FREE WRITING PROSPECTUS

FILED PURSUANT TO RULE 433

REGISTRATION FILE NO.: 333-207340-06

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered prior to the time of sale and ultimately by the final prospectus relating to the offered certificates. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Directive 2003/71/EC (as amended) and/or Part VI of the Financial Services and Markets Act 2000, as amended, or other offering document.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward- looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) that have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of the offered certificates. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the offered certificates may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of UBS Securities LLC, Cantor Fitzgerald & Co., Citigroup Global Markets Inc., or Academy Securities, Inc., or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the offered certificates. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The offered certificates described herein are not suitable investments for all investors. In particular, you should not purchase any class of offered certificates unless you understand and are able to bear the prepayment, credit, liquidity and market risks associated with such class of certificates. For those reasons and for the reasons set forth under the heading “Risk Factors” in the Preliminary Prospectus, the yield to maturity and the aggregate amount and timing of distributions on the offered certificates are subject to material variability from period to period and give rise to the potential for significant loss over the life of such certificates. The interaction of these factors and their effects are impossible to predict and are likely to change from time to time. As a result, an investment in the offered certificates involves substantial risks and uncertainties and should be considered only by sophisticated institutional investors with substantial investment experience with similar types of securities and who have conducted appropriate due diligence on the mortgage loans and the certificates. Potential investors are advised and encouraged to review the Preliminary Prospectus in full and to consult with their legal, tax, accounting and other advisors prior to making any investment in the offered certificates described in this free writing prospectus.

This free writing prospectus is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information contained in this free writing prospectus may not pertain to any securities that will actually be sold. The information contained in this free writing prospectus may be based on assumptions regarding market conditions and other matters as reflected in this free writing prospectus. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this free writing prospectus should not be relied upon for such purposes. The Underwriters and their respective affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this free writing prospectus may, from time to time, have long or short positions in, and buy or sell, the offered certificates mentioned in this free writing prospectus or derivatives thereof (including options). Information contained in this free writing prospectus is current as of the date appearing on this free writing prospectus only. None of UBS Securities LLC, Cantor Fitzgerald & Co., Citigroup Global Markets Inc., or Academy Securities, Inc. provides accounting, tax or legal advice.

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The issuing entity will be relying upon an exclusion or exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”), contained in Section 3(c)(5) of the Investment Company Act or Rule 3a-7 under the Investment Company Act, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a “covered fund” for purposes of the Volcker Rule under the Dodd-Frank Act (both as defined in “Risk Factors—Other Risks Relating to the Certificates—Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the Offered Certificates” in the Preliminary Prospectus). See also “Legal Investment” in the Preliminary Prospectus.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

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Capitalized terms used but not defined herein have the meanings assigned to them in the preliminary prospectus expected to be dated November 14, 2017 relating to the offered certificates (hereinafter referred to as the “Preliminary Prospectus”).

KEY FEATURES OF SECURITIZATION

Offering Terms:
Co-Lead Managers and Joint Bookrunners:	UBS Securities LLC Cantor Fitzgerald & Co. Citigroup Global Markets Inc.
Co-Manager:	Academy Securities, Inc.
Mortgage Loan Sellers:	Cantor Commercial Real Estate Lending, L.P. (“CCRE”) 60.0%, Citi Real Estate Funding Inc. (“CREFI”) 27.2% and UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York (“UBS AG”) 12.8%
Master Servicer:	Midland Loan Services, a Division of PNC Bank, National Association
Operating Advisor:	Park Bridge Lender Services LLC
Asset Representations Reviewer:	Park Bridge Lender Services LLC
Special Servicer:	Midland Loan Services, a Division of PNC Bank, National Association
Trustee:	Wells Fargo Bank, National Association
Certificate Administrator:	Wells Fargo Bank, National Association
Rating Agencies:	Fitch Ratings, Inc., Kroll Bond Rating Agency, Inc. and Moody’s Investors Service, Inc.
U.S. Credit Risk Retention:	UBS AG is expected to act as the “retaining sponsor” for this securitization and intends to satisfy the U.S. credit risk retention requirement through the purchase by KKR Real Estate Credit Opportunity Partners Aggregator I L.P., as a third party purchaser (as defined in Regulation RR), from the initial purchasers, on the Closing Date, of an “eligible horizontal residual interest”. The aggregate estimated fair value of the “eligible horizontal residual interest” will equal at least 5% of the estimated fair value of all of the Certificates (other than the Class R certificates) issued by the issuing entity. The pooling and servicing agreement will include the required provisions applicable to an operating advisor necessary for the securitization to comply with the credit risk retention rules utilizing the “third party purchaser” option. See “Operating Advisor” below. For additional information, see “Credit Risk Retention” below.
EU Credit Risk Retention:	The transaction is not structured to satisfy the EU risk retention and due diligence requirements.
Determination Date:	The 11th day of each month, or if such 11th day is not a business day, the succeeding business day, commencing in December 2017.
Distribution Date:	The 4th business day following the Determination Date in each month, commencing in December 2017.
Cut-off Date:	The mortgage loans will be considered part of the trust fund as of their respective cut-off dates. The cut-off date with respect to each mortgage loan is the respective due date for the monthly debt service payment that is due in November 2017 (or, in the case of any mortgage loan that has its first due date after November 2017, the date that would have been its due date in November 2017 under the terms of that mortgage loan if a monthly debt service payment were scheduled to be due in that month).
Closing Date:	On or about November 30, 2017
Settlement Terms:	DTC, Euroclear and Clearstream, same day funds, with accrued interest.
ERISA Eligible:	All of the Offered Certificates are expected to be ERISA eligible.
SMMEA Eligible:	None of the Offered Certificates will be SMMEA eligible.
Day Count:	30/360
Tax Treatment:	REMIC
Rated Final Distribution Date:	November 2050
Minimum Denominations:	$10,000 (or $1,000,000 with respect to the Class X Certificates) and in each case in multiples of $1 thereafter.
Clean-up Call:	1.0%

Distribution of Collateral by Property Type

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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TRANSACTION HIGHLIGHTS

Mortgage Loan Sellers	Number of Mortgage Loans	Number of Mortgaged Properties	Aggregate Cut-off Date Balance	% of Outstanding Pool Balance(1)
Cantor Commercial Real Estate Lending, L.P.	24	53	$417,919,094	60.0%
Citi Real Estate Funding Inc.	7	18	$189,450,000	27.2%
UBS AG	6	27	$89,377,027	12.8%
Total	37	98	$696,746,122	100.0%

Pooled Collateral Facts:
Initial Outstanding Pool Balance:	$696,746,122
Number of Mortgage Loans:	37
Number of Mortgaged Properties:	98
Average Mortgage Loan Cut-off Date Balance:	$18,830,976
Average Mortgaged Property Cut-off Date Balance:	$7,109,654
Weighted Average Mortgage Rate:	4.423%
Weighted Average Mortgage Loan Original Term to Maturity Date or ARD (months):	110
Weighted Average Mortgage Loan Remaining Term to Maturity Date or ARD (months):	109
Weighted Average Mortgage Loan Seasoning (months):	1
% of Mortgaged Properties Leased to a Single Tenant:	28.1%
% of Mortgage Loans Secured by a Property or a Portfolio of Mortgage Properties Leased to a Single Tenant(2):	28.0%
Credit Statistics:
Weighted Average Mortgage Loan U/W NCF DSCR(3):	2.13x
Weighted Average Mortgage Loan Cut-off Date LTV(3)(4):	55.3%
Weighted Average Mortgage Loan Maturity Date or ARD LTV(3)(4):	52.6%
Weighted Average U/W NOI Debt Yield(3)(4):	10.6%
Amortization Overview:
% Mortgage Loans with Amortization through Maturity Date or ARD:	15.9%
% Mortgage Loans which pay Interest Only through Maturity Date or ARD:	71.5%
% Mortgage Loans which pay Interest Only followed by Amortization through Maturity Date or ARD:	12.6%
Weighted Average Remaining Amortization Term (months)(5):	359
Loan Structural Features:
% Mortgage Loans with Upfront or Ongoing Tax Reserves:	99.1%
% Mortgage Loans with Upfront or Ongoing Replacement Reserves(6):	90.2%
% Mortgage Loans with Upfront or Ongoing Insurance Reserves:	100.0%
% Mortgage Loans with Upfront or Ongoing TI/LC Reserves(7):	83.3%
% Mortgage Loans with Upfront Engineering Reserves:	39.6%
% Mortgage Loans with Upfront or Ongoing Other Reserves:	56.7%
% Mortgage Loans with In Place Hard Lockboxes:	66.0%
% Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.05x:	75.0%
% Mortgage Loans with Defeasance Only After a Lockout Period and Prior to an Open Period:	77.8%
% Mortgage Loans with Prepayment with a Yield Maintenance Charge Only After a Lockout Period and Prior to an Open Period:	6.5%
% of Mortgage Loans with Prepayment with a Yield Maintenance Charge Prior to an Open Period:	7.2%
% Mortgage Loans with Lockout Followed by a Period of Prepayment with a Yield Maintenance Charge Followed by a Period of Prepayment with a Yield Maintenance Charge or Defeasance Followed by an Open Period:	3.6%
% Mortgage Loans with Prepayment with a Yield Maintenance Charge or Defeasance Only After a Lockout Period and Prior to an Open Period:	4.9%

Please see footnotes on the following page.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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TRANSACTION HIGHLIGHTS

(1) Unless otherwise indicated, all references to “% of Outstanding Pool Balance” in this Term Sheet reflect a percentage of the aggregate principal balance of the mortgage pool as of the Cut-off Date, after application of all payments of principal due during or prior to November 2017.

(2) The Bass Pro & Cabela’s Portfolio loan is considered a single tenant, as each Mortgaged Property is owned by the same parent company as the borrower.

(3) With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated, LTV, DSCR and Debt Yield calculations in this Term Sheet include any related pari passu companion loans and exclude any subordinate companion loans, as applicable. Additionally, LTV, DSCR and Debt Yield figures in this Term Sheet are calculated for mortgage loans without regard to any additional indebtedness that may be incurred at a future date.

(4) With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Riverview Landing, the Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield are based on the mortgage loan amount net of the unit upgrade earnout of $2,450,000 that was escrowed at origination. The Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield based on the mortgage loan amount including the unit upgrade earnout are 64.2%, 7.9%, and 7.7%, respectively. The Maturity Date or ARD LTV Ratio is based on the mortgage loan amount including the unit upgrade earnout and calculated using the “As-Stabilized” value of $77,100,000, which assumes that the renovation of the remaining 229 units is completed by September 1, 2020. The Maturity Date or ARD LTV Ratio based on the total mortgage loan amount including the unit upgrade earnout and calculated using the “As-Is” appraised value is 64.2%. With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Cress Creek Square, the Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield are based on the mortgage loan amount net of the holdback reserve of $400,000 that was escrowed at origination. The Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield based on total mortgage loan amount including the holdback reserve are 65.3%, 11.5%, and 10.6%, respectively. For additional information, see “Description of the Mortgage Pool—Mortgage Pool Characteristics – Appraised Value” in the Preliminary Prospectus and the footnotes to Annex A-1 in the Preliminary Prospectus.

(5) Excludes mortgage loans that are interest-only for the full loan term.

(6) Includes FF&E Reserves.

(7) Represents the percent of the allocated aggregate principal balance of the mortgage pool as of the Cut-off Date of retail, office, industrial and mixed use properties only.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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STRUCTURE OVERVIEW

OFFERED CERTIFICATES

Class(1)	Ratings(2)  (Fitch/KBRA/Moody’s)	Initial Certificate Principal Balance or Notional Amount(3)	Initial Subordination Levels	Expected Weighted Average Life (years)(4)	Principal Window (months)(4)	Certificate Principal to Value Ratio(5)	Underwritten NOI Debt Yield(6)
Class A-1	AAAsf / AAA(sf) / [   ]	$10,150,000	30.000%(7)	2.61	1-56	38.7%	15.2%
Class A-2	AAAsf / AAA(sf) / [   ]	$118,871,000	30.000%(7)	4.81	56-61	38.7%	15.2%
Class A-SB	AAAsf / AAA(sf) / [   ]	$15,396,000	30.000%(7)	7.33	61-115	38.7%	15.2%
Class A-3	AAAsf / AAA(sf) / [   ]	$161,354,000	30.000%(7)	9.69	115-119	38.7%	15.2%
Class A-4	AAAsf / AAA(sf) / [   ]	$181,951,000	30.000%(7)	9.93	119-120	38.7%	15.2%
Class X-A(8)	AAAsf / AAA(sf) / [   ]	$487,722,000(9)	N/A	N/A	N/A	N/A	N/A
Class X-B(8)	A-sf / AAA(sf) / [   ]	$120,188,000(9)	N/A	N/A	N/A	N/A	N/A
Class A-S	AAAsf / AAA(sf) / [   ]	$57,481,000	21.750%	9.96	120-120	43.3%	13.6%
Class B	AA-sf / AA(sf) / NR	$29,612,000	17.500%	9.96	120-120	45.7%	12.9%
Class C	A-sf / A(sf) / NR	$33,095,000	12.750%	9.96	120-120	48.3%	12.2%

NON-OFFERED CERTIFICATES⁽¹⁰⁾

Class(1)	Ratings(2)  (Fitch/KBRA/Moody’s)	Initial Certificate Principal Balance or Notional Amount(3)	Initial Subordination Levels	Expected Weighted Average Life (years)(4)	Principal Window (months)(4)	Certificate Principal to Value Ratio(5)	Underwritten NOI Debt Yield(6)
Class D	BBBsf / BBB+(sf) / NR	$15,754,000(11)	10.489%	9.96	120-120	49.5%	11.9%
Class D-RR	BBB-sf / BBB-(sf) / NR	$21,697,000(11)	7.375%	9.96	120-120	51.3%	11.5%
Class E-RR	BB+sf / BB+(sf) / NR	$8,709,000	6.125%	9.96	120-120	51.9%	11.3%
Class F-RR	BB-sf / BB-(sf) / NR	$7,838,000	5.000%	9.96	120-121	52.6%	11.2%
Class G-RR	B-sf / B-(sf) / NR	$8,710,000	3.750%	10.04	121-121	53.3%	11.0%
Class NR-RR	NR / NR / NR	$26,128,121	0.000%	10.04	121-121	55.3%	10.6%

Please see footnotes on following page.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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STRUCTURE OVERVIEW

(1) The per annum pass-through rates applicable to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates (the “principal balance certificates”) will equal one of: (i) a fixed rate, (ii) a variable rate per annum equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date (the “WAC Rate”), (iii) a variable rate per annum equal to the lesser of (a) a fixed rate and (b) the WAC Rate or (iv) a variable rate per annum equal to the WAC Rate minus a specified percentage. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

(2) Ratings shown are those of Fitch Ratings, Inc. (“Fitch”), Kroll Bond Rating Agency, Inc. (“KBRA”) and Moody’s Investors Service, Inc. (“Moody’s”). Certain nationally recognized statistical rating organizations that were not hired by the depositor may use information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended, or otherwise to rate the certificates. There can be no assurance as to what ratings a non-hired nationally recognized statistical rating organization would assign. See “Risk Factors—Other Risks Relating to the Certificates—Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded” and “Ratings” in the Preliminary Prospectus. Fitch, KBRA and Moody’s have informed us that the “sf” designation in their ratings represents an identifier for structured finance product ratings.

(3) Approximate; subject to a permitted variance of plus or minus 5% on the Closing Date. In addition, the notional amounts of the Class X-A and Class X-B Certificates may vary depending upon the final pricing of the classes of principal balance certificates and whose certificate principal balances comprise such notional amounts and, if as a result of such pricing the pass-through rate of the Class X-A and Class X-B Certificates, as applicable, would be equal to zero, such class of certificates may not be issued on the Closing Date of this securitization.

(4) The principal window is expressed in months following the Closing Date and reflects the period during which distributions of principal would be received under the assumptions set forth in the following sentence. The expected weighted average life and principal window figures set forth above are based on the following assumptions, among others: (i) no defaults or subsequent losses on the mortgage loans; (ii) no extensions of maturity dates of the mortgage loans; (iii) payment in full on the stated maturity date; and (iv) no prepayments of the mortgage loans prior to maturity. See the structuring assumptions set forth under “Yield and Maturity Considerations—Weighted Average Life” in the Preliminary Prospectus.

(5) “Certificate Principal to Value Ratio” for any class of principal balance certificates is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio of the mortgage pool, multiplied by (b) a fraction, the numerator of which is the total initial certificate principal balance of the subject class of principal balance certificates and all other classes of principal balance certificates that are senior to such class, and the denominator of which is the total initial certificate principal balance of all the principal balance certificates. The Certificate Principal to Value Ratios of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates are calculated in the aggregate for those classes as if they were a single class.

(6) “Underwritten NOI Debt Yield” for any class of principal balance certificates is calculated as the product of (a) the weighted average UW NOI Debt Yield for the mortgage pool, multiplied by (b) a fraction, the numerator of which is the total initial certificate principal balance of all the principal balance certificates, and the denominator of which is the total initial certificate principal balance of the subject class of principal balance certificates and all other classes of principal balance certificates, if any, that are senior to such class. The Underwritten NOI Debt Yields of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates are calculated in the aggregate for those classes as if they were a single class.

(7) The initial subordination levels for the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates represent the approximate credit support for the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates in the aggregate.

(8) The pass-through rate for the Class X-A certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the WAC Rate, over (b) the weighted average of the pass-through rates on the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 certificates for the related distribution date, weighted on the basis of their respective certificate balances outstanding immediately prior to that distribution date. The pass-through rate for the Class X-B certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the WAC Rate, over (b) the weighted average of the pass-through rates on the Class A-S, Class B and Class C certificates for the related distribution date, weighted on the basis of their respective certificate balances outstanding immediately prior to that distribution date.

For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the net mortgage interest rates will be adjusted as necessary to a 30/360 basis.

(9) The Class X-A and Class X-B certificates (collectively, the “Class X Certificates”) are notional amount certificates and will not be entitled to distributions of principal. The notional amount of the Class X-A certificates will be equal to the aggregate certificate balance of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 certificates. The notional amount of the Class X-B certificates will be equal to the aggregate certificate balance of the Class A-S, Class B and Class C certificates.

(10) Not offered pursuant to the Preliminary Prospectus or this Term Sheet. Information provided in this Term Sheet regarding the characteristics of these certificates is provided only to enhance your understanding of the offered certificates. The privately offered certificates also include the Class R certificates, which do not have a certificate balance, notional amount, pass-through rate, rating or rated final distribution date, and which are not shown in the chart. The Class R certificates represent the beneficial ownership of the residual interest in each of the real estate mortgage investment conduits, as further described in the Preliminary Prospectus.

(11) The approximate initial Certificate Balances of the Class D and Class D-RR Certificates are estimated based in part on the estimated ranges of Certificate Balances and estimated fair values described in “Credit Risk Retention” in the Preliminary Prospectus.

The Class D Certificate Balances are expected to fall within a range of $14,029,000 and $17,843,000, with the ultimate Certificate Balance determined such that the aggregate fair value of the Yield-Priced Principal Balance Certificates will equal at least 5% of the estimated fair value of all the classes of certificates (other than the Class R Certificates) issued by the issuing entity.

The Class D-RR Certificate Balances are expected to fall within a range of $19,608,000 and $23,422,000, with the ultimate Certificate Balance determined such that the aggregate fair value of the Yield-Priced Principal Balance Certificates will equal at least 5% of the estimated fair value of all the classes of certificates (other than the Class R Certificates) issued by the issuing entity.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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STRUCTURE OVERVIEW

Class A-2 Principal Paydown(1)
Class	Mortgage Loan Seller	Mortgage Loan	Property Type	Cut-off Date Balance	Remaining Term to Maturity (Mos.)	Cut-off Date LTV Ratio(2)	U/W NCF DSCR(2)	U/W NOI Debt Yield(2)
A-2	CCRE	Snowmass Village	Retail	$20,500,000	60	69.7%	1.84x	10.0%
A-2	UBS AG	Yorkshire & Lexington Towers	Multifamily	$25,000,000	59	22.5%	4.28x	12.0%
A-2	CCRE	10 Java Street	Industrial	$33,000,000	58	26.6%	1.59x	7.0%
A-2	CCRE	Rising Sun Towne Centre	Retail	$16,850,000	58	70.8%	1.92x	9.4%
A-2	CCRE	Marriott Grand Cayman	Hospitality	$23,904,141	56	56.1%	1.91x	16.2%

(1) This table reflects the mortgage loans whose balloon payments will be applied to pay down the Class A-2 certificates, assuming (i) that none of the mortgage loans experience prepayments (prior to maturity), defaults or losses, (ii) there are no extensions of maturity dates and (iii) each mortgage loan is paid in full on its stated maturity date. See “Yield and Maturity Considerations—Yield Considerations” in the Preliminary Prospectus.

(2) With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated, Cut-Off Date LTV Ratio, U/W NCF DSCR and U/W NOI Debt Yield includes any related pari passu companion loans and excludes any subordinate companion loans.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Principal Distributions:	Payments in respect of principal of the certificates will be distributed, first, to the Class A-SB Certificates, until the certificate principal balance of such class is reduced to the planned principal balance for the related Distribution Date set forth on Annex E to the Preliminary Prospectus, then, to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C, Class D, Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates, in that order, until the certificate principal balance of each such class is reduced to zero. Notwithstanding the foregoing, if the aggregate certificate principal balances of the Class A-S, Class B, Class C, Class D, Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates have been reduced to zero as a result of the allocation of mortgage loan losses to those certificates, or if the aggregate Cumulative Appraisal Reduction Amount equals or exceeds the aggregate certificate principal balances of the Class A-S through Class NR-RR Certificates, distributions in respect of principal of the certificates will be distributed, first, to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, on a pro rata basis, based on the certificate principal balance of each such class, then, to the extent of any recoveries on realized losses, to the Class A-S, Class B, Class C, Class D, Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates, in that order, in each case until the certificate principal balance of each such class is reduced to zero (or previously allocated realized losses have been fully reimbursed). The Class X Certificates will not be entitled to receive distributions of principal; however, (i) the notional amount of the Class X-A Certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates and (ii) the notional amount of the Class X-B Certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class A-S, Class B and Class C Certificates.
Interest Distributions:	On each Distribution Date, interest accrued for each class of the certificates at the applicable pass-through rate will be distributed in the following order of priority, to the extent of available funds: first, to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A and Class X-B Certificates, on a pro rata basis, based on the accrued and unpaid interest on each such class and then, to the Class A-S, Class B, Class C, Class D, Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates, in that order, in each case until the interest payable to each such class is paid in full. The per annum pass-through rates applicable to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates for each Distribution Date will equal one of: (i) a fixed rate, (ii) the WAC Rate, (iii) a variable rate equal to the lesser of (a) a fixed rate and (b) the WAC Rate or (iv) a variable rate equal to the WAC Rate less a specified percentage, which percentage may be zero. As further described in the Preliminary Prospectus, the per annum pass-through rate on the Class X-A Certificates will generally be equal to the excess, if any, of (a) the WAC Rate, over (b) the weighted average of the pass-through rates of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, weighted on the basis of their respective certificate balances outstanding immediately prior to that Distribution Date as described in the Preliminary Prospectus. The per annum pass-through rate on the Class X-B Certificates will generally be equal to the excess, if any, of (a) the WAC Rate, over (b) the weighted average of the pass-through rates of the Class A-S, Class B and Class C Certificates, weighted on the basis of their respective certificate balances outstanding immediately prior to that Distribution Date as described in the Preliminary Prospectus.
Prepayment Interest Shortfalls:	Prepayment interest shortfalls will be allocated pro rata based on interest entitlements, in reduction of the interest otherwise payable with respect to each of the interest-bearing classes of certificates.
Realized Loss Allocation:	On each distribution date, immediately following the distributions to be made to the Certificateholders on that date, the certificate administrator is required to calculate the amount, if any, by which (i) the aggregate stated principal balance of the mortgage loans, including any successor REO loans, expected to be outstanding immediately following that distribution date is less than (ii) the then aggregate Certificate Balance of the Principal Balance Certificates after giving effect to distributions of principal on that distribution date. Such amount will be

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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applied to the Class NR-RR, Class G-RR, Class F-RR, Class E-RR, Class D-RR, Class D, Class C, Class B and Class A-S certificates, in that order, in each case until the related Certificate Balance has been reduced to zero, and then to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 certificates, pro rata based upon their respective Certificate Balances, until their respective Certificate Balances have been reduced to zero.

Prepayment Premiums/Yield Maintenance Charges:

If any yield maintenance charge or prepayment premium is collected during any collection period with respect to any mortgage loan, then on the immediately succeeding distribution date, the certificate administrator will pay that yield maintenance charge or prepayment premium in the following manner: (a) to the holders of each class of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D certificates, the product of (x) such yield maintenance charge or prepayment premium, (y) the related Base Interest Fraction for such class, and (z) a fraction, the numerator of which is equal to the amount of principal distributed to such class for that distribution date, and the denominator of which is the total amount of principal distributed to such classes of Principal Balance Certificates for that distribution date, (b) to the holders of the Class X-A certificates, the excess, if any, of (x) the product of (1) such yield maintenance charge or prepayment premium and (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 certificates for that distribution date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D certificates for that distribution date, over (y) the amount of such yield maintenance charge or prepayment premium distributed to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates as described above, and (c) to the holders of the Class X-B certificates, any remaining portion of such yield maintenance charge or prepayment premium not distributed as described above. No prepayment premiums or yield maintenance charges will be distributed to the holders of the Class D-RR, Class E-RR, Class F-RR, Class G-RR, Class NR-RR or Class R Certificates. “Base Interest Fraction” means, with respect to any principal prepayment of any mortgage loan that provides for the payment of a yield maintenance charge or prepayment premium, and with respect to any class of Principal Balance Certificates, a fraction (A) the numerator of which is the greater of (x) zero and (y) the difference between (i) the pass-through rate on that class, and (ii) the applicable discount rate and (B) the denominator of which is the difference between (i) the mortgage interest rate on the related mortgage loan and (ii) the applicable discount rate; provided, however, that: under no circumstances will the Base Interest Fraction be greater than 1.0; if the discount rate referred to above is greater than or equal to both the mortgage interest rate on the related mortgage loan and the pass-through rate on that class, then the Base Interest Fraction will equal zero; and if the discount rate referred to above is greater than or equal to the mortgage interest rate on the related mortgage loan and is less than the pass-through rate on that class, then the Base Interest Fraction will be equal to 1.0. Consistent with the foregoing, the Base Interest Fraction is equal to: (Pass-Through Rate - Discount Rate) (Mortgage Rate - Discount Rate)

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Whole Loans:

The mortgaged properties identified on Annex A-1 to the Preliminary Prospectus as GNL Portfolio, General Motors Building, 16 Court Street, Chelsea Multifamily Portfolio, Harmon Corner, 2U Headquarters, Yorkshire & Lexington Towers, Headquarters Plaza, National Office Portfolio, Bass Pro & Cabela’s Portfolio, Westin Crystal City, Marriott Grand Cayman, Hyatt Regency Princeton, At Home Portfolio and Manchester Financial Building each secure both a mortgage loan to be included in the trust fund and one or more other mortgage loans that will not be included in the trust fund, each of which will be pari passu or subordinate in right of payment with the mortgage loan included in the trust fund. We refer to each such group of mortgage loans as a “whole loan”. The Chelsea Multifamily Portfolio whole loan, the 2U Headquarters whole loan, the Westin Crystal City whole loan, the Marriott Grand Cayman whole loan, the Hyatt Regency Princeton whole loan and the At Home Portfolio whole loan will be principally serviced under the PSA for the CCUBS 2017-C1 securitization (each, a “Serviced Whole Loan”). The GNL Portfolio whole loan and the Yorkshire & Lexington Towers whole loan are expected to be serviced under the pooling and servicing agreement for the CSAIL 2017-CX10 pooling and servicing agreement. The General Motors Building whole loan is being serviced under the trust and servicing agreement for the BXP 2017-GM securitization. The Headquarters Plaza whole loan is expected to be serviced under the pooling and servicing agreement for the CD 2017-CD6 securitization. The National Office Portfolio whole loan is expected to be serviced under the pooling and servicing agreement for the UBS 2017-C5 securitization until the date of securitization of the related controlling pari passu note, after which the related whole loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu note. The Bass Pro & Cabela’s Portfolio is expected to be serviced under the pooling and servicing agreement for the GSMS 2017-GS8 securitization. The Manchester Financial Building is expected to be serviced under the pooling and servicing agreement for the UBS 2017-C5 securitization. The 16 Court Street whole loan and the Harmon Corner whole loan (each a “Servicing Shift Whole Loan” and collectively the “Servicing Shift Whole Loans”) are expected to initially be serviced under the CCUBS 2017-C1 PSA until the date of securitization of the related controlling pari passu note (each a “Servicing Shift Securitization Date”), after which the related whole loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu note (each a “Servicing Shift PSA”). The master servicer and special servicer under the related Servicing Shift PSA will be identified in a notice, report or statement to holders of the CCUBS 2017-C1 certificates after the securitization of the related controlling pari passu note. As of the Closing Date, the pari passu companion loans in the whole loans are expected to be held by the party identified below under “Overview of Mortgage Pool Characteristics—Pari Passu Companion Loan Summary”.

Control Rights and Directing Certificateholder:

The “Directing Certificateholder” (i) with respect to a Servicing Shift Mortgage Loan, will be the related loan-specific directing certificateholder, and (ii) with respect to each Serviced Mortgage Loan (other than the Servicing Shift Mortgage Loans), will be the Controlling Class Certificateholder (or its representative) selected by more than 50% of the Controlling Class Certificateholders, by Certificate Balance, as determined by the certificate registrar from time to time; provided that (in the case of clause (ii) above) (1) absent that selection, (2) until a Directing Certificateholder is so selected, or (3) upon receipt of a notice from a majority of the Controlling Class Certificateholders that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) will be the Directing Certificateholder; provided, however, that (i) in the case of clause (3) of the preceding proviso, if no one holder owns the largest aggregate Certificate Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance with the terms of the PSA, and (ii) the certificate administrator and the other parties to the PSA will be entitled to assume that the identity of the Directing Certificateholder has not changed until such parties receive written notice of a replacement of the Directing Certificateholder from a party holding the requisite interest in the Controlling Class (as confirmed by the certificate registrar), or the resignation of the then-current Directing Certificateholder. The Directing Certificateholder will be entitled to direct the Special Servicer to take, or refrain from taking certain actions with respect to each Serviced Mortgage Loan and any related Serviced Companion Loans. Furthermore, the Directing Certificateholder will also have the right to receive notice and consent to certain material actions that the Master Servicer and the

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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	Special Servicer proposes to take with respect to each Serviced Mortgage Loan and any related Serviced Companion Loans. It is expected that KKR Real Estate Credit Opportunity Partners Aggregator I L.P., or its affiliate, will be the initial Directing Certificateholder with respect to each Serviced Mortgage Loan (other than with respect to the Servicing Shift Mortgage Loans) and any related Serviced Companion Loans. With respect to each of the Servicing Shift Whole Loans, prior to the applicable Servicing Shift Securitization Date, the rights of the Directing Certificateholder described above will be, in each such case, subject to the control rights of the related controlling pari passu companion loan(s) as described below. Notwithstanding any contrary description set forth above, with respect to the Chelsea Multifamily Portfolio mortgage loan, the 2U Headquarters mortgage loan, the Westin Crystal City mortgage loan, the Marriott Grand Cayman mortgage loan, the Hyatt Regency Princeton mortgage loan and the At Home Portfolio mortgage loan, the holders of the related pari passu companion loan(s) in the related whole loan (or its representative, including any directing certificateholder under any securitization of such pari passu companion loan(s)) will have consultation rights with respect to asset status reports and material special servicing actions involving the related whole loan, as provided for in the related intercreditor agreement and as described in the Preliminary Prospectus, and those rights will be in addition to the rights of the directing certificateholder in this transaction described above. Notwithstanding any contrary description set forth above, with respect to the GNL Portfolio mortgage loan, the General Motors Building mortgage loan, the Yorkshire & Lexington Towers mortgage loan, the Headquarters Plaza mortgage loan, the National Office Portfolio mortgage loan, the Bass Pro & Cabela’s Portfolio mortgage loan and the Manchester Financial Building mortgage loan, in general the related whole loan will be serviced under the pooling and servicing agreement or trust and servicing agreement as indicated in the “Pari Passu Companion Loan Summary” table below, which grants the related directing certificateholder under the related securitization control rights that may include the right to approve or disapprove various material servicing actions involving the related whole loan. The directing certificateholder for this securitization (so long as no Consultation Termination Event has occurred and is occurring) will nonetheless have the right to be consulted on a non-binding basis with respect to such actions. For purposes of the servicing of the related whole loan, the occurrence and continuance of a Control Termination Event or Consultation Termination Event under this securitization will not limit the control or other rights of the directing certificateholder (or equivalent) under the related securitization. Notwithstanding any contrary description set forth above, with respect to each of the 16 Court Street mortgage loan and the Harmon Corner mortgage loan, in general, the related whole loan will be serviced (i) prior to the applicable Servicing Shift Securitization Date, under the pooling and servicing agreement for this securitization and (ii) after the applicable Servicing Shift Securitization Date, under the related Servicing Shift PSA, each of which grants, or is expected to grant, to the related controlling noteholder or its representative control rights that include the right to approve or disapprove various material servicing actions involving the related Whole Loan. The Directing Certificateholder for this securitization will nonetheless have the right to be consulted on a non-binding basis with respect to such actions. For purposes of the servicing each Servicing Shift Whole Loan, the occurrence and continuance of a Control Termination Event or Consultation Termination Event under this securitization will not limit the control or other rights of the controlling noteholder, and the securitization of each related controlling pari passu companion loan will not limit the consultation rights of the Directing Certificateholder under this securitization. For a description of the directing holder for each Non-Serviced Whole Loan, see “Description of the Mortgage Pool—The Whole Loans” and “Pooling and Servicing Agreement—The Directing Certificateholder—Rights of the Directing Certificateholder with respect to the Non-Serviced Mortgage Loans or the Servicing Shift Whole Loans” in the Preliminary Prospectus.
Control Eligible Certificates:	Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates.
Controlling Class:	The “Controlling Class” will be, as of any time of determination, the most subordinate class of Control Eligible Certificates then-outstanding that has an aggregate Certificate Balance

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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	(as notionally reduced by any Cumulative Appraisal Reduction Amounts (as defined below) allocable to such class) at least equal to 25% of the initial Certificate Balance of that class; provided that if at any time the Certificate Balances of the certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the mortgage loans, then the Controlling Class will be the most subordinate class of Control Eligible Certificates that has a Certificate Balance greater than zero without regard to any Cumulative Appraisal Reduction Amounts. The Controlling Class as of the Closing Date will be the Class NR-RR certificates.
Appraised-Out Class:	An “Appraised-Out Class” is any class of Control Eligible Certificates that is determined at any time of determination to no longer be the Controlling Class as a result of the application of any Appraisal Reduction Amounts or Collateral Deficiency Amounts to notionally reduce the Certificate Balance of the constituent classes. Any Appraised-Out Class may not exercise any direction, control, consent and/or similar rights of the Controlling Class until such time, if any, as such class is reinstated as the Controlling Class, and the rights of the Controlling Class will be exercised by the next most subordinate class of Control Eligible Certificates that is not an Appraised-Out Class, if any, during such period.
Remedies Available to Holders of an Appraised-Out Class:	The holders of the majority (by Certificate Balance) of an Appraised-Out Class will have the right, at their sole expense, to require the Special Servicer to order a (or, with respect to a Non-Serviced Mortgage Loan, require the Master Servicer to request from the applicable Non-Serviced Special Servicer) a second appraisal of any mortgage loan (or Serviced Whole Loan) for which an appraisal reduction event has occurred or as to which there exists a Collateral Deficiency Amount (such holders, the “Requesting Holders”). With respect to any Serviced Mortgage Loan, the Special Servicer will be required to use its reasonable efforts to cause such appraisal to be (i) delivered within 30 days from receipt of the Requesting Holders’ written request and (ii) prepared on an “as-is” basis by an MAI appraiser. With respect to any such Non-Serviced Mortgage Loan, the Master Servicer will be required to use commercially reasonable efforts to obtain such second appraisal from the applicable Non-Serviced Special Servicer and to forward such second appraisal to the Special Servicer. Upon receipt of such supplemental appraisal, the Master Servicer (for Collateral Deficiency Amounts on Non-Serviced Mortgage Loans), the Non-Serviced Special Servicer (for Appraisal Reduction Amounts on Non-Serviced Mortgage Loans to extent provided for in the applicable Non-Serviced PSA and applicable intercreditor agreement) and the Special Servicer (for any mortgage loan other than any Non-Serviced Mortgage Loan) will be required to determine, in accordance with the Servicing Standard, whether, based on its assessment of such supplemental appraisal, any recalculation of the applicable Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, is warranted and, if so warranted, such person will be required to recalculate such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based upon such supplemental appraisal and (for any mortgage loan other than any Non-Serviced Mortgage Loan) receipt of information requested by the Special Servicer from the Master Servicer. If required by any such recalculation, the applicable Appraised-Out Class will be reinstated as the Controlling Class and each Appraised-Out Class will, if applicable, have its related Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount, if applicable. The Certificate Administrator, the Operating Advisor and the Special Servicer will be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Collateral Deficiency Amount with respect to Non-Serviced Mortgage Loans.
Control Rights:	Subject to the rights of the holder of the related controlling pari passu companion loan with respect to each Servicing Shift Whole Loan, the Directing Certificateholder appointed by the Controlling Class Certificateholder will have certain consent and consultation rights under the PSA with respect to certain major decisions and other matters. A “Control Termination Event” will occur when (i) the Class D-RR certificates have a Certificate Balance (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such class) of less than 25% of the initial Certificate Balance of such class; or (ii) a holder of the Class D-RR certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder; provided, however, that a Control Termination Event will not be deemed continuing in the event that the Certificate Balances of the Certificates other

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the mortgage loans.

After the occurrence of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder appointed by the Controlling Class Certificateholder will not have any consent rights, but such Directing Certificateholder will have certain non-binding consultation rights under the PSA with respect to certain major decisions and other matters. A “Consultation Termination Event” will occur when (i) there is no class of Control Eligible Certificates that has a then-outstanding Certificate Balance at least equal to 25% of the initial Certificate Balance of that class, in each case, without regard to the application of any Cumulative Appraisal Reduction Amounts; or (ii) a holder of the Class D-RR certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder (provided that no Consultation Termination Event resulting solely from the operation of clause (ii) will be deemed to have existed or be in continuance with respect to a successor holder of the Class D-RR certificates that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder); provided, however, that a Control Termination Event will not be deemed continuing in the event that the Certificate Balances of the Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the mortgage loans.

After the occurrence of a Consultation Termination Event, the Directing Certificateholder appointed by the Controlling Class Certificateholder will not have any consent or consultation rights, except with respect to any rights expressly set forth in the PSA.

In no event will a Control Termination Event or a Consultation Termination Event affect the rights of a Loan Specific Directing Certificateholder.

Notwithstanding the proviso to the definitions of “Control Termination Event” and “Consultation Termination Event,” a Control Termination Event and a Consultation Termination Event will be deemed to have occurred with respect to any Excluded Loan with respect to the Directing Certificateholder or the holder of the majority of the Controlling Class, and neither the Directing Certificateholder nor any Controlling Class Certificateholder will have any consent or consultation rights with respect to the servicing of such Excluded Loan.

An “Excluded Loan” means a mortgage loan or whole loan with respect to which the Directing Certificateholder or, except in the case of a Servicing Shift Whole Loan, the holder of the majority of the Controlling Class is a Borrower Party. It is expected that there will be no Excluded Loans as of the Closing Date with respect to this securitization.

“Borrower Party” means a borrower, a mortgagor, a manager of a mortgaged property, the holder of a mezzanine loan that has been accelerated or as to which foreclosure or enforcement proceedings have been commenced against the equity collateral pledged to secure the related mezzanine loan, or any Borrower Party Affiliate.

“Borrower Party Affiliate” means, with respect to a borrower, a mortgagor, a manager of a mortgaged property or the holder of a mezzanine loan that has been accelerated or as to which foreclosure or enforcement proceedings have been commenced against the equity collateral pledged to secure the related mezzanine loan, (a) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or mezzanine lender, as applicable, or (b) any other person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor, manager or mezzanine lender, as applicable. For the purposes of this definition, “control” when used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

Notwithstanding any of the foregoing to the contrary, if any mortgage loan is part of a whole loan, the consent and/or consultation rights of a Controlling Class Certificateholder with respect thereto may be limited as described in the Preliminary Prospectus. In particular, with respect to each Non-Serviced Whole Loan, the Directing Certificateholder will only have certain consultation rights with respect to certain “major decisions” and other matters related to such whole loan, in each case only prior to a Control Termination Event or Consultation

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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	Termination Event, as applicable, and the controlling noteholder (or its representative) will be entitled to similar consent and/or consultation rights with respect to such whole loan.
Operating Advisor Consultation Event:	An “Operating Advisor Consultation Event” will occur when the Certificate Balances of the Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates in the aggregate (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such classes) is 25% or less of the initial Certificate Balances of such classes in the aggregate.
Appointment and Replacement of Special Servicer:	The Directing Certificateholder will appoint the initial Special Servicer as of the Closing Date. Prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder generally may replace the Special Servicer with or without cause at any time. Upon the occurrence and during the continuance of a Control Termination Event, the Directing Certificateholder appointed by the Controlling Class Certificateholder will no longer have the right to replace the Special Servicer and such replacement will occur based on a vote of holders of all voting eligible classes of certificates as described in “Replacement of Special Servicer by Vote of Certificateholders” below. The Operating Advisor may also recommend the replacement of the Special Servicer at any time as described in “Operating Advisor” below.
Replacement of Special Servicer by Vote of Certificateholders:	After the occurrence and during the continuance of a Control Termination Event and upon (a) the written direction of holders of Principal Balance Certificates evidencing not less than 25% of the Voting Rights of all classes of certificates entitled to principal (taking into account the application of Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of classes to which such Cumulative Appraisal Reduction Amounts are allocable) requesting a vote to replace the related Special Servicer with a replacement special servicer, (b) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery by such holders of a Rating Agency Confirmation from each applicable Rating Agency, the Certificate Administrator will be required to promptly post such notice on its internet website and by mail and conduct the solicitation of votes of all certificates in such regard, which requisite affirmative votes must be received within 180 days of the posting of such notice. Upon the written direction of holders of at least 66 2/3% of a Certificateholder Quorum, the Trustee will be required to immediately replace the Special Servicer with a qualified replacement special servicer designated by such holders of certificates. A “Certificateholder Quorum” means, in connection with any solicitation of votes in connection with the replacement of the Special Servicer or the Asset Representations Reviewer, the holders of certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the application of Realized Losses and, other than with respect to the termination of the Asset Representations Reviewer, any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the certificates) of all classes of certificates entitled to principal on an aggregate basis. With respect to each Serviced Whole Loan, any holder of a related pari passu companion loan, following a Servicer Termination Event with respect to the related Special Servicer that remains unremedied and affects such holder, will be entitled to direct the Trustee (and the Trustee will be required) to terminate the Special Servicer solely with respect to such Serviced Whole Loan. A replacement special servicer will be selected by the Trustee or, prior to a Control Termination Event, by the Directing Certificateholder; provided that any successor special servicer appointed to replace the Special Servicer with respect to such whole loan can generally not be the entity (or its affiliate) that was terminated at the direction of the holder of the related pari passu companion loan, without the prior written consent of such holder of the related Serviced Companion Loan. With respect to any Non-Serviced Whole Loan, the CCUBS Commercial Mortgage Trust 2017-C1, as holder of the related mortgage loan, has the right to terminate the Special Servicer under the related pooling and servicing agreement if a servicer termination event occurs, with respect to such special servicer that affects the trust in its capacity as such holder. Such rights may be exercised by the Directing Certificateholder prior to a Control Termination Event (or the Special Servicer (consistent with the servicing standard),

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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	following the occurrence and during the continuance of a Control Termination Event). The successor special servicer will be selected pursuant to the applicable pooling and servicing agreement by the related directing holder prior to a control termination event under such pooling and servicing agreement.
Cap on Workout and Liquidation Fees:	The Special Servicer will also be entitled (i) liquidation fees generally equal to 1.0% (or, if such rate would result in an aggregate liquidation fee less than $25,000, then the liquidation fee rate will be equal to such rate as would result in an aggregate liquidation fee equal to $25,000) of liquidation proceeds and certain other collections in respect of a Specially Serviced Loan (and any related Serviced Companion Loan) or related REO Property and of amounts received in respect of mortgage loan repurchases by the related mortgage loan sellers (less any Excess Modification Fees paid by or on behalf of the related borrower with respect to the related mortgage loan or REO Property and received by the Special Servicer within the prior 12 months); and (ii) workout fees generally equal to 1.0% (or, with respect to interest and principal payments made in respect of a rehabilitated mortgage loan (and any related Serviced Companion Loan), subject to a floor of $25,000 with respect to any mortgage loan, whole loan or related REO Property, subject to certain adjustments and exceptions as described in the Preliminary Prospectus under “Pooling and Servicing Agreement—Servicing and Other Compensation and Payment of Expenses—Special Servicer Compensation”.
Special Servicer Compensation:	The special servicing fee for each distribution date is calculated based on the outstanding principal balance of each Serviced Mortgage Loan that is a Specially Serviced Loan (and any related Serviced Companion Loan) or as to which the related mortgaged property has become an REO Property at the special servicing fee rate, which will be a rate equal to the greater of a per annum rate of 0.25% and the rate that would result in a special servicing fee of $3,500. The special servicing fee will be payable monthly, first, from liquidation proceeds, insurance and condemnation proceeds, and other collections in respect of the related Specially Serviced Loan or REO Property and, then, from general collections on all the mortgage loans (other than a Non-Serviced Mortgage Loan) and any REO Properties. With respect to any Non-Serviced Mortgage Loan, the related special servicer under the related other pooling and servicing agreement pursuant to which such mortgage loan is being serviced will be entitled to similar compensation as that described above with respect to such Non-Serviced Mortgage Loan under such other pooling and servicing agreement as further described in the Preliminary Prospectus, although any related fees may accrue at a different rate and there may be a higher (or no) cap on liquidation and workout fees.
Operating Advisor:	The Operating Advisor will initially be Park Bridge Lender Services LLC. The Operating Advisor will have certain review and consultation rights relating to the performance of the Special Servicer and with respect to its actions taken in connection with the resolution and/or liquidation of Specially Serviced Loans. With respect to each mortgage loan or Serviced Whole Loan (in each case, other than a Non-Serviced Mortgage Loan or Servicing Shift Whole Loan), the Operating Advisor will be responsible for: ●    reviewing the actions of the Special Servicer with respect to any Specially Serviced Loan to the extent described in the Preliminary Prospectus and required under the PSA; ●    reviewing (i) all reports by the Special Servicer made available to Privileged Persons on the Certificate Administrator’s website and (ii) each Asset Status Report (after the occurrence and during the continuance of an Operating Advisor Consultation Event) and Final Asset Status Report; ●    recalculating and verifying the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with net present value calculations used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan; and ●    preparing an annual report (if any mortgage loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan was a Specially Serviced Loan at any time during the prior calendar year or an Operating Advisor Consultation Event occurred during the prior calendar year or if the Operating Advisor was

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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STRUCTURE OVERVIEW

entitled to consult with the Special Servicer with respect to any major decision during the prior calendar year) that sets forth whether the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer is operating in compliance with the Servicing Standard with respect to its performance of its duties under the PSA with respect to Specially Serviced Loans (and, after the occurrence and continuance of an Operating Advisor Consultation Event, with respect to major decisions on non-Specially Serviced Loans) during the prior calendar year on an “asset-level basis”. The Operating Advisor will identify (1) which, if any, standards the Operating Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply and (2) any deviations from the Special Servicer’s obligations under the PSA with respect to the resolution or liquidation of any Specially Serviced Loan or REO Property (other than with respect to any REO Property related to any Non-Serviced Mortgage Loan or any Servicing Shift Mortgage Loan). In preparing any Operating Advisor Annual Report, the Operating Advisor will not be required to report on instances of non-compliance with, or deviations from, the Servicing Standard or the Special Servicer’s obligations under the PSA that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.

With respect to each mortgage loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan (other than the Servicing Shift Whole Loan), after the Operating Advisor has received notice that an Operating Advisor Consultation Event has occurred and is continuing, in addition to the duties described above, the Operating Advisor will be required to perform the following additional duties:

●    to consult (on a non-binding basis) with the Special Servicer in respect of Asset Status Reports and

●    to consult (on a non-binding basis) with the Special Servicer with respect to “major decisions” processed by the Special Servicer.

In addition, if at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (1) the Special Servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the Servicing Standard and (2) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, then, the Operating Advisor will have the right to recommend the replacement of the Special Servicer and will submit its formal recommendation to the Trustee and the Certificate Administrator (along with its rationale, its proposed replacement special servicer and other relevant information justifying its recommendation).

The Operating Advisor’s recommendation to replace the Special Servicer must be confirmed within 180 days of the report being posted to the Certificate Administrator’s internet website by an affirmative vote of holders of Principal Balance Certificates evidencing at least a majority of a quorum of Certificateholders (which, for this purpose, is the holders of Principal Balance Certificates that (i) evidence at least 20% of the Voting Rights (taking into account the application of any appraisal reduction amounts to notionally reduce the respective Certificate Balances) of all Principal Balance Certificates on an aggregate basis, and (ii) consist of at least three Certificateholders or certificate owners that are not affiliated with each other). In the event the holders of Principal Balance Certificates evidencing at least a majority of a quorum of Certificateholders elect to remove and replace the Special Servicer (which requisite affirmative votes must be received within 180 days of the posting of the notice of the Operating Advisor’s recommendation to replace the Special Servicer to the Certificate Administrator’s website), the Certificate Administrator will be required to receive a Rating Agency Confirmation from each of the Rating Agencies at that time, and confirmation from the applicable rating agencies that such replacement will not result in the downgrade, withdrawal or qualification of the then-current ratings of any class of any related Serviced Pari Passu Companion Loan Securities.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Asset Representations Reviewer:

The Asset Representations Reviewer will be required to review certain delinquent mortgage loans after a specified delinquency threshold has been met and the required percentage of Certificateholders vote to direct a review as described below. The Asset Representations Reviewer will be entitled to the Asset Representations Reviewer Fee with respect to such review. See “Pooling and Servicing Agreement—The Asset Representations Reviewer” in the Preliminary Prospectus. The Certificate Administrator will be required to notify Certificateholders if the specified delinquency threshold has been met as described in the Preliminary Prospectus under “Pooling and Servicing Agreement—The Asset Representations Reviewer”. If Certificateholders evidencing not less than 5.0% of the Voting Rights request a vote to commence an Asset Review, and if subsequently (i) a majority of those Certificateholders who cast votes and (ii) a majority of an Asset Review Quorum authorizes an Asset Review within 150 days of the request for a vote, the Asset Representations Reviewer will be required to conduct an Asset Review of delinquent loans. The Asset Representations Reviewer may be terminated and replaced without cause. Upon (i) the written direction of Certificateholders evidencing not less than 25% of the Voting Rights (without regard to the application of any Cumulative Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that is an eligible Asset Representations Reviewer, and (ii) payment by such holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator will be required to promptly provide notice to all Certificateholders and the Asset Representations Reviewer of such request by posting such notice on its internet website, and by mailing such notice to all Certificateholders and the Asset Representations Reviewer. Upon the written direction of Certificateholders evidencing at least 75% of a Certificateholder Quorum (without regard to the application of any Cumulative Appraisal Reduction Amounts), the Trustee will be required to terminate all of the rights and obligations of the Asset Representations Reviewer under the PSA (other than any rights or obligations that accrued prior to the date of such termination and other than indemnification rights arising out of events occurring prior to such termination) by written notice to the Asset Representations Reviewer, and the proposed successor asset representations reviewer will be appointed. See “Pooling and Servicing Agreement—The Asset Representations Reviewer” in the Preliminary Prospectus. An “Asset Review Quorum” means, in connection with any solicitation of votes to authorize an Asset Review as described above, the holders of certificates evidencing at least 5.0% of the aggregate Voting Rights represented by all certificates that have Voting Rights.

Dispute Resolution Provisions:

The mortgage loan sellers will be subject to the dispute resolution provisions set forth in the PSA to the extent those provisions are triggered with respect to any mortgage loan sold to the depositor by a mortgage loan seller, and such mortgage loan seller will be obligated under the related mortgage loan purchase agreement to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result. Generally, in the event that a Repurchase Request is not “Resolved” within 180 days after the related mortgage loan seller receives such Repurchase Request, then the Enforcing Servicer will be required to send a notice to the first Certificateholder (or beneficial owner) to deliver a Certificateholder repurchase request with respect to the mortgage loan (the “Initial Requesting Certificateholder”) (if any) and to the Certificate Administrator (which will be required to make such notice available to Certificateholders via the Certificate Administrator’s website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request. If (a) the Enforcing Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or certificate owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other Certificateholder or certificate owner does not agree with the dispute

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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	resolution method selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or certificate owner may deliver a written notice to the Enforcing Servicer indicating its intent to exercise its right to refer the matter to either mediation or arbitration. “Resolved” means, with respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related mortgage loan has been repurchased in accordance with the related mortgage loan purchase agreement, (iii) a mortgage loan has been substituted for the related mortgage loan in accordance with the related mortgage loan purchase agreement, (iv) the applicable mortgage loan seller has made a loss of value payment, (v) a contractually binding agreement has been entered into between the Enforcing Servicer, on behalf of the issuing entity, and the related mortgage loan seller that settles the related mortgage loan seller’s obligations under the related mortgage loan purchase agreement, or (vi) the related mortgage loan is no longer property of the issuing entity as a result of a sale or other disposition in accordance with the PSA. See “Pooling and Servicing Agreement—Dispute Resolution Provisions” in the Preliminary Prospectus.
Credit Risk Retention:	UBS AG is expected to act as the “retaining sponsor” for this securitization and intends to satisfy the U.S. credit risk retention requirement through the purchase by KKR Real Estate Credit Opportunity Partners Aggregator I L.P., as a third party purchaser (as defined in Credit Risk Retention Rules), from the initial purchasers, on the Closing Date, of an “eligible horizontal residual interest”, which will be comprised of the Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates. The aggregate estimated fair value of the Class D-RR, Class E-RR, Class F-RR, Class G-RR and Class NR-RR Certificates will equal at least 5% of the estimated fair value of all of the Certificates (other than the Class R Certificates) issued by the issuing entity. KKR Real Estate Credit Opportunity Partners Aggregator I L.P., in its capacity as the “third party purchaser” for this transaction, will be required to comply with the hedging, transfer and financing restrictions applicable to a “third party purchaser” under the credit risk retention rules, which generally prohibit the transfer of the applicable Certificates, other than to a majority owned affiliate of KKR Real Estate Credit Opportunity Partners Aggregator I L.P., until December 1, 2022. After that date, transfers are permitted under certain circumstances, in accordance with the credit risk retention rules, to another “third party purchaser”. The restrictions on hedging and transfer under the credit risk retention rules as in effect on the Closing Date of this transaction will expire on and after the date that is the latest of (i) the date on which the aggregate principal balance of the mortgage loans has been reduced to 33% of the aggregate principal balance of the mortgage loans as of the Cut-off Date; (ii) the date on which the total unpaid principal obligations under the Certificates has been reduced to 33% of the aggregate total unpaid principal obligations under the Certificates as of the Closing Date; or (iii) two years after the Closing Date. For additional information, see “Credit Risk Retention” in the Preliminary Prospectus. The PSA will include the required provisions applicable to an operating advisor necessary for the securitization to comply with the credit risk retention rules utilizing the “third party purchaser” option. See “Operating Advisor” above. Notwithstanding any references in this Term Sheet to the credit risk retention rules, the Retaining Sponsor, the third party purchaser and other risk retention related matters, in the event the credit risk retention rules (or any relevant portion thereof) are repealed or determined by applicable regulatory agencies to be no longer applicable to this securitization transaction, none of the Retaining Sponsor, the third party purchaser or any other party will be required to comply with or act in accordance with the credit risk retention rules (or such relevant portion thereof). For additional information, see “Credit Risk Retention” in the Preliminary Prospectus.
Liquidated Loan Waterfall:	On liquidation of any mortgage loan, all net liquidation proceeds related to the mortgage loan (other than any related Companion Loan) will be applied so that amounts allocated as a recovery of accrued and unpaid interest will not, in the first instance, include any delinquent interest that was not advanced as a result of Appraisal Reduction Amounts or accrued on the portion of the stated principal balance thereof equal to any related Collateral Deficiency Amount in effect from time to time and as to which no advance was made. After the

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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	adjusted interest amount is so allocated, any remaining liquidation proceeds will be allocated to offset certain advances and to pay principal on the mortgage loan until the unpaid principal amount of the mortgage loan has been reduced to zero. Any remaining liquidation proceeds will then be allocated to pay delinquent interest that was not advanced as a result of Appraisal Reduction Amounts or that accrued on the portion of the stated principal balance thereof equal to any related Collateral Deficiency Amount in effect from time to time and as to which no advance was made.
Investor Communications:	The Certificate Administrator is required to include on any Form 10-D any request received from a Certificateholder to communicate with other Certificateholders related to Certificateholders exercising their rights under the terms of the PSA. Any Certificateholder wishing to communicate with other Certificateholders regarding the exercise of its rights under the terms of the PSA will be able to deliver a written request signed by an authorized representative of the requesting investor to the Certificate Administrator.
Deal Website:	The Certificate Administrator will be required to maintain a deal website which will include, among other items: (a) summaries of Final Asset Status Reports prepared by the Special Servicer, (b) inspection reports, (c) appraisals, (d) various “special notices” described in the Preliminary Prospectus, (e) the “Investor Q&A Forum”, (f) a voluntary “Investor Registry” and (g) the “Risk Retention Special Notices” tab. Investors may access the deal website following execution of a certification and confidentiality agreement.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 21

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Distribution of Cut-off Date Balances(1)(2)
						Weighted Averages
Range of Cut-off Date Balances			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
$2,440,000	-	$5,000,000	7	$23,621,425	3.4%	4.881%	119	2.19x	58.7%	50.1%
$5,000,001	-	$10,000,000	5	$33,022,596	4.7%	4.420%	119	1.99x	57.5%	54.4%
$10,000,001	-	$15,000,000	5	$60,877,027	8.7%	4.568%	120	1.77x	57.3%	51.3%
$15,000,001	-	$20,000,000	4	$66,850,000	9.6%	4.542%	103	1.77x	65.3%	59.1%
$20,000,001	-	$25,000,000	8	$188,875,073	27.1%	4.469%	97	2.39x	54.5%	52.5%
$30,000,001	-	$35,000,000	4	$137,000,000	19.7%	4.439%	105	1.63x	52.9%	50.7%
$40,000,001	-	$45,000,000	2	$88,400,000	12.7%	4.556%	120	1.68x	62.1%	60.3%
$45,000,001	-	$50,500,000	2	$98,100,000	14.1%	3.913%	118	3.24x	44.7%	44.7%
Total/Weighted Average			37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Distribution of Mortgage Rates(1)(2)
						Weighted Averages
Range of Mortgage Rates			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
2.7400%	-	4.0000%	3	$75,100,000	10.8%	3.211%	96	4.39x	27.5%	27.5%
4.0001%	-	4.5000%	15	$320,599,623	46.0%	4.342%	113	1.96x	56.8%	54.3%
4.5001%	-	5.0000%	12	$240,115,753	34.5%	4.693%	115	1.72x	60.2%	56.4%
5.0001%	-	5.4485%	7	$60,930,746	8.7%	5.276%	74	1.84x	63.1%	59.1%
Total/Weighted Average			37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Property Type Distribution(1)(2)
					Weighted Averages
Property Type	Number of  Mortgage Properties	Aggregate Cut-Off Date Balance	% of Initial  Outstanding Pool Balance	Number of Units/Rooms/Pads/ NRA/Beds	Cut-off Date Balance per Unit/Room/ NRA	Mortgage Rate	Stated Remaining Term (Mos.)	Occupancy	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
Retail	34	$154,196,874	22.1%	3,342,061	$214	4.619%	105	97.0%	1.96x	59.9%	55.8%
Single Tenant	25	$59,599,623	8.6%	2,741,807	$179	4.480%	119	100.0%	2.23x	52.9%	49.4%
Unanchored	5	$46,247,251	6.6%	142,000	$369	4.928%	93	93.8%	1.64x	64.5%	59.6%
Anchored	3	$42,600,000	6.1%	372,417	$114	4.514%	95	97.6%	1.90x	66.2%	62.0%
Shadow Anchored	1	$5,750,000	0.8%	85,837	$67	4.360%	118	86.0%	2.05x	49.1%	44.9%
Mixed Use	9	$147,641,203	21.2%	3,377,950	$854	4.071%	118	94.7%	2.78x	49.0%	47.6%
Office/Retail	3	$60,600,000	8.7%	2,076,642	$649	3.629%	116	93.0%	3.92x	35.3%	33.9%
Retail/Signage	1	$35,000,000	5.0%	68,613	$2,084	4.250%	121	100.0%	2.02x	56.5%	56.5%
Office/Hospitality/Retail	1	$25,000,000	3.6%	729,516	$169	4.355%	120	91.8%	2.23x	62.8%	62.8%
Parking/Retail	1	$16,000,000	2.3%	33,805	$473	4.590%	120	90.4%	1.50x	57.1%	48.9%
Office/Industrial	2	$8,601,203	1.2%	465,149	$71	4.369%	120	100.0%	2.22x	57.9%	57.9%
Multifamily/Retail	1	$2,440,000	0.4%	4,225	$578	5.150%	119	100.0%	1.52x	56.7%	56.7%
Office	26	$131,302,424	18.8%	3,788,633	$204	4.382%	120	93.9%	1.78x	63.9%	59.0%
Suburban	24	$82,307,604	11.8%	3,453,523	$114	4.476%	120	94.2%	1.79x	64.5%	57.3%
CBD	2	$48,994,820	7.0%	335,110	$354	4.225%	120	93.4%	1.78x	62.9%	61.9%
Multifamily	18	$127,950,000	18.4%	1,535	$263,516	4.416%	108	95.7%	2.03x	52.3%	50.7%
Garden	3	$67,950,000	9.8%	562	$142,627	4.880%	120	96.2%	1.58x	60.2%	57.3%
Mid Rise	13	$35,000,000	5.0%	146	$513,699	4.712%	118	97.4%	1.30x	58.2%	58.2%
High Rise	2	$25,000,000	3.6%	827	$241,838	2.740%	59	92.0%	4.28x	22.5%	22.5%
Hospitality	4	$70,593,495	10.1%	929	$194,844	4.872%	96	83.6%	2.18x	59.8%	56.3%
Full Service	3	$65,904,141	9.5%	845	$204,736	4.862%	95	84.1%	2.16x	59.8%	56.9%
Limited Service	1	$4,689,354	0.7%	84	$55,826	5.009%	118	77.3%	2.45x	59.4%	48.9%
Industrial	7	$65,062,126	9.3%	1,867,118	$193	4.365%	89	100.0%	1.92x	42.7%	42.7%
Flex	2	$46,500,000	6.7%	283,114	$242	4.364%	76	100.0%	1.80x	36.6%	36.6%
Distribution	3	$11,989,024	1.7%	724,187	$71	4.369%	120	100.0%	2.22x	57.9%	57.9%
Manufacturing	1	$4,131,818	0.6%	320,680	$71	4.369%	120	100.0%	2.22x	57.9%	57.9%
Warehouse	1	$2,441,283	0.4%	539,137	$71	4.369%	120	100.0%	2.22x	57.9%	57.9%
Total/Weighted Average	98	$696,746,122	100.0%			4.423%	109	94.6%	2.13x	55.3%	52.6%

Please see footnotes on page 25.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 22

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Geographic Distribution(1)(2)
				Weighted Averages
State/Location	Number of  Mortgage Properties	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
New York	22	$225,422,286	32.4%	4.066%	103	2.52x	43.9%	43.9%
New Jersey	4	$59,697,406	8.6%	4.418%	119	2.12x	63.2%	61.5%
Maryland	2	$50,850,000	7.3%	4.519%	99	1.71x	69.8%	64.0%
Pennsylvania	2	$45,334,064	6.5%	4.927%	120	1.55x	60.6%	57.1%
Nevada	2	$41,067,596	5.9%	4.272%	121	1.99x	57.7%	55.9%
California	5	$39,699,820	5.7%	4.487%	119	1.86x	55.3%	48.8%
California - Southern(4)	5	$39,699,820	5.7%	4.487%	119	1.86x	55.3%	48.8%
Colorado	3	$32,484,992	4.7%	4.955%	82	1.98x	66.2%	66.2%
Other	58	$202,189,957	29.0%	4.618%	112	2.04x	58.7%	53.6%
Total/Weighted Average	98	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Distribution of Cut-off Date LTV Ratios(1)(2)(3)
						Weighted Averages
Range of Cut-off Date LTV Ratios			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio	Maturity Date or ARD LTV Ratio
17.2%	-	40.0%	4	$108,100,000	15.5%	3.555%	85	3.54x	27.2%	27.2%
40.1%	-	50.0%	2	$17,750,000	2.5%	4.709%	119	2.14x	44.9%	43.5%
50.1%	-	55.0%	3	$36,205,000	5.2%	4.379%	119	2.47x	51.4%	51.4%
55.1%	-	60.0%	11	$231,078,315	33.2%	4.618%	113	1.89x	57.5%	55.4%
60.1%	-	65.0%	11	$207,512,807	29.8%	4.506%	120	1.79x	62.5%	57.9%
65.1%	-	70.0%	3	$72,500,000	10.4%	4.695%	102	1.74x	69.3%	63.8%
70.1%	-	73.4%	3	$23,600,000	3.4%	4.789%	76	1.79x	71.4%	68.2%
Total/Weighted Average			37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Distribution of Maturity Date or ARD LTV Ratios(1)(2)(3)
						Weighted Averages
Range of LTV Ratios at Maturity or ARD			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio	Maturity Date or ARD LTV Ratio
17.2%	-	40.0%	4	$108,100,000	15.5%	3.555%	85	3.54x	27.2%	27.2%
40.1%	-	50.0%	7	$67,911,201	9.7%	4.636%	119	1.70x	55.5%	47.5%
50.1%	-	55.0%	9	$120,294,920	17.3%	4.664%	107	1.95x	58.4%	52.1%
55.1%	-	60.0%	7	$211,690,000	30.4%	4.583%	119	1.88x	58.1%	57.3%
60.1%	-	70.8%	10	$188,750,000	27.1%	4.510%	108	1.89x	66.4%	63.8%
Total/Weighted Average			37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Distribution of Underwritten NCF Debt Service Coverage Ratios(1)(2)
						Weighted Averages
Range of Underwritten NCF Debt Service Coverage Ratios			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
1.29x	-	1.40x	5	$67,844,820	9.7%	4.678%	119	1.34x	59.7%	54.9%
1.41x	-	1.50x	3	$29,324,278	4.2%	4.574%	120	1.50x	59.3%	49.5%
1.51x	-	1.60x	5	$116,640,000	16.7%	4.638%	102	1.57x	53.8%	49.6%
1.61x	-	1.70x	2	$45,720,933	6.6%	4.651%	119	1.66x	61.0%	54.5%
1.71x	-	1.80x	1	$16,000,000	2.3%	4.359%	120	1.77x	63.7%	52.5%
1.81x	-	1.90x	5	$94,317,596	13.5%	4.505%	106	1.84x	65.2%	63.3%
1.91x	-	2.00x	2	$40,754,141	5.8%	5.122%	57	1.91x	62.2%	59.9%
2.01x	-	2.25x	7	$144,105,000	20.7%	4.387%	120	2.15x	57.0%	56.8%
2.26x	-	2.50x	2	$18,189,354	2.6%	4.579%	119	2.34x	60.7%	58.0%
2.51x	-	6.73x	5	$123,850,000	17.8%	3.696%	105	3.71x	37.7%	37.7%
Total/Weighted Average			37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Please see footnotes on page 25.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 23

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Original Terms to Maturity or ARD(1)(2)
				Weighted Averages
Original Terms to Maturity or ARD	Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
60	5	$119,254,141	17.1%	4.423%	58	2.31x	45.3%	44.5%
120	31	$542,491,981	77.9%	4.434%	119	2.10x	57.5%	54.1%
121	1	$35,000,000	5.0%	4.250%	121	2.02x	56.5%	56.5%
Total/Weighted Average	37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Distribution of Remaining Terms to Maturity or ARD(1)(2)
						Weighted Averages
Range of Remaining Terms to Maturity or ARD			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
56	-	60	5	$119,254,141	17.1%	4.423%	58	2.31x	45.3%	44.5%
115	-	121	32	$577,491,981	82.9%	4.423%	119	2.10x	57.4%	54.2%
Total/Weighted Average			37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Distribution of Underwritten NOI Debt Yields(1)(2)(3)
						Weighted Averages
Range of Underwritten NOI Debt Yields			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio	Maturity Date or ARD LTV Ratio
6.2%	-	8.0%	3	$70,440,000	10.1%	4.552%	90	1.44x	43.3%	43.3%
8.1%	-	9.0%	10	$188,449,820	27.0%	4.519%	120	1.71x	59.8%	57.3%
9.1%	-	10.0%	4	$64,027,027	9.2%	4.783%	84	1.72x	65.5%	61.5%
10.1%	-	11.0%	7	$128,464,847	18.4%	4.472%	120	2.02x	60.6%	57.5%
11.1%	-	12.0%	5	$94,170,933	13.5%	4.022%	104	2.52x	53.0%	47.5%
12.1%	-	13.0%	1	$24,750,000	3.6%	4.379%	119	2.72x	50.4%	50.4%
13.1%	-	14.0%	2	$29,750,000	4.3%	4.482%	117	2.50x	55.3%	54.5%
14.1%	-	15.0%	1	$18,000,000	2.6%	4.551%	116	1.88x	68.8%	63.0%
15.1%	-	26.1%	4	$78,693,495	11.3%	4.147%	97	3.56x	39.6%	37.9%
Total/Weighted Average			37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Amortization Types(1)(2)
				Weighted Averages
Amortization Type	Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
Full IO	21	$497,995,000	71.5%	4.328%	107	2.32x	52.3%	52.0%
Amortizing	10	$110,951,122	15.9%	4.773%	106	1.70x	61.4%	51.5%
Partial IO	6	$87,800,000	12.6%	4.522%	119	1.63x	64.7%	57.1%
Total/Weighted Average	37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Loan Purposes(1)(2)
				Weighted Averages
Loan Purpose	Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance	Mortgage Rate	Stated Remaining Term (Mos.)	U/W NCF DSCR	Cut-off Date LTV Ratio(3)	Maturity Date or ARD LTV Ratio(3)
Refinance	25	$422,896,498	60.7%	4.443%	104	2.16x	51.2%	48.0%
Acquisition	9	$184,849,623	26.5%	4.402%	113	2.01x	62.8%	59.5%
Recapitalization	3	$89,000,000	12.8%	4.374%	120	2.23x	59.8%	59.8%
Total/Weighted Average	37	$696,746,122	100.0%	4.423%	109	2.13x	55.3%	52.6%

Please see footnotes on page 25.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 24

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

(1) All numerical information concerning the mortgage loans is approximate and, in the case of mortgage loans secured by multiple properties, is based on allocated loan amounts with respect to such properties. All weighted average information regarding the mortgage loans reflects the weighting of the mortgage loans based on their outstanding principal balances as of the Cut-off Date or, in the case of mortgage loans secured by multiple properties, allocated loan amounts. The sum of numbers and percentages in columns may not match the “Total” due to rounding.

(2) With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated, LTV, DSCR and Debt Yield calculations in this Term Sheet include any related pari passu companion loans and exclude any subordinate companion loans, as applicable. Additionally, LTV, DSCR and Debt Yield figures in this Term Sheet are calculated for mortgage loans without regard to any additional indebtedness that may be incurred at a future date.

(3) With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Riverview Landing, the Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield are based on the mortgage loan amount net of the unit upgrade earnout of $2,450,000 that was escrowed at origination. The Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield based on the mortgage loan amount including the unit upgrade earnout are 64.2%, 7.9%, and 7.7%, respectively. The Maturity Date or ARD LTV Ratio is based on the mortgage loan amount including the unit upgrade earnout and calculated using the “As-Stabilized” value of $77,100,000, which assumes that the renovation of the remaining 229 units is completed by September 1, 2020. The Maturity Date or ARD LTV Ratio based on the total mortgage loan amount including the unit upgrade earnout and calculated using the “As-Is” appraised value is 64.2%. With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Cress Creek Square, the Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield are based on the mortgage loan amount net of the holdback reserve of $400,000 that was escrowed at origination. The Cut-off Date LTV Ratio, U/W NOI Debt Yield, and U/W NCF Debt Yield based on total mortgage loan amount including the holdback reserve are 65.3%, 11.5%, and 10.6%, respectively. For additional information, see “Description of the Mortgage Pool—Mortgage Pool Characteristics – Appraised Value” in the Preliminary Prospectus and the footnotes to Annex A-1 in the Preliminary Prospectus.

(4) “California – Southern” includes zip codes at or below 93600.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 25

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Ten Largest Mortgage Loans(1)
Mortgage Loan	Mortgage Loan Seller	City, State	Property Type	Cut-off Date Balance	% of Initial Outstanding Pool Balance	Cut-off Date Balance per Unit/Room/ NRA	Cut-off Date LTV Ratio	U/W NCF DSCR	U/W NOI Debt Yield
GNL Portfolio	CREFI	Various, Various	Various	$50,500,000	7.2%	$71	57.9%	2.22x	10.8%
General Motors Building	CCRE	New York, NY	Mixed Use	$47,600,000	6.8%	$739	30.6%	4.33x	15.5%
16 Court Street	CREFI	Brooklyn, NY	Office	$44,400,000	6.4%	$341	63.4%	1.83x	8.5%
Riverview Landing(2)	CCRE	Eagleville, PA	Multifamily	$44,000,000	6.3%	$141,935	60.7%	1.53x	8.3%
Chelsea Multifamily Portfolio	CCRE	New York, NY	Multifamily	$35,000,000	5.0%	$513,699	58.2%	1.30x	6.2%
Harmon Corner	CCRE	Las Vegas, NV	Mixed Use	$35,000,000	5.0%	$2,084	56.5%	2.02x	8.8%
2U Headquarters	CREFI	Lanham, MD	Office	$34,000,000	4.9%	$175	69.3%	1.60x	10.6%
10 Java Street	CCRE	Brooklyn, NY	Industrial	$33,000,000	4.7%	$310	26.6%	1.59x	7.0%
Yorkshire & Lexington Towers	UBS AG	New York, NY	Multifamily	$25,000,000	3.6%	$241,838	22.5%	4.28x	12.0%
Headquarters Plaza	CREFI	Morristown, NJ	Mixed Use	$25,000,000	3.6%	$169	62.8%	2.23x	11.3%
Total/Weighted Average				$373,500,000	53.6%		51.5%	2.28x	10.0%

(1) With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated, all LTV Ratio, U/W NCF DSCR, Debt Yield and Balance per Unit/Room/NRA calculations in this Term Sheet include any related pari passu companion loans and exclude any subordinate companion loans, as applicable. Additionally, LTV Ratio, U/W NCF DSCR, Debt Yield and Balance per Unit/Room/SF figures in this Term Sheet are calculated for mortgage loans without regard to any additional indebtedness that may be incurred at a future date.

(2) With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Riverview Landing, the Cut-off Date LTV Ratio, U/W NOI Debt Yield, are based on the mortgage loan amount net of the unit upgrade earnout of $2,450,000 that was escrowed at origination. The Cut-off Date LTV Ratio, U/W NOI Debt Yield, based on the mortgage loan amount including the unit upgrade earnout are 64.2%, 7.9%, respectively.

Existing Mezzanine Debt Summary(1)(2)
Mortgage Loan	Mortgage Loan Cut-off Date Balance	Mezzanine Debt Cut-off Date Balance	Trust U/W NCF DSCR	Total Debt U/W NCF DSCR	Trust Cut-off Date LTV Ratio	Total Debt Cut-off Date LTV Ratio	Trust U/W NOI Debt Yield	Total Debt U/W NOI Debt Yield
Riverview Landing(3)	$44,000,000	$8,450,000	1.53x	1.12x	60.7%	73.0%	8.3%	6.9%
Yorkshire & Lexington Towers	$25,000,000	$150,000,000	4.28x	1.04x	22.5%	61.8%	12.0%	4.4%

(1) With respect to any mortgage loan that is part of a whole loan, the Trust U/W NCF DSCR, Trust Cut-off Date LTV Ratio and Trust U/W NOI Debt Yield include the related pari passu companion loan(s) and exclude any related subordinate companion loan(s) and the related mezzanine loan(s).

(2) Total Debt U/W NCF DSCR, Total Debt Cut-off Date LTV Ratio and Total Debt U/W NOI Debt Yield calculations include any related pari passu companion loan(s), related subordinate companion loan(s) and/or related mezzanine loan(s).

(3) With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Riverview Landing, the Cut-off Date LTV Ratio, U/W NOI Debt Yield, are based on the mortgage loan amount net of the unit upgrade earnout of $2,450,000 that was escrowed at origination. The Cut-off Date LTV Ratio, U/W NOI Debt Yield, based on the mortgage loan amount including the unit upgrade earnout are 64.2%, 7.9%, respectively.

Subordinate Debt Summary(1)
Mortgage Loan	Mortgage Loan Cut-off Date Balance	Pari Passu Companion Loan(s) Cut-off Date Balance	Subordinate Debt Cut-off Date Balance	Trust U/W NCF DSCR	Total Mortgage Debt U/W NCF DSCR	Trust Cut-off Date LTV Ratio	Total Mortgage Debt Cut-off Date LTV Ratio	Trust U/W NOI Debt Yield	Total Mortgage Debt U/W NOI Debt Yield
General Motors Building	$47,600,000	$1,422,400,000	$830,000,000	4.33x	2.77x	30.6%	47.9%	15.5%	9.9%
Yorkshire & Lexington Towers	$25,000,000	$175,000,000	$200,000,000	4.28x	1.68x	22.5%	44.9%	12.0%	6.0%

(1) Total Mortgage Debt U/W NCF DSCR, Total Mortgage Debt Cut-off Date LTV, Total Mortgage Debt U/W NOI Debt Yield calculations include any related pari passu companion loan(s), related subordinate companion loan(s) and excludes related mezzanine loan(s), if any.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 26

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Pari Passu Companion Loan Summary
Mortgage Loan	Note(s)	Original Balance	Holder of Note	Lead Servicer for Whole Loan (Y/N)	Master Servicer Under Lead Securitization	Special Servicer Under Lead Securitization
GNL Portfolio	A-1-B, A-2-B	$50,500,000	CCUBS 2017-C1	No
	A-1-A (controlling)	$73,000,000	CSAIL 2017-CX10(1)	Yes	KeyBank National Association	CWCapital Asset Management LLC
	A-2-A	$63,500,000	Column Financial, Inc.	No
General Motors Building	A-2-C2-2-B, A-2-A2, A-2-A3	$45,200,000	JPMDB 2017-C7	No	Wells Fargo Bank, National Association	Wells Fargo Bank, National Association
	A-1-S, A-2-S, A-3-S, A-4-S, A-1-C1, A-2-C1, A-3-C1, A-4-C1	$725,000,000	BXP Trust 2017-GM	No
	A-1-C2, A-1-C3-1, A-4-A3	$90,000,000	BANK 2017-BNK6	No
	A-1-C4, A-1-A3	$111,900,000	BANK 2017-BNK7	No
	A-4-A2, A-4-C2, A-4-C3	$115,000,000	WFCM 2017-C38	No
	A-2-C2-2-A, A-2-C3	$50,000,000	UBS 2017-C2	No
	A-2-C2-1, A-3-C2, A-3-C3-2	$100,000,000	CD 2017-CD5	No
	A-1-A2, A-3-C3-1, A-1-C3-2, A-3-A2-2	$92,700,000	CGCMT 2017-B1	No
	A-3-A2-1, A-3-A3	$55,200,000	CGCMT 2017-P8	No
	A-1-A1, A-2-A1	$47,600,000	CCUBS 2017-C1	No
	A-3-A1, A-4-A1	$37,400,000	CCRE	No
16 Court Street	A-2	$44,400,000	CCUBS 2017-C1(2)	No	Midland Loan Services, a Division of PNC Bank, National Association(2)	Midland Loan Services, a Division of PNC Bank, National Association(2)
	A-1 (controlling)	$66,600,000	Barclays Bank PLC	Yes(2)
Chelsea Multfamily Portfolio	A-1-A	$35,000,000	CCUBS 2017-C1	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$25,000,000	CGCMT 2017-C4	No
	A-1-B, A-1-B2	$15,000,000	CCRE	No
Harmon Corner	A-2, A-4	$35,000,000	CCUBS 2017-C1	No	Midland Loan Services, a Division of PNC Bank, National Association(3)	Midland Loan Services, a Division of PNC Bank, National Association(3)
	A-1 (controlling), A-3	$50,800,000	CCRE	Yes(3)
	A-5, A-6	$57,200,000	CREFI	No
2U Headquarters	A-1 (controlling)	$34,000,000	CCUBS 2017-C1	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$20,000,000	UBS AG	No
Yorkshire & Lexington Towers	A-1 (controlling), A-2	$60,000,000	CSAIL 2017-CX10(4)	Yes	KeyBank National Association	CWCapital Asset Management LLC
	A-3	$20,000,000	Natixis	No
	A-5, A-7, A-8-2	$55,000,000	UBS AG	No
	A-4	$40,000,000	UBS 2017-C5	No
	A-6, A-8-1	$25,000,000	CCUBS 2017-C1	No
Headquarters Plaza	A-1 (controlling)	$75,000,000	CD 2017-CD6(3)	Yes	Wells Fargo Bank, National Association	LNR Partners, LLC
	A-3, A-4	$50,000,000	Barclays Bank PLC or an affiliate	No
	A-2	$25,000,000	CCUBS 2017-C1	No
National Office Portfolio	A-1-A (controlling), A-1-B, A-3, A-4-B	$125,000,000	LCF	Yes(6)	Midland Loan Services, a Division of PNC Bank, National Association(6)	Midland Loan Services, a Division of PNC Bank, National Association(6)
	A-5-A	$35,000,000	UBS 2017-C5
	A-2-A	$25,000,000	CCUBS 2017-C1	No
Bass Pro & Cabela’s Portfolio	A-1(A-CP) (controlling), A-1(A-NCP)	$47,500,000	GSMS 2017-GS8(7)	Yes	Wells Fargo Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-1(B-CP)	$30,460,000	GSMC	No
	A-2	$58,470,000	WFB	No
	A-3(B-CP)	$24,750,000	CCUBS 2017-C1	No
	A-3(A-CP)	$20,000,000	UBS 2017-C5(8)	No
	A-3(C-CP), A-3(D-NCP),  A-3(E-NCP), A-3(F-NCP)	$13,720,000	UBS AG	No
Westin Crystal City	A-1 (controlling)	$24,000,000	CCUBS 2017-C1	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$24,000,000	CGCMT 2017-C4	No
Marriott Grand Cayman	A-1 (controlling)	$24,000,000	CCUBS 2017-C1	Yes	Wells Fargo Bank, National Association	Rialto Capital Advisors LLC
	A-2	$21,000,000	UBS 2017-C5(9)	No
	A-3	$35,000,000	GSMS 2017-GS7	No
At Home Portfolio	A-1-1 (controlling)	$10,690,000	CCUBS 2017-C1	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$15,000,000	UBS 2017-C5(8)	No
	A-1-1, A-3	$5,000,000	UBS AG	No
Hyatt Regency Princeton	A-1 (controlling)	$18,000,000	CCUBS 2017-C1	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$15,000,000	UBS 2017-C5(9)	No
Manchester Financial Building	A-1 (controlling)	$15,000,000	UBS 2017-C5(9)	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$10,500,000	CCUBS 2017-C1	No

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 27

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

(1) Currently held by Column Financial, Inc. The CSAIL 2017-CX10 securitization transaction is scheduled to close on November 30, 2017.

(2) The 16 Court Street Whole Loan is expected to initially be serviced under the CCUBS 2017-C1 pooling and servicing agreement until the securitization of the related controlling pari passu Note A-1 (the “16 Court Street Servicing Shift Securitization Date”), after which the 16 Court Street Whole Loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu Note A-1 (the “16 Court Street Servicing Shift PSA”). The master servicer and special servicer under the 16 Court Street Servicing Shift PSA will be identified in a notice, report or statement to holders of the CCUBS 2017-C1 certificates after the securitization of the related controlling pari passu Note A-1.

(3) The Harmon Corner Whole Loan is expected to initially be serviced under the CCUBS 2017-C1 pooling and servicing agreement until the securitization of the related controlling pari passu Note A-1 (the “Harmon Corner Servicing Shift Securitization Date”), after which the Harmon Corner Whole Loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu Note A-1 (the “Harmon Corner Servicing Shift PSA”). The master servicer and special servicer under the Harmon Corner Servicing Shift PSA will be identified in a notice, report or statement to holders of the CCUBS 2017-C1 certificates after the securitization of the related controlling pari passu Note A-1.

(4) Currently held by Natixis Real Estate Capital LLC. The CSAIL 2017-CX10 securitization is scheduled to close on November 30, 2017.

(5) Currently held by Citi Real Estate Funding Inc. The CD 2017-CD6 securitization transaction is scheduled to close on November 30, 2017.

(6) Currently held by Ladder Capital Finance LLC or an affiliate. The National Office Portfolio Whole Loan is expected to initially be serviced under the UBS 2017-C5, which is scheduled to close on November 16, 2017. After the securitization of the related controlling pari passu Note A-1-A, the National Office Portfolio Whole Loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu Note A-1-A (the “National Office Portfolio Servicing Shift PSA”). The master servicer and special servicer under the National Office Portfolio Servicing Shift PSA will be identified in a notice, report or statement to holders of the CCUBS 2017-C1 certificates after the securitization of the related controlling pari passu Note A-1-A.

(7) Currently held by Goldman Sachs Mortgage Company. The GSMS 2017-GS8 securitization transaction is scheduled to close on November 30, 2017.

(8) Currently held by UBS AG. The UBS 2017-C5 securitization is scheduled to close on November 16, 2017.

(9) Currently held by Cantor Commercial Real Estate Lending, L.P. The UBS 2017-C5 securitization is scheduled to close on November 16, 2017.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 28

CCUBS 2017-C1

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Previous Securitization History(1)
Mortgage Loan	Mortgage Loan Seller	City, State	Property Type	Cut-off Date Balance	% of Initial Outstanding Pool Balance	Previous Securitization(s)
General Motors Building	CCRE	New York, NY	Mixed Use	$47,600,000	6.8%	COMM 2005-LP5
Harmon Corner	CCRE	Las Vegas, NV	Mixed Use	$35,000,000	5.0%	COMM 2012-CCRE5; COMM 2013-LC6
Marriott Grand Cayman	CCRE	Grand Cayman, Cayman Islands	Hospitality	$23,904,141	3.4%	WFRBS 2012-C9
Snowmass Village	CCRE	Snowmass Village, CO	Retail	$20,500,000	2.9%	COMM 2012-CR3
Sinagua Plaza	CREFI	Sedona, AZ	Retail	$14,200,000	2.0%	WFRBS 2011-C4
Minges Creek	CCRE	Battle Creek, MI	Retail	$5,750,000	0.8%	FULBA 1998-C2
Willowood Apartments	UBS AG	Trotwood, OH	Multifamily	$3,200,000	0.5%	BSCMS 2005-PWR9
Bluebonnet Crossing	CCRE	Baton Rouge, LA	Retail	$2,647,251	0.4%	CD 2007-CD5
James Perse Building	CCRE	Beverly Hills, CA	Mixed Use	$2,500,000	0.4%	BSCMS 2007-T28

(1) Includes mortgage loans for which all or a portion of the previously existing debt was most recently securitized in one or more conduit securitizations, based on information provided by the related borrower or obtained through searches of a third-party database. The information has not otherwise been confirmed by the mortgage loan sellers.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 29

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 30

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 31

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 32

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CREFI			Single Asset/Portfolio:	Portfolio
Credit Assessment (Fitch/KBRA/Moody’s):		NR/NR/NR			Location:	Various
					General Property Type:	Various
Original Balance(1):		$50,500,000			Detailed Property Type:	Various
Cut-off Date Balance(1):		$50,500,000			Title Vesting:	Fee
% of Initial Pool Balance:		7.2%			Year Built/Renovated:	Various
Loan Purpose:		Recapitalization			Size:	2,620,673 SF
Borrower Sponsor:		Global Net Lease Operating Partnership, L.P.			Cut-off Date Balance per SF(1):	$71
					Maturity Date Balance per SF(1):	$71
Mortgage Rate:		4.3690%			Property Manager(5):	Self-Managed
Note Date:		10/27/2017
First Payment Date:		12/6/2017
Maturity Date:		11/6/2027
Original Term to Maturity:		120 months
Original Amortization Term:		0 months			Underwriting and Financial Information
IO Period:		120 months			UW NOI:	$20,159,620
Seasoning:		0 months			UW NOI Debt Yield(1):	10.8%
Prepayment Provisions(2):		YM1 (116); O (4)			UW NOI Debt Yield at Maturity(1):	10.8%
Lockbox/Cash Mgmt Status:		Hard/In Place			UW NCF DSCR(1):	2.22x
Additional Debt Type(1)(3):		Pari Passu			Most Recent NOI(6):	$21,052,501 (8/31/2017 TTM)
Additional Debt Balance(1)(3):		$136,500,000			2nd Most Recent NOI(6):	$21,010,966 (12/31/2016)
Future Debt Permitted (Type):		No (N/A)			3rd Most Recent NOI(6):	$20,024,180 (12/31/2015)
Reserves(4)					Most Recent Occupancy:	100.0% (11/1/2017)
Type	Initial		Monthly	Cap	2nd Most Recent Occupancy(7):	100.0% (12/31/2016)
RE Tax:	$0		Springing	N/A	3rd Most Recent Occupancy(7):	100.0% (12/31/2015)
Insurance:	$0		Springing	N/A	Appraised Value (as of):	$323,100,000 (Various)
Replacements:	$0		Springing	N/A	Cut-off Date LTV Ratio(1):	57.9%
TI/LC:	$0		Springing	N/A	Maturity Date LTV Ratio(1):	57.9%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$187,000,000	100.0%	Paydown of Corporate Credit Facility(8):	$120,021,907	62.4%
			Return of Equity:	$64,482,284	34.5%
			Closing Costs:	$2,495,809	1.3%
Total Sources:	$187,000,000	100.0%	Total Uses:	$187,000,000	100.0%

(1) The GNL Portfolio Mortgage Loan (as defined below) is part of the GNL Portfolio Whole Loan (as defined below), which is comprised of four pari passu promissory notes with an aggregate original principal balance of $187,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the GNL Portfolio Whole Loan.

(2) Prior to the open prepayment date of August 6, 2027, the GNL Portfolio Whole Loan can be prepaid with payment of prepayment consideration in an amount equal to the greater of (i) a yield maintenance premium as calculated under the GNL Portfolio Whole Loan documents and (ii) 1.0% of the outstanding principal balance of the GNL Portfolio Whole Loan being prepaid on such date. See “Partial Release” below for further discussion of the borrower’s option to release a property or properties from the mortgage loan.

(3) See “The Mortgage Loan” below for further discussion of additional debt.

(4) See “Escrows and Reserves” below for further discussion of reserve requirements and caps.

(5) Each of the GNL Portfolio Properties (as defined below) is tenant-managed, except for the United States of America property, which is managed by CBRE of Virginia, Inc.

(6) The 3rd Most Recent NOI reflects 12 months of financials for all properties, except for the C&J Energy Services II property, which was acquired in March 2015, and the FedEx Ground Package System, Inc. (WV) property, which was built in 2016. The 3rd Most Recent NOI for the C&J Energy Services II property reflects 10 months of financials. 2nd Most Recent NOI reflects 12 months of financials for all properties, except for the FedEx Ground Package System, Inc. (WV) property due to its recent construction. Most Recent NOI reflects 12 months of financials for all properties except for the FedEx Ground Package System, Inc. (WV) property for which there are six months of financials.

(7) Excludes the FedEx Ground Package System, Inc. (WV) property, which was constructed in 2016 and acquired in April 2017.

(8) Proceeds from the GNL Portfolio Whole Loan were used to pay down a corporate credit facility with KeyBank National Association that was secured by equity interests in Global Net Lease, Inc., return equity to the borrower sponsor and cover closing costs.

The Mortgage Loan. The largest mortgage loan (the “GNL Portfolio Mortgage Loan”) is part of a whole loan (the “GNL Portfolio Whole Loan”) evidenced by four pari passu promissory notes with an aggregate original principal balance of $187,000,000. The GNL Portfolio Whole Loan is secured by first priority fee mortgages encumbering a 12-property portfolio comprised of 11 single tenant, net-leased properties and one single tenant property that is leased on a modified gross basis, located in nine states (collectively, the “GNL Portfolio Properties” or “GNL Portfolio”). The GNL Portfolio Whole Loan was co-originated by Citi Real Estate Funding Inc. (“CREFI”) and Column Financial, Inc. Promissory Notes A-1-B and A-2-B, with an aggregate original principal balance of $50,500,000, represent the GNL Portfolio Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Note A-1-A, with an original principal balance of $73,000,000, is currently held by Column Financial, Inc. and is expected to be contributed to the CSAIL 2017-CX10 Trust. Promissory Note A-2-A, with an original principal balance of $63,500,000, is currently held by Column Financial Inc., and is expected to be contributed to one or more future securitization transactions or may be otherwise transferred at any time. The GNL Portfolio Whole Loan will be serviced pursuant to the 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 33

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

pooling and servicing agreement for the CSAIL 2017-CX10 Trust. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus. 

GNL Portfolio Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1-A	$73,000,000	$73,000,000	CSAIL 2017-CX10	Yes
Note A-1-B	$25,250,000	$25,250,000	CCUBS 2017-C1	No
Note A-2-A	$63,500,000	$63,500,000	Column Financial, Inc.	No
Note A-2-B	$25,250,000	$25,250,000	CCUBS 2017-C1	No
Total	$187,000,000	$187,000,000

The Borrower and the Borrower Sponsor. The borrowers are ARC GEGRDMI001, LLC; ARC GSIFLMN001, LLC; ARC MKMDNNJ001, LLC; ARC SZPTNNJ001, LLC; ARC CSVBTMI001, LLC; ARG FEMRGWV001, LLC; ARC NNMFBTN001, LLC; ARC FEBHMNY001, LLC; ARC LPSBDIN001, LLC; ARC PNSCRPA001, LLC; ARC CJHSNTX002, LLC; and ARC CJHSNTX001, LLC (collectively, the “GNL Portfolio Borrowers”), each a single-purpose Delaware limited liability company structured to be bankruptcy remote with two independent directors. Global Net Lease Operating Partnership, L.P., a subsidiary of Global Net Lease Inc. (“GNL”), is the borrower sponsor and nonrecourse carve-out guarantor.

GNL (NYSE: GNL) is a real estate investment trust that acquires commercial properties, with an emphasis on sale-leaseback transactions, involving single tenant net-leased commercial properties. GNL began operations in 2011 and owns assets under management valued at approximately $2.9 billion. GNL’s portfolio consists of 312 properties, including 243 properties in the United States and Puerto Rico, 43 properties in the United Kingdom and 26 properties in Europe totaling 22.0 million SF. GLP had a market capitalization of approximately $1.4 billion as of October 26, 2017.

The Properties. The GNL Portfolio consists of 12 office and industrial assets that are 100.0% leased. The tenancy is diversified across multiple industries, including aerospace, pharmaceuticals, energy, financial services, freight, U.S. government services, automotive, and metals processing. The GNL Portfolio Properties are located in nine states: Indiana, Tennessee, Michigan, New York, New Jersey, Texas, Pennsylvania, West Virginia and Minnesota. The GNL Portfolio contains five office buildings (571,520 SF/21.8% NRA), five industrial buildings (1,584,004 SF/60.4%NRA) and two mixed use buildings (465,149 SF/17.7% NRA). The tenants include companies such as Sandoz, Inc. (parent Novartis AG, NYSE:NVS, rated AA/Aa3/AA- by Fitch/Moody’s/S&P), Intervet, Inc. (parent Merck & Co., NYSE:MRK, rated A/A1/AA by Fitch/Moody’s/S&P), FedEx Ground Package System, Inc. (parent FedEx Corp., NYSE:FDX, rated WD/Baa2/BBB by Fitch/Moody’s/S&P), GE Aviation (parent General Electric Company, NYSE:GE, rated AA-/A1/AA- by Fitch/Moody’s/S&P), C&J Energy Services, Inc. (NYSE:CJ, NR), Constellium Automotive USA, LLC (parent Constellium NV, NYSE:CSTM, rated Caa1/B- by Moody’s/S&P), Nissan North America, Inc. (parent Nissan Motor Co. Ltd., OTCMKTS:NSANY, rated BBB+/WR/A by Fitch/Moody’s/S&P), U.S. General Services Administration (“GSA”, rated AAA/Aaa/AAA, by Fitch/Moody’s/S&P), Lippert Components Manufacturing, Inc. (parent LCI Industries, NYSE:LCII, NR) and PNC Bank, N.A. (parent PNC Financial Services Group Inc., NYSE:PNC, rated A+/A3/A- by Fitch/Moody’s/S&P). As of November 1, 2017, the GNL Portfolio Properties were 100.0% occupied by 10 tenants with a weighted average base rent of $8.39 PSF and weighted average remaining lease term of 9.3 years.

The following table presents certain information relating to the GNL Portfolio Properties:

Portfolio Summary
Property Name	Location	Year Built	Net Rentable Area (SF)(1)	UW NCF	% of UW NCF	Allocated Cut-off Date Balance(2)	% of Allocated Cut-off Date Balance	Appraised Value	Allocated Cut-off Date LTV Ratio(2)
Sandoz, Inc.	Plainsboro, NJ	2001	154,101	$3,678,534	20.0%	$34,880,000	18.7%	$59,400,000	58.7%
Intervet Inc.	Madison, NJ	1988	146,366	$2,942,229	16.0%	$26,950,000	14.4%	$49,000,000	55.0%
GE Aviation Systems, LLC	Grand Rapids, MI	1986	369,000	$2,188,171	11.9%	$24,050,000	12.9%	$37,000,000	65.0%
FedEx Ground Package System, Inc. (NY)	Bohemia, NY	1976	158,520	$1,637,007	8.9%	$19,375,000	10.4%	$33,000,000	58.7%
Nissan North America Inc.	Murfreesboro, TN	2008	462,155	$1,393,787	7.6%	$17,030,000	9.1%	$29,000,000	58.7%
Constellium Automotive USA, LLC	Van Buren Twp., MI	1998	320,680	$1,721,534	9.3%	$15,300,000	8.2%	$25,500,000	60.0%
C&J Energy Services, Inc. II	Houston, TX	2013	125,000	$1,164,317	6.3%	$12,550,000	6.7%	$25,100,000	50.0%
Lippert Components Manufacturing, Inc.	South Bend, IN	2003	539,137	$773,905	4.2%	$9,040,000	4.8%	$15,400,000	58.7%
FedEx Ground Package System, Inc. (WV)	Morgantown, WV	2016	103,512	$838,393	4.6%	$7,990,000	4.3%	$13,600,000	58.8%
C&J Energy Services, Inc. I	Houston, TX	2013	96,149	$770,540	4.2%	$7,800,000	4.2%	$15,600,000	50.0%
United States of America	International Falls, MN	2009	33,000	$920,057	5.0%	$7,095,000	3.8%	$12,900,000	55.0%
PNC Bank N.A.	Scranton, PA	1975	113,053	$396,936	2.2%	$4,940,000	2.6%	$7,600,000	65.0%
Total/Wtd. Avg.			2,620,673	$18,425,410	100.0%	$187,000,000	100.0%	$323,100,000	57.9%

(1) Information is based on the underwritten rent roll.

(2) Based on the GNL Portfolio Whole Loan principal amount outstanding as of the Cut-off Date.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 34

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

The following table presents certain information related to the property type distribution of the GNL Portfolio Properties:

Property Type Summary(1)
Property Sub-Type	Property Count	GLA (SF)	Occupancy	UW NOI	% of NOI	Allocated Loan Amount(2)	% of Allocated Loan Amount	Appraised Value(3)
Office	5	571,520	100.0%	$9,891,297	49.1%	$86,415,000	46.2%	$154,000,000
Industrial	5	1,584,004	100.0%	$6,922,089	34.3%	$68,735,000	36.7%	$116,500,000
Mixed Use	2	465,149	100.0%	$3,346,234	16.6%	$31,850,000	17.0%	$52,600,000
Total/Wtd. Avg.	12	2,620,673	100.0%	$20,159,620	100.0%	$187,000,000	100.0%	$323,100,000

(1) Information is based on the underwritten rent roll.

(2) Based on the GNL Portfolio Whole Loan principal amount outstanding as of the Cut-off Date.

(3) Information is based on the appraisal.

Major Tenants. Set forth below are descriptions of the three tenants that represent the largest portion of annual underwritten base rent.

Sandoz, Inc. (154,101 SF, 5.9% of NRA, 19.2% of underwritten base rent). Sandoz, Inc. (“Sandoz”) leases 154,101 SF at the Sandoz, Inc. property in Princeton, New Jersey. Sandoz is the private United States arm of Swiss pharmaceutical company Novartis AG. Sandoz was originally founded in Switzerland in 1886, and merged with Swiss pharmaceutical firm Ciba-Geigy in 1996, to form Novartis. Sandoz is headquartered in Holzkirchen, Germany, has its U.S. headquarters in Princeton, NJ, and manufactures more than 200 generic oral dosage drugs, which reached more than an estimated 500 million patients in 2016. The company's product portfolio includes drugs to fight infections, cancers, respiratory ailments, cardiovascular and gastrointestinal disorders, and central nervous system diseases. Sandoz markets its products to wholesalers and retailers, and also directly to consumers, physicians, and hospitals. Novartis maintains labs, plants, and offices worldwide and employs approximately 118,000 employees. Sandoz Inc. operates two manufacturing facilities in the U.S., and has offices in Berkeley, California, Bloomfield, Colorado, Durham, North Carolina, East Hanover, New Jersey, Mechanicsburg, Pennsylvania, Melville, New York, and Wilson, North Carolina. Sandoz Inc. reported $10.1 billion of net sales for 2016. Parent Novartis AG for fiscal year end 2016 reported total revenue of almost $48.5 billion, net income of $6.7 billion, total assets of $130.0 billion, and total equity of $74.8 billion, with an approximate market cap of $193.2 billion as of May 31, 2017.

Intervet, Inc. (146,366 SF, 5.6% of NRA. 15.4% of underwritten base rent). Intervet, Inc. leases 146,366 SF at the Intervet, Inc. property located in Madison, New Jersey. Merck & Co., Inc. (“Merck”), the parent entity of Intervet, Inc., is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies and animal health products. Merck was founded in 1891 as the U.S. subsidiary of German parent the Merck Group and is based in Kenilworth, New Jersey. The parent was established in 1668 by the Merck family, is based in Darmstadt, Germany and has operations in 140 countries with 68,000 employees, including approximately 26,500 employed in the U.S. and Puerto Rico as of December 31, 2016. Merck’s operations are principally managed on a products basis and include four operating segments: Pharmaceutical, Animal Health, Healthcare Services and Alliances segments. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. Merck sells primarily to drug wholesalers and retailers, hospitals, government agencies and managed health care providers, such as, health maintenance organizations, pharmacy benefit managers and other institutions. As of year-end 2016, Merck reported total annual revenues of $39.8 billion, total annual net income of $3.9 billion, total assets of almost $95.4 billion and total equity of $40.3 billion, with an approximate current market cap of $173.3 billion as of May 31, 2017.

FedEx Ground Package System, Inc. (262,032 SF, 10.0% of NRA, 13.19% of underwritten base rent). FedEx Ground Package System, Inc. (“FedEx GPS”) leases 158,520 SF (6.0% of portfolio NRA and 8.9% of portfolio underwritten base rent) at the FedEx Ground Package System, Inc. property in Bohemia, New York, as well as 103,512 SF (3.9% of portfolio NRA and 4.5% of portfolio underwritten base rent) at the FedEx Ground Package System, Inc. property in Morgantown, West Virginia. FedEx GPS is a subsidiary of FedEx Corporation, which provides transportation, e-commerce, and business services worldwide. FedEx Corporation was founded in 1971, is headquartered in Memphis, Tennessee, and had 88,000 employees as of May 31, 2017. The tenant is a leading North American provider of small-package ground delivery services and is headquartered in Pittsburgh, Pennsylvania. FedEx Ground provides low-cost, day-certain service to any business address in the U.S. and Canada, plus residential delivery to 100.0% of U.S. residences through its FedEx Home Delivery service. FedEx SmartPost is a FedEx Ground service that specializes in the consolidation and delivery of high volumes of low-weight, less time-sensitive business-to-consumer packages, primarily using the U.S. Postal Service for final delivery to residences. The FedEx Ground segment also includes FedEx Supply Chain, which provides integrated supply chain management solutions. FedEx Ground operates a multiple hub-and-spoke sorting and distribution system consisting of 588 facilities, including 36 hubs, in the U.S. and Canada. The tenant conducts its operations primarily with approximately 57,000 owner-operated vehicles and approximately 58,000 company-owned trailers. As of fiscal year end 2016 (May 31, 2017) the parent company reported total annual revenues of $60.3 billion, total annual net income of almost $3.0 billion, total assets of $48.6 billion, and total equity of $16.1 billion, with an approximate current market cap of $60.1 billion as of November 3, 2017.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 35

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

The following table presents certain information relating to the major leases at the GNL Portfolio Properties based on SF:

Tenant Summary(1)
Tenant Name	Credit Rating   (Fitch/ Moody's/ S&P)(2)	Property Count	Tenant SF	Approximate % of SF	Annual UW Base Rent	% of Total Annual UW Base Rent	Annual UW Base Rent PSF	Lease Expiration
Lippert Components Manufacturing, Inc.	NR/NR/NR	1	539,137	20.6%	$1,058,608	4.7%	$1.96	8/31/2026
Nissan North America Inc.(3)	BBB+/WR/A	1	462,155	17.6%	$1,746,946	7.8%	$3.78	9/30/2028
GE Aviation Systems, LLC	AA-/A1/AA-	1	369,000	14.1%	$2,705,582	12.1%	$7.33	12/31/2025
Constellium Automotive USA, LLC	NR/Caa1/B-	1	320,680	12.2%	$1,999,468	9.0%	$6.24	11/30/2029
FedEx Ground Package System, Inc.	NR/Baa2/BBB	2	262,032	10.0%	$2,928,941	13.1%	$11.18	Various(4)
C&J Energy Services, Inc.	NR/NR/NR	2	221,149	8.4%	$2,461,490	11.0%	$11.13	10/31/2023
Sandoz, Inc.(5)	AA/Aa3/AA-	1	154,101	5.9%	$4,270,139	19.2%	$27.71	7/31/2026
Intervet, Inc.	A/A1/AA	1	146,366	5.6%	$3,439,601	15.4%	$23.50	8/31/2025
PNC Bank N.A.	A+/A3/A-	1	113,053	4.3%	$570,455	2.6%	$5.05	7/31/2029
U.S. General Services Administration	AAA/Aaa/AAA	1	33,000	1.3%	$1,112,304	5.0%	$33.71	7/18/2025
Total/Wtd. Avg.		12	2,620,673	100.0%	$22,293,534	100.0%	$8.51

(1) Information is based on the underwritten rent roll.

(2) Ratings provided are for the parent company of the entity listed in the “Tenant Name” field whether or not the parent company guarantees the lease.

(3) Nissan North America Inc. has the right to terminate its lease on September 30, 2023 with 19 months’ written notice and payment of a termination fee equal to $5,125,000.

(4) FedEx Ground Package System, Inc. has lease expiration dates of July 31, 2024 and October 31, 2026 at the FedEx Ground Package System, Inc. (NY) property and FedEx Ground Package System, Inc. (WV) property, respectively.

(5) Sandoz has the right to terminate its lease on June 30, 2021 with 12 months’ notice and payment of a termination fee equal to $23,000,000.

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

Lease Rollover Schedule(1)(2)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling	Total UW Base Rent Rolling	Approx. % of Total Base Rent Rolling	Approx. Cumulative % of Total Base Rent Rolling
MTM	0	0	0.0%	0.0%	$0.00	$0.00	0.0%	0.0%
2017	0	0	0.0%	0.0%	$0.00	$0.00	0.0%	0.0%
2018	0	0	0.0%	0.0%	$0.00	$0.00	0.0%	0.0%
2019	0	0	0.0%	0.0%	$0.00	$0.00	0.0%	0.0%
2020	0	0	0.0%	0.0%	$0.00	$0.00	0.0%	0.0%
2021	0	0	0.0%	0.0%	$0.00	$0.00	0.0%	0.0%
2022	0	0	0.0%	0.0%	$0.00	$0.00	0.0%	0.0%
2023	2	221,149	8.4%	8.4%	$11.13	2,461,490	11.0%	11.0%
2024	1	158,520	6.0%	14.5%	$12.29	1,948,502	8.7%	19.8%
2025	3	548,366	20.9%	35.4%	$13.23	7,257,487	32.6%	52.3%
2026	3	796,750	30.4%	65.8%	$7.92	6,309,186	28.3%	80.6%
2027 & Beyond	3	895,888	34.2%	100.0%	$4.82	4,316,869	19.4%	100.0%
Vacant	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	12	2,620,673	100.0%		$8.51	$22,293,534	100.0%

(1) Information is based on the underwritten rent roll.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the lease rollover schedule.

The Market. The 12 GNL Portfolio Properties are located across nine states: Indiana, Tennessee, Michigan, New York, New Jersey, Texas, Pennsylvania, West Virginia and Minnesota. The U.S. industrial market, as of the first quarter of 2017, had an average asking rent of $5.63 per SF and a vacancy rate of 5.3% as of the first quarter of 2017, which rate has decreased from 6.1% a year earlier. The U.S. office market, as of the second quarter of 2017, had an average asking rent of $30.35 per SF and a vacancy rate of 13.3%.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 36

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

The following table presents certain market information relating to the GNL Portfolio Properties:

GNL Portfolio – Markets Summary(1)
Property	Market/Sub Market	Property Type	Overall Vacancy Rate	Market Inventory SF	Delivered SF	Under Construction SF	Overall Net Absorption 2Q2017	Overall Wtd. Avg. Asking Rent (PSF)
Sandoz, Inc.	Princeton Route 1 Corridor	Office	19.4%	17,297,996	N/A	N/A	(265,423)	$26.30
Intervet Inc.	Route 10/24 Corridor	Office	21.7%	8,802,330	N/A	N/A	(32,365)	$29.00
GE Aviation Systems, LLC	Grand Rapids/West Michigan	Industrial	2.0%	74,748,104	449,260	0	2,017,709	$3.53
	West Michigan	Office	5.4%	80,626,914	366,777	603,573	446,925	$13.08
FedEx Ground Package System, Inc. (NY)	Bohemia/Ronkonkoma	Industrial	2.4%(2)	14,069,785	24,000	38,000	10,000	$9.31
Nissan North America Inc.	Nashville	Industrial	3.9%	134,544,000	2,250,000	1,410,800	2,162,000	$3.83
Constellium Automotive USA, LLC	Detroit	Industrial	3.5%	494,341,274	1,257,261	3,273,214	(629,872)	$5.53
C&J Energy Services, Inc. II	Houston	Office	18.0%	185,461,990	1,452,124	1,588,908	(1,565,381)	$29.52
Lippert Components Manufacturing, Inc.	South Bend/Mishawaka	Industrial	3.8%	33,459,307	0	230,000	94,313	$3.73
FedEx Ground Package System, Inc. (WV)	Monongalia County, West Virginia	Industrial	10.6%	592,839	0	0	(31,400)	$9.13
C&J Energy Services, Inc. I	Houston	Industrial	6.8%	412,853,101	3,095,146	2,029,255	1,311,933	$6.28
U.S. General Services Administration	International Falls	Flex(3)	7.0%	1,125,127	N/A	N/A	N/A	$6.35(2)
PNC Bank N.A.	Scranton CBD	Office	3.9%	4,429,595	7,400	0	211,070	$13.17

(1) Information is based on the appraisals.

(2) Represents the five-year average vacancy rate.

(3) The local office market in the International Falls area is extremely small, and according to the appraisal, the office market inventory was 192,953 SF with a 0.0% vacancy rate. Due to the unique location and specified use of the U.S. General Services Administration property, comparable asking rents were not available for the International Falls office market.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 37

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

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 GNL Portfolio Properties:

Cash Flow Analysis
	2014(1)	2015(2)	2016(2)	8/31/2017 TTM(2)	UW	UW PSF
Base Rent	N/A	$20,271,940	$21,376,301	$21,383,427	$21,987,392	$8.39
Rent Steps(3)	N/A	$0	$0	$0	$306,141	$0.12
Gross Potential Rent(4)	N/A	$20,271,940	$21,376,301	$21,383,427	$22,293,534	$8.51
Total Reimbursements	N/A	$3,156,586	$3,147,665	$3,846,674	$6,335,154	$2.42
Net Rental Income	N/A	$23,428,526	$24,523,966	25,230,101	$28,628,687	$10.92
Less Vacancy & Credit Loss	N/A	$0	$0	$0	($1,431,434)	($0.55)
Effective Gross Income	N/A	$23,428,526	$24,523,966	$25,230,101	$27,197,253	$10.38
Total Operating Expenses	N/A	$3,404,346	$3,513,000	$4,177,600	$7,037,633	$2.69
Net Operating Income	N/A	$20,024,180	$21,010,966	$21,052,501	$20,159,620	$7.69
Tenant Improvements	N/A	$0	$0	$0	$823,225	$0.31
Leasing Commissions	N/A	$0	$0	$0	$563,977	$0.22
Replacement Reserves	N/A	$0	$0	$0	$347,007	$0.13
Net Cash Flow	N/A	$20,024,180	$21,010,966	$21,052,501	$18,425,410	$7.03
Occupancy %	N/A	100.0%	100.0%	100.0%	100.0%(4)
NOI DSCR(5)	N/A	2.42x	2.54x	2.54x	2.43x
NCF DSCR(5)	N/A	2.42x	2.54x	2.54x	2.22x
NOI Debt Yield(5)	N/A	10.7%	11.2%	11.3%	10.8%
NCF Debt Yield(5)	N/A	10.7%	11.2%	11.3%	9.9%

(1) The GNL Portfolio Properties were acquired by Global Net Lease, Inc. from 2014 to 2017. Due to the timing of the acquisitions, cash flow information was not available for 2014.

(2) The 2015 cash flow information reflects 12 months of financials for all properties, except for the C&J Energy Services II property which was acquired in March 2015 and the FedEx Ground Package System, Inc. (WV) property which was built in 2016. The 2015 cash flow information for the C&J Energy Services II property reflects 10 months of financials. 2016 cash flow information reflects 12 months of financials for all properties, except for the FedEx Ground Package System, Inc. (WV) property due to its recent construction. 8/31/2017 TTM cash flow information reflects 12 months of financials for all properties, except for the FedEx Ground Package System, Inc. (WV) property for which there are six months of financials.

(3) UW Rent Steps represent contractual rent steps of $213,497 taken through October 1, 2018 and the present value of rent steps for credit tenants ($92,644).

(4) UW Gross Potential Rent and UW Occupancy are based on the underwritten rent roll.

(5) Debt service coverage ratios and debt yields are based on the GNL Portfolio Whole Loan.

Escrows and Reserves. The GNL Portfolio Whole Loan documents provide for springing escrows for taxes, insurance, replacement reserves and tenant improvement and leasing commissions which are to be collected on a monthly basis in the event that a Cash Sweep Period (as defined below) has occurred and is continuing. During a Cash Sweep Period, the GNL Portfolio Borrowers are required to deposit on each monthly payment date an amount equal to (i) 1/12 of the estimated annual taxes and insurance premiums, provided that if insurance for the GNL Portfolio Properties is provided through a blanket insurance policy acceptable to the lender, the GNL Portfolio Borrowers will not be required to reserve insurance premiums except during the continuation of an event of default, (ii) 1/12 of $0.25 per SF for replacement reserves and (iii) 1/12 of $1.00 per SF for tenant improvements and leasing commissions.

Lockbox and Cash Management. The GNL Portfolio Whole Loan is structured with a hard lockbox and in place cash management. The tenants have been directed to remit all payments due under their respective leases directly into the lockbox account controlled by the lender. The GNL Portfolio Borrowers will, and will cause the manager to, deposit all amounts received constituting rents directly into the lockbox within two business days after receipt. All funds in the lockbox account are required to be swept daily to a cash management account under the control of the lender and disbursed during each interest period of the term of the loan in accordance with the GNL Portfolio Whole Loan documents. If no Cash Sweep Period or Lease Sweep Period exists, all excess cash flow will be disbursed to the GNL Portfolio Borrowers after payment of debt service and the fees of the cash management bank. If no Cash Sweep Period exists but a Lease Sweep Period exists, after payment of debt service and fees of the cash management bank, an amount equal to all cash flow attributable to any lease which caused the Lease Sweep Event will be deposited into the rollover reserve account and all remaining excess cash flow will be disbursed to the GNL Portfolio Borrowers. During the continuance of a Cash Sweep Period, all excess cash flow, after payments made in accordance with the GNL Portfolio Whole Loan documents for, among other things, debt service, required reserves and operating expenses, will be held as additional collateral for the GNL Portfolio Whole Loan.

A “Cash Sweep Period” will commence upon: (i) the occurrence of an event of default under the GNL Portfolio Whole Loan documents; (ii) the occurrence of any bankruptcy action of any GNL Portfolio Borrower, guarantor or manager; (iii) the debt yield being less than 8.20% on any date of determination, based upon the trailing 12-month period immediately preceding such date of determination, as determined by the lender; or (iv) the tenants going dark in, or ceasing to operate in, more than 40% of the gross leasable area of the respective GNL Portfolio Properties as of any date of determination. A Cash Sweep Period will end, with respect to clause (i), upon the acceptance by the lender of a cure of such event of default; with respect to clause (ii), if such manager causes the dismissal or discharge of the same within 90 days after the filing of such bankruptcy action or the GNL Portfolio Borrowers replace the manager with a qualified manager under a replacement management agreement; with respect to clause (iii), the achievement of a debt yield equal to or greater than 8.20%; and with respect to clause (iv), at such time as the tenants that have “gone dark” in, or ceased to operate in their respective spaces, constituting not more than 30% of the gross leasable area of the respective GNL Portfolio Properties.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 38

Various Collateral Asset Summary – Loan No. 1 GNL Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $50,500,000 57.9% 2.22x 10.8%

A “Lease Sweep Period” means each period commencing on the occurrence of a Lease Sweep Event and continuing until the earlier of (a) the related Lease Sweep Event Cure, or (b) payment in full of all principal and interest on the GNL Portfolio Whole Loan and all other amounts payable under the GNL Portfolio Whole Loan documents.

A “Lease Sweep Event” means the occurrence of any of the following: (a) two or more tenants “go dark” in or cease to occupy their respective demised premises as of any date of determination, (b) any tenant gives written notice of its election to either terminate or not renew its lease or any tenant fails to renew its lease during its renewal notice period, provided that a Lease Sweep Event will not be deemed to occur as described in this clause (b) until the last day on which such tenant has a right to notify the related borrower of such tenant’s election to renew its lease regardless of when such tenant may have notified the related borrower that such tenant is not renewing or does not intend to renew its lease, and/or (c) any bankruptcy action of any tenant.

A “Lease Sweep Event Cure” means (a) if the Lease Sweep Event is caused solely by the occurrence of an event described in clause (a) in the definition above, if (i) one or more of such tenants are no longer “dark” and such tenants have reoccupied their respective properties or a replacement tenant reasonably acceptable to the lender has occupied the applicable demised premises in accordance with a lease reasonably acceptable to the lender and (ii) no more than one tenant remains dark in or no longer occupies its respective demised premises, (b) if the Lease Sweep Event is caused solely by the occurrence of an event described in clause (b) of the definition above, such tenant renews its respective lease on terms and conditions reasonably acceptable to the lender or a replacement tenant reasonably acceptable to the lender has executed a new lease on terms and conditions reasonably acceptable to the lender, or (c) if the Lease Sweep Event is caused by a bankruptcy action of a tenant, if such tenant causes the dismissal or discharge of such bankruptcy action or a replacement tenant reasonably acceptable to the lender has executed a new lease on terms and conditions reasonably acceptable to the lender.

Mezzanine Loan and Preferred Equity. Not permitted.

Release of Property. The GNL Portfolio Borrowers may obtain a release of one or more of the GNL Portfolio Properties from the lien of the related mortgage instruments by prepayment of a portion of the GNL Portfolio Whole Loan equal to: (i) 110% (120% if the released property or properties are being transferred to an affiliate) of the applicable allocated loan amount for such property or properties until such time as the applicable whole loan balance is reduced to 90% of the original whole loan amount ($168,300,000) and (ii) 115% (125% if the released property or properties are being transferred to an affiliate) of the applicable allocated loan amount for such property or properties for the remainder of the whole loan amount, provided that after giving effect to such release the aggregate portfolio debt yield is at least the greater of (1) 11.4% and (2) aggregate GNL Portfolio debt yield immediately prior to such release. Further, notwithstanding the foregoing, if the tenant in any property being released has vacated the respective property, the release price for such property will be 100% of the applicable allocated loan amount for such property. No release will be permitted if such release would result in a loan-to-value ratio (after giving effect to the release and prepayment of principal and based on the GNL Portfolio Properties remaining subject to the lien of the GNL Portfolio Whole Loan documents) greater than 125%. All prepayments in connection with the release of any property or properties will be applied pro rata among the pari passu notes of the GNL Portfolio Whole Loan and, prior to August 6, 2027, must be accompanied by a yield maintenance premium.

Release of Parcel. Not permitted.

Substitution. If a Lease Sweep Period or default under the GNL Portfolio Whole Loan documents exists or if the GNL Portfolio Borrowers anticipate there will be a Lease Sweep Event based on written notice from tenant that it intends to not renew its lease, to terminate its lease or to go dark, the GNL Portfolio Borrowers may replace one or more of the GNL Portfolio Properties with a substitute property subject to satisfaction of certain conditions, including, without limitation: (i) no event of default is then continuing, (ii) the GNL Portfolio Borrowers have obtained a rating agency confirmation, (iii) lender has approved the substitute property in its sole discretion, (iv) the GNL Portfolio Borrowers deliver an officer’s certificate to the effect that the property substitution will not have a material adverse effect, (v) after giving effect to the substitution, the debt yield for the GNL Portfolio Properties will not be less than the greater of 11.40% and the debt yield immediately prior to the substitution, (vi) adjustments to reserves, if applicable, and (vii) the lender’s receipt of a REMIC opinion.

Terrorism Insurance. The GNL Portfolio Borrowers are required to obtain and maintain, or cause certain tenants to obtain and maintain, insurance against acts of terrorism for losses resulting from perils and acts of terrorism in amounts and with terms and conditions applicable to commercial property, general liability, business income and umbrella liability insurance required pursuant to the GNL Portfolio Whole Loan documents. Each of PNC Bank, National Association and FedEx Ground Package Systems, Inc. (for the Morgantown, West Virginia property only) maintains its own insurance meeting the insurance requirements in the GNL Portfolio Whole Loan documents and, if certain conditions are met, including, without limitation, that the related lease is in full force and effect and no default exists under such lease, such insurance may provide for an all other perils deductible not to exceed $2,500,000.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 39

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 40

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 41

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 42

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CCRE			Single Asset/Portfolio:	Single Asset
Credit Assessment		AAA/AAA/[   ]			Location:	New York, NY 10153
(Fitch/KBRA/Moody’s)(1):					General Property Type:	Mixed Use
Original Balance(2):		$47,600,000			Detailed Property Type:	Office/Retail
Cut-off Date Balance(2):		$47,600,000			Title Vesting:	Fee
% of Initial Pool Balance:		6.8%			Year Built/Renovated:	1968/2017
Loan Purpose:		Refinance			Size:	1,989,983 SF
Borrower Sponsors(3):		Boston Properties Limited Partnership; 767			Cut-off Date Balance per SF(2):	$739
		LLC; Sungate Fifth Avenue LLC			Maturity Date Balance per SF(2):	$739
Mortgage Rate:		3.4300%			Property Manager:	Boston Properties Limited
Note Date:		6/7/2017				Partnership
First Payment Date:		7/9/2017
Maturity Date:		6/9/2027
Original Term to Maturity:		120 months			Underwriting and Financial Information
Original Amortization Term:		0 months			UW NOI(8):	$227,306,409
IO Period:		120 months			UW NOI Debt Yield(2):	15.5%
Seasoning:		5 months			UW NOI Debt Yield at Maturity(2):	15.5%
Prepayment Provisions(4):		LO (29); DEF (84); O (7)			UW NCF DSCR(2):	4.33x
Lockbox/Cash Mgmt Status(5):		Hard/Springing			Most Recent NOI:	$151,425,346 (12/31/2016)
Additional Debt Type(2)(6):		Pari Passu/Subordinate Debt			2nd Most Recent NOI:	$150,511,664 (12/31/2015)
Additional Debt Balance(2)(6):		$1,422,400,000/$830,000,000			3rd Most Recent NOI:	$165,315,617 (12/31/2014)
Future Debt Permitted (Type):		No (N/A)			Most Recent Occupancy(9):	95.0% (6/1/2017)
Reserves(7)					2nd Most Recent Occupancy:	96.3% (12/31/2016)
Type	Initial		Monthly	Cap	3rd Most Recent Occupancy:	96.7% (12/31/2015)
RE Tax:	$0		Springing	N/A	Appraised Value (as of):	$4,800,000,000 (5/8/2017)
Insurance:	$0		Springing	N/A	Cut-off Date LTV Ratio(2):	30.6%
TI/LC:	$0		Springing	N/A	Maturity Date LTV Ratio(2):	30.6%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(2):	$2,300,000,000	100.0%	Loan Payoff:	$1,606,000,000	69.8%
			Closing Costs:	$41,107,677	1.8%
			Return of Equity:	$652,892,323	28.4%
Total Sources:	$2,300,000,000	100.0%	Total Uses:	$2,300,000,000	100.0%

(1) Fitch, KBRA, and Moody’s have confirmed that the General Motors Building Mortgage Loan has, in the context of its inclusion in the mortgage pool, credit characteristics consistent with an investment grade obligation. In connection with the UBS 2017-C2 securitization, S&P delivered a credit assessment of “A+” with respect to the portion of the General Motors Building Whole Loan contributed to that securitization.

(2) The General Motors Building Mortgage Loan (as defined below) is part of the General Motors Building Whole Loan (as defined below), which is comprised of 33 pari passu senior notes with an aggregate original principal balance of $1,470,000,000 and four subordinate notes with an aggregate original principal balance of $830,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the Senior Notes (as defined below). The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV based on the General Motors Building Whole Loan are $1,156, $1,156, 9.9%, 9.9%, 2.77x, 47.9% and 47.9%, respectively.

(3) The borrower sponsors did not provide a non-recourse carve-out guaranty or an environmental indemnity. See “The Borrower and the Borrower Sponsors” below for more details.

(4) The defeasance lockout period will be at least 29 payment dates beginning with and including the first payment date on July 9, 2017. Defeasance is permitted at any time after the earlier of (i) the third anniversary of the closing date of the General Motors Building Whole Loan or (ii) two years from the closing date of the securitization of the last General Motors Building Whole Loan promissory note to be securitized.

(5) See “Lockbox and Cash Management” below for further discussion of cash management status.

(6) See “The Mortgage Loan” and “Additional Secured Indebtedness (not including trade debts)” below for further discussion of additional debt.

(7) See “Escrows and Reserves” below for further discussion of reserve requirements.

(8) UW NOI includes UW Gross Potential Rent which has been underwritten based on the June 1, 2017 rent roll and includes rent steps through June 2018, net present value step rent credit for investment grade and American Lawyer 100 law firm tenants through each such tenant’s scheduled lease expiration equal to $11,269,632, mark-to-market adjustment based on the appraiser’s concluded market rents of $17,100,676 and a gross up of vacant space based on the appraiser’s concluded market rents of $16,547,756. Further adjustments to base rent have been made based on future contractual rent increases as detailed in the “Cash Flow Analysis” table below. Boston Properties Limited Partnership has provided payment guarantees covering underwritten gap rent.

(9) The General Motors Building Property (as defined below) is 95.0% leased and 95.0% physically occupied as of June 1, 2017.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 43

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

The Mortgage Loan. The second largest mortgage loan (the “General Motors Building Mortgage Loan”) is part of a whole loan (the “General Motors Building Whole Loan”) evidenced by 33 pari passu senior notes with an aggregate original principal balance of $1,470,000,000 (collectively, the “Senior Notes”) and by four subordinate notes with an aggregate original principal balance of $830,000,000 (collectively, the “Junior Notes”). The General Motors Building Whole Loan is secured by a first priority mortgage encumbering the General Motors Building Borrower’s fee interest in a 1,989,983 SF mixed use property located at 767 Fifth Avenue in New York, New York (the “General Motors Building Property”). Promissory Notes A-1-A1 and A-2-A1 with an aggregate original principal balance of $47,600,000 will be included in the CCUBS 2017-C1 Trust. The Senior Notes which have an aggregate outstanding principal balance as of the Cut-off Date of $1,420,000,000, and the Junior Non-Trust Notes as detailed in the note summary table below. The remaining Senior Notes are held by Morgan Stanley Bank, N.A. (“MSBNA”), Citigroup Global Markets Realty Corp. (“CGMRC”), Deutsche Bank AG, acting though its New York Branch (“DBNY”) (an affiliate of GACC) and Wells Fargo Bank, National Association (“WFB”) and are expected to be contributed to one or more future securitization transactions or may otherwise be transferred at any time. The General Motors Building Loan Combination was originated by MSBNA, CGMRC, DBNY and Wells Fargo on June 7, 2017. The lenders provide no assurances that any non-securitized notes will not be split further. The General Motors Building Whole Loan is being serviced pursuant to the trust and servicing agreement for the BXP Trust 2017-GM Trust. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

The proceeds of the General Motors Building Whole Loan were used to refinance the General Motors Building Property, pay closing costs and return equity to the borrower sponsors.

General Motors Building Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
GM Building Pari Passu Notes
A-2-C2-2-B, A-2-A2, A-2-A3	$45,200,000	$45,200,000	JPMDB 2017-C7	No
A-1-S, A-2-S, A-3-S, A-4-S, A-1-C1, A-2-C1, A-3-C1, A-4-C1	$725,000,000	$725,000,000	BXP Trust 2017-GM	No
A-1-C2, A-1-C3-1, A-4-A3	$90,000,000	$90,000,000	BANK 2017-BNK6	No
A-1-C4, A-1-A3	$111,900,000	$111,900,000	BANK 2017-BNK7	No
A-4-A2, A-4-C2, A-4-C3	$115,000,000	$115,000,000	WFCM 2017-C38	No
A-2-C2-2-A, A-2-C3	$50,000,000	$50,000,000	UBS 2017-C2	No
A-2-C2-1, A-3-C2, A-3-C3-2	$100,000,000	$100,000,000	CD 2017-CD5	No
A-1-A2, A-3-C3-1, A-1-C3-2, A-3-A2-2	$92,700,000	$92,700,000	CGCMT 2017-B1	No
A-3-A2-1, A-3-A3	$55,200,000	$55,200,000	CGCMT 2017-P8	No
A-1-A1, A-2-A1	$47,600,000	$47,600,000	CCUBS 2017-C1	No
A-3-A1, A-4-A1	$37,400,000	$37,400,000	CCRE	No
GM Building Junior Non-Trust Notes
B-1-S, B-2-S, B-3-S, B-4-S	$830,000,000	$830,000,000	BXP Trust 2017-GM	Yes

The Borrower and the Borrower Sponsors. The borrower is 767 Fifth Partners LLC (the “General Motors Building Borrower”), a Delaware limited liability company and single purpose entity with two independent directors. The borrower sponsors of the General Motors Building Borrower are Boston Properties Limited Partnership (“BPLP”), 767 LLC and Sungate Fifth Avenue LLC. There is no separate non-recourse carve-out guarantor or environmental indemnitor for the General Motors Building Whole Loan.

BPLP is the operating partnership through which Boston Properties, Inc. (“Boston Properties”) conducts its business and owns all of its interests in properties. Boston Properties is a self-administered and self-managed publicly traded real estate investment trust. BPLP is one of the largest owners, managers and developers of Class A office properties in the United States, with significant presence in five markets: Boston, Los Angeles, New York, San Francisco and Washington, D.C. As of May 31, 2017, BPLP owned or had interests in 175 commercial real estate properties, aggregating approximately 48.2 million net rentable SF. New York is BPLP’s largest market by net operating income, and as of the first quarter 2017, its New York central business district portfolio was 94.3% leased at an average rental rate of $102.50 PSF. BPLP provided a guaranty of the payment of certain gap rent with respect to certain tenants. See footnotes to “Tenant Summary” chart and “Cash Flow Analysis” chart. In addition, BPLP provided a guaranty in lieu of certain required reserves. See “Escrows and Reserves”.

The Property. The General Motors Building Property is a 50-story mixed use office and retail building comprised of approximately 1,989,983 total SF, which includes approximately 187,954 SF of retail space in the two-story retail base that wraps around the building and the below grade concourse. Originally developed in 1968 for the General Motors Corporation to serve as its headquarters, the General Motors Building Property occupies the entire city block bound by 58th Street, 59th Street, Madison Avenue and Fifth Avenue on the southeast corner of Central Park. The Fifth Avenue frontage of the General Motors Building Property features an open plaza with seating and is topped by the glass Apple cube, which serves as the entrance to Apple’s store in the below grade concourse. Because of its location, the General Motors Building Property features excellent light and unobstructed, protected views of Central Park from every office floor.

The General Motors Building Property is 95.0% leased as of June 1, 2017 by a diverse roster of office and retail tenants. Approximately 54.0% of the General Motors Building Property’s net rentable area (“NRA”) is leased by investment grade or American Lawyer 100 law firm tenants, which contribute approximately 49.0% of the General Motors Building Property’s underwritten rent. The top five tenants by underwritten rent at the General Motors Building Property occupy 52.8% of NRA and comprise 55.6% of the underwritten rent. The weighted average remaining lease term for the top five tenants is approximately 11.7 years, and the weighted average remaining lease term for the entire General Motors Building Property is approximately 9.4 years.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 44

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

According to the General Motors Building Borrower, since acquiring the General Motors Building Property in 2008 and through 2016, Boston Properties has invested approximately $98.0 million in capital expenditures for tenant improvements and other capital projects at the General Motors Building Property and is budgeted to spend approximately $79.5 million in 2017. As part of the 2017 renovations, Apple is expected to expand its space by approximately 34,000 SF, increasing ceiling heights by lowering the floor approximately five feet and adding storage space and back of house capacity by expanding into formerly dark space located below grade.

Major Tenants.

Weil, Gotshal & Manges (489,867 SF, 24.6% of NRA, 19.3% of underwritten base rent). Founded in 1931, Weil, Gotshal & Manges (“Weil”) is an international law firm that currently has 1,100 lawyers in 19 offices worldwide. Weil’s specialty areas of practice include litigation, corporate, restructuring, tax and benefits. Weil was ranked #15 on the American Lawyer 100 ranking for profits per partner for 2016. Weil is an original tenant at the General Motors Building Property, having been in continuous occupancy since 1968 and has expanded its space multiple times in its 49 years at the General Motors Building Property. Weil most recently extended its lease for 389,843 SF of its space through August 2034 at an initial base rent of $114.00 PSF, above its current in place weighted average gross rent of $92.37 PSF. Weil has the right to terminate (a) its 20,791 SF of below grade storage space, at any time, and (b) either (i) its 38,900 SF of space on the 22nd floor or (ii) its 39,900 SF space on the 32nd floor, in each case, on or after August 31, 2022.

Aramis (299,895 SF, 15.1% of NRA, 10.3% of underwritten base rent). Aramis is a men’s fragrance brand launched in 1964 by The Estée Lauder Companies. Aramis was the first prestige men’s fragrance to be sold in department stores and continues to be an industry leader in the men’s fragrance and grooming retail category. Aramis is an original tenant at the General Motors Building Property, having been in continuous occupancy since 1968. Aramis currently subleases 9,725 SF of its space that is noncontiguous on the 46th floor, and has two, five-year extension options remaining, each with eighteen months’ notice at 95% of fair market rents.

Perella Weinberg (130,155 SF, 6.5% of NRA, 4.7% of underwritten base rent). Perella Weinberg Partners is a global, independent corporate advisory and asset management firm with approximately $13.6 billion of commitments from institutional and private investors around the world. The firm is a private limited partnership with employees based in New York, London, Abu Dhabi, Beijing, Denver, Austin and San Francisco. Established in 2006, the firm provides advisory and asset management services to a global client base, including corporations, institutions and governments. Their advisory business advises clients on mergers and acquisitions, financial restructuring, capital structure advisory, private capital raising, pension matters, strategic advisory, independent special committee advisory, and government services. Their asset management business includes a suite of hedge fund strategies, private investment funds and outsourced investment office solutions.

Apple (105,748 SF, 5.3% of NRA, 6.8% of underwritten base rent). Apple is a designer, developer and retailer of consumer electronics, computer software and online services and is headquartered in Cupertino, California. Apple has its flagship retail location at the General Motors Building Property underneath a 35-foot glass cube at the center of the pedestrian plaza on the Fifth Avenue side of the General Motors Building Property. Apple recently executed an extension for 102,994 SF through January 2034 and is currently occupying the former FAO Schwarz space on the 58th Street side of the General Motors Building Property while its store undergoes a renovation that will expand its space by approximately 34,000 SF, increasing ceiling heights by lowering the floor approximately five feet and adding storage space and back of house capacity by expanding into formerly dark space located below grade. Apple is obligated to vacate its temporary space by December 31, 2018 and has the right to terminate its entire lease if its space is not delivered by February 3, 2020, subject to force majeure.

BAMCO (105,579 SF, 5.3% of NRA, 8.0% of underwritten base rent). BAMCO is a privately owned investment manager that provides services to investment companies and manages separate client-focused equity portfolios. BAMCO is a subsidiary of Baron Capital Group Inc., both of which are headquartered at the General Motors Building Property. BAMCO recently executed an early renewal to extend its lease through May 2035.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 45

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

The following table presents certain information relating to the leases at the General Motors Building Property:

Tenant Summary(1)
Tenant Name	Credit Rating (Fitch/Moody’s/S&P)(2)	Tenant SF	Approximate % of SF	Annual UW Base Rent	% of Total Annual UW Base Rent	Annual UW Base Rent PSF	Lease Expiration
Tenants
Weil, Gotshal & Manges(3)	NR/NR/NR	489,867	24.6%	$51,278,352	19.3%	$104.68	8/31/2034
Aramis(4)	NR/A2/A+	299,895	15.1%	$27,530,236	10.3%	$91.80	3/31/2020
Perella Weinberg	NR/NR/NR	130,155	6.5%	$12,392,687	4.7%	$95.21	1/31/2022
Apple(5)	NR/Aa1/AA+	105,748	5.3%	$18,057,615	6.8%	$170.76	1/31/2034
BAMCO	NR/NR/NR	105,579	5.3%	$21,290,010	8.0%	$201.65	5/31/2035
Subtotal/Wtd. Avg.		1,131,244	56.8%	$130,548,900	49.0%	$115.40
Remaining Tenants		758,875	38.1%	$135,768,165	51.0%	$178.91
Vacant Space		99,864	5.0%	$0	0.0%	$0.00
Total/Wtd. Avg.		1,989,983	100.0%	$266,317,065	100.0%	$140.90

(1) Information is based on the underwritten rent roll.

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

(3) Weil leases 100,024 SF of space through August 31, 2019 and 389,843 SF through August 31, 2034. Weil has the right to terminate (a) its 20,791 SF of below grade storage space, at any time, and (b) either (i) its 38,900 SF of space on the 22nd floor or (ii) its 39,900 SF of space on the 32nd floor, in each case on or after August 31, 2022. Rent was underwritten based on the rent due under an extension lease commencing in September 2019 for 389,843 SF of such tenant’s space. The BPLP Guaranty (as defined below) guarantees the payment of the gap rent between Weil’s current rent and its underwritten rent which commences in September 2019. Further, underwritten rent for the General Motors Building Property includes $11,269,632 of straight-line rents relating to six tenants, including Weil and Apple through the end of their lease terms (which in certain cases end beyond the loan maturity date). In addition, underwritten rent for the General Motors Building Property includes $17,100,676 in rent that was marked upward or downward based on the conclusion of market rent set forth in the appraisal.

(4) Aramis subleases 9,725 SF of its space on the 46th floor to GF Capital Management at $107.00 PSF.

(5) While the Apple cube space and expansion is under construction, Apple is temporarily occupying the space expected to be occupied by Under Armour once its lease commences. Apple is obligated to vacate its temporary space by December 31, 2018 and has the right to terminate its entire lease if its space is not delivered by February 3, 2020, subject to force majeure. Apple leases 2,754 SF through December 31, 2018 and 102,994 SF through January 1, 2034. Apple has 17 months of free rent, equal to $9,562,500, on its 21,907 SF of expansion space commencing in August 2017. Percentage rent of $4,921,916 was underwritten for Apple. Once Apple has moved back into its space, it will be required to pay 2.25% in percentage rent above $200,000,000 a year in sales. The BPLP Guaranty also guarantees the payment of the estimated gap percentage rent. The underwritten Apple percentage rent is equal to the 2.25% percentage rent on the average Apple sales from 2013 through 2016 over the new $200,000,000 breakpoint.

The following table presents certain information relating to the lease rollover schedule at the General Motors Building Property:

Lease Rollover Schedule(1)(2)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling(3)(4)	Total UW Base Rent Rolling(3)	Approx. % of Total Rent Rolling	Approx. Cumulative % of Total Rent Rolling(3)
MTM	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2017	1	11,226	0.6%	0.6%	$88.51	$993,600	0.4%	0.4%
2018	6	52,373	2.6%	3.2%	$295.13	$15,456,871	5.8%	6.2%
2019	9	106,096	5.3%	8.5%	$85.99	$9,123,113	3.4%	9.6%
2020	22	532,016	26.7%	35.3%	$95.38	$50,741,831	19.1%	28.7%
2021	4	35,486	1.8%	37.0%	$466.95	$16,570,250	6.2%	34.9%
2022	8	144,898	7.3%	44.3%	$99.47	$14,412,478	5.4%	40.3%
2023	2	2,747	0.1%	44.5%	$681.08	$1,870,937	0.7%	41.0%
2024	1	38,100	1.9%	46.4%	$90.00	$3,429,000	1.3%	42.3%
2025	3	66,347	3.3%	49.7%	$102.24	$6,783,128	2.5%	44.8%
2026	6	48,201	2.4%	52.1%	$188.73	$9,096,994	3.4%	48.2%
2027	6	99,324	5.0%	57.1%	$123.57	$12,273,236	4.6%	52.9%
2028 & Beyond	38	753,305	37.9%	95.0%	$166.69	$125,565,627	47.1%	100.0%
Vacant	0	99,864	5.0%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	106	1,989,983	100.0%		$140.90	$266,317,065	100.0%

(1) Information is based on the underwritten rent roll.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the lease rollover schedule.

(3) UW Base Rent PSF Rolling, Total UW Base Rent Rolling and Approx. Cumulative % of Total Rent Rolling have been underwritten based on the June 1, 2017 rent roll, exclude $11,269,632 of total underwritten straight line rents associated with Weil ($6,010,916), which leases 100,024 SF of space through August 31, 2019 and 389,843 SF through August 31, 2034, and Apple ($4,107,800), which leases 2,754 SF through December 31, 2018 and 102,994 SF through January 1, 2034, as well as four other tenants.

(4) Wtd. Avg. UW Base Rent PSF Rolling excludes vacant space.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 46

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

The Market. The General Motors Building Property is located on the entire city block bound by Fifth Avenue and Madison Avenue between East 58th Street and East 59th Street. This area of Midtown Manhattan is known as the Madison/Fifth Avenue subdistrict and is considered one of Manhattan’s premier office locations according to the appraisal. The General Motors Building Property is surrounded by many of New York’s landmarks, restaurants, hotels, shops and tourist attractions, made accessible by the presence of several transportation hubs. The General Motors Building Property is located within the boundaries of the Plaza District, which is generally bound by 47th Street to the south and 65th Street to the north, and from Avenue of the Americas to the East River.

As of the first quarter 2017, the three office statistical areas that comprise the Plaza District contain 81.1 million SF of Class A office space, 6.4 million SF of Class B office space and 481,485 SF of Class C office space. Historically, the Plaza District has evidenced the highest rents in Midtown Manhattan due to the demand generated by its location and quality space, according to the appraisal. As of the first quarter of 2017, the Class A office space in the Plaza District had a direct vacancy rate of 9.4% and average asking rents of $99.69 PSF, above the direct primary Midtown Manhattan average of $88.93 PSF.

According to the appraisal, as of first quarter 2017, the Madison/Fifth Avenue subdistrict consisted of approximately 19.8 million SF of Class A office space and had a direct vacancy rate of 11.0% and overall direct weighted average asking rents of $110.15 PSF. According to the appraisal, Class A overall vacancy in the Madison/Fifth Avenue subdistrict dropped by 2.0% from 13.3% in the first quarter 2016 to 11.3% in the first quarter 2017, the lowest quarterly total since the first quarter of 2008. Direct weighted average Class A rental rates increased by $5.10 PSF over the same time period.

Directly Competitive Buildings
Property	Office Area (NRA)	Direct Available SF	Sublease Available SF	% Occupied (Direct)	% Occupied (Total)	Direct Asking Rent (PSF)
						Low	High
650 Madison Avenue	521,544	18,094	0	96.5%	96.5%	$120.00	$130.00
660 Madison Avenue	239,113	0	6,676	100.0%	97.2%	N/A	N/A
667 Madison Avenue	267,135	59,435	0	77.8%	77.8%	$135.00	$195.00
712 Fifth Avenue	457,281	31,408	9,813	93.1%	91.0%	$85.00	$140.00
375 Park Avenue	830,009	7,650	0	99.1%	99.1%	$150.00	$180.00
390 Park Avenue	260,000	36,979	10,726	85.8%	81.7%	$185.00	$185.00
9 West 57th Street	1,500,000	416,505	0	72.2%	72.2%	$110.00	$200.00
Total/Wtd. Avg.	4,075,082	570,071	27,215	86.0%	85.3%	$85.00	$200.00

Source: Appraisal

The following table presents recent leasing data at competitive office buildings with respect to the General Motors Building Property:

Competitive Office Lease Summary
Property Name/Address	Year Built/ Renovated	Size (SF)	Tenant Name	Lease Size (SF)	Lease Date	Lease Term (Yrs.)	Initial Rent/SF	Lease Type
590 Madison Avenue	1982	1,016,413	Cemex	5,903	Feb-17	15	$145.00	Gross
520 Madison Avenue	1982	849,600	CIC Union	46,822	Jan-17	10	$127.00	Gross
375 Park Avenue	1958	830,009	Servcorp NYC	9,572	Jan-17	10	$173.00	Gross
9 West 57th Street	1971	1,500,000	Qatar Investment Authority	14,000	Jan-17	10	$180.00	Gross
650 Madison Avenue	1987	521,544	Carson Family Trust	4,002	Jan-17	10	$120.00	Gross
450 Park Avenue	1972/2003	247,242	Banco Bradesco	21,822	Dec-16	13	$149.00	Gross
399 Park Avenue	1961	1,250,000	Morgan Stanley	110,025	Jul-16	15	$108.50	Gross
9 West 57th Street	1971	1,500,000	Zimmer Partners	20,100	Jul-16	10	$155.00	Gross
375 Park Avenue	1958	830,009	Fried Frank	11,703	Jun-16	6	$167.00	Gross
375 Park Avenue	1958	830,009	Strategic Asset Services	16,000	May-16	7	$165.00	Gross

Source: Appraisal

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 47

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

The following table presents recent leasing data at retail buildings competitive with the General Motors Building Property:

Competitive Retail Lease Summary
Property Name/Address	Tenant Name	Frontage	Lease Size (SF)	Lease Date	Lease Term (Yrs.)	Initial Rent/SF	Lease Type
723 Madison Avenue	Paule Ka	Madison Avenue	1,661	Dec-16	10	$874.31	Gross
650 Fifth Avenue	Nike	Fifth Avenue & 52nd Street	69,214	Dec-16	15.5	$479.53	Gross
680 Madison Avenue	Tom Ford	61st Street & Madison Avenue	8,470	Aug-16	10	$743.80	Gross
683 Fifth Avenue	Stuart Weitzman	Fifth Avenue	1,281	Jun-16	10	$3,903.20	Gross
685 Fifth Avenue	Coach	Fifth Avenue & 54th Street	24,149	Feb-16	10	$869.60	Gross
683 Madison Avenue	Bally’s	Madison Avenue & 61st Street	3,013	Jan-16	10	$1,660.00	Gross
730 Fifth Avenue	Zegna	West 57th Street	11,580	Feb-16	15	$621.76	Gross
650 Madison Avenue	Moncler	Madison Avenue & East 60th Street	3,000	Sep-15	10	$1,500.00	Gross

Source: Appraisal

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 General Motors Building Property:

Cash Flow Analysis
	2013	2014	2015	2016	Year 1 Budget June 2018	UW	UW PSF
Gross Potential Rent(1)(2)	$188,477,818	$197,172,437	$193,759,747	$206,851,492	$214,650,510	$311,235,129	$156.40
Total Recoveries	$29,544,790	$35,800,858	$38,501,366	$39,027,298	$38,318,099	$27,629,542	$13.88
Total Other Income	$34,249,940	$24,345,489	$17,507,050	$10,470,664	$9,174,767	$12,447,503	$6.26
Less Vacancy & Credit Loss(3)	$0	$0	$0	$0	$0	($16,547,756)	($8.32)
Effective Gross Income	$252,272,548	$257,318,784	$249,768,162	$256,349,455	$262,143,376	$334,764,418	$168.22
Total Operating Expenses	$84,260,952	$92,003,166	$99,256,499	$104,924,109	$111,999,606	$107,458,009	$54.00
Net Operating Income	$168,011,596	$165,315,617	$150,511,664	$151,425,346	$150,143,770	$227,306,409	$114.23
Capital Expenditures	$0	$0	$0	$0	$0	$397,997	$0.20
TI/LC	$0	$0	$0	$0	$0	$5,363,618	$2.70
Net Cash Flow	$168,011,596	$165,315,617	$150,511,664	$151,425,346	$150,143,770	$221,544,794	$111.33
Occupancy %	96.9%	98.5%	96.7%	96.3%	N/A	95.0%
NOI DSCR(4)	3.29x	3.23x	2.94x	2.96x	2.94x	4.45x
NCF DSCR(4)	3.29x	3.23x	2.94x	2.96x	2.94x	4.33x
NOI Debt Yield(4)	11.4%	11.2%	10.2%	10.3%	10.2%	15.5%
NCF Debt Yield(4)	11.4%	11.2%	10.2%	10.3%	10.2%	15.1%

(1) UW Gross Potential Rent is underwritten based on the June 1, 2017 rent roll and includes rent steps through June 2018, net present value step rent credit for investment grade and American Lawyer 100 law firm tenants through each such tenant’s scheduled lease expiration equal to $11,269,632, mark-to-market adjustment based on the appraiser’s concluded market rents of $17,100,676 and a gross up of vacant space based on the appraiser’s concluded market rents of $16,547,756.

(2) Rent for Apple and Under Armour were underwritten to the contractual base rent as of January 2019, which coincides with the Under Armour lease commencement and the outside date at which Apple will vacate its temporary space. BPLP provided a payment guarantee for the gap rent between what Apple is currently paying to occupy its temporary space and what Under Armour will pay once its lease commences. Rent for Weil includes base rent for the 389,843 SF expansion space, commencing in September 2019. BPLP provided a payment guarantee for the gap rent between Weil’s current rent and their underwritten rent which commences in September 2019. BAMCO rent was underwritten to the renewal base rent as of January 2024. The gap rent between origination and the renewal rent commencing in January 2024 is guaranteed by BPLP. Continental Grain base rent was underwritten to the tenants’ direct rent, which commences in April 2020 when the tenant’s direct lease for the GM sublease space commences. BPLP provided a guaranty for the gap rent until 2020.

(3) Vacancy underwritten to 5.0% based on the current physical vacancy.

(4) Debt service coverage ratios and debt yields are based on the Senior Notes.

Escrows and Reserves. In connection with the origination of the General Motors Building Whole Loan, BPLP provided a payment guaranty (the “BPLP Guaranty”, and as further described below) in the amount of $269,107,196, in lieu of depositing (a) $107,946,183 for existing tenant improvement and leasing commission costs and (b) $161,161,013 in existing gap rent and free rent obligations. During the continuance of a Cash Management Sweep Period (as defined below), the General Motors Building Borrower is required to deposit on each monthly payment date 1/12 of the estimated annual taxes and, provided an acceptable blanket policy is no longer in place, 1/12 of the annual insurance premiums.

A “Cash Management Sweep Period” will commence upon the occurrence of (a) an event of default under the General Motors Building Whole Loan documents or (b) a Debt Service Coverage Ratio Event (as defined below), and will terminate upon (x) in the case of clause (a), the cure of such event of default, and (y) in the case of clause (b), the termination of such Debt Service Coverage Ratio Event.

A “Debt Service Coverage Ratio Event” will occur upon the General Motors Building Whole Loan DSCR being below 1.20x at the end of a calendar quarter and will end upon (A) the General Motors Building Whole Loan DSCR being 1.20x or greater for one calendar quarter or (B) the General Motors Building Borrower’s delivery of (x) cash to be held as an additional reserve fund, (y) a letter of credit in accordance with the General Motors Building Whole Loan

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 48

767 Fifth Avenue New York, NY 10153 Collateral Asset Summary – Loan No. 2 General Motors Building Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $47,600,000 30.6% 4.33x 15.5%

documents or (z) so long as BPLP’s senior unsecured credit rating is BBB or higher by S&P and Baa3 or higher by Moody’s, a guaranty by BPLP, in each case in an amount that would be required to be prepaid in order for the DSCR to equal at least 1.20x.

In lieu of making required payments to any reserve accounts, the General Motors Building Borrower delivered a guaranty (a “BPLP Guaranty”) from BPLP (in the context of the BPLP Guaranty, the “BPLP Guarantor”). Such guaranty is required to be in an amount, which when aggregated with any cash and/or any letter of credit delivered by the General Motors Building Borrower to the lender, related to any such purpose is at least equal to the aggregate amount which the General Motors Building Borrower is required to have on deposit for such purpose. The BPLP Guaranty amount will be reduced as the General Motors Building Borrower expends funds for the purposes which such funds would have otherwise been deposited in the reserve account. Notwithstanding the foregoing, the aggregate amount of any BPLP Guaranty (and the face amount of any letter of credit obtained by BPLP and delivered on behalf of the borrower) may not at any time exceed 11.8% of the outstanding principal balance of the General Motors Building Whole Loan.

In addition, the BPLP Guaranty requires BPLP’s senior unsecured credit rating to be BBB or higher by S&P and Baa3 or higher by Moody’s (the “BPLP Guarantor Required Rating”). In the event the BPLP Guarantor no longer satisfies the BPLP Guarantor Required Rating, within 10 business days of such downgrade, withdrawal or qualification, the General Motors Building Borrower is required to (i) deposit with the lender cash in the amount of the guaranteed obligations under each BPLP Guaranty then outstanding, and/or (ii) provide the lender with a letter of credit with a face amount equal to the guaranteed obligations under each BPLP Guaranty then outstanding.

Lockbox and Cash Management. The General Motors Building Whole Loan is structured with a hard lockbox and springing cash management. The General Motors Building Borrower was required to send tenant direction letters to all tenants instructing them to deposit all rents and other payments into the lockbox account controlled by the lender. So long as no Cash Management Sweep Period exists, funds deposited into the lockbox account will be disbursed to the General Motors Building Borrower’s operating account on each business day. During a Cash Management Sweep Period, the funds in the lockbox account will be disbursed in accordance with the General Motors Building Whole Loan documents.

Additional Secured Indebtedness (not including trade debts). In addition to the General Motors Building Mortgage Loan, the General Motors Building Property also secures the other Senior Notes, which have an aggregate Cut-off Date principal balance of $1,420,000,000 and the Junior Notes, which have a Cut-off Date principal balance of $830,000,000. The Junior Notes are coterminous with the General Motors Building Mortgage Loan and accrue interest at the same rate as the General Motors Building Mortgage Loan. The General Motors Building Mortgage Loan along with the other Senior Notes are each pari passu in right of payment and the Senior Notes are senior in right of payment to the Junior Notes. The holders of the General Motors Building Mortgage Loan, the other Senior Notes and the Junior Notes have entered into a co-lender agreement which sets forth the allocation of collections on the General Motors Building Whole Loan. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans” in the Preliminary Prospectus.

Mezzanine Loan and Preferred Equity. Not permitted.

Release of Property. Not permitted.

Terrorism Insurance. The General Motors Building Whole Loan documents require “all risk” insurance / umbrella coverage in an amount equal to 100% of the full replacement cost and a commercial general liability insurance policy with a limit of not less than $2,000,000 in the aggregate. Terrorism coverage is required, which may be included in the property insurance policy or a stand-alone policy covering terrorist acts, whether or not the Terrorism Risk Insurance Act of 2002 or subsequent statute, extension or reauthorization (“TRIPRA”) is in effect; provided, however, that if TRIPRA is not in effect, the General Motors Building Borrower will not be required to pay annual premiums in excess of the Terrorism Cap (defined below) in order to obtain the terrorism coverage.

A “Terrorism Cap” means an amount equal to two times the amount of the then-current annual premium for the required comprehensive all risk insurance (excluding any terrorism, earthquake or flood component thereof) and business income/rent loss insurance.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 49

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 50

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 51

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 52

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

Mortgage Loan Information					Property Information
Mortgage Loan Seller(1):		CREFI			Single Asset/Portfolio:	Single Asset
Credit Assessment (Fitch/KBRA/Moody’s):		NR/NR/NR			Location:	Brooklyn, NY 11241
					General Property Type:	Office
Original Balance(2):		$44,400,000			Detailed Property Type:	CBD
Cut-off Date Balance(2):		$44,400,000			Title Vesting:	Fee
% of Initial Pool Balance:		6.4%			Year Built/Renovated:	1928/2016
Loan Purpose:		Acquisition			Size:	325,510 SF
Borrower Sponsor:		CIM SMA I Investments, LLC			Cut-off Date Balance per SF(2):	$341
Mortgage Rate:		4.1710%			Maturity Date Balance per SF(2):	$341
Note Date:		10/10/2017			Property Manager:	CIM NY Management LLC
First Payment Date:		12/1/2017
Maturity Date:		11/1/2027
Original Term to Maturity:		120 months
Original Amortization Term:		0 months
IO Period:		120 months
Seasoning:		0 months
Prepayment Provisions(3):		LO (24); DEF (90); O (6)			Underwriting and Financial Information
Lockbox/Cash Mgmt Status:		Hard/Springing			UW NOI(6):	$9,434,213
Additional Debt Type(2)(4):		Pari Passu			UW NOI Debt Yield(2):	8.5%
Additional Debt Balance(2)(4):		$66,600,000			UW NOI Debt Yield at Maturity(2):	8.5%
Future Debt Permitted (Type)(4):		Yes (Mezzanine)			UW NCF DSCR(2):	1.83x
Reserves(5)					Most Recent NOI(6):	$8,434,282 (8/31/2017 TTM)
Type	Initial		Monthly	Cap	2nd Most Recent NOI:	$8,052,969 (12/31/2016)
RE Tax:	$0		Springing	N/A	3rd Most Recent NOI:	$7,631,247 (12/31/2015)
Insurance:	$0		Springing	N/A	Most Recent Occupancy:	92.7% (9/13/2017)
Replacements:	$0		$5,438	N/A	2nd Most Recent Occupancy:	96.2% (12/31/2016)
TI/LC:	$0		$27,190	N/A	3rd Most Recent Occupancy:	95.1% (12/31/2015)
Sprinkler Work Reserve:	$3,347,154		Springing	N/A	Appraised Value (as of):	$175,000,000 (9/25/2017)
Free Rent Reserve:	$485,028		$0	N/A	Cut-off Date LTV Ratio(2):	63.4%
Outstanding TI/LC Reserve:	$141,392		$0	N/A	Maturity Date LTV Ratio(2):	63.4%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(2):	$111,000,000	62.1%	Purchase Price:	$171,000,000	95.8%
Borrower Equity:	$67,686,414	37.9%	Reserves:	$3,973,543	2.2%
			Closing Costs:	$3,712,841	2.1%
Total Sources:	$178,686,414	100.0%	Total Uses:	$178,686,414	100.0%

(1) The 16 Court Street Whole Loan (as defined below) was co-originated by Citi Real Estate Funding Inc. and Barclays Bank PLC.

(2) The 16 Court Street Mortgage Loan (as defined below) is part of the 16 Court Street Whole Loan, which is comprised of two pari passu promissory notes with an aggregate original principal balance of $111,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the 16 Court Street Whole Loan.

(3) The lockout period for defeasance will be at least 24 payment dates beginning with and including the first payment date of December 1, 2017. Following the lockout period, the borrower has the right to defease the 16 Court Street Whole Loan in whole, but not in part, on any date before June 1, 2027. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) October 10, 2020. For the purposes of this term sheet, the assumed lockout period of 24 months is based on the expected CCUBS 2017-C1 securitization closing date in November 2017. The actual lockout period may be longer. Partial release is permitted. See “Release of Property” below for further discussion of release requirements.

(4) See “The Mortgage Loan” and “Mezzanine Loan and Preferred Equity” below for further discussion of permitted mezzanine debt.

(5) See “Escrows and Reserves” below for further discussion of reserve requirements.

(6) The increase from Most Recent NOI to UW NOI is primarily attributable to the exclusion of rent abatements from UW NOI (the related borrower reserved $485,028 at origination for free rent) and that UW NOI contractual rent steps which include rent increases occurring through November 30, 2018 and the straight-line rent steps for investment grade tenants.

The Mortgage Loan. The third largest mortgage loan (the “16 Court Street Mortgage Loan”) is part of a whole loan (the “16 Court Street Whole Loan”) with an original principal balance of $111,000,000. The 16 Court Street Whole Loan is secured by a first priority fee mortgage encumbering a 325,510 SF, 36-story, Class A office tower (the “16 Court Street Property”), which is located at the corner of Montague Street and Court Street in the Brooklyn Heights neighborhood of Brooklyn, New York. Promissory Note A-2, with an original principal balance of $44,400,000, represents the 16 Court Street Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. The remaining controlling pari passu Promissory Note A-1, with an original principal balance of $66,600,000 (the “16 Court Street Pari Passu Companion Loan”), is currently held by Barclays Bank PLC, or an affiliate thereof, and is expected to be contributed to one or more future securitization transactions. The 16 Court Street Whole Loan will be serviced pursuant to the trust and servicing agreement for the CCUBS 2017-C1 Trust until the securitization of the 16 Court Street Pari Passu Companion Loan, from and after which the 16 Court Street Whole Loan will be serviced pursuant to the pooling and servicing agreement for such securitization. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 53

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

16 Court Street Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$66,600,000	$66,600,000	Barclays Bank PLC or an affiliate	Yes
Note A-2	$44,400,000	$44,400,000	CCUBS 2017-C1	No
Total	$111,000,000	$111,000,000

The Borrower and the Borrower Sponsor. The borrower is 16 Court St Brooklyn Owner, LLC (the “16 Court Street Borrower”), a Delaware limited liability company and single-purpose entity structured to be bankruptcy remote with two independent directors. The 16 Court Street Borrower provided a non-consolidation opinion at origination. CIM SMA I Investments, LLC (“CIM”) is the borrower sponsor and the nonrecourse carve-out guarantor. The nonrecourse carve-out guarantor will be required to maintain a minimum net worth, excluding its interest in the 16 Court Street Whole Loan, of $111,000,000. See “Description of the Mortgage Pool—Non-Recourse Carveout Limitation” in the Preliminary Prospectus.

CIM is a real estate investment firm that focuses on infrastructure investment, property management, leasing, asset management, development, acquisition and investment advisory services. CIM has approximately $19.7 billion of real estate assets under management across its various funds. CIM invests in the United States in major metropolitan markets such as San Francisco, Los Angeles and New York City. CIM was founded in 1994 and is headquartered in Los Angeles, California. The company has additional offices in Oakland, California, Bethesda, Maryland, Dallas, Texas, and New York, New York.

The Property. The 16 Court Street Property is a 36-story, 325,510 SF, Class A office building located in Brooklyn, New York. The 16 Court Street Property was constructed in 1928 and went through an approximately $15 million renovation that was completed in 2016. Since 2007, the 16 Court Street Property has had a total of $33.7 million ($104/SF) in capital improvements. With 36 stories, the 16 Court Street Property is one of the tallest commercial towers in Brooklyn with floor plates ranging from approximately 13,500 SF on the lower floors to approximately 4,000 SF on the top four floors. The typical ceiling heights range from approximately 10 to 14 feet. The 16 Court Street Property is located in an area of downtown Brooklyn that is known as the “Tech Triangle”. The 16 Court Street Property was 92.7% occupied as of September 13, 2017.

Major Tenants.

The City University of New York (47,162 SF, 14.5% of NRA, 11.8% of underwritten base rent). The City University of New York (“CUNY”) (rated AA/Aa2/AA by Fitch/Moody’s/S&P) occupies 47,162 SF at the 16 Court Street Property representing approximately 14.5% of NRA, with a lease expiring on August 31, 2024. CUNY has been at the building since 2010 and occupies floors 3, 4 and 31 as well as part of floors 6, 10, 17 and 32. CUNY’s entire space is currently being used as office space and not as classroom space. CUNY has a single, five-year renewal option with 15-months’ notice. CUNY provides accessible education for more than 274,357 degree seeking students and 260,000 adults and continuing education students at 24 campuses across New York City.

NYC Department of Mental Health (19,560 SF, 6.0% of NRA, 6.3% of underwritten base rent). NYC Department of Mental Health (rated AA/Aa2/AA by Fitch/Moody’s/S&P) occupies 19,560 SF at the 16 Court Street Property representing approximately 6.0% of NRA, with a lease expiring on November 30, 2020. The tenant has been at the 16 Court Street Property since 1994 and occupies the entire 2nd floor and a portion of the 6th floor. The NYC Department of Mental Health has an annual budget of $1.6 billion and more than 6,000 employees throughout the five boroughs. It is one of the largest public health agencies in the world, serving eight million New Yorkers.

Michael Van Valkenburgh Associates, Inc. (19,071 SF, 5.9% of NRA, 5.6% of underwritten base rent). Michael Van Valkenburgh Associates, Inc. occupies 19,071 SF at the 16 Court Street Property representing 5.9% of NRA, with a lease expiring on March 31, 2024. The tenant has been at the 16 Court Street Property since 2008. The company occupies the entire 11th floor and a portion of the 12th floor and has an option to terminate its lease for suite 1212-1214 (1,825 SF), on April 1, 2020 and April 1, 2022, with notice required to be given by June 1 prior to such date and the payment of a termination fee. Michael Van Valkenburgh Associates, Inc. is a landscape architecture firm with over 80 staff members. The firm was founded in 1982 and has another office in Cambridge, Massachusetts with the office at the 16 Court Street Property as the company’s headquarters.

Other tenants include the New York Department of Transportation, Duane Reade, FedEx Office and Print Services, Inc., New York Department of City Planning, Maker’s Row Inc. and Gregory’s Coffee. Overall, there are 71 tenants occupying 91 spaces.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 54

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

The following table presents certain information relating to the largest tenants at the 16 Court Street Property based on UW Base Rent:

Tenant Summary(1)
Tenant Name	Credit Rating (Fitch/Moody’s/S&P)(2)	Tenant SF	Approximate % of SF	Annual UW Base Rent	% of Total Annual Base UW Rent	Annual UW Base Rent PSF(3)	Lease Expiration
The City University of New York	AA/Aa2/AA	47,162	14.5%	$1,653,500	11.8%	$35.06	8/31/2024
NYC Department of Mental Health	AA/Aa2/AA	19,560	6.0%	$880,200	6.3%	$45.00	11/30/2020
Michael Van Valkenburgh Associates, Inc.(4)	NR/NR/NR	19,071	5.9%	$785,924	5.6%	$41.21	3/31/2024
New York Department of Transportation	AA/Aa2/AA	16,198	5.0%	$628,806	4.5%	$38.82	12/10/2017
Diamond Reporting Services(5)	NR/NR/NR	14,143	4.3%	$480,155	3.4%	$33.95	2/29/2024
HF Management Services, LLC	NR/NR/NR	12,822	3.9%	$765,986	5.5%	$59.74	5/31/2019
Blumberg Court LLC	NR/NR/NR	12,420	3.8%	$684,191	4.9%	$55.09	4/30/2023
Duane Reade	BBB/Baa2/BBB	11,644	3.6%	$895,516	6.4%	$76.91	2/28/2026
Rubenstein & Rynecki(6)	NR/NR/NR	7,903	2.4%	$413,129	3.0%	$52.27	7/31/2027
FedEx Office and Print Services, Inc.	NR/Baa2/BBB	3,134	1.0%	$721,016	5.2%	$230.06	10/31/2024
Subtotal/Wtd. Avg.		164,057	50.4%	$7,908,424	56.6%	$48.21
Remaining Tenants		137,777	42.3%	$6,051,889	43.4%	$43.93
Vacant Space		23,676	7.3%	$0	0.0%	$0.00
Total/Wtd. Avg.		325,510	100.0%	$13,960,314	100.0%	$46.25

(1) Information is based on the underwritten rent roll.

(2) Ratings provided are for the parent company of the entity listed under the heading “Tenant Name” whether or not the parent company guarantees the lease.

(3) Wtd. Avg. Annual UW Base Rent PSF excludes vacant space.

(4) Michael Van Valkenburgh Associates, Inc. has an option to terminate its lease for suite 1212-1214 only (1,825 SF) on April 1, 2020 and April 1, 2022, with notice required to be given by June 1 prior to such date and the payment of a termination fee.

(5) Diamond Reporting Services has the right to terminate its lease any time after September 30, 2018 with 365 days’ notice and the payment of a termination fee.

(6) Rubenstein & Rynecki has the right to terminate its lease any time after August 1, 2022 with 10 months’ notice and the payment of a termination fee.

The following table presents certain information relating to the lease rollover schedule at the 16 Court Street Property:

Lease Rollover Schedule(1)(2)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling(3)	Total UW Base Rent Rolling	Approx. % of Total Rent Rolling	Approx. Cumulative % of Total Rent Rolling
MTM	5	8,579	2.6%	2.6%	$28.43	$243,895	1.7%	1.7%
2017	1	16,198	5.0%	7.6%	$38.82	$628,806	4.5%	6.3%
2018	9	14,580	4.5%	12.1%	$45.92	$669,490	4.8%	11.0%
2019	13	29,849	9.2%	21.3%	$49.86	$1,488,206	10.7%	21.7%
2020	3	24,186	7.4%	28.7%	$45.05	$1,089,527	7.8%	29.5%
2021	10	33,298	10.2%	38.9%	$47.33	$1,576,041	11.3%	40.8%
2022	8	12,623	3.9%	42.8%	$42.19	$532,570	3.8%	44.6%
2023	4	23,339	7.2%	50.0%	$49.78	$1,161,887	8.3%	52.9%
2024	10	108,410	33.3%	83.3%	$42.70	$4,629,272	33.2%	86.1%
2025	4	10,175	3.1%	86.4%	$52.41	$533,310	3.8%	89.9%
2026	2	11,644	3.6%	90.0%	$76.91	$895,516	6.4%	96.3%
2027	1	7,903	2.4%	92.4%	$52.27	$413,129	3.0%	99.3%
2028 & Beyond	1	1,050	0.3%	92.7%	$93.97	$98,664	0.7%	100.0%
Vacant	0	23,676	7.3%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	71	325,510	100.0%		$46.25	$13,960,314	100.0%

(1) Information is based on the underwritten rent roll.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the lease rollover schedule.

(3) Wtd. Avg. UW Base Rent PSF Rolling excludes vacant space.

The Market. The 16 Court Street Property is located in Downtown Brooklyn, on the corner of Court Street and Montague Street. According to a third party report, the Downtown Brooklyn office submarket, which contains approximately 27 million SF of NRA, has a vacancy rate of 12.5%. According to the appraisal, there are 19 Class A and Class B office buildings located in Downtown Brooklyn that compete directly with the 16 Court Street Property and have a total of approximately 9.3 million SF of NRA and a vacancy rate of 3.8%. Downtown Brooklyn has experienced population growth of approximately 2.5% since 2010, which is more than 1.5% greater than Manhattan and the United States average. Brooklyn is projected to grow an additional 1.5% by 2021 and to continue to outpace population growth projections for both Manhattan and the United States. The 16 Court Street Property is one subway

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 55

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

stop from Manhattan. The Borough Hall station provides transportation connectivity via the 2, 3, 4, 5, N, R and W trains which provide access to multiple Manhattan and outer neighborhoods. According to a third party report, the population within a one- and three-mile radius of the 16 Court Street Property is 114,486 and 1,049,392, respectively, and the median household income within a one- and three-mile radius of the 16 Court Street Property is $105,677 and $76,527, respectively.

Competitive Set
	16 Court Street Property	Atlantic Terminal	1 Pierrepont Plaza	One Willoughby Street	32 Court Street	185 Montague Street	41 Flatbush Avenue
Year Built/Renovated	1928/2016	2003/N/A	1988/N/A	Proposed 2021	1908/N/A	1929/N/A	1920/2017
SF	325,510(1)	399,700	770,000	472,671	115,586	55,000	233,712
No. of Stories	36	14	19	34	22	12	10
Class	A	A	A	A	B	B	B
Tenant	Various(1)	Confidential	Various	Confidential	Confidential	Lindamood-Bell Learning	Confidential
Base Rent	$52.12 - $60.00(1)	$53.17	$47.50 - $50.00	$60.82	$50.00	$50.00	$60.00
Lease Type	Gross	Gross	Gross	Gross	Gross	Gross	Gross

Source: Appraisal

(1) Information is based on the underwritten rent roll dated September 13, 2017.

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 16 Court Street Property:

Cash Flow Analysis
	2014	2015	2016	8/31/2017 TTM	UW	UW PSF
Gross Potential Rent(1)	$10,247,089	$11,503,819	$12,118,568	$12,530,658	$13,454,731	$41.33
Contractual Rent Steps(2)	$0	$0	$0	$0	$720,158	$2.21
Gross Up Vacancy	$0	$0	$0	$0	$1,130,154	$3.47
Total Recoveries(3)	$1,158,008	$1,222,544	$1,239,467	$1,191,394	$1,721,529	$5.29
Other Income(4)	$287,885	$335,342	$263,091	$161,682	$22,753	$0.07
Less Vacancy & Credit Loss	$0	$0	$0	$0	($1,130,154)	($3.47)
Effective Gross Income	$11,692,983	$13,061,704	$13,621,126	$13,883,734	$15,919,171	$48.91
Real Estate Taxes(5)	$1,321,194	$829,829	$1,275,353	$1,312,581	$1,871,250	$5.75
Insurance	$101,894	$106,912	$91,312	$85,938	$85,200	$0.26
Management Fee	$0	$0	$0	$0	$477,575	$1.47
Other Operating Expenses	$4,125,466	$4,493,717	$4,201,491	$4,050,933	$4,050,933	$12.44
Total Operating Expenses	$5,548,554	$5,430,457	$5,568,157	$5,449,452	$6,484,958	$19.92
Net Operating Income	$6,144,429	$7,631,247	$8,052,969	$8,434,282	$9,434,213	$28.98
Capital Expenditures	$0	$0	$0	$0	$65,102	$0.20
TI/LC	$0	$0	$0	$0	$782,972	$2.41
Net Cash Flow	$6,144,429	$7,631,247	$8,052,969	$8,434,282	$8,586,140	$26.38
Occupancy %	93.3%	95.1%	96.2%	95.0%(6)	92.7%(7)
NOI DSCR(8)	1.31x	1.63x	1.72x	1.80x	2.01x
NCF DSCR(8)	1.31x	1.63x	1.72x	1.80x	1.83x
NOI Debt Yield(8)	5.5%	6.9%	7.3%	7.6%	8.5%
NCF Debt Yield(8)	5.5%	6.9%	7.3%	7.6%	7.7%

(1) The increase in Gross Potential Rent from 8/31/2017 TTM to UW is primarily attributable to newly executed leases, lease renewals and the exclusion of rent abatements from UW NOI (the related borrower reserved $485,028 at origination for free rent).

(2) Contractual Rent Steps include increases occurring through November 30, 2018 and the straight-line rent steps for investment grade tenants.

(3) Total Recoveries includes common area maintenance, real estate tax and tenant electric recoveries.

(4) Other Income consists of storage rent, license rent, late fees and other miscellaneous income.

(5) Real Estate Taxes are underwritten to a 10-year average. The 16 Court Street Property has a 15 year industrial and commercial incentive plan that began in fiscal year 2010/11. The 15-year phase-in reflects 11 years of 100% abatement with real estate taxes phasing in 20% per year from years 12 through 15. The real estate taxes are projected to begin the phase-in starting in 2021/22. Real estate taxes are based on the lower of the phased-in value or the market value.

(6)	Represents the average occupancy for the six-month period ending June 30, 2017.
(7)	Based on the underwritten rent roll dated September 13, 2017.

(8) Debt service coverage ratios and debt yields are based on the 16 Court Street Whole Loan.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 56

16 Court Street Brooklyn, NY 11241 Collateral Asset Summary – Loan No. 3 16 Court Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $44,400,000 63.4% 1.83x 8.5%

Escrows and Reserves. At origination, the 16 Court Street Borrower deposited in escrow $3,347,154 for sprinkler work, $485,028 for outstanding free rent and $141,392 for outstanding tenant improvements and leasing commissions. On each monthly payment date, the 16 Court Street Property Borrower is required to deposit (a) $5,438 for capital expenditures and (b) $27,190 for tenant improvements and leasing commissions. During the continuance of a Cash Sweep Period (as defined below), the 16 Court Street Borrower is required to escrow monthly (i) 1/12 of the annual estimated tax payments and (ii) 1/12 of the annual insurance premiums (unless an acceptable blanket policy is in effect, in which case ongoing insurance reserve deposits are waived) and all excess cash flow will be deposited into the sprinkler work reserve (it being understood that, in addition to any deposits that may be required under the 16 Court Street Whole Loan agreement, the 16 Court Street Borrower will have the right to make deposits into the sprinkler work reserve account in such amounts and at such times as it chooses to elect). Upon the cure of a Cash Sweep Period, such monthly deposit for sprinkler work will be waived and the amounts in such reserve accounts will be released to the 16 Court Street Borrower.

Lockbox and Cash Management. A hard lockbox is in place with respect to the 16 Court Street Whole Loan. The 16 Court Street Whole Loan has springing cash management during the continuance of a Cash Sweep Period (as defined below). During the continuance of a Cash Sweep Period, funds in the lockbox account are required to be transferred to the cash management account up to two times per week and such funds in the cash management account are required to be applied on each monthly payment date to fund the required reserves deposits as described above under “Escrows and Reserves,” pay debt service on the 16 Court Street Whole Loan, pay operating expenses for the 16 Court Street Property and deposit the remainder into a sprinkler work reserve for the 16 Court Street Whole Loan (or upon the cure of a Cash Sweep Period, provided that no event of default has occurred and is continuing, to the 16 Court Street Borrower).

A “Cash Sweep Period” will commence (i) upon the occurrence of an event of default, (ii) upon the debt yield for the 16 Court Street Whole Loan falling below 6.75% for two consecutive calendar quarters or (iii) as of June 30, 2019 if the sprinkler work has not been completed. A Cash Sweep Period will continue until, in regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, in regard to clause (ii) above, the debt yield for the 16 Court Street Whole Loan is equal to or greater than 6.75% for two consecutive calendar quarters, or in regard to clause (iii) above, (a) the date the lender determines, in its sole but reasonable discretion, that the aggregate amount of funds deposited into the sprinkler work reserve account is at least 110% of the estimated remaining costs required to complete the sprinkler work (the “Sprinkler Work Reserve Cap”) and (b) the completion of the sprinkler work to the lender’s sole but reasonable satisfaction (as evidenced by documentation provided by the 16 Court Street Borrower to the lender or such other documentation as the lender may reasonably request). If more than one event giving rise to a Cash Sweep Period has occurred and is continuing, then the Cash Sweep Period will not terminate unless a cure has occurred with respect to each such event.

Mezzanine Loan and Preferred Equity. Future mezzanine debt is permitted subject to there being (i) no event of default under the 16 Court Street Whole Loan documents, (ii) a combined minimum debt yield of 7.85%, (iii) a combined maximum loan-to-value ratio of 61.82%, (iv) a combined minimum debt service coverage ratio of 1.86x and (v) receipt of rating agency confirmation.

Release of Property. The 16 Court Street Borrower has the ability to convert the 16 Court Street Property into two condominium units and to obtain the release of floors 26 to 36 (the “Residential Condominium Unit”) from the lien of the mortgage for the 16 Court Street Whole Loan agreement. At any time after the later of (a) the condominium conversion date and (b) the end of the defeasance lock-out period, the borrower may obtain such release of the Residential Condominium Unit by partially defeasing the 16 Court Street Whole Loan (on a pro rata basis as among the pari passu promissory notes) in an aggregate amount at least equal to 115% of $18,500,000, provided that, among others, the following conditions are satisfied: (i) no event of default has occurred and is continuing; (ii) the execution and delivery by the 16 Court Street Borrower of all necessary documents to amend and restate each related pari passu promissory note and issue two substitute notes comprised of (a) a principal balance equal to the defeased portion of the original note and (b) a principal balance equal to the undefeased portion of the original note; (iii) following the release of the Residential Condominium Unit, the undefeased portion of the 16 Court Street Whole Loan will have (a) a loan-to-value ratio equal to or less than 61.82%, (b) a debt yield not less than the greater of 7.85% and the debt yield immediately prior to the release and (c) a debt service coverage ratio not less than the greater of 1.86x and the debt service coverage ratio immediately prior to the release; and (iv) the 16 Court Street Borrower otherwise satisfies all of the requirements with respect to such defeasance including, without limitation, the rating confirmation letter and opinion delivery requirements thereof.

Terrorism Insurance. The 16 Court Street Borrower is required to obtain insurance against acts of terrorism for loss resulting from perils and acts of terrorism in amounts and with terms and conditions applicable to commercial property, general liability, business income and umbrella liability insurance required pursuant to the 16 Court Street Whole Loan documents.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 57

1776 Patriots Lane  Eagleville, PA 19403  Collateral Asset Summary – Loan No. 4  Riverview Landing  Cut-off Date Balance:  Cut-off Date LTV Ratio:  UW NCF DSCR:  UW NOI Debt Yield:  $44,000,000  60.7%  1.53x  8.3% 

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 58

1776 Patriots Lane  Eagleville, PA 19403  Collateral Asset Summary – Loan No. 4  Riverview Landing  Cut-off Date Balance:  Cut-off Date LTV Ratio:  UW NCF DSCR:  UW NOI Debt Yield:  $44,000,000  60.7%  1.53x  8.3% 

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 59

1776 Patriots Lane  Eagleville, PA 19403  Collateral Asset Summary – Loan No. 4  Riverview Landing  Cut-off Date Balance:  Cut-off Date LTV Ratio:  UW NCF DSCR:  UW NOI Debt Yield:  $44,000,000  60.7%  1.53x  8.3% 

Mortgage Loan Information				Property Information
Mortgage Loan Seller:	CCRE			Single Asset/Portfolio:	Single Asset
Credit Assessment (Fitch/KBRA/Moody’s):	NR/NR/NR			Location:	Eagleville, PA 19403
				General Property Type:	Multifamily
Original Balance:	$44,000,000			Detailed Property Type:	Garden
Cut-off Date Balance:	$44,000,000			Title Vesting:	Fee
% of Initial Pool Balance:	6.3%			Year Built/Renovated:	2006/N/A
Loan Purpose:	Refinance			Size:	310 Units
Borrower Sponsors:	William Liss; Jason Liss; Jordan Liss			Cut-off Date Balance per Unit:	$141,935
				Maturity Date Balance per Unit:	$141,935
Mortgage Rate:	4.9440%			Property Manager:	Liss Property Group
Note Date:	11/1/2017
First Payment Date:	12/6/2017
Maturity Date:	11/6/2027
Original Term to Maturity:	120 months
Original Amortization Term:	0 months			Underwriting and Financial Information
IO Period:	120 months			UW NOI:	$3,458,155
Seasoning:	0 months			UW NOI Debt Yield(3):	8.3%
Prepayment Provisions:	LO (24); DEF (91); O (5)			UW NOI Debt Yield at Maturity(3):	8.3%
Lockbox/Cash Mgmt Status:	Soft/In Place			UW NCF DSCR:	1.53x
Additional Debt Type(1):	Mezzanine			Most Recent NOI:	$3,259,457 (8/31/2017 TTM)
Additional Debt Balance(1):	$8,450,000			2nd Most Recent NOI:	$3,014,349 (12/31/2016)
Future Debt Permitted (Type):	No (N/A)			3rd Most Recent NOI(5):	N/A
Reserves(2)				Most Recent Occupancy:	94.8% (10/26/2017)
Type	Initial	Monthly	Cap	2nd Most Recent Occupancy:	95.0% (12/31/2016)
RE Tax:	$472,000	$99,417	N/A	3rd Most Recent Occupancy:	93.0% (12/31/2015)
Insurance:	$35,029	$11,902	N/A	Appraised Value (as of):	$68,500,000 (9/18/2017)
Replacements:	$0	$6,458	N/A	Cut-off Date LTV Ratio(3):	60.7%
Unit Upgrade Earnout(2):	$2,450,000	$0	N/A	Maturity Date LTV Ratio(4):	57.1%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount:	$44,000,000	83.9%	Loan Payoff:	$45,688,209	87.1%
Mezzanine Loan(1):	$8,450,000	16.1%	Partnership Buyout(5):	$3,033,990	5.8%
			Reserves:	$2,957,029	5.6%
			Closing Costs:	$681,531	1.3%
			Return of Equity:	$89,240	0.2%
Total Sources:	$52,450,000	100.0%	Total Uses:	$52,450,000	100.0%

(1) See “Mezzanine Loan” below for further discussion of additional debt.

(2) Amounts in the Unit Upgrade Earnout account will be disbursed the Riverview Landing Borrower (as defined below) (in disbursements of no less than $100,000) and subject to the satisfaction of the following conditions: (i) no default has occurred or is continuing, (ii) the lender received an officer’s certificate from the Riverview Landing Borrower stating that the items to be funded are capital expenditure work and all the work has been completed, (iii) no disbursement may be made with respect to any individual unit that is greater than $11,000, (iv) the net cash flow debt yield (net of any remaining amounts in the Unit Upgrade Earnout account) is no less than 8.0%, and (v) the lender reserves the right to require an inspection of the Riverview Landing Property (as defined below) prior to making a disbursement in order to verify the completion of improvements. See “Escrows and Reserves” below for further discussion of reserve requirements.

(3) The UW NOI Debt Yield, UW NOI Debt Yield at Maturity and Cut-off Date LTV Ratio are based off of the Riverview Landing Mortgage Loan amount net of the Unit Upgrade Earnout. The UW NOI Debt Yield, UW NOI Debt Yield at Maturity and Cut-off Date LTV Ratio based on the Riverview Landing Mortgage Loan amount including the Unit Upgrade Earnout are 7.9%, 7.9% and 64.2%, respectively.

(4) The Maturity Date LTV Ratio is based off of the Riverview Landing Mortgage Loan amount including the Unit Upgrade Earnout and calculated using the stabilized value of $77,100,000, which assumes that the renovation of the remaining 229 units is completed by September 1, 2020. The Unit Upgrade Earnout funds were reserved upfront in an amount equal to $2,450,000 for the upgrades and will be released provided that the conditions set forth in footnote 2 are satisfied.

(5) The Riverview Landing Property was purchased by the Riverview Landing Borrower and Azure Investments as part of a joint venture in September 2015 for a purchase price of approximately $55.0 million; as such 2015 cash flows are not available. In connection with the origination of the Riverview Landing Mortgage Loan, the Riverview Landing Borrower bought out its joint venture partner and Azure Investments no longer has an interest in the Riverview Landing Property.

The Mortgage Loan. The fourth largest mortgage loan (the “Riverview Landing Mortgage Loan”) is evidenced by a promissory note with an original principal balance of $44,000,000, secured by a first priority fee mortgage encumbering a 310-unit garden style multifamily property located in Eagleville, Pennsylvania (the “Riverview Landing Property”). The proceeds of the Riverview Landing Mortgage Loan along with an approximately $8.45 million mezzanine loan (the “Riverview Landing Mezzanine Loan”) were used to refinance existing debt, fund a partnership buyout, fund reserves, pay closing costs and return approximately $89,240 to the borrower sponsors.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 60

1776 Patriots Lane  Eagleville, PA 19403  Collateral Asset Summary – Loan No. 4  Riverview Landing  Cut-off Date Balance:  Cut-off Date LTV Ratio:  UW NCF DSCR:  UW NOI Debt Yield:  $44,000,000  60.7%  1.53x  8.3% 

Riverview Landing Total Debt Capital Structure
	Cumulative Loan per Unit(1)	Cumulative LTV(2)(6)	Cumulative UW NOI Debt Yield(3)(6)	Cumulative UW NCF DSCR(4)
$44,000,000  Mortgage Loan	$141,935	60.7%	8.3%	1.53x
$8,450,000  Mezzanine Loan	$169,194	73.0%	6.9%	1.12x
$16,050,000  Implied Equity(5)	$220,968	NAP	NAP	NAP

(1) Cumulative Loan Per Unit is calculated based on 310 units.

(2) Based on the aggregate “as-is” appraised value of $68.5 million ($220,968 per unit) as of September 18, 2017.

(3) Based on the UW NOI of $3,458,155.

(4) Based on UW NCF of $3,380,655 and the coupon of 4.9440% on the Riverview Landing Mortgage Loan and 9.5000% on the Riverview Landing Mezzanine Loan

(5) Implied Equity is based on the “as-is” appraised value of $68.5 million, less total debt of $52,450,000

(6) Cumulative LTV and Cumulative UW NOI Debt Yield fields are calculated net of the Unit Upgrade Earnout.

The Borrower and the Borrower Sponsors. The borrower is Riverview Landing LLC, a single-purpose Delaware limited liability company (the “Riverview Landing Borrower”) with two independent directors in its organizational structure. The borrower sponsors and non-recourse carveout guarantors, William Liss, Jason Liss and Jordan Liss, on a joint and several basis, are the principals of Liss Property Group, LLC.

Liss Property Group, LLC (“LPG”) is a family owned and operated real estate investment company that was founded in May of 2000 by William Liss and his son Jason Liss. Currently, LPG owns and operates approximately 1,600 multifamily units across 14 properties in the Philadelphia metropolitan statistical area.

The Property. The Riverview Landing Property consists of 310 multifamily units across six buildings, in one-, two- and three-bedroom layouts that were originally constructed in 2006. Each residential unit features private balconies, 9-13 foot ceilings, walk-in closets and in-unit washer and dryer. Common area amenities include a 5,000 SF clubhouse with a fitness center, billiards room, business center, fireside lounge, full kitchen and Wi-Fi. The Riverview Landing Property also features 622 surface parking spaces. As of October 26, 2017, the Riverview Landing Property was 95.2% occupied.

The Riverview Landing Property was purchased by LPG in September 2015 for a purchase price of approximately $55.0 million. Since acquisition, LPG has spent approximately $746,541 in capital improvements to renovate and upgrade 81 of the 310 units. Renovations included stainless steel GE appliances, granite counters, new cabinets, kitchen backsplashes and improved lighting. As of October 19, 2017, the borrower sponsors had renovated 63 units and had seen an average increase of $226 per unit in monthly rent for upgraded units. At origination, the lender structured a $2,450,000 earnout tied to the completion of upgrades to the remaining 229 units. The renovation is required to be completed by November 1, 2022 and the Unit Upgrade Earnout is subject to conditions set forth in the “Escrows and Reserves” section below.

The tables below show the apartment unit mix at the Riverview Landing Property:

Riverview Landing Property Unit Mix Summary(1)
Floor Plan	No. of Units	% of Total	Occupied Total  Units	Total Occupancy	Avg. Unit Size (SF)	Avg. UW Monthly Rent  per Unit	Total Size (SF)
1 Bedroom / 1 Bath	76	24.5%	73	96.1%	832	$1,365	63,222
2 Bedrooms / 2 Bath	197	63.5%	187	94.9%	1,124	$1,638	221,410
3 Bedrooms / 2 Bath	37	11.9%	34	91.9%	1,335	$1,781	49,387
Total/Wtd. Avg.	310	100.0%	294	94.8%	1,077	$1,588	334,019

(1) Information is based on the underwritten rent roll dated as of October 26, 2017.

The Market. The Riverview Landing Property is located in Eagleville, Pennsylvania, approximately 20 miles from Center City Philadelphia. The Riverview Landing Property is situated along Schuylkill River and down the street from Route 422 (1.2 miles), which provides access to Interstate 76 and Interstate 276. Nearby points of interest include entertainment & lifestyle centers such as the King of Prussia Mall, the 2nd largest mall in U.S. according to a third party news source (approximately 4.5 miles), Valley Forge Casino Resort (approximately 2.8 miles), and Glenhardie Golf Course (approximately 4.8 miles), among others.

According to the appraisal, the greater Philadelphia area, as well as Montgomery County, has a large healthcare industry presence. Some of the largest employers in the area are Main Line Health Systems, Aetna and Abington Health. Abington Health is currently the primary employer in Montgomery County and in October of 2014, Governor Tom Corbett announced a $3.0 million economic growth initiative grant to Abington Memorial Hospital to fund a new 63,000 SF outpatient cancer treatment center in Willow Grove, Pennsylvania, which is six miles north of the Riverview Landing Property. Additionally, Niche.com ranks Eagleville & King of Prussia both within the Top 10 Best Suburbs for Millennials in the Philadelphia area in 2017. Since the start of 2016, the area has seen additional supply as a result of further investment into the area. Recent multifamily projects include the Luxor Apartments (157 unit), Phase I of Indigo 301 (363 units), and the Hanover Valley Forge (339 unit). Overall, appraiser concludes that the the King of Prussia/Eagleville submarket has maintained a strong historical occupancy even with the recent supply growth, averaging a 95.7% occupancy over the past five years.

According to a third party market research report, the Riverview Landing Property is in the Norristown/Upper Merion/Lower Merion rental submarket, which exhibited average rents for renovated units of $1,550 for one-bedrooms, $1,775 for two-bedrooms and $1,945 for three-bedrooms as of the second quarter of 2017. The submarket saw a vacancy rate of 5.5% as of the second quarter of 2017. According to a third party market research report, the estimated 2017 population within a one-, three-, and five-mile radius is 5,826, 54,034 and 166,029, respectively. The 2017 estimated median household income within a one-, three-, and five-mile radius is $73,400, $79,854, and $83,322, respectively.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 61

1776 Patriots Lane  Eagleville, PA 19403  Collateral Asset Summary – Loan No. 4  Riverview Landing  Cut-off Date Balance:  Cut-off Date LTV Ratio:  UW NCF DSCR:  UW NOI Debt Yield:  $44,000,000  60.7%  1.53x  8.3% 

Competitive properties to the Riverview Landing Property are shown in the table below:

Competitive Property Summary
Property Name/Location	Year Built	Distance to Subject	Number of Units(1)	Property Occupancy(1)	Unit Type(1)	Avg. Unit Size (SF)(1)	Avg. Monthly Rent per Unit(1)
Riverview Landing Property  1776 Patriots Lane  Eagleville, PA	2006	--	310	94.8%	One Bedroom  Two Bedroom  Three Bedroom	832  1,124  1,335	$1,365  $1,638  $1,781
The Lofts at Valley Forge  1876 Minutemen Lane  Valley Forge, PA	2007	0.2 miles	388	98.0%	One Bedroom  Two Bedroom  Three Bedroom	842  1,132  N/A	$1,457  $1,917  N/A
Henderson Square I  90 Monroe Boulevard  King of Prussia, PA	2000	3.0 miles	160	98.0%	One Bedroom  Two Bedroom  Three Bedroom	858  1,364  N/A	$1,700  $2,105  N/A
Montgomery Mills  1000 Regatta Circle  Norristown, PA	2003	4.5 miles	338	93.0%	One Bedroom  Two Bedroom  Three Bedroom	841  1,076  1,778	$1,184  $1,330  $2,217
Mill Grove Apartments  131 Mill Grove Drive  Audubon, PA	1970	1.8 miles	338	96.0%	One Bedroom  Two Bedroom  Three Bedroom	875  1,000  1,355	$1,168  $1,420  $1,685
Parc at Plymouth Meeting  134 Plymouth Road  Plymouth Meeting, PA	2015	7.2 miles	398	99.0%	One Bedroom  Two Bedroom  Three Bedroom	830  1,147  N/A	$1,644  $2,004  N/A
Riverwalk at Millennium  309 Washington Street  Conshohocken, PA	2005	6.5 miles	375	98.0%	One Bedroom  Two Bedroom  Three Bedroom	871  1,160  N/A	$1,805  $2,306  N/A

Source: Appraisal

(1) Information for the Riverview Landing Property is based on the underwritten rent roll.

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 Riverview Landing Property:

Cash Flow Analysis
	2014(1)	2015(1)	2016	8/31/2017 TTM	UW	UW per Unit
Gross Potential Rent(2)	N/A	N/A	$5,498,930	$5,803,014	$5,935,380	$19,146
Total Other Income(3)	N/A	N/A	$406,473	$390,014	$390,014	$1,258
Less Vacancy & Concessions(4)	N/A	N/A	($424,606)	($412,942)	($349,246)	($1,127)
Effective Gross Income	N/A	N/A	$5,480,797	$5,780,085	$5,976,148	$19,278
Total Operating Expenses	N/A	N/A	$2,466,448	$2,520,628	$2,517,993	$8,123
Net Operating Income	N/A	N/A	$3,014,349	$3,259,457	$3,458,155	$11,155
Capital Expenditures(5)	N/A	N/A	$0	$0	$77,500	$250
Net Cash Flow	N/A	N/A	$3,014,349	$3,259,457	$3,380,655	$10,905
Occupancy %(6)	N/A	N/A	93.0%	94.0%	95.2%
NOI DSCR	N/A	N/A	1.45x	1.56x	1.57x
NCF DSCR	N/A	N/A	1.45x	1.56x	1.53x
NOI Debt Yield(7)	N/A	N/A	7.3%	7.8%	8.3%
NCF Debt Yield(7)	N/A	N/A	7.3%	7.8%	8.1%

(1) The borrower sponsors and Azure Investments purchased the Riverview Landing Property as a joint venture in September 2015; as such historical cash flows are not available for 2014 and 2015.

(2) UW Gross Potential Rent is underwritten to the October 26, 2017 rent roll for the 310 apartment units, which reflects physical occupancy of 95.2%.

(3) Total Other Income includes water sewer recovery, pet fees, cable/satellite income, amenities income, and other miscellaneous charges.

(4) UW Vacancy is underwritten to 5.5%.

(5) UW Capital Expenditures are underwritten to $250 per unit.

(6) UW Occupancy is as of the underwritten rent roll dated October 26, 2017.

(7) Underwritten debt yields are based on the Riverview Landing Mortgage Loan (excluding the Riverview Landing Mezzanine Loan and net of the Unit Upgrade Earnout).

Escrows and Reserves. The Riverview Landing Borrower deposited $472,000 upfront in escrow for annual real estate taxes, $35,029 upfront in escrow for annual insurance premiums and a $2,450,000 earnout upfront in escrow for the renovations of the remaining 229 units at the Riverview Landing Property. The Riverview Landing Borrower is required to escrow monthly 1/12 of the annual estimated tax payments, 1/12 of the annual estimated insurance premiums and $6,458 for replacement reserves.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 62

1776 Patriots Lane  Eagleville, PA 19403  Collateral Asset Summary – Loan No. 4  Riverview Landing  Cut-off Date Balance:  Cut-off Date LTV Ratio:  UW NCF DSCR:  UW NOI Debt Yield:  $44,000,000  60.7%  1.53x  8.3% 

Amounts in the Unit Upgrade Earnout account will be disbursed to the Riverview Landing Borrower (in disbursements of no less than $100,000) subject to the satisfaction of the following conditions: (i) no default has occurred or is continuing, (ii) the lender receives an officer’s certificate from the Riverview Landing Borrower stating items to be funded are capital expenditure work and all the work has been completed, (iii) no disbursement may be made with respect to any individual unit that is greater than $11,000, (iv) the net cash flow debt yield (net of any amounts remaining in the Unit Upgrade Earnout funds) is no less than 8.0%, and (v) the lender has the right to require an inspection of the Riverview Landing Property prior to making a disbursement in order to verify the completion of improvements.

Lockbox and Cash Management. The Riverview Landing Mortgage Loan is structured with a soft lockbox and in-place cash management.

A “Cash Trap Period” will commence upon the occurrence of (i) an event of default, (ii) the filing of a bankruptcy or insolvency proceeding by or against the Riverview Landing Borrower, a principal of the Riverview Landing Borrower, the guarantor or the property manager, or (iii) the combined debt service coverage ratio based on the combined total debt service for the Riverview Landing Mortgage Loan and the Riverview Landing Mezzanine Loan after a calendar quarter falling below 1.05x and will end if (a) with respect to clause (i), the lender accepts a cure of the event of default, (b) in the case of a bankruptcy action by or against the property manager only, the borrower replaces the manager with a qualified replacement under a replacement management agreement, or (c) with respect to a low DSCR trigger, if, for two consecutive calendar quarters since the commencement of the Cash Trap Period, there is no longer any Cash Trap Period, default or event of default in effect and the debt service coverage ratio is equal to or greater than 1.05x.

Additional Secured Indebtedness (not including trade debts). Not permitted.

Mezzanine Loan and Preferred Equity. Concurrently with the origination of the Riverview Landing Mortgage Loan, Trawler Capital Management, LLC (“Trawler Capital”) funded the “Riverview Landing Mezzanine Loan” to an affiliate of the Riverview Landing Borrower, with an original principal balance of $8,450,000, secured by a pledge of 100% of its equity interests in the Riverview Landing Borrower. The Riverview Landing Mezzanine Loan accrues an interest only coupon of 9.5000% per annum through its full term and is coterminous with the Riverview Landing Mortgage Loan (provided that the mezzanine loan may be paid off without prepayment penalties from and after the 61^st month). Including the Riverview Landing Mortgage Loan and the Riverview Landing Mezzanine Loan, but net of amounts in the Unit Upgrade Earnout account, the cumulative Cut-off Date LTV Ratio, cumulative UW NCF DSCR and cumulative UW NOI Debt Yield are 73.0%, 1.12x and 6.9%, respectively. The mezzanine lender, Trawler Capital, is a New York based investment management firm that invests in a wide range of commercial real estate debt and structured equity positions throughout the United States. The Riverview Landing Mezzanine Loan and the Riverview Landing Whole Loan are subject to an intercreditor agreement between the Riverview Landing Mezzanine Loan lender and the Riverview Landing Whole Loan lender. The Riverview Landing Mezzanine Loan may be transferred at any time subject to the requirements and limitations set forth in the intercreditor agreement.

The following table presents certain information relating to the Riverview Landing Mezzanine Loan:

Mezzanine Debt Summary
Mezzanine Debt Cut-off Date Principal Balance	Mezzanine Debt Interest Rate	Original Term to Maturity (mos.)	Original Amort Term (mos.)	Original IO Term (mos.)	Total Debt UW NCF DSCR	Total Debt UW NOI Debt Yield(1)	Total Debt  Cut-off Date LTV
$8,450,000	9.5000%	120	0	120	1.12x	6.9%	73.0%

Release of Property. Not permitted.

Terrorism Insurance. The Riverview Landing Borrower is required to obtain and maintain property insurance, commercial general liability insurance, and business income or rental loss insurance that covers perils of terrorism and acts of terrorism, both foreign and domestic.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 63

Various New York, NY 10011 Collateral Asset Summary – Loan No. 5 Chelsea Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 58.2% 1.30x 6.2%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 64

Various New York, NY 10011 Collateral Asset Summary – Loan No. 5 Chelsea Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 58.2% 1.30x 6.2%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 65

Various New York, NY 10011 Collateral Asset Summary – Loan No. 5 Chelsea Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 58.2% 1.30x 6.2%

Mortgage Loan Information				Property Information
Mortgage Loan Seller:	CCRE			Single Asset/Portfolio:	Portfolio
Credit Assessment	NR/NR/NR			Location:	New York, NY 10011
(Fitch/KBRA/Moody’s):				General Property Type:	Multifamily
Original Balance(1):	$35,000,000			Detailed Property Type:	Mid-Rise
Cut-off Date Balance(1):	$35,000,000			Title Vesting:	Fee
% of Initial Pool Balance:	5.0%			Year Built/Renovated:	Various/2016-2017
Loan Purpose:	Refinance			Size(7):	146 Units
Borrower Sponsor(2):	Joshua Gotlib			Cut-off Date Balance per Unit(1):	$513,699
Mortgage Rate:	4.7120%			Maturity Date Balance per Unit(1):	$513,699
Note Date:	8/7/2017			Property Manager:	Nieuw Amsterdam Property Management, LLC
First Payment Date:	10/6/2017
Maturity Date:	9/6/2027
Original Term to Maturity:	120 months
Original Amortization Term:	0 months			Underwriting and Financial Information
IO Period:	120 months			UW NOI(8):	$4,642,300
Seasoning:	2 months			UW NOI Debt Yield(1):	6.2%
Prepayment Provisions(3)(4):	LO (26); DEF (90); O (4)			UW NOI Debt Yield at Maturity(1):	6.2%
Lockbox/Cash Mgmt Status:	Soft/Springing			UW NCF DSCR(1):	1.30x
Additional Debt Type(1)(5):	Pari Passu			Most Recent NOI(8):	$2,758,669 (7/31/2017 TTM)
Additional Debt Balance(1)(5):	$40,000,000			2nd Most Recent NOI(9):	N/A
Future Debt Permitted (Type):	No (N/A)			3rd Most Recent NOI(9):	N/A
Reserves(6)				Most Recent Occupancy:	97.3% (7/31/2017)
Type	Initial	Monthly	Cap	2nd Most Recent Occupancy:	78.1% (12/1/2016)
RE Tax:	$213,025	$71,008	N/A	3rd Most Recent Occupancy(9):	N/A
Insurance:	$17,386	$5,795	N/A	Appraised Value (as of):	$128,800,000 (7/13/2017)
Replacements:	$109,500	Springing	$109,500	Cut-off Date LTV Ratio(1):	58.2%
Immediate Repairs:	$27,500	$0	N/A	Maturity Date LTV Ratio(1):	58.2%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$75,000,000	100.0%	Loan Payoff:	$42,663,832	56.9%
			Reserves:	$367,411	0.5%
			Closing Costs:	$1,588,004	2.1%
			Return of Equity(10):	$30,380,753	40.5%
Total Sources:	$75,000,000	100.0%	Total Uses:	$75,000,000	100.0%

(1) The Chelsea Multifamily Portfolio Mortgage Loan (as defined below) is part of the Chelsea Multifamily Portfolio Whole Loan (as defined below), which is comprised of four pari passu promissory notes with an aggregate original principal balance of $75,000,000. The Cut-off Date Balance per Unit, Maturity Date Balance per Unit, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Chelsea Multifamily Portfolio Whole Loan.

(2) The borrower sponsor, Joshua Gotlib, is also the borrower sponsor for the Queens Multifamily Mortgage Loan, which has an original principal balance of $20,750,000.

(3) Prior to the open prepayment date of June 6, 2027, the Chelsea Multifamily Portfolio Whole Loan can be prepaid with (i) defeasance after the earlier to occur of (a) August 7, 2020 and (b) the first monthly payment date following the end of the two-year period commencing on the closing date of the securitization of the last Chelsea Multifamily Portfolio Whole Loan promissory note.

(4) Partial release is permitted. See “Release of Property” below for further discussion of release requirements.

(5) See “The Mortgage Loan” below for further discussion of additional debt.

(6) See “Escrows and Reserves” below for further discussion of reserve requirements.

(7) The 326 West 23rd Street property includes a 366 SF commercial unit.

(8) The increase from Most Recent NOI to UW NOI is primarily a result of the borrower sponsor renovating 122 units since May 2016. As a result of the renovations, the borrower sponsor has been able to increase average unit rental income from approximately $2,374 at acquisition to approximately $3,512 as of July 2017.

(9) The Chelsea Multifamily Portfolio Borrower (as defined below) acquired the 13 property portfolio in May 2016. As a result, historical cash flows and occupancy are not available.

(10) The borrower sponsor’s cost basis is approximately $89.6 million.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 66

Various New York, NY 10011 Collateral Asset Summary – Loan No. 5 Chelsea Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 58.2% 1.30x 6.2%

The Mortgage Loan. The fifth largest mortgage loan (the “Chelsea Multifamily Portfolio Mortgage Loan”) is part of a whole loan (the “Chelsea Multifamily Portfolio Whole Loan”) with an aggregate original principal balance of $75,000,000. The Chelsea Multifamily Portfolio Whole Loan is secured by a first priority fee mortgage encumbering 13 multifamily mid-rise properties consisting of a total of 146 units, located in New York, New York (collectively, the “Chelsea Multifamily Portfolio Properties”). Promissory Note A-1-A, with an original principal balance of $35,000,000, collectively represent the Chelsea Multifamily Portfolio Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Note A-2, with an aggregate original principal balance of $25,000,000, was included in the CGCMT 2017-C4 Trust. Note A1-B1 and A1-B2 are is currently held by CCRE or an affiliate, and is expected to be contributed to one or more future securitization transactions or may be otherwise transferred at any time. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Chelsea Multifamily Portfolio Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1-A	$35,000,000	$35,000,000	CCUBS 2017-C1	Yes
Note A-1-B1	$10,000,000	$10,000,000	CCRE	No
Note A-1-B2	$5,000,000	$5,000,000	CCRE	No
Note A-2	$25,000,000	$25,000,000	CGCMT 2017-C4	No
Total	$75,000,000	$75,000,000

The proceeds of the Chelsea Multifamily Portfolio Whole Loan were used to refinance existing debt encumbering the Chelsea Multifamily Portfolio, fund reserves, pay closing costs and return equity to the borrower sponsor.

The Borrowers and the Borrower Sponsor. The borrowers are 26 tenants-in-common, each a New York limited liability company (collectively, the “Chelsea Multifamily Portfolio Borrower”), with two independent directors in its organizational structure. Each tenant-in-common is a single purpose entity. The non-member manager of each Chelsea Multifamily Portfolio Borrower, Black Spruce Management LLC (“Black Spruce”), is indirectly owned and controlled by the guarantor. Legal counsel to the Chelsea Multifamily Portfolio Borrower delivered a non-consolidation opinion in connection with the origination of the Chelsea Multifamily Portfolio Whole Loan.

The borrower sponsor and non-recourse guarantor is Joshua Gotlib. In 2009, Mr. Gotlib co-founded Black Spruce, a real estate company that focuses on the acquisition and management of multifamily rentals in the five boroughs of Manhattan. Mr. Gotlib currently oversees all aspects of the business and is the chairman of the investment committee. Prior to co-founding Black Spruce, from 2007 to 2009, Mr. Gotlib purchased, rehabilitated, and sold over 50 distressed, residential assets in Upper Manhattan. Black Spruce’s current portfolio consists of 51 properties in the New York Metro Area with a total value of approximately $533.0 million.

The Properties. The Chelsea Multifamily Portfolio Properties are comprised of 13 multifamily properties totaling 146 multifamily units and one commercial unit located in the Chelsea neighborhood of New York, New York. The Chelsea Multifamily Portfolio Properties were constructed between 1900 and 1930 and renovated in 2016 and 2017. Since acquiring the Chelsea Multifamily Portfolio Properties in May 2016, the borrower sponsor has invested approximately $3.4 million ($27,869 per renovated unit) into completely gut renovating 122 units (84% of total units). The renovation included facade repair, common area carpeting, trash compactor overhaul, common area finishes, new windows, intercom systems, iron work, new appliances, paint, hard wood flooring and complete kitchen/bathroom renovations. As a result of the renovations, the borrower sponsor has been able to increase average unit rental income from approximately $2,374 at acquisition to approximately $3,512 as of July 2017.

As of July 31, 2017, the Chelsea Multifamily Portfolio Properties were 97.3% occupied.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 67

Various New York, NY 10011 Collateral Asset Summary – Loan No. 5 Chelsea Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 58.2% 1.30x 6.2%

The following table presents certain information relating to the Chelsea Multifamily Portfolio Properties:

Portfolio Summary
Property Name	Location	Year Built/ Renovated	Total Units(1)(2)	UW NCF	% of UW NCF	Allocated  Cut-off Date Balance(3)	% of Allocated Cut-off Date Balance(3)	Appraised Value	Allocated Cut-off Date LTV Ratio(3)
416 West 23rd Street	New York, NY	1900/2016-2017	25	$1,021,467	22.0%	$16,770,225	22.4%	$28,900,000	58.0%
454 West 22nd Street	New York, NY	1900/2016-2017	16	$661,265	14.2%	$10,999,146	14.7%	$18,800,000	58.5%
307 West 29th Street	New York, NY	1900/2016-2017	17	$394,634	8.5%	$6,520,399	8.7%	$10,300,000	63.3%
313 West 29th Street	New York, NY	1900/2016-2017	10	$331,928	7.2%	$5,512,021	7.3%	$8,900,000	61.9%
466 West 23rd Street	New York, NY	1930/2016-2017	10	$310,966	6.7%	$5,151,008	6.9%	$8,300,000	62.1%
326 West 23rd Street(4)	New York, NY	1900/2016-2017	8	$352,833	7.6%	$5,083,709	6.8%	$10,100,000	50.3%
456 West 22nd Street	New York, NY	1920/2016-2017	12	$264,964	5.7%	$4,407,630	5.9%	$7,400,000	59.6%
309 West 29th Street	New York, NY	1900/2016-2017	8	$253,029	5.5%	$4,156,193	5.5%	$7,300,000	56.9%
310 West 22nd Street	New York, NY	1900/2016-2017	12	$300,398	6.5%	$3,966,894	5.3%	$7,600,000	52.2%
348 West 21st Street	New York, NY	1920/2016-2017	10	$237,569	5.1%	$3,953,058	5.3%	$7,000,000	56.5%
339 West 19th Street	New York, NY	1900/2016-2017	5	$221,959	4.8%	$3,626,777	4.8%	$6,200,000	58.5%
341 West 19th Street	New York, NY	1900/2016-2017	6	$146,858	3.2%	$2,456,772	3.3%	$3,900,000	63.0%
431 West 22nd Street	New York, NY	1900/2016-2017	7	$144,429	3.1%	$2,396,166	3.2%	$4,100,000	58.4%
Total/Wtd. Avg.			146	$4,642,300	100.0%	$75,000,000	100.0%	$128,800,000	58.2%

(1) Information is based on the underwritten rent roll.

(2) The 146 units are comprised of 122 free market units, 21 rent stabilized units and two rent controlled units.

(3) Based on the Chelsea Multifamily Portfolio Mortgage Whole Loan.

(4) The 326 West 23rd Street property includes a 366 SF commercial unit in addition to eight multifamily units.

The table below shows the consolidated unit mix at the Chelsea Multifamily Portfolio Properties:

Chelsea Multifamily Portfolio Unit Mix Summary(1)
Floor Plan	No. of Units	% of Total	Occupied Total  Units	Total Occupancy	Avg. Unit Size (SF)	Avg. UW Monthly Rent  per Unit	Total Size (SF)
Studio	52	35.6%	50	96.2%	391	$2,625	20,332
1 Bedroom	37	25.3%	36	97.3%	564	$3,081	20,884
2 Bedroom	40	27.4%	39	97.5%	736	$4,112	29,430
3 Bedroom	16	11.0%	16	100.0%	723	$5,491	11,564
4 Bedroom	1	0.7%	1	100.0%	1,015	$8,300	1,015
Total/Wtd. Avg.	146	100.0%	142	97.3%	570	$3,501	83,224

(1) Information is based on the underwritten rent roll.

The Market. The Chelsea Multifamily Portfolio Properties are located in the Chelsea neighborhood within New York City. The neighborhood is primarily residential, with a mix of residences, apartment blocks, city housing projects, townhouses and renovated row-houses, but includes many retail businesses. Chelsea is well known for its art, with over 200 galleries in the neighborhood. The neighborhood is easily accessible by several bus stops and subway stations. The Chelsea Multifamily Portfolio Properties are within walking distance of The Meatpacking District, a 24-hour neighborhood located on the far west side of Manhattan, bordered by Chelsea to the north and the West Village to the south. The Chelsea neighborhood is one of the most desirable retail areas in Manhattan, and has attracted fashion designers, architects, artists, restaurateurs over the last twenty years. The area contains access to public amenities including schools, hospitals, parks, and recreational facilities. In addition, the Chelsea Multifamily Portfolio Properties are located within close proximity of several city-attractions such as The Highline (approximately 0.5 miles) and the Whitney Museum (approximately 1.5 miles).

Over the past 10 years, multifamily housing in the Chelsea neighborhood has seen consistent growth in rental rates, with the average asking rent steadily climbing each year since 2009. Additionally, occupancy in the submarket has a 10-year high in vacancy of 4.1% occurring in 2010 and 2016 saw a year-end vacancy of 2.9%.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 68

Various New York, NY 10011 Collateral Asset Summary – Loan No. 5 Chelsea Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 58.2% 1.30x 6.2%

Comparable rental properties to the Chelsea Multifamily Portfolio Properties are shown in the table below:

Rent Comparables
	Chelsea Multifamily Portfolio Properties(1)		Market Comparables(2)
Bedroom Type	No. of Units	Avg. UW Monthly Rent Per Unit	No. of Units	Avg. Comparable Monthly Rent Per Unit
Studio	52	$2,625	105	$2,744
1 Bedroom	37	$3,081	101	$3,908
2 Bedroom	40	$4,112	78	$5,404
3 Bedroom	16	$5,491	123	$5,721
4 Bedroom	1	$8,300	NAV	NAV
Total/Wtd. Avg.	146	$3,501	407	$4,030(3)

(1) Information is based on the underwritten rent roll.

(2) Information is based on the appraisal.

(3) The appraiser concluded a blended market rent of $4,030 for the Chelsea Multifamily Portfolio Properties.

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 Chelsea Multifamily Portfolio Properties:

Cash Flow Analysis(1)
	2014	2015	2016	7/31/2017 TTM	UW	UW per Unit
Gross Potential Rent(2)	N/A	N/A	N/A	$4,020,985	$6,171,298	$42,269
Total Other Income	N/A	N/A	N/A	$0	$51,585	$353
Less Vacancy & Credit Loss(3)	N/A	N/A	N/A	$0	($185,139)	($1,268)
Effective Gross Income	N/A	N/A	N/A	$4,020,985	$6,037,744	$41,354
Total Operating Expenses	N/A	N/A	N/A	$1,262,316	$1,395,444	$9,558
Net Operating Income(4)	N/A	N/A	N/A	$2,758,669	$4,642,300	$31,797
Capital Expenditures	N/A	N/A	N/A	$0	$0	$0
Net Cash Flow	N/A	N/A	N/A	$2,758,669	$4,642,300	$31,797
Occupancy %(5)	N/A	N/A	N/A	97.3%	97.0%
NOI DSCR(6)	N/A	N/A	N/A	0.77x	1.30x
NCF DSCR(6)	N/A	N/A	N/A	0.77x	1.30x
NOI Debt Yield(6)	N/A	N/A	N/A	3.7%	6.2%
NCF Debt Yield(6)	N/A	N/A	N/A	3.7%	6.2%

(1) The Chelsea Multifamily Portfolio Properties were purchased in May 2016 by the borrower sponsor for an acquisition basis of $83.8 million. Since May 2016, the borrower sponsor has invested approximately $3.4 million ($27,869 per renovated unit) in completely gut renovating 122 units (84% of total units). As such, historical operating performance and historical occupancy information are not available prior to June 2016.

(2) UW Gross Potential Rent is based on the underwritten rent roll dated July 31, 2017 for 142 apartment units, which reflects a physical occupancy of 97.3%.

(3) UW Vacancy represents 3.0% of UW Gross Potential Rent. The appraiser concluded a vacancy rate of 2.8%. Additionally, occupancy in the submarket has a 10-year high in vacancy of 4.1% occurring in 2010 and 2016 saw a year-end vacancy of 2.9%.

(4) The increase from 7/31/2017 TTM Net Operating Income to UW Net Operating Income is primarily a result of the borrower sponsor renovating 122 units since May 2016. As a result of the renovations, the borrower sponsor has been able to increase average unit rental income from approximately $2,374 at acquisition to approximately $3,512 as of July 2017.

(5) 7/31/2017 TTM Occupancy % and UW Occupancy % are based on the underwritten rent roll dated July 31, 2017.

(6) Debt service coverage ratios and debt yields are based on the Chelsea Multifamily Portfolio Mortgage Whole Loan.

Escrows and Reserves. At loan origination, the Chelsea Multifamily Portfolio Borrower deposited (i) $213,025 upfront in escrow for annual real estate taxes and is required to escrow monthly 1/12 of the annual estimated tax payments, (ii) $17,386 upfront in escrow for annual insurance premiums and is required to escrow monthly 1/12 of the annual estimated insurance premiums, (iii) $27,500 upfront in escrow for deferred maintenance and (iv) $109,500 upfront for capital expenditures and at any time that the balance in such reserve falls below $50,000, the Chelsea Multifamily Portfolio Borrower will be required to deposit $3,042 monthly until such balance is $109,500.

Lockbox and Cash Management. The Chelsea Multifamily Portfolio Whole Loan is structured with a soft lockbox and springing cash management. In-place cash management and a full excess cash flow sweep will be required during the continuation of a Cash Management Period (as described below).

A “Cash Management Period” will commence upon the occurrence of (i) an event of default, (ii) a bankruptcy action of the Chelsea Multifamily Portfolio Borrower, principal, guarantor or property manager, or (iii) the failure by the Chelsea Multifamily Portfolio Borrower, after the end of one calendar quarter, to maintain a debt service coverage ratio of at least 1.15x, unless within 10 days of such event, the Chelsea Multifamily Portfolio Borrower makes a deposit with the lender in an amount that brings the debt service coverage ratio to at least 1.20x. A Cash Management Period will terminate upon (i) the lender giving notice to the Chelsea Multifamily Portfolio Borrower and clearing bank that the Cash Management Period has ended and, with regard to clause (i) above, the event of default has been cured and no other event of default is continuing, or with regard to clause (iii) above, the debt service coverage ratio is at least 1.20x for one calendar quarter.

Additional Secured Indebtedness. Not permitted.

Mezzanine Loan and Preferred Equity. Not permitted.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 69

Various New York, NY 10011 Collateral Asset Summary – Loan No. 5 Chelsea Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 58.2% 1.30x 6.2%

Release of Property. Following the lockout period, the Chelsea Multifamily Portfolio Borrower may obtain the release of one or more individual Chelsea Multifamily Portfolio Properties upon a bona fide third-party sale, provided among other things, (i) after the partial release, (A) the debt service coverage ratio is at least 1.40x and (B) the loan-to-value ratio is at least 55.0% and (ii) the Chelsea Multifamily Portfolio Borrower delivers to the lender 100% of the allocated cut-off date balance (identified in the “Portfolio Summary” chart above) for the Chelsea Multifamily Portfolio Property to be released.

Terrorism Insurance. The Chelsea Multifamily Portfolio Whole Loan documents require “all risk” insurance / umbrella coverage in an amount equal to 100% of the full replacement cost and a commercial general liability insurance policy with a limit of not less than $15,000,000 in the aggregate. Terrorism coverage is required, which may be included in the property insurance policy or a stand-alone policy covering terrorist acts.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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(THIS PAGE INTENTIONALLY LEFT BLANK)

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 71

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 72

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 73

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CCRE			Single Asset/Portfolio:	Single Asset
Credit Assessment		NR/NR/NR			Location:	Las Vegas, NV 89109
(Fitch/KBRA/Moody’s):					General Property Type:	Mixed Use
Original Balance(1):		$35,000,000			Detailed Property Type:	Retail/Signage
Cut-off Date Balance(1):		$35,000,000			Title Vesting:	Fee
% of Initial Pool Balance:		5.0%			Year Built/Renovated:	2012/NAP
Loan Purpose:		Refinance			Size(9):	68,613 SF
Borrower Sponsors:		Brett Torino; Paul Kanavos;			Cut-off Date Balance per SF(1):	$2,084
		Steven J. Johnson			Maturity Date Balance per SF(1):	$2,084
Mortgage Rate:		4.2500%			Property Manager:	BPS Management Services, LLC
Note Date:		11/8/2017
First Payment Date(2):		12/6/2017
Maturity Date:		12/6/2027
Original Term to Maturity(2):		121 months
Original Amortization Term:		0 months
IO Period(2):		121 months
Seasoning(2):		0 months			Underwriting and Financial Information
Prepayment Provisions(3):		LO (24); DEF (93); O (4)			UW NOI:	$12,548,382
Lockbox/Cash Mgmt Status(4):		Hard/In Place			UW NOI Debt Yield(1):	8.8%
Additional Debt Type(1):		Pari Passu			UW NOI Debt Yield at Maturity(1):	8.8%
Additional Debt Balance(1):		$108,000,000			UW NCF DSCR(1):	2.02x
Future Debt Permitted (Type):		No (N/A)			Most Recent NOI(10):	$12,028,866 (9/30/2017 TTM)
Reserves(5)					2nd Most Recent NOI(10):	$11,061,416 (12/31/2016)
Type	Initial		Monthly	Cap	3rd Most Recent NOI:	$8,728,898 (12/31/2015)
RE Tax:	$56,250		$18,750	N/A	Most Recent Occupancy(11):	100.0% (10/2/2017)
Insurance:	$133,000		$11,083	N/A	2nd Most Recent Occupancy:	99.0% (12/31/2016)
Replacement:	$0		$1,144	N/A	3rd Most Recent Occupancy:	96.1% (12/31/2015)
TI/LC(6):	$0		$8,333	N/A	Appraised Value (as of):	$253,000,000 (6/28/2017)
Free Rent(7):	$333,333		$0	N/A	Cut-off Date LTV Ratio(1):	56.5%
Other(8):	$0		Springing	$1,000,000	Maturity Date LTV Ratio(1):	56.5%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$143,000,000	100.0%	Loan Payoff(12):	$137,605,253	96.2%
			Closing Costs:	$1,787,726	1.3%
			Reserves:	$522,583	0.4%
			Return of Equity:	$3,084,438	2.2%
Total Sources:	$143,000,000	100.0%	Total Uses:	$143,000,000	100.0%

(1) The Harmon Corner Mortgage Loan (as defined below) is part of the Harmon Corner Whole Loan (as defined below), which is comprised of six pari passu promissory notes with an aggregate original principal balance of $143,000,000. The Cut-off Date Balance per SF, Maturity Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity LTV Ratio above are based on the aggregate principal balance of the promissory notes comprising the Harmon Corner Whole Loan.

(2) The first payment date for the Harmon Corner Mortgage Loan is January 6, 2018. On the Closing Date, CCRE will deposit sufficient funds to pay the amount of interest that would be due with respect to a December 6, 2017 payment for the Harmon Corner Mortgage Loan. Seasoning, Prepayment Provisions, First Payment Date, Original Term to Maturity and IO Term are inclusive of the additional December 2017 interest-only payment funded by CCRE on the Closing Date.

(3) The defeasance lockout period will be at least 24 payment dates beginning with and including the first payment date on December 6, 2017. Defeasance is permitted at any time after the earlier of (i) the fourth anniversary of the first payment date of the Harmon Corner Whole Loan or (ii) two years from the closing date of the securitization of the last Harmon Corner Whole Loan promissory note to be securitized.

(4) See “Lockbox and Cash Management” below for further discussion of cash management status.

(5) See “Escrows and Reserves” below for further discussion of reserve requirements.

(6) The Harmon Corner Borrower (as defined below) is required to deposit $8,333 monthly into a TI/LC for years 1-4 of the Harmon Corner Mortgage Loan. For years 5-10, the monthly deposit increases to $29,167.

(7) At loan origination, the Harmon Corner Borrower deposited $333,333 into a free rent reserve for Rainforest Café’s rent abatement through December 2018.

(8) In the event that any of Rainforest Café, Bubba Gump Shrimp Co. or Twin Peaks exercise its respective sales threshold termination option, the Harmon Corner Borrower will be required to deposit $83,333 per month with respect to each such tenant for the 12 months after the exercise of such termination option, subject to a cap of $1,000,000 for each such tenant or until such time as the Harmon Corner Borrower re-leases the applicable space to a replacement tenant reasonably acceptable to Lender.

(9) The Harmon Corner Property also includes a 60’ high, 306’8” long LED display billboard sign attached to the side of the building. Size and Occupancy information does not include the signage.

(10) The increase from 2nd Most Recent NOI to Most Recent NOI is primarily a result of three leases that were executed in late 2016.

(11) Most Recent Occupancy includes five kiosk spaces that do not have any net rentable area assigned as they occupy space within common areas. One of the five kiosk spaces is currently vacant.

(12) The most recent prior financing of the Harmon Corner Property (excluding the LED display billboard) was securitized in COMM 2012-CCRE5 and COMM 2013-LC6.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 74

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

The Mortgage Loan. The sixth largest mortgage loan (the “Harmon Corner Mortgage Loan”) is part of a whole loan (the “Harmon Corner Whole Loan”) evidenced by six pari passu promissory notes with an aggregate principal balance of $143,000,000. The Harmon Corner Whole Loan is secured by a first priority mortgage encumbering the Harmon Corner Borrower’s fee interest in a mixed use, anchored retail building with a large digital LED billboard sign located at 3717 Las Vegas Boulevard South (the “Strip”) in Las Vegas, Nevada (the “Harmon Corner Property”). The Harmon Corner Whole Loan was co-originated by CCRE and Citi Real Estate Funding Inc. (“CREFI”). Notes A-2 and A-4, with original principal balances of $25,000,000 and $10,000,000, respectively, will be included in the CCUBS 2017-C1 Trust. Notes A-1 and A-3, with original principal balances of $30,000,000 and $20,800,000, respectively, (each of which may be further split into two or more notes) are currently held by CCRE, or an affiliate, and are expected to be contributed to one or more future securitization transactions and may be otherwise transferred at any time. Notes A-5 and A-6, with original principal balances of $30,000,000 and $27,200,000, respectively, (each of which may be further split into two or more notes) are currently held by CREFI, or an affiliate, and are expected to be contributed to one or more future securitization transactions and may be otherwise transferred at any time. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Harmon Corner Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$30,000,000	$30,000,000	CCRE	Yes
Note A-2	$25,000,000	$25,000,000	CCUBS 2017-C1	No
Note A-3	$20,800,000	$20,800,000	CCRE	No
Note A-4	$10,000,000	$10,000,000	CCUBS 2017-C1	No
Note A-5	$30,000,000	$30,000,000	CREFI	No
Note A-6	$27,200,000	$27,200,000	CREFI	No
Total	$143,000,000	$143,000,000

The proceeds of the Harmon Corner Mortgage Loan were used to refinance existing debt, return equity to the borrower sponsor, fund reserves and pay closing costs.

The Borrower and the Borrower Sponsors The borrower, BPS Harmon, LLC, is a single purpose Delaware limited liability company structured to be bankruptcy-remote, with two independent directors in its organizational structure (the “Harmon Corner Borrower”). The borrower sponsors and the nonrecourse carve-out guarantors, jointly and severally, are Brett Torino, Paul Kanavos and Steven J. Johnson (the “Harmon Corner Borrower Sponsors” or “Harmon Corner Guarantors”). W.P. Carey, Inc. (“W. P. Carey”) also owns a 15% equity interest in the Harmon Corner Borrower.

Brett Torino serves as the CEO and president of Torino Companies. Brett Torino was a multifamily residential developer during the mid -1980s and 1990s across the southwest and over the last 20 years has turned his attention to the Las Vegas Strip, buying his first property in Las Vegas in 1995. Mr. Torino has led the development, construction and sale of commercial, residential and resort properties in California, Colorado, Nevada and Arizona.

Paul Kanavos has been the president of Circle Entertainment Inc. since August 20, 2007. Mr. Kanavos also founded Flag Luxury Property, LLC in 1996 and serves as its CEO. Mr. Kanavos has developed Ritz-Carlton Hotels in South Beach, Coconut Grove and Jupiter as well as the St. Regis Resort Temenos Anguilla.

Steven J. Johnson is the principal of SJJ Development, LLC. Over the past 35 years, Mr. Johnson has developed in excess of 6.0 million SF of neighborhood shopping centers with a focus on real estate developments for retail tenants such as Walgreens, Barnes & Noble and Marshalls Department Stores. Through his affiliation with his partner, Mr. Johnson is recognized as a preferred developer for Walgreens, having developed approximately 130 locations throughout Arizona, New Mexico, Texas and Nevada including 27 in Las Vegas alone.

W.P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages an investment portfolio of approximately $13.2 billion as of September 2017. As of November 10, 2017, W.P. Carey had a market capitalization of approximately $7.59 billion.

The Property. The Harmon Corner Property is located on the east side of the Strip at the intersection of Harmon Avenue in Las Vegas, Nevada. The Harmon Corner Property is located adjacent to Miracle Mile Shops at Planet Hollywood and directly across the Strip from the City Center and Cosmopolitan Hotel. The Harmon Corner Property consists of a 100.0% occupied, three-story retail building totaling 68,613 SF as well as a 60’ high, 306’8” long LED display billboard sign attached to the side of the building.

The Harmon Corner Property is part of a larger development consisting of 106,893 SF retail center and an adjacent 156 space outdoor parking lot. The 19,875 SF ground floor portion of the Walgreens and the parking lot are excluded from the collateral from the Harmon Corner Mortgaged Loan. According to the Harmon Corner Borrower Sponsors, the Walgreens is a top-5 Walgreens location in the United States. The entire Harmon Corner retail development was constructed by the Harmon Corner Borrower Sponsors in 2012 at a total cost basis of approximately $95.0 million.

As of September 30, 2017, the Harmon Corner Property is 100.0% occupied by 22 tenants, including 10 national tenants. The Harmon Corner Property includes five kiosk spaces that do not have any net rentable area assigned as they occupy space within common areas. One of the five kiosk spaces is currently vacant.

The three largest tenants include Rainforest Café, Bubba Gump Shrimp Co. and Twin Peaks. All three of these tenants’ spaces are located adjacent to two pedestrian sky bridge entrances on the second floor. One sky bridge crosses over Harmon Avenue and the other sky bridge crosses over Las Vegas Boulevard and connects with The Cosmopolitan Hotel and City Center to the west, The Mandarin Oriental, Vdara Hotel and Aria Resort & Casino. The remaining tenants at the Harmon Corner Property are a mix of restaurants, retail shops and specialized uses including a ticket retailer and souvenir shop.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 75

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

National tenants, including Walgreens, Twin Peaks, Rainforest Café, Bubba Gump Shrimp Co., Taco Bell Cantina and McDonalds, collectively represent 71.3% of retail rental income and 88.2% of the net rentable area at the Harmon Corner Property.

Since 2014, total reported sales have grown from approximately $35.9 million to approximately $48.0 million as of September 2017, reflecting a compound annual growth rate of 12.3%. Sales at the Harmon Corner Property are approximately $756 PSF with the top five tenants collectively representing approximately $29.0 million of total sales. According to the Harmon Corner Borrower Sponsors, Twin Peaks is one of the top performing stores in the country.

Billboard Signage

The Harmon Corner Property features a digital LED display billboard sign, which measures 60’ in height and 306’8” in width. Constructed in 2012 and most recently renovated in October 2016, the billboard offers approximately 18,400 SF of surface area, which makes it the largest signage available in Las Vegas.

The billboard is operated by Branded Cities Las Vegas, LLC (“Branded Cities”), a digital and media company operating over 2,000 billboards across North America. The Borrower Sponsor entered into a 10-year license agreement with Branded Cities. Branded Cities collects revenue on advertising contracts, deducts the commission and internal expenses and then issues an effective rent to the Harmon Corner Borrower.

Top accounts as of YTD August 2017 for the billboard include Glaxo Smith Kline, Live Nation, Wynn and Taco Bell, which collectively account for approximately 35% of total revenue. The billboard generated sign reported sales of $4,299,031 for 2016. As of YTD August 2017, the billboard sign generated reported sales of approximately $4.1 million.

According to Branded Cities, the billboard achieves rates that are similar to properties in Times Square. According to the appraiser, the billboard’s occupancy rate is approximately 86.0%, which exceeds the industry average of 65.0%.

Major Tenants.

Rainforest Café (14,799 SF, 21.6% of NRA, 11.2% of underwritten base rent). Rainforest Cafe is a rainforest-themed restaurant chain owned by Landry's, Inc. of Houston. Each Rainforest Cafe restaurant is designed to depict some features of a tropical rainforest, including plant growth; mist; waterfalls; and animatronic animals. The first location opened in the Mall of America in Bloomington, Minnesota, on February 3, 1994. In 2000, the Rainforest Cafe was bought by Landry's Restaurants Inc. (“Landry’s”), a company specializing in dining, hospitality, entertainment, and gaming, based in Houston, Texas. Rainforest Café has 22 U.S. locations in 11 states as well as five international locations.

As of September 2017, Rainforest Café reported sales of $6.3 million for the trailing 12-month period.

Rainforest Café executed a 10-year lease in August 2014 for space on the second and third floors at the Harmon Corner Property with a lease expiration of September 30, 2025 and three, five-year renewal options. The Rainforest Café lease includes a termination option exercisable any time upon 30 days’ notice in the event that gross sales for any calendar year do not exceed $10 million (or $8 million if the tenant has not opened on Sundays in the applicable year). The tenant is required to give notice within 60 days of such month and pay a termination fee equal to 12 months of future rent and unamortized tenant improvement allowance and leasing commissions.

In addition to the termination payment, the Harmon Corner Whole Loan documents require a monthly cash flow sweep equal to $83,333.33 for the 12 months after the exercise of such notice, up to a cap of $1,000,000 ($78.24 PSF) or until such time the Harmon Corner Borrower re-leases the Rainforest Café space to a replacement tenant reasonably acceptable to lender.

Bubba Gump Shrimp Co. (12,794 SF, 18.6% of NRA, 12.1% of underwritten base rent). Bubba Gump Shrimp Co. is a chain of seafood restaurants which provides a casual dining environment. The first Bubba Gump Shrimp Co. restaurant and market opened in 1996 in Monterey, California and has since grown to 36 locations worldwide including Times Square New York, Universal City Walk Orlando, Victoria’s Peak Hong Kong, Santa Monica Pier, and Pier 39 in San Francisco. Bubba Gump Shrimp Co. is owned by Landry’s, which purchased Bubba Gump Shrimp Co. in 2010.

As of September 2017, Bubba Gump Shrimp Co. reported sales of $10.1 million for the trailing 12-month period.

Bubba Gump Shrimp Co. has been a tenant at the Harmon Corner Property since December 2012. The lease expiration date is December 31, 2022 subject to three, five-year renewal options.

The Bubba Gump Shrimp Co. lease includes a termination option exercisable any time in the event that gross sales for the trailing 12-month period do not exceed $10 million. The tenant is required to deliver notice within 60 days after such 12-month period and the lease will terminate upon the earlier of (i) the expiration of the 12th full calendar month after notice is given or (ii) the later of (x) the 48th full calendar month of the term and (y) the date that Bubba Gump Shrimp Co. vacates the premises. The tenant is required to pay a termination fee equal to 12 months of future rent or the number of months remaining in the term if there are less than 12 months remaining, which is reduced by the rent paid between the date that the Harmon Corner Borrower receives the notice and the date that the tenant vacates the premises.

In addition to the termination payment, the Harmon Corner Whole Loan documents require a monthly cash flow sweep equal to $83,333.33 for the 12 months after the exercise of such notice, up to a cap of $1,000,000 ($78.24 PSF) or until such time the Harmon Corner Borrower re-leases the Bubba Gump Shrimp Co. space to a replacement tenant reasonably acceptable to lender.

Twin Peaks (11,834 SF, 17.2% of NRA, 15.5% of underwritten base rent). Twin Peaks is a sports bar/restaurant chain serving comfort food across the southern United States. Twin Peaks initially opened two restaurants in Dallas in 2005 and has since expanded to 79 locations in 25 states and one location in Russia. The chain has 35 franchised stores and 45 company stores. Twin Peaks has a lease expiration date of March 31, 2023 and two, five-year renewal options.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 76

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

As of September 2017, Twin Peaks reported sales of $11.3 million for the trailing 18-month period.

The Twin Peaks lease includes a termination option exercisable any time after September 4, 2018, in the event that gross sales for the trailing 18-month period do not exceed $12 million. The tenant is required to deliver notice within 60 days after such 18-month period and the lease will terminate upon the expiration of the 12th full calendar month after notice is given. The earliest effective date of such termination option would be June 30, 2018. In the event that Twin Peaks exercises such option, Twin Peaks is required to pay a termination payment equal to (i) the minimum base rent for the following 12 months after the termination effective date, plus (ii) the unamortized amount of the tenant improvement allowance and leasing commission paid by the Harmon Corner Borrower with respect to such lease, assuming annual straight-line amortization over the initial lease term.

In addition to the termination payment, the Harmon Corner Whole Loan documents require a monthly cash flow sweep equal to $83,333.33 for the 12 months after the exercise of such notice, up to a cap of $1,000,000 ($78.24 PSF) or until such time the Harmon Corner Borrower re-leases the Twin Peaks space to a replacement tenant reasonably acceptable to lender.

Tenant Summary(1)
Tenant Name	Credit Rating (Fitch/Moody's/S&P)	Tenant SF	Approximate % of SF	Annual UW Base Rent	% of Total Annual UW Base Rent	Annual UW Base Rent PSF	Lease Expiration
Rainforest Café	NR/NR/NR	14,799	21.6%	$1,224,700	11.2%	$82.76	9/30/2025(2)
Bubba Gump Shrimp Co.	NR/NR/NR	12,794	18.6%	$1,318,936	12.1%	$103.09	12/31/2022(3)
Twin Peaks	NR/NR/NR	11,834	17.2%	$1,691,655	15.5%	$142.95	3/31/2023(4)
Subtotal/Wtd. Avg.		39,427	57.5%	$4,235,291	38.7%	$107.42
Other Tenants(5)		29,186	42.5%	$6,701,143	61.3%	$229.60
Vacant(5)		0	0.0%	$0	0.0%	$0.00
Total/Wtd. Avg.		68,613	100.0%	$10,936,435	100.0%	$159.39

(1) Information is based on the underwritten rent roll dated October 2, 2017. Annual UW Base Rent includes rent steps through October 31, 2018.

(2) Rainforest Café has three, five-year renewal options and an ongoing termination option, subject to a lease termination payment, if gross sales for any calendar year do not exceed $10.0 million (or $8 million if the tenant has not opened on Sundays in the applicable year). As of September 2017, Rainforest Café reported sales of $6.3 million for the trailing 12-month period.

(3) Bubba Gump Shrimp Co. has three, five-year renewal options and an ongoing termination option, subject to a lease termination payment, if gross sales for any 12 months do not exceed $10.0 million. As of September 2017, Bubba Gump Shrimp Co. reported sales of $10.1 million for the trailing 12-month period.

(4) Twin Peaks has two, five-year renewal options and an ongoing termination option, subject to a lease termination payment, if gross sales for any 18 months do not exceed $12.0 million. As of September 2017, Twin Peaks reported sales of $11.3 million for the trailing 18-month period.

(5) Other Tenants includes five kiosk spaces that do not have any net rentable area assigned as they occupy space within common areas. One of the five kiosk spaces is currently vacant. The four occupied kiosk spaces represent approximately $681,000 of Annual UW Base Rent.

The following table presents certain information relating to the lease rollover schedule at the Harmon Corner Property:

Lease Rollover Schedule(1)(2)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling(3)	Total UW Base Rent Rolling(3)	Approx. % of Total Rent Rolling	Approx. Cumulative % of Total Rent Rolling(3)
MTM	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2017(4)	2	0	0.0%	0.0%	$0.00	$300,000	2.7%	2.7%
2018(4)	1	0	0.0%	0.0%	$0.00	$156,000	1.4%	4.2%
2019	0	0	0.0%	0.0%	$0.00	$0	0.0%	4.2%
2020	0	0	0.0%	0.0%	$0.00	$0	0.0%	4.2%
2021	1	1,402	2.0%	2.0%	$238.36	$334,180	3.1%	7.2%
2022(4)	10	24,469	35.7%	37.7%	$178.82	$4,375,538	40.0%	47.2%
2023	2	11,834	17.2%	55.0%	$142.95	$1,691,655	15.5%	62.7%
2024	3	3,092	4.5%	59.5%	$298.49	$922,945	8.4%	71.1%
2025	2	14,799	21.6%	81.0%	$82.76	$1,224,700	11.2%	82.3%
2026	4	8,286	12.1%	93.1%	$154.11	$1,276,917	11.7%	94.0%
2027	1	698	1.0%	94.1%	$250.00	$174,500	1.6%	95.6%
2028 & Beyond	2	4,033	5.9%	100.0%	$119.02	$480,000	4.4%	100.0%
Vacant	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	28	68,613	100.0%		$159.39	$10,936,435	100.0%

(1) Information is based on the underwritten rent roll.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the lease rollover schedule.

(3) UW Base Rent PSF Rolling, Total UW Base Rent Rolling and Approx. Cumulative % of Total Rent Rolling have been underwritten based on the October 2, 2017 rent roll. UW Base Rent includes five kiosk spaces that do not have any net rentable area assigned to it as it occupies space within common areas. One of the five kiosks is currently vacant.

(4) Tenants expiring in 2017, 2018 and 2022 include four kiosk tenants, which do not have any rentable area assigned as they occupy space within common areas of the Harmon Corner Property.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 77

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

The Market. The Harmon Corner Property is located along the central portion of the Las Vegas Strip Resort Corridor, which consists of well-established resort casino-hotels, business hotels, apartment complexes, commercial retail buildings, a super-regional mall and industrial buildings. The immediate area surrounding the Harmon Corner Property features The Shops at Crystal, Planet Hollywood Resort and Casino, the Bellagio Hotel and Casino and The Cosmopolitan of Las Vegas. The primary economic drivers in Las Vegas are tourism and gaming, which in turn, support the service industries, especially retail and dining.

Visitor volumes in the Las Vegas region have been on an increasing trend since the decline in 2008 and 2009. Visitors hit record numbers in 2014 (surpassing 40 million people for the first time) and have continued to increase, reaching an all-time high of 42.9 million people in 2016. According to the appraisal, visitors stay an average of 3.4 nights per trip and spend, on average, $157 on shopping and $318 on dining and drinks.

According to the appraiser, vehicular traffic along Las Vegas Boulevard averages approximately 63,000 per day, which equates to approximately 23.0 million per year. In addition, the appraiser estimated that pedestrian traffic counts along Las Vegas Boulevard average 40,000 to 60,000 per day, which equates to approximately 20.0 million per year.

The appraiser concluded market rent for the first, second and third floor suite were $150, $220, and $100, respectively, which are in line with rents at the Harmon Corner Property.

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 Harmon Corner Property:

Cash Flow Analysis
	2014	2015	2016	9/30/2017 TTM	UW	UW PSF
Gross Potential Rent(1)	$8,398,676	$8,090,712	$8,827,053	$9,914,584	$11,086,435	$161.58
Total Recoveries	$1,410,413	$1,385,273	$1,564,405	$1,628,751	$1,780,665	$25.95
Billboard Income	$1,871,381	$1,599,519	$2,891,023	$3,005,780	$3,005,780	NAP
Other Income	$81,083	$71,037	$80,226	$82,384	$82,384	$1.20
Less Vacancy & Credit Loss(2)	$0	$0	$0	$0	($570,072)	($8.31)
Effective Gross Income	$11,761,553	$11,146,541	$13,362,707	$14,631,499	$15,385,192	$224.23
Total Operating Expenses	$2,400,392	$2,417,643	$2,301,291	$2,602,633	$2,836,810	$41.35
Net Operating Income	$9,361,161	$8,728,898	$11,061,416	$12,028,866	$12,548,382	$182.89
Capital Expenditures	$0	$0	$0	$0	$13,723	$0.20
TI/LC	$0	$0	$0	$0	$102,920	$1.50
Net Cash Flow(3)	$9,361,161	$8,728,898	$11,061,416	$12,028,866	$12,431,740	$181.19
Occupancy %	97.2%	96.1%	99.0%	100.0%	96.4%
NOI DSCR	1.52x	1.42x	1.80x	1.95x	2.04x
NCF DSCR	1.52x	1.42x	1.80x	1.95x	2.02x
NOI Debt Yield	6.5%	6.1%	7.7%	8.4%	8.8%
NCF Debt Yield	6.5%	6.1%	7.7%	8.4%	8.7%

(1) UW Gross Potential Rent is underwritten rent roll and includes rent steps ($271,625) through October 31, 2018.

(2) UW Vacancy represents 4.6% of Gross Potential Rent and Total Recoveries, which is greater than the appraiser’s vacancy conclusion of 3.0%.

(3) The increase from 2016 Net Cash Flow to 9/30/2017 TTM Net Cash Flow is primarily a result of three leases that were executed in late 2016.

Escrows and Reserves. The Harmon Corner Borrower deposited (i) $56,250 upfront in escrow for annual real estate taxes and is required to escrow monthly 1/12 of the annual estimated tax payments, (ii) $133,000 upfront in escrow for annual insurance premiums and is required to escrow monthly 1/12 of the annual estimated insurance premiums, (iii) $333,333 upfront for free rent associated with Rainforest Café, (iv) an ongoing monthly replacement reserve of approximately $1,144 and (v) an ongoing monthly TI/LC reserve of approximately $8,333, which amount is required to increase to $29,167 beginning on the payment date in January 2022.

In addition to any termination payments collected by the Harmon Corner Borrower, in the event that any of Rainforest Café, Bubba Gump Shrimp Co. or Twin Peaks exercise its respective sales threshold termination option, the Harmon Corner Borrower will be required to deposit $83,333 per month with respect to each such tenant for the 12 months after the exercise of such termination option until such time that (a) a lease with a replacement tenant is executed on terms reasonably acceptable to lender or (b) $1,000,000 is accumulated in the Bubba Gump Shrimp Co./Twin Peaks/Rainforest Café Rollover Reserve Account (as defined in the Harmon Corner Mortgage Loan documents). The $1,000,000 cap on collections applies separately to Rainforest Café, Bubba Gump Shrimp Co. and Twin Peaks.

Lockbox and Cash Management. The Harmon Corner Mortgage Loan is structured with a hard lockbox and in place cash management. The Harmon Corner Borrower is required to send tenant direction letters to all tenants instructing them to deposit all rents and payments directly into the lockbox account controlled by the lender. All funds in the lockbox account are swept daily to a cash management account under the control of the lender and amounts in this account are used to pay monthly debt service payments and any reserves due under the Harmon Corner Mortgage Loan documents with any excess amounts remaining in this account returned to the borrower in accordance with the Harmon Corner Mortgage Loan documents, unless a Cash Trap Period is continuing.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 78

3171 Las Vegas Boulevard South Las Vegas, NV 89109 Collateral Asset Summary – Loan No. 6 Harmon Corner Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $35,000,000 56.5% 2.02x 8.8%

All excess cash will be swept into a lender controlled account during the occurrence of (a) a Lease Sweep Period or (b) any event of default.

A “Lease Sweep Period” occurs if as of such payment date, the gross potential rents from the Lease Sweep Leases, when aggregated, exceeds 20% of the gross potential rents of the Harmon Corner Property (exclusive of revenues attributable to the billboard sign). The Lease Sweep Period will end upon the earlier to occur of (i) $4,200,000 accumulating in the TI/LC reserve account, inclusive of amounts then in the account, or (ii) a Lease Sweep Tenant Leasing Event which results in the gross potential rents from the Lease Sweep Leases, when aggregated, falling below 20% of the gross potential rents of the Harmon Corner Property (exclusive of revenues attributable to the billboard sign).

A “Lease Sweep Lease” is, as of any given payment date, any lease that is due to expire or terminate within the 12-month period following such payment date (provided that any such lease will continue to be deemed a Lease Sweep Lease until such time as a Lease Sweep Tenant Leasing Event will have occurred with respect to such lease).

A “Lease Sweep Tenant Leasing Event” occurs if the lender is in receipt of evidence that a renewal or replacement tenant(s) satisfactory to the lender in its reasonable discretion has entered into a lease(s) for the space demised to the applicable tenant(s) causing such Lease Sweep Period.

Mezzanine Loan and Preferred Equity. Not permitted.

Release of Property. Not permitted.

Terrorism Insurance. The Harmon Corner Whole Loan documents require “all risk” insurance / umbrella coverage in an amount equal to 100% of the full replacement cost and a commercial general liability insurance policy with a limit of not less than $2,000,000 in the aggregate. Terrorism coverage is required, which may be included in the property insurance policy or a stand-alone policy covering terrorist acts.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 79

7900 Harkins Road Lanham, MD 20706 Collateral Asset Summary – Loan No. 7 2U Headquarters Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $34,000,000 69.3% 1.60x 10.6%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 80

7900 Harkins Road Lanham, MD 20706 Collateral Asset Summary – Loan No. 7 2U Headquarters Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $34,000,000 69.3% 1.60x 10.6%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 81

7900 Harkins Road Lanham, MD 20706 Collateral Asset Summary – Loan No. 7 2U Headquarters Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $34,000,000 69.3% 1.60x 10.6%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CREFI			Single Asset/Portfolio:	Single Asset
Credit Assessment (Fitch/KBRA/Moody’s):		NR/NR/NR			Location:	Lanham, MD 20706
					General Property Type:	Office
Original Balance(1):		$34,000,000			Detailed Property Type:	Suburban
Cut-off Date Balance(1):		$34,000,000			Title Vesting:	Fee
% of Initial Pool Balance:		4.9%			Year Built/Renovated:	2002/2016-2017
Loan Purpose:		Acquisition			Size:	309,303 SF
Borrower Sponsor:		Kawa Capital Partners LLC			Cut-off Date Balance per SF(1):	$175
Mortgage Rate:		4.4500%			Maturity Date Balance per SF(1):	$153
Note Date:		10/17/2017			Property Manager:	Adler Kawa Realty Services, LLC
First Payment Date:		12/6/2017
Maturity Date:		11/6/2027
Original Term to Maturity:		120 months
Original Amortization Term:		360 months
IO Period:		36 months
Seasoning:		0 months			Underwriting and Financial Information
Prepayment Provisions(2):		LO (24); DEF/YM1 (92); O (4)			UW NOI:	$5,724,034
Lockbox/Cash Mgmt Status:		Hard/Springing			UW NOI Debt Yield(1):	10.6%
Additional Debt Type(1):		Pari Passu			UW NOI Debt Yield at Maturity(1):	12.1%
Additional Debt Balance(1):		$20,000,000			UW NCF DSCR(1):	1.60x
Future Debt Permitted (Type):		No (N/A)			Most Recent NOI(4):	N/A
Reserves(3)					2nd Most Recent NOI(4):	N/A
Type	Initial		Monthly	Cap	3rd Most Recent NOI(4):	N/A
RE Tax:	$0		Springing	N/A	Most Recent Occupancy:	100.0% (11/1/2017)
Insurance:	$0		Springing	N/A	2nd Most Recent Occupancy:	100.0% (12/31/2016)
Replacements:	$0		$4,382	N/A	3rd Most Recent Occupancy:	(4)
TI/LC:	$6,814,543		Springing	N/A	Appraised Value (as of)(5):	$77,900,000 (9/18/2017)
Deferred Maintenance:	$25,080		$0	N/A	Cut-off Date LTV Ratio(1)(5):	69.3%
Outstanding Landlord Obligations Reserve:	$6,206,918		$0	N/A	Maturity Date LTV Ratio(1)(5):	60.6%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$54,000,000	55.8%	Purchase Price:	$82,000,000	84.7%
Borrower Equity:	$29,583,474	30.6%	Reserves:	$13,046,541	13.5%
Other Sources(6):	$13,186,473	13.6%	Closing Costs:	$1,723,406	1.8%
Total Sources:	$96,769,948	100.0%	Total Uses:	$96,769,948	100.0%

(1) The 2U Headquarters Mortgage Loan (as defined below) is part of the 2U Headquarters Whole Loan (as defined below), which is comprised of two pari passu promissory notes with an aggregate original principal balance of $54,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the 2U Headquarters Whole Loan.

(2) The lockout period for defeasance will be at least 24 payment dates beginning with and including the first payment date of December 6, 2017. Following the lockout period, the borrower has the right to defease the 2U Headquarters Whole Loan in whole, but not in part, on any date before August 6, 2027. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) October 17, 2021. For the purposes of this term sheet, the assumed lockout period of 24 months is based on the expected CCUBS 2017-C1 securitization closing date in November 2017. The actual lockout period may be longer.

(3) See “Escrows and Reserves” below for further discussion of reserve requirements.

(4) Historical occupancy and financial information is unavailable because 2U, Inc.'s lease commenced December 1, 2016. The related borrower acquired the 2U Headquarters Property (as defined below) from Cohen Equities, a New York-based real estate acquisitions and management company, in connection with the origination of the 2U Headquarters Whole Loan. Cohen Equities purchased the 2U Headquarters Property while it was vacant in August 2015 and subsequently implemented a full capital expenditure plan and signed 2U, Inc. as the sole tenant to occupy 100.0% of the 2U Headquarters Property. Previously, the 2U Headquarters Property was approximately 85.0% occupied by Computer Sciences Corp., which vacated the 2U Headquarters Property in 2013 due to the expiration of their contract with the IRS (located adjacent to the 2U Headquarters Property).

(5) The appraiser concluded to an "as-is" Appraised Value of $77,900,000 as of September 18, 2017. The appraiser also concluded to an "as-stabilized" appraised value of $92,200,000 as of September 2020, which assumes the build-out of all of 2U, Inc.'s space is complete and 2U, Inc. occupies and is paying rent on 100.0% of its space. All outstanding tenant improvements, gap rent and free rent related to 2U, Inc.'s space was reserved for at origination of the 2U, Inc. Whole Loan. The Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the "as-is" appraised value of the 2U Headquarters Property of $77,900,000. The Cut-off Date LTV Ratio and Maturity Date LTV based on the "as-stabilized" appraised value of the 2U Headquarters Property are 58.6% and 51.2% respectively.

(6) Other Sources primarily consists of amounts for the TI/LC and Outstanding Landlord Obligations Reserve, which were funded by the seller of the 2U Headquarters Property and subsequently transferred to the borrower sponsor of the 2U Headquarters Whole Loan in connection with the acquisition of the 2U Headquarters Property.

The Mortgage Loan. The seventh largest mortgage loan (the “2U Headquarters Mortgage Loan”) is part of a whole loan (the “2U Headquarters Whole Loan”) with an original principal balance of $54,000,000. The 2U Headquarters Whole Loan is secured by a first priority fee mortgage encumbering a single tenant office property totaling 309,303 SF located in Lanham, Maryland (the “2U Headquarters Property”). The 2U Headquarters Whole Loan was originated by Citi Real Estate Funding Inc. (“CREFI”). Promissory Note A-1, with an original principal balance of $34,000,000, represents the 2U

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 82

7900 Harkins Road Lanham, MD 20706 Collateral Asset Summary – Loan No. 7 2U Headquarters Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $34,000,000 69.3% 1.60x 10.6%

Headquarters Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Note A-2, with an original principal balance of $20,000,000, was acquired and is currently held by UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York (“UBS AG”), or an affiliate thereof, and is expected to be contributed to one or more future securitization transactions or may be otherwise transferred at any time. The 2U Headquarters Whole Loan will be serviced pursuant to the trust and servicing agreement for the CCUBS 2017-C1 Trust. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

2U Headquarters Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$34,000,000	$34,000,000	CCUBS 2017-C1	Yes
Note A-2	$20,000,000	$20,000,000	UBS AG or an affiliate	No
Total	$54,000,000	$54,000,000

The Borrower and the Borrower Sponsor. The borrower is KCP Harkins Fee Owner, LLC (the “2U Headquarters Borrower”), a Delaware limited liability company and single-purpose entity structured to be bankruptcy remote. The borrower sponsor and nonrecourse carve-out guarantor is Kawa Capital Partners LLC, d/b/a Kawa Capital Management. Kawa Capital Management is an independent asset management firm headquartered in Miami, Florida that focuses primarily on credit hedge fund and commercial and industrial real estate deals. Through its commercial and industrial real estate investment platform, Kawa Capital Management has invested $360 million of equity since its inception and currently has over 5 million SF of property under management.

The Property. The 2U Headquarters Property is a Class A office property totaling 309,303 SF on a 1.72-acre site located in Lanham, Maryland, approximately 13 miles northeast of Washington D.C. The 2U Headquarters Property was constructed in 2002 and is currently undergoing renovations that began in 2016 upon 2U, Inc. executing its lease. 2U, Inc. is the sole tenant at the 2U Headquarters Property leasing 100.0% of the space through August 2028 on a triple-net lease. 2U, Inc. has two five-year renewal options and no termination options. The 2U Headquarters Property is a 12-story building with floor plates of 27,014 SF. The 2U Headquarters Property features six elevators, meeting space, a 12,000 SF fitness center and a food hall and separate coffee bar located on the first floor. Parking is provided via an adjacent surface parking lot, which features 965 spaces. The 2U Headquarters Property is located directly across from the New Carrollton Station, a transit station that serves Amtrak, the Washington Metro, the Maryland Area Regional Commuter (“MARC”) and Greyhound buses.

2U, Inc. currently leases 100.0% of the 12-story building at the 2U Headquarters Property; however, floors 3-7 (140,881 SF) are structured as must-take space within the lease and are not yet occupied by 2U, Inc. The must-take space phases in over two years, from December 2018 to December 2020. At origination, the lender escrowed all tenant improvements, free rent and gap rent associated with the must-take space. 2U, Inc. utilizes the 2U Headquarters Property as its global headquarters. 2U, Inc. currently has 740 employees located at the 2U Headquarters Property, and has stated that it anticipates having at least 1,600 employees at the 2U Headquarters Property by 2020. The 2U Headquarters Property was previously approximately 85.0% occupied by Computer Sciences Corp., which vacated the 2U Headquarters Property in 2013 due to the expiration of their contract with the IRS (located adjacent to the 2U Headquarters Property). Cohen Equities (the seller of the 2U Headquarters Property) purchased the 2U Headquarters Property while it was vacant in August 2015 and subsequently implemented a full capital expenditure plan and signed 2U, Inc. to its current lease before selling the 2U Headquarters Property to the borrower sponsor.

2U, Inc. was founded in 2008 by John Katzman (the founder of The Princeton Review), Chip Paucek (a former CEO of Smarterville Inc., the parent company of Hooked on Phonics) and Jeremy Johnson as an educational technology company that partners with colleges and universities to offer degree programs online to qualified students anywhere in the world. 2U, Inc. supplies its partner universities with a cloud-based software platform and a suite of technology-enabled services, including coursework design, live video classes, infrastructural support and capital in order to deliver instruction to students. As of fiscal year 2016, 2U, Inc. reported an 83.0% retention rate of students who have entered a 2U program. 2U, Inc. generates revenue primarily through student tuition of multi-year degree programs. 2U, Inc. students pay standard tuition, however, instead of going to a classroom, they meet in a virtual classroom via a live video chat with a professor and other students in the class. 2U, Inc. signs contracts typically ranging from 10-15 years with its partner universities with the contracts including a revenue sharing agreement between 2U, Inc. and such universities for the tuition costs paid by the students. 2U, Inc. launched its first two programs in 2009 in partnership with the University of Southern California, which is still its largest client by revenue. 2U, Inc. currently partners with 22 different universities including the University of Southern California, University of North Carolina, Georgetown University, The University of Chicago, Yale University, Vanderbilt University, New York University, Northwestern and Harvard Business School. Since the company’s inception, 2U, Inc. has not reported a partner university cancelling its contract and reports a 100% retention rate for contract renewals with universities upon initial expiration. Full course equivalent enrollment grew from 41,034 during the twelve months ended December 31, 2014 to 77,344 during the twelve months ended December 31, 2016. In May 2017, 2U, Inc. announced a $103.0 million acquisition of GetSmarter, a South African startup that delivers short-term online certification courses to distance learning students in partnership with universities across the world. Getsmarter has partnerships with universities such as the University of Cambridge, University of Cape Town, Harvard and MIT. For the year ended December 31, 2016, 2U, Inc. reported revenues of approximately $205.9 million, which is an increase in revenues of approximately 37.1% compared to the year ended December 31, 2015 and 86.8% compared to the year ended December 31, 2014.

The appraiser concluded to an “as-is” appraised value for the 2U Headquarters Property of $77,900,000 as of September 18, 2017. The appraiser also concluded to an “as-stabilized” appraised value of $92,200,000 as of September 18, 2020, which assumes the build-out of all of 2U, Inc.’s space is complete and 2U, Inc. occupies and is paying rent on 100.0% of its space. The lender reserved for all outstanding tenant improvements, free rent and gap rent at origination of the 2U Headquarters Whole Loan. All loan-to-value ratios presented in this term sheet are calculated based upon the appraiser’s “as-is” appraised value of $77,900,000 as of September 18, 2017. 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 83

7900 Harkins Road Lanham, MD 20706 Collateral Asset Summary – Loan No. 7 2U Headquarters Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $34,000,000 69.3% 1.60x 10.6%

The following table presents certain information relating to the lease at the 2U Headquarters Property:

Tenant Summary(1)
Tenant Name	Credit Rating (Fitch/Moody’s/S&P)(2)	Tenant SF	Approximate % of SF	Annual UW Base Rent(3)	% of Total Annual Base UW Rent	Annual UW Base Rent PSF	Lease Expiration
2U, Inc.(4)(5)	NR/NR/NR	309,303	100.0%	$6,221,785	100.0%	$20.12	8/31/2028
Subtotal/Wtd. Avg.		309,303	100.0%	$6,221,785	100.0%	$20.12
Vacant Space		0	0.0%	$0	0.0%	$0.00
Total/Wtd. Avg.		309,303	100.0%	$6,221,785	100.0%	$20.12

(1) Information is based on the underwritten rent roll.

(2) Ratings provided are for the parent company of the entity listed in the “Tenant Name” field whether or not the parent company guarantees the lease.

(3) Includes rent steps of $199,755 through December 1, 2017.

(4) 2U, Inc. has two five-year renewal options with no termination options.

(5) 2U, Inc. currently leases 100.0% of the 12-story building at the 2U Headquarters Property, however, floors 3-7 (140,881 SF) are structured as must-take space within the lease and are not yet occupied by 2U, Inc. The must-take space phases in over two years, from December 2018 to December 2020. At origination, the lender escrowed all tenant improvements, free rent and gap rent associated with the must-take space.

The following table presents certain information relating to the lease rollover schedule at the 2U Headquarters Property:

Lease Rollover Schedule(1)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling(2)	Total UW Base Rent Rolling(2)	Approx. % of Total Rent Rolling	Approx. Cumulative % of Total Rent Rolling
MTM	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2017	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2018	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2019	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2020	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2021	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2022	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2023	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2024	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2025	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2026	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2027	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2028 & Beyond	1	309,303	100.0%	100.0%	$20.12	$6,221,785	100.0%	100.0%
Vacant	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	1	309,303	100.0%		$20.12	$6,221,785	100.0%

(1) Information is based on the underwritten rent roll.

(2) Includes rent steps of $199,755 through December 1, 2017.

The Market. The 2U Headquarters Property is located in Lanham, Maryland within Prince George County, approximately 13 miles northeast of Washington, D.C and approximately 5 miles southeast of the University of Maryland-College Park. According to the appraisal, the 2U Headquarters Property is within the Lanham office submarket within the larger DC Metro office market. Over the most recent four quarters ending with the second quarter of 2017, the appraisal identified no growth of supply and positive net absorption of 352,000 SF in the Lanham office submarket. According to the appraisal, 2016 population within a one-, three-, and five-mile radius of the 2U Headquarters Property was 13,826, 136,723, and 320,294 respectively. According to the appraisal, average 2016 household income within a one-, three-, and five-mile radius of the 2U Headquarters Property was $69,525, $78,688, and $83,222 respectively.

According to the bureau of labor statistics, as of September 2017 the unemployment rate in Prince George County, Maryland was 3.7%, which was below the national average of 4.1% and the Maryland rate of 3.8% as of the same time period. The largest employers in Prince George, Maryland include the education and public administration industries. The University System of Maryland is the largest employer in the county, with over 18,700 employees, with the Joint Base Andrew’s Naval Air Facility Washington, U.S. Internal Revenue Service and the U.S. Census Bureau representing the rest of the top four employers for the county.

The 2U Headquarters Property is located directly across from the New Carrollton Station, a transit station that serves Amtrak, the Washington Metro and the MARC and Greyhound buses. Forest City and Urban Atlantic are currently developing an approximately 71-acre mixed-use project around the New Carrollton Station, which is expected to include approximately 1.3 million SF of residential space, approximately 1.1 million SF of office space, approximately 150,000 SF of retail space and a hotel. In addition to currently being a stop on the DC Metro Orange Line, the New Carrollton station will be the eastern-most stop for the under-development Purple Line Light rail system, which will provide public transportation that connects the DC suburb areas of Montgomery and Prince George counties without traveling through downtown Washington, D.C.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 84

7900 Harkins Road Lanham, MD 20706 Collateral Asset Summary – Loan No. 7 2U Headquarters Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $34,000,000 69.3% 1.60x 10.6%

According to the appraisal, as of the second quarter of 2017, the DC Metro market had a total office inventory of approximately 505.7 million SF, a vacancy rate of 13.8% and asking rents of $34.95 per SF and as of the second quarter of 2017, the Lanham office submarket had a total office inventory of approximately 2.2 million SF, a vacancy rate of 17.8% and asking rents of $21.07 per SF. The appraisal noted that the 17.8% vacancy rate for the Lanham office submarket is largely skewed by class B and C office buildings, whereas the 2U Headquarters Property is a Class A office building. According to a third party market research report, the 2U Headquarters Property is in the Hyattsville/Riverdale submarket, which exhibited a Class A vacancy rate of 2.9% as of the second quarter of 2017. In determining market rent for the 2U Headquarters Property, the appraisal identified six comparable leases - two triple net and four full service gross - that range in size from 113,730 SF to 154,951 SF with lease commencement dates between March 2015 and May 2018. After adjusting the full-service gross leases to triple net, the rent comparables ranged between $19.89 per SF to $22.33 per SF net, with an average rent of $21.02 PSF net. The appraisal concluded a market rent for the 2U Headquarters Property of $21.00 per SF net, which is slightly above the current in-place rent at the 2U Headquarters Property of $20.12 per SF.

	Office Lease Comparable(1)
Property Name		Location	Net Rentable Area (SF)	Year Built	Tenant Name	Lease Size (SF)	Lease Date	Term	Rent PSF(2)
2U Headquarters Property		7900 Harkins Road	309,303(3)	2002	2U, Inc.(3)	309,303(3)	12/1/2016(3)	11.8(3)	$20.12(3)
6120 & 6130 Executive Boulevard		6120 & 6130 Executive Boulevard	311,416	2013	ABT Associates	154,951	5/1/2018	10.0	$20.74
Three Democracy Center		6905 Rockledge Drive	184,787	1987	HMS Host	126,000	9/1/2016	13.0	$21.25
Little Patuxent Square Office		5585 Sterrett Place	147,000	2014	QSSI	147,000	6/1/2016	10.0	$22.33
1201 Clopper Road		1201 Clopper Road	147,051	2000	Novavax, Inc.	147,051	4/30/2016	14.0	$21.69
Metro Park North Phase 4		7500 Standish Place	113,730	1990	Confidential Tenant	113,730	11/1/2015	10.0	$20.19
8197 Dorsey Run Road		8197 Dorsey Run Road	125,000	2014	Army Corp of Engineers	125,166	3/1/2015	10.0	$19.89

(1) Information is based on the appraisal.

(2) Represents actual triple-net lease rent per SF for the 2U Headquarters Property, 1201 Clopper Road and 8197 Dorsey Run Road and appraisal’s adjusted triple-net lease rent per SF for 6120 & 6130 Executive Boulevard, Three Democracy Center, Little Patuxent Square Office and Metro Park North Phase 4.

(3) Based on the underwritten rent roll.

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 2U Headquarters Property:

Cash Flow Analysis(1)
	2014(2)	2015(2)	2016(2)	TTM(2)	UW	UW PSF
Gross Potential Rent(3)	N/A	N/A	N/A	N/A	$6,221,785	$20.12
Total Recoveries	N/A	N/A	N/A	N/A	$3,733,232	$12.07
Other Income	N/A	N/A	N/A	N/A	$0	$0.00
Less Vacancy & Credit Loss	N/A	N/A	N/A	N/A	($497,751)	($1.61)
Effective Gross Income	N/A	N/A	N/A	N/A	$9,457,266	$30.58
Total Operating Expenses	N/A	N/A	N/A	N/A	$3,733,232	$12.07
Net Operating Income	N/A	N/A	N/A	N/A	$5,724,034	$18.51
Capital Expenditures	N/A	N/A	N/A	N/A	$52,582	$0.17
TI/LC	N/A	N/A	N/A	N/A	$454,628	$1.47
Net Cash Flow	N/A	N/A	N/A	N/A	$5,216,825	$16.87
Occupancy%(4)	N/A	N/A	N/A	N/A	95.0%
NOI DSCR	N/A	N/A	N/A	N/A	1.75x
NCF DSCR	N/A	N/A	N/A	N/A	1.60x
NOI Debt Yield	N/A	N/A	N/A	N/A	10.6%
NCF Debt Yield	N/A	N/A	N/A	N/A	9.7%

(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 not considered for the cash flow analysis.

(2) Historical occupancy and financial information is unavailable because 2U, Inc.’s lease commenced December 1, 2016. The related borrower acquired the 2U Headquarters Property from Cohen Equities, a New York-based real estate acquisitions and management company. Cohen Equities purchased the 2U Headquarters Property while it was vacant in August 2015 and subsequently implemented a full capital expenditure plan and signed 2U, Inc. Prior to acquisition by Cohen Equities, the 2U Headquarters Property was approximately 85.0% occupied by Computer Sciences Corp., which vacated the 2U Headquarters Property in 2013 due to the expiration of their contract with the IRS (located adjacent to the 2U Headquarters Property).

(3) UW Gross Potential Rent is based on the underwritten rent roll and includes rent steps of $199,755 through December 1, 2017.

(4) UW economic occupancy is 95.0%. The 2U Headquarters Property was 100.0% physically occupied as of November 1, 2017.

Escrows and Reserves. At origination, the 2U Headquarters Borrower deposited in escrow (i) $6,814,543 for outstanding tenant improvements for 2U, Inc.’s space, (ii) $5,168,892 for gap and free rent for 2U, Inc., (iii) $1,038,026 for gap common area maintenance payments related to 2U, Inc.’s lease and (iv) $25,080 for immediate repairs. In addition, the 2U Headquarters Borrower is required to make monthly deposits in a replacement reserve of $4,382. During the continuance of a Cash Sweep Period (as defined below), the 2U Headquarters Borrower is required to escrow monthly (a) 1/12 of the annual estimated tax payments, (b) 1/12 of the annual insurance premiums unless an acceptable blanket policy is in place and (c) 1/12 of the amount equal to the aggregate NRA of the 2U Headquarters Property (if applicable, excluding the NRA of any released space) multiplied by $1.00 for tenant improvements

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 85

7900 Harkins Road Lanham, MD 20706 Collateral Asset Summary – Loan No. 7 2U Headquarters Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $34,000,000 69.3% 1.60x 10.6%

and leasing commissions. Upon the cure of a Cash Sweep Period, such monthly deposits for tax, insurance and tenant improvements and leasing commissions will be waived and the amounts in such reserve accounts will be released to the 2U Headquarters Borrower.

Lockbox and Cash Management. A hard lockbox is in place with respect to the 2U Headquarters Whole Loan. The 2U Headquarters Whole Loan has springing cash management during the continuance of a Cash Sweep Period. During the continuance of a Cash Sweep Period, funds in the lockbox account are required to be transferred each day to the cash management account and such funds in the cash management account are required to be applied on each monthly payment date to fund the required reserves deposits as described above under “Escrows and Reserves,” pay debt service on the 2U Headquarters Whole Loan, pay operating expenses for the 2U Headquarters Property and disburse the remainder to an account to be held by the lender as additional security for the 2U Headquarters Whole Loan (or upon the cure of a Cash Sweep Period, provided that no event of default has occurred and is continuing, to the 2U Headquarters Borrower).

A “Cash Sweep Period” will commence upon (i) the occurrence of an event of default, (ii) the debt service coverage ratio for the 2U Headquarters Whole Loan falling below 1.20x, or (iii) the commencing of a Specified Tenant Trigger Period. A Cash Sweep Period will continue until, with respect to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, with respect to clause (ii) above, the debt service coverage ratio for the 2U Headquarters Whole Loan is equal to or greater than 1.25x for two consecutive calendar quarters, and with respect to clause (iii) above, the Specified Tenant Trigger Period ceasing to exist.

A “Specified Tenant Trigger Period” will commence upon (i) 2U, Inc. being in default under its lease beyond any applicable notice and/or cure periods, (ii) 2U, Inc. failing to be in actual, physical possession of the space that 2U, Inc. is then required to occupy pursuant to its lease, in excess of two floors (the “Applicable Space”) or any other tenant whose rent constitutes 10% or more of the total income for the 2U Headquarters Property or who occupies 10% or more of the gross leasable area of the 2U Headquarters Property (each, an “Additional Specified Tenant”) failing to be in actual, physical possession of its space, (iii) 2U, Inc. giving notice that it is terminating all or any portion of its lease for the Applicable Space or any Additional Specified Tenant giving notice that it is terminating all or any portion of its lease, (iv) any termination or cancellation of 2U, Inc.’s lease (including, without limitation, rejection in any bankruptcy or similar insolvency proceeding) and/or 2U, Inc.’s lease failing to otherwise be in full force and effect, (v) any bankruptcy or similar insolvency of 2U, Inc., (vi) 2U, Inc. failing to extend or renew its lease on or prior to the earlier of (y) 15 months prior to the maturity of the 2U Headquarters Whole Loan and (z) the renewal period required under 2U, Inc.’s lease, (vii) 2U, Inc. having a gross revenue less than $240,000,000 for any four consecutive calendar quarters during the lease term, or (viii) following the date that the long-term senior unsecured debt of 2U, Inc. is first rated Baa3 or higher by Moody’s or BBB- or higher by S&P or Fitch, the long-term senior unsecured debt of 2U, Inc. thereafter being rated BB or lower by S&P or Fitch or Ba2 or lower by Moody’s. A Specified Tenant Trigger Period will continue until the earlier of (x) the cure of any conditions above in accordance with the 2U Headquarters Whole Loan documents or (y) the 2U Headquarters Borrower leasing the applicable Additional Specified Tenant space for a term of at least five years and the applicable tenant under such lease being in actual, physical occupancy of the space demised under its lease and either paying full rent or obligated to pay rent following the expiration of any free rent period, so long as any such free rent is reserved with the lender.

Additional Secured Indebtedness (not including trade debts). Not Permitted.

Mezzanine Loan and Preferred Equity. Not permitted.

Release of Property. Not permitted.

Terrorism Insurance. The 2U Headquarters Borrower is required to obtain insurance against acts of terrorism for loss resulting from perils and acts of terrorism in amounts and with terms and conditions applicable to commercial property, general liability, business income and umbrella liability insurance required pursuant to the 2U Headquarters Whole Loan documents.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 86

(THIS PAGE INTENTIONALLY LEFT BLANK)

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 87

8-48 Java Street and 11-33 Kent Street Brooklyn, NY 11222 Collateral Asset Summary – Loan No. 8 10 Java Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $33,000,000 26.6% 1.59x 7.0%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 88

8-48 Java Street and 11-33 Kent Street Brooklyn, NY 11222 Collateral Asset Summary – Loan No. 8 10 Java Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $33,000,000 26.6% 1.59x 7.0%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 89

8-48 Java Street and 11-33 Kent Street Brooklyn, NY 11222 Collateral Asset Summary – Loan No. 8 10 Java Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $33,000,000 26.6% 1.59x 7.0%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CCRE			Single Asset/Portfolio:	Single Asset
Credit Assessment (Fitch/KBRA/Moody’s)		NR/NR/NR			Location:	Brooklyn, NY 11222
					General Property Type:	Industrial
Original Balance:		$33,000,000			Detailed Property Type:	Flex
Cut-off Date Balance:		$33,000,000			Title Vesting:	Fee
% of Initial Pool Balance:		4.7%			Year Built/Renovated:	1956/2012-2013
Loan Purpose:		Refinance			Size:	106,440 SF
Borrower Sponsors:		Kenneth Y.K. Chan; Henry Y.S. Chan; Miriam Chan			Cut-off Date Balance per SF:	$310
					Maturity Date Balance per SF:	$310
Mortgage Rate:		4.3370%			Property Manager:	Self-Managed
Note Date:		8/30/2017
First Payment Date:		10/6/2017
Maturity Date:		9/6/2022
Original Term to Maturity:		60 months
Original Amortization Term:		0 months
IO Period:		60 months			Underwriting and Financial Information
Seasoning:		2 months			UW NOI(2):	$2,310,870
Prepayment Provisions:		LO (26); DEF (29); O (5)			UW NOI Debt Yield:	7.0%
Lockbox/Cash Mgmt Status:		Hard/Springing			UW NOI Debt Yield at Maturity:	7.0%
Additional Debt Type:		N/A			UW NCF DSCR:	1.59x
Additional Debt Balance:		N/A			Most Recent NOI:	$2,088,038 (7/31/2017 TTM)
Future Debt Permitted (Type):		No (N/A)			2nd Most Recent NOI:	$1,998,557 (12/31/2016)
Reserves(1)					3rd Most Recent NOI:	$2,035,846 (12/31/2015)
Type	Initial		Monthly	Cap	Most Recent Occupancy:	100.0% (11/1/2017)
RE Tax:	$0		Springing	N/A	2nd Most Recent Occupancy:	100.0% (12/31/2016)
Insurance:	$0		Springing	N/A	3rd Most Recent Occupancy:	100.0% (12/31/2015)
Replacement:	$0		$887	$21,281	Appraised Value (as of)(3):	$124,200,000 (8/2/2017)
Immediate Repairs:	$8,875		$0	N/A	Cut-off Date LTV Ratio(4):	26.6%
Fire Code Violations:	$35,000		$0	N/A	Maturity Date LTV Ratio(4):	26.6%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount:	$33,000,000	93.6%	Loan Payoff:	$34,584,529	98.1%
Borrower Equity:	$2,265,931	6.4%	Reserves:	$43,875	0.1%
			Closing Costs:	$637,527	1.8%
Total Sources:	$35,265,931	100.0%	Total Uses:	$35,265,931	100.0%

(1) See “Escrows and Reserves” below for further discussion of reserve requirements.

(2) UW NOI is based on the underwritten rent roll and includes $76,610 of rent steps through May 2018.

(3) The appraisal concluded an “As-Is” Appraised Value of $124.2 million based upon the highest and best use as a multifamily development site. See “The Market” below for further discussion.

(4) The appraisal concluded a current land value of $129.7 million, which represents a Cut-off Date loan to land-value ratio and Maturity Date loan to land-value ratio of 25.4% and 25.4%, respectively.

The Mortgage Loan. The eighth largest mortgage loan (the “10 Java Street Mortgage Loan”) is evidenced by a single promissory note with an original principal balance of $33,000,000 and is secured by a first priority fee mortgage encumbering a waterfront industrial flex building located at 8-48 Java Street and 11-33 Kent Street in Brooklyn, New York (the “10 Java Street Property”). The proceeds of the 10 Java Street Mortgage Loan along with approximately $2.3 million of borrower sponsors equity, were used to refinance existing debt, fund reserves and pay closing costs.

The Borrower and the Borrower Sponsors. The borrower is Java Landing, LLC, a single purpose Delaware limited liability company (the “10 Java Street Borrower”), with two independent directors in its organizational structure. The non-recourse carveout guarantors and borrower sponsors of the 10 Java Street Mortgage Loan are Miriam Chen, Kenneth Y.K. Chan and Henry Y.S. Chan, on a joint and several basis.

The borrower sponsors are real estate developers, owners, and operators in New York City and are currently involved in a number of redevelopment projects, ground-up development projects, and the management of residential, office, industrial, and mixed use buildings.

The Property. The 10 Java Street Property is a 106,440 SF, waterfront complex located along the East River in the Greenpoint neighborhood of Brooklyn, New York. Spanning an entire city block, the 10 Java Street Property is a six-building, interconnected three-story flex industrial facility that serves as a television, film and media production studio. Amenities include traditional warehouse and storage space, as well as office space used as costume design rooms, green rooms, lounges and dressing rooms.

The 10 Java Street Property is 100.0% leased via two co-terminous leases to Cine Magic East River Studios, LLC (“Cine Magic”), which is a production company responsible for the production of a number of major films and television shows, including HBO, Showtime, Cinemax, TV Land, MTUV and Starz

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 90

8-48 Java Street and 11-33 Kent Street Brooklyn, NY 11222 Collateral Asset Summary – Loan No. 8 10 Java Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $33,000,000 26.6% 1.59x 7.0%

projects, among others. Films and television series produced at the 10 Java Street Property include Boardwalk Empire, Tower Heist, The Dictator, Homeland, The Mick and The Knick.

Since taking occupancy in May 2012, Cine Magic has invested approximately $4.0 million on improvements such as electrical upgrades, a specialized silent HVAC system, a new lighting grid along the ceiling, soundproofing and acoustical insulation, building out talent suites and adding mezzanine office space.

Cine Magic executed a 10-year lease for 104,760 SF that commenced on May 1, 2012 and has an initial lease expiration date of August 31, 2022. The lease features annual rent escalations of 3.0% through the remainder of the lease term and has one one-year renewal option and, if not revoked by the 10 Java Street Borrower, six six-month renewal options thereafter. Cine Magic’s second lease for 1,680 SF commenced on December 20, 2015 and also has a lease expiration date of August 31, 2022.

The following table presents certain information relating to the sole tenant at the 10 Java Street Property:

Tenant Summary(1)
Tenant Name	Credit Rating (Fitch/Moody’s/ S&P)(2)	Tenant SF	Approximate % of SF	Annual UW Base Rent	% of Total Annual UW Base Rent	Annual UW Base Rent PSF	Lease Expiration
Cine Magic	NR/NR/NR	106,440	100.0%	$2,630,262	100.0%	$24.71	8/31/2022(3)
Total/Wtd. Avg.		106,440	100.0%	$2,630,262	100.0%	$24.71

(1) Information is based on the underwritten rent roll.

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

(3) Under one of the two leases (104,760 SF), Cine Magic has one one-year renewal option and, if not revoked by the borrower, six six-month renewal options thereafter.

The following table presents certain information relating to the lease rollover schedule at the 10 Java Street Property:

Lease Rollover Schedule(1)(2)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling	Total UW Base Rent Rolling	Approx. % of Total Rent Rolling	Approx. Cumulative % of Total Rent Rolling
MTM	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2017	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2018	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2019	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2020	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2021	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2022(3)	2	106,440	100.0%	100.0%	$24.71	$2,630,262	100.0%	100.0%
2023	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
2024	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
2025	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
2026	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
2027	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
2028 & Beyond	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
Vacant	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	2	106,440	100.0%		$24.71	$2,630,262	100.0%

(1) Information is based on the underwritten rent roll.

(2) Cine Magic may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the lease rollover schedule.

(3) The 10 Java Street Mortgage Loan is structured with a cash flow sweep related to Cine Magic’s lease expiration. See “Cine Magic Cash Trap Period” under “Lockbox and Cash Management” below.

The Market. The 10 Java Street Property is located in the Greenpoint neighborhood of Brooklyn, New York. Greenpoint is bordered by Long Island City to the north, Bushwick to the east, Williamsburg to the south and the East River and Manhattan to the west.

The waterfront along Greenpoint has experienced the redevelopment of certain properties that were originally improved with warehouses, storage yards and light industrial facilities into multifamily properties, among other things. According to the appraisal, the best use of the 10 Java Street Property would be to redevelop the land as a multifamily property after the leases with Cine Magic expire.

Following a rezoning of Greenpoint-Williamsburg in 2005, the 10 Java Street Property zoning changed to R8 and R6, which allow for medium- and high-density residential development. The R6 zone is a medium density zone that may be utilized to develop mid-rise buildings that generally limited in height by up to 13 stories. The R8 zone allows for multifamily developments of up to 33 stories. Furthermore, the 10 Java Street Property is located within the Waterfront Inclusionary Program Area, which allows for an additional 7 stories (up to 40 stories) in the R8 zone if the 10 Java Street Property is re-developed with an affordable housing component.

Given the location along the East River with nearby public transportation and substantial demand being seen for multifamily product in the Greenpoint neighborhood, the appraiser concluded that the 10 Java Street Property’s best use would be to redevelop this land as a multifamily property upon the

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 91

8-48 Java Street and 11-33 Kent Street Brooklyn, NY 11222 Collateral Asset Summary – Loan No. 8 10 Java Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $33,000,000 26.6% 1.59x 7.0%

lease expiration of Cine Magic. The 10 Java Street Property includes approximately 200 SF of waterfront with views of midtown and downtown Manhattan, and the East River ferry service has a docking station that is one block north of the 10 Java Street Property.

The 2016 population within a one-mile radius of the 10 Java Street Property is 86,510 residents, which represents a nearly 18.7% growth rate from 2010. Additionally, the median household income within a one-mile radius was $79,979. As of the first quarter of 2017, the Brooklyn multifamily submarket reported a vacancy rate of 3.0% with an average rent of $2,789 per unit.

The 10 Java Street Property is located in the North Brooklyn Industrial submarket. As of the second quarter 2017, the submarket had an inventory of approximately 66.0 million SF with an average vacancy rate of 2.8% and average asking rent of $21.86 PSF.

The appraiser identified six comparable leases and adjusted the rates for each lease to account for inferior/superior aspects regarding location and building quality. The appraisal concluded a market rent of $25.00 PSF, which is greater than Cine Magic’s current in-place rent of $24.71 PSF.

Industrial Lease Comparable(1)
Property Name	Location	Net Rentable Area (SF)	Tenant Name	Lease Size (SF)	Lease Date	Rent PSF	Adjusted Rent PSF
10 Java Street Property	Brooklyn, NY	106,440(2)	Cine Magic(2)	106,440(2)	5/1/2012(2)	$24.71(2)	$24.71(2)
505-525 Morgan	Brooklyn, NY	35,000	Listing	35,000	NAP	$35.00	$29.93
269 Randolph	Brooklyn, NY	27,500	White Glove	27,500	10/1/2016	$24.00	$23.26
126 Scott Ave	Brooklyn, NY	77,000	Confidential	15,500	1/1/2016	$17.00	$23.21
600-610 Degraw	Brooklyn, NY	27,000	Brooklyn Fencing	11,000	9/1/2014	$30.00	$26.16
190 Morgan	Brooklyn, NY	14,875	J.B.S. Service	10,000	NAV	$25.20	$25.20
29 Wythe	Brooklyn, NY	21,000	NAV	3,400	1/1/2017	$24.00	$23.26

(1) Information is based on the appraisal.

(2) Information is based on the underwritten rent roll.

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 10 Java Street Property:

Cash Flow Analysis
	2014	2015	2016	7/31/2017 TTM	UW	UW PSF
Gross Potential Rent(1)	$2,436,286	$2,339,245	$2,507,022	$2,544,171	$2,630,262	$24.71
Total Recoveries	$0	$100,000	$100,067	$0	$410,110	$3.85
Less Vacancy & Credit Loss(2)	$0	$0	$0	$0	($89,709)	($0.84)
Effective Gross Income	$2,436,286	$2,439,245	$2,607,089	$2,544,171	$2,950,664	$27.72
Total Operating Expenses	$414,072	$403,399	$608,532	$456,134	$639,793	$6.01
Net Operating Income	$2,022,214	$2,035,846	$1,998,557	$2,088,038	$2,310,870	$21.71
Capital Expenditures	$0	$0	$0	$0	$10,644	$0.10
TI/LC	$0	$0	$0	$0	$0	$3.40
Net Cash Flow	$2,022,214	$2,035,846	$1,998,557	$2,088,038	$2,300,226	$21.61
Occupancy %	100.0%	100.0%	100.0%	100.0%	97.0%
NOI DSCR	1.39x	1.40x	1.38x	1.44x	1.59x
NCF DSCR	1.39x	1.40x	1.38x	1.44x	1.59x
NOI Debt Yield	6.1%	6.2%	6.1%	6.3%	7.0%
NCF Debt Yield	6.1%	6.2%	6.1%	6.3%	7.0%

(1) UW Gross Potential Rent is underwritten based on the underwritten rent roll and includes $76,610 of rent steps through May 2018.

(2) UW Vacancy is underwritten to 3.0%. The Greenpoint submarket vacancy rate is 2.8%. As of the underwritten rent roll dated November 1, 2017, the 10 Java Street Property is 100.0% occupied.

Escrows and Reserves. At origination, the 10 Java Street Borrower deposited $35,000 upfront in escrow for building violations (related to various violations the 10 Java Street Borrower is in the process of curing and $8,875 upfront in escrow for immediate repairs). The 10 Java Street Borrower is required to deposit monthly escrows of $887 for replacement reserves, subject to a cap of $21,281. In the event that an event of default is occurring or a Cash Trap Period (as defined below) is in effect, the 10 Java Street Borrower is required to deposit monthly escrows of (i) 1/12 of the amount necessary to pay real estate taxes over the succeeding 12-month period, provided that if the 10 Java Street Borrower provides the lender with acceptable evidence that the 10 Java Street Borrower has timely paid real estate taxes and there is no event of default or Cash Trap Period (as defined below), monthly escrows are not required and (ii) 1/12 of the amount necessary to pay insurance premiums over the succeeding 12-month period, provided that if the 10 Java Street Property is insured under an acceptable blanket insurance policy, monthly escrows are not required, provided the 10 Java Street Borrower delivers acceptable evidence to the lender that such blanket policy is in effect and there is no event of default or Cash Trap Period.

Lockbox and Cash Management. The 10 Java Street Mortgage Loan is structured with a hard lockbox and springing cash management. In-place cash management and a full excess cash flow sweep will be required during the continuation of a Cash Trap Period.

A “Cash Trap Period” will commence upon the occurrence of (i) an event of default under the 10 Java Street Mortgage Loan, (ii) the filing of a bankruptcy or insolvency proceeding by or against the 10 Java Street Borrower, guarantor or property manager, (iii) a Cine Magic Cash Trap Period (as defined below)

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 92

8-48 Java Street and 11-33 Kent Street Brooklyn, NY 11222 Collateral Asset Summary – Loan No. 8 10 Java Street Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $33,000,000 26.6% 1.59x 7.0%

or (iv) the failure by the 10 Java Street Borrower, after the end of one calendar quarter, to maintain a debt service coverage ratio of at least 1.30x. A Cash Trap Period will terminate upon (i) the lender giving notice to the 10 Java Street Borrower and clearing bank that the Cash Trap Period has ended and, with regard to clause (i) above, the event of default being cured and no other event of default continuing, with regard to clause (ii) above, with respect to a bankruptcy action by or against property manager only, the 10 Java Street Borrower replacing the manager with a qualified manager under an acceptable replacement management agreement, with regard to clause (iii) above, such Cine Magic Cash Trap Period having terminated and no other Cash Trap Period then existing, or with regard to clause (iv) above, the debt service coverage ratio being at least 1.35x for two consecutive calendar quarters and no other Cash Trap Period then being in effect or event that would trigger another Cash Trap Period has occurred.

A “Cine Magic Cash Trap Period” will commence on the earliest to occur of (i) twelve months prior to the then current expiration date of the Cine Magic leases, (ii) the date by which Cine Magic is required to exercise its next occurring renewal option under the applicable terms of the related Cine Magic lease, (iii) the date that Cine Magic becomes a debtor in any bankruptcy or insolvency proceeding, (iv) the date that Cine Magic vacates, surrenders or “goes dark” at the 10 Java Street Property, (v) the date upon which Cine Magic terminates the Cine Magic leases or delivers written notice or otherwise indicates its intention to terminate the Cine Magic leases or (vi) the date that Cine Magic causes a monetary or material non-monetary default under the Cine Magic leases.

Additional Secured Indebtedness. Not permitted.

Mezzanine Loan and Preferred Equity. Not permitted.

Release of Property. Not permitted.

Terrorism Insurance. The 10 Java Street Mortgage Loan documents require “all risk” insurance / umbrella coverage in an amount equal to 100% of the full replacement cost and a commercial general liability insurance policy with a limit of not less than $8,000,000 in the aggregate. Terrorism coverage is required, which may be included in the property insurance policy or a stand-alone policy covering terrorist acts.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 93

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 94

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 95

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		UBS AG			Single Asset/Portfolio:	Portfolio
Credit Assessment (Fitch/KBRA/Moody’s):		BBB/BBB/[]			Location:	New York, NY 10028
					General Property Type:	Multifamily
Original Balance(1):		$25,000,000			Detailed Property Type:	High Rise
Cut-off Date Balance(1):		$25,000,000			Title Vesting:	Fee
% of Initial Pool Balance:		3.6%			Year Built/Renovated:	Various/2014-2017
Loan Purpose:		Refinance			Size:	827 Units
Borrower Sponsors:		The Chetrit Group LLC; Stellar Management LLC			Cut-off Date Balance per Unit(1):	$241,838
Mortgage Rate:		2.7400%			Maturity Date Balance per Unit(1):	$241,838
Note Date:		10/3/2017			Property Manager:	Jumeaux Management LLC (borrower-related)
First Payment Date:		11/6/2017
Maturity Date:		10/6/2022
Original Term to Maturity:		60 months
Original Amortization Term:		0 months
IO Period:		60 months
Seasoning:		1 month
Prepayment Provisions(2):		LO (25); DEF (28); O (7)			Underwriting and Financial Information
Lockbox/Cash Mgmt Status:		Soft/Springing			UW NOI(6):	$23,948,124
Additional Debt Type(3):		Pari Passu/Subordinate Debt/Mezzanine			UW NOI Debt Yield(1):	12.0%
Additional Debt Balance(3):		$175,000,000/$200,000,000/$150,000,000			UW NOI Debt Yield at Maturity(1):	12.0%
Future Debt Permitted (Type):		No (N/A)			UW NCF DSCR(1):	4.28x
Reserves(4)					Most Recent NOI(6):	$12,322,089 (6/30/2017 TTM)
Type	Initial		Monthly	Cap	2nd Most Recent NOI:	$9,556,571 (12/31/2016)
RE Tax:	$2,724,408		$681,102	N/A	3rd Most Recent NOI:	$10,053,207 (12/31/2015)
Insurance:	$89,787		$29,929	N/A	Most Recent Occupancy:	92.0% (9/24/2017)
Replacements:	$0		$11,369	(3)	2nd Most Recent Occupancy:	78.7% (12/31/2016)
TI/LC:	$0		$12,640	N/A	3rd Most Recent Occupancy:	67.0% (12/31/2015)
Debt Service Shortfall:	$2,000,000		$0	N/A	Appraised Value (as of)(7):	$890,000,000 (8/15/2017)
Renovation/Tenant Buyout:	$3,500,000		$0	N/A	Cut-off Date LTV Ratio(1)(7):	22.5%
Holdback Reserve Funds(5):	$4,102,064		$0	N/A	Maturity Date LTV Ratio(1)(7):	22.5%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$400,000,000	72.7%	Loan Payoff:	$394,073,271	71.6%
Mezzanine Loans(1):	$150,000,000	27.3%	Reserves:	$12,416,259	2.3%
			Closing Costs:	$19,423,650	3.5%
			Return of Equity:	$124,086,820	22.6%
Total Sources:	$550,000,000	100.0%	Total Uses:	$550,000,000	100.0%

(1) The Yorkshire & Lexington Towers Mortgage Loan (as defined below) is part of the Yorkshire & Lexington Towers Whole Loan (as defined below), which is comprised of nine pari passu promissory notes with an aggregate original principal balance of $200,000,000 and one subordinate promissory note with an original principal balance of $200,000,000. The Yorkshire & Lexington Towers Whole Loan is accompanied by the Yorkshire & Lexington Towers Mezzanine Loans (as defined below) with an aggregate original principal balance of $150,000,000. The Cut-off Date Balance per Unit, Maturity Date Balance per Unit, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Yorkshire & Lexington Towers Senior Loan (as defined below), without regard to the Yorkshire & Lexington Towers Subordinate Companion Loan (as defined below). The Cut-off Date Balance per Unit, Maturity Date Balance per Unit, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV based on the Yorkshire & Lexington Towers Whole Loan is $483,676, $483,676, 6.0%, 6.0%, 1.68x, 44.9% and 44.9%, respectively. The Cut-off Date Balance per Unit, Maturity Date Balance per Unit, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV based on the Yorkshire & Lexington Towers Whole Loan and the Yorkshire & Lexington Towers Mezzanine Loans are $665,054, $665,054, 4.4%, 4.4%, 1.04x, 61.8% and 61.8%, respectively.

(2) Prior to the open prepayment date of April 6, 2027, the Yorkshire & Lexington Towers Whole Loan can be prepaid with (i) defeasance after the earlier to occur of (a) November 6, 2021 and (b) the first monthly payment date following the end of the two-year period commencing on the closing date of the securitization of the last Yorkshire & Lexington Towers Whole Loan promissory note.

(3) See “The Mortgage Loan”, “Additional Secured Indebtedness (not including trade debts)” and “Mezzanine Loan and Preferred Equity” below for further discussion of additional debt.

(4) See “Escrows and Reserves” below for further discussion of reserve requirements.

(5) Represents amount deposited upfront at origination. As of October 24, 2017, one disbursement in the amount of $1,540,192 was made to the Yorkshire & Lexington Towers Borrower (as defined below) from the holdback reserve funds account.

(6) The increase in NOI is driven by a combination of higher occupancy levels and higher rental rates due to the conversion of rent stabilized units into free market units, unit renovations, and improved property amenities. UW NOI is underwritten to the occupancy as of the September 24, 2017 rent roll of 92.0%, compared to occupancy of 83.6% as of June 30, 2017. See “Cash Flow Analysis” table below for further discussion of the Yorkshire & Lexington Towers Properties’ (as defined below) operating performance. See “Risk Factors—Risks Relating to the Mortgage Loans—Multifamily Properties Have Special Risks” in the Preliminary Prospectus.

(7) The Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate “as-is” appraised value of the Yorkshire & Lexington Towers Properties of $890.0 million, as of August 15, 2017. The appraisal concluded an aggregate “as stabilized” appraised value, which assumes that the borrower sponsors’ investments related to tenant buyout costs, recapture and renovation of rent regulated units, leasing costs, and in-unit renovations of market rate and rent regulated units have been completed, of $1.03 billion as of September 1, 2020. Based on the aggregate “as stabilized” appraised value and the Yorkshire & Lexington Towers Senior Loan, the Cut-off Date LTV Ratio and Maturity Date LTV Ratio are 19.4% and 19.4%, respectively. Based on the aggregate “as stabilized” appraised value and the Yorkshire & Lexington Towers Whole Loan, the Cut-off Date LTV Ratio and Maturity Date LTV Ratio are 38.8% and 38.8%, respectively. Based on the aggregate “as stabilized” appraised value and the Yorkshire & Lexington Towers Whole Loan and Yorkshire & Lexington Towers Mezzanine Loans, the Cut-off Date LTV Ratio and Maturity Date LTV Ratio are 53.4% and 53.4%, respectively.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 96

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

The Mortgage Loan. The ninth largest mortgage loan (the “Yorkshire & Lexington Towers Mortgage Loan”) is part of a whole loan (the “Yorkshire & Lexington Towers Whole Loan”) evidenced by nine pari passu promissory notes with an aggregate original principal balance of $200,000,000 (collectively, the “Yorkshire & Lexington Towers Senior Loan”) and by one subordinate companion note with an original principal balance of $200,000,000 (the “Yorkshire & Lexington Towers Subordinate Companion Loan”). The Yorkshire & Lexington Towers Whole Loan is secured by a first priority mortgage encumbering the borrowers’ fee interest in a two-property, 827-unit high rise multifamily portfolio located at 305 East 86th Street (the “Yorkshire Towers Property”) and 160 East 88th Street (the “Lexington Towers Property”) in New York, New York (collectively, the “Yorkshire & Lexington Towers Properties”). The Yorkshire & Lexington Towers Whole Loan was co-originated by UBS AG, by and through its branch office of 1285 Avenue of the Americas, New York, New York (“UBS AG”) and Natixis Real Estate Capital LLC (“Natixis”). Promissory Notes A-6 and A-8-1, with an aggregate original principal balance of $25,000,000, represent the Yorkshire & Lexington Towers Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Notes A-1, A-2 and A-3, with an aggregate original principal balance of $80,000,000, are currently held by Natixis, or an affiliate thereof, and are expected to be contributed to one or more future securitization transactions or may be otherwise transferred at any time. Promissory Note A-4, with an original principal balance of $40,000,000, is expected to be contributed to the UBS 2017-C5 Trust. Promissory Notes A-5, A-7 and A-8-2, with an aggregate original principal balance of $55,000,000, are currently held by UBS AG, or an affiliate thereof, and are expected to be contributed to one or more future securitization transactions or may be otherwise transferred at any time. The Yorkshire & Lexington Towers Subordinate Companion Loan is held by Natixis, but may be otherwise transferred at any time. The lenders provide no assurances that any of the non-securitized notes will not be split further. The Yorkshire & Lexington Towers Whole Loan will initially be serviced pursuant to the pooling and servicing agreement for the UBS 2017-C5 Trust, and from and after the securitization of Promissory Note A-1, will be serviced pursuant to the pooling and servicing agreement of such securitization trust. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Yorkshire & Lexington Towers Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$40,000,000	$40,000,000	CSAIL 2017-CX10(1)	No
Note A-2	$20,000,000	$20,000,000	CSAIL 2017-CX10(1)	No
Note A-3	$20,000,000	$20,000,000	Natixis	No
Note A-4	$40,000,000	$40,000,000	UBS 2017-C5(2)	No
Note A-5	$40,000,000	$40,000,000	UBS AG	No
Note A-6	$20,000,000	$20,000,000	CCUBS 2017-C1	No
Note A-7	$10,000,000	$10,000,000	UBS AG	No
Note A-8-1	$5,000,000	$5,000,000	CCUBS 2017-C1	No
Note A-8-2	$5,000,000	$5,000,000	UBS AG	No
Yorkshire & Lexington Towers Subordinate Companion Loan	$200,000,000	$200,000,000	Natixis	Yes
Total	$400,000,000	$400,000,000

(1) Promissory Note A-1 and Note A-2 and expected to be contributed to the CSAIL 2017-CX10 Trust.

(2) Promissory Note A-4 is expected to be contributed to the UBS 2017-C5 Trust.

The proceeds of the Yorkshire & Lexington Towers Whole Loan, together with two mezzanine loans with an aggregate original principal balance of $150,000,000 (collectively, the “Yorkshire & Lexington Towers Mezzanine Loans”), were used to refinance the Yorkshire & Lexington Towers Properties, fund reserves, pay closing costs, and return equity to the borrower sponsors.

(1) Cumulative Basis Per Unit is calculated based on 827 units.

(2) Based on the aggregate “as-is” appraised value of $890.0 million ($1,076,179 per unit), as of August 15, 2017.

(3) Based on the UW NOI of $23,948,124.

(4) Based on UW NCF of $23,764,985 and the coupon of 2.74000% on the Yorkshire & Lexington Towers Senior Loan, 4.25000% on the Yorkshire & Lexington Towers Subordinate Companion Loan, 5.45215% on the Yorkshire & Lexington Towers Mezzanine A Loan and 6.50000% on the Yorkshire & Lexington Towers Mezzanine B Loan.

(5) Implied Equity is based on the “as-is” appraised value of $890.0 million, less total debt of $550.0 million.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 97

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

The Borrowers and the Borrower Sponsors. The borrowers are CF E 88 LLC, SM E 88 LLC, CF E 86 LLC, SM E 86 LLC and LSG E 86 LLC (collectively, the “Yorkshire & Lexington Towers Borrower”), five tenants-in-common, each a single-purpose Delaware limited liability company structured to be bankruptcy remote with two independent directors. The nonrecourse carve-out guarantors of the Yorkshire & Lexington Towers Whole Loan are Jacob Chetrit and Laurence Gluck (collectively, the “Yorkshire & Lexington Towers Guarantors”). Jacob Chetrit has been involved in a prior deed in lieu of foreclosure and Laurence Gluck is currently subject to litigation, as described under “Description of the Mortgage Pool—Default History, Bankruptcy Issues and Other Proceedings” and “Description of the Mortgage Pool—Litigation and Other Considerations” in the Preliminary Prospectus, respectively.

Jacob Chetrit is a principal of the Chetrit Group LLC, a real estate development firm based in New York City with over 30 years of experience in real estate acquisition and development. Some of Chetrit Group’s projects include the purchase, repositioning and sale of the 100-story Sears Tower, the multifamily and retail development of Columbus Square, the 91-unit condominium and retail development of 135 West 52nd Street, and the 420-key Empire Hotel. Laurence Gluck is the founder of Stellar Management, a real estate development and management firm founded in 1985. Based in New York City, Stellar Management owns and manages a portfolio of over 12,000 apartments in 100 buildings located across New York City and Miami and over two million SF of office space. Prior to founding Stellar Management, Laurence Gluck served as a real estate attorney at Proskauer, Rose, Goetz & Mendellsohn and later as a partner at Dreyer & Traub. Laurence Gluck is also a member of the Board of Governors of the Real Estate Board of New York. The borrower sponsors of the Yorkshire & Lexington Towers Whole Loan are The Chetrit Group LLC and Stellar Management LLC (individually and collectively, the “Yorkshire & Lexington Towers Borrower Sponsors”).

The Properties. The following table represents each property comprising the Yorkshire & Lexington Towers Properties by descending Allocated Cut-off Date Loan Amount:

Yorkshire & Lexington Towers Properties Summary
Property Name	Allocated Cut-off Date Loan Amount(1)	% of Allocated Cut-off Date Loan Amount	Year Built/ Renovated	No. of Units(2)	No. of Free Market Units(2)	No. of Rent Stabilized Units(2)	Avg. Unit Size (SF)(2)	Occupancy(2)	Appraised Value(3)	Allocated Cut-off Date LTV Ratio(1)
Yorkshire Towers	$167,400,000	83.7%	1964/2014-2017	690	448	242	895	93.0%	$745,000,000	22.5%
Lexington Towers	$32,600,000	16.3%	1963/2014-2017	137	65	72	841	86.9%	$145,000,000	22.5%
Total/Wtd. Avg.	$200,000,000	100.0%		827	513	314	886	92.0%	$890,000,000	22.5%

(1) Based on the Yorkshire & Lexington Towers Senior Loan amount.

(2) Information is based on the underwritten rent roll.

(3) Based on the aggregate “as-is” appraised value of $890.0 million ($1,076,179 per unit), as of August 15, 2017.

Yorkshire Towers Property. The Yorkshire Towers Property is a 21-story apartment building situated on the northeast corner of East 86th Street and Second Avenue within the Upper East Side of Manhattan totaling 674,399 net rentable SF, which is comprised of 690 residential units including five employee/management units (617,810 SF, 91.6% of property NRA), five commercial units (23,589 SF, 3.5% of property NRA) and a 168-space parking garage (33,000 SF, 4.9% of property NRA) leased to a local parking operator. Situated on a 1.45-acre site, the Yorkshire Towers Property was constructed in 1964 and recently renovated from 2014 to 2017. The five commercial units include a CVS (19,813 SF), two doctor’s offices (2,399 SF), a dry cleaners (762 SF) and a vacant unit (615 SF). The Yorkshire Towers Property residential unit mix includes 96 studios, 328 one-bedroom units, 208 two-bedroom units, 57 three-bedroom units, and one four-bedroom unit, with an average unit size of 895 SF. There are 448 free market units (64.9% of residential units) totaling 392,652 SF, or 876 SF per unit, and 242 rent stabilized units (35.1% of residential units) totaling 225,158 SF, or 930 SF per unit. See “Risk Factors—Risks Relating to the Mortgage Loans—Multifamily Properties Have Special Risks” in the Preliminary Prospectus. According to the underwritten rent roll dated September 24, 2017, the rent stabilized units and free market units are 100.0% and 89.3% occupied, respectively.

The Yorkshire Towers Property features laundry facilities on each floor, which are managed by a third party laundry operator pursuant to a lease, a health club including a fitness center, heated indoor swimming pool, men’s and women’s locker rooms with saunas and indoor children’s playroom, storage units, resident lounge, outdoor landscaped terrace, security cameras throughout, valet service, on-site surface parking, and 24/7 doorman. All units feature nearly 9-foot ceiling heights, and full kitchen appliances, and many units include a private balcony. Renovated units feature hardwood flooring in a herringbone pattern, marble countertop kitchens, Bosch stainless steel appliances including a refrigerator, dishwasher, microwave, gas-fired stove and oven, California style closets, and Bosch washer and dryer.

Prior ownership completed approximately $14.3 million ($20,761 per unit) in renovations at the Yorkshire Towers Property, which included installation of new cooling towers, electrical updates, local law 11 repairs, and the conversion of the boilers to a dual-fired system. Between 2014 and 2017, the Yorkshire & Lexington Towers Borrower Sponsors invested approximately $16.4 million ($23,806 per unit) towards capital improvements at the Yorkshire Towers Property, for a cumulative total of approximately $30.7 million ($44,567 per unit). Improvements included renovations to the hallways, lobby, interior and exterior common areas, retail space, gym and pool, updating the main entrance, installing new elevator cabs, and completing numerous apartment renovations. A total of 63 rent stabilized units have been recaptured and renovated over the past 35 months, which equates to approximately 23 units per annum. The upgrades have averaged approximately $75,000 per unit.

Lexington Towers Property. The Lexington Towers Property is a 15-story apartment building situated on the southeast corner of East 88th Street and Lexington Avenue within the Upper East Side of Manhattan totaling 132,938 net rentable SF, which is comprised of 137 residential units including one employee unit (115,188 SF, 86.6% of property NRA), seven commercial units (8,864 SF, 6.7% of property NRA) and a 36-space parking garage (8,886 SF, 6.7% of property NRA) leased to a local parking operator. Situated on a 0.31-acre site, the Lexington Towers Property was constructed in 1963 and renovated from 2014 to 2017. The seven commercial units include a Le Pain Quotidien (2,714 SF), a doctor’s office (1,320 SF), a nail salon and spa (1,220 SF), a clothing store (913 SF) and three vacant units (2,697 SF). The Lexington Towers Property residential unit mix includes 43 studios, 70 one-bedroom units, 16 two-bedroom units, seven three-bedroom units, and one four-bedroom unit, with an average unit size of 841 SF. There are 65 free market units (47.4% of residential units) totaling 54,948 SF, or 845 SF per unit, and 72 rent stabilized units (52.6% of residential units) totaling 60,240 SF, or 837 SF per unit. See “Risk Factors—Risks Relating to the Mortgage Loans—Multifamily Properties Have Special Risks” in the Preliminary Prospectus. According to the underwritten rent roll dated September 24, 2017, the rent stabilized units and free market units are 100.0% and 72.3% occupied, respectively.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 98

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

The Lexington Towers Property features laundry facilities on each floor, which are managed by a third party laundry operator pursuant to a lease, a newly renovated fitness center, security cameras throughout, on-site surface parking, and 24/7 doorman. All units feature hardwood floors, nearly 9-foot ceiling heights, and full kitchen appliances, and many units include a private balcony. Renovated units feature hardwood flooring in a herringbone pattern, granite countertop kitchens, stainless steel appliances including a refrigerator, dishwasher, microwave, gas-fired stove and oven, California style closets, and Bosch washer and dryer.

The prior owners completed approximately $2.9 million ($21,081 per unit) in renovations at the Lexington Towers Property, which included boiler and chiller replacement, local law 11 repairs, installation of security cameras, electrical upgrades, condensate pipe relining, and modernization of the elevators. Between 2014 and 2017, the Yorkshire & Lexington Towers Borrower Sponsors invested approximately $3.3 million ($24,323 per unit) towards capital improvements at the Lexington Towers Property, for a cumulative total of approximately $6.2 million ($45,404 per unit). Improvements included renovations to the hallways, lobby, interior and exterior common areas, a newly constructed fitness center, updating the main entrance, and completing apartment renovations. A total of six rent stabilized units have been recaptured and renovated over the past 35 months, which equates to approximately two units per annum. The upgrades have averaged approximately $75,000 per unit.

Going forward, the Yorkshire & Lexington Towers Borrower Sponsors have indicated that they intend to reconfigure unit layouts at the Yorkshire & Lexington Towers Properties into more efficient floorplans, modernize dated units through renovation as they become available, and convert rent stabilized units to free market units. At loan origination, $3.5 million was reserved for a portion of renovations and tenant buyouts. Additionally, a debt service reserve was collected at loan origination in the amount of $2.0 million that will be available to be used solely for renovations and tenant buyouts if the Yorkshire & Lexington Towers Properties achieves a debt service coverage ratio (in the aggregate taking into account both the Yorkshire & Lexington Towers Whole Loan and the Yorkshire & Lexington Towers Mezzanine Loans) based on the trailing twelve-month period of 1.10x.

The tables below show the apartment mix at the Yorkshire & Lexington Towers Properties:

Yorkshire & Lexington Towers Properties Unit Mix Summary(1)
Unit Type	No. of Units	% of Total Units	Avg. Unit Size (SF)	Occupancy (%)	No. of Rent Stabilized Units	Rent Stabilized Unit Occupancy (%)	Avg. In Place Monthly Rent Per Rent Stabilized Unit	No. of Free Market Units	Free Market Unit Occupancy (%)	Avg. In Place Monthly Rent Per Free Market Unit	Avg. Monthly Market Rent Per Unit(2)
Studio	139	16.8%	571	93.5%	55	100.0%	$1,750	84	89.3%	$2,903	$3,468
1 BR / 1 BA	389	47.0%	786	93.6%	161	100.0%	$1,858	228	89.0%	$3,897	$4,775
1 BR / 1.5 BA	9	1.1%	1,035	66.7%	4	100.0%	$2,358	5	40.0%	$4,825	$6,291
2 BR / 1 BA	3	0.4%	878	100.0%	0	NAP	NAP	3	100.0%	$4,417	$5,333
2 BR / 1.5 BA	4	0.5%	905	100.0%	1	100.0%	$2,687	3	100.0%	$5,133	$5,500
2 BR / 2 BA	216	26.1%	1,120	92.6%	84	100.0%	$2,367	132	87.9%	$5,072	$6,808
2 BR / 2.5 BA	1	0.1%	1,266	100.0%	0	NAP	NAP	1	100.0%	$8,000	$7,692
3 BR / 2 BA	59	7.1%	1,344	79.7%	9	100.0%	$3,089	50	76.0%	$7,580	$8,165
3 BR / 2.5 BA	1	0.1%	1,322	0.0%	0	NAP	NAP	1	0.0%	NAP	$8,033
3 BR / 3 BA	3	0.4%	1,216	100.0%	0	NAP	NAP	3	100.0%	$7,633	$7,387
3 BR / 3.5 BA	1	0.1%	1,237	100.0%	0	NAP	NAP	1	100.0%	$7,495	$7,516
4 BR / 3 BA	1	0.1%	1,725	100.0%	0	NAP	NAP	1	100.0%	$10,300	$10,481
4 BR / 3.5 BA	1	0.1%	1,908	100.0%	0	NAP	NAP	1	100.0%	$14,000	$11,593
Total/Wtd. Avg.	827	100.0%	886	92.0%	314	100.0%	$2,020	513	87.1%	$4,443	$5,386

(1) Information is based on the underwritten rent roll.

(2) Avg. Monthly Market Rent Per Unit is based on the appraisal.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 99

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

Yorkshire Towers Property Unit Mix Summary(1)
Unit Type	No. of Units	% of Total Units	Avg. Unit Size (SF)	Occupancy (%)	No. of Rent Stabilized Units	Rent Stabilized Unit Occupancy (%)	Avg. In Place Monthly Rent Per Rent Stabilized Unit	No. of Free Market Units	Free Market Unit Occupancy (%)	Avg. In Place Monthly Rent Per Free Market Unit	Avg. Monthly Market Rent Per Unit(2)
Studio	96	11.6%	546	97.9%	31	100.0%	$1,699	65	96.9%	$2,862	$3,299
1 BR / 1 BA	328	39.7%	785	94.5%	129	100.0%	$1,860	199	91.0%	$3,889	$4,744
2 BR / 1 BA	3	0.4%	878	100.0%	0	NAP	NAP	3	100.0%	$4,417	$5,303
2 BR / 1.5 BA	1	0.1%	815	100.0%	0	NAP	NAP	1	100.0%	$4,250	$4,924
2 BR / 2 BA	203	24.5%	1,112	92.6%	75	100.0%	$2,381	128	88.3%	$5,101	$6,716
2 BR / 2.5 BA	1	0.1%	1,266	100.0%	0	NAP	NAP	1	100.0%	$8,000	$7,649
3 BR / 2 BA	53	6.4%	1,337	77.4%	7	100.0%	$2,915	46	73.9%	$7,362	$8,077
3 BR / 2.5 BA	1	0.1%	1,322	0.0%	0	NAP	NAP	1	0.0%	NAP	$7,987
3 BR / 3 BA	2	0.2%	1,168	100.0%	0	NAP	NAP	2	100.0%	$7,200	$7,057
3 BR / 3.5 BA	1	0.1%	1,237	100.0%	0	NAP	NAP	1	100.0%	$7,495	$7,474
4 BR / 3 BA	1	0.1%	1,725	100.0%	0	NAP	NAP	1	100.0%	$10,300	$10,422
Total/Wtd. Avg.	690	83.4%	895	93.0%	242	100.0%	$2,031	448	89.3%	$4,422	$5,410

(1) Information is based on the underwritten rent roll.

(2) Avg. Monthly Market Rent Per Unit is based on the appraisal.

Lexington Towers Property Unit Mix Summary(1)
Unit Type	No. of Units	% of Total Units	Avg. Unit Size (SF)	Occupancy (%)	No. of Rent Stabilized Units	Rent Stabilized Unit Occupancy (%)	Avg. In Place Monthly Rent Per Rent Stabilized Unit	No. of Free Market Units	Free Market Unit Occupancy (%)	Avg. In Place Monthly Rent Per Free Market Unit	Avg. Monthly Market Rent Per Unit(2)
Studio	43	5.2%	626	83.7%	24	100.0%	$1,816	19	63.2%	$3,114	$3,913
1 BR / 1 BA	61	7.4%	789	88.5%	32	100.0%	$1,849	29	75.9%	$3,961	$4,932
1 BR / 1.5 BA	9	1.1%	1,035	66.7%	4	100.0%	$2,358	5	40.0%	$4,825	$6,471
2 BR / 1.5 BA	3	0.4%	935	100.0%	1	100.0%	$2,687	2	100.0%	$5,575	$5,846
2 BR / 2 BA	13	1.6%	1,258	92.3%	9	100.0%	$2,252	4	75.0%	$3,950	$7,862
3 BR / 2 BA	6	0.7%	1,405	100.0%	2	100.0%	$3,700	4	100.0%	$9,433	$8,781
3 BR / 3 BA	1	0.1%	1,311	100.0%	0	NAP	NAP	1	100.0%	$8,500	$8,194
4 BR / 3.5 BA	1	0.1%	1,908	100.0%	0	NAP	NAP	1	100.0%	$14,000	$11,925
Total/Wtd. Avg.	137	16.6%	841	86.9%	72	100.0%	$1,980	65	72.3%	$4,625	$5,255

(1) Information is based on the underwritten rent roll.

(2) Avg. Monthly Market Rent Per Unit is based on the appraisal.

The Market. The Yorkshire & Lexington Towers Properties are located in the Upper East Side neighborhood of New York, New York. The Upper East Side neighborhood is bordered by Central Park and the East River and stretches from 59th to 96th Streets and is home to some of New York’s oldest cultural institutions, including the Metropolitan Museum of Art, The Guggenheim Museum, The Museum of the City of New York, the Whitney Museum of American Art and the Frick Collection, as well as upscale retailers and Michelin-starred restaurants. The Yorkshire Towers Property and Lexington Towers Property are located approximately five blocks and three blocks away from Central Park, respectively, and three blocks and five blocks away from Carl Shurz Park, respectively. The Yorkshire & Lexington Towers Properties are within two blocks of Whole Foods and Fairway Market and are located near a variety of retail stores including Gap, Urban Outfitters, Banana Republic, LOFT, CVS, Duane Reade, Best Buy, Modell’s Sporting Goods, Petco, East 86^th Street Cinema and AMC Lowes Orpheum 7. Both private and public schools are located throughout the Upper East Side neighborhood, adding to the area’s attraction to families. In addition, the Upper East Side is home to several hospitals including Mount Sinai, Lenox Hill, Memorial Sloan-Kettering Cancer Center, Metropolitan, Gracie Square Hospital, Manhattan Eye, Ear and Throat, and Doctors Hospital.

The Yorkshire & Lexington Towers Properties are served by numerous transportation options via the 4, 5 and 6 subway lines as well as the Q subway line, New York City’s newest subway line extension along Second Avenue, with a station situated at East 86th Street on the corner of the Yorkshire Towers Property and approximately two blocks from the Lexington Towers Property, with connections to the F subway line at East 63rd Street. In addition, the M1, M2, M3 and M4 buses along East 86th Street, providing north/south service to upper and lower Manhattan, while the M72 and M79 buses provide crosstown service to the west side of Manhattan. Metro-North at Grand Central Terminal and the 125th Street Station connect the Upper East Side to locations outside of Manhattan. Additional access to the Yorkshire & Lexington Towers Properties is provided by Park Avenue (within three blocks to the west), a north/south thoroughfare that runs parallel to Madison Avenue to the west and Lexington Avenue to the east, and the Franklin D. Roosevelt East River Drive (within five blocks to the east), a freeway-standard parkway that begins north of the Battery Park Underpass at South and Broad Streets and runs along the entire length of the East River to the Triborough Bridge connecting with Harlem River Drive.

According to a third party market research report, the estimated 2017 population and average household income within a one-, three-, and five-mile radius of the Yorkshire Towers Property is 223,511, 1,227,080, and 2,936,240, respectively, and $168,900, $129,618, and $108,388, respectively. According to a third party market research report, the estimated 2017 population and average household income within a one-, three-, and five-mile radius of the Lexington Towers Property is 239,420, 1,234,297, and 2,884,223, respectively, and $165,737, $129,064, and $108,766, respectively.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 100

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

According to a third party market research report, as of the first quarter of 2017, the Manhattan rental market exhibited average rents of $2,328 for studios, $3,098 for one-bedrooms, $4,098 for two-bedrooms, and $5,261 for three-bedrooms. The market saw a vacancy rate of 1.92% as of the first quarter of 2017, compared to 2.06% as of the fourth quarter of 2016 and 1.77% as of the first quarter of 2016. According to a third party market research report, the Yorkshire & Lexington Towers Properties are located in the Upper East Side apartment submarket, which exhibited an effective rent of $4,247 per unit and a vacancy rate of 2.3%, as of the second quarter of 2017. There are 452 units scheduled to be delivered to the Upper East Side submarket over the next four years.

Comparable rental properties to the Yorkshire & Lexington Towers Properties are shown in the table below:

Yorkshire & Lexington Towers Properties Comparable Rentals Summary
Property Name/Location	Year Built/ Renovated	Occupancy (%)	Number of Units	Unit Type	Avg. Unit Size (SF)(1)	Avg. Monthly Rent per Unit(1)
Yorkshire Towers Property  305 East 86th Street  New York, NY	1964/2014-2017	93.0%(2)	690(2)	Studio One Bedroom Two Bedroom Three Bedroom Four Bedroom	546 781 1,025 1,275 1,725	$2,880 $3,975 $5,357 $7,414 $10,300
Lexington Towers Property  160 East 88th Street  New York, NY	1963/2014-2017	86.9%(2)	137(2)	Studio One Bedroom Two Bedroom Three Bedroom Four Bedroom	610 820 1,089 1,408 1,908	$3,321 $4,420 $5,199 $9,246 $14,000
Gracehouse  1571-1597 Second Avenue  New York, NY	1963/N/A	100.0%	177	Studio One Bedroom Two Bedroom Three Bedroom	500 650 1,000 1,159	$2,502 $2,802 $3,803 $5,505
The Wimbledon  200 East 82nd Street  New York, NY	1980/N/A	98.7%	231	Studio One Bedroom Two Bedroom Three Bedroom	480 799 985 1,742	$3,445 $4,982 $6,875 $12,143
Adams Tower  351-355 East 84th Street  New York, NY	1970/N/A	98.4%	184	One Bedroom Two Bedroom Three Bedroom	922 1,250 1,600	$4,227 $6,548 $8,971
Strathmore  400 East 84th Street  New York, NY	1996/N/A	96.6%	180	One Bedroom Two Bedroom Three Bedroom	740 1,207 1,658	$4,688 $7,926 $11,153
The Ventura  240 East 86th Street  New York, NY	1999/N/A	98.0%	246	Studio One Bedroom Two Bedroom Three Bedroom	534 723 1,044 1,293	$3,491 $4,602 $7,238 $8,645
Claridge House  201 East 87th Street  New York, NY	1975/N/A	97.8%	402	Studio One Bedroom Two Bedroom Three Bedroom	500 600 1,100 1,200	$3,035 $3,695 $5,751 $8,349
The Colorado  201 East 86th Street  New York, NY	1987/N/A	N/A	187	Studio One Bedroom Two Bedroom Three Bedroom	450 663 959 1,277	$2,696 $3,383 $6,493 $10,707

Source: Appraisal

(1) Avg. Unit Size (SF) and Avg. Monthly Rent per Unit for the Yorkshire & Lexington Towers Properties are based on the underwritten rent roll and only include the 448 free market units, exclusive of the 242 rent stabilized units for the Yorkshire Towers Property and 65 free market units, exclusive of the 72 rent stabilized units for the Lexington Towers Property.

(2) Information is based on the underwritten rent roll.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 101

Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical and forecasted operating performance and the Underwritten Net Cash Flow at the Yorkshire & Lexington Towers Properties:

Cash Flow Analysis
	2014(1)	2015	2016	6/30/2017 TTM	UW	Appraisal Stabilized Year 4(2)	Stabilized UW Year 4(3)	UW Per Unit
Gross Potential Rent(4)(5)	N/A	$18,619,740	$20,916,142	$23,920,451	$35,873,277	$44,649,193	$44,808,378	$43,378
Total Other Income(6)	N/A	$4,492,920	$3,013,861	$3,183,115	$7,284,878	$7,318,294	$7,239,421	$8,809
Less Vacancy & Concessions(7)	N/A	($180,604)	($1,647,218)	($1,639,254)	($5,074,133)	($1,705,390)	($1,344,251)	($6,136)
Effective Gross Income	N/A	$22,932,055	$22,282,785	$25,464,312	$38,084,023	$50,262,097	$50,703,547	$46,051
Total Operating Expenses	N/A	$12,878,848	$12,726,214	$13,142,223	$14,135,899	$16,235,888	$16,576,405	$17,093
Net Operating Income	N/A	$10,053,207	$9,556,571	$12,322,089	$23,948,124	$34,026,209	$34,127,142	$28,958
Capital Expenditures	N/A	$0	$0	$0	$183,139	$263,191	$183,139	$221
Net Cash Flow	N/A	$10,053,207	$9,556,571	$12,322,089	$23,764,985	$33,763,018	$33,944,003	$28,736
Occupancy %	N/A	67.0%	78.7%	83.6%	92.0%(5)	96.2%	97.0%
NOI DSCR(8)	N/A	1.81x	1.72x	2.22x	4.31x	6.12x	6.14x
NCF DSCR(8)	N/A	1.81x	1.72x	2.22x	4.28x	6.08x	6.11x
NOI Debt Yield(8)	N/A	5.0%	4.8%	6.2%	12.0%	17.0%	17.1%
NCF Debt Yield(8)	N/A	5.0%	4.8%	6.2%	11.9%	16.9%	17.0%

(1) The Yorkshire & Lexington Towers Properties were acquired in 2014. As such, historical information is not available.

(2) Appraisal Stabilized Year 4 information is based on the appraisal, forecasting operating performance for September 1, 2020 to September 1, 2021 under the following assumptions: annual rent growth rates of 1.5% for Years 1 and 2 and 3.0% for Years 3 and 4 for rent stabilized units, and 0.0% for Year 1 and 4.0% in Years 2 to 4 for free market units, stabilized occupancy rate of 97.0%, real estate tax expenses at 5.75% annually, and operating expenses growing at 3.5% annually.

(3) Stabilized UW Year 4 information is projected based on the following assumptions: annual rent growth rates of 1.5% for Years 1 and 2 and 3.0% for Years 3 and 4 for rent stabilized units, and 0.0% for Year 1 and 4.0% in Years 2 to 4 for free market units, rent-regulated units are converted to free market status at a rate of 10% per annum (32 units in the first year and 220 units over holding period), stabilized occupancy rate of 97.0%, rent regulated units are converted to free market status at a recapture rate of 10% per annum (25 units for Year 1 and 170 units over the holding period at the Yorkshire Towers Property and seven units for Year 1 and 50 units over the holding period at the Lexington Towers Property), real estate tax expenses growing at 5.75% annually at the Yorkshire Towers Property and 8.00% annually at the Lexington Towers Property, and operating expenses growing at 3.5% annually. See “Description of the Mortgage Pool—Litigation and Other Considerations” in the Preliminary Prospectus.

(4) Gross Potential Rent has been increasing due to higher asking rents for 69 rent regulated units that have been converted and renovated into free market units over the last 35 months ending August 2017 in combination with property-wide improvements, unit reconfigurations, and renovations of existing free market rents with new finishes.

(5) UW Gross Potential Rent is underwritten to the September 24, 2017 rent roll, which reflects physical occupancy of 92.0% and includes the gross up of vacant space based on the appraisal’s concluded market rents of $4,683,815 and credit loss of ($253,990). UW Gross Potential Rent excludes four management units and two employee units with assumed rental rates of $1 per month.

(6) Total Other Income includes contractual rent paid by the laundry operator of $234,000 at the Yorkshire & Lexington Towers Properties, contractual rent paid by six commercial tenants at the Yorkshire Towers Property of $5,278,134, contractual rent paid by six commercial tenants at the Lexington Towers Property of $1,127,432, eight storage leases at the Yorkshire Towers Property of $12,000, straight-line rent of $414,930 for CVS Pharmacy at the Yorkshire Towers Property and other non-rental income such as late fees, and pet fees. Total Other Rental Income was lower in 2015, 2016, and 6/30/2017 TTM primarily due to the CVS Pharmacy lease commencing May 2017 and A&P, a previous retail tenant, vacating in 2015.

(7) Vacancy & Concessions increased in 2016 over 2015 due to leasing incentives offered while the lobbies, hallways, roofs, and apartment units underwent renovation and construction.

(8) Debt service coverage ratios and debt yields are based on the Yorkshire & Lexington Towers Senior Loan.

Escrows and Reserves. The Yorkshire & Lexington Towers Borrower deposited $2,724,408 upfront in escrow for annual real estate taxes, $89,787 upfront in escrow for annual insurance premiums, $2,000,000 upfront for debt service, $3,500,000 upfront for unit renovations and tenant buyouts relating to renovations to residential units in connection with the deregulation of such units from rent regulatory laws and units not subject to rent regulation laws, and $4,102,064 upfront for the holdback reserve funds. The Yorkshire & Lexington Towers Borrower will be required to escrow monthly (a) 1/12 of the annual estimated tax payments, (b) 1/12 of the annual estimated insurance premiums, (c) 1/12 of $0.15 PSF of retail and garage space (excluding CVS so long as (i) no event of default exists under the Yorkshire & Lexington Towers Whole Loan, (ii) the CVS lease is in full force and effect and (iii) no default exists under the CVS lease beyond all applicable notice and cure periods) for commercial replacement reserves, (d) 1/12 of $250 per free market residential unit for residential replacement reserves subject to a cap calculated on a quarterly basis equal to the product of (x) $750 and (y) the number of free market residential units at the Yorkshire & Lexington Towers Properties at the time of calculation, and (e) $1.00 PSF of retail space (excluding garage space and CVS (with respect to CVS, so long as (i) no event of default exists under the Yorkshire & Lexington Towers Whole Loan, (ii) the CVS lease is in full force and effect and (iii) no default exists under the CVS lease beyond all applicable notice and cure periods)) for tenant improvements and leasing commissions.  

During any period that amounts on deposit in the holdback reserve funds exceed an amount equal to five times the difference of (x) $38,000,000 and (y) the gross income from operations of the Yorkshire & Lexington Towers Properties, in the aggregate, at the time of calculation (the “Holdback Threshold Amount”), and provided that no event of default has occurred or is continuing, funds on deposit in the holdback reserve funds in excess of the Holdback Threshold Amount, if any, will be (i) during a Cash Management Trigger Event (as defined below), transferred to the cash management account or (ii) returned to the Yorkshire & Lexington Towers Borrower. The lenders will not be required to disburse holdback reserve funds more than once each calendar month and each disbursement must be at least $250,000 (or a lesser amount if the total remaining balance in the holdback reserve funds is less than $250,000, in which case only one disbursement of the amount remaining in the holdback reserve funds will be made). As of October 24, 2017, one disbursement in the amount of $1,540,192 was made to the Yorkshire & Lexington Towers Borrower from the holdback reserve funds account.

Provided that no event of default has occurred or is continuing, the Yorkshire & Lexington Towers Borrower may, upon written request to the lenders made at least three business days prior to the monthly payment date, request for funds held in the debt service reserve to be applied to the monthly debt service payment due under the Yorkshire & Lexington Towers Whole Loan and the Yorkshire & Lexington Towers Mezzanine Loans, provided that the Yorkshire & Lexington Towers Borrower delivers, among other conditions detailed in the loan documents, evidence of a shortfall between net operating income and the monthly debt service payment for the month of disbursement. In the event the Yorkshire & Lexington Towers Properties achieves a debt service coverage ratio (in the aggregate taking into account both the Yorkshire & Lexington Towers Whole Loan and the Yorkshire & Lexington Towers Mezzanine

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

Loans) based on the trailing twelve-month period of greater than 1.10x (the “Debt Service Shortfall Reserve Transfer Date”), all funds remaining on deposit in the debt service reserve will be transferred to the renovation and tenant buyout reserve. In the event the balance of the renovation and tenant buyout reserve falls below $500,000, the Yorkshire & Lexington Towers Borrower is required to deposit with the lenders an additional amount necessary to achieve a balance of at least $1,000,000. After November 6, 2019, the Yorkshire & Lexington Towers Borrower may request a portion of the funds in the renovation and tenant buyout reserve (subject to a cap) be disbursed for replacements (subject to the conditions for disbursement of funds from the commercial replacement reserve and/or residential replacement reserve, as applicable).

Lockbox and Cash Management. A soft lockbox is in place with respect to the Yorkshire & Lexington Towers Whole Loan; provided, however, that a hard lockbox is in place with respect to the commercial tenants. The Yorkshire & Lexington Towers Whole Loan has springing cash management. Prior to the continuance of a Cash Management Trigger Event (as defined below) for the Yorkshire & Lexington Towers Whole Loan, all funds in the lockbox account will be disbursed to the Yorkshire & Lexington Towers Borrower.

During the continuance of a Cash Management Trigger Event for the Yorkshire & Lexington Towers Whole Loan, funds in the lockbox account are required to be applied on each monthly payment date to fund the required reserves deposits as described above under “Escrows and Reserves,” to pay debt service on the Yorkshire & Lexington Towers Whole Loan, to pay operating expenses not otherwise paid or reserved for as described above under “Escrows and Reserves” and referenced in the annual budget approved by the lenders together with other amounts incurred by the Yorkshire & Lexington Towers Borrower in connection with the operation and maintenance of the Yorkshire & Lexington Towers Properties, to pay debt service on the Yorkshire & Lexington Towers Mezzanine Loans, and during the continuance of a Cash Sweep Trigger Event (as defined below), to disburse the remainder to an account to be held by the lenders as additional security for the Yorkshire & Lexington Towers Whole Loan (the “Excess Cash Flow Account”). During the continuance of an event of default under the Yorkshire & Lexington Towers Mezzanine Loans, funds on deposit in the Excess Cash Flow Account will be allocated to the applicable mezzanine loan subaccount. Provided that no event of default under the Yorkshire & Lexington Towers Mezzanine Loans and Cash Sweep Trigger Event has occurred and is continuing, funds on deposit in the Excess Cash Flow Account may be disbursed to the Yorkshire & Lexington Towers Borrower in accordance with the loan documents.

A “Cash Management Trigger Event” will occur upon (i) an event of default under the Yorkshire & Lexington Towers Whole Loan, (ii) an event of default under the Yorkshire & Lexington Towers Mezzanine Loans, (iii) any bankruptcy action involving the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, the Yorkshire & Lexington Towers Guarantors, or the property manager, (iv) the date (a) following the Debt Service Shortfall Reserve Transfer Date but prior to the second anniversary of the first payment date, the debt service coverage ratio (in the aggregate taking into account both the Yorkshire & Lexington Towers Whole Loan and the Yorkshire & Lexington Towers Mezzanine Loans) based on the trailing twelve-month period falling below 1.05x and (b) after the second anniversary of the first payment date, the debt service coverage ratio based on the trailing twelve-month period falling below 1.10x (the “DSCR Cash Management Trigger Event Threshold”), or (v) any indictment for fraud or misappropriation of funds by the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, the Yorkshire & Lexington Towers Guarantors, or the property manager. A Cash Management Trigger Event will continue until, in regard to clause (i) and (ii) above, the cure of such event of default and acceptance of such cure by the lenders, in regard to clause (iii) above, the filing being discharged, stayed or dismissed within 60 days for the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, or the Yorkshire & Lexington Towers Guarantors, or within 120 days for the property manager, and the lenders’ determination that such filing does not materially affect the monetary obligations of the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, the Yorkshire & Lexington Towers Guarantors, or the property manager, in regard to clause (iv) above, (a) the date the debt service coverage ratio (in the aggregate taking into account both the Yorkshire & Lexington Towers Whole Loan and the Yorkshire & Lexington Towers Mezzanine Loans) based on the trailing twelve-month period is greater than the DSCR Cash Management Trigger Event Threshold for two consecutive quarters or (b) the Yorkshire & Lexington Towers Borrower delivers to the lenders the DSCR Trigger Cure Deposit (as defined below) (collectively, the “DSCR Cure Event”), or in regard to clause (v) above, the dismissal of the related indictment for the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, or the Yorkshire & Lexington Towers Guarantors, or replacement of the property manager with a qualified manager pursuant to the loan documents.

A “DSCR Trigger Cure Deposit” means a deposit with the lenders in the form of cash or a letter of credit equal to (A) an amount that if used to repay the Yorkshire & Lexington Towers Whole Loan and Yorkshire & Lexington Towers Mezzanine Loans, pro-rata, results in a debt service coverage ratio greater than the DSCR Cash Management Trigger Event Threshold for two consecutive quarters or (B) the positive difference between (x) the amount of net operating income necessary to achieve a debt service coverage ratio over a twelve month period equal to the DSCR Cash Management Trigger Event Threshold and (y) the lesser of (i) the amount of net operating income necessary to achieve a debt service coverage ratio of 1.00x and (ii) the net operating income over a twelve month period.

A “Cash Sweep Trigger Event” will occur upon (i) an event of default under the Yorkshire & Lexington Towers Whole Loan, (ii) any bankruptcy action involving the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, the Yorkshire & Lexington Towers Guarantors, or the property manager, or (iii) the date (a) following the Debt Service Shortfall Reserve Transfer Date but prior to the second anniversary of the first payment date, the debt service coverage ratio (in the aggregate taking into account both the Yorkshire & Lexington Towers Whole Loan and the Yorkshire & Lexington Towers Mezzanine Loans) based on the trailing twelve-month period falling below 1.05x and (b) after the second anniversary of the first payment date, the debt service coverage ratio based on the trailing twelve-month period falling below 1.10x. A Cash Sweep Trigger Event will continue until, in regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lenders, in regard to clause (ii) above, the filing being discharged, stayed or dismissed within 60 days for the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, or the Yorkshire & Lexington Towers Guarantors, or within 120 days for the property manager, and lenders’ determination that such filing does not materially affect the monetary obligations of the Yorkshire & Lexington Towers Borrower, the Yorkshire & Lexington Towers Borrower Sponsors, the Yorkshire & Lexington Towers Guarantors, or the property manager, or in regard to clause (iii) above, a DSCR Cure Event.

Additional Secured Indebtedness (not including trade debts). In addition to the Yorkshire & Lexington Towers Mortgage Loan, the Yorkshire & Lexington Towers Properties also secure the other notes that comprise the Yorkshire & Lexington Towers Senior Loan, which have an aggregate Cut-off Date principal balance of $175,000,000, and the Yorkshire & Lexington Towers Subordinate Companion Loan, which has a Cut-off Date principal balance of $200,000,000. The Yorkshire & Lexington Towers Subordinate Companion Loan is coterminous with the Yorkshire & Lexington Towers Senior Loan and accrues interest at 4.2500% per annum. The Yorkshire & Lexington Towers Mortgage Loan along with the other notes that comprise the Yorkshire & Lexington Towers Senior Loan are each pari passu in right of payment and the Yorkshire & Lexington Towers Senior Loan is senior in right of payment to the Yorkshire & Lexington Towers Subordinate Companion Loan. The holders of the Yorkshire & Lexington Towers Mortgage Loan, the other notes that comprise the Yorkshire & Lexington Towers Senior Loan and the Yorkshire & Lexington Towers Subordinate Companion Loan have entered into a

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Various New York, NY 10028 Collateral Asset Summary – Loan No. 9 Yorkshire & Lexington Towers Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 22.5% 4.28x 12.0%

co-lender agreement which sets forth the allocation of collections on the Yorkshire & Lexington Towers Whole Loan. See “Description of the Mortgage Pool—The Whole Loans—The Serviced AB Whole Loans” in the Preliminary Prospectus.

Mezzanine Loan and Preferred Equity. The Yorkshire & Lexington Towers Mezzanine Loans refer to two mezzanine loans, with an aggregate original principal amount of $150,000,000, which funded concurrently with the funding of the Yorkshire & Lexington Towers Mortgage Loan. The Mezzanine A loan has an original principal amount of $105,000,000, and accrues interest at a rate of 5.45215% per annum and is senior to the Mezzanine B loan. The Mezzanine B loan has an original principal amount of $45,000,000, and accrues interest at a rate of 6.50000% per annum. The Yorkshire & Lexington Towers Mezzanine Loans are co-terminus with the Yorkshire & Lexington Towers Whole Loan and are interest-only for their full terms. The Yorkshire & Lexington Towers Mezzanine Loans are currently held by Natixis, and are expected to be sold to one or more third party investors. The Yorkshire & Lexington Towers Mezzanine Loans and the Yorkshire & Lexington Towers Whole Loan are subject to an intercreditor agreement between the Yorkshire & Lexington Towers Mezzanine Loans lenders and the Yorkshire & Lexington Towers Whole Loan lenders. The Yorkshire & Lexington Towers Mezzanine Loans may be transferred at any time subject to the requirement and limitations set forth in the related mezzanine intercreditor agreements.

The following table presents certain information relating to the Yorkshire & Lexington Towers Mezzanine Loans:

Mezzanine Debt Summary
Mezzanine Debt Cut-off Date Principal Balance	Mezzanine Debt Interest Rate	Original Term to Maturity (mos.)	Original Amort Term (mos.)	Original IO Term (mos.)	Total Debt UW NCF DSCR	Total Debt UW NOI Debt Yield	Total Debt Cut-off Date LTV
$105,000,000	5.45215%	60	0	60	1.19x	4.7%	56.7%
$45,000,000	6.50000%	60	0	60	1.04x	4.4%	61.8%

Release of Property. The Yorkshire & Lexington Towers Borrower may obtain the release of the Lexington Towers Property, provided that, among other things, (i) no event of default has occurred and is continuing, (ii) the Yorkshire & Lexington Towers Borrower pays an amount equal to the greater of (a) 125% of the allocated loan amount (identified in the “Yorkshire & Lexington Towers Properties Summary” chart above) and (b) the net sales proceeds applicable to Lexington Towers Property, (iii) the debt service coverage ratio with respect to the remaining Yorkshire Towers Property is no less than the greater of (a) 1.05x and (b) the debt service coverage ratio immediately preceding the release of the Lexington Towers Property, (iv) the debt yield with respect to the remaining Yorkshire Towers Property is no less than the greater of (a) 4.4% and (b) the debt yield immediately preceding the release of the Lexington Towers Property and (v) the loan-to-value ratio with respect to the remaining Yorkshire Towers Property is no greater than the lesser of (a) 61.8% and (b) the loan-to-value ratio immediately preceding the release of the Lexington Towers Property.

Terrorism Insurance. The Yorkshire & Lexington Towers Borrower is required to obtain and maintain property insurance, commercial general liability insurance, and business income or rental loss insurance that covers perils of terrorism and acts of terrorism, both foreign and domestic.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 106

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 107

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 108

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 109

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 110

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 111

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

Mortgage Loan Information				Property Information
Mortgage Loan Seller(1):	CREFI			Single Asset/Portfolio:	Single Asset
Credit Assessment	NR/NR/NR			Location:	Morristown, NJ 07960
(Fitch/KBRA/Moody’s):				General Property Type:	Mixed Use
Original Balance(2):	$25,000,000			Detailed Property Type:	Office/Hospitality/Retail
Cut-off Date Balance(2):	$25,000,000			Title Vesting(6):	Fee/Leasehold
% of Initial Pool Balance:	3.6%			Year Built/Renovated:	1982-1993/2009
Loan Purpose:	Recapitalization			Size(7):	729,516 SF
Borrower Sponsors:	Seth Schochet; Brian Fisher			Cut-off Date Balance per SF(2)(7):	$169
Mortgage Rate:	4.3550%			Maturity Date Balance per SF(2)(7):	$169
Note Date:	10/20/2017			Property Manager:	Olnick-Fisher Development Associates LLC; G&E Real Estate Management Services, Inc.; Hyatt Corporation
First Payment Date:	12/6/2017
Maturity Date:	11/6/2027
Original Term to Maturity:	120 months
Original Amortization Term:	0 months
IO Period:	120 months
Seasoning:	0 months
Prepayment Provisions(3):	LO (24); DEF (92); O (4)
Lockbox/Cash Mgmt Status(4):	Hard/Springing
Additional Debt Type(2):	Pari Passu			Underwriting and Financial Information
Additional Debt Balance(2):	$125,000,000			UW NOI:	$16,943,274
Future Debt Permitted (Type):	No (N/A)			UW NOI Debt Yield(2):	11.3%
Reserves(5)				UW NOI Debt Yield at Maturity(2):	11.3%
Type	Initial	Monthly	Cap	UW NCF DSCR(2):	2.23x
RE Tax:	$603,660	$201,220	N/A	Most Recent NOI:	$17,494,529 (8/31/2017 TTM)
Insurance:	$0	Springing	N/A	2nd Most Recent NOI:	$16,659,943 (12/31/2016)
Replacements:	$0	$15,843	N/A	3rd Most Recent NOI:	$16,616,513 (12/31/2015)
TI/LC:	$0	$125,000	$6,000,000	Most Recent Occupancy(8):	91.8% (8/1/2017)
FF&E Reserve:	$0	Springing	N/A	2nd Most Recent Occupancy(8):	91.3% (12/31/2016)
PIP Renewal:	$0	Springing	N/A	3rd Most Recent Occupancy(8):	90.8% (12/31/2015)
Deferred Maintenance:	$73,255	$0	N/A	Appraised Value (as of)(9):	$239,000,000 (8/22/2017)
Plaza Development Reserve:	$1,500,000	$0	N/A	Cut-off Date LTV Ratio(2)(9):	62.8%
Unfunded Obligations Reserve:	$1,722,209	$0	N/A	Maturity Date LTV Ratio(2)(9):	62.8%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(2):	$150,000,000	100.0%	Return of Equity(10):	$144,095,793	96.1%
			Reserves:	$3,899,124	2.6%
			Closing Costs:	$2,005,083	1.3%
Total Sources:	$150,000,000	100.0%	Total Uses:	$150,000,000	100.0%

(1) The Headquarters Plaza Whole Loan (as defined below) was co-originated by Citi Real Estate Funding Inc. and Barclays Bank PLC.

(2) The Headquarters Plaza Mortgage Loan (as defined below) is part of the Headquarters Plaza Whole Loan, which is comprised of four pari passu promissory notes with an aggregate original principal balance of $150,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Headquarters Plaza Whole Loan.

(3) The lockout period will be at least 24 payment dates beginning with and including the first payment date of December 6, 2017. Following the lockout period, the borrower has the right to defease the Headquarters Plaza Whole Loan in whole, but not in part, on any date before August 6, 2027. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) October 20, 2020. For the purposes of this term sheet, the assumed lockout period of 24 months is based on the expected CCUBS 2017-C1 securitization closing date in November 2017. The actual lockout period may be longer.

(4) The Headquarters Plaza Office/Retail Property (defined below) has a hard lockbox and springing cash management. The Hyatt Regency at Headquarters Plaza (as defined below) has a soft lockbox and springing cash management.

(5) See “Escrows and Reserves” below for further discussion of reserve requirements.

(6) The borrowers’ interest is a leasehold interest, and the ground lessor has granted the lender an accommodation mortgage over the ground lessor’s fee interest in the real property subject to the ground lease and Residential Parcel Ground Lease (defined below).

(7) The Cut-off Date Balance per SF and Maturity Date Balance per SF are calculated using the total SF for the Headquarters Plaza Property (as defined below) which includes the Headquarters Plaza Office/Retail Property and the 256-room Hyatt Regency at Headquarters Plaza. The Headquarters Plaza Office/Retail Property is 729,516 SF and the Hyatt Regency at Headquarters Plaza is approximately 156,000 SF. Accordingly, the Headquarters Plaza Property is approximately 885,516 SF. If the Cut-off Date Balance per SF and Maturity Date Balance per SF are calculated excluding the SF for the Hyatt Regency at Headquarters Plaza, they would equal $207 and $207, respectively.

(8) Historical occupancy figures are based on the 729,516 SF related to the office and retail portion of the Headquarters Plaza Property. The 256-room, 156,000 SF hotel portion had occupancies for 2015, 2016 and 8/31/2017 TTM of 87.9%, 88.4% and 88.8%, respectively.

(9) Based on the appraiser’s “as is” appraised value, for the Headquarters Plaza Property. The Appraised Value of $239,000,000 consists of (i) $160,000,000 for the Headquarters Plaza Property and (ii) $79,000,000 for the Hyatt Regency at Headquarters Plaza. The combined “as is” appraised value of $239,000,000 as of August 22, 2017 results in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 62.8% and 62.8%, respectively. No value was apportioned to the Residential Parcel (as defined below).

(10) There is no existing debt on the Headquarters Plaza Property as of the Headquarters Plaza Whole Loan origination date, as the prior leasehold loan was repaid in connection with the acquisition of the landlord’s interest under the ground lease by an affiliate of the borrowers.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 112

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

The Mortgage Loan. The tenth largest loan (the “Headquarters Plaza Mortgage Loan”) is part of a whole loan (the “Headquarters Plaza Whole Loan”) evidenced by four pari passu notes with an aggregate original principal balance of $150,000,000. The Headquarters Plaza Whole Loan is secured by, among other things, the borrowers’ leasehold interest and an affiliate’s fee interest (see “Ground Lease” below) in a mixed use property consisting of three, Class A office towers, a retail concourse and a 256-room, full-service hotel, located in Morristown, New Jersey (the “Headquarters Plaza Property”). The non-controlling Promissory Note A-2, with an original principal balance of $25,000,000 represents the Headquarters Plaza Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. The pari passu controlling Promissory Note A-1, with an original principal balance of $75,000,000, is expected to be contributed to the CD 2017-CD6 Trust. Promissory Notes A-3 and A-4 with an aggregate original principal balance of $50,000,000 are held by Barclays Bank PLC or an affiliate thereof and are expected to be contributed to one or more future securitizations. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Headquarters Plaza Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
A-1	$75,000,000	$75,000,000	CD 2017-CD6	Yes
A-2	$25,000,000	$25,000,000	CCUBS 2017-C1	No
A-3	$35,000,000	$35,000,000	Barclays Bank PLC or an affiliate	No
A-4	$15,000,000	$15,000,000	Barclays Bank PLC or an affiliate	No
Total	$150,000,000	$150,000,000

The Headquarters Plaza Whole Loan was co-originated on October 20, 2017 by Citi Real Estate Funding Inc. and Barclays Bank PLC. The Headquarters Plaza Whole Loan had an original principal balance of $150,000,000, has an outstanding principal balance as of the Cut-off Date of $150,000,000 and accrues interest at an interest rate of 4.3550% per annum. The $150,000,000 Headquarters Plaza Whole Loan had an initial term of 120 months, has a remaining term of 120 months as of the Cut-off Date and is interest-only for the term of the loan. The Headquarters Plaza Whole Loan has a maturity date of November 6, 2027. Following the lockout period, the borrowers have the right to defease the Headquarters Plaza Whole Loan in whole, but not in part. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) October 20, 2020. The Headquarters Plaza Whole Loan is prepayable without penalty on or after August 6, 2027.

The Borrowers and the Borrower Sponsors. The borrowers for the Headquarters Plaza Whole Loan are Second Roc-Jersey Associates L.L.C. and Fifth Roc-Jersey Associates L.L.C. (collectively, the “Headquarters Plaza Borrowers”), each of which is a Delaware limited liability company and special purpose entity with two independent directors. BCK Realty, LLC, Trust Under Article Fifth of the L/W/T of Robert S. Olnick F/U/B/O Allison Rubler, a New York trust, Trust Under Article Fifth of the L/W/T of Robert S. Olnick F/U/B/O Eve Lateiner, a New York trust, Trust Under Article Fifth of the L/W/T of Robert S. Olnick F/U/B/O Meredith Verona, a New York trust, and Trust Under Article Fifth of the L/W/T of Robert S. Olnick F/U/B/O Robert Lateiner, a New York trust, are the guarantors of certain nonrecourse carveouts under the Headquarters Plaza Whole Loan. The borrower sponsors are Seth Schochet and Brian Fisher.

The Headquarters Plaza Borrowers are a joint venture between the Fisher Organization (“Fisher”) and the Olnick Organization (“Olnick”). The borrower sponsors have a combined experience of more than 120 years of developing, constructing, owning and managing commercial real estate. According to the borrower sponsors, they are long term owners, having owned and managed most of their portfolios for multiple decades.

Fisher is a diversified real estate development and management company founded by Lester Fisher. According to Fisher, in the past decade, Fisher has executed 3,500,000 SF of new construction development and approximately 2,000,000 SF of tenant installations. In addition to residential and commercial development, Fisher is involved in all aspects of property management, including maintenance, leasing, tenant relations and finance.

Olnick is a privately held New York-based corporation and has been actively involved in the construction, ownership, management and financing of real estate projects for in excess of 60 years. In 1946, founder Robert S. Olnick pioneered the development of residential housing in the Riverdale section of New York City. In the five decades that followed, Olnick built thousands of New York City apartments, millions of SF of commercial space, and several hotels.

The Property. The Headquarters Plaza Property is comprised of three Class A office towers totaling 562,242 SF, an indoor/outdoor retail concourse totaling 167,274 SF (together with the office towers, the “Headquarters Plaza Office/Retail Property”) and a full service Hyatt Regency hotel totaling 256 rooms (the “Hyatt Regency at Headquarters Plaza”). The Headquarters Plaza Property is located approximately 30.0 miles northwest of New York City in Morristown, New Jersey. According to the appraisal, the Headquarters Plaza Property occupies a prominent location overlooking “The Green” in downtown Morristown along Speedwell Avenue (Route 202), within a mile of Interstate 287 and Route 24. The Headquarters Plaza Property was developed by the sponsors between 1982 and 1993, and has since been managed by the borrower sponsors. The Headquarters Plaza Property sits atop a 2,900 space multi-story parking garage (not included as part of the collateral for the Headquarters Plaza Whole Loan) that affiliates of the Headquarters Plaza Borrowers purchased from the Municipality of Morristown, in 2015, along with the fee interest (see “Ground Lease” section) in the Headquarters Plaza Property.

Fee above a Plane. The real estate collateral for the Headquarters Plaza Whole Loan is structured as a “fee above a plane”: the Headquarters Plaza Borrowers have a leasehold interest in certain space (together with the Residential Parcel (see “Ground Lease” below), the “Upper Area”) above a non-collateral parking garage. The fee owner of the Upper Area is an affiliate of the Headquarters Plaza Borrowers (the “Accommodation Affiliate”). The real property located below the Upper Area, including the parking garage (the “Lower Area”), is also owned by an affiliate of the Headquarters Plaza Borrowers. The Accommodation Affiliate provided an accommodation mortgage on its fee interest the Upper Area, which includes the real estate under the Ground Lease and the adjacent Residential Parcel (see “Ground Lease” below). The relationship between the Upper Area and the Lower Area is governed by a reciprocal easement agreement. The Lower Area is not collateral for the Headquarters Plaza Whole Loan. The Headquarters Plaza Borrowers, the Accommodation Affiliate, the lessee under the Residential Parcel Ground Lease (see “Ground Lease” below ), the owners of the Lower Area, and the lender have entered into an estoppel and agreement, pursuant to which, among other things, the parties have agreed that the Lower Area is required to be insured in accordance with the terms of the Headquarters Plaza Whole Loan agreement and restored following a casualty or condemnation to the extent necessary to maintain the operations, the structural support and parking for the Upper Area (with said restoration proceeds being held and applied by an insurance trustee with a long-term unsecured debt rating of at least “A” from S&P). Proceeds from a condemnation or casualty relating to the Upper Area are required to be disbursed pursuant to the Headquarters Plaza Whole Loan documents.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 113

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

The Headquarters Plaza Office/Retail Property.

The Headquarters Plaza Office/Retail Property’s office component is comprised of three Class A multi-tenant office towers. The North Tower, a 202,445 SF, 12-story building, was completed in 1987. The East Tower is 178,187 SF with 12 stories and was completed in 1983. The third building, The West Tower, is 181,520 SF with 12 stories and was completed in 1982. The borrower sponsors have invested a total of approximately $28.1 million, from 2005 to 2016, in overall building and tenant improvements and maintenance at the Headquarters Plaza Office/Retail Property.

The Headquarters Plaza Office/Retail Property has a granular rent roll with a total of 49 office and 19 retail tenants which equates to a combined occupancy of 91.8% as of August 1, 2017. The diverse tenant mix is comprised of multiple industries including finance, telecommunications, legal and various state and federal government agencies. The Headquarters Plaza Office/Retail Property has exhibited, over the prior 11-year period, a weighted average occupancy of 88.8%. Over the prior five-year period, the weighted average historical occupancy was 90.3%. The tenants at the Headquarters Plaza Office/Retail Property have a weighted average lease term of 17 years for the current tenant group. Many of the larger tenants such as Riker, Danzig, Scherer (1982), Duff & Phelps, LLC (2007) and Graham, Curtin & Sheridan, P.A. (2002), have been at the Headquarters Plaza Office/Retail Property for several years.

The largest office tenant, Riker, Danzig, Scherer (“Riker”), occupies 79,170 SF which represents 10.9% of the total SF at the Headquarters Plaza Office/Retail Property, and has been in occupancy since 1982. According to Riker, the company has been at the forefront of the New Jersey legal community since 1882 and has more than 130 years of legal experience in a broad range of practice areas. Other than Riker, no other tenant accounts for more than 6.9% of the net rentable SF at the Headquarters Plaza Office/Retail Property.

The Headquarters Plaza Property’s retail component is comprised of an indoor and outdoor facing retail concourse which connects to each of the three office towers and the hotel. The retail concourse consists of a 40,000 SF AMC movie theater and 34,707 SF fitness center that is operated by an affiliate of the Headquarters Plaza Borrowers. The remaining 92,567 SF of retail space serves primarily as amenity space for office tenants and hotel patrons.

The following table presents certain information relating to the lease rollover schedule at the Headquarters Plaza Office/Retail Property.

Tenant Summary
Tenant Name	Ratings (Fitch/Moody’s/S&P)(1)	Tenant SF	Approximate % of SF	Annual UW Base Rent	% of Total Annual UW Base Rent(2)	Annual UW Base Rent PSF(2)	Lease Expiration
Riker, Danzig, Scherer(3)	NR/NR/NR	79,170	10.9%	$1,992,128	11.5%	$25.16	7/31/2025
Chartwell Consulting Group, Inc.	NR/NR/NR	50,100	6.9%	$1,449,135	8.3%	$28.92	8/31/2021
AMC Theatres(4)	NR/NR/NR	40,000	5.5%	$690,000	4.0%	$17.25	4/30/2029
Duff & Phelps, LLC(5)	NR/NR/NR	33,000	4.5%	$990,000	5.7%	$30.00	5/31/2028
Graham, Curtin & Sheridan, P.A.(6)	NR/NR/NR	33,000	4.5%	$874,500	5.0%	$26.50	6/30/2022
Subtotal / Wtd. Avg.		235,270	32.3%	$5,995,763	34.5%	$25.48
Remaining Office Tenants		434,698	59.6%	$11,373,275	65.5%	$29.30(7)
Total / Wtd. Avg. Occupied		669,968	91.8%	$17,369,038	100.0%	$27.86(7)
Vacant		59,548	8.2%	$0	0.0%	$0.00
Total / Wtd. Avg.		729,516	100.0%	$17,369,038	100.0%	$27.86(7)

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

(2) Information obtained from the underwritten rent roll and includes contractual rent steps through October 2018.

(3) Riker, Danzig, Scherer has one, five-year or 10-year lease renewal option.

(4) AMC Theatres has two, five-year lease renewal options.

(5) Duff & Phelps, LLC has one, five-year lease renewal option.

(6) Graham, Curtin & Sheridan, P.A. has one, five-year lease renewal option.

(7) Calculation excludes amenity tenants (46,557 SF) from the calculation. Wtd. Avg. Annual UW Base Rent PSF excludes vacant space.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 114

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

The following table presents certain information relating to the lease rollover schedule at the Headquarters Plaza Office/Retail Property:

Lease Rollover Schedule(1)(2)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total Sq. Ft. Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling(3)	Total UW Base Rent Rolling	Approx. % of Total Base Rent Rolling	Approx. Cumulative % of Total Base Rent Rolling
MTM	3	6,585	0.9%	0.9%	$28.87	$190,128	1.1%	1.1%
2017	2	1,210	0.2%	1.1%	$28.12	$34,030	0.2%	1.3%
2018	4	9,759	1.3%	2.4%	$27.28	$266,206	1.5%	2.8%
2019	9	47,933	6.6%	9.0%	$32.07	$1,537,433	8.9%	11.7%
2020	9	87,760	12.0%	21.0%	$29.34	$2,574,686	14.8%	26.5%
2021	8	95,716	13.1%	34.1%	$27.75	$2,656,373	15.3%	41.8%
2022	10	93,638	12.8%	47.0%	$29.30	$2,743,406	15.8%	57.6%
2023	2	10,067	1.4%	48.3%	$39.51	$397,757	2.3%	59.9%
2024	6	35,965	4.9%	53.3%	$30.23	$1,087,308	6.3%	66.1%
2025	3	104,925	14.4%	67.7%	$25.07	$2,630,978	15.1%	81.3%
2026	1	26,274	3.6%	71.3%	$25.08	$658,834	3.8%	85.1%
2027	3	29,925	4.1%	75.4%	$29.97	$896,780	5.2%	90.2%
2028 & Beyond	3	73,654	10.1%	85.5%	$23.01	$1,695,120	9.8%	100.0%
Amenity(4)	3	46,557	6.4%	91.8%	$0.00	$0	0.0%	100.0%
Vacant	0	59,548	8.2%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	66	729,516	100.0%		$27.86	$17,369,038	100.0%

(1) Based on the underwritten rent roll and includes contractual rent steps through October 2018.

(2) Certain tenants have lease termination options that may become exercisable prior to the originally stated expiration date of the tenant lease that are not considered in the lease rollover schedule.

(3) UW Base Rent PSF Rolling excludes Amenity and Vacant space.

(4) Amenity space includes a 34,707 SF fitness facility, a 10,388 SF hotel ballroom and a 1,462 SF management office.

The Market. The Headquarters Plaza Property is located in Morris County within the central portion of northern New Jersey. According to the appraisal, the 2016 population and average household income for Morris County is 501,318 and $138,489, respectively. The northern and central New Jersey region has an extensive transportation network, as numerous destinations are accessible via major highways. Additionally, the northern and central New Jersey region has good accessibility to public transportation. According to the appraisal, the Headquarters Plaza Property occupies a prominent location on “The Green” in downtown Morristown along Speedwell Avenue, within a mile of Interstate 287 and Route 24, and about 30 miles northwest of New York City. Additionally, the Headquarters Plaza Property is situated close to express trains to New York City, Morristown Airport and Newark Liberty International Airport.

According to the appraisal, the Headquarters Plaza Property is the largest development on The Green and it serves as the anchor commercial development in downtown Morristown. It is situated on a 10.35-acre site and offers a wide variety of amenities such as onsite property management, onsite garage parking, office space with concierge service, a fitness club, a movie-theater, onsite daycare, several restaurants, laundry service and various retail mall shop stores. Per the appraisal, the Morris County court is also located south of the Headquarters Plaza Property and serves as a draw for office space for attorneys and other legal professionals. Additionally, there are numerous restaurants in the Morristown downtown area that cater to professionals and serve as a draw to the area. Land uses in the immediate area consist predominantly of residential and office uses with a number of multifamily developments a few miles north of the Headquarters Plaza Property. The neighborhood also provides convenient access to public transportation such as New Jersey Transit bus and rail stations.

According to the appraisal, the total estimated 2017 population within a one-, three- and five-mile radius is 19,636, 55,937 and 119,966, respectively. According to the appraisal, the total estimated 2017 average household income within a one-, three- and five-mile radius is $105,861, $153,576 and $162,084, respectively. According to a third party report, the Headquarters Plaza Property is located in the Morristown Region office submarket of northern New Jersey. The submarket is comprised of over 15.2 million SF of inventory with a 22.6% vacancy rate and asking rent of $29.04/SF. According to the appraisal, there are 27 comparable properties, ranging in size from approximately 76,000 SF to 900,000 SF, near the Headquarters Plaza Property. Per the appraisal, the reported comparable rents ranged from $17.95/SF to $38.38/SF with an average of $27.39/SF. The reported vacancies ranged from 0% to 53.0% with an average of 7.0%. Currently there are no new office projects in development in the Headquarters Plaza Property’s competitive market.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 115

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

The following table presents certain information relating to comparable office leases to the Headquarters Plaza Office/Retail Property.

Office Leases
Property Name/Location	Year Built	Stories	Total GLA (SF)	Distance from Subject	Tenant Name	Lease Date/Term	Lease Area (SF)	Annual Base Rent PSF	Lease Type
Mount Kemble Corporate Center (Building B) / 360 Mount Kemble Avenue, Morristown, NJ	2001	3	117,000	2.9 miles	NFP Property & Casualty	Dec 2016 / 7.3 Yrs	3,884	$25.25	Modified Gross
Mount Kemble Corporate Center (Building B) / 360 Mount Kemble Ave, Morristown, NJ	2001	3	117,000	2.9 miles	Grunethal USA, Inc	Mar 2015 / 5.0 Yrs	9,000	$24.00	Modified Gross
67 Park Place East Morristown, NJ	1973	10	145,019	0.4 miles	Omni Active Health Inc	Sep 2016 / 5.0 Yrs	7,176	$33.50	Modified Gross
1200 Mt. Kemble Avenue, Morristown, NJ	1981	3	106,000	5.4 miles	Glenmede Trust Company	Aug 2016 / 5.6 Yrs	5,499	$27.50	Modified Gross
Washington Office Center 44 Whippany Rd, Morristown, NJ	1984	3	220,160	2.1 miles	Meridian Capital Partners	Jul 2016 / 2.0 Yrs	1,746	$25.00	Modified Gross
60 Columbia Tpke Morristown, NJ	1980	3	75,450	2.6 miles	Assistance in Marketing Inc	Dec 2015 / 3.3 Yrs	6,732	$25.00	Modified Gross

Source: Appraisal

The Hyatt Regency at Headquarters Plaza

The Hyatt Regency at Headquarters Plaza is a 256-room, four-star full-service hotel that was built in 1993. It is located just off “The Green” in downtown Morristown, a landscaped park quadrangle in the Morristown central business district. The Hyatt Regency at Headquarters Plaza has been managed by the Hyatt Corporation since 2004. Since 2012, the hotel has operated at an average occupancy of 88.7%; its occupancy has never been below 87.8%. According to the appraisal, the Hyatt Regency at Headquarters Plaza has been ranked number one in terms of occupancy and RevPAR in its competitive set since 2012. According to the borrowers, the Hyatt Regency at Headquarters Plaza is one of the top performing hotels in the Hyatt chain in the U.S. and it placed in the top five in occupancy in 2015 and 2016.

The Hyatt Regency at Headquarters Plaza is comprised of 98 standard king guestrooms, 108 standard double-double guest rooms, 48 studio suites and 2 premium suites. The rooms are well-appointed with drapes, bedding, tables, wallpaper, wall-prints, chairs, tables plus 55”-65” flat panel televisions. The furnishings include armoires and dressers, chairs, couches and lighting. Hotel amenities include the Hyatt Eclectic Grill which is a 130 seat restaurant, a lounge and terrace serving light fare and signature drinks, a coffee bar and approximately 36,000 SF of conference and meeting space across three ballrooms, 32 breakout rooms, an executive boardroom and a conference center located on the lobby level. 

According to the appraisal, the market segmentation at the Hyatt Regency at Headquarters Plaza is 50.0% corporate individuals, 25.0% group, 15% leisure and 10.0% airline. Corporate demand is driven by a variety of pharmaceutical businesses in the area and other Fortune 500 companies such as Honeywell, Exxon, GAF, AT&T and others that have a significant presence in the area. Additionally, Morristown, New Jersey is home to several office parks and has a large hospital in its downtown area which also provides demand for the hotels in the area.

The Hyatt Regency at Headquarters Plaza is subject to a management agreement with Hyatt Corporation dated June 16, 2004 with an expiration date of November 30, 2020. If property improvement plan (“PIP”) costs exceed $500,000, the borrowers will be required to deposit 115% of any PIP costs (in excess of $500,000, and which costs shall be exclusive of: (i) the cost of any PIP work which is duplicative of any furniture, fixtures and equipment (“FF&E”) approved (or deemed approved) by the lender for which adequate FF&E reserve funds are being held by the lender (as reasonably determined by the lender) and (ii) provided that the certain conditions set forth in the loan documents are satisfied as of the applicable date of determination, the amount being held in reserve by Hyatt Corporation (or any replacement franchisor employed in accordance with the terms of the loan documents) which is available and reasonably anticipated to be used for the PIP work) into a PIP reserve account in connection with the renewal of the management agreement, the replacement of the same or otherwise (see “Escrows and Reserves” below). Since 2005, the borrowers’ sponsors have invested approximately $16.7 million in hotel improvements which included $7.0 million of room upgrades in 2009.

The Hyatt Regency at Headquarters Plaza is located in Morris County which is the same market as the Headquarters Plaza Property (see description above); however, the Hyatt Regency at Headquarters Plaza is part of the Newark area lodging market. According to the appraisal, the local market trends are positive. According to the appraisal, the Hyatt Regency at Headquarters Plaza is classified as an upscale full service hotel that is a four-star rated property. Hotel development in the area consists of a variety of full and limited service properties spread out around major transportation routes. According to the appraisal, the metro area has a sizeable concentration of corporate headquarters and several pharmaceutical companies; therefore, the demand is linked heavily to corporate and economic performance. As the economy has gained strength and momentum after the 2009 recession, the corporate segment has strengthened which is displayed in the improved performance of the competitive set.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 116

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

Historical Occupancy, ADR, RevPAR
	Competitive Set			Hyatt Regency at Headquarters Plaza(1)			Penetration Factor
Year	Occupancy(2)	ADR(2)	RevPAR(2)	Occupancy(3)	ADR(3)	RevPAR(3)	Occupancy(4)	ADR(4)	RevPAR(4)
12/31/2014	69.2%	$159.17	$110.22	90.2%	$158.18	$142.76	130.3%	99.4%	129.5%
12/31/2015	67.8%	$163.70	$111.04	87.9%	$169.65	$149.05	129.6%	103.6%	134.2%
12/31/2016	71.0%	$166.54	$118.18	88.4%	$167.26	$147.94	124.5%	100.0%	125.2%
8/30/2017 TTM	70.6%(5)	$166.68(5)	$117.74(5)	88.8%	$167.87	$149.11	125.8%	100.7%	126.6%

(1) The variances between the underwriting, the hospitality research reports and the above table with respect to Occupancy, ADR and RevPAR for the Hyatt Regency at Headquarters Plaza Hotel are attributable to variances in reporting methodologies and/or timing differences.

(2) Information obtained from third party hospitality research reports and weighted on available rooms and occupied rooms, as applicable.

(3) Information obtained from the Headquarters Plaza Borrowers.

(4) Penetration Factor figures are calculated based on operating statements provided by the borrowers and competitive set data provided by third party hospitality research reports. Portfolio level figures are weighted based on total room count.

(5) Figures reflect competitive set statistics for the trailing 12-month period ending July 2017.

Hyatt Regency at Headquarters Plaza Competitive Set(1)
Property	Number of Rooms	Year Built
Hyatt Regency at Headquarters Plaza	256	1993
Hilton Parsippany	354	1981
Westin Governor Morris Morristown	224	1965
The Madison Hotel	186	1981
Sheraton Parsippany Hotel	370	1987
Total	1,390

(1) Source: Industry travel research report

According to the third party information above, as of the trailing 12 months ended July 31, 2017, the Hyatt Regency at Headquarters Plaza outperformed its competitive set in terms of occupancy, ADR and RevPAR. According to the appraisal, the Hyatt Regency at Headquarters Plaza is the only member of the competitive set within walking distance of the downtown Morristown center and the New Jersey Transit which provides direct access to Newark, New Jersey and New York City. Additionally, the Hyatt Regency at Headquarters Plaza is qualified by airlines as a “downtown” property and therefore it is able to obtain airline contractual revenue. According to the appraisal, there are currently no new hotels proposed for the market. 

The following table presents certain information relating to the 2016 demand analysis with respect to the Hyatt Regency at Headquarters Plaza based on market segmentation, as provided in the appraisal for the Hyatt Regency at Headquarters Plaza:

Hyatt Regency at Headquarters Plaza – 2015 Accommodated Room Night Demand(1)
Property	Corporate	Group	Leisure	Airline
Hyatt Regency at Headquarters Plaza	50%	25%	15%	10%

(1) Source: Appraisal

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 117

1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

Operating History and Underwritten Net Cash Flow. The following tables present certain information relating to the historical operating performance and the Underwritten Net Cash Flow at the Headquarters Plaza Property:

Headquarters Plaza Property - Cash Flow Analysis
	2014	2015	2016	8/31/2017 TTM	UW		UW PSF(1)
Base Rent	$15,256,904	$16,555,502	$16,578,803	$16,969,331	$16,869,472		$23.12
Contractual Rent Steps(2)	$0	$0	$0	$0	$499,566		$0.68
Gross Up Vacancy	$0	$0	$0	$0	$1,955,380		$2.68
Total Reimbursement Revenue	$466,838	$477,993	$661,301	$668,622	$391,122		$0.54
Other Income(3)	$191,720	$174,862	$191,443	$332,122	$305,387		$0.42
Vacancy & Credit Loss	$0	$0	$0	$0	($1,955,380	)	($2.68	)
Effective Gross Income	$15,915,462	$17,208,357	$17,431,537	$17,970,075	$18,551,017		$24.76
Real Estate Taxes	$1,333,646	$1,315,309	$1,344,339	$1,369,023	$1,378,500		$1.89
Insurance	$209,437	$207,325	$213,665	$203,037	$200,400		$0.27
Management Fee	$477,464	$516,251	$522,946	$539,102	$541,966		$0.74
Parking Expenses	$411,249	$416,355	$376,642	$487,201	$509,328		$0.70
Other Operating Expenses	$5,157,945	$5,302,228	$5,178,345	$4,936,816	$5,330,428		$7.31
Total Operating Expenses	$7,589,741	$7,757,468	$7,635,937	$7,535,179	$7,960,623		$10.91
Net Operating Income	$8,325,721	$9,450,889	$9,795,600	$10,434,896	$10,104,924		$13.85
TI/LC	$0	$0	$0	$0	$1,195,318		$1.64	(2)
Capital Expenditures	$0	$0	$0	$0	$145,903		$0.20	(2)
Net Cash Flow	$8,325,721	$9,450,889	$9,795,600	$10,434,896	$8,763,702		$12.01
Hotel Net Cash Flow(4)	$5,996,876	$6,314,528	$6,019,718	$6,216,483	$5,976,717
Total Net Cash Flow	$14,322,597	$15,765,417	$15,815,318	$16,651,379	$14,740,419

(1) Calculated based on the total SF of the Headquarters Office/Retail Property.

(2) Includes contractual rent increases through October 2018.

(3) Other Income consists of administrative fees on security, garage and parking income, and other miscellaneous income.

(4) Based on the Hyatt Regency at Headquarters Plaza - Cash Flow Analysis table below.

Hyatt Regency at Headquarters Plaza - Cash Flow Analysis
	2014	2015	2016	8/31/2017 TTM	U/W	UW Per Room
Occupancy	90.2%	87.9%	88.4%	88.8%	88.8%
ADR	$158.18	$169.65	$167.26	$167.87	$167.87
RevPAR	$142.76	$149.05	$147.94	$149.11	$149.11
Room Revenue	$13,339,340	$13,927,168	$13,861,052	$13,933,021	$13,933,021	$54,426
F&B Revenue	$7,583,231	$7,509,492	$7,352,992	$7,305,021	$7,305,021	$28,535
Other Revenue	$351,323	$349,333	$391,072	$302,796	$302,796	$1,183
Total Revenue	$21,273,894	$21,785,993	$21,605,116	$21,540,838	$21,540,838	$84,144
Total Departmental Expenses	$7,604,101	$7,550,672	$7,278,958	$7,082,880	$7,082,880	$27,668
Gross Operating Profit	$13,669,793	$14,235,321	$14,326,158	$14,457,958	$14,457,958	$56,476
Total Undistributed Expenses	$6,029,120	$6,215,552	$6,622,945	$6,750,190	$6,750,190	$26,368
Profit Before Fixed Charges	$7,640,673	$8,019,769	$7,703,213	$7,707,768	$7,707,768	$30,108
Total Fixed Charges	$810,330	$854,145	$838,870	$648,135	$869,418	$3,396
Net Operating Income	$6,830,343	$7,165,624	$6,864,343	$7,059,633	$6,838,350	$26,712
FF&E	$833,467	$851,096	$844,625	$843,150	$861,634	$3,366
Net Cash Flow	$5,996,876	$6,314,528	$6,019,718	$6,216,483	$5,976,717	$23,347

Lockbox and Cash Management. The Headquarters Plaza Whole Loan is structured with a hard lockbox (except that, so long as the Franchisor CM Conditions (as defined below) are satisfied, the hotel manager may retain revenues from the hotel and apply them to the payment of operating expenses and brand management fees, with the excess deposited in the lockbox) and springing cash management. The Headquarters Plaza Borrowers were required at origination to deliver letters to (i) all tenants at the Headquarters Plaza Property directing them to pay all rents directly into a lender-controlled lockbox account (provided that, the Headquarters Plaza Borrowers will not be required to send direction letters to hotel tenants if the Franchisor CM Conditions are satisfied, unless the applicable franchise agreement permits hotel tenants to directly deposit their rental payments into the lender-controlled lockbox account) and (ii) with respect to the Hyatt Regency at Headquarters Plaza, solely to the extent that the Franchisor CM Conditions are not satisfied, to each of the credit card companies with which the Headquarters Plaza Borrowers have entered into credit card agreements. Funds in the lockbox are required to be transferred on each business day to the borrower unless a Trigger Period exists, in which case funds are required to be transferred each day to the cash management account. Funds in the cash management account are required to be used, during a Trigger Period, to fund reserves and pay

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

debt service and any other amounts due under the Headquarters Plaza Whole Loan, and excess cash is (x) to the extent a Trigger Period is continuing, held by the lender, and (y) to the extent no Trigger Period exists, disbursed to the Headquarters Plaza Borrowers.

“Franchisor CM Conditions” means each of the following conditions: (i) no Franchise Termination Period (defined below) has occurred and is continuing, (ii) either (x) the franchise agreement in place as of the origination date of the Headquarters Plaza Whole Loan is in full force and effect or (y) a replacement franchise agreement (in the form of a brand management agreement) with a replacement franchisor entered in accordance with the Headquarters Plaza Whole Loan documents is in full force and effect and (iii) the applicable franchise agreement has a provision that requires the franchisor to collect all revenue from the hotel and hold the same in one or more eligible accounts with an eligible institution in the name of the Headquarters Plaza Borrowers which have been pledged as additional security for the Headquarters Plaza Whole Loan, apply said revenue solely to the payment of all operating expenses and brand management fees, and deposit any excess revenue after the payment of such costs into the lockbox, and all revenue from the hotel is being collected by the franchisor and applied in accordance with franchise provision described in this clause (iii).

“Franchise Termination Period” means a period (a) commencing upon the earlier of (i) the franchisor becoming the subject of any bankruptcy action, (ii) the occurrence of any material default by the franchisor under the franchise agreement beyond any applicable grace and cure periods which gives rise to a termination right of the Headquarters Plaza Borrowers thereunder, and (iii) the failure of the income and revenue generated from the hotel property to be applied in any material respect in accordance with the terms of the franchise agreement, and (b) which expires upon the lender’s receipt of evidence that the applicable event giving rise to the Franchise Termination Period has been cured in a manner acceptable to the lender in its reasonable discretion. 

A “Trigger Period” exists during the occurrence and continuance of (i) an event of default; (ii) the debt service coverage ratio being less than 1.30x and expires when the debt service coverage ratio is greater than 1.35x for two consecutive calendar quarters (provided that a Trigger Period will not be deemed to exist as a result of this clause (ii) if the Headquarters Plaza Borrowers have (x) deposited cash into an account with the lender or (y) delivered to lender a letter of credit, in each case in an amount deemed sufficient that if added to the underwritten cash flow the debt service coverage ratio would be equal to or greater than 1.35x); (iii) a Franchise Agreement Trigger Period (as defined below) and/or (iv) a Franchise Renewal Trigger Period (as defined below).

A “Franchise Agreement Trigger Period” will (a) commence upon the first to occur of (i) the occurrence of any monetary or material non-monetary default under the franchise agreement which results in any party to the franchise agreement having a right to terminate the franchise agreement; (ii) Headquarters Plaza Borrowers or franchisor giving notice that it is terminating the franchise agreement prior to its stated expiration date; (iii) any termination or cancelation of the franchise agreement and/or the franchise agreement otherwise failing to be in full force and effect and (iv) any bankruptcy action with respect to the franchisor, and (b) expire upon the lender’s receipt of evidence reasonably satisfactory to the lender that (i) either (A) the Franchise Agreement Cure Conditions (defined below) have been satisfied or (B) the Headquarters Plaza Property is being branded, flagged and operated pursuant to a replacement franchise agreement in accordance with the terms of the loan documents, and (ii) to the extent that a PIP is required in connection with the satisfaction of the requirements of the foregoing clause (b)(i), the Headquarters Plaza Borrowers have made the required PIP deposit pursuant to the loan documents (see “Escrows and Reserves” below).

The “Franchise Agreement Cure Conditions” means each of the following: (i) the Headquarters Plaza Borrowers have cured all defaults (if any) under the applicable franchise agreement to the satisfaction of the applicable franchisor, (ii) the Headquarters Plaza Borrowers and the applicable franchisor have re-affirmed the applicable franchise agreement as being in full force and effect, (iii) with respect to any applicable bankruptcy or insolvency proceedings involving the applicable franchisor and/or franchise agreement (if any), such franchisor is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed such franchise agreement pursuant to a final, non-appealable order of a court of competent jurisdiction, and (iv) the Headquarters Plaza Property continues to be operated, flagged and branded pursuant to the franchise agreement.

A “Franchise Renewal Trigger Period” will have occurred if (i) the term of the related franchise agreement has not been extended or a replacement qualified franchise agreement has not been entered into, in each case, for a term of at least ten years or (ii) to the extent a PIP is required in connection with the foregoing, the corresponding PIP deposit has not been deposited in the PIP reserve account, in each case, on or before the date which is 12 months prior to the expiration of the then applicable term of the franchise agreement.

Escrows and Reserves. The loan documents provide for upfront reserves in the amount of $1,722,209 for outstanding tenant improvements and leasing commissions and free rent, $1,500,000 for plaza development improvements related to an agreement signed between the ground lessor under the HQP Borrower Ground Lease (see “Ground Lease” below), another borrower affiliate and the Municipality of Morristown, $603,660 for real estate taxes and $73,255 for deferred maintenance. If a PIP is imposed by a new franchise agreement or renewal of the franchise agreement, the Headquarters Plaza Borrowers will be required to deposit a PIP reserve equal to 115% of estimated PIP costs (in excess of $500,000, and which costs are exclusive of: (i) the cost of any PIP work which is duplicative of any FF&E approved (or deemed approved) by the lender for which adequate FF&E reserve funds are being held by the lender (as reasonably determined by the lender) and (ii) provided that certain conditions set forth in the loan documents are satisfied as of the applicable date of determination, the amount being held in reserve by Hyatt Corporation (or any replacement franchisor employed in accordance with the terms of the loan documents) which is available and reasonably anticipated to be used for the PIP work). All or a portion of the required PIP deposit may, at Headquarters Plaza Borrowers’ request, be made from excess cash flow on deposit in the excess cash flow reserve. Alternatively, the Headquarters Plaza Borrowers may provide a letter of credit in lieu of such cash deposit in an amount equal to the cash deposit that would have been required.

The loan documents also provide for ongoing monthly reserves of $201,220 for real estate taxes, $15,843 (approximately $0.26 per Headquarters Plaza Office/Retail Property SF annually) for replacement reserves, $125,000 (approximately $2.05 per Headquarters Plaza Office/Retail Property SF annually) for tenant improvements and leasing commissions (subject to a cap of $6,000,000) and an amount equal to the greater of (i) one-twelfth of 4% of hotel-related gross revenues for the immediately preceding calendar year and (ii) the amount of the deposit (if any) then required by the franchisor on account of FF&E under the franchise agreement, for FF&E expenses. The loan documents do not require monthly reserves for insurance premiums as long as the Headquarters Plaza Property is insured under an acceptable blanket insurance policy. Solely with respect to the taxes, insurance premiums and FF&E relating to the hotel property, the Headquarters Plaza Borrowers will not be required to make monthly tax and insurance reserve deposits to the extent that the Reserve Waiver Conditions (as defined below) are satisfied. 

“Reserve Waiver Conditions” means, among other conditions in the loan documents, (i) no event of default has occurred and is continuing, (ii) there is no monetary or material non-monetary default by franchisor under the franchise agreement, which default would give either party the right to terminate the franchise agreement, (iii) the franchisor continues to make the payments and perform the obligations required under the franchise agreement, in each 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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1, 2, 3 and 4 Speedwell Avenue Morristown, NJ 07960 Collateral Asset Summary – Loan No. 10 Headquarters Plaza Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $25,000,000 62.8% 2.23x 11.3%

case, relating to the obligations and liabilities for which the applicable reserve account was established and (iv) no bankruptcy action with respect to the franchisor has occurred and is continuing.

Ground Lease. The Headquarters Plaza Borrowers are the lessees under a long-term ground lease with respect to the Headquarters Plaza Office/Retail Property and the Headquarters Plaza Hotel Property (the “HQP Borrower Ground Lease”), which ground lease has an annual rent of $189,000, expires on November 11, 2074, and has no renewal, extension or termination rights remaining. Additionally, an affiliate of the Headquarters Plaza Borrowers is the lessee with respect to two unimproved, non-income producing residential parcels (collectively, the “Residential Parcel”) under the other ground lease (the “Residential Parcel Ground Lease”). The ground lessor under both the HQP Borrower Ground Lease and the Residential Parcel Ground Lease, which is an affiliate of the Headquarters Plaza Borrowers, has granted a fee mortgage in favor of the lender under the Headquarters Plaza Whole Loan. Accordingly, the Headquarters Plaza Whole Loan is secured by (i) the Headquarters Plaza Borrowers’ leasehold interests in the Headquarters Plaza Office/Retail Property and the Headquarters Plaza Hotel Property, (ii) the ground lessor’s fee interest in the Headquarters Plaza Office/Retail Property and the Headquarters Plaza Hotel Property, and (iii) the ground lessor’s fee interest in the Residential Parcel. The leasehold interest in the Residential Parcel, however, is not collateral for the Headquarters Plaza Whole Loan. 

Partial Release. At any time other than the 45 days prior to and following the securitization of any portion of the Headquarters Plaza Whole Loan, the Headquarters Plaza Borrowers may cause the release of the fee interest in the Residential Parcel from the lien of the Headquarters Plaza Whole Loan, which may be accomplished either by a condominium conversion or a subdivision release. The Residential Parcel was not assigned value in the appraisal or in the underwriting for the Headquarters Plaza Whole Loan.

Condominium Conversion. At the election of the Headquarters Plaza Borrowers, the ground lessor, the ground lessee of the Residential Parcel and/or any other person designated by the ground lessee of the Residential Parcel to be the initial owner of the Residential Parcel (such person, the “Residential Unit Owner”), a condominium conversion may be effectuated at the Headquarters Plaza Property upon the satisfaction of certain conditions set forth in the Headquarters Plaza Whole Loan documents, which include the satisfaction of certain REMIC requirements and the delivery of a rating agency confirmation. In addition, the lender has consent rights over the condominium documents, which include all conveyances, bylaws and estoppels required in order to create the condominium regime. Upon the completion of the condominium conversion, the unit(s) consisting of the Residential Parcel would be released from the lien of the Headquarters Plaza Whole Loan, such unit(s) would be conveyed to the Residential Unit Owner and the ground lease structure would terminate, with the Headquarters Plaza Borrowers owning the condominium interests in the Headquarters Plaza Office/Retail Property unit and the Headquarters Plaza Hotel Property unit. The Headquarters Plaza Borrowers are required to maintain control of the condominium board after the condominium conversion, and such control may pass to the lender and/or any successor owner of the Headquarters Plaza Property upon any foreclosure, deed-in-lieu of foreclosure, or any other transfer pursuant to any exercise of remedy under the Headquarters Plaza Whole Loan documents. 

Subdivision Release. Provided a condominium conversion has not taken place, the Headquarters Plaza Borrowers may cause the release of the fee interest in the Residential Parcel from the lien of the Headquarters Plaza Whole Loan upon the successful subdivision of the Residential Parcel from the remaining Headquarters Plaza Property and the creation of one or more separate tax lots with respect to the Residential Parcel. In addition, the Headquarters Plaza Borrowers must satisfy certain conditions set forth in the Headquarters Plaza Mortgage Loan documents, which include satisfaction of the REMIC requirements. Upon the release of the Residential Parcel, the Headquarters Plaza Borrowers are required to purchase the remaining Headquarters Plaza Property (which remainder would include all of the real property in which the Headquarters Plaza Borrowers currently have a leasehold estate) from the ground lessor for $1.00 and the ground lease structure will terminate.

Substitution. Except in connection with either (a) the termination of the ground lease in connection with the Headquarters Plaza Borrowers’ acquisition of the condominium interests in the Headquarters Plaza Office/Retail Property unit and the Headquarters Plaza Hotel Property unit (as described above in “Partial Release—Condominium Conversion”) or (b) the termination of the ground lease in connection with the Headquarters Plaza Borrowers’ acquisition of the fee interest in the real property in which they currently hold a leasehold interest (as described above in “Partial Release—Subdivision Release”), substitution is not permitted. For the avoidance of doubt, the fee acquisition described in clause (b) above involves the borrower’s acquisition of a fee interest in real property in which the Headquarters Plaza Borrowers currently hold a leasehold interest and that is already collateral for the Headquarters Plaza Whole Loan pursuant to the accommodation mortgage given by the ground lessor.

Mezzanine Loan and Preferred Equity.   Not permitted.

Terrorism Insurance. The Headquarters Plaza Borrowers are required to obtain insurance against acts of terrorism for loss resulting from perils and acts of terrorism in amounts and with terms and conditions applicable to commercial property, general liability, business income and umbrella liability insurance required pursuant to the Headquarters Plaza Whole Loan documents.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 121

Various Collateral Asset Summary – Loan No. 11 National Office Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,970,933 64.2% 1.64x 11.1%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CCRE			Single Asset/Portfolio:	Portfolio
Credit Assessment		NR/NR/NR			Location:	Various
(Fitch/KBRA/Moody’s):					General Property Type:	Office
Original Balance(1):		$25,000,000			Detailed Property Type:	Suburban
Cut-off Date Balance(1):		$24,970,933			Title Vesting:	Fee
% of Initial Pool Balance:		3.6%			Year Built/Renovated:	Various/Various
Loan Purpose:		Refinance			Size:	2,572,700 SF
Borrower Sponsor:		Andrew J. Segal			Cut-off Date Balance per SF(1):	$72
Mortgage Rate:		4.6100%			Maturity Date Balance per SF(1):	$58
Note Date:		10/6/2017			Property Manager:	Boxer Property Management Corporation (borrower-related)
First Payment Date:		11/6/2017
Maturity Date:		10/6/2027
Original Term to Maturity:		120 months
Original Amortization Term:		360 months
IO Period:		0 months
Seasoning:		1 month
Prepayment Provisions(2):		LO (25); DEF (91); O (4)			Underwriting and Financial Information
Lockbox/Cash Mgmt Status:		Hard/Springing			UW NOI(5):	$20,578,171
Additional Debt Type(1)(3):		Pari Passu			UW NOI Debt Yield(1):	11.1%
Additional Debt Balance(1)(3):		$159,813,968			UW NOI Debt Yield at Maturity(1):	13.7%
Future Debt Permitted (Type)(3):		Yes (Mezzanine)			UW NCF DSCR(1):	1.64x
Reserves					Most Recent NOI(5):	$16,618,026 (8/31/2017 TTM)
Type	Initial		Monthly	Cap	2nd Most Recent NOI:	$14,293,715 (12/31/2016)
RE Tax:	$2,076,255		$337,483	N/A	3rd Most Recent NOI:	$16,387,470 (12/31/2015)
Insurance:	$271,808		$20,908	N/A	Most Recent Occupancy:	77.5% (8/31/2017)
Replacements(4):	$150,000		$53,598	$1,157,715	2nd Most Recent Occupancy:	72.1% (12/31/2016)
TI/LC(5):	$7,176,724		Springing	$3,859,050	3rd Most Recent Occupancy:	70.6% (12/31/2015)
Outstanding TI/LC:	$2,575,793		$0	N/A	Appraised Value (as of):	$287,750,000 (Various)
Deferred Maintenance:	$196,044		$0	N/A	Cut-off Date LTV Ratio(1):	64.2%
Free Rent Reserve:	$1,656,704		$0	N/A	Maturity Date LTV Ratio(1):	52.2%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$185,000,000	99.7%	Loan Payoff(7):	$169,099,307	91.2%
Borrower Equity:	$500,000	0.3%	Reserves:	$14,103,328	7.6%
			Closing Costs:	$2,297,365	1.2%
Total Sources:	$185,500,000	100.0%	Total Uses:	$185,500,000	100.0%

(1) The National Office Portfolio Mortgage Loan (as defined below) is part of the National Office Portfolio Whole Loan (as defined below), which is comprised of six pari passu promissory notes with an aggregate original principal balance of $185,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the National Office Portfolio Whole Loan.

(2) Prior to the open prepayment date of July 6, 2027, the National Office Portfolio Whole Loan can be prepaid with (i) defeasance after the earlier to occur of (a) October 6, 2021 and (b) the first monthly payment date following the end of the two-year period commencing on the closing date of the securitization of the last National Office Portfolio Whole Loan promissory note to be securitized. Partial release is not permitted.

(3) See “The Mortgage Loan” below for further discussion of additional debt.

(4) Collections will resume if the reserve is drawn down upon. In addition, every 4 years borrower will provide a summary of the capex expenditures for the prior 4-year period and if such expenditures exceeded $0.45/SF, borrower will make additional deposits into the Replacement Reserve during the following 24 months equal to 1/24th of such excess.

(5) If the TI/LC reserve balance falls below the cap, on each monthly payment date the National Office Portfolio Borrower (as defined below) is required to deposit an amount equal to the lesser of (A) the amount required so that the amount on deposit in the TI/LC reserve will equal the TI/LC cap amount or (B) an amount equal to $107,196.

(6) The increase in Net Operating Income from TTM 8/31/2017 to UW is primarily due to an increase in portfolio-wide occupancy from 72.1% as of 12/31/2016 to 77.5% as of 8/31/2017.

(7) Includes $129,463,638 of the allocated loan amount for the National Office Portfolio Properties (as defined below) as well as $39,635,669 in an additional required pay down of the Beal Bank Facility (as defined below).

The Mortgage Loan. The eleventh largest mortgage loan (the “National Office Portfolio Mortgage Loan”) is part of a whole loan (the “National Office Portfolio Whole Loan”) evidenced by six pari passu promissory notes with an aggregate original principal balance of $185,000,000. The National Office Portfolio Whole Loan is secured by a first priority fee mortgage encumbering an 18-property portfolio of office properties totaling 2,572,700 SF located throughout the Dallas, Texas metropolitan statistical area (“MSA”) (1,605,894 SF; 62.4% of NRA), the Atlanta, Georgia MSA (490,913 SF; 19.1% of NRA), the Phoenix, Arizona MSA (263,681 SF; 10.2% of NRA), and the Chicago, Illinois MSA (212,212 SF; 8.2% of NRA) (collectively, the “National Office Portfolio Properties” or “National Office Portfolio”). The National Office Portfolio Whole Loan was originated by Ladder Capital Finance LLC, by and through its branch office at 345 Park Avenue, New York, New York (“LCF”). Promissory Note A-2-A, with an original principal balance of $25,000,000, represents the National Office Portfolio Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Note A-5-A, with an original principal balance of $35,000,000, is expected to be contributed to the UBS 2017-C5 Trust. Promissory Notes A-1-A, A-1-B, A-2-B, A-3 and A-4-A, with an aggregate original

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 122

Various Collateral Asset Summary – Loan No. 11 National Office Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,970,933 64.2% 1.64x 11.1%

principal balance of $125,000,000, are currently held by LCF or an affiliate, and are expected to be contributed to one or more future securitization transactions or may be otherwise transferred at any time. The National Office Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for the UBS 2017-C5 Trust until the controlling pari passu Promissory Note A-1-A is securitized, whereupon the National Office Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for such future securitization. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

National Office Portfolio Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1-A	$35,000,000	$34,959,306	LCF	Yes
Note A-1-B	$20,000,000	$19,976,746	LCF	No
Note A-2-A	$25,000,000	$24,970,933	CCUBS 2017-C1	No
Note A-3	$30,000,000	$29,965,119	LCF	No
Note A-4-B	$40,000,000	$39,953,493	LCF	No
Note A-5-A	$35,000,000	$34,959,306	UBS 2017-C5	No
Total	$185,000,000	$184,784,901

The Borrower and the Borrower Sponsor. The borrower is JBA Portfolio, LLC (the “National Office Portfolio Borrower”), a single-purpose Delaware limited liability company with two independent directors structured to be bankruptcy remote. Andrew J. Segal is the borrower sponsor and nonrecourse carve-out guarantor.

Andrew J. Segal is the Chairman & CEO of Boxer Property, which specializes in acquiring underperforming assets and engaging in an aggressive leasing program to attract smaller commercial tenants. The Boxer Property portfolio currently includes 90 properties totaling 12,005,023 SF office space, 1,265 hotel keys, and 1,090,395 SF of retail. The properties are located in Texas, Illinois, Georgia, Arizona, Colorado, Massachusetts, California, Ohio, New Jersey, and Minnesota.

The Properties. The National Office Portfolio Properties are comprised of 18 office properties totaling 2,572,700 SF located throughout the Dallas, Texas MSA (1,605,894 SF; 62.4% of NRA; 64.0% UW NOI), the Atlanta, Georgia MSA (490,913 SF; 19.1% of NRA; 17.8% UW NOI), the Phoenix, Arizona MSA (263,681 SF; 10.2% of NRA; 4.7% UW NOI), and the Chicago, Illinois MSA (212,212 SF; 8.2% of NRA; 13.5% UW NOI). The National Office Portfolio Properties were constructed between 1973 and 1987 and range in size from 46,769 SF to 381,383 SF. The National Office Portfolio Properties are 77.5% occupied as of August 31, 2017 and are leased to more than 1,000 tenants.

The following table present certain information relating to the National Office Portfolio Properties:

Portfolio Summary
Property Name	Location	Year Built/ Renovated	Net Rentable Area (SF)(1)	UW NCF	% of UW NCF	Allocated  Cut-off Date Balance(2)	% of   Whole Loan Cut-off Date Balance	Appraised Value	Allocated Cut-off Date LTV Ratio(2)
8330 LBJ Freeway	Dallas, TX	1984/2010	381,383	$3,200,440	17.2%	$34,212,175	18.5%	$42,750,000	80.0%
101 East Park Boulevard	Plano, TX	1983/2012	225,445	$2,678,991	14.4%	$26,788,816	14.5%	$36,100,000	74.2%
13601 Preston Road	Dallas, TX	1973/2009	261,975	$2,018,081	10.8%	$21,520,948	11.6%	$27,500,000	78.3%
1750 East Golf Road	Schaumburg, IL	1985/2013	212,212	$2,623,222	14.1%	$17,479,653	9.5%	$35,400,000	49.4%
14800 Quorum Drive	Addison, TX	1981/2011	103,877	$828,328	4.4%	$9,708,699	5.3%	$13,550,000	71.7%
1995 North Park Place	Atlanta, GA	1985/2013	99,920	$824,186	4.4%	$8,629,954	4.7%	$12,200,000	70.7%
Northlake - 2295 Parklake Dr NE	Atlanta, GA	1973/2014	121,528	$935,783	5.0%	$8,522,080	4.6%	$10,600,000	80.4%
4751 Best Road	Atlanta, GA	1987/2013	93,084	$809,188	4.3%	$8,090,582	4.4%	$11,900,000	68.0%
The Centre - 4099 McEwen Road	Farmers Branch, TX	1979/2013	123,711	$727,275	3.9%	$7,029,817	3.8%	$11,800,000	59.6%
The Centre - 4101 McEwen Road	Farmers Branch, TX	1979/2013	124,326	$551,675	3.0%	$7,029,817	3.8%	$12,100,000	58.1%
11225 North 28th Drive	Phoenix, AZ	1982/2011	135,501	$391,454	2.1%	$6,580,340	3.6%	$9,070,000	72.6%
10000 North 31st Ave	Phoenix, AZ	1982/2012	128,180	$375,262	2.0%	$5,909,121	3.2%	$9,900,000	59.7%
The Centre - 4001 McEwen Road	Farmers Branch, TX	1980/2013	95,192	$591,253	3.2%	$5,493,605	3.0%	$10,000,000	54.9%
4425 W Airport Fwy	Irving, TX	1981/2015	85,212	$558,699	3.0%	$4,638,600	2.5%	$8,400,000	55.2%
Northlake - 2302 Parklake Dr NE	Atlanta, GA	1979/2014	111,223	$147,597	0.8%	$4,095,233	2.2%	$11,800,000	34.7%
Northlake - 2305&2309 Parklake Dr NE	Atlanta, GA	1973/2014	65,158	$578,297	3.1%	$3,362,086	1.8%	$5,880,000	57.2%
12100 Ford Road	Farmers Branch, TX	1979/2012	158,004	$391,528	2.1%	$3,096,396	1.7%	$12,500,000	24.8%
The Centre - 4000N&S McEwen Road	Farmers Branch, TX	1979/2013	46,769	$417,387	2.2%	$2,596,977	1.4%	$6,300,000	41.2%
Total/Wtd. Avg.			2,572,700	$18,648,646	100.0%	$184,784,901	100.0%	$287,750,000	64.2%

(1) Information is based on the underwritten rent roll.

(2) Based on the National Office Portfolio Whole Loan principal amount outstanding as of the Cut-off Date.

(3) There are no release provisions in the National Office Portfolio Whole Loan documents.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 123

Various Collateral Asset Summary – Loan No. 11 National Office Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,970,933 64.2% 1.64x 11.1%

The four largest properties (by NRA) in the National Office Portfolio (collectively making up approximately 56.4% of the National Office Portfolio’s UW NCF) are summarized below:

The 8330 LBJ Freeway property consists of 381,383 SF of Class B office space in two eight- and 12-story office buildings and, as of August 31, 2017, was 85.3% occupied. Built in 1984, the buildings within the property include two common conference rooms, an 85-seat stadium style auditorium, a fitness center and on-site café. The 8330 LBJ Freeway property is located 0.1 miles south of I-635 and 0.2 miles east of I-75. The largest tenant at the 8330 LBJ Freeway property is Trinity Universal Insurance Co, which occupies 84,114 SF (22.1% of the NRA of the 8330 LBJ Freeway property) and comprises 22.0% of the 8330 LBJ Freeway property’s underwritten base rent (3.9% of the National Office Portfolio’s underwritten base rent).

The 101 East Park Boulevard property consists of a 225,445 SF, 13-story office building and, as of August 31, 2017, was 87.1% occupied. Built in 1983, the building is located at the southwest corner of Park Boulevard and Republic Drive in Plano, Collin County, Texas. The largest tenant at the 101 East Park Boulevard property is M. White & Associates, LLC, which occupies 24,896 SF (11.0% of the NRA of the 101 East Park Boulevard property) and represents 11.2% of the 101 East Park Boulevard property’s underwritten base rent (1.1% of the National Office Portfolio’s underwritten base rent).

The 1750 East Golf Road property consists of a Class B, 12-story office building encompassing 212,212 rentable SF and 244,050 gross SF. Additionally, there is a two-story parking garage at the rear of the 1750 East Golf Road property that contains 295 parking spaces, with an additional 417 surface parking spaces surrounding the improvements. The 1750 East Golf Road property was constructed in 1985 and the 1750 East Golf Road property’s site consists of approximately 357,192 SF or approximately 8.20 acres of land. The 1750 East Golf Road property is located on the north side of East Golf Road, opposite the Woodfield Mall. The 1750 East Golf Road property benefits from its location near the core of the commercial district of Schaumburg and to the city of Chicago, O’Hare International Airport, and the growing industrial, residential, office and retail sectors of the Schaumburg, Rolling Meadows, Elk Grove Village, Hoffman Estates, and Barrington areas. The largest tenant at the 1750 East Golf Road property is Career Education Corporation, which occupies 116,387 SF (54.8% of the NRA of the 1750 East Golf Road property) and comprises 56.4% of the 1750 East Golf Road property’s underwritten base rent (8.8% of the National Office Portfolio’s underwritten base rent).

The 13601 Preston Road property consists of a 261,975 SF, midrise office building, and as of August 31, 2017, was 82.0% occupied. Built in 1973, the building is located on the north side of Alpha Road, approximately 550 feet west of Preston Road. The 13601 Preston Road property is located in North Dallas, which is located immediately north of LBJ Freeway between Preston Road and Montfort Drive. The 13601 Preston Road property is located adjacent to the north of the current Dallas Midtown, an over $4 billion redevelopment of the former Valley View mall and less than one-mile east of the North Dallas Tollway and Galleria Mall. The largest tenant at the 13601 Preston Road property is AT&T, which occupies 13,358 SF (5.1% of the NRA of the 13601 Preston Road property) and comprises 5.9% of the 13601 Preston Road property’s underwritten base rent (0.5% of the National Office Portfolio’s underwritten base rent).

The following table presents certain information relating to the major leases at the National Office Portfolio Properties:

Tenant Summary(1)
Tenant Name	Property	Credit Rating (Fitch/ Moody’s/ S&P)(2)	Tenant SF	Approximate % of SF	Annual UW Base Rent	% of Total Annual UW Base Rent	Annual UW Base Rent PSF(3)	Lease Expiration
Career Education Corporation	1750 East Golf Road	NR/NR/NR	116,387	4.5%	$3,176,713	8.8%	$27.29	5/31/2020
Trinity Universal Insurance Co(4)	8330 LBJ Freeway	A-/A3/A-	84,114	3.3%	$1,387,881	3.9%	$16.50	6/30/2025
Assurance Agency, Ltd(5)	1750 East Golf Road	NR/NR/NR	63,113	2.5%	$1,716,198	4.8%	$27.19	9/30/2023
Nurtur Health, Inc.(6)	The Centre - 4001 McEwen Road	NR/NR/NR	47,780	1.9%	$788,370	2.2%	$16.50	12/31/2020
Centene Corporation(6)	The Centre - 4000N&S McEwen Road	NR/NR/NR	46,769	1.8%	$748,304	2.1%	$16.00	12/31/2020
Subtotal/Wtd. Avg.			358,163	13.9%	$7,817,466	21.7%	$21.83
Remaining Tenants			1,635,654	63.6%	$28,172,756	78.3%	$17.22
Vacant Space			578,883	22.5%	$0	0.0%	$0.00
Total/Wtd. Avg.			2,572,700	100.0%	$35,990,222	100.0%	$18.05

(1) Information is based on the underwritten rent roll.

(2) Ratings provided are for the parent company of the entity listed in the “Tenant Name” field whether or not the parent company guarantees the lease.

(3) Wtd. Avg. Annual UW Base Rent PSF excludes vacant space.

(4) Trinity Universal Insurance Co has a one-time termination option right effective June 30, 2022 with nine months’ notice.

(5) Assurance Agency, Ltd has a one-time termination option right effective September 30, 2019 with 12 months’ notice and payment of a termination fee.

(6) Centene Corporation and Nurtur Health, Inc. are affiliates.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 124

Various Collateral Asset Summary – Loan No. 11 National Office Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,970,933 64.2% 1.64x 11.1%

The following table presents certain information relating to the lease rollover schedule at the National Office Portfolio Properties:

Lease Rollover Schedule(1)(2)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling(3)	Total UW Base Rent Rolling	Approx. % of Total Base Rent Rolling	Approx. Cumulative % of Total Base Rent Rolling
MTM/Other	51	39,513	1.5%	1.5%	$6.85	$270,677	0.8%	0.8%
2017	109	85,872	3.3%	4.9%	$16.82	$1,444,085	4.0%	4.8%
2018	497	472,242	18.4%	23.2%	$17.17	$8,109,026	22.5%	27.3%
2019	136	237,336	9.2%	32.5%	$16.53	$3,923,323	10.9%	38.2%
2020	129	453,555	17.6%	50.1%	$19.60	$8,888,453	24.7%	62.9%
2021	48	169,035	6.6%	56.7%	$16.28	$2,752,426	7.6%	70.5%
2022	41	125,942	4.9%	61.5%	$18.23	$2,295,525	6.4%	76.9%
2023	16	178,109	6.9%	68.5%	$21.88	$3,897,421	10.8%	87.7%
2024	7	31,737	1.2%	69.7%	$18.26	$579,435	1.6%	89.4%
2025	7	105,069	4.1%	73.8%	$16.72	$1,756,997	4.9%	94.2%
2026	5	11,420	0.4%	74.2%	$20.78	$237,306	0.7%	94.9%
2027	3	29,575	1.1%	75.4%	$24.76	$732,317	2.0%	96.9%
2028 & Beyond	5	54,412	2.1%	77.5%	$20.28	$1,103,231	3.1%	100.0%
Vacant	0	578,883	22.5%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	1,054	2,572,700	100.0%		$18.05	$35,990,222	100.0%

(1) Information is based on the underwritten rent roll.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the lease rollover schedule.

(3) Wtd. Avg. UW Base Rent PSF Rolling excludes vacant space.

The Market. The National Office Portfolio Properties are located across the Dallas, Texas MSA (ten properties), the Atlanta, Georgia MSA (five properties), the Phoenix, Arizona MSA (two properties), and the Chicago, Illinois MSA (one property).

Dallas:

There are 10 National Office Portfolio Properties located in the Dallas, Texas MSA totaling 1,605,894 SF (62.4% of total portfolio SF), which generate $11,963,658 in UW NCF (64.2% of total UW NCF). According to the appraisal, the Dallas/Fort Worth office market has an inventory of 359.2 million SF of office space with 705,773 SF of positive absorption. As of second quarter 2017, the Dallas-Fort Worth MSA office market is 85.7% occupied with an average asking rent of $24.64 PSF. The properties are located in several submarkets: LBJ Freeway, Richardson/Plano, Las Colinas, and Mid Cities, which are discussed below.

According to the appraisal, the LBJ Freeway office submarket contains a total inventory of approximately 22.6 million SF of office space across 265 buildings. As of the second quarter 2017, the LBJ Freeway office submarket had a direct vacancy rate of 22.1% and a weighted average rental rate of $21.83 PSF. The Richardson/Plano office submarket contains a total inventory of 40.8 million SF of office space across 1,371 buildings. As of the second quarter of 2017, the Richardson Plano office submarket had a direct vacancy rate of 15.3% and a direct weighted average rental rate of $24.20 PSF. The Las Colinas submarket contains a total inventory of 39.8 million SF of office space across 433 buildings. As of the second quarter of 2017, the Las Colinas office submarket had a direct vacancy rate of 14.5% and a direct weighted average rental rate of $25.03 PSF. The Mid-Cities office submarket contains a total inventory of approximately 40.3 million SF of office space across 2,578 buildings. As of the second quarter 2017, the Mid-Cities office submarket had a direct vacancy rate of 13.3% and a weighted average rental rate of $21.73 PSF.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 125

Various Collateral Asset Summary – Loan No. 11 National Office Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,970,933 64.2% 1.64x 11.1%

The following table presents certain market information relating to the National Office Portfolio Properties located in Dallas:

Dallas Office Market and Submarket Overview(1)
Submarket	Inventory (SF)	Number of Buildings	Direct Vacancy Rate	Under Construction SF	Direct Net Absorption 2Q2017	Direct Wtd. Avg. Rental Rate (PSF)
Las Colinas	39,798,523	433	14.5%	845,749	783,960	$25.03
LBJ Freeway	22,597,412	265	22.1%	0	(34,659)	$21.83
Mid-Cities	40,307,595	2,578	13.3%	752,298	(139,772)	$21.73
Richardson/Plano	40,752,851	1,371	15.3%	866,960	(8,030)	$24.20

(1) Information is based on the appraisals.

Atlanta:

There are five National Office Portfolio Properties located in the Atlanta, Georgia MSA totaling 490,913 SF (19.1% of total portfolio SF) which generate $3,295,050 in UW NCF (18.7% of total UW NCF). As of the second quarter 2017, the Atlanta office submarket is 88.0% occupied with an average asking rent of $22.71 PSF. Total office inventory in the Atlanta market area amounted to 307,054,764 SF in 16,077 buildings for the same period. Quoted rents in the market are on average $22.71 PSF, and have seen a steady increase since a 10-year low of $18.78 PSF in 2012. In the Atlanta market, there is currently 5,273,668 SF of office space under construction. The properties are located in several submarkets: Northlake, South Atlanta, and Northwest Atlanta, which are discussed below.

According to the appraisal, the Northlake office submarket contains a total inventory of approximately 29.8 million SF across 2,308 buildings. As of the second quarter 2017, the Northlake office submarket had a direct vacancy rate of 10.0% and a weighted average rental rate of $18.67 PSF. The South Atlanta office submarket contains a total inventory of 24.7 million SF of office space across 2,560 buildings. As of the second quarter 2017, the South Atlanta office submarket had a direct vacancy rate of 10.3% and a direct weighted average rental rate of $16.70 PSF. The Northwest Atlanta office submarket contains a total inventory of 50.2 million SF of office space across 3,185 buildings. As of the second quarter 2017, the Northwest Atlanta office submarket had a direct vacancy rate of 12.0% and a weighted average rental rate of $21.65 PSF.

The following table presents certain market information relating to the National Office Portfolio Properties located in Atlanta:

Atlanta Office Market and Submarket Overview(1)
Submarket	Inventory (SF)	Number of Buildings	Direct Vacancy Rate	Under Construction SF	Direct Net Absorption 2Q2017	Direct Wtd. Avg. Rental Rate (PSF)
Northlake	29,818,728	2,308	10.0%	319,066	(244,795)	$18.67
Northwest Atlanta	50,157,394	3,185	12.0%	762,139	157,831	$21.65
South Atlanta	24,714,942	2,560	10.3%	60,000	224,395	$16.70

(1) Information is based on the appraisals.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 126

Various Collateral Asset Summary – Loan No. 11 National Office Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,970,933 64.2% 1.64x 11.1%

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 National Office Portfolio Properties:

Cash Flow Analysis
	2014	2015	2016	8/31/2017 TTM(1)	UW(1)(2)(3)	UW PSF
Gross Potential Rent	$42,129,832	$44,419,786	$42,402,377	$43,350,092	$45,744,828	$17.78
Total Recoveries	$1,053,998	$1,438,663	$1,599,768	$1,768,146	$2,773,638	$1.08
Other Income	$675,665	$835,275	$680,692	$707,505	$707,505	$0.28
Less Vacancy & Credit Loss	($12,422,571)	($12,813,958)	($12,620,315)	($11,220,908)	($10,595,946)	($4.12)
Effective Gross Income	$31,436,924	$33,879,766	$32,062,523	$34,604,835	$38,630,025	$15.02
Total Operating Expenses	$16,957,854	$17,492,296	$17,768,808	$17,986,810	$18,051,854	$7.02
Net Operating Income	$14,479,070	$16,387,470	$14,293,715	$16,618,026	$20,578,171	$8.00
Tenant Improvements	$0	$0	$0	$0	$643,175	$0.25
Leasing Commissions	$0	$0	$0	$0	$643,175	$0.25
Replacement Reserves	$0	$0	$0	$0	$643,175	$0.25
Net Cash Flow	$14,479,070	$16,387,470	$14,293,715	$16,618,026	$18,648,646	$7.25
Occupancy %	66.3%	70.6%	72.1%	75.3%	78.2%
NOI DSCR(4)	1.27x	1.44x	1.25x	1.46x	1.81x
NCF DSCR(4)	1.27x	1.44x	1.25x	1.46x	1.64x
NOI Debt Yield(4)	7.8%	8.9%	7.7%	9.0%	11.1%
NCF Debt Yield(4)	7.8%	8.9%	7.7%	9.0%	10.1%

(1) The increase in Net Operating Income from TTM 8/31/2017 to UW is primarily due to an increase in portfolio-wide occupancy from 72.1% as of 12/31/2016 to 77.5% as of 8/31/2017.

(2) UW Gross Potential Rent is based on the underwritten rent roll as of August 31, 2017.

(3) UW Total Recoveries represent utility reimbursement due from tenants under their leases. The increase in UW Total Recoveries when compared to the TTM is due to the gross up of vacant spaces on the rent roll. On a net basis, LCF has underwritten reimbursements of approximately $2.25 million, consistent with the TTM Utility Reimbursements of $2.0 million.

(4) Debt service coverage ratios and debt yields are based on the National Office Portfolio Whole Loan.

Beal Bank Pledge. The National Office Portfolio Properties were collateral under a large corporate facility that Boxer F2, L.P. has with Beal Bank USA a Nevada Thrift (“Beal Bank”), in the amount of $464,000,000 (the “Beal Bank Facility”). In connection with funding of the National Office Portfolio Whole Loan, each National Office Portfolio Property was released from the Beal Bank Facility and dropped into a newly-formed SPE subsidiary of the Beal Bank Facility borrower. The Beal Bank Facility will continue to provide that the parent of the National Office Portfolio Borrower (i.e. the Beal Bank Facility borrower) will be required to submit any and all distributions received from the National Office Portfolio Whole Loan borrower to Beal Bank, including periodic distributions and net proceeds of any sale or refinancing. These remaining obligations of the parent company are secured by a pledge to Beal Bank of ownership interests in the National Office Portfolio Whole Loan borrower (the “Beal Pledge”). The Beal Pledge does not secure any principal amount or regular payments and may only be foreclosed upon in the event of the failure of the parent to make the required payments of distributions to Beal Bank (the parent is only obligated to make distributions to Beal Bank if it receives distributions from the property owner) or upon the occurrence of an event of default under the National Office Portfolio Whole Loan. The Beal Pledge is subject to an intercreditor agreement with the National Office Portfolio Whole Loan lender which will permit Beal Bank to foreclose upon the equity in the National Office Portfolio Whole Loan borrower as long as the foreclosing party is Beal Bank or another qualified transferee (provided that Beal Bank or such other qualified transferee has assets (in name or under management or advisement in excess) of $1 billion and capital surplus/equity or market capitalization of at least $400 million). Beal Bank also has additional cure rights beyond the National Office Portfolio Borrower cure periods and consistent with customary intercreditor provisions. Beal Bank has an option to purchase the National Office Portfolio Properties in the event that (i) the National Office Portfolio Whole Loan has been accelerated or (ii) the lender under the National Office Portfolio Whole Loan has received written notice from the National Office Portfolio Borrower that it will no longer perform under the loan. Beal Bank is pre-approved as an assuming National Office Portfolio Borrower pursuant to the National Office Portfolio Whole Loan documents as long as it is a qualified transferee at the time of the assumption (and meets the required net worth and capital surplus/equity or market capitalization test); Beal Bank is otherwise required to satisfy all of the assumption requirements in the National Office Portfolio Whole Loan documents in connection with an exercise of its purchase option for the National Office Portfolio Properties

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Various Collateral Asset Summary – Loan No. 12 Bass Pro & Cabela’s Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,750,000 50.4% 2.72x 12.8%

Mortgage Loan Information					Property Information
Mortgage Loan Seller(1):		UBS AG			Single Asset/Portfolio:	Portfolio
Credit Assessment		NR/NR/NR			Location:	Various
(Fitch/KBRA/Moody’s):					General Property Type:	Retail
Original Balance(2):		$24,750,000			Detailed Property Type:	Single Tenant
Cut-off Date Balance(2):		$24,750,000			Title Vesting:	Fee
% of Initial Pool Balance:		3.6%			Year Built/Renovated:	Various
Loan Purpose:		Acquisition			Size:	1,896,527 SF
Borrower Sponsor:		Starwood Property Trust, Inc.			Cut-off Date Balance per SF(2):	$103
Mortgage Rate:		4.3790%			Maturity Date Balance per SF(2):	$103
Note Date:		9/25/2017			Property Manager:	Self-Managed
First Payment Date:		11/6/2017
Maturity Date:		10/6/2027
Original Term to Maturity:		120 months
Original Amortization Term:		0 months			Underwriting and Financial Information
IO Period:		120 months			UW NOI:	$24,937,758
Seasoning:		1 month			UW NOI Debt Yield(2):	12.8%
Prepayment Provisions(3):		LO (24); YM1 (1); DEF/YM1 (88); O (7)			UW NOI Debt Yield at Maturity(2):	12.8%
Lockbox/Cash Mgmt Status:		Hard/Springing			UW NCF DSCR(2):	2.72x
Additional Debt Type(2)(4):		Pari Passu			Most Recent NOI(7):	N/A
Additional Debt Balance(2)(4):		$170,150,000			2nd Most Recent NOI(7):	N/A
Future Debt Permitted (Type)(5):		Yes (Mezzanine)			3rd Most Recent NOI(7):	N/A
Reserves					Most Recent Occupancy:	100.0% (11/1/2017)
Type	Initial		Monthly	Cap	2nd Most Recent Occupancy(7):	N/A
RE Tax(6):	$0		Springing	N/A	3rd Most Recent Occupancy(7):	N/A
Insurance(6):	$0		Springing	N/A	Appraised Value (as of):	$386,700,000 (7/1/2017)
Replacements(6):	$0		Springing	N/A	Cut-off Date LTV Ratio(2):	50.4%
TI/LC(6):	$0		Springing	N/A	Maturity Date LTV Ratio(2):	50.4%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(2):	$194,900,000	56.8%	Purchase Price:	$341,609,572	99.5%
Borrower Equity:	$148,423,879	43.2%	Closing Costs:	$1,714,307	0.5%
Total Sources:	$343,323,879	100.0%	Total Uses:	$343,323,879	100.0%

(1) The Bass Pro & Cabela’s Portfolio Whole Loan (as defined below) was co-originated by Goldman Sachs Mortgage Company (“GSMC”), Wells Fargo Bank, National Association (“WFB”) and UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York (“UBS AG”).

(2) The Bass Pro & Cabela’s Portfolio Mortgage Loan (as defined below) is part of the Bass Pro & Cabela’s Portfolio Whole Loan, which is comprised of ten pari passu promissory notes with an aggregate principal balance of $194,900,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Bass Pro & Cabela’s Portfolio Whole Loan.

(3) Prior to the open prepayment date of April 6, 2027, the Bass Pro & Cabela’s Portfolio Whole Loan can be prepaid in whole or in part with (i) defeasance after the earlier to occur of (a) September 25, 2020 and (b) the first monthly payment date following the end of the two-year period commencing on the closing date of the securitization of the last Bass Pro & Cabela’s Portfolio Whole Loan promissory note (collectively, the “Defeasance Lockout Period”) or (ii) the greater of 1% of the amount prepaid or a yield maintenance premium after October 6, 2019 (the “Yield Maintenance Lockout Period”), provided that no yield maintenance premium will be payable with respect to the first $25,000,000 (the “Permitted Free Prepayment Amount”) of principal repaid regardless of when paid, so long as no event of default has occurred and is continuing under the Bass Pro & Cabela’s Portfolio Whole Loan (except in the case where such prepayment is effected in order to cure or prevent a default or an event of default or is the payment of a release price to cure an event of default, and such default or event of default is not the result of the willful misconduct or bad faith actions of any Bass Pro & Cabela’s Portfolio Borrower (as defined below)). Any prepayment made of the Permitted Free Prepayment Amount will be allocated among (i) the A-1 notes in the aggregate, (ii) Note A-2 and (iii) the A-3 notes in the aggregate, on a pro rata and pari passu basis; provided that any such prepayments (including in connection with the release of any of the Bass Pro & Cabela’s Portfolio Properties (as defined below)) allocated to the A-3 notes in the aggregate will not be allocated among such notes on a pro rata and pari passu basis, but instead, will be allocated among such notes as described under “The Mortgage Loan” below. Partial release is permitted. See “Release of Property” below for further discussion of release requirements.

(4) See “The Mortgage Loan” below for further discussion of additional debt.

(5) Any time after March 25, 2018, direct or indirect equity owners of the Bass Pro & Cabela’s Portfolio Borrower are permitted to obtain a mezzanine loan in an amount not to exceed $24,362,500, provided that the following conditions are satisfied, among other things, (i) immediately after giving effect to such mezzanine loan, (a) the combined loan-to-value ratio is not greater than 50.4%, (b) the combined debt service coverage ratio is not less than 3.08x, and (c) the combined debt yield is not less than 13.67%, (ii) the mortgage lenders and the lender under the mezzanine loan have entered into an intercreditor agreement reasonably acceptable to the mortgage lenders, (iii) such mezzanine loan is coterminous with the Bass Pro & Cabela’s Portfolio Whole Loan or freely prepayable without any premium or penalty from and after the maturity date of the Bass Pro & Cabela’s Portfolio Whole Loan, (iv) if the mezzanine loan bears a floating interest rate, the mezzanine borrower must maintain an interest rate cap agreement from a reasonably acceptable counterparty in a notional amount not less than the outstanding principal balance of the mezzanine loan and with a strike price that would result in a debt service coverage ratio of at least 3.08x, and (v) the receipt of a rating agency confirmation.

(6) During an event of default or Trigger Period (as defined herein), the Bass Pro & Cabela’s Portfolio Borrower is required to escrow monthly (i) 1/12 of the annual estimated tax payments, (ii) 1/12 of the annual insurance premiums (unless the Bass Pro & Cabela’s Portfolio Properties are insured under an acceptable blanket policy), (iii) 1/12 of the product of (a) $0.25 and (b) the aggregate NRA of all of the Bass Pro & Cabela’s Portfolio Properties as of such payment date for capital expenditures, currently equal to $39,511 and (iv) 1/12 of the product of (a) $1.00 and (b) the aggregate NRA of all of the Bass Pro & Cabela’s Portfolio Properties as of such payment date for tenant improvements and leasing commissions, currently equal to $158,044. A “Trigger Period” will occur upon (i) the delivery to the lenders of annual or quarterly financial reports showing that the debt yield, determined as of the last day of any fiscal quarter is less than 10.5%, (ii) a Bass Pro Event (as defined herein), or (iii) if annual or quarterly financial reports are not delivered to the lenders when required, then ten business days following the Bass Pro & Cabela’s Portfolio Borrower’s receipt of written notice of the same, at the lenders’ option. A “Bass Pro Event” means (i) the Master Tenant (as defined below) ceases operations or vacates, as determined in accordance with the Master Lease (as defined below), with respect to more than 15% of the Bass Pro & Cabela’s Portfolio Properties (by number of locations), (ii) Bass Pro Group, LLC, the guarantor of the Master Lease, or the Master Tenant files for bankruptcy, (iii) the Master Tenant defaults under the Master Lease beyond any notice and cure period set forth in the Master Lease, or (iv) the total net leverage ratio for the Master Tenant exceeds 5.75x and will end upon the cure of such event as determined in accordance with the loan documents.

(7) There is no historical financial information as the Bass Pro & Cabela’s Portfolio Properties were owner-occupied prior to executing the Master Lease described below on September 25, 2017.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Various Collateral Asset Summary – Loan No. 12 Bass Pro & Cabela’s Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,750,000 50.4% 2.72x 12.8%

The Mortgage Loan. The twelfth largest mortgage loan (the “Bass Pro & Cabela’s Portfolio Mortgage Loan”) is part of a whole loan (the “Bass Pro & Cabela’s Portfolio Whole Loan”) with an aggregate original principal balance of $194,900,000. The Bass Pro & Cabela’s Portfolio Whole Loan is secured by a first priority fee mortgage encumbering a 1,896,527 SF 16-property portfolio of single tenant retail properties located in 10 states (collectively, the “Bass Pro & Cabela’s Portfolio Properties”). Promissory Note A-3(B-CP), with an original principal balance of $24,750,000, represents the Bass Pro & Cabela’s Portfolio Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Notes A-1(A-CP), A-1(A-NCP), A-1(B-CP), A-2, A-3(A-CP), A-3(C-CP), A-3(D-NCP), A-3(E-NCP) and A-3(F-NCP), with an aggregate original principal balance of $170,150,000, collectively represent the pari passu companion loans (collectively, the “Bass Pro & Cabela’s Portfolio Pari Passu Companion Loans”) and are currently held by GSMC, WFB, UBS AG and the UBS 2017-C5 Trust, as further described in the Bass Pro & Cabela’s Portfolio Whole Loan Summary table below. The lenders provide no assurances that any of the non-securitized notes will not be split further. The Bass Pro & Cabela’s Portfolio Whole Loan will initially be serviced pursuant to the pooling and servicing agreement for the UBS 2017-C5 Trust, and from and after the securitization of Promissory Note A-1(A-CP), will be serviced pursuant to the pooling and servicing agreement of such securitization trust. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Promissory Notes A-3(A-CP), A-3(B-CP), A-3(C-CP), A-3(D-NCP), A-3(E-NCP) and A-3(F-NCP) are collectively referred to herein as the “A-3 Notes”. Any prepayment made of the Permitted Free Prepayment Amount will be allocated among (i) the A-1 notes in the aggregate, (ii) Promissory Note A-2 and (iii) the A-3 Notes in the aggregate, on a pro rata and pari passu basis. However, any such prepayments of the Permitted Free Prepayment Amount (including any prepayments made in connection with the release of any of the Bass Pro & Cabela’s Portfolio Properties) that are allocated to the A-3 Notes in the aggregate will not be allocated among the individual A-3 Notes on a pro rata and pari passu basis, but instead will generally be allocated first to Promissory Notes A-3(D-NCP), A-3(E-NCP) and A-3(F-NCP), on pro rata and pari passu basis, until the principal balance of such notes has been reduced to zero, and then to Promissory Notes A-3(A-CP), A-3(B-CP) and A-3(C-CP), on pro rata and pari passu basis, until the principal balance of such notes has been reduced to zero. The maximum Permitted Free Prepayment Amount that may be allocated to the A-3 Notes in the aggregate is $7,500,000. The aggregate of the principal balances of Note A-3(D-NCP), Note A-3(E-NCP) and Note A-3(F-NCP) (collectively, the “Non-Call Protected A-3 Notes”) is also $7,500,000. As a result, it is expected that any Permitted Free Prepayment Amounts allocated to the A-3 Notes in the aggregate will generally be allocated to the Non-Call Protected A-3 Notes and will not be allocated to Note A-3(B-CP), Note A-3(A-CP), or Note A-3(C-CP), unless (i) the aggregate principal balance of the Non-Call Protected A-3 Notes was previously reduced to an amount that is less than the amount of any Permitted Free Prepayment Amount (in which case, after the Non-Call Protected A-3 Notes have been reduced to zero, any remaining prepayment amount will be allocated to Note A-3(B-CP), Note A-3(A-CP) and Note A-3(C-CP) on a pro rata and pari passu basis) or (ii) such prepayment amount is made in connection with a casualty or condemnation or event of default, which in each case will be allocated to the A-3 Notes on a pro rata and pari passu basis.

Bass Pro & Cabela’s Portfolio Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1(A-CP)	$37,500,000	$37,500,000	GSMS 2017-GS8	Yes
Note A-1(A-NCP)	$10,000,000	$10,000,000	GSMS 2017-GS8	No
Note A-1(B-CP)	$30,460,000	$30,460,000	GSMC	No
Note A-2	$58,470,000	$58,470,000	WFB	No
Note A-3(A-CP)	$20,000,000	$20,000,000	UBS 2017-C5	No
Note A-3(B-CP)	$24,750,000	$24,750,000	CCUBS 2017-C1	No
Note A-3(C-CP)	$6,220,000	$6,220,000	UBS AG	No
Note A-3(D-NCP)	$2,500,000	$2,500,000	UBS AG	No
Note A-3(E-NCP)	$2,500,000	$2,500,000	UBS AG	No
Note A-3(F-NCP)	$2,500,000	$2,500,000	UBS AG	No
Total	$194,900,000	$194,900,000

The proceeds of the Bass Pro & Cabela’s Portfolio Whole Loan, together with $148,423,879 of borrower equity, were used to acquire the Bass Pro & Cabela’s Portfolio Properties and pay closing costs.

The Borrowers and the Borrower Sponsor. The borrowers are SPT Prairie 1 CB Drive, LLC, SPT Prairie 200 BP Drive, LLC, SPT Prairie 210 Demers Avenue, LLC, SPT Prairie 1000 CB Drive, LLC, SPT Prairie 2250 Gatlin Blvd., LLC, SPT Prairie 2427 N. Greenwich Road, LLC, SPT Prairie 2502 W. CB Drive, LLC, SPT Prairie 2700 Market Place Drive, LLC, SPT Prairie 3900 CB Drive, LLC, SPT Prairie 5500 Cornerstone North Blvd., LLC, SPT Prairie 7090 CB Drive NW, LLC, SPT Prairie 7700 CB Drive, LLC, SPT Prairie 10670 CB Drive, LLC, SPT Prairie 10501 Palm River Road, LLC, SPT Prairie 17907 IH-10 West, LLC and SPT Prairie 20200 Rogers Drive, LLC (collectively, the “Bass Pro & Cabela’s Portfolio Borrower”), each a single-purpose Delaware limited liability company structured to be bankruptcy remote with two independent directors.

The borrower sponsor and nonrecourse carve-out guarantor of the Bass Pro & Cabela’s Portfolio Whole Loan is Starwood Property Trust, Inc. (“SPT”), an affiliate of Starwood Capital Group. The aggregate recourse to the borrower sponsor related to bankruptcy or insolvency actions may not exceed an amount equal to 20% of the principal balance of the Bass Pro & Cabela’s Portfolio Whole Loan outstanding at the time of the occurrence of such event, plus reasonable third-party costs incurred by the lender in connection with the enforcement of its rights. For additional information, see “Description of the Mortgage Pool—Non-Recourse Carveout Limitations” in the Preliminary Prospectus. SPT’s core business focuses on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt investments. As of the second quarter of 2017, SPT reported an equity market capitalization of approximately $5.8 billion and an enterprise value of $12.4 billion. Since inception, SPT has deployed over $29.0 billion in capital across various commercial real estate debt investments, commercial and residential mortgage-backed securities, and other commercial and residential real estate-related debt investments. The company currently owns a portfolio of retail, residential, office and medical office properties across the U.S. and Europe.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 129

Various Collateral Asset Summary – Loan No. 12 Bass Pro & Cabela’s Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,750,000 50.4% 2.72x 12.8%

The Properties. The Bass Pro & Cabela’s Portfolio Properties are comprised of 16 single tenant retail properties leased to Cabela’s (12 properties) and Bass Pro Shops (four properties) retail stores totaling 1,896,527 SF of space across 10 states. The Bass Pro & Cabela’s Portfolio Properties were constructed between 1997 and 2016 and range in size from 43,263 SF to 188,745 SF, with an average size of 118,533 SF. The Bass Pro & Cabela’s Portfolio Properties are subject to a new, 25-year unitary NNN master lease with six five-year extension options and no termination options. No asset accounts for more than 10.8% of the total rental income and no single state comprises more than 25.2% of the total rental income.

The Bass Pro & Cabela’s Portfolio Properties are 100.0% leased to Cabela’s Wholesale, Inc. (the “Master Tenant” or “Cabela’s”) under a NNN unitary master lease executed at the origination of the Bass Pro & Cabela’s Portfolio Whole Loan and operated under the Cabela’s and Bass Pro Shops brands (the “Master Lease”). The Master Lease has a 25-year term expiring on April 30, 2042 with an initial annual base rent of $14.05 PSF with increases every five years equal to the lesser of (i) 12.5% or (ii) the aggregate percent increase of the consumer price index over the prior five-year period. The Master Lease has six five-year renewal options with annual base rent resets at the commencement of each renewal period at the greater of (i) fair market rent or (ii) 110% of the annual base rent from the immediately preceding year, and no termination options. Upon expiration of the Master Lease, the Master Tenant will not have a purchase option. Obligations of the Master Tenant under the Master Lease are guaranteed by Bass Pro Group, LLC, an affiliate of the Master Tenant.

Bass Pro Shops recently acquired Cabela’s Incorporated, the parent company of the Master Tenant, on September 25, 2017 for a purchase price of approximately $4.0 billion. Following the acquisition, the combined company is known as the Bass Pro Group, LLC (Moody’s/S&P: Ba3/B+), which serves as guarantor for the Master Lease. Bass Pro Shops was founded in 1972 in Springfield, Missouri. Bass Pro Shops is a privately held national retailer of hunting, fishing, camping and related outdoor gear and apparel. Bass Pro Shops operates 82 Bass Pro stores across 32 U.S. states and four Canadian provinces. Bass Pro Shops also operates Big Cedar Lodge, a resort welcoming more than one million guests to Missouri’s Ozark Mountains per year. Cabela’s (NYSE: CAB) was founded in 1961, went public in 2004, and is currently based in Sidney, Nebraska. Cabela’s is a direct marketer and specialty retailer of hunting, fishing, boating, camping, shooting, and related outdoor recreation merchandise. As of year-end 2016, the company operated 85 retail stores, including 74 stores in the U.S. and 11 stores in Canada. Cabela’s stores range in size from 40,000 SF to 246,000 SF. Most locations typically include wildlife displays in natural habitats, dioramas, a restaurant or deli, and aquarium stocked with local fish.

The following tables present certain information relating to the Bass Pro & Cabela’s Portfolio Properties:

Portfolio Summary
Property Name	Location	Year Built	Net Rentable Area (SF)(1)	Allocated Cut-off Date Balance(2)	% of Allocated Cut-off Date Balance(2)	Appraised Value	Allocated Cut-off Date LTV Ratio(2)	Allocated Base Rent(1)
Cabela’s Rogers	Rogers, MN	2005	186,379	$20,700,000	10.6%	$41,100,000	50.4%	$2,878,000
Cabela’s Lone Tree	Lone Tree, CO	2013	108,077	$17,600,000	9.0%	$34,950,000	50.4%	$2,445,000
Bass Pro San Antonio	San Antonio, TX	2006	184,656	$17,200,000	8.8%	$34,200,000	50.3%	$2,308,100
Cabela’s Allen	Allen, TX	2010	107,329	$16,900,000	8.7%	$33,600,000	50.3%	$2,100,000
Cabela’s Lehi	Lehi, UT	2006	169,713	$15,400,000	7.9%	$30,600,000	50.3%	$1,990,000
Bass Pro Tampa	Tampa, FL	2015	132,734	$14,500,000	7.4%	$28,800,000	50.3%	$2,302,850
Cabela’s Hammond	Hammond, IN	2007	188,745	$13,000,000	6.7%	$25,700,000	50.6%	$1,800,000
Bass Pro Round Rock	Round Rock, TX	2014	120,763	$12,600,000	6.5%	$25,000,000	50.4%	$1,500,000
Cabela’s Fort Mill	Fort Mill, SC	2014	104,476	$11,700,000	6.0%	$23,250,000	50.3%	$1,627,100
Cabela’s Wichita	Wichita, KS	2011	80,699	$10,500,000	5.4%	$20,800,000	50.5%	$1,404,550
Cabela’s Owatonna	Owatonna, MN	1997	161,987	$9,600,000	4.9%	$19,000,000	50.5%	$1,520,000
Cabela’s Centerville	Centerville, OH	2016	71,872	$8,900,000	4.6%	$17,600,000	50.6%	$1,143,600
Cabela’s Huntsville	Huntsville, AL	2016	82,443	$8,300,000	4.3%	$16,400,000	50.6%	$1,025,000
Bass Pro Port St. Lucie	Port St. Lucie, FL	2013	86,637	$7,700,000	4.0%	$15,350,000	50.2%	$1,150,000
Cabela’s Waco	Waco, TX	2013	43,263	$6,000,000	3.1%	$11,850,000	50.6%	$798,200
Cabela’s East Grand Forks	East Grand Forks, MN	1999	66,754	$4,300,000	2.2%	$8,500,000	50.6%	$660,000
Total/Wtd. Avg.			1,896,527	$194,900,000	100.0%	$386,700,000	50.4%	$26,652,400

(1) Information is based on the underwritten rent roll and Master Lease.

(2) Based on the Bass Pro & Cabela’s Portfolio Whole Loan amount.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 130

Various Collateral Asset Summary – Loan No. 12 Bass Pro & Cabela’s Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,750,000 50.4% 2.72x 12.8%

Historical Sales Performance(1)
Property Name	Net Rentable Area (SF)	Sales ($)				Sales PSF
		2014	2015	2016	TTM(2)	2014	2015	2016	TTM(2)
Cabela’s Rogers	186,379	$66,143,890	$66,114,325	$65,612,864	$64,397,009	$355	$355	$352	$346
Cabela’s Lone Tree	108,077	$50,540,139	$53,173,638	$53,507,506	$52,580,155	$468	$492	$495	$487
Bass Pro San Antonio	184,656	$46,850,725	$45,147,437	$42,252,151	$41,944,692	$254	$244	$229	$227
Cabela’s Allen	107,329	$51,003,648	$54,760,193	$55,165,344	$53,101,409	$475	$510	$514	$495
Cabela’s Lehi	169,713	$49,050,049	$53,127,414	$45,616,127	$42,784,972	$289	$313	$269	$252
Bass Pro Tampa	132,734	NAV	NAV	$49,556,186	$47,290,425	NAV	NAV	$373	$356
Cabela’s Hammond	188,745	$40,171,544	$41,750,631	$40,674,889	$38,911,591	$213	$221	$216	$206
Bass Pro Round Rock	120,763	NAV	NAV	$29,280,166	$30,223,077	NAV	NAV	$242	$250
Cabela’s Fort Mill	104,476	NAV	$26,514,959	$28,348,550	$26,548,534	NAV	$254	$271	$254
Cabela’s Wichita	80,699	$32,134,636	$31,487,608	$28,598,702	$27,079,480	$398	$390	$354	$336
Cabela’s Owatonna	161,987	$36,740,413	$36,280,363	$35,215,690	$33,160,088	$227	$224	$217	$205
Cabela’s Centerville	71,872	NAV	NAV	$13,038,242	$15,092,953	NAV	NAV	$181	$210
Cabela’s Huntsville	82,443	NAV	NAV	$22,460,788	$22,016,732	NAV	NAV	$272	$267
Bass Pro Port St. Lucie	86,637	$24,021,522	$23,758,647	$23,690,873	$22,866,252	$277	$274	$273	$264
Cabela’s Waco	43,263	$14,778,172	$17,044,063	$17,119,752	$16,532,260	$342	$394	$396	$382
Cabela’s East Grand Forks	66,754	$16,543,482	$16,342,556	$15,356,164	$14,618,059	$248	$245	$230	$219
Total/Wtd. Avg.(3)	1,896,527	$427,978,220	$465,501,833	$565,493,993	$549,147,687	$309	$313	$298	$290

(1) Information is based on the underwritten rent roll.

(2) TTM Sales ($) and TTM Sales PSF are from July 2016 to June 2017.

(3) Wtd. Avg. 2014 Sales PSF excludes Net Rentable Area (SF) for those properties with no 2014 Sales ($). Wtd. Avg. 2015 Sales PSF excludes Net Rentable Area (SF) for those properties with no 2015 Sales ($).

The following table presents certain information relating to the Master Lease at the Bass Pro & Cabela’s Portfolio Properties:

Tenant Summary(1)
Tenant Name	Credit Rating (Fitch/Moody’s/S&P)(2)	Tenant SF	Approximate % of SF	Annual UW Rent	% of Total Annual UW Rent	Annual UW Rent PSF	Lease Expiration
Cabela’s Wholesale, Inc.(3)	NR/Ba3/B+	1,896,527	100.0%	$26,652,400	100.0%	$14.05	4/30/2042(4)
Vacant Space		0	0.0%	$0	0.0%	$0.00
Total/Wtd. Avg.		1,896,527	100.0%	$26,652,400	100.0%	$14.05

(1) Information is based on the Master Lease.

(2) Ratings provided are for Bass Pro Group, LLC, which serves as the guarantor for the Master Lease.

(3) The Bass Pro & Cabela’s Portfolio Properties are leased to the Master Tenant under a 25-year NNN master lease and operated under the Cabela’s and Bass Pro Shops brands.

(4) The Bass Pro & Cabela’s Portfolio Properties have six five-year renewal options with no termination options.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 131

Various Collateral Asset Summary – Loan No. 12 Bass Pro & Cabela’s Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,750,000 50.4% 2.72x 12.8%

The following table presents certain information relating to the lease rollover schedule at the Bass Pro & Cabela’s Portfolio Properties:

Lease Rollover Schedule(1)
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling	Total UW Base Rent Rolling	Approx. % of Total Rent Rolling	Approx. Cumulative % of Total Rent Rolling
2017	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2018	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2019	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2020	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2021	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2022	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2023	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2024	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2025	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2026	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2027	0	0	0.0%	0.0%	$0.00	$0	0.0%	0.0%
2028 & Beyond(2)	1	1,896,527	100.0%	100.0%	$14.05	$26,652,400	100.0%	100.0%
Vacant	0	0	0.0%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	1	1,896,527	100.0%		$14.05	$26,652,400	100.0%

(1) Information is based on the Master Lease.

(2) The Bass Pro & Cabela’s Portfolio Properties are leased to the Master Tenant under a 25-year NNN master lease operated under the Cabela’s and Bass Pro Shops brands that is structured with six five-year renewal options with no termination options.

The Market. The Bass Pro & Cabela’s Portfolio Properties are located across 16 markets in 10 states, with the top three markets, Chicago (10.0% of NRA), Twin Cities (9.8% of NRA) and San Antonio (9.7% of NRA) representing 29.5% of NRA with no other market representing more than 8.9% of NRA.

The following table presents certain market information relating to the Bass Pro & Cabela’s Portfolio Properties:

Market Overview(1)
Property Name	Location	Market(2)	Estimated 2017 Population(3)	Estimated 2017 Average Household Income(3)	Rental Rate PSF
					Actual(4)	Market(2)
Cabela’s Rogers	Rogers, MN	Twin Cities	32,950	$121,804	$15.44	$14.25
Cabela’s Lone Tree	Lone Tree, CO	Denver	156,660	$141,711	$22.62	$21.00
Bass Pro San Antonio	San Antonio, TX	San Antonio	135,780	$109,077	$12.50	$12.00
Cabela’s Allen	Allen, TX	Dallas	239,733	$132,938	$19.57	$20.00
Cabela’s Lehi	Lehi, UT	Salt Lake City	113,925	$107,930	$11.73	$11.75
Bass Pro Tampa	Tampa, FL	Tampa-St. Petersburg	199,723	$65,282	$17.35	$17.00
Cabela’s Hammond	Hammond, IN	Chicago	228,213	$65,540	$9.54	$9.70
Bass Pro Round Rock	Round Rock, TX	Austin	132,637	$97,299	$12.42	$12.50
Cabela’s Fort Mill	Fort Mill, SC	Charlotte	148,219	$80,904	$15.57	$15.00
Cabela’s Wichita	Wichita, KS	Wichita	115,269	$88,536	$17.40	$13.00
Cabela’s Owatonna	Owatonna, MN	Owatonna	26,126	$72,739	$9.38	$8.50
Cabela’s Centerville	Centerville, OH	Dayton	128,676	$85,520	$15.91	$12.00
Cabela’s Huntsville	Huntsville, AL	Huntsville	102,803	$69,794	$12.43	$14.00
Bass Pro Port St. Lucie	Port St. Lucie, FL	Port St Lucie/Fort Pierce	109,748	$70,134	$13.27	$12.50
Cabela’s Waco	Waco, TX	Waco	129,894	$58,388	$18.45	$17.00
Cabela’s East Grand Forks	East Grand Forks, MN	Grand Forks	67,005	$67,934	$9.89	$10.00
Wtd. Avg.					$14.05	$13.38

(1) Information is based on third party market research reports.

(2) Information is based on the appraisals.

(3) Information is based on a five-mile radius.

(4) Information is based on the Master Lease.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 132

Various Collateral Asset Summary – Loan No. 12 Bass Pro & Cabela’s Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,750,000 50.4% 2.72x 12.8%

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 Bass Pro & Cabela’s Portfolio Properties:

Cash Flow Analysis(1)
	2014(2)	2015(2)	2016(2)	TTM(2)	UW	UW PSF
Gross Potential Rent(3)	N/A	N/A	N/A	N/A	$26,652,400	$14.05
Total Recoveries	N/A	N/A	N/A	N/A	$7,640,446	$4.03
Other Income	N/A	N/A	N/A	N/A	$0	$0.00
Less Vacancy & Credit Loss	N/A	N/A	N/A	N/A	($1,714,642)	($0.90)
Effective Gross Income	N/A	N/A	N/A	N/A	$32,578,204	$17.18
Total Operating Expenses	N/A	N/A	N/A	N/A	$7,640,446	$4.03
Net Operating Income	N/A	N/A	N/A	N/A	$24,937,758	$13.15
Capital Expenditures	N/A	N/A	N/A	N/A	$474,132	$0.25
TI/LC	N/A	N/A	N/A	N/A	$948,264	$0.50
Net Cash Flow	N/A	N/A	N/A	N/A	$23,515,362	$12.40
Occupancy %(4)	N/A	N/A	N/A	N/A	95.0%
NOI DSCR(5)	N/A	N/A	N/A	N/A	2.88x
NCF DSCR(5)	N/A	N/A	N/A	N/A	2.72x
NOI Debt Yield(5)	N/A	N/A	N/A	N/A	12.8%
NCF Debt Yield(5)	N/A	N/A	N/A	N/A	12.1%

(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 not considered for the cash flow analysis.

(2) There is no historical financial information as the Bass Pro & Cabela’s Portfolio Properties were owner-occupied prior to executing the Master Lease on September 25, 2017.

(3) UW Gross Potential Rent is based on the Master Lease.

(4) The underwritten economic occupancy is 95.0%. The Bass Pro & Cabela’s Portfolio Properties were 100.0% physically occupied as of November 1, 2017.

(5) Debt service coverage ratios and debt yields are based on the Bass Pro & Cabela’s Portfolio Whole Loan.

Release of Property. Any time after the expiration of the Yield Maintenance Lockout Period or the Defeasance Lockout Period, the Bass Pro & Cabela’s Portfolio Borrower may obtain the release of any of the Bass Pro & Cabela’s Portfolio Properties, provided that among other things, (i) no event of default has occurred and is continuing, (ii)(a) to the extent the Yield Maintenance Lockout Period has expired, prepay the loan in an amount equal to the applicable Release Amount (as defined below) and the applicable yield maintenance premium or (b) to the extent the Defeasance Lockout Period has expired, defease the loan in an amount equal to the applicable Release Amount, (iii) the debt yield with respect to the remaining Bass Pro & Cabela’s Portfolio Properties is no less than the greater of (a) 13.67% and (b) the debt yield immediately prior to the release, (iv) the delivery of a legal opinion covering compliance in all respects with all laws, rules and regulations governing REMICs, and (v) the release of the applicable Bass Pro & Cabela’s Portfolio Properties from the Master Lease.

The “Release Amount” is an amount equal to the greater of (a) 80% of the net sales proceeds for such property and (b) the Release Percentage of the Allocated Cut-off Date Balance (identified in the “Portfolio Summary” chart above).

The “Release Percentage” means (i) for up to 10% of the original principal balance of the Bass Pro & Cabela’s Portfolio Whole Loan prior to such release, 110% of the applicable Allocated Cut-off Date Balance, (ii) exceeding 10%, but not exceeding 15% of the original principal balance of the Bass Pro & Cabela’s Portfolio Whole Loan prior to such release, 115% of the applicable Allocated Cut-off Date Balance, (iii) exceeding 15%, but not exceeding 20% of the original principal balance of the Bass Pro & Cabela’s Portfolio Whole Loan prior to such release, 120% of the applicable Allocated Cut-off Date Balance, or (iv) exceeding 20% of the original principal balance of the Bass Pro & Cabela’s Portfolio Whole Loan prior to such release, 125% of the applicable Allocated Cut-off Date Balance.

Substitution. Any time from and after the six-month anniversary of the closing date of the securitization of the last Bass Pro & Cabela’s Portfolio Whole Loan promissory note (but prior to April 6, 2027), the Bass Pro & Cabela’s Portfolio Borrower may obtain the release of any of the Bass Pro & Cabela’s Portfolio Properties by providing one or more substitute properties (individually or collectively, the “Substitute Property”), provided that, among other things, (i) the Bass Pro & Cabela’s Portfolio Borrower delivers to the lenders a Phase I environmental report, a structural engineering report, a seismic report (if necessary) and an appraisal demonstrating the as-is appraised value of the Substitute Property(ies) is greater than or equal to the replaced property at the time of substitution, (ii) the rent under the Master Lease is not reduced as a result of such substitution, (iii) after the substitution, the aggregate allocated loan amount of all Substituted Properties does not exceed 10% of the original balance of the Bass Pro & Cabela’s Portfolio Whole Loan, or if greater than 10%, at the lenders’ determination to the extent the Master Tenant requests additional substitutions in accordance with the Master Lease (however the 10% threshold is not permitted to include any property substitution effectuated for the sole purpose of curing an event of default or Trigger Period), (iv) the debt yield with respect to the remaining Bass Pro & Cabela’s Portfolio Properties including the Substitute Property, is no less than the greater of (a) 13.67% and (b) the debt yield for the 12-month period ending on the last day of the most recently ended fiscal quarter and (v) if all or any portion of the Bass Pro & Cabela’s Portfolio Whole Loan has been securitized (a) the delivery of a legal opinion covering compliance in all respects with all laws, rules and regulations governing REMICs and (b) the receipt of a rating agency confirmation.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 133

1800 Jefferson Davis Highway Arlington, VA 22202 Collateral Asset Summary – Loan No. 13 Westin Crystal City Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,000,000 56.8% 2.61x 13.4%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CCRE			Single Asset/Portfolio:	Single Asset
Credit Assessment		NR/NR/NR			Location:	Arlington, VA
(Fitch/KBRA/Moody’s):					General Property Type:	Hospitality
Original Balance(1):		$24,000,000			Detailed Property Type:	Full Service
Cut-off Date Balance(1):		$24,000,000			Title Vesting:	Fee
% of Initial Pool Balance:		3.4%			Year Built/Renovated:	1984/2014
Loan Purpose:		Acquisition			Size:	220 Rooms
Borrower Sponsor:		Allan V. Rose			Cut-off Date Balance per Room(1):	$218,182
Mortgage Rate:		4.5110%			Maturity Date Balance per Room(1):	$218,182
Note Date:		7/20/2017			Property Manager:	Dimension Development Two, LLC
First Payment Date:		9/6/2017
Maturity Date:		8/6/2027
Original Term to Maturity:		120 months
Original Amortization Term:		0 months
IO Period:		120 months			Underwriting and Financial Information
Seasoning:		3 months			UW NOI:	$6,414,594
Prepayment Provisions:		LO (27); DEF (89); O (4)			UW NOI Debt Yield(1):	13.4%
Lockbox/Cash Mgmt Status:		Hard/Springing			UW NOI Debt Yield at Maturity(1):	13.4%
Additional Debt Type(1):		Pari Passu			UW NCF DSCR(1):	2.61x
Additional Debt Balance(1):		$24,000,000			Most Recent NOI:	$6,465,743 (5/31/2017 TTM)
Future Debt Permitted (Type):		No (N/A)			2nd Most Recent NOI:	$6,630,033 (12/31/2016)
Reserves					3rd Most Recent NOI:	$5,961,243 (12/31/2015)
Type	Initial		Monthly	Cap	Most Recent Occupancy:	96.4% (5/30/2017)
RE Tax(2):	$0		Springing	N/A	2nd Most Recent Occupancy:	96.4% (12/31/2016)
Insurance(3):	$0		Springing	N/A	3rd Most Recent Occupancy:	94.5% (12/31/2015)
FF&E(4):	$0		$57,001	N/A	Appraised Value (as of):	$84,500,000 (6/1/2017)
PIP Reserve:	$276,972		$0	N/A	Cut-off Date LTV Ratio(1):	56.8%
Seasonality Reserve(5):	$240,000		Springing	$240,000	Maturity Date LTV Ratio(1):	56.8%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$48,000,000	57.2%	Purchase Price:	$83,000,000	98.9%
Borrower Equity:	$35,950,287	42.8%	Reserves:	$516,972	0.6%
			Closing Costs:	$433,315	0.5%
Total Sources:	$83,950,287	100.0%	Total Uses:	$83,950,287	100.0%

(1) The Westin Crystal City Mortgage Loan (as defined below) is part of the Westin Crystal City Whole Loan (as defined below), which is comprised of two pari passu promissory notes with an aggregate original principal balance of $48,000,000. The Cut-off Date Balance per Room, Maturity Date Balance per Room, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Westin Crystal City Whole Loan.

(2) On each Payment Date after the occurrence and during the continuance of a cash management period, the Westin Crystal City Borrowers (as defined below) are required to deposit 1/12 of annual taxes into a tax reserve.

(3) Provided that an acceptable blanket insurance policy is in place, all monthly deposits into the insurance reserve will be waived.

(4) Monthly FF&E reserve deposits are 1/12 of 4.0% of annual gross revenues.

(5) The Westin Crystal City Borrowers (as defined below) are required to deposit into a seasonality reserve an amount equal to $26,667 on each payment date occurring in February, March, April, May, June, July, September, October and November.

The Mortgage Loan. The thirteenth largest mortgage loan (the “Westin Crystal City Mortgage Loan”) is part of a whole loan (the “Westin Crystal City Whole Loan”) evidenced by two pari passu promissory notes with an aggregate original principal balance of $48,000,000. The Westin Crystal City Whole Loan is secured by a first priority fee mortgage encumbering a full service hospitality property known as the Westin Crystal City, located in Arlington, Virginia (the “Westin Crystal City Property”). Promissory Note A-1 with an original principal balance of $24,000,000 represents the Westin Crystal City Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Note A-2 with an original principal balance of $24,000,000 was contributed to the CGCMT 2017-C4 Trust. The proceeds of the Westin Crystal City Mortgage Loan, along with the borrower sponsor’s cash contribution of approximately $36.0 million, were used to purchase the Westin Crystal City Property for approximately $83.0 million, fund reserves and pay closing costs. The Westin Crystal City Whole Loan will be serviced pursuant to the pooling and servicing agreement for CCUBS 2017-C1. See “Description of the Mortgage Pool---The Whole Loans---The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 134

1800 Jefferson Davis Highway Arlington, VA 22202 Collateral Asset Summary – Loan No. 13 Westin Crystal City Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,000,000 56.8% 2.61x 13.4%

Westin Crystal City Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$24,000,000	$24,000,000	CCUBS 2017-C1	Yes
Note A-2	$24,000,000	$24,000,000	CGCMT 2017-C4	No
Total	$48,000,000	$48,000,000

The Borrowers and the Borrower Sponsor. The borrowers are AVR Crystal City Hotel I LLC, AVR Crystal City Hotel II LLC and AVR Crystal City Tenant LLC (collectively, the “Westin Crystal City Borrowers”). Two of the Westin Crystal City Borrowers, AVR Crystal City Hotel I LLC and AVR Crystal City Hotel II LLC, are tenant-in-common borrowers. Each of the Westin Crystal City Borrowers is structured to be bankruptcy remote, special purpose entity each with one independent director. The non-recourse carveout guarantor and borrower sponsor for the Westin Crystal City Mortgage Loan is Allan V. Rose. Allan V. Rose, is the owner and chief executive officer of AVR Realty (“AVR”), a privately held real estate development and management company founded more than 45 years ago. AVR has built, acquired and developed more than 30 million square feet of commercial and residential space. AVR has a hospitality portfolio that consists of 22 properties throughout the United States, including The Roosevelt Hotel (New Orleans, LA), Marriot Courtyard – Convention Center (Miami, FL), and Hyatt (Princeton, NJ), among others.

The Property. The Westin Crystal City Property is comprised of a 220-room, 15-story full service hotel constructed in 1984 and most recently renovated in 2014. The Westin Crystal City Property is located on the corner of 18^th Street South and South Eads Street, adjacent to the Crystal City subway station and Jefferson Davis Highway in Arlington, Virginia.

The Westin Crystal City Property was originally constructed as a Sheraton, but in 2014 the previous ownership converted the hotel to a Westin and completed approximately $21.3 million ($97,095 per key) in capital improvements. Renovations were made to the guestrooms, bathrooms, public areas, as well as the overall property. The Westin Crystal City Property operates under a Westin flag and has a franchise agreement with Marriott International, Inc., the Westin parent company. The franchise agreement commenced on July 20, 2017 and has an expiration date of July 20, 2037.

The Westin Crystal City Property’s guestroom mix consists of 2 Presidential King suites, 2 Renewal suites, 53 premium king, 35 premium double, 45 deluxe king, 42 deluxe double, 27 traditional double and 14 traditional king. Additionally, 10 of the 220 guestrooms at the Westin Crystal City Property are handicap-accessible. Each guestroom features a refrigerator, 47-inch flat-screen LCD TV, coffee maker, iron and ironing board, and a desk. Guest parking at the Westin Crystal City Property consists of 180 spaces or 0.82 spaces per key. There is also a complimentary hotel shuttle to the nearby Ronald Reagan Washington National Airport (0.8 miles).

The Westin Crystal City Property features the Nutrio Restaurant and Bar, which offers three-meal service and serves Mediterranean-style cuisine. The Westin Crystal City Property contains approximately 16,000 SF of meeting and event space, including the 6,200 SF Jefferson Ballroom. The Westin Crystal City Property also features a sundry shop, fitness center and the Haven business center in the lobby.

According to a third party market report, the Westin Crystal City Property generates approximately 70.4% of its room revenue from transient demand and approximately 29.6% from meeting and group demand.

More specific information about the Westin Crystal City Property and the related competitive set is set forth in the following table:

Historical Occupancy, ADR, RevPAR(1)
	Competitive Set(1)			Westin Crystal City Property(2)			Penetration Factor
Year	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR
2014	77.3%	$158.20	$122.24	80.1%	$141.76	$114.00	104.1%	89.6%	93.3%
2015	78.5%	$165.14	$129.66	94.5%	$154.54	$146.02	120.3%	93.6%	112.6%
2016	79.8%	$166.33	$132.67	95.6%	$156.21	$149.36	119.8%	93.9%	112.6%
5/30/2017 TTM	79.9%	$175.38	$140.14	96.2%	$162.82	$156.71	120.4%	92.8%	111.8%

Source: Industry Report

(1) The Competitive set for 2014, 2015, 2016 and 5/30/2017 TTM includes: Doubletree Washington DC Crystal City, Hyatt Regency Crystal City at Reagan National Airport, Marriott Crystal City at Reagan National Airport, Embassy Suites Crystal City National Airport, The Westin Arlington Gateway and Renaissance Arlington Capital View Hotel.

(2) The variances between the underwriting, the appraisal and the industry report data with respect to Occupancy, ADR and RevPAR at the Westin Crystal City Property are attributable to differing reporting methodologies, and/or timing differences.

The Market. The Westin Crystal City Property is located in Crystal City, an area within Arlington, that is situated approximately five miles southwest of the center of Washington, D.C. The Crystal City area is home to the headquarters of Public Broadcasting System, DRS Technologies Inc., Boeing Company, EMSolutions, and Cobham plc., among others. The Westin Crystal City Property benefits from convenient access to Interstate 395 (0.8 miles), Interstate 495 (5.0 miles), and Route 1 (0.2 miles). Additionally, the Crystal City Station for the Washington Metropolitan Area Transit Authority subway, which provides access to the yellow and blue lines, is located across 18^th Street South.

The Westin Crystal City is located 0.8 miles from the Ronald Reagan Washington National Airport, which is the closest commercial airport to Washington D.C. and served over 23 million passengers in 2016. Other nearby demand generators are The Pentagon (1.0 mile), the Arlington National Cemetery (2.4 miles), the Smithsonian Institution (3.1 miles) and Georgetown University (4.3 miles). The government is the most significant demand generator in this market and the average per diem is relatively high at $209 for the September trailing twelve-month period. There are several organizations in this market including the Department of Defense, Department of Homeland Security, FEMA, and Veterans Foreign Wars. There is also a significant presence from contractors such as Raytheon, Lockheed Martin, and Northrop Grumman.

As of January 2017, Arlington had an estimated population of 222,800, reflecting an increase of 7.3% since 2010. On average, Arlington’s population has grown approximately 1% per year since 2000, and according to the Arlington county government is expected to grow to 278,100 by 2040. As of January

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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1800 Jefferson Davis Highway Arlington, VA 22202 Collateral Asset Summary – Loan No. 13 Westin Crystal City Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $24,000,000 56.8% 2.61x 13.4%

2017, Arlington had a population density of 8,636 per square mile. According to the Arlington County Government, the estimated 2017 population and median house hold income are 222,800 and $110,700, respectively.

Primary and secondary competitive properties to the Westin Crystal City Property are shown in the table below:

Competitive Property Summary(1)
Property Name	No. of Rooms	Transient Demand	Meeting & Group Demand	2016 Occupancy	2016 ADR	2016 RevPAR
Westin Crystal City Property	220	70%	30%	96%	$159.85	$154.08
Doubletree Crystal City	631	50%	40%	70% - 75%	$150 - $160	$110 - $120
Hyatt Regency Crystal City	686	45%	45%	75% - 80%	$155 - $165	$120 - $130
Crystal City Marriott at Reagan National Airport	345	75%	20%	90% - 95%	$180 - $190	$160 - $170
Embassy Suites Crystal City National Airport	267	80%	15%	80% - 85%	$175 - $185	$145 - $155
Westin Arlington Gateway	336	75%	25%	80% - 85%	$175 - $185	$140 - $150
Renaissance Arlington Capital View Hotel	300	60%	35%	80% - 85%	$180 - $190	$140 - $150
Total/Wtd. Avg. of Primary Competition	2,785	60%	33%	81%	$169	$137

Source: Appraisal

(1) The variances between the underwriting, the appraisal and the industry report data with respect to Occupancy, ADR and RevPAR at the Westin Crystal City Property are attributable to differing reporting methodologies, and/or timing differences.

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 Westin Crystal City Property:

Cash Flow Analysis
	2014(1)	2015	2016	5/30/2017 TTM	UW(2)	UW per Room
Occupancy	N/A	94.5%	96.4%	96.4%	90.0%
ADR	N/A	$154.53	$159.85	$162.64	$172.75
RevPAR	N/A	$146.02	$154.08	$156.71	$155.48
Rooms Revenue	N/A	$11,725,201	$12,406,320	$12,583,488	$12,484,912	$56,750
Food & Beverage	N/A	$3,822,985	$3,958,860	$3,589,087	$3,589,087	$16,314
Other Income(3)	N/A	$826,424	$866,798	$835,687	$835,687	$3,799
Total Revenue	N/A	$16,374,610	$17,231,978	$17,008,262	$16,909,686	$76,862
Total Expenses	N/A	$10,413,367	$10,601,945	$10,542,519	$10,495,092	$47,705
Net Operating Income	N/A	$5,961,243	$6,630,033	$6,465,743	$6,414,594	$29,157
FF&E	N/A	$654,984	$689,279	$680,330	$676,387	$3,074
Net Cash Flow	N/A	$5,306,259	$5,940,754	$5,785,413	$5,738,206	$26,083
NOI DSCR (IO)(4)	N/A	2.72x	3.02x	2.95x	2.92x
NCF DSCR (IO)(4)	N/A	2.42x	2.71x	2.64x	2.61x
NOI Debt Yield(4)	N/A	12.4%	13.8%	13.5%	13.4%
NCF Debt Yield(4)	N/A	11.1%	12.4%	12.1%	12.0%

(1) In 2014, the Westin Crystal City Property was closed during April-August for major guest room renovations and as a result, the cash flows are not applicable.

(2) UW Rooms Revenue is based on TTM competitive set ADR (haircut by 1.5%) and occupancy marked to 90%.

(3) Other Income includes parking, vending, gift shop/sundries income, guest laundry, cancelation income, in-room movie income and “Rent-Space”.

(4) The debt service coverage ratios and debt yield ratios are based on the Westin Crystal City Whole Loan.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 136

(THIS PAGE INTENTIONALLY LEFT BLANK)

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 137

389 West Bay Road Grand Cayman, Cayman Islands Collateral Asset Summary – Loan No. 14 Marriott Grand Cayman Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $23,904,141 56.1% 1.91x 16.2%

Mortgage Loan Information					Property Information
Mortgage Loan Seller:		CCRE			Single Asset/Portfolio:	Single Asset
Credit Assessment		NR/NR/NR			Location:	Grand Cayman, Cayman Islands
(Fitch/KBRA/Moody’s):					General Property Type:	Hospitality
Original Balance(1):		$24,000,000			Detailed Property Type:	Full Service
Cut-off Date Balance(1):		$23,904,141			Title Vesting:	Fee
% of Initial Pool Balance:		3.4%			Year Built/Renovated:	1990/2014
Loan Purpose:		Refinance			Size:	295 Rooms
Borrower Sponsor:		London & Regional Group Holdings Limited			Cut-off Date Balance per Room(1):	$270,103
Mortgage Rate:		5.4485%			Maturity Date Balance per Room(1):	$251,764
Note Date:		6/20/2017			Property Manager:	Luxury Hotels International Lodging Ltd., Cayman Islands Branch
First Payment Date:		8/1/2017
Maturity Date:		7/6/2022
Original Term to Maturity:		60 months
Original Amortization Term:		360 months			Underwriting and Financial Information
IO Period:		0 months			UW NOI:	$12,882,616
Seasoning:		4 months			UW NOI Debt Yield(1):	16.2%
Prepayment Provisions:		LO (28); DEF (28); O (4)			UW NOI Debt Yield at Maturity(1):	17.3%
Lockbox/Cash Mgmt Status(2):		Hard/In Place			UW NCF DSCR(1):	1.91x
Additional Debt Type(1):		Pari Passu			Most Recent NOI:	$13,556,419 (6/30/2017 TTM)
Additional Debt Balance(1):		$55,776,329			2nd Most Recent NOI:	$13,681,919 (12/31/2016)
Future Debt Permitted (Type):		No (N/A)			3rd Most Recent NOI:	$12,268,442 (12/31/2015)
Reserves					Most Recent Occupancy:	86.5% (6/30/2017)
Type	Initial		Monthly	Cap	2nd Most Recent Occupancy:	86.0% (12/31/2016)
RE Tax(3):	$0		Springing	N/A	3rd Most Recent Occupancy:	82.5% (12/31/2015)
Insurance:	$261,287		$129,397	N/A	Appraised Value (as of):	$142,000,000 (5/4/2017)
FF&E(4):	$0		Springing	N/A	Cut-off Date LTV Ratio(1):	56.1%
Seasonality Reserve(5):	$1,085,464		$0	$1,085,464	Maturity Date LTV Ratio(1):	52.3%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount(1):	$80,000,000	100.0%	Loan Payoff:	$43,681,993	54.6%
			Reserves:	$1,346,751	1.7%
			Closing Costs:	$4,070,156	5.1%
			Return of Equity:	$30,901,100	38.6%
Total Sources:	$80,000,000	100.0%	Total Uses:	$80,000,000	100.0%

(1) The Marriott Grand Cayman Mortgage Loan (as defined below) is part of the Marriott Grand Cayman Whole Loan (as defined below), which is comprised of three pari passu promissory notes with an aggregate principal balance of $80,000,000. The Cut-off Date Balance per Room, Maturity Date Balance per Room, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Marriott Grand Cayman Whole Loan.

(2) The Marriott Grand Cayman Whole Loan is structured with in place cash management. Pursuant to the Marriott Grand Cayman Whole Loan cash management structure, the property manager, Luxury Hotels International Lodging Ltd., Cayman Islands Branch (“Marriott” or the “Property Manager”), is required to deposit all gross revenues from the Marriott Grand Cayman Property (as defined below) directly into an account controlled by the Property Manager (the “Marriott Cash Management”), pay operating expenses for the Marriott Grand Cayman Property and pay or retain other amounts permitted under the property management agreement, including its own property management fees, incentive fees (if any) and FF&E reserves. Thereafter, the Property Manager is required to transfer the excess funds to a lender-controlled lockbox account, from which funds will be swept into a cash management account controlled by the lender on each business day and amounts applied pursuant to the Marriott Grand Cayman Whole Loan documents. In the event that Marriott is no longer the property manager, the replacement property manager will be required to deposit all rents and other amounts received from the Marriott Grand Cayman Property into a lender-controlled account.

(3) There are no real estate taxes in the Cayman Islands. In the event real estate taxes are levied, monthly real estate tax collections would be waived provided Marriott is reserving for such taxes as part of the Marriott Cash Management.

(4) In the event that Marriott Cash Management is not in full force and effect, monthly FF&E reserve deposits are required to be 1/12 of 4.0% of annual gross revenues through 2018. Such collections will increase to 4.5% in 2019 and 5.0% in 2020 and all subsequent years.

(5) At origination, the Marriott Grand Cayman Borrower (as defined below) deposited $1,085,464 into a seasonality reserve. On the monthly payment dates occurring in January, February, March, April and May of each calendar year, the Marriott Grand Cayman Borrower is required to deposit $180,911 with the lender into the seasonality reserve account, as may be adjusted annually, subject to a cap of $1,085,464. The seasonality reserve funds may be used to pay for shortfalls for approved operating expenses, all or part of any monthly debt service payment and for any reserve fund payments then due.

The Mortgage Loan. The fourteenth largest mortgage loan (the “Marriott Grand Cayman Mortgage Loan”) is part of a whole loan (the “Marriott Grand Cayman Whole Loan”) with an aggregate original principal balance of $80,000,000. The Marriott Grand Cayman Whole Loan is secured by a first priority fee mortgage encumbering a full service hospitality property known as the Marriott Grand Cayman, located in Grand Cayman, Cayman Islands (the “Marriott Grand Cayman Property”). Promissory Note A-1, with an original principal balance of $24,000,000, represents the Marriott Grand Cayman Mortgage Loan and will be included in the CCUBS 2017-C1 Trust. Promissory Note A-3, with an original principal balance of $35,000,000, was contributed to the GSMS 2017-GS7 Trust. Promissory Note A-2, with an original principal balance of $21,000,000, is expected to be contributed to the UBS 2017-C5 Trust. The lender provides no assurances that the non-securitized note will not be split further. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 138

389 West Bay Road Grand Cayman, Cayman Islands Collateral Asset Summary – Loan No. 14 Marriott Grand Cayman Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $23,904,141 56.1% 1.91x 16.2%

Marriott Grand Cayman Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$24,000,000	$23,904,141	CCUBS 2017-C1	Yes
Note A-2	$21,000,000	$20,916,123	UBS 2017-C5	No
Note A-3	$35,000,000	$34,860,206	GSMS 2017-GS7	No
Total	$80,000,000	$79,680,470

The proceeds of the Marriott Grand Cayman Whole Loan were used to refinance existing debt encumbering the Marriott Grand Cayman Property, fund reserves, pay closing costs and return equity to the borrower sponsor.

The Borrower and the Borrower Sponsor. The borrower is LR (Cayman Hotel) Limited (the “Marriott Grand Cayman Borrower”), a company organized and existing under the laws of the Cayman Islands, with two independent directors. The non-recourse carveout guarantor and borrower sponsor for the Marriott Grand Cayman Whole Loan is London & Regional Group Holdings Limited (“London & Regional Properties”). London & Regional Properties was founded in 1987 and owns one of the largest private hotel portfolios in Europe, totaling approximately 11,000 keys. Notable holdings include the Hilton on Park Lane in London, the Fairmont Monte Carlo, the Me by Melia in Ibiza, the Fairmont Royal Pavilion in Barbados and the Club Med Turkoise Turks & Caicos.

The Property. The Marriott Grand Cayman Property is a 295-room, five-story full service hotel located on Seven Mile Beach on the Island of Grand Cayman. The Marriott Grand Cayman Property features four restaurants and bars/lounges, approximately 6,000 SF of meeting space, outdoor pool, spa, direct beach frontage, business center and gym, among other amenities. Originally constructed in 1990, the Marriott Grand Cayman Property underwent an approximately $8.0 million (approximately $27,119 per key) guestroom renovation in late 2013 and approximately $7.6 million ($25,593 per key) public area renovation in late 2014. In addition, the borrower sponsor is in the process of an approximately $800,000 capital expenditure project, which includes converting two smaller meeting rooms on the fourth and fifth floors of the hotel into four ocean view guestrooms (two on each floor).

The Marriott Grand Cayman Property’s guestroom mix consists of 207 king rooms and 88 double-queen rooms ranging in size from 370 SF to 600 SF. Guestrooms feature flat screen televisions, a desk with chair, wireless internet access and lounge chair with ottoman. Additionally, the Marriott Grand Cayman Property contains approximately 5,561 SF of meeting space within three separate spaces. The Orchid Ballroom is the largest meeting space, totaling 4,261 SF and is divisible into three the smaller spaces. The ballroom and meeting rooms were renovated in late 2014 with over $850,000 in improvements.

The Marriott Grand Cayman Property offers four restaurants, ranging from full-service indoor dining to more casual beachside and poolside options. All of the restaurants were renovated in 2014 and operated by Marriott. Additional amenities include a gift shop, fitness center, business center, La Mer Spa, outdoor swimming pool and direct beach frontage.

The Marriott Grand Cayman Property is operated under a management agreement with Luxury Hotels International Lodging Ltd., Cayman Island Branch, an affiliate of Marriott, the world’s largest hotel company with a presence in 110 countries across more than 5,700 properties. The management agreement commenced in June 30, 2006 with an initial expiration date of December 31, 2026, with three 10-year renewal options.

According to the appraisal, the Marriott Grand Cayman Property generates approximately 90% of its room revenue from transient demand and approximately 10% from meeting and group demand.

More specific information about the Marriott Grand Cayman Property and various market segments is set forth in the following table:

Historical Occupancy, ADR, RevPAR
	Market Segment(1)			Marriott Grand Cayman Property(1)			Penetration Factor
Year	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR
4/30/2015 TTM	68.1%	$198.57	$135.25	79.3%	$304.40	$241.30	116.4%	153.3%	178.4%
4/30/2016 TTM	67.3%	$203.98	$137.36	82.2%	$318.17	$261.64	122.1%	156.0%	190.5%
4/30/2017 TTM	66.5%	$203.28	$135.24	85.9%	$315.42	$270.93	129.1%	155.2%	200.3%

Source: Industry Report

(1) The variances between the underwriting, the appraisal and the industry report data with respect to Occupancy, ADR and RevPAR at the Marriott Grand Cayman Property are attributable to differing reporting methodologies, and/or timing differences.

The Market. The Marriott Grand Cayman Property is located on Seven Mile Beach on the Island of Grand Cayman. The Cayman Islands are located in the Caribbean Sea, roughly 150 miles south of Cuba, 480 miles south of Miami, Florida and 180 miles northwest of Jamaica. The Cayman Islands are a British Dependent Territory and are rated Aa3 by Moody’s. Approximately 22 miles long and 4-8 miles wide, Grand Cayman is home to approximately 95% of the Cayman Islands population.

The Marriott Grand Cayman Property is in close proximity to the central business districts of George Town and Camana Bay and is less than 4.0 miles from the Owen Roberts International Airport, the main commercial airport in the Cayman Islands. According to the appraisal, a $50 million expansion of the airport has begun, which is expected to triple its size and passenger capacity. In 2016, approximately 2.1 million individual tourists arrived at the airport or by cruise, which reflects a 22.4% increase from 2011 with approximately 1.7 million tourists.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 139

389 West Bay Road Grand Cayman, Cayman Islands Collateral Asset Summary – Loan No. 14 Marriott Grand Cayman Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $23,904,141 56.1% 1.91x 16.2%

According to the appraisal, the vast majority of demand generators on Grand Cayman are within a five-mile radius of the Marriott Grand Cayman Property. Nearby attractions include Stingray City, Cayman Turtle Center, numerous scuba diving locations, Queen Elizabeth II Botanical Park and Seven Mile Beach.

Primary and secondary competitive properties to the Marriott Grand Cayman Property are shown in the table below:

Competitive Property Summary
Property Name	No. of Rooms	Leisure  Demand	Meeting & Group Demand	2016 Occupancy	2016 ADR	2016 RevPAR
Marriott Grand Cayman Property	295	90%	10%	87%	$320.11	$279.68
Westin Seven Mile Beach Resort	343	90%	10%	63%	$324.00	$204.12
Wyndham The Reef Resort	152	85%	15%	50%	$275.00	$137.50
Ritz-Carlton Grand Cayman	375	70%	30%	66%	$658.00	$434.28
Hilton British Colonial	288	50%	50%	80%	$205.00	$163.39
Marriott Frenchman’s Reef Beach Resort	470	60%	40%	84%	$253.00	$212.52
Total/Wtd. Avg. of Primary Competition(1)	1,628	69.2%	30.8%	71.5%	$354.81	$246.14

Source: Appraisal

(1) Total/Wtd. Avg. of Primary Competition excludes the Marriott Grand Cayman Property.

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 Marriott Grand Cayman Property:

Cash Flow Analysis
	2014	2015	2016	6/30/2017 TTM	UW	UW per Room
Occupancy	72.3%	82.5%	86.0%	86.5%	86.5%
ADR	$281.74	$317.11	$324.25	$323.30	$323.30
RevPAR	$203.72	$261.46	$278.92	$279.56	$279.56
Rooms Revenue	$21,935,883	$28,152,659	$30,114,549	$30,101,817	$30,101,817	$102,040
Food & Beverage	$9,170,573	$15,384,699	$16,840,514	$17,222,440	$17,222,440	$58,381
Other Income(1)	$3,022,778	$3,688,686	$3,610,647	$3,603,711	$3,603,711	$12,216
Total Revenue	$34,129,235	$47,226,043	$50,565,711	$50,927,968	$50,927,968	$172,637
Total Expenses	$25,754,273	$34,957,601	$36,883,791	$37,371,550	$38,045,353	$128,967
Net Operating Income(2)	$8,374,962	$12,268,442	$13,681,919	$13,556,419	$12,882,616	$43,670
FF&E	$1,706,000	$2,361,302	$2,528,286	$2,546,398	$2,546,398	$8,632
Net Cash Flow	$6,668,962	$9,907,140	$11,153,634	$11,010,020	$10,336,217	$35,038
NOI DSCR(3)	1.55x	2.26x	2.52x	2.50x	2.38x
NCF DSCR(3)	1.23x	1.83x	2.06x	2.03x	1.91x
NOI Debt Yield(3)	10.5%	15.4%	17.2%	17.0%	16.2%
NCF Debt Yield(3)	8.4%	12.4%	14.0%	13.8%	13.0%

(1) Other Income includes resort fees, rental of audiovisual equipment and other miscellaneous revenue.

(2) The increase in Net Operating Income from 2014 through 6/30/2017 TTM was primarily driven by the $8.0 million guestroom renovation that commenced in late 2013. To accommodate for the renovations, the Marriott Grand Cayman Property was completely closed in 2014 from August 25^th through October 7^th. In total, 295 guestrooms were taken offline for a total of 68 days.

(3) Debt service coverage ratios and debt yields are based on the Marriott Grand Cayman Whole Loan.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 140

(THIS PAGE INTENTIONALLY LEFT BLANK)

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 141

Various Springfield Gardens & Jamaica, NY Various Collateral Asset Summary – Loan No. 15 Queens Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $20,750,000 57.2% 1.69x 8.2%

Mortgage Loan Information				Property Information
Mortgage Loan Seller:	CCRE			Single Asset/Portfolio:	Portfolio (8 Buildings)
Credit Assessment	NR/NR/NR			Location:	Springfield Gardens & Jamaica, NY
(Fitch/KBRA/Moody’s):				General Property Type:	Multifamily
Original Balance:	$20,750,000			Detailed Property Type:	Garden
Cut-off Date Balance:	$20,750,000			Title Vesting:	Fee
% of Initial Pool Balance:	3.0%			Year Built/Renovated(5):	1949/N/A
Loan Purpose:	Refinance			Size:	128 Units
Borrower Sponsor(1):	Joshua Gotlib			Cut-off Date Balance per Unit:	$162,109
Mortgage Rate:	4.7010%			Maturity Date Balance per Unit:	$162,109
Note Date:	11/3/2017			Property Manager:	Nieuw Amsterdam Property
First Payment Date:	12/6/2017				Management, LLC
Maturity Date:	11/6/2027
Original Term to Maturity:	120 months
Original Amortization Term:	0 months
IO Period:	120 months			Underwriting and Financial Information
Seasoning:	0 months			UW NOI:	$1,700,257
Prepayment Provisions:	LO (24); DEF (92); O (4)			UW NOI Debt Yield:	8.2%
Lockbox/Cash Mgmt Status(2):	Soft/Springing			UW NOI Debt Yield at Maturity:	8.2%
Additional Debt Type:	N/A			UW NCF DSCR:	1.69x
Additional Debt Balance:	N/A			Most Recent NOI(6):	N/A
Future Debt Permitted (Type):	No (N/A)			2nd Most Recent NOI(6):	N/A
				3rd Most Recent NOI(6):	N/A
Reserves				Most Recent Occupancy:	98.4% (11/2/2017)
Type	Initial	Monthly	Cap	2nd Most Recent Occupancy(6):	N/A
RE Tax(3):	$115,000	$23,000	N/A	3rd Most Recent Occupancy(6):	N/A
Insurance:	$16,878	$6,482	N/A	Appraised Value (as of):	$36,300,000 (9/14/2017)
Replacements(4):	$115,200	Springing	$115,200	Cut-off Date LTV Ratio:	57.2%
Immediate Repairs:	$4,480	$0	N/A	Maturity Date LTV Ratio:	57.2%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount:	$20,750,000	100.0%	Loan Payoff:	$11,477,965	55.3%
			Return of Equity:	$8,879,045	42.8%
			Closing Costs:	$141,432	0.7%
			Reserves:	$251,558	1.2%
Total Sources:	$20,750,000	100.0%	Total Uses:	$20,750,000	100.0%

(1) The borrower sponsor, Joshua Gotlib, is also the borrower sponsor for the Chelsea Multifamily Mortgage Loan, which has an original principal balance of $35,000,000.

(2) In place cash management is required upon the occurrence of (i) an event of default, (ii) a bankruptcy action of the Queens Multifamily Portfolio Borrower, principal, guarantor or property manager, or (iii) the failure by the Queens Multifamily Portfolio Borrower, after the end of one calendar quarter, to maintain a debt service coverage ratio of at least 1.30x, unless within 10 days of such event, the Queens Multifamily Portfolio Borrower makes a deposit with the lender in an amount that brings the debt service coverage ratio to at least 1.35x.

(3) Underwritten taking into account the PILOT program at the Queens Multifamily Properties. See “The Properties” below.

(4) The Queens Multifamily Portfolio Borrower (as defined below) is required to make monthly escrow deposits of $3,200 if the balance of the replacement reserve falls below $50,000, subject to a cap of $115,200.

(5) The borrower sponsor acquired the Queens Multifamily Portfolio Properties (as defined below) in February 2016. As a result, renovation detail is not available.

(6) The Queens Multifamily Portfolio Properties were acquired in February 2016 and most recently executed a new HAP Contract (as defined below) with the New York City Department of Housing Preservation and Development. As such, historical NOI and occupancy are not applicable. The new contract will increase the rental income by $715,356 from the previous HAP contract relating to the Queens Multifamily Portfolio Properties, creating a rental increase of approximately 38.8% from initial acquisition. See “The Property” below.

The Mortgage Loan. The fifteenth largest mortgage loan (the “Queens Multifamily Portfolio Mortgage Loan”) has an original principal balance and cut-off date balance of $20,750,000. The Queens Multifamily Portfolio Mortgage Loan is secured by a first priority fee mortgage encumbering three multifamily garden properties consisting of a total of 128 units, located in Springfield Gardens neighborhood of Jamaica, New York (each, an individual “Property” and collectively the “Queens Multifamily Portfolio Properties” or the “Properties”). The Queens Multifamily Portfolio Mortgage Loan was originated on November 3, 2017 by CCRE. The Queens Multifamily Portfolio Mortgage Loan accrues interest at an interest rate of 4.7010% per annum. The Queens Multifamily Portfolio Mortgage Loan has an initial and remaining term of 120 months and requires payments of interest only through the Queens Multifamily Portfolio Mortgage Loan term. The Queens Multifamily Portfolio Mortgage Loan matures on November 6, 2027. The proceeds of the Queens Multifamily Portfolio Mortgage Loan were used to refinance existing debt encumbering the Queens Multifamily Portfolio Properties, fund reserves, pay closing costs and return equity to the borrower sponsor.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Various Springfield Gardens & Jamaica, NY Various Collateral Asset Summary – Loan No. 15 Queens Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $20,750,000 57.2% 1.69x 8.2%

The Borrower and the Borrower Sponsor. The borrower is Montauk Housing LLC, (the “Queens Multifamily Portfolio Borrower”). The Queens Multifamily Portfolio Borrower is a single purpose entity with two independent directors. Legal counsel to the Queens Multifamily Portfolio Borrower delivered a non-consolidation opinion in connection with the origination of the Queens Multifamily Portfolio Mortgage Loan.

The borrower sponsor and non-recourse guarantor is Joshua Gotlib. In 2009, Mr. Gotlib co-founded Black Spruce, a real estate company that focuses on the acquisition and management of multifamily rentals in the five boroughs of Manhattan. Mr. Gotlib currently oversees all aspects of the business and is the chairman of the investment committee. Since inception, Black Spruce has acquired over $225 million of properties representing over 2,000 units. Prior to co-founding Black Spruce, from 2007 to 2009, Mr. Gotlib purchased, rehabilitated and sold over 50 distressed residential assets in Upper Manhattan. Black Spruce’s current portfolio consists of 51 properties in the New York Metro Area with a total value of approximately $533.0 million.

The Properties. The Queens Multifamily Portfolio Properties are is comprised of three non-contiguous parcels totaling 128 multifamily units located in the Springfield Gardens neighborhood of Jamaica, New York. The Properties are located within approximately 700 feet from each other at 121-30 Farmers Boulevard, 186-08 120th Road and 187-04 120th Avenue. The immediate area is surrounded by multifamily complexes with retail and industrial along major arterials.

The Queens Multifamily Portfolio Properties were constructed in 1949. The Queens Multifamily Portfolio Borrower acquired the Properties in February 2016. At acquisition, the Queens Multifamily Portfolio Borrower was granted a 40-year tax abatement/payment in lieu of tax payment “PILOT” from the New York City Department of Housing Preservation and Development and a Housing Assistance Payments (“HAP”) contract was executed on October 27, 2017 for an additional five-year period that expires on November 30, 2022. The PILOT payment is equal to 12% of rents received from the Queens Multifamily Portfolio Properties less the cost of utilities resulting in tax savings of nearly $153,000. A HAP contract is a form of social housing support for applicable low-income households. Under the HAP contract, the federal agency Department of Housing and Urban Development (“HUD”) makes monthly payments to the borrower, provided, among other things, that the borrower rents to HAP eligible tenants at reduced rents. In return, the HAP tenant pays a weekly contribution towards the rent to the borrower. The new HAP contract will increase the monthly payments from HUD by $715,356 from monthly payments provided under the previous HAP contract relating to the Queens Multifamily Portfolio Properties, creating a 38.8% rental increase from the acquisition of the Queens Multifamily Portfolio Properties. For additional information, see “Description of the Mortgage Pool—Multifamily Properties” and “—Real Estate and Other Tax Consideration” in the preliminary prospectus.

As of November 2, 2017, the Queens Multifamily Portfolio Properties were 98.4% occupied.

The following table presents certain information relating to the Queens Multifamily Portfolio Properties.

Property Summary
Property Name	Location(1)	Year Built(2)	Studio Units (3)	1 Bedroom(3)	2 Bedroom(3)	Total Units(3)
121-30 Farmers Boulevard	Springfield Gardens, NY	1949	9	47	1	57
186-08 120th Road	Jamaica, NY	1949	24	20	1	45
187-04 120th Avenue	Jamaica, NY	1949	12	14	0	26
Total/Wtd. Avg.			45	81	2	128

(1) Source: USPS

(2) Source: Appraisal

(3) Information is based on the rent roll dated November 2, 2017.

The table below shows the consolidated unit mix at the Queens Multifamily Portfolio Properties:

Queens Multifamily Portfolio Properties Unit Mix Summary(1)
Floor Plan	No. of Units	% of Total Units	Occupied Total   Units	Total Occupancy	Avg. Unit Size (SF)	Avg. Base Rent as of 10/31/2017	Avg. Base Rent as of 11/23/2017
Studio	45	35.2%	45	100.0%	568	$1,079	$1,500
1 Bedroom	81	63.3%	79	97.5%	796	$1,262	$1,750
2 Bedroom	2	1.6%	2	100.0%	1,023	$1,430	$2,000
Total/Wtd. Avg.	128	100.0%	126	98.4%	719	$1,200	$1,666

(1) Information is based on the borrower rent roll dated November 2, 2017.

The Market. The Queens Multifamily Portfolio Properties are situated in the Springfield Gardens neighborhood of the New York City borough of Queens, New York. Public transportation to the neighborhood includes the Rosedale and Laurelton LIRR stations, Jamaica subway train station and the Q77, Q85, Q111, Q113, Q114 and X63 bus routes. Nearby attractions and government services include Jamaica Colosseum Mall, Cunningham Tennis Center, Green Acres Mall, Hook Creek Wildlife Sanctuary, York College, NYC Health + Hospitals/Queens, JFK Airport and Jamaica DMV. According to the appraisal, the 2016 population and median household income within a three-mile radius were 499,020 and $66,058, respectively. Between 2010 and 2016, the immediate three-mile radius experienced a population increase of approximately 7.2%.

As of the second quarter of 2017, the Queens County submarket reported a 3.6% vacancy rate with an average asking rent of $2,196 per unit. Over the past ten years, the submarket reported an average vacancy rate of 2.8%, an average increase in supply of 3.1% and an average absorption rate of 2.8%.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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Various Springfield Gardens & Jamaica, NY Various Collateral Asset Summary – Loan No. 15 Queens Multifamily Portfolio Cut-off Date Balance: Cut-off Date LTV Ratio: UW NCF DSCR: UW NOI Debt Yield: $20,750,000 57.2% 1.69x 8.2%

Comparable rental properties to the Queens Multifamily Portfolio Properties are shown in the table below.

Rent Comparables
	Queens  Multifamily Portfolio Properties(1)		Market Comparables(2)
Bedroom Type	No. of Units	Avg. UW Monthly Rent Per Unit	No. of Units	Avg. Comparable Monthly Rent Per Unit
Studio	45	$1,500	45	$1,500
1 Bedroom	81	$1,750	81	$1,775
2 Bedroom	2	$2,000	78	$2,020
Total/Wtd. Avg.	128	$1,666	NAP	$1,682(3)

(1) Information is based on the underwritten rent roll.

(2) Information is based on the appraisal.

(3) The appraiser concluded a blended market rent of $1,682 for the Queens Multifamily Portfolio Properties.

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 Queens Multifamily Portfolio Properties:

Cash Flow Analysis(1)
	2014	2015	2016	UW	UW per Unit
Gross Potential Rent(2)	N/A	N/A	N/A	$2,559,000	$19,992.19
Total Other Income(3)	N/A	N/A	N/A	$30,916	$241.53
Less Vacancy & Credit Loss(4)	N/A	N/A	N/A	($64,902)	($507.05)
Effective Gross Income	N/A	N/A	N/A	$2,525,014	$19,726.67
Total Operating Expenses(5)	N/A	N/A	N/A	$824,756	$6,443.41
Net Operating Income	N/A	N/A	N/A	$1,700,257	$13,283.26
Capital Expenditures	N/A	N/A	N/A	$32,000	$250.00
Net Cash Flow	N/A	N/A	N/A	$1,668,257	$13,033.26
Occupancy %	N/A	N/A	N/A	98.4%
NOI DSCR	N/A	N/A	N/A	1.72x
NCF DSCR	N/A	N/A	N/A	1.69x
NOI Debt Yield	N/A	N/A	N/A	8.2%
NCF Debt Yield	N/A	N/A	N/A	8.0%

(1) The Queens Multifamily Portfolio Properties were acquired in February 2016 and most recently executed a new HAP contract with the New York City Department of Housing Preservation and Development. As such, historical financial information is not applicable. The new contract will increase the rental income by $715,356 from the previous HAP contract relating to the Queens Multifamily Portfolio Properties, creating a 38.8% rental increase from initial acquisition. See “The Property” herein.

(2) UW Gross Potential Rent is based on the November 2, 2017 rent roll and per the HAP contract. 76.0% of rental income is subsidized with amounts paid to the borrower from HUD under the HAP contract.

(3) UW Total Other Income reflects a budget income from the commercial units.

(4) Vacancy is underwritten to 3.0% which is greater than the appraiser’s concluded vacancy of 2.5%.

(5) Real estate taxes were underwritten based on the PILOT payment equal to 12% of Effective Gross Income (resulting in a reduction of approximately $153,000) less electricity, gas, heat and other utilities which the borrower is responsible for paying.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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CCUBS 2017-C1

TRANSACTION CONTACT INFORMATION

Questions regarding this Structural and Collateral Term Sheet may be directed to any of the following individuals:

UBS Securities LLC
David Schell	Tel.  (212) 713-3375
Nicholas Galeone	Tel.  (212) 713-8832
Siho Ham	Tel.  (212) 713-1278
Cantor Fitzgerald & Co. / CCRE
Steve Gargiulo	Tel.   (212) 829-5259
Clark Andreson	Tel.  (212) 829-5290
Brett Katz	Tel.  (212) 610-2305
Michael Brown	Tel.  (212) 610-2357
Baz Preston	Tel.  (212) 829-5294
Kiran Manda	Tel.  (212) 915-1925
Citigroup Global Markets, Inc.
Paul Vanderslice	Tel.  (212) 723-1295
Raul Orozco	Tel.  (212) 723-1295
Rich Simpson	Tel.  (212) 816-5343

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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