FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-227081-06 | ||
The Information contained herein (the "Information") is preliminary and subject to change. The information will be superseded by similar information delivered to you as part of the offering document relating to the Commercial Mortgage Pass-Through Certificates, Series CSAIL 2021-C20 (the "Offering Document"). The Information supersedes any such information previously delivered. The Information should be reviewed only in conjunction with the entire Offering Document. All of the Information is subject to the same limitations and qualifications contained in the Offering Document. The Information does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The Information contained herein will be more fully described elsewhere in the Offering Document. The Information should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. The privately offered securities described in the Offering Document as to which the Information relates have not been and will not be registered under the United States Securities Act of 1933, as amended. This material should be not construed as an effort to sell or the solicitation of any offer to buy any security in any jurisdiction where such offer of solicitation could be illegal.
For investors in publicly offered securities as to which the Information relates: The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-227081) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or the underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-221-1037.
The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled “Certain Characteristics of the Mortgage Loans and Mortgaged Properties” to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the Certificates referred to herein in making their investment decision.
The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the subject securities and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.
Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the free prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.
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ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
Loan No. | Footnotes | Flag | Deal Name | % of Initial Pool Balance | Mortgage Loan Originator | Mortgage Loan Seller(1) | Original Balance(2) | Cut-off Date Balance(2)(3) | Maturity/ARD Balance(2) |
1 | Loan | The Grace Building | 9.2% | Column Financial, Inc.; Bank of America, N.A.; DBR Investments Co. Limited; JPMorgan Chase Bank, National Association | Column; GACC | $60,000,000 | $60,000,000 | $60,000,000 | |
2 | Loan | Miami Design District | 9.2% | Bank of America, N.A. | 3650 REIT | $60,000,000 | $60,000,000 | $60,000,000 | |
3 | Loan | 888 Figueroa | 6.2% | MUFG UNION BANK, N.A. | 3650 REIT | $40,000,000 | $40,000,000 | $40,000,000 | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | 6.0% | Barclays Capital Real Estate Inc.; Citi Real Estate Funding Inc.; Deutsche Bank AG, New York Branch; Societe Generale Financial Corporation | GACC | $39,055,333 | $39,055,333 | $39,055,333 |
4.01 | Property | MGM Grand | $21,285,156 | $21,285,156 | $21,285,156 | ||||
4.02 | Property | Mandalay Bay | $17,770,177 | $17,770,177 | $17,770,177 | ||||
5 | Loan | The Westchester | 5.4% | Column Financial, Inc. | Column | $35,000,000 | $35,000,000 | $35,000,000 | |
6 | Loan | Hollywest Promenade | 4.9% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $31,600,000 | $31,600,000 | $31,600,000 | |
7 | Loan | Bedford Park | 4.8% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $31,500,000 | $31,500,000 | $31,500,000 | |
8 | Loan | USSC Group Headquarters | 4.8% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $31,500,000 | $31,500,000 | $28,276,666 | |
9 | Loan | Memphis Self Storage Portfolio | 4.8% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $31,000,000 | $31,000,000 | $26,274,086 | |
9.01 | Property | Storage at Highway 70 | $5,700,000 | $5,700,000 | $4,831,042 | ||||
9.02 | Property | Storage at Fontaine Road | $4,370,000 | $4,370,000 | $3,703,799 | ||||
9.03 | Property | Storage at Hacks Cross Road | $4,300,000 | $4,300,000 | $3,644,470 | ||||
9.04 | Property | Storage at Country Park | $4,110,000 | $4,110,000 | $3,483,435 | ||||
9.05 | Property | Storage at Commerce Drive | $4,060,000 | $4,060,000 | $3,441,058 | ||||
9.06 | Property | Storage at Highway 51 | $4,030,000 | $4,030,000 | $3,415,631 | ||||
9.07 | Property | Storage at Titus Road | $3,250,000 | $3,250,000 | $2,754,541 | ||||
9.08 | Property | Storage at Winchester Road | $1,180,000 | $1,180,000 | $1,000,110 | ||||
10 | Loan | Legacy Commons | 4.7% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $30,500,000 | $30,500,000 | $30,500,000 | |
11 | Loan | Voyant Industrial Portfolio | 3.6% | Bayview Commercial Mortgage Finance, LLC | 3650 REIT | $23,700,000 | $23,700,000 | $21,397,519 | |
11.01 | Property | Voyant - Roanoke | $15,450,000 | $15,450,000 | $13,949,016 | ||||
11.02 | Property | Voyant - New Albany | $8,250,000 | $8,250,000 | $7,448,504 | ||||
12 | Loan | Cobblestone Commons | 3.5% | UBS AG | UBS AG | $22,800,000 | $22,800,000 | $22,800,000 | |
13 | Loan | Stanford Oaks | 3.2% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $21,000,000 | $21,000,000 | $21,000,000 | |
14 | Loan | SpringHill Suites Boise | 2.9% | DBR Investments Co. Limited | GACC | $18,800,000 | $18,800,000 | $16,163,430 | |
15 | Loan | Sunset Hills | 2.6% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $17,100,000 | $17,100,000 | $15,016,215 | |
16 | Loan | Highline Apartments | 2.6% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $17,000,000 | $17,000,000 | $14,573,140 | |
17 | Loan | Indian Rock | 2.6% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $17,000,000 | $17,000,000 | $14,895,777 | |
18 | Loan | Arts Building | 2.3% | Column Financial, Inc. | Column | $15,000,000 | $15,000,000 | $15,000,000 | |
19 | Loan | Royal Pines | 2.3% | UBS AG | UBS AG | $15,000,000 | $15,000,000 | $13,726,120 | |
20 | Loan | TBC Corporate Office | 2.2% | UBS AG | UBS AG | $14,000,000 | $14,000,000 | $14,000,000 | |
21 | Loan | 880 Technology Drive | 2.0% | UBS AG | UBS AG | $12,700,000 | $12,700,000 | $12,700,000 | |
22 | Loan | The Gables at Lakeside | 1.9% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $12,250,000 | $12,250,000 | $10,765,288 | |
23 | Loan | Fox Hills Apartments | 1.8% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $11,550,000 | $11,550,000 | $11,550,000 | |
24 | Loan | Sun Belt Office Portfolio | 1.6% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $10,150,000 | $10,096,253 | $8,121,721 | |
24.01 | Property | Rainbow Park Office | $6,700,000 | $6,664,522 | $5,361,136 | ||||
24.02 | Property | Chandler Medical Office | $3,450,000 | $3,431,731 | $2,760,585 | ||||
25 | Loan | Iron Gate Mega Storage | 1.5% | UBS AG | UBS AG | $10,000,000 | $10,000,000 | $10,000,000 | |
26 | Loan | 280 Commerce Street | 1.3% | UBS AG | UBS AG | $9,000,000 | $8,758,608 | $6,507,280 | |
27 | Loan | The Bristol | 1.0% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $6,187,000 | $6,187,000 | $5,202,143 | |
28 | (24) | Loan | Rachel Drive Apartments | 0.6% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $3,690,000 | $3,690,000 | $3,250,847 |
29 | (24) | Loan | Chambersburg Portfolio | 0.5% | Grass River Real Estate Credit Partners Loan Funding, LLC | 3650 REIT | $3,307,500 | $3,307,500 | $2,913,869 |
29.01 | Property | Kelhigh Drive Apartments | $1,822,500 | $1,822,500 | $1,605,601 | ||||
29.02 | Property | Cheree Drive Apartments | $1,485,000 | $1,485,000 | $1,308,268 |
A-1-1
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
Loan No. | Footnotes | Flag | Deal Name | Cut-off Date Balance per SF/Units/Rooms | Loan Purpose | Sponsor | Non-Recourse Carveout Guarantor |
1 | Loan | The Grace Building | $567.13 | Refinance | Brookfield Office Properties, Inc. | BOP NYC OP LLC; Swig Investment Company, LLC | |
2 | Loan | Miami Design District | $804.68 | Refinance | Miami Design District Associates, LLC | Miami Design District Associates, LLC | |
3 | Loan | 888 Figueroa | $277.62 | Refinance | David Taban | David Taban | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | $167,644.65 | Acquisition | BREIT Operating Partnership L.P.; MGM Growth Properties Operating Partnership LP | BREIT Operating Partnership L.P.; MGM Growth Properties Operating Partnership LP |
4.01 | Property | MGM Grand | $167,644.65 | ||||
4.02 | Property | Mandalay Bay | $167,644.65 | ||||
5 | Loan | The Westchester | $421.39 | Refinance | Simon Property Group, L.P.; Institutional Mall Investors LLC | Simon Property Group, L.P. | |
6 | Loan | Hollywest Promenade | $260.87 | Refinance | Farzad Shooshani; Farshad T. Shooshani | Farshad T. Shooshani and Farzad Shooshani, as Co-Trustees of the Said Shooshani Irrevocable Grantor Trust U/D/T dated November 9, 2012; Farshad T. Shooshani and Farzad Shooshani, as Co-Trustees of the Homa Shooshani Irrevocable Grantor Trust U/D/T dated November 9, 2012 | |
7 | Loan | Bedford Park | $115,808.82 | Refinance | Gideon D. Levy | Gideon D. Levy | |
8 | Loan | USSC Group Headquarters | $74.43 | Recapitalization | AG Net Lease IV Corp.; AG Net Lease IV (Q) Corp.; AG Net Lease Realty Fund IV Investments (H-1), L.P. | AG Net Lease IV Corp.; AG Net Lease IV (Q) Corp.; AG Net Lease Realty Fund IV Investments (H-1), L.P. | |
9 | Loan | Memphis Self Storage Portfolio | $7,840.16 | Acquisition | Damian Langere; Keith Wasserman, Steve Wasserman; Wasserman Family Trust | Damian Langere; Keith Wasserman, Steve Wasserman; Wasserman Family Trust | |
9.01 | Property | Storage at Highway 70 | $7,840.16 | ||||
9.02 | Property | Storage at Fontaine Road | $7,840.16 | ||||
9.03 | Property | Storage at Hacks Cross Road | $7,840.16 | ||||
9.04 | Property | Storage at Country Park | $7,840.16 | ||||
9.05 | Property | Storage at Commerce Drive | $7,840.16 | ||||
9.06 | Property | Storage at Highway 51 | $7,840.16 | ||||
9.07 | Property | Storage at Titus Road | $7,840.16 | ||||
9.08 | Property | Storage at Winchester Road | $7,840.16 | ||||
10 | Loan | Legacy Commons | $105,902.78 | Refinance | Gideon D. Levy | Gideon D. Levy | |
11 | Loan | Voyant Industrial Portfolio | $43.63 | Acquisition | LCN North American Fund III REIT | LCN North American Fund III REIT | |
11.01 | Property | Voyant - Roanoke | $43.63 | ||||
11.02 | Property | Voyant - New Albany | $43.63 | ||||
12 | Loan | Cobblestone Commons | $256.85 | Acquisition | Jose Chacalo Hilu; Isidoro Attie Laniado | Jose Chacalo Hilu; Isidoro Attie Laniado | |
13 | Loan | Stanford Oaks | $103,960.40 | Refinance | Gideon D. Levy | Gideon D. Levy | |
14 | Loan | SpringHill Suites Boise | $81,739.13 | Acquisition | Bakulesh G. Patel | Bakulesh G. Patel; Jatin N. Patel; Maulin P. Patel; Manmohan N. Patel; Depan B. Patel; Karshanbhai Patel | |
15 | Loan | Sunset Hills | $142,500.00 | Acquisition | Investment Concepts, Inc. | Investment Concepts, Inc. | |
16 | Loan | Highline Apartments | $94,444.44 | Refinance | David A. Trottier; Dustin Dale Emmert | David A. Trottier; Dustin Dale Emmert | |
17 | Loan | Indian Rock | $315.63 | Refinance | Abraham Guttman | Abraham Guttman | |
18 | Loan | Arts Building | $89.10 | Refinance | IGS Realty Company | Philippe Ifrah | |
19 | Loan | Royal Pines | $168,539.33 | Refinance | Graham O. Jones, Jr.; Gregory P. Jones; John Burke Salib; Paul A. Salib | Graham O. Jones, Jr.; Gregory P. Jones; John Burke Salib; Paul A. Salib | |
20 | Loan | TBC Corporate Office | $229.51 | Acquisition | Jose Chacalo Hilu; Isidoro Attie Laniado | Jose Chacalo Hilu; Isidoro Attie Laniado | |
21 | Loan | 880 Technology Drive | $147.96 | Refinance | Samuel Surnow; Max Surnow | Samuel Surnow; Max Surnow | |
22 | Loan | The Gables at Lakeside | $92,105.26 | Refinance | Michael J. Uccellini | Michael J. Uccellini | |
23 | Loan | Fox Hills Apartments | $481,250.00 | Refinance | Youram Nassir | Youram Nassir | |
24 | Loan | Sun Belt Office Portfolio | $151.95 | Recapitalization | Tolis | Tolis Investment Strategies Master Fund Ltd. | |
24.01 | Property | Rainbow Park Office | $151.95 | ||||
24.02 | Property | Chandler Medical Office | $151.95 | ||||
25 | Loan | Iron Gate Mega Storage | $12,642.23 | Refinance | Glen Aronson; Patrick O. Lennon | Glen Aronson; Patrick O. Lennon | |
26 | Loan | 280 Commerce Street | $93.42 | Refinance | Christie Abercrombie | Christie Abercrombie | |
27 | Loan | The Bristol | $73,654.76 | Refinance | Eric Weber; Andrew Millard | Eric Weber; Andrew Millard | |
28 | (24) | Loan | Rachel Drive Apartments | $120,646.55 | Refinance | Ben Shaool | Ben Shaool |
29 | (24) | Loan | Chambersburg Portfolio | $120,646.55 | Refinance | Ben Shaool | Ben Shaool |
29.01 | Property | Kelhigh Drive Apartments | $120,646.55 | ||||
29.02 | Property | Cheree Drive Apartments | $120,646.55 |
A-1-2
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGED PROPERTY CHARACTERISTICS | |||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | No. of Properties | General Property Type | Detailed Property Type | Title Type(4) | Ground Lease Initial Lease Expiration Date | Address | City | County | State | Zip Code | Year Built | |
1 | Loan | The Grace Building | 1 | Office | CBD | Fee | NAP | 1114 Avenue of the Americas | New York | New York | NY | 10036 | 1974 | ||
2 | Loan | Miami Design District | 1 | Retail | Luxury Retail | Fee | NAP | 151 Northeast 40th Street | Miami | Miami-Dade | FL | 33137 | 2014-2019 | ||
3 | Loan | 888 Figueroa | 1 | Office | CBD | Fee | NAP | 888 South Figueroa Street | Los Angeles | Los Angeles | CA | 90017 | 1985 | ||
4 | (23) | Loan | MGM Grand & Mandalay Bay | 2 | Hotel | Full Service | Fee | NAP | Various | Las Vegas | Clark | NV | Various | Various | |
4.01 | Property | MGM Grand | 1 | Hotel | Full Service | Fee | NAP | 3799 South Las Vegas Boulevard | Las Vegas | Clark | NV | 89109 | 1993 | ||
4.02 | Property | Mandalay Bay | 1 | Hotel | Full Service | Fee | NAP | 3950 South Las Vegas Boulevard | Las Vegas | Clark | NV | 89119 | 1999 | ||
5 | Loan | The Westchester | 1 | Retail | Super-Regional Mall | Fee & Leasehold | 12/30/2091 | 125 Westchester Avenue | White Plains | Westchester | NY | 10601 | 1995 | ||
6 | Loan | Hollywest Promenade | 1 | Retail | Anchored | Fee | NAP | 5455 Hollywood Boulevard | Los Angeles | Los Angeles | CA | 90027 | 2002 | ||
7 | Loan | Bedford Park | 1 | Multifamily | Garden | Fee | NAP | 2739 Shallowford Road | Atlanta | Dekalb | GA | 30341 | 1965 | ||
8 | Loan | USSC Group Headquarters | 1 | Industrial | Warehouse/Distribution | Fee | NAP | 101 Gordon Drive | Exton | Chester | PA | 19341 | 1978, 2020 | ||
9 | Loan | Memphis Self Storage Portfolio | 8 | Self Storage | Self Storage | Fee | NAP | Various | Various | Various | Various | Various | Various | ||
9.01 | Property | Storage at Highway 70 | 1 | Self Storage | Self Storage | Fee | NAP | 8036 US Highway 70 | Bartlett | Shelby | TN | 38133 | 1985 | ||
9.02 | Property | Storage at Fontaine Road | 1 | Self Storage | Self Storage | Fee | NAP | 3417 Fontaine Road | Memphis | Shelby | TN | 38116 | 1972 | ||
9.03 | Property | Storage at Hacks Cross Road | 1 | Self Storage | Self Storage | Fee | NAP | 7911 Hacks Cross Road | Olive Branch | Desoto | MS | 38654 | 1995 | ||
9.04 | Property | Storage at Country Park | 1 | Self Storage | Self Storage | Fee | NAP | 6780 Country Park Drive | Memphis | Shelby | TN | 38133 | 1980 | ||
9.05 | Property | Storage at Commerce Drive | 1 | Self Storage | Self Storage | Fee | NAP | 7097 Commerce Drive | Olive Branch | Desoto | MS | 38654 | 2003 | ||
9.06 | Property | Storage at Highway 51 | 1 | Self Storage | Self Storage | Fee | NAP | 2274 US Highway 51 | Nesbit | Desoto | MS | 38651 | 2003 | ||
9.07 | Property | Storage at Titus Road | 1 | Self Storage | Self Storage | Fee | NAP | 1880 Titus Road | Memphis | Shelby | TN | 38111 | 1975 | ||
9.08 | Property | Storage at Winchester Road | 1 | Self Storage | Self Storage | Fee | NAP | 4175 Winchester Road | Memphis | Shelby | TN | 38116 | 1984 | ||
10 | Loan | Legacy Commons | 1 | Multifamily | Garden | Fee | NAP | 6259 South Norcross Tucker Road | Tucker | Gwinnett | GA | 30084 | 1974 | ||
11 | Loan | Voyant Industrial Portfolio | 2 | Industrial | Warehouse/Distribution | Fee | NAP | Various | Various | Various | Various | Various | Various | ||
11.01 | Property | Voyant - Roanoke | 1 | Industrial | Warehouse/Distribution | Fee | NAP | 4411 Plantation Road Northeast | Roanoke | City of Roanoke | VA | 24012 | 1959, 1963, 1975 | ||
11.02 | Property | Voyant - New Albany | 1 | Industrial | Warehouse/Distribution | Fee | NAP | 9040 Smith's Mill Road | New Albany | Licking | OH | 43054 | 2011 | ||
12 | Loan | Cobblestone Commons | 1 | Retail | Anchored | Fee | NAP | 8855 West Boynton Beach Boulevard | Boynton Beach | Palm Beach | FL | 33472 | 2019 | ||
13 | Loan | Stanford Oaks | 1 | Multifamily | Garden | Fee | NAP | 2035 Idlewood Drive | Tucker | DeKalb | GA | 30084 | 1968 | ||
14 | Loan | SpringHill Suites Boise | 1 | Hotel | Limited Service | Fee | NAP | 424 East Parkcenter Boulevard | Boise | Ada | ID | 83705 | 1991 | ||
15 | Loan | Sunset Hills | 1 | Multifamily | Garden | Fee | NAP | 2825 Bluegrass Lane | Henderson | Clark | NV | 89074 | 1988 | ||
16 | Loan | Highline Apartments | 1 | Multifamily | Garden | Fee | NAP | 405 Bills Lane | Columbia Falls | Flathead | MT | 59912 | 2020 | ||
17 | Loan | Indian Rock | 1 | Mixed Use | Office/Retail | Fee | NAP | 1 Route 59 | Suffern | Rockland | NY | 10901 | 1996 | ||
18 | Loan | Arts Building | 1 | Office | CBD | Fee | NAP | 336 West 37th Street | New York | New York | NY | 10018 | 1928 | ||
19 | Loan | Royal Pines | 1 | Multifamily | Garden | Fee | NAP | 362 U.S. Route 9 | Marlboro Township | Monmouth | NJ | 07726 | 2009 | ||
20 | Loan | TBC Corporate Office | 1 | Office | Suburban | Fee | NAP | 4260 Design Center Drive | Palm Beach Gardens | Palm Beach | FL | 33410 | 2020 | ||
21 | Loan | 880 Technology Drive | 1 | Office | Suburban | Fee | NAP | 880 Technology Drive | Ann Arbor | Washtenaw | MI | 48108 | 1997 | ||
22 | Loan | The Gables at Lakeside | 1 | Multifamily | Garden | Fee | NAP | 1209 Bermuda Lakes Lane | Kissimmee | Osceola | FL | 34741 | 1993 | ||
23 | Loan | Fox Hills Apartments | 1 | Multifamily | Low Rise | Fee | NAP | 2300 Fox Hills Drive & 2306 Fox Hills Drive | Los Angeles | Los Angeles | CA | 90064 | 1968; 2005 | ||
24 | Loan | Sun Belt Office Portfolio | 2 | Office | Various | Fee | NAP | Various | Various | Various | Various | Various | Various | ||
24.01 | Property | Rainbow Park Office | 1 | Office | Suburban | Fee | NAP | 5920 and 5940 South Rainbow Boulevard | Las Vegas | Clark | NV | 89118 | 2005 | ||
24.02 | Property | Chandler Medical Office | 1 | Office | Medical | Fee | NAP | 655 South Dobson Road, Building A | Chandler | Maricopa | AZ | 85224 | 2000 | ||
25 | Loan | Iron Gate Mega Storage | 1 | Self Storage | Self Storage | Fee | NAP | 7920 Northeast 117th Avenue | Vancouver | Clark | WA | 98662 | 1999 | ||
26 | Loan | 280 Commerce Street | 1 | Retail | Unanchored | Fee | NAP | 280 Commerce Street | Southlake | Tarrant | TX | 76092 | 1986 | ||
27 | Loan | The Bristol | 1 | Multifamily | Garden | Fee | NAP | 250 East Bristol Street | Elkhart | Elkhart | IN | 46514 | 1967 | ||
28 | (24) | Loan | Rachel Drive Apartments | 1 | Multifamily | Garden | Fee | NAP | 1-84 Rachel Drive | Chambersburg | Franklin | PA | 17201 | 2018 | |
29 | (24) | Loan | Chambersburg Portfolio | 2 | Multifamily | Garden | Fee | NAP | Various | Chambersburg | Franklin | PA | 17201 | 2018 | |
29.01 | Property | Kelhigh Drive Apartments | 1 | Multifamily | Garden | Fee | NAP | 18-48 Kelhigh Drive | Chambersburg | Franklin | PA | 17201 | 2018 | ||
29.02 | Property | Cheree Drive Apartments | 1 | Multifamily | Garden | Fee | NAP | 100-111 Cheree Drive | Chambersburg | Franklin | PA | 17201 | 2018 |
A-1-3
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGED PROPERTY CHARACTERISTICS | MORTGAGE LOAN CHARACTERISTICS | ||||||||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Year Renovated | Net Rentable Area SF/Units/ Rooms(5)(6) | Units of Measure | Occupancy Rate(5)(6)(7) | Occupancy Rate As-of Date | Appraised Value(7) | Appraisal As-of Date(8) | Interest Rate % | Admin Fee Rate %(9) | Net Mortgage 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.) | |
1 | Loan | The Grace Building | 2018 | 1,556,972 | Square Feet | 94.8% | 10/19/2020 | $2,150,000,000 | 9/8/2020 | 2.6921% | 0.01845% | 2.67365% | Actual/360 | 3 | No | 120 | 117 | 120 | 117 | ||
2 | Loan | Miami Design District | NAP | 497,094 | Square Feet | 88.5% | 9/1/2020 | $856,000,000 | 3/1/2020 | 4.1325% | 0.04845% | 4.08405% | Actual/360 | 12 | No | 120 | 108 | 120 | 108 | ||
3 | Loan | 888 Figueroa | NAP | 414,232 | Square Feet | 81.9% | 12/31/2020 | $194,000,000 | 11/17/2020 | 3.7250% | 0.05595% | 3.66905% | Actual/360 | 20 | No | 120 | 100 | 120 | 100 | ||
4 | (23) | Loan | MGM Grand & Mandalay Bay | NAP | 9,748 | Rooms | 71.4% | 9/30/2020 | $4,600,000,000 | 1/10/2020 | 3.5580% | 0.01658% | 3.54143% | Actual/360 | 12 | Yes | 120 | 108 | 120 | 108 | |
4.01 | Property | MGM Grand | NAP | 4,998 | Rooms | 68.5% | 9/30/2020 | $2,505,000,000 | 1/10/2020 | ||||||||||||
4.02 | Property | Mandalay Bay | NAP | 4,750 | Rooms | 74.8% | 9/30/2020 | $2,095,000,000 | 1/10/2020 | ||||||||||||
5 | Loan | The Westchester | 2015-2017 | 813,979 | Square Feet | 89.0% | 10/9/2020 | $647,000,000 | 1/12/2021 | 3.2500% | 0.01720% | 3.23280% | Actual/360 | 13 | No | 120 | 107 | 120 | 107 | ||
6 | Loan | Hollywest Promenade | NAP | 121,135 | Square Feet | 96.1% | 12/20/2020 | $60,000,000 | 11/22/2020 | 3.0350% | 0.04720% | 2.98780% | Actual/360 | 2 | No | 122 | 120 | 122 | 120 | ||
7 | Loan | Bedford Park | 2020 | 272 | Units | 97.4% | 1/31/2021 | $50,000,000 | 9/25/2020 | 3.9730% | 0.04720% | 3.92580% | Actual/360 | 4 | No | 124 | 120 | 124 | 120 | ||
8 | Loan | USSC Group Headquarters | 2018 | 423,217 | Square Feet | 100.0% | 12/1/2020 | $48,800,000 | 9/11/2020 | 3.8300% | 0.04720% | 3.78280% | Actual/360 | 4 | No | 124 | 120 | 60 | 56 | ||
9 | Loan | Memphis Self Storage Portfolio | 2017 | 3,954 | Units | 82.8% | 12/31/2020 | $42,625,000 | 5/20/2020 | 4.5250% | 0.04720% | 4.47780% | Actual/360 | 8 | No | 124 | 116 | 24 | 16 | ||
9.01 | Property | Storage at Highway 70 | 2017 | 627 | Units | 83.3% | 12/31/2020 | $7,850,000 | 5/20/2020 | ||||||||||||
9.02 | Property | Storage at Fontaine Road | 2017 | 750 | Units | 80.8% | 12/31/2020 | $6,050,000 | 5/20/2020 | ||||||||||||
9.03 | Property | Storage at Hacks Cross Road | 2017 | 397 | Units | 90.9% | 12/31/2020 | $5,850,000 | 5/20/2020 | ||||||||||||
9.04 | Property | Storage at Country Park | 2017 | 512 | Units | 81.8% | 12/31/2020 | $5,675,000 | 5/20/2020 | ||||||||||||
9.05 | Property | Storage at Commerce Drive | 2017 | 389 | Units | 85.3% | 12/31/2020 | $5,575,000 | 5/20/2020 | ||||||||||||
9.06 | Property | Storage at Highway 51 | 2017 | 467 | Units | 88.7% | 12/31/2020 | $5,550,000 | 5/20/2020 | ||||||||||||
9.07 | Property | Storage at Titus Road | 2017 | 477 | Units | 75.5% | 12/31/2020 | $4,450,000 | 5/20/2020 | ||||||||||||
9.08 | Property | Storage at Winchester Road | 2017 | 335 | Units | 77.3% | 12/31/2020 | $1,625,000 | 5/20/2020 | ||||||||||||
10 | Loan | Legacy Commons | 2019 | 288 | Units | 97.6% | 1/31/2021 | $49,550,000 | 11/16/2020 | 3.8800% | 0.04720% | 3.83280% | Actual/360 | 3 | No | 123 | 120 | 123 | 120 | ||
11 | Loan | Voyant Industrial Portfolio | Various | 543,161 | Square Feet | 100.0% | 12/1/2020 | $37,300,000 | Various | 3.7000% | 0.04720% | 3.65280% | Actual/360 | 12 | No | 120 | 108 | 60 | 48 | ||
11.01 | Property | Voyant - Roanoke | NAP | 376,000 | Square Feet | 100.0% | 12/1/2020 | $24,100,000 | 1/23/2020 | ||||||||||||
11.02 | Property | Voyant - New Albany | 2015 | 167,161 | Square Feet | 100.0% | 12/1/2020 | $13,200,000 | 2/3/2020 | ||||||||||||
12 | Loan | Cobblestone Commons | NAP | 88,768 | Square Feet | 95.5% | 1/5/2021 | $38,300,000 | 12/11/2020 | 4.1040% | 0.01720% | 4.08680% | Actual/360 | 0 | No | 120 | 120 | 120 | 120 | ||
13 | Loan | Stanford Oaks | 2019 | 202 | Units | 97.0% | 1/31/2021 | $34,000,000 | 2/27/2020 | 4.2500% | 0.04720% | 4.20280% | Actual/360 | 8 | No | 124 | 116 | 124 | 116 | ||
14 | Loan | SpringHill Suites Boise | 2019 | 230 | Rooms | 48.9% | 12/31/2020 | $26,200,000 | 3/1/2021 | 3.7500% | 0.01720% | 3.73280% | Actual/360 | 12 | No | 120 | 108 | 36 | 24 | ||
15 | Loan | Sunset Hills | 2019 | 120 | Units | 96.7% | 11/9/2020 | $22,800,000 | 10/27/2020 | 3.7500% | 0.04720% | 3.70280% | Actual/360 | 2 | No | 122 | 120 | 48 | 46 | ||
16 | Loan | Highline Apartments | NAP | 180 | Units | 98.3% | 1/8/2021 | $24,000,000 | 1/19/2021 | 4.6350% | 0.04720% | 4.58780% | Actual/360 | 0 | No | 120 | 120 | 24 | 24 | ||
17 | Loan | Indian Rock | 2020 | 53,861 | Square Feet | 96.4% | 11/1/2020 | $21,000,000 | 9/17/2020 | 3.8400% | 0.04720% | 3.79280% | Actual/360 | 4 | No | 124 | 120 | 48 | 44 | ||
18 | Loan | Arts Building | 2000 | 168,350 | Square Feet | 63.1% | 12/31/2020 | $64,000,000 | 10/20/2020 | 2.5610% | 0.01720% | 2.54380% | Actual/360 | 2 | No | 120 | 118 | 120 | 118 | ||
19 | Loan | Royal Pines | NAP | 89 | Units | 94.4% | 10/5/2020 | $23,300,000 | 8/3/2020 | 4.5000% | 0.01720% | 4.48280% | Actual/360 | 5 | No | 120 | 115 | 60 | 55 | ||
20 | Loan | TBC Corporate Office | NAP | 61,000 | Square Feet | 100.0% | 2/16/2021 | $23,700,000 | 1/11/2021 | 4.0140% | 0.01720% | 3.99680% | Actual/360 | 0 | No | 120 | 120 | 120 | 120 | ||
21 | Loan | 880 Technology Drive | 2019 | 85,833 | Square Feet | 91.8% | 11/1/2020 | $21,800,000 | 9/29/2020 | 4.2450% | 0.01720% | 4.22780% | Actual/360 | 3 | No | 120 | 117 | 120 | 117 | ||
22 | Loan | The Gables at Lakeside | 2015-2019 | 133 | Units | 97.0% | 7/13/2020 | $16,400,000 | 6/1/2020 | 5.0000% | 0.04720% | 4.95280% | Actual/360 | 7 | No | 124 | 117 | 36 | 29 | ||
23 | Loan | Fox Hills Apartments | NAP | 24 | Units | 100.0% | 10/27/2020 | $17,880,000 | 10/23/2020 | 3.8600% | 0.04720% | 3.81280% | Actual/360 | 3 | No | 123 | 120 | 123 | 120 | ||
24 | Loan | Sun Belt Office Portfolio | NAP | 66,444 | Square Feet | 95.6% | 1/31/2021 | $15,030,000 | Various | 4.5000% | 0.04720% | 4.45280% | Actual/360 | 4 | No | 124 | 120 | 0 | 0 | ||
24.01 | Property | Rainbow Park Office | NAP | 43,944 | Square Feet | 93.3% | 1/31/2021 | $8,930,000 | 7/7/2020 | ||||||||||||
24.02 | Property | Chandler Medical Office | NAP | 22,500 | Square Feet | 100.0% | 1/31/2021 | $6,100,000 | 8/3/2020 | ||||||||||||
25 | Loan | Iron Gate Mega Storage | NAP | 791 | Units | 95.6% | 12/4/2020 | $17,370,000 | 11/27/2020 | 3.0380% | 0.07595% | 2.96205% | Actual/360 | 2 | No | 120 | 118 | 120 | 118 | ||
26 | Loan | 280 Commerce Street | 2007 | 93,754 | Square Feet | 94.0% | 1/20/2021 | $14,870,000 | 10/23/2019 | 4.1105% | 0.01720% | 4.09330% | Actual/360 | 14 | No | 120 | 106 | 0 | 0 | ||
27 | Loan | The Bristol | 2018-2019 | 84 | Units | 95.2% | 2/19/2021 | $8,300,000 | 2/26/2020 | 4.2500% | 0.04720% | 4.20280% | Actual/360 | 7 | No | 124 | 117 | 24 | 17 | ||
28 | (24) | Loan | Rachel Drive Apartments | NAP | 30 | Units | 100.0% | 10/31/2020 | $4,920,000 | 3/10/2020 | 4.0750% | 0.04720% | 4.02780% | Actual/360 | 7 | No | 124 | 117 | 48 | 41 | |
29 | (24) | Loan | Chambersburg Portfolio | NAP | 28 | Units | 100.0% | 10/31/2020 | $4,410,000 | 3/10/2020 | 4.0750% | 0.04720% | 4.02780% | Actual/360 | 7 | No | 124 | 117 | 48 | 41 | |
29.01 | Property | Kelhigh Drive Apartments | NAP | 16 | Units | 100.0% | 10/31/2020 | $2,430,000 | 3/10/2020 | ||||||||||||
29.02 | Property | Cheree Drive Apartments | NAP | 12 | Units | 100.0% | 10/31/2020 | $1,980,000 | 3/10/2020 |
A-1-4
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGE LOAN CHARACTERISTICS | ||||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Original Amortization Term (mos.) | Remaining Amortization Term (mos.) | Note Date(10) | First Payment Date | First P&I Payment Date (Partial IO Loans) | Maturity Date | ARD Loan Stated Maturity Date | Monthly Debt Service (P&I) | Monthly Debt Service (IO) | Annual Debt Service (P&I) | Annual Debt Service (IO) | Lockbox Type(11) | Cash Management Status |
1 | Loan | The Grace Building | 0 | 0 | 11/17/2020 | 1/6/2021 | NAP | 12/6/2030 | 12/6/2030 | NAP | $136,474.51 | NAP | $1,637,694.12 | Hard | Springing | |
2 | Loan | Miami Design District | 0 | 0 | 2/28/2020 | 4/1/2020 | NAP | 3/1/2030 | 3/1/2030 | NAP | $209,494.79 | NAP | $2,513,937.48 | Hard | Springing | |
3 | Loan | 888 Figueroa | 0 | 0 | 6/18/2019 | 8/1/2019 | NAP | 7/1/2029 | 7/1/2029 | NAP | $125,891.20 | NAP | $1,510,694.40 | Springing | Springing | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | 0 | 0 | 2/14/2020 | 4/5/2020 | NAP | 3/5/2032 | 3/5/2030 | NAP | $117,407.38 | NAP | $1,408,888.56 | Hard | Springing |
4.01 | Property | MGM Grand | ||||||||||||||
4.02 | Property | Mandalay Bay | ||||||||||||||
5 | Loan | The Westchester | 0 | 0 | 1/21/2020 | 3/1/2020 | NAP | 2/1/2030 | 2/1/2030 | NAP | $96,108.22 | NAP | $1,153,298.64 | Hard | Springing | |
6 | Loan | Hollywest Promenade | 0 | 0 | 12/31/2020 | 2/5/2021 | NAP | 3/5/2031 | 3/5/2031 | NAP | $81,031.69 | NAP | $972,380.28 | Hard | Springing | |
7 | Loan | Bedford Park | 0 | 0 | 10/9/2020 | 12/5/2020 | NAP | 3/5/2031 | 3/5/2031 | NAP | $105,739.74 | NAP | $1,268,876.88 | Springing | Springing | |
8 | Loan | USSC Group Headquarters | 360 | 360 | 10/30/2020 | 12/5/2020 | 12/5/2025 | 3/5/2031 | 3/5/2031 | $147,315.04 | $101,933.85 | $1,767,780.48 | $1,223,206.20 | Hard | Springing | |
9 | Loan | Memphis Self Storage Portfolio | 360 | 360 | 6/18/2020 | 8/5/2020 | 8/5/2022 | 11/5/2030 | 11/5/2030 | $157,533.27 | $118,519.39 | $1,890,399.24 | $1,422,232.68 | Soft | Springing | |
9.01 | Property | Storage at Highway 70 | ||||||||||||||
9.02 | Property | Storage at Fontaine Road | ||||||||||||||
9.03 | Property | Storage at Hacks Cross Road | ||||||||||||||
9.04 | Property | Storage at Country Park | ||||||||||||||
9.05 | Property | Storage at Commerce Drive | ||||||||||||||
9.06 | Property | Storage at Highway 51 | ||||||||||||||
9.07 | Property | Storage at Titus Road | ||||||||||||||
9.08 | Property | Storage at Winchester Road | ||||||||||||||
10 | Loan | Legacy Commons | 0 | 0 | 11/25/2020 | 1/5/2021 | NAP | 3/5/2031 | 3/5/2031 | NAP | $99,986.34 | NAP | $1,199,836.08 | Springing | Springing | |
11 | Loan | Voyant Industrial Portfolio | 360 | 360 | 3/6/2020 | 4/6/2020 | 4/6/2025 | 3/6/2030 | 3/6/2030 | $109,087.07 | $74,089.93 | $1,309,044.84 | $889,079.16 | Hard | In-place | |
11.01 | Property | Voyant - Roanoke | ||||||||||||||
11.02 | Property | Voyant - New Albany | ||||||||||||||
12 | Loan | Cobblestone Commons | 0 | 0 | 2/26/2021 | 4/6/2021 | NAP | 3/6/2031 | 3/6/2031 | NAP | $79,059.00 | NAP | $948,708.00 | Hard | Springing | |
13 | Loan | Stanford Oaks | 0 | 0 | 6/30/2020 | 8/5/2020 | NAP | 11/5/2030 | 11/5/2030 | NAP | $75,407.99 | NAP | $904,895.88 | Springing | Springing | |
14 | Loan | SpringHill Suites Boise | 360 | 360 | 2/27/2020 | 4/6/2020 | 4/6/2023 | 3/6/2030 | 3/6/2030 | $87,065.73 | $59,565.97 | $1,044,788.76 | $714,791.64 | Hard | Springing | |
15 | Loan | Sunset Hills | 360 | 360 | 12/9/2020 | 2/5/2021 | 2/5/2025 | 3/5/2031 | 3/5/2031 | $79,192.77 | $54,179.69 | $950,313.24 | $650,156.28 | Springing | Springing | |
16 | Loan | Highline Apartments | 360 | 360 | 3/2/2021 | 4/5/2021 | 4/5/2023 | 3/5/2031 | 3/5/2031 | $87,505.49 | $66,574.48 | $1,050,065.88 | $798,893.76 | Springing | Springing | |
17 | Loan | Indian Rock | 360 | 360 | 11/5/2020 | 12/5/2020 | 12/5/2024 | 3/5/2031 | 3/5/2031 | $79,600.35 | $55,155.56 | $955,204.20 | $661,866.72 | Hard | Springing | |
18 | Loan | Arts Building | 0 | 0 | 12/23/2020 | 2/6/2021 | NAP | 1/6/2031 | 1/6/2031 | NAP | $32,457.12 | NAP | $389,485.44 | Springing | Springing | |
19 | Loan | Royal Pines | 360 | 360 | 10/8/2020 | 11/6/2020 | 11/6/2025 | 10/6/2030 | 10/6/2030 | $76,002.80 | $57,031.25 | $912,033.60 | $684,375.00 | Springing | Springing | |
20 | Loan | TBC Corporate Office | 0 | 0 | 2/26/2021 | 4/6/2021 | NAP | 3/6/2031 | 3/6/2031 | NAP | $47,480.42 | NAP | $569,765.04 | Hard | Springing | |
21 | Loan | 880 Technology Drive | 0 | 0 | 11/30/2020 | 1/6/2021 | NAP | 12/6/2030 | 12/6/2030 | NAP | $45,550.23 | NAP | $546,602.76 | Hard | Springing | |
22 | Loan | The Gables at Lakeside | 360 | 360 | 7/24/2020 | 9/5/2020 | 9/5/2023 | 12/5/2030 | 12/5/2030 | $65,760.65 | $51,750.58 | $789,127.80 | $621,006.96 | Soft | Springing | |
23 | Loan | Fox Hills Apartments | 0 | 0 | 11/12/2020 | 1/5/2021 | NAP | 3/5/2031 | 3/5/2031 | NAP | $37,668.51 | NAP | $452,022.12 | Soft | Springing | |
24 | Loan | Sun Belt Office Portfolio | 360 | 356 | 10/23/2020 | 12/5/2020 | NAP | 3/5/2031 | 3/5/2031 | $51,428.56 | NAP | $617,142.72 | NAP | Hard | In-place | |
24.01 | Property | Rainbow Park Office | ||||||||||||||
24.02 | Property | Chandler Medical Office | ||||||||||||||
25 | Loan | Iron Gate Mega Storage | 0 | 0 | 12/30/2020 | 2/6/2021 | NAP | 1/6/2031 | 1/6/2031 | NAP | $25,668.29 | NAP | $308,019.48 | Springing | Springing | |
26 | Loan | 280 Commerce Street | 300 | 286 | 12/30/2019 | 2/6/2020 | NAP | 1/6/2030 | 1/6/2030 | $48,056.15 | NAP | $576,673.80 | NAP | Springing | Springing | |
27 | Loan | The Bristol | 360 | 360 | 7/17/2020 | 9/5/2020 | 9/5/2022 | 12/5/2030 | 12/5/2030 | $30,436.32 | $22,216.63 | $365,235.84 | $266,599.56 | Soft | Springing | |
28 | (24) | Loan | Rachel Drive Apartments | 360 | 360 | 8/3/2020 | 9/5/2020 | 9/5/2024 | 12/5/2030 | 12/5/2030 | $17,776.55 | $12,704.66 | $213,318.60 | $152,455.92 | Soft | Springing |
29 | (24) | Loan | Chambersburg Portfolio | 360 | 360 | 8/3/2020 | 9/5/2020 | 9/5/2024 | 12/5/2030 | 12/5/2030 | $15,933.86 | $11,387.71 | $191,206.32 | $136,652.52 | Soft | Springing |
29.01 | Property | Kelhigh Drive Apartments | ||||||||||||||
29.02 | Property | Cheree Drive Apartments |
A-1-5
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGE LOAN CHARACTERISTICS | |||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Crossed With Other Loans | Related-Borrower Loans | UW NOI DSCR (P&I)(12) | UW NOI DSCR (I2) | UW NCF DSCR (P&I)(12) | UW NCF DSCR (IO) | Cut-Off Date LTV Ratio(8) | Maturity Date LTV Ratio(8) | Grace Period to Late Charge (Days) | Grace Period to Default (Days) | Due Date | Prepayment Provisions (No. of Payments)(13)(14) |
1 | Loan | The Grace Building | No | No | NAP | 4.33x | NAP | 4.25x | 41.1% | 41.1% | 0 | 0 | 6 | L(27), Def or YM1(86), O(7) | |
2 | Loan | Miami Design District | No | No | NAP | 2.21x | NAP | 2.14x | 46.7% | 46.7% | 5 | 2 (Once per year) | 1 | L(36), Def(77), O(7) | |
3 | Loan | 888 Figueroa | No | No | NAP | 2.43x | NAP | 2.15x | 59.3% | 59.3% | 0 | 5 | 1 | L(44), Def or YM1(69), O(7) | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | No | No | NAP | 4.95x | NAP | 4.95x | 35.5% | 35.5% | 0 | 0 | 5 | YM0.5(35), Def or YM0.5(78), O(7) |
4.01 | Property | MGM Grand | NAP | 4.95x | NAP | 4.95x | 35.5% | 35.5% | |||||||
4.02 | Property | Mandalay Bay | NAP | 4.95x | NAP | 4.95x | 35.5% | 35.5% | |||||||
5 | Loan | The Westchester | No | No | NAP | 3.75x | NAP | 3.61x | 53.0% | 53.0% | 0 | 0 | 1 | L(35), YM1(1), Def or YM1(1), Def(76), O(7) | |
6 | Loan | Hollywest Promenade | No | No | NAP | 3.42x | NAP | 3.27x | 52.7% | 52.7% | 0 | 0 | 5 | L(26), Def(91), O(5) | |
7 | Loan | Bedford Park | No | Group A | NAP | 2.06x | NAP | 2.00x | 63.0% | 63.0% | 0 | 5 (1 time during loan term) | 5 | L(28), Def(93), O(3) | |
8 | Loan | USSC Group Headquarters | No | No | 1.62x | 2.35x | 1.60x | 2.31x | 64.5% | 57.9% | 0 | 0 | 5 | L(28), Def or YM1(85), O(11) | |
9 | Loan | Memphis Self Storage Portfolio | No | No | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | 0 | 0 | 5 | L(35), Def(82), O(7) | |
9.01 | Property | Storage at Highway 70 | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
9.02 | Property | Storage at Fontaine Road | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
9.03 | Property | Storage at Hacks Cross Road | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
9.04 | Property | Storage at Country Park | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
9.05 | Property | Storage at Commerce Drive | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
9.06 | Property | Storage at Highway 51 | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
9.07 | Property | Storage at Titus Road | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
9.08 | Property | Storage at Winchester Road | 1.48x | 1.97x | 1.44x | 1.91x | 72.7% | 61.6% | |||||||
10 | Loan | Legacy Commons | No | Group A | NAP | 2.08x | NAP | 2.02x | 61.6% | 61.6% | 0 | 5 (1 time during loan term) | 5 | L(27), Def(92), O(4) | |
11 | Loan | Voyant Industrial Portfolio | No | No | 1.70x | 2.50x | 1.58x | 2.33x | 63.5% | 57.4% | 0 | 0 | 6 | L(36), Def(79), O(5) | |
11.01 | Property | Voyant - Roanoke | 1.70x | 2.50x | 1.58x | 2.33x | 63.5% | 57.4% | |||||||
11.02 | Property | Voyant - New Albany | 1.70x | 2.50x | 1.58x | 2.33x | 63.5% | 57.4% | |||||||
12 | Loan | Cobblestone Commons | No | Group B | NAP | 2.66x | NAP | 2.53x | 59.5% | 59.5% | 0 | 0 | 6 | L(24), def(91), O(5) | |
13 | Loan | Stanford Oaks | No | Group A | NAP | 2.10x | NAP | 2.04x | 61.8% | 61.8% | 0 | 5 (1 time during loan term) | 5 | L(32), Def(89), O(3) | |
14 | Loan | SpringHill Suites Boise | No | No | 3.10x | 4.53x | 2.82x | 4.12x | 71.8% | 61.7% | 0 | 0 | 6 | L(36), Def(79), O(5) | |
15 | Loan | Sunset Hills | No | No | 1.24x | 1.82x | 1.22x | 1.78x | 75.0% | 65.9% | 0 | 0 | 5 | L(26), Def(91), O(5) | |
16 | Loan | Highline Apartments | No | No | 1.30x | 1.71x | 1.28x | 1.68x | 70.8% | 60.7% | 0 | 0 | 5 | L(24), Def(93), O(3) | |
17 | Loan | Indian Rock | No | No | 1.61x | 2.32x | 1.55x | 2.24x | 81.0% | 70.9% | 0 | 0 | 5 | L(36), Def(84), O(4) | |
18 | Loan | Arts Building | No | No | NAP | 4.76x | NAP | 4.18x | 23.4% | 23.4% | 5 (1 time during loan term) | 0 | 6 | L(35), Def(81), O(4) | |
19 | Loan | Royal Pines | No | No | 1.35x | 1.79x | 1.32x | 1.76x | 64.4% | 58.9% | 0 | 0 | 6 | L(24), YM2(92), O(4) | |
20 | Loan | TBC Corporate Office | No | Group B | NAP | 2.26x | NAP | 2.19x | 59.1% | 59.1% | 0 | 0 | 6 | L(24), Def(91), O(5) | |
21 | Loan | 880 Technology Drive | No | No | NAP | 2.48x | NAP | 2.46x | 58.3% | 58.3% | 0 | 0 | 6 | L(27), Def(89), O(4) | |
22 | Loan | The Gables at Lakeside | No | No | 1.19x | 1.52x | 1.14x | 1.45x | 74.7% | 65.6% | 0 | 0 | 5 | L(31), Def(86), O(7) | |
23 | Loan | Fox Hills Apartments | No | No | NAP | 1.73x | NAP | 1.72x | 64.6% | 64.6% | 0 | 0 | 5 | L(27), Def(92), O(4) | |
24 | Loan | Sun Belt Office Portfolio | No | No | 1.71x | NAP | 1.46x | NAP | 67.2% | 54.0% | 0 | 0 | 5 | L(35), Def(86), O(3) | |
24.01 | Property | Rainbow Park Office | 1.71x | NAP | 1.46x | NAP | 67.2% | 54.0% | |||||||
24.02 | Property | Chandler Medical Office | 1.71x | NAP | 1.46x | NAP | 67.2% | 54.0% | |||||||
25 | Loan | Iron Gate Mega Storage | No | No | NAP | 3.24x | NAP | 3.21x | 57.6% | 57.6% | 0 | 0 | 6 | L(24), YM1(92), O(4) | |
26 | Loan | 280 Commerce Street | No | No | 2.12x | NAP | 1.97x | NAP | 58.9% | 43.8% | 0 | 0 | 6 | L(38), Def(78), O(4) | |
27 | Loan | The Bristol | No | No | 1.51x | 2.07x | 1.45x | 1.99x | 74.5% | 62.7% | 0 | 0 | 5 | L(31), Def(90), O(3) | |
28 | (24) | Loan | Rachel Drive Apartments | Yes - Group 1 | Group C | 1.42x | 1.99x | 1.39x | 1.95x | 75.0% | 66.1% | 0 | 0 | 5 | L(43), Def(78), O(3) |
29 | (24) | Loan | Chambersburg Portfolio | Yes - Group 1 | Group C | 1.42x | 1.99x | 1.39x | 1.95x | 75.0% | 66.1% | 0 | 0 | 5 | L(43), Def(78), O(3) |
29.01 | Property | Kelhigh Drive Apartments | 1.42x | 1.99x | 1.39x | 1.95x | 75.0% | 66.1% | |||||||
29.02 | Property | Cheree Drive Apartments | 1.42x | 1.99x | 1.39x | 1.95x | 75.0% | 66.1% |
A-1-6
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS(15) | ||||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | 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 | Most Recent Expenses | |
1 | Loan | The Grace Building | $122,739,552 | $49,532,888 | $73,206,664 | 12/31/2018 | 8.3% | $102,917,243 | $50,379,050 | $52,538,193 | 12/31/2019 | 5.9% | $97,004,029 | $50,731,490 | ||
2 | Loan | Miami Design District | $48,127,178 | $15,993,554 | $32,133,624 | 12/31/2018 | 8.0% | $50,574,148 | $16,756,756 | $33,817,392 | 12/31/2019 | 8.5% | $46,835,731 | $14,024,835 | ||
3 | Loan | 888 Figueroa | $14,908,169 | $5,265,468 | $9,642,701 | 12/31/2018 | 8.4% | $15,583,027 | $5,404,616 | $10,178,411 | 12/31/2019 | 8.9% | $14,769,001 | $4,854,407 | ||
4 | (23) | Loan | MGM Grand & Mandalay Bay | $2,191,540,530 | $1,574,171,264 | $617,369,266 | 12/31/2018 | 17.9% | $2,106,295,488 | $1,586,215,135 | $520,080,353 | 12/31/2019 | 17.9% | $1,157,516,861 | $1,017,852,945 | |
4.01 | Property | MGM Grand | $1,226,105,346 | $854,539,115 | $371,566,231 | 12/31/2018 | 17.9% | $1,161,850,748 | $879,242,083 | $282,608,665 | 12/31/2019 | 17.9% | $662,869,240 | $578,848,778 | ||
4.02 | Property | Mandalay Bay | $965,435,184 | $719,632,149 | $245,803,035 | 12/31/2018 | 17.9% | $944,444,740 | $706,973,052 | $237,471,688 | 12/31/2019 | 17.9% | $494,647,621 | $439,004,166 | ||
5 | Loan | The Westchester | $63,904,028 | $22,030,551 | $41,873,477 | 12/31/2018 | 12.2% | $63,982,892 | $22,487,940 | $41,494,952 | 12/31/2019 | 12.1% | $53,590,580 | $20,000,247 | ||
6 | Loan | Hollywest Promenade | $4,792,411 | $1,650,685 | $3,141,726 | 12/31/2018 | 9.9% | $4,785,840 | $1,637,500 | $3,148,340 | 12/31/2019 | 10.0% | $4,700,034 | $1,688,688 | ||
7 | Loan | Bedford Park | N/A | N/A | N/A | N/A | NAP | $3,096,836 | $1,248,135 | $1,848,701 | 12/31/2018 | 5.9% | $3,790,156 | $1,102,747 | ||
8 | Loan | USSC Group Headquarters | N/A | N/A | N/A | N/A | NAP | N/A | N/A | N/A | N/A | NAP | N/A | N/A | ||
9 | Loan | Memphis Self Storage Portfolio | $3,914,921 | $1,747,074 | $2,167,847 | 12/31/2018 | 7.0% | $4,498,933 | $1,743,699 | $2,755,234 | 12/31/2019 | 8.9% | $4,588,417 | $1,723,044 | ||
9.01 | Property | Storage at Highway 70 | $746,358 | $279,793 | $466,565 | 12/31/2018 | 7.0% | $798,927 | $258,746 | $540,182 | 12/31/2019 | 8.9% | $755,835 | $257,715 | ||
9.02 | Property | Storage at Fontaine Road | $532,923 | $243,238 | $289,685 | 12/31/2018 | 7.0% | $671,231 | $270,585 | $400,645 | 12/31/2019 | 8.9% | $718,896 | $254,963 | ||
9.03 | Property | Storage at Hacks Cross Road | $519,262 | $194,149 | $325,113 | 12/31/2018 | 7.0% | $581,921 | $209,827 | $372,095 | 12/31/2019 | 8.9% | $602,327 | $200,288 | ||
9.04 | Property | Storage at Country Park | $560,450 | $245,128 | $315,322 | 12/31/2018 | 7.0% | $629,663 | $227,144 | $402,519 | 12/31/2019 | 8.9% | $611,130 | $224,387 | ||
9.05 | Property | Storage at Commerce Drive | $472,699 | $194,657 | $278,042 | 12/31/2018 | 7.0% | $536,795 | $191,480 | $345,315 | 12/31/2019 | 8.9% | $555,022 | $191,122 | ||
9.06 | Property | Storage at Highway 51 | $430,616 | $186,868 | $243,748 | 12/31/2018 | 7.0% | $524,662 | $175,658 | $349,004 | 12/31/2019 | 8.9% | $565,723 | $185,387 | ||
9.07 | Property | Storage at Titus Road | $411,081 | $228,728 | $182,353 | 12/31/2018 | 7.0% | $483,893 | $222,549 | $261,344 | 12/31/2019 | 8.9% | $492,480 | $223,114 | ||
9.08 | Property | Storage at Winchester Road | $241,532 | $174,514 | $67,018 | 12/31/2018 | 7.0% | $271,841 | $187,711 | $84,130 | 12/31/2019 | 8.9% | $287,004 | $186,068 | ||
10 | Loan | Legacy Commons | $3,371,373 | $1,251,369 | $2,120,004 | 12/31/2018 | 7.0% | $3,575,041 | $1,391,451 | $2,183,590 | 12/31/2019 | 7.2% | $3,942,665 | $1,466,407 | ||
11 | Loan | Voyant Industrial Portfolio | N/A | N/A | N/A | N/A | NAP | N/A | N/A | N/A | N/A | NAP | N/A | N/A | ||
11.01 | Property | Voyant - Roanoke | N/A | N/A | N/A | N/A | NAP | N/A | N/A | N/A | N/A | NAP | N/A | N/A | ||
11.02 | Property | Voyant - New Albany | N/A | N/A | N/A | N/A | NAP | N/A | N/A | N/A | N/A | NAP | N/A | N/A | ||
12 | Loan | Cobblestone Commons | N/A | N/A | N/A | N/A | NAP | $980,128 | $413,122 | $567,006 | 12/31/2019 | 2.5% | $2,146,339 | $784,720 | ||
13 | Loan | Stanford Oaks | N/A | N/A | N/A | N/A | NAP | $2,684,258 | $914,722 | $1,769,536 | 12/31/2019 | 8.4% | $2,871,078 | $979,798 | ||
14 | Loan | SpringHill Suites Boise | $6,975,443 | $3,815,731 | $3,159,712 | 12/31/2018 | 16.8% | $7,309,354 | $4,044,902 | $3,264,452 | 12/31/2019 | 17.4% | $3,784,975 | $2,685,094 | ||
15 | Loan | Sunset Hills | $1,375,510 | $472,090 | $903,420 | 12/31/2018 | 5.3% | $1,540,743 | $554,517 | $986,226 | 12/31/2019 | 5.8% | $1,532,607 | $559,384 | ||
16 | Loan | Highline Apartments | N/A | N/A | N/A | N/A | NAP | N/A | N/A | N/A | N/A | NAP | $1,304,866 | $453,008 | ||
17 | Loan | Indian Rock | $1,377,726 | $542,068 | $835,658 | 12/31/2018 | 4.9% | $1,490,139 | $567,542 | $922,597 | 12/31/2019 | 5.4% | $1,507,903 | $592,147 | ||
18 | Loan | Arts Building | $5,974,451 | $3,386,032 | $2,588,419 | 12/31/2018 | 17.3% | $5,841,442 | $3,491,624 | $2,349,818 | 12/31/2019 | 15.7% | $6,235,225 | $3,004,906 | ||
19 | Loan | Royal Pines | $1,873,526 | $871,321 | $1,002,205 | 12/31/2018 | 6.7% | $1,843,737 | $691,545 | $1,152,192 | 12/31/2019 | 7.7% | $1,766,704 | $766,578 | ||
20 | Loan | TBC Corporate Office | N/A | N/A | N/A | N/A | NAP | N/A | N/A | N/A | N/A | NAP | $1,358,255 | $135,762 | ||
21 | Loan | 880 Technology Drive | $1,327,623 | $679,430 | $648,193 | 12/31/2018 | 5.1% | $1,426,398 | $699,353 | $727,045 | 12/31/2019 | 5.7% | $1,838,450 | $784,467 | ||
22 | Loan | The Gables at Lakeside | $1,862,821 | $1,010,077 | $852,745 | 12/31/2018 | 7.0% | $1,948,360 | $987,685 | $960,676 | 12/31/2019 | 7.8% | $2,055,643 | $1,062,300 | ||
23 | Loan | Fox Hills Apartments | $995,984 | $251,328 | $744,656 | 12/31/2018 | 6.4% | $1,036,788 | $255,591 | $781,197 | 12/31/2019 | 6.8% | $1,056,038 | $257,227 | ||
24 | Loan | Sun Belt Office Portfolio | $1,215,773 | $358,389 | $857,383 | 12/31/2018 | 8.5% | $1,306,146 | $410,842 | $895,304 | 12/31/2019 | 8.9% | $1,248,822 | $308,735 | ||
24.01 | Property | Rainbow Park Office | $789,163 | $165,262 | $623,900 | 12/31/2018 | 8.5% | $896,371 | $211,991 | $684,380 | 12/31/2019 | 8.9% | $680,278 | $126,282 | ||
24.02 | Property | Chandler Medical Office | $426,610 | $193,127 | $233,483 | 12/31/2018 | 8.5% | $409,775 | $198,851 | $210,924 | 12/31/2019 | 8.9% | $568,544 | $182,453 | ||
25 | Loan | Iron Gate Mega Storage | $1,363,095 | $413,870 | $949,225 | 12/31/2018 | 9.5% | $1,415,257 | $423,403 | $991,854 | 12/31/2019 | 9.9% | $1,343,004 | $425,758 | ||
26 | Loan | 280 Commerce Street | $1,446,991 | $441,423 | $1,005,568 | 12/31/2018 | 11.5% | $1,522,977 | $381,153 | $1,141,824 | T12 10/31/2019 | 13.0% | $1,154,507 | $431,493 | ||
27 | Loan | The Bristol | N/A | N/A | N/A | N/A | NAP | N/A | N/A | N/A | N/A | NAP | $789,624 | $215,279 | ||
28 | (24) | Loan | Rachel Drive Apartments | $260,627 | $98,541 | $162,086 | 12/31/2018 | 4.8% | $421,652 | $130,325 | $291,327 | 12/31/2019 | 7.9% | $429,641 | $161,031 | |
29 | (24) | Loan | Chambersburg Portfolio | $235,856 | $60,549 | $175,307 | 12/31/2018 | 4.8% | $380,384 | $119,677 | $260,707 | 12/31/2019 | 7.9% | $384,002 | $146,758 | |
29.01 | Property | Kelhigh Drive Apartments | $166,868 | $49,697 | $117,171 | 12/31/2018 | 4.8% | $201,721 | $66,939 | $134,782 | 12/31/2019 | 7.9% | $207,284 | $72,873 | ||
29.02 | Property | Cheree Drive Apartments | $68,988 | $10,852 | $58,136 | 12/31/2018 | 4.8% | $178,663 | $52,739 | $125,924 | 12/31/2019 | 7.9% | $176,718 | $73,885 |
A-1-7
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS(15) | ||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Most Recent NOI | Most Recent NOI Date | Most Recent NOI Debt Yield | UW Occupancy | UW Revenues | UW Expenses | UW NOI | UW NOI Debt Yield | UW Capital Items | UW NCF | UW NCF Debt Yield |
1 | Loan | The Grace Building | $46,272,539 | T12 9/30/2020 | 5.2% | 95.4% | $157,612,989 | $53,319,272 | $104,293,717 | 11.8% | $1,946,215 | $102,347,502 | 11.6% | |
2 | Loan | Miami Design District | $32,810,895 | 12/31/2020 | 8.2% | 88.6% | $53,041,550 | $16,007,449 | $37,034,101 | 9.3% | $1,093,607 | $35,940,495 | 9.0% | |
3 | Loan | 888 Figueroa | $9,914,593 | 12/31/2020 | 8.6% | 85.5% | $15,961,561 | $5,407,238 | $10,554,323 | 9.2% | $1,213,700 | $9,340,623 | 8.1% | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | $222,041,347 | T12 9/30/2020 | 17.9% | 92.1% | $2,106,295,488 | $1,586,215,135 | $520,080,353 | 17.9% | $32,774,592 | $487,305,761 | 17.9% |
4.01 | Property | MGM Grand | $128,958,680 | T12 9/30/2020 | 17.9% | 91.4% | $1,161,850,748 | $879,242,083 | $282,608,665 | 17.9% | $16,011,953 | $266,596,712 | 17.9% | |
4.02 | Property | Mandalay Bay | $93,082,667 | T12 9/30/2020 | 17.9% | 92.8% | $944,444,740 | $706,973,052 | $237,471,688 | 17.9% | $16,762,639 | $220,709,049 | 17.9% | |
5 | Loan | The Westchester | $33,590,333 | T12 9/30/2020 | 9.8% | 95.1% | $64,364,071 | $22,017,611 | $42,346,460 | 12.3% | $1,504,196 | $40,842,264 | 11.9% | |
6 | Loan | Hollywest Promenade | $3,011,346 | T12 11/30/2020 | 9.5% | 94.4% | $5,010,877 | $1,681,619 | $3,329,258 | 10.5% | $145,362 | $3,183,896 | 10.1% | |
7 | Loan | Bedford Park | $2,687,409 | 12/31/2020 | 8.5% | 95.0% | $3,967,665 | $1,355,794 | $2,611,871 | 8.3% | $68,000 | $2,543,871 | 8.1% | |
8 | Loan | USSC Group Headquarters | N/A | N/A | NAP | 95.0% | $3,667,182 | $794,819 | $2,872,363 | 9.1% | $50,786 | $2,821,577 | 9.0% | |
9 | Loan | Memphis Self Storage Portfolio | $2,865,373 | 12/31/2020 | 9.2% | 83.3% | $4,482,886 | $1,686,871 | $2,796,016 | 9.0% | $73,486 | $2,722,529 | 8.8% | |
9.01 | Property | Storage at Highway 70 | $498,120 | 12/31/2020 | 9.2% | 87.8% | $724,365 | $252,906 | $471,459 | 9.0% | $10,024 | $461,435 | 8.8% | |
9.02 | Property | Storage at Fontaine Road | $463,934 | 12/31/2020 | 9.2% | 78.2% | $724,254 | $251,715 | $472,539 | 9.0% | $12,968 | $459,571 | 8.8% | |
9.03 | Property | Storage at Hacks Cross Road | $402,039 | 12/31/2020 | 9.2% | 83.6% | $580,813 | $198,147 | $382,665 | 9.0% | $10,189 | $372,477 | 8.8% | |
9.04 | Property | Storage at Country Park | $386,742 | 12/31/2020 | 9.2% | 83.7% | $593,122 | $222,976 | $370,147 | 9.0% | $8,521 | $361,626 | 8.8% | |
9.05 | Property | Storage at Commerce Drive | $363,900 | 12/31/2020 | 9.2% | 84.3% | $541,070 | $185,610 | $355,460 | 9.0% | $8,488 | $346,972 | 8.8% | |
9.06 | Property | Storage at Highway 51 | $380,336 | 12/31/2020 | 9.2% | 86.5% | $546,007 | $179,630 | $366,377 | 9.0% | $8,078 | $358,300 | 8.8% | |
9.07 | Property | Storage at Titus Road | $269,366 | 12/31/2020 | 9.2% | 79.3% | $471,872 | $209,912 | $261,960 | 9.0% | $10,044 | $251,916 | 8.8% | |
9.08 | Property | Storage at Winchester Road | $100,936 | 12/31/2020 | 9.2% | 83.0% | $301,384 | $185,975 | $115,409 | 9.0% | $5,176 | $110,233 | 8.8% | |
10 | Loan | Legacy Commons | $2,476,258 | 12/31/2020 | 8.1% | 90.0% | $3,940,583 | $1,440,181 | $2,500,402 | 8.2% | $72,000 | $2,428,402 | 8.0% | |
11 | Loan | Voyant Industrial Portfolio | N/A | N/A | NAP | 95.2% | $2,412,693 | $193,498 | $2,219,196 | 9.4% | $146,653 | $2,072,542 | 8.7% | |
11.01 | Property | Voyant - Roanoke | N/A | N/A | NAP | N/A | N/A | N/A | N/A | 9.4% | N/A | N/A | 8.7% | |
11.02 | Property | Voyant - New Albany | N/A | N/A | NAP | N/A | N/A | N/A | N/A | 9.4% | N/A | N/A | 8.7% | |
12 | Loan | Cobblestone Commons | $1,361,620 | Annualized T11 11/30/2020 | 6.0% | 93.9% | $3,474,514 | $948,063 | $2,526,451 | 11.1% | $127,254 | $2,399,197 | 10.5% | |
13 | Loan | Stanford Oaks | $1,891,280 | 12/31/2020 | 9.0% | 95.0% | $2,853,909 | $956,561 | $1,897,348 | 9.0% | $50,298 | $1,847,050 | 8.8% | |
14 | Loan | SpringHill Suites Boise | $1,099,881 | 12/31/2020 | 5.9% | 73.5% | $7,309,354 | $4,072,828 | $3,236,525 | 17.2% | $292,374 | $2,944,151 | 15.7% | |
15 | Loan | Sunset Hills | $973,223 | T12 10/31/2020 | 5.7% | 95.3% | $1,744,221 | $562,711 | $1,181,510 | 6.9% | $24,000 | $1,157,510 | 6.8% | |
16 | Loan | Highline Apartments | $851,857 | 12/31/2020 | 5.0% | 95.0% | $2,066,315 | $697,984 | $1,368,330 | 8.0% | $22,500 | $1,345,830 | 7.9% | |
17 | Loan | Indian Rock | $915,756 | T12 6/30/2020 | 5.4% | 95.0% | $2,137,248 | $602,343 | $1,534,905 | 9.0% | $51,124 | $1,483,781 | 8.7% | |
18 | Loan | Arts Building | $3,230,319 | T12 8/31/2020 | 21.5% | 66.7% | $5,248,811 | $3,396,287 | $1,852,524 | 12.4% | $225,488 | $1,627,036 | 10.8% | |
19 | Loan | Royal Pines | $1,000,126 | 12/31/2020 | 6.7% | 94.0% | $2,033,750 | $805,670 | $1,228,079 | 8.2% | $23,875 | $1,204,204 | 8.0% | |
20 | Loan | TBC Corporate Office | $1,222,493 | Annualized T5 10/31/2020 | 8.7% | 95.0% | $1,952,900 | $665,071 | $1,287,828 | 9.2% | $42,700 | $1,245,128 | 8.9% | |
21 | Loan | 880 Technology Drive | $1,053,983 | 12/31/2020 | 8.3% | 90.3% | $2,170,065 | $814,840 | $1,355,224 | 10.7% | $12,875 | $1,342,349 | 10.6% | |
22 | Loan | The Gables at Lakeside | $993,343 | 12/31/2020 | 8.1% | 90.0% | $1,998,495 | $1,056,645 | $941,851 | 7.7% | $39,900 | $901,951 | 7.4% | |
23 | Loan | Fox Hills Apartments | $798,811 | T12 9/30/2020 | 6.9% | 96.0% | $1,048,399 | $265,274 | $783,125 | 6.8% | $6,144 | $776,981 | 6.7% | |
24 | Loan | Sun Belt Office Portfolio | $940,087 | T12 1/31/2021 | 9.3% | 92.0% | $1,445,856 | $389,155 | $1,056,701 | 10.5% | $153,139 | $903,562 | 8.9% | |
24.01 | Property | Rainbow Park Office | $553,996 | T12 1/31/2021 | 9.3% | 90.0% | $852,673 | $189,458 | $663,215 | 10.5% | $114,254 | $548,961 | 8.9% | |
24.02 | Property | Chandler Medical Office | $386,091 | T12 1/31/2021 | 9.3% | 95.0% | $593,183 | $199,698 | $393,486 | 10.5% | $38,885 | $354,601 | 8.9% | |
25 | Loan | Iron Gate Mega Storage | $917,246 | 12/31/2020 | 9.2% | 91.3% | $1,410,509 | $411,737 | $998,772 | 10.0% | $10,176 | $988,596 | 9.9% | |
26 | Loan | 280 Commerce Street | $723,014 | 12/31/2020 | 8.3% | 93.3% | $1,653,197 | $432,454 | $1,220,742 | 13.9% | $86,900 | $1,133,842 | 12.9% | |
27 | Loan | The Bristol | $574,345 | 12/31/2020 | 9.3% | 88.0% | $787,576 | $235,269 | $552,307 | 8.9% | $21,000 | $531,307 | 8.6% | |
28 | (24) | Loan | Rachel Drive Apartments | $268,610 | T12 10/31/2020 | 7.2% | 95.0% | $441,046 | $135,488 | $305,558 | 8.2% | $6,000 | $299,558 | 8.0% |
29 | (24) | Loan | Chambersburg Portfolio | $237,244 | T12 10/31/2020 | 7.2% | 95.0% | $399,614 | $131,045 | $268,568 | 8.2% | $5,600 | $262,968 | 8.0% |
29.01 | Property | Kelhigh Drive Apartments | $134,411 | T12 10/31/2020 | 7.2% | 95.0% | $222,985 | $73,809 | $149,176 | 8.2% | $3,200 | $145,976 | 8.0% | |
29.02 | Property | Cheree Drive Apartments | $102,833 | T12 10/31/2020 | 7.2% | 95.0% | $176,629 | $57,236 | $119,392 | 8.2% | $2,400 | $116,992 | 8.0% |
A-1-8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
LARGEST TENANT INFORMATION(16)(17)(18) | 2ND LARGEST TENANT INFORMATION(16)(17)(18) | ||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Largest Tenant | Largest Tenant Lease Expiration | Largest Tenant NRA | Largest Tenant % of NRA | 2nd Largest Tenant | 2nd Largest Tenant Lease Expiration | 2nd Largest Tenant NRA | 2nd Largest Tenant % of NRA | ||
1 | Loan | The Grace Building | Bank of America, N.A. | 5/31/2042 | 155,270 | 10.0% | The Trade Desk | 8/31/2030 | 154,558 | 9.9% | |||
2 | Loan | Miami Design District | Holly Hunt | 4/30/2025 | 24,897 | 5.0% | Fendi Casa/Luxury Living | 4/16/2027 | 22,439 | 4.5% | |||
3 | Loan | 888 Figueroa | NBC Operating, LP | 12/31/2031 | 98,467 | 23.8% | State of CA | 6,697 SF (11/30/2023); 18,514 SF (11/30/2024); 5,039 SF (11/30/2026); 7,205 SF (9/30/2027); 19,364 SF (1/31/2028) | 56,819 | 13.7% | |||
4 | (23) | Loan | MGM Grand & Mandalay Bay | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
4.01 | Property | MGM Grand | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
4.02 | Property | Mandalay Bay | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
5 | Loan | The Westchester | Nordstrom | 3/17/2035 | 206,197 | 25.3% | Neiman Marcus | 1/21/2027 | 143,196 | 17.6% | |||
6 | Loan | Hollywest Promenade | Ralphs Grocery Company | 6/30/2027 | 46,780 | 38.6% | Ross Stores, Incorporated | 1/31/2023 | 29,210 | 24.1% | |||
7 | Loan | Bedford Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
8 | Loan | USSC Group Headquarters | USSC Acquisition Corp. | 7/7/2035 | 423,217 | 100.0% | NAP | NAP | NAP | NAP | |||
9 | Loan | Memphis Self Storage Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.01 | Property | Storage at Highway 70 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.02 | Property | Storage at Fontaine Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.03 | Property | Storage at Hacks Cross Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.04 | Property | Storage at Country Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.05 | Property | Storage at Commerce Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.06 | Property | Storage at Highway 51 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.07 | Property | Storage at Titus Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
9.08 | Property | Storage at Winchester Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
10 | Loan | Legacy Commons | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
11 | Loan | Voyant Industrial Portfolio | Voyant Beauty Holdings, LLC | 3/31/2040 | 543,161 | 100.0% | NAP | NAP | NAP | NAP | |||
11.01 | Property | Voyant - Roanoke | Voyant Beauty Holdings, LLC | 3/31/2040 | 376,000 | 100.0% | NAP | NAP | NAP | NAP | |||
11.02 | Property | Voyant - New Albany | Voyant Beauty Holdings, LLC | 3/31/2040 | 167,161 | 100.0% | NAP | NAP | NAP | NAP | |||
12 | Loan | Cobblestone Commons | Winn Dixie | 3/31/2034 | 28,020 | 31.6% | PetSmart | 3/31/2029 | 22,040 | 24.8% | |||
13 | Loan | Stanford Oaks | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
14 | Loan | SpringHill Suites Boise | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
15 | Loan | Sunset Hills | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
16 | Loan | Highline Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
17 | Loan | Indian Rock | Hudson Heart | MTM; 2/28/2036 | 20,501 | 38.1% | CVS | 1/31/2039 | 12,708 | 23.6% | |||
18 | Loan | Arts Building | Roller Rabbit | 9/30/2023 | 9,000 | 5.3% | ABC Imaging | 2/28/2031 | 7,000 | 4.2% | |||
19 | Loan | Royal Pines | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
20 | Loan | TBC Corporate Office | TBC Corporation | 4/30/2030 | 61,000 | 100.0% | NAP | NAP | NAP | NAP | |||
21 | Loan | 880 Technology Drive | Audatex North America, Inc | 12/31/2021 | 36,075 | 42.0% | Merit Network, Inc. | 5/31/2035 | 33,745 | 39.3% | |||
22 | Loan | The Gables at Lakeside | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
23 | Loan | Fox Hills Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
24 | Loan | Sun Belt Office Portfolio | Various | Various | Various | Various | Various | Various | Various | Various | |||
24.01 | Property | Rainbow Park Office | Premier Business Centers, Inc. | 12/31/2025 | 22,000 | 50.1% | Remington Commercial | 1/31/2023 | 4,311 | 9.8% | |||
24.02 | Property | Chandler Medical Office | Sun Life Family Health Center | 1/31/2028 | 6,553 | 29.1% | Arizona Pain | 2/28/2022 | 4,314 | 19.2% | |||
25 | Loan | Iron Gate Mega Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
26 | Loan | 280 Commerce Street | Southlake Gymnastics | 1/4/2025 | 15,378 | 16.4% | Southlake Baseball | 7/31/2029 | 13,800 | 14.7% | |||
27 | Loan | The Bristol | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
28 | (24) | Loan | Rachel Drive Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
29 | (24) | Loan | Chambersburg Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
29.01 | Property | Kelhigh Drive Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
29.02 | Property | Cheree Drive Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-9
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
3RD LARGEST TENANT INFORMATION(16)(17)(18) | 4TH LARGEST TENANT INFORMATION(16)(17)(18) | 5TH LARGEST TENANT INFORMATION(16)(17)(18) | ||||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | 3rd Largest Tenant | 3rd Largest Tenant Lease Expiration | 3rd Largest Tenant NRA | 3rd Largest Tenant % of NRA | 4th Largest Tenant | 4th Largest Tenant Lease Expiration | 4th Largest Tenant NRA | 4th Largest Tenant % of NRA | 5th Largest Tenant | 5th Largest Tenant Lease Expiration | 5th Largest Tenant NRA | 5th Largest Tenant % of NRA | |||
1 | Loan | The Grace Building | Israel Discount Bank | 12/31/2040 | 142,533 | 9.2% | Bain & Company, Inc. | 2/28/2030 | 121,262 | 7.8% | Insight Venture Management LLC | 2/28/2030 | 93,998 | 6.0% | ||||
2 | Loan | Miami Design District | Dacra | 1/31/2023 | 18,828 | 3.8% | Luxury Brand Partners | 8/17/2022 | 18,077 | 3.6% | Luminaire | 1/31/2024 | 15,000 | 3.0% | ||||
3 | Loan | 888 Figueroa | GSA | 8,638 SF (3/17/2024); 2,079 SF (8/13/2025); 4,624 SF (11/7/2026); 6,555 SF (6/4/2027); 4,366 SF (8/12/2027); 1,902 SF (9/30/2028); 14,446 SF (8/31/2029) | 42,610 | 10.3% | Engineering Employees Services | 3/31/2029 | 19,516 | 4.7% | First Republic Bank | 9/30/2027 | 15,093 | 3.6% | ||||
4 | (23) | Loan | MGM Grand & Mandalay Bay | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
4.01 | Property | MGM Grand | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
4.02 | Property | Mandalay Bay | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
5 | Loan | The Westchester | Crate & Barrel | 1/31/2021 | 33,500 | 4.1% | Urban Outfitters | 1/31/2023 | 10,424 | 1.3% | Victoria’s Secret | 1/31/2025 | 10,000 | 1.2% | ||||
6 | Loan | Hollywest Promenade | Daiso California, Inc. | 4/30/2028 | 7,014 | 5.8% | Norms Restaurants, LLC | 12/31/2031 | 6,598 | 5.4% | JPMorgan Chase Bank, N.A. | 12/31/2021 | 4,150 | 3.4% | ||||
7 | Loan | Bedford Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
8 | Loan | USSC Group Headquarters | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9 | Loan | Memphis Self Storage Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.01 | Property | Storage at Highway 70 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.02 | Property | Storage at Fontaine Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.03 | Property | Storage at Hacks Cross Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.04 | Property | Storage at Country Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.05 | Property | Storage at Commerce Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.06 | Property | Storage at Highway 51 | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.07 | Property | Storage at Titus Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
9.08 | Property | Storage at Winchester Road | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
10 | Loan | Legacy Commons | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
11 | Loan | Voyant Industrial Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
11.01 | Property | Voyant - Roanoke | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
11.02 | Property | Voyant - New Albany | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
12 | Loan | Cobblestone Commons | Toi Spa | 8/1/2031 | 3,520 | 4.0% | Cucina Moderna | 8/31/2029 | 3,013 | 3.4% | First Watch | 4/30/2030 | 3,004 | 3.4% | ||||
13 | Loan | Stanford Oaks | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
14 | Loan | SpringHill Suites Boise | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
15 | Loan | Sunset Hills | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
16 | Loan | Highline Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
17 | Loan | Indian Rock | Irm PTPC | 11/30/2035 | 3,471 | 6.4% | McDonalds | 8/29/2032 | 2,737 | 5.1% | Airmont Animal Clinic PC | 1/31/2028 | 1,660 | 3.1% | ||||
18 | Loan | Arts Building | Mixlab | 8/31/2022 | 5,900 | 3.5% | Security USA | 10/30/2023 | 5,500 | 3.3% | Kimberly McDonald | 5/31/2021 | 4,700 | 2.8% | ||||
19 | Loan | Royal Pines | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
20 | Loan | TBC Corporate Office | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
21 | Loan | 880 Technology Drive | Center for Automotive Research | 6/30/2033 | 8,958 | 10.4% | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
22 | Loan | The Gables at Lakeside | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
23 | Loan | Fox Hills Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
24 | Loan | Sun Belt Office Portfolio | Various | Various | Various | Various | Various | Various | Various | Various | Various | Various | Various | Various | ||||
24.01 | Property | Rainbow Park Office | Bell Design, LLC | 4/30/2021 | 3,689 | 8.4% | THR Property Management | 4/30/2024 | 3,127 | 7.1% | XPAND, LLC | 9/30/2025 | 2,913 | 6.6% | ||||
24.02 | Property | Chandler Medical Office | Lilac Healthcare | 1/31/2025 | 3,418 | 15.2% | Lifetime Cardiovascular | 1/31/2022 | 3,171 | 14.1% | Pinnacle Pain & Spine Consultants | 6/30/2025 | 2,847 | 12.7% | ||||
25 | Loan | Iron Gate Mega Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
26 | Loan | 280 Commerce Street | Tempest Academy | 8/1/2028 | 11,552 | 12.3% | Escape Entertainment | 9/30/2021 | 8,080 | 8.6% | 280 Fitness | 2/29/2024 | 6,900 | 7.4% | ||||
27 | Loan | The Bristol | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
28 | (24) | Loan | Rachel Drive Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
29 | (24) | Loan | Chambersburg Portfolio | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |||
29.01 | Property | Kelhigh Drive Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
29.02 | Property | Cheree Drive Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-10
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGE LOAN RESERVE INFORMATION | ||||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Upfront Replacement Reserves(19) | Monthly Replacement Reserves(20) | Replacement Reserve Cap(21) | Upfront TI/LC Reserves(19) | Monthly TI/LC Reserves(20) | TI/LC Reserve Cap(21) | Upfront Tax Reserves (19) | Monthly Tax Reserves(20) | Upfront Insurance Reserves (19) | Monthly Insurance Reserves(20) | |
1 | Loan | The Grace Building | $0 | Springing | NAP | $56,172,399 | Springing | NAP | $0 | Springing | $0 | Springing | ||
2 | Loan | Miami Design District | $0 | $8,285 | NAP | $4,907,050 | $82,849 | NAP | $2,100,000 | $525,000 | $0 | Springing | ||
3 | Loan | 888 Figueroa | $0 | $5,050 | $60,600 | $0 | $17,055 | $204,660 | $314,024 | $77,201 | $0 | Springing | ||
4 | (23) | Loan | MGM Grand & Mandalay Bay | $0 | Springing | NAP | $0 | $0 | NAP | $0 | Springing | $0 | Springing | |
4.01 | Property | MGM Grand | ||||||||||||
4.02 | Property | Mandalay Bay | ||||||||||||
5 | Loan | The Westchester | $0 | Springing | $543,990 | $8,006,075 | Springing | $2,322,930 | $0 | Springing | $0 | Springing | ||
6 | Loan | Hollywest Promenade | $0 | $2,019 | $170,000 | $150,000 | $10,095 | $550,000 | $126,546 | $42,182 | $0 | Springing | ||
7 | Loan | Bedford Park | $0 | $5,667 | NAP | $0 | $0 | NAP | $44,510 | $44,510 | $0 | Springing | ||
8 | Loan | USSC Group Headquarters | $0 | $0 | NAP | $0 | $0 | NAP | $0 | Springing | $0 | Springing | ||
9 | Loan | Memphis Self Storage Portfolio | $0 | $6,126 | NAP | $0 | $0 | NAP | $215,222 | $28,085 | $0 | $5,367 | ||
9.01 | Property | Storage at Highway 70 | ||||||||||||
9.02 | Property | Storage at Fontaine Road | ||||||||||||
9.03 | Property | Storage at Hacks Cross Road | ||||||||||||
9.04 | Property | Storage at Country Park | ||||||||||||
9.05 | Property | Storage at Commerce Drive | ||||||||||||
9.06 | Property | Storage at Highway 51 | ||||||||||||
9.07 | Property | Storage at Titus Road | ||||||||||||
9.08 | Property | Storage at Winchester Road | ||||||||||||
10 | Loan | Legacy Commons | $0 | $6,000 | NAP | $0 | $0 | NAP | $29,696 | $29,696 | $0 | Springing | ||
11 | Loan | Voyant Industrial Portfolio | $0 | Springing | NAP | $0 | Springing | NAP | $0 | Springing | $0 | Springing | ||
11.01 | Property | Voyant - Roanoke | ||||||||||||
11.02 | Property | Voyant - New Albany | ||||||||||||
12 | Loan | Cobblestone Commons | $0 | $1,110 | NAP | $399,087 | $4,809 | $346,273 | $146,087 | $32,107 | $17,906 | $6,887 | ||
13 | Loan | Stanford Oaks | $0 | $4,191 | NAP | $0 | $0 | NAP | $85,924 | $17,185 | $0 | $6,599 | ||
14 | Loan | SpringHill Suites Boise | $0 | The greater of (i) 4.0% of the prior month's gross revenues, (ii) the current amount required under the Management Agreement or (iii) the current amount required under the Franchise Agreement for FF&E Work | NAP | $0 | 0 | NAP | $73,369 | $22,576 | $0 | Springing | ||
15 | Loan | Sunset Hills | $0 | $2,000 | NAP | $0 | $0 | NAP | $34,745 | $6,949 | $0 | Springing | ||
16 | Loan | Highline Apartments | $0 | $1,875 | $67,500 | $0 | $0 | NAP | $95,899 | $15,983 | $16,638 | $3,711 | ||
17 | Loan | Indian Rock | $0 | $1,065 | NAP | $3,500,000 | $3,195 | $107,000 | $155,047 | $26,433 | $18,269 | $3,654 | ||
18 | Loan | Arts Building | $0 | Springing | NAP | $0 | Springing | NAP | $0 | Springing | $0 | Springing | ||
19 | Loan | Royal Pines | $0 | $1,990 | $66,750 | $0 | $0 | NAP | $0 | $23,405 | $151,135 | Springing | ||
20 | Loan | TBC Corporate Office | $0 | $1,017 | $61,000 | $0 | $2,542 | NAP | $0 | Springing | $11,881 | $4,570 | ||
21 | Loan | 880 Technology Drive | $0 | $1,073 | NAP | $975,000 | Springing | $550,000 | $95,036 | $20,660 | $4,478 | $1,244 | ||
22 | Loan | The Gables at Lakeside | $0 | $3,879 | NAP | $0 | $0 | NAP | $103,025 | $10,303 | $23,093 | $2,099 | ||
23 | Loan | Fox Hills Apartments | $0 | $512 | NAP | $0 | $0 | NAP | $50,223 | $10,044 | $16,949 | $1,685 | ||
24 | Loan | Sun Belt Office Portfolio | $0 | $1,107 | NAP | $196,153 | $13,289 | NAP | $23,580 | $9,761 | $17,908 | $1,628 | ||
24.01 | Property | Rainbow Park Office | ||||||||||||
24.02 | Property | Chandler Medical Office | ||||||||||||
25 | Loan | Iron Gate Mega Storage | $0 | $848 | $30,528 | $0 | $0 | NAP | $28,492 | $6,194 | $5,839 | $885 | ||
26 | Loan | 280 Commerce Street | $0 | $1,554 | $55,934 | $0 | $7,769 | $279,669 | $14,286 | $8,929 | $27,693 | $2,613 | ||
27 | Loan | The Bristol | $0 | $1,750 | NAP | $0 | $0 | NAP | $17,570 | $2,928 | $0 | Springing | ||
28 | (24) | Loan | Rachel Drive Apartments | $0 | $500 | NAP | $0 | $0 | NAP | $8,058 | $8,058 | $1,717 | $143 | |
29 | (24) | Loan | Chambersburg Portfolio | $0 | $467 | NAP | $0 | $0 | NAP | $7,864 | $7,864 | $8,583 | $715 | |
29.01 | Property | Kelhigh Drive Apartments | ||||||||||||
29.02 | Property | Cheree Drive Apartments |
A-1-11
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGE LOAN RESERVE INFORMATION | ||||||||||
Loan No. | Footnotes | Flag | Deal Name | Upfront Deferred Maint. Reserve (19) |
Upfront Debt Service Reserves(19) |
Monthly Debt Service Reserves(20) |
Upfront Environmental Reserves(19) |
Initial Other Reserves(19) |
Initial Other Reserves Description(19) | Ongoing Other Reserves(20) |
1 | Loan | The Grace Building | $0 | $0 | $0 | $0 | $33,543,750 | Free Rent Reserve ($25,964,570); Parking Rent Shortfall Reserve ($1,608,940); Lobby/Elevator Work Reserve ($5,970,240) | $0 | |
2 | Loan | Miami Design District | $0 | $10,474,740 | $0 | $0 | $1,724,567 | Free Rent Reserve ($1,263,811); Gap Rent Reserve ($460,756) | $0 | |
3 | Loan | 888 Figueroa | $0 | $0 | $0 | $0 | $8,558,141 | Free Rent Reserve ($312,549); Outstanding TI/LC ($1,645,592); Earn Out Reserve ($6,600,000) | $0 | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
4.01 | Property | MGM Grand | ||||||||
4.02 | Property | Mandalay Bay | ||||||||
5 | Loan | The Westchester | $0 | $0 | $0 | $0 | $0 | NAP | NM Reserve Fund (Springing) | |
6 | Loan | Hollywest Promenade | $125,000 | $265,771 | $0 | $0 | $1,882,467 | Elevator/Escalator Work Reserve ($1,000,000); Rent Replication Reserve ($774,838.74); Free Rent Reserve ($107,628.68) | Rent Replication Reserve (Springing); Low Debt Yield Cure Reserve (Springing) | |
7 | Loan | Bedford Park | $19,563 | $1,268,877 | $0 | $0 | $0 | NAP | $0 | |
8 | Loan | USSC Group Headquarters | $0 | $0 | $0 | $0 | $0 | NAP | Lease Sweep Reserve (Springing); Immediate Repair Reserve (Springing) | |
9 | Loan | Memphis Self Storage Portfolio | $63,594 | $1,422,233 | $0 | $0 | $1,623,832 | Special Repair Reserve ($1,375,000); Tenant Insurance Reserve ($205,087); Management Fee Reserve ($43,745) | $0 | |
9.01 | Property | Storage at Highway 70 | ||||||||
9.02 | Property | Storage at Fontaine Road | ||||||||
9.03 | Property | Storage at Hacks Cross Road | ||||||||
9.04 | Property | Storage at Country Park | ||||||||
9.05 | Property | Storage at Commerce Drive | ||||||||
9.06 | Property | Storage at Highway 51 | ||||||||
9.07 | Property | Storage at Titus Road | ||||||||
9.08 | Property | Storage at Winchester Road | ||||||||
10 | Loan | Legacy Commons | $126,064 | $1,199,836 | $0 | $0 | $264,375 | Radon Remediation Reserve | $0 | |
11 | Loan | Voyant Industrial Portfolio | $0 | $0 | $0 | $0 | $0 | NAP | $0 | |
11.01 | Property | Voyant - Roanoke | ||||||||
11.02 | Property | Voyant - New Albany | ||||||||
12 | Loan | Cobblestone Commons | $0 | $316,453 | $0 | $0 | $187,154 | Rent Replication Funds | Lease Sweep Reserve (Springing) | |
13 | Loan | Stanford Oaks | $0 | $904,896 | $0 | $0 | $750,000 | Unit Vacancy Reserve | DSCR Trigger Reserve (Springing) | |
14 | Loan | SpringHill Suites Boise | $21,540 | $0 | $0 | $0 | $2,150,775 | PIP Reserve | Seasonal Working Capital Reserve | |
15 | Loan | Sunset Hills | $2,000 | $237,578 | $0 | $0 | $0 | NAP | $0 | |
16 | Loan | Highline Apartments | $0 | $0 | $0 | $0 | $0 | NAP | $0 | |
17 | Loan | Indian Rock | $161,578 | $0 | $0 | $0 | $1,133,638 | Free Rent Reserve | Lease Sweep Reserve (Springing) | |
18 | Loan | Arts Building | $0 | $0 | $0 | $0 | $0 | NAP | $0 | |
19 | Loan | Royal Pines | $5,000 | $0 | $0 | $0 | $0 | NAP | $0 | |
20 | Loan | TBC Corporate Office | $0 | $0 | $0 | $0 | $1,228,388 | Rent Replication Funds | Lease Sweep Reserve (Springing) | |
21 | Loan | 880 Technology Drive | $202,500 | $0 | $0 | $0 | $42,296 | TATILC Funds ($12,081); Condo Assessments Reserve ($15,000); Rent Concession Funds ($15,215) | Material Tenant Rollover Reserve (Springing); Audatex Rollover Reserve (Springing) | |
22 | Loan | The Gables at Lakeside | $17,023 | $313,056 | $25,875 | $0 | $166,459 | Common Charges Static Deposit | $0 | |
23 | Loan | Fox Hills Apartments | $0 | $111,458 | $0 | $0 | $0 | NAP | $0 | |
24 | Loan | Sun Belt Office Portfolio | $0 | $462,857 | $0 | $0 | $406,815 | Outstanding Tenant Improvements ($330,000); Free Rent Reserve ($73,022.56); Common Charge Reserve ($3,792.37) | Lease Sweep Reserve (Springing); Excess Sweep Reserve; Free Rent Reserve (Springing); Common Charges Reserve ($3,792.37) | |
24.01 | Property | Rainbow Park Office | ||||||||
24.02 | Property | Chandler Medical Office | ||||||||
25 | Loan | Iron Gate Mega Storage | $0 | $0 | $0 | $0 | $0 | NAP | $0 | |
26 | Loan | 280 Commerce Street | $0 | $0 | $0 | $0 | $30,000 | TATILC Funds | $0 | |
27 | Loan | The Bristol | $0 | $266,600 | $0 | $0 | $0 | NAP | $0 | |
28 | (24) | Loan | Rachel Drive Apartments | $0 | $152,456 | $0 | $0 | $8,000 | Radon Mitigation Reseve | $0 |
29 | (24) | Loan | Chambersburg Portfolio | $0 | $136,654 | $0 | $0 | $17,000 | Radon Mitigation Reseve | $0 |
29.01 | Property | Kelhigh Drive Apartments | ||||||||
29.02 | Property | Cheree Drive Apartments |
A-1-12
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGE LOAN RESERVE INFORMATION | ||||
Loan No. | Footnotes | Flag | Deal Name | Ongoing Other Reserves Description(20) |
1 | Loan | The Grace Building | NAP | |
2 | Loan | Miami Design District | NAP | |
3 | Loan | 888 Figueroa | NAP | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | 0 |
4.01 | Property | MGM Grand | ||
4.02 | Property | Mandalay Bay | ||
5 | Loan | The Westchester | Borrower is required to make Monthly payments (a) if a Reserve Trigger Period wherein the DSCR < 2.50x (or 2 consecutive calendar quarters based on the trailing 4 calendar quarter immediately preceding the date of such determination) does not exist and a Simon Control Event wherein a Simon Key Principal not owning at least 40.0% of the direct or indirect interests in borrower or does not control borrower, has occurred, the period commencing on the occurrence of a Major Tenant Trigger Event and ending on a Major Tenant Trigger Event Cure or (b) if a Reserve Trigger Period wherein the DSCR < 2.50x (or 2 consecutive calendar quarters based on the trailing 4 calendar quarter immediately preceding the date of such determination) exists, the period commencing on the occurrence of a Major Tenant Trigger Event and ending on the earlier to occur of (x) a Major Tenant Trigger Event Cure and (y) so long as a Simon Control Event wherein a Simon Key Principal not owning at least 40.0% of the direct or indirect interests in borrower or does not control borrower has not occurred, a Reserve Trigger Event Cure. A “Major Tenant Trigger Event” means the earlier to occur of (i) bankruptcy of Neiman Marcus, (ii) the date on which Neiman Marcus goes dark or vacates its space at the Property or (iii) the earlier of the date on which Neiman Marcus gives notice that it will not be renewing its lease or the date that is six months prior to the date of expiration of the Neiman Marcus lease. | |
6 | Loan | Hollywest Promenade | Rent Replication Reserve: During the initial cash management period, all excess cash will be deposited into the rent replication reserve up to the rent replication transfer amount. Low Debt Yield Cure Reserve: To avoid a cash trap period caused by a low debt yield trigger event, the borrower may deposit an amount that, if applied to reduce the outstanding principal balance of the mortgage loan, would be sufficient to increase the debt yield to amount equal to or greater than 8.25%. | |
7 | Loan | Bedford Park | NAP | |
8 | Loan | USSC Group Headquarters | Lease Sweep Reserve: Upon the first monthly payment date following the occurrence of a bankruptcy or insolvency of USSC Group or the applicable lease guarantor or an event of default under the USSC lease, all available cash shall be deposited into the lease sweep reserve subaccount. Immediate Repair Reserve: On a monthly basis occurring during the continuance of an Immediate Repairs Sweep Period (as defined below and provided no other Cash Trap Event Period is then continuing), all excess cash will be deposited into replacement reserve. | |
9 | Loan | Memphis Self Storage Portfolio | NAP | |
9.01 | Property | Storage at Highway 70 | ||
9.02 | Property | Storage at Fontaine Road | ||
9.03 | Property | Storage at Hacks Cross Road | ||
9.04 | Property | Storage at Country Park | ||
9.05 | Property | Storage at Commerce Drive | ||
9.06 | Property | Storage at Highway 51 | ||
9.07 | Property | Storage at Titus Road | ||
9.08 | Property | Storage at Winchester Road | ||
10 | Loan | Legacy Commons | NAP | |
11 | Loan | Voyant Industrial Portfolio | NAP | |
11.01 | Property | Voyant - Roanoke | ||
11.02 | Property | Voyant - New Albany | ||
12 | Loan | Cobblestone Commons | Lease Sweep Reserve: During a lease sweep period, all excess cash flow is required to be deposited. | |
13 | Loan | Stanford Oaks | DSCR Trigger Reserve: Upon commencement of a DSCR Trigger Event Period, the borrower will deposit $267,750 into the DSCR Trigger Reserve. If the DSCR Trigger Event Period has not been cured, on each yearly anniversary of the occurrence of such DSCR Trigger Event Period, the borrower will be required to deposit additional funds into the DSCR Trigger Reserve pursuant to the loan agreement. | |
14 | Loan | SpringHill Suites Boise | Seasonal Working Capital Reserve: Commencing October 2020 and November 2020, and every July through August thereafter, borrower shall deposit an amount equal to $25,000 | |
15 | Loan | Sunset Hills | NAP | |
16 | Loan | Highline Apartments | NAP | |
17 | Loan | Indian Rock | Lease Sweep Reserve: During a lease sweep period, all excess cash flow is required to be deposited. | |
18 | Loan | Arts Building | NAP | |
19 | Loan | Royal Pines | NAP | |
20 | Loan | TBC Corporate Office | Lease Sweep Reserve: During a lease sweep period, all excess cash flow is required to be deposited. | |
21 | Loan | 880 Technology Drive | Material Tenant Rollover Reserve: On each monthly payment date during a Material Tenant Trigger Event Period or a Material Tenant Trigger Event Period and a Audatex Trigger Event Period, the borrower shall deposit all Material Tenant Event Excess Cash. Audatex Rollover Reserve: On each monthly payment date during a Audatex Trigger Event Period (provided that no Material Tenant Trigger Event Period is continuing) the borrower shall deposit all Audatex Trigger Event Excess Cash. | |
22 | Loan | The Gables at Lakeside | NAP | |
23 | Loan | Fox Hills Apartments | NAP | |
24 | Loan | Sun Belt Office Portfolio | Lease Sweep Reserve: On each monthly payment date occuring during the continuance of a lease sweep period, all excess cash will be deposited into a lease sweep reserve for qualified leasing expenses with respect to lease sweep space demised pursuant to a qualified lease that may be incurred following the date hereof. Excess Sweep Reserve: On each monthly payment date through the payment date in November 2023, provided no lease sweep period is continuing, all excess cash will be depoisted ito the excess sweep reserve. Free Rent Reserve: Prior to the monthly payment date of the final disbursement of free rent reserve as set forth in the loan agreement with respect to any tenant under a free rent lease, to the extent such tenant has not yet taken occupancy of the its premises under the applicable free rent lease and has not yet commenced the payment of unabated rent in accordance with such free rent lease, the lender may, in its sole discretion, require the borrower to deposit with the lender an amount equal to 3 months of unabated rent from such tenant under the applicable free rent lease | |
24.01 | Property | Rainbow Park Office | ||
24.02 | Property | Chandler Medical Office | ||
25 | Loan | Iron Gate Mega Storage | NAP | |
26 | Loan | 280 Commerce Street | NAP | |
27 | Loan | The Bristol | NAP | |
28 | (24) | Loan | Rachel Drive Apartments | NAP |
29 | (24) | Loan | Chambersburg Portfolio | NAP |
29.01 | Property | Kelhigh Drive Apartments | ||
29.02 | Property | Cheree Drive Apartments |
A-1-13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
MORTGAGE LOAN RESERVE INFORMATION | |||||||||
Loan No. | Footnotes | Flag | Deal Name | Other Reserves Cap(21) | Holdback(19) | Holdback Amount(19) | Holdback Description(19) | Letter of Credit | Letter of Credit Description |
1 | Loan | The Grace Building | NAP | No | NAP | NAP | No | NAP | |
2 | Loan | Miami Design District | NAP | No | NAP | NAP | No | NAP | |
3 | Loan | 888 Figueroa | NAP | Yes | $6,000,000 | To be released upon subject to, amongst other things: (i) no event of default, (ii) no cash sweep trigger event has occurred, (iii) DY>= 9.55%. | No | NAP | |
4 | (23) | Loan | MGM Grand & Mandalay Bay | NAP | No | NAP | NAP | No | NAP |
4.01 | Property | MGM Grand | |||||||
4.02 | Property | Mandalay Bay | |||||||
5 | Loan | The Westchester | $7,159,800 | No | NAP | NAP | No | NAP | |
6 | Loan | Hollywest Promenade | NAP | No | NAP | NAP | No | NAP | |
7 | Loan | Bedford Park | NAP | No | NAP | NAP | No | NAP | |
8 | Loan | USSC Group Headquarters | Immediate Repair ($133,500) | No | NAP | NAP | No | NAP | |
9 | Loan | Memphis Self Storage Portfolio | NAP | No | NAP | NAP | No | NAP | |
9.01 | Property | Storage at Highway 70 | |||||||
9.02 | Property | Storage at Fontaine Road | |||||||
9.03 | Property | Storage at Hacks Cross Road | |||||||
9.04 | Property | Storage at Country Park | |||||||
9.05 | Property | Storage at Commerce Drive | |||||||
9.06 | Property | Storage at Highway 51 | |||||||
9.07 | Property | Storage at Titus Road | |||||||
9.08 | Property | Storage at Winchester Road | |||||||
10 | Loan | Legacy Commons | NAP | No | NAP | NAP | No | NAP | |
11 | Loan | Voyant Industrial Portfolio | NAP | No | NAP | NAP | No | NAP | |
11.01 | Property | Voyant - Roanoke | |||||||
11.02 | Property | Voyant - New Albany | |||||||
12 | Loan | Cobblestone Commons | NAP | No | NAP | NAP | No | NAP | |
13 | Loan | Stanford Oaks | NAP | No | NAP | NAP | No | NAP | |
14 | Loan | SpringHill Suites Boise | NAP | No | NAP | NAP | No | NAP | |
15 | Loan | Sunset Hills | NAP | No | NAP | NAP | No | NAP | |
16 | Loan | Highline Apartments | NAP | No | NAP | NAP | No | NAP | |
17 | Loan | Indian Rock | NAP | No | NAP | NAP | No | NAP | |
18 | Loan | Arts Building | NAP | No | NAP | NAP | No | NAP | |
19 | Loan | Royal Pines | NAP | No | NAP | NAP | No | NAP | |
20 | Loan | TBC Corporate Office | NAP | No | NAP | NAP | No | NAP | |
21 | Loan | 880 Technology Drive | Material Tenant Rollover Reserve: $3,491,000; Audatex Rollover Reserve: $1,803,750 | No | NAP | NAP | No | NAP | |
22 | Loan | The Gables at Lakeside | NAP | No | NAP | NAP | No | NAP | |
23 | Loan | Fox Hills Apartments | NAP | No | NAP | NAP | No | NAP | |
24 | Loan | Sun Belt Office Portfolio | NAP | No | NAP | NAP | No | NAP | |
24.01 | Property | Rainbow Park Office | |||||||
24.02 | Property | Chandler Medical Office | |||||||
25 | Loan | Iron Gate Mega Storage | NAP | No | NAP | NAP | No | NAP | |
26 | Loan | 280 Commerce Street | NAP | No | NAP | NAP | No | NAP | |
27 | Loan | The Bristol | NAP | No | NAP | NAP | No | NAP | |
28 | (24) | Loan | Rachel Drive Apartments | NAP | No | NAP | NAP | No | NAP |
29 | (24) | Loan | Chambersburg Portfolio | NAP | No | NAP | NAP | No | NAP |
29.01 | Property | Kelhigh Drive Apartments | |||||||
29.02 | Property | Cheree Drive Apartments |
A-1-14
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
THIRD PARTY REPORTS | ADDITIONAL PERMITTED DEBT | |||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Appraisal Value Date | Environmental Phase I Report Date(22) | Phase II Performed(22) | Engineering Report Date | Seismic Zone (Y/N) | Seismic Report Date | PML % | Additional Future Debt Permitted | Additional Future Debt Permitted Description | ||
1 | Loan | The Grace Building | 9/8/2020 | 9/22/2020 | No | 9/22/2020 | NAP | NAP | NAP | Yes | Mezzanine debt is permitted provided that, among other things, (i) the principal balance when added to the outstanding principal balance of the loan, will result in (x) a combined LTV less than 58.14% and (z) a combined Debt Yield greater than 8.35%, (ii) an intercreditor agreement is required, and (iii) Rating Agency Confirmation is required | |||
2 | Loan | Miami Design District | 3/1/2020 | 2/20/2020 | No | 2/20/2020 | NAP | NAP | NAP | No | NAP | |||
3 | Loan | 888 Figueroa | 11/17/2020 | 4/23/2019 | No | 4/23/2019 | 4 | 4/23/2019 | 14.0% | No | NAP | |||
4 | (23) | Loan | MGM Grand & Mandalay Bay | 1/10/2020 | 2/11/2020 | No | 2/11/2020 | NAP | NAP | NAP | Yes | Mezzanine Debt subject to, amongst other things: (i) No event of default, (ii) the principal amount of the Mezzanine Loan shall in no event be greater than the amount equal to the amount which shall yield an aggregate LTV ratio of 67% and a DSCR equal to the 4.81x and (iii) enter into intercreditor agreement | ||
4.01 | Property | MGM Grand | 1/10/2020 | 2/11/2020 | No | 2/11/2020 | NAP | NAP | NAP | |||||
4.02 | Property | Mandalay Bay | 1/10/2020 | 2/11/2020 | No | 2/11/2020 | NAP | NAP | NAP | |||||
5 | Loan | The Westchester | 1/12/2021 | 1/6/2020 | No | 1/6/2020 | NAP | NAP | NAP | No | NAP | |||
6 | Loan | Hollywest Promenade | 11/22/2020 | 12/4/2020 | No | 12/4/2020 | 4 | 12/4/2020 | 14.0% | No | NAP | |||
7 | Loan | Bedford Park | 9/25/2020 | 9/30/2020 | No | 10/1/2020 | NAP | NAP | NAP | No | NAP | |||
8 | Loan | USSC Group Headquarters | 9/11/2020 | 5/22/2020 | Yes | 9/23/2020 | NAP | NAP | NAP | Yes | Mezzanine Debt subject to, among other things: (i) Combined NCF DSCR >= 2.50x (IO); (ii) Combined NCF DY >= 9.5%, (iii) Combined LTV <= 65.0%, (iv) Intercreditor Agreement, (v) Rating Agency Confirmation | |||
9 | Loan | Memphis Self Storage Portfolio | 5/20/2020 | Various | No | 3/9/2020 | Various | Various | NAP | No | NAP | |||
9.01 | Property | Storage at Highway 70 | 5/20/2020 | 3/9/2020 | No | 3/9/2020 | NAP | NAP | NAP | |||||
9.02 | Property | Storage at Fontaine Road | 5/20/2020 | 3/9/2020 | No | 3/9/2020 | 3 | 3/11/2020 | 9.0% | |||||
9.03 | Property | Storage at Hacks Cross Road | 5/20/2020 | 3/10/2020 | No | 3/9/2020 | NAP | NAP | NAP | |||||
9.04 | Property | Storage at Country Park | 5/20/2020 | 3/9/2020 | No | 3/9/2020 | 3 | 3/11/2020 | 6.0% | |||||
9.05 | Property | Storage at Commerce Drive | 5/20/2020 | 3/9/2020 | No | 3/9/2020 | NAP | NAP | NAP | |||||
9.06 | Property | Storage at Highway 51 | 5/20/2020 | 3/9/2020 | No | 3/9/2020 | NAP | NAP | NAP | |||||
9.07 | Property | Storage at Titus Road | 5/20/2020 | 3/9/2020 | No | 3/9/2020 | 3 | 3/11/2020 | 14.0% | |||||
9.08 | Property | Storage at Winchester Road | 5/20/2020 | 3/9/2020 | No | 3/9/2020 | 3 | 3/11/2020 | 9.0% | |||||
10 | Loan | Legacy Commons | 11/16/2020 | 11/25/2020 | No | 11/19/2020 | NAP | NAP | NAP | No | NAP | |||
11 | Loan | Voyant Industrial Portfolio | Various | Various | No | Various | NAP | NAP | NAP | No | NAP | |||
11.01 | Property | Voyant - Roanoke | 1/23/2020 | 1/29/2020 | No | 10/9/2019 | NAP | NAP | NAP | |||||
11.02 | Property | Voyant - New Albany | 2/3/2020 | 1/28/2020 | No | 1/28/2020 | NAP | NAP | NAP | |||||
12 | Loan | Cobblestone Commons | 12/11/2020 | 12/18/2020 | No | 12/17/2020 | NAP | NAP | NAP | No | NAP | |||
13 | Loan | Stanford Oaks | 2/27/2020 | 3/18/2020 | No | 3/17/2020 | NAP | NAP | NAP | No | NAP | |||
14 | Loan | SpringHill Suites Boise | 3/1/2021 | 1/15/2020 | No | 1/16/2020 | NAP | NAP | NAP | No | NAP | |||
15 | Loan | Sunset Hills | 10/27/2020 | 11/11/2020 | No | 11/2/2020 | NAP | NAP | NAP | No | NAP | |||
16 | Loan | Highline Apartments | 1/19/2021 | 1/25/2021 | No | 1/25/2021 | 3 | NAP | NAP | No | NAP | |||
17 | Loan | Indian Rock | 9/17/2020 | 9/30/2020 | No | 9/30/2020 | NAP | NAP | NAP | No | NAP | |||
18 | Loan | Arts Building | 10/20/2020 | 12/18/2020 | No | 12/18/2020 | NAP | NAP | NAP | No | NAP | |||
19 | Loan | Royal Pines | 8/3/2020 | 3/5/2020 | No | 3/6/2020 | NAP | NAP | NAP | Yes | Mezzanine Debt subject to, among other things: (i) Combined DSCR >= DSCR at closing, (ii) Combined LTV <= LTV at closing, (iii) Combined DY >=DY at closing, (iv) Intercreditor Agreement, (v) Rating Agency Confirmation | |||
20 | Loan | TBC Corporate Office | 1/11/2021 | 1/15/2021 | No | 10/26/2020 | NAP | NAP | NAP | No | NAP | |||
21 | Loan | 880 Technology Drive | 9/29/2020 | 9/28/2020 | No | 10/1/2020 | NAP | NAP | NAP | No | NAP | |||
22 | Loan | The Gables at Lakeside | 6/1/2020 | 6/9/2020 | No | 6/9/2020 | NAP | NAP | NAP | No | NAP | |||
23 | Loan | Fox Hills Apartments | 10/23/2020 | 10/23/2020 | No | 10/23/2020 | 4 | 10/23/2020 | 12.0% | No | NAP | |||
24 | Loan | Sun Belt Office Portfolio | Various | Various | No | Various | NAP | NAP | NAP | No | NAP | |||
24.01 | Property | Rainbow Park Office | 7/7/2020 | 7/24/2020 | No | 7/24/2020 | NAP | NAP | NAP | |||||
24.02 | Property | Chandler Medical Office | 8/3/2020 | 8/14/2020 | No | 8/14/2020 | NAP | NAP | NAP | |||||
25 | Loan | Iron Gate Mega Storage | 11/27/2020 | 12/4/2020 | No | 12/4/2020 | 3 | 12/4/2020 | 6.0% | No | NAP | |||
26 | Loan | 280 Commerce Street | 10/23/2019 | 10/24/2019 | No | 10/24/2019 | NAP | NAP | NAP | No | NAP | |||
27 | Loan | The Bristol | 2/26/2020 | 3/9/2020 | No | 3/6/2020 | NAP | NAP | NAP | No | NAP | |||
28 | (24) | Loan | Rachel Drive Apartments | 3/10/2020 | 10/2/2020 | No | 3/11/2020 | NAP | NAP | NAP | No | NAP | ||
29 | (24) | Loan | Chambersburg Portfolio | 3/10/2020 | 10/2/2020 | No | 3/11/2020 | NAP | NAP | NAP | No | NAP | ||
29.01 | Property | Kelhigh Drive Apartments | 3/10/2020 | 10/2/2020 | No | 3/11/2020 | NAP | NAP | NAP | |||||
29.02 | Property | Cheree Drive Apartments | 3/10/2020 | 10/2/2020 | No | 3/11/2020 | NAP | NAP | NAP |
A-1-15
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
TOTAL MORTGAGE DEBT INFORMATION | TOTAL DEBT INFORMATION | |||||||||||||
Loan No. | Footnotes | Flag | Deal Name | Cut-off Date Pari Passu Mortgage Debt Balance(3) | 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 | ||
1 | Loan | The Grace Building | $883,000,000 | $367,000,000 | 58.1% | 3.00x | 8.3% | NAP | 58.1% | 3.00x | 8.3% | |||
2 | Loan | Miami Design District | $400,000,000 | $100,000,000 | 58.4% | 1.72x | 7.4% | NAP | 58.4% | 1.72x | 7.4% | |||
3 | Loan | 888 Figueroa | $115,000,000 | NAP | 59.3% | 2.15x | 9.2% | NAP | 59.3% | 2.15x | 9.2% | |||
4 | (23) | Loan | MGM Grand & Mandalay Bay | $1,634,200,000 | $1,365,800,000 | 65.2% | 2.70x | 9.7% | NAP | 65.2% | 2.70x | 9.7% | ||
4.01 | Property | MGM Grand | 65.2% | 2.70x | 9.7% | 65.2% | 2.70x | 9.7% | ||||||
4.02 | Property | Mandalay Bay | 65.2% | 2.70x | 9.7% | 65.2% | 2.70x | 9.7% | ||||||
5 | Loan | The Westchester | $343,000,000 | $57,000,000 | 61.8% | 3.10x | 10.6% | NAP | 61.8% | 3.10x | 10.6% | |||
6 | Loan | Hollywest Promenade | NAP | NAP | 52.7% | 3.27x | 10.5% | NAP | 52.7% | 3.27x | 10.5% | |||
7 | Loan | Bedford Park | NAP | NAP | 63.0% | 2.00x | 8.3% | NAP | 63.0% | 2.00x | 8.3% | |||
8 | Loan | USSC Group Headquarters | NAP | NAP | 64.5% | 1.60x | 9.1% | NAP | 64.5% | 1.60x | 9.1% | |||
9 | Loan | Memphis Self Storage Portfolio | NAP | NAP | 72.7% | 1.44x | 9.0% | NAP | 72.7% | 1.44x | 9.0% | |||
9.01 | Property | Storage at Highway 70 | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
9.02 | Property | Storage at Fontaine Road | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
9.03 | Property | Storage at Hacks Cross Road | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
9.04 | Property | Storage at Country Park | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
9.05 | Property | Storage at Commerce Drive | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
9.06 | Property | Storage at Highway 51 | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
9.07 | Property | Storage at Titus Road | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
9.08 | Property | Storage at Winchester Road | 72.7% | 1.44x | 9.0% | 72.7% | 1.44x | 9.0% | ||||||
10 | Loan | Legacy Commons | NAP | NAP | 61.6% | 2.02x | 8.2% | NAP | 61.6% | 2.02x | 8.2% | |||
11 | Loan | Voyant Industrial Portfolio | NAP | NAP | 63.5% | 1.58x | 9.4% | NAP | 63.5% | 1.58x | 9.4% | |||
11.01 | Property | Voyant - Roanoke | 63.5% | 1.58x | 9.4% | 63.5% | 1.58x | 9.4% | ||||||
11.02 | Property | Voyant - New Albany | 63.5% | 1.58x | 9.4% | 63.5% | 1.58x | 9.4% | ||||||
12 | Loan | Cobblestone Commons | NAP | NAP | 59.5% | 2.53x | 11.1% | NAP | 59.5% | 2.53x | 11.1% | |||
13 | Loan | Stanford Oaks | NAP | NAP | 61.8% | 2.04x | 9.0% | NAP | 61.8% | 2.04x | 9.0% | |||
14 | Loan | SpringHill Suites Boise | NAP | NAP | 71.8% | 2.82x | 17.2% | NAP | 71.8% | 2.82x | 17.2% | |||
15 | Loan | Sunset Hills | NAP | NAP | 75.0% | 1.22x | 6.9% | NAP | 75.0% | 1.22x | 6.9% | |||
16 | Loan | Highline Apartments | NAP | NAP | 70.8% | 1.28x | 8.0% | NAP | 70.8% | 1.28x | 8.0% | |||
17 | Loan | Indian Rock | NAP | NAP | 81.0% | 1.55x | 9.0% | NAP | 81.0% | 1.55x | 9.0% | |||
18 | Loan | Arts Building | NAP | NAP | 23.4% | 4.18x | 12.4% | NAP | 23.4% | 4.18x | 12.4% | |||
19 | Loan | Royal Pines | NAP | NAP | 64.4% | 1.32x | 8.2% | NAP | 64.4% | 1.32x | 8.2% | |||
20 | Loan | TBC Corporate Office | NAP | NAP | 59.1% | 2.19x | 9.2% | NAP | 59.1% | 2.19x | 9.2% | |||
21 | Loan | 880 Technology Drive | NAP | NAP | 58.3% | 2.46x | 10.7% | NAP | 58.3% | 2.46x | 10.7% | |||
22 | Loan | The Gables at Lakeside | NAP | NAP | 74.7% | 1.14x | 7.7% | NAP | 74.7% | 1.14x | 7.7% | |||
23 | Loan | Fox Hills Apartments | NAP | NAP | 64.6% | 1.72x | 6.8% | NAP | 64.6% | 1.72x | 6.8% | |||
24 | Loan | Sun Belt Office Portfolio | NAP | NAP | 67.2% | 1.46x | 10.5% | NAP | 67.2% | 1.46x | 10.5% | |||
24.01 | Property | Rainbow Park Office | 67.2% | 1.46x | 10.5% | 67.2% | 1.46x | 10.5% | ||||||
24.02 | Property | Chandler Medical Office | 67.2% | 1.46x | 10.5% | 67.2% | 1.46x | 10.5% | ||||||
25 | Loan | Iron Gate Mega Storage | NAP | NAP | 57.6% | 3.21x | 10.0% | NAP | 57.6% | 3.21x | 10.0% | |||
26 | Loan | 280 Commerce Street | NAP | NAP | 58.9% | 1.97x | 13.9% | NAP | 58.9% | 1.97x | 13.9% | |||
27 | Loan | The Bristol | NAP | NAP | 74.5% | 1.45x | 8.9% | NAP | 74.5% | 1.45x | 8.9% | |||
28 | (24) | Loan | Rachel Drive Apartments | NAP | NAP | 75.0% | 1.39x | 8.2% | NAP | 75.0% | 1.39x | 8.2% | ||
29 | (24) | Loan | Chambersburg Portfolio | NAP | NAP | 75.0% | 1.39x | 8.2% | NAP | 75.0% | 1.39x | 8.2% | ||
29.01 | Property | Kelhigh Drive Apartments | 75.0% | 1.39x | 8.2% | 75.0% | 1.39x | 8.2% | ||||||
29.02 | Property | Cheree Drive Apartments | 75.0% | 1.39x | 8.2% | 75.0% | 1.39x | 8.2% |
A-1-16
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
CSAIL 2021-C20 | |
FOOTNOTES TO ANNEX A-1 | |
(1) | "Column" denotes Column Financial, Inc., "3650 REIT" denotes Grass River Real Estate Credit Partners Loan Funding, LLC, “UBS AG” denotes UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York and “GACC” denotes German American Capital Corporation. |
(2) | With respect to any mortgaged property securing a multi-property mortgage loan, the amounts listed under the headings Original Balance, Cut-off Date Balance and Maturity/ARD Balance reflect the allocated loan amount related to such mortgaged property. |
(3) | Each of Loan Nos. 1, 2, 3, 4 and 5 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 Non-Serviced AB Whole Loans”, and “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans”, as applicable, in the prospectus. |
(4) | Loan No. 5, The Westchester - The collateral for the Mortgage Loan includes a leasehold interest in an air rights parcel for a portion of the property. |
(5) | Loan No. 12, Cobblestone Commons – The mortgaged property is a shopping center that, along with three outparcels, is part of a retail development subject to a Declaration of Reciprocal Easements and Restrictive Covenants (the “Cobblestone Declaration”), pursuant to which property owners that are part of the development covenant to comply with, among other things (i) maintenance obligations, (ii) insurance and parking requirements, (iii) outparcel building restrictions, (iv) prohibited uses for the outparcels and all the parcels within the mortgaged property, (v) exclusive uses in favor of Winn Dixie and PetSmart tenants and certain outparcel occupants and (vi) an obligation on the outparcel owners to pay the related borrower for operating costs of the common areas of, and providing sanitation, surface water detention, retention and drainage, sewage and other similar services for, the common areas of the mortgaged property.
Loan No. 14, SpringHill Suites Boise – The mortgaged property, along with parcels of property, owned by three other property owners, is part of a larger development known as Regent Center, (the “Regent Center Development”), which is subject to a Master Declaration of Covenants, Conditions, Restrictions and Easements (the “Regent Declaration”) with the related owner’s association (the “Regent Owner’s Association”) that subjects lots on the Regent Center Development to certain deed restrictions and covenants, including (i) maintenance requirements, including a requirement for the owner of a lot damaged by casualty or taken by eminent domain to restore such lot in accordance with plans approved by the Design Review Committee (“DRC”) established by the Regent Owner’s Association, and (ii) use restrictions, such that lots subject to the Regent Declaration may only be used for offices, financial institutions, specialty retail and commercial shops, residential and certain other permitted uses. The lender obtained an estoppel from the three other property owners that own the other parcels included in the Regent Center Development expressly approving the use of the mortgaged property as a hospitality property, and agreeing that no additional approvals are required in connection with the rebuilding of the mortgaged property in the event of a casualty. Because the Regent Owner’s Association was dissolved in 1998 and the DRC is now believed to be defunct, the lender was unable to obtain an estoppel from such parties. |
Loan No. 19, Royal Pines – The mortgaged property was developed as an age restricted multifamily apartment complex pursuant to a certain zoning board resolution, requiring that at least 80% of residents are age 55 or older.
Loan No. 20, TBC Corporate Office – The mortgaged property is part of a commercial development subject to a Declaration of Covenants for Parcel 5B (the “5B Declaration”), that, among other things, (i) provides for common areas including parking areas, sidewalks and landscaping and (ii) creates an association to which property owners that are part of the development pay assessments. Pursuant to the 5B Declaration, such property owners also covenant to comply with prohibited uses including, without limitation, use of the mortgaged property as a hotel for so long as the “Brock Parcel” (as defined in the 5B Declaration) is operating as a hotel. |
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ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
(6) | Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property. For example:
Loan No. 5, The Westchester - NRA and PSF reflect tenant improvements, which are owned by Nordstrom (206,197 SF), which ground leases the related parcel from the borrower.
Loan No. 17, Indian Rock, contains one tenant, McDonalds, on a ground leased outparcel totaling 2,737 SF (5.1% of the total SF of the property). |
(7) | In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but have not yet commenced paying rent and/or are not in occupancy. For example, with respect to the 5 largest tenants at each mortgaged property:
Loan No. 1, The Grace Building - The following tenants, among others, are each in a free rent period: (a) the Largest Tenant, Bank of America, N.A. (representing approximately 10.0% of the net rentable square footage at the Mortgaged Property) was in a free rent period through January 2021 (provided, however, the tenant began paying rent with respect to a portion of its premises in February 2021 and with respect to the remaining portion of its premises, is expected to commence paying rent in April 2021); (b) the Second Largest Tenant, The Trade Desk (representing approximately 9.9% of the net rentable square footage at the Mortgaged Property), is in a free rent period through September 2021; and (c) the Fifth Largest Tenant, Insight Venture Management LLC (representing approximately 6.0% of the net rentable square footage at the Mortgaged Property), is in a free rent period through May 2022. In addition, the Third Largest Tenant, Israel Discount Bank (representing approximately 9.2% of the net rentable square footage at the Mortgaged Property), is in a gap rent period. With respect to Israel Discount Bank, the landlord has completed its required work and delivered the space to the tenant, and, therefore, the tenant took possession of the space and commenced paying rent in January 2021 and is expected to commence paying operating expenses and real estate taxes in January 2022. Further, with regard to The Trade Desk, the lease commencement date for the 26th and 27th floors will occur upon the earlier of (i) substantial completion of the work to be performed by the landlord and (ii) the date that The Trade Desk first takes possession of the space for any purpose other than taking measurements, performing layouts and surveys or preparing plans and specifications. To cover the foregoing, along with free rent periods for other smaller tenants, the borrower reserved approximately $25,964,570 at origination.
Loan No. 6, Hollywest Promenade - The fourth largest tenant, Norms Restaurants, LLC, is in the process of either expanding or relocating its space within the mortgaged property and are not yet in occupancy of such space. The respective tenants do not have the ability to terminate their expanded/relocated space and at origination the borrower deposited $1,133,638 into a free rent reserve and $3,500,000 into a tenant improvement and leasing commission reserve. |
Loan No. 12, Cobblestone Commons – The largest tenant, Winn Dixie, has 4,000 SF designated as liquor store space that had a lease commencement date of February 21, 2021, with an initial 12-month free rent period. The build-out is in progress, and the liquor store is expected to open on March 17, 2021. At origination, $349,996 was reserved related to outstanding tenant improvements and the initial 12-month free rent period for such space. The third largest tenant, Toi Spa, has taken possession of its space and is in the process of completing its build-out. The rent commencement date is August 1, 2021. At origination, $114,402 was reserved related to the free rent period and outstanding tenant improvements for Toi Spa. Based on the underwritten rent roll dated January 5, 2021, the mortgaged property is 95.5% leased. Excluding space in build-out, the mortgaged property has a physical occupancy of 85.4%.
Loan No. 17, Indian Rock - The largest tenant, Hudson Heart, and the third largest tenant, Irm PTPC, are each in the process of either expanding or relocating its space within the mortgaged property and are not yet in occupancy of such space. The respective tenants do not have the ability to terminate their expanded/relocated space and at origination the borrower deposited $1,133,638 into a free rent reserve and $2,956,649 into a tenant improvement and leasing commission reserve for such tenants.
Loan No. 20, TBC Corporate Office – The sole tenant, TBC Corporation, was given a rent credit for the first 48 months of its lease term through April 30, 2024. At origination, approximately $1,228,388 was reserved in connection with the outstanding free rent credit remaining to the tenant.
Loan No. 26, 280 Commerce Street – The fifth largest tenant, 280 Fitness, an affiliate of the borrower, has not taken occupancy of its space. The tenant had a rent commencement date of March 1, 2021. | |
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ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
(8) | With respect to all mortgage loans, except as described below, the Cut-Off Date LTV Ratio and the Maturity Date/ARD LTV Ratio are based on the “as-is” appraised value even though, for certain mortgage loans, the appraiser provided a portfolio appraised value or an “as-stabilized” appraised value based on certain criteria being met.
Loan No. 3, 888 Figueroa - At origination, MUFG UNION BANK, N.A. obtained an appraisal dated June 13, 2019 with an as-is value of $205,000,000 as of April 18, 2019. 3650 REIT obtained a new appraisal dated December 1, 2020 with an as-is value of $194,000,000 as of November 17, 2020 and a prospective as-stabilized value of $215,000,000 as of August 1, 2023. Based on the prospective as-stabilized value, the Cut-off Date LTV and Maturity Date LTV would be 53.5% and 53.5%, respectively. |
Loan No. 4, MGM Grand & Mandalay Bay - the Appraised Value ($) of $4,600,000,000 as of January 10, 2020, set forth above is the appraised value solely with respect to real property at the MGM Grand & Mandalay Bay Mortgaged Properties, excluding personal property and intangible property attributable to the MGM Grand & Mandalay Bay Properties (the “Aggregate Real Property Appraised Value”). The appraisal also includes an “As Leased–Sale–Leaseback Appraised Value,” which is equal to the Aggregate Real Property Appraised Value. The Appraised Value of $7,352,600,000 (“Aggregate As Is Appraised Value”) as of January 10, 2020, includes personal property and intangible property attributable to the MGM Grand & Mandalay Bay Mortgaged Properties. The personal property and intangible property relating to the MGM Grand & Mandalay Bay Mortgaged Properties is owned by the MGM tenant or certain sublessees at the MGM Grand & Mandalay Bay Mortgaged Properties that are wholly owned subsidiaries of MGM (the “MGM/Mandalay Operating Subtenants”) (as more particularly provided in the master lease), which granted a security interest in certain property of the MGM tenant and the MGM/Mandalay Operating Subtenants (with certain exclusions, including an exclusion for the intellectual property of MGM tenant (as more particularly described in the master lease); and provided that the FF&E is only transferred to the MGM Grand & Mandalay Bay Borrowers at no cost in the event of a termination of the master lease due to an event of default by the MGM tenant thereunder, in favor of the MGM Grand & Mandalay Bay Borrowers, and such security interest was collaterally assigned by the MGM Grand & Mandalay Bay Borrowers to the lender. The Current LTV % and the Maturity % based on the "Aggregate As Is Appraised Value" are 22.2% and 22.2%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan. The Current LTV % and the Maturity % based on the Aggregate Real Property Appraised Value are 40.8% and 40.8%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan.
Loan No. 5, The Westchester - At origination, Column obtained an appraisal dated January 15, 2020 with an as-is value of $810,000,000 as of November 26, 2019. Column obtained a new appraisal dated February 3, 2021 with an as-is value of $647,000,000 as of January 12, 2021 and a prospective as-stabilized value of $699,000,000 as of February 1, 2024. Based on the prospective as-stabilized value, the Cut-off Date LTV is 49.1%.
Loan No. 14, SpringHill Suites Boise - At origination, GACC obtained an appraisal dated February 12, 2020 with an as-is value of $33,500,000 as of January 10, 2020. GACC obtained a new appraisal dated March 4, 2021 with an as-is value of $26,200,000 as of March 1, 2021 and a prospective as-stabilized value of $33,600,000 as of March 1, 2023. Based on the prospective as-stabilized value, the Cut-off Date LTV and Maturity Date LTV would be 56.0% and 48.1%, respectively. | |
(9) | For each mortgage loan, the Admin Fee Rate % is equal to the excess of the related Interest Rate % over the sum of the related Servicing Fee Rate, the Trustee/Certificate Administrator Fee Rate, the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate. |
(10) | Certain of the Mortgage Loans were originated prior to the emergence of the novel coronavirus and the economic disruption resulting from measures to combat the coronavirus. As such, for these loans, all DSCR, LTV and Debt Yield metrics were calculated, and the related Mortgaged Properties were underwritten, based on such prior information. The cumulative effects of the COVID-19 on the global economy may cause tenants to be unable to pay their rent and borrowers to be unable to pay debt service under the Mortgage Loans. See “Risk Factors – Special Risks – Current Coronavirus Pandemic Has Adversely Affected the Global Economy and Will Likely Adversely Affect the Performance of the Mortgage Loans” in the Prospectus. |
(11) | The classification of the lockbox types is described in the prospectus. See “Description of the Mortgage Pool—Mortgaged Property Accounts—Lockbox Accounts” for further details. |
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ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
(12) | For each partial interest-only mortgage loan, the UW NOI DSCR and UW NCF DSCR were calculated based on the first principal and interest payment during the term of the mortgage loan once amortization has commenced. |
(13) | The “L” component of the prepayment provision represents lockout payments. The “Def” component of the prepayment provision represents defeasance payment. The “YM0.5” component of the prepayment provision represents the greater of 0.5% of the principal balance or yield maintenance payments (where the 0.5 represents the specific YM percentage). The “YM1” component of the prepayment provision represents the greater of 1.0% of the principal balance or yield maintenance payments. The “YM2” component of the prepayment provision represents the greater of 2.0% of the principal balance or yield maintenance payments. |
(14) | With respect to Loan Nos. 4, 5, 16, and 24, the related mortgage 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; Collateral Substitution” and “—Partial Releases” in the prospectus. |
(15) | With respect to Loan Nos. 7, 8, 11, 12, 13, 16, 20 and 27, certain mortgaged properties (i) were constructed or the subject of a major renovation that was completed within 12 calendar months prior to the cut-off date and, therefore, the related mortgaged property has no or limited prior operating history, (ii) have a borrower or an affiliate under the related mortgage loan that acquired the related mortgaged property within 12 calendar months prior to the cut-off date and such borrower or affiliate was unable to provide the related mortgage loan seller with historical financial information for such acquired mortgaged property and/or (iii) are single tenant properties subject to triple-net leases with the related tenant where the related borrower did not provide the related mortgage loan seller with historical financial information for the related mortgaged property. |
(16) | With regards to the footnotes hereto, footnotes are only provided with respect to tenants that are among the five largest tenants by square footage for any mortgaged property. |
(17) | In certain cases, the data for tenants occupying multiple spaces includes square footage for all leases and is presented with the expiration date of the largest square footage expiring. |
(18) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease. For example, with respect to the 5 largest tenants at mortgaged properties securing mortgage loans not included in the top 15 mortgage loans:
Loan No. 17, Indian Rock – The largest tenant, Hudson Heart, and the third largest tenant, Irm PTPC, are each in the process of either expanding or relocating its space within the mortgaged property and are not yet in occupancy of such space. The respective tenants do not have the ability to terminate their expanded/relocated space and at origination the borrower deposited $1,133,638 into a free rent reserve and $2,956,649 into a tenant improvement and leasing commission reserve for such tenants.
Loan No. 21, 880 Technology Drive – The third largest tenant, Center for Automotive Research, has an option to terminate its lease effective any time after June 30, 2028 with 12 months' notice. The termination fee includes the unamortized balance of the tenant improvement allowance, free rent and leasing commissions, amortized over 14 years. In addition, the tenant must pay three months of minimum monthly rent in effect at the time such early termination option is exercised.
See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” in the preliminary prospectus for information regarding certain lease termination options affecting the 5 largest tenants at mortgaged properties securing the 15 largest mortgage loans. |
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ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS |
AND MORTGAGED PROPERTIES |
(19) | Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related mortgage loan documents.
Loan No. 14, SpringHill Suites Boise – As part of a loan modification entered into on June 4, 2020, approximately $216,007 of the PIP reserve funds were released to the borrower to help pay debt service due on the monthly payment dates that occurred in each of June, July and August 2020. The borrower replenished the $216,007 into the PIP reserve account as well as $9,697 into the FF&E reserve account as part of a second loan modification on February 22, 2021.
Loan No. 3, 888 Figueroa – The borrower deposited $6,600,000 into an earn out reserve, consisting of $6,000,000 in holdback funds and $600,000 in estimated prepayment premium funds. As of the cut-off date, all amounts in the earn out reserve have been fully funded to the borrower. |
(20) | Represents the upfront and monthly amounts required to be deposited by the borrower. The monthly required amounts may be increased or decreased pursuant to the terms of the related mortgage loan documents. In certain cases, reserves with $0 balances are springing and are collected in the event of certain conditions being triggered in the respective mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being triggered in the respective mortgage loan documents. |
(21) | Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. |
(22) | Loan No. 4, MGM Grand & Mandalay Bay – Only the MGM Grand & Mandalay Bay Borrowers are liable for breaches of environmental covenants; provided, however, that if the MGM Grand & Mandalay Bay Borrowers fail to maintain an environmental insurance policy required under the MGM Grand & Mandalay Bay Whole Loan documents, the guarantors are liable for losses other than (x) for any amounts in excess of the applicable coverage amounts under the environmental policy had the same been renewed, replaced or extended as required under the loan agreement and (y) for any amounts recovered under the environmental policy. |
(23) | Loan No. 4, MGM Grand & Mandalay Bay – The MGM Grand & Mandalay Bay Whole Loan is structured with an Anticipated Repayment Date (“ARD”) of March 5, 2030 and a final maturity date of March 5, 2032. After the ARD, the following structure would apply: (i) the interest rate will increase by 200 basis points over the greater of (x) 3.5580%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”) plus (2) 1.7700%, (ii) amounts in the Excess Cash Flow Reserve (as defined in the related loan agreement) will be applied first to pay monthly additional interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest Rate) and added to the principal balance of the applicable note(s) comprising a portion of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents, and (iii) a full cash flow sweep to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—ARD Loans” in this Preliminary Prospectus. |
(24) | Loan No. 28, Rachel Drive Apartments and Loan No 29, Chambersburg Portfolio – The loans are cross collateralized and cross defaulted. The loan metrics for loan-to-value, debt service coverage ratio and debt yields are based on the aggregate of both loans. |
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