The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-206677) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Directive 2003/71/EC (as amended) and/or Part VI of the Financial Services and Markets Act 2000, as amended, or other offering document.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Wells Fargo Securities, LLC, Citigroup Global Markets Inc., SG Americas Securities, LLC, or Deutsche Bank Securities Inc., or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

The information herein is preliminary and may be supplemented or amended prior to the time of sale. Prospective investors should understand that, when considering the purchase of the Offered Certificates, a contract of sale will come into being no sooner than the date on which the relevant class of certificates has been priced and the investor has otherwise taken all actions the investor must take to become committed to purchase the Offered Certificates, and the investor has therefore entered into a contract of sale. Any “indications of interest” expressed by any prospective investor, and any “soft circles” generated by the underwriters, prior to the time of sale, will not create binding contractual obligations for such prospective investors, on the one hand, or the underwriters, the depositor or any of their respective agents or affiliates, on the other hand.

In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. As a result of the foregoing, a prospective investor may commit to purchase certificates that have characteristics that may change, and each prospective investor is advised that all or a portion of the certificates referred to in these materials may be issued without all or certain of the characteristics described in these materials. The underwriters’ obligation to sell certificates to any prospective investor is conditioned on the certificates and the transaction having the characteristics described in these materials. If the underwriters determine that a condition is not satisfied in any material respect, such prospective investor will be notified, and neither the depositor nor the underwriters will have any obligation to such prospective investor to deliver any portion of the Offered Certificates which such prospective investor has committed to purchase, and there will be no liability between the underwriters, the depositor or any of their respective agents or affiliates, on the one hand, and such prospective investor, on the other hand, as a consequence of the non-delivery.

The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

Amortization: Based on the Initial Pool Balance, 71.6% of the mortgage pool (52 mortgage loans) has scheduled amortization, as follows:

48.0% (27 mortgage loans) provides for an interest-only period followed by an amortization period; and

Interest-Only: Based on the Initial Pool Balance, 28.4% of the mortgage pool (19 mortgage loans) provides for interest-only payments during the entire loan term. The Weighted Average Cut-off Date Loan-to-Value Ratio and Weighted Average U/W Net Cash Flow DSCR for those mortgage loans are 61.1% and 1.69x, respectively.

Hard Lockboxes: Based on the Initial Pool Balance, 38.7% of the mortgage pool (21 mortgage loans) have hard lockboxes in place.

Reserves: The mortgage loans require amounts to be escrowed monthly as follows (excluding any mortgage loans with springing provisions):

Call Protection/Defeasance: Based on the Initial Pool Balance, the mortgage pool has the following call protection and defeasance features:

81.3% of the mortgage pool (52 mortgage loans) features a lockout period, then defeasance only until an open period;

8.7% of the mortgage pool (six mortgage loans) features a lockout period, then the greater of a prepayment premium or yield maintenance until an open period;

5.3% of the mortgage pool (five mortgage loans) features a lockout period, then the greater of a prepayment premium or yield maintenance or defeasance until an open period;

3.1% of the mortgage pool (one mortgage loan) features a lockout period, then the greater of a prepayment premium or yield maintenance, then the greater of a prepayment premium or yield maintenance or defeasance until an open period; and

1.5% of the mortgage pool (seven mortgage loans) features no lockout period, but requires yield maintenance, then yield maintenance or defeasance until an open period.

Please refer to Annex A-1 to the Preliminary Prospectus for further information regarding individual loan call protection.

CUT-OFF DATE BALANCE
Range of Cut-off Date Balances ($)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
734,500 - 1,000,000	5	$4,017,000	0.4%
1,000,001 - 2,000,000	1	1,375,000	0.1
2,000,001 - 3,000,000	5	12,440,623	1.2
3,000,001 - 4,000,000	5	17,381,070	1.7
4,000,001 - 5,000,000	7	32,183,835	3.2
5,000,001 - 6,000,000	4	21,861,368	2.2
6,000,001 - 7,000,000	7	44,963,368	4.5
7,000,001 - 8,000,000	4	30,530,134	3.0
8,000,001 - 9,000,000	2	17,038,677	1.7
9,000,001 - 10,000,000	3	28,225,000	2.8
10,000,001 - 15,000,000	9	110,073,358	11.0
15,000,001 - 20,000,000	4	69,800,000	7.0
20,000,001 - 30,000,000	5	123,600,000	12.3
30,000,001 - 50,000,000	7	264,211,593	26.4
50,000,001 - 70,000,000	1	61,500,000	6.1
70,000,001 - 80,000,000	1	75,000,000	7.5
80,000,001 - 88,000,000	1	88,000,000	8.8
Total:	71	$1,002,201,025	100.0%
Weighted Average:	$14,115,507

UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO
Range of U/W NOI DSCRs (x)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
1.27 - 1.30	1	$4,970,000	0.5%
1.31 - 1.40	9	63,797,322	6.4
1.41 - 1.50	15	286,019,768	28.5
1.51 - 1.60	5	120,950,000	12.1
1.61 - 1.70	7	59,735,000	6.0
1.71 - 1.80	8	88,385,018	8.8
1.81 - 1.90	9	99,146,736	9.9
1.91 - 2.00	1	37,926,518	3.8
2.01 - 2.50	14	231,570,664	23.1
2.51 - 3.00	1	5,100,000	0.5
3.01 - 3.50	1	4,600,000	0.5
Total:	71	$1,002,201,025	100.0%
Weighted Average:	1.75x

UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO
Range of U/W NCF DSCRs (x)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
1.27 - 1.30	6	$106,808,000	10.7%
1.31 - 1.40	15	157,672,322	15.7
1.41 - 1.50	11	221,506,768	22.1
1.51 - 1.60	3	14,872,352	1.5
1.61 - 1.70	10	85,819,155	8.6
1.71 - 1.80	8	206,587,656	20.6
1.81 - 1.90	6	11,667,000	1.2
1.91 - 2.00	2	94,422,772	9.4
2.01 - 2.25	8	93,145,000	9.3
2.26 - 2.75	1	5,100,000	0.5
2.76 - 3.28	1	4,600,000	0.5
Total:	71	$1,002,201,025	100.0%
Weighted Average:	1.64x

LOAN PURPOSE
Loan Purpose	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
Refinance	55	$751,908,253	75.0%
Acquisition	16	250,292,772	25.0
Total:	71	$1,002,201,025	100.0%

MORTGAGE RATE
Range of Mortgage Rates (%)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
4.220 - 4.250	1	$5,100,000	0.5%
4.251 - 4.500	8	164,075,000	16.4
4.501 - 4.750	24	291,935,772	29.1
4.751 - 5.000	25	409,231,764	40.8
5.001 - 5.250	9	111,905,368	11.2
5.251 - 5.470	4	19,953,121	2.0
Total:	71	$1,002,201,025	100.0%
Weighted Average:	4.763%

UNDERWRITTEN NOI DEBT YIELD
Range of U/W NOI Debt Yields (%)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
7.2 - 8.0	2	$81,000,000	8.1%
8.1 - 9.0	16	260,567,322	26.0
9.1 - 10.0	24	223,551,768	22.3
10.1 - 11.0	13	106,394,035	10.6
11.1 - 12.0	3	97,080,983	9.7
12.1 - 13.0	4	82,831,493	8.3
13.1 - 14.0	5	102,475,424	10.2
14.1 - 15.0	2	38,600,000	3.9
15.1 - 17.0	1	4,600,000	0.5
17.1 - 17.4	1	5,100,000	0.5
Total:	71	$1,002,201,025	100.0%
Weighted Average:	10.2%

UNDERWRITTEN NCF DEBT YIELD
Range of U/W NCF Debt Yields (%)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
7.1 - 8.0	6	$206,020,000	20.6%
8.1 - 9.0	26	312,877,090	31.2
9.1 - 10.0	16	96,247,000	9.6
10.1 - 11.0	11	191,376,536	19.1
11.1 - 12.0	5	51,582,627	5.1
12.1 - 13.0	4	120,397,772	12.0
13.1 - 14.0	1	14,000,000	1.4
14.1 - 15.0	1	4,600,000	0.5
15.1 - 15.9	1	5,100,000	0.5
Total:	71	$1,002,201,025	100.0%
Weighted Average:	9.6%

Wells Fargo Commercial Mortgage Trust 2015-P2

Characteristics of the Mortgage Pool

ORIGINAL TERM TO MATURITY OR ARD
Original Terms to Maturity or ARD (months)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
60	4	$155,031,828	15.5%
120	67	847,169,197	84.5
Total:	71	$1,002,201,025	100.0%
Weighted Average:	111 months
REMAINING TERM TO MATURITY OR ARD
Range of Remaining Terms to Maturity or ARD (months)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
58 - 60	4	$155,031,828	15.5%
102 - 120	67	847,169,197	84.5
Total:	71	$1,002,201,025	100.0%
Weighted Average:	110 months
ORIGINAL AMORTIZATION TERM⁽²⁾
Original Amortization Terms (months)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
Non-Amortizing	19	$284,852,000	28.4%
300	2	12,479,736	1.2
360	50	704,869,289	70.3
Total:	71	$1,002,201,025	100.0%
Weighted Average⁽³⁾:	359 months
(2) The original amortization term shown for any mortgage loan that is interest-only for part of its term does not include the number of months in its interest-only period and reflects only the number of months as of the commencement of amortization remaining from the end of such interest-only period. (3) Excludes the non-amortizing mortgage loans.
REMAINING AMORTIZATION TERM⁽⁴⁾
Range of Remaining Amortization Terms (months)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
Non-Amortizing	19	$284,852,000	28.4%
299	2	12,479,736	1.2
342 - 360	50	704,869,289	70.3
Total:	71	$1,002,201,025	100.0%
Weighted Average⁽⁵⁾:	359 months
(4) The remaining amortization term shown for any mortgage loan that is interest-only for part of its term does not include the number of months in its interest-only period and reflects only the number of months as of the commencement of amortization remaining from the end of such interest-only period. (5) Excludes the non-amortizing mortgage loans.
LOCKBOXES
Type of Lockbox	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
Springing	33	$419,448,106	41.9%
Hard/Springing Cash Management	12	308,103,006	30.7
Soft/Upfront Cash Management	1	88,000,000	8.8
Hard/Upfront Cash Management	9	79,617,076	7.9
None	15	77,032,837	7.7
Soft/Springing Cash Management	1	30,000,000	3.0
Total:	71	$1,002,201,025	100.0%
PREPAYMENT PROVISION SUMMARY
Prepayment Provision	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
Lockout / Def / Open	52	$815,081,722	81.3%
Lockout / GRTR 1% or YM / Open	6	87,625,000	8.7
Lockout / GRTR 1% or YM or Def / Open	5	52,800,000	5.3
Lockout / GRTR 1% or YM / GRTR 1% or YM or Def / Open	1	31,162,303	3.1
YM / YM or Def / Open	7	15,532,000	1.5
Total:	71	$1,002,201,025	100.0%

CUT-OFF DATE LOAN-TO-VALUE RATIO
Range of Cut-off Date LTV Ratios (%)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
42.4 - 45.0	1	$14,000,000	1.4%
45.1 - 50.0	3	11,075,000	1.1
50.1 - 55.0	8	175,713,360	17.5
55.1 - 60.0	12	202,622,348	20.2
60.1 - 65.0	20	261,792,358	26.1
65.1 - 70.0	13	142,994,739	14.3
70.1 - 75.0	12	170,303,220	17.0
75.1 - 75.5	2	23,700,000	2.4
Total:	71	$1,002,201,025	100.0%
Weighted Average:	62.8%

BALLOON OR ARD LOAN-TO-VALUE RATIO
Range of Balloon or ARD LTV Ratios (%)	Number of Mortgage Loans	Aggregate Cut- off Date Balance	% of Initial Pool Balance
38.8 - 40.0	2	$15,375,000	1.5%
40.1 - 45.0	4	21,635,203	2.2
45.1 - 50.0	6	131,099,817	13.1
50.1 - 55.0	17	249,570,263	24.9
55.1 - 60.0	16	214,535,523	21.4
60.1 - 65.0	19	267,332,220	26.7
65.1 - 70.0	6	52,653,000	5.3
70.1 - 71.0	1	50,000,000	5.0
Total:	71	$1,002,201,025	100.0%
Weighted Average:	56.8%

AMORTIZATION TYPE
Type of Amortization	Number of Mortgage Loans		Aggregate Cut- off Date Balance	% of Initial Pool Balance
Interest-only, Amortizing Balloon	27		$481,288,000	48.0%
Interest-only, Balloon	12		269,320,000	26.9
Amortizing Balloon	25		236,061,025	23.6
Interest-only, ARD	7		15,532,000	1.5
Total:	71		$1,002,201,025	100.0%
ORIGINAL TERM OF INTEREST-ONLY PERIOD FOR PARTIAL IO LOANS
IO Term (months)		Number of Mortgage Loans	Aggregate Cut- off Date Balance		% of Initial Pool Balance
24		6	$113,225,000		11.3%
36		10	184,975,000		18.5
48		2	19,088,000		1.9
60		8	156,650,000		15.6
84		1	7,350,000		0.7
Total:		27	$481,288,000		48.0%
Weighted Average:		42 months
SEASONING
Seasoning (months)		Number of Mortgage Loans	Aggregate Cut- off Date Balance		% of Initial Pool Balance
0		28	$467,867,500		46.7%
1		33	313,929,770		31.3
2		3	70,422,772		7.0
3		5	105,900,000		10.6
4		1	41,000,000		4.1
18		1	3,080,983		0.3
Total:		71	$1,002,201,025		100.0%
Weighted Average:		1 month

The Mortgage Loan. The mortgage loan (the “Rolling Brook Village Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering a garden-style multifamily property located in Woodbridge, Virginia (the “Rolling Brook Village Property”). The Rolling Brook Village Mortgage Loan was originated on November 17, 2015 by Ladder Capital Finance LLC. The Rolling Brook Village Mortgage Loan had an original principal balance of $88,000,000, has an outstanding principal balance as of the Cut-off Date of $88,000,000 and accrues interest at an interest rate of 5.247% per annum. The Rolling Brook Village Mortgage Loan had an initial term of 60 months, has a remaining term of 60 months as of the Cut-off Date and requires interest-only payments through the term of the Rolling Brook Village Mortgage Loan. The Rolling Brook Village Mortgage Loan matures on December 6, 2020.

Following the lockout period, the borrowers have the right to defease the Rolling Brook Village Mortgage Loan in whole, but not in part, on any date before October 6, 2020. In addition, the Rolling Brook Village Mortgage Loan is prepayable without penalty on or after October 6, 2020.

The Property. The Rolling Brook Village Property is a 732-unit, garden-style multifamily property located in Woodbridge, Virginia, approximately 20.0 miles southwest of the Washington D.C. central business district. Constructed in 1987 and 1991, and renovated in 2015, the Rolling Brook Village Property consists of 53 three-story residential buildings situated on a 54.9-acre parcel. Community amenities include two swimming pools, media center, fitness center, community room and conference room. Unit amenities include fully equipped kitchens and in-unit washer/dryers. The Rolling Brook Village Property contains 1,326 surface parking spaces resulting in a parking ratio of 1.8 spaces per unit. As of November 2, 2015, the Rolling Brook Village Property was 93.2% occupied.

The following table presents certain information relating to the unit mix of the Rolling Brook Village Property:

The following table presents historical occupancy percentages at the Rolling Brook Village Property:

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 Rolling Brook Village Property:

Appraisal. As of the appraisal valuation date of October 8, 2015, the Rolling Brook Village Property had an “as-is” appraised value of $142,000,000.

Environmental Matters. According to a Phase I environmental assessment dated October 13, 2015, there was no evidence of any recognized environmental conditions at the Rolling Brook Village Property.

Market Overview and Competition. The Rolling Brook Village Property is located in Woodbridge, Virginia, approximately 20.0 miles southwest of the Washington D.C. central business district. The Rolling Brook Village Property is located near Interstate 95 and Jefferson David Highway, both providing north/south access to the property. Jefferson Davis Highway is a major retail hub for the area and is comprised of a mix of power centers, big box retailers and neighborhood centers. Large retail draws include Potomac Town Center, a 550,000 square foot power center anchored by Wegmans and whose major tenants include Sport & Health, DSW, REI, Old Navy, and an Apple Store. The nearest regional mall is Potomac Mills, a Simon Property Group mall with a 97% occupancy, which is located four miles south of the Rolling Brook Village Property. The estimated 2015 population within a one-, three- and five-mile radius of the Rolling Brook Village Property was 15,336, 72,780 and 203,912, respectively, and the estimated 2015 average annual household income within the same radii was $99,854, $108,949 and $120,537, respectively.

According to a third party market research report, the Rolling Brook Village Property is located in the Northern Virginia multifamily market and the East Prince William County multifamily submarket. As of third quarter 2015, the Northern Virginia multifamily market contained 59,952 units, with an 8.4% vacancy rate and average monthly asking rent of $1,784 per unit per month. As of the third quarter of 2015, the East Prince William County had a 4.2% vacancy rate and average monthly asking rent of $1,542 per unit per month.

The following table presents certain information relating to comparable multifamily properties for the Rolling Brook Village Property:

The Borrowers. The borrowers comprise three tenants-in-common: Rolling Brook Park Center, LLC, Rolling Brook Stratford, LLC and Rolling Brook Windsor, LLC. Each tenant-in-common is a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Rolling Brook Village Mortgage Loan. Ralph S. Dweck is the guarantor of certain nonrecourse carveouts under the Rolling Brook Village Mortgage Loan.

The Sponsor. The sponsor, Ralph S. Dweck, currently owns 16 multifamily properties in Washington D.C. and Virginia with a total of 5,332 units in addition to a 224,300 square foot office building in Arlington, Virginia. As of October 2015, Mr. Dweck’s real estate holdings are valued at approximately $1.9 billion. See “Description of the Mortgage Pool — Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

Escrows. The loan documents provide for upfront escrows in the amount of $217,610 for real estate taxes, $42,938 for insurance premiums and $37,500 for deferred maintenance. The loan documents also provide for ongoing monthly reserves in the amount of $108,805 for real estate taxes, $14,313 for insurance premiums and $15,250 for replacement reserves.

Lockbox and Cash Management. The loan documents require a soft lockbox into which the borrowers or the property manager are required to deposit all revenues within one business day of receipt. Funds deposited into the lockbox account are required to be swept on a daily basis into a cash management account controlled by the lender and applied and disbursed in accordance with the loan documents. Upon the occurrence of a Cash Management Trigger Event (as defined below), all excess cash flow will be held as additional collateral for the Rolling Brook Village Mortgage Loan.

A “Cash Management Trigger Event” will commence upon the occurrence of (i) an event of default; (ii) any event of default under the management agreement; or (iii) the debt service coverage ratio falling below 1.42x as of any date of determination by the lender. A Cash Management Trigger Event will end with respect to clause (i), upon the cure of such event of default; with respect to clause (ii), upon the cure of such default under the management agreement; and with respect to clause (iii), the debt service coverage ratio being at least 1.48x for two consecutive calendar quarters.

Property Management. The Rolling Brook Village Property is managed by Gates, Hudson & Associates, Inc.

Assumption. The borrowers have a one-time right to transfer the Rolling Brook Village Property provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) 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; (iii) execution of a recourse guaranty and an environmental indemnity by an affiliate of the transferee; (iv) the mezzanine borrower will have satisfied all of the terms set forth in the mezzanine loan agreement regarding an assumption of the Rolling Brook Village Mezzanine Loan (see “Subordinate and Mezzanine Indebtedness” section);(v) borrower pays the lender an assumption fee equal to 0.5% of the outstanding principal balance of the Rolling Brook Village Mortgage Loan; and (vi) if requested by the lender, a rating agency confirmation from Fitch, 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-P2 Certificates.

Subordinate and Mezzanine Indebtedness. SMHF Cayman Hotel, LLC is the holder of a mezzanine loan in the original amount of $20,200,000 (the “Rolling Brook Village Mezzanine Loan”) from Rolling Brook Park Center Mezzco, LLC, Rolling Brook Stratford Mezzco, LLC and Rolling Brook Windsor Mezzco, LLC, each a Delaware limited liability company that directly owns 100.0% of the related individual borrower. The Rolling Brook Village Mezzanine Loan accrues interest at an interest rate of 9.375% per annum. The Rolling Brook Village Mezzanine Loan matures on December 6, 2020. The rights of the Rolling Brook Village Mezzanine Loan lender are further described under “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness” in the Preliminary Prospectus.

The Mortgage Loan. The mortgage loan is part of a whole loan (the “Empire Mall Whole Loan”) which is evidenced by five pari passu promissory notes that are secured by a first mortgage encumbering the fee simple and leasehold interests in a regional mall which is located in Sioux Falls, South Dakota (the “Empire Mall Property”). The Empire Mall Whole Loan was originated on November 24th, 2015 by Société Générale. The Empire Mall Whole Loan had an original principal balance of $190,000,000, has an outstanding principal balance as of the Cut-off Date of $190,000,000 and accrues interest at an interest rate of 4.314% per annum. The Empire Mall Whole 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 36 months following origination, and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The Empire Mall Whole Loan matures on December 1, 2025.

Note A-2, which will be contributed to the WFCM 2015-P2 Trust, had an original principal balance of $75,000,000, has an outstanding principal balance as of the Cut-off Date of $75,000,000 and represents a non-controlling interest in the Empire Mall Whole Loan. The related Note A-1, Note A-3, Note A-4 and Note A-5 (the “Empire Mall Companion Loans”) are expected to be contributed to future trusts and have an aggregate original principal balance of $115,000,000. Note A-1 represents the controlling interest in the Empire Mall Whole Loan. The Mortgage Loan Seller provides no assurances that any non-securitized notes will not be split further. See “Description of the Mortgage Pool — The Whole Loans — The Serviced Pari Passu Whole Loans — The Empire Mall Whole Loan” in the Preliminary Prospectus.

Following the lockout period, the borrower has the right to defease the Empire Mall Whole Loan in whole, but not in part (see “Free Release” section), on any date before June 1, 2025. In addition, the Empire Mall Whole Loan is prepayable without penalty on or after June 1, 2025.

The Property. The Empire Mall Property is a regional mall located in Sioux Falls, South Dakota. The Empire Mall Property contains approximately 1,124,451 square feet of retail space, inclusive of several ground leased outparcels. Built in 1974, the Empire Mall Property is comprised of one main building and five outparcel buildings situated on an approximately 121.7 acre parcel. The Empire Mall Property is anchored by Dick’s Clothing & Sport, Sears, J.C. Penney, Younkers, and Macys (on a ground lease). Other major tenants include a Hy-Vee grocery store, Richman Gordman and standalone outparcels including large tenants such as The District, Toys R Us/Babies R Us and T.J. Maxx. Two of the outparcels, totaling 13,450 square feet of rentable area, are subject to an underlying ground lease from a third party.

The Empire Mall Property underwent an approximately $17.0 million renovation in 2013, which included upgrades to the building entrances, replacement of floor finishes, ceiling and lighting retrofits, replacement of furniture, fixtures and equipment and the construction of a flagship Dick’s Clothing & Sport. The Empire Mall Property contains 6,470 surface parking spaces, resulting in a parking ratio of 5.8 spaces per 1,000 square feet of rentable area. As of October 23, 2015, the Empire Mall Property was 97.1% occupied by 127 tenants.

The following table presents certain information relating to the tenancy at the Empire Mall Property:

The following table presents certain information relating to the historical sales and occupancy costs at the Empire Mall Property:

The following table presents certain information relating to the lease rollover schedule at the Empire Mall Property:

The following table presents historical occupancy percentages at the Empire Mall Property:

Appraisal. As of the appraisal valuation date of October 15, 2015, the Empire Mall Property had an “as-is” appraised value of $350,000,000.

Environmental Matters. According to the Phase I environmental site assessment dated October 19, 2015, 11 non-active in-ground hydraulic lifts were observed at the Empire Mall Property. The status of these in-ground hydraulic cylinders and hydraulic reservoirs are unknown at this time and as such, they represent a recognized environmental condition. Sears has been identified as the responsible party for liability and costs associated with groundwater monitoring and remediation, if required. The Phase I Environmental Site Assessment recommends obtaining documentation regarding the decommissioning of the hydraulic lifts. If not available, it was recommended by the Phase I environmental assessment that the lifts be decommissioned.

Market Overview and Competition. The Empire Mall Property is located in the southeast quadrant of Interstate 29 and 41st Street in Sioux Falls, South Dakota. The Empire Mall Property is bounded by 41st Street to the north, 49th Street to the south, I-29 to the west, and Louise Avenue to the east. According to a third-party market research provider, daily traffic counts are approximately 29,000 to 35,000 vehicles along 41st Street and 44,000 vehicles along I-29. As of August 2015, Sioux Falls had a population of approximately 244,000 and has one of the lowest unemployment rates in the United States at 2.5%. Sioux Falls’ population grew at an average rate of 2.1% annually between 2004 and 2014, well above the statewide population growth rate of 1.0% annually and the average national growth rate of 0.9% annually over the same time period. Sioux Falls is a regional hub for education and health services and boasts the highest education attainment of any metropolitan area within the Midwest, with 30.9% of adult residents holding a bachelor’s or advanced college degree. The city was listed as one of the top 10 small places for business and careers for each of the past 10 years. The trade, transportation, utilities, education and health services sectors account for more than 40% of total employment in the metropolitan area, with Sanford Health and Avera Health, health care companies, and John Morrell & Co. being the top three employers. The Empire Mall Property’s trade area has a radius of 30.0 miles and includes approximately 253,225 people with average annual household income of $72,873. The closest regional mall competitor to the Empire Mall Property is located 77.0 miles south in Sioux City, Iowa.

According to a third-party research report, as of the third quarter of 2015, the Sioux Falls retail market reported a total retail inventory of 9.5 million square feet with a 2.2% vacancy rate and average asking rents of $11.94 per square foot, on a triple-net basis.

The following table presents certain information relating to comparable retail properties for the Empire Mall Property:

The Borrower. The borrower is Empire Mall, LLC, a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Empire Mall Whole Loan. Simon Property Group, Inc. (“Simon”) is the guarantor of certain nonrecourse carveouts under the Empire Mall Whole Loan, in which liability is limited to $38,000,000 pursuant to a guaranty agreement.

The Sponsor. The sponsor, Simon (NYSE: SPG), is an S&P 100 company, owning or holding interests in 230 commercial properties totaling approximately 190.0 million square feet with total market capitalization of $66.5 billion as of September 30, 2015. Simon is a publicly traded real estate investment trust that was established in 1993 and operates a fully integrated real estate company from five retail real estate platforms: regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers and international properties. Simon’s 2014 revenue was reported to be approximately $4.9 billion. See “Description of the Mortgage Pool — Non-Recourse Carveout Limitations” and “Description of the Mortgage Pool — Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

Escrows. The loan documents provide for an upfront escrow of $75,000 for outstanding tenant improvement and leasing obligations for J.C. Penney. The loan documents do not require monthly escrows for real estate taxes, insurance, replacement reserves or tenant improvements and leasing commissions reserves, provided no Debt Service Coverage Ratio Trigger Period (as defined below) has occurred and is continuing under the Empire Mall Whole Loan. In the event that a Debt Service Coverage Ratio Trigger Period has occurred, the borrower is required to make monthly deposits: (i) for the payment of real estate taxes in an amount equal to one-twelfth of the estimated annual taxes payable and for the payment of insurance in an amount equal to one-twelfth of the estimated annual insurance premiums payable; provided that so long as no event of default has occurred and is continuing, the borrower will

not be required to make such deposits for so long as the borrower provides satisfactory evidence to the lender that the taxes have been paid prior to delinquency and the insurance policies are being maintained as part of a reasonably acceptable blanket insurance policy providing coverage to substantially all of the other properties managed by the property manager or its affiliates; (ii) for replacements and repairs in an amount equal to $20,228 (subject to a cap of $485,473); and (iii) for tenant improvements and leasing commissions in an amount equal to $49,099 (subject to a cap of $1,000,000). Monthly reserves for ground lease funds are required during the continuance of a Lockbox Event (see “Lockbox and Cash Management” section).

A “Debt Service Coverage Ratio Trigger Period” will commence if, as of the date of determination, the amortizing debt service coverage ratio based on the trailing four-calendar quarter period immediately preceding the date of such determination falls below 1.20x.

Lockbox and Cash Management. The Empire Mall Whole Loan requires a lender-controlled lockbox account, which is already in place, and that the borrower direct tenants to deposit all rents directly into the lockbox account and that the borrower and the property manager deposit all rents received into the lockbox account within two business days of receipt. Prior to the occurrence of a Lockbox Event (as defined below), all funds on deposit in the lockbox account will be released to the borrower on a weekly basis. Upon the occurrence and continuance of a Lockbox Event, funds on deposit in the lockbox account will be swept on a weekly basis and on the 30^th day of each calendar month (or on each business day, during the continuance of an event of default) into a lender controlled cash management account.

A “Lockbox Event” will commence upon the occurrence of: (i) an event of default; (ii) any bankruptcy or insolvency proceeding of the borrower or the property manager (if the property manager is an affiliate of the borrower); (iii) if, as of the date of determination, the debt service coverage ratio based on the trailing four-calendar quarter period immediately preceding the date of such determination falls below 1.20x for two consecutive calendar quarters; or (iv) an Anchor Tenant Trigger Event (as defined below). A Lockbox Event will end with respect to clause (i), upon the acceptance by the lender of a cure of such event of default; with respect to clause (ii), if the borrower replaces the property manager with a qualified property manager pursuant to a replacement management agreement or such bankruptcy action is discharged or dismissed within 90 days; with respect to clause (iii), when the amortizing debt service coverage ratio based on the trailing four-calendar quarters of at least 1.20x has been achieved for two consecutive calendar quarters; or with respect to clause (iv), if such Anchor Tenants (as defined below) re-commence operations at the applicable premises and the borrower has delivered certification of such to the lender; provided, however, that (x) no event of default has occurred and is continuing under the loan agreement or any of the other Empire Mall Whole Loan documents; (y) the borrower has paid all of the lender’s reasonable out-of-pocket expenses actually incurred in connection with such Lockbox Event, including reasonable attorney’s fees and expenses; and (z) a Lockbox Event may not be cured more than five times in the aggregate during the term of the Empire Mall Whole Loan.

An “Anchor Tenant Trigger Event” will commence if two or more anchor tenants (i) go dark, vacate or cease to occupy their respective premises, (ii) reject their respective leases at the Empire Mall Property in a bankruptcy action or proceeding, or (iii) otherwise give notice to vacate during the term of the loan.

“Anchor Tenants” include J.C. Penney, Younkers, Sears, Hy-Vee, Dick’s Clothing and Sport, Macy’s and any replacement tenant occupying all or substantially all of the space previously demised to any of such Anchor Tenants.

Property Management. The Empire Mall Property is managed by an affiliate of the borrower.

Assumption. The borrower also has the right to transfer the Empire Mall Property or 100% of the aggregate interests in the borrower to a transferee that is not a Qualified Transferee (as defined below), provided that no event of default has occurred and is continuing, the conditions with respect to transfers to a transferee that is not a Qualified Transferee and certain additional conditions are satisfied, including, but not limited to receipt of a rating agency confirmation from Fitch, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series WFCM 2015-P2 Certificates and similar confirmations with respect to the ratings of any securities backed by the Empire Mall Companion Loans.

The borrower has the right to transfer the Empire Mall Property, or greater than 50% of the aggregate interests in the borrower, in one, or a series of, related transactions to one or more Qualified Transferees (as defined below) (other than a transfer to a Key Principal (as defined below) or any person wholly owned by one or more Key Principals, so long as such Key Principals owned 49% of the aggregate interests in the borrower prior to such transfer), 60 days after the WFCM 2015-P2 Trust closing date, provided that no event of default has occurred and is continuing and certain other conditions are satisfied, including, but not limited to delivery of an additional insolvency opinion.

A “Qualified Transferee” is: (a) any person or its affiliate (provided such person owns, directly or indirectly, not less than 51% of such affiliate) who owns and operates (i) at least five shopping centers and (ii) retail properties and shopping centers totaling in the aggregate at least 3,000,000 square feet of gross area; (b) any person or its affiliate (provided such person owns, directly or indirectly, not less than 51% of such affiliate) who has a net worth in excess of $250,000,000; or (c) any person, provided the lender has received written confirmation from each of Fitch, KBRA and Moody’s that the transfer to such person will not, in and of itself, cause a downgrade, withdrawal or qualification of the then current ratings of the Series WFCM 2015-P2 Certificates and similar confirmations with respect to ratings of any securities backed by the Empire Mall Companion Loans; provided, however, that no person will be deemed to be a Qualified Transferee if such person (x) is an embargoed person, (y) except for General Growth Properties or its affiliates, is or has during the previous seven years been the subject of a bankruptcy or insolvency proceeding or (z) has been convicted in a criminal proceeding for a felony or any crime involving moral turpitude or is an organized crime figure or is reputed to have substantial business or other affiliations with any organized crime figure.

Free Release. Provided that no event of default has occurred and is continuing, the borrower may: (i) make transfers of immaterial or non-income producing portions of the Empire Mall Property in connection with takings or condemnations of any portion of the Empire Mall Property; (ii) make transfers of non-income producing portions of the Empire Mall Property to third parties or affiliates of the borrower; and (iii) dedicate portions of the Empire Mall Property or grant easements, restrictions, covenants, reservations and rights of way in the ordinary course of business; subject to certain conditions, including, with respect to any of the transfers described in (ii) and (iii), delivery of an officer’s certificate evidencing that such transfer, conveyance or encumbrance will not result in a material adverse effect on the value of the Empire Mall Property, the business operations or financial condition of the borrower or the ability of the borrower to repay the Empire Mall Whole Loan.

Ground Lease. The Empire Mall Property is subject to a ground lease encompassing a 13,450 square foot outparcel, which commenced on October 1, 1973 between Judson S. Berry and General Growth Properties. The outparcel is leased to two tenants, Red Lobster and Men’s Wearhouse. The second of two 10-year renewal options was exercised on October 27, 2015, extending the term to expire on September 30, 2033 with no remaining renewal options. The current monthly rental amount of $5,257 is adjusted every five years according to the increase in the consumer price index. For each percentage of increase in the annual index over that of the previous year, there will be a corresponding percentage increase in the monthly rental amount.

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 Empire Mall Property, or if the Terrorism Risk Insurance Program Reauthorization Act is no longer in effect, the borrower will be required to obtain a standalone policy providing the same coverage for terrorism; provided, however (a) that the borrower will not be required to pay annual premiums in excess of two times the then-current annual premiums for the “all risk” insurance policy (excluding the catastrophic coverage of flood, earthquake and wind) and (b) that such stand-alone policy may have a deductible that is reasonable for such stand-alone policies with respect to properties similar to and reasonable for the geographic region where the Empire Mall Property is located, so long as in no event will such deductible exceed 5% of the total insured values. 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 an extended period of indemnity, which will continue for the lesser of (i) the period of time until income returns to the same level as it was prior to loss and (ii) 365 days from the date that the Empire Mall Property is repaired or replaced and operations are resumed.

Windstorm Insurance. The loan documents require windstorm insurance covering the full replacement cost of the Empire Mall Property. At the time of loan closing, the Empire Mall Property had insurance for windstorms.

The Mortgage Loan. The mortgage loan (the “Pineapple Hotel Portfolio Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering three limited service hotels located in Seattle, Washington (the “Pineapple Hotel Portfolio Properties”). The Pineapple Hotel Portfolio Mortgage Loan was originated on November 6, 2015 by Principal Commercial Capital. The Pineapple Hotel Portfolio Mortgage Loan had an original principal balance of $61,500,000, has an outstanding principal balance as of the Cut-off Date of $61,500,000 and accrues interest at an interest rate of 4.950% per annum. The Pineapple Hotel Portfolio 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 24 payments following origination and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The Pineapple Hotel Portfolio Mortgage Loan matures on December 1, 2025.

Following the lockout period, the borrowers have the right to defease the Pineapple Hotel Portfolio Mortgage Loan in whole, or in part, and to prepay the Pineapple Hotel Portfolio Mortgage Loan in part (subject to payment of the greater of (i) a 1% prepayment premium or (ii) a yield maintenance premium, in each case based on the amount of principal balance being prepaid) in connection with a partial release (see “Partial Release” section), on any date before September 1, 2025. In addition, the Pineapple Hotel Portfolio Mortgage Loan is prepayable without penalty on or after September 1, 2025.

The Properties. The Pineapple Hotel Portfolio Properties comprise three unflagged hotel properties: the Hotel Five (the “Hotel Five Property”), the Watertown Hotel (the “Watertown Hotel Property”) and the University Inn (the “University Inn Property”).

The Hotel Five Property is a 116-room, five-story, limited service hotel built in 1973 and located in the central business district of Seattle, Washington. Situated on a 0.4 acre parcel, the Hotel Five Property features 64 queen guestrooms, 8 king guestrooms, 40 double queen guestrooms and 4 suites. Guestrooms feature a flat panel television, desk with chair, and complimentary internet. Amenities at the Hotel Five Property include a 300 square foot boardroom, fitness room, business desk, shuttle service, bicycle checkout program and a hotel restaurant/café. The hotel underwent an extensive interior renovation in 2012 and 2013 totaling approximately $5.5 million ($47,414 per room). In addition, the borrowers reported capital expenditures totaling over $220,000 between 2014 and 2015.

The Watertown Hotel Property is a 100-room, six-story, limited service hotel built in 2001 and located in Seattle, Washington. Situated on a 0.4 acre parcel, the Watertown Hotel Property features 58 double queen guestrooms, 22 king guestrooms and 20 suites. Guestrooms feature a desk with chair, coffee maker, microwave, refrigerator, and complimentary internet. Amenities at the Watertown Hotel Property include 1,304 square feet of meeting space, a fitness center, coffee shop/café, complimentary bike rentals, business center, shuttle service, guest laundry and secured underground parking for 74 vehicles. Since 2012, the borrowers reported capital expenditures of approximately $390,000.

The University Inn Property is a 102-room, four-story, limited service hotel built in 1962, expanded in 1992 and located in Seattle, Washington. Situated on a 0.9 acre parcel, the University Inn Property features 29 single queen guestrooms, 58 double queen rooms and 15 king guestrooms. Guestrooms feature a desk with chair, flat panel television, coffee maker, microwave, refrigerator, and complimentary internet. Amenities at the University Inn Property include on-site parking, full-service restaurant, complimentary breakfast, an outdoor pool, complimentary bike rentals, guest laundry and shuttle services. Since 2014, the borrowers reported capital expenditures of approximately $435,000. In addition, an approximately $800,000 renovation, including but not limited to new manufactured hardwood floors, flat panel televisions, bathroom vanity tops and bedding and furniture, will reportedly commence shortly after the Thanksgiving holiday on the University Inn Property’s original wing, which contains 42 guest rooms. Such renovation was not reserved for at origination.

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

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 of the Pineapple Hotel Portfolio Properties:

Appraisal. As of the appraisal valuation dates of July 29, 2015, the Pineapple Hotel Portfolio Properties had an aggregate “as-is” appraised value of $102,500,000.

Environmental Matters. According to the Phase I environmental assessments dated August 5, 2015 and August 6, 2015, there was no evidence of any recognized environmental conditions at the Pineapple Hotel Portfolio Properties.

Market Overview and Competition. The Pineapple Hotel Portfolio Properties are located in Seattle, Washington. According to the appraisal, the Hotel Five Property is located in downtown Seattle, within one block of Amazon.com’s new 4.1 million square foot world headquarters (which is currently under construction) and walking distance to the Washington State Convention Center, Puget Sound Central Waterfront, Pike Place Market and several other major institutions and corporations. The Watertown Hotel Property and the University Inn Property are each located in the University District Neighborhood of Seattle within walking distance to the University of Washington, University of Washington Medical Center, and the Children’s Hospital and Regional Medical Center. The University of Washington is one of the oldest and largest state-assisted universities on the west coast with over 40,000 undergraduate and graduate students, and contributes approximately $12.5 billion to the economy of the State of Washington annually.

According to the appraisal, corporate demand for the Pineapple Hotel Portfolio Properties is driven by the University of Washington, healthcare, retail, technology, and finance traffic. Major employers in the Seattle area include Boeing (85,000 employees), Microsoft (41,664 employees), University of Washington (29,800 employees), Providence Health & Services (20,240 employees), Amazon.com (>10,000 employees), Starbucks (10,837 employees) and Nordstrom (9,281 employees). Leisure demand is generated by tourism, University of Washington Pacific 12 Conference collegiate events, professional sporting events at Safeco Field (home of the Seattle Mariners major league baseball team) and Century Link Field (home of the Seattle Seahawks), Pike Place Market and the Seattle Center. Meeting and group demand is generated by a number of sources, most notably the Washington State Convention and Trade Center. The Washington State Convention and Trade Center comprises 102,201 square feet of dedicated meeting space and 205,700 square feet of heavy load exhibit space. The Washington State Convention and Trade Center has planned a $1.4 billion expansion slated to begin in early 2017 that is expected to double its current capacity which is anticipated to create significant hotel demand for the Seattle market.

Demand segmentation at the Hotel Five Property is 56% commercial, 40% leisure and 4% meeting and group, compared to its competitive set of 35% commercial, 31% meeting and group and 34% leisure. Demand segmentation for the Watertown Hotel Property is 60% commercial/university, 26% leisure and 14% meeting and group, compared to its competitive set of 56% commercial/university, 23% leisure and 21% meeting and group. Demand segmentation for the University Inn Property is 75% commercial/university, 15% meeting and group and 10% leisure, compared to its competitive set of 56% commercial/university, 23% leisure and 21% meeting and group.

The following table presents certain information relating to the Pineapple Hotel Portfolio Properties’ competitive set:

Subject and Market Historical Occupancy, ADR and RevPAR
(Hotel Five Property)⁽¹⁾

Subject and Market Historical Occupancy, ADR and RevPAR
(Watertown Hotel Property)⁽¹⁾

Subject and Market Historical Occupancy, ADR and RevPAR
(University Inn Property)⁽¹⁾

The Borrowers. The borrowers are Dream Legacy PRU SPE LLC and PHC PRU SPE LLC, each of which is a single purpose entity and Delaware limited liability company with two independent directors. Dream Legacy PRU SPE LLC, as landlord, leases the hotels to PHC PRU SPE LLC, as tenant under three separate master operating leases. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Pineapple Hotel Portfolio Mortgage Loan. Michelle Foreman Barnet is the guarantor of certain non-recourse carveouts under the Pineapple Hotel Portfolio Mortgage Loan. Michelle Foreman Barnet is the indirect owner of 100% of PHC Pru SPE LLC, the master operating lessee borrower, and a family trust of which Michelle Foreman Barnet is a trustee (“the MFB Family Trust”) owns a 49% interest in Dream Legacy LLC, which owns 100% of Dream Legacy PRU SPE LLC, the fee borrower. The remaining 51% interest in Dream Legacy LLC, is owned by a family trust of which Ms. Barnet’s mother, Diane Foreman, is a trustee. A pledge of an indirect ownership interest in the fee borrower has been permitted as follows: the MFB Family Trust obtained its 49% equity ownership interest in Dream Legacy LLC from Diane Foreman and, in connection therewith, executed a promissory note in favor of Diane Foreman, and the MFB Family Trust has pledged its equity ownership interest in Dream Legacy LLC to Diane Foreman to secure such promissory note.

The Sponsor. The sponsor is Michelle Foreman Barnet. Since 1996, Ms. Barnet has served as president of Columbia West Properties (“Columbia West”), a company established in 1988 to manage a family-owned portfolio of commercial and hospitality real estate holdings. As of June 18, 2015, Columbia West managed real estate assets valued at approximately $350.0 million. In 2010, Pineapple Hospitality Company was formed specifically to manage the operational aspects of all portfolio hospitality assets, and Ms. Barnet also serves as its president. Presently, Columbia West and Pineapple Hospitality Company own and manage seven hotels, including four in Seattle (inclusive of the Pineapple Hotel Portfolio Properties), one in Portland, Oregon, one in San Francisco and one in San Diego.

Escrows. The loan documents provide for upfront escrows of $87,785 for real estate taxes, $67,625 for deferred maintenance and $200,000 for a seasonality reserve. The loan documents provide for ongoing monthly deposits in an amount determined by the lender (currently $43,892) for real estate taxes, $50,000 for seasonality reserves (during the months of March through October only; capped at $400,000), and FF&E reserves in an amount equal to one-twelfth of the greater of (i) 4.0% of the estimated total annual gross revenues (as set forth in the borrowers’ current fiscal year budget approved by the lender) and (ii) the amount required to be reserved for capital expenses and FF&E expenses under any future franchise agreement (or in the management agreement) (initially

$56,600 per month and capped at $2,500,000, subject to the borrowers providing evidence reasonably acceptable to the lender indicating a minimum of $750,000 has been spent to renovate the 42 rooms located in the original wing of the University Inn Property on or prior to June 30, 2016). No reserve for insurance premiums is required so long as the borrowers maintain insurance under an acceptable blanket insurance policy, provide proof of payment of renewal premiums and no event of default exists.

Lockbox and Cash Management. Upon the occurrence and during the continuance of a Cash Sweep Trigger Event (as defined below), the Pineapple Hotel Portfolio Mortgage Loan requires that the borrowers or property manager establish a lockbox account and direct all rents to be deposited directly into such lockbox account. Documents relating to the establishment of the lockbox account were signed at closing. During the continuance of a Cash Sweep Trigger Event, all cash flow is required to be swept from the lockbox account to a lender-controlled cash management account. If a Cash Sweep Cure occurs, funds in the lockbox account will be swept to a borrower-controlled operating account

A “Cash Sweep Trigger Event” will occur upon the earlier of (i) the occurrence and continuance 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 “Cash Sweep Cure” will occur, with respect to clause (i) above, upon the cure of such event of default; and with respect to clause (ii) above, upon the amortizing debt service coverage ratio being equal to or greater than 1.25x for two consecutive calendar quarters.

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

Assumption. The borrowers have the ongoing right to transfer the Pineapple Hotel Portfolio Properties provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) approval of the proposed transferee and transfer by the lender, in its commercially reasonable discretion, including but not limited to the transferee’s creditworthiness, financial strength and real estate management, hotel management and leasing expertise; (iii) if the original guarantor is released (from and after the date of the transfer) in connection with the transfer, then any guarantor’s obligations are assumed by a person acceptable to the lender in its reasonable discretion; and (iv) at the lender’s option, and if required by the procedures of Fitch, KBRA or Moody’s, a confirmation from such rating agency that such assumption will not result in a downgrade, withdrawal or qualification of its ratings assigned to the Series 2015-P2 Certificates.

Partial Release. Following the lockout period, the borrowers may obtain the release of any individual property from the lien on the Pineapple Hotel Portfolio Mortgage Loan upon a third-party sale of such property provided that certain requirements are satisfied, including: (i) defeasance or prepayment of 120% of the allocated loan amount for such property being sold and, in the case of a prepayment, payment of the greater of (i) a 1% prepayment premium and (ii) a yield maintenance premium, in each case based on the amount of principal balance being prepaid; (ii) no event of default then exists under the loan documents; (iii) after giving effect to such release, the amortizing debt service coverage ratio for the remaining properties shall be no less than the greater of (x) the amortizing debt service coverage ratio immediately preceding such release and (y) 1.95x; (iv) after giving effect to such release, the loan-to-value ratio of the remaining properties shall not be greater than the lesser of (a) the loan-to-value ratio of the properties immediately preceding such release and (b) 60.0% (v) receipt of a REMIC opinion and (vi) at the lender’s option, receipt of a rating confirmation from Fitch, KBRA and Moody’s that such partial release will not result in a requalification, reduction or withdrawal of the rating assigned to the Series 2015-P2 Certificates by such rating agency. In the event of a prepayment in connection with a partial release, the loan documents provide that the monthly debt service payment will be reamortized based on the then remaining portion of the original 30-year amortization period.

Subordinate and Mezzanine Indebtedness. Not permitted. See “The Borrowers” section above regarding pledge of an indirect ownership interest in the fee borrower to secure a promissory note between certain indirect owners.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrowers provides coverage for terrorism in an amount equal to the full replacement cost of the Pineapple Hotel Portfolio Properties, as well as business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity; provided that if the policies contain an exclusion for loss or damage incurred as a result of an act of terrorism or similar acts of sabotage, the borrowers are required to maintain separate insurance against such loss or damage provided such insurance (a) is commercially available and (b) can be obtained at a commercially reasonable cost as reasonably determined by lender.

Earthquake Insurance. The loan documents do not require earthquake insurance. Seismic reports prepared in connection with the origination of the Pineapple Hotel Portfolio Mortgage Loan indicated a probable maximum loss of 10.0% for the Hotel Five Property, 7.0% for the Watertown Hotel Property and 11.0% for the University Inn Property.

The Mortgage Loan. The Adler Office mortgage loan and the Adler Industrial mortgage loan (collectively, the “Adler Office and Adler Industrial Crossed Mortgage Loans”) are cross-collateralized and cross-defaulted with one another and are each evidenced by a single promissory note that is secured by a first mortgage encumbering a 388,305 square foot office property and a 196,267 square foot industrial property, respectively, located in Doral, Florida (collectively, the “Adler Office and Adler Industrial Properties”). The Adler Office and Adler Industrial Crossed Mortgage Loans were originated on August 5, 2015 by Principal Commercial Capital. The Adler Office and Adler Industrial Crossed Mortgage Loans had an original principal balance of $57,000,000, have an outstanding principal balance as of the Cut-off Date of $57,000,000 and accrue interest at an interest rate of 4.860% per annum. The Adler Office and Adler Industrial Crossed Mortgage Loans had an initial term of 120 months, have a remaining term of 117 months as of the Cut-off Date and require interest-only payments for the first 60 payments following origination and, thereafter, require payments of principal and interest based on a 30-year amortization schedule. The Adler Office and Adler Industrial Crossed Mortgage Loans mature on September 1, 2025.

Following the lockout period, the borrowers have the right to defease either of the Adler Office and Adler Industrial Mortgage Loans in whole, or in part (see “Partial Release” section), on any date before June 1, 2025. In addition, each of the Adler Office and Adler Industrial Crossed Mortgage Loans are prepayable without penalty on or after June 1, 2025.

The Properties. The Adler Office and Adler Industrial Properties are comprised of a 388,305 square foot office property and a 196,267 square foot industrial property located in Doral, Florida, approximately 13.3 miles west of Miami.

The Adler Office property is comprised of nine adjacent one-, two- and four-story office buildings containing 388,305 square feet and situated on 20.4 acres in Doral, Florida. The Adler Office property features seven multi-story office buildings, a single story bank drive-through building and a stand-alone fitness center building which were built between 1979 and 1999. The Adler Office property contains 1,155 surface parking spaces and 195 spaces within a parking garage for a total of 1,350 parking spaces, resulting in a parking ratio of 3.5 spaces per 1,000 square feet of rentable area. As of November 3, 2015, the Adler Office property was 85.6% occupied by 104 tenants.

The Adler Industrial property consists of two proximate, non-contiguous, industrial/office/warehouse developments comprised of five buildings containing 196,267 square feet and situated on 12.1 acres in Doral, Florida. The parcel located at 1701 NW 82^nd Avenue is improved with two buildings with an estimated office finish of 60.0% of the net rentable area and the parcel located at 2210 NW 82^nd Avenue is improved with three buildings with an estimated office finish of 25.0% of the net rentable area. The buildings were constructed in 1988 and 1991. The Adler Industrial property contains 441 surface parking spaces, resulting in a parking ratio of 2.2 per 1,000 square feet of rentable area. As of November 3, 2015, the Adler Industrial property was 89.3% occupied by 52 tenants.

The following table presents certain information relating to the Adler Office and Adler Industrial Properties:

The following table presents certain information relating to the tenancy at the Adler Office and Adler Industrial Properties:

The following tables present certain information relating to the lease rollover schedule at the Adler Office and Adler Industrial Properties:

The following table presents historical occupancy percentages at the Adler Office and Adler Industrial Properties:

Operating History and Underwritten Net Cash Flow. The following tables present certain information relating to the historical operating performance and underwritten net cash flow at the Adler Office and Adler Industrial Properties on an individual basis:

Appraisal. As of the appraisal valuation date of August 4, 2015, the Adler Office and Adler Industrial Properties had an aggregate “as-is” appraised value of $90,000,000 ($63,000,000 for the Adler Office property and $27,000,000 for the Adler Industrial property).

Environmental Matters. According to the Phase I environmental site assessments dated June 18, 2015, there was no evidence of any recognized environmental conditions at the Adler Office and Adler Industrial Properties.

Market Overview and Competition. The Adler Office and Adler Industrial Properties are located within the Miami International Commerce Center, which is situated immediately west of the Palmetto Expressway (SR 826) and north of the Dolphin Expressway (SR 836). The Adler Office and Adler Industrial Properties benefit from direct access to Miami International Airport via ingress and egress on NW 12th Street. Miami International Airport serves over 80 airlines to approximately 150 destinations and handled

approximately 40.6 million domestic and international passengers in 2014. International trade supports over 105,000 jobs and is a key industry in Miami. Miami International Mall is located in the northeast quadrant of the intersection of NW 12^th Street and NW 107^th Avenue. This regional mall contains more than 1,000,000 square feet and anchor tenants include Macy’s, H&M, J.C. Penney, Sears and Kohl’s. The Dolphin Mall, located in the northeast quadrant of the intersection of SR 836 and Florida’s Turnpike, includes more than 240 value oriented stores such as Bloomingdale’s The Outlet Store, Coach Factory Store, Last Call by Neiman Marcus and Saks Fifth Avenue OFF 5th. The neighborhood surrounding the Adler Office and Adler Industrial Properties has a large concentration of commercial and industrial development. The neighborhood is well established with limited land available to support new development. The Adler Office and Adler Industrial Properties are expected to benefit from over $600.0 million in road improvements, as a number of projects are currently being completed which are expected to facilitate the tenants’ ability to access the Adler Office and Adler Industrial Properties. These projects, scheduled for completion by early 2016, are expected to improve connectivity of the area as well as alleviate traffic congestion within the immediate area along Milam Dairy Road and NW 12th Street.

According to the appraisal, the Adler Office property is located within the Miami Airport office submarket of the Miami-Dade County office market. As of the first quarter of 2015, the Miami Airport office submarket had a vacancy rate of 10.7% and average asking rents of $24.89 per square foot full service. Additionally, according to a third-party market report, as of the first quarter of 2015, the Miami Airport office submarket is the largest office market in Miami-Dade, comprising 349 buildings with a total inventory of 16.1 million square feet. The appraiser concluded market rent of $20.00-$23.50 per square foot with base year stops for office, $20.00 per square foot triple net for the health club and $40.00 per square foot triple net for the bank.

According to the appraisal, the Adler Industrial property is located within the Miami Airport industrial submarket. As of the first quarter of 2015, the Miami Airport industrial submarket had a vacancy rate of 6.4% and average asking rents of $9.48 per square foot triple net. Additionally, according to a third-party market report, as of the first quarter of 2015, the Miami Airport industrial submarket is the largest industrial market in Miami-Dade, comprising 2,066 buildings with a total inventory of 77.6 million square feet. The appraiser concluded market rent of $15.00-$16.00 per square foot for the 1701 NW 82^nd Avenue buildings and $11.50 per square foot for the 2210 NW 82^nd Avenue buildings, both with base year stops.

The Borrowers. The borrowers are AOA Office, LLC and AOA Flexx, LLC, each of which is a single purpose entity and Delaware limited liability company with two independent directors. Legal counsel to the borrowers provided a non-consolidation opinion in connection with the origination of each of the Adler Office and Adler Industrial Crossed Mortgage Loans. Michael M. Adler is the nonrecourse carve-out guarantor under the Adler Office and Adler Industrial Crossed Mortgage Loans. Mr. Adler owns approximately 24.5% of each borrower (72.6% when including Mr. Adler and his family members).

The Sponsor. The sponsor for the Adler Office and Adler Industrial Crossed Mortgage Loans is Michael M. Adler. Mr. Adler is the chairman and chief executive officer of The Adler Group. The Adler Group was formed in 1978, and including its affiliates, has over 50 years of experience in leasing, property management, acquisitions, investment, development and construction. Throughout its history, The Adler Group has developed and acquired in excess of 18.0 million square feet of industrial, office, retail, and residential real estate. The company owns and manages an extensive real estate portfolio comprised primarily of multi-tenant industrial and office properties located throughout Miami, South Florida, Central Florida, Nashville, Charlotte, Houston, and Washington D.C. Mr. Adler disclosed prior foreclosures, deeds-in-lieu of foreclosure, and receiverships with respect to seven properties in which Mr. Adler and/or his affiliates was a sponsor or investor, all of which took place during the period from 2013 to the present. See “Description of the Mortgage Pool — Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

Escrows. The following are brief summaries of upfront and monthly reserves for the Adler Office and Adler Industrial Crossed Mortgage Loans:

The loan documents for the Adler Office mortgage loan require upfront reserves in an amount determined by the lender for payment of real estate taxes and insurance (currently $536,561 for real estate taxes and $213,437 for insurance premiums), $1,350,000 for general tenant improvements and leasing commissions, $100,370 for outstanding tenant improvement allowances and leasing commissions related to three tenants ($57,510 for United States Conference of Catholic Bishops, Inc., $25,862 for Community/Condotte/De Moya JV and $16,998 for Coastal Care Services, Inc.) and $389,303 for a free rent escrow related to seven tenants ($158,585 for Fight Club America Inc., $107,421 for Coastal Care Services, Inc., $63,779 for A1 Commercial Associates Group, LLC, $38,340 for United States Conference of Catholic Bishops, Inc., $14,976 for Community/Condotte/De Moya JV, $4,403 for CTS Engineering, Inc. and $1,799 for Blue Guard Insurance Group, Inc.).

The loan documents for the Adler Office mortgage loan require monthly deposits in an amount determined by the lender for payment of real estate taxes and insurance (currently $53,656 for real estate taxes and $35,573 for insurance premiums); $32,359 for general tenant improvements and leasing commissions (subject to a cap of $776,610); and $8,990 for replacement reserves.

The loan documents for the Adler Industrial mortgage loan require upfront reserves in an amount determined by the lender for payment of real estate taxes and insurance (currently $209,672 for real estate taxes and $89,254 for insurance premiums), $150,000 for general tenant improvements and leasing commissions, $16,307 for outstanding leasing commissions for Capillus, LLC and $36,831 for a free rent escrow related to three tenants ($33,672 for Capillus, LLC, $1,700 for Liquors USA Corp. and $1,459 for Van Son Holland Ink Corporate of America).

The loan documents for the Adler Industrial mortgage loan require monthly deposits in an amount determined by the lender for payment of real estate taxes and insurance (currently $20,967 for real estate taxes and $14,876 for insurance premiums); $16,356 for general tenant improvements and leasing commissions (subject to a cap of $392,534); and $4,089 for replacement reserves.

Lockbox and Cash Management. The Adler Office and Adler Industrial Crossed Mortgage Loans are structured with a hard lockbox and springing cash management. The Adler Office and Adler Industrial Crossed Mortgage Loans require all rents to be directly deposited by tenants of the Adler Office and Adler Industrial Properties into the 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 two business days of receipt. With respect to each of the Adler Office and Adler Industrial mortgage loan, prior to the occurrence of a Cash Sweep Trigger Event (as defined below), all funds from the related lockbox account are swept into the respective borrower’s operating account. Upon the occurrence of a Cash Sweep Trigger Event with respect to the respective mortgage loan, all cash flow is required to be swept from the related lockbox account into a lender-controlled cash management account.

With respect to each of the Adler Office and Adler Industrial mortgage loans, a “Cash Sweep Trigger Event” shall occur upon the earlier of: (i) the occurrence and continuance of an event of default or (ii) the amortizing debt service coverage ratio falling below 1.15x at the end of any calendar quarter. With respect to each of the Adler Office and Adler Industrial mortgage loans, a Cash Sweep Trigger Event will expire, with respect to clause (i), upon the cure of such event of default, and with respect to clause (ii), upon the amortizing debt service coverage ratio being at least 1.15x for two consecutive calendar quarters.

Property Management. The Adler Office and Adler Industrial Properties are managed by an affiliate of the borrowers.

Assumption. The borrowers have the right to transfer the Adler Office and Adler Industrial Properties, in whole but not in part, provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) approval of the proposed transferee and transfer by the lender, in its commercially reasonable discretion, including, but not limited to, the proposed transferee’s creditworthiness, financial strength, and real estate management and leasing expertise; (iii) if the original guarantor is released (from and after the date of the transfer) in connection with the transfer, then any guarantor’s obligations are assumed by a person acceptable to the lender in its reasonable discretion; and (iv) at the lender’s option, and if required by the procedures of Fitch, KBRA or Moody’s, a confirmation from such rating agency that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-P2 Certificates by such rating agency.

Partial Release. At any time following the lockout date and prior to the open period, the respective borrowers have the right to obtain the release of any release parcel within the Adler Office and Adler Industrial Properties (see “The Properties” section above for a table identifying the release parcels) from the lien of the Adler Office and Adler Industrial Crossed Mortgage Loans in connection with a bona fide sale to a third party and subject to the terms and conditions of the loan documents, which include but are not limited to: (i) the amortizing debt service coverage ratio for the Adler Office and Adler Industrial Crossed Mortgage Loans (on a combined basis) after the release is no less than the greater of (a) the amortizing debt service coverage ratio (on a combined basis) immediately preceding the release and (b) 1.25x; (ii) the loan-to-value ratio for the Adler Office and Adler Industrial Crossed Mortgage Loans (on a combined basis) after the release does not exceed the lesser of (1) the loan-to-value ratio (on a combined basis) immediately preceding the release and (2) 64.0%; (iii) rollover for the remaining Adler Office or Adler Industrial Properties, as applicable, in any given year of the remainder of the loan term shall not be greater than 30% of net rentable area; (iv) defeasance of a portion of the loan equal to the greater of (A) 115% of the allocated loan amount of the property being released, and (b) 100% of the net proceeds received in connection with the related sale; (v) receipt of a REMIC opinion; and (vi) at the lender’s option, a confirmation from Fitch, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the rating assigned to the Series 2015-P2 Certificates by such rating agency.

In addition, each of the Adler Office and Adler Industrial Crossed Mortgage Loans may be separately defeased in full, without full defeasance of the other such mortgage loan upon satisfaction of conditions similar to those set forth above. Upon the full defeasance of either the Adler Office mortgage loan or Adler Industrial mortgage loan, the related Mortgaged Properties securing the defeased mortgage loan will be released. In addition, the related loan documents provide that any funds remaining in the upfront reserve for future tenant improvement and leasing commissions under the defeased mortgage loan are to be retained by the lender as security for the remaining mortgage loan and deposited into the related reserve under the remaining mortgage loan and held and disbursed in accordance with the remaining mortgage loan’s documents.

Subordinate and Mezzanine Indebtedness. No additional financing was in place at the time of loan closing for the Adler Office and Adler Industrial Crossed Mortgage Loans. Mezzanine financing secured by a pledge of the direct or indirect ownership interests in the related borrower is permitted for each of the Adler Office and Adler Industrial Crossed Mortgage Loans subject to the lender’s standard requirements for mezzanine financing, which include among other items: (i) a maximum loan-to-value ratio of 75.0% for the combined outstanding indebtedness of the respective loan and proposed mezzanine financing; (ii) a minimum amortizing debt service coverage ratio of 1.20x for the respective loan and any proposed mezzanine financing; (iii) lease rollover in any given year of the remainder of the loan term of the respective loan shall not be greater than 30.0% of net rentable area; (iv) a satisfactory intercreditor agreement; (v) the lender’s reasonable approval of the mezzanine financing loan documents; and (vi) the mezzanine lender must be an institutional lender. The loan documents provide that an affiliate of the lender or an affiliate of Principal Real Estate Investors, LLC shall have the first opportunity to provide the mezzanine financing, which election is required to be made within ten days of delivery of all requested information.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrowers provides coverage for terrorism in an amount equal to the full replacement cost of the Adler Office and Adler Industrial Properties, 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; provided that if the policies contain an exclusion for loss or damage incurred as a result of an act of terrorism or similar acts of sabotage, the borrowers are required to maintain separate insurance against such loss or damage provided such insurance (a) is commercially available and (b) can be obtained at a commercially reasonable cost as reasonably determined by the lender.

Windstorm Insurance. The loan documents require windstorm insurance covering the full replacement cost of the Adler Office and Adler Industrial Properties (which may have a deductible not to exceed 5.0% of the total insured value of the premises) during the loan term. At the time of closing, the Adler Office and Adler Industrial Properties had insurance coverage for windstorms.

The Mortgage Loan. The mortgage loan is part of a whole loan (the “Harbor Pointe Apartments Whole Loan”) that is evidenced by two pari passu notes (Notes A-1 and A-2) secured by a first mortgage encumbering the fee interest in a multifamily apartment complex located in Bayonne, New Jersey (the “Harbor Pointe Apartments Property”). The Harbor Pointe Apartments Whole Loan was originated on October 21, 2015 by Citigroup Global Markets Realty Corp. The Harbor Pointe Apartments Whole Loan had an original principal balance of $110,000,000, has an outstanding principal balance as of the Cut-off Date of $110,000,000 and accrues interest at an interest rate of 4.760% per annum. The Harbor Pointe Apartments Whole 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 through the term of the Harbor Pointe Apartments Whole Loan. The Harbor Pointe Apartments Whole Loan matures on November 6, 2025. See “Description of the Mortgage Pool — The Whole Loans — The Non-Serviced Pari Passu Whole Loans — The Harbor Pointe Apartments Whole Loan” in the Preliminary Prospectus.

Note A-2, which will be contributed to the WFCM 2015-P2 Trust, had an original principal balance of $50,000,000, has an outstanding principal balance as of the Cut-off Date of $50,000,000 and represents the non-controlling interest in the Harbor Pointe Apartments

Whole Loan. Note A-1 (the “Harbor Pointe Apartments Companion Loan”), some or all of which is expected to be contributed to the CGCMT 2015-GC35 Trust, had an original principal balance of $60,000,000, has an outstanding principal balance as of the Cut-off Date of $60,000,000, and represents the controlling interest in the Harbor Pointe Apartments Whole Loan.

Following the lockout period, the borrowers have the right to defease the Harbor Pointe Apartments Whole Loan, in whole, but not in part, on any date before August 6, 2025. In addition, the Harbor Pointe Apartments Whole Loan is prepayable without payment of a prepayment premium on or after August 6, 2025.

The Property. The Harbor Pointe Apartments Property consists of a certified LEED Silver mid-rise apartment complex containing 544 residential units located in Bayonne, New Jersey, approximately 9.0 miles southwest of Manhattan. The Harbor Pointe Apartments Property was built in 2009 and contains 521,102 square feet of rentable area and approximately 9,000 square feet of amenity space. Each unit offers, full-sized washer and dryer, walk-in closets and open layout kitchens with stainless steel appliances. The Harbor Pointe Apartments Property features amenities such as concierge service, a 9,000 square foot clubhouse with an indoor basketball court, a resort-style outdoor salt-water swimming pool, computer/media lounge, business center and full fitness studio. In addition, the Harbor Pointe Apartments Property offers shuttle service to local mass transportation stations and amenities. The Harbor Pointe Apartments Property features 756 parking spaces, resulting in a parking ratio of 1.4 spaces per unit. As of August 10, 2015, the Harbor Pointe Apartments Property was 91.2% occupied.

There are currently six employee units and 13 affordable units which are offered at below market rents. The Payment in Lieu of Taxes (“PILOT”) Program agreement (see “PILOT Program” section), requires the borrower to provide the 13 units currently designated as affordable rental units at below-market rents.

The following table presents certain information relating to the unit mix of the Harbor Pointe Apartments Property:

The following table presents historical occupancy percentages at the Harbor Pointe Apartments Property:

Appraisal. As of the appraisal valuation date of July 16, 2015, the Harbor Pointe Apartments Property had an “as-is” appraised value of $154,000,000. The appraiser also concluded to an “as-stabilized” value of $155,000,000 with an “as-stabilized” valuation date of December 15, 2015.

Environmental Matters. According to the Phase I environmental report dated July 3, 2015, there was no evidence of any recognized environmental conditions at the Harbor Pointe Apartments Property.

Market Overview and Competition. The Harbor Pointe Apartments Property is located within the Hudson Waterfront of Northern New Jersey. The Hudson Waterfront is an 18-mile shoreline stretching from Bayonne to Fort Lee, New Jersey. There are currently 19 Fortune 500 Companies that are headquartered in Northern New Jersey. Major employers in the area include Barnabas Health, Verizon Communications, United Airlines and New Jersey Transit. According to the appraisal, the average 2014 household income and population in the city of Bayonne was $73,514 and 65,713, respectively.

The Harbor Pointe Apartments Property is situated within the Peninsula at Bayonne Harbor redevelopment area, a 420-acre man-made peninsula. The immediate area has undergone significant redevelopment in the last decade through the extension of transportation services to the Bayonne area including the construction of the Hudson Bergen Light Rail. The construction of the Hudson Bergen Light Rail has resulted in a reduced commute time into Manhattan totaling approximately 30 minutes. South Cove Commons, a 225,000 square foot retail power center, and Bayonne Crossing, a 350,000 square foot retail power center, are both located within one mile of the Harbor Pointe Apartments Property. Retailers at these centers include Stop & Shop, Walmart, Lowes, T.J. Maxx, and New York Sports Club.

According to a third party report, the Harbor Pointe Apartments Property is located in the Northern New Jersey multifamily market which consists of approximately 216,216 rental units across 994 buildings with a 4.0% vacancy rate and an average rent of $1,671 per unit per month. Within the Northern New Jersey multifamily market, the Harbor Pointe Apartments Property is located in the Hudson County submarket, which consists of 172 buildings totaling 45,071 units with a 6.4% vacancy rate and an average asking rent of $2,842 as of August 2015.

The following table presents certain information relating to some comparable multifamily properties for the Harbor Pointe Apartments Property:

The Borrowers. The borrowers are three tenants-in-common, each of which is a single purpose entity and Delaware limited liability company: CL Cityview Urban Renewal LLC, RS Bayonne Urban Renewal LLC and Verbena Bayonne Urban Renewal LLC. Pursuant to the Harbor Pointe Apartments Whole Loan documents, the borrowers have waived their rights to partition the Harbor Pointe Apartments Property. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Harbor Pointe Apartments Whole Loan. The guarantors of the non-recourse carveouts are Elie Rieder and Sol Werdiger.

The Sponsor. The sponsor is Elie Rieder. Mr. Rieder is the founder and Chief Executive Officer of Castle Lanterra Equity and Castle Lanterra Properties, and has been an active real estate investor, owner, and manager since 1998. Mr. Rieder was directly involved in acquiring over 10,000 multifamily units and has invested in residential, office, hospitality, retail, and parking assets. Castle Lanterra Properties is a leading real estate investment firm founded in 2009. Based in New York, Castle Lanterra Properties acquires, owns, and manages targeted multifamily properties in major metropolitan areas of the United States, including Chicago, Washington D.C., Baltimore, and Austin.

Escrows. The loan documents provide for upfront reserves in an amount of $178,371 for payment-in-lieu of real estate taxes, $33,867 for insurance and $54,835 for deferred maintenance.

On each due date, the borrowers are required to pay to deposit: (i) one-twelfth of the taxes (or payment-in-lieu thereof) that the lender estimates will be payable over the then succeeding 12-month period (initially $89,186), (ii) an insurance reserve in an amount equal to one-twelfth of the amount that the lender estimates will be necessary to pay insurance premiums over the then succeeding 12-month period, (initially $16,934) and (iii) a replacement reserve in the amount of $9,067.

Lockbox and Cash Management. The Harbor Pointe Apartments Whole Loan documents require a springing lockbox with springing cash management. The Harbor Pointe Apartments Whole Loan documents require the borrowers, upon the first occurrence of a Trigger Period, to (or to direct the property manager to) deposit within two business days following receipt of all revenue derived from the Harbor Pointe Apartments Property and all other money payable to the borrowers with respect to the Harbor Pointe Apartments Property directly to a lender-controlled lockbox account and to send a notice to all commercial tenants directing them to pay all rents directly into the lender controlled lockbox account. So long as a Trigger Period is not in effect, all funds in the lockbox account are required to be swept and remitted on each business day to the borrowers’ operating account. During the continuance of a Trigger Period, all funds in the lockbox account are required to be transferred on each business day to a lender-controlled cash management account. If no event of default under the loan documents is continuing, applied to pay debt service and operating expenses of the Harbor Pointe Apartments Property and to fund required reserves in accordance with the loan documents. After the foregoing disbursements are made and so long as a Harbor Pointe Apartments Trigger Period is continuing, all excess cash is trapped in an excess cash account and held as additional collateral for the Harbor Pointe Apartments Whole Loan. During the continuance of an event of default under the loan documents, the lender may apply any funds in the cash management account to amounts payable under the Harbor Pointe Apartments Loan or toward the payment of expenses of the Harbor Pointe Apartments Property, in such order of priority as the lender may determine.

A “Trigger Period” means a period commencing upon the earliest of (i) the occurrence and continuance of an event of default or (ii) the trailing 12-month debt service coverage ratio being less than 1.25x and ending, with respect to a Harbor Pointe Apartments Trigger Period clause by (i) above, upon the cure of such event of default; and with respect to a Trigger Period caused by (ii) above, upon the debt service coverage ratio being equal to or greater than 1.30x for two consecutive calendar quarters.

Property Management. The Harbor Pointe Apartments Property is currently managed by Alliance Southwest, LLC.

PILOT Program. The Harbor Pointe Apartments Property is operating under a PILOT Program that expires in 2039 under which the borrowers do not pay real estate taxes and instead make quarterly payments to the city of Bayonne. From January 2016 through December 2021 the annual charge will be the greater of the Base Amount (as defined below) or 20% of the taxes otherwise due on the land and improvements; and from January 2022 through December 2027, the greater of the Base Amount or 40% of the taxes otherwise due on the land and improvements. In addition to the annual charge, a 2% administrative fee based on the annual charge is payable to the city of Bayonne. The payments under the PILOT Program (“Base Amount”) are calculated as 10% of 80% of annual gross revenue of the Harbor Pointe Apartments Property through December 2025 and 10% of the full annual gross revenue of the Harbor Pointe Apartments Property thereafter and until the expiration of the program. The borrowers’ interest in the PILOT Agreement may be transferred to a successor owner (including a mortgagee in foreclosure) upon the satisfaction of certain conditions, including,

without limitation, that the transferee forms an urban renewal entity in accordance with the New Jersey Long Term Tax Exemption Law and that the transferee agrees to abide by all terms and conditions of the PILOT Program.

Assumption. The borrowers have a right to transfer the Harbor Pointe Apartments Property at any time other than the 60 days prior to and following any secondary market transaction, 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; (iii) if requested by the lender, delivery of a rating agency confirmation; and (iv) payment of an assumption fee.

Terrorism Insurance. The borrowers are required to maintain an “all-risk” insurance policy that provides coverage for terrorism in an amount equal to the full replacement cost of the Harbor Pointe Apartments Property and provides for a deductible no greater than $10,000 (except with respect to earthquakes and windstorms), as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, plus a 6-month extended period of indemnity.

The Mortgage Loan. The mortgage loan is part of a whole loan (the “Heritage Industrial Portfolio Whole Loan”) that is evidenced by two pari passu notes (A-1 and A-2) secured by a first mortgage encumbering 12 industrial/warehouse/flex properties located in Pennsylvania, New York and Ohio (the “Heritage Industrial Portfolio Properties”). The Heritage Industrial Portfolio Whole Loan was originated on July 29, 2015 by Principal Commercial Capital. The Heritage Industrial Portfolio Whole Loan had an original principal balance of $81,375,000, has an outstanding principal balance as of the Cut-off Date of $81,375,000 and accrues interest at an interest rate of 4.640% per annum. The Heritage Industrial Portfolio Whole Loan had an initial term of 120 months, has a remaining term of 116 months as of the Cut-off Date and requires interest-only payments for the first 36 payments following origination and, thereafter, requires payments of principal and interest based on a 30-year amortization schedule. The Heritage Industrial Portfolio Whole Loan matures on August 1, 2025.

Note A-1, which will be contributed to the WFCM 2015-P2 securitization, had an original principal balance of $41,000,000, has an outstanding principal balance as of the Cut-Off Date of $41,000,000 and individually represents the controlling interest in the

Heritage Industrial Portfolio Whole Loan. Note A-2 (the “Heritage Industrial Portfolio Companion Loan”), which is currently held by Principal Commercial Capital and is expected to be contributed to a future trust or trusts, had an original principal balance of $40,375,000 and represents a non-controlling interest in the Heritage Industrial Portfolio Whole Loan. See “Description of the Mortgage Pool — The Whole Loans — The Serviced Pari Passu Whole Loans — The Heritage Industrial Portfolio Whole Loan” in the Preliminary Prospectus. The lender provides no assurances that Note A-2 will not be split further.

Following the lockout period, the borrowers have the right to defease the Heritage Industrial Portfolio Whole Loan in whole, or in part (see “Partial Release” section), on any date before May 1, 2025. In addition, the Heritage Industrial Portfolio Whole Loan is prepayable without penalty on or after May 1, 2025.

The Properties. The Heritage Industrial Portfolio Properties comprise 12 industrial/warehouse properties totaling 2,578,919 square feet located in New York, Ohio and Pennsylvania. Built between 1953 and 1991, the Heritage Industrial Portfolio Properties were 95.1% physically occupied by 28 tenants as of November 1, 2015. The borrowers acquired the Heritage Industrial Portfolio Properties in 2007, and occupancy has reportedly averaged approximately 91.1% since the time of acquisition.

The largest tenant at the Heritage Industrial Portfolio Properties is Staples Contract & Commercial, Inc. (“Staples”), which comprises 24.1% of the net rentable area. Staples has occupied its space at the 2294 Molly Pitcher Highway property for 20 years and utilizes the spaces as its fulfillment center for online orders in the Northeast and Mid-Atlantic regions. The second largest tenant is Owens-Brockway Glass Container, Inc. (“Owens-Brockway”), which comprises 11.6% of the net rentable area, Owens-Brockway has leased its space at the 3530 East Pike Road property for 23 years and is a glass manufacturer.

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

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

The following table presents certain information relating to the lease rollover schedule of the Heritage Industrial Portfolio Properties:

The following table presents historical occupancy percentages of the Heritage Industrial Portfolio Properties:

Appraisal. As of the appraisal valuation dates ranging from June 4, 2015 to June 10, 2015, the Heritage Industrial Portfolio Properties had an aggregate “as-is” appraised value of $108,500,000. The appraiser also concluded to a portfolio value for the Heritage Industrial Portfolio Properties of $116,500,000 with a valuation date of July 1, 2015.

Environmental Matters. According to Phase I environmental assessments dated from May 27, 2015 to June 4, 2015, there was no evidence of any recognized environmental conditions at the Heritage Industrial Portfolio Properties.

Market Overview and Competition. The Heritage Industrial Portfolio Properties are located in five markets.

Harrisburg, Pennsylvania MSA (2 properties totaling 907,603 sq. ft., 35.2% of NRA, 44.4% of U/W Base Rent) 2294 Molly Pitcher Highway is located in Chambersburg, Pennsylvania, less than two miles west of an I-81 interchange via Kriner Road. Interstate 81 provides access to the Pennsylvania Turnpike (I-76) to the subject’s northeast, which is one of Pennsylvania’s primary east/west, limited access highways. The Chambersburg Terminal (CSX) is just 1.5 miles east of the subject and Greencastle Terminal (Norfolk Southern) is 12 miles south via I-81. According to the appraisal, the subject is located in the Harrisburg West Industrial submarket, which has an overall inventory of 74.6 million square feet. As of Q1 2015, the vacancy rate for the submarket was 4.2% with an average quoted rental rate of $4.08 per square foot, triple net.

The 1001 & 1011 Air Park Drive property is located within the Airport Industrial Park in Middletown, Pennsylvania, situated approximately two miles from the Pennsylvania Turnpike (I-76), offering access points to the east and west, and is also just off I-283, which offers access to the north and south via I-83 and I-81. According to the appraisal, the property is located in the Harrisburg East Industrial submarket, which is comprised of 585 buildings with nearly 44.6 million square feet of space. As of Q1 2015, the vacancy rate in the submarket was 8.9% and the average quoted rental rate was $3.39 per square foot, triple net. The appraisal reports roughly 8.8 million square feet of industrial properties within a 3 mile radius of the 1001 & 1011 Air Park Drive property.

Syracuse, New York MSA (3 properties totaling 661,500 sq. ft., 25.7% of NRA, 22.6% of U/W Base Rent) The 4472 Steelway Boulevard North, 4474 Steelway Boulevard North and 4500 & 4510 Steelway Boulevard South properties are located in an industrial park in Clay, New York, in suburban Syracuse, approximately 1.5 miles north of the New York State Thruway (I-90), 4 miles west of I-81 and 8 miles west of the Syracuse Hancock International Airport. According to the appraisal, each property is located in the NE Outer Onondaga County Warehouse submarket. As of the first quarter of 2015, the submarket included nearly 9.3 million square feet of space in 144 buildings, with a 2.4% vacancy rate and an average quoted rental rate of $3.97 per square foot, triple net.

Albany, New York MSA (3 properties totaling 403,110 sq. ft., 15.6% of NRA, 14.0% of U/W Base Rent) The 8, 21 and 22 Northeastern Industrial Park properties are located in the Northeastern Industrial Park in Guilderland, New York, within the Albany MSA, immediately adjacent to the New York State Thruway (I-90). The Northeastern Industrial Park consists of 29 buildings totaling 3.0 million square foot on 586 acres, served by three rail lines (CSX, Canadian Pacific and Norfolk Southern). According to the appraisal, the properties are located in the West Outer Albany County submarket. As of Q1 2015, the submarket included just over 6.1 million square feet of space in 102 buildings, with a 13.2% vacancy rate and an average quoted rental rate of $4.27 per square foot, triple net.

Rochester, New York MSA (2 properties totaling 175,971 sq. ft., 6.8% of NRA, 7.6% of U/W Base Rent) The properties located at 4 & 8 Marway Circle and 5 Marway Circle in Gates, New York are located within an industrial park situated less than one mile east of I-490, within close proximity to the I-490 Expressway Buffalo Road Entrance and approximately two miles west of I-390, both of which access the New York State Thruway (I-90). Marway Circle is approximately four miles northwest of the Greater Rochester International Airport and six miles west of the Rochester central business district. According to the related appraisal, the 4 & 8 Marway Circle property was noted as being located in the Southwest Rochester Warehouse Industrial submarket. As of Q1 2015, the submarket included 234 buildings totaling just less than 9.9 million square feet of space, with a 12.9% vacancy rate and an average quoted rental rate of $7.58 psf/year. The appraisal for 5 Marway Circle indicated the property was located in the Southwest Rochester Flex submarket. As of Q1 2015, the submarket included 25 buildings totaling just under 3.5 million square feet of space, with a 31.8% vacancy rate and an average quoted rental rate of $8.03 per square foot, triple net.

Columbus, Ohio MSA (2 properties totaling 430,735 sq. ft., 16.7% of NRA, 11.5% of U/W Base Rent) 16725 Square Drive is located in Marysville, Ohio, near the junction of US Highway 36 and US Highway 33, which provides expressway access to I-270 and the Columbus outer-belt expressway, approximately 20 miles to the southeast. According to the appraisal, the subject is located in the Union County Warehouse submarket. As of Q1 2015, the submarket was comprised of 114 buildings totaling nearly 5.9 million square feet of space, with a 7.5% vacancy rate and an average quoted rental rate of $3.67 per square foot, triple net.

3530 East Pike Road is located in Zanesville, Ohio, immediately south of I-70 with access to the interstate approximately one mile to the west, providing access to Columbus and I-77 via I-70. According to the appraisal, the subject is located in the Muskingum and Surrounding Counties Warehouse/Distribution submarket. The submarket includes 73 buildings ranging in size from 50,000 to 500,000 square feet with just over 11 million square feet in total. As of Q1 2015, the vacancy rate for the submarket was 13.3% with an average quoted rental rate of $3.84 per square foot, triple net.

The Borrowers. The borrowers are a two TIC structure, comprised of 550BSA III, LLC and Tri-Martin IV, LLC, each of which is a single purpose entity and Delaware limited liability company with two independent directors. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Heritage Industrial Portfolio Whole Loan. Steven Greenberg and Jeffrey Greenberg are the guarantors of certain non-recourse carveouts under the Heritage Industrial Portfolio Whole Loan. Combined, the guarantors own 62.2% of 550BSA, LLC and 36.4% of Tri-Martin IV, LLC and are the managing members of both borrowing entities.

The Sponsors. The sponsors are Steven Greenberg and Jeffrey Greenberg. Steven and Jeffrey Greenberg are the principals of Heritage Capital Group (“Heritage”), a private, family-owned real estate firm founded over 75 years ago. Heritage has invested in office, industrial and retail properties totaling more than six million square feet in 20 states in the U.S. as well as over 7,000 apartment units. Heritage currently owns and manages a portfolio consisting of 21 properties, (inclusive of the Heritage Industrial Portfolio Properties) totaling approximately 3.4 million square feet, four office properties comprising 473,000 square feet, two retail properties comprising 22,200 square feet, and an industrial property comprising 250,000 square feet. Additionally, Heritage owns and manages seven apartment properties totaling 2,055 units. The assets in Heritage’s portfolio are located in NJ, SC and NC, in addition to the locations of the Heritage Industrial Portfolio Properties. As of May 1, 2015, the reported average occupancy of Heritage’s total commercial portfolio was 92.5% excluding the seven apartment units and an unimproved land asset located in New Jersey. The sponsor disclosed three loans in which it was a sponsor (in one case) or minority investor (in the other two cases) in the related properties, as to which a deed-in-lieu of foreclosure, an uncontested foreclosure or a discounted payoff was effected, during the period between 2007 through 2012. See “Description of the Mortgage Pool — Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

Escrows. The loan documents provide for upfront escrows in the amount of $88,889 for deferred maintenance, $800,000 for tenant improvements and leasing commissions for space other than Staples (the “General TI/LC Reserve”), $694,723 for real estate taxes and $64,203 for insurance premiums. The loan documents require ongoing monthly deposits in the amount determined by the lender for real estate taxes and insurance (currently $141,872 for real estate taxes and $16,051 for insurance premiums), $21,517 for replacement reserves and $32,250 into the General TI/LC Reserve (subject to a cap of $500,000).

The loan documents require escrows to cover the costs of tenant improvements and leasing commissions for the Staples space (the “Staples TI/LC Reserve”) consisting of monthly deposits of $33,333 for the first 15 months of the loan term and $83,333 beginning on the first payment date 12 months prior to Staples’ lease expiration (subject to a combined cap of $1,500,000). In lieu of the $83,333 monthly deposits, a $1,000,000 letter of credit may be provided by the borrowers no later than 13 months prior to Staples lease expiration. The loan documents also require monthly deposits of $100,000 starting on the first payment date on or after the date that is 18 months prior to a subsequent lease expiration for Staples (or for any replacement tenant that leases all of Staples’ space) until such time as funds have accumulated to $1,800,000 for the reimbursement of tenant improvements and leasing commissions for the Staples space; provided that in lieu of such deposits an $1,800,000 letter of credit may be provided by the borrowers. In addition, if only a portion of the Staples space has been leased to a replacement tenant(s), monthly deposits are required starting 18 months prior to the then-scheduled expiration date of such lease in an amount equal to $0.16 per square foot for such tenant’s space (provided that if such replacement lease is for less than five years, the required deposit will be equal to the foregoing amount multiplied by the number of years for such lease divided by five). If a Cash Sweep Trigger Event is continuing, and funds in the cash management account are insufficient to pay monthly debt service payments on the Heritage Industrial Portfolio

Whole Loan, and no event of default exists, at the borrowers’ request, the lender is required to apply funds in the Staples TI/LC Reserve to pay monthly debt service payments; provided that the maximum aggregate amount of such reserve permitted to be applied for such purpose is $480,000.

Lockbox and Cash Management. The Heritage Industrial Portfolio Whole Loan is structured with a hard lockbox and springing cash management. The Heritage Industrial Portfolio Whole Loan requires all rents to be directly deposited by tenants of the Heritage Industrial Portfolio Properties into the lockbox account. The loan documents also require that, the borrowers or property manager deposit all rents into the lockbox account within three business days of receipt. Prior to the occurrence of a Cash Sweep Trigger Event (as defined below), all funds in the lockbox account are swept into the borrowers’ operating account. Upon the occurrence and during the continuance of a Cash Sweep Trigger Event, all cash flow is required to be swept from the lockbox account into a lender-controlled cash management account.

A “Cash Sweep Trigger Event” means the occurrence of any one or more of the following as determined by lender in its sole discretion: (a) an event of default, (b) the amortizing debt service coverage ratio is less than 1.10x as of the last day of any calendar quarter for such quarter, or (c) Staples (i) ceases to operate its business from all or any material portion of the Staples space for more than 30 consecutive days, (ii) becomes the subject of any proceeding or action relating to its bankruptcy, reorganization or other arrangement pursuant to federal bankruptcy law or any similar federal or state law or files for bankruptcy or other insolvency proceedings, (iii) provides notice of its intent to terminate the Staples lease, or (iv) defaults under any monetary or material non-monetary term of the Staples lease and such monetary or material non-monetary default continues after any applicable notice and cure period and such monetary or material non-monetary default would allow the borrowers to terminate the Staples lease.

A “Cash Sweep Cure” will occur, with respect to clause (a) above, upon the cure of such event of default; with respect to clause (b) above, upon the amortizing debt service coverage ratio being equal to or greater than 1.15x for two consecutive calendar quarters; with respect to clause (c) above, upon the amortizing debt service coverage ratio being equal to or greater than 1.20x for two consecutive calendar quarters; provided, however, that, such Cash Sweep Cure set forth in this definition shall be subject to the following conditions, (x) no event of default shall have occurred and be continuing under the cash management agreement or any of the loan documents, (y) no other Cash Sweep Trigger Event shall have occurred and be continuing, and (z) the borrowers shall have paid all of the lender’s expenses in connection with such Cash Sweep Cure including, without limitation, reasonable attorney’s fees and expenses.

Property Management. The Heritage Industrial Portfolio Properties are managed by affiliates of the sponsors.

Assumption. The borrowers have the ongoing right to transfer the Heritage Industrial Portfolio Properties provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) approval of the proposed transferee and transfer by the lender, in its commercially reasonable discretion, including but not limited to the transferee’s creditworthiness, financial strength and real estate management and leasing expertise; (iii) if the original guarantor is released (from and after the date of the transfer) in connection with the transfer, then any guarantor’s obligations are assumed by a person acceptable to lender in its reasonable discretion; and (iv) at the lender’s option, and if required by the procedures of Fitch, KBRA or Moody’s, a confirmation from such rating agency that such assumption will not result in a downgrade, withdrawal or qualification of the ratings assigned by it to the Series 2015-P2 Certificates, along with similar confirmations from each applicable rating agency rating any securities backed by the Heritage Industrial Portfolio Companion Loan.

Purchase Option. Midwest Express Inc., the sole tenant at the 16725 Square Drive property, has the right to purchase such property at any time after the 25th payment date after the securitization of the Heritage Industrial Portfolio Whole Loan, for a purchase price equal to $4,000,000 plus all applicable defeasance costs.

Partial Release. Following the lockout period, the borrowers are permitted to obtain the partial release of any of the Heritage Industrial Portfolio Properties in connection with a partial defeasance, subject to certain conditions including: (i) the principal balance defeased equals the greater of (a) 120% of the allocated loan amount for the mortgaged properties located in Pennsylvania (2294 Molly Pitcher Highway; 1001 & 1011 Air Park Drive) and Guilderland, New York (8 Northeastern Industrial Park; 21 Northeastern Industrial Park and 22 Northeastern Industrial Park) or 110% of the allocated loan amount for all other mortgaged properties; and (b) an amount equal to 100% of the net proceeds of the sale of the released property; (ii) the remaining portfolio, following release, would have (x) an amortizing debt service coverage ratio utilizing annual net operating income (without deduction for tenant improvements, leasing commissions or replacement reserves) from leases on the remaining premises that have remaining terms of at least 18 months of at least 1.25x and (y) a loan-to-value ratio of not more than 75.0%; (iv) at the lender’s option, the lender has received confirmation from Fitch, KBRA and Moody’s that such release will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series 2015-P2 Certificates, along with similar confirmations from each rating agency rating any securities backed by the Heritage Industrial Portfolio Companion Loan; and (v) receipt of a REMIC opinion.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrowers provide coverage for terrorism in an amount equal to the full replacement cost of the Heritage Industrial Portfolio Properties and 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; provided that if the policies contain an exclusion for loss or damage incurred as a result of an act of terrorism or similar acts of sabotage, the borrowers are required to maintain separate insurance against such loss or damage provided such insurance (a) is commercially available and (b) can be obtained at a commercially reasonable cost as reasonably determined by lender.

The Mortgage Loan. The mortgage loan (the “Anchorage Marriott Downtown Mortgage Loan”) is part of a whole loan (the “Anchorage Marriott Downtown Whole Loan”) evidenced by two pari passu notes that are secured by a first mortgage encumbering the borrower’s fee simple interest in a 392-room full service hotel located in Anchorage, Alaska (the “Anchorage Marriott Downtown Property”). The Anchorage Marriott Downtown Whole Loan was originated on October 7, 2015 by Citigroup Global Markets Realty Corp. The Anchorage Marriott Downtown Whole Loan had an original principal balance of $75,950,000, has an outstanding principal balance as of the Cut-off Date of $75,853,035 and accrues interest at an interest rate of 4.670% per annum. The Anchorage Marriott Downtown Whole Loan had an initial term of 120 months, has a remaining term of 119 months as of the Cut-off Date and requires payments of interest and principal based on a 30-year amortization schedule. The Anchorage Marriott Downtown Whole Loan matures on November 6, 2025. See “Description of the Mortgage Pool — The Whole Loans — The Non-Serviced Pari Passu Whole Loans - The Anchorage Marriott Downtown Whole Loan” in the Preliminary Prospectus.

Note A-2, which will be contributed to the WFCM 2015-P2 Trust, had an original principal balance of $37,975,000, has an outstanding principal balance as of the Cut-off Date of $37,926,518 and represents the non-controlling interest in the Anchorage Marriott

Downtown Whole Loan. Note A-1 (the “Anchorage Marriott Downtown Companion Loan”), some or all of which is expected to be contributed to the CGCMT 2015-GC35 Trust, had an original principal balance of $37,975,000 and represents the controlling interest in the Anchorage Marriott Downtown Whole Loan.

Following the second anniversary of the Closing Date, the borrower may defease the Anchorage Marriott Downtown Whole Loan, in whole, but not in part, on any date before September 6, 2025. In addition, the Anchorage Marriott Downtown Whole Loan is prepayable without payment of a prepayment premium on or after September 6, 2025.

The Property. The Anchorage Marriott Downtown Property is a 20-story, 392-room, full service hotel located in the central business district of Anchorage, Alaska. The Anchorage Marriott Downtown Property was constructed in 2000 and renovated in 2012 and is situated near the Dena’ina Civic and Convention Center and Delaney Park. Guestrooms at the Anchorage Marriott Downtown Property are located on floors three through twenty and comprise 173 king rooms, 219 double-double rooms and 3 parlor suites (not included in the guestroom count). The Anchorage Marriott Downtown Property offers a variety of amenities including a business center, fitness center, indoor swimming pool, 2 restaurants, lounge and approximately 10,334 square feet of meeting space. The Anchorage Marriott Downtown Property currently has use of 10 parking spaces in an adjacent third-party parking garage pursuant to an agreement with Anchorage Community Development Authority – EasyPark (the “Parking Agreement”). The Parking Agreement is scheduled to expire on December 31, 2016. Additionally, per the appraisal, there are multiple surface and structured parking options in close proximity to the Anchorage Marriott Downtown Property. The Anchorage Marriott Downtown Property operates under a franchise agreement with Marriott International, Inc., that expires in December 2020.

Appraisal. As of the appraisal valuation date of September 1, 2015, the Anchorage Marriott Downtown Property had an “as-is” appraised value of $108,500,000. The appraiser also concluded to an “as stabilized” appraised value of $119,500,000 with an “as stabilized” valuation date of September 1, 2017. The “as stabilized” value assumes occupancy, average daily rate and RevPAR of 69.0%, $188.66 and $130.18, respectively.

Environmental Matters. According to the Phase I environmental report, dated July 22, 2015, there was no evidence of any recognized environmental conditions at the Anchorage Marriott Downtown Property.

Market Overview and Competition. According to the appraisal, Anchorage is home to over 50 parks and recreational facilities and numerous museums. The Ted Stevens Anchorage International Airport serves approximately 5,000,000 passengers annually. According to the appraisal, one million tourists came through Anchorage in 2014 with industry projections indicating a 2%-3% growth in visitors statewide in 2015. Anchorage has major roads and routes that run through the city, including Alaska State Route 1, Glenn Highway and Seward Highway; public transportation is provided by People Mover Bus System throughout the city.

According to the appraisal, the Anchorage Metropolitan Statistical Area (“MSA”) had an estimated 2014 population of approximately 399,000, which is expected to grow by 2.9% to 420,000 by 2019. The top employers are in health services, grocery and merchandise, oil services, airline and financial services industries. The largest employers in the area include: Providence Health & Services, Walmart/Sam’s Club, Carrs/Safeway, Fred Meyer, ASRC Energy Services and BP Exploration Alaska. According to the appraisal, the leisure and hospitality sector is anticipated to account for 16,900 jobs in 2015.

The following table presents certain information relating to the Anchorage Marriott Downtown Property’s competitive set:

The Borrower. The borrower is Columbia Properties Anchorage, L.P., a single-purpose entity and limited partnership with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Anchorage Marriott Downtown Whole Loan. Columbia Sussex Corporation and CSC Holdings, LLC are the guarantors of certain non-recourse carveouts under the Anchorage Marriott Downtown Whole Loan. The guarantors are required to maintain a combined net worth of $85.0 million and combined liquidity of $10.0 million through the term of the Anchorage Marriott Downtown Whole Loan.

The Sponsor. The sponsor is William J. Yung III. The sponsor is an experienced developer, owner and operator of hotel properties. William J. Yung founded Columbia Sussex Corporation in 1972. Columbia Sussex Corporation is a large private hotel company with a portfolio that primarily consists of 35 hotels (11,502 keys), 27 (8,318 keys) of which are Marriott flags, and is the largest domestic full-service Marriott franchisee. Columbia Sussex Corporation is currently a defendant in litigation pertaining to an unrelated transaction. See also “Description of the Mortgage Pool — Litigation and Other Considerations” in the Preliminary Prospectus.

Escrows. The loan documents provide for upfront reserves of $362,604 for a seasonality reserve, $245,311 for: real estate taxes, $58,129 for insurance premiums, $1,875 for deferred maintenance and $2,500 for expenses related to the transfer of the comfort letter.

The loan documents also provide for monthly escrows for real estate taxes in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay taxes over the then succeeding 12-month period; insurance premiums in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay insurance over the then succeeding 12-month period; a reserve for FF&E in an amount equal to the greater of (a) the FF&E Payment (as defined below) and (b) the amount of the deposit (if any) then required by the franchisor on account of FF&E under the franchise agreement; and a seasonality reserve in an amount equal to the applicable Seasonality Reserve Monthly Deposit (as defined below).

No property improvement plan (“PIP”) was required under the franchise agreement at origination. In the event that a PIP is required by a franchisor, the borrower will be required to deposit an amount equal to 120% of the costs of the related PIP work (as estimated by the lender in its reasonable discretion) (A) in the case of any existing or renewal franchise agreement, prior to the required commencement date of any PIP imposed thereunder and (B) in the case of any new franchise agreement, on or prior to the date such new franchise agreement is executed and delivered. Additionally, if 18 months prior to the expiration of the franchise agreement (“Franchise Renewal Date”) a Franchise Renewal Event (as defined below) has not occurred, within 12 months of the Franchise Renewal Date, the borrower is required to post a letter of credit or cash in amount equal to 120% of the estimated PIP costs, less any sums then on deposit in the FF&E escrow and the PIP escrow.

An “FF&E Payment” means, with respect to the monthly payment date, an amount equal to (1) during the continuance of an Anchorage Marriott Downtown Trigger Period (see “Lockbox and Cash Management” section) where an approved annual budget exists as of the date of determination, one-twelfth of 5% of the greater of (x) the annual gross revenues for the hotel related operations at the Anchorage Marriott Downtown Property for the immediately preceding calendar year as reasonably determined by the lender and (y) the projected annual gross revenues for the hotel related operations at the Anchorage Marriott Downtown Property for the calendar year in which such monthly payment date occurs as set forth in the approved annual budget, or (2) if no Anchorage Marriott Downtown Trigger Period is continuing or during the continuance of an Anchorage Marriott Downtown Trigger Period where no approved annual budget exists as of the date of determination, one-twelfth of 5% of the annual gross revenues for the hotel related operations at the Anchorage Marriott Downtown Property for the immediately preceding calendar year as reasonably determined by the lender. The FF&E reserve monthly deposit must (A) initially be determined for the balance of the 2015 calendar year as of the origination date and (B) thereafter be adjusted and determined by the lender annually on the monthly payment date in April 2016 and on each monthly payment date falling in each subsequent April thereafter. Notwithstanding anything herein to the contrary, the lender may require the borrower to increase the monthly deposits required pursuant to the loan documents upon 30 days’ notice to the borrower if (1) an Anchorage Marriott Downtown Trigger Period is continuing and the lender determines in its reasonable discretion that an increase is necessary to maintain proper maintenance and operation of the Anchorage Marriott Downtown Property and/or (2) the lender determines in its reasonable discretion that an increase is necessary to reflect increased FF&E expenditures required under the franchise agreement and/or set forth in any amendment to the most recently determined approved annual budget.

A “Franchise Renewal Event” means the lender’s receipt of evidence reasonably acceptable to the lender (which such evidence must include, without limitation, a duly executed estoppel certificate from the applicable franchisor) that (i) the related franchise agreement has not been extended or replaced by a new franchise agreement in accordance with the terms of the Anchorage Marriott Downtown Whole Loan documents, in each case, for a term expiring no earlier than three years after the maturity date of the Anchorage Marriott Downtown Whole Loan, (ii) such franchise agreement (as so extended) or such replacement franchise agreement, as applicable, is in full force and effect with no defaults thereunder, and (iii) to the extent a PIP is required in connection with the foregoing, a deposit has been made to the PIP escrow in accordance with the terms of the Anchorage Marriott Downtown Whole Loan documents.

The “Seasonality Reserve Monthly Deposit” is equal to 110% of the quotient of (x) the aggregate amount by which operating income at the Anchorage Marriott Downtown Property for the calendar month is insufficient to establish a debt service coverage ratio of 1.00x based on the then-current annual budget (“Negative Monthly Amount”) for the 12-month period divided by (y) the number of months for which there is no Negative Monthly Amount, based on the then-current seasonality annual budget.

Lockbox and Cash Management. The Anchorage Marriott Downtown Loan is structured with a lender-controlled lockbox in place at origination and springing cash management. The borrower sent letters to all credit card companies directing such companies to pay rent directly to the lender-controlled lockbox account, and the borrower is required to deposit all revenue generated by the Anchorage Marriott Downtown Property in the lockbox account. Prior to the occurrence of an Anchorage Marriott Downtown Trigger Period, funds in the lockbox account are disbursed to the borrower’s operating account. Upon the occurrence of an Anchorage Marriott Downtown Trigger Period, all sums on deposit in the lockbox account are required to be swept on a daily basis into a cash management account for the payment of, among other things, debt service and property operating expenses, and for the funding of monthly escrows, with any excess (i) to the extent the Anchorage Marriott Downtown Trigger Period was caused solely by the failure of a Franchise Renewal Event to occur on or before the Franchise Renewal Date, deposited to the PIP escrow and (ii) to the extent the Anchorage Marriott Downtown Trigger Period was caused by any event other than as described in the preceding clause (i), held as additional collateral by the lender until the expiration of the applicable Anchorage Marriott Downtown Trigger Period after which it is returned to the borrower.

An “Anchorage Marriott Downtown Trigger Period” means a period (a) commencing upon the occurrence of an event of default and continuing until the cure or the lender’s waiver of such event of default; (b) commencing upon the occurrence of the debt service coverage ratio being less than 1.30x, and continuing until the debt service coverage ratio is equal to or greater than 1.35x for two consecutive calendar quarters; (c) commencing upon the occurrence of a Franchise Agreement Trigger Event (as defined below) and continuing until the borrower has cured all defaults under the franchise agreement, the borrower and the franchisor have reaffirmed the franchise agreement, the Anchorage Marriott Downtown Property continues to be operated pursuant to the franchise agreement and all permits applicable to the franchise agreement are in full force and effect; (d) commencing upon the non-delivery of an estoppel attesting to an extension of the franchise agreement or its replacement with a qualifying agreement for a term no shorter than expiring three years after the maturity date of the Anchorage Marriott Downtown Whole Loan, which franchise agreement or qualified replacement is in full force and effect without defaults thereunder, and for which any required renovation reserve has been deposited, on or before eighteen months prior to the expiration of the franchise agreement, and continuing until the delivery of such estoppel; (e) commencing upon the occurrence of a bankruptcy action of the property manager and continuing until such property manager is replaced in accordance with the loan documents; or (f) commencing upon the occurrence of the debt yield falling below 8.25% and continuing until the debt yield is 8.50% for two consecutive calendar quarters.

A “Franchise Agreement Trigger Event” means the occurrence of any of the following: (i) the borrower being in default under the franchise agreement beyond any applicable notice and cure periods; (ii) the borrower or franchisor giving notice that it is terminating the franchise agreement; and (iii) any termination or cancellation of the franchise agreement and/or the franchise agreement expiring or otherwise failing to otherwise be in full force and effect.

Property Management. The Anchorage Marriott Downtown Property is managed by an affiliate of the borrower.

Assumption. The borrower has a one-time right to transfer the Anchorage Marriott Downtown Property at any time other than the 60 days prior to and following any secondary market transaction, 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; (iii) if requested by the lender, delivery of a rating agency confirmation from Fitch, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series WFCM 2015-P2 Certificates; and (iv) payment of an assumption fee.

Terrorism Insurance. The borrower is required to maintain an “all-risk” insurance policy with a deductible no greater than $100,000 (except with respect to earthquake and windstorm coverage) that provides coverage for terrorism in an amount equal to the full replacement cost of the Anchorage Marriott Downtown 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 six-month extended period of indemnity.

The Mortgage Loan. The mortgage loan is part of a whole loan (the “Harvey Building Products Portfolio Whole Loan”) that is evidenced by four pari passu promissory notes (Notes A-1, A-2-A, A-2-B and A-3) secured by a first mortgage encumbering the fee interest in a portfolio of 27 warehouse properties, two manufacturing properties, and one office property located across seven states, totaling 2,046,119 square feet (the “Harvey Building Products Portfolio” or the “Harvey Building Products Portfolio Properties”). The Harvey Building Products Portfolio Whole Loan was originated on October 1, 2015 by Ladder Capital Finance LLC. The Harvey Building Products Portfolio Whole Loan had an original principal balance of $110,000,000, has an outstanding principal balance as of the Cut-off Date of $109,742,575 and accrues interest at an interest rate of 4.850% per annum. The Harvey Building Products Portfolio Whole Loan had an initial term of 60 months, has a remaining term of 58 months as of the Cut-off Date and requires payments of principal and interest based on a 30-year amortization schedule. The Harvey Building Products Portfolio Whole Loan matures on October 6, 2020. See “Description of the Mortgage Pool — The Whole Loans — The Non-Serviced Pari Passu Whole Loans — The Harvey Building Products Portfolio Whole Loan” in the Preliminary Prospectus.

The non-controlling Note A-3, which will be contributed to the WFCM 2015-P2 Trust, had an original principal balance of $33,000,000 and had an outstanding principal balance as of the Cut-off Date of $32,922,772. The controlling Note A-1, which had an original

principal balance of $42,000,000, was contributed to the COMM 2015-LC23 Trust. The non-controlling Note A-2-A and Note A-2-B have an aggregate original principal balance of $35,000,000 and are expected to be contributed to a future trust. Note A-1, Note A-2-A and A-2-B are referred to herein as the “Harvey Building Products Companion Loans”. The lender provides no assurances that any non-securitized notes will not be split further.

Following the lockout period, which is based on the last securitization of the four pari passu notes, the borrower has the right to defease the Harvey Building Products Portfolio Whole Loan in whole or in part (see “Partial Release” section) on any date before July 6, 2020. In addition, the Harvey Building Products Portfolio Whole Loan is prepayable without penalty on or after July 6, 2020.

The Properties. The Harvey Building Products Portfolio Whole Loan is secured by a first mortgage encumbering the fee interest in a portfolio of 27 warehouse properties, two manufacturing properties and one office property located across seven states, totaling 2,046,119 square feet. The Harvey Building Products Portfolio warehouse properties are located in Massachusetts, Connecticut, Maine, Rhode Island, Pennsylvania, New Hampshire and Vermont and serve as distribution and sales centers for the Harvey Building Products Portfolio. The Harvey Building Products Portfolio manufacturing properties are located in Massachusetts and New Hampshire and are where the company produces all of its windows and doors. The Harvey Building Products Portfolio office property is located in Waltham, Massachusetts and serves as the corporate headquarters for Harvey Industries, Inc., housing its finance, accounting, sales, and senior management teams.

27 of the 30 properties are located in New England (93.2% square feet, 94.9% allocated loan amount), with the largest concentration by state located in Massachusetts, where 11 properties representing 35.6% of property square feet and 39.5% of allocated loan amount are located. The Harvey Building Products Portfolio Properties were built between 1950 and 2009, with an average age of 19 years.

The Harvey Building Products Portfolio Properties consist of a blend of office, warehouse, and manufacturing space and range from approximately 13,736 square feet to 376,294 square feet in size.

Harvey Industries, Inc. (“Harvey Building Products” or “Opco”) executed a single 20 year absolute net unitary master lease (“Master Lease”) for the 30 properties at an initial yearly base rent of $14,950,000 ($7.31 per square foot). The Master Lease represents an absolute net lease, with Harvey Building Products responsible for the direct payment of all real estate taxes, insurance premiums and capital expenditures. The Master Lease has no termination options except with respect to substantial condemnation of an affected property and termination options tied to casualty or changes in law during the last two years of the initial term of the Master Lease or any option period. There are contractual rent steps of a 10.0% increase every six years and there are two, five-year renewal options with 360 days’ notice required.

Harvey Building Products offers a broad base of exterior products including: vinyl windows, exterior doors, vinyl siding, shutters, PVC trim, and decking. The company’s revenue streams are split approximately 40.0% in the manufacture and direct to contractor sale of Harvey-branded windows and doors, and approximately 60.0% in the distribution of third party building products to contractors. Harvey Building Products reported total revenues of $403.9 million over the trailing twelve month period ended May 31, 2015.

Harvey Building Products is a leading manufacturer and marketer of premium vinyl windows, as well as a wholesale distributor of a broad range of exterior building products, and has been in continuous operation since 1961. They currently have the leading market position for vinyl windows in its core Northeastern markets and have installed over 10 million windows since 1990. Harvey Building Products is consistently ranked in the top 15 manufacturers on Windows & Door’s Top 100 Manufacturers list.

According to the company’s trailing 12-month financial statements ended July 2015, the warehouse locations that will serve as collateral for the Harvey Building Products Portfolio Whole Loan generated total sales of $324,852,851, representing a 2.8% occupancy cost on the their allocated rental rate of $9,077,888. Overall, the collateral locations represent a majority of Harvey Building Products’ sales.

The following table presents certain information relating to the Harvey Building Products Portfolio Properties:

The following table presents certain information relating to the tenant at the Harvey Building Products Portfolio Properties:

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

The following table presents historical occupancy percentages at the Harvey Building Products Portfolio Properties:

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Harvey Building Products Portfolio Properties:

Appraisals. As of the appraisal valuation dates ranging from September 1, 2015 to October 1, 2015, the Harvey Building Products Portfolio Properties had an aggregate “as-is” appraised value of $205,460,000.

Environmental Matters. According to the Phase I environmental site assessments dated from September 9, 2015 to September 16, 2015, Phase II reports were recommended for the following properties: with respect to the Waltham Corporate property, to rule out groundwater contamination; with respect to the Woburn property, to rule out groundwater contamination and ensure containment of existing aboveground storage tanks; with respect to the Woburn CPD property, to ensure that the underground storage tanks have been removed and to rule out groundwater contamination; with respect to the Bethlehem property, to rule out groundwater contamination; and with respect to the Fitchburg property, to rule out groundwater contamination. The borrower agreed to undertake mitigating actions under the environmental indemnity and environmental insurance was obtained for the portfolio in lieu of obtaining Phase II reports. See “Description of the Mortgage Pool — Environmental Considerations” in the Preliminary Prospectus.

The Borrower. The borrower is Harvey Propco, LLC, a limited liability company and single purpose entity whose managing member has two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Harvey Building Products Portfolio. Dunes Point Capital LLC is the sponsor of the borrower and Harvey Parent Corporation is the guarantor of certain nonrecourse carveouts under the Harvey Building Products Portfolio Whole Loan.

The Sponsor. The sponsor is Dunes Point Capital LLC (“Dunes Point Capital”). Dunes Point Capital is a family office and private investment firm founded in 2013 by former Blackstone Group LP executive, Timothy White. Dunes Point Capital invests in industrial and energy companies. Dunes Point Capital is a wholly owned subsidiary of White Group Holdings. The Dunes Point Capital team has invested or overseen the investment of over $5 billion in transactions over the last 20 years.

Escrows. The loan documents provide for upfront reserves in the amount of $1,207,022 for real estate taxes, $594,489 for insurance premiums and $500,000 for required repairs. The loan documents also require ongoing monthly reserves of $199,837 for real estate taxes and $78,692 for insurance premiums.

Lockbox and Cash Management. The Harvey Building Products Portfolio Whole Loan requires a lender-controlled lockbox account, which is already in place, and that the borrower cause all receipts payable with respect to the Harvey Building Products Portfolio Properties to be transmitted directly into such lockbox account. Prior to the occurrence of a Cash Sweep Event Period (as defined below), all excess cash flow on deposit in the lockbox account will be disbursed to the borrower. During a Cash Sweep Event Period, all excess cash flow is required to be swept to a lender-controlled cash management account.

A Cash Sweep Event Period will commence upon the earlier of (i) the occurrence and continuance of an event of default; (ii) Opco ceases to conduct its normal business operations in at least 80% of the total square footage at the Harvey Building Products Portfolio (it being understood that one or more subtenants conducting normal business operations in up to 10% of the total square feet at the property in the aggregate may count towards the 80% requirement); (iii) Opco (or its parent) being adjudicated insolvent or filing for bankruptcy; (iv) either (a) the Opco (or its successor) failing to satisfy the 4.5x EBITDA leverage ratio under Opco’s existing term

loan or (b) the borrower failing to deliver the financial information required to be delivered under the lease or under any term loan or credit facility of Opco (“Opco Debt”) (including, without limitation, a calculation of EBITDA and adjusted EBITDA and a calculation of the leverage covenant under such term loan) and/or; (v) a default in the payment of principal or interest under the Opco Debt after applicable notice and cure periods.

A Cash Sweep Event Period will expire with respect to (i), once the event of default has been cured and such cure is accepted by the lender; with respect to (ii), once the Opco or another qualified tenant has reopened for business and is conducting normal business operations in at least 85% of the total square footage at the Harvey Building Products Portfolio and is paying full unabated rent for two consecutive quarters or a Re-tenanting Event (as defined below) has occurred; with respect to (iii), such adjudication has been vacated, withdrawn, reversed on appeal, or determined to be incorrect or no longer the case in a final non-appealable judgment or a Re-tenanting Event has occurred; with respect to (iv)(a), once the EBITDA leverage ratio under Opco’s existing term loan is at or below 4.5x, with respect to (iv)(b), the date on which the borrower delivers financial information; with respect to (v), the date on which the payment default is cured.

A “Re-tenanting Event” means that the borrower has entered into one or more replacement leases acceptable to the lender with a tenant reasonably acceptable to the lender for the portion of the property which had previously been occupied by Opco, and (i) that each tenant has accepted possession and is in occupancy of, and is open for business and conducting normal business operations at, all of the space demised under the lease and is paying full, unabated rent in accordance with the lease, (ii) that the rents payable under any such replacement lease(s) are comparable to existing local market rates for similar properties and, in the aggregate, no less than the rent payable under the Opco lease, (iii) that all landlord obligations under any such replacement lease(s) with respect to required landlord and tenant improvement obligations and leasing commission obligations and all other landlord obligations have been duly performed, completed and paid for, such evidence to include, without limitation, a fully-executed lease and an acceptable estoppel certificate from each such tenant, (iv) each tenant under any such replacement lease has entered into attornment agreement reasonably satisfactory to the lender, and (v) after taking into account any new lease(s) with any such replacement tenant(s), at least eighty percent (80%) of the square footage of the premises demised under the Opco lease is occupied by Opco and/or such replacement tenant(s).

Property Management. The Harvey Building Products Portfolio Properties is managed by an affiliate of the borrower.

Assumption. The borrower has the right to transfer the Harvey Building Products Portfolio Properties in whole, but not in part, 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; (ii) execution of recourse guaranty and an environmental indemnity by an acceptable substitute guarantor; and (iii) if requested by the lender (and provided the rating agency responds and considers such event), rating agency confirmation from Fitch, 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-P2 Certificates.

Partial Release. Following the lockout period, the borrower is permitted to release any constituent properties in connection with a partial defeasance, subject to certain conditions, among other things, (i) no event of default has occurred and is continuing; (ii) partial defeasance of the greater of (a) net sales proceeds of released property and (b) 125% of the allocated loan amount of such released property; (iii) if, after such release, at least $11,000,000 of the principal amount of the Harvey Building Products Portfolio Whole Loan has been prepaid or defeased, the loan-to-value ratio for the remaining Harvey Building Products Portfolio Properties is no greater than 60.0%.

Subordinate and Mezzanine Indebtedness. None; however the Harvey Building Products Portfolio Whole Loan documents allow for the pledge of direct or indirect interests in the guarantor of the mortgage loan to secure corporate level financing, provided that the aggregate value of the Harvey Building Products Portfolio Properties is not more than 25% of the value of all security for such financing. There is no requirement for an intercreditor agreement in connection with such pledges.

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrower provides coverage from terrorism in an amount equal to the full replacement cost of the Harvey Building Products 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.

The Mortgage Loan. The mortgage loan is part of a whole loan (the “JW Marriott Santa Monica Le Merigot Whole Loan”) evidenced by two pari passu notes (Notes A-1 and A-2) that are secured by a first mortgage encumbering the borrower’s leasehold interest in a 175-room full service hotel located in Santa Monica, California (the “JW Marriott Santa Monica Le Merigot Property”). The JW Marriott Santa Monica Le Merigot Whole Loan was originated on October 7, 2015 by Citigroup Global Markets Realty Corp. The JW Marriott Santa Monica Le Merigot Whole Loan had an original principal balance of $62,400,000, has an outstanding principal balance as of the Cut-off Date of $62,324,606 and accrues interest at an interest rate of 4.970% per annum. The JW Marriott Santa Monica Le Merigot Whole Loan had an initial term of 60 months, has a remaining term of 59 months as of the Cut-off Date and requires payments of principal and interest based on a 30-year amortization schedule. The JW Marriott Santa Monica Le Merigot Whole Loan matures on November 6, 2020.

Note A-2, which will be contributed to the WFCM 2015-P2 Trust, had an original principal balance of $31,200,000, has an outstanding balance as of the Cut-off Date of $31,162,303 and represents the non-controlling interest in the JW Marriott Santa Monica Le Merigot Whole Loan. Note A-1 (the “JW Marriott Santa Monica Le Merigot Mortgage Companion Loan”), which represents the controlling interest in the JW Marriott Santa Monica Le Merigot Whole Loan, had an original principal balance of $31,200,000, has an outstanding principal balance as of the Cut-off Date of $31,162,303 and is expected to be contributed to CGCMT 2015-GC35 Trust.

Following the lockout period, and on any date before September 6, 2020, the borrower has the right to either (i) prepay the JW Marriott Santa Monica Le Merigot Whole 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 1.0% of the principal amount being prepaid or (ii) defease the JW Marriott Santa Monica Le Merigot Whole Loan in whole, but not in part. In addition, the JW Marriott Santa Monica Le Merigot Whole Loan is prepayable without penalty on or after September 6, 2020. If the mezzanine loan is outstanding, simultaneously with any defeasance, the borrower is required to prepay the mezzanine loan in full. Following the determination of the fair market value of the JW Marriott Santa Monica Le Merigot Property, the lender may elect to apply any ground rent adjustment reserve funds remaining after the deduction of the Rent Adjustment Reserve Surplus (see “Escrows” section) as prepayment of the debt in accordance with the loan documents.

The Property. The JW Marriott Santa Monica Le Merigot Property is a 175-room, six-story, full service hotel located in Santa Monica, California. Built in 1999 and renovated in 2014, the JW Marriott Santa Monica Le Merigot Property is situated on a 1.5-acre site on Ocean Avenue with guestrooms comprising of 173 standard rooms and 2 suites. Amenities at the JW Marriott Santa Monica Le Merigot Property include 11 event rooms totaling 10,552 square feet of meeting space; Cezanne (a full-service restaurant open for breakfast, lunch and dinner) and Le Troquet Patio, a cocktail/dinner lounge; a business center; Spa Le Merigot; an outdoor swimming pool and whirlpool; and a fitness center. Additionally, the JW Marriott Santa Monica Le Merigot Property features an underground parking garage with 208 spaces, resulting in a parking ratio of 1.2 spaces per room. The JW Marriott Santa Monica Le Merigot Property operates under a franchise agreement with Marriott International, Inc. that expires in December 2020.

(1) The U/W Ground Rent is calculated as 9% of the appraiser’s concluded unencumbered land value of $26,400,000 for the JW Marriott Santa Monica Le Merigot Property. See “Ground Lease” section.

Appraisal. As of the appraisal valuation date of September 1, 2015, the JW Marriott Santa Monica Le Merigot Property had an “as-is” appraised value of $104,000,000.

Environmental Matters. According to the Phase I environmental site assessment dated July 20, 2015, there was no evidence of any recognized environmental conditions at the JW Marriott Santa Monica Le Merigot Property.

Market Overview and Competition. The JW Marriott Santa Monica Le Merigot Property is located in Santa Monica, California, directly off of Ocean Avenue, a four-lane thoroughfare and one of the central arteries of both Santa Monica and neighboring Venice. The JW Marriott Santa Monica Le Merigot Property is accessible from the Pacific Coast Highway, which is approximately one half-mile from the JW Marriott Santa Monica Le Merigot Property, and the I-10 Freeway, which is located approximately one mile northeast. Additionally, the JW Marriott Santa Monica Le Merigot Property is located approximately eight miles northwest of Los Angeles International Airport. The JW Marriott Santa Monica Le Merigot Property is within one mile of the Santa Monica State Beach, a three-mile long stretch covering 245 acres along Santa Monica Bay; Santa Monica Pier, a double-jointed pier with amusement rides, restaurants and street performers; and the Third Street Promenade, an outdoor pedestrian-only shopping district that includes retail stores, restaurants, bars and movie theaters. Recently redeveloped in 2010 and located at the south end of the Third Street Promenade, Santa Monica Place is an indoor/outdoor shopping mall that spans three levels and is anchored by Nordstrom, Bloomingdale’s and ArcLight Cinema. Additional retailers at Santa Monica Place include Louis Vuitton, Burberry, Armani and Tiffany & Co.

The following table presents certain information relating to the JW Marriott Santa Monica Le Merigot Mortgage Property’s competitive set:

The Borrower. The borrower is CW Hotel Limited Partnership, an Ohio limited partnership and single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the JW Marriott Santa Monica Le Merigot Whole Loan. Columbia Sussex Corporation and CSC Holdings, LLC are the guarantors of certain nonrecourse carveouts under the JW Marriott Santa Monica Le Merigot Whole Loan. The guarantors are required to maintain a combined net worth of $85.0 million and combined liquidity of $10.0 million through the term of the JW Marriott Santa Monica Le Merigot Whole Loan.

The Sponsor. The sponsor is William J. Yung III. The sponsor is an experienced developer, owner and operator of hotel properties. William J. Yung founded Columbia Sussex Corporation in 1972. Columbia Sussex Corporation is a large privately owned hotel company and the largest domestic full-service Marriott franchisee with a portfolio that consisting of 35 total hotels (11,502 keys), 27 (8,318 keys) of which are Marriott flags. See also “Description of the Mortgage Pool — Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

Escrows. The loan documents provide for upfront escrows in the amount of $533,964 for real estate taxes, $70,120 for insurance premiums, $272,250 for current ground rent payments and $2,500 to be paid to any franchisor for fees related to the issuance of a replacement comfort letter with respect to the JW Marriott Santa Monica Le Merigot Property. The loan documents also provide for monthly escrows in an amount equal to $66,746 for real estate taxes, $23,373 for insurance premiums and $136,125 for current ground rent payments. The loan documents provide for an upfront escrow in the amount of $389,819 for a seasonality reserve and an ongoing amount which is equal to 110% of the quotient of (x) the aggregate amount by which operating income at the JW Marriott Santa Monica Le Merigot Property for the calendar month is insufficient to establish a debt service coverage ratio of 1.00x based on the then-current annual budget (“Negative Monthly Amount”) for the 12-month period divided by (y) the number of months for which there is no Negative Monthly Amount, based on the then-current seasonality annual budget.

The loan documents also provide for an upfront escrow in the amount of $9,881,593 for a rent adjustment reserve which is held as additional cash collateral for the JW Marriott Santa Monica Le Merigot Whole Loan until the determination of the new annual base rent pursuant to the terms of the ground lease (see “Ground Lease” section). After the ground rent determination date and provided that no event of default exists under the loan documents (i) the Rent Adjustment Reserve Surplus (as defined below) may be disbursed to the borrower, provided that, in the event that an event of default exists under the mezzanine loan documents, the Rent Adjustment Reserve Surplus will instead be paid to the mezzanine lender, and (ii) at the lender’s election, rent adjustment reserves remaining after deduction of the Rent Adjustment Reserve Surplus may be used to pay down the JW Marriott Santa Monica Le Merigot Whole Loan rather than be held as additional collateral. If a portion of the reserve is used to pay down the JW Marriott Santa Monica Le Merigot Whole Loan, the mezzanine borrower is required to simultaneously proportionately pay down the mezzanine loan.

“Rent Adjustment Reserve Surplus” is defined as 9.0% multiplied by the difference between the $37,200,000 (a value deemed to be the maximum probable reset value of the land underlying the JW Marriott Santa Monica Le Merigot Property) and the fair market value of the JW Marriott Santa Monica Le Merigot Property at the time of the next ground rent reset, divided by 9.29% (representing the closing debt yield for the JW Marriott Santa Monica Le Merigot Whole Loan and Mezzanine Loan); provided that, if the fair market

value of the JW Marriott Santa Monica Le Merigot Property at the ground rent reset is equal to or less than $27,000,000, the entire rent adjustment reserve constitutes Rent Adjustment Reserve Surplus.

No property improvement plan (“PIP”) was required under the franchise agreement at origination. In the event that a PIP is required by a franchisor, the borrower will be required to deposit an amount equal to 120% of the costs of the related PIP work (as estimated by the lender in its reasonable discretion) (A) in the case of any existing or renewal franchise agreement, prior to the required commencement date of any PIP imposed thereunder and (B) in the case of any new franchise agreement on or prior to the date such new franchise agreement is executed and delivered. Additionally, if 18 months prior to the expiration of the franchise agreement (“Franchise Renewal Date”) a Franchise Renewal Event (as defined below) has not occurred, within 12 months of the Franchise Renewal Date, the borrower is required to post a letter of credit or cash in amount equal to 120% of the estimated PIP costs, less any sums then on deposit in the FF&E escrow and the PIP escrow.

The loan documents require an ongoing monthly FF&E reserve in an amount equal to the greater of (a) the FF&E Payment (as defined below) and (b) the amount of the deposit (if any) then required by the franchisor on account of FF&E under the franchise agreement.

“FF&E Payment” means, with respect to the monthly payment date, an amount equal to one-twelfth of 5% of the greater (x) the annual gross revenues for the hotel related operations at the JW Marriott Santa Monica Le Merigot Property for the immediately preceding calendar year as reasonably determined by the lender and (y) the projected annual gross revenues for the hotel related operations at the JW Marriott Santa Monica Le Merigot Property for the calendar year in which such monthly payment date occurs as set forth in, generally, (i) during the continuance of a JW Marriott Santa Monica Le Merigot Trigger Period or JW Marriott Santa Monica Le Merigot Mezzanine Trigger Period (see “Lockbox and Cash Management” section), the approved annual budget or (ii) otherwise, the annual budget approved for such calendar year by the mezzanine lender pursuant to the mezzanine loan documents, in each case as more particularly set for in the JW Marriott Santa Monica Le Merigot Loan documents. The FF&E reserve monthly deposit is initially determined for the balance of the 2015 calendar year as of the origination date and thereafter adjusted annually. The lender may require the borrower to increase the monthly deposits required if (1) an JW Marriott Santa Monica Le Merigot Trigger Period is continuing and the lender determines in its reasonable discretion that an increase is necessary to maintain proper maintenance and operation of the JW Marriott Santa Monica Le Merigot Property and/or (2) the lender determines in its reasonable discretion that an increase is necessary to reflect increased FF&E expenditures required under the franchise agreement and/or set forth in any amendment to the most recently determined approved annual budget.

A “Franchise Renewal Event” means the lender’s receipt of evidence reasonably acceptable to the lender (which such evidence must include, without limitation, a duly executed estoppel certificate from the applicable franchisor) that (i) the related franchise agreement has not been extended or replaced by a new franchise agreement in accordance with the terms of the loan documents, in each case, for a term expiring no earlier than three years after the maturity date of the JW Marriott Santa Monica Le Merigot Whole Loan, (ii) such franchise agreement (as so extended) or such replacement franchise agreement, as applicable, is in full force and effect with no defaults thereunder, and (iii) to the extent a PIP is required in connection with the foregoing, a deposit has been made to the PIP escrow in accordance with the terms of the loan documents.

Lockbox and Cash Management. The JW Marriott Santa Monica Le Merigot Whole Loan requires a lender-controlled lockbox, which is already in place, and that the borrower directs all credit card companies to pay all sums directly into such lockbox account. The loan documents also require that all funds received by the borrower be deposited into such lockbox account, and all funds in the lockbox account are swept directly into the cash management account for the payment of debt service and property operating expenses and funding of reserves. Prior to the occurrence of a JW Marriott Santa Monica Le Merigot Trigger Period or a JW Marriott Santa Monica Le Merigot Mezzanine Trigger Period (as defined below), any excess is released to the borrower. During a JW Marriott Santa Monica Le Merigot Trigger Period, (i) to the extent the JW Marriott Santa Monica Le Merigot Trigger Period was caused solely by the failure of a Franchise Renewal Event to occur on or before eighteen months prior to the expiration of the franchise agreement, excess cash flow will be deposited into the PIP reserve and, (ii) to the extent the JW Marriott Santa Monica Le Merigot Trigger Period was caused by any event other than as described in the preceding clause (i), excess cash flow will be held as additional collateral by the lender. To the extent a JW Marriott Santa Monica Le Merigot Mezzanine Trigger Period has occurred and is then continuing and no JW Marriott Santa Monica Le Merigot Trigger Period exists, excess cash flow will be deposited an account which is distributed to the mezzanine lender for the purpose of paying monthly debt service on the mezzanine loan.

A “JW Marriott Santa Monica Le Merigot Trigger Period” will commence upon the earlier of any of the following: (a) an event of default; (b) the debt yield falling below 8.25%; (c) the borrower defaulting under, providing notice of termination of, or the cancellation or expiration of the franchise agreement; (d) the borrower failing to deliver evidence (including an estoppel from the franchisor) relating to the extension of the franchise agreement or its replacement with a qualifying agreement for a term no shorter than expiring three years after the maturity date of the JW Marriott Santa Monica Le Merigot Whole Loan, which franchise agreement or qualified replacement is in full force and effect without defaults thereunder, and for which any required renovation reserve has been deposited, on or before eighteen months prior to the expiration of the franchise agreement; (e) a bankruptcy action of the manager.

A JW Marriott Santa Monica Le Merigot Trigger Period will cease with respect to clause (a) above, upon the cure or the lender’s waiver of such event of default; with respect to clause (b), upon the achievement of a debt yield equal to or greater than 8.5% for two consecutive calendar quarters; with respect to clause (c), if the borrower (i) has cured all defaults under the franchise agreement, the borrower and the franchisor have reaffirmed the franchise agreement, the JW Marriott Santa Monica Le Merigot Property continues to be operated pursuant to the franchise agreement and all permits applicable to the franchise agreement are in full force and effect or (ii) has flagged the JW Marriott Santa Monica Le Merigot Property pursuant to a replacement franchise

agreement in accordance with the loan documents; with respect to clause (d), upon the delivery of such evidence; and with respect to clause (e), if the manager is replaced in accordance with the loan documents.

A “JW Marriott Santa Monica Le Merigot Mezzanine Trigger Period” commences upon the date that the lender has received written notice from the mezzanine lender that an event of default exists under the mezzanine loan documents.

Property Management. The JW Marriott Santa Monica Le Merigot Property is managed by an affiliate of the borrower.

Assumption. The borrower has a one-time right to transfer the JW Marriott Santa Monica Le Merigot Property provided that certain conditions are satisfied, including (i) no event of default has occurred and is continuing; (ii) if requested by the lender, rating agency confirmation from Fitch, KBRA and Moody’s that the transfer will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series WFCM 2015-P2 Certificates, along with similar confirmations from each rating agency rating any securities backed by the JW Marriott Santa Monica Le Merigot Companion Loan; (iii) the borrower pays a non-refundable fee of one percent of the then outstanding principal balance of the JW Marriott Santa Monica Le Merigot Whole Loan; (iv) after the applicable transfer, the JW Marriott Santa Monica Le Merigot Property will continue to be operated pursuant to a franchise agreement permitted under the loan documents; and (v) if the mezzanine loan is outstanding, the mezzanine lender has confirmed the mezzanine borrower has complied with related requirements of the mezzanine loan agreement.

Subordinate and Mezzanine Indebtedness. Concurrently with the funding of the JW Marriott Santa Monica Le Merigot Whole Loan, SMHF Cayman Hotel, LLC, a Delaware limited liability company, funded a mezzanine loan in the amount of $17,000,000 to CP Santa Monica Mezz, LLC, as mezzanine borrower, which is the direct owner of 99% of the limited liability company interests in the borrower. The mezzanine loan is secured by a pledge of the mezzanine borrower’s 99% limited liability company interests in the borrower and 100% of the limited liability company interests in the general partner of the borrower (which owns a 1% limited liability company interest in the borrower). The mezzanine loan carries an interest rate of 9.500% per annum and is co-terminus with the JW Marriott Santa Monica Le Merigot Whole Loan. The mezzanine loan is interest only for the term of the loan and is subject to a customary intercreditor agreement with the lender.

Ground Lease. The borrower for the JW Marriott Santa Monica Le Merigot Property is a tenant under a ground lease underlying the entire JW Marriott Santa Monica Le Merigot Property. The current term of the ground lease expires on October 15, 2086, without any option to renew. The annual ground rent for the five year period ending on October 31, 2015 was $1,316,000. The annual rent to be paid by the lessee equals 9.0% of the fair market value of the JW Marriott Santa Monica Le Merigot Property with rent resets to occur every five years. The next reset is to be effective as of November 1, 2015. As of the date of origination, the annual ground rent to be paid pursuant to the aforementioned rent reset had not yet been determined. The lender has taken a reserve in the amount of $9,881,593 (see “Escrows” section), a portion of which may, at the lender’s option, be used to partially prepay the JW Marriott Santa Monica Le Merigot Whole Loan in the event that the fair market value used for the purpose of determining the annual ground rent exceeds the underwritten fair market value of the JW Marriott Santa Monica Le Merigot Property.

Terrorism Insurance. The borrower is required to maintain an “all-risk” insurance policy that provides coverage for terrorism in an amount equal to the full replacement cost of the JW Marriott Santa Monica Le Merigot Property. The loan documents also require business interruption coverage no less than the 18–month period following the occurrence of a casualty event, together with a six-month extended period of indemnity. The “all-risk” policy containing terrorism insurance is required to contain a deductible that is acceptable to the lender and is no larger than $100,000.

Earthquake Insurance. The loan documents do not require earthquake insurance. Seismic reports prepared in connection with the origination of the JW Marriott Santa Monica Le Merigot Whole Loan indicated a probable maximum loss of 12.0% with respect to the JW Marriott Santa Monica Le Merigot Property.

The Mortgage Loan. The mortgage loan (the “Keeper’s Self Storage Manhattan Mortgage Loan”) is evidenced by a single promissory note that is secured by a first mortgage encumbering a seven-story self storage property located in the East Village neighborhood of Manhattan, New York (the “Keeper’s Self Storage Manhattan Property”). The Keeper’s Self Storage Manhattan Mortgage Loan was originated on November 13, 2015 by Citigroup Global Markets Realty Corp. The Keeper’s Self Storage Manhattan Mortgage Loan had an original principal balance of $31,000,000, has an outstanding principal balance as of the Cut-off Date of $31,000,000 and accrues interest at an interest rate of 4.900% per annum. The Keeper’s Self Storage Manhattan 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 through the term of the Keeper’s Self Storage Manhattan Mortgage Loan. The Keeper’s Self Storage Manhattan Mortgage Loan matures on December 6, 2025.

Following the lockout period, the borrower has the right to prepay the Keeper’s Self Storage Manhattan Mortgage Loan in whole, but not in part, on any day before September 6, 2025, provided that the borrower pays the greater of a yield maintenance premium or a prepayment premium equal to 1.0% of the principal amount being prepaid. In addition, the Keeper’s Self Storage Manhattan Mortgage Loan is prepayable without penalty on or after September 6, 2025.

The Property. The Keeper’s Self Storage Manhattan Property is a self storage facility totaling 61,575 rentable square feet located in the East Village neighborhood of Manhattan, New York. Built in 1928 and renovated in 1984, the Keeper’s Self Storage Manhattan Property contains a total of 1,478 interior self-storage units and 24 P.O. Boxes located on a 0.3-acre site at 444 East 10^th Street. The Keeper’s Self Storage Manhattan Property offers traditional storage amenities, including interior loading docks, 24-hour security monitoring, on-site property management, and a retail center. As of October 21, 2015, the Keeper’s Self Storage Manhattan Property was 91.0% occupied.

The following table presents historical occupancy percentages at the Keeper’s Self Storage Manhattan Property:

Appraisal. As of the appraisal valuation date of October 21, 2015, the Keeper’s Self Storage Manhattan Property had an “as-is” value of $53,880,000 which is based on its current use as a self storage facility. As of the Appraisal Date the mortgaged property has an “as-is” value based on the property’s highest and best use as vacant land for development to a mixed-use property with commercial use on the 1^st floor and residential uses above, of $62,110,000. The Cut-Off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the $62,110,000 appraised value is 49.9% and 49.9%, respectively.

Environmental Matters. According to Phase I environmental assessment dated October 21, 2015, there was no evidence of any recognized environmental conditions at the Keeper’s Self Storage Manhattan Property.

Market Overview and Competition. The Keeper’s Self Storage Manhattan Property is located on East 10^th Street between Avenue D and Avenue C in Manhattan’s East Village. The East Village is known for its diverse community and contains neighborhoods such as Alphabet City and Bowery. According to a third party market research report, in 2015, the average household income and population within one mile radius of the Keeper’s Self Storage Manhattan Property was $89,862 and 183,977, respectively. A third-party industry report forecasts 3.5% rent growth for the New York metropolitan statistical area over the next five years. New York’s rentable storage square footage per person is 3.8, which is substantially lower than the national average ratio of 8.3 rentable storage square feet per person.

The appraiser surveyed four comparable properties within 1.6 miles of the Keeper’s Self Storage Manhattan Property. All four comparable properties were of the Manhattan Mini Storage brand, originally constructed between 1922 and 1927 and totaled 596,764 square feet. The Manhattan self-storage market is highly competitive, and occupancy levels are treated as proprietary information; however, according to a third party market research survey of self-storage properties within five miles of the Keeper’s

Self Storage Manhattan Property, the average vacancy was approximately 7.0%. The appraiser concluded to a monthly rent of $5.18 per square foot, which is higher than the weighted average in-place rent at the Keeper’s Self Storage Manhattan Property of $4.80 per square foot.

The following table presents certain information relating to comparable self storage properties for the Keeper’s Self Storage Manhattan Property:

The Borrower. The borrower is 444 Warehouse Associates, L.P., a single purpose entity and New York limited partnership. Legal counsel to the borrower provided a non-consolidation opinion in connection with the origination of the Keeper’s Self Storage Manhattan Mortgage Loan. David Haver is the guarantor of certain nonrecourse carveouts under the Keeper’s Self Storage Manhattan Mortgage Loan.

The Sponsors. The sponsors are David Haver and David Haver 2007 GRAT. Mr. Haver has been involved in the self-storage business since the 1980s, having built, converted, bought, and sold numerous properties over the years. Mr. Haver’s schedule of real estate owned includes commercial properties located in New York, New Jersey, and Florida. His company, Keepers Storage, owns and operates facilities in New York, Staten Island, Nyack, Jersey City, and Bergenfield with total estimated market value of $86 million.

Escrows. The loan documents provide for upfront escrows in the amount of $181,750 for deferred maintenance. The loan documents also provide for ongoing monthly reserves in the amount of $31,109 for real estate taxes and $1,119 for replacement reserves (subject to a cap of $67,125). At the option of the lender, if the liability or casualty policy maintained by the borrower does not constitute an approved blanket or umbrella insurance policy under the loan documents, the borrower will fund an insurance reserve in an amount equal to one-twelfth of the amount that the lender estimates will be necessary to pay insurance premiums over the then succeeding 12-month period.

Lockbox and Cash Management. Upon the occurrence of a Cash Trap Event Period (as defined below), the borrower will be required to establish a lender-controlled lockbox account and direct all credit card companies and banks to deposit all rents directly into such lockbox account and direct the manager to deposit all revenue derived from the Keeper’s Self Storage Manhattan Property in the lockbox account. During a Cash Trap Event Period, all funds on deposit in the lockbox account are swept daily to a lender-controlled cash management account, where the funds are used to pay debt service and operating expenses and to fund required reserves. Excess funds in the lender-controlled cash management account are disbursed to the borrower if no Cash Trap Event Period exists or held by the lender as an excess cash flow reserve for so long as a Cash Trap Event Period exists.

A “Cash Trap Event Period” will commence upon the earlier of (i) the occurrence and continuance of an event of default; and (ii) the debt service coverage ratio for the trailing 12-month period falling below 1.20x at the end of any calendar month. A Cash Trap Event Period will expire, with regard to clause (i), upon the cure of such event of default; and with regard to clause, (ii) upon the debt service coverage ratio being equal to or greater than 1.25x for two consecutive calendar quarters.

Property Management. The Keeper’s Self Storage Manhattan Property is managed by an affiliate of the borrower.

Assumption. The borrower has the right to transfer the Keeper’s Self Storage Manhattan Property at any time other than the 60 days prior to and following any secondary market transaction, 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 with respect to such transfer and an environmental indemnity by an affiliate of the transferee; (iii) if requested by the lender, rating agency confirmation; and (iv) payment of an assumption fee.

as 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.

The 2052 Century Park East mortgage loan is evidenced by a single promissory note that is secured by a first mortgage encumbering an approximate 1.6-acre parcel of land that is improved with the Century City Central Plant located in Los Angeles, California (the “2052 Century Park East Property”). The 2052 Century Park East Property is ground leased to two tenants: Trigen-LA Energy Corporation (99.98% of the underwritten base rent) and Century City Medical Plaza Land Co. (“Century City Medical”) (0.02% of the underwritten base rent), which have ground lease expirations in 2041 and 2039, respectively. Built in 1965 and 1973 and last renovated in 2007, the Century City Central Plant is operated by Trigen-LA Energy Corporation, which was acquired by Veolia Energy North America in 2007. The Century City Central Plant has a 22,000 ton capacity and supplies chilled water, hot water and/or steam to eight properties. Unlike typical commercial properties, the customers of the Century City Central Plant do not have the on-site equipment required to provide to their tenants the steam, hot water and chilled water necessary for heating, ventilation and air conditioning. The Century City Central Plant provides those properties with hot water and chilled water through an underground pipeline network with rates set through customer contracts. Century City Medical also ground leases a narrow strip of land along the shared access driveway to store equipment including a fuel tank, emergency generator, oxygen tanks and other tanks for medical gases. The 2052 Century Park East Property benefits from strong demographics with an estimated 2015 population within a one-, three- and five-mile radius of the 2052 Century Park East Property of 25,809, 286,616 and 691,364, respectively; while the 2015

estimated average household income within the same radii was $128,176, $100,357 and $96,185, respectively. As of October 19, 2015, the 2052 Century Park East Property was 100.0% ground leased to two tenants.

The following table presents certain information relating to the tenancy at the 2052 Century Park East Property:

The following table presents certain information relating to the lease rollover schedule at the 2052 Century Park East Property:

The following table presents historical occupancy percentages at the 2052 Century Park East Property:

The Home Depot Jamaica mortgage loan is evidenced by a single promissory note that is secured by a first mortgage encumbering a fee and leasehold interest in land located in Jamaica, New York (the “Home Depot Jamaica Property”), in the central section of the Borough of Queens. The land consists of 3.0 acres within nine contiguous parcels. Six parcels are owned fee simple (2.3 acres or approximately 76.0% of the net rentable area) and three parcels (0.7 acres or approximately 24.0% of the net rentable area), which are located under the Home Depot parking garage, loading docks and access drives are ground leased parcels. Each ground lease has an initial term that expires September 1, 2025 with five five-year extension options (provided, that in the case of one ground lease, the final extension option is for four years and 364 days). See “Description of the Mortgage Pool — Mortgage Pool Characteristics — Fee & Leasehold Estates; Ground Leases” in the Preliminary Prospectus. The entire site is ground sub-leased (“Ground Sublease”) to Home Depot U.S.A, Inc. (“Home Depot”) through June 28, 2025, which owns a 105,196 square foot single tenant retail building on the site. Home Depot has four five-year extension options, as well as a final option through June 17, 2053. Constructed in 2007, the improvements at the Home Depot Jamaica Property have three secured loading docks that are fully

enclosed/covered, a separate contractor pick-up area, two entrances/exits, and a roof level containing a garden center and outdoor product sales area. The Home Depot Jamaica Property features 250 parking spaces resulting in a parking ratio of 2.4 spaces per 1,000 square feet of net rentable area. The building and other improvements are owned by Home Depot. The tenant’s parent company, The Home Depot, Inc., is the world’s largest home improvement specialty retailer with 2,273 stores, of which 1,977 stores are located in the United States. The Home Depot, Inc. (NYSE: HD) is rated A, A2, and A by Fitch, Moody’s and S&P, respectively. As of the third quarter of 2015, The Home Depot, Inc. reported revenues of $21.8 billion, a 6.4% increase over the third quarter of 2014. The Home Depot, Inc. does not guarantee the lease.

The 2015 population within a one-, three-, and five-mile radius of the Home Depot Jamaica Property was 92,854, 661,479, and 1,634,812, respectively, while the estimated 2015 average household income within the same radii was $65,475, $76,688, and $76,726, respectively. According to the appraisal, the Home Depot Jamaica Property is located in the South Queens retail market which, as of the second quarter of 2015, was comprised of 2,101 buildings totaling 15,637,006 square feet. As of the first quarter of 2015, the South Queens retail market reported a vacancy rate of 5.2% and an average annual rental rate of $31.50 per square foot, triple-net.

The following table presents certain information relating to the tenant at the Home Depot Jamaica Property:

The following table presents certain information relating to the lease rollover schedule at the Home Depot Jamaica Property:

The following table presents historical occupancy percentages at the Home Depot Jamaica Property:

The Aloft Nashville West End mortgage loan is evidenced by a single promissory note that is secured by a first mortgage encumbering the borrower’s fee interest in a 139-room limited service hotel located in the West End district of Nashville, Tennessee (the “Aloft Nashville West End Property”), which is within walking distance to Music Row and Vanderbilt University. The Aloft Nashville West End Property was originally built in 1956, converted from an office to a hotel in 2007, and rebranded in 2012 as an Aloft brand of Starwood Hotels & Resorts. The franchise agreement with Starwood Hotels & Resorts expires in November 2035. The Aloft Nashville West End Property is situated on a 0.8-acre site and comprises 139 guestrooms, which include 54 king rooms, 76

double queen rooms, 8 suites and a 2,500 square foot penthouse suite. Each guestroom features a flat screen television, workspace with ergonomic desk chair, mini-refrigerator, coffee maker, luxury bed, and walk-in shower. Amenities at the Aloft Nashville West End Property include an on-site parking garage providing 249 spaces, w xyz Bar (a self-serve eatery), a restaurant leased to Goten Japanese Restaurant, 24-hour business center, fitness center, outdoor terrace, and 2,502 square feet of meeting and event space. Guestrooms are located on levels two through eleven of the 11-story building.

A reported total of $3,300,000 ($23,741 per room) has been invested in the property since 2013 including a comprehensive room and lobby renovation in 2013 and recent upgrades to guestrooms in the second quarter 2015. An upfront reserve of $1,800,000 or $12,950 per room was required for the Property Improvement Plan (“PIP”) planned for the first half of 2016. The PIP includes renovations to a portion of guestrooms, facilities, common areas, meeting space, recreational amenities, and plans to streamline management operations. An additional $300,000 or $2,158 per room FF&E reserve was established at closing for planned capital expenditures for the first half of 2016, in addition to the immediate repair items ($43,650) identified in the property condition report.

The following table presents certain information relating to the Aloft Nashville West End Property’s competitive set.

The Merritt Creek Farm Shopping Center mortgage loan is evidenced by a single promissory note that is secured by a first mortgage encumbering a 265,070 square foot community shopping center located in Barboursville, West Virginia (the “Merritt Creek Farm Shopping Center Property”). Bourboursville is located ten miles east of Huntington, and 50 miles west of Charleston, West Virginia. Constructed between 2002 and 2005, the Merritt Creek Farm Shopping Center Property is situated on 49.3 acres of land and is anchored by Home Depot U.S.A., Inc. (subject to a ground lease), and shadow anchored by Target (not part of the collateral). Junior anchors consist of Marshall’s, A.C. Moore, Office Depot, Petco, Shoe Show, Dollar Tree and Dress Barn. The Merritt Creek Farm Shopping Center Property provides 1,366 parking spaces resulting in a parking ratio of 5.2 spaces per 1,000 square feet of rentable area.

The Merritt Creek Farm Shopping Center Property is located one mile west of the Huntington Mall, the largest retail center in West Virginia. Shoppers coming from the Huntington-Ashland area pass the Merritt Creek Farm Shopping Center Property to reach the mall. The Merritt Creek Farm Shopping Center Property also benefits from its proximity to Marshall University (13,500 students),

located approximately five miles west of the Merritt Creek Farm Shopping Center Property. Since its completion in 2002, the Merritt Creek Farm Shopping Center has reportedly consistently maintained occupancy above 95.0%. Historic occupancy data provided back to 2010 reflects average occupancy over the last 5-years of 99.0%. As of September 8, 2015, the Merritt Creek Farm Shopping Center Property was 98.9% occupied by 17 tenants.

The following table presents certain information relating to the tenants at the Merritt Creek Farm Shopping Center Property:

The following table presents certain information relating to the lease rollover schedule at the Merritt Creek Farm Shopping Center Property:

The following table presents historical occupancy percentages at the Merritt Creek Farm Shopping Center Property:

The Westgate Shopping Center mortgage loan is evidenced by a single promissory note that is secured by a first mortgage encumbering an anchored retail center comprising 174,426 square feet and located in Ann Arbor, Michigan (the “Westgate Shopping Center Property”). The Westgate Shopping Center Property was built in 1960 and is anchored by TJ Maxx. The Westgate Shopping Center Property is situated on the southwest corner of the intersection between West Stadium Boulevard and Jackson Avenue. Parking at the Westgate Shopping Center Property is provided by 766 surface spaces, resulting in a parking ratio of 4.5 spaces per 1,000 square feet of rentable area. As of October 1, 2015, the Westgate Shopping Center Property was 100.0% occupied by 28 tenants.

The following table presents certain information relating to the tenancy at the Westgate Shopping Center Property:

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

The following table presents historical occupancy percentages at the Westgate Shopping Center Property:

Questions regarding this Structural and Collateral Term Sheet may be directed to any of the following individuals:

*WELLS FARGO SECURITIES*	*CITIGROUP*	*SOCIETE GENERALE*

*Co-Lead Manager and Joint Bookrunner*	*Co-Lead Manager and Joint Bookrunner*	*Co-Lead Manager and Joint Bookrunner*

	Deutsche Bank Securities Co-Manager

Class	Expected Ratings (Fitch/KBRA/Moody’s)⁽¹⁾	Approximate Initial Certificate Principal Balance or Notional Amount⁽²⁾		Approx. Initial Credit Support⁽³⁾	Pass-Through Rate Description	Weighted Average Life (Years)⁽⁴⁾	Expected Principal Window⁽⁴⁾	Certificate Principal to Value Ratio⁽⁵⁾	Certificate Principal U/W NOI Debt Yield⁽⁶⁾
Offered Certificates
A-1	AAAsf/AAA(sf)/Aaa(sf)	$28,655,000		30.000%	⁽⁷⁾	2.90	1/16 – 10/20	44.0%	14.6%
A-2A	AAAsf/AAA(sf)/Aaa(sf)	$70,000,000		30.000%	⁽⁷⁾	4.86	10/20 – 12/20	44.0%	14.6%
A-2B	AAAsf/AAA(sf)/Aaa(sf)	$82,513,000		30.000%	⁽⁷⁾	4.98	12/20 – 12/20	44.0%	14.6%
A-3	AAAsf/AAA(sf)/Aaa(sf)	$170,000,000		30.000%	⁽⁷⁾	9.73	8/25 – 10/25	44.0%	14.6%
A-4	AAAsf/AAA(sf)/Aaa(sf)	$292,790,000		30.000%	⁽⁷⁾	9.90	10/25 – 12/25	44.0%	14.6%
A-SB	AAAsf/AAA(sf)/Aaa(sf)	$57,582,000		30.000%	⁽⁷⁾	7.45	12/20 – 8/25	44.0%	14.6%
A-S	AAAsf/AAA(sf)/Aa1(sf)	$47,605,000		25.250%	⁽⁷⁾	9.98	12/25 – 12/25	46.9%	13.7%
X-A	AAAsf/AAA(sf)/NR	$749,145,000	⁽⁸⁾	N/A	Variable⁽⁹⁾	N/A	N/A	N/A	N/A
X-B	AA-sf/AAA(sf)/NR	$61,385,000	⁽¹⁰⁾	N/A	Variable⁽¹¹⁾	N/A	N/A	N/A	N/A
B	AA-sf/AA-(sf)/A1(sf)	$61,385,000		19.125%	⁽⁷⁾	9.98	12/25 – 12/25	50.8%	12.7%
C	A-sf/A-(sf)/NR	$50,110,000		14.125%	⁽⁷⁾	9.98	12/25 – 12/25	53.9%	11.9%

Non-Offered Certificates
X-D	BBB-sf/BBB-(sf)/NR	$56,373,000	⁽¹²⁾	N/A	Variable⁽¹³⁾	N/A	N/A	N/A	N/A
D	BBB-sf/BBB-(sf)/NR	$56,373,000		8.500%	⁽⁷⁾	9.98	12/25 – 12/25	57.5%	11.2%
E	BBsf/BB(sf)/NR	$22,550,000		6.250%	⁽⁷⁾	9.98	12/25 – 12/25	58.9%	10.9%
F	Bsf/B(sf)/NR	$11,275,000		5.125%	⁽⁷⁾	9.98	12/25 – 12/25	59.6%	10.8%
G	NR/NR/NR	$51,363,025		0.000%	⁽⁷⁾	9.98	12/25 – 12/25	62.8%	10.2%

⁽¹⁾	The expected ratings presented are those of Fitch Ratings, Inc. (“Fitch”), Kroll Bond Rating Agency, Inc. (“KBRA”) and Moody’s Investors Service, Inc. (“Moody’s”) which the depositor hired to rate the offered certificates. One or more other nationally recognized statistical rating organizations that were not hired by the depositor may use information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise, to rate or provide market reports and/or published commentary related to the offered certificates. We cannot assure you as to what ratings a non-hired nationally recognized statistical rating organization would assign or that its reports will not express differing, possibly negative, views of the mortgage loans and/or the offered certificates. The ratings of each class of offered certificates address the likelihood of the timely distribution of interest and, except in the case of the Class X-A and X-B certificates, the ultimate distribution of principal due on those classes on or before the Rated Final Distribution Date. See “Risk Factors—Other Risks Relating to the Certificates—Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded” and “Ratings” in the Preliminary Prospectus, expected to be dated December 2, 2015 (the “Preliminary Prospectus”). Fitch, KBRA and Moody’s have informed us that the “sf” designation in their ratings represents an identifier for structured finance product ratings.

⁽²⁾	The principal balances and notional amounts set forth in the table are approximate. The actual initial principal balances and notional amounts may be larger or smaller depending on the initial pool balance of the mortgage loans definitively included in the pool of mortgage loans, which aggregate cut-off date principal balance may be as much as 5% larger or smaller than the amount presented in the Preliminary Prospectus.

⁽³⁾	The approximate initial credit support with respect to the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates represents the approximate credit enhancement for the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates in the aggregate.

⁽⁴⁾	Weighted Average Lives and Expected Principal Windows are calculated based on an assumed prepayment rate of 0% CPR and the “Structuring Assumptions” described under “Yield and Maturity Considerations—Weighted Average Life” in the Preliminary Prospectus.

⁽⁵⁾	The Certificate Principal to Value Ratio for each Class of Certificates (other than the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates) is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates. The Certificate Principal to Value Ratio for each of the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial aggregate Certificate Balances of such Classes of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates. In any event, however, excess mortgaged property value associated with a mortgage loan will not be available to offset losses on any other mortgage loan.

⁽⁶⁾	The Certificate Principal U/W NOI Debt Yield for each Class of Certificates (other than the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates) is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates and the denominator of which is the total initial Certificate Balance for such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates. The Certificate Principal U/W NOI Debt Yield for each of the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates and the denominator of which is the total aggregate initial Certificate Balances for the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates. In any event, however, cash flow from each mortgaged property supports only the related mortgage loan and will not be available to support any other mortgage loan.

⁽⁷⁾	The pass-through rates for the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C, D, E, F and G Certificates in each case will be one of the following: (i) a fixed rate per annum, (ii) a variable rate per annum equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, (iii) a variable rate per annum equal to the lesser of (a) a fixed rate and (b) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date or (iv) a variable rate per annum equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date minus a specified percentage. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

⁽⁸⁾	The Class X-A Certificates are notional amount certificates. The Notional Amount of the Class X-A Certificates will be equal to the aggregate principal balance of the Class A-1, A-2A, A-2B, A-3, A-4, A-SB and A-S Certificates outstanding from time to time. The Class X-A Certificates will not be entitled to distributions of principal.


⁽⁹⁾	The pass-through rate for the Class X-A Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-1, A-2A, A-2B, A-3, A-4, A-SB and A-S Certificates for the related distribution date, weighted on the basis of their respective aggregate principal balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

⁽¹⁰⁾	The Class X-B Certificates are notional amount certificates. The Notional Amount of the Class X-B Certificates will be equal to the principal balance of the Class B Certificates outstanding from time to time. The Class X-B Certificates will not be entitled to distributions of principal.

⁽¹¹⁾	The pass-through rate for the Class X-B Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the pass-through rate on the Class B Certificates for the related distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

⁽¹²⁾	The Class X-D Certificates are notional amount certificates. The Notional Amount of the Class X-D Certificates will be equal to the principal balance of the Class D Certificates outstanding from time to time. The Class X-D Certificates will not be entitled to distributions of principal.

⁽¹³⁾	The pass-through rate for the Class X-D Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the pass-through rate on the Class D Certificates for the related distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

Mortgage Loan Seller	Number of Mortgage Loans	Number of Mortgaged Properties	Aggregate Cut-off Date Balance	% of Initial Pool Balance
Principal Commercial Capital⁽¹⁾	9	22	$255,000,000	25.4%
Ladder Capital Finance LLC	23	52	243,814,257	24.3
Citigroup Global Markets Realty Corp.	10	12	208,388,821	20.8
Wells Fargo Bank, National Association	21	21	167,826,195	16.7
Société Générale	8	8	127,171,753	12.7
Total	71	115	$1,002,201,025	100.0%

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-206677-01

Initial Pool Balance:	$1,002,201,025
Number of Mortgage Loans:	71
Average Cut-off Date Balance per Mortgage Loan:	$14,115,507
Number of Mortgaged Properties:	115
Average Cut-off Date Balance per Mortgaged Property⁽¹⁾:	$8,714,792
Weighted Average Mortgage Interest Rate:	4.763%
Ten Largest Mortgage Loans as % of Initial Pool Balance⁽²⁾:	50.4%
Weighted Average Original Term to Maturity or ARD (months):	111
Weighted Average Remaining Term to Maturity or ARD (months):	110
Weighted Average Original Amortization Term (months)⁽³⁾:	359
Weighted Average Remaining Amortization Term (months)⁽³⁾:	359
Weighted Average Seasoning (months):	1

Weighted Average U/W Net Cash Flow DSCR⁽¹⁾:	1.64x
Weighted Average U/W Net Operating Income Debt Yield⁽¹⁾:	10.2%
Weighted Average Cut-off Date Loan-to-Value Ratio⁽¹⁾:	62.8%
Weighted Average Balloon or ARD Loan-to-Value Ratio⁽¹⁾:	56.8%
% of Mortgage Loans with Additional Subordinate Debt⁽²⁾:	14.3%
% of Mortgage Loans with Single Tenants⁽³⁾:	11.3%

	Real Estate Taxes:	79.1% of the pool
	Insurance:	60.7% of the pool
	Capital Replacements:	72.9% of the pool
	TI/LC:	56.5% of the pool⁽¹⁾
	(1) The percentage of Initial Pool Balance for mortgage loans with TI/LC reserves is based on the aggregate principal balance allocable to loans that include retail, office, industrial and mixed use properties.

	Securities Offered:		$860,640,000 approximate monthly pay, multi-class, commercial mortgage REMIC pass-through certificates consisting of eleven classes (Classes A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C, X-A and X-B), which are offered pursuant to a registration statement filed with the SEC (such classes of certificates, the “Offered Certificates”).

	Mortgage Loan Sellers:		Macquarie US Trading LLC d/b/a Principal Commercial Capital (“PCC”), Ladder Capital Finance LLC (“LCF”), Citigroup Global Markets Realty Corp. (“CGMRC”), Wells Fargo Bank, National Association (“WFB”) and Société Générale (“SG”).

	Co-Lead Managers and Joint Bookrunners:		Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and SG Americas Securities, LLC

	Co-Managers:		Deutsche Bank Securities Inc.

	Rating Agencies:		Fitch Ratings, Inc., Kroll Bond Rating Agency, Inc. and Moody’s Investors Service, Inc.

	Master Servicer:		Wells Fargo Bank, National Association

	Special Servicer:		C-III Asset Management LLC

	Additional Primary Servicer:		Principal Global Investors, LLC

	Certificate Administrator:		Wells Fargo Bank, National Association

	Trustee:		Wilmington Trust, National Association

	Operating Advisor:		Pentalpha Surveillance LLC

	Asset Representations Reviewer:		Pentalpha Surveillance LLC

	Initial Majority Controlling Class Certificateholder:		Raith Capital Partners, LLC or an affiliate thereof.

	Cut-off Date:		The Cut-off Date with respect to each mortgage loan is the due date for the monthly debt service payment that is due in December 2015 (or, in the case of any mortgage loan that has its first due date in January 2016, the date that would have been its due date in December 2015 under the terms of that mortgage loan if a monthly debt service payment were scheduled to be due in that month).

	Expected Closing Date:		On or about December 23, 2015.

	Determination Dates:		The 11th day of each month (or if that day is not a business day, the next succeeding business day), commencing in January 2016.

	Distribution Dates:		The fourth business day following the Determination Date in each month, commencing in January 2016.

	Rated Final Distribution Date:		The Distribution Date in December 2048.

	Interest Accrual Period:		With respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.

	Day Count:		The Offered Certificates will accrue interest on a 30/360 basis.

	Minimum Denominations:		$10,000 for each Class of Offered Certificates (other than the Class X-A and X-B Certificates) and $1,000,000 for the Class X-A and X-B Certificates. Investments may also be made in any whole dollar denomination in excess of the applicable minimum denomination.

	Clean-up Call:		1%

	Delivery:		DTC, Euroclear and Clearstream Banking

	ERISA/SMMEA Status:		Each Class of Offered Certificates is expected to be eligible for exemptive relief under ERISA. No Class of Offered Certificates will be SMMEA eligible.

	Risk Factors:		THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. SEE THE “RISK FACTORS” SECTION OF THE PRELIMINARY PROSPECTUS.

	Bond Analytics Information:		The Certificate Administrator will be authorized to make distribution date statements, CREFC^® reports and certain supplemental reports (other than confidential information) available to certain financial modeling and data provision services, including Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc. and Thomson Reuters Corporation.

Mortgage Loan Seller	Mortgage Loan Name	City	State	Number of Mortgage Loans / Mortgaged Properties	Mortgage Loan Cut-off Date Balance ($)	% of Initial Pool Balance (%)		Property Type	Number of Units/ SF/ Rooms	Cut-off Date Balance Per Unit/ SF/Room	Cut-off Date LTV Ratio (%)		Balloon or ARD LTV Ratio (%)		U/W NCF DSCR (x)	U/W NOI Debt Yield (%)
LCF	Rolling Brook Village	Woodbridge	VA	1 / 1	$88,000,000	8.8	%	Multifamily	732	$120,219	62.0	%	62.0	%	1.48x	8.1	%
SG	Empire Mall	Sioux Falls	SD	1 / 1	75,000,000	7.5		Retail	1,124,451	169	54.3		47.3		1.80	11.2
PCC	Pineapple Hotel Portfolio	Seattle	WA	1 / 3	61,500,000	6.1		Hospitality	318	193,396	60.0		51.8		1.96	13.6
PCC	Adler Office⁽²⁾	Doral	FL	1 / 1	40,200,000	4.0		Office	388,305	98	63.3		58.3		1.29	9.0
PCC	Adler Industrial⁽²⁾	Doral	FL	1 / 1	16,800,000	1.7		Industrial	196,267	98	63.3		58.3		1.29	9.0
CGMRC	Harbor Pointe Apartments	Bayonne	NJ	1 / 1	50,000,000	5.0		Multifamily	544	202,206	71.0		71.0		1.48	7.2
PCC	Heritage Industrial Portfolio	Various	Various	1 / 12	41,000,000	4.1		Industrial	2,578,919	32	69.8		61.3		1.36	9.2
CGMRC	Anchorage Marriott Downtown	Anchorage	AK	1 / 1	37,926,518	3.8		Hospitality	392	193,503	69.9		51.7		1.76	12.3
LCF	Harvey Building Products Portfolio	Various	Various	1 / 30	32,922,772	3.3		Various	2,046,119	54	53.4		49.3		1.96	12.8
CGMRC	JW Marriott Santa Monica Le Merigot	Santa Monica	CA	1 / 1	31,162,303	3.1		Hospitality	175	356,141	59.9		55.3		1.77	13.5
CGMRC	Keeper’s Self Storage Manhattan	New York	NY	1 / 1	31,000,000	3.1		Self Storage	61,575	503	57.5		57.5		1.45	7.3
Top Three Total/Weighted Average				3 / 5	$224,500,000	22.4	%				58.9	%	54.3	%	1.72x	10.6	%
Top Five Total/Weighted Average⁽³⁾				6 / 8	$331,500,000	33.1	%				61.5	%	57.5	%	1.61x	9.8	%
Top Ten Total/Weighted Average⁽⁴⁾				11 / 53	$505,511,593	50.4	%				61.9	%	56.7	%	1.62x	10.2	%
Non-Top Ten Total/Weighted Average⁽⁵⁾				60 / 62	$496,689,432	49.6	%				63.7	%	56.9	%	1.66x	10.2	%

Property Name	Mortgage Loan Seller	Related Notes in Loan Group (Original Balance)	Holder of Note	Lead Servicer for the Entire Whole loan	Current Master Servicer Under Related Securitization Servicing Agreement	Current Special Servicer Under Related Securitization Servicing Agreement
Empire Mall	SG	$75,000,000	WFCM 2015-P2	No⁽²⁾	Wells Fargo Bank, National Association	C-III Asset Management LLC
	SG	$40,000,000	⁽¹⁾	Yes⁽²⁾	TBD	TBD
	SG	$40,000,000	⁽¹⁾	No⁽²⁾	TBD	TBD
	SG	$25,000,000	⁽¹⁾	No⁽²⁾	TBD	TBD
	SG	$10,000,000	⁽¹⁾	No⁽²⁾	TBD	TBD
Harbor Pointe Apartments	CGMRC	$60,000,000	CGCMT 2015-GC35	Yes	Midland Loan Services, a Division of PNC Bank, National Association	C-III Asset Management LLC
Harbor Pointe Apartments	CGMRC	$50,000,000	WFCM 2015-P2	No	Wells Fargo Bank, National Association	C-III Asset Management LLC
Heritage Industrial Portfolio	PCC	$41,000,000	WFCM 2015-P2	Yes	Wells Fargo Bank, National Association	C-III Asset Management LLC
Heritage Industrial Portfolio	PCC	$40,375,000	⁽³⁾	No	TBD	TBD
Anchorage Marriott Downtown	CGMRC	$37,975,000	CGCMT 2015-GC35	Yes	Midland Loan Services, a Division of PNC Bank, National Association	C-III Asset Management LLC
Anchorage Marriott Downtown	CGMRC	$37,975,000	WFCM 2015-P2	No	Wells Fargo Bank, National Association	C-III Asset Management LLC
Harvey Building Products Portfolio	LCF	$42,000,000	COMM 2015-LC23	Yes	Wells Fargo Bank, National Association	LNR Partners LLC
	LCF	$33,000,000	WFCM 2015-P2	No	Wells Fargo Bank, National Association	C-III Asset Management LLC
	LCF	$25,000,000	⁽⁴⁾	No	TBD	TBD
	LCF	$10,000,000	⁽⁴⁾	No	TBD	TBD
JW Marriott Santa Monica Le Merigot	CGMRC	$31,200,000	CGCMT 2015-GC35	Yes	Midland Loan Services, a Division of PNC Bank, National Association	C-III Asset Management LLC
JW Marriott Santa Monica Le Merigot	CGMRC	$31,200,000	WFCM 2015-P2	No	Wells Fargo Bank, National Association	C-III Asset Management LLC

Loan No.	Mortgage Loan Seller	Mortgage Loan Name	Mortgage Loan Cut-off Date Balance ($)	% of Initial Pool Balance (%)	Sub Debt Cut-off Date Balance ($)	Mezzanine Debt Cut-off Date Balance ($)	Total Debt Interest Rate (%)⁽¹⁾	Mortgage Loan U/W NCF DSCR (x)⁽²⁾	Total Debt U/W NCF DSCR (x)⁽²⁾	Mortgage Loan Cut-off Date U/W NOI Debt Yield (%)⁽²⁾	Total Debt Cut-off Date U/W NOI Debt Yield (%)⁽²⁾	Mortgage Loan Cut-off Date LTV Ratio (%)⁽²⁾	Total Debt Cut-off Date LTV Ratio (%)⁽²⁾
1	LCF	Rolling Brook Village	$88,000,000	8.8%	$0	$20,200,000	6.018%	1.48x	1.05x	8.1%	6.6%	62.0%	76.2%
10	CGMRC	JW Marriott Santa Monica Le Merigot	31,162,303	3.1	0	17,000,000	5.941	1.77	1.26	13.5	10.6	59.9	76.3
Total/Weighted Average			$119,162,303	11.9%	$0	$37,200,000	5.998%	1.56x	1.10x	9.5%	7.6%	61.5%	76.2%

Location	Number of Mortgaged Properties	Aggregate Cut-off Date Balance ($)	% of Initial Pool Balance (%)	Weighted Average Cut-off Date LTV Ratio (%)	Weighted Average Balloon or ARD LTV Ratio (%)	Weighted Average U/W NCF DSCR (x)	Weighted Average U/W NOI Debt Yield (%)	Weighted Average U/W NCF Debt Yield (%)	Weighted Average Mortgage Rate (%)
California	12	$149,562,303	14.9%	56.9%	52.8%	1.75x	10.7%	10.0%	4.683	%
Southern California⁽³⁾	5	105,462,303	10.5	55.9	53.1	1.79	11.1	10.1	4.737
Northern California⁽³⁾	7	44,100,000	4.4	59.3	52.1	1.65	9.8	9.6	4.554
Virginia	1	88,000,000	8.8	62.0	62.0	1.48	8.1	7.9	5.247
South Dakota	1	75,000,000	7.5	54.3	47.3	1.80	11.2	10.7	4.314
New York	10	70,964,055	7.1	62.4	58.6	1.50	8.6	8.4	4.627
Florida	5	69,580,983	6.9	62.7	58.1	1.47	9.6	8.7	4.809
Texas	9	67,986,634	6.8	62.7	54.4	1.63	10.0	9.6	4.752
Washington	3	61,500,000	6.1	60.0	51.8	1.96	13.6	12.5	4.950
New Jersey	1	50,000,000	5.0	71.0	71.0	1.48	7.2	7.1	4.760
Other⁽⁴⁾	73	369,607,049	36.9	66.6	57.9	1.63	10.7	9.9	4.759
Total/Weighted Average	115	$1,002,201,025	100.0%	62.8%	56.8%	1.64x	10.2%	9.6%	4.763	%

Interest Entitlements:	The interest entitlement of each Class of Offered Certificates on each Distribution Date generally will be the interest accrued during the related Interest Accrual Period on the related Certificate Principal Balance or Notional Amount at the related pass-through rate, net of any prepayment interest shortfalls allocated to that Class for such Distribution Date as described below. If prepayment interest shortfalls arise from voluntary prepayments (without Master Servicer consent) on particular non-specially serviced mortgage loans during any collection period, the Master Servicer is required to make a compensating interest payment to offset those shortfalls, generally up to an amount equal to the portion of its master servicing fees that accrue at 0.25 basis points per annum. The remaining amount of prepayment interest shortfalls will be allocated to reduce the interest entitlement on all Classes of Certificates, pro rata, based on their respective amounts of accrued interest for the related Distribution Date. If a Class receives less than the entirety of its interest entitlement on any Distribution Date, then the shortfall, excluding any shortfall due to prepayment interest shortfalls, will be added to its interest entitlement for the next succeeding Distribution Date.

Principal Distribution Amount:	The Principal Distribution Amount for each Distribution Date generally will be the aggregate amount of principal received or advanced in respect of the mortgage loans, net of any non-recoverable advances and interest thereon that are reimbursed to the Master Servicer, the Special Servicer or the Trustee during the related collection period. Non-recoverable advances and interest thereon are reimbursable from principal collections and advances before reimbursement from other amounts.

Distributions:	On each Distribution Date, funds available for distribution from the mortgage loans, net of specified trust fees, expenses and reimbursements will generally be distributed in the following amounts and order of priority (in each case to the extent of remaining available funds):

		1.	Class A-1, A-2A, A-2B, A-3, A-4, A-SB, X-A, X-B and X-D Certificates: To interest on the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, X-A, X-B and X-D Certificates, pro rata, according to their respective interest entitlements.

		2.	Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates: To principal on the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates in the following amounts and order of priority: (i) first, to principal on the Class A-SB Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date until their Certificate Principal Balance is reduced to the Class A-SB Planned Principal Balance for such Distribution Date; (ii) second, to principal on the Class A-1 Certificates until their Certificate Principal Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (iii) third, to principal on the Class A-2A Certificates until their Certificate Principal Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (iv) fourth, to principal on the Class A-2B Certificates until their Certificate Principal Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (v) fifth, to principal on the Class A-3 Certificates until their Certificate Principal Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (vi) sixth, to principal on the Class A-4 Certificates until their Certificate Principal Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; and (vii) seventh, to principal on the Class A-SB Certificates until their Certificate Principal Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date. However, if the Certificate Principal Balance of each and every Class of Principal Balance Certificates, other than the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates, has been reduced to zero as a result of the allocation of Mortgage Loan losses and expenses and any of the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates remains outstanding, then the Principal Distribution Amount will be distributed to the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates, pro rata, based on their respective outstanding Certificate Principal Balances, until their Certificate Principal Balances have been reduced to zero.

		3.	Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates: To reimburse the holders of the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates, pro rata, for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated in reduction of the Certificate Principal Balances of such Classes.


		4.	Class A-S Certificates: To make distributions on the Class A-S Certificates as follows: (a) first, to interest on the Class A-S Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a higher distribution priority (in this case, the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates), to principal on the Class A-S Certificates until their Certificate Principal Balance is reduced to zero; and (c) next, to reimburse the holders of the Class A-S Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Principal Balance.

		5.	Class B Certificates: To make distributions on the Class B Certificates as follows: (a) first, to interest on the Class B Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a higher distribution priority (in this case, the Class A-1, A-2A, A-2B, A-3, A-4, A-SB and A-S Certificates), to principal on the Class B Certificates until their Certificate Principal Balance is reduced to zero; and (c) next, to reimburse the holders of the Class B Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Principal Balance.

		6.	Class C Certificates: To make distributions on the Class C Certificates as follows: (a) first, to interest on the Class C Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a higher distribution priority (in this case, the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S and B Certificates), to principal on the Class C Certificates until their Certificate Principal Balance is reduced to zero; and (c) next, to reimburse the holders of the Class C Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Principal Balance.

		7.	After the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B and C Certificates are paid all amounts to which they are entitled, the remaining funds available for distribution will be used to pay interest, principal and loss reimbursement amounts on the Class D, E, F and G Certificates sequentially in that order in a manner analogous to the Class C Certificates.

Allocation of Yield Maintenance and Prepayment Premiums:	If any yield maintenance charge or prepayment premium is collected during any particular collection period with respect to any mortgage loan, then on the Distribution Date corresponding to that collection period, the certificate administrator will pay that yield maintenance charge or prepayment premium (net of liquidation fees payable therefrom) in the following manner: (1) to each of the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C and D Certificates, the product of (a) such yield maintenance charge or prepayment premium, (b) the related Base Interest Fraction (as defined in the Preliminary Prospectus) for such Class, and (c) a fraction, the numerator of which is equal to the amount of principal distributed to such Class for that distribution date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates for that distribution date, and (2) to the Class X-A Certificates, the excess, if any, of (a) the product of (i) such yield maintenance charge or prepayment premium and (ii) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-1, A-2A, A-2B, A-3, A-4, A-SB and A-S Certificates for that distribution date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates for that distribution date, over (b) the amount of such yield maintenance charge or prepayment premium distributed to the Class A-1, A-2A, A-2B, A-3, A-4, A-SB and A-S Certificates as described above, and (3) to the Class X-B Certificates, any remaining yield maintenance charge or prepayment premium not distributed as described above. No prepayment premiums or yield maintenance charges will be distributed to the holders of the Class X-D, E, F, G, V or R Certificates. For a description of when prepayment premiums and yield maintenance charges are generally required on the mortgage loans, see Annex A-1 to the Preliminary Prospectus. See also “Risk Factors—Risks Relating to the Mortgage Loans— Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions” and “Risk Factors—Other Risks Relating to the Certificates—Your Yield May Be Affected by Defaults, Prepayments and Other Factors” in the Preliminary Prospectus. Prepayment premiums and yield maintenance charges will be distributed on each Distribution Date only to the extent they are actually received on the mortgage loans as of the related Determination Date.


Realized Losses:		The Certificate Principal Balances of the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C, D, E, F, and G Certificates, will be reduced without distribution on any Distribution Date as a write-off to the extent of any losses realized on the mortgage loans allocated to such Class on such Distribution Date. Such losses will be applied in the following order, in each case until the related Certificate Principal Balance is reduced to zero: first, to the Class G Certificates; second, to the Class F Certificates; third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Certificates; sixth, to Class B Certificates; seventh, to Class A-S Certificates; and, finally, pro rata, to the Class A-1, A-2A, A-2B, A-3, A-4 and A-SB Certificates based on their outstanding Certificate Principal Balances. The notional amount of the Class X-A Certificates will be reduced by the amount of all losses that are allocated to the Class A-1, A-2A, A-2B, A-3, A-4, A-SB or A-S Certificates as write-offs in reduction of their Certificate Principal Balances. The notional amount of the Class X-B Certificates will be reduced by the amount of all losses that are allocated to the Class B Certificates as write-offs in reduction of its Certificate Principal Balance. The notional amount of the Class X-D Certificates will be reduced by the amount of all losses that are allocated to the Class D Certificates as write-offs in reduction of its Certificate Principal Balance.

P&I Advances:		The Master Servicer or, if the Master Servicer fails to do so, the Trustee, will be obligated to advance delinquent debt service payments (other than balloon payments, excess interest and default interest) and assumed debt service payments on mortgage loans with delinquent balloon payments (including each of the Non-Serviced Mortgage Loans (as defined in the Preliminary Prospectus) but not the related companion loans), except to the extent any such advance is deemed non-recoverable from collections on the related mortgage loan. In addition, if an Appraisal Reduction Amount exists for a given mortgage loan, the interest portion of any P&I advance for such mortgage loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Certificates in reverse alphabetical order of their Class designations (except that interest payments on the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, X-A, X-B and X-D Certificates would be affected on a pari passu basis).

Servicing Advances:		The Master Servicer or, if the Master Servicer fails to do so, the Trustee, will be obligated to make servicing advances with respect to each mortgage loan it services, including the payment of delinquent property taxes, insurance premiums and ground rent, except to the extent that those advances are deemed non-recoverable from collections on the related mortgage loan. The special servicer will have no obligation to make servicing advances but may do so in an emergency situation. Prior to the securitization of the Empire Mall controlling pari passu companion loan (designated as Note A-1), the Master Servicer is expected to have the primary obligation to make any servicing advances with respect to the Empire Mall whole loan. After the securitization of the Empire Mall controlling pari passu companion loan, the master servicer under such related securitization will have the primary obligation to make any servicing advances with respect to the Empire Mall whole loan. The master servicer under the CGCMT 2015-GC35 securitization will have the primary obligation to make any servicing advances with respect to the Harbor Pointe Apartments whole loan, the Anchorage Marriott Downtown whole loan and the JW Marriott Santa Monica Le Merigot whole loan. The master servicer under the COMM 2015-LC23 securitization will have the primary obligation to make any servicing advances with respect to the Harvey Building Products Portfolio whole loan.

Appraisal Reduction Amounts:		An Appraisal Reduction Amount generally will be created in the amount, if any, by which the principal balance of a required appraisal loan (which is a mortgage loan with respect to which certain defaults, modifications or insolvency events have occurred as further described in the Preliminary Prospectus) plus other amounts overdue or advanced in connection with such mortgage loan exceeds 90% of the appraised value of the related mortgaged property plus certain escrows and reserves (including letters of credit) held with respect to the mortgage loan. A mortgage loan will cease to be a required appraisal loan when the same has ceased to be a specially serviced mortgage loan (if applicable), has been brought current for at least three consecutive months and no other circumstances exist that would cause such mortgage loan to be a required appraisal loan. Appraisal Reduction Amounts will affect the amount of debt service advances in respect of the related mortgage loan. Appraisal Reduction Amounts will also be taken into account in the determination of the identity of the Class whose majority constitutes the “majority controlling certificateholder” and is entitled to appoint the directing certificateholder.


Clean-Up Call and Exchange Termination:		On each Distribution Date occurring after the aggregate unpaid principal balance of the mortgage loans is reduced below 1% of the initial aggregate principal balance of the mortgage loans as of the Cut-off Date, certain specified persons will have the option to purchase all of the remaining mortgage loans (and the trust’s interest in all property acquired through exercise of remedies in respect of any mortgage loan) at the price specified in the Preliminary Prospectus. Exercise of the option will terminate the trust and retire the then-outstanding certificates. If the aggregate Certificate Principal Balances of each of the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C and D Certificates have been reduced to zero, the trust may also be terminated in connection with an exchange of all the then-outstanding certificates for the mortgage loans and REO properties then remaining in the issuing entity, but all of the holders of those Classes of outstanding certificates would have to voluntarily participate in the exchange.

Liquidation Loan Waterfall:		Following the liquidation of any loan or property, the net liquidation proceeds generally will be applied (after reimbursement of advances and certain trust fund expenses), first, as a recovery of accrued interest, other than delinquent interest that was not advanced as a result of Appraisal Reduction Amounts, second, as a recovery of principal until all principal has been recovered, and then as a recovery of delinquent interest that was not advanced as a result of Appraisal Reduction Amounts. Please see “Description of the Certificates—Distributions—Application Priority of Mortgage Loan Collections or Whole Loan Collections” in the Preliminary Prospectus.

Majority Controlling Class Certificateholder and Directing Certificateholder:		A directing certificateholder may be appointed by the “majority controlling class certificate-holder”, which will be the holder(s) of a majority of the “controlling class”, which means: (a) before a Control Termination Event, the most subordinate class among the Class E, F and G Certificates that has a Certificate Principal Balance, as notionally reduced by any Appraisal Reduction Amounts allocable to that class, that is at least equal to 25% of its total initial Certificate Principal Balance and (b) before a Consultation Termination Event, the most subordinate class among the Class E, F and G Certificates that has a total Certificate Principal Balance, without regard to Appraisal Reduction Amounts, that is at least equal to 25% of its initial Certificate Principal Balance. The majority controlling certificateholder will have a continuing right to appoint, remove or replace the directing certificateholder in its sole discretion. This right may be exercised at any time and from time to time. See “The Pooling and Servicing Agreement—The Directing Certificateholder” in the Preliminary Prospectus. A “Control Termination Event” occurs if the Class E Certificates have a Certificate Principal Balance, net of any Appraisal Reduction Amounts allocable to that Class, that is less than 25% of the initial principal balance of that Class or, while the Class E Certificates are the controlling Class, the majority (by Certificate Principal Balance) of the holders of the Class E Certificates irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder. A “Consultation Termination Event” occurs if the Class E Certificates have a Certificate Balance, without regard to any Appraisal Reduction Amounts allocable to that Class, that is less than 25% of the initial Certificate Principal Balance of that Class or, while the Class E Certificates are the controlling Class, the majority (by Certificate Principal Balance) of the holders of the Class E Certificates irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder.

Control and Consultation:		The rights of various parties to replace the Special Servicer and approve or consult with respect to major actions of the Special Servicer will vary according to defined periods. If no Control Termination Event has occurred and is continuing, except with respect to the Non-Serviced Mortgage Loans and Excluded Loans (as defined below), (i) the directing certificateholder will be entitled to grant or withhold approval of asset status reports prepared, and material servicing actions proposed, by the Special Servicer, and (ii) the directing certificateholder will be entitled to terminate and replace the Special Servicer with or without cause, and appoint itself or another person as the successor special servicer. It will be a condition to such appointment that Fitch, KBRA and Moody’s confirm that the appointment would not result in a qualification, downgrade or withdrawal of any of their then-current ratings of certificates. If a Control Termination Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing, the Special Servicer will be required to consult with the directing certificateholder (other than with respect to Excluded Loans) and the Operating Advisor in connection with asset status reports and material special servicing actions (other than with respect to the Non-Serviced Mortgage Loans).


		Loan that has accelerated such mezzanine loan (unless (a) acceleration was automatic under such mezzanine loan, (b) the event directly giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine lender or an affiliate of such mezzanine lender and (c) such mezzanine lender is stayed from exercising and has not commenced the exercise of remedies associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure proceedings with respect to such mezzanine loan against the equity interests in the borrower(s) of such mortgage loan (each, a “borrower party”), the majority controlling class certificateholder and the directing certificateholder will have no right to receive asset status reports or such other information as may be specified in the pooling and servicing agreement, to grant or withhold approval of, or consult with respect to, asset status reports prepared, and material servicing actions proposed, by the Special Servicer, with respect to such mortgage loan, and such mortgage loan will be referred to as an “Excluded Loan”.

		In addition, notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, a controlling class certificateholder is a borrower party, such controlling class certificateholder will have no right to receive asset status reports or such other information as may be specified in the pooling and servicing agreement with respect to such mortgage loan, and such controlling class certificateholder will be referred to as an “excluded controlling class holder”.

Replacement of Special Servicer by General Vote of Certificateholders:		If a Control Termination Event has occurred and is continuing, the Special Servicer may be removed and replaced without cause upon the affirmative direction of certificates owners holding not less than 75% of a Certificateholder quorum, following a proposal from certificate owners holding not less than 25% of the appraisal-reduced voting rights of all Certificates. The Certificateholders who initiate a vote on a termination and replacement of the Special Servicer without cause must cause Fitch, KBRA and Moody’s to confirm the then-current ratings of the certificates (or decline to review the matter) and cause the payment of the fees and expenses incurred in the replacement. If no Control Termination Event has occurred and is continuing, the Special Servicer may be replaced by the directing certificateholder, subject to Fitch, KBRA and Moody’s confirming the then-current ratings of the Certificates (or declining to review the matter).

Excluded Special Servicer:		In the event that, with respect to any mortgage loan, the Special Servicer is a borrower party, the Special Servicer will be required to resign as special servicer of such mortgage loan (referred to as an “excluded special servicer loan”). If no Control Termination Event has occurred and is continuing, the directing certificateholder will be entitled to appoint (and may replace with or without cause) a separate special servicer that is not a borrower party (referred to as an “excluded special servicer”) with respect to such excluded special servicer loan unless such excluded special servicer loan is also an excluded loan. Otherwise, upon resignation of the Special Servicer with respect to an excluded special servicer loan, such resigning Special Servicer will be required to appoint the excluded special servicer.

Appraisal Remedy:		If the Class of certificates comprising the controlling class loses its status as controlling class because of the application of an Appraisal Reduction Amount, the holders of a majority of the Voting Rights of such Class may require the Special Servicer to order a second appraisal for any mortgage loan in respect of which an Appraisal Reduction Amount has been applied. The Special Servicer must thereafter determine whether, based on its assessment of such second appraisal, any recalculation of the Appraisal Reduction Amount is warranted. Such Class will not be able to exercise any direction, control consent and/or similar rights of the controlling class unless and until reinstated as the controlling class through such determination; and pending such determination, the rights of the controlling class will be exercised by the most senior control eligible certificates (which may only be any one of Class E, Class F or Class G), if any.


Sale of Defaulted Assets:		There will be no “fair value” purchase option. Instead, the pooling and servicing agreement will authorize the Special Servicer to sell defaulted mortgage loans serviced by the Special Servicer to the highest bidder in a manner generally similar to sales of REO properties. The sale of a defaulted loan (other than with respect to the Empire Mall whole loan, the Harbor Pointe Apartments whole loan, the Anchorage Marriott Downtown whole loan, the Harvey Building Products Portfolio whole loan and the JW Marriott Santa Monica Le Merigot whole loan) for less than par plus accrued interest and certain other fees and expenses owed on the loan will be subject to consent or consultation rights of the directing certificateholder and/or Operating Advisor and, in the case of the Heritage Industrial Portfolio mortgage loan, consultation rights of the holders of the related pari passu companion loan, as described in the Preliminary Prospectus. In the case of the Heritage Industrial Portfolio whole loan, pursuant to the related intercreditor agreement and the pooling and servicing agreement, if the special servicer offers to sell to any person (or offers to purchase) for cash such mortgage loan during such time as the related whole loan constitutes a defaulted mortgage loan, then in connection with any such sale, the special servicer is required to sell both the mortgage loan and the related pari passu companion loan as a single whole loan. In the case of the Empire Mall mortgage loan, prior to the securitization of the related controlling pari passu companion loan, pursuant to the related intercreditor agreement and the WFCM 2015-P2 pooling and servicing agreement, the WFCM 2015-P2 special servicer may offer to sell to any person (or may offer to purchase) for cash the related whole loan during such time as the related pari passu companion loan constitutes a defaulted mortgage loan, and, in connection with any such sale, the WFCM 2015-P2 special servicer will be required to sell both the applicable mortgage loan and the related pari passu companion loans as a whole loan. After the securitization of the Empire Mall controlling pari passu companion loan pursuant to the related intercreditor agreement, the party acting as special servicer with respect to the Empire Mall whole loan pursuant to the pooling and servicing agreement for the related securitization may offer to sell to any person (or may offer to purchase) for cash such loan, and, in connection with any such sale, such special servicer is required to sell both the Empire Mall mortgage loan and the related pari passu companion loans as a whole loan. The directing certificateholder for this securitization will have consultation rights as the holder of an interest in the related pari passu mortgage loan, as described in the Preliminary Prospectus. In the case of the Harbor Pointe Apartments mortgage loan, the Anchorage Marriott Downtown mortgage loan and the JW Marriott Santa Monica Le Merigot mortgage loan, pursuant to the related intercreditor agreement and the CGCMT 2015-GC35 pooling and servicing agreement, the related special servicer may offer to sell to any person (or may offer to purchase) for cash the related whole loan during such time as the related pari passu companion loan constitutes a defaulted mortgage loan, and, in connection with any such sale, the related special servicer is required to sell both the applicable mortgage loan and the related pari passu companion loan as a whole loan. The sale of such whole loan will be subject to the consent of the directing certificateholder for this securitization unless the related special servicer satisfies certain notice and information delivery requirements. In the case of the Harvey Building Products Portfolio mortgage loan, pursuant to the related intercreditor agreement and the COMM 2015-LC23 pooling and servicing agreement, the related special servicer may offer to sell to any person (or may offer to purchase) for cash the related whole loan during such time as the related whole loan constitutes a defaulted mortgage loan, and, in connection with any such sale, the related special servicer is required to sell both the applicable mortgage loan and the related pari passu companion loan(s) as a whole loan. The sale of the Harvey Building Products Portfolio whole loan will be subject to the consent of the directing certificateholder for this securitization unless the related special servicer satisfies certain notice and information delivery requirements.

“As-Is” Appraisals:		Appraisals must be conducted on an “as-is” basis, and must be no more than 9 months old, for purposes of determining Appraisal Reduction Amounts, market value in connection with REO sales, etc. Required appraisals may consist of updates of prior appraisals. Internal valuations by the Special Servicer are permitted if the principal balance of a mortgage loan is less than $2,000,000.

Operating Advisor:		The Operating Advisor will perform certain review duties if a Control Termination Event has occurred and is continuing, which will generally include a limited annual review of, and the delivery of a report regarding, certain actions of the Special Servicer with respect to the resolution and/or liquidation of specially serviced mortgage loans to the Certificate Administrator. The review and report generally will be based on any asset status reports and additional information delivered to the Operating Advisor by the Special Servicer. In addition, if a Control Termination Event has occurred and is continuing, the Special Servicer must seek to consult with the Operating Advisor (in addition to the directing certificateholder if no Consultation Termination Event has occurred and


		is continuing) in connection with material special servicing actions with respect to specially serviced mortgage loans serviced by the Special Servicer. Furthermore, under certain circumstances, but only if a Consultation Termination Event has occurred and is continuing, the Operating Advisor may recommend the replacement of the Special Servicer, in which case the Certificate Administrator will deliver notice of such recommendation to the certificateholders, and certificateholders with specified percentages of the voting rights may direct the replacement of the Special Servicer at their expense.

		If a Consultation Termination Event has occurred and is continuing, the Operating Advisor may be removed and replaced without cause upon the affirmative direction of certificates owners holding not less than 75% of the appraisal-reduced voting rights of all Principal Balance Certificates, following a proposal from certificate owners holding not less than 25% of the appraisal-reduced voting rights of all certificates. The certificateholders who initiate a vote on a termination and replacement of the Operating Advisor without cause must cause Fitch, KBRA and Moody’s to confirm the then-current ratings of the certificates (or decline to review the matter) and cause the payment of the fees and expenses incurred in the replacement. The Operating Advisor generally may be discharged from its duties if and when the Class A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C and D Certificates are retired.

Asset Representations Reviewer:		The Asset Representations Reviewer will be required to review certain delinquent mortgage loans after a specified delinquency threshold has been exceeded and the required percentage of certificateholders vote to direct a review of such delinquent mortgage loans. An asset review will occur when either (1) mortgage loans with an aggregate outstanding principal balance of 25.0% or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO loans (or a portion of any REO loan in the case of a whole loan) held by the issuing entity as of the end of the applicable collection period are delinquent loans or (2) at least 15 mortgage loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of all of the mortgage loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period. The Asset Representations Reviewer may be terminated and replaced without cause. Upon (i) the written direction of Certificateholders evidencing not less than 25% of the voting rights requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that is an eligible asset reviewer, and (ii) payment by such holders to the certificate administrator of the reasonable fees and expenses to be incurred by the certificate administrator in connection with administering such vote, the certificate administrator will promptly provide notice to all Certificateholders and the Asset Representations Reviewer of such request by posting such notice on its internet website, and by mailing such notice to all Certificateholders and the Asset Representations Reviewer. Upon the written direction of Certificateholders evidencing at least 75% of a Certificateholder quorum, the trustee will terminate all of the rights and obligations of the Asset Representations Reviewer under the pooling and servicing agreement by written notice to the Asset Representations Reviewer, and the proposed successor Asset Representations Reviewer will be appointed. See “The Pooling and Servicing Agreement—The Asset Representations Reviewer” in the Preliminary Prospectus.

Dispute Resolution Provisions:		The mortgage loan sellers will be subject to the dispute resolution provisions set forth in the pooling and servicing agreement to the extent those provisions are triggered with respect to any mortgage loan sold to the depositor by a mortgage loan seller and such mortgage loan seller will be obligated under the related mortgage loan purchase agreement to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result. Generally, in the event that a Repurchase Request (as defined in the Preliminary Prospectus) is not “Resolved” (as defined below) within 180 days after the related mortgage loan seller receives such Repurchase Request, then the enforcing servicer will be required to send a notice to the “Initial Requesting Certificateholder” (if any) indicating the enforcing servicer’s intended course of action with respect to the Repurchase Request. If (a) the enforcing servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration, or (b) the enforcing servicer’s intended course of action is to pursue further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the enforcing servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver a written notice to the special servicer indicating its intent to exercise its right to refer the matter to either mediation or arbitration.


		“Resolved” means, with respect to a Repurchase Request, (i) that any Material Defect has been cured, (ii) the related mortgage loan has been repurchased in accordance with the related mortgage loan purchase agreement, (iii) a mortgage loan has been substituted for the related mortgage loan in accordance with the related mortgage loan purchase agreement, (iv) the applicable mortgage loan seller makes a Loss of Value Payment, (v) a contractually binding agreement is entered into between the enforcing servicer, on behalf of the issuing entity, and the related mortgage loan seller that settles the related mortgage loan seller’s obligations under the related mortgage loan purchase agreement, or (vi) the related mortgage loan is no longer property of the issuing entity as a result of a sale or other disposition in accordance with the pooling and servicing agreement. See “The Pooling and Servicing Agreement—Dispute Resolution Provisions” in the Preliminary Prospectus.

Investor Communications:		The certificate administrator is required to include on any Form 10–D any request received from a Certificateholder to communicate with other Certificateholders related to Certificateholders exercising their rights under the terms of the pooling and servicing agreement. Any Certificateholder wishing to communicate with other Certificateholders regarding the exercise of its rights under the terms of the Pooling and Servicing Agreement will be able to deliver a written request signed by an authorized representative of the requesting investor to the certificate administrator.

Certain Fee Offsets:		If a workout fee is earned by the Special Servicer following a loan default with respect to any mortgage loan that it services, then certain limitations will apply based on modification fees paid by the borrower. The modification fee generally must not exceed 1% of the principal balance of the loan as modified in any 12-month period. In addition, if the loan re-defaults, any subsequent workout fee on that loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12-months. Likewise, liquidation fees collected in connection with a liquidation or partial liquidation of a mortgage loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12 months.

Deal Website:		The Certificate Administrator will be required to maintain a deal website which will include, among other items: (a) summaries of asset status reports prepared by the Special Servicer, (b) inspection reports, (c) appraisals, (d) various “special notices” described in the Preliminary Prospectus, (e) the “Investor Q&A Forum” and (f) a voluntary “Investor Registry”. Investors may access the deal website following execution of a certification and confidentiality agreement.

Initial Majority Controlling Class Certificateholder:		It is expected that Raith Capital Partners, LLC or an affiliate thereof will be the initial majority controlling class certificateholder.

Whole Loans:		Each of the mortgaged properties identified on Annex A-1 to the Preliminary Prospectus as Empire Mall, Harbor Pointe Apartments, Heritage Industrial Portfolio, Anchorage Marriott Downtown, Harvey Building Products Portfolio and JW Marriott Santa Monica Le Merigot secures both a mortgage loan to be included in the trust fund and one or more other mortgage loans that will not be included in the trust fund, which will be pari passu in right of payment with the mortgage loan included in the trust fund. We refer to each such group of mortgage loans as a “whole loan”. It is expected that prior to the securitization of the Empire Mall controlling pari passu companion loan, the Empire Mall whole loan will be serviced under the pooling and servicing agreement, and, with respect to the Empire Mall whole loan, the holder of the Empire Mall controlling pari passu companion loan will have the control and consultation rights of the directing certificateholder under the pooling and servicing agreement as described under “—Control and Consultation” above. After the securitization of the Empire Mall controlling pari passu companion loan, the Empire Mall whole loan will be serviced under the pooling and servicing agreement related to the securitization of such controlling pari passu companion loan. The Harbor Pointe Apartments whole loan will be principally serviced under the CGCMT 2015-GC35 pooling and servicing agreement. The Heritage Industrial Portfolio whole loan will be principally serviced under the pooling and servicing agreement for this WFCM 2015-P2 securitization. The Anchorage Marriott Downtown whole loan will be principally serviced under the CGCMT 2015-GC35 pooling and servicing agreement. The Harvey Building Products whole loan will be principally serviced under the COMM 2015-LC23 pooling and servicing agreement. The JW Marriott Santa Monica Le Merigot whole loan will be principally serviced under the CGCMT 2015-GC35 pooling and servicing agreement. As of the closing date, the companion loans in such whole loans will be held by the parties identified above under “IV. Characteristics of the Mortgage Pool—B. Summary of Pari Passu Whole Loans”.

No. 1 – Rolling Brook Village

Loan Information					Property Information
Mortgage Loan Seller:		Ladder Capital Finance LLC			Single Asset/Portfolio:		Single Asset
Credit Assessment (Fitch/KBRA/Moody’s):		NR/NR/NR			Property Type:		Multifamily
Original Principal Balance:		$88,000,000			Specific Property Type:		Garden
Cut-off Date Principal Balance:		$88,000,000			Location:		Woodbridge, VA
% of Initial Pool Balance:		8.8%			Size:		732 Units
Loan Purpose:		Acquisition			Cut-off Date Principal Balance Per Unit:		$120,219
Borrower Names⁽¹⁾:		Various			Year Built/Renovated:		1987/2015
Sponsor:		Ralph S. Dweck			Title Vesting:		Fee
Mortgage Rate:		5.247%			Property Manager:		Gates, Hudson & Associates, Inc.
Note Date:		November 17, 2015			3^rdMost Recent Occupancy (As of)⁽⁴⁾:		NAV
Anticipated Repayment Date:		NAP			2^ndMost Recent Occupancy (As of):		93.8% (12/31/2013)
Maturity Date:		December 6, 2020			Most Recent Occupancy (As of):		93.4% (12/31/2014)
IO Period:		60 months			Current Occupancy (As of):		93.2% (11/2/2015)
Loan Term (Original):		60 Months
Seasoning:		0 months			Underwriting and Financial Information:
Amortization Term (Original):		NAP
Loan Amortization Type:		Interest-only, Balloon			3^rdMost Recent NOI (As of):	$6,809,589 (12/31/2013)
Interest Accrual Method:		Actual/360			2^ndMost Recent NOI (As of):	$6,976,764 (12/31/2014)
Call Protection:		L(24),D(33),O(3)			Most Recent NOI (As of):	$7,190,256 (TTM 9/30/2015)
Lockbox Type:		Soft/Upfront Cash Management
Additional Debt⁽²⁾:		Yes			U/W Revenues:	$11,497,238
Additional Debt Type⁽²⁾:		Mezzanine			U/W Expenses:	$4,381,484
					U/W NOI:	$7,115,754
					U/W NCF:	$6,932,754
					U/W NOI DSCR:	1.52x
Escrows and Reserves⁽³⁾:					U/W NCF DSCR⁽²⁾:	1.48x
					U/W NOI Debt Yield:	8.1%
Type:	Initial		Monthly	Cap (If Any)	U/W NCF Debt Yield⁽²⁾:	7.9%
Taxes	$217,610		$108,805	NAP	As-Is Appraised Value:	$142,000,000
Insurance	$42,938		$14,313	NAP	As-Is Appraisal Valuation Date:	October 8, 2015
Replacement Reserves	$0		$15,250	NAP	Cut-off Date LTV Ratio⁽²⁾:	62.0%
Deferred Maintenance	$37,500		$0	NAP	LTV Ratio at Maturity or ARD:	62.0%

Sources				Uses
Original loan amount	$88,000,000	62.6	%	Purchase price	$138,500,000	98.6	%
Mezzanine loan	20,200,000	14.4		Closing costs	1,722,299	1.2
Sponsor’s new cash contribution	32,320,346	23.0		Reserves	298,047	0.2
Total Sources	$140,520,346	100.0	%	Total Uses	$140,520,346	100.0	%

Unit Type	No. of Units	% of Total Units	Average Unit Size (SF)	Average Monthly Rent per Unit
1 Bedroom / 1 Bath	244	33.3%	697	$1,165
1 Bedroom / 1 Bath + Den	48	6.6%	797	$1,246
2 Bedroom / 1 Bath	112	15.3%	854	$1,289
2 Bedroom / 2 Bath	328	44.8%	978	$1,407
Total/Weighted Average	732	100.0%	853	$1,298

12/31/2012⁽¹⁾		12/31/2013⁽²⁾		12/31/2014⁽²⁾		11/2/2015⁽²⁾
NAV		93.8%		93.4%		93.2%

	2013	2014	TTM 9/30/2015	U/W	% of U/W Effective Gross Income	U/W $ per Unit
Base Rent	$11,080,404	$11,244,434	$11,296,625	$10,518,267	91.5%	$14,369
Grossed Up Vacant Space	0	0	0	778,358	6.8	1,063
Concessions	0	0	0	0	0.0	0
Other Income	802,104	930,015	979,604	979,604	8.5	1,338
Less Vacancy & Credit Loss	(931,640)	(831,849)	(778,991)	(778,991)⁽¹⁾	(6.8)	(1,064)
Effective Gross Income	$10,950,868	$11,342,600	$11,497,238	$11,497,238	100.0%	$15,707

Total Operating Expenses	$4,141,279	$4,365,836	$4,306,982	$4,381,484	38.1%	$5,986

Net Operating Income	$6,809,589	$6,976,764	$7,190,256	$7,115,754	61.9%	$9,721
Capital Expenditures	0	0	0	183,000	1.6	250
Net Cash Flow	$6,809,589	$6,976,764	$7,190,256	$6,932,754	60.3%	$9,471

NOI DSCR	1.45x	1.49x	1.53x	1.52x
NCF DSCR	1.45x	1.49x	1.53x	1.48x
NOI DY	7.7%	7.9%	8.2%	8.1%
NCF DY	7.7%	7.9%	8.2%	7.9%

	Rolling Brook Village (Subject)	Windsor at Potomac Vista	Dominion Lake Ridge	Dominion Middle Ridge	Springwoods at Lake Ridge	Misty Ridge	Windsor Park
Location	Woodbridge, VA	Woodbridge, VA	Woodbridge, VA	Woodbridge, VA	Woodbridge, VA	Woodbridge, VA	Woodbridge, VA
Distance to Subject	--	2.8 miles	2.9 miles	3.7 miles	4.0 miles	4.3 miles	4.5 miles
Property Type	Garden	Garden	Garden	Garden	Garden	Garden	Garden
Number of Units	732	408	192	280	180	409	220
Average Rent (per unit)	$1,298	$1,347	$1,379	$1,437	$1,317	$1,243	$1,330
Total Occupancy	93%	96%	97%	95%	97%	95%	96%

No. 2 – Empire Mall

Loan Information					Property Information
Mortgage Loan Seller:		Société Générale			Single Asset/Portfolio:		Single Asset
Credit Assessment (Fitch/KBRA/Moody’s):		NR/NR/NR			Property Type:		Retail
Original Principal Balance⁽¹⁾:		$75,000,000			Specific Property Type:		Regional Mall
Cut-off Date Principal Balance⁽¹⁾:		$75,000,000			Location:		Sioux Falls, SD
% of Initial Pool Balance:		7.5%			Size:		1,124,451 SF
Loan Purpose:		Refinance			Cut-off Date Principal Balance Per SF⁽¹⁾:		$168.97
Borrower Name:		Empire Mall, LLC			Year Built/Renovated:		1974/2013
Sponsor:		Simon Property Group, Inc.			Title Vesting:		Fee/Leasehold
Mortgage Rate:		4.314%			Property Manager:		Self-managed
Note Date:		November 24, 2015			3^rdMost Recent Occupancy (As of):		94.6% (12/31/2012)
Anticipated Repayment Date:		NAP			2^ndMost Recent Occupancy (As of):		98.0% (12/31/2013)
Maturity Date:		December 1, 2025			Most Recent Occupancy (As of):		97.2% (12/31/2014)
IO Period:		36 months			Current Occupancy (As of):		97.1% (10/23/2015)
Loan Term (Original):		120 months
Seasoning:		0 months			Underwriting and Financial Information:
Amortization Term (Original):		360 months
Loan Amortization Type:		Interest-only, Amortizing Balloon			3^rdMost Recent NOI (As of):	$19,090,493 (12/31/2013)
Interest Accrual Method:		Actual/360			2^ndMost Recent NOI (As of):	$20,677,771 (12/31/2014)
Call Protection:		L(24),D(89),O(7)			Most Recent NOI (As of):	$21,505,710 (TTM 9/30/2015)
Lockbox Type:		Hard/Springing Cash Management
Additional Debt⁽¹⁾:		Yes
Additional Debt Type⁽¹⁾:		Pari Passu			U/W Revenues:	$28,697,242
					U/W Expenses:	$7,478,959
					U/W NOI:	$21,218,283
					U/W NCF:	$20,386,359
Escrows and Reserves⁽²⁾:					U/W NOI DSCR⁽¹⁾:	1.88x
					U/W NCF DSCR⁽¹⁾:	1.80x
Type:	Initial		Monthly	Cap (If Any)	U/W NOI Debt Yield⁽¹⁾:	11.2%
Taxes	$0		Springing	NAP	U/W NCF Debt Yield⁽¹⁾:	10.7%
Insurance	$0		Springing	NAP	As-Is Appraised Value:	$350,000,000
Replacement Reserves	$0		Springing	NAP	As-Is Appraisal Valuation Date:	October 15, 2015
TI/LC Reserve	$75,000		Springing	NAP	Cut-off Date LTV Ratio⁽¹⁾:	54.3%
Ground Rent	$0		Springing	NAP	LTV Ratio at Maturity or ARD⁽¹⁾:	47.3%

Sources			Uses
Original whole loan amount	$190,000,000	100.0%	Loan payoff	$176,300,000	92.8%
			Reserves	75,000	0.0
			Closing costs	1,685,311	0.9
			Return of equity	11,939,689	6.3
Total Sources	$190,000,000	100.0%	Total Uses	$190,000,000	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	Sales PSF⁽³⁾	Occupancy Cost⁽³⁾	Lease Expiration Date

Anchor Tenant
Dick’s Clothing & Sport	NR/NR/NR	50,300	4.5%	$14.00	$704,200	4.3%	$158	11.4%	1/31/2024⁽⁴⁾
Sears	C/Caa3/CCC+	100,709	9.0%	$3.77	$379,691	2.3%	$132	3.3%	6/30/2018⁽⁵⁾
J.C. Penney	B-/Caa1/CCC+	134,209	11.9%	$2.66	$356,931	2.2%	$153	2.1%	4/30/2021⁽⁶⁾
Younkers	NR/NR/NR	101,151	9.0%	$2.76	$279,122	1.7%	$211	3.5%	1/31/2026⁽⁷⁾
Macy’s (Ground Lease)	BBB+/Baa2/BBB+	100,790	9.0%	$0.35	$35,000	0.2%	NAV	NAV	1/31/2019⁽⁸⁾
Total Anchor Tenants		487,159	43.3%	$3.60	$1,754,944	10.7%

Major Tenants
Hy-Vee	NR/NR/NR	89,044	7.9%	$6.41	$570,683	3.5%	NAV	NAV	12/31/2026⁽⁹⁾
Gap/Gap Kids/Baby Gap	BBB-/Baa2/BBB-	15,004	1.3%	$31.81	$477,352	2.9%	$153	26.6%	1/31/2019⁽¹⁰⁾
Richman Gordman	NR/NR/NR	60,000	5.3%	$7.03	$421,885	2.6%	$203	4.0%	1/31/2017⁽¹¹⁾
T.J. Maxx	NR/A2/A+	25,818	2.3%	$11.50	$296,907	1.8%	$438	3.0%	1/31/2022⁽⁶⁾
Old Navy	BBB-/Baa2/BBB-	16,489	1.5%	$16.94	$279,293	1.7%	$377	6.0%	2/29/2020
The District (Ground Lease)	NR/NR/NR	37,000	3.3%	$4.46	$165,000	1.0%	NAV	NAV	1/31/2024
Toys R Us/Babies R Us	NR/NR/NR	30,625	2.7%	$2.87	$87,846	0.5%	NAV	NAV	1/31/2020
Total Other Major Tenants		273,980	24.4%	$8.39	$2,298,966	14.1%

Non-Major Tenants		330,858	29.4%	$37.14	$12,289,190	75.2%

Occupied Total		1,091,997	97.1%	$14.97	$16,343,100	100.0%

Vacant Space		32,454	2.9%

Collateral Total		1,124,451	100.0%


Tenant Name	2012	2013	2014	TTM 9/30/2015	TTM 9/30/2015 Occupancy Cost
Younkers	$221	$218	$212	$211	3.5%
Dick’s Clothing & Sport	NAP	NAP	$160	$158	11.4%
Richman Gordman	$225	$215	$204	$203	4.0%
J.C. Penney	$225	$136	$144	$153	2.1%
Sears	$153	$153	$137	$132	3.3%
Aeropostale	$594	$474	$419	$382	10.1%
T.J. Maxx	$327	$417	$391	$438	3.0%
Old Navy Clothing Company	$357	$355	$366	$377	6.0%
Banana Republic	$241	$216	$205	$214	12.3%
Express / Express Men	$223	$226	$201	$205	23.1%
Rue 21	$255	$241	$262	$266	8.0%
Gap/Gap Kids/Baby Gap	$233	$217	$174	$153	26.6%
Maurices	$523	$510	$517	$564	13.6%
American Eagle Outfitters	$639	$565	$561	$639	9.3%
Charlotte Russe	$301	$288	$265	$235	23.7%
Buckle	NAP	NAP	$1,227	$1,162	7.6%
Victoria’s Secret	$782	$735	$626	$652	9.2%
Pink	NAP	$928	$772	$973	7.6%
Eddie Bauer	$234	$245	$217	$229	24.1%
Zales Jewelers	$1,142	$1,367	$1,374	$1,542	8.6%
Sephora	NAP	$536	$702	$832	6.6%
Yankee Candle	$392	$416	$402	$385	20.5%
Men’s Warehouse	$366	$405	$432	$451	3.8%
Bath & Body Works	$766	$983	$1,005	$1,007	7.6%
Champs Sports	$414	$421	$398	$397	13.6%
GameStop	$1,236	$1,227	$1,265	$1,331	8.2%
Journeys	$697	$654	$664	$630	16.5%
Gymboree	$544	$538	$456	$461	16.8%
Famous Footwear	$278	$377	$351	$387	11.2%
Foot Locker	$471	$472	$467	$396⁽⁴⁾	14.5%
Verizon Wireless	$406	$435	$667	$1,232	10.0%
Things Remembered	$1,394	$1,361	$1,323	$1,250	24.3%

Total In-Line (<10,000 square feet)	$436	$435	$423	$451	14.5%
Total In-Line Occupancy Costs	13.3%	14.0%	14.7%	14.5%

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	1	2,093	0.2%	2,093	0.2%	$24,028	$11.48
2015	2	3,860	0.3%	5,953	0.5%	$126,149	$32.68
2016	20	50,929	4.5%	56,882	5.1%	$1,786,498	$35.08
2017	16	100,880	9.0%	157,762	14.0%	$2,177,184	$21.58
2018	15	138,287	12.3%	296,049	26.3%	$1,618,732	$11.71
2019	14	144,754	12.9%	440,803	39.2%	$1,792,019	$12.38
2020	11	76,813	6.8%	517,616	46.0%	$1,443,603	$18.79
2021	9	152,721	13.6%	670,337	59.6%	$1,056,743	$6.92
2022	8	46,315	4.1%	716,652	63.7%	$1,012,761	$21.87
2023	11	32,051	2.9%	748,703	66.6%	$1,368,805	$42.71
2024	10	115,285	10.3%	863,988	76.8%	$2,058,191	$17.85
2025	4	17,256	1.5%	881,244	78.4%	$713,891	$41.37
Thereafter	6	210,753	18.7%	1,091,997	97.1%	$1,164,497	$5.53
Vacant	0	32,454	2.9%	1,124,451	100.0%	$0	$0.00
Total/Weighted Average	127	1,124,451	100.0%			$16,343,100	$14.97

12/31/2012⁽¹⁾⁽²⁾	12/31/2013⁽¹⁾⁽²⁾	12/31/2014⁽¹⁾⁽²⁾	10/23/2015⁽²⁾⁽³⁾

94.6%	98.0%	97.2%	97.1%

	2013	2014	TTM 9/30/2015	U/W	% of U/W Effective Gross Income	U/W $ per SF
Base Rent	$14,567,944	$16,007,670	$16,236,415	$16,343,100⁽¹⁾	57.0%	$14.53
Grossed Up Vacant Space	0	0	0	1,659,860	5.8	1.48
Percentage Rent	465,506	366,503	639,664	809,257	2.8	0.72
Total Reimbursables	9,002,626	9,523,412	9,382,685	9,614,895	33.5	8.55
Other Income	1,864,173	1,816,492	1,962,852	1,962,852	6.8	1.75
Less Vacancy & Credit Loss	28,986	(60,879)	64,125	(1,692,721)⁽²⁾	(5.9)	(1.51)
Effective Gross Income	$25,929,235	$27,653,198	$28,285,741	$28,697,242	100%	$25.52

Total Operating Expenses	$6,838,742	$6,975,427	$6,780,031	$7,478,959	26.1%	$6.65

Net Operating Income	$19,090,493	$20,677,771	$21,505,710	$21,218,283	73.9%	$18.87
TI/LC	0	0	0	589,189	2.1	0.52
Capital Expenditures	0	0	0	242,735	0.8	0.22
Net Cash Flow	$19,090,493	$20,677,771	$21,505,710	$20,386,359	71.0%	$18.13

NOI DSCR⁽³⁾	1.69x	1.83x	1.90x	1.88x
NCF DSCR⁽³⁾	1.69x	1.83x	1.90x	1.80x
NOI DY⁽³⁾	10.0%	10.9%	11.3%	11.2%
NCF DY⁽³⁾	10.0%	10.9%	11.3%	10.7%