0001539497-16-002948.txt : 20160516 0001539497-16-002948.hdr.sgml : 20160516 20160516122737 ACCESSION NUMBER: 0001539497-16-002948 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160516 DATE AS OF CHANGE: 20160516 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CSAIL 2016-C6 Commercial Mortgage Trust CENTRAL INDEX KEY: 0001672609 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-207361-02 FILM NUMBER: 161652091 BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-538-1807 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Credit Suisse Commercial Mortgage Securities Corp. CENTRAL INDEX KEY: 0001654060 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 475115713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-538-1807 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FWP 1 n642_fwp-x9.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-207361-02

From: Smith, Garrett (VSCA 5)
Sent: Friday, May 13, 2016 1:31 PM
To:
Subject: CSAIL #8 loan

Please see below…

loan #8

low DSCR, what amount of cash flow is coming on line (like Qdoba Mex Grill) that is not in the underwriting?

RESPONSE:

-Qdoba (executed lease) will add $123,000 of income ($108,000 of rent plus $15,000 of contractual year 1 recoveries)

-Rochester Martial Arts (executed lease) will add $43,743 of income ($34,240 of rent plus estimated $9,503 of recoveries)

Actual NCF DSCR after reflecting the 2 leases above (which, again, are fully signed/executed) becomes 1.32x

-Payless (lease in negotiation) would add $169,106 of income ($132,368 of rent plus estimated $36,738 of recoveries)

Actual NCF DSCR after reflecting all 3 leases becomes 1.38x

**as a point of reference, it’s worth considering that there is embedded upside in the two largest tenants (Value Furniture and Toys R Us) which are WAY below market (Value City is $3 PSF vs. $10 market and Toys R Us is $6.30 PSF vs. $10 PSF)

While these tenants have a lot of term left, if they were UW at market it would add a combined $522,945 in rental income.

Actual NCF DSCR if these tenants were UW at market becomes 1.57x

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