Unassociated Document

12/31/2012(1)

12/31/2013(1)

12/31/2014(1)

4/1/2015(2)

(1) Information obtained from the borrower.

(2) Information obtained from the underwritten rent roll.

EASTGATE TWO PHASES VIII-X

Appraisal. As of the appraisal valuation date of February 25, 2015, the Eastgate Two Property had an “as-is” appraised value of $178,000,000.

Environmental Matters. According to the Phase I environmental report dated February 23, 2015, there was no evidence of any recognized environmental conditions at the Eastgate Two Property.

Market Overview and Competition. The Eastgate Two Property is located in San Diego, California, at the intersection of Eastgate Mall and Towne Centre Drive, directly west of Interstate 805, the major north-south highway in Southern California, and approximately 1.8 miles east of Interstate 5. The Eastgate Two Property is part of the larger Eastgate Campus, a 24-building, 113.6-acre office campus owned and operated by the Irvine Company. The Eastgate Two Property is located in the east portion of the University Towne Center (“UTC”) mixed-use area, which is generally situated east of Interstate 5, west of Interstate 805, and north of State Route 52 in north-central suburban San Diego, approximately 13.4 miles north of the San Diego central business district. The Eastgate Two Property is located 0.6 miles northeast of Westfield UTC mall, a 1.1 million square foot super-regional mall with 150 retail tenants, including anchors Sears, Nordstrom and Macy’s. According to the appraisal, the mall underwent a major renovation in 2012, and it is expected to undergo a second phase over the next three years, the plan for which includes a new 330,000 square foot Nordstrom, luxury and high fashion retailers, ten restaurants and a new parking structure along Genesee Avenue. The $600.0 million project is scheduled for opening in the Fall of 2016. Other major commercial demand generators include the University of California – San Diego (2.3 miles west), with an enrollment of 30,310 students (as of Fall 2013), and considered one of the top ranked public research universities in the United States by a leading publication in 2014, and Marine Corps Air Station Miramar (4.1 miles east), an air field that is home to the 3rd Marine Aircraft Wing.

According to the appraisal, the Eastgate Two Property is located in the UTC office submarket, the financial center for a larger business area known as the Golden Triangle. Much of the newer development in the area has consisted of high intensity office, commercial and residential uses, primarily within the Golden Triangle area. Located within the San Diego office market, the UTC office submarket comprised approximately 6.6 million square feet of office space as of the fourth quarter of 2014 and accounted for approximately 8.9% of San Diego’s office inventory. The Irvine Company currently owns and operates 3.7 million square feet of office space in the UTC office submarket, exhibiting an average occupancy rate of approximately 94.0% as of December 2014. The UTC office submarket exhibited 2014 net absorption of 454,865 square feet, the largest amount of any San Diego submarket and double that of the next closest submarket. As of the fourth quarter of 2014, the submarket occupancy rate was 88.0% for all space, and 78.9% for class B space (both vacancy rates include approximately 288,224 square feet that is 100.0% vacant and is not being actively marketed for lease; excluding these vacant buildings results in a submarket occupancy rate of 86.9% for class B space), with a current average asking rent within the submarket of $29.16 per square foot for all space, and $28.08 per square foot for class B space, on a full-service gross basis. Deducting the appraiser’s assumption of $6.48 per square foot for reimbursements, the average triple-net rents equate to $22.68 per square foot and $21.60 per square foot, respectively. Average rent in the submarket has increased 9.2% year-over-year (December 2013 to December 2014). The appraiser’s competitive set exhibited an average occupancy of 90.7%.

The following table presents certain information relating to comparable office properties for the Eastgate Two Property:

Competitive Set(1)

	Eastgate Two Phases VIII-X (Subject)	Eastgate One Phases I-VIII & XII	Centrewest Plaza	Sorrento Gateway
Location	San Diego, CA	San Diego, CA	San Diego, CA	San Diego, CA
Distance from Subject	--	0.1 miles	1.2 miles	1.1 miles
Property Type	Office	Office	Office	Office
Year Built/Renovated	1998/2014	1998/2014	1990/NAV	2008/NAV
Stories	2-3	2	3	2
Total GLA	530,436 SF	860,513 SF	195,584 SF	228,254 SF
Total Occupancy	93%	85%	87%	100%

(1)	Information obtained from the appraisal.

The Borrower. The borrower is Irvine Eastgate Office II LLC, a Delaware limited liability company which is a single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Eastgate Two Loan Combination. Spectrum Office Properties II LLC is the guarantor of certain nonrecourse carveouts under the Eastgate Two Loan Combination.

The Sponsor. The sponsore is The Irvine Company, LLC (“Irvine Company”). Irvine Company was established in 1864 and is a diversified, privately held real-estate investment company and master-planner, which was responsible for the stewardship and master-planning of the City of Irvine in Orange County, California, which was incorporated in 1971. As of December 31, 2014, Irvine Company’s investment portfolio totals approximately 98 million square feet and includes 500 office buildings totaling 38.2 million square feet, 129 multifamily properties totaling over 50,000 units, 41 retail properties totaling 8.4 million square feet and three resort properties totaling 1,163 rooms, primarily located in Southern California. In addition, within Orange County, the Irvine Company owns and manages an extensive unencumbered land bank currently fully entitled for commercial, retail, multifamily and single-family development. Spectrum Office Properties II LLC, an affiliate of the sponsor, also serves as the guarantor of certain nonrecourse carveouts for the Eastgate One Phases I-VIII & XII Loan Combination.

Escrows. The loan documents provide for upfront reserves in the amount of $75,200 for rent concessions for WMK Office San Diego, LLC and $1,698,283 for outstanding tenant improvements and leasing commissions ($1,292,500 for WMK Office San Diego, LLC,

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

EASTGATE TWO PHASES VIII-X

$386,250 for CONNECT San Diego and $19,533 for Service-Now). The loan documents do not require monthly escrows for real estate taxes as long as (i) no DSCR Trigger Event Period (as defined below) exists and (ii) the borrower provides the lender with timely proof of payment of real estate taxes. The loan documents do not require monthly escrows for insurance as long as (i) no DSCR Trigger Event Period exists; (ii) the Eastgate Two Property is insured via an acceptable blanket insurance policy; and (iii) the borrower provides the lender with evidence of renewal of the policies and timely proof of payment of the insurance premiums when due. The loan documents do not require monthly escrows for capital expenditures or tenant improvements and leasing commissions as long as no DSCR Trigger Event Period exists. Upon the occurrence of a DSCR Trigger Event Period, monthly reserves of $13,703 for capital expenditures (capped at $328,869) and $55,254 for tenant improvements and leasing commissions (capped at $1,326,090) will be required.

A “DSCR Trigger Event Period” will commence upon (i) the occurrence of an event of default or (ii) the amortizing debt service coverage ratio falling below 1.20x at the end of any calendar quarter. A DSCR Trigger Event Period will be cured upon the (i) cure of such event of default and (ii) the amortizing debt service coverage ratio being equal to or greater than 1.20x for two consecutive calendar quarters.

The borrower will be required to accumulate $2,070,000 in the Provide Commerce Springing Reserve if (i) the borrower and Provide Commerce fail to enter into a direct lease for substantially all of the Provide Commerce space for a term of no less than five years at a net effective rent of no less than the lesser of (a) $23.61 per square foot triple-net (the rent payable prior to the expiration of the Provide Commerce sublease) or (b) 95% of the then effective fair market rent, prior to June 30, 2017; (ii) Provide Commerce vacates all or substantially all of their space and ceases paying rent under their sublease; or (iii) Provide Commerce suffers a bankruptcy or becomes insolvent. To satisfy the Provide Commerce Springing Reserve, the borrower may deposit cash (either one lump sum or monthly payments), post a letter of credit or provide a reserve guaranty from an investment-grade rated entity. Provided no event of default has occurred or is continuing, funds will be disbursed once Provide Commerce has executed a direct lease subject to the above provisions or all of the Provide Commerce space has been leased to replacement tenant(s) pursuant to one or more leases for a term of at least five years at no less than 95% of fair market rent, as further detailed in the loan agreement.

The borrower will be required to accumulate $1,650,000 in the Service-Now Springing Reserve if (i) Service-Now fails to exercise its lease extension option nine months prior to the Service-Now lease expiration (September 30, 2022) and has not otherwise extended its’ lease for a term of at least five years at a net effective rent of no less than the lesser of (a) $22.08 per square foot triple-net (the rent payable prior to the expiration of the Service-Now lease) or (b) 95% of the then effective fair market rent; (ii) Service-Now vacates all or substantially all of their space and ceases paying rent under their lease; or (iii) Service-Now suffers a bankruptcy or becomes insolvent. To satisfy the Service-Now Springing Reserve, the borrower may deposit cash (either one lump sum or monthly payments), post a letter of credit or provide a reserve guaranty from an investment-grade rated entity. Provided no event of default has occurred or is continuing, funds will be disbursed once the Service-Now lease has been extended subject to the above provisions or all of the Service-Now space has been leased to replacement tenant(s) pursuant to one or more leases for a term of at least five years at no less than 95% of fair market rent, as further detailed in the loan agreement.

Lockbox and Cash Management. The Eastgate Two Loan Combination requires a lender-controlled lockbox account, which is already in place, and that the borrower direct tenants to pay their rents directly into such lockbox account. The loan documents also require that all rents received by the borrower or the property manager be deposited into the lockbox account within three business days of receipt. Prior to the occurrence of a Cash Trap Event Period (as defined below), all funds are required to be distributed to the borrower. During a Cash Trap Event Period, all funds are swept on a daily basis to a lender-controlled cash management account. In addition, during a Cash Trap Event Period, after application to various reserves, if the excess cash flow held by the lender is not less than six months of debt service payments, any excess cash flow will be disbursed to the borrower.

A “Cash Trap Event Period” will commence upon the earlier of (i) the occurrence of an event of default or (ii) the amortizing debt service coverage ratio falling below 1.10x at the end of any calendar quarter. A Cash Trap Event Period will be cured, with regard to clause (i), upon the cure of such event of default and with regard to clause (ii), upon the amortizing debt service coverage ratio being equal to or greater than 1.15x for two consecutive calendar quarters.

Property Management. The Eastgate Two Property is managed by an affiliate of the borrower.

Assumption. The borrower has the right to transfer the Eastgate Two Property, provided that no event of default has occurred and is continuing and certain other conditions are satisfied, including (i) the lender’s reasonable determination that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration transferee’s experience, financial strength and general business standing; (ii) execution of a recourse guaranty (which includes an environmental indemnity) by an affiliate of the transferee; and (iii) rating agency confirmation from DBRS, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-C28 Certificates and similar confirmations from each rating agency rating any securities backed by the Eastgate Two Companion Loan with respect to the ratings of such securities.

Partial Release. Not permitted.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted.

Additional Indebtedness. The loan documents permit the pledge of a direct or indirect interest in an upper tier entity (Spectrum Office Properties II LLC or its affiliated owners) and non-controlling interests in the borrower if the pledgor owns a direct or indirect interest in real property other than the Eastgate Two Property, subject to certain additional conditions, including no change of control to the parties other than Spectrum Office Properties II LLC or its affiliates.

Ground Lease. None.

EASTGATE TWO PHASES VIII-X

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Eastgate Two Property; provided, however, if the Terrorism Risk Insurance Program Reauthorization Act is discontinued or not renewed, the borrower will not be required to pay annual premiums in excess of two times the amount for a standalone all risk policy. The loan documents also require business interruption insurance covering no less than the 24-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

Earthquake Insurance. The loan documents do not require earthquake insurance. The seismic report dated February 20, 2015 indicated a probable maximum loss of 8.0%.

No. 6 – 3 Beaver Valley Road

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:	Office
Original Principal Balance:		$46,350,000			Specific Property Type:	Suburban
Cut-off Date Principal Balance:		$46,350,000			Location:	Wilmington, DE
% of Initial Pool Balance:		4.0%			Size:	263,503 SF
Loan Purpose:		Acquisition			Cut-off Date Principal Balance Per SF:	$175.90
Borrower Name:		Medistar Beaver Valley, LLC			Year Built/Renovated:	1995/NAP
Sponsor:		Manfred Co., L.C.			Title Vesting:	Fee
Mortgage Rate:		4.020%			Property Manager:	Stream Realty Partners-DC, L.P.
Note Date:		March 30, 2015			3rd Most Recent Occupancy (As of):	100.0% (12/31/2012)
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of):	100.0% (12/31/2013)
Maturity Date:		April 11, 2025			Most Recent Occupancy (As of):	93.1% (12/31/2014)
IO Period:		24 months			Current Occupancy (As of):	94.9% (4/1/2015)
Loan Term (Original):		120 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		360 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3rd Most Recent NOI (As of):	$5,402,904 (12/31/2012)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of):	$5,499,422 (12/31/2013)
Call Protection:		L(25),D(91),O(4)			Most Recent NOI (As of):	$5,106,528 (12/31/2014)
Lockbox Type:		Hard/Upfront Cash Management
Additional Debt(1):		Yes
Additional Debt Type(1):		Mezzanine			U/W Revenues(3):	$7,909,242
					U/W Expenses(3):	$3,352,320
					U/W NOI(3):	$4,556,921
					U/W NCF(3):	$4,158,797
					U/W NOI DSCR(1):	1.71x
Escrows and Reserves(2):					U/W NCF DSCR(1):	1.56x
					U/W NOI Debt Yield(1):	9.8%
Type:	Initial		Monthly	Cap (If Any)	U/W NCF Debt Yield(1):	9.0%
Taxes	$283,193		$40,456	NAP	As-Is Appraised Value:	$61,850,000
Insurance	$0		Springing	NAP	As-Is Appraisal Valuation Date:	February 26, 2015
Replacement Reserves	$0		$4,392	NAP	Cut-off Date LTV Ratio(1):	74.9%
TI/LC Reserve	$0		Springing	NAP	LTV Ratio at Maturity or ARD(1):	63.2%

(1)

See “Subordinate and Mezzanine Indebtedness” section. The equity interest in the 3 Beaver Valley Road Mortgage Loan borrower has been pledged to secure mezzanine indebtedness with a principal balance of $3,090,000. The LTV, DSCR, debt yield and Cut-off Date Principal Balance per square foot numbers shown in the chart above are based solely on the 3 Beaver Valley Road Mortgage Loan. As of the Cut-off Date, the combined U/W NCF DSCR, Cut-off Date LTV Ratio and U/W NCF Debt Yield are 1.37x, 79.9% and 8.4%, respectively.

(2)	See “Escrows” section.

(3)	See “Cash Flow Analysis” section.

The Mortgage Loan. The mortgage loan (the “3 Beaver Valley Road Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering the fee interest in an office building and adjacent parking garage located in Wilmington, Delaware (the “3 Beaver Valley Road Property”). The 3 Beaver Valley Road Mortgage Loan was originated on March 30, 2015 by Wells Fargo Bank, National Association. The 3 Beaver Valley Road Mortgage Loan had an original principal balance of $46,350,000, has an outstanding principal balance as of the Cut-off Date of $46,350,000 and accrues interest at an interest rate of 4.020% per annum. The 3 Beaver Valley Road Mortgage Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and requires interest-only payments for the first 24 payments following origination and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The 3 Beaver Valley Road Mortgage Loan matures on April 11, 2025.

Following the lockout period, the borrower has the right to defease the 3 Beaver Valley Road Mortgage Loan in whole, but not in part, on any date before January 11, 2025. In addition, the 3 Beaver Valley Road Mortgage Loan is prepayable without penalty on or after January 11, 2025.

3 BEAVER VALLEY ROAD

Sources and Uses

Sources			Uses
Original loan amount	$46,350,000	72.2%	Purchase price	$61,800,000	96.2%
Mezzanine loan	3,090,000	4.8	Reserves	283,193	0.4
Sponsor’s new cash contribution	14,791,617	23.0	Closing costs	2,148,424	3.3
Total Sources	$64,231,617	100.0%	Total Uses	$64,231,617	100.0%

The Property. The 3 Beaver Valley Road Property is comprised of a five-story, class A, office building totaling 263,503 square feet and an adjacent four-level parking garage located in Wilmington, Delaware, approximately 8.0 miles north of the Wilmington central business district. Built in 1995, the 3 Beaver Valley Road Property is situated on a 17.9-acre parcel and serves as the headquarters for its two tenants, Farmers Insurance (rated A2/A+ by Moody’s/S&P) and Solenis LLC (“Solenis”) (rated B3/B by Moody’s/S&P). The 3 Beaver Valley Road Property has been occupied by 21st Century Insurance since 2002 and, following Farmers Insurance acquisition of 21st Century Insurance in 2009, Farmers Insurance renewed its lease in 2014 for a 10-year term. Farmers Insurance serves more than 10.0 million households with more than 20.0 million individual insurance policies across all 50 states through the effort of over 50,000 exclusive and independent agents and approximately 24,000 employees. Solenis is a leading global supplier of specialty chemicals to the pulp and paper,chemical processing, mining, biorefining and power markets and employs 3,500 professionals worldwide, with approximately 120 employees and senior executives located at the 3 Beaver Valley Road Property. Amenities at the 3 Beaver Valley Road Property include an employee cafeteria, fitness center and outdoor seating area adjacent to the cafeteria. The 3 Beaver Valley Road Property features 1,214 surface and garage parking spaces resulting in a parking ratio of 4.6 spaces per 1,000 square feet of rentable area. As of April 1, 2015, the 3 Beaver Valley Road Property was 94.9% leased to two tenants.

The following table presents certain information relating to the tenancy at the 3 Beaver Valley Road Property:

Major Tenants

Tenant Name	Credit Rating (Fitch/Moody’s/ S&P)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenants
Farmers Insurance	NR/A2/A+	210,975	80.1%	$20.37(1)	$4,297,684(1)	84.7%	12/31/2024(2)(3)
Solenis LLC	NR/B3/B	39,121	14.8%	$19.88	$777,620	15.3%	1/31/2025(4)(5)
Total Major Tenants		250,096	94.9%	$20.29	$5,075,304	100.0%

Occupied Collateral Total		250,096	94.9%	$20.29	$5,075,304	100.0%

Vacant Space		13,407	5.1%

Collateral Total		263,503	100.0%

(1)

The Annual U/W Base Rent and the Annual U/W Base Rent PSF represent the average rent for Farmers Insurance through the remaining lease term for 146,986 square feet and the average rent through January 2021 for the Contraction Space (as defined below) (each space has current in-place rent of $19.00 per square foot). The remaining 10,972 square feet has an Annual U/W Base Rent PSF of $10.00 per square foot.

(2)

Farmers Insurance has an option to reduce its net rentable area by 53,017 square feet (the “Contraction Space”) by providing 12 months’ written notice on or after February 1, 2021. The tenant must pay a contraction fee equal to the sum of the Contraction Space’s pro rata amount of unamortized costs of tenant improvement and leasing commissions provided by the landlord with interest and six months rent attributable to the Contraction Space.

(3)	Farmers Insurance has one, five-year lease renewal option.

(4)	Solenis has a one-time, right to terminate its lease on or after January 31, 2019, effective January 31, 2020, with payment of a termination fee equal to the sum of unamortized costs of tenant improvement and leasing commissions provided by the landlord and 12 months rent.

(5)	Solenis has one five-year lease renewal option.

3 BEAVER VALLEY ROAD

The following table presents certain information relating to the lease rollover schedule at the 3 Beaver Valley Road Property:

Lease Expiration Schedule(1)(2)

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	Annual U/W Base Rent PSF(3)
MTM	0	0	0.0%	0	0.0%	$0	$0.00
2015	0	0	0.0%	0	0.0%	$0	$0.00
2016	0	0	0.0%	0	0.0%	$0	$0.00
2017	0	0	0.0%	0	0.0%	$0	$0.00
2018	0	0	0.0%	0	0.0%	$0	$0.00
2019	0	0	0.0%	0	0.0%	$0	$0.00
2020	0	0	0.0%	0	0.0%	$0	$0.00
2021	0	0	0.0%	0	0.0%	$0	$0.00
2022	0	0	0.0%	0	0.0%	$0	$0.00
2023	0	0	0.0%	0	0.0%	$0	$0.00
2024	1	210,975	80.1%	210,975	80.1%	$4,297,684	$20.37
2025	1	39,121	14.8%	250,096	94.9%	$777,620	$19.88
Thereafter	0	0	0.0%	250,096	94.9%	$0	$0.00
Vacant	0	13,407	5.1%	263,503	100.0%	$0	$0.00
Total/Weighted Average	2	263,503	100.0%			$5,075,304	$20.29

(1)	Information obtained from the underwritten rent roll.

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

(3)	Weighted Average Annual U/W Base Rent PSF excludes vacant space.

The following table presents historical occupancy percentages at the 3 Beaver Valley Road Property:

Historical Occupancy

3 BEAVER VALLEY ROAD

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and the underwritten net cash flow at the 3 Beaver Valley Road Property:

Cash Flow Analysis

	2012	2013	2014	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$5,047,461	$5,131,638	$4,837,300	$5,075,304(2)	64.2%	$19.26
Grossed Up Vacant Space	0	0	0	268,140	3.4	1.02
Total Reimbursables	574,617	638,216	1,291,845	3,100,142	39.2	11.77
Parking Income	380,566	380,568	190,284	0	0.0	0.00
Less Vacancy	0	0	0	(534,344)(3)	(6.8)	(2.03)
Effective Gross Income	$6,002,643	$6,150,422	$6,319,429	$7,909,242	100.0%	$30.02

Total Operating Expenses	$599,740	$651,000	$1,212,901(1)	$3,352,320	42.4%	$12.72

Net Operating Income	$5,402,904	$5,499,422	$5,106,528	$4,556,921(4)	57.6%	$17.29

TI/LC	0	0	0	345,423	4.4	1.31
Capital Expenditures	0	0	0	52,701	0.7	0.20
Net Cash Flow	$5,402,904	$5,499,422	$5,106,528	$4,158,797	52.6%	$15.78

NOI DSCR	2.03x	2.07x	1.92x	1.71x
NCF DSCR	2.03x	2.07x	1.92x	1.56x
NOI DY	11.7%	11.9%	11.0%	9.8%
NCF DY	11.7%	11.9%	11.0%	9.0%

(1)	2014 Expenses increase due to expenses previously being paid directly by Farmers Insurance.

(2)	The U/W Base Rent represents rent averaging for Farmers Insurance totaling $387,907 above the current in place rent (See “Major Tenants” section).

(3)	The underwritten economic vacancy is 10.0%. The 3 Beaver Valley Road Property was 94.9% physically occupied as of April 1, 2015.

(4)	The U/W Net Operating Income is lower than 2014 due to an increase in U/W Total Operating Expenses.

Appraisal. As of the appraisal valuation date of February 26, 2015, the 3 Beaver Valley Road Property had an “as-is” appraised value of $61,850,000.

Environmental Matters. According to a Phase I environmental site assessment dated March 2, 2015, there was no evidence of any recognized environmental conditions at the 3 Beaver Valley Road Property.

Market Overview and Competition. The 3 Beaver Valley Road Property is located on the north side of Beaver Valley Road, in Wilmington, Delaware, approximately 8.0 miles north of the Wilmington central business district, and benefits from a convenient location that is accessible to employees living in Delaware, Pennsylvania and New Jersey. Regional access to the area is provided by Route 202, which runs south into Wilmington and north into Pennsylvania, and is located approximately 0.3 miles east of the 3 Beaver Valley Road Property. The 3 Beaver Valley Road Property is located in the Northern Delaware office market which continued to display improving market fundamentals at the close of the third quarter 2014. Tenants leased approximately 422,230 square feet of office space and absorbed approximately 120,000 square feet during the first three quarters of 2014 resulting in the region’s overall vacancy rate falling to approximately 17.9%. The Northern Delaware office market consists of New Castle County, which is divided into the Wilmington central business district and New Castle County office submarkets that contain approximately 6.7 million square feet and 8.5 million square feet of office space, respectively. Depressed rental rates, coupled with projected improvements in the national economy, are expected to increase hiring and expansion efforts among the region’s business leaders, thereby increasing the demand for office space accordingly.

According to a third party report, the 3 Beaver Valley Road Property is located in the North New Castle County office submarket which is comprised of 179 buildings totaling approximately 6.0 million square feet of office space. As of the first quarter 2015, the North New Castle County office submarket reported a vacancy rate of 11.8% and an average asking rent of $24.18 per square foot full service gross. As of the first quarter 2015, the North New Castle County class A office submarket, comprised of approximately 2.4 million square feet of office space, reported a vacanty rate of 10.4% and an average asking rent of $26.19 per square foot full service gross.

3 BEAVER VALLEY ROAD

The following table presents certain information relating to comparable properties to the 3 Beaver Valley Road Property:

Competitive Set(1)

	3 Beaver Valley Road (Subject)	Lower Makefield Corporate Center	Crosspoint at Valley Forge	Four Falls Corporate Center	5 Radnor Corporate Center	Bellevue Park Corporate Center
Location	Wilmington, DE	Yardley, PA	Wayne, PA	Conshohocken, PA	Radnor, PA	Wilmington, DE
Distance from Subject	--	56.2 miles	25.4 miles	29.6 miles	28.7 miles	6.4 miles
Property Type	Office	Office	Office	Office	Office	Office
Year Built/Renovated	1995/NAP	2009/NAV	2014/NAV	1987/NAV	1985/NAV	1987/NAV
Stories	5	4	4	6	5	4
Total GLA	263,503 SF	87,155 SF	272,665 SF	253,985 SF	161,557 SF	117,277 SF
Total Occupancy	95%	72%	95%	69%	100%	100%

(1)	Information obtained from the appraisal and represents properties with comparable office rent as the appraiser did not identify a competitive set.

The Borrower. The borrower is Medistar Beaver Valley, LLC, a single purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 3 Beaver Valley Road Mortgage Loan. Manfred Co., L.C. is the guarantor of certain nonrecourse carveouts under the 3 Beaver Valley Road Mortgage Loan.

The Sponsor. The sponsor is Manfred Co., L.C., which is managed by Monzer Hourani. Mr. Hourani founded Medistar Corporation (“Medistar”), one of the leading medical real estate development companies in the healthcare field. Medistar specializes in the development of integrated medical buildings that typically contain facilities for outpatient surgery, full modality diagnostics, physical therapy and physician offices. As of April 2015, Medistar has developed or owns 11 medical centers and six office buildings with six additional projects in development.

Escrows. The loan documents provide for upfront reserves in the amount of $283,193 for real estate taxes. The loan documents require monthly deposits of $40,456 for real estate taxes and $4,392 for replacement reserves. Monthly deposits for tenant improvement and leasing commissions in the amount of $27,448 will commence upon the earlier of (i) May 2020; (ii) the occurrence and continuance of an event of default; (iii) Farmers Insurance having a credit rating less than BBB- by S&P; or (iv) Solenis a credit rating less than B3 by Moody’s. If Solenis no longer maintains a credit rating of at least B3 by Moody’s, the borrower is required to deposit an additional amount of $343,210 into the tenant improvement and leasing commission reserve. The loan documents do not require monthly escrows for insurance provided (a) no event of default has occurred; (b) the 3 Beaver Valley Road Property is insured via an acceptable blanket insurance policy; and (c) the borrower provides the lender with evidence of renewal of the insurance policies and timely proof of payment of insurance premiums.

Lockbox and Cash Management. The 3 Beaver Valley Road Mortgage Loan requires a lender-controlled lockbox account, which is already in place, and that the borrower direct tenants to pay their rents directly into such lockbox account. The loan documents also require that all rents received by the borrowers or the property manager be deposited into the lockbox account within one business day of receipt. Prior to the occurrence of a Cash Trap Event Period (as defined below), all excess cash flow is distributed to the borrower. During a Cash Trap Event Period, all cash flow is swept to a lender-controlled cash management account.

A “Cash Trap Event Period” will commence upon the earlier of (i) the occurrence and continuance of an event of default; (ii) the amortizing net cash flow debt service coverage ratio being less than 1.20x; or (iii) the occurrence of a Tenant Event Period (as defined below). A Cash Trap Event Period will be cured, with regard to clause (i), upon the cure of such event of default; with regard to clause (ii), upon the amortizing net cash flow debt service coverage ratio being equal to or greater than 1.25x for two consecutive calendar quarters; and with regard to clause (iii), upon the termination of such Tenant Event Period.

A “Tenant Event Period” will commence upon the earlier of (i) an event of default by the borrower, as landlord, under any lease; (ii) Farmers Insurance exercising its contraction option (see “Major Tenants” section); (iii) 12 months prior to the effective date of the Solenis’ termination option; or (iv) Famers Insurance or Solenis vacating, going dark or otherwise failing to occupy its space, filing bankruptcy or similar insolvency, or terminating its lease or giving notice to do so. A Tenant Event Period will be cured, with regard to clause (i), upon the cure of such event of default; with regard to clause (ii), upon the lender receiving satisfactory evidence that the contraction space has been leased to one or more satisfactory tenants and such replacement tenants are paying full, unabated rent; with regard to clause (iii), upon the lender receiving satisfactory evidence that Solenis has revoked its termination notice and has irrevocably waived any remaining option to terminate its lease; with regard to clause (iv), upon the applicable tenant resuming its normal business operations for two consecutive calendar quarters, the bankruptcy or insolvency proceeding being terminated and the applicable tenant’s lease being affirmed, or any applicable default being cured and the applicable tenant’s lease being in full force and effect for two consecutive calendar quarters. In addition, clauses (iii) and (iv) may be cured upon the lender receiving satisfactory evidence that the entire applicable tenant space has been leased to one or more satisfactory tenants and such replacement tenant is paying full, unabated rent (“Re-tenanting Event”). A Tenant Event Period will also commence upon June 11, 2023, provided a Re-tenanting Event has not occurred for both the Farmers Insurance and Solenis spaces and the lender has not received satisfactory evidence that both Farmers Insurance and Solenis have extended the term of its lease on terms acceptable to the lender.

Property Management. The 3 Beaver Valley Road Property is managed by Stream Realty Partners-DC, L.P.

3 BEAVER VALLEY ROAD

Assumption. The borrower has a two-time right to transfer the 3 Beaver Valley Road Property provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) the lender has reasonably determined that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration transferee’s experience, financial strength and general business standing; and (iii) the lender has received confirmation from DBRS, KBRA and Moody’s that such assumption will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-C28 Certificates.

Partial Release. Not permitted.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. EW Structured Finance DE – 2015, LLC, a subsidiary of EverWest Real Estate Partners, LLC, has originated a $3,090,000 mezzanine loan (the “3 Beaver Valley Road Mezzanine Loan”) to Medistar BV3, LLC, a limited liability company. The 3 Beaver Valley Road Mezzanine Loan had an initial term of 120 months and has a remaining term as of the Cut-off Date of 119 months. The 3 Beaver Valley Road Mezzanine Loan accrues interest at an interest rate of 12.000% per annum and requires interest-only payments through the term of the 3 Beaver Valley Road Mezzanine Loan.

Ground Lease. None.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the 3 Beaver Valley Road Property. The loan documents also require business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity.

No. 7 – Encino Financial Center

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/Kroll/Moody’s):		NR/NR/NR			Property Type:	Office
Original Principal Balance:		$44,000,000			Specific Property Type:	Suburban
Cut-off Date Principal Balance:		$44,000,000			Location:	Encino, CA
% of Initial Pool Balance:		3.8%			Size:	227,223 SF
Loan Purpose:		Refinance			Cut-off Date Principal Balance Per SF:	$193.64
Borrower Name:		EFC Investors, Ltd.			Year Built/Renovated:	1975/2005
Sponsor:		Robert J. Lowe			Title Vesting:	Fee
Mortgage Rate:		3.980%			Property Manager:	Self-managed
Note Date:		April 13, 2015			3rd Most Recent Occupancy (As of):	91.3% (12/31/2011)
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of):	87.9% (12/31/2012)
Maturity Date:		May 11, 2025			Most Recent Occupancy (As of):	92.2% (12/31/2013)
IO Period:		60 months			Current Occupancy (As of)(2):	91.9% (1/31/2015)
Loan Term (Original):		120 months
Seasoning:		0 months			Underwriting and Financial Information:
Amortization Term (Original):		360 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3rd Most Recent NOI (As of):	$3,849,542 (12/31/2012)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of):	$3,694,712 (12/31/2013)
Call Protection:		L(24),D(89),O(7)			Most Recent NOI (As of):	$3,955,556 (12/31/2014)
Lockbox Type:		Soft/Springing Cash Management
Additional Debt:		None
Additional Debt Type:		NAP
					U/W Revenues:	$7,449,100
					U/W Expenses:	$3,512,594
					U/W NOI:	$3,936,507
Escrows and Reserves(1):					U/W NCF:	$3,669,668
					U/W NOI DSCR:	1.57x
Type:	Initial		Monthly	Cap (If Any)	U/W NCF DSCR:	1.46x
Taxes	$42,750		$21,375	NAP	U/W NOI Debt Yield:	8.9%
Insurance	$0		Springing	NAP	U/W NCF Debt Yield:	8.3%
Replacement Reserves	$0		$3,787	$90,888	As-Is Appraised Value:	$72,000,000
TI/LC Reserve	$0		$28,403	$681,672(1)	As-Is Appraisal Valuation Date:	February 4, 2015
Rent Concession Reserve	$102,466		$0	NAP	Cut-off Date LTV Ratio:	61.1%
Existing TI/LC Reserve	$48,816		$0	NAP	LTV Ratio at Maturity or ARD:	55.4%

(1)	See “Escrows” section.

(2)	See “Historical Occupancy” section.

The Mortgage Loan. The mortgage loan (the “Encino Financial Center Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering an office building located in Encino, California (the “Encino Financial Center Property”). The Encino Financial Center Mortgage Loan was originated on April 13, 2015 by Wells Fargo Bank, National Association. The Encino Financial Center Mortgage Loan had an original principal balance of $44,000,000, has an outstanding principal balance as of the Cut-off Date of $44,000,000 and accrues interest at an interest rate of 3.980% per annum. The Encino Financial Center Mortgage Loan had an initial term of 120 months, has a remaining term of 120 months as of the Cut-off Date and requires interest-only payments for the first 60 payments following origination and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The Encino Financial Center Mortgage Loan matures on May 11, 2025.

Following the lockout period, the borrower has the right to defease the Encino Financial Center Mortgage Loan in whole, but not in part, on any date before November 11, 2024. In addition, the Encino Financial Center Mortgage Loan is prepayable without penalty on or after November 11, 2024.

ENCINO FINANCIAL CENTER

Sources and Uses

Sources				Uses
Original loan amount	$44,000,000		100.0%	Loan payoff(1)	$41,311,686	93.9%
				Reserves	194,032	0.4
				Closings costs	266,752	0.6
				Return of equity	2,227,530	5.1
Total Sources	$44,000,000	100.0%		Total Uses	$44,000,000	100.0%

(1)	The Encino Financial Center Property was previously securitized in the JPMCC 2005-LDP3 transaction.

The Property. The Encino Financial Center Property is a 13-story, class A office tower totaling 227,223 square feet located in Encino, California, approximately 17.9 miles northwest of the Los Angeles central business district. Built in 1975, the Encino Financial Center Property has been continuously maintained and renovated over the approximate 40-year ownership period of the sponsor. Over the past four years, the sponsor has invested approximately $4.4 million on tenant improvements, leasing commissions and capital expenditures. Amenities at the Encino Financial Center Property include a parking garage, a ground floor bank branch, car wash services, eatery, notary public and on-site storage. Parking for the Encino Financial Center Property is provided by a five-level parking structure that contains 755 garage parking spaces, equating to a parking ratio of 3.3 spaces per 1,000 square feet of rentable area.

The Encino Financial Center Property primarily caters to smaller professional firms such as law firms, accounting firms, finance companies and doctor’s offices. The average tenant suite is approximately 2,582 square feet, and at least 37.4% of the net rentable area has been in occupancy for at least ten years. According to a third party market research report, the Encino Financial Center Property has averaged 94.3% occupancy since 1996, and was awarded the Energy Star label in 12 of the past 13 years for its operating efficiency. As of January 31, 2015, the Encino Financial Center Property was 91.9% leased by 78 tenants.

The following table presents certain information relating to the tenancy at the Encino Financial Center Property:

Major Tenants

Tenant Name	Credit Rating (Fitch/Moody’s/S&P)(1)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF(2)	Annual U/W Base Rent(2)	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenants
Marshall Oldman & Norman Hoffman	NR/NR/NR	11,833	5.2%	$39.72	$470,007	7.6%	6/30/2020
Barrister Executive Suites, Inc.	NR/NR/NR	18,437	8.1%	$27.00	$497,799	8.0%	12/31/2018
City National Bank	A-/A3/BBB+	9,831	4.3%	$48.00	$471,900	7.6%	3/31/2019
Bovitz Research Group	NR/NR/NR	9,108	4.0%	$29.50	$268,719	4.3%	9/30/2017
Weissman, Klass, Weingarten, and Shaw	NR/NR/NR	6,961	3.1%	$29.92	$208,255	3.4%	MTM
Total Major Tenants		56,271	24.8%	$34.46	$1,938,928	31.2%

Non-Major Tenants		145,992	64.3%	$29.23	$4,268,016	68.8%

Occupied Collateral Total		202,263	89.0%	$30.69	$6,206,945	100.0%

Storage/Other Space(3)		7,140	3.1%

Vacant Space		17,820	7.8%

Collateral Total		227,223	100.0%

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

(2)	Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through April 2016 totaling $125,043.

(3)

Storage/Other Space includes 5,642 square feet (2.5% of net rentable area) of occupied storage space, a 1,004 square foot (0.4% of net rentable area) building adjustment and 494 square feet (0.2% of net rentable area) of vacant storage space. Storage income has been included in other income in the underwritten net cash flow. See “Historical Occupancy” section.

ENCINO FINANCIAL CENTER

The following table presents certain information relating to the lease rollover schedule at the Encino Financial Center Property:

Lease Expiration Schedule(1)(2)

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	Annual U/W Base Rent PSF(3)
MTM	12	21,370	9.4%	21,370	9.4%	$556,428	$26.04
2015	11	22,275	9.8%	43,646	19.2%	$689,251	$30.94
2016	11	24,726	10.9%	68,372	30.1%	$736,695	$29.79
2017	16	33,176	14.6%	101,547	44.7%	$997,096	$30.06
2018	11	36,053	15.9%	137,600	60.6%	$1,004,969	$27.87
2019	12	36,456	16.0%	174,056	76.6%	$1,250,467	$34.30
2020	4	26,229	11.5%	200,286	88.1%	$908,899	$34.65
2021	1	1,978	0.9%	202,264	89.0%	$63,138	$31.92
2022	0	0	0.0%	202,264	89.0%	$0	$0.00
2023	0	0	0.0%	202,264	89.0%	$0	$0.00
2024	0	0	0.0%	202,264	89.0%	$0	$0.00
2025	0	0	0.0%	202,264	89.0%	$0	$0.00
Thereafter	0	0	0.0%	202,264	89.0%	$0	$0.00
Storage/Other	0	7,140	3.1%	209,404	92.2%	$0	$0.00
Vacant	0	17,820	7.8%	227,223	100.0%	$0	$0.00
Total/Weighted Average	78	227,223	100.0%			$6,206,945	$30.69

(1)	Information obtained from the underwritten rent roll.

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

(3)	Weighted Average Annual U/W Base Rent PSF excludes storage, a building adjustment and vacant space, totaling 7,140 square feet (3.1% of net rentable area).

The following table presents historical occupancy percentages at the Encino Financial Center Property:

Historical Occupancy

12/31/2011(1)		12/31/2012(1)		12/31/2013(1)		1/31/2015(2)
91.3%		87.9%		92.2%		91.9%

(1)	Information obtained from the borrower.

(2)	Information obtained from the underwritten rent roll. Current occupancy includes 5,642 square feet (2.5% of net rentable area) of occupied storage space and a 1,004 square foot (0.4% of net rentable area) building adjustment.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Encino Financial Center Property:

Cash Flow Analysis

	2012	2013	2014	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$6,061,478	$5,805,841	$5,931,480	$6,206,945(1)	83.3%	$27.32
Grossed Up Vacant Space	0	0	0	534,591	7.2	2.35
Total Reimbursables	213,323	83,532	188,260	188,260	2.5	0.83
Parking Income	1,016,112	1,066,664	1,130,671	1,130,671	15.2	4.98
Other Income	62,804	60,753	62,787	62,787	0.8	0.28
Less Vacancy & Free Rent	(454,617)	(417,862)	(218,711)	(674,154)(2)	(9.1)	(2.97)
Effective Gross Income	$6,899,100	$6,598,928	$7,094,487	$7,449,100	100.0%	$32.78

Total Operating Expenses	$3,049,559	$2,904,216	$3,138,931	$3,512,594	47.2%	$15.46

Net Operating Income	$3,849,542	$3,694,712	$3,955,556	$3,936,507	52.8%	$17.32
TI/LC	0	0	0	221,394	3.0	0.97
Capital Expenditures	0	0	0	45,445	0.6	0.20
Net Cash Flow	$3,849,542	$3,694,712	$3,955,556	$3,669,668	49.3%	$16.15

NOI DSCR	1.53x	1.47x	1.57x	1.57x
NCF DSCR	1.53x	1.47x	1.57x	1.46x
NOI DY	8.7%	8.4%	9.0%	8.9%
NCF DY	8.7%	8.4%	9.0%	8.3%

(1)	U/W Base Rent includes contractual rent steps through April 2016 totaling $125,043.

(2)	The underwritten economic vacancy is 10.0%. The Encino Financial Center Property was 91.9% physically occupied as of January 31, 2015.

ENCINO FINANCIAL CENTER

Appraisal. As of the appraisal valuation date of February 4, 2015, the Encino Financial Center Property had an “as-is” appraised value of $72,000,000.

Environmental Matters. According to the Phase I environmental report dated February 13, 2015, there was no evidence of any recognized environmental conditions at the Encino Financial Center Property.

Market Overview and Competition. The Encino Financial Center Property is located in Encino, California, along highly trafficked Ventura Boulevard, which runs parallel to US Route 101 through San Fernando Valley. The Encino Financial Center Property is located approximately 1.0 mile west of Interstate 405 and 1.2 miles southwest of the US Route 101 and Interstate 405 interchange, which is considered to be one of the busiest intersections in the United States with over 550,000 vehicles per day. Encino is located approximately 17.9 miles northwest of the Los Angeles central business district, in the south central portion of the San Fernando Valley, approximately 18.6 miles north of Los Angeles International Airport and 13.6 miles north of the Pacific Ocean coastline. Other nearby demand drivers include the Encino Hospital Medical Center, a 150-bed Prime Healthcare hospital located two buildings west of the Encino Financial Center Property, and Sherman Oaks Galleria, a 1.3 million square foot mixed-use retail and office complex located one mile east of the Encino Financial Center Property. As of 2014, the estimated population within a three- and five-mile radius of the Encino Financial Center Property was 182,153 and 475,074, respectively and the average household income within the same radii was $111,161 and $88,521, respectively.

According to the appraisal, the Encino Financial Center Property is located in the Encino office submarket of the Los Angeles North office market. The Los Angeles North office market contains approximately 53.7 million square feet of office space in 603 buildings (excluding owner/user, medical and government buildings) exhibiting a direct vacancy rate of 12.4% as of the fourth quarter 2014. The Encino office submarket comprised approximately 3.8 million square feet of office space as of the fourth quarter of 2014 and accounted for approximately 7.1% of the Los Angeles North office market inventory. When combined with the adjacent Sherman Oaks submarket, the total office inventory is 6.5 million square feet, collectively approximating the third largest submarket in the Los Angeles North market. According to the appraisal, the combined Encino/Sherman Oaks submarket occupancy has averaged 91.5% since 1999. Similar to the tenant composition of the Encino Financial Center Property, the tenant base in these two submarkets include financial services, professional firms such as legal and accounting services, and investment/brokerage firms. These firms are attracted to the area by the executive housing neighborhoods in the surrounding area. As of year-end 2014, the Encino submarket exhibited a vacancy rate of 9.2%, with a current average asking rent of $28.32 per square foot on a gross basis.

The following table presents certain information relating to comparable office properties for the Encino Financial Center Property:

Competitive Set(1)

	Encino Financial Center (Subject)	Encino Gateway Building	Encino Plaza	16000 Ventura Boulevard	Ventura Woodley Building	MB Building	Ventura Libbit Building
Location	Encino, CA	Encino, CA	Encino, CA	Encino, CA	Encino, CA	Encino, CA	Encino, CA
Distance from Subject	--	0.5 miles	0.3 miles	0.2 miles	0.1 miles	0.2 miles	0.2 miles
Property Type	Office	Office	Office	Office	Office	Office	Office
Year Built/Renovated	1975/2005	1975/1998	1971/1992	1980/1996	1969/2001	1972/1992	1980/NAV
Stories	13	20	18	12	12	12	13
Total GLA	227,223 SF	288,207 SF	262,404 SF	187,816 SF	130,000 SF	163,775 SF	172,619 SF
Total Occupancy	92%	89%	93%	92%	96%	95%	99%

(1)	Information obtained from the appraisal.

The Borrower. The borrower is EFC Investors, Ltd., a California limited partnership which is a single purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Encino Financial Center Mortgage Loan. Robert J. Lowe is the guarantor of certain nonrecourse carveouts under the Encino Financial Center Mortgage Loan.

The Sponsor. Robert J. Lowe is the chairman of the board and chief executive officer of Lowe Enterprises, Inc. (“Lowe”), a Los Angeles-based real estate development, investment advisory and management firm. Lowe is a diversified real estate company active in commercial, hospitality and residential property investment, management and development. Founded in 1972 by Mr. Lowe, the firm has been responsible for $7.0 billion in real estate assets, including commercial, hospitality and debt investments. Since inception in 1972, Lowe has acquired, developed or managed more than $24.0 billion of real estate assets. Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC. Lowe has been involved in prior loan workouts and foreclosures as a result of the economic downturn.

Escrows. The loan documents provide for upfront reserves in the amount of $42,750 for taxes, $102,466 for rent concessions ($29,778 for Kingsley and Kingsley, $27,605 for Goldman, Kurland and Mohidian LLP, $14,499 for Carlson & Cohen and $30,584 for five other tenants) and $48,816 for outstanding tenant improvements and leasing commissions ($25,590 for Nemirof & Cohen LLP, $11,868 for Gary W. Green DDS and $11,358 for Premier Sports and Entertainment). Ongoing monthly reserves are required in an amount equal to $21,375 for taxes, $3,787 for replacement reserves (subject to a cap of $90,888) and $28,403 for general tenant improvements and leasing commissions (subject to a cap of $681,672, as long as (i) the trailing-twelve month net cash flow debt yield is equal to or greater than 9.5%, tested on a quarterly basis and (ii) no event of default has occurred or is continuing). The loan documents do not require monthly escrows for insurance provided (i) no event of default has occurred and is continuing; (ii) the Encino Financial Center Property is insured via an acceptable blanket insurance policy; and (iii) the borrower provides the lender with evidence of renewal of the insurance policies and timely proof of payment of the insurance premiums when due.

ENCINO FINANCIAL CENTER

Lockbox and Cash Management. The Encino Financial Center Mortgage Loan requires a lender-controlled lockbox account, which is already in place, and that the borrower and property manager deposit all cash revenues and all other monies received into such lockbox account within two business day after receipt. Prior to a Cash Trap Event Period (as defined below), all funds on deposit in the lockbox account are swept to a borrower account. During a Cash Trap Event Period, the borrower and property manager will cause all rents to be deposited directly into the lockbox account, and all funds on deposit in the lockbox account will be swept to a lender-controlled cash management account on a daily basis.

A “Cash Trap Event Period” will commence (i) upon the occurrence and continuance of an event of default; or (ii) upon the amortizing debt service coverage ratio falling below 1.15x. A Cash Trap Event Period will end, with respect to clause (i), upon the cure of such event of default; and with respect to clause (ii), upon the date that the amortizing debt service coverage ratio is greater than or equal to 1.20x for one calendar quarter.

Property Management. The Encino Financial Center Property is managed by an affiliate of the borrower.

Assumption. The borrower has a two-time right right to transfer the Encino Financial Center Property, provided that no event of default has occurred and is continuing and certain other conditions are satisfied, including (i) the lender’s reasonable determination that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration transferee’s experience, financial strength and general business standing; (ii) execution of a recourse guaranty (which includes an environmental indemnity) by an affiliate of the transferee; and (iii) rating agency confirmation from DBRS, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-C28 Certificates.

Partial Release. Not permitted.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted.

Ground Lease. None.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Encino Financial Center Property. The loan documents also require business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity.

Earthquake Insurance. The loan documents do not require earthquake insurance. The seismic report dated February 13, 2015 indicated a probable maximum loss of 17.0%.

No. 8 – Milestone Portfolio

Loan Information				Property Information
Mortgage Loan Seller:	Wells Fargo Bank, National Association			Single Asset/Portfolio:	Portfolio
Credit Assessment (DBRS/KBRA/Moody’s):	NR/NR/NR			Property Type:	Various – See Table
Original Principal Balance:	$28,800,000			Specific Property Type:	Various – See Table
Cut-off Date Principal Balance:	$28,722,854			Location:	Various – See Table
% of Initial Pool Balance:	2.5%			Size:	396,825 SF
Loan Purpose:	Refinance			Cut-off Date Principal Balance Per SF:	$72.38
Borrower Names:	Freezestore Medley LLC, Milestone Jacksonville LLC and Milestone Beaver Creek LLC			Year Built/Renovated:	Various – See Table
Sponsors:	Elaine Milestone and Scott Milestone			Title Vesting:	Fee
Mortgage Rate:	4.180%			Property Manager:	Self-managed
Note Date:	March 3, 2015			3rd Most Recent Occupancy (As of):	100.0% (12/31/2012)
Anticipated Repayment Date:	NAP			2nd Most Recent Occupancy (As of):	100.0% (12/31/2013)
Maturity Date:	March 5, 2025			Most Recent Occupancy (As of):	100.0% (12/31/2014)
IO Period:	None			Current Occupancy (As of):	100.0% (5/1/2015)
Loan Term (Original):	120 months
Seasoning:	2 months			Underwriting and Financial Information:
Amortization Term (Original):	360 months
Loan Amortization Type:	Amortizing Balloon			3rd Most Recent NOI (As of):	$3,286,017 (12/31/2012)
Interest Accrual Method:	Actual/360			2nd Most Recent NOI (As of):	$3,331,857 (12/31/2013)
Call Protection:	L(26),D(90),O(4)			Most Recent NOI (As of):	$3,325,627 (12/31/2014)
Lockbox Type:	Hard/Springing Cash Management
Additional Debt:	None
Additional Debt Type:	NAP			U/W Revenues:	$4,258,352
				U/W Expenses:	$1,067,782
				U/W NOI:	$3,190,570
				U/W NCF:	$2,901,115
				U/W NOI DSCR:	1.89x
Escrows and Reserves(1):				U/W NCF DSCR:	1.72x
				U/W NOI Debt Yield:	11.1%
Type:	Initial	Monthly	Cap (If Any)	U/W NCF Debt Yield:	10.1%
Taxes	$0	Springing	NAP	As-Is Appraised Value:	$51,000,000
Insurance	$0	Springing	NAP	As-Is Appraisal Valuation Date:	January 16, 2015
Replacement Reserves	$0	Springing	$680,000	Cut-off Date LTV Ratio:	56.3%
TI/LC Reserve	$0	Springing	$930,000	LTV Ratio at Maturity or ARD:	45.2%

(1)	See “Escrows” section.

The Mortgage Loan. The mortgage loan (the “Milestone Portfolio Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering two industrial properties and one retail property located in Florida and Ohio (the “Milestone Portfolio Properties”). The Milestone Portfolio Mortgage Loan was originated on March 3, 2015 by Prudential Mortgage Capital Company and will be purchased by Wells Fargo Bank, National Association prior to the issuance of the Series 2015-C28 Certificates. The Milestone Portfolio Mortgage Loan will be transferred to the Trust by Wells Fargo Bank, National Association. The Milestone Portfolio Mortgage Loan had an original principal balance of $28,800,000, has an outstanding principal balance as of the Cut-off Date of $28,722,854 and accrues interest at an interest rate of 4.180% per annum. The Milestone Portfolio Mortgage Loan had an initial term of 120 months, has a remaining term of 118 months as of the Cut-off Date and requires payments of principal and interest based on a 30-year amortization schedule. The Milestone Portfolio Mortgage Loan matures on March 5, 2025.

Following the lockout period, the borrowers have the right to defease the Milestone Portfolio Mortgage Loan in whole, or in part (see ”Partial Release” section), on any date before December 5, 2024. In addition, the Milestone Portfolio Mortgage Loan is prepayable without penalty on or after December 5, 2024.

MILESTONE PORTFOLIO

Sources and Uses

Sources			Uses
Original loan amount	$28,800,000	100.0%	Loan payoff	$27,280,271	94.7%
			Closing costs	583,395	2.0
			Return of equity	936,334	3.3
Total Sources	$28,800,000	100.0%	Total Uses	$28,800,000	100.0%

The Properties. The Milestone Portfolio Properties comprise two single-tenanted industrial properties (occupied by Preferred Freezer and Veritiv) and one single-tenanted retail property (occupied by Best Buy) totaling 396,825 rentable square feet. Built between 1960 and 2003, the Milestone Portfolio Properties are located in Florida and Ohio. As of May 1, 2015, each of the Milestone Portfolio Properties was 100.0% occupied by its respective tenant.

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

Property Name – Location	Property Type	Property Sub-type	Allocated Cut-off Date Principal Balance	% of Portfolio Cut-off Date Principal Balance	Occupancy	Year Built/ Renovated	Net Rentable Area (SF)	Appraised Value	Allocated Cut-off Date LTV
Preferred Freezer – Medley, FL	Industrial	Cold Storage	$23,135,860	80.5%	100.0%	2003/NAP	168,912	$41,000,000	56.4%
Veritiv – Jacksonville, FL	Industrial	Warehouse	$2,990,967	10.4%	100.0%	1960/1995	182,724	$5,300,000	56.4%
Best Buy – Beavercreek, OH	Retail	Single Tenant	$2,596,027	9.0%	100.0%	1994/NAP	45,189	$4,700,000	55.2%
Total/Weighted Average			$28,722,854	100.0%	100.0%		396,825	$51,000,000	56.3%

Preferred Freezer - Medley, Florida (80.5% of Cut-off Date Principal Balance)

The Preferred Freezer property is an industrial property that was built in 2003 and contains approximately 168,912 square feet situated on approximately 10.1 acres located just south of US Highway 27 in Medley, Florida. The Preferred Freezer property is used for the long term storage of temperature-controlled products (cold storage). The Preferred Freezer property is 100.0% occupied by Preferred Freezer Services (“Preferred Freezer”). Preferred Freezer has occupied the space since 2005 and has 25 years remaining on a 30-year absolute net lease through July 2030. Preferred Freezer, headquartered in Chatham, New Jersey, operates full service temperature controlled warehouses throughout the United States and Asia. Preferred Freezer has approximately 1,300 employees and operates over 200 million cubic feet of warehouse space. Clients of Preferred Freezer include, among others, Publix Foods, Walmart, McDonald’s, The Cheesecake Factory, Kraft, IKEA, Johnsonville, Smithfield, Butterball, Sysco, MBM, US Foods, and Chicken of the Sea.

Veritiv - Jacksonville, Florida (10.4% of Cut-off Date Principal Balance)

The Veritiv property is an industrial property that was built in 1960 and renovated in 1995 and contains 182,724 square feet situated on approximately 9.0 acres located just northeast of Interstate 10 in Jacksonville, Florida. The Veritiv property contains four buildings and is used for storage and distribution. The clear height of the warehouse area ranges from 13 feet to 25 feet and contains 20 metal roll-up doors of which 15 are at dock height. Approximately 9.0% of the gross building area is finished office space. The Veritiv property is 100.0% occupied by Veritiv Corporation (“Veritiv”), a subsidiary of Georgia Pacific. Veritiv has occupied the space since 2002 and has three years remaining on a 15-year absolute net lease through June 2018. Veritiv has five, five-year renewal options. Veritiv (NYSE: VRTV) operates as a business-to-business distributor of paper, packaging and facility supplies products in North America.

Best Buy - Beavercreek, Ohio (9.0% of Cut-off Date Principal Balance)

The Best Buy property is a retail property that was built in 1994 and contains 45,189 square feet situated on approximately 4.7 acres. The Best Buy property is located in the northern portion of the city of Beavercreek, Ohio, approximately 7.1 miles east of the Dayton central business district and is 100.0% occupied by Best Buy. Best Buy has occupied the space since 1998 and has three years remaining on its 20-year absolute net lease through February 2018. The Best Buy property benefits from its proximity to the Wright-Patterson Air Force Base (3.0 miles north), Wright State University (3,000 feet north) and the National Museum of the Air Force (2.0 miles west). Additionally, the Best Buy property is located along North Fairfield Road, a major commercial thoroughfare that includes an adjacent Lowe’s Home Improvement, Walmart, Sam’s Club, Chipotle Mexican Grill and the Mall at Fairfield Commons, a two-level enclosed mall with over 130 specialty shops including notable national retailers such as Dick’s Sporting Goods, Macy’s, Victoria’s Secret, H&M and Starbucks. According to a third party market research report, the estimated 2015 population within a three- and five-mile radius of the Best Buy property was 50,543 and 126,204, respectively, with an estimated average household income within the same radii of $51,746 and $47,933, respectively.

MILESTONE PORTFOLIO

The following table presents certain information relating to the tenancy at the Milestone Portfolio Properties:

Major Tenants

Tenant Name	Credit Rating (Fitch/ Moody’s/ S&P)(1)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF	Annual U/W Base Rent	% of Total Annual U/W Base Rent	Sales PSF	Occupancy Cost	Lease Expiration Date

Major Tenants
Preferred Freezer	NR/NR/NR	168,912	42.6%	$16.68	$2,817,452	75.9%	$69(2)	24.0%(2)	7/31/2030(3)
Veritiv	NR/Baaa1/A+	182,724	46.0%	$2.66	$486,106	13.1%	NAV	NAV	6/30/2018(4)
Best Buy	BB/Baa2/BB	45,189	11.4%	$9.07	$410,000	11.0%	NAV	NAV	2/11/2018(5)
Total Major Tenants		396,825	100.0%	$9.36	$3,713,558	100.0%

Occupied Collateral Total		396,825	100.0%	$9.36	$3,713,558	100.0%

(1)

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

(2)

Sales PSF and Occupancy Cost represent the trailing six-month period ending June 30, 2014 annualized.

(3)

Preferred Freezer has four, five-year renewal options.

(4)

Veritiv has five, five-year renewal options.

(5)

Best Buy has three, five-year renewal options.

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

Lease Expiration Schedule(1)

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	Annual U/W Base Rent PSF
MTM	0	0	0.0%	0	0.0%	$0	$0.00
2015	0	0	0.0%	0	0.0%	$0	$0.00
2016	0	0	0.0%	0	0.0%	$0	$0.00
2017	0	0	0.0%	0	0.0%	$0	$0.00
2018	2	227,913	57.4%	227,913	57.4%	$896,106	$3.93
2019	0	0	0.0%	227,913	57.4%	$0	$0.00
2020	0	0	0.0%	227,913	57.4%	$0	$0.00
2021	0	0	0.0%	227,913	57.4%	$0	$0.00
2022	0	0	0.0%	227,913	57.4%	$0	$0.00
2023	0	0	0.0%	227,913	57.4%	$0	$0.00
2024	0	0	0.0%	227,913	57.4%	$0	$0.00
2025	0	0	0.0%	227,913	57.4%	$0	$0.00
Thereafter	1	168,912	42.6%	396,825	100.0%	$2,817,452	$16.68
Vacant	0	0	0.0%	396,825	100.0%	$0	$0.00
Total/Weighted Average	3	396,825	100.0%			$3,713,558	$9.36

(1)	Information obtained from the underwritten rent roll.

The following table presents historical occupancy percentages at the Milestone Portfolio Properties:

Historical Occupancy

MILESTONE PORTFOLIO

Cash Flow Analysis

	2012	2013	2014	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$3,469,655	$3,474,373	$3,479,138	$3,713,558	87.2%	$9.36
Grossed Up Vacant Space	0	0	0	0	0.0	0.00
Total Reimbursables	0	0	0	1,037,471	24.4	2.61
Other Income	1,413	0	0	0	0.0	0.00
Less Vacancy & Credit Loss	0	0	0	(492,677)(1)	(11.6)	(1.24)
Effective Gross Income	$3,471,068	$3,474,373	$3,479,138	$4,258,352	100.0%	$10.73

Total Operating Expenses	$185,051	$142,516	$153,511	$1,067,782	25.1%	$2.69

Net Operating Income	$3,286,017	$3,331,857	$3,325,627	$3,190,570	74.9%	$8.04
TI/LC	0	0	0	202,153	4.7	0.51
Capital Expenditures	0	0	0	87,302	2.1	0.22
Net Cash Flow	$3,286,017	$3,331,857	$3,325,627	$2,901,115	68.1%	$7.31

NOI DSCR	1.95x	1.98x	1.97x	1.89x
NCF DSCR	1.95x	1.98x	1.97x	1.72x
NOI DY	11.4%	11.6%	11.6%	11.1%
NCF DY	11.4%	11.6%	11.6%	10.1%

(1)	The underwritten economic vacancy is 10.4%. The Milestone Portfolio Properties were 100.0% physically occupied as of May 1, 2015.

(2)	All tenants have absolute net leases. All recoverable expenses are pass through for cash flow underwriting purposes. The tenants pay all expenses directly.

Appraisals. As of the appraisal valuation dates ranging from January 16, 2015 to January 21, 2015, the Milestone Portfolio Properties had an aggregate “as-is” appraised value of $51,000,000.

Environmental Matters. According to the Phase I environmental site assessments dated January 23, 2015 and January 30, 2015, there were no recognized environmental conditions at the Milestone Portfolio Properties.

Market Overview and Competition. The Milestone Portfolio Properties are located in Medley, Florida; Jacksonville, Florida; and Beavercreek, Ohio.

MILESTONE PORTFOLIO

Medley, Florida

According to a third party market research report, the Preferred Freezer property is located within the Miami warehouse/distribution market. As of the fourth quarter 2014, the Miami warehouse/distribution market reported a total inventory of 106.7 million square feet with a 7.2% vacancy rate and average asking rents of $6.69 per square foot on a net basis. According to a third party market research report, the Preferred Freezer property is located within the Hialeah Gardens/Medley warehouse/distribution submarket. As of the fourth quarter 2014, the Hialeah Gardens/Medley warehouse/distribution submarket reported a total inventory of 20.9 million square feet with a 6.9% vacancy rate and average asking rents of $6.60 per square foot. In the Miami warehouse/distribution market there are 68 cold storage properties totaling 5.2 million square feet. The cold storage market is 99.2% occupied and over the past six years, the occupancy rate has increased from 92.0% in 2009 and has been above 98.0% since early 2012.

Jacksonville, Florida

According to a third party market research report, the Veritiv property is located within the Jacksonville warehouse/distribution market. As of the fourth quarter 2014, the Jacksonville warehouse/distribution market reported a total inventory of 69.2 million square feet with a 15.2% vacancy rate and average asking rents of $3.68 per square foot on a net basis. According to a third party market research report, the Veritiv property is located within the Northwest Jacksonville warehouse/distribution submarket. As of the fourth quarter 2014, the Northwest Jacksonville warehouse/distribution submarket reported a total inventory of 19.0 million square feet with a 20.9% vacancy rate and average asking rents of $3.11 per square foot. The Northwest Jacksonville warehouse/distribution submarket experienced positive absorption of 29,000 square feet over the past two quarters.

Beavercreek, Ohio

According to a third party market research report, the Best Buy property is located within the Dayton retail market. As of the fourth quarter 2014 the Dayton retail market reported a total inventory of 16.9 million square feet with a 16.8% vacancy rate and average asking rents of $10.95 per square foot, triple-net. According to a third party market research report, the Best Buy property is located within the Greene County retail submarket. As of the fourth quarter 2014, the Greene County retail submarket reported a total inventory of 2.1 million square feet with a 14.8% vacancy rate and average asking rents of $10.25 per square foot, triple-net.

The Borrowers. The borrowers are Freezestore Medley LLC, Milestone Jacksonville LLC and Milestone Beaver Creek LLC, each a single-member limited liability company with one independent director. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Milestone Portfolio Mortgage Loan. The borrowers are each 100% owned by Milestone Manor Partnership. Ownership in Milestone Manor Partnership is divided equally between two trusts where Elaine Milestone serves as a co-trustee of both. Elaine Milestone serves as the president of each borrower and is a co-trustee for each of the aforementioned trusts. Elaine Milestone, her son Scott Milestone and the aforementioned two trusts are the guarantors of certain nonrecourse carveouts under the Milestone Portfolio Mortgage Loan.

The Sponsors. The sponsors are Elaine Milestone and Scott Milestone, each a principal at Milestone Enterprises, LLC (“Milestone”). Milestone was formed in 2006 and is located in Chevy Chase, Maryland. Milestone’s real estate portfolio contains approximately 500,000 square feet of industrial space, 400,000 square feet of which comprises absolute net leases for single tenant properties in Florida, Ohio and Texas. The aggregate value of Milestone’s real estate holdings is approximately $67.0 million. Elaine Milestone, as President of Milestone, leads weekly discussions regarding property operations, leasing decisions and major policy decisions. Scott Milestone is also integral in the aforementioned tasks, but also active in day-to-day operations, overseeing operations, maintenance and new tenant construction for the local properties.

Escrows. Prior to an event of default, monthly escrows are not required for real estate taxes and insurance. Upon the occurrence of an event of default, the borrowers are required to make monthly deposits: (i) for the payment of real estate taxes in an amount equal to one-twelfth of the lender’s annual estimate of annual taxes; and (ii) for the payment of insurance premiums, in an amount equal to one-twelfth of the lender’s estimate of insurance premiums. Upon the occurrence of a Preferred CM Trigger Event (as defined in the “Lockbox and Cash Management” section), the borrowers are required to deposit monthly payments into a replacement reserve in the amount of $5,350, subject to a cap of $680,000. Upon the occurrence of a Best Buy CM Trigger Event (as defined in the “Lockbox and Cash Management” section), the borrowers are required to deposit monthly payments into a replacement reserve in the amount of $1,770, subject to a cap of $680,000. Upon the occurrence of a Veritiv CM Trigger Event (as defined in the “Lockbox and Cash Management” section), the borrowers are required to deposit monthly payments into a replacement reserve in the amount of $2,284, subject to a cap of $680,000.

Upon the occurrence and continuance of a Best Buy CM Trigger Event, the borrower is required to deposit monthly leasing reserves of $100,000, subject to a cap of $600,000. Upon the occurrence and continuance of a Veritiv CM Trigger Event, the borrower is required to deposit monthly leasing reserves of $55,000, subject to a cap of $330,000.

Lockbox and Cash Management. The Milestone Portfolio Mortgage Loan requires a lender-controlled lockbox account, which is already in place, and that the borrowers direct the tenants to pay their rents directly to such lockbox account. The loan documents also require that all rents received by the borrowers or the property manager be deposited into the lockbox account. Prior to the occurrence of a Cash Sweep Period (as defined below), all funds on deposit in the lockbox account are swept into the borrowers’ operating accounts on a daily basis. During a Cash Sweep Period, all funds on deposit in the lockbox account are swept to a lender-controlled cash management account each business day in order of priority.

A “Cash Sweep Period” will commence upon the earlier of (i) the occurrence and continuance of an event of default; (ii) a Best Buy CM Trigger Event; (iii) a Veritiv CM Trigger Event; or (iv) a Preferred CM Trigger Event (as defined below). A Cash Sweep Period will expire, with regard to clause (i), upon the cure of such event of default; with regard to clause (ii), upon the occurrence of a Best Buy CM Trigger

MILESTONE PORTFOLIO

Event Cure (as defined below); with regard to clause (iii), upon the occurrence a Veritiv CM Trigger Event Cure (as defined below); and with regard to clause (iv), upon the occurrence of a Preferred CM Trigger Event Cure (as defined below).

A “Veritiv CM Trigger Event” will occur upon the earlier of (i) 180 days prior to the expiration of the Veritiv lease term; (ii) Veritiv providing notice of its intent to vacate its leased space or failing to provide notice of its intent to extend on or before the expiration of the Veritiv lease term; (iii) Veritiv failing to occupy or vacating its leased space; and (iv) Veritiv filing bankruptcy or similar insolvency proceedings.

A “Veritiv CM Trigger Event Cure” will occur, with regard to clause (i), upon the borrowers providing satisfactory evidence that Veritiv has renewed or extended the Veritiv lease at no less than market rent or the occurrence of an Acceptable Tenant Event (as defined below); with regard to clause (ii) and (iii), upon the occurrence of an Acceptable Tenant Event; and with regard to clause (iv), upon the earliest to occur of (x) emergence from bankruptcy or (y) assumption of the applicable lease under applicable bankruptcy law and cure of all existing defaults.

A “Best Buy CM Trigger Event” will occur upon the earlier of (i) 180 days prior to the expiration of the Best Buy lease term; (ii) Best Buy providing notice of its intent to vacate its leased space or fails to provide notice of its intent to extend on or before the expiration of the Best Buy lease term; (iii) Best Buy failing to occupy or vacating its leased space; and (iv) Best Buy filing bankruptcy or similar insolvency proceedings.

A “Best Buy CM Trigger Event Cure” will occur, with regard to clause (i), upon the borrowers providing satisfactory evidence that Best Buy has renewed or extended the Best Buy lease at no less than market rent or the occurrence of an Acceptable Tenant Event; with regard to clause (ii) and (iii), upon the occurrence of an Acceptable Tenant Event; and with regard to clause (iv), upon the earliest to occur of (x) emergence from bankruptcy or (y) assumption of the applicable lease under applicable bankruptcy law and cure of all existing defaults.

A “Preferred CM Trigger Event” will occur upon the earlier of (i) Preferred Freezer providing notice of its intent to vacate its leased space or failing to provide notice of its intent to extend on or before the expiration of the Preferred Freezer lease term; (ii) Preferred Freezer failing to occupy or vacating its leased space; and (iii) Preferred Freezer filing bankruptcy or similar insolvency proceedings.

A “Preferred CM Trigger Event Cure” will occur, with regard to clause (i) and (ii), upon the occurrence of an Acceptable Tenant Event; and with regard to clause (iii), upon the earliest to occur of (x) emergence from bankruptcy or (y) assumption of the applicable lease under applicable bankruptcy law and cure of all existing defaults.

An “Acceptable Tenant Event” means such time that the borrowers deliver to the lender a signed respective lease with either Veritiv, Best Buy, Preferred Freezer, or a replacement tenant(s) satisfactory to the lender, (i) with the following minimum lease terms: (a) lease term of no less than two years beyond the maturity of the Milestone Portfolio Mortgage Loan, (b) base rent of no less than the base rent previously received at such respective leased space, and (c) net rentable area of no less than 100% of the respective previously leased space; (ii) such tenant is in occupancy, open for business and has commenced rent payments; (iii) all landlord delivery and buildout obligations under the lease have been satisfied; and (iv) receipt of an estoppel from the tenant confirming clauses (ii) and (iii).

Property Management. The Milestone Portfolio Properties are managed by an affiliate of the borrowers.

Assumption. The borrowers have a two-time right to transfer the Milestone Portfolio Properties, provided that no event of default has occurred and is continuing and certain other conditions are satisfied, including (i) the lender’s reasonable determination that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration transferee experience, financial strength and general business standing; (ii) execution of a recourse guaranty and an environmental indemnity by an affiliate of the transferee; and (iii) if requested by the lender, rating agency confirmation from DBRS, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-C28 Certificates.

Partial Release. Following the lockout period, the borrowers are permitted to partially release the Veritiv and Best Buy occupied properties only in connection with a partial defeasance, subject to certain conditions including (i) the principal balance is reduced by (a) an amount that would result in a loan-to-value ratio of the remaining Milestone Portfolio Properties following the release being no more than 65.0% and, (b) an amount required to maintain compliance with REMIC requirements; (ii) rating agency confirmation from DBRS, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-C28 Certificates; and (iii) the lender receives a legal opinion that the release satisfies REMIC requirements.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. None.

Ground Lease. None.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Milestone Portfolio Properties. The loan documents also require business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event.

Windstorm Insurance. The loan documents require windstorm insurance covering the full replacement cost of the Milestone Portfolio Properties during the loan term. At the time of closing, the Milestone Portfolio Properties had insurance coverage for windstorms.

No. 9 – The Automatic Lofts

Loan Information					Property Information
Mortgage Loan Seller:		Well Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:	Multifamily
Original Principal Balance:		$28,000,000			Specific Property Type:	Student Housing
Cut-off Date Principal Balance:		$28,000,000			Location:	Chicago, IL
% of Initial Pool Balance:		2.4%			Size:	482 Beds
Loan Purpose:		Acquisition			Cut-off Date Principal Balance Per Bed:	$58,091
Borrower Name:		Automatic Lofts LLC			Year Built/Renovated:	1910/2006
Sponsors:		David Maltby; Guy Nesdale; Karlton Jackson			Title Vesting:	Fee
Mortgage Rate:		3.900%			Property Manager:	Self-managed
Note Date:		April 2, 2015			3rd Most Recent Occupancy(3):	NAV
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of):	97.5% (12/31/2013)
Maturity Date:		April 11, 2020			Most Recent Occupancy (As of):	97.7% (12/31/2014)
IO Period:		48 months			Current Occupancy (As of):	98.1% (3/30/2015)
Loan Term (Original):		60 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		360 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3rd Most Recent NOI (As of):	$2,191,812 (12/31/2012)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of):	$2,236,824 (12/31/2013)
Call Protection:		L(25),GRTR 1% or YM(31),O(4)			Most Recent NOI (As of):	$2,433,739 (TTM 2/28/2015)
Lockbox Type:		Springing (Without Established Account)
Additional Debt(1):		Yes
Additional Debt Type(1):		Mezzanine

					U/W Revenues:	$4,540,181
					U/W Expenses:	$2,153,149
					U/W NOI:	$2,387,032
Escrows and Reserves(2):					U/W NCF:	$2,326,782
					U/W NOI DSCR(1):	1.51x
Type:	Initial		Monthly	Cap (If Any)	U/W NCF DSCR(1):	1.47x
Taxes	$66,020		$22,007	NAP	U/W NOI Debt Yield(1):	8.5%
Insurance	$0		Springing	NAP	U/W NCF Debt Yield(1):	8.3%
Replacement Reserves	$0		$5,021	NAP	As-Is Appraised Value:	$41,900,000
Seasonality Reserve	$0		Springing	NAP	As-Is Appraisal Valuation Date:	February 9, 2015
Additional Collateral Reserve	$500,000		$42,000	$1,100,000	Cut-off Date LTV Ratio(1):	66.8%
Master Lease Reserve	$0		Springing	NAP	LTV Ratio at Maturity or ARD(1):	65.7%

(1)

See “Subordinate and Mezzanine Indebtedness” section. The equity interest in the Automatic Lofts Mortgage Loan borrower has been pledged to secure mezzanine indebtedness with a principal balance of $5,500,000. The LTV, DSCR, debt yield and Cut-off Date Principal Balance shown in the chart above are based solely on the Automatic Lofts Mortgage Loan. As of the Cut-off Date, the combined U/W NCF DSCR, Cut-off Date LTV Ratio and U/W NCF Debt Yield were 1.09x, 80.0% and 6.9%, respectively.

(2)	See “Escrows” section, unless otherwise noted.

(3)	Historical occupancy prior to 2013 is not available, as the sponsors recently acquired the Automatic Lofts Property, and the information was not provided by the seller.

The Mortgage Loan. The mortgage loan (the “Automatic Lofts Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering a 482-bed, student housing, multifamily property located in Chicago, Illinois (the “Automatic Lofts Property”). The Automatic Lofts Mortgage Loan was originated on April 2, 2015 by Wells Fargo Bank, National Association. The Automatic Lofts Mortgage Loan had an original principal balance of $28,000,000, has an outstanding principal balance as of the Cut-off Date of $28,000,000 and accrues interest at an interest rate of 3.900% per annum. The Automatic Lofts Mortgage Loan had an initial term of 60 months, has a remaining term of 59 months as of the Cut-off Date and requires interest-only payments for the first 48 payments following origination and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The Automatic Lofts Mortgage Loan matures on April 11, 2020.

Following the lockout period, the borrower has the right to prepay the Automatic Lofts Mortgage Loan in whole, but not in part, provided that the borrower pays the greater of a yield maintenance premium or a prepayment premium equal to 1% of the principal amount being prepaid, on any date before January 11, 2020. In addition, the Automatic Lofts Mortgage Loan is prepayable without penalty on or after January 11, 2020.

AUTOMATIC LOFTS

Sources and Uses

Sources			Uses
Original loan amount	$28,000,000	64.8%	Purchase price	$41,500,000	96.0%
Sponsor’s new cash contribution	15,243,028	35.2	Reserves	566,020	1.3
			Closing costs	1,177,008	2.7
Total Sources	$43,243,028	100.0%	Total Uses	$43,243,028	100.0%

The Property. The Automatic Lofts Property is a six-story, student-housing, multifamily property totaling 142 units and 482 beds and located in Chicago, Illinois. Originally built in 1910, the Automatic Lofts Property was completely redeveloped in 2006 into a multifamily property, which included façade updates, complete interior renovations, new mechanicals and roof and common area updates. The unit mix at the Automatic Lofts Property consists of a mixture of studio, one-, two-, three- and four-bedroom units. The Automatic Lofts Property is home to students from 13 different schools with master leases in-place from the Illinois Institute of Art (approximately 185 beds) and EF International (approximately 61 beds). All units at the Automatic Lofts Property are furnished with bedroom and living area furnishings and feature 42” flat panel HDTVs, central air conditioning, hardwood floors, cable television and high-speed internet. Property amenities include a fitness center, a business center, 24-hour doorman, controlled entry, two elevators and laundry facilities. The Automatic Lofts Property includes 30 garage parking spaces, which are available at a monthly rent of $175 per space. As of March 30, 2015, the Automatic Lofts Property was 98.1% occupied.

The following table presents certain information relating to the unit mix of the Automatic Lofts Property:

Unit Mix Summary(1)

Unit Type	No. of Units	No. of Beds	% of Total Beds	Average Unit Size (SF)	Average Underwritten Monthly Rent per Bed
Studio / 1 Bathroom	1	1	0.2%	368	$1,590
1 Bedroom / 1 Bathroom	12	12	2.5%	472	$1,585
2 Bedroom / 1 Bathroom	10	20	4.1%	664	$1,167
3 Bedroom / 2 Bathroom	27	81	16.8%	897	$928
4 Bedroom / 2 Bathroom	92	368	76.3%	1,039	$852
Total/Weighted Average	142	482	100.0%	933	$898

(1)	Information obtained from the underwritten rent roll.

The following table presents historical occupancy percentages at the Automatic Lofts Property:

Historical Occupancy

12/31/2012(1)		12/31/2013(2)		12/31/2014(2)		3/30/2015(3)
NAV		97.5%		97.7%		98.1%

(1)	Historical occupancy prior to 2013 is not available, as the sponsors recently acquired the Automatic Lofts Property, and the information was not provided by the seller.

(2)	Information obtained from the borrower.

(3)	Information obtained from the underwritten rent roll.

AUTOMATIC LOFTS

Cash Flow Analysis

	2012	2013	TTM 2/28/2015	U/W	% of U/W Effective Gross Income	U/W $ per Bed
Base Rent	$3,970,797	$4,445,175	$4,769,640	$5,092,394	112.2%	$10,565
Grossed Up Vacant Space	0	0	0	99,588	2.2	207
Concessions & Collection Loss	(310,314)	(402,738)	(422,418)	(381,425)	(8.4)	(791)
Other Income	309,452	195,437	222,862	222,862	4.9	462
Less Vacancy	0	0	0	(493,238)(1)	(10.9)	(1,023)

Effective Gross Income	$3,969,935	$4,237,874	$4,570,084	$4,540,181	100.0%	$9,419

Total Operating Expenses	$1,778,123	$2,001,050	$2,136,345	$2,153,149	47.4%	$4,467

Net Operating Income	$2,191,812	$2,236,824	$2,433,739	$2,387,032	52.6%	$4,952
Capital Expenditures	0	0	0	60,250	1.3	125
Net Cash Flow	$2,191,812	$2,236,824	$2,433,739	$2,326,782	51.2%	$4,827

NOI DSCR	1.38x	1.41x	1.54x	1.51x
NCF DSCR	1.38x	1.41x	1.54x	1.47x
NOI DY	7.8%	8.0%	8.7%	8.5%
NCF DY	7.8%	8.0%	8.7%	8.3%

(1)	The underwritten economic vacancy is 9.5%. The Automatic Lofts Property was 98.1% physically occupied as of March 30, 2015.

Appraisal. As of the appraisal valuation date of February 9, 2015, the Automatic Lofts Property had an “as-is” appraised value of $41,900,000.

Environmental Matters. According to a Phase I environmental assessment dated December 22, 2014, there was no evidence of any recognized environmental conditions at the Automatic Lofts Property.

Market Overview and Competition. The Automatic Lofts Property is located at the southwest corner of West Van Buren Street and South Morgan Street in the West Loop neighborhood (on the western border of the central business district) of Chicago, Illinois. The Automatic Lofts Property is situated just north of Interstate 290, just west of Interstate 90 and less than one mile west/southwest of both Ogilvie Train Station, which serves as the terminus for three Metra train lines and handles more than 106,000 commuters and 194 trains each weekday, and Union Station, the nation’s third busiest train station, handling more than 128,000 commuters and 270 trains each weekday. In addition, the Automatic Lofts Property is located within a six-minute walk of the UIC-Halsted Blue Line “L” train station, which provides connectivity to the “Loop”, easy transfers to all other “L” lines and O’Hare International Airport. Three CTA bus lines are routed through the immediate area surrounding the Automatic Lofts Property, and 10 Divvy bike sharing stations are within short walking distance. Chicago is home to several universities and colleges including DePaul University (annual enrollment of approximately 24,966 students; 3.5 miles north of the Automatic Lofts Property), Columbia College (10,800 students; 1.6 miles east), Roosevelt University (6,130 students; 1.5 miles east), University of Illinois Chicago (27,850 students; less than one half mile southwest), Illinois Institute of Art (3,400 students; 1.6 miles northeast) and Chicago-Kent College of Law (905 students; 0.7 miles northeast).

According to the appraisal, the Automatic Lofts Property is situated within the City West apartment submarket of Chicago. As of year-end 2014, the submarket reported a total inventory of 172 properties totaling 23,885 units with a 6.1% vacancy rate and average monthly asking rent of $1,146.

The following table presents certain information relating to some comparable multifamily properties for the Automatic Lofts Property:

Competitive Set(1)

	Automatic Lofts (Subject)	The Buckingham	The Flats at East West	Fornelli Hall	777 South State	Dwight Lofts
Location	Chicago, IL	Chicago, IL	Chicago, IL	Chicago, IL	Chicago, IL	Chicago, IL
Distance to Subject	--	1.9 miles	1.7 miles	1.8 miles	1.6 miles	2.7 miles
Property Type	Student Housing	Student Housing	Student Housing	Student Housing	Student Housing	Student Housing
Year Built/Renovated	1910/2006	1931/2007	2013/NAP	1920/2010	1985/2012	1911/2008
Number of Beds	482	441	130	450	882	771
Average Rent (per bed)
Studio	$1,590	$1,479	$1,309	$1,400	$676	NAP
1 Bedroom	$1,585	$1,574	NAP	$1,750	$1,700	NAP
2 Bedroom	$1,167	$1,164	$949	$1,100	$1,310	$1,089
3 Bedroom	$928	$1,164	$949	$1,100	$1,310	NAP
4 Bedroom	$852	$1,164	NAP	NAP	NAP	$1,089
Occupancy	98%	100%	100%	99%	100%	100%

(1)	Information obtained from the appraisal and underwritten rent roll.

AUTOMATIC LOFTS

The Borrower. The borrower is Automatic Lofts LLC, a Delaware limited liability company and single purpose entity with one independent director. Legal counsel to the borrower provided a non-consolidation opinion in connection with the origination of the Automatic Lofts Mortgage Loan. David Maltby, Guy Nesdale and Karlton Jackson are the guarantors of certain nonrecourse carveouts under the Automatic Lofts Mortgage Loan.

The Sponsors. The sponsors are David Maltby, Guy Nesdale and Karlton Jackson. Mr. Maltby is a Partner at Empire Square Group and has over 12 years of experience in commercial real estate investment and asset management. Mr. Nesdale is also a Partner at Empire Square Group and has 13 years of experience in commercial real estate acquisition and private equity. Mr. Jackson is the CEO of JMG Realty and specializes in commercial real estate rehabilitation, management reorganization and long-term stabilization.

Escrows. The loan documents provide for upfront reserves of $66,020 for taxes. The loan documents also provide for ongoing monthly reserves of $22,007 for taxes and $5,021 for replacement reserves. Ongoing reserves for insurance are not required as long as (i) no event of default has occurred and is continuing; (ii) insurance is maintained pursuant to one or more blanket insurance policies; and (iii) the borrower provides the lender with timely proof of payment of insurance premiums.

On each monthly payment date occurring in March, April and May of each year, the borrower must deposit an amount equal to one-third of 115% of the debt service shortfall for the prior year, if any, into a seasonality reserve account. Funds in the seasonality reserve account will be disbursed to the borrower in the following 12-month period in the same months in which the shortfall existed in the prior year.

The loan documents provide for an upfront deposit of $500,000 into an additional collateral reserve account. Until the occurrence of an Additional Collateral Cure Event (as defined below) or an Additional Collateral Master Lease Cure Event (as defined below), the borrower must make ongoing monthly deposits of $42,000 into the additional collateral reserve account (subject to a cap of $1,100,000, as long as the debt yield is equal to or greater than 8.3%). If an Additional Collateral Cure Event or an Additional Collateral Master Lease Cure Event occurs on or before July 31, 2015, the lender shall deposit funds from the additional collateral reserve account totaling $77,630 in the seasonality reserve account.

Upon a Master Lease Trigger (as defined below), the loan documents provide for a one-time deposit of $600,000, or six consecutive monthly payments of $100,000 each, such that the master lease reserve account will have an aggregate balance of $600,000. Upon the occurrence of a Master Lease Trigger Cure (as defined below), the lender shall release any funds in the master lease reserve account to the borrower.

An “Additional Collateral Cure Event” will occur upon the debt yield being equal to or greater than 8.3% at the end of any calendar month; provided, however, that such debt yield calculation shall only include (i) any tenant under a lease that covers a term of 12 months or longer that is accompanied by a parental guaranty or a foreign student deposit (a “Qualified Tenant”); (ii) up to 40 tenants under leases that cover terms of at least nine months (but less than 12 months) that would otherwise satisfy the definition of Qualified Tenant; and (iii) any master lease that has a remaining term of at least three years (excluding any unexercised extension options)(a “Qualified Master Tenant”). For the avoidance of doubt, neither the EF International master lease nor the Illinois Institute of Art master leases currently satisfy the definition of Qualified Master Tenant due to their remaining lease terms.

An “Additional Collateral Master Lease Cure Event” will occur upon the extension of both the Illinois Institute of Art master lease and the EF International master lease, each for terms of at least three years and with rents that are equal to or greater than each master tenant’s respective rent at the time of origination of the Automatic Lofts Mortgage Loan.

A “Master Lease Trigger” is defined as the date that is six months prior to the expiration date of the Illinois Institute of Art master lease (or any other master lease accounting for at least 25.0% of the total beds at the Automatic Lofts Property).

A “Master Lease Trigger Cure” will occur upon (i) the applicable master lease being renewed or extended for at least three years and at economic terms equal to or greater than the economic terms of such master lease at the time of origination of the Automatic Lofts Mortgage Loan; (ii) the borrower entering into a new master lease for at least as many beds as the applicable master lease, with a term of at least three years and at economic terms equal to or greater than the economic terms of the applicable master lease; or (iii) the debt yield being equal to or greater than 8.5% for one calendar month.

Lockbox and Cash Management. Upon the occurrence of a Cash Trap Event Period (as defined below), the borrower is required to establish a lender-controlled lockbox account and direct all tenants to deposit all rents directly into such lockbox account. During a Cash Trap Event Period, all excess funds on deposit in the lockbox account are swept to a lender-controlled cash flow subaccount on a monthly basis.

A “Cash Trap Event Period” will commence upon the earlier of (i) the occurrence and continuance of an event of default; (ii) the amortizing debt service coverage ratio falling below 1.20x at the end of any calendar month; or (iii) on or after January 1, 2016, the occurrence of a Master Lease Trigger for which the borrower has not made deposits totaling $600,000 into the master lease reserve account (as outlined in the “Escrows” section). A Cash Trap Event Period will end, with respect to clause (i), upon the cure of such event of default; with respect to clause (ii), upon the date that the amortizing debt service coverage ratio is equal to or greater than 1.25x for one calendar quarter; and with respect to clause (iii), upon the occurrence of a Master Lease Trigger Cure (as defined below).

Property Management. The Automatic Lofts Property is managed by an affiliate of the borrower.

Assumption. The borrower has a two-time right to transfer the Automatic Lofts Property, provided that no event of default has occurred and is continuing and certain other conditions are satisfied, including (i) the lender’s reasonable determination that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration transferee experience,

AUTOMATIC LOFTS

financial strength and general business standing; (ii) the execution of a recourse guaranty and an environmental indemnity by an affiliate of the transferee; and (iii) if requested by the lender, a rating agency confirmation from DBRS, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-C28 Certificates.

Partial Release. Not permitted.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Chicago Automatic Funding Ltd., a Cayman Islands exempted company with limited liability, has originated a $5,500,000 mezzanine loan (the “Automatic Lofts Mezzanine Loan”) to Automatic Holdings LLC, a Delaware limited liability company. The Automatic Lofts Mezzanine Loan had an initial term of 60 months, has a remaining term as of the Cut-off Date of 59 months and requires quarterly interest-only payments of $137,500 (based on an interest rate of 10.000% per annum).

Ground Lease. None.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Automatic Lofts Property (provided that the borrower is not required to pay terrorism insurance premiums in excess of two times the premium for all risk and business interruption coverage if the Terrorism Risk Insurance Program Reauthorization Act is no longer in effect), as well as business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity.

No. 10 – 7979 Westheimer Apartment Homes

Loan Information					Property Information
Mortgage Loan Seller:		Rialto Mortgage Finance, LLC			Single Asset/Portfolio:		Single Asset
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:		Multifamily
Original Principal Balance:		$26,377,500			Specific Property Type:		Garden
Cut-off Date Principal Balance:		$26,377,500			Location:		Houston, TX
% of Initial Pool Balance:		2.3%			Size:		459 Units
Loan Purpose:		Refinance			Cut-off Date Principal Balance Per Unit:		$57,467
Borrower Name:		New Rama Krishna Properties, LLC			Year Built/Renovated:		1971/2001
Sponsor:		Arun Verma			Title Vesting:		Fee
Mortgage Rate:		4.220%			Property Manager:		Self-managed
Note Date:		March 31, 2015			3rd Most Recent Occupancy (As of):		95.0% (12/31/2012)
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of):		94.0% (12/31/2013)
Maturity Date:		April 6, 2025			Most Recent Occupancy (As of):		94.0% (12/31/2014)
IO Period:		60 months			Current Occupancy (As of):		96.5% (3/16/2015)
Loan Term (Original):		120 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		360 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3rd Most Recent NOI (As of):	$2,212,308 (12/31/2013)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of):	$2,435,857 (12/31/2014)
Call Protection:		L(24),GRTR 1% or YM(89),O(7)			Most Recent NOI (As of):	$2,504,041 (TTM 2/28/2015)
Lockbox Type:		Springing (Without Established Account)
Additional Debt:		None			U/W Revenues:	$4,659,118
Additional Debt Type:		NAP			U/W Expenses:	$2,326,260
					U/W NOI:	$2,332,858
					U/W NCF:	$2,195,158
					U/W NOI DSCR:	1.50x
Escrows and Reserves(1):					U/W NCF DSCR:	1.41x
					U/W NOI Debt Yield:	8.8%
Type:	Initial		Monthly	Cap (If Any)	U/W NCF Debt Yield:	8.3%
Taxes	$174,055		$41,442	NAP	As-Is Appraised Value:	$35,170,000
Insurance	$41,847		$19,927	NAP	As-Is Appraisal Valuation Date:	January 12, 2015
Replacement Reserves	$0		$11,475	NAP	Cut-off Date LTV Ratio:	75.0%
Deferred Maintenance	$211,250		$0	NAP	LTV Ratio at Maturity or ARD:	68.3%

(1)	See “Escrows” section.

The Mortgage Loan. The mortgage loan (the “7979 Westheimer Apartment Homes Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering a garden-style multifamily property located in Houston, Texas (the “7979 Westheimer Apartment Homes Property”). The 7979 Westheimer Apartment Homes Mortgage Loan was originated on March 31, 2015 by Rialto Mortgage Finance, LLC. The 7979 Westheimer Apartment Homes Mortgage Loan had an original principal balance of $26,377,500, has an outstanding principal balance as of the Cut-off Date of $26,377,500 and accrues interest at an interest rate of 4.220% per annum. The 7979 Westheimer Apartment Homes Mortgage Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and requires interest-only payments the first 60 payments following origination and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The 7979 Westheimer Apartment Homes Mortgage Loan matures on April 6, 2025.

Following the lockout period, the borrower has the right to prepay the 7979 Westheimer Apartment Homes Mortgage Loan in whole, but not in part, on any date before October 6, 2024, provided that the borrower pays the greater of a yield maintenance premium or a prepayment premium equal to 1.0% of the then outstanding principal balance. In addition, the 7979 Westheimer Apartment Homes Mortgage Loan is prepayable without penalty on or after October 6, 2024.

7979 WESTHEIMER APARTMENT HOMES

Sources and Uses

Sources			Uses
Original loan amount	$26,377,500	100.0%	Loan payoff	$20,957,390	79.5	%
			Reserves	427,152	1.6
			Closing costs	573,100	2.2
			Return of equity	4,419,857	16.8
Total Sources	$26,377,500	100.0%	Total Uses	$26,377,500	100.0	%

The Property. The 7979 Westheimer Apartment Homes Property is a 459-unit, garden-style multifamily property consisting of 30 buildings, situated on a 15.4-acre site, located in Houston, Texas. The improvements were constructed in 1971 and renovated in 1988 and 2001. Since the acquisition of the 7979 Westheimer Apartment Homes Property in 2006, the borrower has invested $2.8 million in capital improvements. These improvements included replacing all roofs, exterior painting, installation of controlled access gates and a guard station, installation of wrought iron fencing around the 7979 Westheimer Apartment Homes Property, replacing stucco on the exterior, adding washer and dryer connections, installation of new laundry machines, renovation of the leasing office, gym and party room, and installation of a water fountain near the main entrance. Common area amenities consist of four outdoor resort style swimming pools, including a heated lap pool, four laundry facilities, a fully equipped health club, an aerobics center with trained instructor, a business center, children’s playground, a volleyball court, covered parking and controlled access gates. Some unit amenities include hardwood flooring, built-in bookshelves, ceiling fans, bay windows, full size washer/dryer connections and large patios/balconies. The 7979 Westheimer Apartment Homes Property contains 734 parking spaces, reflecting a parking ratio of 1.6 spaces per unit. As of March 16, 2015, the 7979 Westheimer Apartment Homes Property was 96.5% occupied.

The following table presents certain information relating to the unit mix of the 7979 Westheimer Apartment Homes Property:

Unit Mix Summary(1)

Unit Type	No. of Units	% of Total Units	Average Unit Size (SF)	Average Monthly U/W Rent per Unit
1 Bedroom / 1 Bath	206	44.9%	614	$679
1 Bedroom / 1 Bath	48	10.5%	748	$738
1 Bedroom / 1 Bath	12	2.6%	928	$848
2 Bedroom / 1.5 Bath	12	2.6%	914	$827
2 Bedroom / 2 Bath	24	5.2%	923	$843
2 Bedroom / 2 Bath	21	4.6%	1,075	$896
2 Bedroom / 2.5 Bath	120	26.1%	1,212	$964
3 Bedroom / 3 Bath	16	3.5%	1,682	$1,283
Total/Average	459	100.0%	875	$806

(1)

Information obtained from the underwritten rent roll.

The following table presents historical occupancy percentages at the 7979 Westheimer Apartment Homes Property:

Historical Occupancy

12/31/2012(1)		12/31/2013(1)		12/31/2014(1)		3/16/2015(2)
95.0%		94.0%		94.0%		96.5%

(1)

Information obtained from the borrower.

(2)

Information obtained from the underwritten rent roll.

7979 WESTHEIMER APARTMENT HOMES

Cash Flow Analysis

	2013	2014		TTM 2/28/2015		U/W		% of Total Effective Gross Income		U/W $ per Unit
Base Rent	$4,269,167	$4,358,990		$4,375,463		$4,286,208		92.0%		$9,338
Grossed Up Vacant Space	0	0		0		165,720		3.6		361
Concessions	0	0		0		0		0.0		0
Other Income	0	501,886		506,191		452,046		9.7		985
Less Vacancy & Credit Loss	0	(289,657	)	(257,948	)	(244,856	)(1)	(5.3	)	(533	)

Effective Gross Income	$4,269,167	$4,571,219		$4,623,706		$4,659,118		100.0%		$10,151

Total Operating Expenses	$2,056,859	$2,135,362		$2,119,665		$2,326,260		49.9%		$5,068

Net Operating Income	$2,212,308	$2,435,857		$2,504,041		$2,332,858		50.1%		$5,082
Capital Expenditures	0	0		0		137,700		3.0		300
Net Cash Flow	$2,212,308	$2,435,857		$2,504,041		$2,195,158		47.1%		$4,782

NOI DSCR	1.43x	1.57x		1.61x		1.50x
NCF DSCR	1.43x	1.57x		1.61x		1.41x
NOI DY	8.4%	9.2%		9.5%		8.8%
NCF DY	8.4%	9.2%		9.5%		8.3%

(1)	The underwritten economic vacancy is 5.5%. The 7979 Westheimer Apartment Homes property was 96.5% physically occupied as of March 16, 2015.

Appraisal. As of the appraisal valuation date of January 12, 2015, the 7979 Westheimer Apartment Homes Property had an “as-is” appraised value of $35,170,000.

Environmental Matters. According to a Phase I environmental assessment dated January 14, 2015, there was no evidence of any recognized environmental conditions at the 7979 Westheimer Apartment Homes Property.

Market Overview and Competition. The 7979 Westheimer Apartment Homes Property is located in Houston, Texas, approximately 11.1 miles west of the Houston central business district and 2.8 miles southwest of the Houston Galleria area. The Galleria area includes the Galleria Mall, Memorial Park, surrounding offices, hotel and retail developments. Galleria Mall is a 2.4 million square foot premier shopping complex located 4.7 miles east of the 7979 Westheimer Apartment Homes Property, and anchored by Nordstrom’s, Neiman Marcus, Macy’s and Saks Fifth Avenue. Located approximately 8.0 miles from 7979 Westheimer Apartment Homes Property, Memorial Park features a 2.9 mile walking/jogging trail, tennis courts, playing fields, a fitness center, a swimming pool and 6.0 miles of mountain and recreational bike trails. The 7979 Westheimer Apartment Homes Property is located 21.0 miles northwest of William P. Hobby Airport and approximately 29.0 miles southwest of George Bush Intercontinental Airport. Interstate 45 is Houston’s major north/south artery connecting the cities of Dallas and Houston, continuing southeast from Houston to Galveston to the Gulf of Mexico. The surrounding area near the 7979 Westheimer Apartment Homes Property is primarily characterized by well-established single family and multifamily residential properties supported by mixed-use commercial properties developed with restaurants, retail stores and other complementary businesses. The neighborhood is serviced primarily by US Highway 59 (“US-59”), Interstate 610 (“IH-610”) and Westheimer Road. US-59 is a major north-south thoroughfare providing access to the Houston central business district to the north. IH-610 is a freeway that forms a 38.0-mile loop around downtown Houston and serves as the innermost of the three beltway loops encircling the city. Residents at the 7979 Westheimer Apartment Homes Property have access to major employers, healthcare, shopping, and dining in the surrounding area. The 2014 estimated population within a one-, three- and five-mile radius of the 7979 Westheimer Apartment Homes Property was 29,611, 219,009, and 516,973, respectively, and the estimated average household income within the same radii of the 7979 Westheimer Apartment Homes Property was $59,786, $75,778 and $84,079, respectively.

According to a third party market research report, the 7979 Westheimer Apartment Homes Property is located within the Woodlake/Westheimer submarket which contained approximately 11,989 multifamily units with an overall vacancy rate of 8.5% as of January 2015. The appraisal identified a competitive set of four competitive multifamily properties with a weighted average occupancy rate of 97.0%.

7979 WESTHEIMER APARTMENT HOMES

The following table presents certain information relating to some comparable multifamily properties for the 7979 Westheimer Apartment Homes Property:

Competitive Set(1)

	7979 Westheimer Apartment Homes (Subject)	The Water Mill Property	Turtle Pointe Property	2929 Dunvale Property	The Park at Voss Property	Stoney Brook Property
Location	Houston, TX	Houston, TX	Houston, TX	Houston, TX	Houston, TX	Houston, TX
Distance to Subject	--	0.6 miles	1.2 miles	0.7 miles	1.3 miles	0.3 miles
Specific Property Type	Garden	Garden	Garden	Garden	Garden	Garden
Number of Units	459	192	432	369	810	112
Average Rent (per unit)
1 Bedroom	$679-$848	$699-$799	$620-$730	$700-$760	$874-$904	$740
2 Bedroom	$827-$964	$999-$1,099	$840-$955	$930-$975	$1,094-$1,264	$839-$1,050
3 Bedroom	$1,283	NAP	NAP	NAP	NAP	$1,190
Total Occupancy	97%	95%	98%	97%	97%	97%

(1)	Information obtained from the appraisal and the underwritten rent roll.

The Borrower. The borrower is New Rama Krishna Properties, LLC, a Texas limited liability company and a single purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 7979 Westheimer Apartment Homes Mortgage Loan. Arun Verma is the guarantor of certain nonrecourse carveouts under 7979 Westheimer Apartment Homes Mortgage Loan.

The Sponsor. The sponsor, Arun Verma, serves as a general partner of the borrower, and has 28 years of direct involvement in real estate acquisition, development, rehabilitation and management. Mr. Verma was the Founder, Chairman and CEO of BVM Real Estate, Inc. for six years and Chairman and CEO of BVM Group for 23 years. According to Mr. Verma’s real estate investment schedule, he maintains partnership equity interest of approximately $209.8 million in 12 multifamily projects and approximately 192,500 square feet of office space.

Escrows. The loan documents provide for upfront escrows in the amount of $174,055 for real estate taxes, $41,847 for insurance and $211,250 for deferred maintenance. The loan documents also provide for ongoing monthly reserves in the amount of $41,442 for real estate taxes, $19,927 for insurance and $11,475 for replacement reserves.

Lockbox and Cash Management. Upon the occurrence and continuance of a Cash Management Trigger Event (as defined below) the 7979 Westheimer Apartment Homes Mortgage Loan requires the borrower to establish a lender-controlled lockbox account. The loan documents also require that during a Cash Management Trigger Event all revenues received by the borrower or the property manager be deposited into the lockbox account within one business day of receipt. Other than during a Cash Sweep Event (as defined below), all excess funds on deposit are disbursed to the borrower.

A “Cash Management Trigger Event” will commence upon the occurrence of (i) an event of default; (ii) any bankruptcy action of the borrower; (iii) any bankruptcy action of the guarantor; or (iv) any bankruptcy action of the manager. A Cash Management Trigger Event will end with respect to clause (i), when such event of default has been cured, and with respect to clauses (ii), (iii) and (iv), when such bankruptcy petition has been discharged, stayed, or dismissed, among other conditions. Clause (iv) may also be cured by the borrower replacing the manager with a qualified manager acceptable to the lender.

A “Cash Sweep Event” will commence upon the occurrence of (i) an event of default; (ii) any bankruptcy action of the borrower; (iii) any bankruptcy action of the guarantor; or (iv) any bankruptcy action of the manager. A Cash Sweep Event will end with respect to clause (i), when such event of default has been cured, with respect to clause (ii) and (iii), when such bankruptcy petition has been discharged, stayed, or dismissed among other conditions, and with respect to clause (iv), when the borrower has replaced the manager with a qualified manager acceptable to the lender or when such bankruptcy petition has been discharged, stayed or dismissed among other conditions.

Property Management. The 7979 Westheimer Apartment Homes Property is managed by an affiliate of the borrower.

Assumption. The borrower has the right to transfer the 7979 Westheimer Apartment Homes Property one year after the origination date, provided that no event of default has occurred and is continuing and certain other conditions are satisfied, including (i) the lender’s reasonable determination that the proposed transferee and guarantor satisfy the lender’s credit review and underwriting standards, taking into consideration transferee’s experience, financial strength and general business standing; (ii) execution of a recourse guaranty and an environmental indemnity by an affiliate of the transferee; and (iii) if requested by the lender, a rating agency confirmation from DBRS, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-C28 Certificates.

Partial Release. Not permitted.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted.

Ground Lease. None.

7979 WESTHEIMER APARTMENT HOMES

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the 7979 Westheimer Apartment Homes Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

Windstorm Insurance. The loan documents require windstorm insurance covering the full replacement cost of the 7979 Westheimer Apartment Homes Property during the loan term. At the time of loan closing, the 7979 Westheimer Apartment Homes Property had insurance coverage for windstorm.

Wells Fargo Commercial Mortgage Trust 2015-C28

Transaction Contact Information

Questions may be directed to any of the following individuals:

Wells Fargo Securities, LLC

Brigid Mattingly	Tel. (312) 269-3062
	Fax (312) 658-0140

A.J. Sfarra	Tel. (212) 214-5613
	Fax (212) 214-8970

Alex Wong	Tel. (212) 214-5615
	Fax (212) 214-8970

	WELLS FARGO SECURITIES

	Lead Manager and Sole Bookrunner
Deutsche Bank Securities Co-Manager		Morgan Stanley Co-Manager

Property Name – Location	% of Portfolio Cut-off Date Principal Balance	Occupancy	Year Built/ Renovated	Net Rentable Area (SF)	Allocated Cut-off Date Principal Balance	Appraised Value	Allocated LTV
University Place – Shreveport, LA	37.7%	98.4%	2001/NAP	178,710	$33,037,500	$44,900,000	73.6%
Fairhaven Commons – Fairhaven, MA	23.0%	88.3%	1990/NAP	212,393	$20,100,000	$27,400,000	73.4%
Castle Rock Shoppes – Castle Rock, CO	21.9%	97.2%	2007/NAP	105,528	$19,200,000	$25,600,000	75.0%
Meridian Towne Center – Okemos, MI	9.8%	93.7%	1988/NAP	86,891	$8,587,500	$11,540,000	74.4%
Spring Prairie Center – Kalispell, MT	7.6%	100.0%	2004/NAP	295,698(1)	$6,622,500	$8,830,000	75.0%
Total/Weighted Average	100.0%	95.9%		879,220	$87,547,500	$118,270,000	74.0%

Tenant Name	Credit Rating (Fitch/Moody’s/S&P)(1)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF(2)	Annual U/W Base Rent(2)	% of Total Annual U/W Base Rent	Sales PSF(3)	Occupancy Cost(3)	Lease Expiration Date
Anchor Tenant – Collateral
Stop & Shop(4)(5)	B/B1/B+	52,131	5.9%	$12.35	$643,727	7.3%	NAV	NAV	5/31/2020
Best Buy(6)	BB/Baa2/BB	45,830	5.2%	$14.00	$641,620	7.3%	NAV	NAV	1/31/2017
Walmart(5)	AA/Aa2/AA	93,568	10.6%	$5.95	$556,730	6.3%	$425	1.9%	8/21/2018
Sprouts(7)	NR/NR/BB-	28,314	3.2%	$17.00	$481,338	5.5%	NAV	NAV	2/28/2025
Bed Bath & Beyond(6)	NR/Baa1/A-	30,000	3.4%	$11.00	$330,000	3.8%	NAV	NAV	1/31/2022
Sears(5)	CC/Caa1/CCC+	21,422	2.4%	$14.45	$309,548	3.5%	NAV	NAV	4/24/2016
TJ Maxx(6)	NR/A3/A+	30,000	3.4%	$8.75	$262,500	3.0%	NAV	NAV	1/31/2017
Michael’s(7)	NR/NR/B+	21,647	2.5%	$11.50	$248,940	2.8%	NAV	NAV	8/31/2017
Big 5 Sporting Goods(7)	NR/NR/NR	10,251	1.2%	$14.50	$148,632	1.7%	NAV	NAV	1/31/2019
Office Max(7)	NR/B2/B-	14,300	1.6%	$9.25	$132,275	1.5%	NAV	NAV	3/31/2019
Total Anchor Tenant – Collateral		347,463	39.5%	$10.81	$3,755,310	42.8%

Major Tenants – Collateral
LifeWay Christian Store(6)	NR/NR/NR	10,000	1.1%	$20.00	$200,000	2.3%	$294	9.0%	9/30/2016
David’s Bridal(8)	NR/B3/B	10,083	1.1%	$19.68	$198,433	2.3%	NAV	NAV	2/28/2017
Marshalls(8)	NR/A3/A+	26,470	3.0%	$7.13	$188,730	2.2%	$331	3.7%	3/31/2020
Total Major Tenants – Collateral		46,553	5.3%	$12.61	$587,163	6.7%

Ground Lease
Lowe’s(9)	NR/A3/A-	134,456	15.3%	$1.72	$231,125	2.6%	NAV	NAV	12/31/2024
Costco(9)	A+/A1/A+	131,532	15.0%	$1.73	$227,265	2.6%	NAV	NAV	9/30/2025
Famous Dave’s(9)	NR/NR/NR	7,762	0.9%	$6.15	$47,700	0.5%	NAV	NAV	6/30/2026
Wells Fargo(9)	AA-/A2/A+	5,429	0.6%	$11.14	$60,500	0.7%	NAV	NAV	2/28/2031
Applebees(9)	NR/NR/NR	5,776	0.7%	$9.18	$53,000	0.6%	NAV	NAV	9/30/2030
Mednorth(9)	NR/NR/NR	5,615	0.6%	$11.75	$66,000	0.8%	NAV	NAV	2/28/2029
McDonalds(9)	A/A2/A	3,224	0.4%	$17.83	$57,500	0.7%	NAV	NAV	11/15/2027
Starbucks(9)	A-/A3/A-	1,904	0.2%	$25.41	$48,375	0.6%	NAV	NAV	2/28/2027
Total Ground Leases – Collateral		295,698	33.6%	$2.68	$791,465	9.0%

Non-Major Tenants – Collateral		153,601	17.5%	$23.70	$3,641,100	41.5%

Occupied Collateral Total		843,315	95.9%	$10.41	$8,775,038	100.0%

Vacant Space		35,905	4.1%

Collateral Total		879,220	100.0%

Tenant Name	2013(1)	2014(1)
Walmart	$450	$425
TJ Max	$277	NAV
Marshalls	NAV	$331
LifeWay Christian Store	$247	$294

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative% of Total NRSF	Annual U/W Base Rent	Annual U/W Base Rent PSF(4)
MTM	0	0	0.0%	0	0.0%	$0	$0.00
2015	6	12,256	1.4%	12,256	1.4%	$211,941	$17.29
2016	9	57,524	6.5%	69,780	7.9%	$964,564	$16.77
2017	18	139,273	15.8%	209,053	23.8%	$2,277,221	$16.35
2018	9	111,920	12.7%	320,973	36.5%	$1,104,236	$9.87
2019	8	41,561	4.7%	362,534	41.2%	$636,382	$15.31
2020	7	96,296	11.0%	458,830	52.2%	$1,160,579	$12.05
2021	2	10,400	1.2%	469,230	53.4%	$120,475	$11.58
2022	2	31,678	3.6%	500,908	57.0%	$346,207	$10.93
2023	4	13,944	1.6%	514,852	58.6%	$555,122	$39.81
2024	2	137,205	15.6%	652,057	74.2%	$329,402	$2.40
2025	2	159,846	18.2%	811,903	92.3%	$708,603	$4.43
Thereafter	9	31,412	3.6%	843,315	95.9%	$360,307	$11.47
Vacant	0	35,905	4.1%	879,220	100.0%	$0	$0.00
Total/Weighted Average	78	879,220	100.0%			$8,775,038	$10.41

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-195164-08

No. 1 – TKG 2 Portfolio

Loan Information					Property Information
Mortgage Loan Seller:		Rialto Mortgage Finance, LLC			Single Asset/Portfolio:	Portfolio
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:	Retail
Original Principal Balance:		$87,547,500			Specific Property Type:	Anchored
Cut-off Date Principal Balance:		$87,547,500			Location:	Various - See Table
% of Initial Pool Balance:		7.5%			Size(3):	879,220 SF
Loan Purpose:		Refinance			Cut-off Date Principal Balance Per SF(3):	$99.57
Borrower Names(1):		Various			Year Built/Renovated:	Various – See Table
Sponsor:		E. Stanley Kroenke			Title Vesting(4)(5):	Fee & Leasehold
Mortgage Rate:		4.086%			Property Manager:	Self-managed
Note Date:		April 10, 2015			3rd Most Recent Occupancy:	NAV
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of)(3):	96.7% (12/31/2013)
Maturity Date:		April 6, 2025			Most Recent Occupancy (As of)(3):	96.8% (12/31/2014)
IO Period:		120 months			Current Occupancy (As of)(3):	95.9% (4/1/2015)
Loan Term (Original):		120 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		NAP
Loan Amortization Type:		Interest-only, Balloon			3rd Most Recent NOI (As of):	$7,200,278 (12/31/2013)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of):	$7,316,002 (12/31/2014)
Call Protection:		L(24),GRTR 1% or YM(92),O(4)			Most Recent NOI (As of):	$8,349,084 (TTM 2/28/2015)
Lockbox Type:		Springing (Without Established Account)
Additional Debt:		None			U/W Revenues:	$11,103,505
Additional Debt Type:		NAP			U/W Expenses:	$3,471,760
					U/W NOI:	$7,631,745
					U/W NCF:	$7,147,556
Escrows and Reserves(2):					U/W NOI DSCR:	2.10x
					U/W NCF DSCR:	1.97x
Type:	Initial		Monthly	Cap (If Any)	U/W NOI Debt Yield:	8.7%
Taxes	$0		Springing	NAP	U/W NCF Debt Yield:	8.2%
Insurance	$0		Springing	NAP	As-Is Appraised Value:	$118,270,000
Replacement Reserves	$0		Springing	NAP	As-Is Appraisal Valuation Date(6):	Various
TI/LC Reserve	$0		Springing	$2,188,237	Cut-off Date LTV Ratio:	74.0%
Ground Rent	$0		Springing	NAP	LTV Ratio at Maturity or ARD:	74.0%

12/31/2012		12/31/2013(1)(2)		12/31/2014(1)(2)		4/1/2015(2)(3)
NAV		96.7%		96.8%		95.9%

No. 2 – Harden Ranch Plaza

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:	Retail
Original Principal Balance:		$85,400,000			Specific Property Type:	Anchored
Cut-off Date Principal Balance:		$85,400,000			Location:	Salinas, CA
% of Initial Pool Balance:		7.3%			Size:	421,906 SF
Loan Purpose:		Refinance			Cut-off Date Principal Balance Per SF:	$202.41
Borrower Names(1):		Salinas Shopping Center Associates Limited Partnership; Harden Ranch Plaza Associates, LLC			Year Built/Renovated:	1991/2014
Sponsors(2):		Various			Title Vesting:	Fee
Mortgage Rate:		3.880%			Property Manager:	Self-managed
Note Date:		April 8, 2015			3rd Most Recent Occupancy (As of):	97.3% (12/31/2012)
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of):	98.8% (12/31/2013)
Maturity Date:		April 11, 2025			Most Recent Occupancy (As of):	97.2% (12/31/2014)
IO Period:		84 months			Current Occupancy (As of):	97.5% (4/3/2015)
Loan Term (Original):		120 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		300 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3rd Most Recent NOI (As of):	$6,875,067 (12/31/2012)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of):	$7,206,149 (12/31/2013)
Call Protection:		L(25),D(88),O(7)			Most Recent NOI (As of):	$7,578,359 (12/31/2014)
Lockbox Type:		Springing (Without Established Account)
Additional Debt(3):		Yes			U/W Revenues:	$10,015,413
Additional Debt Type(3):		Future Mezzanine			U/W Expenses:	$2,415,885
					U/W NOI:	$7,599,528
Escrows and Reserves(4):					U/W NCF:	$7,304,077
					U/W NOI DSCR:	1.42x
Type:	Initial		Monthly	Cap (If Any)	U/W NCF DSCR:	1.37x
Taxes	$63,104		$63,104(4)	NAP	U/W NOI Debt Yield:	8.9%
Insurance	$88,649		$8,059	NAP	U/W NCF Debt Yield:	8.6%
Replacement Reserves	$200,000		$6,169	NAP	As-Is Appraised Value:	$129,000,000
TI/LC Reserve	$341,500		$18,445	$683,000(4)	As-Is Appraisal Valuation Date:	March 5, 2015
Safeway Reserve	$0		Springing	NAP	Cut-off Date LTV Ratio:	66.2%
Ross Reserve	$650,000		$0	NAP	LTV Ratio at Maturity or ARD:	61.3%

Tenant Name	Credit Rating (Fitch/ Moody’s/ S&P)(1)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF(2)	Annual U/W Base Rent(2)	% of Total Annual U/W Base Rent	Sales PSF(3)	Occupancy Cost(3)	Lease Expiration Date
Anchor Tenants – Not Part of Collateral
WalMart	AA/Aa2/AA	130,506	ANCHOR OWNED – NOT PART OF THE COLLATERAL
Target	A-/A2/A	115,300	ANCHOR OWNED – NOT PART OF THE COLLATERAL

Anchor Tenant – Collateral
Safeway	NR/B2/B	52,686	12.5%	$14.80	$779,732	9.4%	$542	3.3%	8/31/2016(4)
Ashley Furniture	NR/NR/NR	53,098	12.6%	$11.23	$596,524	7.2%	$148	10.2%	11/30/2027
Ross(5)	NR/A3/A-	25,258	6.0%	$14.00	$353,612	4.3%	NAP	NAP	1/31/2026
Michael’s	NR/NR/B+	24,113	5.7%	$14.25	$343,525	4.1%	NAV	NAV	3/31/2024
Marshalls	NR/A3/A+	27,000	6.4%	$12.25	$330,750	4.0%	$359	4.3%	1/31/2022
In-Shape Health Club	NR/NR/NR	36,015	8.5%	$7.38	$265,704	3.2%	NAV	NAV	8/31/2022
Total Anchor Tenant – Collateral		218,170	51.7%	$12.24	$2,669,846	32.2%

Major Tenants – Collateral
Party City	NR/NR/NR	12,000	2.8%	$20.79	$249,480	3.0%	$196	12.1%	1/31/2018
Walgreens	NR/Baa2/BBB	14,000	3.3%	$16.70	$233,772	2.8%	$182(6)	11.1%(6)	11/30/2031(7)
Mattress Discounters	NR/NR/NR	7,625	1.8%	$29.02	$221,297	2.7%	$168	21.1%	10/31/2018
AutoZone	BBB/Baa1/BBB	8,004	1.9%	$26.00	$208,128	2.5%	NAV	NAV	1/31/2020
Pet Fun	NR/NR/NR	6,286	1.5%	$32.90	$206,828	2.5%	$306	12.5%	10/31/2015
Factory 2-U	NR/NR/NR	16,000	3.8%	$12.00	$192,000	2.3%	$149	10.8%	5/31/2021
Total Major Tenants – Collateral		63,915	15.1%	$20.52	$1,311,504	15.8%

Non-Major Tenants – Collateral(8)(9)		129,099	30.6%	$33.34	$4,303,771	51.9%

Occupied Collateral Total		411,184	97.5%	$20.15	$8,285,122	100.0%

Vacant Space		10,722	2.5%

Collateral Total(9)		421,906	100.0%

	(1)	Historical Sales (PSF) and Occupancy Costs were provided by the borrower. Tenants who are not required to report sales have been excluded from the chart above. Current Occupancy Cost is based on 2014 sales.
	(2)	Walgreens’ sales per square foot and occupancy costs exclude pharmacy sales. Including pharmacy sales, sales per square foot in 2012, 2013 and 2014 were $474, $482 and $496, respectively.

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	Annual U/W Base Rent PSF(3)
MTM	0	0	0.0%	0	0.0%	$0	$0.00
2015	8	15,612	3.7%	15,612	3.7%	$517,473	$33.15
2016	7	72,094	17.1%	87,706	20.8%	$1,314,057	$18.23
2017	12	32,778	7.8%	120,484	28.6%	$966,825	$29.50
2018	10	38,080	9.0%	158,564	37.6%	$1,047,632	$27.51
2019	5	7,805	1.8%	166,369	39.4%	$261,144	$33.46
2020	8	29,571	7.0%	195,940	46.4%	$861,803	$29.14
2021	1	16,000	3.8%	211,940	50.2%	$192,000	$12.00
2022(4)	7	77,195	18.3%	289,135	68.5%	$1,239,761	$16.06
2023	1	2,625	0.6%	291,760	69.2%	$137,815	$52.50
2024	2	25,513	6.0%	317,273	75.2%	$387,205	$15.18
2025	0	0	0.0%	317,273	75.2%	$0	$0.00
Thereafter(5)	5	93,911	22.3%	411,184	97.5%	$1,359,408	$14.48
Vacant	0	10,722	2.5%	421,906	100.0%	$0	$0.00
Total/Weighted Average	66	421,906	100.0%			$8,285,122	$20.15

No. 3 – Eastgate One Phases I-VII & XII

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:	Office
Original Principal Balance(1):		$75,000,000			Specific Property Type:	Suburban
Cut-off Date Principal Balance(1):		$75,000,000			Location:	San Diego, CA
% of Initial Pool Balance:		6.4%			Size:	860,513 SF
Loan Purpose:		Refinance			Cut-off Date Principal Balance Per SF(1):	$145.26
Borrower Name:		Irvine Eastgate Office I LLC			Year Built/Renovated:	1998/2014
Sponsor:		The Irvine Company LLC			Title Vesting:	Fee
Mortgage Rate:		3.785%			Property Manager:	Self-managed
Note Date:		March 24, 2015			3rd Most Recent Occupancy (As of)(4):	82.1% (6/30/2012)
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of)(4):	79.9% (6/30/2013)
Maturity Date:		April 11, 2025			Most Recent Occupancy (As of)(4):	85.2% (6/30/2014)
IO Period:		60 months			Current Occupancy (As of)(5):	85.3% (3/1/2015)
Loan Term (Original):		120 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		360 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3rd Most Recent NOI (As of)(4)(6):	$11,351,216 (6/30/2013)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of)(4)(6):	$12,679,687 (6/30/2014)
Call Protection(2):		L(23),GRTR 1% or YM or D(92),O(5)			Most Recent NOI (As of)(6):	$10,887,120 (TTM 1/31/2015)
Lockbox Type:		Hard/Springing Cash Management
Additional Debt(1):		Yes
Additional Debt Type(1):		Pari Passu
					U/W Revenues(6):	$18,427,881
					U/W Expenses:	$4,645,519
					U/W NOI(6):	$13,782,363
Escrows and Reserves(3):					U/W NCF(6):	$12,465,133
					U/W NOI DSCR(1)(6):	1.98x
Type:	Initial		Monthly	Cap (If Any)	U/W NCF DSCR(1)(6):	1.79x
Taxes	$0		Springing	NAP	U/W NOI Debt Yield(1)(6):	11.0%
Insurance	$0		Springing	NAP	U/W NCF Debt Yield(1)(6):	10.0%
Replacement Reserves	$0		Springing	$791,671	As-Is Appraised Value:	$259,000,000
TI/LC Reserve	$0		Springing	$2,151,595	As-Is Appraisal Valuation Date:	February 25, 2015
Rent Concession Reserve	$330,334		$0	NAP	Cut-off Date LTV Ratio(1):	48.3%
Tenant Specific TI/LC Reserve	$3,552,963		$0	NAP	LTV Ratio at Maturity or ARD(1):	43.6%

Sources				Uses
Original loan combination amount	$125,000,000		100.0%	Reserves	$3,883,297	3.1%
				Closings costs	447,086	0.4
				Return of equity	120,669,617	96.5
Total Sources	$125,000,000	100.0%		Total Uses	$125,000,000	100.0%

Tenant Name	Credit Rating (Fitch/Moody’s/ S&P)(1)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF(2)	Annual U/W Base Rent(2)	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenants
Qualcomm, Inc.	NR/A1/A+	75,900	8.8%	$19.80	$1,502,820	10.4%	3/31/2016
Lytx, Inc.	NR/NR/NR	76,141	8.8%	$18.84	$1,434,496	9.9%	12/31/2024(3)
Agena Bioscience(4)	NR/NR/NR	55,558	6.5%	$24.00	$1,333,392	9.2%	12/31/2021
Oracle America, Inc.	A+/A1/A+	63,412	7.4%	$20.82(5)	$1,320,530(5)	9.1%	9/30/2021(6)
Epsilon Data Management, LLC (Alliance Data Systems)(7)	NR/NR/NR	47,559	5.5%	$21.34(7)	$1,014,790(7)	7.0%	7/31/2020
L-3 Communications Corporation	BBB-/NR/BBB-	48,293	5.6%	$15.72	$759,166	5.2%	7/31/2017
Total Major Tenants		366,863	42.6%	$20.08	$7,365,194	50.8%

Non-Major Tenants(8)		367,205	42.7%	$19.42(8)	$7,131,948	49.2%

Occupied Collateral Total		734,068	85.3%	$19.75	$14,497,143	100.0%

Vacant Space		126,445	14.7%

Collateral Total		860,513	100.0%

Year Ending December 31,	No. of Leases Expiring	Expiring NRSF	% of Total NRSF	Cumulative Expiring NRSF	Cumulative % of Total NRSF	Annual U/W Base Rent	Annual U/W Base Rent PSF(3)
MTM	0	0	0.0%	0	0.0%	$0	$0.00
2015	2	22,612	2.6%	22,612	2.6%	$335,040	$14.82
2016	3	97,997	11.4%	120,609	14.0%	$1,977,464	$20.18
2017	5	104,804	12.2%	225,413	26.2%	$1,819,515	$17.36
2018	6	76,167	8.9%	301,580	35.0%	$1,539,680	$20.21
2019	4	74,199	8.6%	375,779	43.7%	$1,435,643	$19.35
2020	4	130,523	15.2%	506,302	58.8%	$2,609,607	$19.99
2021	2	118,970	13.8%	625,272	72.7%	$2,653,922	$22.31
2022	1	22,097	2.6%	647,369	75.2%	$444,718	$20.13
2023	0	0	0.0%	647,369	75.2%	$0	$0.00
2024	2	76,141	8.8%	723,510	84.1%	$1,434,496	$18.84
2025	1	10,558	1.2%	734,068	85.3%	$247,057	$23.40
Thereafter	0	0	0.0%	734,068	85.3%	$0	$0.00
Vacant	0	126,445	14.7%	860,513	100.0%	$0	$0.00
Total/Weighted Average	30	100.0%				$14,497,143	$19.75

6/30/2012(1)	6/30/2013(1)	6/30/2014(1)	3/1/2015(2)
82.1%	79.9%	85.2%	85.3%

	2012(1)(2)	2013(1)(2)(3)	2014(1)(3)(4)	TTM 1/31/2015(4)	U/W(4)	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$14,153,279	$12,440,738	$13,150,091	$11,728,179	$14,497,143(5)	78.7%	$16.85
Grossed Up Vacant Space	0	0	0	0	2,807,079	15.2	3.26
Total Reimbursables	2,974,661	2,990,126	3,519,549	3,339,678	3,801,804	20.6	4.42
Other Income	114,191	123,481	127,055	11,606	128,935	0.7	0.15
Less Vacancy & Free Rent	(7,676)	(636,599)	(329,928)	0	(2,807,079)(6)	(15.2)	(3.26)
Effective Gross Income	$17,234,455	$14,917,746	$16,466,767	$15,079,463	$18,427,881	100.0%	$21.41

Total Operating Expenses	$3,464,804	$3,566,530	$3,787,080	$4,192,343	$4,645,519	25.2%	$5.40

Net Operating Income	$13,769,651	$11,351,216	$12,679,687	$10,887,120	$13,782,363	74.8%	$16.02
TI/LC	0	0	0	0	921,394	5.0	1.07
Capital Expenditures	0	0	0	0	395,836	2.1	0.46
Net Cash Flow	$13,769,651	$11,351,216	$12,679,687	$10,887,120	$12,465,133	67.6%	$14.49

NOI DSCR(7)	1.97x	1.63x	1.82x	1.56x	1.98x
NCF DSCR(7)	1.97x	1.63x	1.82x	1.56x	1.79x
NOI DY(7)	11.0%	9.1%	10.1%	8.7%	11.0%
NCF DY(7)	11.0%	9.1%	10.1%	8.7%	10.0%

	Eastgate One Phases I-VII & XII (Subject)	Eastgate Two Phases VII-X	Centrewest Plaza	Sorrento Gateway	Fieldstone Plaza
Location	San Diego, CA	San Diego, CA	San Diego, CA	San Diego, CA	San Diego, CA
Distance from Subject	--	0.1 miles	1.2 miles	1.1 miles	1.0 miles
Property Type	Office	Office	Office	Office	Office
Year Built/Renovated	1998/2014	1998/2013	1990/NAV	2008/NAV	1986/NAV
Stories	2	2-3	3	2	2
Total GLA	860,513 SF	530,436 SF	195,584 SF	228,254 SF	86,684 SF
Total Occupancy	85%	93%	87%	100%	82%

(1) Information obtained from the appraisal.

No. 4 – RPC Northeast Storage Portfolio

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Portfolio
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:	Self Storage
Original Principal Balance:		$69,000,000			Specific Property Type:	Self Storage
Cut-off Date Principal Balance:		$69,000,000			Location:	Various – See Table
% of Initial Pool Balance:		5.9%			Size:	1,028,476 SF
Loan Purpose:		Acquisition			Cut-off Date Principal Balance Per SF:	$67.09
Borrower Names(1):		Various			Year Built/Renovated:	Various – See Table
Sponsors:		William H. Flaherty; Greg Bates			Title Vesting:	Fee
Mortgage Rate:		3.880%			Property Manager:	Extra Space Management Inc.
Note Date:		April 2, 2015			3rd Most Recent Occupancy (As of):	83.8% (12/31/2012)
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of):	86.5% (12/31/2013)
Maturity Date:		April 11, 2025			Most Recent Occupancy (As of):	89.0% (12/31/2014)
IO Period:		120 months			Current Occupancy (As of):	90.4% (1/31/2015)
Loan Term (Original):		120 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		NAP
Loan Amortization Type:		Interest-only, Balloon			3rd Most Recent NOI (As of):	$6,117,398 (12/31/2013)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of):	$6,670,835 (12/31/2014)
Call Protection:		L(25),D(91),O(4)			Most Recent NOI (As of):	$6,719,647 (TTM 1/31/2015)
Lockbox Type:		Springing (Without Established Account)
Additional Debt:		None
Additional Debt Type:		NAP
					U/W Revenues:	$11,681,103
					U/W Expenses:	$5,082,115
					U/W NOI:	$6,598,989
Escrows and Reserves(2):					U/W NCF:	$6,444,717
					U/W NOI DSCR:	2.42x
Type:	Initial		Monthly	Cap (If Any)	U/W NCF DSCR:	2.37x
Taxes	$417,031		$94,103	NAP	U/W NOI Debt Yield:	9.6%
Insurance	$0		Springing	NAP	U/W NCF Debt Yield:	9.3%
Replacement Reserves	$0		$8,571	$308,556	As-Is Appraised Value:	$106,770,000
Deferred Maintenance	$279,330		$0	NAP	As-Is Appraisal Valuation Date(3):	Various
Environmental Reserve	$3,750		$0	NAP	Cut-off Date LTV Ratio:	64.6%
Amortization Reserve	$0		Springing	NAP	LTV Ratio at Maturity or ARD:	64.6%

Property Name – Location	Allocated Cut-off Date Principal Balance	% of Portfolio Cut-off Date Principal Balance	Occu- pancy	Year Built/ Renovated	Net Rentable Area (SF)	Appraised Value	Allocated LTV
1008 Greenhill Road – West Chester, PA	$9,850,000	14.3%	89.8%	2000/NAP	95,192	$15,180,000	64.9%
4600 Edges Mill Road – Downingtown, PA	$6,415,000	9.3%	90.1%	1985/NAP	73,978	$9,870,000	65.0%
154 Leaders Heights Road – York, PA	$5,128,000	7.4%	91.9%	1989/NAP	85,289	$7,890,000	65.0%
76 Wormans Mill Court – Frederick, MD	$4,940,000	7.2%	92.4%	2001/NAP	52,885	$7,600,000	65.0%
321 West Uwchlan Ave – Downingtown, PA	$4,836,000	7.0%	90.8%	2000/NAP	57,207	$7,440,000	65.0%
3950 West Jonathan Dr. – Bloomington, IN	$4,404,000	6.4%	92.7%	1997/2004	54,230	$6,780,000	65.0%
202, 234 Dartmouth; 9073 Franklin Hill Road – East Stroudsburg, PA	$4,368,000	6.3%	94.2%	1988/NAP	83,343	$6,720,000	65.0%
115 Wormans Mill Court – Frederick, MD	$4,200,000	6.1%	89.2%	1997/NAP	49,901	$6,760,000	62.1%
329 West Butler Avenue – Chalfont, PA	$3,737,000	5.4%	93.0%	1989/NAP	48,663	$5,750,000	65.0%
2440 O’Bryan Boulevard – Owensboro, KY	$3,542,000	5.1%	91.3%	2000/NAP	66,506	$5,450,000	65.0%
173 Stanhope Sparta Rd. – Andover, NJ	$3,315,000	4.8%	89.8%	2002/NAP	49,910	$5,100,000	65.0%
7315 Industry Lane – Frederick, MD	$3,289,000	4.8%	91.8%	1993/NAP	45,369	$5,060,000	65.0%
5630 Linglestown Road – Harrisburg, PA	$3,100,000	4.5%	91.3%	2005/NAP	35,625	$5,050,000	61.4%
1030 Reeves Street – Dunmore, PA	$2,346,000	3.4%	87.5%	1982/NAP	42,091	$3,610,000	65.0%
2199 Parklyn Drive – York, PA	$1,729,000	2.5%	86.9%	1998/NAP	47,133	$2,660,000	65.0%
900 Vogelsong Road – York, PA	$1,358,000	2.0%	80.5%	1989/NAP	61,135	$2,090,000	65.0%
153 Pumping Station Road – Hanover, PA	$1,280,000	1.9%	89.5%	1981/NAP	41,969	$1,970,000	65.0%
10 Roller Circle – Hanover, PA	$1,163,000	1.7%	92.3%	1989/NAP	38,050	$1,790,000	65.0%
Total/Weighted Average	$69,000,000	100.0%	90.4%		1,028,476	$106,770,000	64.6%

	2013	2014	TTM 1/31/2015	U/W	% of Effective Gross Income	U/W $ per SF
Base Rent	$10,764,606	$11,456,551	$11,524,361	$11,215,032	96.0%	$10.90
Grossed Up Vacant Space	0	0	0	1,228,680	10.5	1.19
Less Concessions & Credit Loss	(610,746)	(602,086)	(607,204)	(607,204)	(5.2)	(0.59)
Other Income	716,085	763,811	766,983	763,947	6.5	0.74
Less Vacancy	0	0	0	(919,351)(1)	(7.9)	(0.89)
Effective Gross Income	$10,869,945	$11,618,275	$11,684,139	$11,681,103	100.0%	$11.36

Total Operating Expenses	$4,752,547	$4,947,441	$4,964,492	$5,082,115	43.5%	$4.94

Net Operating Income	$6,117,398	$6,670,835	$6,719,647	$6,598,989	56.5%	$6.42
Capital Expenditures	0	0	0	154,271	1.3	0.15
Net Cash Flow	$6,117,398	$6,670,835	$6,719,647	$6,444,717	55.2%	$6.27

NOI DSCR	2.25x	2.45x	2.47x	2.42x
NCF DSCR	2.25x	2.45x	2.47x	2.37x
NOI DY	8.9%	9.7%	9.7%	9.6%
NCF DY	8.9%	9.7%	9.7%	9.3%

No. 5 – Eastgate Two Phases VIII-X

Loan Information					Property Information
Mortgage Loan Seller:		Wells Fargo Bank, National Association			Single Asset/Portfolio:	Single Asset
Credit Assessment (DBRS/KBRA/Moody’s):		NR/NR/NR			Property Type:	Office
Original Principal Balance(1):		$60,000,000			Specific Property Type:	Suburban
Cut-off Date Principal Balance(1):		$60,000,000			Location:	San Diego, CA
% of Initial Pool Balance:		5.2%			Size:	530,436 SF
Loan Purpose:		Refinance			Cut-off Date Principal Balance Per SF(1):	$188.52
Borrower Name:		Irvine Eastgate Office II LLC			Year Built/Renovated:	1998/2014
Sponsor:		The Irvine Company LLC			Title Vesting:	Fee
Mortgage Rate:		3.765%			Property Manager:	Self-managed
Note Date:		March 24, 2015			3rd Most Recent Occupancy (As of)(4):	82.2% (6/30/2012)
Anticipated Repayment Date:		NAP			2nd Most Recent Occupancy (As of)(4)(5):	100.0% (6/30/2013)
Maturity Date:		April 11, 2025			Most Recent Occupancy (As of)(4)(5):	84.0% (6/30/2014)
IO Period:		60 months			Current Occupancy (As of)(5):	92.9% (3/1/2015)
Loan Term (Original):		120 months
Seasoning:		1 month			Underwriting and Financial Information:
Amortization Term (Original):		360 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3rd Most Recent NOI (As of)(4)(6):	$13,476,737 (6/30/2013)
Interest Accrual Method:		Actual/360			2nd Most Recent NOI (As of)(4)(6):	$12,079,649 (6/30/2014)
Call Protection(2):		L(23),GRTR 1% or YM or D(92),O(5)			Most Recent NOI (As of)(4)(6):	$10,335,839 (TTM 1/31/2015)
Lockbox Type:		Hard/Springing Cash Management
Additional Debt(1):		Yes
Additional Debt Type(1):		Pari Passu

					U/W Revenues:	$13,219,531
Escrows and Reserves(3):					U/W Expenses:	$3,163,053
					U/W NOI:	$10,056,478
Type:	Initial		Monthly	Cap (If Any)	U/W NCF:	$9,231,067
Taxes	$0		Springing	NAP	U/W NOI DSCR(1):	1.81x
Insurance	$0		Springing	NAP	U/W NCF DSCR(1):	1.66x
Replacement Reserves	$0		Springing	$328,869	U/W NOI Debt Yield(1):	10.1%
TI/LC Reserve	$0		Springing	$1,326,090	U/W NCF Debt Yield(1):	9.2%
Rent Concession Reserve	$75,200		$0	NAP	As-Is Appraised Value:	$178,000,000
Tenant Specific TI/LC Reserve	$1,698,283		$0	NAP	As-Is Appraisal Valuation Date:	February 25, 2015
Provide Commerce Reserve	$0		Springing	NAP	Cut-off Date LTV Ratio(1):	56.2%
Service-Now Reserve	$0		Springing	NAP	LTV Ratio at Maturity or ARD(1):	50.8%

Tenant Name	Credit Rating (Fitch/Moody’s/ S&P)	Tenant NRSF	% of NRSF	Annual U/W Base Rent PSF(1)	Annual U/W Base Rent(1)	% of Total Annual U/W Base Rent	Lease Expiration Date

Major Tenants
Amylin Pharmaceuticals(2)	NR/NR/NR	220,093	41.5%	$23.48(2)	$5,167,874(2)	49.9%	Various(3)
Service-Now(4)	NR/NR/NR	155,443	29.3%	$18.67(4)	$2,901,816(4)	28.0%	9/30/2022
Intercept Pharmaceuticals, Inc	NR/NR/NR	47,000	8.9%	$19.44	$913,680	8.8%	9/30/2019
DivX	NR/NR/NR	38,807	7.3%	$18.84	$731,124	7.1%	11/30/2019
WMK Office San Diego, LLC	NR/NR/NR	23,500	4.4%	$20.04	$470,940	4.5%	3/31/2020
CONNECT San Diego(5)	NR/NR/NR	7,725	1.5%	$22.20(5)	$171,495(5)	1.7%	6/30/2020
Total Major Tenants		492,568	92.9%	$21.03	$10,356,929	100.0%

Occupied Collateral Total		492,568	92.9%	$21.03	$10,356,929	100.0%

Vacant Space		37,868	7.1%

Collateral Total		530,436	100.0%

6/30/2012(1)		6/30/2013(1)(2)		6/30/2014(1)(2)		3/1/2015(3)(4)
82.2%		100.0%		84.0%		92.9%