction of these factors and their effects are impossible to predict and are likely to change from time to time. As a result, an investment in the offered securities involves substantial risks and uncertainties and should be considered only by sophisticated institutional investors with substantial investment experience with similar types of securities and who have conducted appropriate due diligence on the mortgage loans and the securities.
 
This Free Writing Prospectus is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.  The information contained in this Free Writing Prospectus may not pertain to any securities that will actually be sold.  The information contained in this Free Writing Prospectus may be based on assumptions regarding market conditions and other matters as reflected in this Free Writing Prospectus.  We make no representations regarding the reasonableness of such assumptions or the likelihood that any such assumptions will coincide with actual market conditions or events, and this Free Writing Prospectus should not be relied upon for such purposes.  We and our affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this Free Writing Prospectus may, from time to time, have long or short positions in, and buy or sell, the securities mentioned in this Free Writing Prospectus or derivatives thereof (including options).  Information contained in this Free Writing Prospectus is current as of the date appearing on this Term Sheet only.  Information in this Free Writing Prospectus regarding the securities and the mortgage loans backing any securities discussed in this Free Writing Prospectus supersedes all prior information regarding such securities and mortgage loans. Neither Citigroup Global Markets Inc. nor Goldman, Sachs & Co. provides accounting, tax or legal advice.
 
 
 
 
 
Citigroup
 
 
 
 
Goldman, Sachs & Co.
 
 
 
 
 
 

 
 
COLLATERAL OVERVIEW
 
Mortgage Loans by Loan Seller
 
 
Mortgage Loan Seller
 
 
Mortgage Loans
 
 
Mortgaged Properties
 
 
Aggregate Cut-off
Date Balance
 
 
% of Initial Pool
Balance
Citigroup Global Markets Realty Corp.
 
39
   
61
   
$549,462,355
   
52.8
Goldman Sachs Mortgage Company
 
14
   
74
   
365,467,451
   
35.1
 
Natixis Real Estate Capital LLC
 
4
   
4
   
125,280,715
   
12.0
 
Total
 
57
   
139
   
$1,040,210,521
   
100.0
 
Ten Largest Mortgage Loans
 
Mortgage Loan Name
 
Cut-off Date
Balance
 
% of
Initial
Pool
Balance
 
Property
Type
 
Property Size
SF / Rooms
 
Cut-off Date
Balance Per
SF / Room
 
UW
NCF
DSCR
 
UW
NOI Debt
Yield
 
Cut-off Date
LTV Ratio
Miami Center
 
$114,765,852
   
11.0
 
Office
 
786,836
   
$219
   
1.41x
   
10.1%
   
64.2%
 
222 Broadway
 
 100,000,000
   
9.6
   
Office
 
 786,552
   
 $172
   
2.11x
   
11.0%
   
58.7%
 
17 Battery Place South
 
 91,000,000
   
8.7
   
Office
 
 428,450
   
 $212
   
1.65x
   
11.0%
   
64.5%
 
Pinnacle at Westchase
 
 79,827,198
   
7.7
   
Office
 
 470,940
   
 $170
   
1.57x
   
10.8%
   
67.9%
 
Gansevoort Park Avenue
 
 75,000,000
   
7.2
   
Hospitality
 
 249
   
 $562,249
   
1.77x
   
12.5%
   
50.4%
 
25 East Oak Street
 
 49,938,386
   
4.8
   
Retail
 
 38,445
   
 $1,299
   
1.33x
   
8.1%
   
67.7%
 
Sonora Village
 
 33,650,000
   
3.2
   
Retail
 
248,322
   
$136
   
1.38x
   
9.4%
   
71.3%
 
Cole Family Dollar Portfolio
 
 27,725,000
   
2.7
   
Retail
 
 298,858
   
 $93
   
2.23x
   
11.1%
   
61.4%
 
Hyatt Regency - Buffalo
 
 25,461,498
   
2.4
   
Hospitality
 
 396
   
 $64,297
   
1.77x
   
15.8%
   
65.3%
 
Plains Capital Towers
 
23,948,280
   
2.3
   
Office
 
425,040
   
$56
   
1.91x
   
15.4%
   
59.2%
 
Top 10 Total / Wtd. Avg.
 
$621,316,214
   
59.7
%                  
1.68x
   
11.0%
   
62.6%
 
Remaining Total / Wtd. Avg.
 
418,894,307
   
40.3
                   
1.81x
   
12.6%
   
63.8%
 
Total / Wtd. Avg.
 
$1,040,210,521
   
100.0
                 
1.73x
   
11.7%
   
63.1%
 
 
Pari Passu Note Loan Summary
           
 
Mortgage Loan Name
 
Mortgage
Loan
Seller
 
 
Mortgage
Loan Cut-off
Date Balance
 
 
Companion
Loan Cut-off
Date
Balance
 
 
Whole Loan
Cut-off Date
Balance
 
 
Controlling Pooling
& Servicing
Agreement
 
 
Master
Servicer
 
 
Special Servicer
Miami Center
 
CGMRC
 
$114,765,852
   
$57,382,926
 
$172,148,778
 
CGCMT 2012-GC8
 
Wells Fargo
 
Midland Loan Services
222 Broadway
 
GSMC
 
$100,000,000
   
$35,000,000
 
$135,000,000
 
CGCMT 2012-GC8
 
Wells Fargo
 
Midland Loan Services
Gansevoort Park Avenue
 
CGMRC
 
$75,000,000
   
$65,000,000
 
$140,000,000
 
CGCMT 2012-GC8
 
Wells Fargo
 
Midland Loan Services
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The securities offered by these materials are being offered when, as and if issued.  In particular, you are advised that the offered securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the offered securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the offered securities and the underlying transaction having the characteristics described in these materials.  If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.
 
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., any other underwriter, or any dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-877-858-5407.
 
 
2

 
 
COLLATERAL OVERVIEW (continued)
 
Previously Securitized Mortgage Loans(1)(2)
             
 
Property Name
 
Mortgage
Loan
Seller
 
 
City
 
 
State
 
 
Property Type
 
 
Cut-off Date Balance /
Allocated Cut-
off Date
Balance
 
 
% of
Initial
Pool Balance
 
 
 Previous Securitization(s)
Miami Center
 
CGMRC
 
Miami
 
FL
 
Office
 
 $114,765,852
   
11.0%  
 
GSMS 2003-C1, LBUBS 2007-C7
17 Battery Place South
 
Natixis RE
 
New York
 
NY
 
Office
 
 $91,000,000
   
8.7%
 
GMACC 2002-FL1A, WBCMT 2007-C32
Pinnacle at Westchase
 
CGMRC
 
Houston
 
TX
 
Office
 
 $79,827,198
   
7.7%
 
JPMCC 2004-CBX
Sonora Village
 
GSMC
 
Scottsdale
 
AZ
 
Retail
 
$33,650,000
   
3.2%
 
DLJCM 2000-CF1
Sutton Place Apartments
 
Natixis RE
 
Southfield
 
MI
 
Multifamily
 
$18,800,000
   
1.8%
 
FULB 1997-C2
290 Madison
 
CGMRC
 
New York
 
NY
 
Mixed Use
 
$14,947,118
   
1.4%
 
COMM 2006-C8
College Point Self Storage
 
CGMRC
 
College Point
 
NY
 
Self Storage
 
$14,410,200
   
1.4%
 
GECMC 2002-2A
Legacy Tower
 
GSMC
 
Durham
 
NC
 
Office
 
$11,697,214
   
1.1%
 
BSCMS 2007-T26
1026-1044 Market Street
 
CGMRC
 
Philadelphia
 
PA
 
Mixed Use
 
$9,988,738
   
1.0%
 
GECMC 2002-1A
Mountain Marketplace
 
CGMRC
 
Pasadena
 
MD
 
Retail
 
$8,980,103
   
0.9%
 
BSCMS 2002-PBW1
Countryside Plaza
 
CGMRC
 
Mt. Pleasant
 
PA
 
Retail
 
$8,133,888
   
0.8%
 
JPMC 2000-C9
Food Lion Mount Airy
 
CGMRC
 
Mount Airy
 
MD
 
Retail
 
$7,825,501
   
0.8%
 
MSDWC 2002-HQ
Holiday Inn Express Fayetteville
 
Natixis RE
 
Fayetteville
 
NC
 
Hospitality
 
$7,476,636
   
0.7%
 
GECMC 2003-C2
Briarlane Apartments
 
CGMRC
 
Grand Rapids
 
MI
 
Multifamily
 
$4,684,631
   
0.5%
 
BSCMS 2005-PWR9
Walgreens and Sports Authority Portfolio (Palm Gardens)
 
CGMRC
 
Palm Beach Gardens
 
FL
 
Retail
 
$4,581,975
   
0.4%
 
JPMCC 2002-C2
Storage Pro - Kalamazoo
 
CGMRC
 
Kalamazoo
 
MI
 
Self Storage
 
$3,671,729
   
0.4%
 
GMACC 2002-C2
Americana Self Storage (SST)
 
CGMRC
 
Chantilly
 
VA
 
Self Storage
 
$3,487,661
   
0.3%
 
MSC 1999-RM1
Walgreens and Sports Authority Portfolio (Marshall)
 
CGMRC
 
Marshall
 
TX
 
Retail
 
$2,910,174
   
0.3%
 
GECMC 2002-2A
Walgreens and Sports Authority Portfolio (Little Rock)
 
CGMRC
 
Little Rock
 
AR
 
Retail
 
$2,662,499
   
0.3%
 
WBCMT 2003-C6
Storage Pro - East Lansing
 
CGMRC
 
East Lansing
 
MI
 
Self Storage
 
$2,460,058
   
0.2%
 
GMACC 2002-C2
Storage Pro - Wyoming
 
CGMRC
 
Wyoming
 
MI
 
Self Storage
 
$2,203,037
   
0.2%
 
GMACC 2002-C2
Storage Kings of South Congress
 
CGMRC
 
Austin
 
TX
 
Self Storage
 
$2,193,360
   
0.2%
 
BACM 2003-1
Gas Lite Manor
 
CGMRC
 
Sioux Falls
 
SD
 
Manufactured Housing
 
$1,577,305
   
0.2%
 
WBCMT 2007-C31
Walgreens and Sports Authority Portfolio (Pasadena)
 
CGMRC
 
Pasadena
 
TX
 
Retail
 
$1,486,046
   
0.1%
 
WBCMT 2003-C6
Winchester Self Storage
 
CGMRC
 
Memphis
 
TN
 
Self Storage
 
$948,954
   
0.1%
 
CSMC 2007-C5
 

(1)
The table above represents the most recent securitization with respect to the mortgaged property securing the related mortgage loan, based on information provided by the related borrower or obtained through searches of a third-party database. The information has not otherwise been confirmed by the mortgage loan sellers.
(2)
Includes mortgaged properties securing mortgage loans for which the most recent prior financing of all or a significant portion of such property was included in a securitization.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The securities offered by these materials are being offered when, as and if issued.  In particular, you are advised that the offered securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the offered securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the offered securities and the underlying transaction having the characteristics described in these materials.  If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.
 
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., any other underwriter, or any dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-877-858-5407.
 
 
3

 
 
COLLATERAL OVERVIEW (continued)
 
Mortgage Loans with Existing Secured, Mezzanine and Other Financing
 
Mortgage Loan Name
 
 
Cut-off Date Balance
 
 
Pari-Passu
Companion
Loan Cut-off
Date Balance
 
 
Mezzanine Debt Cut-
off Date Balance
 
 
Cut-off Date Total Debt Balance
 
 
Total
Debt Interest Rate
 
 
Cut-off
Date Mortgage Loan LTV
 
 
Cut-off
Date
Total
Debt LTV
 
 
Mortgage Loan DSCR
 
 
Total Debt DSCR
17 Battery Place South
 
$91,000,000
 
NA
 
$14,000,000
 
$105,000,000
 
5.7000%
 
64.5%
 
74.5%
 
1.65x
 
1.29x
Gansevoort Park Avenue
 
$75,000,000
 
$65,000,000
 
$20,000,000
 
$160,000,000
 
5.7050%
 
50.4%
 
57.6%
 
1.77x
 
1.43x
 
Property Types
 
Property Type / Detail
 
 
Number of Mortgaged Properties
 
 
Aggregate Cut-off
Date Balance(1)
 
 
% of Initial Pool Balance
 
 
Wtd. Avg. Underwritten
NCF DSCR(2)
 
 
Wtd. Avg.
Cut-off Date LTV Ratio(2)
 
 
Wtd. Avg.
Debt Yield on Underwritten NOI(2)
Retail
 
77
   
 $204,030,725
   
19.6
 
 1.85x
 
63.6%
 
10.9%
 
Unanchored
 
4
   
 61,892,289
   
5.9
   
 1.39x
 
66.5%
 
8.8%
 
Anchored
 
6
   
 56,852,742
   
5.5
   
 1.84x
 
62.3%
 
11.9%
 
Single Tenant Retail
 
66
   
 51,635,694
   
5.0
   
 2.73x
 
56.7%
 
13.3%
 
Power Center / Big Box
 
1
   
 33,650,000
   
3.2
   
 1.38x
 
71.3%
 
9.4%
 
Office
 
9
   
 $459,313,184
   
44.2
 
 1.68x
 
63.6%
 
11.0%
 
CBD
 
6
   
 407,752,058
   
39.2
   
 1.68x
 
63.8%
 
10.8%
 
General Suburban
 
3
   
 51,561,125
   
5.0
   
 1.64x
 
62.3%
 
12.8%
 
Multifamily
 
13
   
 $88,395,609
   
8.5
 
 1.76x
 
66.2%
 
12.7%
 
Student Housing
 
1
   
 12,444,665
   
1.2
   
 1.34x
 
67.3%
 
11.0%
 
Garden
 
8
   
 63,658,203
   
6.1
   
 1.90x
 
64.7%
 
13.6%
 
Mid Rise
 
3
   
 6,000,000
   
0.6
   
 1.44x
 
71.1%
 
9.4%
 
High Rise
 
1
   
 6,292,741
   
0.6
   
 1.47x
 
74.6%
 
9.6%
 
Hospitality
 
10
   
 $180,731,054
   
17.4
 
 1.84x
 
56.7%
 
14.3%
 
Full Service
 
4
   
 121,599,912
   
11.7
   
 1.80x
 
55.3%
 
13.8%
 
Limited Service
 
5
   
 49,027,252
   
4.7
   
 1.96x
 
57.4%
 
15.6%
 
Extended Stay
 
1
   
 10,103,889
   
1.0
   
 1.81x
 
69.7%
 
14.7%
 
Mixed Use
 
2
   
 $24,935,856
   
2.4
 
 1.54x
 
59.3%
 
10.4%
 
Office / Retail
 
1
   
 14,947,118
   
1.4
   
 1.36x
 
55.2%
 
9.0%
 
Retail / Office
 
1
   
 9,988,738
   
1.0
   
 1.81x
 
65.4%
 
12.5%
 
Self Storage
 
16
   
 $55,254,581
   
5.3
 
 1.59x
 
70.2%
 
10.6%
 
Parking
 
1
   
$ 2,589,978
   
0.2
 
 1.58x
 
74.0%
 
11.1%
 
Manufactured Housing
 
11
   
 $24,959,533
   
2.4
 
 1.49x
 
70.0%
 
11.0%
 
Total / Wtd. Avg.
 
139
   
$1,040,210,521
   
100.0
 
 1.73x
 
63.1%
 
11.7%
 
                                 
 

 
(1)
Calculated based on the mortgaged propertys allocated loan amount for mortgage loans secured by more than one mortgaged property.
 
(2)
Weighted average based on the mortgaged property’s allocated loan amount for mortgage loans secured by more than one mortgaged property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The securities offered by these materials are being offered when, as and if issued.  In particular, you are advised that the offered securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the offered securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the offered securities and the underlying transaction having the characteristics described in these materials.  If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.
 
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., any other underwriter, or any dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-877-858-5407.
 
 
4

 
 
COLLATERAL OVERVIEW (continued)
 
Geographic Distribution
Property Location
 
Number of Mortgaged Properties
 
Aggregate Cut-off
Date Balance(1)
 
% of Initial Pool Balance
 
Aggregate
Appraised Value
 
% of Total
Appraised Value
 
Underwritten
NOI
 
% of Total Underwritten NOI
New York
 
7
   
$326,294,384
   
31.4
 
 $743,900,000
   
38.2
 
 $49,750,834
   
35.7
Texas
 
20
   
 154,878,737
   
 14.9
   
 238,870,000
   
 12.3
   
 18,555,843
   
 13.3
 
Florida
 
15
   
 137,897,771
   
 13.3
   
 303,370,000
   
 15.6
   
 20,115,371
   
 14.4
 
Illinois
 
11
   
 98,841,924
   
 9.5
   
 144,050,000
   
 7.4
   
 9,138,255
   
 6.6
 
Michigan
 
17
   
 50,531,289
   
 4.9
   
 81,490,000
   
 4.2
   
 7,302,328
   
 5.2
 
Pennsylvania
 
4
   
 47,506,145
   
 4.6
   
 79,075,000
   
 4.1
   
 6,778,253
   
 4.9
 
Arizona
 
4
   
 36,267,492
   
 3.5
   
 51,210,000
   
 2.6
   
 3,452,657
   
 2.5
 
North Carolina
 
4
   
 35,441,825
   
 3.4
   
 56,325,000
   
 2.9
   
 5,476,785
   
 3.9
 
Virginia
 
4
   
 24,100,627
   
 2.3
   
 40,975,000
   
 2.1
   
 3,102,423
   
 2.2
 
California
 
1
   
 23,400,000
   
 2.2
   
 38,000,000
   
 1.9
   
 2,408,702
   
 1.7
 
Ohio
 
5
   
 19,293,285
   
 1.9
   
 29,190,000
   
 1.5
   
 2,193,483
   
 1.6
 
Georgia
 
2
   
 18,397,246
   
 1.8
   
 29,600,000
   
 1.5
   
 2,426,711
   
 1.7
 
Maryland
 
2
   
 16,805,605
   
 1.6
   
 26,600,000
   
 1.4
   
 2,061,547
   
 1.5
 
Mississippi
 
8
   
 8,177,540
   
 0.8
   
 13,245,000
   
 0.7
   
 1,028,933
   
 0.7
 
Oklahoma
 
7
   
 6,535,969
   
 0.6
   
 10,530,000
   
 0.5
   
 788,687
   
 0.6
 
Utah
 
2
   
 6,483,228
   
 0.6
   
 9,250,000
   
 0.5
   
 695,436
   
 0.5
 
New Hampshire
 
1
   
 5,445,000
   
 0.5
   
 11,800,000
   
 0.6
   
 920,640
   
 0.7
 
Wisconsin
 
1
   
 4,386,720
   
 0.4
   
 7,200,000
   
 0.4
   
 465,404
   
 0.3
 
Tennessee
 
3
   
 4,333,677
   
 0.4
   
 5,850,000
   
 0.3
   
 465,968
   
 0.3
 
Arkansas
 
2
   
 3,129,917
   
 0.3
   
 5,040,000
   
 0.3
   
 376,585
   
 0.3
 
Missouri
 
5
   
 2,525,716
   
 0.2
   
 5,540,000
   
 0.3
   
 411,250
   
 0.3
 
Colorado
 
3
   
 1,996,057
   
 0.2
   
 3,540,000
   
 0.2
   
 252,626
   
 0.2
 
South Dakota
 
1
   
 1,577,305
   
 0.2
   
 2,110,000
   
 0.1
   
 162,181
   
 0.1
 
Nevada
 
3
   
 1,342,468
   
 0.1
   
 3,390,000
   
 0.2
   
 276,588
   
 0.2
 
New Mexico
 
1
   
 1,152,447
   
 0.1
   
 1,800,000
   
 0.1
   
 128,090
   
 0.1
 
Kansas
 
1
   
 981,830
   
 0.1
   
 1,610,000
   
 0.1
   
 109,126
   
 0.1
 
Indiana
 
1
   
 801,845
   
 0.1
   
 1,930,000
   
 0.1
   
 143,419
   
 0.1
 
Louisiana
 
1
   
 456,508
   
 0.0
   
 1,080,000
   
 0.1
   
 83,082
   
 0.1
 
South Carolina
 
1
   
 411,457
   
 0.0
   
 975,000
   
 0.1
   
 76,775
   
 0.1
 
Minnesota
 
1
   
 408,698
   
 0.0
   
 590,000
   
 0.0
   
 45,425
   
 0.0
 
Iowa
 
1
   
 407,809
   
 0.0
   
 680,000
   
 0.0
   
 45,326
   
 0.0
 
Total
 
139
   
$1,040,210,521
   
100.0
 
$1,948,815,000
   
100.0
 
$139,238,733
   
100.0
 

 
(1)
Calculated based on the mortgaged property’s allocated loan amount for mortgage loans secured by more than one mortgaged property.
(MAP)
 
The securities offered by these materials are being offered when, as and if issued.  In particular, you are advised that the offered securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the offered securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the offered securities and the underlying transaction having the characteristics described in these materials.  If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.
 
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., any other underwriter, or any dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-877-858-5407.
 
 
5

 

   
Distribution of Cut-off Date Balances
             
Distribution of Cut-off Date LTV Ratios
           
                 
% of
                     
% of
 
     
Number of
       
Initial
         
Number of
       
Initial
 
 
Range of Cut-off Date
 
Mortgage
 
Cut-off Date
 
Pool
     
Range of Cut-off
 
Mortgage
       
Pool
 
 
Balances ($)
 
Loans
 
Balance
 
Balance
     
Date LTV (%)
 
Loans
 
Cut-off Date Balance
 
Balance
 
 
1,577,305 - 4,999,999
 
12
   
$41,169,572
   
4.0
     
41.0 - 45.9
 
1
   
$12,270,000
   
1.2
 
 
5,000,000 - 9,999,999
 
19
   
140,005,079
   
13.5
       
46.0 - 50.9
 
3
   
83,932,661
   
8.1
   
 
10,000,000 - 14,999,999
 
12
   
151,172,045
   
14.5
       
51.0 - 55.9
 
4
   
45,796,883
   
4.4
   
 
15,000,000 - 19,999,999
 
1
   
18,800,000
   
1.8
       
56.0 - 60.9
 
8
   
184,796,934
   
17.8
   
 
20,000,000 - 29,999,999
 
6
   
144,882,389
   
13.9
       
61.0 - 65.9
 
15
   
387,971,508
   
37.3
   
 
30,000,000 - 49,999,999
 
2
   
83,588,386
   
8.0
       
66.0 - 74.9
 
26
   
325,442,535
   
31.3
   
 
70,000,000 - 99,999,999
 
3
   
245,827,198
   
23.6
       
Total
 
57
   
$1,040,210,521
   
100.0
 
 
100,000,000 - 114,765,852
  2    
214,765,852
   
20.6
                             
 
Total
 
57
   
$1,040,210,521
   
100.0
                           
                           
Distribution of Maturity Date/ARD LTV Ratios
         
 
Distribution of Underwritten DSCRs
                     
% of
 
                 
% of
         
Number of
       
Initial
 
     
Number of
       
Initial
     
Range of Maturity
 
Mortgage
       
Pool
 
 
Range of UW
 
Mortgage
       
Pool
     
Date/ARD LTV (%)
 
Loans
 
Cut-off Date Balance
 
Balance
 
 
DSCR (x)
  Loans   
Cut-off Date Balance
 
Balance
     
32.4 - 39.9
 
4
   
$ 99,186,253
   
9.5
 
 
1.33 - 1.39
 
7
   
$143,220,071
   
13.8
     
40.0 - 44.9
 
7
   
88,280,408
   
8.5
   
 
1.40 - 1.49
 
8
   
165,751,383
   
15.9
       
45.0 - 49.9
 
7
   
68,225,378
   
6.6
   
 
1.50 - 1.59
 
10
   
161,045,208
   
15.5
       
50.0 - 54.9
 
16
   
415,122,440
   
39.9
   
 
1.60 - 1.69
 
7
   
125,579,699
   
12.1
       
55.0 - 59.9
 
13
   
273,888,927
   
26.3
   
 
1.70 - 1.79
 
6
   
142,145,816
   
13.7
       
60.0 - 63.3
 
10
   
95,507,114
   
9.2
   
 
1.80 - 1.89
 
7
   
64,068,146
   
6.2
       
Total
 
57
   
$1,040,210,521
   
100.0
 
 
1.90 - 1.99
 
2
   
30,112,366
   
2.9
                             
 
2.00 - 2.09
 
1
   
3,487,661
   
0.3
                             
 
2.10 - 4.78
 
9
   
204,800,172
   
19.7
       
Distribution of Loan Purpose
               
 
Total
 
57
   
$1,040,210,521
   
100.0
                   
% of
 
                               
Number of
       
Initial
 
                               
Mortgage
       
Pool
 
 
Distribution of Amortization Types
                   
Loan Purpose
 
Loans
 
Cut-off Date Balance
 
Balance
 
                 
% of
     
Refinance
 
35
   
$577,250,670
   
55.5
 
     
Number of
       
Initial
     
Acquisition
 
18
   
392,559,022
   
37.7
   
     
Mortgage
 
Cut-off Date
 
Pool
     
Recapitalization
 
3
   
62,400,829
   
6.0
   
 
Amortization Type
 
Loans
 
Balance
 
Balance
     
Acquisition/Refinance
 
1
   
8,000,000
   
0.8
   
 
Amortizing (30 Years)
 
31
   
$484,207,315
   
46.5
     
Total
 
57
   
$1,040,210,521
   
100.0
%  
 
Amortizing (25 Years)
 
17
   
168,713,206
   
16.2
                             
 
Interest Only, Then
                                             
 
Amortizing
 
5
   
241,850,000
   
23.3
       
Distribution of Mortgage Interest Rates
         
 
Interest Only
 
3
   
117,715,000
   
11.3
                       
% of
 
 
Interest Only - ARD
 
1
   
27,725,000
   
2.7
           
Number of
       
Initial
 
 
Total
 
57
   
$1,040,210,521
   
100.0
     
Range of Mortgage
 
Mortgage
       
Pool
 
                           
Interest Rates (%)
 
Loans
 
Cut-off Date Balance
 
Balance
 
                           
3.700 - 3.999
 
1
   
$12,270,000
   
1.2
 
 
Distribution of Lockboxes
                   
4.250 - 4.499
 
2
   
55,383,386
   
5.3
   
                 
% of
     
4.500 - 4.749
 
8
   
105,789,192
   
10.2
   
     
Number of
       
Initial
     
4.750 - 4.999
 
18
   
452,813,924
   
43.5
   
     
Mortgage
 
Cut-off Date
 
Pool
     
5.000 - 5.249
 
12
   
282,891,294
   
27.2
   
 
Lockbox Type
 
Loans
 
Balance
 
Balance
     
5.250 - 5.499
 
11
   
86,617,091
   
8.3
   
 
Hard
 
25
   
$712,395,194
   
68.5
     
5.500 - 5.749
 
2
   
19,825,865
   
1.9
   
 
Springing
 
26
   
230,971,698
   
22.2
       
5.750 - 5.900
 
3
   
24,619,769
   
2.4
   
 
Soft
 
6
   
96,843,629
   
9.3
       
Total
 
57
   
$1,040,210,521
   
100.0
 
 
Total
 
57
   
$1,040,210,521
   
100.0
                           
 
 
 
 
 
The securities offered by these materials are being offered when, as and if issued.  In particular, you are advised that the offered securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the offered securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the offered securities and the underlying transaction having the characteristics described in these materials.  If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.
 
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., any other underwriter, or any dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-877-858-5407.
 
 
6

 
 
 
Distribution of Debt Yield on Underwritten NOI
     
Distribution of Original Amortization Terms
                 
% of
                     
% of
  
 
Range of
 
Number of
       
Initial
     
Original
 
Number of
       
Initial
 
 
Debt Yields on
 
Mortgage
       
Pool
     
Amortization
 
Mortgage
       
Pool
 
 
Underwritten NOI (%)
 
Loans
 
Cut-off Date Balance
 
Balance
     
Terms (months)
 
Loans
 
Cut-off Date Balance
 
Balance
 
 
8.1 - 9.9
 
7
   
$128,727,588
   
12.4
     
Interest Only
 
4
   
$145,440,000
   
14.0
 
 
10.0 - 10.9
 
16
   
319,765,776
   
30.7
       
300
 
17
   
168,713,206
   
16.2
   
 
11.0 - 11.9
 
11
   
279,266,095
   
26.8
       
360
 
36
   
726,057,315
   
69.8
   
 
12.0 - 12.9
 
5
   
110,294,166
   
10.6
       
Total
 
57
   
$1,040,210,521
   
100.0
 
 
13.0 - 13.9
 
4
   
33,469,936
   
3.2
                             
 
14.0 - 14.9
 
4
   
43,696,470
   
4.2
                             
 
15.0 - 15.9
 
4
   
58,066,489
   
5.6
       
Distribution of Remaining Amortization Terms
 
16.0 - 19.5
 
6
   
66,924,000
   
6.4
       
Range of
             
% of
 
 
Total
 
57
   
$1,040,210,521
   
100.0
     
Remaining
 
Number of
       
Initial
 
                           
Amortization
 
Mortgage
       
Pool
 
                           
Terms (months)
 
Loans
 
Cut-off Date Balance
 
Balance
 
 
Distribution of Debt Yield on Underwritten NCF
   
Interest Only
 
4
   
$145,440,000
   
14.0
 
                 
% of
     
296 - 300
 
17
   
168,713,206
   
16.2
   
 
Range of
 
Number of
       
Initial
     
301 – 360
 
36
   
726,057,315
   
69.8
   
 
Debt Yields on
 
Mortgage
       
Pool
     
Total
 
57
   
$1,040,210,521
   
100.0
%  
 
Underwritten NCF (%)
 
Loans
 
Cut-off Date Balance
 
Balance
                           
 
8.0 - 8.9
 
3
   
98,535,504
   
9.5
     
Distribution of Prepayment Provisions
 
9.0 - 9.9
 
8
   
201,750,212
   
19.4
                       
% of
 
 
10.0 - 10.9
 
21
   
413,317,611
   
39.7
           
Number of
       
Initial
 
 
11.0 - 11.9
 
10
   
149,756,970
   
14.4
       
Prepayment
 
Mortgage
       
Pool
 
 
12.0 - 12.9
 
5
   
81,014,452
   
7.8
       
Provision
 
Loans
 
Cut-off Date Balance
 
Balance
 
 
13.0 - 13.9
 
3
   
22,747,687
   
2.2
       
Defeasance
 
50
   
$708,384,447
   
68.1
 
 
14.0 - 17.9
 
7
   
73,088,086
   
7.0
       
Defeasance or Yield
                   
 
Total
 
57
   
$1,040,210,521
   
100.0
%      
Maintenance
 
3
   
202,593,050
   
19.5
   
                           
Yield Maintenance
 
4
   
129,233,024
   
12.4
   
                           
Total
 
57
   
$1,040,210,521
   
100.0
 
 
Mortgage Loans with Original Partial Interest Only Periods
                         
 
Original Partial
 
Number of
       
% of Initial
     
Distribution of Escrow Types
 
Interest Only
 
Mortgage
 
Cut-off Date
 
Pool
                     
% of
 
 
Period (months)
 
Loans
 
Balance
 
Balance
         
Number of
       
Initial
 
 
24
 
4
   
$150,850,000
   
14.5
         
Mortgage
       
Pool
 
 
36
 
1
   
$91,000,000
   
8.7
     
Escrow Type
 
Loans
 
Cut-off Date Balance
 
Balance
 
                           
Real Estate Tax
 
53
   
$983,129,826
   
94.5
 
 
Distribution of Original Terms to Maturity/ARD
   
Replacement
                   
                 
% of
     
Reserves(1)
 
52
   
$964,573,556
   
92.7
   
 
Original Term to
 
Number of
       
Initial
     
Insurance
 
45
   
$766,508,850
   
73.7
   
 
Maturity/ARD
 
Mortgage
       
Pool
     
TI/LC(2)
 
19
   
$578,177,175
   
84.0
   
 
(months)
 
Loans
 
Cut-off Date Balance
 
Balance
     
(1)   Includes mortgage loans with FF&E reserves.
 
60
 
7
   
$178,355,149
   
17.1
     
(2)   Percentage of total office, retail, and mixed use properties only.
 
84
 
1
   
27,725,000
   
2.7
                             
 
120
 
49
   
834,130,372
   
80.2
                             
 
Total
 
57
   
$1,040,210,521
   
100.0
%                            
                                                 
                                                 
 
Distribution of Remaining Terms to Maturity/ARD
                         
 
Range of
             
% of
                           
 
Remaining Terms
 
Number of
       
Initial
                           
 
to Maturity/ARD
 
Mortgage
       
Pool
                           
 
(months)
 
Loans
 
Cut-off Date Balance
 
Balance
                           
 
49 - 60
 
7
   
$178,355,149
   
17.1
                           
 
49 - 84
 
1
   
27,725,000
   
2.7
                             
 
85 - 120
 
49
   
834,130,372
   
80.2
                             
 
Total
 
57
   
$1,040,210,521
   
100.0
%                            
 
 
The securities offered by these materials are being offered when, as and if issued.  In particular, you are advised that the offered securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the offered securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the offered securities and the underlying transaction having the characteristics described in these materials.  If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.
 
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., any other underwriter, or any dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-877-858-5407.
 
 
7