0001539497-19-000434.txt : 20190318 0001539497-19-000434.hdr.sgml : 20190318 20190318165201 ACCESSION NUMBER: 0001539497-19-000434 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190318 DATE AS OF CHANGE: 20190318 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANK 2019-BNK17 CENTRAL INDEX KEY: 0001769961 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-227446-03 FILM NUMBER: 19688866 BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-761-4000 MAIL ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Morgan Stanley Capital I Inc. CENTRAL INDEX KEY: 0001547361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133291626 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-761-4000 MAIL ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 FWP 1 n1552_x3-anxa1.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-227446-03
     

 

     
     
  

The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-227446) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-866-718-1649 or by email to prospectus@ms.com.

 

This material was prepared by sales, trading, banking or other non-research personnel of one of the following: Morgan Stanley & Co. LLC, Morgan Stanley & Co. International Limited, Morgan Stanley Japan Limited and/or Morgan Stanley Dean Witter Asia Limited (together with their affiliates, hereinafter “Morgan Stanley“), Wells Fargo Securities, LLC (together with its affiliates, “Wells Fargo”) , Merrill Lynch, Pierce, Fenner & Smith Incorporated (together with its affiliates, “BofA Merrill Lynch”), Academy Securities, Inc. (together with its affiliates, “Academy”) and Drexel Hamilton, LLC (together with its affiliates, “Drexel” and collectively with Morgan Stanley, Wells Fargo, BofA Merrill Lynch and Academy, the “Underwriters”). This material was not produced by an Underwriter’s research analyst, although it may refer to an Underwriter’s research analyst or research report. Unless otherwise indicated, these views (if any) are the author’s and may differ from those of the fixed income or equity research departments of the Underwriters or others in those firms.

 

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This material has been prepared for information purposes to support the promotion or marketing of the transaction or matters addressed herein. This is not a research report and was not prepared by the research department of any Underwriter. It was prepared by sales, trading, banking or other non-research personnel of one or more of the Underwriters. This material is not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Past performance is not necessarily a guide to future performance. Please see additional important information and qualifications at the end of this material.

 

The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuing entity nor any Underwriter will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.

 

The information contained in this material is subject to change, completion or amendment from time to time, and the information in this material supersedes information in any other communication relating to the securities referred to in this material. This material is not a solicitation to participate in any trading strategy, and is not an offer to sell any security or instrument or a solicitation of an offer to buy or sell any security or instrument in any jurisdiction where an offer, solicitation or sale is not permitted.

 

The securities/instruments discussed in this material may not be suitable for all investors. This material has been prepared and issued by the Underwriters for intended distribution to market professionals and institutional investor clients. Other recipients should seek independent investment advice prior to making any investment decision based on this material. This material does not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. You should consider this material as only a single factor in making an investment decision.

 

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Notwithstanding anything herein to the contrary, the Underwriters and each recipient hereof agree that they (and their employees, representatives, and other agents) may disclose to any and all persons, without limitation of any kind from the commencement of discussions, the U.S. federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to the tax treatment and tax structure. For this purpose, "tax structure" is limited to facts relevant to the U.S. federal and state income tax treatment of the transaction and does not include information relating to the identity of the parties, their affiliates, agents or advisors.

 

This material 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 or superseded) and/or Part VI of the Financial Services and Markets Act 2000, as amended, or other offering document.

 

THE DISTRIBUTION OF THIS MATERIAL (A) IF MADE BY A PERSON WHO IS NOT AN AUTHORIZED PERSON UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (“FSMA”), IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE OF MATTERS RELATING TO INVESTMENTS AND QUALIFY AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE “FINANCIAL PROMOTION ORDER”), OR (II) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) THROUGH (D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL PROMOTION ORDER OR (III) ARE PERSONS TO WHOM THIS MATERIAL MAY OTHERWISE LAWFULLY BE COMMUNICATED; AND (B) IF MADE BY A PERSON WHO IS AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE OF PARTICIPATING IN UNREGULATED SCHEMES (AS DEFINED FOR PURPOSES OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS) ORDER 2001 (THE “PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER”)) AND QUALIFY AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 14(5) OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER, OR (II) ARE PERSONS FALLING WITHIN ARTICLE 22(2)(A) THROUGH (D) (“HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.”) OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER, OR (III) ARE PERSONS TO WHOM THE ISSUING ENTITY MAY LAWFULLY BE PROMOTED IN ACCORDANCE WITH CHAPTER 4.12 OF THE UK FINANCIAL CONDUCT AUTHORITY’S CONDUCT OF BUSINESS SOURCEBOOK.

 

THE OFFERED CERTIFICATES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FINANCIAL INSTRUMENTS EXCHANGE ACT OF JAPAN (LAW NO. 25 OF 1948, AS AMENDED (THE “FIEL”)), AND EACH OF MORGAN STANLEY & CO. LLC, CANTOR FITZGERALD & CO. AND THE WILLIAMS CAPITAL GROUP, L.P. HAS AGREED THAT IT WILL NOT OFFER OR SELL ANY OFFERED CERTIFICATES, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY JAPANESE PERSON, OR TO OTHERS FOR RE-OFFERING OR RESALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO ANY JAPANESE PERSON, EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE FIEL AND ANY OTHER APPLICABLE LAWS AND REGULATIONS. FOR THE PURPOSES OF THIS PARAGRAPH, “JAPANESE PERSON” SHALL MEAN ANY PERSON RESIDENT IN JAPAN, INCLUDING ANY CORPORATION OR OTHER ENTITY ORGANIZED UNDER THE LAWS AND REGULATIONS OF JAPAN.

 

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Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS

                         
Property
Flag
Footnotes Loan ID Property Name % of Initial
Pool Balance
Mortgage
Loan
Originator(1)
Mortgage
Loan Seller(1)
Original
Balance
Cut-off Date
Balance
Maturity/ARD
Balance
Cut-off Date
Balance per SF/
Units/Rooms/Pads
Loan Purpose Sponsor
Loan 11 1 Newport Office Center VI 7.6%    BANA BANA $63,500,000 $63,500,000 $63,500,000 $147.59 Acquisition iStar Inc.
Loan   2 350 Rhode Island South 7.5%    BANA BANA $62,500,000 $62,500,000 $62,500,000 $451.61 Acquisition PCCP; CalSTRS
Loan 5, 10 3 Tower 28 6.7%    MSBNA MSMCH $56,000,000 $56,000,000 $48,288,592 $248,888.89 Refinance Heatherwood Luxury Rentals
Loan   4 131 Albright 6.6%    WFB WFB $55,000,000 $55,000,000 $55,000,000 $484.50 Acquisition Brett Michael Lipman; Farshid Steve Shokouhi
Loan 12 5 Grand Oaks Business Park 6.3%    MSBNA MSMCH $52,500,000 $52,362,896 $43,044,408 $94.94 Acquisition Group RMC Corporation
Loan 5, 6 6 ILPT Hawaii Portfolio 6.0%    MSBNA MSMCH $50,000,000 $50,000,000 $50,000,000 $67.77 Recapitalization Industrial Logistics Properties Trust
Loan 13 7 Vista Village Shopping Center 5.3%    BANA BANA $44,000,000 $44,000,000 $44,000,000 $225.63 Acquisition Cherng Family
Loan 5, 14 8 Landmark West Loop 4.8%    MSBNA MSMCH $40,000,000 $40,000,000 $40,000,000 $133,333.33 Refinance GMS Finance LLC; The Related Companies, L.P.
Loan 9, 15, 16 9 Southgate Owners Corp 3.4%    MSBNA MSMCH $28,000,000 $27,916,043 $22,297,827 $69,442.89 Refinance N/A
Loan 5, 10 10 Great Wolf Lodge Southern California 3.0%    WFB WFB $25,000,000 $25,000,000 $25,000,000 $248,756.22 Refinance McWhinney Real Estate Services, Inc.; Chad McWhinney; Troy McWhinney; Great Wolf Resorts, Inc.
Loan   11 Seekonk Crossing 2.8%    MSBNA MSMCH $23,000,000 $23,000,000 $23,000,000 $101.29 Refinance Time Equities, Inc.
Loan   12 Century Towers 2.5%    BANA BANA $20,700,000 $20,700,000 $19,245,051 $67.01 Acquisition Tony Shen; Haoyu Wang; Gaocai Chen
Loan   13 Esplanade Apartments 2.3%    MSBNA MSMCH $19,000,000 $19,000,000 $19,000,000 $97,938.14 Refinance WTI Inc.
Loan   14 Pontiac West Industrial 2.2%    WFB WFB $18,375,000 $18,355,702 $15,175,342 $33.29 Refinance Christopher Semarjian; Stuart Lichter
Loan 10 15 Artisan Square 1.9%    WFB WFB $15,500,000 $15,500,000 $15,500,000 $231.30 Refinance Ronald G. Froehlich, Jr.; Sherie A. Roberts; Sherie A. Roberts Separate Property Trust; Froehlich Living Trust
Loan   16 Woodlands Village Shopping Center 1.8%    WFB WFB $15,000,000 $15,000,000 $12,677,269 $163.38 Refinance Steven Usdan
Loan 17 17 The Village at Eldorado 1.8%    WFB WFB $14,800,000 $14,800,000 $14,800,000 $247.41 Refinance Sean Pourteymour
Loan   18 5850 Hellyer Avenue 1.8%    WFB WFB $14,700,000 $14,700,000 $12,763,598 $133.98 Acquisition David B. Dollinger
Loan 18, 19 19 223 East Town Street Apartments 1.7%    BANA BANA $14,089,000 $14,089,000 $13,006,054 $167,726.19 Refinance Guanghui (Stanley) Lan
Loan   20 Mercedes-Benz R&D Building 1.6%    WFB WFB $13,000,000 $13,000,000 $13,000,000 $163.38 Refinance David R. Grieve; The David R. and Kathleen M. Grieve Living Trust
Loan 8 21 The Market at Lake Tapps 1.5%    MSBNA MSMCH $12,500,000 $12,500,000 $12,500,000 $160.98 Acquisition Michael Jacobs
Loan   22 Downtown Farmington Center 1.4%    MSBNA MSMCH $11,887,500 $11,857,453 $9,809,990 $123.27 Acquisition Kenneth Levy
Loan   23 Stonewater Place Apartments 1.4%    BANA BANA $11,500,000 $11,500,000 $10,251,382 $95,833.33 Acquisition John S. Newsome; John H. Stewart
Loan 20 24 Augusta Woods Plaza 1.4%    WFB WFB $11,421,000 $11,421,000 $11,421,000 $238.77 Refinance Mark J. Coleman
Loan 6 25 Montana and Mentone Apartments Portfolio 1.3%    BANA BANA $11,000,000 $11,000,000 $11,000,000 $224,489.80 Refinance SPL International, Inc.
Property   25.01 12340 Montana Avenue 0.7%    BANA   $5,983,373 $5,983,373 $5,983,373      
Property   25.02 3445 Mentone Avenue 0.6%    BANA   $5,016,627 $5,016,627 $5,016,627      
Loan   26 Northpoint Shopping Center 1.3%    WFB WFB $11,000,000 $11,000,000 $11,000,000 $99.06 Acquisition Alto Fund III
Loan   27 Olde Mill Plaza 1.2%    MSBNA MSMCH $10,125,000 $10,125,000 $8,678,249 $95.66 Acquisition Ernest W. Livingston, JR.
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio 1.2%    MSBNA MSMCH $10,000,000 $10,000,000 $9,192,798 $78,495.76 Acquisition PEG Development; Argosy Real Estate Partners
Property   28.01 Residence Inn Boulder 0.4%    MSBNA   $3,266,667 $3,266,667 $3,002,981      
Property   28.02 Residence Inn Atlanta Buckhead 0.3%    MSBNA   $2,743,590 $2,743,590 $2,522,127      
Property   28.03 Residence Inn Dallas Las Colinas 0.3%    MSBNA   $2,226,181 $2,226,181 $2,046,483      
Property   28.04 Residence Inn Philadelphia Valley Forge 0.2%    MSBNA   $1,763,563 $1,763,563 $1,621,208      
Loan   29 Lowell Medical Office 0.9%    WFB WFB $7,600,000 $7,592,150 $6,290,777 $197.71 Acquisition Robert Pardo
Loan   30 Hillcrest Apartments 0.9%    BANA BANA $7,250,000 $7,250,000 $6,830,188 $67,129.63 Refinance Frank T. Sinito; Malisse Sinito
Loan   31 Lovejoy Village 0.8%    MSBNA MSMCH $6,843,750 $6,836,477 $5,642,886 $78.80 Acquisition Kenneth Levy
Loan 6, 10 32 Covington Self Storage Portfolio 0.8%    BANA BANA $6,750,000 $6,750,000 $6,017,272 $63.41 Refinance Kenneth Tomayko; Barbara Tomayko
Property   32.01 Budget Self Storage 0.4%    BANA   $3,595,109 $3,595,109 $3,204,851      
Property   32.02 Covington Stor-It 0.4%    BANA   $3,154,891 $3,154,891 $2,812,421      
Loan   33 Commercial Drive Retail Center 0.8%    BANA BANA $6,500,000 $6,478,117 $4,928,836 $35.31 Refinance Richard M. Cohen Revocable Trust dated May 16,1996
Loan   34 South Philly Plaza 0.7%    MSBNA MSMCH $5,800,000 $5,794,387 $4,842,077 $170.16 Refinance Isaac Gindi
Loan 22 35 Nike East LA 0.7%    BANA BANA $5,600,000 $5,600,000 $5,600,000 $288.66 Acquisition Josef Chehbar
Loan   36 Tree Lane Portfolio 0.6%    WFB WFB $5,400,000 $5,400,000 $4,713,701 $162.39 Acquisition Benjamin D. Sheridan; Ted L. Barr; Joseph G. Greulich
Loan   37 Walgreens Pharmacy - Park Ridge 0.6%    WFB WFB $5,250,000 $5,250,000 $5,250,000 $339.67 Acquisition Marilynn M. Gantz; Rancho Pacific Trust
Loan   38 Airship Self Storage - NJ 0.5%    WFB WFB $4,425,000 $4,425,000 $4,425,000 $107.70 Refinance Jacob Ramage
Loan   39 Walgreens Broadway Everett 0.5%    MSBNA MSMCH $4,300,000 $4,300,000 $4,300,000 $312.73 Refinance Myles P. Friel
Loan   40 AAA Self Storage 20 0.5%    MSBNA MSMCH $4,250,000 $4,250,000 $3,920,721 $70.52 Refinance Stephen C. Austin; Sean P. Jones
Loan   41 CVS Audubon PA 0.5%    MSBNA MSMCH $4,000,000 $4,000,000 $4,000,000 $334.17 Refinance Maurice Grosby
Loan   42 Bentwood Apartments 0.5%    BANA BANA $4,000,000 $4,000,000 $3,631,442 $43,010.75 Refinance John S. Newsome; Michael J. Doyle
Loan   43 Whisperwood Apartments 0.5%    BANA BANA $4,000,000 $4,000,000 $3,637,313 $50,000.00 Refinance John S. Newsome; Michael J. Doyle
Loan   44 Brighton Greens Office Park 0.4%    WFB WFB $3,600,000 $3,600,000 $3,181,813 $74.48 Acquisition Marilyn M. Scholl; John P. Scholl; Damon P. Scholl; Scholl Family Trust
Loan   45 Sunstone Mini Storage 0.4%    WFB WFB $3,600,000 $3,600,000 $3,321,426 $53.02 Acquisition Hoeven Family Partnership II, LLC
Loan   46 Gateway Office Plaza 0.4%    MSBNA MSMCH $3,573,000 $3,569,239 $2,949,875 $136.63 Refinance D’Agostino Companies
Loan   47 CVS Las Vegas 0.3%    MSBNA MSMCH $2,900,000 $2,900,000 $2,900,000 $265.35 Acquisition Lawrence L. Devine
Loan   48 CVS (Ground Lease) Glen Ellyn 0.3%    MSBNA MSMCH $2,254,098 $2,254,098 $2,254,098 $171.92 Acquisition Lawrence L. Devine
Loan   49 Wells Fargo at Stonehall Bethesda 0.2%    WFB WFB $1,350,000 $1,350,000 $1,350,000 $428.57 Acquisition 10th Street LLC

 

 A-1-1

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

                       
Property
Flag
Footnotes Loan ID Property Name Non-Recourse Carveout Guarantor   No. of
Properties
General
Property Type
Detailed
Property Type
Title Type Ground Lease
Initial Lease
Expiration Date
Hotel Franchise Agreement Expiration Date
Loan 11 1 Newport Office Center VI iStar Inc.   1 Office CBD Leasehold 2/25/2117 N/A
Loan   2 350 Rhode Island South 350 Rhode Island South Owner, LLC   1 Office CBD Fee N/A N/A
Loan 5, 10 3 Tower 28 Douglas S. Partrick   1 Multifamily High Rise Fee N/A N/A
Loan   4 131 Albright Brett Michael Lipman; Farshid Steve Shokouhi   1 Office Suburban Fee N/A N/A
Loan 12 5 Grand Oaks Business Park Raymond Massa   1 Office Suburban Fee N/A N/A
Loan 5, 6 6 ILPT Hawaii Portfolio Industrial Logistics Properties Trust   186 Various Various Fee N/A N/A
Loan 13 7 Vista Village Shopping Center CFT NV Developments, LLC   1 Retail Anchored Fee N/A N/A
Loan 5, 14 8 Landmark West Loop The Related Companies, L.P.   1 Multifamily High Rise Fee N/A N/A
Loan 9, 15, 16 9 Southgate Owners Corp N/A   1 Multifamily Cooperative Fee N/A N/A
Loan 5, 10 10 Great Wolf Lodge Southern California McWhinney Holding Company, LLLP   1 Hospitality Full Service Fee N/A 2/16/2041
Loan   11 Seekonk Crossing Francis Greenburger   1 Retail Anchored Fee N/A N/A
Loan   12 Century Towers Tony Shen; Haoyu Wang; Gaocai Chen; Harmonia Hopkins, LLC; Hopkins Holding, Inc.   1 Mixed Use Office/Multifamily Fee N/A N/A
Loan   13 Esplanade Apartments WTI Inc.   1 Multifamily Garden Fee N/A N/A
Loan   14 Pontiac West Industrial Christopher Semarjian; Stuart Lichter   1 Industrial Warehouse Fee N/A N/A
Loan 10 15 Artisan Square Ronald G. Froehlich, Jr.; Sherie A. Roberts; Sherie A. Roberts Separate Property Trust; Froehlich Living Trust   1 Retail Shadow Anchored Fee N/A N/A
Loan   16 Woodlands Village Shopping Center CCA Acquisition Company, LLC   1 Retail Anchored Fee N/A N/A
Loan 17 17 The Village at Eldorado The Pourteymour Family Trust; Shahriar Pouteymour; Maria Pourteymour   1 Retail Shadow Anchored Fee N/A N/A
Loan   18 5850 Hellyer Avenue David B. Dollinger; The David Dollinger Living Trust   1 Industrial Flex Fee N/A N/A
Loan 18, 19 19 223 East Town Street Apartments Bluestone Brothers U.S. Inc.; Guanghui (Stanley) Lan   1 Multifamily Mid-Rise Fee N/A N/A
Loan   20 Mercedes-Benz R&D Building David R. Grieve; The David R. and Kathleen M. Grieve Living Trust   1 Industrial Flex Fee N/A N/A
Loan 8 21 The Market at Lake Tapps Michael Jacobs   1 Retail Shadow Anchored Fee N/A N/A
Loan   22 Downtown Farmington Center Kenneth Levy; Kenneth Levy, as trustee of the Levy Family Trust dated Feburary 18, 1983, as amended   1 Retail Anchored Fee N/A N/A
Loan   23 Stonewater Place Apartments John S. Newsome; John H. Stewart   1 Multifamily Garden Fee N/A N/A
Loan 20 24 Augusta Woods Plaza Mark J. Coleman   1 Retail Shadow Anchored Fee N/A N/A
Loan 6 25 Montana and Mentone Apartments Portfolio SPL International, Inc.   2          
Property   25.01 12340 Montana Avenue       Multifamily Garden Fee N/A N/A
Property   25.02 3445 Mentone Avenue       Multifamily Garden Fee N/A N/A
Loan   26 Northpoint Shopping Center Alto Fund III Holding, LP   1 Retail Anchored Fee N/A N/A
Loan   27 Olde Mill Plaza Ernest W. Livingston, JR.   1 Retail Anchored Fee N/A N/A
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio Reed Halladay; The Halladay Family Trust   4          
Property   28.01 Residence Inn Boulder       Hospitality Extended Stay Fee N/A 12/31/2028
Property   28.02 Residence Inn Atlanta Buckhead       Hospitality Extended Stay Fee N/A 12/31/2028
Property   28.03 Residence Inn Dallas Las Colinas       Hospitality Extended Stay Fee N/A 12/31/2028
Property   28.04 Residence Inn Philadelphia Valley Forge       Hospitality Extended Stay Fee N/A 12/31/2028
Loan   29 Lowell Medical Office Veterans Appreciation Fund LP; Andrew Raines; Robert Pardo   1 Office Medical Fee N/A N/A
Loan   30 Hillcrest Apartments Frank T. Sinito; Malisse Sinito   1 Multifamily Garden Fee N/A N/A
Loan   31 Lovejoy Village Kenneth Levy, Kenneth Levy, As Trustee of the Levy Family Trust Dated February 18, 1983, as Amended   1 Retail Anchored Fee N/A N/A
Loan 6, 10 32 Covington Self Storage Portfolio Kenneth Tomayko; Barbara Tomayko   2          
Property   32.01 Budget Self Storage       Self Storage Self Storage Fee N/A N/A
Property   32.02 Covington Stor-It       Self Storage Self Storage Fee N/A N/A
Loan   33 Commercial Drive Retail Center David R. Rogol   1 Retail Anchored Fee N/A N/A
Loan   34 South Philly Plaza Isaac Gindi   1 Retail Unanchored Fee N/A N/A
Loan 22 35 Nike East LA Josef Chehbar   1 Retail Free-Standing Fee N/A N/A
Loan   36 Tree Lane Portfolio Benjamin D. Sheridan; Ted L. Barr; Joseph G. Greulich   1 Office Medical Fee N/A N/A
Loan   37 Walgreens Pharmacy - Park Ridge Marilynn M. Gantz; Rancho Pacific Trust   1 Retail Single Tenant Fee N/A N/A
Loan   38 Airship Self Storage - NJ Jacob Ramage   1 Self Storage Self Storage Fee N/A N/A
Loan   39 Walgreens Broadway Everett Myles P. Friel   1 Retail Free-Standing Fee N/A N/A
Loan   40 AAA Self Storage 20 Stephen C. Austin; Sean P. Jones   1 Self Storage Self Storage Fee N/A N/A
Loan   41 CVS Audubon PA Maurice Grosby   1 Retail Free-Standing Fee N/A N/A
Loan   42 Bentwood Apartments John S. Newsome; Michael J. Doyle   1 Multifamily Garden Fee N/A N/A
Loan   43 Whisperwood Apartments John S. Newsome; Michael J. Doyle   1 Multifamily Garden Fee N/A N/A
Loan   44 Brighton Greens Office Park Marilyn M. Scholl; John P. Scholl; Damon P. Scholl; Scholl Family Trust   1 Office Suburban Fee N/A N/A
Loan   45 Sunstone Mini Storage Hoeven Family Partnership II, LLC   1 Self Storage Self Storage Fee N/A N/A
Loan   46 Gateway Office Plaza Christopher D’Agostino   1 Office Suburban Fee N/A N/A
Loan   47 CVS Las Vegas Lawrence L. Devine   1 Retail Free-Standing Fee N/A N/A
Loan   48 CVS (Ground Lease) Glen Ellyn Lawrence L. Devine   1 Retail Single Tenant Fee N/A N/A
Loan   49 Wells Fargo at Stonehall Bethesda 10th Street LLC   1 Retail Single Tenant Fee N/A N/A

 

 A-1-2

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

                     
Property
Flag
Footnotes Loan ID Property Name Address City County State Zip Code Year Built Year
Renovated
Loan 11 1 Newport Office Center VI 570 Washington Boulevard Jersey City Hudson NJ 07310 2002 2012
Loan   2 350 Rhode Island South 350 Rhode Island Street San Francisco San Francisco CA 94103 2002 N/A
Loan 5, 10 3 Tower 28 42-12 28th Street Long Island City Queens NY 11101 2018 N/A
Loan   4 131 Albright 131 Albright Way Los Gatos Santa Clara CA 95032 2015 N/A
Loan 12 5 Grand Oaks Business Park 860, 880, 930 & 950 Blue Gentian Road, 2750 & 2770 Blue Water Road, 2854, 2864 & 2874 Highway 55 and 2805 Dodd Road Eagan Dakota MN 55121 1999-2007 N/A
Loan 5, 6 6 ILPT Hawaii Portfolio Various Honolulu Honolulu HI Various Various N/A
Loan 13 7 Vista Village Shopping Center 225, 307, 347, 401 Vista Village Drive & 15, 20, 25, 30, 35, 40 Main Street Vista San Diego CA 92083 2003 N/A
Loan 5, 14 8 Landmark West Loop 1035 West Van Buren Street Chicago Cook IL 60607 2017 N/A
Loan 9, 15, 16 9 Southgate Owners Corp 400, 414, 424, 434 East 52 Street, 433 East 51 Street New York New York NY 10022 1930 N/A
Loan 5, 10 10 Great Wolf Lodge Southern California 12681 Harbor Boulevard Garden Grove Orange CA 92840 2016 N/A
Loan   11 Seekonk Crossing 145, 165, 175, 179, 181 and 191 Highland Avenue Seekonk Bristol MA 02771 1993 2012
Loan   12 Century Towers 612 Garfield Avenue Kansas City Jackson MO 64124 1971 2001; 2018
Loan   13 Esplanade Apartments 8777 West Maule Avenue Las Vegas Clark NV 89148 2007 N/A
Loan   14 Pontiac West Industrial 660 South Boulevard East Pontiac Oakland MI 48341 1946 2018
Loan 10 15 Artisan Square 1433, 1403, 1345, 1341, 1301 and 1211 Allen Road and 12900, 12918 and 12926 Brimhall Road Bakersfield Kern CA 93314 2017 N/A
Loan   16 Woodlands Village Shopping Center 2555 South Beulah Boulevard and 2700 and 2710 South Woodlands Village Flagstaff Coconino AZ 86001 1989 2012
Loan 17 17 The Village at Eldorado 2831, 2832, 2833 West El Dorado Parkway; 2587 FM 423 Little Elm Denton TX 75068 2006 2008
Loan   18 5850 Hellyer Avenue 5850 Hellyer Avenue San Jose Santa Clara CA 95138 1999 2019
Loan 18, 19 19 223 East Town Street Apartments 223 East Town Street Columbus Franklin OH 43215 2016 N/A
Loan   20 Mercedes-Benz R&D Building 4031 Via Oro Avenue Long Beach Los Angeles CA 90810 1985 2017
Loan 8 21 The Market at Lake Tapps 19311, 19321, 19371, 19461, 19510, 19467-19685, 19710, State Route 410 E Bonney Lake Pierce WA 98391 1990-2005 2013
Loan   22 Downtown Farmington Center 23292 Farmington Road, 33171-33199 Grand River Avenue, 23340-23354 Farmington Rel., 23300-23336 Farmington Road, 33305 and 33313 Orchard Street. Farmington Oakland MI 48336 1961 2016
Loan   23 Stonewater Place Apartments 20 Stonewater Creek Drive Jackson Madison TN 38305 2013 & 2016 N/A
Loan 20 24 Augusta Woods Plaza 25460, 25630, 25640, 25720, 25750, 25760, 25839, and 25840 Kuykendahl Road Spring Harris TX 77375 2018-2019 N/A
Loan 6 25 Montana and Mentone Apartments Portfolio              
Property   25.01 12340 Montana Avenue 12340 Montana Avenue Los Angeles Los Angeles CA 90049 1991 N/A
Property   25.02 3445 Mentone Avenue 3445 Mentone Avenue Los Angeles Los Angeles CA 90034 1987 N/A
Loan   26 Northpoint Shopping Center 1811-1847 Northeast Pine Island Road Cape Coral Lee FL 33909 2008 N/A
Loan   27 Olde Mill Plaza 3101 Roswell Road Marietta Cobb GA 30062 1985 N/A
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio              
Property   28.01 Residence Inn Boulder 3030 Center Green Drive Boulder Boulder CO 80301 1986 2018
Property   28.02 Residence Inn Atlanta Buckhead 2960 Piedmont Road North East Atlanta Fulton GA 30305 1987 2018
Property   28.03 Residence Inn Dallas Las Colinas 950 West Walnut Hill Lane Irving Dallas TX 75038 1989 2018
Property   28.04 Residence Inn Philadelphia Valley Forge 600 West Swedesford Road Berwyn Chester PA 19312 1988 2016
Loan   29 Lowell Medical Office 122 Marshall Road Lowell Middlesex MA 01852 1993 2005
Loan   30 Hillcrest Apartments 3250-3290 Hillcrest Road & 2015-2065 Pasadena Drive Dubuque Dubuque IA 52001 1973 2019
Loan   31 Lovejoy Village 10345-10375 U.S. Highway 41 and 10345-10375 Tara Blvd Jonesboro Clayton GA 30236 2001 N/A
Loan 6, 10 32 Covington Self Storage Portfolio              
Property   32.01 Budget Self Storage 6217 US Highway 278 Covington Newton GA 30014 1973 2017
Property   32.02 Covington Stor-It 8189, 9176, 9178 Washington Street Southwest & Flat Shoals Road Covington Newton GA 30014 1980-1985 N/A
Loan   33 Commercial Drive Retail Center 4631, 4645, 4697 Commercial Drive New Hartford Oneida NY 13413 1972 2017
Loan   34 South Philly Plaza 2715 South Front Street Philadelphia Philadelphia PA 19148 1983 N/A
Loan 22 35 Nike East LA 4585 Whittier Boulevard East Los Angeles Los Angeles CA 90022 1925 2015
Loan   36 Tree Lane Portfolio 1790 Presidential Circle & 1608 Tree Lane Snellville Gwinnett GA 30078 1992 & 1998 2006
Loan   37 Walgreens Pharmacy - Park Ridge 800 Devon Avenue Park Ridge Cook IL 60068 2016 N/A
Loan   38 Airship Self Storage - NJ 2420 Ridgeway Boulevard Manchester Township Ocean NJ 08759 2006 N/A
Loan   39 Walgreens Broadway Everett 2205 Broadway Everett Snohomish WA 98201 2003 N/A
Loan   40 AAA Self Storage 20 509 Pisgah Church Road Greensboro Guilford NC 27405 2018 N/A
Loan   41 CVS Audubon PA 2801 Egypt Road Audubon Montgomery PA 19403 2007 N/A
Loan   42 Bentwood Apartments 6929 West University Avenue Gainesville Alachua FL 32607 1982 N/A
Loan   43 Whisperwood Apartments 4100 Northwest 28th Lane Gainesville Alachua FL 32606 1981 N/A
Loan   44 Brighton Greens Office Park 944, 960, 988, 996 and 1020 McCourtney Road Grass Valley Nevada CA 95949 1988-2001 N/A
Loan   45 Sunstone Mini Storage 233 North Mojave Road Las Vegas Clark NV 89101 1984 2018
Loan   46 Gateway Office Plaza 1801-1805 West White Oak Terrace Conroe Montgomery TX 77304 2005-2015 N/A
Loan   47 CVS Las Vegas 6391 West Lake Mead Boulevard Las Vegas Clark NV 89108 2002 N/A
Loan   48 CVS (Ground Lease) Glen Ellyn 739 Roosevelt Road Glen Ellyn DuPage IL 60137 2018 N/A
Loan   49 Wells Fargo at Stonehall Bethesda 8302 Woodmont Avenue Bethesda Montgomery MD 20814 2017 N/A

 

 A-1-3

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

                                     
Property
Flag
Footnotes Loan ID Property Name Size Units of
Measure
Occupancy Rate(2) Occupancy Rate
As-of Date
Appraised
Value
Appraised Value
As-of Date
  Mortgage
Rate
Administrative
Fee Rate(3)
Master Servicing
Fee Rate
Primary Servicing
Fee Rate
Pari Passu
Loan Primary Servicing
Fee Rate
Trustee
Fee Rate
Trust Advisor
Fee Rate
Asset Representations Reviewer Fee Rate
Loan 11 1 Newport Office Center VI 430,239 SF 98.8% 2/18/2019 $129,000,000 2/1/2019   4.6400% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   2 350 Rhode Island South 138,393 SF 100.0% 12/31/2018 $121,000,000 1/7/2019   4.1430% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 5, 10 3 Tower 28 450 Units 93.6% 2/25/2019 $335,000,000 1/10/2019   3.7842% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   4 131 Albright 113,520 SF 100.0% 4/1/2019 $88,500,000 11/27/2018   4.6500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 12 5 Grand Oaks Business Park 551,551 SF 90.4% 12/5/2018 $70,000,000 12/13/2018   4.8500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 5, 6 6 ILPT Hawaii Portfolio 9,591,512 SF 99.9% 12/31/2018 $1,439,117,000 Various   4.3100% 0.01480% 0.00250% 0.00000% 0.00125% 0.00870% 0.00160% 0.00025%
Loan 13 7 Vista Village Shopping Center 195,009 SF 94.7% 2/15/2019 $68,600,000 2/17/2019   4.3800% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 5, 14 8 Landmark West Loop 300 Units 98.0% 2/12/2019 $139,500,000 11/28/2018   3.9200% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 9, 15, 16 9 Southgate Owners Corp 402 Units 92.5% 1/31/2019 $551,000,000 10/31/2018   4.0000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 5, 10 10 Great Wolf Lodge Southern California 603 Rooms 80.8% 1/31/2019 $302,900,000 11/28/2018   5.2533% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   11 Seekonk Crossing 227,078 SF 100.0% 11/14/2018 $35,250,000 12/5/2018   4.7000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   12 Century Towers 308,924 SF 99.7% 1/31/2019 $34,200,000 11/15/2018   5.4200% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   13 Esplanade Apartments 194 Units 99.0% 1/28/2019 $32,600,000 11/29/2018   4.4000% 0.04355% 0.00250% 0.03000% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   14 Pontiac West Industrial 551,400 SF 97.9% 2/7/2019 $24,500,000 1/18/2019   5.0500% 0.04355% 0.00250% 0.03000% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 10 15 Artisan Square 67,013 SF 92.7% 3/1/2019 $24,000,000 9/1/2019   4.8750% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   16 Woodlands Village Shopping Center 91,810 SF 98.9% 2/26/2019 $20,000,000 1/9/2019   4.9500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 17 17 The Village at Eldorado 59,820 SF 95.3% 12/14/2018 $25,740,000 12/14/2018   4.9300% 0.04355% 0.00250% 0.03000% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   18 5850 Hellyer Avenue 109,718 SF 100.0% 1/24/2019 $20,000,000 12/31/2018   5.0700% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 18, 19 19 223 East Town Street Apartments 84 Units 81.0% 1/23/2019 $19,200,000 12/19/2018   4.9340% 0.07355% 0.00250% 0.06000% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   20 Mercedes-Benz R&D Building 79,568 SF 100.0% 4/1/2019 $22,000,000 1/3/2019   4.7100% 0.04605% 0.00250% 0.03250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 8 21 The Market at Lake Tapps 77,651 SF 98.5% 1/31/2019 $25,600,000 1/26/2019   4.5000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   22 Downtown Farmington Center 96,194 SF 96.9% 12/20/2018 $16,050,000 7/13/2018   5.0500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   23 Stonewater Place Apartments 120 Units 96.7% 12/31/2018 $16,325,000 11/12/2018   5.2500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 20 24 Augusta Woods Plaza 47,832 SF 89.1% 12/20/2018 $23,240,000 11/1/2018   4.8600% 0.04605% 0.00250% 0.03250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 6 25 Montana and Mentone Apartments Portfolio 49 Units 89.8%   $21,050,000     5.1000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Property   25.01 12340 Montana Avenue 21 Units 90.5% 12/31/2018 $11,450,000 12/6/2018                  
Property   25.02 3445 Mentone Avenue 28 Units 89.3% 12/31/2018 $9,600,000 12/6/2018                  
Loan   26 Northpoint Shopping Center 111,045 SF 92.9% 11/12/2018 $16,000,000 11/21/2018   4.9250% 0.04605% 0.00250% 0.03250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   27 Olde Mill Plaza 105,847 SF 91.0% 1/16/2019 $13,600,000 12/26/2018   4.5400% 0.05355% 0.00250% 0.04000% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio 472 Rooms 75.7%   $57,000,000 Various   4.6800% 0.03605% 0.00250% 0.00000% 0.02250% 0.00870% 0.00160% 0.00025%
Property   28.01 Residence Inn Boulder 128 Rooms 69.8% 10/31/2018 $18,620,000 11/5/2018                  
Property   28.02 Residence Inn Atlanta Buckhead 136 Rooms 76.5% 10/31/2018 $15,638,000 11/7/2018                  
Property   28.03 Residence Inn Dallas Las Colinas 120 Rooms 80.8% 10/31/2018 $12,689,000 11/5/2018                  
Property   28.04 Residence Inn Philadelphia Valley Forge 88 Rooms 76.1% 10/31/2018 $10,053,000 11/5/2018                  
Loan   29 Lowell Medical Office 38,401 SF 100.0% 1/3/2019 $11,800,000 1/9/2019   5.1200% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   30 Hillcrest Apartments 108 Units 92.6% 1/30/2019 $10,990,000 1/17/2019   5.0970% 0.08355% 0.00250% 0.07000% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   31 Lovejoy Village 86,755 SF 98.4% 1/15/2019 $10,075,000 10/17/2018   5.0000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 6, 10 32 Covington Self Storage Portfolio 106,454 SF 91.9%   $9,300,000 12/21/2018   5.2200% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Property   32.01 Budget Self Storage 53,015 SF 96.4% 2/5/2019 $4,900,000 12/21/2018                  
Property   32.02 Covington Stor-It 53,439 SF 87.5% 2/5/2019 $4,300,000 12/21/2018                  
Loan   33 Commercial Drive Retail Center 183,461 SF 97.4% 1/2/2019 $10,000,000 11/29/2018   5.3000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   34 South Philly Plaza 34,052 SF 94.1% 1/17/2019 $8,100,000 12/17/2018   5.3900% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan 22 35 Nike East LA 19,400 SF 100.0% 4/1/2019 $10,300,000 12/13/2018   4.8000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   36 Tree Lane Portfolio 33,254 SF 100.0% 10/30/2019 $7,200,000 11/16/2018   5.2850% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   37 Walgreens Pharmacy - Park Ridge 15,456 SF 100.0% 4/1/2019 $12,200,000 11/9/2018   4.9500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   38 Airship Self Storage - NJ 41,085 SF 83.7% 11/30/2018 $6,800,000 11/30/2018   5.2200% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   39 Walgreens Broadway Everett 13,750 SF 100.0% 4/1/2019 $6,600,000 12/6/2018   5.1900% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   40 AAA Self Storage 20 60,265 SF 82.1% 1/9/2019 $7,800,000 1/2/2019   4.8900% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   41 CVS Audubon PA 11,970 SF 100.0% 4/1/2019 $9,600,000 12/10/2018   4.6000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   42 Bentwood Apartments 93 Units 94.6% 1/31/2019 $6,100,000 11/16/2018   5.1000% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   43 Whisperwood Apartments 80 Units 97.5% 1/31/2019 $6,200,000 11/16/2018   5.1900% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   44 Brighton Greens Office Park 48,336 SF 92.1% 1/15/2019 $6,500,000 12/12/2018   4.8500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   45 Sunstone Mini Storage 67,900 SF 83.1% 10/31/2018 $6,300,000 12/6/2018   4.9200% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   46 Gateway Office Plaza 26,123 SF 86.1% 1/1/2019 $4,900,000 1/3/2019   5.0400% 0.09755% 0.00250% 0.08400% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   47 CVS Las Vegas 10,929 SF 100.0% 4/1/2019 $5,330,000 12/20/2018   4.9900% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   48 CVS (Ground Lease) Glen Ellyn 13,111 SF 100.0% 4/1/2019 $4,100,000 12/21/2018   4.9900% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%
Loan   49 Wells Fargo at Stonehall Bethesda 3,150 SF 100.0% 4/1/2019 $3,100,000 12/5/2018   5.3500% 0.01605% 0.00250% 0.00250% 0.00000% 0.00870% 0.00160% 0.00025%

 

 A-1-4

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

                                       
Property
Flag
Footnotes Loan ID Property Name CREFC
Fee Rate
Interest
Accrual  
Basis
Seasoning
(mos.)
ARD
(Yes/No)
Original Term
to Maturity (mos.)
Remaining Term
to Maturity (mos.)
Original
Interest-Only
Period (mos.)
Remaining
Interest-Only
Period (mos.)
Original
Amortization
Term (mos.)
Remaining
Amortization
Term (mos.)
Note Date First
Payment
Date
First P&I Payment
Date (Partial
IO Loans)
Maturity
 Date
ARD Loan
Final Maturity
Date
Monthly
Debt Service
(P&I)
Loan 11 1 Newport Office Center VI 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/26/2019 4/1/2019 N/A 3/1/2029 N/A $0.00
Loan   2 350 Rhode Island South 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/4/2019 4/1/2019 N/A 3/1/2029 N/A $0.00
Loan 5, 10 3 Tower 28 0.00050% Actual/360 0 No 120 120 36 36 360 360 3/11/2019 5/1/2019 5/1/2022 4/1/2029 N/A $260,432.69
Loan   4 131 Albright 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/22/2019 4/11/2019 N/A 3/11/2029 N/A $0.00
Loan 12 5 Grand Oaks Business Park 0.00050% Actual/360 2 No 120 118 0 0 360 358 1/23/2019 3/1/2019 N/A 2/1/2029 N/A $277,038.21
Loan 5, 6 6 ILPT Hawaii Portfolio 0.00050% Actual/360 2 No 120 118 120 118 0 0 1/29/2019 3/7/2019 N/A 2/7/2029 N/A $0.00
Loan 13 7 Vista Village Shopping Center 0.00050% Actual/360 0 No 120 120 120 120 0 0 3/8/2019 5/1/2019 N/A 4/1/2029 N/A $0.00
Loan 5, 14 8 Landmark West Loop 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/14/2019 4/5/2019 N/A 3/5/2029 N/A $0.00
Loan 9, 15, 16 9 Southgate Owners Corp 0.00050% Actual/360 2 No 120 118 0 0 360 358 1/2/2019 3/1/2019 N/A 2/1/2029 N/A $133,676.28
Loan 5, 10 10 Great Wolf Lodge Southern California 0.00050% Actual/360 1 No 120 119 120 119 0 0 3/11/2019 4/11/2019 N/A 3/11/2029 N/A $0.00
Loan   11 Seekonk Crossing 0.00050% Actual/360 2 No 120 118 120 118 0 0 1/30/2019 3/5/2019 N/A 2/5/2029 N/A $0.00
Loan   12 Century Towers 0.00050% Actual/360 1 No 120 119 60 59 360 360 2/25/2019 4/1/2019 4/1/2024 3/1/2029 N/A $116,495.43
Loan   13 Esplanade Apartments 0.00050% Actual/360 0 No 120 120 120 120 0 0 3/8/2019 5/1/2019 N/A 4/1/2029 N/A $0.00
Loan   14 Pontiac West Industrial 0.00050% Actual/360 1 No 120 119 0 0 360 359 3/8/2019 4/11/2019 N/A 3/11/2029 N/A $99,203.24
Loan 10 15 Artisan Square 0.00050% Actual/360 1 No 120 119 120 119 0 0 3/8/2019 4/11/2019 N/A 3/11/2029 N/A $0.00
Loan   16 Woodlands Village Shopping Center 0.00050% Actual/360 1 No 120 119 12 11 360 360 3/5/2019 4/11/2019 4/11/2020 3/11/2029 N/A $80,065.50
Loan 17 17 The Village at Eldorado 0.00050% Actual/360 2 No 120 118 120 118 0 0 2/1/2019 3/11/2019 N/A 2/11/2029 N/A $0.00
Loan   18 5850 Hellyer Avenue 0.00050% Actual/360 2 No 120 118 24 22 360 360 2/7/2019 3/11/2019 3/11/2021 2/11/2029 N/A $79,542.85
Loan 18, 19 19 223 East Town Street Apartments 0.00050% Actual/360 1 No 120 119 60 59 360 360 2/5/2019 4/1/2019 4/1/2024 3/1/2029 N/A $75,065.52
Loan   20 Mercedes-Benz R&D Building 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/15/2019 4/11/2019 N/A 3/11/2029 N/A $0.00
Loan 8 21 The Market at Lake Tapps 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/19/2019 4/1/2019 N/A 3/1/2029 N/A $0.00
Loan   22 Downtown Farmington Center 0.00050% Actual/360 2 No 120 118 0 0 360 358 1/25/2019 3/1/2019 N/A 2/1/2029 N/A $64,178.42
Loan   23 Stonewater Place Apartments 0.00050% Actual/360 2 No 120 118 36 34 360 360 1/22/2019 3/1/2019 3/1/2022 2/1/2029 N/A $63,503.43
Loan 20 24 Augusta Woods Plaza 0.00050% Actual/360 3 No 120 117 120 117 0 0 12/28/2018 2/11/2019 N/A 1/11/2029 N/A $0.00
Loan 6 25 Montana and Mentone Apartments Portfolio 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/12/2019 4/1/2019 N/A 3/1/2029 N/A $0.00
Property   25.01 12340 Montana Avenue                                
Property   25.02 3445 Mentone Avenue                                
Loan   26 Northpoint Shopping Center 0.00050% Actual/360 3 No 120 117 120 117 0 0 1/10/2019 2/11/2019 N/A 1/11/2029 N/A $0.00
Loan   27 Olde Mill Plaza 0.00050% Actual/360 1 No 120 119 24 23 360 360 2/15/2019 4/1/2019 4/1/2021 3/1/2029 N/A $51,542.81
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio 0.00050% Actual/360 3 No 120 117 60 57 360 360 12/19/2018 2/1/2019 2/1/2024 1/1/2029 N/A $51,743.64
Property   28.01 Residence Inn Boulder                                
Property   28.02 Residence Inn Atlanta Buckhead                                
Property   28.03 Residence Inn Dallas Las Colinas                                
Property   28.04 Residence Inn Philadelphia Valley Forge                                
Loan   29 Lowell Medical Office 0.00050% Actual/360 1 No 120 119 0 0 360 359 2/19/2019 4/11/2019 N/A 3/11/2029 N/A $41,357.63
Loan   30 Hillcrest Apartments 0.00050% Actual/360 1 No 60 59 12 11 360 360 2/13/2019 4/1/2019 4/1/2020 3/1/2024 N/A $39,350.49
Loan   31 Lovejoy Village 0.00050% Actual/360 1 No 120 119 0 0 360 359 2/14/2019 4/1/2019 N/A 3/1/2029 N/A $36,738.73
Loan 6, 10 32 Covington Self Storage Portfolio 0.00050% Actual/360 1 No 120 119 36 35 360 360 2/22/2019 4/1/2019 4/1/2022 3/1/2029 N/A $37,148.42
Property   32.01 Budget Self Storage                                
Property   32.02 Covington Stor-It                                
Loan   33 Commercial Drive Retail Center 0.00050% Actual/360 2 No 120 118 0 0 300 298 1/10/2019 3/1/2019 N/A 2/1/2029 N/A $39,143.08
Loan   34 South Philly Plaza 0.00050% Actual/360 1 No 120 119 0 0 360 359 2/26/2019 4/1/2019 N/A 3/1/2029 N/A $32,532.59
Loan 22 35 Nike East LA 0.00050% Actual/360 2 No 120 118 120 118 0 0 1/4/2019 3/1/2019 N/A 2/1/2029 N/A $0.00
Loan   36 Tree Lane Portfolio 0.00050% Actual/360 3 No 120 117 24 21 360 360 12/21/2018 2/11/2019 2/11/2021 1/11/2029 N/A $29,936.17
Loan   37 Walgreens Pharmacy - Park Ridge 0.00050% Actual/360 2 No 120 118 120 118 0 0 2/1/2019 3/11/2019 N/A 2/11/2029 N/A $0.00
Loan   38 Airship Self Storage - NJ 0.00050% Actual/360 2 No 120 118 120 118 0 0 1/18/2019 3/11/2019 N/A 2/11/2029 N/A $0.00
Loan   39 Walgreens Broadway Everett 0.00050% Actual/360 1 No 120 119 120 119 0 0 3/1/2019 4/1/2019 N/A 3/1/2029 N/A $0.00
Loan   40 AAA Self Storage 20 0.00050% Actual/360 1 No 120 119 60 59 360 360 2/22/2019 4/1/2019 4/1/2024 3/1/2029 N/A $22,530.06
Loan   41 CVS Audubon PA 0.00050% Actual/360 1 No 120 119 120 119 0 0 2/4/2019 4/1/2019 N/A 3/1/2029 N/A $0.00
Loan   42 Bentwood Apartments 0.00050% Actual/360 1 No 120 119 48 47 360 360 2/28/2019 4/1/2019 4/1/2023 3/1/2029 N/A $21,717.99
Loan   43 Whisperwood Apartments 0.00050% Actual/360 1 No 120 119 48 47 360 360 2/28/2019 4/1/2019 4/1/2023 3/1/2029 N/A $21,939.73
Loan   44 Brighton Greens Office Park 0.00050% Actual/360 2 No 120 118 36 34 360 360 1/24/2019 3/11/2019 3/11/2022 2/11/2029 N/A $18,996.91
Loan   45 Sunstone Mini Storage 0.00050% Actual/360 2 No 120 118 60 58 360 360 1/17/2019 3/11/2019 3/11/2024 2/11/2029 N/A $19,149.95
Loan   46 Gateway Office Plaza 0.00050% Actual/360 1 No 120 119 0 0 360 359 2/28/2019 4/1/2019 N/A 3/1/2029 N/A $19,268.08
Loan   47 CVS Las Vegas 0.00050% Actual/360 2 No 120 118 120 118 0 0 1/24/2019 3/1/2019 N/A 2/1/2029 N/A $0.00
Loan   48 CVS (Ground Lease) Glen Ellyn 0.00050% Actual/360 2 No 120 118 120 118 0 0 1/31/2019 3/1/2019 N/A 2/1/2029 N/A $0.00
Loan   49 Wells Fargo at Stonehall Bethesda 0.00050% Actual/360 2 No 120 118 120 118 0 0 1/18/2019 3/11/2019 N/A 2/11/2029 N/A $0.00

 

 A-1-5

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

                                     
Property
Flag
Footnotes Loan ID Property Name Monthly
Debt Service
(IO)
Annual Debt
Service
(P&I)
Annual Debt
Service
(IO)
Lockbox Type Cash Management Status Crossed With
Other Loans
Related-Borrower
Loans
UW NOI
DSCR (P&I)
UW NOI
DSCR (IO)
UW NCF
DSCR (P&I)
UW NCF
DSCR (IO)
Cut-Off Date
LTV Ratio
Maturity Date LTV Ratio Grace Period to
Late Charge
(Days)
Grace Period
to Default
(Days)
Loan 11 1 Newport Office Center VI $248,943.52 $0.00 $2,987,322.24 Hard In Place No N/A N/A 2.16x N/A 2.13x 49.2% 49.2% 0 4
Loan   2 350 Rhode Island South $218,778.21 $0.00 $2,625,338.52 Hard Springing No N/A N/A 2.54x N/A 2.40x 51.7% 51.7% 0 4
Loan 5, 10 3 Tower 28 $179,048.72 3,125,192.28 $2,148,584.64 Hard In Place No N/A 2.33x 3.39x 2.31x 3.36x 33.4% 28.8% 0 5
Loan   4 131 Albright $216,085.07 $0.00 $2,593,020.84 Hard In Place No N/A N/A 1.85x N/A 1.79x 62.1% 62.1% 0 0
Loan 12 5 Grand Oaks Business Park $0.00 3,324,458.52 $0.00 Springing Springing No N/A 1.74x N/A 1.45x N/A 74.8% 61.5% 0 5
Loan 5, 6 6 ILPT Hawaii Portfolio $182,077.55 $0.00 $2,184,930.60 Hard Springing No N/A N/A 2.42x N/A 2.40x 45.2% 45.2% 0 0
Loan 13 7 Vista Village Shopping Center $162,830.56 $0.00 $1,953,966.72 Soft Springing No N/A N/A 2.28x N/A 2.14x 64.1% 64.1% 0 0
Loan 5, 14 8 Landmark West Loop $132,481.48 $0.00 $1,589,777.76 Soft In Place No N/A N/A 3.68x N/A 3.63x 28.7% 28.7% 0 0
Loan 9, 15, 16 9 Southgate Owners Corp $0.00 1,604,115.36 $0.00 N/A N/A No N/A 10.34x N/A 10.28x N/A 5.1% 4.0% 5 5
Loan 5, 10 10 Great Wolf Lodge Southern California $110,963.80 $0.00 $1,331,565.60 Soft Springing No N/A N/A 2.74x N/A 2.41x 49.5% 49.5% 0 0
Loan   11 Seekonk Crossing $91,334.49 $0.00 $1,096,013.88 Springing Springing No N/A N/A 2.09x N/A 1.93x 65.2% 65.2% 0 0
Loan   12 Century Towers $94,793.54 1,397,945.16 $1,137,522.48 Springing Springing No N/A 1.43x 1.76x 1.26x 1.55x 60.5% 56.3% 0 0
Loan   13 Esplanade Apartments $70,634.26 $0.00 $847,611.12 Springing Springing No N/A N/A 2.32x N/A 2.26x 58.3% 58.3% 0 5
Loan   14 Pontiac West Industrial $0.00 1,190,438.88 $0.00 Springing Springing No N/A 1.54x N/A 1.39x N/A 74.9% 61.9% 5 0
Loan 10 15 Artisan Square $63,843.32 $0.00 $766,119.84 Springing Springing No N/A N/A 1.82x N/A 1.78x 64.6% 64.6% 0 0
Loan   16 Woodlands Village Shopping Center $62,734.38 960,786.00 $752,812.56 Springing Springing No N/A 1.52x 1.94x 1.43x 1.82x 75.0% 63.4% 0 0
Loan 17 17 The Village at Eldorado $61,647.82 $0.00 $739,773.84 Springing Springing No N/A N/A 1.94x N/A 1.89x 57.5% 57.5% 0 0
Loan   18 5850 Hellyer Avenue $62,970.10 954,514.20 $755,641.20 Springing Springing No N/A 1.57x 1.99x 1.50x 1.90x 73.5% 63.8% 0 0
Loan 18, 19 19 223 East Town Street Apartments $58,733.84 900,786.24 $704,806.08 Springing Springing No N/A 1.35x 1.72x 1.33x 1.69x 73.4% 67.7% 5 4
Loan   20 Mercedes-Benz R&D Building $51,733.68 $0.00 $620,804.16 Springing Springing No N/A N/A 2.03x N/A 2.01x 59.1% 59.1% 0 0
Loan 8 21 The Market at Lake Tapps $47,526.04 $0.00 $570,312.48 Springing Springing No N/A N/A 2.71x N/A 2.51x 48.8% 48.8% 5 5
Loan   22 Downtown Farmington Center $0.00 770,141.04 $0.00 Springing Springing No Group B 1.59x N/A 1.45x N/A 73.9% 61.1% 5 5
Loan   23 Stonewater Place Apartments $51,011.28 762,041.16 $612,135.36 Soft Springing No Group A 1.29x 1.60x 1.25x 1.55x 70.4% 62.8% 5 4
Loan 20 24 Augusta Woods Plaza $46,897.48 $0.00 $562,769.76 Springing Springing No N/A N/A 2.56x N/A 2.48x 42.7% 42.7% 0 0
Loan 6 25 Montana and Mentone Apartments Portfolio $47,399.31 $0.00 $568,791.72 Springing Springing No N/A N/A 1.51x N/A 1.49x 52.3% 52.3% 5 4
Property   25.01 12340 Montana Avenue                              
Property   25.02 3445 Mentone Avenue                              
Loan   26 Northpoint Shopping Center $45,772.86 $0.00 $549,274.32 Springing Springing No N/A N/A 2.18x N/A 2.04x 68.8% 68.8% 0 0
Loan   27 Olde Mill Plaza $38,838.28 618,513.72 $466,059.36 Springing Springing No N/A 1.75x 2.32x 1.64x 2.17x 74.4% 63.8% 5 5
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio $39,541.67 620,923.68 $474,500.04 Soft Springing No N/A 2.89x 3.79x 2.49x 3.25x 65.0% 59.8% 0 5
Property   28.01 Residence Inn Boulder                              
Property   28.02 Residence Inn Atlanta Buckhead                              
Property   28.03 Residence Inn Dallas Las Colinas                              
Property   28.04 Residence Inn Philadelphia Valley Forge                              
Loan   29 Lowell Medical Office $0.00 496,291.56 $0.00 Hard In Place No N/A 1.93x N/A 1.78x N/A 64.3% 53.3% 0 0
Loan   30 Hillcrest Apartments $31,222.07 472,205.88 $374,664.84 Soft Springing No N/A 1.63x 2.05x 1.57x 1.98x 66.0% 62.1% 5 4
Loan   31 Lovejoy Village $0.00 440,864.76 $0.00 Springing Springing No Group B 1.84x N/A 1.64x N/A 67.9% 56.0% 5 5
Loan 6, 10 32 Covington Self Storage Portfolio $29,770.31 445,781.04 $357,243.72 Springing Springing No N/A 1.49x 1.86x 1.45x 1.81x 72.6% 64.7% 5 4
Property   32.01 Budget Self Storage                              
Property   32.02 Covington Stor-It                              
Loan   33 Commercial Drive Retail Center $0.00 469,716.96 $0.00 Springing Springing No N/A 2.25x N/A 2.01x N/A 64.8% 49.3% 5 4
Loan   34 South Philly Plaza $0.00 390,391.08 $0.00 Springing Springing No N/A 1.30x N/A 1.22x N/A 71.5% 59.8% 5 5
Loan 22 35 Nike East LA $22,711.11 $0.00 $272,533.32 Hard Springing No N/A N/A 1.99x N/A 1.91x 54.4% 54.4% 5 4
Loan   36 Tree Lane Portfolio $24,112.81 359,234.04 $289,353.72 Springing Springing No N/A 1.63x 2.03x 1.52x 1.89x 75.0% 65.5% 5 0
Loan   37 Walgreens Pharmacy - Park Ridge $21,957.03 $0.00 $263,484.36 Springing Springing No N/A N/A 2.54x N/A 2.53x 43.0% 43.0% 0 0
Loan   38 Airship Self Storage - NJ $19,516.09 $0.00 $234,193.08 Springing Springing No N/A N/A 1.85x N/A 1.83x 65.1% 65.1% 5 0
Loan   39 Walgreens Broadway Everett $18,855.80 $0.00 $226,269.60 Springing Springing No N/A N/A 1.77x N/A 1.70x 65.2% 65.2% 5 5
Loan   40 AAA Self Storage 20 $17,559.29 270,360.72 $210,711.48 Springing Springing No N/A 1.58x 2.03x 1.54x 1.98x 54.5% 50.3% 15 5
Loan   41 CVS Audubon PA $15,546.30 $0.00 $186,555.60 Springing Springing No N/A N/A 2.67x N/A 2.66x 41.7% 41.7% 5 5
Loan   42 Bentwood Apartments $17,236.11 260,615.88 $206,833.32 Springing Springing No Group A 1.63x 2.05x 1.50x 1.89x 65.6% 59.5% 5 4
Loan   43 Whisperwood Apartments $17,540.28 263,276.76 $210,483.36 Springing Springing No Group A 1.65x 2.07x 1.54x 1.92x 64.5% 58.7% 5 4
Loan   44 Brighton Greens Office Park $14,752.08 227,962.92 $177,024.96 Springing Springing No N/A 2.06x 2.65x 1.77x 2.29x 55.4% 49.0% 0 0
Loan   45 Sunstone Mini Storage $14,965.00 229,799.40 $179,580.00 Springing Springing No N/A 1.71x 2.19x 1.67x 2.13x 57.1% 52.7% 0 0
Loan   46 Gateway Office Plaza $0.00 231,216.96 $0.00 Springing Springing No N/A 1.75x N/A 1.61x N/A 72.8% 60.2% 5 5
Loan   47 CVS Las Vegas $12,226.66 $0.00 $146,719.92 Springing Springing No Group C N/A 1.80x N/A 1.80x 54.4% 54.4% 5 5
Loan   48 CVS (Ground Lease) Glen Ellyn $9,503.48 $0.00 $114,041.76 Springing Springing No Group C N/A 1.74x N/A 1.74x 55.0% 55.0% 5 5
Loan   49 Wells Fargo at Stonehall Bethesda $6,102.34 $0.00 $73,228.08 Springing Springing No N/A N/A 2.32x N/A 2.31x 43.5% 43.5% 0 0

 

 A-1-6

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

                                     
Property
Flag
Footnotes Loan ID Property Name Due Date Prepayment Provisions
(No. of Payments)
YM
Formula
  Third Most
Recent Revenues
Third Most
Recent Expenses
Third Most
Recent NOI
Third
Most Recent
NOI Date
Third Most
Recent NOI
Debt Yield
Second Most
 Recent Revenues
Second Most
 Recent Expenses
Second Most
 Recent NOI
Second
Most Recent
NOI Date
Second Most
Recent NOI
Debt Yield
Most
 Recent Revenues
Loan 11 1 Newport Office Center VI First LO(25);DEF(91);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan   2 350 Rhode Island South First LO(25);DEF/YM1(88);O(7) A   $8,266,360 $3,396,678 $4,869,682 6/30/2017 TTM 7.8% $7,332,981 $3,170,563 $4,162,418 6/30/2018 TTM 6.7% $7,186,862
Loan 5, 10 3 Tower 28 First LO(24);YM1(89);O(7) B   $9,695,123 $5,450,720 $4,244,404 12/31/2018 3.8% $14,989,262 $5,552,627 $9,436,635 12/31/2018 T-6 Ann. 8.4% $17,484,140
Loan   4 131 Albright Eleventh LO(25);DEF(91);O(4)     $3,448,985 $344,760 $3,104,225 12/31/2016 5.6% $6,041,069 $1,263,096 $4,777,973 12/31/2017 8.7% $6,229,434
Loan 12 5 Grand Oaks Business Park First LO(26);DEF(89);O(5)     $8,683,849 $3,636,314 $5,047,536 12/31/2016 9.6% $9,159,518 $3,728,680 $5,430,838 12/31/2017 10.4% $8,793,807
Loan 5, 6 6 ILPT Hawaii Portfolio Seventh LO(26);DEF/YM1(87);O(7) C   $71,594,513 $16,049,950 $55,544,563 12/31/2016 8.5% $73,911,499 $17,034,145 $56,877,354 12/31/2017 8.8% $76,428,806
Loan 13 7 Vista Village Shopping Center First LO(24);DEF(91);O(5)     $5,758,599 $1,881,737 $3,876,862 12/31/2016 8.8% $5,939,849 $1,902,688 $4,037,161 12/31/2017 9.2% $6,301,015
Loan 5, 14 8 Landmark West Loop Fifth LO(25);DEF(90);O(5)     $7,385,752 $4,235,582 $3,150,170 12/31/2018 7.9% $9,696,375 $4,145,488 $5,550,887 12/31/2018 T-6 Ann. 13.9% $10,259,894
Loan 9, 15, 16 9 Southgate Owners Corp First LO(26);DEF(90);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan 5, 10 10 Great Wolf Lodge Southern California Eleventh LO(25);DEF(88);O(7)     $73,181,700 $56,397,508 $16,784,192 12/31/2017 11.2% $83,918,394 $62,245,360 $21,673,034 12/31/2018 14.4% $84,732,839
Loan   11 Seekonk Crossing Fifth LO(26);DEF(90);O(4)     $3,183,741 $1,123,155 $2,060,586 12/31/2016 9.0% $3,398,890 $1,138,891 $2,259,999 12/31/2017 9.8% $3,583,371
Loan   12 Century Towers First LO(25);DEF(91);O(4)     $3,813,825 $1,556,373 $2,257,452 12/31/2016 10.9% $3,848,328 $1,705,737 $2,142,591 12/31/2017 10.4% $3,899,198
Loan   13 Esplanade Apartments First LO(24);DEF(92);O(4)     $2,682,181 $1,109,688 $1,572,493 12/31/2016 8.3% $2,908,018 $1,060,324 $1,847,694 12/31/2017 9.7% $3,049,871
Loan   14 Pontiac West Industrial Eleventh LO(25);DEF(91);O(4)     N/A N/A N/A N/A N/A $878,205 $702,124 $176,081 12/31/2017 1.0% $2,565,359
Loan 10 15 Artisan Square Eleventh LO(25);DEF(91);O(4)     N/A N/A N/A N/A N/A $487,703 $107,385 $380,318 12/31/2017 2.5% $985,201
Loan   16 Woodlands Village Shopping Center Eleventh LO(25);YM1(91);O(4) D   $1,688,147 $334,002 $1,354,146 12/31/2016 9.0% $1,630,520 $379,184 $1,251,337 12/31/2017 8.3% $1,613,474
Loan 17 17 The Village at Eldorado Eleventh LO(26);DEF(90);O(4)     $1,756,270 $583,068 $1,173,201 12/31/2016 7.9% $1,880,950 $623,300 $1,257,651 12/31/2017 8.5% $1,849,813
Loan   18 5850 Hellyer Avenue Eleventh LO(26);DEF/YM1(87);O(7) E   $953,532 $664,646 $288,886 12/31/2016 2.0% $1,870,439 $883,888 $986,551 10/31/2017 T-10 Ann. 6.7% $1,934,923
Loan 18, 19 19 223 East Town Street Apartments First LO(25);YM1(88);O(7) F   N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan   20 Mercedes-Benz R&D Building Eleventh LO(25);DEF(91);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $1,210,327
Loan 8 21 The Market at Lake Tapps First LO(25);DEF(91);O(4)     $1,581,825 $490,734 $1,091,091 12/31/2016 8.7% $1,575,849 $553,006 $1,022,843 12/31/2017 8.2% $1,731,360
Loan   22 Downtown Farmington Center First LO(26);DEF(90);O(4)     $1,074,654 $337,446 $737,207 12/31/2016 6.2% $1,585,732 $341,069 $1,244,663 12/31/2017 10.5% $1,623,204
Loan   23 Stonewater Place Apartments First LO(26);DEF(90);O(4)     N/A N/A N/A N/A N/A $1,482,722 $442,084 $1,040,638 12/31/2017 9.0% $1,552,571
Loan 20 24 Augusta Woods Plaza Eleventh LO(27);DEF(89);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan 6 25 Montana and Mentone Apartments Portfolio First LO(25);DEF(90);O(5)     $1,177,211 $352,994 $824,217 12/31/2016 7.5% $1,178,192 $358,311 $819,881 12/31/2017 7.5% $1,220,511
Property   25.01 12340 Montana Avenue         $641,548 $188,911 $452,637 12/31/2016   $640,665 $191,566 $449,099 12/31/2017   $673,541
Property   25.02 3445 Mentone Avenue         $535,663 $164,083 $371,580 12/31/2016   $537,527 $166,745 $370,782 12/31/2017   $546,970
Loan   26 Northpoint Shopping Center Eleventh LO(27);DEF(89);O(4)     $928,860 $462,535 $466,325 12/31/2016 4.2% $1,238,556 $461,712 $776,844 12/31/2017 7.1% $1,652,839
Loan   27 Olde Mill Plaza First LO(25);DEF(91);O(4)     $1,372,670 $253,560 $1,119,110 12/31/2016 11.1% $1,386,662 $345,397 $1,041,265 12/31/2017 10.3% $1,391,195
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio First LO(27);DEF(80);O(13)     $18,984,196 $12,220,200 $6,763,996 12/31/2016 18.3% $19,068,801 $12,188,479 $6,880,322 12/31/2017 18.6% $19,005,113
Property   28.01 Residence Inn Boulder         $6,134,722 $3,612,659 $2,522,063 12/31/2016   $6,445,955 $3,750,620 $2,695,335 12/31/2017   $6,013,532
Property   28.02 Residence Inn Atlanta Buckhead         $4,988,369 $3,473,008 $1,515,361 12/31/2016   $5,121,186 $3,441,407 $1,679,779 12/31/2017   $5,216,384
Property   28.03 Residence Inn Dallas Las Colinas         $4,530,488 $2,892,427 $1,638,061 12/31/2016   $4,301,202 $2,854,661 $1,446,541 12/31/2017   $4,391,732
Property   28.04 Residence Inn Philadelphia Valley Forge         $3,330,617 $2,242,106 $1,088,511 12/31/2016   $3,200,458 $2,141,791 $1,058,667 12/31/2017   $3,383,465
Loan   29 Lowell Medical Office Eleventh LO(25);DEF(88);O(7)     $1,029,622 $150,324 $879,298 12/31/2016 11.6% $1,069,466 $167,636 $901,830 12/31/2017 11.9% $1,175,812
Loan   30 Hillcrest Apartments First LO(25);DEF(31);O(4)     $1,062,028 $856,522 $205,506 12/31/2016 2.8% $1,070,147 $799,515 $270,632 12/31/2017 3.7% $1,190,215
Loan   31 Lovejoy Village First LO(25);DEF(91);O(4)     $982,785 $319,668 $663,117 12/31/2016 9.7% $972,526 $308,618 $663,908 12/31/2017 9.7% $1,052,566
Loan 6, 10 32 Covington Self Storage Portfolio First LO(25);DEF(91);O(4)     $862,700 $360,670 $502,030 12/31/2016 7.4% $958,206 $384,439 $573,767 12/31/2017 8.5% $1,022,409
Property   32.01 Budget Self Storage         $449,041 $186,902 $262,139 12/31/2016   $508,647 $203,983 $304,664 12/31/2017   $537,008
Property   32.02 Covington Stor-It         $413,659 $173,768 $239,891 12/31/2016   $449,559 $180,456 $269,103 12/31/2017   $485,401
Loan   33 Commercial Drive Retail Center First LO(26);DEF(89);O(5)     $847,292 $156,296 $690,996 12/31/2016 10.7% $931,690 $483,956 $447,734 12/31/2017 6.9% $913,601
Loan   34 South Philly Plaza First LO(25);DEF(90);O(5)     $770,433 $229,572 $540,861 12/31/2016 9.3% $677,449 $204,361 $473,088 12/31/2017 8.2% $618,417
Loan 22 35 Nike East LA First LO(26);DEF(87);O(7)     $596,938 $179,828 $417,110 12/31/2016 7.4% $715,812 $153,047 $562,765 12/31/2017 10.0% $716,901
Loan   36 Tree Lane Portfolio Eleventh LO(27);YM1(89);O(4) G   $776,434 $193,221 $583,213 12/31/2016 10.8% $795,859 $206,493 $589,366 12/31/2017 10.9% $819,229
Loan   37 Walgreens Pharmacy - Park Ridge Eleventh LO(26);DEF(90);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan   38 Airship Self Storage - NJ Eleventh LO(26);DEF(90);O(4)     $578,152 $225,365 $352,787 12/31/2016 8.0% $594,740 $233,708 $361,032 12/31/2017 8.2% $600,478
Loan   39 Walgreens Broadway Everett First LO(24);YM1(92);O(4) H   N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan   40 AAA Self Storage 20 First LO(25);DEF(91);O(4)     N/A N/A N/A N/A N/A $350,067 $176,765 $173,302 12/31/2018 T-11 Ann. 4.1% $571,646
Loan   41 CVS Audubon PA First LO(25);DEF(90);O(5)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan   42 Bentwood Apartments First LO(25);DEF(91);O(4)     $662,657 $321,911 $340,746 12/31/2016 8.5% $737,504 $346,051 $391,453 12/31/2017 9.8% $764,667
Loan   43 Whisperwood Apartments First LO(25);DEF(91);O(4)     $670,056 $272,936 $397,120 12/31/2016 9.9% $701,810 $294,508 $407,302 12/31/2017 10.2% $759,263
Loan   44 Brighton Greens Office Park Eleventh LO(26);DEF(90);O(4)     $575,062 $299,719 $275,343 12/31/2016 7.6% $682,020 $310,518 $371,501 12/31/2017 10.3% $710,080
Loan   45 Sunstone Mini Storage Eleventh LO(26);DEF(90);O(4)     $434,224 $198,155 $236,069 12/31/2016 6.6% $464,083 $173,823 $290,259 12/31/2017 8.1% $519,004
Loan   46 Gateway Office Plaza First LO(25);DEF(90);O(5)     $551,468 $169,284 $382,184 12/31/2016 10.7% $506,660 $152,533 $354,128 12/31/2017 9.9% $542,481
Loan   47 CVS Las Vegas First LO(26);DEF(90);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan   48 CVS (Ground Lease) Glen Ellyn First LO(26);DEF(90);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Loan   49 Wells Fargo at Stonehall Bethesda Eleventh LO(26);DEF(90);O(4)     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

 

 A-1-7

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

                                 
Property
Flag
Footnotes Loan ID Property Name Most
 Recent Expenses
Most
Recent NOI
Most
Recent
NOI Date
Most
Recent NOI
Debt Yield
Underwritten
Occupancy Rate
Underwritten
Effective Gross Income
Underwritten Total
Expenses
Underwritten NOI Underwritten NOI Debt Yield Underwritten
Replacement
Reserves
Underwritten
TI/LC
Underwritten NCF Underwritten NCF Debt Yield
Loan 11 1 Newport Office Center VI N/A N/A N/A N/A 95.6% $13,851,036 $7,405,951 $6,445,085 10.1% $86,048 $0 $6,359,037 10.0%
Loan   2 350 Rhode Island South $3,266,950 $3,919,912 12/31/2018 6.3% 95.0% $11,055,446 $4,376,219 $6,679,227 10.7% $34,598 $349,638 $6,294,990 10.1%
Loan 5, 10 3 Tower 28 $5,358,451 $12,125,689 12/31/2018 T-3 Ann. 10.8% 95.0% $19,539,680 $4,973,673 $14,566,007 13.0% $113,255 $14,529 $14,438,224 12.9%
Loan   4 131 Albright $1,307,852 $4,921,582 12/31/2018 8.9% 95.0% $6,101,039 $1,308,122 $4,792,917 8.7% $28,380 $113,520 $4,651,017 8.5%
Loan 12 5 Grand Oaks Business Park $3,937,662 $4,856,145 10/31/2018 TTM 9.3% 83.3% $9,533,453 $3,758,485 $5,774,969 11.0% $110,310 $853,823 $4,810,836 9.2%
Loan 5, 6 6 ILPT Hawaii Portfolio $18,588,609 $57,840,197 10/31/2018 TTM 8.9% 100.0% $86,985,222 $18,221,433 $68,763,789 10.6% $59,078 $498,822 $68,205,889 10.5%
Loan 13 7 Vista Village Shopping Center $1,994,510 $4,306,505 12/31/2018 9.8% 93.1% $6,579,697 $2,128,212 $4,451,485 10.1% $39,002 $239,005 $4,173,478 9.5%
Loan 5, 14 8 Landmark West Loop $4,294,259 $5,965,634 12/31/2018 T-3 Ann. 14.9% 95.0% $10,138,904 $4,295,960 $5,842,944 14.6% $75,000 $0 $5,767,944 14.4%
Loan 9, 15, 16 9 Southgate Owners Corp N/A N/A N/A N/A 92.5% $31,981,818 $15,387,647 $16,594,171 59.4% $100,500 $0 $16,493,671 59.1%
Loan 5, 10 10 Great Wolf Lodge Southern California $62,714,987 $22,017,852 1/31/2019 14.7% 80.8% $84,732,839 $62,846,900 $21,885,939 14.6% $2,640,560 $0 $19,245,379 12.8%
Loan   11 Seekonk Crossing $1,203,697 $2,379,674 11/30/2018 TTM 10.3% 95.0% $3,498,630 $1,206,878 $2,291,752 10.0% $43,164 $136,247 $2,112,341 9.2%
Loan   12 Century Towers $1,764,523 $2,134,675 12/31/2018 10.3% 96.7% $3,932,548 $1,932,043 $2,000,505 9.7% $111,390 $121,964 $1,767,151 8.5%
Loan   13 Esplanade Apartments $1,064,808 $1,985,063 12/31/2018 10.4% 95.0% $3,084,985 $1,121,231 $1,963,754 10.3% $48,500 $0 $1,915,254 10.1%
Loan   14 Pontiac West Industrial $1,044,266 $1,521,093 12/31/2018 8.3% 95.0% $2,900,734 $1,063,721 $1,837,012 10.0% $88,224 $100,000 $1,648,788 9.0%
Loan 10 15 Artisan Square $236,436 $748,765 12/31/2018 4.8% 89.0% $1,969,567 $571,477 $1,398,090 9.0% $6,450 $26,925 $1,364,715 8.8%
Loan   16 Woodlands Village Shopping Center $360,054 $1,253,419 12/31/2018 8.4% 95.0% $1,822,989 $365,373 $1,457,616 9.7% $25,311 $58,729 $1,373,576 9.2%
Loan 17 17 The Village at Eldorado $687,706 $1,162,108 12/31/2018 7.9% 90.5% $2,155,514 $718,396 $1,437,118 9.7% $8,973 $26,430 $1,401,715 9.5%
Loan   18 5850 Hellyer Avenue $832,467 $1,102,456 12/31/2018 7.5% 95.0% $2,558,572 $1,056,616 $1,501,956 10.2% $10,972 $54,859 $1,436,125 9.8%
Loan 18, 19 19 223 East Town Street Apartments N/A N/A N/A N/A 95.4% $1,666,316 $451,134 $1,215,182 8.6% $21,000 $0 $1,194,182 8.5%
Loan   20 Mercedes-Benz R&D Building $69,488 $1,140,839 12/31/2018 8.8% 92.5% $1,306,060 $45,083 $1,260,977 9.7% $7,957 $6,977 $1,246,043 9.6%
Loan 8 21 The Market at Lake Tapps $483,438 $1,247,921 11/30/2018 T-11 Ann. 10.0% 95.0% $2,120,720 $572,508 $1,548,212 12.4% $11,648 $105,605 $1,430,959 11.4%
Loan   22 Downtown Farmington Center $369,885 $1,253,318 10/31/2018 TTM 10.6% 94.2% $1,644,255 $418,787 $1,225,468 10.3% $14,429 $93,308 $1,117,731 9.4%
Loan   23 Stonewater Place Apartments $482,937 $1,069,634 10/31/2018 TTM 9.3% 95.0% $1,566,267 $587,018 $979,249 8.5% $30,000 $0 $949,249 8.3%
Loan 20 24 Augusta Woods Plaza N/A N/A N/A N/A 87.7% $1,961,538 $712,114 $1,249,424 12.6% $4,943 $32,955 $1,211,526 12.2%
Loan 6 25 Montana and Mentone Apartments Portfolio $400,645 $819,866 12/31/2018 7.5% 87.1% $1,257,565 $399,393 $858,172 7.8% $12,250 $0 $845,922 7.7%
Property   25.01 12340 Montana Avenue $210,385 $463,156 12/31/2018   89.6% $709,900 $214,517 $495,383   $5,250 $0 $490,133  
Property   25.02 3445 Mentone Avenue $190,260 $356,710 12/31/2018   84.0% $547,665 $184,876 $362,789   $7,000 $0 $355,789  
Loan   26 Northpoint Shopping Center $441,891 $1,210,948 10/31/2018 T-10 Ann. 11.0% 87.5% $1,779,143 $580,210 $1,198,933 10.9% $30,578 $48,279 $1,120,076 10.2%
Loan   27 Olde Mill Plaza $432,419 $958,776 12/31/2018 9.5% 85.5% $1,442,854 $362,587 $1,080,267 10.7% $15,877 $51,865 $1,012,525 10.0%
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio $12,183,984 $6,821,129 10/31/2018 TTM 18.4% 75.4% $18,704,425 $12,048,399 $6,656,026 18.0% $0 $0 $5,720,804 15.4%
Property   28.01 Residence Inn Boulder $3,543,819 $2,469,713 10/31/2018 TTM   70.2% $5,644,758 $3,340,855 $2,303,903   $0 $0 $2,021,665  
Property   28.02 Residence Inn Atlanta Buckhead $3,442,282 $1,774,102 10/31/2018 TTM   76.8% $5,253,311 $3,475,697 $1,777,614   $0 $0 $1,514,948  
Property   28.03 Residence Inn Dallas Las Colinas $2,955,947 $1,435,785 10/31/2018 TTM   78.7% $4,422,891 $2,984,780 $1,438,111   $0 $0 $1,216,966  
Property   28.04 Residence Inn Philadelphia Valley Forge $2,241,936 $1,141,529 10/31/2018 TTM   76.1% $3,383,465 $2,247,067 $1,136,398   $0 $0 $967,225  
Loan   29 Lowell Medical Office $204,116 $971,696 12/31/2018 12.8% 97.3% $1,147,056 $190,691 $956,365 12.6% $36,346 $37,053 $882,966 11.6%
Loan   30 Hillcrest Apartments $574,043 $616,172 12/31/2018 8.5% 90.0% $1,306,932 $539,060 $767,872 10.6% $27,000 $0 $740,872 10.2%
Loan   31 Lovejoy Village $294,618 $757,948 12/31/2018 11.1% 93.7% $1,112,794 $301,687 $811,107 11.9% $23,424 $65,934 $721,749 10.6%
Loan 6, 10 32 Covington Self Storage Portfolio $390,128 $632,281 12/31/2018 9.4% 85.7% $1,022,409 $358,611 $663,798 9.8% $15,968 $0 $647,830 9.6%
Property   32.01 Budget Self Storage $210,369 $326,639 12/31/2018   87.6% $537,008 $194,520 $342,488   $7,952 $0 $334,536  
Property   32.02 Covington Stor-It $179,759 $305,642 12/31/2018   83.6% $485,401 $164,091 $321,310   $8,016 $0 $313,294  
Loan   33 Commercial Drive Retail Center $627,414 $286,187 9/30/2018 TTM 4.4% 92.5% $1,714,207 $655,417 $1,058,790 16.3% $22,015 $91,730 $945,045 14.6%
Loan   34 South Philly Plaza $200,567 $417,850 12/31/2018 7.2% 93.3% $727,381 $219,532 $507,849 8.8% $6,133 $24,052 $477,664 8.2%
Loan 22 35 Nike East LA $151,535 $565,366 9/30/2018 TTM 10.1% 95.0% $726,100 $184,349 $541,751 9.7% $3,880 $16,041 $521,830 9.3%
Loan   36 Tree Lane Portfolio $231,112 $588,117 12/31/2018 10.9% 95.0% $830,576 $244,417 $586,159 10.9% $6,983 $33,254 $545,921 10.1%
Loan   37 Walgreens Pharmacy - Park Ridge N/A N/A N/A N/A 97.0% $678,030 $8,603 $669,427 12.8% $1,546 $0 $667,881 12.7%
Loan   38 Airship Self Storage - NJ $214,447 $386,031 11/30/2018 TTM 8.7% 83.9% $626,939 $192,787 $434,153 9.8% $5,363 $0 $428,789 9.7%
Loan   39 Walgreens Broadway Everett N/A N/A N/A N/A 95.0% $408,496 $8,170 $400,326 9.3% $2,063 $14,438 $383,826 8.9%
Loan   40 AAA Self Storage 20 $135,214 $436,432 12/31/2018 T-1 Ann. 10.3% 80.5% $594,820 $168,109 $426,711 10.0% $9,040 N/A $417,671 9.8%
Loan   41 CVS Audubon PA N/A N/A N/A N/A 100.0% $502,439 $5,024 $497,415 12.4% $1,796 $0 $495,619 12.4%
Loan   42 Bentwood Apartments $339,984 $424,683 12/31/2018 10.6% 92.6% $764,667 $340,266 $424,401 10.6% $33,099 $0 $391,302 9.8%
Loan   43 Whisperwood Apartments $313,381 $445,882 12/31/2018 11.1% 94.5% $759,263 $324,493 $434,770 10.9% $29,904 $0 $404,866 10.1%
Loan   44 Brighton Greens Office Park $298,617 $411,463 12/31/2018 11.4% 89.6% $765,056 $296,150 $468,907 13.0% $26,101 $38,253 $404,553 11.2%
Loan   45 Sunstone Mini Storage $183,881 $335,123 11/30/2018 TTM 9.3% 78.3% $570,422 $177,410 $393,012 10.9% $10,185 $0 $382,827 10.6%
Loan   46 Gateway Office Plaza $159,745 $382,735 12/31/2018 10.7% 86.7% $559,282 $155,662 $403,620 11.3% $3,918 $27,690 $372,011 10.4%
Loan   47 CVS Las Vegas N/A N/A N/A N/A 100.0% $266,589 $2,666 $263,923 9.1% $0 $0 $263,923 9.1%
Loan   48 CVS (Ground Lease) Glen Ellyn N/A N/A N/A N/A 100.0% $200,000 $2,000 $198,000 8.8% $0 $0 $198,000 8.8%
Loan   49 Wells Fargo at Stonehall Bethesda N/A N/A N/A N/A 98.9% $214,493 $44,943 $169,550 12.6% $315 $0 $169,235 12.5%

 

 A-1-8

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

Property
Flag
Footnotes Loan ID Property Name   Largest Tenant Largest
Tenant Lease
Expiration(4)
Largest
Tenant NSF
Largest
Tenant
% of NSF
  2nd Largest Tenant 2nd Largest
Tenant Lease
Expiration(4)
2nd Largest
Tenant NSF
Loan 11 1 Newport Office Center VI   The Depository Trust & Clearing Corp. 12/31/2032 415,164 96.5%   Xiang Hunan Inc (Chef Tan) 5/31/2028 4,300
Loan   2 350 Rhode Island South   Samsara 5,733 SF on 3/31/2020; 83,968 SF on 7/31/2025 89,701 64.8%   Service Employees International Union 1/31/2024 25,308
Loan 5, 10 3 Tower 28   N/A N/A N/A N/A   N/A N/A N/A
Loan   4 131 Albright   Netflix, Inc 11/30/2025 113,520 100.0%   N/A N/A N/A
Loan 12 5 Grand Oaks Business Park   Nelnet Diversified Solutions, LLC 1/31/2024 49,802 9.0%   Enclos Corp 10/31/2019 37,129
Loan 5, 6 6 ILPT Hawaii Portfolio   Servco Pacific, Inc. 1/31/2064 537,302 5.6%   Coca-Cola Bottling of Hawaii, LLC 12/31/2022; 7/31/2029 350,869
Loan 13 7 Vista Village Shopping Center   Cinepolis 11/30/2023 69,654 35.7%   Frazier Farms 9/30/2025 25,000
Loan 5, 14 8 Landmark West Loop   N/A N/A N/A N/A   N/A N/A N/A
Loan 9, 15, 16 9 Southgate Owners Corp   N/A N/A N/A N/A   N/A N/A N/A
Loan 5, 10 10 Great Wolf Lodge Southern California   N/A N/A N/A N/A   N/A N/A N/A
Loan   11 Seekonk Crossing   BJs Wholesale 8/24/2032 112,338 49.5%   Hobby Lobby 3/31/2024 42,549
Loan   12 Century Towers   City of Kansas City Missouri 2/15/2039 150,759 48.8%   N/A N/A N/A
Loan   13 Esplanade Apartments   N/A N/A N/A N/A   N/A N/A N/A
Loan   14 Pontiac West Industrial   Mahindra North American Technical Center 12/31/2024 316,519 57.4%   Penske Vehicle Services, Inc. 2/28/2021 113,742
Loan 10 15 Artisan Square   Body Xchange Fitness 4/30/2047 20,114 30.0%   Dentists of Bakersfield 11/30/2028 4,971
Loan   16 Woodlands Village Shopping Center   G. B. Investment Company 11/28/2029 44,458 48.4%   Lancaster Wings West L.L.C. 5/31/2023 7,900
Loan 17 17 The Village at Eldorado   End Zone Little Elm Inc. 5/31/2028 5,384 9.0%   Lorena Alfaro’s Mexican & Salv 12/31/2028 4,376
Loan   18 5850 Hellyer Avenue   CTT Inc. 3/1/2024 31,766 29.0%   InnoTrans Communications, Inc. 3/31/2021 27,661
Loan 18, 19 19 223 East Town Street Apartments   N/A N/A N/A N/A   N/A N/A N/A
Loan   20 Mercedes-Benz R&D Building   Mercedes-Benz Research and Development North America, Inc. 6/30/2027 79,568 100.0%   N/A N/A N/A
Loan 8 21 The Market at Lake Tapps   Planet Fitness 3/1/2028 22,595 29.1%   Best Tire 5/1/2028 7,000
Loan   22 Downtown Farmington Center   Fresh Thyme Farmers Market 8/31/2031 26,086 27.1%   Tuesday Morning 7/31/2023 14,610
Loan   23 Stonewater Place Apartments   N/A N/A N/A N/A   N/A N/A N/A
Loan 20 24 Augusta Woods Plaza   Chick-Fil-A, Inc. 11/30/2033 4,897 10.2%   Akashi Asian Fusion 5/22/2028 3,998
Loan 6 25 Montana and Mentone Apartments Portfolio                  
Property   25.01 12340 Montana Avenue   N/A N/A N/A N/A   N/A N/A N/A
Property   25.02 3445 Mentone Avenue   N/A N/A N/A N/A   N/A N/A N/A
Loan   26 Northpoint Shopping Center   Bed Bath & Beyond 01/31/2020 27,978 25.2%   Michaels 03/31/2027 21,175
Loan   27 Olde Mill Plaza   Walmart Neighborhood Market 6/16/2029 51,754 48.9%   Just Fitness 4U 6/30/2028 22,750
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio                  
Property   28.01 Residence Inn Boulder   N/A N/A N/A N/A   N/A N/A N/A
Property   28.02 Residence Inn Atlanta Buckhead   N/A N/A N/A N/A   N/A N/A N/A
Property   28.03 Residence Inn Dallas Las Colinas   N/A N/A N/A N/A   N/A N/A N/A
Property   28.04 Residence Inn Philadelphia Valley Forge   N/A N/A N/A N/A   N/A N/A N/A
Loan   29 Lowell Medical Office   US Dept. of Veterans Affairs 11/30/2024 38,401 100.0%   N/A N/A N/A
Loan   30 Hillcrest Apartments   N/A N/A N/A N/A   N/A N/A N/A
Loan   31 Lovejoy Village   Kroger 4/30/2022 57,740 66.6%   Workout Anytime 12/30/2027 5,740
Loan 6, 10 32 Covington Self Storage Portfolio                  
Property   32.01 Budget Self Storage   N/A N/A N/A N/A   N/A N/A N/A
Property   32.02 Covington Stor-It   N/A N/A N/A N/A   N/A N/A N/A
Loan   33 Commercial Drive Retail Center   At Home Stores LLC 5/31/2023 90,600 49.4%   Big Lots Stores Inc 1/31/2029 46,500
Loan   34 South Philly Plaza   Dollar General 3/31/2023 9,364 27.5%   Black & Decker (U.S.) INC. 3/30/2020 6,701
Loan 22 35 Nike East LA   Nike 1/31/2026 19,400 100.0%   N/A N/A N/A
Loan   36 Tree Lane Portfolio   Northside Hospital (7) 3/31/2020 6,013 18.1%   CardioVascular Group (1) 10/31/2022 5,876
Loan   37 Walgreens Pharmacy - Park Ridge   Walgreens 5/31/2036 15,456 100.0%   N/A N/A N/A
Loan   38 Airship Self Storage - NJ   N/A N/A N/A N/A   N/A N/A N/A
Loan   39 Walgreens Broadway Everett   Walgreens 8/31/2028 13,750 100.0%   N/A N/A N/A
Loan   40 AAA Self Storage 20   N/A N/A N/A N/A   N/A N/A N/A
Loan   41 CVS Audubon PA   CVS 9/30/2038 11,970 100.0%   N/A N/A N/A
Loan   42 Bentwood Apartments   N/A N/A N/A N/A   N/A N/A N/A
Loan   43 Whisperwood Apartments   N/A N/A N/A N/A   N/A N/A N/A
Loan   44 Brighton Greens Office Park   County of Nevada 1/31/2026 20,000 41.4%   Community Beyond Violence 8/31/2020 4,369
Loan   45 Sunstone Mini Storage   N/A N/A N/A N/A   N/A N/A N/A
Loan   46 Gateway Office Plaza   First American Title 6/30/2020 4,033 15.4%   Capital Farm Credit 4/9/2022 3,431
Loan   47 CVS Las Vegas   CVS 1/31/2039 10,929 100.0%   N/A N/A N/A
Loan   48 CVS (Ground Lease) Glen Ellyn   CVS 1/31/2044 13,111 100.0%   N/A N/A N/A
Loan   49 Wells Fargo at Stonehall Bethesda   Wells Fargo Bank, N.A. 9/30/2028 3,150 100.0%   N/A N/A N/A

 

 A-1-9

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

Property
Flag
Footnotes Loan ID Property Name   2nd Largest
Tenant
% of NSF
  3rd Largest Tenant 3rd Largest
Tenant Lease
Expiration(4)
3rd Largest
Tenant NSF
3rd Largest
Tenant
% of NSF
  4th Largest Tenant 4th Largest
Tenant Lease
Expiration(4)
4th Largest
Tenant NSF
4th Largest
Tenant
% of NSF
  5th Largest Tenant 5th Largest
Tenant Lease
Expiration(4)
Loan 11 1 Newport Office Center VI   1.0%   Menya Sandaime 1 Inc 8/31/2032 3,600 0.8%   Entity 4 Dimensions (d/b/a Caffe Bene) 2/28/2026 1,813 0.4%   N/A N/A
Loan   2 350 Rhode Island South   18.3%   Regus 8/31/2023 16,147 11.7%   Sutter West Bay Medical 10/31/2020 6,932 5.0%   N/A N/A
Loan 5, 10 3 Tower 28   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   4 131 Albright   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan 12 5 Grand Oaks Business Park   6.7%   American Cancer Society 7/31/2025 22,512 4.1%   Farmers Insurance Exchanges 3/31/2024 21,817 4.0%   Explore Information Services 8/31/2024
Loan 5, 6 6 ILPT Hawaii Portfolio   3.7%   Manheim Remarketing, Inc. 4/30/2021 337,734 3.5%   Bradley Shopping Center Company 4/22/2033 333,887 3.5%   Honolulu Warehouse Co., Ltd. 1/31/2044
Loan 13 7 Vista Village Shopping Center   12.8%   Crunch Fitness 11/30/2025 19,000 9.7%   Pets Plus 9/30/2027 10,477 5.4%   Coldwell Banker 9/30/2020
Loan 5, 14 8 Landmark West Loop   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan 9, 15, 16 9 Southgate Owners Corp   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan 5, 10 10 Great Wolf Lodge Southern California   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   11 Seekonk Crossing   18.7%   Big Lots 1/31/2022 27,620 12.2%   Staples 2/28/2022 18,098 8.0%   Pier One Imports 2/28/2022
Loan   12 Century Towers   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   13 Esplanade Apartments   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   14 Pontiac West Industrial   20.6%   Posco Daewoo America Corp. 11/12/2022 109,805 19.9%   N/A N/A N/A N/A   N/A N/A
Loan 10 15 Artisan Square   7.4%   Kern Schools Federal Credit Union 6/30/2027 4,222 6.3%   Priority Urgent Care, Inc. 6/30/2029 3,984 5.9%   The Habit Restaurant 6/30/2027
Loan   16 Woodlands Village Shopping Center   8.6%   Boot Barn, Inc. #60 1/31/2024 7,724 8.4%   National Vision Inc 9/30/2027 4,400 4.8%   Cafe Rio, Inc. 5/31/2023
Loan 17 17 The Village at Eldorado   7.3%   Jeron, Llc 9/30/2023 3,000 5.0%   Kobe Sushi & Steak, LLC 8/31/2022 2,924 4.9%   Adventure Kids Playcare 7/31/2023
Loan   18 5850 Hellyer Avenue   25.2%   MeiVac Incorporated 3/31/2021 26,557 24.2%   Waterbit, Inc. 7/31/2024 23,734 21.6%   N/A N/A
Loan 18, 19 19 223 East Town Street Apartments   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   20 Mercedes-Benz R&D Building   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan 8 21 The Market at Lake Tapps   9.0%   Franciscan Health 6/1/2024 5,860 7.5%   Bank of America 10/1/2023 4,700 6.1%   Olympic BanCorp 4/1/2035
Loan   22 Downtown Farmington Center   15.2%   Fitness 19 2/28/2022 10,250 10.7%   Pet Valu 3/31/2028 5,000 5.2%   Essential Family Chiropractic 1/31/2022
Loan   23 Stonewater Place Apartments   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan 20 24 Augusta Woods Plaza   8.4%   Whataburger 10/31/2032 3,583 7.5%   Express Oil Change, LLC 3/8/2038 3,325 7.0%   Regions Bank 9/9/2038
Loan 6 25 Montana and Mentone Apartments Portfolio                              
Property   25.01 12340 Montana Avenue   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Property   25.02 3445 Mentone Avenue   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   26 Northpoint Shopping Center   19.1%   Petsmart 05/31/2023 20,301 18.3%   Aldi 08/31/2027 18,040 16.2%   Five Below 2/29/2028
Loan   27 Olde Mill Plaza   21.5%   Los Arcos Mexican Restaurant 2/29/2024 3,570 3.4%   Heartland Dental 4/30/2026 3,388 3.2%   House of Ming 11/30/2022
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio                              
Property   28.01 Residence Inn Boulder   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Property   28.02 Residence Inn Atlanta Buckhead   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Property   28.03 Residence Inn Dallas Las Colinas   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Property   28.04 Residence Inn Philadelphia Valley Forge   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   29 Lowell Medical Office   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   30 Hillcrest Apartments   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   31 Lovejoy Village   6.6%   Taps Bar & Grill 6/1/2023 3,500 4.0%   Beauty Depot 11/30/2028 2,800 3.2%   Young Smiles Dentistry 5/30/2019
Loan 6, 10 32 Covington Self Storage Portfolio                              
Property   32.01 Budget Self Storage   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Property   32.02 Covington Stor-It   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   33 Commercial Drive Retail Center   25.3%   CEC Entertainment, Inc. 10/31/2021 8,564 4.7%   Sumo Japanese Hibachi & Sushi 7/31/2023 6,000 3.3%   The Sherwin Williams Company 12/31/2026
Loan   34 South Philly Plaza   19.7%   PPG Architectural Finishes 3/31/2022 3,900 11.5%   Minuteman Press 11/30/2023 3,450 10.1%   T-Mobile 1/31/2023
Loan 22 35 Nike East LA   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   36 Tree Lane Portfolio   17.7%   Dekalb Medical (2) 10/31/2022 3,971 11.9%   The Emory Clinic 1/31/2020 3,544 10.7%   ENT of Georgia (1) 10/31/2022
Loan   37 Walgreens Pharmacy - Park Ridge   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   38 Airship Self Storage - NJ   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   39 Walgreens Broadway Everett   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   40 AAA Self Storage 20   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   41 CVS Audubon PA   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   42 Bentwood Apartments   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   43 Whisperwood Apartments   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   44 Brighton Greens Office Park   9.0%   The Event Helper - Maddux 1/14/2020 3,893 8.1%   Brighton Greens Vet. Hosp. 7/6/2025 3,835 7.9%   Hysell Accountancy Corp. 7/31/2024
Loan   45 Sunstone Mini Storage   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   46 Gateway Office Plaza   13.1%   Heartland Dental Care 12/2/2022 3,193 12.2%   MJR Kaiser Texas Instruments 8/14/2020 3,164 12.1%   Alamo Title Co. 9/30/2019
Loan   47 CVS Las Vegas   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   48 CVS (Ground Lease) Glen Ellyn   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A
Loan   49 Wells Fargo at Stonehall Bethesda   N/A   N/A N/A N/A N/A   N/A N/A N/A N/A   N/A N/A

 

 A-1-10

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

Property
Flag
Footnotes Loan ID Property Name 5th Largest
Tenant NSF
5th Largest
Tenant
% of NSF
  Upfront
Replacement
Reserves
Monthly
Replacement
Reserves
Replacement
Reserve Cap
Upfront TI/LC
 Reserves
Monthly TI/LC
Reserves
TI/LC
Reserve Cap
Upfront Tax
 Reserves
Monthly Tax
 Reserves
Upfront
Insurance Reserves
Monthly
Insurance
Reserves
Upfront
Deferred Maint.
Reserve
Initial Other
Reserves
Ongoing Other
Reserves
Loan 11 1 Newport Office Center VI N/A N/A   $0 $0 $0 $0 $0 $0 $4,750 $2,375 $1,700 $283 $0 $215,833 $215,833
Loan   2 350 Rhode Island South N/A N/A   $0 $0 $27,684 $0 $0 $1,000,000 $0 $0 $0 $0 $0 $561,870 $0
Loan 5, 10 3 Tower 28 N/A N/A   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $60,000 $0 $0
Loan   4 131 Albright N/A N/A   $0 $2,365 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan 12 5 Grand Oaks Business Park 21,407 3.9%   $780,030 $9,193 $0 $1,500,000 $0 $1,500,000 $681,114 $113,519 $0 $0 $48,381 $390,760 $0
Loan 5, 6 6 ILPT Hawaii Portfolio 298,384 3.1%   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan 13 7 Vista Village Shopping Center 6,090 3.1%   $500,000 $10,000 $500,000 $500,000 $16,251 $500,000 $123,260 $61,630 $0 $0 $127,050 $185,758 $0
Loan 5, 14 8 Landmark West Loop N/A N/A   $0 $5,131 $0 $0 $875 $0 $300,000 $100,000 $0 $0 $0 $0 $0
Loan 9, 15, 16 9 Southgate Owners Corp N/A N/A   $0 $0 $0 $0 $0 $0 $763,264 $381,632 $119,048 $14,881 $0 $0 $0
Loan 5, 10 10 Great Wolf Lodge Southern California N/A N/A   $0 $0 $0 $0 $0 $0 $0 $244,016 $0 $0 $0 $2,000,000 $0
Loan   11 Seekonk Crossing 8,658 3.8%   $0 $3,597 $102,000 $200,000 $18,923 $200,000 $58,809 $58,809 $0 $0 $0 $0 $0
Loan   12 Century Towers N/A N/A   $61,128 $9,283 $0 $0 $10,164 $0 $37,673 $7,535 $0 $0 $36,563 $0 $0
Loan   13 Esplanade Apartments N/A N/A   $0 $4,042 $0 $0 $0 $0 $16,332 $16,332 $23,603 $3,388 $5,000 $0 $0
Loan   14 Pontiac West Industrial N/A N/A   $0 $7,352 $0 $0 $8,334 $300,000 $29,654 $4,743 $0 $4,218 $1,783,936 $0 $0
Loan 10 15 Artisan Square 2,484 3.7%   $0 $538 $12,912 $150,000 $3,385 $150,000 $4,622 $4,622 $2,203 $2,203 $0 $902,228 $0
Loan   16 Woodlands Village Shopping Center 4,020 4.4%   $0 $2,109 $0 $0 $5,738 $0 $0 $9,655 $0 $0 $0 $113,097 $0
Loan 17 17 The Village at Eldorado 2,800 4.7%   $0 $748 $0 $400,000 $0 $240,000 $97,110 $32,370 $0 $0 $0 $428,554 $0
Loan   18 5850 Hellyer Avenue N/A N/A   $0 $914 $21,936 $0 $11,429 $274,295 $12,741 $12,741 $0 $0 $0 $0 $0
Loan 18, 19 19 223 East Town Street Apartments N/A N/A   $0 $1,750 $0 $0 $0 $0 $67,458 $22,486 $10,299 $1,716 $0 $2,500,000 $0
Loan   20 Mercedes-Benz R&D Building N/A N/A   $0 $1,326 $31,824 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan 8 21 The Market at Lake Tapps 4,500 5.8%   $0 $0 $0 $0 $0 $0 $96,441 $16,073 $0 $0 $0 $118,488 $0
Loan   22 Downtown Farmington Center 4,063 4.2%   $0 $1,202 $43,287 $0 $6,814 $135,000 $91,240 $15,934 $0 $0 $0 $232,425 $0
Loan   23 Stonewater Place Apartments N/A N/A   $0 $2,500 $0 $0 $0 $0 $58,125 $19,375 $37,500 $3,125 $0 $0 $0
Loan 20 24 Augusta Woods Plaza 3,072 6.4%   $0 $412 $0 $0 $3,787 $181,762 $46,428 $23,214 $0 $0 $0 $1,500,000 $0
Loan 6 25 Montana and Mentone Apartments Portfolio       $100,000 $1,021 $0 $0 $0 $0 $11,895 $11,895 $1,775 $1,775 $38,750 $0 $0
Property   25.01 12340 Montana Avenue N/A N/A                            
Property   25.02 3445 Mentone Avenue N/A N/A                            
Loan   26 Northpoint Shopping Center 8,630 7.8%   $0 $2,548 $111,000 $0 $4,023 $265,000 $28,047 $14,021 $5,454 $5,458 $107,550 $112,500 $0
Loan   27 Olde Mill Plaza 2,536 2.4%   $0 $1,323 $47,631 $0 $5,733 $125,000 $101,430 $14,490 $0 $0 $7,125 $0 $0
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio       $0 $0 $0 $0 $0 $0 $92,030 $0 $0 $0 $96,000 $1,089,000 $0
Property   28.01 Residence Inn Boulder N/A N/A                            
Property   28.02 Residence Inn Atlanta Buckhead N/A N/A                            
Property   28.03 Residence Inn Dallas Las Colinas N/A N/A                            
Property   28.04 Residence Inn Philadelphia Valley Forge N/A N/A                            
Loan   29 Lowell Medical Office N/A N/A   $249,400 $1,297 $0 $0 $6,720 $0 $8,313 $8,313 $0 $0 $0 $0 $0
Loan   30 Hillcrest Apartments N/A N/A   $0 $2,250 $0 $0 $0 $0 $10,109 $10,109 $0 $0 $584,955 $0 $0
Loan   31 Lovejoy Village 2,400 2.8%   $0 $1,977 $0 $24,500 $4,699 $169,422 $47,110 $11,778 $0 $0 $38,125 $44,800 $0
Loan 6, 10 32 Covington Self Storage Portfolio       $0 $1,331 $79,840 $0 $0 $0 $25,573 $5,115 $0 $0 $459,545 $0 $0
Property   32.01 Budget Self Storage N/A N/A                            
Property   32.02 Covington Stor-It N/A N/A                            
Loan   33 Commercial Drive Retail Center 4,348 2.4%   $0 $1,835 $0 $150,000 $15,288 $1,000,000 $130,534 $31,426 $0 $0 $0 $133,484 $0
Loan   34 South Philly Plaza 3,109 9.1%   $0 $511 $0 $100,000 $4,257 $100,000 $5,053 $5,053 $2,159 $2,159 $28,344 $0 $0
Loan 22 35 Nike East LA N/A N/A   $0 $323 $0 $0 $1,617 $0 $59,829 $11,966 $1,697 $1,697 $0 $0 $0
Loan   36 Tree Lane Portfolio 3,459 10.4%   $0 $582 $0 $100,000 $4,167 $250,000 $29,958 $7,491 $2,541 $1,269 $0 $29,298 $0
Loan   37 Walgreens Pharmacy - Park Ridge N/A N/A   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan   38 Airship Self Storage - NJ N/A N/A   $0 $514 $12,326 $0 $0 $0 $9,254 $4,627 $5,098 $425 $0 $0 $0
Loan   39 Walgreens Broadway Everett N/A N/A   $0 $172 $2,064 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan   40 AAA Self Storage 20 N/A N/A   $0 $753 $27,119 $0 $0 $0 $32,552 $4,069 $0 $0 $0 $0 $0
Loan   41 CVS Audubon PA N/A N/A   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan   42 Bentwood Apartments N/A N/A   $0 $2,758 $0 $0 $0 $0 $30,926 $6,185 $0 $0 $0 $0 $0
Loan   43 Whisperwood Apartments N/A N/A   $0 $2,492 $0 $0 $0 $0 $26,042 $5,208 $0 $0 $0 $0 $0
Loan   44 Brighton Greens Office Park 3,047 6.3%   $0 $0 $0 $0 $4,028 $150,000 $7,184 $7,184 $836 $836 $37,500 $0 $0
Loan   45 Sunstone Mini Storage N/A N/A   $0 $851 $51,075 $0 $0 $0 $2,122 $2,122 $0 $0 $0 $0 $0
Loan   46 Gateway Office Plaza 2,024 7.7%   $0 $435 $10,449 $0 $3,265 $78,369 $21,612 $5,403 $0 $0 $0 $0 $0
Loan   47 CVS Las Vegas N/A N/A   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan   48 CVS (Ground Lease) Glen Ellyn N/A N/A   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan   49 Wells Fargo at Stonehall Bethesda N/A N/A   $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

 

 A-1-11

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

Property
Flag
Footnotes Loan ID Property Name Other Reserves Description   Appraisal
Report Date
Environmental
Phase I
Report Date
Environmental
Phase II
Report Date
Engineering
Report Date
Seismic
Report Date
Seismic Zone (Y/N) PML %  
Loan 11 1 Newport Office Center VI Ground Rent Reserve Account   2/19/2019 2/7/2019 N/A 2/11/2019 N/A No N/A  
Loan   2 350 Rhode Island South Samsara Reserve   1/25/2019 1/2/2019 N/A 1/2/2019 1/4/2019 Yes - 3 7.0%  
Loan 5, 10 3 Tower 28 N/A   1/29/2019 1/10/2019 N/A 1/10/2019 N/A No N/A  
Loan   4 131 Albright N/A   12/6/2018 12/4/2018 N/A 12/3/2018 12/10/2018 Yes - 4 9.0%  
Loan 12 5 Grand Oaks Business Park Outstanding TI/LC; Outstanding Free Rent   1/7/2019 Various N/A 12/26/2018 N/A No N/A  
Loan 5, 6 6 ILPT Hawaii Portfolio N/A   Various Various N/A Various N/A No N/A  
Loan 13 7 Vista Village Shopping Center Landlord Obligation Reserve   2/25/2019 11/19/2018 1/28/2019 11/19/2018 2/19/2019 Yes - 4 4% for buildings 2, 3, 4, B, C, G, H & E; 6% for buildings 400/450 & A  
Loan 5, 14 8 Landmark West Loop N/A   1/16/2019 1/25/2019 N/A 1/25/2019 N/A No N/A  
Loan 9, 15, 16 9 Southgate Owners Corp N/A   12/3/2018 11/8/2018 N/A 11/8/2018 N/A No N/A  
Loan 5, 10 10 Great Wolf Lodge Southern California N/A   12/19/2018 12/6/2018 N/A 12/6/2018 12/6/2018 Yes - 4 4.0%  
Loan   11 Seekonk Crossing N/A   12/5/2018 12/10/2018 N/A 12/10/2018 N/A No N/A  
Loan   12 Century Towers N/A   12/6/2018 11/27/2018 N/A 11/27/2018 N/A No N/A  
Loan   13 Esplanade Apartments N/A   12/18/2018 12/13/2018 N/A 12/13/2018 N/A No N/A  
Loan   14 Pontiac West Industrial N/A   3/4/2019 2/1/2019 N/A 1/16/2019 N/A No N/A  
Loan 10 15 Artisan Square Existing TI/LC Reserve   12/21/2018 12/6/2018 N/A 12/6/2018 12/6/2018 Yes - 4 7.0%  
Loan   16 Woodlands Village Shopping Center Roof Repair Reserve ; Existing TI/LC Reserve   2/5/2019 1/16/2019 N/A 1/16/2019 N/A No N/A  
Loan 17 17 The Village at Eldorado Capitalized Holdback ; Rent Concession/Tenant Specific TILC Reserve   1/21/2019 12/27/2018 N/A 12/27/2018 N/A No N/A  
Loan   18 5850 Hellyer Avenue N/A   1/28/2019 1/1/2019 N/A 1/16/2019 1/16/2019 Yes - 4 17.0%  
Loan 18, 19 19 223 East Town Street Apartments Occupancy Reserve Funds   1/29/2019 12/26/2018 N/A 12/26/2018 N/A No N/A  
Loan   20 Mercedes-Benz R&D Building N/A   1/23/2019 1/10/2019 N/A 1/10/2019 1/10/2019 Yes - 4 17.0%  
Loan 8 21 The Market at Lake Tapps Environmental Escrow; Environmental Insurance   2/7/2019 9/14/2018 1/17/2019 9/4/2018 9/4/2018 Yes - 4 11.0%  
Loan   22 Downtown Farmington Center Environmental Reserve; Environmental Insurance Reserve; Fitness 19 Roof Repair Reserve   8/8/2018 7/9/2018 8/28/2018 7/9/2018 N/A No N/A  
Loan   23 Stonewater Place Apartments N/A   11/28/2018 11/13/2018 N/A 12/6/2018 N/A No N/A  
Loan 20 24 Augusta Woods Plaza Economic Holdback Reserve   12/17/2018 10/23/2018 N/A 10/23/2018 N/A No N/A  
Loan 6 25 Montana and Mentone Apartments Portfolio N/A                  
Property   25.01 12340 Montana Avenue     1/10/2019 12/19/2018 N/A 12/18/2018 12/18/2018 Yes 13.0%  
Property   25.02 3445 Mentone Avenue     1/10/2019 12/19/2018 N/A 12/18/2018 12/18/2018 Yes 15.0%  
Loan   26 Northpoint Shopping Center Existing TI/LC Reserve   11/21/2018 10/29/2018 N/A 12/10/2018 N/A No N/A  
Loan   27 Olde Mill Plaza N/A   1/6/2019 1/8/2019 N/A 1/8/2019 N/A No N/A  
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio PIP Reserve                  
Property   28.01 Residence Inn Boulder     12/4/2018 12/20/2018 N/A 12/20/2018 N/A No N/A  
Property   28.02 Residence Inn Atlanta Buckhead     12/10/2018 12/20/2018 N/A 12/20/2018 N/A No N/A  
Property   28.03 Residence Inn Dallas Las Colinas     12/4/2018 12/20/2018 N/A 12/20/2018 N/A No N/A  
Property   28.04 Residence Inn Philadelphia Valley Forge     12/4/2018 12/20/2018 N/A 12/20/2018 N/A No N/A  
Loan   29 Lowell Medical Office N/A   1/31/2019 11/30/2018 N/A 11/30/2018 N/A No N/A  
Loan   30 Hillcrest Apartments N/A   2/6/2019 1/24/2019 N/A 2/11/2019 N/A No N/A  
Loan   31 Lovejoy Village Tapas Bar & Grill Rent and Kroger Roof Repair   11/6/2018 10/22/2018 N/A 10/22/2018 N/A No N/A  
Loan 6, 10 32 Covington Self Storage Portfolio N/A   2/14/2019              
Property   32.01 Budget Self Storage     2/19/2019 12/24/2018 N/A 12/26/2018 N/A No N/A  
Property   32.02 Covington Stor-It     2/19/2019 12/26/2018 N/A 12/26/2018 N/A No N/A  
Loan   33 Commercial Drive Retail Center At Home Rent Abatements   12/19/2018 12/3/2018 N/A 12/3/2018 N/A No N/A  
Loan   34 South Philly Plaza N/A   1/2/2019 12/17/2018 N/A 12/17/2018 N/A No N/A  
Loan 22 35 Nike East LA N/A   12/28/2018 12/19/2018 N/A 12/21/2018 12/21/2018 Yes - 4 8.0%  
Loan   36 Tree Lane Portfolio Rent Concession Reserve   12/5/2018 11/26/2018 N/A 11/26/2018 N/A No N/A  
Loan   37 Walgreens Pharmacy - Park Ridge N/A   12/3/2018 11/14/2018 N/A 11/14/2018 N/A No N/A  
Loan   38 Airship Self Storage - NJ N/A   12/30/2018 N/A N/A 12/10/2018 N/A No N/A  
Loan   39 Walgreens Broadway Everett N/A   12/19/2018 12/27/2018 N/A 12/27/2018 12/27/2018 Yes - 3 8.0%  
Loan   40 AAA Self Storage 20 N/A   1/25/2019 1/17/2019 N/A 1/17/2019 N/A No N/A  
Loan   41 CVS Audubon PA N/A   12/28/2018 12/14/2018 N/A 12/14/2018 N/A No N/A  
Loan   42 Bentwood Apartments N/A   11/28/2018 11/21/2018 N/A 11/27/2018 N/A No N/A  
Loan   43 Whisperwood Apartments N/A   12/4/2018 11/21/2018 N/A 11/27/2018 N/A No N/A  
Loan   44 Brighton Greens Office Park N/A   1/7/2019 N/A N/A 12/19/2018 12/19/2018 Yes - 3 4.0%  
Loan   45 Sunstone Mini Storage N/A   12/18/2018 11/26/2018 N/A 11/26/2018 N/A No N/A  
Loan   46 Gateway Office Plaza N/A   1/30/2019 1/17/2019 N/A 1/17/2019 N/A No N/A  
Loan   47 CVS Las Vegas N/A   1/22/2019 1/3/2019 N/A 1/3/2019 N/A No N/A  
Loan   48 CVS (Ground Lease) Glen Ellyn N/A   1/14/2019 1/3/2019 N/A N/A N/A N/A N/A  
Loan   49 Wells Fargo at Stonehall Bethesda N/A   12/19/2018 10/26/2018 N/A 12/17/2018 N/A No N/A  

 

 A-1-12

 

 

Annex A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS 

Property
Flag
Footnotes Loan ID Property Name   Cut-off Date
Pari Passu Mortgage
Debt Balance
Coop - Committed Secondary Debt Cut-off Date
Subord. Mortgage
Debt Balance
Total Mortgage
Debt Cut-off
Date LTV Ratio
Total Mortgage
Debt UW
NCF DSCR
Total Mortgage
Debt UW NOI
Debt Yield
  Cut-off Date
Mezzanine
Debt Balance
Total Debt
Cut-off Date
LTV Ratio
Total
Debt UW
NCF DSCR
Total Debt
UW NOI
Debt Yield
  Coop - Rental Value Coop - LTV as Rental Coop - Unsold Percent Coop - Sponsor Units Coop - Investor Units Coop - Coop Units Coop - Sponsor/
Investor Carry
Loan 11 1 Newport Office Center VI                                        
Loan   2 350 Rhode Island South                                        
Loan 5, 10 3 Tower 28   $56,000,000   $53,000,000 49.3% 1.49x 8.8%   $50,000,000 64.2% 1.07x 6.8%                
Loan   4 131 Albright                                        
Loan 12 5 Grand Oaks Business Park                                        
Loan 5, 6 6 ILPT Hawaii Portfolio   $600,000,000     45.2% 2.40x 10.6%                          
Loan 13 7 Vista Village Shopping Center                                        
Loan 5, 14 8 Landmark West Loop       $45,000,000 60.9% 1.54x 6.9%   $20,000,000 75.3% 1.11x 5.6%                
Loan 9, 15, 16 9 Southgate Owners Corp                           $495,000,000 5.6% 5.2% 21 0 0 -$131,326
Loan 5, 10 10 Great Wolf Lodge Southern California   $125,000,000   $20,000,000 56.1% 1.89x 12.9%                          
Loan   11 Seekonk Crossing                                        
Loan   12 Century Towers                                        
Loan   13 Esplanade Apartments                                        
Loan   14 Pontiac West Industrial                                        
Loan 10 15 Artisan Square                                        
Loan   16 Woodlands Village Shopping Center                                        
Loan 17 17 The Village at Eldorado                                        
Loan   18 5850 Hellyer Avenue                                        
Loan 18, 19 19 223 East Town Street Apartments                                        
Loan   20 Mercedes-Benz R&D Building                                        
Loan 8 21 The Market at Lake Tapps                                        
Loan   22 Downtown Farmington Center                                        
Loan   23 Stonewater Place Apartments                                        
Loan 20 24 Augusta Woods Plaza                                        
Loan 6 25 Montana and Mentone Apartments Portfolio                                        
Property   25.01 12340 Montana Avenue                                        
Property   25.02 3445 Mentone Avenue                                        
Loan   26 Northpoint Shopping Center                                        
Loan   27 Olde Mill Plaza                                        
Loan 5, 6, 7, 9, 21 28 Residence Inn National Portfolio   $27,050,000     65.0% 2.49x 18.0%                          
Property   28.01 Residence Inn Boulder                                        
Property   28.02 Residence Inn Atlanta Buckhead                                        
Property   28.03 Residence Inn Dallas Las Colinas                                        
Property   28.04 Residence Inn Philadelphia Valley Forge                                        
Loan   29 Lowell Medical Office                                        
Loan   30 Hillcrest Apartments                                        
Loan   31 Lovejoy Village                                        
Loan 6, 10 32 Covington Self Storage Portfolio                                        
Property   32.01 Budget Self Storage                                        
Property   32.02 Covington Stor-It                                        
Loan   33 Commercial Drive Retail Center                                        
Loan   34 South Philly Plaza                                        
Loan 22 35 Nike East LA                                        
Loan   36 Tree Lane Portfolio                                        
Loan   37 Walgreens Pharmacy - Park Ridge                                        
Loan   38 Airship Self Storage - NJ                                        
Loan   39 Walgreens Broadway Everett                                        
Loan   40 AAA Self Storage 20                                        
Loan   41 CVS Audubon PA                                        
Loan   42 Bentwood Apartments                                        
Loan   43 Whisperwood Apartments                                        
Loan   44 Brighton Greens Office Park                                        
Loan   45 Sunstone Mini Storage                                        
Loan   46 Gateway Office Plaza                                        
Loan   47 CVS Las Vegas                                        
Loan   48 CVS (Ground Lease) Glen Ellyn                                        
Loan   49 Wells Fargo at Stonehall Bethesda                                        

 

 A-1-13

 

 

  BANK 2019-BNK17
  Footnotes to Annex A-1
   
   
(1) MSBNA—Morgan Stanley Bank, N.A.; BANA—Bank of America, National Association; MSMCH—Morgan Stanley Mortgage Capital Holdings LLC; WFB—Wells Fargo Bank, National Association
   
(2) Certain tenants may not be in occupancy or may be in free rent periods. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this prospectus for information regarding the 5 largest tenants at mortgaged properties securing the 15 largest mortgage loans which are not in occupancy or are in free rent periods.
   
(3) The Administrative Fee Rate includes the master servicing fee rate, operating advisor fee rate, certificate administrator/trustee fee rate, asset representations reviewer fee rate, primary or sub-servicing servicing fee rate, CREFC® license fee rate and, with respect to any non-serviced mortgage loan, pari passu loan primary servicing fee rate, in each case applicable to the related mortgage loan.
   
(4) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” for information regarding certain lease termination options affecting the 5 largest tenants at mortgaged properties securing the 15 largest mortgage loans.
   
(5) Each of the Tower 28 Mortgage Loan (Mortgage Loan No. 3), the ILPT Hawaii Portfolio Mortgage Loan (Mortgage Loan No. 6), the Landmark West Loop Mortgage Loan (Mortgage Loan No. 8), the Great Wolf Lodge Southern California Mortgage Loan (Mortgage Loan No. 10) and the Residence Inn National Portfolio Mortgage Loan (Mortgage Loan No. 28) is part of a whole loan related to the Issuing Entity. For further information, see “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans”, “—The Non-Serviced Pari Passu Whole Loans”, “—The ILPT Hawaii Whole Loan,” “—The Tower 28 A/B Whole Loan,” “—The Landmark West Loop Whole Loan,” and “Pooling and Servicing Agreement" and “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans”, as applicable, in this prospectus.
   
(6) With respect to Mortgage Loan No. 6, the ILPT Hawaii Portfolio Mortgage Loan, Mortgage Loan No. 25, Montana and Mentone Apartments Portfolio, Mortgage Loan No. 28, Residence Inn National Portfolio and Mortgage Loan No. 32, Covington Self Storage Portfolio, each such Mortgage Loan is secured by multiple properties. For purposes of the statistical information set forth in this prospectus as to such Mortgage Loans, all LTV, DSCR, Debt Yield and Cut-off Date Balance per SF/Units/Rooms/Pads calculations are shown on an aggregate basis, and a portion of the Cut-off Date Balance has been allocated to each Mortgaged Property based on the respective Appraised Values and/or UW NCF, among other methods.
   
(7) With respect to Mortgage Loan No. 28, Residence Inn National Portfolio, the related loan documents permit a partial collateral release subject to LTV, DSCR and/or Debt Yield tests, or other release conditions in connection with a partial defeasance or prepayment of the related Mortgage Loan. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Defeasance” and “—Releases; Partial Releases” in this prospectus.
   
(8) With respect to Mortgage Loan No. 21, The Market at Lake Tapps, the related loan documents permit one or more outparcel or other releases without prepayment or defeasance.  See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in this prospectus.
   
(9) With respect to Mortgage Loan No. 9, Southgate Owners Corp and Mortgage Loan No. 28, Residence Inn National Portfolio, the related mortgage loan documents permit future subordinate secured financing or mezzanine financing and such rights are generally subject to compliance with certain combined LTV, DSCR and/or Debt Yield tests.  See “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness” and “—Other Secured Indebtedness” in this prospectus.
   
(10) With respect to Mortgage Loan No. 3, Tower 28, the Appraised Value includes $55,000,000 attributable to the net present value of a 421-a tax abatement applicable to the Mortgaged Property. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the $280,000,000 appraised value excluding the net present value of the tax abatement is 40.0% and 34.5%, respectively, for the Mortgage Loan and 58.9% and 51.3% respectively,  for the related Whole Loan.
   
  With respect to Mortgage Loan No. 10, Great Wolf Lodge, the Appraised Value shown assumes that the Great Wolf Lodge Southern California Property is encumbered by the Disposition and Development Agreement (“DDA”) and Transient Occupancy Tax rebates are due (See “Description of the Mortgage Pool—Real Estate and Other Tax Considerations” in this prospectus). The sponsor-affiliated developers have completed the construction requirements contemplated by the DDA, and a release of construction covenants has been recorded. The appraiser also concluded to a value of $293,300,000, which assumes that the Great Wolf Lodge Southern California Property is not encumbered by the DDA and no Transient Occupancy Tax rebates are due, which would equate to (i) a Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based for the Mortgage Loan of 51.% and (ii) a Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD for the related Whole Loan of 58.0%.
   
  With respect to Mortgage Loan No. 15, Artisan Square, the Appraised Value assumes that all tenants that have executed leases but are in the process of building out their spaces are in occupancy and paying full, unabated rent.  A reserve was taken at close for all outstanding tenant improvement and leasing commissions.  The appraised value assuming tenants in the

 

 A-1-14

 

 

  process of building out their spaces are not in occupancy and paying full, unabated rent is $20,800,000.  The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the $20,800,000 appraised value is 74.5%.

 

  With respect to Mortgage Loan No. 32, Covington Self Storage Portfolio, the “As Portfolio” value as of December 21, 2018 is being used which assumes a $100,000 premium over the aggregate individual appraised values.  The aggregate individual appraised values of $9,200,000 results in a Cut-off Date LTV of 73.4% and a Maturity Date LTV of 65.4%.
   
(11)  With respect to Mortgage Loan No. 1, Newport Office Center VI, the largest tenant, The Depository Trust & Clearing Corp. (“DTCC”) (96.5% of NRA and 95.2% of UW Base Rent) occupies its space under a direct lease (19.4% of NRA and 14.8% of UW Base Rent which expires 12/31/2032) and a sublease from JPMorgan Chase Bank, National Association (77.1% of NRA and 80.5% of Base Rent which expires 6/30/2022).  DTCC has already signed a direct lease for its subleased space, to commence immediately upon expiration of its sublease which expires 12/31/2032.
   
(12) With respect to Mortgage Loan No. 5, Grand Oaks Business Park, in the event the balance of the TI/LC reserve falls below $500,000 the reserve is required to be replenished at a rate of $1.00 PSF per annum until the TI/LC Reserve Cap of  $1,500,000 is reached.
   
(13) With respect to Mortgage Loan No. 7, Vista Village Shopping Center, the Vista Village Shopping Center Borrower has a ground lease with the City of Vista, California for an approximately 698 SF plot of vacant land at the corner of Vista Village Drive and State Route 78 used to display property signage. The ground lease commenced August 15, 2003 with an initial 20-year term and three ten-year renewal options plus one five-year renewal option. The annual ground rent due is $1.00.
   
(14) With respect to Mortgage Loan No. 8, Landmark West Loop, the lockbox is soft with respect to residential tenants and hard with respect to any non-residential tenants.
   
(15) With respect to Mortgage Loan No. 9, Southgate Owners Corp, the borrower is a cooperative housing corporation.  No individual or entity (other than the borrower) has recourse obligations with respect to the loans, including pursuant to any guaranty or environmental indemnity.  Accordingly, no information is presented in the column labeled Sponsor or Guarantor in Annex A-1.  In addition, with respect to information presented in Annex A-1 with respect to the Southgate Owners Corp mortgage loan:  (1) Coop – Sponsor Units refers to the number of units owned by the original sponsor responsible for the mortgaged property’s conversion into cooperative ownership; such sponsor may rent its units or opt to market them for sale (either individually or as a whole); (2) Coop – Investor Units refers to a bulk number of units owned by a non-tenant investor(s), who can rent or sell the units; (3) Coop – Coop Units refers to the number of units owned by the borrower, which is a cooperative corporation; in this capacity, the cooperative may manage its units as an investor would or use the units for the benefit of its cooperative members; (4) Coop – Unsold Percent refers to the ratio of the total number of units collectively owned by the original sponsor, a non-tenant investor or the cooperative corporation to the number of units with shares allocated; and (5) Coop – Sponsor/Investor Carry is the sponsor’s or the investor’s net cash flow calculated by subtracting maintenance charges on the sponsor or investor owned units from the actual rents payable on such units, to the extent available.

In addition, due to the specialized nature of residential housing cooperatives, certain information presented in and shown on Annex A-1 with respect to other mortgage loans is not presented with respect to the Southgate Owners Corp mortgage loan and is, instead, reflected as not applicable (N/A).  For example, since residential cooperatives are not-for-profit entities that generally set maintenance fees to cover current expenses and plan for future capital needs and a residential cooperative is generally able to increase or decrease maintenance fees according to its anticipated expenses and level of cash reserves, historical Net Operating Income figures for residential cooperative properties are generally not representative of the cash flow generated by the property if it were operated as a multifamily rental property.  Accordingly, the Most Recent NOI, Second Most Recent NOI, Third Most Recent NOI, and the related fields shown on Annex A-1 are not presented on Annex A-1 with respect to the Southgate Owners Corp Mortgage Loan.
   
(16) For Mortgage Loan No. 9, Southgate Owners Corp, see “Risk Factors-Risks Relating to the Mortgage Loans-Residential Cooperative Properties Have Special Risks” with respect to the determination of certain fields on Annex A-1, including but not limited to the Appraised Value, Coop-Rental Value, Underwritten NOI and Underwritten NCF.
   
(17) With respect to Mortgage Loan No. 17, The Village at Eldorado, all LTVs, DSCRs and Debt Yields are calculated assuming the full loan amount of $14,800,000.  Provided no event of default has occurred or is continuing, the Holdback can be disbursed in whole or in part if the initial principal balance of the loan can be reduced by the holdback (in whole or in part) and would result in a net cash flow debt yield of 8.75%.  If the Holdback has not been released by February 1, 2021, the lender will apply the unreleased proceeds to pay down the loan, accompanied by the applicable yield maintenance premium to be paid by the borrower.  Assuming the full Holdback balance is applied to the full loan amount of $14,800,000, Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, U/W NOI DSCR, U/W NCF DSCR, U/W NOI Debt Yield and U/W NCF Debt Yield are 55.9%, 55.9%, 2.00x, 1.95x, 10.0% and 9.7%, respectively.
   
(18) With respect to Mortgage Loan No. 19, 223 East Town Street Apartments, the related Mortgaged Property has a master lease encumbering 12 residential units with Stay Alfred (which rents the 12 (of the 84 total) units individually and on a short-term basis via their online platform) through 11/1/2020. The master tenant currently pays $19,974/month (an average $1,664.50 per month per unit) with annual increases each November of 3.0%. A direct tenant would pay an average of $1,568.33 per month per unit.

 

 A-1-15

 

 

   
(19) With respect to Mortgage Loan No. 19, 223 East Town Street Apartments, the related Mortgage Loan documents include a $2,500,000 “Occupancy Reserve Account” which may be released upon achievement of an 8.25% debt yield test no later than April 1, 2020 and the commercial tenant (The Woodbury - restaurant) being open for business.
   
(20) With respect to Mortgage Loan No. 24, Augusta Woods Plaza, all LTVs, DSCRs and Debt Yields are calculated assuming the full loan net of the holdback amount of $1,500,000.  The Holdback can be disbursed in whole or in part in an amount that would result in a minimum net cash flow debt yield of 10.5%, based on the net loan amount of $9,921,000 plus any previously disbursed Holdback.  If the Holdback has not been released by December 28, 2020, the lender must apply the unreleased proceeds to pay down the loan, accompanied by the applicable yield maintenance premium to be paid by the borrower.  Assuming the full Holdback balance is not applied to the full loan amount of $11,421,000, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, U/W NOI DSCR, U/W NCF DSCR, U/W NOI Debt Yield and U/W NCF Debt Yield are 49.1%, 49.1%, 2.22x, 2.15x, 10.9% and 10.6%, respectively.
   
(21) With respect to Mortgage Loan No. 28, Residence Inn National Portfolio, the Monthly Replacement Reserve is required to be an amount equal to the greater of (i) 5% of the gross revenue for each individual property for the preceding calendar month and (ii) the amount of the deposit required by the manager or franchisor, as applicable, on account of FF&E under the brand management agreement or the franchise agreement.  The Monthly Replacement Reserve required under the loan documents is reduced dollar for dollar to the extent the brand manager is reserving for replacements under the respective brand management agreements.
   
(22) With respect to Mortgage Loan No. 35, Nike East LA, the lender underwrote the rent for the sole tenant, Nike, on a straight-lined basis for the lease term.
   
A. “Yield Maintenance” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid, and (ii) the present value as of the Prepayment Calculation Date of a series of monthly payments over the remaining term of the Loan through and including the Open Prepayment Date each equal to the amount of interest which would be due on the principal amount of the Loan being prepaid assuming a per annum interest rate equal to the excess of the Interest Rate over the Reinvestment Yield, and discounted at the Reinvestment Yield. As used herein, “Reinvestment Yield” means the yield calculated by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading “U.S. government securities” and the sub-heading “Treasury constant maturities” for the week ending prior to the date of prepayment, of the U.S. Treasury constant maturities with maturity dates (one longer and one equal to or shorter) most nearly approximating the Open Prepayment Date, and converted to a monthly compounded nominal yield. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Reinvestment Yield. The “Prepayment Calculation Date” shall mean, as applicable, the Payment Date on which Lender applies any prepayment to the reduction of the outstanding principal amount of the Note. Lender’s calculation of Yield Maintenance shall be conclusive and binding absent manifest error.
   
B. “Yield Maintenance Premium” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid and (ii) an amount equal to the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Stated Maturity Date determined by discounting such payments at the Discount Rate.  As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made.  As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of the Loan being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (y) the Interest Rate and (z) the Yield Maintenance Treasury Rate.  As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semiannually.  As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15 Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Stated Maturity Date.  In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate.  In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
   
C. “Yield Maintenance Premium” shall mean an amount equal to the greater of: (a) one percent (1.0%) of the outstanding principal amount of the Loan or (b) the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Open Prepayment Date determined by discounting such payments at the Discount Rate. As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of the Loan being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (i) the Interest Rate and (ii) the Yield Maintenance Treasury Rate. As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.

 

 A-1-16

 

 

   
D. “Yield Maintenance Premium” shall mean an amount equal to the greater of the following two amounts: (a) an amount equal to the Applicable Percentage of the amount prepaid; or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open Period Start Date (assuming the outstanding principal balance of the Loan is due on the Open Period Start Date), from the Open Period Start Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Loan as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open Period Start Date (or if two or more such securities have maturity dates equally close to the Open Period Start Date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
   
E. “Yield Maintenance Premium” shall mean an amount equal to the greater of the following two amounts: (a) an amount equal to the Applicable Percentage of the amount prepaid; or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open Period Start Date (assuming the outstanding principal balance of the Loan is due on the Open Period Start Date), from the Open Period Start Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Loan as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open Period Start Date (or if two or more such securities have maturity dates equally close to the Open Period Start Date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
   
F. “Yield Maintenance” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the Loan being prepaid, and (ii) the present value as of the Prepayment Calculation Date of a series of monthly payments over the remaining term of the Loan through and including the Open Prepayment Date each equal to the amount of interest which would be due on the principal amount of the Loan being prepaid assuming a per annum interest rate equal to the excess of the Interest Rate over the Reinvestment Yield, and discounted at the Reinvestment Yield. As used herein, “Reinvestment Yield” means the yield calculated by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading “U.S. government securities” and the sub-heading “Treasury constant maturities” for the week ending prior to the date of prepayment, of the U.S. Treasury constant maturities with maturity dates (one longer and one equal to or shorter) most nearly approximating the Open Prepayment Date, and converted to a monthly compounded nominal yield. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Reinvestment Yield. The “Prepayment Calculation Date” shall mean, as applicable, the Payment Date on which Lender applies any prepayment to the reduction of the outstanding principal amount of the Note. Lender’s calculation of Yield Maintenance shall be conclusive and binding absent manifest error.
   
G. “Yield Maintenance Premium” shall mean an amount equal to the greater of the following two amounts: (a) an amount equal to the Applicable Percentage of the amount prepaid; or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open Period Start Date (assuming the outstanding principal balance of the Loan is due on the Open Period Start Date), from the Open Period Start Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Loan as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open Period Start Date (or if two or more such securities have maturity dates equally close to the Open Period Start Date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
   
H. “Yield Maintenance Premium” shall mean an amount equal to the greater of: (x) one percent (1%) of the principal amount of this Note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” shall mean the date on which

 

 A-1-17

 

 

  prepayment is made. As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of this Note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the Applicable Interest Rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.

 

 A-1-18