0001539497-24-002474.txt : 20241119 0001539497-24-002474.hdr.sgml : 20241119 20241119160518 ACCESSION NUMBER: 0001539497-24-002474 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20241119 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20241119 DATE AS OF CHANGE: 20241119 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00521 FILM NUMBER: 241476007 BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00521 BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 ABS-15G 1 n4667_x1-abs15g.htm ABS-15G

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM ABS-15G

 

ASSET-BACKED SECURITIZER

REPORT PURSUANT TO SECTION 15G OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Check the appropriate box to indicate the filing obligation which this form is intended to satisfy:

          Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

______________________________________________________________________

(Name and telephone number, including area code, of the person to contact in connection with this filing)

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

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

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

 

 

    X    Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2) 

Central Index Key Number of depositor: 0001258361

 

KSL Commercial Mortgage Trust 2024-HT2
______________________________________________________________________________________

(Exact name of issuing entity as specified in its charter)

 

Central Index Key Number of issuing entity: Not applicable

Central Index Key Number of underwriter: Not applicable

 

Richard Simpson, Citigroup Commercial Mortgage Securities Inc., (212) 816-5343
______________________________________________________________________________________

(Name and telephone number, including area code, of the person to contact in connection with this filing)

   

 

 

PART II – FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

 

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer.

See Independent Accountants’ Agreed-Upon Procedures Report, dated November 19, 2024, which was obtained by the depositor, attached as Exhibit 99.1 to this Form ABS-15G.

 

Item 2.02 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Underwriter.

Not Applicable

 

 

Exhibits.

 

99.1       Independent Accountants’ Agreed-Upon Procedures Report, dated November 19, 2024.

   

 

SIGNATURES

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

 

Date: November 19, 2024

 

Citigroup Commercial Mortgage Securities Inc.

(Depositor)

 

/s/ Richard Simpson

Name: Richard Simpson
Title: President

 

   

 

EXHIBIT INDEX

 

Exhibit Number Description
   
Exhibit 99.1 Independent Accountants’ Agreed-Upon Procedures Report, dated November 19, 2024.

 

   

 EX-99.1 2 exh99-1.htm INDEPENDENT ACCOUNTANTS' AGREED-UPON PROCEDURES REPORT, DATED NOVEMBER 19, 2024

Exhibit 99.1

 

 
  KPMG LLP
Suite 900
8350 Broad Street
McLean, VA 22102

 

 

 

Independent Accountants’ Agreed-Upon Procedures Report

 

Citigroup Commercial Mortgage Securities Inc.
Citi Real Estate Funding Inc.

(together, the “Company”)
Citigroup Global Markets Inc.

Wells Fargo Bank, National Association
Wells Fargo Securities, LLC
(collectively, the “Specified Parties”):

 

Re: KSL Commercial Mortgage Trust 2024-HT2 – Data File Procedures

 

We have performed the procedures described below on the specified attributes in an electronic data file entitled “KSL 2024-HT2_Accounting Tape_Final.xlsx” provided by the Company on November 19, 2024 (the “Data File”), containing information on one mortgage loan (the “Mortgage Loan”) and 13 related mortgaged properties (the “Mortgaged Properties”) as of December 9, 2024 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by KSL Commercial Mortgage Trust 2024-HT2, Commercial Mortgage Pass-Through Certificates, Series 2024-HT2 (the “Certificates”). The Company is responsible for the specified attributes identified by the Company in the Data File.

 

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

 

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

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

 

·The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.
·The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.
·The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.
·The term "Provided by the Company”, when used in the “Source Document(s)” column of Attachment A, means we were instructed by the Company to assume the attribute is accurate and not perform any procedure.

 

  KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.  

   

 

 

·The term “Loan Files” means the electronic copies of source documents provided by the Company and listed in Attachment A. Where the term “Draft” is used, it means source documents provided by the Company and listed in the Attachment A are in draft form and are not executed with signatures as of the date of this report. We make no representation regarding the validity or accuracy of any of the source documents.
·The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A.
·The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B.
·The term “Assumed One-month Term SOFR” means the rate of 4.59921% which we were instructed to use by the Company where applicable in the Calculation Methodology.
·The term “Mortgage Loan Spread” means the spread of 2.85000% which we were instructed to use by the Company where applicable in the Calculation Methodology.
·The term “Mezzanine Loan Spread” means the spread of 6.99000% which we were instructed to use by the Company where applicable in the Calculation Methodology.
·The term “Calculation Methodology” means the formula listed in the Calculation Methodology field of the Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.
·The term “Provided Information” means the Cut-off Date, Loan Files, Assumed One-month Term SOFR, Mortgage Loan Spread, Mezzanine Loan Spread and Calculation Methodology.

 

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Company. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

 

A.For the Mortgage Loan and Mortgaged Properties included in the Data File, we compared the Compared Attributes in the Data File (except for those with “Provided by the Company” in the “Source Document(s)” column of Attachment A) to the corresponding information included in the Loan Files. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, constituted an exception, except for those Compared Attributes with “Provided by the Company” in the “Source Document(s)” column of Attachment A. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column of Attachment A, with the highest priority document listed first.
B.For the Mortgage Loan and Mortgaged Properties included in the Data File, we recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, and (ii) the Calculation Methodology.

We found such information to be in agreement without exception.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively,

 2 

 

 

on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company,

(ii) the physical existence of the Mortgage Loan and related Mortgaged Properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

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

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

 

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/KPMG LLP

McLean, Virginia
November 19, 2024

 3 

 

 

ATTACHMENT A

 

COMPARED ATTRIBUTES

 

 

Attribute Source Document(s)
Property ID Provided by the Company
Property Rank Provided by the Company
Pool Identifier Provided by the Company
Property Name Provided by the Company
Property Type Appraisal Report
Property Sub-Type Appraisal Report
Address Appraisal Report, Engineering Report
City Appraisal Report, Engineering Report
County Appraisal Report, Engineering Report
State Appraisal Report, Engineering Report
Zip Appraisal Report, Engineering Report
Market Market Schedule
Year Built Appraisal Report, Engineering Report
Year Renovated Appraisal Report, Engineering Report
Scale Underwriting File
Franchise Flag Terms Flag Franchise Agreement
Franchise Flag Terms Franchise Brand Franchise Agreement
Franchise Flag Terms Flag Term Remaining Franchise Agreement
Franchise Flag Terms Fees Franchise Agreement
Property Manager Management Agreement
Labor Underwriting File
Total Units Underwriting File
Unit of Measure Underwriting File
Occupancy (%) Underwriting File
Occupancy Date Underwriting File
Ownership Interest Title Policy
 A-1 

 

ATTACHMENT A

 

Attribute Source Document(s)
Mortgage Loan Closing Date Balance Draft Loan Agreement
Mortgage Loan Maturity Date Balance Draft Loan Agreement
Mezzanine Loan Closing Date Balance Draft Loan Agreement
Mezzanine Loan Maturity Date Balance Draft Loan Agreement
Individual As-Is Appraised Value Date Appraisal
Individual As-Is Appraised Value Appraisal
Individual Stabilized Appraised Value Date Appraisal
Individual Stabilized Appraised Value Appraisal
Portfolio Appraised Value Date Appraisal
Portfolio Appraised Value Appraisal
Portfolio Appraised Value Premium Appraisal
Portfolio Stabilized Appraised Value Date Appraisal
Portfolio Stabilized Appraised Value Appraisal
Portfolio Stabilized Appraised Value Premium Appraisal
Engineering Report Provider Engineering Report
Engineering Report Date Engineering Report
Environmental Report Provider Environmental Report
Environmental Report Date Environmental Report
Phase II Recommended? Environmental Report
Seismic Zone Seismic Report, Engineering Report
PML % Seismic Report, Engineering Report
Origination Date Provided by the Company
Term SOFR Lookback Days Draft Loan Agreement
Term SOFR Cap Rate Cap Bid Package
Term SOFR Cap Expiration Date Rate Cap Bid Package
Interest Calculation (30/360 / Actual/360) Draft Loan Agreement
Amort Type Draft Loan Agreement
 A-2 

 

ATTACHMENT A

 

Attribute Source Document(s)
Grace Period Draft Loan Agreement
First Loan Payment Date Draft Loan Agreement
Original Amortization Term (Months) Draft Loan Agreement
Original IO Term (Months) Draft Loan Agreement
Initial Maturity Date Draft Loan Agreement
Floating Rate Component Extensions Draft Loan Agreement
Fully Extended Maturity Date Draft Loan Agreement
Lockbox Draft Loan Agreement
Cash Management Type Draft Loan Agreement
Cash Management Trigger Draft Loan Agreement
Administrative Fee Rate (%) Admin Fee Schedule
Floating Rate Component Prepayment Provision Draft Loan Agreement
Partial Release Allowed? Draft Loan Agreement
Property Release Description Draft Loan Agreement
Initial Tax Escrow Draft Loan Agreement
Ongoing Tax Escrow Monthly Draft Loan Agreement
Tax Escrow Springing Conditions Draft Loan Agreement
Initial Insurance Escrow Draft Loan Agreement
Ongoing Insurance Escrow Monthly Draft Loan Agreement
Insurance Escrow Springing Conditions Draft Loan Agreement
Initial Immediate Repairs Escrow Draft Loan Agreement
Initial FF&E Escrow Draft Loan Agreement
Ongoing FF&E Escrow Monthly Draft Loan Agreement
FF&E Escrow Springing Conditions Draft Loan Agreement
Initial PIP Letter of Credit Draft Loan Agreement
Ongoing PIP Escrow Monthly Draft Loan Agreement
PIP Escrow Springing Conditions Draft Loan Agreement
 A-3 

 

ATTACHMENT A

 

Attribute Source Document(s)
Initial Other Escrow Draft Loan Agreement
Ongoing Other Escrow Monthly Draft Loan Agreement
Ongoing Other Escrow Springing Condition Draft Loan Agreement
Other Escrow Description Draft Loan Agreement
Available Room Nights 2018 Underwriting File
Available Room Nights 2019 Underwriting File
Available Room Nights 2020 Underwriting File
Available Room Nights 2021 Underwriting File
Available Room Nights 2022 Underwriting File
Available Room Nights 2023 Underwriting File
Available Room Nights September 2024 TTM Underwriting File
Available Room Nights September 2024 Sponsor Reforecast Underwriting File
Available Room Nights UW Underwriting File
Occupied Room Nights 2018 Underwriting File
Occupied Room Nights 2019 Underwriting File
Occupied Room Nights 2020 Underwriting File
Occupied Room Nights 2021 Underwriting File
Occupied Room Nights 2022 Underwriting File
Occupied Room Nights 2023 Underwriting File
Occupied Room Nights September 2024 TTM Underwriting File
Occupied Room Nights September 2024 Sponsor Reforecast Underwriting File
Occupied Room Nights UW Underwriting File
Occupancy 2018 Underwriting File
Occupancy 2019 Underwriting File
Occupancy 2020 Underwriting File
Occupancy 2021 Underwriting File
Occupancy 2022 Underwriting File
 A-4 

 

ATTACHMENT A

 

Attribute Source Document(s)
Occupancy 2023 Underwriting File
Occupancy September 2024 TTM Underwriting File
Occupancy September 2024 Sponsor Reforecast Underwriting File
Occupancy UW Underwriting File
ADR 2018 Underwriting File
ADR 2019 Underwriting File
ADR 2020 Underwriting File
ADR 2021 Underwriting File
ADR 2022 Underwriting File
ADR 2023 Underwriting File
ADR September 2024 TTM Underwriting File
ADR September 2024 Sponsor Reforecast Underwriting File
ADR UW Underwriting File
RevPAR 2018 Underwriting File
RevPAR 2019 Underwriting File
RevPAR 2020 Underwriting File
RevPAR 2021 Underwriting File
RevPAR 2022 Underwriting File
RevPAR 2023 Underwriting File
RevPAR September 2024 TTM Underwriting File
RevPAR September 2024 Sponsor Reforecast Underwriting File
RevPAR UW Underwriting File
Occupancy Penetration 2019 Underwriting File, STR Report
Occupancy Penetration 2020 Underwriting File, STR Report
Occupancy Penetration 2021 Underwriting File, STR Report
Occupancy Penetration 2022 Underwriting File, STR Report
Occupancy Penetration 2023 Underwriting File, STR Report
 A-5 

 

ATTACHMENT A

 

Attribute Source Document(s)
Occupancy Penetration September 2024 TTM Underwriting File, STR Report
ADR Penetration 2019 Underwriting File, STR Report
ADR Penetration 2020 Underwriting File, STR Report
ADR Penetration 2021 Underwriting File, STR Report
ADR Penetration 2022 Underwriting File, STR Report
ADR Penetration 2023 Underwriting File, STR Report
ADR Penetration September 2024 TTM Underwriting File, STR Report
RevPAR Penetration 2019 Underwriting File, STR Report
RevPAR Penetration 2020 Underwriting File, STR Report
RevPAR Penetration 2021 Underwriting File, STR Report
RevPAR Penetration 2022 Underwriting File, STR Report
RevPAR Penetration 2023 Underwriting File, STR Report
RevPAR Penetration September 2024 TTM Underwriting File, STR Report
Rooms Revenue 2018 Underwriting File
Rooms Revenue 2019 Underwriting File
Rooms Revenue 2020 Underwriting File
Rooms Revenue 2021 Underwriting File
Rooms Revenue 2022 Underwriting File
Rooms Revenue 2023 Underwriting File
Rooms Revenue September 2024 TTM Underwriting File
Rooms Revenue September 2024 Sponsor Reforecast Underwriting File
Rooms Revenue UW Underwriting File
F&B Revenue 2018 Underwriting File
F&B Revenue 2019 Underwriting File
F&B Revenue 2020 Underwriting File
F&B Revenue 2021 Underwriting File
F&B Revenue 2022 Underwriting File
 A-6 

 

ATTACHMENT A

 

Attribute Source Document(s)
F&B Revenue 2023 Underwriting File
F&B Revenue September 2024 TTM Underwriting File
F&B Revenue September 2024 Sponsor Reforecast Underwriting File
F&B Revenue UW Underwriting File
Other Departmental Income 2018 Underwriting File
Other Departmental Income 2019 Underwriting File
Other Departmental Income 2020 Underwriting File
Other Departmental Income 2021 Underwriting File
Other Departmental Income 2022 Underwriting File
Other Departmental Income 2023 Underwriting File
Other Departmental Income September 2024 TTM Underwriting File
Other Departmental Income September 2024 Sponsor Reforecast Underwriting File
Other Departmental Income UW Underwriting File
Total Revenue 2018 Underwriting File
Total Revenue 2019 Underwriting File
Total Revenue 2020 Underwriting File
Total Revenue 2021 Underwriting File
Total Revenue 2022 Underwriting File
Total Revenue 2023 Underwriting File
Total Revenue September 2024 TTM Underwriting File
Total Revenue September 2024 Sponsor Reforecast Underwriting File
Total Revenue UW Underwriting File
Rooms Expense 2018 Underwriting File
Rooms Expense 2019 Underwriting File
Rooms Expense 2020 Underwriting File
Rooms Expense 2021 Underwriting File
 A-7 

 

ATTACHMENT A

 

Attribute Source Document(s)
Rooms Expense 2022 Underwriting File
Rooms Expense 2023 Underwriting File
Rooms Expense September 2024 TTM Underwriting File
Rooms Expense September 2024 Sponsor Reforecast Underwriting File
Rooms Expense UW Underwriting File
F&B Expense 2018 Underwriting File
F&B Expense 2019 Underwriting File
F&B Expense 2020 Underwriting File
F&B Expense 2021 Underwriting File
F&B Expense 2022 Underwriting File
F&B Expense 2023 Underwriting File
F&B Expense September 2024 TTM Underwriting File
F&B Expense September 2024 Sponsor Reforecast Underwriting File
F&B Expense UW Underwriting File
Other Departmental Expense 2018 Underwriting File
Other Departmental Expense 2019 Underwriting File
Other Departmental Expense 2020 Underwriting File
Other Departmental Expense 2021 Underwriting File
Other Departmental Expense 2022 Underwriting File
Other Departmental Expense 2023 Underwriting File
Other Departmental Expense September 2024 TTM Underwriting File
Other Departmental Expense September 2024 Sponsor Reforecast Underwriting File
Other Departmental Expense UW Underwriting File
Total Departmental Expenses 2018 Underwriting File
Total Departmental Expenses 2019 Underwriting File
Total Departmental Expenses 2020 Underwriting File
 A-8 

 

ATTACHMENT A

 

Attribute Source Document(s)
Total Departmental Expenses 2021 Underwriting File
Total Departmental Expenses 2022 Underwriting File
Total Departmental Expenses 2023 Underwriting File
Total Departmental Expenses September 2024 TTM Underwriting File
Total Departmental Expenses September 2024 Sponsor Reforecast Underwriting File
Total Departmental Expenses UW Underwriting File
Departmental Profit 2018 Underwriting File
Departmental Profit 2019 Underwriting File
Departmental Profit 2020 Underwriting File
Departmental Profit 2021 Underwriting File
Departmental Profit 2022 Underwriting File
Departmental Profit 2023 Underwriting File
Departmental Profit September 2024 TTM Underwriting File
Departmental Profit September 2024 Sponsor Reforecast Underwriting File
Departmental Profit UW Underwriting File
General and Administrative 2018 Underwriting File
General and Administrative 2019 Underwriting File
General and Administrative 2020 Underwriting File
General and Administrative 2021 Underwriting File
General and Administrative 2022 Underwriting File
General and Administrative 2023 Underwriting File
General and Administrative September 2024 TTM Underwriting File
General and Administrative September 2024 Sponsor Reforecast Underwriting File
General and Administrative UW Underwriting File
IT 2018 Underwriting File
IT 2019 Underwriting File
 A-9 

 

ATTACHMENT A

 

Attribute Source Document(s)
IT 2020 Underwriting File
IT 2021 Underwriting File
IT 2022 Underwriting File
IT 2023 Underwriting File
IT September 2024 TTM Underwriting File
IT September 2024 Sponsor Reforecast Underwriting File
IT UW Underwriting File
Sales & Marketing 2018 Underwriting File
Sales & Marketing 2019 Underwriting File
Sales & Marketing 2020 Underwriting File
Sales & Marketing 2021 Underwriting File
Sales & Marketing 2022 Underwriting File
Sales & Marketing 2023 Underwriting File
Sales & Marketing September 2024 TTM Underwriting File
Sales & Marketing September 2024 Sponsor Reforecast Underwriting File
Sales & Marketing UW Underwriting File
R&M 2018 Underwriting File
R&M 2019 Underwriting File
R&M 2020 Underwriting File
R&M 2021 Underwriting File
R&M 2022 Underwriting File
R&M 2023 Underwriting File
R&M September 2024 TTM Underwriting File
R&M September 2024 Sponsor Reforecast Underwriting File
R&M UW Underwriting File
Utilities 2018 Underwriting File
Utilities 2019 Underwriting File
 A-10 

 

ATTACHMENT A

 

Attribute Source Document(s)
Utilities 2020 Underwriting File
Utilities 2021 Underwriting File
Utilities 2022 Underwriting File
Utilities 2023 Underwriting File
Utilities September 2024 TTM Underwriting File
Utilities September 2024 Sponsor Reforecast Underwriting File
Utilities UW Underwriting File
Total Undistributed Expenses 2018 Underwriting File
Total Undistributed Expenses 2019 Underwriting File
Total Undistributed Expenses 2020 Underwriting File
Total Undistributed Expenses 2021 Underwriting File
Total Undistributed Expenses 2022 Underwriting File
Total Undistributed Expenses 2023 Underwriting File
Total Undistributed Expenses September 2024 TTM Underwriting File
Total Undistributed Expenses September 2024 Sponsor Reforecast Underwriting File
Total Undistributed Expenses UW Underwriting File
Gross Operating Profit 2018 Underwriting File
Gross Operating Profit 2019 Underwriting File
Gross Operating Profit 2020 Underwriting File
Gross Operating Profit 2021 Underwriting File
Gross Operating Profit 2022 Underwriting File
Gross Operating Profit 2023 Underwriting File
Gross Operating Profit September 2024 TTM Underwriting File
Gross Operating Profit September 2024 Sponsor Reforecast Underwriting File
Gross Operating Profit UW Underwriting File
Franchise Fees 2018 Underwriting File
 A-11 

 

ATTACHMENT A

 

Attribute Source Document(s)
Franchise Fees 2019 Underwriting File
Franchise Fees 2020 Underwriting File
Franchise Fees 2021 Underwriting File
Franchise Fees 2022 Underwriting File
Franchise Fees 2023 Underwriting File
Franchise Fees September 2024 TTM Underwriting File
Franchise Fees September 2024 Sponsor Reforecast Underwriting File
Franchise Fees UW Underwriting File
Management Fees 2018 Underwriting File
Management Fees 2019 Underwriting File
Management Fees 2020 Underwriting File
Management Fees 2021 Underwriting File
Management Fees 2022 Underwriting File
Management Fees 2023 Underwriting File
Management Fees September 2024 TTM Underwriting File
Management Fees September 2024 Sponsor Reforecast Underwriting File
Management Fees UW Underwriting File
Income Before Fixed Charges 2018 Underwriting File
Income Before Fixed Charges 2019 Underwriting File
Income Before Fixed Charges 2020 Underwriting File
Income Before Fixed Charges 2021 Underwriting File
Income Before Fixed Charges 2022 Underwriting File
Income Before Fixed Charges 2023 Underwriting File
Income Before Fixed Charges September 2024 TTM Underwriting File
Income Before Fixed Charges September 2024 Sponsor Reforecast Underwriting File
Income Before Fixed Charges UW Underwriting File
 A-12 

 

ATTACHMENT A

 

Attribute Source Document(s)
Taxes 2018 Underwriting File
Taxes 2019 Underwriting File
Taxes 2020 Underwriting File
Taxes 2021 Underwriting File
Taxes 2022 Underwriting File
Taxes 2023 Underwriting File
Taxes September 2024 TTM Underwriting File
Taxes September 2024 Sponsor Reforecast Underwriting File
Taxes UW Underwriting File
Insurance 2018 Underwriting File
Insurance 2019 Underwriting File
Insurance 2020 Underwriting File
Insurance 2021 Underwriting File
Insurance 2022 Underwriting File
Insurance 2023 Underwriting File
Insurance September 2024 TTM Underwriting File
Insurance September 2024 Sponsor Reforecast Underwriting File
Insurance UW Underwriting File
Ground / Building Rent 2018 Underwriting File
Ground / Building Rent 2019 Underwriting File
Ground / Building Rent 2020 Underwriting File
Ground / Building Rent 2021 Underwriting File
Ground / Building Rent 2022 Underwriting File
Ground / Building Rent 2023 Underwriting File
Ground / Building Rent September 2024 TTM Underwriting File
Ground / Building Rent September 2024 Sponsor Reforecast Underwriting File
Ground / Building Rent UW Underwriting File
 A-13 

 

ATTACHMENT A

 

Attribute Source Document(s)
Other Fixed Expenses 2018 Underwriting File
Other Fixed Expenses 2019 Underwriting File
Other Fixed Expenses 2020 Underwriting File
Other Fixed Expenses 2021 Underwriting File
Other Fixed Expenses 2022 Underwriting File
Other Fixed Expenses 2023 Underwriting File
Other Fixed Expenses September 2024 TTM Underwriting File
Other Fixed Expenses September 2024 Sponsor Reforecast Underwriting File
Other Fixed Expenses UW Underwriting File
Total Fixed and Other Expenses 2018 Underwriting File
Total Fixed and Other Expenses 2019 Underwriting File
Total Fixed and Other Expenses 2020 Underwriting File
Total Fixed and Other Expenses 2021 Underwriting File
Total Fixed and Other Expenses 2022 Underwriting File
Total Fixed and Other Expenses 2023 Underwriting File
Total Fixed and Other Expenses September 2024 TTM Underwriting File
Total Fixed and Other Expenses September 2024 Sponsor Reforecast Underwriting File
Total Fixed and Other Expenses UW Underwriting File
Net Operating Income 2018 Underwriting File
Net Operating Income 2019 Underwriting File
Net Operating Income 2020 Underwriting File
Net Operating Income 2021 Underwriting File
Net Operating Income 2022 Underwriting File
Net Operating Income 2023 Underwriting File
Net Operating Income September 2024 TTM Underwriting File
Net Operating Income September 2024 Sponsor Reforecast Underwriting File
 A-14 

 

ATTACHMENT A

 

Attribute Source Document(s)
Net Operating Income UW Underwriting File
FF&E 2018 Underwriting File
FF&E 2019 Underwriting File
FF&E 2020 Underwriting File
FF&E 2021 Underwriting File
FF&E 2022 Underwriting File
FF&E 2023 Underwriting File
FF&E September 2024 TTM Underwriting File
FF&E September 2024 Sponsor Reforecast Underwriting File
FF&E UW Underwriting File
Net Cash Flow 2018 Underwriting File
Net Cash Flow 2019 Underwriting File
Net Cash Flow 2020 Underwriting File
Net Cash Flow 2021 Underwriting File
Net Cash Flow 2022 Underwriting File
Net Cash Flow 2023 Underwriting File
Net Cash Flow September 2024 TTM Underwriting File
Net Cash Flow September 2024 Sponsor Reforecast Underwriting File
Net Cash Flow UW Underwriting File
Ground / Building Rent 2022 Underwriting File
Ground / Building Rent 2023 Underwriting File
Ground / Building Rent September 2024 TTM Underwriting File
Ground / Building Rent September 2024 Sponsor Reforecast Underwriting File
Ground / Building Rent UW Underwriting File
Other Fixed Expenses 2018 Underwriting File
Other Fixed Expenses 2019 Underwriting File
Other Fixed Expenses 2020 Underwriting File
 A-15 

 

ATTACHMENT A

 

Attribute Source Document(s)
Other Fixed Expenses 2021 Underwriting File
Other Fixed Expenses 2022 Underwriting File
Other Fixed Expenses 2023 Underwriting File
Other Fixed Expenses September 2024 TTM Underwriting File
Other Fixed Expenses September 2024 Sponsor Reforecast Underwriting File
Other Fixed Expenses UW Underwriting File
Total Fixed and Other Expenses 2018 Underwriting File
Total Fixed and Other Expenses 2019 Underwriting File
Total Fixed and Other Expenses 2020 Underwriting File
Total Fixed and Other Expenses 2021 Underwriting File
Total Fixed and Other Expenses 2022 Underwriting File
Total Fixed and Other Expenses 2023 Underwriting File
Total Fixed and Other Expenses September 2024 TTM Underwriting File
Total Fixed and Other Expenses September 2024 Sponsor Reforecast Underwriting File
Total Fixed and Other Expenses UW Underwriting File
Net Operating Income 2018 Underwriting File
Net Operating Income 2019 Underwriting File
Net Operating Income 2020 Underwriting File
Net Operating Income 2021 Underwriting File
Net Operating Income 2022 Underwriting File
Net Operating Income 2023 Underwriting File
Net Operating Income September 2024 TTM Underwriting File
Net Operating Income September 2024 Sponsor Reforecast Underwriting File
Net Operating Income UW Underwriting File
FF&E 2018 Underwriting File
FF&E 2019 Underwriting File
 A-16 

 

ATTACHMENT A

 

Attribute Source Document(s)
FF&E 2020 Underwriting File
FF&E 2021 Underwriting File
FF&E 2022 Underwriting File
FF&E 2023 Underwriting File
FF&E September 2024 TTM Underwriting File
FF&E September 2024 Sponsor Reforecast Underwriting File
FF&E UW Underwriting File
Net Cash Flow 2018 Underwriting File
Net Cash Flow 2019 Underwriting File
Net Cash Flow 2020 Underwriting File
Net Cash Flow 2021 Underwriting File
Net Cash Flow 2022 Underwriting File
Net Cash Flow 2023 Underwriting File
Net Cash Flow September 2024 TTM Underwriting File
Net Cash Flow September 2024 Sponsor Reforecast Underwriting File
Net Cash Flow UW Underwriting File
 A-17 

 

ATTACHMENT B

 

RECOMPUTED ATTRIBUTES

 

Attribute Calculation Methodology
Flag Term Remaining Flag Expiration Date minus Cut-off Date, then divide by 365
Mortgage Loan Closing Date Balance per Key Mortgage Loan Closing Date Balance divided by Total Units
% of Mortgage Loan Closing Date Balance Mortgage Loan Closing Date Balance divided by the aggregate sum of each Mortgage Loan Closing Date Balance
Mezzanine Loan Closing Date Balance per Key Mezzanine Loan Closing Date Balance divided by Total Units
Total Loan Closing Date Balance per Key Total Loan Closing Date Balance divided by Total Units
Individual As-Is Appraised Value per Key Individual As-Is Appraised Value divided by Total Units
Individual Stabilized Appraised Value per Key Individual Stabilized Appraised Value divided by Total Units
Portfolio Appraised Value per Key Portfolio Appraised Value divided by Total Units
Portfolio Stabilized Appraised Value per Key Portfolio Stabilized Appraised Value divided by Total Units
Mortgage Loan Interest Rate at Term SOFR Cap Mortgage Loan Spread plus Term SOFR Cap
Monthly Mortgage Loan Debt Service Payment Annual Mortgage Loan Debt Service Payment divided by 12
Annual Mortgage Loan Debt Service Payment Product of i) sum of a) Mortgage Loan Spread and b) Assumed One-month Term SOFR, ii) Mortgage Loan Closing Date Balance, and iii) Interest Calculation (30/360 / Actual/360)
Monthly Mortgage Loan Debt Service Payment at Term SOFR Cap Annual Mortgage Loan Debt Service Payment at Term SOFR Cap divided by 12
Annual Mortgage Loan Debt Service Payment at Term SOFR Cap Product of i) Mortgage Loan Interest Rate at Term SOFR Cap, ii) Mortgage Loan Closing Date Balance, and iii) Interest Calculation (30/360 / Actual/360)
Seasoning Number of payments between and including the First Loan Payment Date and the Cut-off Date
Original Term to Maturity (Months) Number of payments between and including First Loan Payment Date and Initial Maturity Date
 B-1 

 

ATTACHMENT B

 

Attribute Calculation Methodology
Remaining Term to Maturity (Months) Original Term to Maturity (Months) minus Seasoning
Remaining Amortization Term (Months) Original Amortization Term (Months) minus Seasoning
Total Loan Closing Date Balance Mortgage Loan Closing Date Balance plus Mezzanine Loan Closing Date Balance
% of Total Loan Closing Date Balance Total Loan Closing Date Balance divided by the aggregate sum of each Total Loan Closing Date Balance
% of Mezzanine Loan Closing Date Balance Mezzanine Loan Closing Date Balance divided by the aggregate sum of each Mezzanine Loan Closing Date Balance
Total Loan Maturity Date Balance Mortgage Loan Maturity Date Balance plus Mezzanine Loan Maturity Date Balance
Mezzanine Loan Interest Rate at Term SOFR Cap Mezzanine Loan Spread plus Term SOFR Cap
Monthly Mezzanine Loan Debt Service Payment Annual Mezzanine Loan Debt Service Payment divided by 12
Annual Mezzanine Loan Debt Service Payment Mezzanine Loan Closing Date Balance multiplied by the sum of Assumed One-month Term SOFR and Mezzanine Loan Spread multiplied by 365/360
Monthly Mezzanine Loan Debt Service Payment at Term SOFR Cap Annual Mezzanine Loan Debt Service Payment at Term SOFR Cap divided by 12
Annual Mezzanine Loan Debt Service Payment at Term SOFR Cap Mezzanine Loan Closing Date Balance multiplied by the sum of Mezzanine Loan Spread and Term SOFR Cap multiplied by 365/360
Monthly Total Loan Debt Service Payment Monthly Mortgage Loan Debt Service Payment plus Monthly Mezzanine Loan Debt Service Payment
Annual Total Loan Debt Service Payment Annual Mortgage Loan Debt Service Payment plus Annual Mezzanine Loan Debt Service Payment
Monthly Total Loan Debt Service Payment at Term SOFR Cap Monthly Mezzanine Loan Debt Service Payment at Term SOFR Cap plus Monthly Mortgage Loan Debt Service Payment at Term SOFR Cap
Annual Total Loan Debt Service Payment at Term SOFR Cap Annual Mezzanine Loan Debt Service Payment at Term SOFR Cap plus Annual Mortgage Loan Debt Service Payment at Term SOFR Cap
Remaining IO Term (Months) Original IO Term (Months) minus Seasoning
 B-2 

 

ATTACHMENT B

 

Attribute Calculation Methodology
Mortgage Loan Closing Date LTV (Aggregate As-is Values) Mortgage Loan Closing Date Balance divided by Individual As-Is Appraised Value

 

Mortgage Loan Balloon LTV (Aggregate As-is Values)

 Mortgage Loan Maturity Date Balance divided by Individual As-Is Appraised Value
Mortgage Loan Closing Date LTV (Aggregate Stabilized Values) Mortgage Loan Closing Date Balance divided by Individual Stabilized Appraised Value
Mortgage Loan Balloon LTV (Aggregate Stabilized Values) Mortgage Loan Maturity Date Balance divided by Individual Stabilized Appraised Value

 

Mortgage Loan Closing Date LTV (Portfolio Value)

 Mortgage Loan Closing Date Balance divided by Portfolio Appraised Value

 

Mortgage Loan Balloon LTV (Portfolio Value)

 Mortgage Loan Maturity Date Balance divided by Portfolio Appraised Value
Total Loan Closing Date LTV (Aggregate As-is Values) Total Loan Closing Date Balance divided by Individual As-Is Appraised Value

 

Total Loan Balloon LTV (Aggregate As-is Values)

 Total Loan Closing Date Balance divided by Individual As-Is Appraised Value
Total Loan Closing Date LTV (Aggregate Stabilized Values) Total Loan Closing Date Balance divided by Individual Stabilized Appraised Value
Total Loan Balloon LTV (Aggregate Stabilized Values) Total Loan Closing Date Balance divided by Individual Stabilized Appraised Value

 

Total Loan Closing Date LTV (Portfolio Value)

 Total Loan Closing Date Balance divided by Portfolio Appraised Value

 

Total Loan Balloon LTV (Portfolio Value)

 Total Loan Closing Date Balance divided by Portfolio Appraised Value
Mortgage Loan UW NOI Debt Yield Net Operating Income UW divided by Mortgage Loan Closing Date Balance
Mortgage Loan UW NCF Debt Yield Net Cash Flow UW divided by Mortgage Loan Closing Date Balance
Total Loan UW NOI Debt Yield Net Operating Income UW divided by Total Loan Closing Date Balance
Total Loan UW NCF Debt Yield Net Cash Flow UW divided by Total Loan Closing Date Balance
Mortgage Loan UW NOI DSCR Net Operating Income UW divided by Annual Mortgage Loan Debt Service Payment
 B-3 

 

ATTACHMENT B

 

Attribute Calculation Methodology
Mortgage Loan UW NCF DSCR Net Cash Flow UW divided by Annual Mortgage Loan Debt Service Payment
Total Loan UW NOI DSCR Net Operating Income UW divided by Annual Total Loan Debt Service Payment
Total Loan UW NCF DSCR Net Cash Flow UW divided by Annual Total Loan Debt Service Payment
Mortgage Loan UW NOI DSCR at Term SOFR Cap Net Operating Income UW divided by Annual Mortgage Loan Debt Service Payment at Term SOFR Cap
Mortgage Loan UW NCF DSCR at Term SOFR Cap Net Cash Flow UW divided by Annual Mortgage Loan Debt Service Payment at Term SOFR Cap
Total Loan UW NOI DSCR at Term SOFR Cap Net Operating Income UW divided by Annual Total Loan Debt Service Payment at Term SOFR Cap
Total Loan UW NCF DSCR at Term SOFR Cap Net Cash Flow UW divided by Annual Total Loan Debt Service Payment at Term SOFR Cap

 

 B-4 

 

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