0001539497-21-000343.txt : 20210315 0001539497-21-000343.hdr.sgml : 20210315 20210315152722 ACCESSION NUMBER: 0001539497-21-000343 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20210315 DATE AS OF CHANGE: 20210315 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CSAIL 2021-C20 Commercial Mortgage Trust CENTRAL INDEX KEY: 0001832873 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-227081-06 FILM NUMBER: 21741330 BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-538-1807 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: CSAIL 2020-C20 Commercial Mortgage Trust DATE OF NAME CHANGE: 20201118 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Credit Suisse Commercial Mortgage Securities Corp. CENTRAL INDEX KEY: 0001654060 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 475115713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-538-1807 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FWP 1 n2456-x3_a1.htm FREE WRITING PROSPECTUS
 

 

    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  The information will be superseded by similar information delivered to you as part of the offering document relating to the Commercial Mortgage Pass-Through Certificates, Series CSAIL 2021-C20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. 

Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached are not applicable to these materials and should be disregarded.  Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another email system.

 

   

 

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.

 

A-1-17

 
 
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.

   

 

A-1-18

 
 
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.
   

A-1-19

 
 
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.

   

A-1-20

 
 
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.

 

A-1-21