Unassociated Document

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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 Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

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Mortgaged Property Information		Mortgage Loan Information
Number of Mortgaged Properties	1	Loan Seller		GSMC
Location (City/State)	New York, New York	Cut-off Date Principal Balance(1)		$100,000,000
Property Type	Office	Cut-off Date Principal Balance per SF(2)		$171.64
Size (SF)	786,552	Percentage of Initial Pool Balance		9.6%
Total Occupancy as of 5/29/2012	79.1%	Number of Related Mortgage Loans		None
Owned Occupancy as of 5/29/2012	79.1%	Type of Security		Fee Simple
Year Built / Latest Renovation	1961 / 2008–2011	Mortgage Rate		4.8990%
Appraised Value	$230,000,000	Original Term to Maturity (Months)		60
		Original Amortization Term (Months)		0
Underwritten Revenues	$34,369,732
Underwritten Expenses	$19,582,521	Escrows
Underwritten Net Operating Income (NOI)	$14,787,211		Upfront	Monthly
Underwritten Net Cash Flow (NCF)	$14,155,124	Taxes	$2,424,670	$404,112
Cut-off Date LTV Ratio(2)	58.7%	Insurance	$0	$0
Maturity Date LTV Ratio(2)(3)	50.0%	Replacement Reserves	$0	$18,353
DSCR Based on Underwritten NOI / NCF(2)	2.21x / 2.11x	TI/LC	$9,000,000	$0
Debt Yield Based on Underwritten NOI / NCF(2)	11.0% / 10.5%	Other	$0	$0

Sources and Uses(2)
Sources	$	%	Uses	$	%
Loan Amount	$135,000,000	55.8%	Purchase Price	$230,000,000	95.1%
Principal’s New Cash Contribution	106,827,924	44.2	Reserves	11,424,670	4.7
			Closing Costs	231,410	0.1
			Other Uses	171,844	0.1
Total Sources	$241,827,924	100.0%	Total Uses	$241,827,924	100.0%

(1)

The Cut-off Date Principal Balance of $100,000,000 represents the note A-1 of a $135,000,000 whole loan evidenced by two pari passu notes. The companion loan is the note A-2 in the principal amount of $35,000,000 as of the Cut-off Date that is held outside the Issuing Entity.

(2)

Calculated based on the entire 222 Broadway Whole Loan.

(3)

The Maturity Date LTV Ratio is calculated utilizing the “as stabilized” appraised value of $270,000,000, The Maturity Date LTV Ratio calculated on the basis of the “as-is” appraised value is 58.7%. See “—Appraisal” below.

The Mortgage Loan. The mortgage loan (the “222 Broadway Loan”) is part of a whole loan structure (the “222 Broadway Whole Loan”) comprised of two pari passu notes that are together secured by a first mortgage encumbering an office building located in New York, New York (the “222 Broadway Property”). The 222 Broadway Loan (evidenced by note A-1), which will be contributed to the Issuing Entity, has an outstanding principal balance as of the Cut-off Date of $100,000,000 and represents approximately 9.6% of the Initial Pool Balance, and the related companion loan (the “222 Broadway Companion Loan”) (evidenced by note A-2), which will be initially retained by Goldman Sachs Mortgage Company and is expected to be contributed to a future securitization transaction, has an outstanding principal balance as of the Cut-off Date of $35,000,000. The 222 Broadway Whole Loan was originated on May 29, 2012 by Goldman Sachs Commercial Mortgage Capital, L.P., and was subsequently purchased by Goldman Sachs Mortgage Company. The 222 Broadway Whole Loan had an original principal balance of $135,000,000 and each note has an interest rate of 4.8990% per annum. The proceeds of the 222 Broadway Whole Loan were used to acquire the 222 Broadway Property. The 222 Broadway Whole Loan will be serviced under the 2012-GC8 pooling and servicing agreement. See “Description of the Mortgage Pool – The Whole Loans” for more information regarding the co-lender agreement that governs the relative rights of the holders of the 222 Broadway Loan and the 222 Broadway Companion Loan.

The 222 Broadway Loan had an initial term of 60 months and has a remaining term of 57 months. The 222 Broadway Loan requires payments of interest only during its term. The scheduled maturity date is the due date in June 2017. Voluntary prepayment of the 222 Broadway Loan is prohibited prior to March 6, 2017. Defeasance of the 222 Broadway Whole Loan (which will be applied pro rata to note A-1 and note A-2) with direct, non-callable obligations of the United States of America is permitted at any time on or after the earlier to occur of (i) May 29, 2015 and (ii) the second anniversary of the date on which the 222 Broadway Whole Loan has been securitized.

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The Mortgaged Property. The 222 Broadway Property is an approximately 786,552 SF office building located in New York, New York and is primarily leased to Bank of America (“BofA”). The 222 Broadway Property was constructed in 1961 and was partially renovated between 2008 and 2011. As of May 29, 2012, Total and Owned Occupancy was 79.1%.

In June 1997, Merrill Lynch acquired and occupied the 222 Broadway Property until December 2008, when BofA acquired Merrill Lynch and took possession of the 222 Broadway Property. Since 2009, BofA owned and occupied a large portion of the 222 Broadway Property. A joint venture between a subsidiary of BCSP VI U.S. Investments, L.P. (“BCSP VI”) and L&L 222 Broadway, LLC acquired the 222 Broadway Property from BofA as part of a sale/leaseback transaction for a purchase price of approximately $230 million and with a 10-year (initial term) lease to BofA for 595,953 SF, which commenced on the loan origination date, May 29, 2012.

As of May 29, 2012, there was approximately 125,861 SF of vacant office space located on the upper floors of the building and, per the appraisal, market rents are estimated to be between $42.00-$45.00 per SF. Also, as of May 29, 2012, there was approximately 7,478 SF of vacant retail space comprised of approximately 5,550 SF of space on Fulton Street and approximately 1,928 SF of space on Ann Street and, per the appraisal, market rents are estimated to be $200.00 per SF for the Fulton Street space and $75.00 per SF for the Ann Street space. See “—Cash Flow Analysis” below.

The following table presents certain information relating to the tenants at the 222 Broadway Property:

Tenants Based on Underwritten Base Rent

Tenant Name	Credit Rating (Fitch/MIS/S&P)(1)	Tenant GLA	% of GLA		UW Base Rent	% of Total UW Base Rent		UW Base Rent $ per SF	Lease Expiration	Renewal / Extension Options
Bank of America	A / Baa2 / A-	595,953	75.8	%	$8,939,009	75.9	%	$15.00	5/31/2022	3, 5-year options
JPMorgan Chase(2)	A+ / A2 / A	14,961	1.9		2,530,000	21.5		169.11	6/30/2021	NA
Peltz & Walker	NR / NR / NR	9,000	1.1		275,250	2.3		30.58	3/31/2014	NA
Au Bon Pain(3)	NR / NR / NR	1,325	0.2		28,905	0.2		21.82	MTM	NA
Verizon(4)	A / A3 / A-	140	0.0		4,550	0.0		32.50	MTM	NA
Total Tenants		621,379	79.0	%	$11,777,714	100.0	%	$18.95
Remaining Tenants(5)		731	0.1		0	0.0		0.00
Vacant		164,442	20.9		0	0.0		0.00
Total / Wtd. Avg. All Owned Tenants		786,552	100.0	%	$11,777,714	100.0	%	$18.93

(1)

Certain ratings are those of the parent company whether or not the parent guarantees the lease.

(2)

Au Bon Pain subleases 2,200 SF from JPMorgan Chase at a current annual base rent of $280,478 increasing to $332,684 on 11/1/2012. Au Bon Pain has the option to terminate the sublease at any time prior to 11/1/2012 and is expected to exercise that option.

(3)

Represents basement storage space leased by Au Bon Pain on a MTM basis which is expected to terminate along with the 2,200 SF of sublease space in November 2012.

(4)

Represents basement storage space.

(5)

Remaining space is occupied by the management office.

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The following table presents the lease rollover schedule at the 222 Broadway Property, based on initial lease expiration dates:

Lease Expiration Schedule(1)

Year Ending December 31,	Expiring Owned GLA	% of Owned GLA		Cumulative % of Owned GLA	UW Base Rent	% of Total UW Base Rent		UW Base Rent $ per SF	# of Expiring Tenants
MTM	2,196	0.3	%	0.3%	$33,455	0.3	%	$15.23	3
2012	0	0.0		0.3%	0	0.0		0.00	0
2013	0	0.0		0.3%	0	0.0		0.00	0
2014	9,000	1.1		1.4%	275,250	2.3		30.58	1
2015	0	0.0		1.4%	0	0.0		0.00	0
2016	0	0.0		1.4%	0	0.0		0.00	0
2017	0	0.0		1.4%	0	0.0		0.00	0
2018	0	0.0		1.4%	0	0.0		0.00	0
2019	0	0.0		1.4%	0	0.0		0.00	0
2020	0	0.0		1.4%	0	0.0		0.00	0
2021	14,961	1.9		3.3%	2,530,000	21.5		169.11	1
2022	595,953	75.8		79.1%	8,939,009	75.9		15.00	1
2023 & Thereafter	0	0.0		79.1%	0	0.0		0.00	0
Vacant	164,442	20.9		100.0%	0	0.0		0.00	0
Total / Wtd. Avg.	786,552	100.0	%		$11,777,714	100.0	%	$18.93	6

(1)

Calculated based on approximate square footage occupied by each Owned Tenant.

The following table presents certain information relating to historical leasing at the 222 Broadway Property:

Historical Leased %(1)

		2009		2010		2011
Owned Space		NA		NA		NA

(1)

Prior to the acquisition by the borrower, the 222 Broadway Property was owner-occupied with minimal leasing to third parties.

n	Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the Underwritten Net Cash Flow at the 222 Broadway Property:

Cash Flow Analysis(1)(2)

	Underwritten(3)		Underwritten $ per SF
Base Rent(4)	$20,064,454		$25.51
Overage Rent	0		0.00
Gross Up Vacancy	0		0.00
Total Rent	$20,064,454		$25.51
Total Reimbursables	16,120,006		20.49
Parking Income	59,155		0.08
Other Income	0		0.00
Less Vacancy & Credit Loss	(1,873,883	)	(2.38	)
Effective Gross Income	$34,369,732		$43.70

Total Operating Expenses	$19,582,521		$24.90

Net Operating Income	$14,787,211		$18.80
TI/LC	411,853		0.52
Capital Expenditures	220,235		0.28
Net Cash Flow	$14,155,124		$18.00

(1)

As the 222 Broadway Property was recently acquired, no historical financial information is available.

(2)

Certain items such as straight line rent, interest expense, interest income, lease cancellation income, depreciation, amortization, debt service payments and any other non-recurring or non-operating items were excluded from the presentation and are not considered for the underwritten cash flow.

(3)

Underwritten cash flow based on contractual rents as of 5/29/2012 and also includes certain assumptions made on underwritten base rent as outlined below.

(4)

Underwritten base rent includes $6,924,998 based on the assumption that the current vacant space is leased up at market rates and $1,361,742 from an adjustment of the net present value of rent steps for the BofA and JPMorgan Chase leases that step up in June 2017 and July 2016, respectively. Per the appraisal, market rate assumptions are as follows: Office - floors 2-14 ($35.00 per SF), floors 15-18 ($38.00 per SF), floors 19-22 ($42.00 per SF) and floors 23-27 ($45.00 per SF). Retail - Broadway retail ($300.00 per SF), Fulton Street retail ($200.00 per SF), Ann Street retail ($75.00 per SF), basement retail ($50.00 per SF) and basement storage ($20.00 per SF). Underwritten net cash flow excluding the assumed lease up and rent steps is $8,346,505 and results in an underwritten DSCR of 1.24x. We cannot assure you that the vacant space will be leased up at the assumed market rates or at all.

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n	Appraisal. According to the appraisal, the 222 Broadway Property had an “as-is” appraised value of $230,000,000 as of an effective date of May 1, 2012 and an “as stabilized” appraised value of $270,000,000 as of an effective date of May 1, 2015, assuming stabilized occupancy averaging near 90%.

n	Environmental Matters. According to the Phase I environmental report, dated April 25, 2012, there are no recommendations for further actions.

Market Overview and Competition. The 222 Broadway Property is located in New York’s Downtown market on the border of Manhattan’s World Financial and Insurance submarkets. According to the appraisal, once the World Trade Center site is completed, an additional 10.6 million SF will be added to the Downtown market inventory. This excludes Seven World Trade Center, which has been completed. Published reports indicate that One World Trade Center is expected to be completed in 2013, and tenants are expected to begin taking occupancy in early 2014. According to the appraisal, the total inventory for Class A space in the Insurance District was 5,202,929 SF as of the first quarter of 2012 with an overall vacancy rate of 5.6%. Class A office asking rents in the Insurance District averaged $37.40 per SF in the first quarter of 2012 which is 2.5% higher than the previous year. Class A leasing activity finished the first quarter of 2012 at 79,255 SF, the highest first quarter leasing velocity since 2007 representing a 16.3% increase over the previous year. According to the appraisal, the total inventory for Class A space in the World Financial sub district was 11,902,802 SF as of the first quarter of 2012 with an overall vacancy rate of 3.2%. Class A office asking rents in the World Financial District averaged $58.80 per SF in the first quarter of 2012.

The following table presents certain information relating to certain lease comparables provided in the appraisal for the 222 Broadway Property:

Office Lease Comparables(1)

	22 Cortlandt Street	88 Pine Street	120 Wall Street	100 Church Street	Four World Financial Center
SF	126,715	18,067	13,780	57,817	520,000
Lease Start	January 2012	December 2011	November 2011	October 2011	October 2011
Rent Rate per SF	$33.90	$40.00	$33.00	$33.00	$51.00
Expense Basis	Base Year	Base Year	Base Year	Base Year	Base Year

(1)

Source: Appraisal.

The following table presents certain information relating to certain office sales comparables provided in the appraisal for the 222 Broadway Property:

Office Sales Comparables(1)

Property Name	Sale Date	Year Built / Year Renovated	NRA (SF)	Sale Price	Sale Price per SF	Occupancy
222 Broadway	April 2012 Contract	1961 / 2008–2011	786,552	$230,000,000	$292.42	79%
4 New York Plaza	April 2012 Contract	1969 / NAP	1,121,753	$270,000,000	$240.69	95%
14 Wall Street	April 2012	1912 / NAP	1,016,723	$303,000,000	$298.02	82%
33 Maiden Lane	January 2012	1984 / NAP	624,124	$207,500,000	$332.47	86%
195 Broadway	November 2011	1913 / 1985	1,047,287	$287,000,000	$274.04	86%

(1)

Source: Appraisal.

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The Borrower. The borrower is 222 Broadway Owner LLC, a single-purpose, single-asset entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 222 Broadway Loan. The borrower of the 222 Broadway Loan is indirectly owned by BCSP VI and L&L 222 Broadway, LLC. BCSP VI and L&L Holding Company, LLC (“L&L Holding”) are the non-recourse carveout guarantors of the 222 Broadway Loan.

Escrows. At origination, the borrower funded an escrow reserve in the amount of $2,424,670 in respect of certain tax expenses. In addition, at origination, the borrower funded an escrow reserve in the amount of $9,000,000 for tenant improvement and leasing costs with respect to space at the 222 Broadway Property that was vacant as of the origination of the 222 Broadway Loan. If trailing twelve-month net operating income as calculated under the loan agreement for the 222 Broadway Property equals or exceeds $13,000,000, any amounts remaining in that reserve will be released to the borrower.

On each due date, the borrower is required to fund a tax and insurance reserve in an amount equal to one-twelfth of the amount the lender reasonably estimates will be necessary to pay taxes and insurance premiums over the then succeeding twelve month period; however, any such reserve in respect of insurance premiums is not required at any time that the 222 Broadway Property is insured under a blanket policy and no event of default is continuing under the 222 Broadway Loan. In addition, the borrower is required to fund a capital expenditure reserve in the monthly amount of $18,353 (which amount will be proportionately reduced as provided in the loan documents if a retail condominium unit is created and released from the lien of the mortgage securing the 222 Broadway Loan as described under “—Condominium Regime” and “—Release of Collateral” below).

In addition, there is a guaranty of certain future costs incurred by the borrower to re-lease and re-tenant the space left vacated in the event that the Bank of America tenant exercises the First Contraction Option (as defined below), subject to the Guaranty Cap (as defined below). See “—Bank of America Contraction Rights Guaranty” below.

Furthermore, during the continuance of a 222 Broadway Trigger Period, the loan documents require that all amounts on deposit in the cash management account, after the payment of debt service and budgeted operating expenses and the funding of required monthly escrows for real estate taxes, insurance premiums (if any) and capital expenditures, be reserved and held as additional collateral for the 222 Broadway Loan, which amounts are available to be disbursed to the borrower for the payment of certain costs in accordance with the terms of the loan documents.

A “222 Broadway Trigger Period” means (a) after May 29, 2013, any period from the conclusion of any fiscal quarter in which the trailing twelve month net operating income (as calculated under the loan agreement) is less than $7,500,000 and terminating at the conclusion of the second of any two consecutive fiscal quarters in which the trailing twelve month net operating income is greater than or equal to $7,500,000 and/or (b) any period commencing on the date on which the Bank of America tenant delivers timely notice that it intends to exercise its First Contraction Option (or if such notice is delivered prior to May 29, 2013, on May 29, 2013) such that, after giving effect to such contraction, net operating income, calculated on a pro forma basis, would be less than $7,500,000 and terminating as of the end of any fiscal quarter in which the trailing twelve month net operating income is equal to or greater than $7,500,000, after giving effect on a pro forma basis to the exercise of such contraction right by the Bank of America tenant for which it has delivered notice and each lease entered into after the date on which such notice is received, to the extent that the applicable tenant has taken occupancy and is paying rent. In the event that a retail condominium unit is created and released from the lien of the mortgage securing the 222 Broadway Loan as described under “—Condominium Regime” and “—Release of Collateral” below, the trigger levels described above would be reduced from $7,500,000 to $6,100,000.

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Lockbox and Cash Management. The 222 Broadway Loan requires a hard lockbox, which is already in place. The loan documents require the borrower to direct the tenants to pay their rents directly to a lender-controlled lockbox account. The loan documents also require that the borrower cause all cash revenues relating to the 222 Broadway Property and all other money received by the borrower or the property manager with respect to the 222 Broadway Property (other than lease termination fees, which are required to be remitted to the lender for deposit in the TI/LC reserve account and which are available to be disbursed to the borrower for the payment of certain costs in accordance with the terms of the loan documents, and security deposits) to be deposited into the cash management account or lockbox account by the end of the second business day following receipt. All amounts in the lockbox account are swept to the lender-controlled cash management account each business day. On each business day (or at the borrower’s option, on a less frequent basis) that neither an event of default under the 222 Broadway Loan nor a 222 Broadway Trigger Period is continuing, all funds in the cash management account in excess of the amount required to pay debt service and fund required reserves on the next due date will be remitted to an operating account maintained by the borrower. During the continuance of an event of default under the 222 Broadway Loan, the lender may apply any funds in the cash management account to amounts payable under the 222 Broadway Loan and/or toward the payment of expenses of the 222 Broadway Property, in such order of priority as the lender may determine.

Property Management. The 222 Broadway Property is currently managed by 222 Broadway Property Manager LLC pursuant to a management agreement. Under the loan documents, the 222 Broadway Property may not be managed by any other party, other than (i) any property management affiliate of BCSP VI and/or L&L Holding, (ii) a reputable management company with at least five years’ experience in the management of at least five properties substantially similar to the 222 Broadway Property, which at the time of its engagement as property manager has under management leasable square footage of Class-A office space equal to at least five times the leasable square footage of the 222 Broadway Property, provided such management company is not the subject of a bankruptcy or similar insolvency proceeding or (iii) a management company reasonably approved by the lender and with respect to which a Rating Agency Confirmation has been received. The lender may require the borrower to replace the property manager during the continuance of an event of default under the 222 Broadway Loan, or following any foreclosure, conveyance in lieu of foreclosure or other similar transaction, or during the continuance of a material default by the property manager under the management agreement after the expiration of any applicable notice and/or cure period, or if the property manager files or is the subject of a petition in bankruptcy, or if a trustee or receiver is appointed for the property manager’s assets, or the property manager makes an assignment for the benefit of creditors, or if the property manager is adjudicated insolvent.

Bank of America Contraction Rights Guaranty. The Bank of America tenant at the 222 Broadway Property has the right under its lease to contract the size of the premises that it leases by up to 91,609 rentable square feet effective as of May 31, 2014 (the “First Contraction Option”), and by up to an additional 115,112 rentable square feet effective as of December 31, 2019 (the “Second Contraction Option”). Such contraction options are exercisable in full floor increments, upon at least 12 months’ notice for the First Contraction Option, and at least 18 months’ notice for the Second Contraction Option. BCSP VI and L&L Holding have guaranteed the payment of all tenant improvement costs and leasing commissions incurred by the borrower in connection with re-tenanting any space at the 222 Broadway Property that becomes vacant as a result of the exercise of the First Contraction Option. Such guaranty is capped at an initial amount (the “Guaranty Cap”) equal to $3,000,000 multiplied by a fraction, the numerator of which is the aggregate number of square feet that becomes vacant as a result of the exercise of the First Contraction Option, and the denominator of which is 91,609 SF. The initial amount of the Guaranty Cap will be reduced on a dollar-for-dollar basis by an amount equal to the sum of all tenant improvement costs and leasing commissions paid by the borrower (other than from funds remitted to the borrower from the excess cash flow or TI/LC reserve accounts described in the loan documents) in respect of re-tenanting the space at the 222 Broadway Property that becomes vacant as a result of the exercise of the First Contraction Option by the Bank of America tenant.

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Condominium Regime. Provided that no event of default has occurred and is continuing, the borrower is permitted to subject the 222 Broadway Property to a commercial condominium regime that would create a retail condominium unit comprised of portions of the existing basement, ground level and second floor of the 222 Broadway Property and an office condominium unit comprised of the remainder of the 222 Broadway Property. The creation of any such condominium is subject to the satisfaction of the conditions set forth in the loan documents, including, among other things (i) lender’s reasonable approval of the condominium documents, (ii) each unit having a separate tax identification number, (iii) to the extent permitted by applicable law, condominium documents that permit the borrower to control the condominium board, (iv) lender approval of all amounts payable by the borrower under the condominium documents (other than amounts the borrower would otherwise have the right to incur under the loan documents without the lender’s consent or approval in the absence of the condominium regime), (v) condominium documents that prohibit (for so long as the 222 Broadway Loan is outstanding) the incurrence of any debt secured by the 222 Broadway Property or any common elements of the condominium, (vi) delivery of an endorsement to the title insurance policy, (vii) receipt of Rating Agency Confirmation and (viii) no material adverse effect on the ability of the 222 Broadway Property to generate net cash flow sufficient to service the 222 Broadway Loan.

Release of Collateral. If a retail condominium unit is created as described in “—Condominium Regime” above, the retail condominium unit can be released from the lien of the mortgage encumbering the 222 Broadway Property at any time on or after the earlier to occur of (i) May 29, 2015 and (ii) the second anniversary of the date on which the 222 Broadway Whole Loan has been securitized, provided that (i) no event of default is continuing under the 222 Broadway Loan, (ii) after giving effect to such release, the debt service coverage ratio for the 222 Broadway Property for the trailing 12-month period ending in the most recently ended fiscal quarter (recalculated to include only income and expenses attributable to the office condominium unit and to exclude the interest expense on the aggregate amount defeased), is no less than the greater of 1.27x and the debt service coverage ratio for the trailing 12-month period ending in the most recently ended fiscal quarter, (iii) the borrower must have defeased the 222 Broadway Whole Loan in an amount equal to $51,400,000 (or such greater amount as necessary to achieve the debt service coverage ratio required pursuant to preceding clause (ii) which defeasance will be required to be applied to the notes pro rata), (iv) simultaneously with the defeasance described in clause (iii), the borrower transfers the retail condominium unit to another person, and (v) after giving effect to such release, the lender reasonably determines that the fair market value of the 222 Broadway Property is at least 80% of the 222 Broadway Loan’s outstanding principal balance of the Whole Loan after giving effect to such release.

Bank of America Right of First Offer. The Bank of America tenant has a right of first offer in the event the borrower offers to sell the 222 Broadway Property to a third party during the term of its lease. The right of first offer is inapplicable in the case of a foreclosure or deed in lieu of foreclosure by the lender. If the borrower intends to sell the 222 Broadway Property, it is required to send BofA an offer notice that includes the purchase price, determined in the borrower’s sole determination, and all other terms and conditions of the sale. The borrower must also provide BofA a complete rent roll of the 222 Broadway Property, the borrower’s financial summary and any marketing materials the borrower prepared in connection with the proposed sale. BofA is required to accept the offer within 30 days of receipt of the notice of sale or the offer terminates. If BofA exercises its right to purchase and the sale is not consummated within 120 days, the borrower has the right to sell to a third party on any terms within 18 months from the date the borrower delivered the offer notice to BofA. If the borrower does not sell the 222 Broadway Property within such 18 month period, the borrower must then provide BofA with an offer notice (and BofA will be entitled to exercise its right of first offer as described in this paragraph) if the borrower intends to sell the 222 Broadway Property to a third party after the expiration of such 18 month period.

n	Mezzanine or Subordinate Indebtedness. Not permitted.

222 BROADWAY

Terrorism Insurance. So long as TRIPRA or a similar or subsequent statute is in effect, the borrower is required to maintain terrorism insurance for foreign and domestic acts (as those terms are defined in TRIPRA or similar or subsequent statute) in an amount equal to the full replacement cost of the 222 Broadway Property, plus 12 months of business interruption coverage. If TRIPRA or a similar or subsequent statute is not in effect, then provided that terrorism insurance is commercially available, the borrower is required to carry terrorism insurance throughout the term of the 222 Broadway Loan as required by the preceding sentence, but in that event the borrower will not be required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable at that time in respect of the property and business interruption/rental loss insurance required under the loan documents (without giving effect to the cost of terrorism and earthquake components of such property and business interruption/rental loss insurance), and if the cost of terrorism insurance exceeds that amount, the borrower is required to purchase the maximum amount of terrorism insurance available with funds equal to that amount. The terrorism insurance is required to contain a deductible that is reasonably approved by the lender and is no larger than $100,000. The required terrorism insurance may be included in a blanket policy, provided that the borrower provides evidence satisfactory to the lender that the insurance premiums for the 222 Broadway Property are separately allocated to the 222 Broadway Property under the blanket policy and that certain other requirements are satisfied. See “Risk Factors—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Free Writing Prospectus.

GANSEVOORT PARK AVENUE

Mortgaged Property Information				Mortgage Loan Information
Number of Mortgaged Properties		1		Loan Seller			CGMRC
Location (City/State)		New York, New York		Cut-off Date Principal Balance(1)			$75,000,000
Property Type		Hospitality		Cut-off Date Principal Balance per Room(2)			$562,249.00
Size (Rooms)		249		Percentage of Initial Pool Balance			7.2%
Total TTM Occupancy as of 5/31/2012		83.6%		Number of Related Mortgage Loans			None
Owned TTM Occupancy as of 5/31/2012		83.6%		Type of Security			Fee Simple
Year Built / Latest Renovation		2010 / NAP		Mortgage Rate			5.0200%
Appraised Value		$278,000,000		Original Term to Maturity (Months)			120
				Original Amortization Term (Months)			360
Underwritten Revenues		$43,419,651
Underwritten Expenses		$25,920,845		Escrows
Underwritten Net Operating Income (NOI)		$17,498,806				Upfront	Monthly
Underwritten Net Cash Flow (NCF)		$15,979,840		Taxes		$572,300	$100,775
Cut-off Date LTV Ratio(2)		50.4%		Insurance		$35,444	$38,101
Maturity Date LTV Ratio(2)		39.9%		FF&E(3)		$0	$73,134
DSCR Based on Underwritten NOI / NCF(2)		1.94x / 1.77x		Other(4)		$0	$250,000
Debt Yield Based on Underwritten NOI / NCF(2)		12.5% / 11.4%

Sources and Uses(2)
Sources	$		%	Uses	$			%
Loan Amount	$140,000,000		87.4%	Loan Payoff	$158,319,800			98.9%
Subordinate Debt	20,000,000		12.5	Closing Costs	850,626			0.5
Other Sources	100,000		0.1	Reserves	607,744			0.4
				Principal Equity Distribution	310,181			0.2
				Other Uses	11,650			0.0
Total Sources	$160,100,000		100.0%	Total Uses	$160,100,000			100.0%

(1)

The Cut-off Date Principal Balance of $75.0 million represents the note A-1 of a $140.0 million whole loan evidenced by two pari passu notes. The companion loan is the note A-2 in the original principal amount of $65.0 million that is held outside the Issuing Entity.

(2)

Calculated based on the entire Gansevoort Park Avenue Whole Loan.

(3)

For time period July 2012 – June 2013. See “—Escrows” below.

(4)

Other reserve is a seasonality reserve which is required to be funded during the months of October, November, and December.

The Mortgage Loan. The mortgage loan (the “Gansevoort Park Avenue Loan”) is part of a whole loan structure (the “Gansevoort Park Avenue Whole Loan”) comprised of two pari passu notes that are together secured by a first mortgage encumbering a 249-room full service hotel located in New York, New York (the “Gansevoort Park Avenue Property”). The Gansevoort Park Avenue Loan (evidenced by note A-1), which will be contributed to the Issuing Entity, has an outstanding principal balance as of the Cut-off Date of $75,000,000 and represents approximately 7.2% of the Initial Pool Balance and the related companion loan (the “Gansevoort Park Avenue Companion Loan”) (evidenced by note A-2), which will be initially retained by Citigroup Global Markets Realty Corp. and is expected to be contributed to a future securitization transaction, has an outstanding principal balance as of the Cut-off Date of $65,000,000. The Gansevoort Park Avenue Whole Loan was originated on June 1, 2012 by Citigroup Global Markets Realty Corp. The Gansevoort Park Avenue Whole Loan had an original principal balance of $140,000,000 and each note has an interest rate of 5.0200% per annum. The proceeds of the Gansevoort Park Avenue Whole Loan were used to refinance existing debt secured by a lien on the Gansevoort Park Avenue Property. The Gansevoort Park Avenue Whole Loan will be serviced under the 2012-GC8 pooling and servicing agreement. See “Description of the Mortgage Pool – The Whole Loans” for more information regarding the co-lender agreement that governs the relative rights of the holders of the Gansevoort Park Avenue Loan and the Gansevoort Park Avenue Companion Loan.

The Gansevoort Park Avenue Whole Loan had an initial term of 120 months, has a remaining term of 117 months as of the Cut-off Date and requires interest-only payments for the first 24 payments following origination and thereafter will require payments of interest and principal based on a 30-year amortization schedule. The Gansevoort Park Avenue Whole Loan matures on June 6, 2022. Voluntary prepayment of the Gansevoort Park Avenue Whole Loan is prohibited prior to March 6, 2022. Defeasance of the Gansevoort Park Avenue Whole Loan (which will be applied pro rata to note A-1 and note A-2) with direct, non-callable obligations that are either the direct obligations of, or are fully guaranteed by the full faith and credit of, the United States of America or other obligations which are “government securities” permitted under the loan documents, is permitted at any time on or after the earlier to occur of (i) June 1, 2016 and (ii) one day after the second anniversary of the date on which the Gansevoort Park Avenue Whole Loan has been securitized.

GANSEVOORT PARK AVENUE

The Mortgaged Property. The Gansevoort Park Avenue Property is a 249-room, full service luxury boutique hotel located in New York, New York that was constructed in 2010. The Gansevoort Park Avenue Property features a restaurant and bar (currently Ristorante Asellina), a champagne bar (currently Winston’s), and a tri-level, 20,000-square foot rooftop bar which includes a swimming pool (currently Gansevoort Park Rooftop). Additional amenities at the Gansevoort Park Avenue Property include 24-hour in-room dining, guestroom private bar, meeting space, a salon (currently Cutler), a spa with sauna, fitness center, a yoga studio (currently Exhale Spa), a retail outlet (currently Lacoste), a 24-hour business center, concierge service, valet parking, and laundry/dry cleaning service. The weighted average hotel room size at the hotel is 459 square feet.

The following table presents certain information relating to the room mix at The Gansevoort Park Avenue Property:

Room Type	Number of Rooms	Average Room Size (SF)	Room Features
Superior	76	350	King or queen bed, living area, oversized bathroom
Deluxe King / Double	97	370	One king or two queen beds, living area, sleeper sofa in most rooms, oversized bathroom
Grand Deluxe	40	450	King bed, living area with sleeper sofa, oversized five-fixture bathroom, Juliet balcony
Gansevoort Loft Suites	9	700(1)	Private bedroom with queen or king bed, separate living area with sleeper sofa, five-fixture marble and tile bathroom with deep soaking tub
Gansevoort Suites	13	900(1)	Private bedroom with king size bed and en-suite five-fixture glass tile bathroom with deep soaking tub, separate living area with sleeper sofa, Juliet balcony, guest bathroom, dining area
Park Avenue Suites	13	775	Corner suite, private bedroom with king size bed and en-suite five-fixture glass tile bathroom with deep soaking tub, wraparound Juliet balcony, separate living area with sleeper sofa, guest half bathroom
Presidential Suite	1	2,000	Fireplace, terrace with city views, AV system designed by Infinite Audio Systems, dining area and living area with floor-to-ceiling windows, private bedroom with six-fixture bathroom including steam shower and freestanding soaking whirlpool tub
Total / Wtd. Avg.	249	459

Source: Appraisal

(1)

Represents minimum square footage, not average square footage.

GANSEVOORT PARK AVENUE

n	Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and the Underwritten Net Cash Flow, on an aggregate basis and per room, at the Gansevoort Park Avenue Property:

Cash Flow Analysis

	2011	TTM 5/31/2012	Underwritten	Underwritten $ per Room
Room Revenue	$26,122,286	$27,767,477	$29,391,365	$118,038
Food & Beverage Revenue	7,295,006	7,396,511	7,819,413	31,403
Other Revenue	6,111,843	6,484,351	6,208,873	24,935
Total Revenue	$39,529,135	41,648,339	$43,419,651	$174,376

Room Expense	$6,966,044	$7,475,155	$7,506,822	$30,148
Food & Beverage Expense	5,467,944	5,554,630	5,433,164	21,820
Other Expense	2,706,343	2,794,605	2,655,182	10,663
Total Departmental Expense	$15,140,331	$15,824,390	$15,595,168	$62,631
Total Undistributed Expense	7,931,861	8,265,144	8,594,250	34,515
Total Fixed Charges	2,017,339	2,589,514	1,731,427	6,954
Total Operating Expenses	$25,089,531	$26,679,048	$25,920,845	$104,100

Net Operating Income	$14,439,604	$14,969,291	$17,498,806	$70,276
FF&E	776,973	814,800	1,518,966	6,100
Net Cash Flow	$13,662,631	$14,154,491	$15,979,840	$64,176

n	Appraisal. According to the appraisal, the Gansevoort Park Avenue Property had an “as-is” appraised value of $278,000,000 as of an effective date of May 4, 2012 and is expected to have an “as stabilized” appraised value of $304,000,000 as of an effective date of May 1, 2015.

Environmental Matters. According to the Phase I environmental report, dated June 5, 2012, other than developing an operations and maintenance program plan to address any potential asbestos present at the Gansevoort Park Avenue Property, there are no recommendations for further action at the Gansevoort Park Avenue Property.

Market Overview and Competition. The Gansevoort Park Avenue Property represents a luxury, boutique lodging facility located in the Midtown South Central area of Manhattan and features a corner location at the intersection of Park Avenue South and East 29th Street. The hotel’s main entrance is located along East 29th Street, a one-way thoroughfare carrying westbound traffic. The entrance to the hotel’s signature restaurant, Ristorante Asellina, is located on Park Avenue South.

Commercial and residential uses predominate in this neighborhood, which features a variety of office buildings, condominium and rental apartment towers, hotels, and restaurants. Several hotels are located in the vicinity of the Gansevoort Park Avenue Property. Notable buildings within the broader area include the Flatiron Building and the Metropolitan Life Insurance Company building. In addition, the Gansevoort Park Avenue Property is located within relative proximity of Gramercy Park, Madison Square Park, and Union Square. The Gansevoort Park Avenue Property is also proximate to a number of other lodging demand generators located in the area, such as the Empire State Building, the Morgan Library, and the New York Public Library.

According to the appraisal, New York City accommodated roughly 50.2 million visitors in 2011. Of the overall visitation figure, roughly 10.1 million visitors were from international markets, maintaining New York’s rank as a key U.S. destination for overseas travelers. Further, according to the appraisal, New York maintained its status as the number one destination for tourism spending in the U.S., with approximately $32 billion spent by tourists during 2011. Tourism accounts for a $48 billion economic impact and supports 320,000 jobs in New York City.

GANSEVOORT PARK AVENUE

The following table presents certain information relating to historical occupancy, ADR and RevPAR at the Gansevoort Park Avenue Property and its competitive set, as provided in a market report for the Gansevoort Park Avenue Property:

	Gansevoort Park Avenue		Competitive Set		Penetration
	TTM 6/30/2011(1)	TTM 6/30/2012(1)	TTM 6/30/2011(1)	TTM 6/30/2012(1)	TTM 6/30/2011(1)	TTM 6/30/2012(1)
Occupancy	72.9%	83.0%	79.8%	80.8%	91.4%	102.7%
ADR	$344.16	$366.40	$352.99	$351.66	97.5%	104.2%
RevPAR	$250.95	$304.17	$281.75	$284.21	89.1%	107.0%

(1)	As per market reports.

The following table presents certain information relating to the demand analysis based on market segmentation respect to the Gansevoort Park Avenue Property and its competitive set, as provided in the appraisal for the Gansevoort Park Avenue Property:

Gansevoort Park Avenue Competitive Set

Property	Number of Rooms	Year Built	Meeting and Group Segmentation	Leisure Segmentation	Commercial Segmentation
Gansevoort Park Avenue	249	2010	10%	35%	55%
W Union Square	270	2000	20%	25%	55%
Bryant Park Hotel	128	2001	10%	30%	60%
Gramercy Park Hotel	185	1924	10%	45%	45%
Royalton Hotel	168	1988	10%	30%	60%
Ace Hotel	273	2009	10%	45%	45%
Kimpton Hotel Eventi	292	2010	25%	25%	50%
Andaz Fifth Avenue	184	2010	15%	35%	50%

Source: Appraisal.

The Borrower. The borrower is TGA II, LLC, a single-purpose, single-asset entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Gansevoort Park Avenue Whole Loan. The non-recourse carve-out guarantors are William Achenbaum and Saul Tawil.

Saul Tawil is CEO of Ventura Enterprise Co, Inc., a full service manufacturer of women’s woven apparel. He is also a principal and co-founder of Centurion Realty. Centurion Realty is a family owned real estate management and development firm with financial interest in the ownership, management, acquisition, and development of income-producing real estate in the United States. Centurion Realty’s portfolio includes a wide array of properties, including retail centers, office buildings, and mixed-use projects. Currently, Centurion Realty owns or operates over 50 properties totaling four million square feet.

William Achenbaum is Chairman of the Gansevoort Hotel Group. The Gansevoort Hotel Group is a global full-service hotel management company.

GANSEVOORT PARK AVENUE

Escrows. At origination, the borrower funded an escrow reserve in the amount of $572,300 in respect of certain tax expenses and $35,444 in respect of certain insurance premiums. On each monthly payment date, the borrower is required to fund: (i) a tax and insurance reserve in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay tax and insurance premiums over the then succeeding 12-month period (unless a blanket or umbrella insurance policy is approved by lender and lender waives such insurance reserve requirements); and (ii) a reserve for furniture, fixtures and equipment in an amount equal to one-twelfth of 2% of the adjusted gross revenues for such 12-month period as set forth in the borrower’s approved annual budget prior to July 6, 2013 and in an amount equal to one-twelfth of 4% of the adjusted gross revenues for such 12-month period as set forth in each subsequent approved annual budget of the borrower. On each due date occurring in the months of October, November, and December, the borrower is required to deposit into a seasonality reserve, an amount equal to $250,000, provided such deposit amount will be re-determined by the lender annually.

In addition, on each monthly payment date during the continuance of a Gansevoort Park Avenue Trigger Period, the borrower is required to deposit (or cause to be deposited) into the Gansevoort Cash Management Account from excess cash flow generated by the Gansevoort Park Avenue Property after payment of debt service and all required reserves described above, an amount equal to (x) the aggregate amount of approved operating expenses and approved extraordinary expenses for the subject month for disbursement to borrower for payment of operating expenses and extraordinary operating expenses associated with the Gansevoort Park Avenue Property and (y) all remaining excess cash flow generated by the Gansevoort Park Avenue Property to be held in an excess cash subaccount (the “Gansevoort Park Avenue Excess Cash Reserve”), as additional collateral for the Gansevoort Park Avenue Loan, provided, however, subject to certain terms and conditions more particularly described in the loan documents, excess cash flow retained by the lender will be made available to the borrower for reimbursement of the borrower’s expenses in connection with any new property improvement plan work required in connection with the franchise agreement. Upon termination of a Gansevoort Park Avenue Trigger Period, lender will disburse amounts in the Gansevoort Park Avenue Excess Cash Reserve to borrower.

A “Gansevoort Park Avenue Trigger Period” means any period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) the DSCR being less than 1.10x, (iii) the borrower or franchisor being under default of, terminating, or cancelling the franchise agreement (or there being a bankruptcy of the franchisor), and (iv) the franchise agreement is not renewed on or before the date which is 12 months prior to the expiration of the franchise agreement; and (B) expiring upon (w) with regard to any Gansevoort Park Avenue Trigger Period commenced in connection with clause (i) above, the cure of such event of default, (x) with regard to any Gansevoort Park Avenue Trigger Period commenced in connection with clause (ii) above, the date that the DSCR is equal to or greater than 1.15x for two consecutive calendar quarters, (y) with regard to any Gansevoort Park Avenue Trigger Period commenced in connection with clause (iii) above, the conditions in (iii) above ceasing to exist or the borrower entering into a replacement franchise agreement in accordance with the applicable terms of the loan documents, among other things, and (z) with regard to any Gansevoort Park Avenue Trigger Period commenced in connection with clause (iv) above, the franchise agreement being extended or a replacement franchise agreement being entered into for a term expiring no earlier than three years after the maturity date of the Gansevoort Park Avenue Whole Loan, among other things.

Lockbox and Cash Management. The Gansevoort Park Avenue Whole Loan is structured with a hard lockbox. The borrower is required to cause all gross revenues to be directly deposited into a clearing account under the sole dominion and control of the lender (the “Gansevoort Lockbox”). The funds in the Gansevoort Lockbox are swept on a daily basis into an eligible cash management account controlled by the lender (the “Gansevoort Cash Management Account”) and disbursed on each monthly payment date to pay debt service and fund required reserves in accordance with the loan documents. During the continuance of an event of default under the Gansevoort Park Avenue Loan, the lender may apply any funds in the Gansevoort Cash Management Account to amounts payable under the Gansevoort Park Avenue Loan and/or toward the payment of expenses of the Gansevoort Park Avenue Property, in such order of priority as the lender may determine.

SONORA VILLAGE

Mortgaged Property Information		Mortgage Loan Information
Number of Mortgaged Properties	1	Loan Seller		GSMC
Location (City/State)	Scottsdale, Arizona	Cut-off Date Principal Balance			$33,650,000
Property Type	Retail	Cut-off Date Principal Balance per SF			$135.51
Size (SF)	248,322	Percentage of Initial Pool Balance			3.2%
Total Occupancy as of 6/30/2012	84.4%	Number of Related Mortgage Loans			None
Owned Occupancy as of 6/30/2012	82.1%	Type of Security			Fee Simple
Year Built / Latest Renovation	1996, 1997, 2002 / NAP	Mortgage Rate			4.9500%
Appraised Value	$47,200,000	Original Term to Maturity (Months)			120
		Original Amortization Term(Months)(2)			360
Underwritten Revenues	$4,593,802
Underwritten Expenses	$1,432,068	Escrows
Underwritten Net Operating Income (NOI)	$3,161,734		Upfront		Monthly
Underwritten Net Cash Flow (NCF)	$2,981,350	Taxes	$132,457		$66,229
Cut-off Date LTV Ratio	71.3%	Insurance	$9,984		$4,992
Maturity Date LTV Ratio(1)	59.1%	Replacement Reserves(3)	$0		$6,195
DSCR Based on Underwritten NOI / NCF	1.47x / 1.38x	TI/LC(4)	$375,000		$0
Debt Yield Based on Underwritten NOI / NCF	9.4% / 8.9%	Other	$0		$0

Sources and Uses
Sources	$	%	Uses	$	%
Loan Amount	$33,650,000	70.8%	Purchase Price	$46,575,000	98.0%
Principal’s New Cash Contribution	13,881,200	29.2	Reserves	517,441	1.1
			Closing Costs	438,759	0.9

Total Sources	$47,531,200	100.0%	Total Uses	$47,531,200	100.0%

(1)

The Maturity Date LTV Ratio is calculated utilizing the “as stabilized” appraised value of $49,200,000. The Maturity Date LTV Ratio, calculated on the basis of the “as-is” appraised value is 61.6%. See “—Appraisal” below.

(2)

Interest-only for the first 24 months.

(3)

Replacement reserves are capped at $600,000.

(4)

TI/LC reserves are capped at $375,000.

The Mortgage Loan. The mortgage loan (the “Sonora Village Loan”) is evidenced by a note in the original principal amount of $33,650,000 and is secured by a first mortgage encumbering a retail power center located in Scottsdale, Arizona known as Sonora Village (the “Sonora Village Property”). The Sonora Village Loan was originated by Goldman Sachs Commercial Mortgage Capital, L.P. and was subsequently purchased by Goldman Sachs Mortgage Company. The Sonora Village Loan was originated on May 31, 2012 and represents approximately 3.2% of the Initial Pool Balance. The note evidencing Sonora Village Loan has an outstanding principal balance as of the Cut-off Date of $33,650,000 and has an interest rate of 4.9500% per annum. The proceeds of the Sonora Village Loan were used to acquire the Sonora Village Property.

The Sonora Village Loan had an initial term of 120 months and has a remaining term of 117 months. The Sonora Village Loan requires interest-only payments for the initial 24 months and then payments of principal and interest based on a 30-year amortization schedule. The scheduled maturity date is the due date in June 2022. Voluntary prepayment of the Sonora Village Loan is prohibited prior to March 6, 2022. Defeasance with direct non-callable obligations of the United States is permitted at any time on or after the first due date following the second anniversary of the Closing Date.

The Mortgaged Property. The Sonora Village Property is an approximately 285,372 SF retail power center located in Scottsdale, Arizona and was constructed in 1996, 1997 and 2002. The Sonora Village Property is located in the Phoenix-Mesa metropolitan statistical area at the intersection of the Loop 101 Freeway and Frank Lloyd Wright Blvd. and has good access and visibility from both thoroughfares. The Sonora Village Property, excluding certain outparcels totaling 37,050 SF that are not part of the collateral for the Sonora Village Loan, totals approximately 248,322 SF and includes tenants such as Best Buy, Studio Movie Grill and Staples. The remainder of the property is predominately occupied by other retailers including JP Morgan Chase, Aaron Brothers, Peter Piper Pizza, Party City, Rubio’s and Great Clips (which are all part of the collateral). As of June 30, 2012, the Total Occupancy was 84.4% and Owned Occupancy was 82.1%.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

SONORA VILLAGE

The following table presents certain information relating to the anchor tenants (of which, certain tenants may have co-tenancy provisions) at the Sonora Village Property:

Tenant Name	Credit Rating (Fitch/MIS/S&P)(1)	Tenant GLA	% of Total GLA	Mortgage Loan Collateral Interest	Total Rent	Total Rent $ per SF	Owned Anchor Tenant Lease Expiration	Tenant Sales $ per SF/Screen(2)	Occupancy Cost	Renewal / Extension Options
Anchors
Studio Movie Grill	NR / NR / NR	40,867	14.3%	Yes	$858,801	$21.01	11/30/2026	NA	NA	2, 5-year options
Best Buy(3)	BB+ / Baa2 / BB+	62,178	21.8	Yes	$838,903	$13.49	8/31/2021	$707	2.5%	7, 5-year options
Total Anchors		103,045	36.1%

Jr. Anchors
Staples	BBB / Baa2 / BBB	24,000	8.4%	Yes	$347,004	$14.46	6/30/2017	NA	NA	2, 5-year options
Party City	NR / NR / NR	11,000	3.9	Yes	$255,925	$23.27	6/30/2013	$208	11.2%	2, 5-year options
Peter Piper Pizza	NR / NR / NR	10,000	3.5	Yes	$195,014	$19.50	4/30/2016	NA	NA	2, 5-year options
Total Jr. Anchors		45,000	15.8%

Occupied In-line		55,761	19.5%		$2,040,688	$36.60
Occupied Outparcel/Other(4)		37,050	13.0%		$33,405	$0.90
Vacant Spaces		44,516	15.6%		$0	$0.00
Total Owned SF		248,322	87.0%
Total SF		285,372	100.0%

(1)

Certain ratings are those of the parent company whether or not the parent guarantees the lease.

(2)

Tenant Sales are as of 12/31/2011. Party City sales are TTM sales ending February 2012.

(3)

Best Buy subleases 15,000 SF to Golfsmith. Best Buy sales exclude the 15,000 SF subleased to Golfsmith.

(4)

All of the outparcel SF is not part of the collateral and is occupied by seven tenants: Twin Peaks (7,500 SF), Discount Tire (7,320 SF), Los Olivos Mexican Food (6,000 SF), Cobblestone Car Wash (5,930 SF), McDonald’s (4,500 SF), Prestige Cleaners (3,000 SF) and Wendy’s (2,800 SF).

The following table presents certain information relating to the major tenants (of which, certain tenants may have co-tenancy provisions) at the Sonora Village Property:

Ten Largest Owned Tenants Based On Underwritten Base Rent

Tenant Name	Credit Rating (Fitch/MIS/S&P)(1)	Tenant GLA(2)	% of GLA	UW Base Rent	% of Total UW Base Rent	UW Base Rent $ per SF	Lease Expiration	Tenant Sales $ per SF/Screen(3)	Occupancy Cost	Renewal / Extension Options
Studio Movie Grill	NR / NR / NR	40,867	16.5%	$653,872	18.8%	$16.00	11/30/2026	NA	NA	2, 5-year options
Best Buy(4)	BB+ / Baa2 / BB+	62,178	25.0	600,000	17.3	9.65	8/31/2021	$707	2.5%	7, 5-year options
Staples	BBB / Baa2 / BBB	24,000	9.7	252,000	7.2	10.50	6/30/2017	NA	NA	2, 5-year options
Party City	NR / NR / NR	11,000	4.4	199,650	5.7	18.15	6/30/2013	$208	11.2%	2, 5-year options
Wildflower Bread	NR / NR / NR	3,600	1.4	157,752	4.5	43.82	10/31/2017	$809	6.8%	1, 10-year option
Four Peaks Microbrew	NR / NR / NR	3,830	1.5	155,192	4.5	40.52	11/30/2013	$904	6.5%	NA
Peter Piper Pizza	NR / NR / NR	10,000	4.0	140,000	4.0	14.00	4/30/2016	NA	NA	2, 5-year options
Bed Mart, Inc.	NR / NR / NR	4,620	1.9	131,258	3.8	28.41	3/31/2014	$393	8.9%	1, 5-year option
Skeptical Chymist	NR / NR / NR	4,937	2.0	121,450	3.5	24.60	2/28/2016	$174	17.9%	2, 5-year options
Ray’s Pizza	NR / NR / NR	3,058	1.2	116,424	3.3	38.07	1/31/2016	$248	17.8%	NA
Ten Largest Owned Tenants		168,090	67.7%	$2,527,598	72.7%	$15.04
Remaining Owned Tenants		35,716	14.4	949,578	27.3	26.59
Vacant Spaces (Owned Space)		44,516	17.9	0	0.0	0.00
Total / Wtd. Avg. All Owned Tenants		248,322	100.0%	$3,477,176	100.0%	$17.06

(1)

Certain ratings are those of the parent company whether or not the parent guarantees the lease.

(2)

Borrower owned space. Does not include non-owned tenants.

(3)

Tenant Sales are as of 12/31/2011. Party City, Four Peaks Microbrew and Wildflower Bread sales are TTM sales ending February 2012.

(4)

Best Buy subleases 15,000 SF to Golfsmith. Best Buy sales exclude the 15,000 SF subleased to Golfsmith.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

SONORA VILLAGE

The following table presents certain information relating to the lease rollover schedule at the Sonora Village Property:

Lease Expiration Schedule(1)

Year Ending December 31,	Expiring Owned GLA	% of Owned GLA		Cumulative % of Owned GLA	UW Base Rent	% of Total UW Base Rent		UW Base Rent $ per SF	# Expiring Tenants
MTM	0	0.0	%	0.0%	$0	0.0	%	$0.00	0
2012	1,300	0.5		0.5%	48,103	1.4		37.00	1
2013	18,005	7.3		7.8%	468,416	13.5		26.02	5
2014	16,027	6.5		14.2%	448,104	12.9		27.96	6
2015	2,332	0.9		15.2%	54,044	1.6		23.17	1
2016	23,497	9.5		24.6%	502,056	14.4		21.37	6
2017	39,600	15.9		40.6%	702,581	20.2		17.74	6
2018	0	0.0		40.6%	0	0.0		0.00	0
2019	0	0.0		40.6%	0	0.0		0.00	0
2020	0	0.0		40.6%	0	0.0		0.00	0
2021	62,178	25.0		65.6%	600,000	17.3		9.65	1
2022	0	0.0		65.6%	0	0.0		0.00	0
2023 & Thereafter	40,867	16.5		82.1%	653,872	18.8		16.00	1
Vacant	44,516	17.9		100.0%	0	0.0		0.00	0
Total / Wtd. Avg.	248,322	100.0	%		$3,477,176	100.0	%	$17.06	27

(1)

Calculated based on approximate square footage occupied by each Owned Tenant.

The following table presents certain information relating to historical leasing at the Sonora Village Property:

Historical Leased %(1)

		2009		2010		2011		TTM 4/30/2012
Owned Space		80.6%		65.1%		82.9%		82.9%

(1)

As provided by the borrower and represents occupancy as of December 31, for the indicated year.

n	Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and the Underwritten Net Cash Flow at the Sonora Village Property:

Cash Flow Analysis(1)

	2009	2010	2011	TTM 4/30/2012	Underwritten(2)		Underwritten $ per SF
Base Rent	$3,558,006	$3,224,573	$3,317,558	$3,414,072	$3,477,176		$14.00
Overage Rent	50,647	70,115	120,162	135,958	59,313		0.24
Other Rental Revenue(3)	29,816	22,260	24,658	24,061	24,061		0.10
Gross Up Vacancy	0	0	0	0	907,409		3.65
Total Rent	$3,638,470	$3,316,949	$3,462,377	$3,574,091	$4,467,959		$17.99
Total Reimbursables	1,068,994	800,718	934,452	887,023	1,033,252		4.16
Other Income	0	0	0	0	0		0.00
Vacancy & Credit Loss	0	0	0	0	(907,409	)	(3.65	)
Effective Gross Income	$4,707,464	$4,117,667	$4,396,829	$4,461,114	$4,593,802		$18.50

Total Operating Expenses	$1,506,035	$1,491,011	$1,445,197	$1,463,480	$1,432,068		$5.77

Net Operating Income	$3,201,428	$2,626,656	$2,951,632	$2,997,634	$3,161,734		$12.73
TI/LC	0	0	0	0	105,887		0.43
Capital Expenditures	0	0	0	0	74,497		0.30
Net Cash Flow	$3,201,428	$2,626,656	$2,951,632	$2,997,634	$2,981,350		$12.01

(1)

Certain items such as straight line rent, interest expense, interest income, lease cancellation income, depreciation, amortization, debt service payments and any other non-recurring or non-operating items were excluded from the historical presentation and are not considered for the underwritten cash flow.

(2)

Underwritten cash flow based on the 6/30/2012 rent roll with rent steps through 3/31/2013.

(3)

Monument sign rental income.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

SONORA VILLAGE

n	Appraisal. According to the appraisal, the Sonora Village Property had an “as-is” appraised value of $47,200,000 as of an effective date of April 20, 2012 and an “as stabilized” appraised value of $49,200,000 as of an effective date of April 20, 2013 assuming a 6% vacancy and a 1% collection loss.

n	Environmental Matters. According to a Phase I environmental report, dated May 23, 2012, there are no recommendations for further action at the Sonora Village Property.

Market Overview and Competition. The Sonora Village Property is a retail power center located in Scottsdale, Arizona. The Sonora Village Property is located in the Phoenix-Mesa metropolitan statistical area at the intersection of the Loop 101 Freeway and Frank Lloyd Wright Blvd. and has good access and visibility from both thoroughfares. The traffic count at this intersection is approximately 175,000 cars per day. As of 2011, the population within a five mile radius of the Sonora Village Property was 154,700 with an average household income of $112,150. The Sonora Village Property is located adjacent to a Wal-Mart Supercenter and the surrounding retail market includes several national retailers including Target, Sam’s Club, Home Depot and Costco.

The following table presents certain information relating to the primary competition for the Sonora Village Property:

Competitive Set(1)

Sonora Village

DC Ranch
Crossing

Mercado Del Rancho

Scottsdale Pavillions

Scottsdale Walmart/Sam’s

The Promenade

Distance from Subject

2.2 miles

3.5 miles

7.0 miles

0.3 miles

2.6 miles

Property Type

Retail

Year Built

1996, 1997, 2002

2008

1985

1989

1999

Total GLA

285,372

78,948

89,506

1,420,815

467,799

735,084

Total Occupancy

84%

67%(2)

96%

87%

94%

95%

Anchors

Best Buy, Studio
Movie Grill

AJ’s Fine Foods

Sprouts

Hobby Lobby,
Target, Home
Depot

Walmart
Supercenter, Sam’s
Club

Lowe’s, Nordstrom
Rack, Trader Joe’s

(1)

Source: Appraisal.

(2)

The project is still in the lease up phase and is anchored by AJ’s Fine Foods.

The Borrower. The borrower is Sonora Village Investors LLC, a single-purpose, single-asset entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Sonora Village Loan. The borrower of the Sonora Village Loan is majority indirectly owned by H. William Kujat, who is the non-recourse carveout guarantor under the Sonora Village Loan.

Escrows. On the origination date, the borrower funded escrow reserves in the amount of $132,457 in respect of certain real estate tax expenses, $9,984 in respect of certain insurance expenses, and a $375,000 tenant improvement and leasing commission escrow. On each due date, provided no event of default under the loan documents is continuing, the borrower is required to fund (1) a tax and insurance escrow reserve in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay tax and insurance premiums over the then succeeding twelve month period, (2) a tenant improvement and leasing commission reserve, in the monthly amount of $10,417, to the extent the balance of such account is less than $375,000, (3) a capital expenditure reserve in an amount equal to $6,195, to the extent the balance of such account is less than $600,000, (4) during a Best Buy Trigger Period, a monthly reserve of all excess cash until an amount equal to the Best Buy Reserve Threshold Amount is on deposit in such reserve, and (5) during a Studio Movie Grill Trigger Period, a monthly reserve of all excess cash until an amount equal to the Studio Movie Grill Reserve Amount is on deposit in such reserve, with no obligation to replenish any disbursements from such account.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

SONORA VILLAGE

Furthermore, during the continuance of a Sonora Village Loan Trigger Period, other than as described during a Studio Movie Grill Trigger Period or a Best Buy Trigger Period to fund those required reserves, the loan documents require that all amounts on deposit in the lender-controlled cash management account, after the payment of debt service and the funding of all required monthly escrows and budgeted and approved operating expenses be reserved and held as additional collateral for the Sonora Village Loan.

A “Sonora Village Loan Trigger Period” means any period (a) commencing as of the end of any fiscal quarter on or after September 30, 2012 in which the net operating income (as calculated under the loan agreement) of the Sonora Village Property for the twelve-month period immediately preceding such fiscal quarter end is less than $2,717,401 and terminating as of the end of the second fiscal quarter in which the net operating income of Sonora Village Property for the twelve-month period immediately preceding such fiscal quarter end is greater than or equal to $2,717,401, (b) commencing as of ten days following the borrower’s receipt of notice of failure to deliver annual, quarterly, or monthly financial statements as required by the loan agreement, and ending upon the delivery of such financial statements which do not otherwise reveal the existence of a Sonora Village Loan Trigger Period, (c) that is a Best Buy Trigger Period, or (d) that is a Studio Movie Grill Trigger Period.

A “Best Buy Trigger Period” means any period from (i) the earlier of (x) the date that is twelve months prior to the expiration of the current Best Buy lease (such lease is scheduled to expire on August 31, 2021), if Best Buy has not renewed its lease or (y) the date that is twelve months prior to the expiration of the current Best Buy lease if Best Buy is dark or is otherwise not in occupancy, until (ii) either (a) Best Buy or an acceptable replacement tenant enters a renewal or extension of the Best Buy lease, is in occupancy, paying rent, is open for business, and has provided an acceptable estoppel certificate, or (b) the revenue derived from one or more approved substitute leases is equal to or greater than the revenue derived from the Best Buy lease as it relates to such portion of the space previously occupied by Best Buy. Notwithstanding the above, a Best Buy Trigger Period will not be triggered if the borrower delivers to the lender within ten days a letter of credit in the face amount of $500,000 and an additional $500,000 letter of credit on the date that is six months prior to the expiration date of the Best Buy Lease. The “Best Buy Reserve Threshold Amount” means $500,000 until the date that is six months prior to the expiration of the Best Buy lease, and $1,000,000 thereafter, in cash or a letter of credit held by the lender.

A “Studio Movie Grill Trigger Period” means any period from (i) the date Studio Movie Grill (or its parent company) declares bankruptcy, until (ii) either (a) Studio Movie Grill (x) affirms its lease in bankruptcy, (y) is in occupancy, paying rent and is open for business, and (z) has provided an acceptable estoppel certificate, or (b) provided the borrower provides satisfactory evidence that the releasing of the Studio Movie Grill space is not subject to any stay in bankruptcy, the revenue derived from one or more approved substitute leases is equal to or greater than the revenue derived from the Studio Movie Grill lease as it relates to such portion of the space previously occupied by Studio Movie Grill. The “Studio Movie Grill Reserve Amount” means the lesser of (i) $1,000,000 and (ii) the sum of (a) $24.47 times the number of square feet of the Studio Movie Grill space not subject to one or more approved substitute leases with a new third party tenant, and (b) the disbursements that the borrower has previously received from the Studio Movie Grill reserve account for the payment or reimbursement of tenant improvements and leasing commissions.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

SONORA VILLAGE

Lockbox and Cash Management. Sonora Village Loan requires a hard lockbox, which is already in place. The loan documents require the borrower to direct the tenants to pay their rents directly to the lender-controlled lockbox account. The loan documents also require that all rents received by the borrower or the property manager be deposited into the lockbox account or the lender-controlled cash management account within three (3) business days after receipt. So long as no event of default or Sonora Village Loan Trigger Period is then continuing, all amounts in the lockbox account are swept on a daily basis to the lender-controlled cash management account from which the lender reserves for the payment of debt service and the funding of monthly escrows with any excess transferred to an operating account accessible by the borrower but pledged to the lender. During the continuance of an event of default under the Sonora Village Loan, the lender may prohibit the borrower’s access to the funds contained in the operating account and apply any funds in the cash management account to amounts payable under the Sonora Village Loan and/or toward the payment of expenses of the Sonora Village Property, in such order of priority as the lender may determine.

Property Management. The Sonora Village Property is currently managed by Wilson Property Services, Inc. pursuant to a management agreement. Under the loan documents, the Sonora Village Property may not be managed by any other party, other than another management company approved by the lender and with respect to which the Rating Agency Confirmation has been satisfied. During the continuance of an event of default, during the continuance of a material default by the property manager under the management agreement beyond any applicable notice and cure period, or upon the filing of a bankruptcy petition or a similar event with respect to the property manager, the lender may terminate or require the borrower to terminate the management agreement and replace the property manager with a new property manager selected by the lender, subject to the borrower’s reasonable approval, and with respect to which Rating Agency Confirmation has been received.

n	Condemnation. The City of Scottsdale intends to condemn approximately 3,423 square feet of currently undeveloped land for a proposed extension and alignment of Northsight Boulevard.

n	Mezzanine or Subordinate Indebtedness. Not permitted.

Terrorism Insurance. So long as TRIPRA or a similar or subsequent statute is in effect, the borrower is required to maintain terrorism insurance for Certified and Non-Certified acts (as those terms are defined in TRIPRA or similar or subsequent statute) in an amount equal to the full replacement cost of the Sonora Village Property, plus twelve months of business interruption coverage. If TRIPRA or a similar or subsequent statute is not in effect, then provided that terrorism insurance is commercially available, the borrower is required to carry terrorism insurance throughout the term of the Sonora Village Loan as required by the preceding sentence, but in that event the borrower will not be required to spend more than two times the amount of the insurance premium that is payable at that time in respect of the casualty and business interruption/rental loss insurance required under the loan documents, and if the cost of terrorism insurance exceeds that amount, the borrower is required to purchase the maximum amount of terrorism insurance available with funds equal to that amount. The terrorism insurance is required to contain a deductible that is no larger than $50,000. The required terrorism insurance may be included in a blanket policy, provided that the borrower provides evidence satisfactory to the lender that the insurance premiums for the Sonora Village Property are separately allocated under the blanket policy and that certain other requirements are satisfied. See “Risk Factors—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Free Writing Prospectus.

n	Release of Collateral. Not permitted.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

SONORA VILLAGE

Future Ground Leases. Provided no event of default is continuing, the borrower is entitled to enter into up to two separate ground leases, as ground lessor, with a third party tenant for a portion of the current parking area of the Sonora Village Property and those ground lease parcels would be a part of the collateral for the Sonora Village Loan. Approval of the lender (which may not be unreasonably withheld) is required for the dimensions, configuration and location of the ground lease parcels. Additionally, the lender has agreed to not withhold consent to the location depicted on a schedule in the loan agreement. The borrower is required to provide updated surveys, evidence of compliance with applicable land use and zoning laws, an indemnity in favor of the lender concerning the ground lease parcels, proof of any approvals required for the ground leases and reimbursement of the lender’s reasonable costs and expenses.

Permitted Material Alterations. The borrower has the right (but not the obligation) to alter (including a reduction in size) the 23,958 square foot space at the Sonora Village Property, identified as Suite J121, including the possible subdivision of such space (the “Suite Alterations”). Lender approval is required for (a) the plans and specifications of the Suite Alterations, (b) the budget for the Suite Alterations, and (c) the construction contract, however, the lender agreed in the loan agreement not to withhold consent provided that the plans are consistent with the plan to subdivide the space consistent with a schedule to the loan agreement which provides for a total square footage of 17,200 SF. In addition, the borrower is required to provide, among other things, (x) proof that access to and use of the Sonora Village Property will not be materially adversely affected during and after construction, (y) a completion guaranty acceptable to the lender, and (z) evidence of available capital to pay for the alterations with the borrower’s equity without the assumption of more debt by the borrower. After the commencement of the Suite Alterations, construction may not be delayed for more than 30 days at any time, and must be substantially completed within one year, subject to force majeure.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“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., Goldman, Sachs & Co., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.

COLE FAMILY DOLLAR PORTFOLIO

Mortgaged Property Information					Mortgage Loan Information
Number of Mortgaged Properties			35		Loan Seller						GSMC
Location (City/State)			Various		Cut-off Date Principal Balance				$27,725,000
Property Type			Retail		Cut-off Date Principal Balance per SF						$92.77
Size (SF)			298,858		Percentage of Initial Pool Balance						2.7%
Total Occupancy as of 4/30/2012			100.0%		Number of Related Mortgage Loans						None
Owned Occupancy as of 4/30/2012			100.0%		Type of Security						Fee Simple
Year Built / Latest Renovation			Various		Mortgage Rate						4.7260%
Appraised Value			$45,160,000		Original Term to Maturity (Months)						84
					Original Amortization Term (Months)						0
Underwritten Revenues			$3,128,442
Underwritten Expenses			$46,927		Escrows(1)
Underwritten Net Operating Income (NOI)			$3,081,515					Upfront		Monthly
Underwritten Net Cash Flow (NCF)			$2,962,007		Taxes			$0		$0
Cut-off Date LTV Ratio			61.4%		Insurance			$0		$0
Maturity Date / ARD LTV Ratio			61.4%		Replacement Reserves			$0		$0
DSCR Based on Underwritten NOI / NCF			2.32x / 2.23x		TI/LC			$0		$0
Debt Yield Based on Underwritten NOI / NCF			11.1% / 10.7%		Other			$0		$0

		Sources and Uses
Sources	$			%		Uses	$				%
Loan Amount	$27,725,000			58.5%		Purchase Price	$46,206,101				97.6%
Principal’s New Cash Contribution	19,628,437			41.5		Closing Costs	1,147,336				2.4


Total Sources	$47,353,437			100.0%		Total Uses	$47,353,437				100.0%

(1)

See “—Escrows” below.

The Mortgage Loan. The mortgage loan (the “Cole Family Dollar Portfolio Loan”) is evidenced by a note in the original principal amount of $27,725,000 and is secured by first mortgages encumbering 35 single-tenant retail properties located in 13 states (the “Cole Family Dollar Portfolio Properties”). The Cole Family Dollar Portfolio Loan was originated by GS Commercial Real Estate LP and will be purchased by Goldman Sachs Mortgage Company on or prior to the Closing Date. The Cole Family Dollar Portfolio Loan was originated on July 17, 2012 and represents approximately 2.7% of the Initial Pool Balance. The note evidencing the Cole Family Dollar Portfolio Loan has an outstanding principal balance as of the Cut-off Date of $27,725,000 and has an interest rate of 4.7260% per annum. The proceeds of the Cole Family Dollar Portfolio Loan were used to acquire the Cole Family Dollar Portfolio Properties.

The Cole Family Dollar Portfolio Loan had an initial term of 84 months and has a remaining term of 83 months. The Cole Family Dollar Portfolio Loan requires payments of interest only until the anticipated repayment date which is the due date in August 2019 (the “Anticipated Repayment Date”). The final maturity date is the due date in August 2042. See “—Hyperamortization Summary” below.

Voluntary prepayment of the Cole Family Dollar Portfolio Loan is prohibited prior to October 6, 2014.

The Mortgaged Properties. The Cole Family Dollar Portfolio Properties consist of 35 single-tenant retail assets located across 13 states. The Cole Family Dollar Portfolio Properties are leased to Family Dollar, rated Baa3/BBB- (MIS/S&P), via a master lease (the “Master Lease”) and each property in the portfolio is occupied by Family Dollar as a single tenant. The Master Lease has a term of 15 years, expires in April 2027, and has an initial annual base rent of $3,188,221. The collateral securing the Cole Family Dollar Portfolio Loan totals approximately 298,858 SF. As of April 30, 2012, Total and Owned Occupancy were both 100.0%.

COLE FAMILY DOLLAR PORTFOLIO

The following table presents certain information relating to the Cole Family Dollar Portfolio Properties:

Property Name	City	State	Total GLA(1)		Cut-off Date Allocated Loan Amount		% of Cut-off Date Allocated Loan Amount			Year Built / Renovated		UW NCF		UW NCF per SF		Lease Expiration
Family Dollar – Plant City	Plant City	FL		9,223		$1,173,084		4.2	%		2005 / NAP		$126,695		$13.74	4/30/2027
Family Dollar – Tampa	Tampa	FL		8,390		1,168,013		4.2			2011 / NAP		126,465		15.07	4/30/2027
Family Dollar – Hernandez	Hernandez	NM		8,000		1,152,447		4.2			2008 / NAP		124,891		15.61	4/30/2027
Family Dollar – Pembroke Park	Pembroke Park	FL		8,991		1,141,099		4.1			2005 / NAP		123,233		13.71	4/30/2027
Family Dollar – Deland	Deland	FL		8,099		1,056,901		3.8			2011 / NAP		114,231		14.10	4/30/2027
Family Dollar – Port Arthur	Port Arthur	TX		7,820		1,043,529		3.8			2003 / 2012		112,857		14.43	4/30/2027
Family Dollar – Phoenix	Phoenix	AZ		10,011		1,040,273		3.8			2003 / NAP		111,619		11.15	4/30/2027
Family Dollar – Jacksonville I	Jacksonville	FL		9,091		1,028,080		3.7			2008 / NAP		110,631		12.17	4/30/2027
Family Dollar – Kansas City I	Kansas City	KS		7,860		981,830		3.5			2002 / NAP		105,983		13.48	4/30/2027
Family Dollar – Avondale	Avondale	AZ		8,171		974,264		3.5			2002 / NAP		105,018		12.85	4/30/2027
Family Dollar – Fort Myers	Fort Myers	FL		7,798		973,351		3.5			2002 / NAP		105,066		13.47	4/30/2027
Family Dollar – Ocala	Ocala	FL		8,432		968,244		3.5			2011 / NAP		104,244		12.36	4/30/2027
Family Dollar – Fort Lupton	Fort Lupton	CO		9,283		915,756		3.3			1961 / 2003		98,070		10.56	4/30/2027
Family Dollar – Houston	Houston	TX		7,654		911,399		3.3			2003 / 2012		98,237		12.83	4/30/2027
Family Dollar – Burton	Burton	MI		8,050		866,246		3.1			2003 / NAP		93,061		11.56	4/30/2027
Family Dollar – Hudson	Hudson	MI		9,286		832,650		3.0			2005 / NAP		88,832		9.57	4/30/2027
Family Dollar – Jacksonville II	Jacksonville	FL		9,198		789,288		2.8			2011 / NAP		84,048		9.14	4/30/2027
Family Dollar – Dacono	Dacono	CO		7,888		756,976		2.7			2003 / NAP		80,980		10.27	4/30/2027
Family Dollar – Kentwood	Kentwood	MI		10,150		739,065		2.7			2001 / 2011		78,085		7.69	4/30/2027
Family Dollar – Lakeland	Lakeland	FL		7,842		731,542		2.6			2003 / NAP		78,172		9.97	4/30/2027
Family Dollar – San Antonio I	San Antonio	TX		9,280		727,666		2.6			2004 / 2011		77,166		8.32	4/30/2027
Family Dollar – Newaygo	Newaygo	MI		8,080		689,184		2.5			2002 / 2011		73,369		9.08	4/30/2027
Family Dollar – Kansas City II	Kansas City	MO		7,843		683,412		2.5			2003 / NAP		72,822		9.28	4/30/2027
Family Dollar – Beaumont	Beaumont	TX		7,745		654,374		2.4			2003 / 2012		69,634		8.99	4/30/2027
Family Dollar – Milton	Milton	FL		8,007		644,195		2.3			2010 / NAP		68,398		8.54	4/30/2027
Family Dollar – Memphis	Memphis	TN		9,800		637,749		2.3			2003 / NAP		66,964		6.83	4/30/2027
Family Dollar – Noonday	Noonday	TX		9,196		625,478		2.3			2004 / NAP		65,842		7.16	4/30/2027
Family Dollar – Coolidge	Coolidge	AZ		7,857		602,954		2.2			2000 / NAP		63,874		8.13	4/30/2027
Family Dollar – Leander	Leander	TX		9,207		556,950		2.0			2004 / NAP		58,221		6.32	4/30/2027
Family Dollar – San Antonio II	San Antonio	TX		9,235		506,295		1.8			2004 / 2012		52,580		5.69	4/30/2027
Family Dollar – Little Rock	Little Rock	AR		7,986		467,417		1.7			2002 / NAP		48,758		6.11	4/30/2027
Family Dollar – Canton	Canton	OH		9,278		459,935		1.7			2004 / 2011		47,410		5.11	4/30/2027
Family Dollar – Converse	Converse	TX		7,899		408,846		1.5			2003 / NAP		42,283		5.35	4/30/2027
Family Dollar – St. Peter	St. Peter	MN		8,365		408,698		1.5			1960 / 2011		42,080		5.03	4/30/2027
Family Dollar – Fort Dodge	Fort Dodge	IA		7,843		407,809		1.5			2002 / 2011		42,190		5.38	4/30/2027
Total / Wtd. Avg.				298,858		$27,725,000		100.0	%				$2,962,007		$9.91

(1)

As of 4/30/2012 the Cole Family Dollar Portfolio Properties were all 100.0% occupied.

The following table presents certain information relating to the major tenant at the Cole Family Dollar Portfolio Properties:

Tenants Based On Underwritten Base Rent

Tenant Name	Credit Rating (Fitch/MIS/S&P)(1)	Tenant GLA	% of GLA	UW Base Rent	% of Total UW Base Rent		UW Base Rent $ per SF		Lease Expiration
Family Dollar	NR / Baa3 / BBB-	298,858	100.0%	$3,188,221		100.0%		$10.67	4/30/2027
Total / Wtd. Avg.		298,858	100.0%	$3,188,221		100.0%		$10.67

(1)

Certain ratings are those of Family Dollar.

COLE FAMILY DOLLAR PORTFOLIO

The following table presents certain information relating to the lease rollover schedule at the Cole Family Dollar Portfolio Properties:

Lease Expiration Schedule(1)

Year Ending December 31,	Expiring Owned GLA		% of Owned GLA			Cumulative % of Owned GLA			UW Base Rent		% of Total UW Base Rent			UW Base Rent $ per SF		# of Expiring Tenants
MTM		0		0.0	%		0.0	%		$0		0.0	%		$0.00		0
2012		0		0.0			0.0	%		0		0.0			0.00		0
2013		0		0.0			0.0	%		0		0.0			0.00		0
2014		0		0.0			0.0	%		0		0.0			0.00		0
2015		0		0.0			0.0	%		0		0.0			0.00		0
2016		0		0.0			0.0	%		0		0.0			0.00		0
2017		0		0.0			0.0	%		0		0.0			0.00		0
2018		0		0.0			0.0	%		0		0.0			0.00		0
2019		0		0.0			0.0	%		0		0.0			0.00		0
2020		0		0.0			0.0	%		0		0.0			0.00		0
2021		0		0.0			0.0	%		0		0.0			0.00		0
2022		0		0.0			0.0	%		0		0.0			0.00		0
2023 & Thereafter		298,858		100.0			100.0	%		3,188,221		100.0			10.67		35
Vacant		0		0.0			100.0	%		0		0.0			0.00		0
Total / Wtd. Avg.		298,858		100.0	%					$3,188,221		100.0	%		$10.67		35

(1)

Calculated based on approximate square footage occupied by each Owned Tenant.

n	Operating History and Underwritten Net Cash Flow. The following table presents the Underwritten Net Cash Flow for the Cole Family Dollar Portfolio Properties:

Cash Flow Analysis(1)

	Underwritten(2)			Underwritten $ per SF
Base Rental Revenue		$3,188,221			$10.67
Total Rent		$3,188,221			$10.67
Vacancy Loss		(59,779	)		(0.20	)
Effective Gross Revenue		$3,128,442			$10.47

Total Operating Expenses		$46,927			$0.16

Net Operating Income		$3,081,515			$10.31
TI/LC		59,736			0.20
Capital Expenditures		59,772			0.20
Net Cash Flow		$2,962,007			$9.91

(1)

As the Cole Family Dollar Portfolio Properties were recently acquired, no historical information is available.

(2)

Underwritten cash flow is based on the 4/30/2012 rent roll.

n	Appraisal. According to the appraisals, the Cole Family Dollar Portfolio had an “as-is” appraised value of $45,160,000 as of an effective date of June 15, 2012.

Environmental Matters. According to the Phase I environmental reports, dated from February 14, 2012 to March 30, 2012, there are no recommendations for further action at the Cole Family Dollar Portfolio Properties other than an Operations and Maintenance plan for asbestos at the Family Dollar – Fort Lupton and Family Dollar – St. Peter Properties.

The Borrower. The borrower is Cole FD Portfolio III, LLC, a Delaware limited liability company, a single-purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Cole Family Dollar Portfolio Loan. The borrower is indirectly owned by Cole Credit Property Trust III, Inc., which is the non-recourse carveout guarantor of the Cole Family Dollar Portfolio Loan.

COLE FAMILY DOLLAR PORTFOLIO

Escrows. On each due date, the borrower is required to fund a tax and insurance reserve in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay tax and insurance premiums over the then succeeding twelve month period, unless the borrower provides timely evidence of payment of the related taxes and/or premiums. In addition, to the extent the master tenant does not timely complete the required deferred maintenance identified in the letter agreement between the borrower and the master tenant and the borrower fails to provide evidence that the remaining items are completed (by the borrower or master tenant) or no longer necessary within 90 days after the timelines noted in the letter agreement, the borrower will be required to establish a deferred maintenance and environmental escrow account for such purposes and deposit, in a lump sum or through the reserving of excess cash flow, an amount equal to the costs and expenses estimated to be necessary to complete such repairs. Such amounts are required to be released to the borrower upon the completion of the necessary repairs. In addition, the borrower is required to establish a reserve account for the deposit of casualty or condemnation loss proceeds exceeding the lesser of $200,000 or 10% of the applicable allocated loan amount.

Furthermore, during the continuance of an event of default or a Cole Portfolio Trigger Period, the loan documents require that all amounts on deposit in the lender controlled cash management account, after the payment of debt service, budgeted and lender approved expenses, and the funding of required monthly escrows for real estate taxes and insurance be reserved in the excess cash flow reserve account and held as additional collateral for the Cole Family Dollar Portfolio Loan.

A “Cole Portfolio Trigger Period” means, (a) the period from (i) the conclusion of any 12-month period as of the end of any fiscal quarter in which the ratio of EBITDAR to revenues is less than 1.75x to (ii) the earlier to occur of (x) the conclusion of the second of any two consecutive 12-month periods as of the end of any fiscal quarter in which the ratio of EBITDAR to revenues is greater than 1.75x or (y) the balance in the excess cash flow reserve account is greater than or equal to $6,375,000, (b) the period from (i) the occurrence of a monetary default or a non-monetary event of default under the Master Lease which continues for 90 or more days, to (ii) the date the borrower provides evidence reasonably satisfactory to the lender showing that such default has been cured; and (c) the period from the failure of (i) the master tenant to timely complete the required deferred maintenance items identified in the letter agreement between the borrower and the master tenant and (ii) the borrower to provide evidence that the remaining items are completed (by the borrower or the master tenant) or are no longer necessary within 90 days after the timelines noted in the letter agreement, and (iii) the borrower to subsequently deposit the required deferred maintenance amount not to exceed $174,745 within 10 business days after demand from the lender, until such amounts are deposited as required. “EBITDAR” means, with respect to any twelve month period, the excess of (i) the revenue generated by Family Dollar from the Cole Family Dollar Portfolio Properties, minus (ii) the expenses of Family Dollar associated with operating the Cole Family Dollar Portfolio Properties, specifically excluding taxes, interest, depreciation, amortization, costs associated with restructuring, and rent payable under the Master Lease.

Lockbox and Cash Management. The Cole Family Dollar Portfolio Loan requires a hard lockbox, which is already in place. The loan documents require the borrower to direct the tenants to pay their rents directly to a lender controlled lockbox account. The loan documents require that all rents received by the borrower or the property manager be deposited into the lockbox account or the lender controlled cash management account within two business days after receipt. All amounts in the lockbox account are swept to the lender-controlled cash management account on a weekly basis. On each business day that no event of default under the Cole Family Dollar Portfolio Loan is continuing, no Cole Portfolio Trigger Period is continuing and the Anticipated Repayment Date has not occurred, all funds in the lender-controlled cash management account in excess of the amount required to pay debt service and fund required reserves will be remitted to an operating account designated by the borrower. During the continuance of an event of default under the Cole Family Dollar Portfolio Loan, the lender may apply any funds in the lender controlled cash management account to the obligations of the borrower under the Cole Family Dollar Portfolio Loan and/or toward the payment of expenses of the Cole Family Dollar Portfolio Properties, in such order of priority as the lender may determine.

COLE FAMILY DOLLAR PORTFOLIO

Property Management. The Cole Family Dollar Portfolio Properties are currently managed by Cole Realty Advisors, Inc., an affiliate of the borrower, pursuant to a management agreement. Under the loan documents, the Cole Family Dollar Portfolio Properties may not be managed by any other party, except for a management company approved by the lender and with respect to which Rating Agency Confirmation has been received. Upon the occurrence of an event of default that is continuing, a material default relating to any of the Cole Family Dollar Portfolio Properties by the property manager or the filing of a bankruptcy petition or a similar event with respect to the property manager, the lender may require the borrower to replace the property manager with respect to the applicable Cole Family Dollar Portfolio Properties or the lender may request that the existing property manager enter into a new management agreement that relates to the applicable Cole Family Dollar Portfolio Properties.

Hyperamortization Summary. The Cole Family Dollar Portfolio Loan is structured with an Anticipated Repayment Date of August 6, 2019 and a final maturity date of August 6, 2042. In the event that the Cole Family Dollar Portfolio Loan is not paid off on or before the Anticipated Repayment Date, the interest rate will automatically increase to the greater of (i) the initial interest rate plus 300 basis points and (ii) the swap rate as of the Anticipated Repayment Date plus 300 basis points (the “Adjusted Interest Rate”); but in no event may the Adjusted Interest Rate exceed the initial interest rate plus 500 basis points. After the Anticipated Repayment Date, interest will be due and payable at the initial interest rate and additional interest attributable to the Adjusted Interest Rate will be deferred and added to the outstanding principal balance as of each due date. Additionally, after the Anticipated Repayment Date, all excess cash will be used to hyperamortize the Cole Family Dollar Portfolio Loan. If the borrower does not repay the Cole Family Dollar Portfolio Loan in full on the Anticipated Repayment Date, the estimated principal balance of the Cole Family Dollar Portfolio Loan upon the final maturity date would be approximately $12,189,634 with a monthly payment due on each due date following the Anticipated Repayment Date based on an initial interest rate of 4.7260%, a 23-year loan term and a 23-year amortization term remaining as of the Anticipated Repayment Date and further assuming the Adjusted Interest Rate is the initial interest rate plus 300 basis points (7.7260%) and no excess cash flow is used to pay down the outstanding principal balance. The final maturity loan-to-value ratio based on the estimated final maturity balance of $12,189,634 and the appraised value of $45,160,000 is 27.0%.

n	Release of Collateral. Not permitted.

n	Mezzanine or Subordinate Indebtedness. Not permitted.

Terrorism Insurance. So long as TRIPRA or a similar or subsequent statute is in effect, the borrower is required to maintain terrorism insurance for certified and non-certified acts (as those terms are defined in TRIPRA or such similar or subsequent statute) in an amount equal to the full replacement cost of the Cole Family Dollar Portfolio Properties, plus twelve months of business interruption coverage. If TRIPRA or a similar or subsequent statute is not in effect, then provided that terrorism insurance is commercially available, the borrower is required to carry terrorism insurance throughout the term of the Cole Family Dollar Portfolio Loan as required by the preceding sentence, but in that event the borrower will not be required to spend more than two times the amount of the insurance premium that is payable at that time in respect of the casualty and business interruption/rental loss insurance required under the loan documents (not including the terrorism components of that insurance), and if the cost of terrorism insurance exceeds that amount, the borrower is required to purchase the maximum amount of terrorism insurance available with funds equal to that amount. The terrorism insurance is required to contain a deductible that is acceptable to the lender and is no larger than $50,000. Per the loan documents, terrorism insurance is satisfied by the insurance coverage provided by Family Dollar, provided that (i) Family Dollar maintains a claims-paying ability ratings from S&P of BBB- or better and an equivalent rating from Moody’s, (ii) Family Dollar is obligated per the terms of the Master Lease to rebuild and/or repair its leased premises at the Cole Family Dollar Properties at Family Dollar’s sole expense, (iii) the rent paid following such casualty shall not abate and (iv) certain other requirements set forth in the loan documents are satisfied. See “Risk Factors—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Free Writing Prospectus.

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Mortgaged Property Information					Mortgage Loan Information
Number of Mortgaged Properties			1		Loan Seller				GSMC
Location (City/State)			Buffalo, New York		Cut-off Date Principal Balance				$25,461,498
Property Type			Hospitality		Cut-off Date Principal Balance per Room				$64,296.71
Size (Rooms)(1)			396		Percentage of Initial Pool Balance				2.4%
Total TTM Occupancy as of 6/30/2012			71.9%		Number of Related Mortgage Loans				None
Owned TTM Occupancy as of 6/30/2012			71.9%		Type of Security			Both Fee Simple/Leasehold
Year Built / Latest Renovation	1910, 1984, 1985 / 2008-2010, 2012				Mortgage Rate				5.1100%
Appraised Value			$39,000,000		Original Term to Maturity (Months)				120
					Original Amortization Term (Months)				300
Underwritten Revenues			$20,421,528
Underwritten Expenses			$16,399,434		Escrows
Underwritten Net Operating Income (NOI)			$4,022,094
Underwritten Net Cash Flow (NCF)			$3,205,232				Upfront		Monthly
Cut-off Date LTV Ratio			65.3%		Taxes		$23,935		$23,935
Maturity Date LTV Ratio(2)			44.0%		Insurance		$0		$0
DSCR Based on Underwritten NOI / NCF			2.22x / 1.77x		FF&E(3)		$0		$0
Debt Yield Based on Underwritten NOI / NCF			15.8% / 12.6%		Other(4)		$200,000		$0

Sources and Uses
Sources		$		%	Uses	$				%
Loan Amount		$25,500,000		100.0%	Loan Payoff	$21,123,876				82.8%
					Closing Costs(5)	2,600,419				10.2
					Principal Equity Distribution	1,551,770				6.1
					Reserves	223,935				0.9
Total Sources		$25,500,000		100.0%	Total Uses	$25,500,000				100.0%

(1)

In addition to 396 rooms, collateral for the Hyatt Regency - Buffalo Loan includes the 28,058 SF Buffalo Conference Center.

(2)

The Maturity Date LTV Ratio is calculated utilizing the “as stabilized” appraised value of $43,500,000. The Maturity Date LTV Ratio calculated on the basis of the “as-is” appraised value is 49.1%. See “—Appraisal” below.

(3)

Hyatt Corporation maintains an FF&E reserve of 4% annual revenue. If at any time Hyatt Corporation does not maintain the reserve, a monthly FF&E reserve will be required totaling one-twelfth of 4% of annual revenue. See “—Escrows” below.

(4)

Other reserve represents a seasonality reserve which may be drawn on to fund monthly operating shortfalls due to seasonal fluctuations. Funds used in any year will be replenished during the months of June-November and may be disbursed during the months of December-May. On each due date between June and November (beginning 2013), to the extent the balance of such reserve account is less than $200,000, the borrower will be required to make monthly payments equaling such shortfall. See “—Escrows” below.

(5)

Closing costs include $1,955,867 paid at origination to update the elevators and cooling systems at the Hyatt Regency - Buffalo Property which is currently in process.

The Mortgage Loan. The mortgage loan (the “Hyatt Regency - Buffalo Loan”) is evidenced by a note in the original principal amount of $25,500,000 and is secured by a first mortgage encumbering a 396-room full service hotel located in Buffalo, New York (the “Hyatt Regency - Buffalo Hotel”) and an attached 28,058 SF conference center (the “Buffalo Conference Center”, and together with the Hyatt Regency - Buffalo Hotel, the “Hyatt Regency - Buffalo Property”). The Hyatt Regency - Buffalo Loan was originated by Goldman Sachs Commercial Mortgage Capital, L.P., and was subsequently purchased by Goldman Sachs Mortgage Company. The Hyatt Regency - Buffalo Loan was originated on August 2, 2012 and represents approximately 2.4% of the Initial Pool Balance. The note evidencing the Hyatt Regency - Buffalo Loan has a principal balance as of the Cut-off Date of $25,461,498 and an interest rate of 5.1100% per annum. The borrower utilized a majority of the proceeds of the Hyatt Regency - Buffalo Loan to refinance existing debt secured by liens on the Hyatt Regency - Buffalo Property.

The Hyatt Regency - Buffalo Loan had an initial term of 120 months and has a remaining term of 119 months. The Hyatt Regency - Buffalo Loan requires payments of interest and principal during the term of the loan based on a 25-year amortization schedule. The scheduled maturity date is the due date in August 2022. Voluntary prepayment of the Hyatt Regency - Buffalo Loan is prohibited prior to June 6, 2022. Defeasance with direct, non-callable obligations of the United States of America is permitted at any time on or after the first due date following the second anniversary of the Closing Date.

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n	The Mortgaged Property. The Hyatt Regency - Buffalo Hotel is a 396-room, full service hotel located in Buffalo, New York that was constructed in 1910, 1984 and 1985, and renovated between 2008 and 2010 and in 2012.

The collateral for the Hyatt Regency – Buffalo Loan also includes the Buffalo Conference Center, an approximately 28,058 SF facility (which includes a 1,839 SF pedestrian walkway) that is attached to the Hyatt Regency - Buffalo Hotel and includes 9,065 SF of conference space that is utilized by the Hyatt Regency - Buffalo Hotel for conferences and meetings. Additionally, at the Buffalo Conference Center, 15,654 SF of office space is leased to three tenants: Innovative Health Services, the U.S. Equal Employment Opportunity Commission and Buffalo Intelligent Technology System. The Snyder Corporation, an affiliate of the borrower under the Hyatt Regency - Buffalo Loan, also leases 1,500 SF at the Buffalo Conference Center, which has been excluded from the underwriting.

The following table presents certain information relating to the 2011 demand analysis with respect to the Hyatt Regency - Buffalo Property based on market segmentation, as provided in the appraisal for the Hyatt Regency - Buffalo Property:

2011 Accommodated Room Night Demand(1)

Property		Meeting and Group		Leisure		Commercial
Hyatt Regency - Buffalo		45%		15%		40%

(1)

Source: Appraisal.

The following table presents certain information relating to the year-to-date through June 2012 penetration rates relating to the Hyatt Regency - Buffalo Property and various market segments, as provided in the June Smith Travel Research report for the Hyatt Regency - Buffalo Property:

Year-to-Date Through 6/30/2012 Penetration Rates(1)

Property		Occupancy		ADR		RevPAR
Hyatt Regency - Buffalo		106.2%		106.3%		112.9%

(1)

Source: June 2012 STR Report.

The following table presents certain information relating to historical occupancy, ADR and RevPAR at the Hyatt Regency - Buffalo Property:

Hyatt Regency - Buffalo(1)

	2010	2011	TTM 6/30/2012
Occupancy	73.1%	71.8%	71.9%
ADR	$99.75	$108.41	$112.67
RevPAR	$72.92	$77.87	$80.96

(1)

As provided by the borrower.

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n	Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and the Underwritten Net Cash Flow, on an aggregate basis and per room, at the Hyatt Regency - Buffalo Property:

Cash Flow Analysis(1)

	2010	2011	TTM 6/30/2012	Underwritten	Underwritten $ per Room
Room Revenue	$10,539,678	$11,255,338	$11,734,723	$11,734,723	$29,633
Food & Beverage Revenue	6,822,446	7,465,868	7,650,659	7,650,659	19,320
Other Revenue(2)	655,908	845,654	1,067,032	1,036,146	2,617
Total Revenue	$18,018,032	$19,566,860	$20,452,414	$20,421,528	$51,570

Room Expense	$3,227,507	$3,087,077	$3,112,161	$3,112,161	$7,859
Food & Beverage Expense	5,212,399	5,521,354	5,531,763	5,531,763	13,969
Other Expense(3)	474,039	583,112	617,944	577,541	1,458
Total Departmental Expense	$8,913,945	$9,191,543	$9,261,868	$9,221,465	$23,287
Total Undistributed Expense	6,105,767	6,190,355	6,156,399	6,167,020	15,573
Total Fixed Charges	649,718	681,368	776,454	1,010,949	2,553
Total Operating Expenses	$15,669,430	$16,063,266	$16,194,721	$16,399,434	$41,413

Net Operating Income	$2,348,602	$3,503,594	$4,257,692	$4,022,094	$10,157
FF&E	531,075	576,197	600,640	816,861	2,063
Net Cash Flow	$1,817,527	$2,927,397	$3,657,052	$3,205,232	$8,094

(1)

Certain items such as interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring or non-operating items were excluded from the historical presentation and are not considered for the underwritten cash flow.

(2)

Other revenue includes parking income, other hotel income and Buffalo Conference Center income.

(3)

Other expenses include parking expense and Buffalo Conference Center expense.

Appraisal. According to the appraisal, the Hyatt Regency - Buffalo Property had an “as is” appraised value of $39,000,000 as of an effective date of July 16, 2012. The Hyatt Regency - Buffalo Property has an “as stabilized” appraised value of $43,500,000 as of an effective date of August 1, 2015, which assumes the completion of all scheduled renovations in a timely manner.

Environmental Matters. The Phase I environmental report dated May 30, 2012, concluded that on-site dry cleaning had been conducted for approximately 11 years starting in the late 1980s. No dry cleaning spills or other releases were reported or identified; however, the potential for historic impacts cannot be ruled out unless Phase II sampling were to be performed. In lieu of Phase II sampling, the borrower obtained a $5 million environmental insurance policy in favor of the lender to insure against any liability resulting from any such historic impacts.

Market Overview and Competition. The Hyatt Regency - Buffalo Property is located in Downtown Buffalo, New York, in the CBD submarket. The Hyatt Regency - Buffalo Property is connected via an enclosed, climate controlled sky-bridge to the Buffalo Niagara Convention Center (which is not part of the collateral), which was built in 1978, renovated in 2010, and features over 110,000 SF of meeting space. The Hyatt Regency - Buffalo Property is also located within a mile of the Buffalo Niagara Medical Campus and The University of Buffalo Downtown Medical campus, each of which is currently undergoing or is expected to soon be undergoing a combined $500 million in renovations. The CBD has 8.3 million SF of office space and a 2011 vacancy rate of 8.8%.

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HYATT REGENCY - BUFFALO

The following table presents certain information relating to the competitive set for the Hyatt Regency - Buffalo Property:

Property	Number of Rooms	Year Built	2011 Occupancy	2011 ADR	2011 RevPAR
Hyatt Regency – Buffalo	396	1910, 1984, 1985	72%	$108	$77.87
Embassy Suites Buffalo	182	2009	81%	$150	$121.50
Doubletree Club Buffalo Downtown	100	1998	66%	$103	$67.98
Hampton Inn & Suites Buffalo Downtown	139	2001	80%	$130	$104.00
Adam’s Mark Buffalo	486	1980	56%	$84	$47.04
Comfort Suites Downtown Buffalo	146	1980	70%	$85	$59.50
Holiday Inn Buffalo Downtown	167	1966	64%	$90	$57.60

Source: Appraisal.

The Borrower. The borrower is Genesee Hotel Properties, LLC, a single-purpose, single-asset entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Hyatt Regency - Buffalo Loan. The majority owner of the indirect interests in the borrower of the Hyatt Regency - Buffalo Loan is Paul L. Snyder II, the non-recourse carveout guarantor of the Hyatt Regency - Buffalo Loan.

Leasehold Interest. The fee interests in the Hyatt Regency - Buffalo Hotel and the Buffalo Conference Center are each held by the Erie County Industrial Development Agency (“IDA”) and are each leased to the borrower under separate leases. This structure was instituted to take advantage of a Payment In Lieu of Taxes (“PILOT”) program, which will expire in 2013, upon which the fee ownership in the Hyatt Regency - Buffalo Property is required to be conveyed to the borrower, pursuant to the loan documents.

Escrows. At origination, the borrower funded (a) an escrow reserve in the amount of $23,935 in respect of a tax reserve and (b) a seasonality reserve in the amount of $200,000. On each due date, the borrower is required to fund: (i) a tax and insurance reserve equal to one-twelfth of the amount the lender estimates will be necessary to pay tax and insurance premiums over the then succeeding twelve month period, but no reserves for insurance premiums related to the Hyatt Regency - Buffalo Hotel are required so long as the Hyatt Regency - Buffalo Hotel is covered by a blanket policy, and no reserves for insurance premiums related to the Buffalo Conference Center are required for so long as the borrower provides evidence of payment of all applicable premiums at least five business days before they are due; (ii) a reserve for furniture, fixtures and equipment in an amount equal to 4% of the borrower’s annual revenue on the Hyatt Regency - Buffalo Property (but no such reserve is required to the extent that a reserve or escrow for the same purpose and in the same amount is funded by Hyatt Corporation pursuant to the hotel management agreement); and (iii) on each payment date that occurs between June and November (beginning in 2013), a reserve for seasonal fluctuations, to the extent the amount on deposit in such reserve account is less than $200,000, in the amount equaling such shortfall.

Furthermore, during the continuance of a Hyatt Regency - Buffalo Trigger Period, the loan documents require that all amounts on deposit in the cash management account, after the payment of debt service and the funding of required monthly escrows and budgeted and approved operating expenses be reserved and held as additional collateral for the Hyatt Regency - Buffalo Loan.

A “Hyatt Regency - Buffalo Trigger Period” means any period (a) from (i) the conclusion of any fiscal quarter during which trailing twelve-month net operating income is less than $2,628,290.24, to (ii) the conclusion of the second of any two consecutive fiscal quarters thereafter during each of which trailing twelve-month net operating income is equal to or greater than $2,628,290.24; or (b) commencing as of ten days following the borrower’s receipt of notice and failure to deliver annual, quarterly, or monthly financial statements as required by the loan agreement, and ending upon the delivery of such financial statements which do not otherwise reveal the existence of a Hyatt Regency - Buffalo Trigger Period.

Lockbox and Cash Management. All credit card receivables, all cash revenues and all other money received by the borrower, or a property manager with respect to the Hyatt Regency - Buffalo Hotel or the Buffalo Conference Center, as applicable, are required to be deposited into an operating account established by the respective property manager pursuant to the applicable Management Agreement, which operating accounts are subject to

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HYATT REGENCY - BUFFALO

an account control agreement in favor of the lender. Subject to the terms of the Hotel Management Agreement, Hyatt Corporation is required to pay all costs and expenses incurred in connection with the operation of the Hyatt Regency - Buffalo Hotel and all other amounts required or permitted to be paid by Hyatt Corporation in the performance of its duties and obligations with respect to the Hyatt Regency - Buffalo Hotel (including all management fees payable to Hyatt Corporation) out of the operating account or the FF&E account maintained by Hyatt Corporation. All amounts required to be paid by Hyatt Corporation to the borrower under the Hotel Management Agreement must instead be remitted to a cash management account under the control of the lender. On each business day that no event of default under the Hyatt Regency - Buffalo Loan or Hyatt Regency - Buffalo Trigger Period is continuing, all funds in the cash management account in excess of the amount required to pay debt service and fund required reserves on the next due date will be remitted to an account owned and controlled by the borrower, provided that the borrower may cause Hyatt Corporation to maintain a balance of up to $250,000 in the operating account related to the Hyatt Regency - Buffalo Hotel, and the borrower may maintain a balance of up to $50,000 in the operating account related to the Buffalo Conference Center, for additional working capital requirements associated with the operation of the Hyatt Regency - Buffalo Hotel or the Buffalo Conference Center, as applicable.

Property Management. The Hyatt Regency - Buffalo Hotel is currently managed by Hyatt Corporation, a third-party property manager, pursuant to a hotel management agreement (the “Hotel Management Agreement”), while the Buffalo Conference Center is currently managed by Snyder Corp., an affiliate of the borrower, pursuant to a property management agreement (the “Property Management Agreement”, and together with the Hotel Management Agreement, each a “Management Agreement”). Under the loan documents, the Hyatt Regency - Buffalo Property may be managed by Hyatt Corporation or Snyder Corp., as applicable, or any other management company approved by the lender and with respect to which Rating Agency Confirmation has been received. During the continuance of a material default by a property manager under a Management Agreement (after the expiration of any applicable notice and/or cure periods), or the filing of a bankruptcy petition or a similar event, the lender has the right: (a) in the case of the Hyatt Regency - Buffalo Hotel, to require the borrower to exercise any and all available remedies under the Hotel Management Agreement, and if the exercise of such remedies results in the termination of the property manager, engage a replacement property manager reasonably acceptable to the lender, and (b), in the case of the Buffalo Conference Center, to terminate or require the borrower to terminate the Property Management Agreement, and engage a replacement property manager selected by the lender, with the reasonable consent of the borrower if such consent is sought prior to any foreclosure, conveyance in lieu of foreclosure, or any similar transaction.

n	Mezzanine or Subordinate Indebtedness. Not permitted.

Terrorism Insurance. So long as TRIPRA or a similar or subsequent statute is in effect, the borrower is required to maintain terrorism insurance for foreign and domestic acts (as such terms are defined in TRIPRA or similar or subsequent statute) in an amount equal to the full replacement cost of the Hyatt Regency - Buffalo Property (plus twelve months of business interruption coverage). If TRIPRA or a similar or subsequent statute is not in effect, then provided that terrorism insurance is commercially available, the borrower is required to carry terrorism insurance throughout the term of the Hyatt Regency - Buffalo Loan as required by the preceding sentence, but in such event the borrower will not be required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the loan documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance), and if the cost of terrorism insurance exceeds such amount, the borrower must purchase the maximum amount of terrorism insurance available with funds equal to such amount. In either such case, terrorism insurance shall not have a deductible in excess of $50,000. The required terrorism insurance may be included in a blanket policy, provided that the borrower provides evidence satisfactory to the lender that the insurance premiums for the Hyatt Regency - Buffalo Property are separately allocated under the blanket policy and that certain other requirements are satisfied. See “Risk Factors—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Free Writing Prospectus.

108

UNIVERSITY MANORS

Mortgaged Property Information			Mortgage Loan Information
Number of Mortgaged Properties(1)		1	Loan Seller			GSMC
Location (City/State)		Columbus, Ohio	Cut-off Date Principal Balance			$12,444,665
Property Type		Multifamily	Cut-off Date Principal Balance per Unit			$35,556.19
Size (Units)		350	Percentage of Initial Pool Balance			1.2%
Total Occupancy as of 7/11/2012(2)		97.7%	Number of Related Mortgage Loans			None
Owned Occupancy as of 7/11/2012(2)		97.7%	Type of Security			Fee Simple
Year Built / Latest Renovation	1923, 1930, 1960-1972 / Various		Mortgage Rate			5.4500%
Appraised Value		$18,500,000	Original Term to Maturity (Months)			120
			Original Amortization Term (Months)			300
			Borrower Sponsor	Robert C. Moberger, Brian R. Grim, William A. Moberger and Steven M. Moberger
Underwritten Revenues		$2,602,663
Underwritten Expenses		$1,238,397	Escrows
Underwritten Net Operating Income (NOI)		$1,364,226			Upfront		Monthly
Underwritten Net Cash Flow (NCF)		$1,224,226	Taxes		$32,122		$32,122
Cut-off Date LTV Ratio		67.3%	Insurance		$53,139		$4,219
Maturity Date LTV Ratio		51.3%	Replacement Reserves		$0		$11,667
DSCR Based on Underwritten NOI / NCF		1.49x / 1.34x	TI/LC		$0		$0
Debt Yield Based on Underwritten NOI / NCF		11.0% / 9.8%	Other(3)		$69,202		$0

Sources and Uses
Sources	$	%	Uses	$	%
Loan Amount	$12,500,000	100.0%	Loan Payoff	$9,063,338	72.5%
			Principal Equity Distribution	2,825,760	22.6
			Closing Costs	456,438	3.7
			Reserves	154,463	1.2

Total Sources	$12,500,000	100.0%	Total Uses	$12,500,000	100.0%

(1)

University Manors is comprised of 19 student apartment buildings.

(2)

Total and Owned Occupancy represent occupancy for the 2012-2013 academic year.

(3)

Other reserve represents a deferred maintenance reserve ($63,802) and an environmental reserve ($5,400).

The following table presents certain information relating to the University Manors Property:

Unit Type	# of Units	Avg. Unit SF	Total SF	Monthly Market Rent per Unit	Total Yearly Market Rent	Monthly Actual Rent per Unit	Total Yearly Actual Rent
Studio	184	330	60,720	$508	$1,120,560	$510	$1,125,528
1 Bed / 1 Bath	45	595	26,790	611	330,000	607	327,624
2 Bed / 1 Bath	91	736	66,970	815	889,860	813	887,676
2 Bed / 2 Bath	12	565	6,780	685	98,640	677	97,488
3 Bed / 1 Bath	1	990	990	990	11,880	990	11,880
3 Bed / 2 Bath	12	1,074	12,890	1,183	170,280	1,175	169,224
4 Bed / 2 Bath	5	1,524	7,620	1,622	97,320	1,622	97,320
Total / Wtd. Avg.	350	522	182,760	$647	$2,718,540	$647	$2,716,740

The following table presents certain information relating to historical leasing at the University Manors Property:

Historical and Current Leased %(1)

		2009		2010		2011		7/11/2012(2)
University Manors		99.4%		99.8%		97.9%		97.7%

(1)

As provided by the borrower.

(2)

Represents occupancy for the 2012-2013 academic year.

137

UNIVERSITY MANORS

■	Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and the Underwritten Net Cash Flow at the University Manors Property:

Cash Flow Analysis(1)

	2010		2011		TTM 6/30/2012		Underwritten		Underwritten $ per Unit
Base Rent	$2,492,867		$2,581,973		$2,621,360		$2,716,740		$7,762
Vacancy Loss	0		0		0		(135,837	)	(388	)
Credit Loss	(4,651	)	(1,426	)	(2,416	)	0		0
Concessions	0		0		0		0		0
Total Rent Revenue	$2,488,216		$2,580,547		$2,618,944		$2,580,903		$7,374
Other Revenue(2)	23,026		21,809		21,760		21,760		62
Effective Gross Income	$2,511,242		$2,602,356		$2,640,704		$2,602,663		$7,436

Total Operating Expenses	$1,091,023		$1,233,994		$1,209,490		$1,238,397		$3,538

Net Operating Income	$1,420,219		$1,368,362		$1,431,214		$1,364,266		$3,898
Replacement Reserves	0		0		0		140,000		400
Net Cash Flow	$1,420,219		$1,368,362		$1,431,214		$1,224,266		$3,498

(1)

Certain items such as straight line rent, interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring or non-operating items were excluded from the historical presentation and are not considered for the underwritten cash flow.

(2)

Other revenue includes parking revenue, laundry revenue and miscellaneous.

138

Citigroup			Goldman, Sachs & Co.

Co-Lead Managers and Joint Bookrunners

Natixis			RBS

Co-Managers

Mortgage Pool Characteristics
Initial Pool Balance		$1,040,210,521
Number of Mortgage Loans		57
Number of Mortgaged Properties		139
Average Cut-off Date Mortgage Loan Balance		$18,249,307
Weighted Average Mortgage Loan Rate		4.9537%
Weighted Average Remaining Term to Maturity (months)(2)		106
Weighted Average Remaining Amortization Term (months)(3)(8)		347
Weighted Average Cut-off Date LTV Ratio(1)(4)		63.1%
Weighted Average Maturity Date LTV Ratio(1)(2)(4)(5)		51.9%
Weighted Average Underwritten Debt Service Coverage Ratio(1)(4)(6)(7)		1.73x
Weighted Average Debt Yield on Underwritten NOI(1)(4)(9)		11.7%
% of Mortgage Loans with Pari Passu Split Loan Structure		27.9%
% of Mortgage Loans with Additional Debt		16.0%
% of Mortgaged Properties with Single Tenants		5.4%

Co-Lead Managers and Joint Bookrunners:	Citigroup Global Markets Inc. Goldman, Sachs & Co.
Co-Managers:	Natixis Securities Americas LLC RBS Securities Inc.
Depositor:	Citigroup Commercial Mortgage Securities Inc.
Initial Pool Balance:	$1,040,210,521
Master Servicer:	Wells Fargo Bank, National Association
Special Servicer:	Midland Loan Services, a Division of PNC Bank, National Association
Certificate Administrator:	Citibank, N.A.
Trustee:	U.S. Bank National Association
Operating Advisor:	Situs Holdings LLC
Pricing:	September 2012
Closing Date:	September 27, 2012
Cut-off Date:	For each mortgage loan, the related due date in September 2012
Determination Date:	The 6th day of each month or next business day
Distribution Date:	The 4th business day after the Determination Date, commencing in October 2012
Interest Accrual:	Preceding calendar month
ERISA Eligible:	The offered certificates are expected to be ERISA eligible
SMMEA Eligible:	No
Payment Structure:	Sequential Pay
Day Count:	30/360
Tax Structure:	REMIC
Rated Final Distribution Date:	September 2045
Cleanup Call:	1.0%
Minimum Denominations:	$100,000 minimum for the offered certificates; $1 thereafter for all the offered certificates
Delivery:	Book-entry through DTC
Bond Information:	Cash flows are expected to be modeled by TREPP, INTEX and BLOOMBERG

Pari Passu Companion 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	UW NCF DSCR	UW NOI Debt Yield	Cut-off Date LTV Ratio
Miami Center	CGMRC	$114,765,852	$57,382,926	$172,148,778	CGCMT 2012-GC8	1.41x	10.1%	64.2%
222 Broadway	GSMC	$100,000,000	$35,000,000	$135,000,000	CGCMT 2012-GC8	2.11x	11.0%	58.7%
Gansevoort Park Avenue	CGMRC	$75,000,000	$65,000,000	$140,000,000	CGCMT 2012-GC8	1.77x	12.5%	50.4%

Mortgage Loans with Existing Mezzanine Financing
Mortgage Loan Name	Cut-off Date Balance	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

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-166711-02

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%

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)
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%
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%
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%
Multifamily	13	$88,395,609	8.5%	1.76x	66.2%	12.7%
Garden	8	63,658,203	6.1	1.90x	64.7%	13.6%
Student Housing	1	12,444,665	1.2	1.34x	67.3%	11.0%
High Rise	1	6,292,741	0.6	1.47x	74.6%	9.6%
Mid Rise	3	6,000,000	0.6	1.44x	71.1%	9.4%
Self Storage	16	$55,254,581	5.3%	1.59x	70.2%	10.6%
Manufactured Housing	11	$24,959,533	2.4%	1.49x	70.0%	11.0%
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%
Parking	1	$ 2,589,978	0.2%	1.58x	74.0%	11.1%
Total / Wtd. Avg.	139	$1,040,210,521	100.0%	1.73x	63.1%	11.7%

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	0.04	1,080,000	0.1	83,082	0.1
South Carolina	1	411,457	0.04	975,000	0.1	76,775	0.1
Minnesota	1	408,698	0.04	590,000	0.03	45,425	0.03
Iowa	1	407,809	0.04	680,000	0.03	45,326	0.03
Total	139	$1,040,210,521	100.0%	$1,948,815,000	100.0%	$139,238,733	100.0%

Distribution of Cut-off Date Balances					Distribution of Cut-off Date LTV Ratios(1)
			% 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		(1) See footnotes (1) and (4) to the table entitled “Mortgage Pool Characteristics”
Total	57	$1,040,210,521	100.0	%	above.

Distribution of Underwritten DSCRs(1)					Distribution of Maturity Date/ARD LTV Ratios(1)
			% of					% of
	Number of		Initial			Number of		Initial
Range of UW	Mortgage		Pool		Range of Maturity	Mortgage		Pool
DSCR (x)	Loans	Cut-off Date Balance	Balance		Date/ARD LTV (%)	Loans	Cut-off Date Balance	Balance
1.33 - 1.39	7	$143,220,071	13.8	%	32.4 - 39.9	4	$ 99,186,253	9.5	%
1.40 - 1.49	8	165,751,383	15.9		40.0 - 44.9	7	88,280,408	8.5
1.50 - 1.59	10	161,045,208	15.5		45.0 - 49.9	7	68,225,378	6.6
1.60 - 1.69	7	125,579,699	12.1		50.0 - 54.9	16	415,122,440	39.9
1.70 - 1.79	6	142,145,816	13.7		55.0 - 59.9	13	273,888,927	26.3
1.80 - 1.89	7	64,068,146	6.2		60.0 - 63.3	10	95,507,114	9.2
1.90 - 1.99	2	30,112,366	2.9		Total	57	$1,040,210,521	100.0	%
2.00 - 2.09	1	3,487,661	0.3		(1) Maturity Date/ARD LTV Ratio is calculated on the basis of the “as stabilized” appraised value for 16 of the mortgage loans. See footnotes (1), (2), (4) and (5) to the table entitled “Mortgage Pool Characteristics” above.
2.10 - 4.78	9	204,800,172	19.7
Total	57	$1,040,210,521	100.0	%
(1) See footnotes (1), (4), (6) and (7) to the table entitled “Mortgage Pool
Characteristics” above.					Distribution of Loan Purpose
								% of
Distribution of Amortization Types(1)						Number of		Initial
			% of			Mortgage		Pool
	Number of		Initial		Loan Purpose	Loans	Cut-off Date Balance	Balance
	Mortgage	Cut-off Date	Pool		Refinance	35	$577,250,670	55.5	%
Amortization Type	Loans	Balance	Balance		Acquisition	18	392,559,022	37.7
Amortizing (30 Years)	31	$484,207,315	46.5	%	Recapitalization	3	62,400,829	6.0
Amortizing (25 Years)	17	168,713,206	16.2		Acquisition/Refinance	1	8,000,000	0.8
Interest Only, Then					Total	57	$1,040,210,521	100.0	%
Amortizing(2)(3)	5	241,850,000	23.3
Interest Only	3	117,715,000	11.3		Distribution of Mortgage Interest Rates
Interest Only - ARD	1	27,725,000	2.7					% of
Total	57	$1,040,210,521	100.0	%		Number of		Initial
(1) All of the mortgage loans will have balloon payments at maturity date.					Range of Mortgage	Mortgage		Pool
(2) Original partial interest only periods range from 24 to 36 months.					Interest Rates (%)	Loans	Cut-off Date Balance	Balance
(3) See footnote (8) to the table entitled “Mortgage Pool Characteristics” above.					3.700 - 3.999	1	$12,270,000	1.2	%
					4.250 - 4.499	2	55,383,386	5.3
Distribution of Lockboxes					4.500 - 4.749	8	105,789,192	10.2
			% of		4.750 - 4.999	18	452,813,924	43.5
	Number of		Initial		5.000 - 5.249	12	282,891,294	27.2
	Mortgage	Cut-off Date	Pool		5.250 - 5.499	11	86,617,091	8.3
Lockbox Type	Loans	Balance	Balance		5.500 - 5.749	2	19,825,865	1.9
Hard	25	$712,395,194	68.5	%	5.750 - 5.900	3	24,619,769	2.4
Springing	26	230,971,698	22.2		Total	57	$1,040,210,521	100.0	%
Soft	6	96,843,629	9.3
Total	57	$1,040,210,521	100.0	%

Distribution of Debt Yield on Underwritten NOI(1)					Distribution of Original Amortization Terms(1)
			% of					% of
Range of	Number of		Initial		Original	Number of		Initial
Debt Yields on	Mortgage	Cut-off Date	Pool		Amortization	Mortgage		Pool
Underwritten NOI (%)	Loans	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(2)	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		(1) All of the mortgage loans will have balloon payments at maturity.
14.0 - 14.9	4	43,696,470	4.2		(2) See footnote (8) to the table entitled “Mortgage Pool Characteristics” above.
15.0 - 15.9	4	58,066,489	5.6
16.0 - 19.5	6	66,924,000	6.4		Distribution of Remaining Amortization Terms(1)
Total	57	$1,040,210,521	100.0	%	Range of			% of
(1) See footnotes (1), (4) and (9) to the table entitled “Mortgage Pool					Remaining	Number of		Initial
Characteristics” above.					Amortization	Mortgage		Pool
					Terms (months)	Loans	Cut-off Date Balance	Balance
Distribution of Debt Yield on Underwritten NCF(1)					Interest Only	4	$145,440,000	14.0	%
			% of		296 - 300	17	168,713,206	16.2
Range of	Number of		Initial		301 - 360(2)	36	726,057,315	69.8
Debt Yields on	Mortgage	Cut-off Date	Pool		Total	57	$1,040,210,521	100.0	%
Underwritten NCF (%)	Loans	Balance	Balance
8.0 - 8.9	3	$98,535,504	9.5	%	(1) All of the mortgage loans will have balloon payments at maturity.
9.0 - 9.9	8	201,750,212	19.4		(2) See footnote (8) to the table entitled “Mortgage Pool Characteristics”
10.0 - 10.9	21	413,317,611	39.7		above.
11.0 - 11.9	10	149,756,970	14.4
12.0 - 12.9	5	81,014,452	7.8		Distribution of Prepayment Provisions
13.0 - 13.9	3	22,747,687	2.2					% of
14.0 - 17.9	7	73,088,086	7.0			Number of		Initial
Total	57	$1,040,210,521	100.0	%	Prepayment	Mortgage		Pool
(1) See footnotes (1), (4) and (9) to the table entitled “Mortgage Pool					Provision	Loans	Cut-off Date Balance	Balance
Characteristics” above.					Defeasance	50	$708,384,447	68.1	%
					Defeasance or Yield
Mortgage Loans with Original Partial Interest Only Periods					Maintenance	3	202,593,050	19.5
Original Partial	Number of		% of Initial		Yield Maintenance	4	129,233,024	12.4
Interest Only	Mortgage	Cut-off Date	Pool		Total	57	$1,040,210,521	100.0	%
Period (months)	Loans	Balance	Balance
24	4	$150,850,000	14.5	%	Distribution of Escrow Types
36	1	$91,000,000	8.7	%				% of
						Number of		Initial
Distribution of Original Terms to Maturity/ARD(1)						Mortgage		Pool
			% of		Escrow Type	Loans	Cut-off Date Balance	Balance
Original Term to	Number of		Initial		Real Estate Tax	53	$983,129,826	94.5	%
Maturity/ARD	Mortgage		Pool		Replacement	52	$964,573,556	92.7	%
(months)	Loans	Cut-off Date Balance	Balance		Reserves(1)
60	7	$178,355,149	17.1	%	Insurance	45	$766,508,850	73.7	%
84	1	27,725,000	2.7		TI/LC(2)	19	$578,177,175	84.0	%
120	49	834,130,372	80.2		(1) Includes mortgage loans with FF&E reserves.
Total	57	$1,040,210,521	100.0	%	(2) Percentage of total office, retail, and mixed use properties only.
(1) See footnote (2) to the table entitled “Mortgage Pool Characteristics” above.

Distribution of Remaining Terms to Maturity/ARD(1)
Range of			% of
Remaining Terms	Number of		Initial
to Maturity/ARD	Mortgage		Pool
(months)	Loans	Cut-off Date Balance	Balance
55 - 60	7	$178,355,149	17.1	%
61 - 84	1	27,725,000	2.7
85 - 120	49	834,130,372	80.2
Total	57	$1,040,210,521	100.0	%
(1) See footnote (2) to the table entitled “Mortgage Pool Characteristics” above.

Prepayment Premiums and Yield Maintenance Charges	On each Distribution Date, each yield maintenance charge collected on the mortgage loans and on deposit in the collection account as of the related Determination Date is required to be distributed to certificateholders as follows: (1) pro rata, between (x) the group (the “YM Group A”) of Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S and Class X-A certificates, and (y) the group (the “YM Group B” and collectively with the YM Group A, the “YM Groups”) of Class B, Class C, Class D and Class X-B certificates, based upon the aggregate of principal distributed to the Classes of Sequential Pay Certificates in each YM Group on such Distribution Date, and (2) as among the classes of certificates in each YM Group, in the following manner: (A) the holders of each Class of Sequential Pay Certificates in such YM Group will be entitled to receive on each Distribution Date an amount of such yield maintenance charge equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such class on such Distribution Date, and whose denominator is the total amount of principal distributed to all of the Sequential Pay Certificates in that YM Group on such Distribution Date, (y) the Base Interest Fraction for the related principal prepayment and such class of certificates, and (z) the portion of such yield maintenance charge allocated to such YM Group, and (B) the portion of such yield maintenance charge allocated to such YM Group, and remaining after such distributions will be distributed to the class of Class X certificates in such YM Group. If there is more than one class of Sequential Pay Certificates in either YM Group entitled to distributions of principal on any particular Distribution Date on which yield maintenance charges are distributable to such classes, the aggregate amount of such yield maintenance charges will be allocated among all such classes of certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those yield maintenance charges in accordance with the prior sentence of this paragraph. The “Base Interest Fraction” with respect to any principal prepayment on any mortgage loan and with respect to any class of Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class B, Class C and Class D certificates is a fraction (a) whose numerator is the amount, if any, by which (i) the pass-through rate on such class of certificates exceeds (ii) the discount rate used in accordance with the related loan documents in calculating the yield maintenance charge with respect to such principal prepayment and (b) whose denominator is the amount, if any, by which the (i) mortgage loan rate on such mortgage loan exceeds (ii) the discount rate used in accordance with the related loan documents in calculating the yield maintenance charge with respect to such principal prepayment; provided, however, that under no circumstances shall the Base Interest Fraction be greater than one; provided, further, that if such discount rate is greater than or equal to the both of (x) the mortgage loan rate on the prepaid mortgage loan and (y) the pass-through rate described in the preceding sentence, then the Base Interest Fraction shall equal zero; provided, further, that if such discount rate is greater than or equal to the mortgage loan rate, but less than the pass-through rate described above, the Base Interest Fraction will equal one. If a prepayment premium is imposed in connection with a prepayment rather than a yield maintenance charge, then the prepayment premium so collected will be allocated as described above. For this purpose, the discount rate used to calculate the Base Interest Fraction will be the discount rate used to determine the yield maintenance charge for mortgage loans that require payment at the greater of a yield maintenance charge or a minimum amount equal to a fixed percentage of the principal balance of the mortgage loan or, for mortgage loans that only have a prepayment premium based on a fixed percentage of the principal balance of the mortgage loan, such other discount rate as may be specified in the related mortgage loan documents. No prepayment premiums or yield maintenance charges will be distributed to holders of the Class E, Class F, Class G, Class S or Class R certificates. Instead, after the certificate principal amounts or notional amount, as applicable, of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-S, Class X-A, Class B, Class C, and Class D certificates have been reduced to zero, all prepayment premiums and yield maintenance charges with respect to the mortgage loans will be distributed to holders of the Class X-B certificates. For a description of prepayment premiums and yield maintenance charges required on the mortgage loans, see Annex A to the Free Writing Prospectus. See also “Certain Legal Aspects of the Mortgage Loans—Enforceability of Certain Provisions” in the Base Prospectus. Prepayment premiums and yield maintenance charges will be distributed on any Distribution Date only to the extent they are received in respect of the mortgage loans as of the related Determination Date.

Advances	The master servicer and, if it fails to do so, the trustee, will be obligated to make P&I advances and servicing advances, including paying delinquent property taxes, condominium assessments, insurance premiums and ground lease rents, but only to the extent that those advances are not deemed non-recoverable from collections on the related mortgage loan and, in the case of P&I advances, subject to reduction in connection with any appraisal reductions that may occur.

Appraisal Reductions	An appraisal reduction generally will be created in the amount, if any, by which the principal balance of a required appraisal loan (which is a mortgage loan with respect to which certain defaults, modifications or insolvency events have occurred as further described in the Free Writing Prospectus) plus other amounts overdue or advanced in connection with such mortgage loan, exceeds 90% of the appraised value of the related mortgaged property plus certain escrows and reserves (including letters of credit) held with respect to the mortgage loan. As a result of calculating an appraisal reduction for a given mortgage loan, the interest portion of any P&I advance for such mortgage loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the certificates (exclusive of the Class S and Class R certificates) in reverse alphabetical order of the classes (except that interest payments on the Class X-A, Class X-B, Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB certificates would be affected on a pari passu basis and interest payments on the Class A-S certificates will be affected before interest payments on the Class X-A, Class X-B, Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB certificates). A mortgage loan will cease to be a required appraisal loan, and no longer be subject to an appraisal reduction, when the same has ceased to be a specially serviced mortgage loan (if applicable), has been brought current for at least three consecutive months and no other circumstances exist that would cause such mortgage loan to be a required appraisal loan. At any time an Appraisal is ordered with respect to a property that would result in appraisal reduction that would result in a change in the controlling class, certain certificateholders will have a right to request a new appraisal as described in the Free Writing Prospectus.
Age of Appraisals	Appraisals (which can be an update of a prior appraisal) are required to be no older than 9 months for purposes of determining appraisal reductions (other than the annual re-appraisal), market value, and other calculations as described in the Free Writing Prospectus.
Sale of Defaulted Loans	There will be no “Fair Market Value Purchase Option,” instead defaulted loans will be sold in a process similar to the sale process for REO property subject to the Controlling Class Representative’s right of first refusal with respect to the sale of defaulted loans. If a whole loan becomes a defaulted mortgage loan, the special servicer will be required to sell the companion loan together with the mortgage loan as one whole loan.
Cleanup Call	On any distribution date on which the aggregate unpaid principal balance of the mortgage loans remaining in the issuing entity is less than 1% of the aggregate principal balance of the pool of mortgage loans as of the Cut-off Date, certain specified persons will have the option to purchase all of the mortgage loans (and all property acquired through exercise of remedies in respect of any mortgage loan) remaining at the issuing entity at the price specified in the Free Writing Prospectus. Exercise of the option will terminate the issuing entity and retire the then-outstanding certificates. If the aggregate certificate principal amounts of the Class A-1, A-2, A-3, A-4, A-AB, A-S, B, C and D certificates and the notional amount of the Class X-A certificates have been reduced to zero and the master servicer is paid a fee specified in the pooling and servicing agreement, the issuing entity could also be terminated in connection with an exchange of all the then-outstanding certificates, including the Class X-B certificates (but excluding the Class S and Class R certificates), for the mortgage loans remaining in the issuing entity, but all of the holders of those classes of outstanding certificates would have to voluntarily participate in the exchange.

Tenant Name		Tenant Description
Citicorp		Citicorp is a major segment of Citigroup Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

Shook Hardy & Bacon LLP		Shook, Hardy & Bacon L.L.P. is an international law firm with a legacy spanning more than a century. Established in Kansas City in 1889, today the firm has grown to approximately 1,500 employees worldwide, with more than 470 attorneys and 200 research analysts and paraprofessionals. The firm has 10 offices strategically located in Geneva, Houston, Kansas City, London, Miami, Orange County, Philadelphia, San Francisco, Tampa, Florida, and Washington, D.C.
Shutts & Bowen LLP		Shutts & Bowen is a Florida-based law firm with more than 225 attorneys in six offices in the State of Florida.

Morgan Stanley Smith Barney		Morgan Stanley Smith Barney is a joint venture between Morgan Stanley (51%) and Citigroup (49%). Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals.

BNP Paribas		BNP Paribas SA is a France-based bank group with four core businesses: Retail Banking, Corporate & Investment Banking, Investment Solutions and Other Activities.

		TTM 3/31/2008		TTM 3/31/2009		TTM 3/31/2010		TTM 3/31/2011		TTM 3/31/2012
Base Rent per SF		NA		NA		$26.79		$31.30		$32.99

	TTM 3/31/2010	TTM 3/31/2011	TTM 5/31/2012(3)	Underwritten(2)		Underwritten $ per SF
Base Rent	$16,483,297	$19,847,410	$22,602,684	$24,189,249		$30.74
Contractual Rent Steps	0	0	0	1,666,020		2.12
Gross Up Vacancy	0	0	0	4,501,524		5.72
Total Rent	$16,483,297	$19,847,410	$22,602,684	$30,356,793		38.58
Total Reimbursables	1,265,454	1,158,225	0	992,096		1.26
Parking Income	1,463,102	1,611,855	1,687,889	1,751,399		2.23
Other Income(3)	813,392	323,075	260,662	173,995		0.22
Less Vacancy & Credit Loss	0	0	0	(4,702,333	)	(5.98	)
Effective Gross Income	$20,025,245	$22,940,565	$24,551,235	$28,571,950		$36.31

Total Operating Expenses	$11,278,395	$10,565,722	$9,103,335	$11,100,950		$14.11

Net Operating Income	$8,746,850	$12,374,843	$15,447,900	$17,471,000		$22.20
TI/LC	0	0	0	1,227,546		1.56
Capital Expenditures	0	0	0	199,973		0.25
Net Cash Flow	$8,746,850	$12,374,843	$15,447,900	$16,043,480		$20.39

	Miami Center	Wells Fargo Center(2)	Southeast Financial Center(2)	Miami Tower(2)	701 Brickell Avenue(2)	One Brickell Square(2)	One Biscayne Tower(2)
Year Built	1983	2010	1984	1987	1986	1985	1971
Total GLA	786,836	749,850	1,157,939	600,959	676,129	415,150	691,783
Total Occupancy	84%	43%	83%	85%	90%	90%	93%
Quoted Rent Rate per SF	$35.00-$55.00	$40.00-$42.00	$38.00-$47.00	$34.00-$39.00	$30.00-$44.00	$35.00-$42.50	$34.00-$36.00
Expense Basis	Full Service	Full Service	Full Service	Full Service	Full Service	Full Service	Base Stop

Tenant Name	Credit Rating (Fitch/MIS/S&P)	Tenant GLA	% of GLA		UW Base Rent	% of Total UW Base Rent		UW Base Rent $ per SF	Lease Expiration	Renewal / Extension Options
New York Film Academy(1)	NR / NR / NR	73,326	17.1	%	$2,401,099	15.9	%	$32.75	8/31/2027	1, 10-year option
Continental Stock Transfer(2)	NR / NR / NR	35,000	8.2		1,733,200	11.5		49.52	7/12/2017	NA
John V Lindsay Wildcat Service	NR / NR / NR	23,050	5.4		1,036,328	6.9		44.96	10/31/2017	NA
Wall Street Access, Inc.	NR / NR / NR	31,000	7.2		1,023,000	6.8		33.00	10/31/2018	NA
Securities Training Corp(3)	NR / NR / NR	31,000	7.2		868,000	5.8		28.00	2/28/2015	NA
CSA Central(4)	NR / NR / NR	14,120	3.3		619,727	4.1		43.89	6/30/2018	NA
Mcallister Towing	NR / NR / NR	15,146	3.5		534,957	3.5		35.32	10/31/2018	NA
International Longshoremen	NR / NR / NR	11,883	2.8		419,113	2.8		35.27	9/30/2019	NA
Nyack College(5)	NR / NR / NR	12,647	3.0		404,704	2.7		32.00	(5)	NA
David Evans and Associates	NR / NR / NR	7,723	1.8		362,131	2.4		46.89	2/29/2016	NA
Ten Largest Tenants		254,895	59.5	%	$9,402,259	62.3	%	$36.89
Remaining Tenants		169,362	39.5		5,686,014	37.7		33.57
Vacant		4,193	1.0		0	0.0		0.00
Total / Wtd. Avg. All Owned Tenants		428,450	100.0	%	$15,088,272	100.0	%	$35.56

Year Ending December 31,	Expiring Owned GLA	% of Owned GLA		Cumulative % of Owned GLA	UW Base Rent	% of Total UW Base Rent		UW Base Rent $ per SF	# of Expiring Tenants
MTM	3,748	0.9	%	0.9%	$6,000	0.0	%	$1.60	6
2012	43,799	10.2		11.1%	1,421,112	9.4		32.45	7
2013	28,694	6.7		17.8%	950,059	6.3		33.11	9
2014	28,004	6.5		24.3%	1,018,970	6.8		36.39	14
2015	39,794	9.3		33.6%	1,171,331	7.8		29.43	6
2016	40,202	9.4		43.0%	1,404,109	9.3		34.93	11
2017	87,366	20.4		63.4%	3,809,090	25.2		43.60	9
2018	60,266	14.1		77.5%	2,177,684	14.4		36.13	3
2019	16,433	3.8		81.3%	650,253	4.3		39.57	2
2020	2,625	0.6		81.9%	78,566	0.5		29.93	1
2021	0	0.0		81.9%	0	0.0		0.00	0
2022	0	0.0		81.9%	0	0.0		0.00	0
2023 & Thereafter(2)	73,326	17.1		99.0%	2,401,099	15.9		32.75	1
Vacant	4,193	1.0		100.0%	0	0.0		0.00	0
Total / Wtd. Avg.	428,450	100.0	%		$15,088,272	100.0	%	$35.56	69

Tenant	SF	Lease Begin	Lease Term (mos.)	Total Rent ($ per SF)	Tenant Improvements ($ per SF)
New York Film Academy(2)	73,326	May 2012	180	$32.75	$33.60
Command Security Corp.(3)	6,080	July 2012	120	$27.68	$5.00
Independent Review Board(3)	9,954	January 2013	36	$35.01	$5.00

	17 Battery Place South	11 Broadway(2)	26 Broadway(2)	39 Broadway(2)	50 Broadway(2)	61 Broadway(2)
Year Built	1903	1896	1922	1927	1927	1916
Total GLA	428,450	345,000	630,000	401,370	270.000	548,155
Total Occupancy	82%(3)	78%	84%	95%	91%	96%
Quoted Rent Rate per SF	$35.53	$26.00-$40.00	$35.00-$45.00	$32.00-$34.00	$32.00-$35.00	$33.00-$38.00
Expense Basis	Base Year	Base Year	Base Year	Base Year	Base Year	Base Year

Tenant Name	Credit Rating (Fitch/MIS/S&P)(1)	Tenant GLA		% of GLA			UW Base Rent		% of Total UW Base Rent			UW Base Rent $ per SF		Lease Expiration	Renewal / Extension Options
Conoco Phillips	A / A1 / A		210,735		44.7	%	$	5,194,900		53.4	%	$	24.65	7/31/2019	3, 5-year options
Aker Business Services Inc.(2)	NR / NR / NR		186,869		39.7			3,391,672		34.9			18.15	1/31/2020
Quorum Business Solutions(3)	NR / NR / NR		63,084		13.4			1,135,512		11.7			18.00	2/28/2020
Total Tenants			460,688		97.8	%	$	9,722,084		100.0	%	$	21.10
Remaining Tenants			0		0.0			0		0.0			0.00
Vacant			10,252		2.2			0		0.0			0.00
Total / Wtd. Avg. All Owned Tenants			470,940		100.0	%	$	9,722,084		100.0	%	$	21.10

Year Ending December 31,	Expiring Owned GLA		% of Owned GLA			Cumulative % of Owned GLA			UW Base Rent(2)		% of Total UW Base Rent(2)			UW Base Rent $ per SF(2)		# of Expiring Tenants
MTM		0		0.0	%		0.0	%	$	0		0.0	%	$	0.00		0
2012		0		0.0			0.0	%		0		0.0			0.00		0
2013		0		0.0			0.0	%		0		0.0			0.00		0
2014		0		0.0			0.0	%		0		0.0			0.00		0
2015		0		0.0			0.0	%		0		0.0			0.00		0
2016		0		0.0			0.0	%		0		0.0			0.00		0
2017		0		0.0			0.0	%		0		0.0			0.00		0
2018		0		0.0			0.0	%		0		0.0			0.00		0
2019		210,735		44.7			44.7	%		5,194,900		53.4			24.65		7
2020		249,953		53.1			97.8	%		4,527,184		46.6			18.11		7
2021		0		0.0			97.8	%		0		0.0			0.00		0
2022		0		0.0			97.8	%		0		0.0			0.00		0
2023 & Thereafter		0		0.0			97.8	%		0		0.0			0.00		0
Vacant		10,252		2.2			100.0	%		0		0.0			0.00		0
Total / Wtd. Avg.		470,940		100.0	%				$	9,722,084		100.0	%	$	21.10		14

			1998-2009				2010				2011			TTM 6/30/2012
Owned Space			100.0%				42.3%				54.0%				97.8%

	2011			TTM 3/31/2012			Underwritten(2)			Underwritten $ per SF
Base Rent(2)	$	1,149,476		$	1,840,748		$	8,411,053		$	17.86
Contractual Rent Steps		0			0			1,311,032			2.78
Gross Up Vacancy		0			0			100,000			0.21
Total Rent	$	1,149,476		$	1,840,748		$	9,822,084			20.86
Total Reimbursables		770,578			1,036,766			4,947,349			10.51
Parking Income		0			0			0			0.00
Other Income(3)		200,343			239,999			185,000			0.39
Less Vacancy & Credit Loss		0			0			(1,231,442	)		(2.61	)
Effective Gross Income	$	2,120,397		$	3,117,513		$	13,722,992		$	29.14

Total Operating Expenses	$	3,150,954		$	3,699,476		$	5,078,830		$	10.78

Net Operating Income	($	1,030,556	)	($	581,963	)	$	8,644,161		$	18.36
TI/LC		0			0			532,726			1.13
Capital Expenditures		0			0			94,188			0.20
Net Cash Flow	($	1,030,556	)	($	581,963	)	$	8,017,247		$	17.02

	Pinnacle at Westchase	City Centre Two(2)	Westchase Park(2)	One BriarLake Plaza(2)	Granite Westchase II(2)	2500 CityWest(2)	One Oak Park(2)
Year Built	1998	2009	2009	2000	2008	1982	2009
Total GLA	470,940	149,827	272,361	502,410	318,551	578,284	153,342
Total Occupancy	98%	100%	97%	100%	96%	93%	98%
Quoted Rent Rate per SF	NAP(3)	$28.00	$22.50	$26.50-$28.00	$24.00	$21.00-$25.00	$22.00
Expense Basis	NNN	NNN	NNN	NNN	NNN	NNN	NNN

	25 East Oak Street	Barney’s of New York	Prada Store	Lululemon Store
Address	25 East Oak Street	1-15 East Oak Street	30 East Oak Street	930 N. Rush Street
Distance from Subject	-	< 1 mile	< 1 mile	< 1 mile
Property Type	Retail	Retail	Retail	Retail
Year Built	1989	2009	1901	2009
Total GLA	38,445	99,000	10,967	2,397
Total Occupancy	90%	100%	100%	100%

	Plains Capital Towers	Ridglea Bank Building	University Centre I	Building 1200	One Ridgmar Centre
Year Built	1977 / 1980	1973 / 1993	1984	1974 / 1995	1986
Total GLA	425,040	181,601	99,267	120,496	177,199
Total Occupancy	90%	97%	89%	90%	94%
Quoted Rent Rate per SF	$17.50	$21.00	$22.00	$20.00	$21.50
Expense Basis	Gross + E	FSG	Gross + E	Gross + E	Gross + E

Tenant	Credit Rating (Fitch/MIS/S&P)(1)	Tenant GLA(2)	% of GLA		UW Base Rent	% of Total UW Base Rent		UW Base Rent $ per SF	Lease Expiration	Tenant Sales $ per SF	Occupancy Cost	Renewal / Extension Options
Sunflower Farmers Market	NR / NR / NR	32,952	37.8	%	$939,132	36.0	%	$28.50	6/30/2027	NA	NA	4, 5-year options
Pier 1 Imports	NR / NR / NR	12,228	14.0		371,487	14.2		30.38	2/28/2014	NA	NA	2, 5-year options
Beverages and More	NR / NR / NR	10,048	11.5		276,320	10.6		27.50	1/31/2022	NA	NA	3, 5-year options
Bank of America	A / Baa2 / A-	4,800	5.5		218,880	8.4		45.60	8/31/2022	NA	NA	4, 5-year options
Frankie, Johnny & Luigi’s	NR / NR / NR	6,736	7.7		199,777	7.7		29.66	3/31/2013	NA	NA	1, 5-year option
Chipotle Mexican Grill	NR / NR / NR	2,805	3.2		132,957	5.1		47.40	7/31/2019	NA	NA	4, 5-year options
Five Guys Burgers and Fries(3)	NR / NR / NR	2,280	2.6		101,232	3.9		44.40	10/31/2022	NA	NA	2, 5-year options
Amarin Thai Restaurant	NR / NR / NR	2,114	2.4		99,696	3.8		47.16	12/31/2017	NA	NA	1, 5-year option
Sole di Paradiso	NR / NR / NR	1,191	1.4		62,126	2.4		52.16	12/31/2012	NA	NA	NA
Postnet	NR / NR / NR	1,119	1.3		61,321	2.4		54.80	5/31/2013	NA	NA	1, 5-year option
Ten Largest Owned Tenants		76,273	87.5	%	$2,462,929	94.5	%	$32.29
Remaining Owned Tenants		3,733	4.3		144,277	5.5		38.65
Vacant Spaces (Owned Space)		7,194	8.3		0	0.0		0.00
Total / Wtd. Avg. All Owned Tenants		87,200	100.0	%	$2,607,206	100.0	%	$32.59

	2009	2010(2)	2011(2)	TTM 6/30/2012(2)
Owned Space	96.2%	79.4%	47.2%	48.5%

	2011(2)	TTM 3/31/2012(2)	Underwritten(3)		Underwritten $ per SF
Base Rent	$1,928,663	$1,933,905	$3,926,357		$20.89
Contractual Rent Steps	0	0	12,828		0.07
Gross Up Vacancy	0	0	146,878		0.78
Total Rent	$1,928,663	$1,933,905	$4,086,063		$21.74
Total Reimbursables	26,024	36,793	95,738		0.51
Other Income(4)	302,171	302,680	263,233		1.40
Less Vacancy & Credit Loss	0	0	(332,883	)	(1.77	)
Effective Gross Income	$2,256,858	$2,273,378	$4,112,152		$21.88

Total Operating Expenses	$1,447,789	$1,465,239	$1,734,015		$9.23

Net Operating Income	$809,069	$808,139	$2,378,137		$12.65
TI/LC	0	0	230,035		1.22
Capital Expenditures	0	0	28,189		0.15
Net Cash Flow	$809,069	$808,139	$2,119,913		$11.28

Property Name	Allocated Cut-off Date Balance	# of Units	Allocated Cut- off Date Balance / Unit	Year Built / Latest Renovation	Appraised Value	Appraisal Date
Briarwood Apartments	$10,817,522	284	$38,090	1965 / NAP	$14,440,000	5/25/2012
Heritage Green Apartments	10,652,712	232	45,917	1971 / NAP	14,220,000	5/25/2012
Total / Wtd. Avg.	$21,470,233	516	$41,609		$28,660,000

Unit Type	# of Units	Avg. SF / Unit	Monthly Market Rent / Unit	Yearly Market Rent	Monthly Actual Rent / Unit	Yearly Actual Rent
Briarwood Apartments
1 Bed / 1 Bath	60	685	$665	$478,800	$664	$478,080
2 Bed / 1 Bath	224	825	745	2,002,560	745	2,002,560
Heritage Green Apartments
1 Bed / 1 Bath	46	775	735	405,720	728	401,856
2 Bed / 1.5 Bath	170	980	833	1,699,320	833	1,699,320
3 Bed / 2 Bath	16	1,300	985	189,120	989	189,888
Total / Wtd. Avg.	516	870	$771	$4,775,520	$771	$4,771,704

Unit Type	Renovated	# of Units	Average SF per Unit	Monthly Market Rent per Unit(1)	Yearly Market Rent(1)	Monthly Actual Rent Per Unit(1)	Yearly Actual Rent(1)
2 BR 1 BA	No	1	1,700	$734	$8,808	$1,120	$13,440
2 BR 2 BA	No	136	1,570	843	10,116	989	11,869
2 BR 2 BA	No	184	1,570	1,065	12,781	1,025	12,304
2 BR 2 BA	No	44	1,795	1,344	16,131	1,412	16,938
2 BR 2 BA	No	51	2,003	1,526	18,315	1,566	18,790
3 BR 1 BA	No	1	1,800	884	10,608	1,520	18,240
3 BR 2 BA	No	32	2,225	1,680	20,163	1,554	18,646
3 BR 2 BA	No	67	2,606	1,832	21,982	1,751	21,007
Total/Wtd. Avg		516	1,808	$1,213	$14,552	$1,228	$14,738