AUGUST 5, 2005 JPMCC 2005-LDP3 STRUCTURAL AND COLLATERAL TERM SHEET -------------------------- $1,578,460,000 (Approximate) J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-LDP3 -------------------------- JPMORGAN CHASE BANK, N.A. LASALLE BANK NATIONAL ASSOCIATION NOMURA CREDIT & CAPITAL, INC. Mortgage Loan Sellers JPMORGAN ABN AMRO INCORPORATED NOMURA CREDIT SUISSE FIRST BOSTON The analysis in this report is based on information provided by JPMorgan Chase Bank, N.A., LaSalle Bank National Association, and Nomura Credit & Capital, Inc. (the "Sellers"). The information contained herein is qualified in its entirety by the information in the prospectus and prospectus supplement for this transaction. The information contained herein supersedes any previous such information delivered to you. These materials are subject to change, completion or amendment from time to time. Any investment decision with respect to the securities should be made by you based solely upon the information contained in the final prospectus and prospectus supplement relating to the securities. 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. The attached information contains certain tables and other statistical analyses (the "Computational Materials") which have been prepared in reliance upon information furnished by the issuer and the 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' appropriateness 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. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. 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 J.P. Morgan Securities Inc., ABN AMRO Incorporated, Nomura Securities International, Inc. and Credit Suisse First Boston LLC (the "Underwriters") or any of their affiliates makes 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. THIS INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER OF THE SECURITIES OR ANY OF ITS AFFILIATES. THE UNDERWRITERS ARE NOT ACTING AS AGENT FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 <TABLE> - --------------------------------------------------------------------------------------------------------------- KEY FEATURES - --------------------------------------------------------------------------------------------------------------- CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Joint Bookrunner) Nomura Securities International, Inc. (Joint Bookrunner) ABN AMRO Incorporated CO-MANAGERS: Credit Suisse First Boston LLC MORTGAGE LOAN SELLERS: JPMorgan Chase Bank, N.A. (38.3%) LaSalle Bank National Association (33.4%) Nomura Credit & Capital, Inc. (28.3%) MASTER SERVICER: GMAC Commercial Mortgage Corporation SPECIAL SERVICER: CWCapital Asset Management LLC TRUSTEE: Wells Fargo Bank, N.A. FISCAL AGENT: LaSalle Bank National Association RATING AGENCIES: Moody's Investors Service, Inc. Standard & Poor's PAYING DATE: On or about August 17, 2005 CLOSING DATE: On or about August 24, 2005 CUT-OFF DATE: With respect to each mortgage loan, the related due date of such mortgage loan in August 2005, or with respect to those loans which have their first payment date in either September or October 2005, the origination date. DISTRIBUTION DATE: 15th of each month, or if the 15th day is not a business day, on the next succeeding business day, beginning in September 2005 PAYMENT DELAY: 15 days and with respect to the Class A-4FL Certificates, none TAX STATUS: REMIC ERISA CONSIDERATION: It is expected that the Offered Certificates will be ERISA eligible OPTIONAL TERMINATION: 1.0% (Clean-up Call) MINIMUM DENOMINATIONS: $10,000 ($1,000,000 in the case of Class X-2) SETTLEMENT TERMS: DTC, Euroclear and Clearstream Banking </TABLE> <TABLE> - --------------------------------------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS - --------------------------------------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2 - -------------------------- -------------- ------------ ------------- INITIAL POOL BALANCE (IPB): $2,076,723,076 $1,742,002,009 $334,721,068 NUMBER OF MORTGAGE LOANS: 240 170 70 NUMBER OF MORTGAGED PROPERTIES: 253 183 70 AVERAGE CUT-OFF DATE BALANCE PER MORTGAGE LOAN: $8,653,013 $10,247,071 $4,781,730 AVERAGE CUT-OFF DATE BALANCE PER PROPERTY: $8,208,392 $9,519,137 $4,781,730 WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.16892% 5.16582% 5.18501% WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR:(1) 1.63x 1.68x 1.39x WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV):(1) 69.6% 68.7% 74.0% WEIGHTED AVERAGE MATURITY DATE LTV(1),(2): 62.0% 61.6% 64.3% WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS)(3): 106 105 113 WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(4): 354 353 357 WEIGHTED AVERAGE SEASONING (MONTHS): 1 1 1 10 LARGEST MORTGAGE LOANS AS % OF IPB: 33.1% 39.7% 40.9% % OF MORTGAGE LOANS WITH ADDITIONAL DEBT: 7.2% 8.5% 0.0% % OF MORTGAGE LOANS WITH SINGLE TENANTS: 10.5% 12.5% 0.0% </TABLE> - ---------- (1) Includes the principal balance and debt service payments of the Universal Hotel Portfolio Pari Passu Companion Notes, but excludes the principal balance and debt service payments relating to any subordinate companion notes. (2) Excludes the fully amortizing mortgage loans. (3) Calculated with respect to the respective Anticipated Repayment Date for the ARD Loans. (4) Excludes mortgage loans that are interest only for the entire term. 2 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 <TABLE> - ---------------------------------------------------------------------------------------------------------------------- APPROXIMATE SECURITIES STRUCTURE - ---------------------------------------------------------------------------------------------------------------------- PUBLICLY OFFERED CLASSES - ------------------------ EXPECTED RATINGS APPROXIMATE FACE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S/S&P) AMOUNT(1) (% OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3) A-1 Aaa/AAA $64,767,000 20.000% 2.68 09/05 - 05/10 A-2 Aaa/AAA $242,543,000 20.000% 4.89 06/10 - 08/10 A-3 Aaa/AAA $269,597,000 20.000% 7.05 06/12 - 05/13 A-4A Aaa/AAA $567,891,000 30.000% 9.84 02/15 - 07/15 A-4B Aaa/AAA $56,128,000 20.000% 9.89 07/15 - 07/15 A-4FL Aaa/AAA $25,000,000 20.000% 9.89 07/15 - 07/15 A-SB Aaa/AAA $100,731,000 20.000% 7.09 05/10 - 02/15 A-J Aaa/AAA $155,754,000 12.500% 9.98 08/15 - 08/15 X-2 Aaa/AAA $2,030,476,000 N/A 5.35 09/05 - 08/12 B Aa2/AA $38,939,000 10.625% 9.98 08/15 - 08/15 C Aa3/AA- $18,171,000 9.750% 9.98 08/15 - 08/15 D A2/A $38,939,000 7.875% 9.98 08/15 - 08/15 - ---------------------------------------------------------------------------------------------------------------------- </TABLE> PRIVATELY OFFERED CLASSES - ------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------------------------- EXPECTED RATINGS APPROXIMATE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S/S&P) FACE AMOUNT(1) (% OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3) - ---------------------------------------------------------------------------------------------------------------------- X-1 Aaa/AAA $2,076,723,076 N/A N/A N/A A-1A Aaa/AAA $334,721,000 20.000% N/A N/A E A3/A- $18,171,000 7.000% N/A N/A F Baa1/BBB+ $28,555,000 5.625% N/A N/A G Baa2/BBB $20,767,000 4.625% N/A N/A H Baa3/BBB- $25,959,000 3.375% N/A N/A J Ba1/BB+ $10,384,000 2.875% N/A N/A K Ba2/BB $10,383,000 2.375% N/A N/A L Ba3/BB- $7,788,000 2.000% N/A N/A M B1/B+ $2,596,000 1.875% N/A N/A N B2/B $7,788,000 1.500% N/A N/A O B3/B- $5,192,000 1.250% N/A N/A NR NR/NR $25,959,076 N/A N/A N/A - ---------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Approximate, subject to a permitted variance of plus or minus 10%. (2) The credit support percentages set forth for Class A-1, Class A-2, Class A-3, Class A-4A, Class A-4B, Class A-4FL, Class A-SB and Class A-1A certificates are represented in the aggregate. Additionally, the credit support percentages set forth for Class A-4A certificates reflect the credit support provided by the Class A-4B and Class A-4FL certificates. (3) The weighted average life and period during which distributions of principal would be received with respect to each class of certificates is based on the assumptions set forth under "Yield and Maturity Considerations--Weighted Average Life" in the prospectus supplement, and the assumptions that (a) there are no prepayments or losses on the mortgage loans, (b) each mortgage loan pays off on its scheduled maturity date or anticipated repayment date and (c) no excess interest is generated on the mortgage loans. 3 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- STRUCTURAL OVERVIEW - -------------------------------------------------------------------------------- o For the purposes of making distributions to the Class A-1, A-2, A-3, A-4A, A-4B, A-SB and A-1A Certificates and the A-4FL Regular Interest, the pool of mortgage loans will be deemed to consist of two loan groups ("Loan Group 1" and "Loan Group 2"). Generally, interest and principal distributions on the Class A-1, A-2, A-3, A-4A, A-4B and A-SB Certificates and the A-4FL Regular Interest will be based on amounts available relating to Loan Group 1 and interest and principal distributions on the Class A-1A Certificates will be based on amounts available relating to Loan Group 2. o Interest payments will be made concurrently to the Class A-1, A-2, A-3, A-4A, A-4B, A-SB and A-1A Certificates and the A-4FL Regular Interest (pro rata to the Class A-1, A-2, A-3, A-4A, A-4B and A-SB Certificates and the A-4FL Regular Interest (and the fixed interest payment on the Class A-4FL Regular Interest will be converted under a swap contract to a floating interest payment to the Class A-4FL Certificates as described in the prospectus supplement), from Loan Group 1, and to the Class A-1A Certificates from Loan Group 2, the foregoing classes, collectively, the "Class A Certificates"), Class X-1 and X-2 Certificates and then, after payment of the principal distribution amount to such Classes (other than the Class X-1 and X-2 Certificates), interest will be paid sequentially to the Class A-J, B, C, D, E, F, G, H, J, K, L, M, N, O and NR Certificates. Interest amounts allocable to the Class A-4A and Class A-4B Certificates and the Class A-4FL Regular Interest will be distributed (i) first to the Class A-4A Certificates, in the amount of its interest entitlement, and (ii) then to interest on the Class A-4B Certificates and the Class A-4FL Regular Interest, pro rata, in the amount of their respective interest entitlements. o The pass-through rates on the Class A-1, Class A-2, Class A-3, Class A-4A, Class A-4B, A-SB, Class A-1A, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class NR Certificates and the Class A-4FL Regular Interest will equal one of (i) a fixed rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) a rate equal to the lesser of a specified fixed pass-through rate and the rate described in clause (ii) above and (iv) the rate described in clause (ii) above less a specified percentage. In the aggregate, the Class X-1 and Class X-2 Certificates will receive the net interest on the mortgage loans in excess of the interest paid on the other Certificates. o The pass-through rate on the Class A-4FL Certificates will be based on LIBOR plus a specified percentage; provided, that interest payments made under the swap contract are subject to reduction as described in the prospectus supplement. The initial LIBOR rate will be determined 2 LIBOR business days prior to the Closing Date and subsequent LIBOR rates will be determined 2 LIBOR business days before the start of the Class A-4FL accrual period. Under certain circumstances described in the prospectus supplement, the pass-through rate for the Class A-4FL Certificates may convert to a fixed rate, subject to a cap at the weighted average of the net mortgage rates on the mortgage loans. See "Description of the Swap Contract--The Swap Contract" in the prospectus supplement. There may be special requirements under ERISA for purchasing the Class A-4FL Certificates. See "Certain ERISA Considerations" in the prospectus supplement. o All Classes, except for the Class A-4FL Certificates, will accrue interest on a 30/360 basis. The Class A-4FL Certificates will accrue interest on an actual/360 basis; provided that if the pass-through rate for the Class A-4FL Certificates converts to a fixed rate (subject to a cap at the weighted average of the net mortgage rates on the mortgage loans), interest will accrue on a 30/360 basis. o Generally, the Class A-1, A-2, A-3, A-4A, A-4B and A-SB Certificates and the Class A-4FL Regular Interest will be entitled to receive distributions of principal collected or advanced only in respect of mortgage loans in Loan Group 1 until the certificate balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will be entitled to receive distributions of principal collected or advanced only in respect of mortgage loans in Loan Group 2 until the certificate balance of the Class A-4B and Class A-SB Certificates and the Class A-4FL Regular Interest have been reduced to zero. However, on any distribution date on which the certificate balances of the Class A-J Certificates through Class NR Certificates have been reduced to zero, distributions of principal collected or advanced in respect of the mortgage loans will be distributed (without regard to loan group) to the Class A-1, A-2, A-3, A-4A, A-4B, A-SB and A-1A Certificates and the Class A-4FL Regular Interest on a pro rata basis; provided that amounts allocable to the Class A-4A and A-4B Certificates and the Class A-4FL Regular Interest will be distributed (i) first, to the Class A-4A Certificates, in the amount of its entitlement, and (ii) then, pro rata, to the Class A-4B Certificates and the Class A-4FL Regular Interest, in the amount of their respective entitlements. Principal will generally be distributed on each Distribution Date to the Class of Certificates outstanding with the earliest alphabetical and numerical class designation until its certificate balance is reduced to zero (except that the distributions with respect to the Class A-4B Certificates and Class A-4FL Regular Interest will be made pro rata and except that the Class A-SB Certificates are entitled to certain priority with respect to their certificate balance being paid down to their planned principal balance as described in the prospectus supplement). After the certificate balances of the Class A-1, A-2, A-3, A-4A, A-4B, A-SB and A-1A Certificates and the Class A-4FL Regular Interest have been reduced to zero, principal payments will be paid sequentially to the Class A-J, B, C, D, E, F, G, H, J, K, L, M, N, O and NR Certificates, until the certificate balance for each such Class has been reduced to zero. The Class X-1 and Class X-2 Certificates do not have a certificate balance and therefore are not entitled to any principal distributions. - -------------------------------------------------------------------------------- 4 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 o Losses will be borne by the Classes (other than the Class X-1 and X-2 Certificates) in reverse sequential order, from the Class NR Certificates up to the Class A-J Certificates, and then, pro rata, to the Class A-1, Class A-2, Class A-3, Class A-4A, Class A-4B, Class A-SB and Class A-1A Certificates and the Class A-4FL Regular Interest (without regard to loan group); provided that losses allocable to the Class A-4A, Class A-4B Certificates and the Class A-4FL Regular Interest will be allocated (i) first, pro rata, to the Class A-4B Certificates and the Class A-4FL Regular Interest, and (ii) then to the Class A-4A Certificates. o Yield Maintenance Charges calculated by reference to a U.S. Treasury rate or amounts that are calculated as the greater of a fixed percentage or by reference to a U.S. Treasury rate, to the extent received, will be allocated first to the offered certificates (other than the Class A-4FL Certificates and the Class X-2 Certificates), the Class A-4FL Regular Interest and the Class A-1A, E, F, G and H Certificates in the following manner: the holders of each class of offered certificates (other than the Class A-4FL Certificates and the Class X-2 Certificates), the Class A-4FL Regular Interest and the Class A-1A, E, F, G and H Certificates will receive, (with respect to the related Loan Group, if applicable in the case of the Class A-1, A-2, A-3, A-4A, A-4B, A-SB and A-1A Certificates and the Class A-4FL Regular Interest) on each Distribution Date, an amount of Yield Maintenance Charges determined in accordance with the formula specified below (with any remaining amount payable to the Class X-1 Certificates). Any Yield Maintenance Charges payable to the Class A-4FL Regular Interest will be paid to the Swap Counterparty. <TABLE> Group Principal Paid to Class (Pass-Through Rate on Class -- Discount Rate) YM x ----------------------------- x --------------------------------------------- Charge Group Total Principal Paid (Mortgage Rate on Loan -- Discount Rate) </TABLE> o Any prepayment penalties based on a percentage of the amount being prepaid will be distributed to the Class X-1 Certificates. o The transaction will provide for a collateral value adjustment feature (an appraisal reduction amount calculation) for problem or delinquent mortgage loans. Under certain circumstances, the Special Servicer will be required to obtain a new appraisal and to the extent any such appraisal results in a downward adjustment of the collateral value, the interest portion of any P&I Advance will be reduced in proportion to such adjustment. 5 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------- CUT-OFF DATE PRINCIPAL BALANCE - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW PRINCIPAL BALANCES OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------- $998,117 - $2,999,999 89 $184,805,681 8.9% 71.2% 1.39x $3,000,000 - $3,999,999 38 132,134,432 6.4 72.6% 1.39x $4,000,000 - $4,999,999 17 75,475,584 3.6 71.9% 1.51x $5,000,000 - $6,999,999 31 188,385,221 9.1 71.2% 1.57x $7,000,000 - $9,999,999 19 162,358,456 7.8 69.4% 1.61x $10,000,000 - $14,999,999 18 223,621,547 10.8 70.7% 1.52x $15,000,000 - $24,999,999 11 207,457,342 10.0 69.0% 1.83x $25,000,000 - $49,999,999 12 419,815,690 20.2 74.1% 1.44x $50,000,000 - $149,999,999 4 307,858,541 14.8 58.1% 2.33x $150,000,000 - $174,810,583 1 174,810,583 8.4 71.4% 1.34x - ------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 240 $2,076,723,076 100.0% 69.6% 1.63x - ------------------------------------------------------------------------------------------- AVERAGE BALANCE PER LOAN: $8,653,013 AVERAGE BALANCE PER PROPERTY: $8,208,392 - ------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ------------------------------------------------------------------------------------------- MORTGAGE INTEREST RATES - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- RANGE OF MORTGAGE NUMBER PRINCIPAL % OF WA WA UW INTEREST RATES OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------- 4.4500% - 4.9999% 21 $ 575,612,434 27.7% 59.9% 2.22x 5.0000% - 5.4999% 157 1,239,653,891 59.7 73.2% 1.41x 5.5000% - 5.9999% 58 243,172,424 11.7 74.5% 1.36x 6.0000% - 6.3250% 4 18,284,326 0.9 66.6% 1.51x - ------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 240 $2,076,723,076 100.0% 69.6% 1.63x - ------------------------------------------------------------------------------------------- WA INTEREST RATE: 5.1682% - ------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ------------------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY/ARD IN MONTHS - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------- 60 20 $269,685,612 13.0% 61.9% 2.24x 61 - 84 4 248,119,124 11.9 72.9% 1.32x 85 - 120 213 1,552,925,621 74.8 70.4% 1.58x 121 - 180 2 3,221,254 0.2 65.5% 1.33x 181 - 204 1 2,771,465 0.1 57.5% 1.36x - ------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 240 $2,076,723,076 100.0% 69.6% 1.63x - ------------------------------------------------------------------------------------------- WA ORIGINAL LOAN TERM: 107 - ------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ------------------------------------------------------------------------------------------- GEOGRAPHIC DISTRIBUTION - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- NUMBER PRINCIPAL % OF WA WA UW GEOGRAPHIC LOCATION OF PROPERTIES BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------- CALIFORNIA 61 $447,792,814 21.6% 68.0% 1.72x Southern 53 358,942,358 80.2 68.6% 1.68x Northern 8 88,850,455 19.8 65.5% 1.89x TEXAS 22 231,213,465 11.1 72.1% 1.49x CONNECTICUT 7 211,788,037 10.2 71.8% 1.36x FLORIDA 18 195,083,764 9.4 62.7% 2.60x MICHIGAN 10 157,188,217 7.6 77.5% 1.29x NEW YORK 10 119,708,086 5.8 71.7% 1.46x OTHER 125 713,948,693 0.3 68.9% 1.54x - ------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 253 $2,076,723,076 100.0% 69.6% 1.63x - ------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------- UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------- 1.20X - 1.29X 78 $608,131,608 29.3% 76.3% 1.25x 1.30X - 1.39X 49 455,483,885 21.9 74.0% 1.33x 1.40X - 1.49X 52 363,245,762 17.5 73.2% 1.45x 1.50X - 1.69X 35 207,327,696 10.0 69.4% 1.57x 1.70X - 1.99X 9 179,596,873 8.6 54.5% 1.89x 2.00X - 2.99X 12 125,260,047 6.0 57.0% 2.39x 3.00X - 5.64X 5 137,677,206 6.6 46.8% 3.84x - ------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 240 $2,076,723,076 100.0% 69.6% 1.63x - ------------------------------------------------------------------------------------------------- WA UW DSCR: 1.63X - ------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------ REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------ 57 - 60 20 $269,685,612 13.0% 61.9% 2.24x 61 - 84 4 248,119,124 11.9 72.9% 1.32x 85 - 120 213 1,552,925,621 74.8 70.4% 1.58x 121 - 180 2 3,221,254 0.2 65.5% 1.33x 181 - 203 1 2,771,465 0.1 57.5% 1.36x - ------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: 240 $2,076,723,076 100.0% 69.6% 1.63x - ------------------------------------------------------------------------------------------------ WA REMAINING TERM: 106 - ------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------------------- PROPERTY TYPE DISTRIBUTION - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- NUMBER OF PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------------------- OFFICE Suburban 42 $441,907,043 21.3% 71.3% 1.51x CBD 11 249,000,108 12.0 68.6% 1.60x Subtotal 53 $690,907,151 33.3% 70.3% 1.54x - -------------------------------------------------------------------------------------------------------------- RETAIL Anchored 33 $501,317,212 24.1% 70.9% 1.48x Unanchored 25 83,183,132 4.0 70.6% 1.41x Shadow Anchored 16 64,301,640 3.1 74.5% 1.36x Subtotal 74 $648,801,984 31.2% 71.2% 1.46x - -------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 63 $338,199,920 16.3% 76.2% 1.32x Mid/High Rise 3 14,400,000 0.7 64.2% 1.44x Subtotal 66 $352,599,920 17.0% 75.7% 1.33x - -------------------------------------------------------------------------------------------------------------- HOTEL Full Service 5 $188,990,255 9.1% 50.2% 2.87x - -------------------------------------------------------------------------------------------------------------- SELF STORAGE Self Storage 30 $78,913,199 3.8% 65.0% 2.32x - -------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING Manufactured Housing 11 $66,462,663 3.2% 71.2% 1.69x - -------------------------------------------------------------------------------------------------------------- INDUSTRIAL Warehouse 6 $26,434,304 1.3% 70.0% 1.51x Flex 8 23,613,600 1.1 76.4% 1.37x Subtotal 14 $50,047,904 2.4% 73.0% 1.44x - -------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 253 $2,076,723,076 100.0% 69.6% 1.63x - -------------------------------------------------------------------------------------------------------------- </TABLE> 6 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------- ORIGINAL AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------------------------- RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 120 - 240 5 $ 10,242,203 0.6% 62.4% 1.37x 241 - 300 20 138,119,420 8.4 57.2% 1.68x 301 - 330 1 6,200,000 0.4 80.3% 1.31x 331 - 360 190 1,483,811,406 90.6 73.6% 1.38x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 216 $1,638,373,029 100.0% 72.1% 1.40x - -------------------------------------------------------------------------------------------------- WA ORIGINAL AMORT TERM: 354 - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- LTV RATIOS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 22.4% - 50.0% 9 $ 126,423,460 6.1% 43.2% 2.63x 50.1% - 60.0% 26 344,334,282 16.6 56.0% 2.51x 60.1% - 65.0% 16 64,221,362 3.1 63.0% 1.66x 65.1% - 70.0% 34 235,610,959 11.3 67.9% 1.43x 70.1% - 75.0% 41 468,719,088 22.6 72.4% 1.34x 75.1% - 80.0% 110 813,603,925 39.2 78.5% 1.34x 80.1% - 80.3% 4 23,810,000 1.1 80.2% 1.29x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 240 $2,076,723,076 100.0% 69.6% 1.63x - -------------------------------------------------------------------------------------------------- WA CUT-OFF DATE LTV RATIO: 69.6% - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- AMORTIZATION TYPES - -------------------------------------------------------------------------------------------------- NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- BALLOON LOANS BALLOON(2) 143 $ 818,974,088 39.4% 72.1% 1.40x PARTIAL INTEREST-ONLY(3) 71 816,727,687 39.3 72.3% 1.40x INTEREST-ONLY 24 438,350,047 21.1 60.0% 2.49x SUBTOTAL 238 $ 2,074,051,823 99.9% 69.6% 1.63x - -------------------------------------------------------------------------------------------------- FULLY AMORTIZING 2 $ 2,671,254 0.1% 45.2% 1.58x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 240 $ 2,076,723,076 100.0% 69.6% 1.63x - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- PARTIAL INTEREST-ONLY PERIODS - -------------------------------------------------------------------------------------------------- RANGE OF PARTIAL NUMBER PRINCIPAL % OF WA WA UW INTEREST-ONLY PERIODS OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 12 9 $146,382,404 17.5% 70.5% 1.46x 13 - 24 27 140,015,000 16.8 77.4% 1.37x 25 - 36 18 218,703,000 26.8 73.7% 1.34x 37 - 48 1 6,750,000 0.8 78.0% 1.21x 49 - 60 16 309,757,283 37.9 69.5% 1.44x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 71 $816,727,687 100.0% 72.3% 1.40x - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- REMAINING AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------------------------- RANGE OF REMAINING NUMBER PRINCIPAL WA WA UW AMORTIZATION TERM OF LOANS BALANCE % OF IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 120 -- 240 5 $ 10,242,203 0.6% 62.4% 1.37x 241 -- 300 20 138,119,420 8.4 57.2% 1.68x 301 -- 330 1 6,200,000 0.4 80.3% 1.31x 331 -- 360 190 1,483,811,406 90.6 73.6% 1.38x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 216 $1,638,373,029 100.0% 72.1% 1.40x - -------------------------------------------------------------------------------------------------- WA REMAINING AMORT TERM: 353 - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- LTV RATIOS AS OF THE MATURITY/ARD DATE(4) - -------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW MATURITY LTV OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 18.4% - 30.0% 4 $ 34,148,671 1.6% 32.0% 4.40x 30.1% - 50.0% 20 151,257,564 7.3 52.2% 1.81x 50.1% - 60.0% 69 539,351,002 26.0 61.6% 2.10x 60.1% - 70.0% 123 1,046,091,420 50.4 74.6% 1.36x 70.1% - 80.0% 22 303,293,565 14.6 79.4% 1.34x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 238 $2,074,051,823 100.0% 69.6% 1.63x - -------------------------------------------------------------------------------------------------- WA LTV RATIO AT MATURITY/ARD DATE: 62.0% - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- YEAR BUILT/RENOVATED(5) - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 1954 -- 1959 2 $ 5,525,000 0.3% 73.9% 1.27x 1960 -- 1969 4 16,256,983 0.8 54.8% 2.26x 1970 -- 1979 18 96,596,716 4.7 75.7% 1.32x 1980 -- 1989 42 292,449,595 14.1 69.0% 1.68x 1990 -- 1999 59 419,356,079 20.2 70.8% 1.74x 2000 -- 2005 128 1,246,538,703 60.0 69.0% 1.60x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 253 $2,076,723,076 100.0% 69.6% 1.63x - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- PREPAYMENT PROTECTION - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- DEFEASANCE 217 $1,871,674,458 90.1% 70.9% 1.55x YIELD MAINTENANCE 23 205,048,618 9.9 57.2% 2.34x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 240 $2,076,723,076 100.0% 69.6% 1.63x - -------------------------------------------------------------------------------------------------- </TABLE> (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans that pay interest-only for a portion of their term. (3) Includes 2 partial interest-only ARD loans representing approximately 2.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (4) Excludes the fully amortizing mortgage loans. (5) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. 7 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 1 - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------- CUT-OFF DATE PRINCIPAL BALANCE - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL WA WA UW PRINCIPAL BALANCES OF LOANS BALANCE % OF IPB LTV DSCR - -------------------------------------------------------------------------------------------------- $1,060,000 - $2,999,999 57 $ 122,857,820 7.1% 69.6% 1.44x $3,000,000 - $3,999,999 28 97,167,092 5.6 72.3% 1.45x $4,000,000 - $4,999,999 12 53,796,248 3.1 73.4% 1.49x $5,000,000 - $6,999,999 17 102,437,704 5.9 69.8% 1.62x $7,000,000 - $9,999,999 16 137,608,456 7.9 68.4% 1.66x $10,000,000 - $14,999,999 16 201,121,547 11.5 69.9% 1.54x $15,000,000 - $24,999,999 8 154,128,327 8.8 66.2% 1.98x $25,000,000 - $49,999,999 11 390,215,690 22.4 74.2% 1.45x $50,000,000 - $149,999,999 4 307,858,541 17.7 58.1% 2.33x $150,000,000 - $174,810,583 1 174,810,583 10.0 71.4% 1.34x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $1,742,002,009 100.0% 68.7% 1.68x - -------------------------------------------------------------------------------------------------- AVERAGE BALANCE PER LOAN: 10,247,071 AVERAGE BALANCE PER PROPERTY: $ 9,519,137 - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- RANGE OF MORTGAGE INTEREST RATES - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- RANGE OF MORTGAGE NUMBER PRINCIPAL % OF WA WA UW INTEREST RATES OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 4.4500% - 4.9999% 15 $ 527,589,636 30.3% 58.3% 2.29x 5.0000% - 5.4999% 104 987,840,782 56.7 73.0% 1.42x 5.5000% - 5.9999% 48 214,122,830 12.3 74.9% 1.36x 6.0000% - 6.2900% 3 12,448,761 0.7 61.4% 1.53x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $1,742,002,009 100.0% 68.7% 1.68x - -------------------------------------------------------------------------------------------------- WA INTEREST RATE: 5.1658% - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY/ARD IN MONTHS - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 60 18 $ 242,650,047 13.9% 60.1% 2.31x 61 -- 84 2 239,669,124 13.8 73.0% 1.33x 85 - 120 147 1,253,690,119 72.0 69.6% 1.62x 121 - 180 2 3,221,254 0.2 65.5% 1.33x 181 - 204 1 2,771,465 0.2 57.5% 1.36x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $1,742,002,009 100.0% 68.7% 1.68x - -------------------------------------------------------------------------------------------------- WA ORIGINAL LOAN TERM: 106 - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- GEOGRAPHIC DISTRIBUTION - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- NUMBER PRINCIPAL % OF WA WA UW GEOGRAPHIC LOCATION OF PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- CALIFORNIA 33 $ 340,520,733 19.5% 66.2% 1.87x SOUTHERN 27 259,307,277 14.9 66.2% 1.85x NORTHERN 6 81,213,455 4.7 66.2% 1.93x CONNECTICUT 6 205,788,037 11.8 71.5% 1.36x TEXAS 17 196,314,035 11.3 71.3% 1.49x FLORIDA 16 185,944,493 10.7 62.6% 2.64x MICHIGAN 8 145,848,217 8.4 77.6% 1.29x NEW YORK 9 116,853,086 6.7 71.5% 1.46x OTHER 94 550,733,408 31.6 67.4% 1.57x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 183 $1,742,002,009 100.0% 68.7% 1.68x - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 1.20X - 1.29X 36 $ 418,747,672 24.0% 76.9% 1.26x 1.30X - 1.39X 37 401,614,755 23.1 73.8% 1.34x 1.40X - 1.49X 48 342,057,708 19.6 72.9% 1.45x 1.50X - 1.69X 26 153,677,496 8.8 67.8% 1.56x 1.70X - 1.99X 7 168,704,074 9.7 53.6% 1.90x 2.00X - 2.99X 12 125,260,047 7.2 57.0% 2.39x 3.00X - 5.64X 4 131,940,255 7.6 47.8% 3.83x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $1,742,002,009 100.0% 68.7% 1.68x - -------------------------------------------------------------------------------------------------- WA UW DSCR: 1.68X - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------- REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS - -------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------- 58 - 60 18 $ 242,650,047 13.9% 60.1% 2.31x 61 - 84 2 239,669,124 13.8 73.0% 1.33x 85 - 120 147 1,253,690,119 72.0 69.6% 1.62x 121 - 180 2 3,221,254 0.2 65.5% 1.33x 181 - 203 1 2,771,465 0.2 57.5% 1.36x - -------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $1,742,002,009 100.0% 68.7% 1.68x - -------------------------------------------------------------------------------------------------- WA REMAINING TERM: 105 - -------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------------------------------------- PROPERTY TYPE DISTRIBUTION - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- NUMBER OF PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------------------------------------- OFFICE Suburban 42 $ 441,907,043 25.4% 71.3% 1.51x CBD 11 249,000,108 14.3 68.6% 1.60x Subtotal 53 $ 690,907,151 39.7% 70.3% 1.54x - ---------------------------------------------------------------------------------------------------------------------------------- RETAIL Anchored 33 $ 501,317,212 28.8 70.9% 1.48x Unanchored 25 83,183,132 4.8 70.6% 1.41x Shadow Anchored 16 64,301,640 3.7 74.5% 1.36x Subtotal 74 $ 648,801,984 37.2% 71.2% 1.46x - ---------------------------------------------------------------------------------------------------------------------------------- HOTEL Full Service 5 $ 188,990,255 10.8 50.2% 2.87x - ---------------------------------------------------------------------------------------------------------------------------------- SELF STORAGE Self Storage 30 $ 78,913,199 4.5 65.0% 2.32x - ---------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 3 $ 52,000,000 3.0 80.0% 1.29x - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL Warehouse 6 $ 26,434,304 1.5 70.0% 1.51x Flex 8 23,613,600 1.4 76.4% 1.37x Subtotal 14 $ 50,047,904 2.9% 73.0% 1.44x - ---------------------------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING Manufactured Housing 4 $ 32,341,516 1.9 77.3% 1.48x - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 183 $1,742,002,009 100.0% 68.7% 1.68x - ---------------------------------------------------------------------------------------------------------------------------------- </TABLE> 8 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 1 - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------- ORIGINAL AMORTIZATION TERM IN MONTHS(1) - ---------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW ORIGINAL AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 120 - 240 5 $ 10,242,203 0.8% 62.4% 1.37x 241 - 300 16 126,284,606 9.4 55.9% 1.72x 301 - 360 128 1,201,725,153 89.8 73.5% 1.38x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 149 $1,338,251,962 100.0% 71.7% 1.41x - ---------------------------------------------------------------------------------------------------- WA ORIGINAL AMORT TERM: 353 - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- LTV RATIOS AS OF THE CUT-OFF DATE - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 29.6% - 50.0% 7 $ 116,286,509 6.7% 44.0% 2.60x 50.1% - 60.0% 24 337,334,282 19.4 56.0% 2.53x 60.1% - 65.0% 14 54,307,689 3.1 63.1% 1.68x 65.1% - 70.0% 22 200,626,687 11.5 67.8% 1.47x 70.1% - 75.0% 33 410,317,341 23.6 72.3% 1.35x 75.1% - 80.0% 67 605,519,500 34.8 78.6% 1.33x 80.1% - 80.3% 3 17,610,000 1.0 80.1% 1.29x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $1,742,002,009 100.0% 68.7% 1.68x - ---------------------------------------------------------------------------------------------------- WA CUT-OFF DATE LTV RATIO: 68.7% - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- AMORTIZATION TYPES - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- BALLOON LOANS Partial Interest-Only(2) 53 $ 698,852,687 40.1% 71.6% 1.42x Balloon(3) 94 636,728,021 36.6 72.0% 1.40x Interest-Only 21 403,750,047 23.2 58.7% 2.57x SUBTOTAL 168 $ 1,739,330,755 99.8% 68.8% 1.68x - ---------------------------------------------------------------------------------------------------- FULLY AMORTIZING 2 $ 2,671,254 0.2 45.2% 1.58x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $ 1,742,002,009 100.0% 68.7% 1.68x - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- PARTIAL INTEREST-ONLY PERIODS - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF PARTIAL NUMBER PRINCIPAL % OF WA WA UW INTEREST-ONLY PERIODS OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 12 8 $139,562,404 20.0% 70.4% 1.45x 13 - 24 22 110,740,000 15.8 76.8% 1.37x 25 - 36 11 158,513,000 22.7 73.6% 1.37x 49 - 60 12 290,037,283 41.5 69.0% 1.45x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 53 $716,320,687 100.0% 71.7% 1.42x - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- REMAINING AMORTIZATION TERM IN MONTHS(1) - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF REMAINING NUMBER OF PRINCIPAL WA WA UW AMORTIZATION TERM LOANS BALANCE % OF IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 120 - 240 5 $ 10,242,203 0.8% 62.4% 1.37x 241 - 300 16 126,284,606 9.4 55.9% 1.72x 301 - 360 128 1,201,725,153 89.8 73.5% 1.38x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 149 $1,338,251,962 100.0% 71.7% 1.41x - ---------------------------------------------------------------------------------------------------- WA REMAINING AMORT TERM: 353 - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- LTV RATIOS AS OF THE MATURITY/ARD DATE(4) - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW MATURITY LTV LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 28.4% - 30.0% 3 $ 28,411,720 1.6% 33.9% 4.49x 30.1% - 50.0% 17 139,388,890 8.0 51.8% 1.83x 50.1% - 60.0% 53 495,776,308 28.5 61.1% 2.17x 60.1% - 70.0% 82 843,740,837 48.5 74.2% 1.37x 70.1% - 80.0% 12 232,013,000 13.3 79.7% 1.31x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 168 $1,739,330,755 100.0% 68.8% 1.68x - ---------------------------------------------------------------------------------------------------- WA LTV RATIO AT MATURITY/ARD DATE: 61.6% - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- YEAR BUILT/RENOVATED(5) - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 1954 -- 1959 1 $ 3,150,000 0.2% 77.8% 1.31x 1960 -- 1969 1 3,443,032 0.2 63.8% 1.47x 1970 -- 1979 9 48,996,716 2.8 74.3% 1.34x 1980 -- 1989 25 212,536,514 12.2 67.1% 1.81x 1990 - 1999 48 356,821,300 20.5 70.2% 1.79x 2000 - 2005 99 1,117,054,447 64.1 68.3% 1.63x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 183 $1,742,002,009 100.0% 68.7% 1.68x - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- PREPAYMENT PROTECTION - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- DEFEASANCE 152 $1,554,537,273 89.2% 70.2% 1.59x YIELD MAINTENANCE 18 187,464,736 10.8 56.1% 2.43x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 170 $1,742,002,009 100.0% 68.7% 1.68x - ---------------------------------------------------------------------------------------------------- </TABLE> (1) Excludes loans that are interest-only for the entire term. (2) Includes 2 partial interest-only ARD loans representing approximately 3.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. (3) Excludes the mortgage loans that pay interest-only for a portion of their term. (4) Excludes the fully amortizing mortgage loans. (5) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. 9 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------- CUT-OFF DATE PRINCIPAL BALANCE - ---------------------------------------------------------------------------------------------------- RANGE OF PRINCIPAL NUMBER OF PRINCIPAL WA WA UW BALANCES LOANS BALANCE % OF IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- $998,117 - $2,999,999 32 $ 61,947,861 18.5% 74.4% 1.29x $3,000,000 - $3,999,999 10 34,967,339 10.4 73.4% 1.24x $4,000,000 - $4,999,999 5 21,679,336 6.5 68.3% 1.56x $5,000,000 - $6,999,999 14 85,947,516 25.7 72.8% 1.51x $7,000,000 - $9,999,999 3 24,750,000 7.4 75.0% 1.37x $10,000,000 - $14,999,999 2 22,500,000 6.7 77.7% 1.34x $15,000,000 - $24,999,999 3 53,329,015 15.9 77.1% 1.42x $25,000,000 - $29,600,000 1 29,600,000 8.8 72.8% 1.29x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ---------------------------------------------------------------------------------------------------- AVERAGE BALANCE PER LOAN: $ 4,781,730 AVERAGE BALANCE PER PROPERTY: $ 4,781,730 - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- MORTGAGE INTEREST RATES - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF MORTGAGE NUMBER PRINCIPAL % OF WA WA UW INTEREST RATES OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 4.7500% - 4.9999% 6 $ 48,022,799 14.3% 76.8% 1.49x 5.0000% - 5.4999% 53 251,813,109 75.2 73.8% 1.37x 5.5000% - 5.9999% 10 29,049,594 8.7 70.9% 1.35x 6.0000% - 6.3250% 1 5,835,565 1.7 77.8% 1.48x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ---------------------------------------------------------------------------------------------------- WA INTEREST RATE: 5.18501% - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- ORIGINAL TERM TO MATURITY/ARD IN MONTHS - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- -------------- --------- ---------- ---------- 60 2 $ 27,035,565 8.1% 77.8% 1.61x 61 - 84 2 8,450,000 2.5 70.1% 1.27x 85 - 120 66 299,235,502 89.4 73.8% 1.37x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ---------------------------------------------------------------------------------------------------- WA ORIGINAL LOAN TERM: 114 - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- GEOGRAPHIC DISTRIBUTION - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- NUMBER OF PRINCIPAL % OF WA WA UW GEOGRAPHIC LOCATION PROPERTIES BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- CALIFORNIA 28 $107,272,081 32.0% 73.7% 1.25x SOUTHERN 26 99,635,081 29.8 74.8% 1.23x NORTHERN 2 7,637,000 2.3 58.8% 1.44x GEORGIA 3 35,687,240 10.7 74.0% 1.30x TEXAS 5 34,899,430 10.4 76.4% 1.52x ARIZONA 4 28,215,934 8.4 73.0% 1.28x OHIO 3 13,917,483 4.2 77.1% 1.47x MISSISSIPPI 2 12,715,565 3.8 79.0% 1.49x OTHER 25 25 128,646,383 0.4 73.9% 1.52x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 1.20X - 1.29X 42 $189,383,936 56.6% 75.0% 1.25x 1.30X - 1.39X 12 53,869,129 16.1 75.9% 1.32x 1.40X - 1.49X 4 21,188,053 6.3 77.2% 1.46x 1.50X - 1.69X 9 53,650,199 16.0 74.1% 1.59x 1.70X - 1.99X 2 10,892,799 3.3 68.5% 1.73x 2.00X - 4.00X 1 5,736,951 1.7 22.4% 4.00x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ---------------------------------------------------------------------------------------------------- WA UW DSCR: 1.39X - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ---------------------------------------------------------------------------------------------------- REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- RANGE OF REMAINING NUMBER PRINCIPAL % OF WA WA UW TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------------- 57 - 60 2 $ 27,035,565 8.1% 77.8% 1.61x 61 - 84 2 8,450,000 2.5 70.1% 1.27x 85 - 120 66 299,235,502 89.4 73.8% 1.37x - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ---------------------------------------------------------------------------------------------------- WA REMAINING TERM: 113 - ---------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - -------------------------------------------------------------------------------------------------------------- PROPERTY TYPE DISTRIBUTION - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- NUMBER OF PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 60 $ 286,199,920 85.5% 75.6% 1.33x Mid/High Rise 3 14,400,000 4.3 64.2% 1.44x Subtotal 63 $ 300,599,920 89.8% 75.0% 1.33x - -------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING Manufactured Housing 7 $ 34,121,147 10.2% 65.4% 1.89x - -------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 70 $ 334,721,068 100.0% 74.0% 1.39x - -------------------------------------------------------------------------------------------------------------- </TABLE> 10 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------- ORIGINAL AMORTIZATION TERM IN MONTHS(1) - ---------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------- RANGE OF ORIGINAL NUMBER PRINCIPAL % OF WA WA UW AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - ---------------------------------------------------------------------------------------------- 120 - 300 4 $ 11,834,814 3.9% 71.7% 1.33x 301 - 330 1 6,200,000 2.1 80.3% 1.31x 331 - 360 62 282,086,253 94.0 73.9% 1.37x - ---------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 67 $300,121,068 100.0% 74.0% 1.36x - ---------------------------------------------------------------------------------------------- WA ORIGINAL AMORT TERM: 357 - ---------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------ LTV RATIOS AS OF THE CUT-OFF DATE - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ RANGE OF NUMBER PRINCIPAL % OF WA WA UW CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------ 22.4% - 50.0% 2 $ 10,136,951 3.0% 33.7% 2.96x 50.1% - 60.0% 2 7,000,000 2.1 58.9% 1.40x 60.1% - 65.0% 2 9,913,673 3.0 62.8% 1.57x 65.1% - 70.0% 12 34,984,271 10.5 68.6% 1.24x 70.1% - 75.0% 8 58,401,747 17.4 72.9% 1.30x 75.1% - 80.0% 43 208,084,425 62.2 78.1% 1.36x 80.1% - 80.3% 1 6,200,000 1.9 80.3% 1.31x - ------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ------------------------------------------------------------------------------------------------ WA CUT-OFF DATE LTV RATIO: 74.0% - ------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------ AMORTIZATION TYPES - ------------------------------------------------------------------------------------------------ NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------ BALLOON LOANS Balloon(2) 49 $182,246,068 54.4% 72.4% 1.40x Partial Interest-Only 18 117,875,000 35.2 76.4% 1.31x Interest-Only 3 34,600,000 10.3 74.6% 1.61x - ------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------ PARTIAL INTEREST-ONLY PERIODS - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ RANGE OF PARTIAL NUMBER PRINCIPAL % OF WA WA UW INTEREST-ONLY PERIODS OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------ 12 1 $ 1,940,000 1.6% 80.0% 1.38x 13 - 24 5 29,275,000 24.8 79.6% 1.39x 25 - 36 7 60,190,000 51.1 74.2% 1.29x 37 - 48 1 6,750,000 5.7 78.0% 1.21x 49 - 60 4 19,720,000 16.7 77.2% 1.27x - ------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: 18 $117,875,000 100.0% 76.4% 1.31x - ------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - --------------------------------------------------------------------------------------- REMAINING AMORTIZATION TERM IN MONTHS(1) - --------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------- RANGE OF REMAINING NUMBER PRINCIPAL WA WA UW AMORTIZATION TERM OF LOANS BALANCE % OF IPB LTV DSCR - --------------------------------------------------------------------------------------- 294 -- 300 4 $ 11,834,814 3.9% 71.7% 1.33x 301 -- 330 1 6,200,000 2.1 80.3% 1.31x 331 -- 360 62 282,086,253 94.0 73.9% 1.37x - --------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 67 $300,121,068 100.0% 74.0% 1.36x - --------------------------------------------------------------------------------------- WA REMAINING AMORT TERM: 356 - --------------------------------------------------------------------------------------- </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------ LTV RATIOS AS OF THE MATURITY/ARD DATE(3) - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ RANGE OF NUMBER PRINCIPAL % OF WA WA UW MATURITY LTV OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------ 18.4% - 30.0% 1 $ 5,736,951 1.7% 22.4% 4.00x 30.1% - 50.0% 3 11,868,673 3.5 56.3% 1.49x 50.1% - 60.0% 16 45,969,295 13.7 67.5% 1.33x 60.1% - 70.0% 41 202,350,583 60.5 76.5% 1.31x 70.1% - 80.0% 9 68,795,565 20.6 78.6% 1.44x - ------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ------------------------------------------------------------------------------------------------ WA LTV RATIO AT MATURITY/ARD DATE: 64.3% - ------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------ YEAR BUILT/RENOVATED(4) - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ RANGE OF NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------ 1958 -- 1959 1 $ 2,375,000 0.7% 68.7% 1.22x 1960 -- 1969 3 12,813,951 3.8 52.4% 2.47x 1970 -- 1979 9 47,600,000 14.2 77.1% 1.30x 1980 -- 1989 17 79,913,081 23.9 74.2% 1.32x 1990 -- 1999 11 62,534,779 18.7 74.2% 1.47x 2000 -- 2005 29 129,484,256 38.7 75.0% 1.33x - ------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ------------------------------------------------------------------------------------------------ PREPAYMENT PROTECTION - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - ------------------------------------------------------------------------------------------------ DEFEASANCE 65 $317,137,185 94.7% 74.4% 1.39x YIELD MAINTENANCE 5 17,583,882 5.3 68.0% 1.37x - ------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: 70 $334,721,068 100.0% 74.0% 1.39x - ------------------------------------------------------------------------------------------------ </TABLE> (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans that pay interest-only for a portion of their term. (3) Excludes the fully amortizing mortgage loans. (4) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. 11 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- TOP SPONSOR CONCENTRATIONS - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- CUT-OFF DATE CUT-OFF LOAN PRINCIPAL % OF SQUARE UW DATE PROPERTY NO.(1) LOAN NAME STATE BALANCE IPB FEET/UNITS DSCR LTV RATIO TYPE - --------------------------------------------------------------------------------------------------------------------------------- GENERAL GROWTH PROPERTIES 1 Shoppes at Buckland Hills CT $174,810,583 8.4% 473,412 1.34x 71.4% Retail 4 Sikes Senter TX 64,858,541 3.1 668,086 1.29x 77.2% Retail - --------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: $239,669,124 11.5% 1,141,498 1.33X 73.0% - --------------------------------------------------------------------------------------------------------------------------------- LEXINGTON PORTFOLIO 9 LXP-Nissan TX $ 40,920,690 2.0% 268,445 1.48x 69.4% Office 23 LXP-DANA - Kalamazoo MI 17,625,000 0.8 150,945 1.43x 75.0% Office 24 LXP-Transocean TX 16,976,914 0.8 155,991 1.50x 66.6% Office 32 LXP-Hartford Fire Insurance Company CT 13,780,000 0.7 153,364 1.45x 67.2% Office 43 LXP-Kraft Foods/ Perkin Elmer GA 11,325,000 0.5 87,219 1.37x 68.2% Office 52 LXP-AT&T (PA) PA 9,179,800 0.4 81,859 1.97x 61.2% Office 55 LXP-Gartner FL 8,912,283 0.4 62,400 1.34x 66.0% Office 60 LXP-Alstom Power Office Building TN 7,800,000 0.4 83,520 1.43x 65.0% Office - --------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: $126,519,687 6.1% 1,043,743 1.49X 68.4% - --------------------------------------------------------------------------------------------------------------------------------- INLAND PORTFOLIO 12 Kaiser Foundation CA $ 32,670,000 1.6% 100,352 2.65x 55.0% Office 33 Vail Ranch Plaza CA 13,488,798 0.6 101,784 2.39x 55.7% Retail 34 Grapevine Crossing TX 12,815,000 0.6 125,381 2.43x 55.0% Retail 42 Bear Creek Shopping Center TX 11,449,749 0.6 87,912 2.02x 58.7% Retail 57 Inland Cornerstone Plaza FL 8,400,000 0.4 68,577 2.26x 60.0% Retail 76 Boulevard Plaza RI 6,300,000 0.3 108,879 3.36x 35.8% Retail 83 West Town Market SC 6,047,500 0.3 67,940 2.19x 58.1% Retail 97 Inland Wickes Furniture IL 4,964,000 0.2 41,331 2.40x 57.1% Retail 130 Walgreens - Hobart IN 3,570,000 0.2 15,120 2.38x 60.5% Retail - --------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: $ 99,705,047 4.8% 717,276 2.48X 55.2% - --------------------------------------------------------------------------------------------------------------------------------- CROSSED LOAN GROUPS A, B, AND C 40 Fullerton Court CA $ 11,600,000 0.6% 187 1.22x 76.2% Multifamily 59 Shadow Hills CA 8,250,000 0.4 95 1.22x 68.7% Multifamily 67 Terrace Pointe CA 6,800,000 0.3 123 1.26x 76.6% Multifamily 81 Hampton Pointe CA 6,150,000 0.3 91 1.22x 76.2% Multifamily 86 Hesperia Regency CA 5,960,000 0.3 100 1.26x 76.6% Multifamily 114 Diamond Pointe CA 3,920,000 0.2 38 1.26x 76.6% Multifamily 126 Rosepointe Euclid CA 3,680,000 0.2 36 1.22x 76.2% Multifamily 148 Windrush CA 3,080,000 0.1 50 1.22x 68.7% Multifamily 163 Bay Pointe CA 2,760,000 0.1 40 1.26x 76.6% Multifamily 168 Rose Pointe CA 2,675,000 0.1 32 1.22x 68.7% Multifamily 183 Randall Townhomes CA 2,400,000 0.1 28 1.26x 76.6% Multifamily 187 Burbank Pointe CA 2,375,000 0.1 30 1.22x 68.7% Multifamily 191 Summer Winds CA 2,240,000 0.1 34 1.22x 76.2% Multifamily 193 Casa Laurel CA 2,200,000 0.1 23 1.22x 68.7% Multifamily 195 The Park CA 2,120,000 0.1 35 1.26x 76.6% Multifamily 198 Glen Terrace CA 2,000,000 0.1 24 1.26x 76.6% Multifamily 204 Leeward Apartments CA 1,930,000 0.1 24 1.22x 68.7% Multifamily 207 Camellia Apartment CA 1,860,000 0.1 20 1.22x 76.2% Multifamily 209 Casa Luna CA 1,830,000 0.1 37 1.22x 68.7% Multifamily 212 Twin Palms CA 1,790,000 0.1 19 1.22x 68.7% Multifamily 219 Rose Terrace CA 1,600,000 0.1 32 1.22x 68.7% Multifamily 221 Sun Pointe Apartments CA 1,540,000 0.1 27 1.22x 76.2% Multifamily 224 Iron Mountain CA 1,460,000 0.1 24 1.22x 68.7% Multifamily 233 Beverly Terrace CA 1,232,000 0.1 13 1.26x 76.6% Multifamily 234 Shadow Brook CA 1,220,000 0.1 20 1.22x 76.2% Multifamily - --------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: $ 82,672,000 4.0% 1,182 1.23X 73.9% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) As shown on Annex A-1 of the prospectus supplement. 12 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- TOP 15 MORTGAGE LOANS - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------- LOAN LOAN NAME LOAN CUT-OFF DATE % OF SELLER(1) (LOCATION) GROUP BALANCE IPB - -------------------------------------------------------------------------------- LASALLE Shoppes at Buckland Hills 1 $174,810,583 8.4% (Manchester, CT) JPMCB Universal Hotel Portfolio 1 $100,000,000 4.8% (Orlando, FL) JPMCB Four Seasons Boston 1 $ 80,000,000 3.9% (Boston, MA) LASALLE Sikes Senter 1 $ 64,858,541 3.1% (Wichita Falls, TX) LASALLE RREEF -- Pacific Center 1 $ 63,000,000 3.0% (San Diego, CA) - -------------------------------------------------------------------------------- JPMCB New Center One Building 1 $ 45,000,000 2.2% (Detroit, MI) NCCI Encino Financial Center 1 $ 44,000,000 2.1% (Encino, CA) LASALLE Lowe's Aliso Viejo 1 $ 42,125,000 2.0% (Aliso Viejo, CA) JPMCB LXP-Nissan 1 $ 40,920,690 2.0% (Irving, TX) JPMCB 915 Broadway 1 $ 37,500,000 1.8% (New York, NY) - -------------------------------------------------------------------------------- LASALLE Brownstones Apartments 1 $ 35,400,000 1.7% (Novi, MI) NCCI Kaiser Foundation 1 $ 32,670,000 1.6% (Cupertino, CA) NCCI Big V Town Centre 1 $ 30,800,000 1.5% (New Windsor, NY) NCCI Preston Hills at Mill Creek 2 $ 29,600,000 1.4% (Buford, GA) NCCI Charles Center South 1 $ 28,400,000 1.4% (Baltimore, MD) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN UNIT OF LOAN PER UW CUT-OFF PROPERTY SELLER(1) UNITS MEASURE UNIT DSCR LTV RATIO TYPE - -------------------------------------------------------------------------------- LASALLE 473,412 SF $ 369 1.34x 71.4% Retail JPMCB 2,400 Rooms $166,667 3.61x 52.8% Hotel JPMCB 273 Rooms $293,040 1.89x 48.6% Hotel LASALLE 668,086 SF $ 97 1.29x 77.2% Retail LASALLE 384,832 SF $ 164 1.94x 58.9% Office - -------------------------------------------------------------------------------- JPMCB 487,996 SF $ 92 1.22x 75.0% Office NCCI 227,223 SF $ 194 1.23x 80.0% Office LASALLE 208,050 SF $ 202 1.21x 79.5% Retail JPMCB 268,445 SF $ 152 1.48x 69.4% Office JPMCB 214,721 SF $ 175 1.56x 66.4% Office - -------------------------------------------------------------------------------- LASALLE 260 Units $136,154 1.27x 80.0% Multifamily NCCI 100,352 SF $ 326 2.65x 55.0% Office NCCI 241,074 SF $ 128 1.30x 80.0% Retail NCCI 464 Units $ 63,793 1.29x 72.8% Multifamily NCCI 318,766 SF $ 89 1.29x 75.7% Office - -------------------------------------------------------------------------------- </TABLE> - -------------------------------------------------------------------------------- TOP 5 TOTAL/WEIGHTED AVERAGE $ 482,669,124 23.2% 1.97x 62.9% TOP 10 TOTAL/WEIGHTED AVERAGE $ 692,214,814 33.3% 1.78x 66.4% TOP 15 TOTAL/WEIGHTED AVERAGE $ 849,084,814 40.9% 1.74x 67.5% - -------------------------------------------------------------------------------- (1) "JPMCB" = JPMorgan Chase Bank; "NCCI" = Nomura Credit & Capital, Inc.; "LaSalle" = LaSalle Bank National Association 13 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- PARI PASSU LOAN SUMMARY - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------------------------------------- LOAN A-NOTE BALANCES B-NOTE BALANCE NO. PROPERTY NAME AS OF CUT-OFF DATE TRANSACTIONS SERVICER SPECIAL SERVICER AS OF CUT-OFF DATE - ---------------------------------------------------------------------------------------------------------------------------------- $100,000,000 JPMCC 05-CIBC12 $100,000,000 JPMCC 05-LDP3 2 Universal Hotel Portfolio $ 65,000,000 COMM 05-C6 GMAC(1) J.E. Robert Company, Inc. $50,000,000(2) $ 80,000,000 TBD $ 55,000,000 TBD - ---------------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Universal Hotel Portfolio Loan is being serviced pursuant to the JPMCC 05-CIBC12 pooling and servicing agreement. (2) The $50,000,000 B-Note was deposited into the JPMCC 05-CIBC12 as non-pooled certificates. 14 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 [THIS PAGE INTENTIONALLY LEFT BLANK] 15 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SHOPPES AT BUCKLAND HILLS - -------------------------------------------------------------------------------- [4 PHOTOS OF SHOPPES AT BUCKLAND HILLS OMITTED] 16 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SHOPPES AT BUCKLAND HILLS - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $175,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $174,810,583 % OF POOL BY IPB: 8.4% LOAN SELLER: LaSalle Bank National Association BORROWER: Pavilions at Buckland Hills L.L.C. SPONSOR: General Growth Properties, Inc. and New York State Common Retirement Fund ORIGINATION DATE: 06/10/05 INTEREST RATE: 4.92150% INTEREST ONLY PERIOD: N/A MATURITY DATE: 07/01/12 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 359 months CALL PROTECTION: L(24),Def(52),O(7) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: Mezzanine Debt Permitted(1) LOAN PURPOSE: Refinance - ------------------------------------------ ESCROWS - ------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY --------------------- TAXES: $ 0 Springing(2) INSURANCE: $ 0 Springing(2) CAPEX: $ 0 Springing(3) TI/LC: $ 0 Springing(4) - ------------------------------------------ - ------------------------------------------------------- PROPERTY INFORMATION - ------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Regional Mall SQUARE FOOTAGE: 473,412(5) LOCATION: Manchester, CT YEAR BUILT/RENOVATED: 1990/2003 OCCUPANCY: 82.1%(6) OCCUPANCY DATE: 06/06/05 NUMBER OF TENANTS: 114 HISTORICAL NOI: 2002: $14,143,653 2003: $13,829,942 2004: $13,436,706 TTM AS OF 03/31/05: $13,158,897 UW REVENUES: $24,909,281 UW EXPENSES: $9,353,006 UW NOI: $15,556,276 UW NET CASH FLOW: $14,930,554 APPRAISED VALUE: $245,000,000 APPRAISAL DATE: 06/06/05 - ----------------------------------- FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $369 CUT-OFF DATE LTV: 71.4% MATURITY DATE LTV: 63.1% UW DSCR: 1.34x - ----------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS LEASE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY MOODY'S/S&P(7) SQUARE FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------------ DICK'S SPORTING GOODS Dick's Sporting Goods, Inc. NR/B 80,000 16.9% $ 19.00(8) 2015 BARNES & NOBLE Barnes & Noble Booksellers, Inc. Ba2/B+ 24,588 5.2% $ 19.60 2014 H&M H&M Hennes & Mauritz A.B. NR 14,298 3.0% $ 26.00 2014 ABERCROMBIE & FITCH Abercrombie & Fitch Stores, Inc. NR 13,829 2.9% $ 16.32 2012 VICTORIA'S SECRET The Limited Brands Baa2/BBB 13,158 2.8% $ 25.00 2013 - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Future mezzanine financing is allowed upon the satisfaction of certain conditions including a loan-to-value ratio no greater than 80% (in the aggregate based on the principal balances of the mortgage loan and the mezzanine loan) and a combined debt service coverage ratio of not less than 1.20x, in each case immediately following the closing of such mezzanine loan. (2) During an event of default or if the debt service coverage ratio is less than 1.10x (a "Buckland Trigger Event"), the borrower is required to pay monthly 1/12th of the annual estimated taxes and insurance premiums. (3) During a Buckland Trigger Event and if the amount in such reserve is less than $118,189.25, the borrower is required to pay $9,849.10 monthly. (4) During a Buckland Trigger Event and if the amount in such reserve is less than $392,757.00, the borrower is required to pay $32,759.75 monthly. (5) Outparcels ground leased to tenants and anchor spaces that are not part of the collateral are excluded from square footage. (6) Includes treatment of Dick's Sporting Goods temporary space as vacant. Treating such space as occupied would provide an in-line occupancy rate of approximately 89.7% (7) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. (8) Represents rent that will be payable by Dick's Sporting Goods, Inc. on its permanent space. Dick's Sporting Goods, Inc. is currently paying rent of 5% of monthly sales for its temporary space and will begin paying rent on its permanent space on the earlier of (i) the first Opening Day to occur sixty (60) days after delivery of possession of its permanent space, or (ii) the Opening Day the tenant initially opens for business. For purposes of the immediately preceding sentence, an "Opening Day" is any day between February 1 and May 1, 2006, and any day between August 1 and November 1, 2006. 17 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SHOPPES AT BUCKLAND HILLS - -------------------------------------------------------------------------------- THE LOAN. The loan is secured by a first mortgage interest in approximately 473,412 square feet of in-line retail space and outparcels of approximately 70,427 square feet of retail space, at the mall known as "Shoppes at Buckland Hills" located in Manchester, Connecticut. THE BORROWER. The borrower, Pavilions at Buckland Hills L.L.C., a Connecticut limited liability company, is structured as a single purpose entity with an independent director, for which a non-consolidation opinion was obtained at origination. The borrower is indirectly sponsored by General Growth Properties, Inc. ("GGP") and the New York State Common Retirement Fund. GGP (NYSE: GGP) is headquartered in Chicago, Illinois and as of December 31, 2004, reported total assets of $25.7 billion. In August 2004, GGP completed the acquisition of the Rouse Company. The merger added 37 regional shopping malls, four community centers, and six mixed use projects totaling 40 million square feet to GGP's portfolio of owned shopping centers. GGP owns, develops, operates, and/or manages shopping malls in 44 states with ownership interests in, and/or management responsibilities for, more than 200 regional shopping malls totaling more than 200 million square feet of retail space. The New York State Common Retirement Fund consists of the assets and income from the New York State and local Employees' Retirement System and the Police and Fire Retirement System. These systems provide pension, death and disability benefits for state and local government employees and employees of certain other participating employers. As of December 31, 2003, the New York State Common Retirement Fund's value was approximately $115.7 billion. THE PROPERTY.(1) The Shoppes at Buckland Hills is an approximately one million square foot two-story super-regional mall situated on approximately 114.7 acres. The Shoppes at Buckland Hills is located at 194 Buckland Hills Drive on the northeast corner of the intersection of Buckland Street and Interstate 84 in Manchester, Connecticut. Manchester is located approximately 15 miles east of the City of Hartford. It has regional accessibility by virtue of its location near Interstate 84. Interstate 84 is a major limited access highway traversing the State of Connecticut in an east/west direction and linking the eastern suburbs with the City of Hartford. Within the City of Hartford, Interstate 84 intersects with Interstate 91, which links the City of Hartford with the northern and southern suburbs. The Shoppes at Buckland Hills is anchored by Sears, J.C. Penney, Filene's and Filene's Home, Men's and Children's ("Filene's Home Store") (each such anchor space is tenant owned, including the underlying land, and is not part of the collateral). The collateral for the loan includes approximately 473,412 square feet of in-line retail space and approximately 70,472 square feet of outparcel retail space. The outparcels are ground leased to Country Inn Suites, Hops Brewery, Red Robin Burgers & Spirits, and Smokey Bones Restaurant. Smokey Bones Restaurant is not in occupancy, but anticipates opening in Spring 2006. In April 2005, Dick's Sporting Goods Inc., the largest in-line tenant, temporarily moved into the former Filene's Home Store space (created when Filene's Home Store moved to a vacated Lord & Taylor space; Filene's Home Store's former space has approximately 35,562 square feet) and will occupy that space while its space undergoes a major renovation. Dick's Sporting Goods has agreed to contribute $1 million for the renovation. After Dick's Sporting Goods moves back into its renovated space (estimated in Spring 2006), the borrower has stated that it intends to convert the temporary space into lifestyle space. The in-line space includes tenants such as Champ's Sports, Hollister, Gamestop, GNC, CVS, Radio Shack and Express. The in-line space had an occupancy rate of approximately 82.1% as of June 6, 2005 (includes treatment of Dick's Sporting Goods temporary space as vacant, treating such space as occupied would result in an in-line occupancy rate of approximately 89.7%). The in-line space yielded comparable sales per square foot, for tenants less than 10,000 square feet, of approximately $428 as of December 31, 2004. This equates to an average occupancy cost for the in-line tenants of approximately 16.1%. THE MARKET.(1) Manchester is a suburban community, which had a population of approximately 57,740 as of the 2000 census. The Hartford MSA is positioned approximately mid-way between New York and Boston. The development of the Shoppes at Buckland Hills in 1990 was the catalyst for retail development in the area. Ancillary retail that has developed around the mall includes Wal-Mart, Sam's Club, Home Depot, Lowe's, Target, Office Depot, Media Play, Circuit City, Marshall's, and Christmas Tree Shop. The Shoppes at Buckland Hills faces direct competition from three regional centers: Westfarms Mall-West Hartford, Westfield Shoppingtown-Enfield and Westfield Shoppingtown-Meriden. These centers are located within approximately 40 minutes of the Shoppes at Buckland Hills. In 2004, Evergreen Walk, an open-air lifestyle center located approximately 1/2 mile from the Shoppes at Buckland Hills opened. While this property captures market share from the trade area it targets a higher price point. PROPERTY MANAGEMENT. The Shoppes at Buckland Hills is managed by General Growth Management, Inc., an affiliate of the borrower. (1) Certain information was obtained from the Shoppes at Buckland Hills appraisal dated 06/06/05. 18 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SHOPPES AT BUCKLAND HILLS - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER SQUARE % OF OF LEASES FEET GLA BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING - ---------------------------------------------------------------- VACANT N/A 48,970 10.3% N/A 2005 & MTM 15 30,191 6.4 $ 1,220,904 2006 6 38,878 8.2 $ 232,296 2007 2 3,601 0.8 $ 142,020 2008 8 17,134 3.6 $ 725,640 2009 7 8,593 1.8 $ 437,604 2010 22 45,247 9.6 $ 2,730,912 2011 9 17,916 3.8 $ 1,215,156 2012 4 24,139 5.1 $ 609,012 2013 14 48,680 10.3 $ 1,603,320 2014 15 83,633 17.7 $ 2,285,160 2015 11 100,250 21.2 $ 2,317,752 AFTER 2 6,180 1.3 $ 179,604 - ---------------------------------------------------------------- TOTAL 115 473,412 100.0% $13,699,380 - ---------------------------------------------------------------- - --------------------------------------------------------------------------------------- CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE % OF % OF BASE RENT SQUARE FEET % OF GLA BASE RENT BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------------------------------------------------------------------------------------- VACANT 0.0% N/A N/A N/A N/A 2005 & MTM 8.9 79,161 16.7% $ 1,220,904 10.2 2006 1.7 118,039 24.9% $ 1,453,200 10.6 2007 1.0 121,640 25.7% $ 1,595,220 11.6 2008 5.3 138,744 29.3% $ 2,320,860 16.9 2009 3.2 147,367 31.1% $ 2,758,464 20.1 2010 19.9 192,614 40.7% $ 5,489,376 40.1 2011 8.9 210,530 44.5% $ 6,704,532 48.9 2012 4.4 234,669 49.6% $ 7,313,544 53.4 2013 11.7 283,349 59.9% $ 8,916,864 65.1 2014 16.7 366,982 77.5% $11,202,024 81.8 2015 16.9 467,232 98.7% $13,519,776 98.7 AFTER 1.3 473,412 100.0% $13,699,380 100.0% - --------------------------------------------------------------------------------------- TOTAL 100.0% - --------------------------------------------------------------------------------------- </TABLE> 19 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SHOPPES AT BUCKLAND HILLS - -------------------------------------------------------------------------------- [MAP OF SHOPPES AT BUCKLAND HILLS OMITTED] 20 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SHOPPES AT BUCKLAND HILLS - -------------------------------------------------------------------------------- [SITE MAP OF SHOPPES AT BUCKLAND HILLS OMITTED] 21 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- UNIVERSAL HOTELS UCF - -------------------------------------------------------------------------------- [5 PHOTOS OF UNIVERSAL HOTELS UCF OMITTED] 22 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- UNIVERSAL HOTELS UCF - -------------------------------------------------------------------------------- - -------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $100,000,000(1) CUT-OFF DATE PRINCIPAL BALANCE: $100,000,000(1) % OF POOL BY IPB: 4.8% SHADOW RATING (M/S): Baa3/BBB- LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: UCF Hotel Venture SPONSOR: Loews Corporation (50%), NBC Universal (25%), and The Rank Group PLC (25%) ORIGINATION DATE: 06/02/05 INTEREST RATE: 4.72500% INTEREST ONLY PERIOD: 120 months MATURITY DATE: 07/01/15 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24),Def(92),O(4) CROSS-COLLATERALIZATION: Yes LOCK BOX: CMA ADDITIONAL DEBT:(1) $300,000,000/$50,000,000 ADDITIONAL DEBT TYPE:(2) Pari Passu/B-Note/Permitted Mezzanine LOAN PURPOSE: Refinance - ------------------------------------------ ESCROWS - ------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY --------------------- TAXES: $0 Springing(3) INSURANCE: $0 Springing(3) GROUND LEASE: $0 Springing(4) - ------------------------------------------ - --------------------------------------------------------------- PROPERTY INFORMATION - --------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Portfolio TITLE: Leasehold PROPERTY TYPE: Hotel -- Full Service ROOMS: 2,400 LOCATION: Orlando, FL YEAR BUILT/RENOVATED: See "Portfolio Summary" below OCCUPANCY: 82.7% OCCUPANCY DATE: Trailing 12 months as of 05/31/05 HISTORICAL NOI: 2002: $40,773,377 2003: $59,422,164 2004: $69,462,505 TTM AS OF 05/31/05: $73,002,655 UW REVENUES: $230,239,687 UW EXPENSES: $151,778,146 UW NOI: $78,461,5405 UW NET CASH FLOW: $69,251,953 APPRAISED VALUE: $757,000,000 APPRAISAL DATE: 04/01/05 - --------------------------------------------------------------- - -------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------- PARI PASSU A-NOTES(6) TOTAL DEBT ----------------------------- CUT-OFF DATE LOAN/ROOM: $166,667 $187,500 CUT-OFF DATE LTV: 52.8% 59.4% MATURITY DATE LTV: 52.8% 59.4% UW DSCR: 3.61x 3.15x - -------------------------------------------------------- (1) The total financing amount for the Universal Hotel Portfolio Whole Loan is $450,000,000 split between (i) $400,000,000 of A-Notes and (ii) a $50,000,000 B-Note. The loan was co-originated by JPMorgan Chase Bank, N.A. and German American Capital Corporation. The A-Note is split into five pari passu notes. Only the $100,000,000 A-5 note is included in the trust. (2) Sponsors of the borrower are permitted to cause an affiliate of the borrower to incur mezzanine indebtedness to be secured by a pledge of direct or indirect equity interests in the Borrower in an amount not to exceed $50,000,000 subject to the satisfaction of various conditions including: (i) the DSCR after giving effect to the mezzanine indebtedness be greater than or equal to 110% of the DSCR as of the closing date and (ii) the LTV ratio for the total combined debt be no greater than 55% as determined by a new appraisal obtained by and in a form and substance satisfactory to the lender. (3) Upon the occurrence of an event of default or the conclusion of two consecutive quarters in which the borrower fails to maintain a minimum DSCR of 1.35x, monthly tax & insurance reserves will be collected in an amount equal to 1/12th of what the lender reasonably determines the annual tax liability and insurance premium, respectively, will be. (4) Upon the occurrence of an event of default or the conclusion of two consecutive quarters in which the borrower fails to maintain a minimum DSCR of 1.35x, the borrower will be required to deposit into a ground lease reserve an amount equal to an amount reasonably determined by the lender to cover all payments of base rent and additional rent as well as any other amounts payable under the terms of the ground lease. (5) The Universal Hotel Portfolio properties experienced NOI growth of 9.6% for the first five months of 2005 as compared to the same period in 2004. 2004 NOI for the portfolio represented a 16.8% increase over 2003 NOI. The UW NOI is based on the foregoing NOI growth rates experienced over the last 18 months. The opening of the Hard Rock and Royal Pacific properties in 2001 and 2002, respectively, coincided with a downturn in the U.S. hospitality sector following the events of September 11, 2001, which had a negative impact on air-travel tourist dependent destinations such as Orlando and Las Vegas. With the recovery of the U.S. economy in 2004 and increased domestic and international travel to destinations such as Orlando, hotel performance rebounded in 2004. (6) Calculated based on the total A-Note amount of $400,000,000. The $100,000,000 A-5 note is included in the trust. 23 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- UNIVERSAL HOTELS UCF - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- PORTFOLIO SUMMARY ORIGINAL ALLOCATED APPRAISED VALUE ORIGINAL ALLOCATED LOAN AMOUNT PROPERTY LOCATION # OF ROOMS YEAR BUILT (AS IS) LOAN AMOUNT PER ROOM - --------------------------------------------------------------------------------------------------------------------------------- PORTOFINO BAY Orlando, FL 750 1999 $280,000,000 $ 36,998,111 $197,270 ROYAL PACIFIC Orlando, FL 1,000 1989 261,000,000 34,478,203 $137,913 HARD ROCK Orlando, FL 650 2001 216,000,000 28,533,685 $175,592 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 2,400 $757,000,000 $100,000,000 $166,667 - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> <TABLE> - ----------------------------------------------------------------------------------------------------------------------------------- INDIVIDUAL PROPERTY HISTORICAL OPERATING STATISTICS OCCUPANCY ADR REV PAR -------------------------------- ---------------------------------- ------------------------------------------ TTM AS OF TTM AS OF TTM AS OF PROPERTY 2003 2004 05/31/05 UW 2003 2004 05/31/05 UW 2003 2004 05/31/05 UW - ----------------------------------------------------------------------------------------------------------------------------------- PORTOFINO BAY 73.9% 77.9% 78.8% 81.0% $196.66 $214.36 $223.51 $232.50 $145.30 $167.02 $176.23 $188.33 ROYAL PACIFIC 79.7% 84.5% 84.2% 87.0% $152.51 $161.89 $169.87 $181.50 $121.58 $136.79 $143.07 $157.91 HARD ROCK 80.9% 84.1% 85.0% 86.0% $186.28 $206.20 $215.64 $224.00 $150.70 $173.47 $183.20 $192.64 - ----------------------------------------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE 78.2% 82.3% 82.7% 82.0% $175.00 $189.67 $198.57 $208.38 $136.88 $156.17 $164.30 $170.87 - ----------------------------------------------------------------------------------------------------------------------------------- </TABLE> THE LOAN. The loan is secured by a leasehold interest in three full-service hotels (The Portofino Bay, The Hard Rock and The Royal Pacific) comprising 2,400 rooms located within the Universal Theme Park in Orlando, Florida. The total financing amount of $450 million is being provided to the borrower to refinance existing debt on the three hotel properties. The loan was co-originated by JPMorgan Chase Bank, N.A. and German American Capital Corporation. The $400 million senior A-Note is split into five pari passu notes. The $100 million A-5 note is included in the trust. THE BORROWER. The borrowing entity is UCF Hotel Venture ("Borrower"), a single asset, special purpose entity. UCF Hotel Venture is a joint partnership between the Loews Corporation (50%), NBC Universal (25%), and The Rank Group Plc (25%), the three sponsors of the loan. The three properties are managed by Loews Orlando Operating Company, Inc. Loews Corporation is a United States based holding company. Its subsidiaries are engaged in several lines of business, including the operation of hotels through Loews Hotels Holding Corporation, a wholly owned subsidiary. Loews Hotels Holding Corporation currently owns and manages 18 hotels across the United States and Canada. NBC Universal is a media and entertainment company involved in the development, production and marketing of entertainment, news and information. Formed in May 2004 through the merger of NBC and Vivendi Universal Entertainment, NBC Universal owns and operates a television network, a Spanish-language network, a portfolio of news and entertainment networks, a motion picture company, television production operations, a television stations group, and various theme parks. NBC Universal is 80%-owned by General Electric, with 20% controlled by Vivendi Universal Entertainment. The Rank Group Plc ("Rank") is a United Kingdom based leisure and entertainment company. Rank, through the Hard Rock brand name, owns and franchises cafes world-wide and controls the rights to the brand internationally. Rank is engaged in the vacation/leisure business through several outlets including: Haven, Butlins, Warner, Oasis Forest Holiday Village in Cumbria and America Resorts USA. Rank also owns Mecca Bingo and Grosvenor Casinos. THE MORTGAGED PROPERTIES(1). The portfolio consists of three full-service, luxury hotels located within the Universal Theme Park in Orlando, Florida. The Portofino Bay and Hard Rock hotels are located on Universal Boulevard across the street from one another while the Royal Pacific Hotel is located approximately three quarters of a mile from both properties. The properties are located in close proximity to International Drive, a commercial corridor that contains lodging facilities, restaurants and other commercial establishments catering to the tourist market. The sites are owned by Universal City Development Partners ("UCDP"), which entered into a 100-year ground lease, expiring in June 2098, with the borrower. NBC Universal has an equity interest in each of UCDP, as ground lessor, and UCF Hotel Venture, as ground lessee. The hotel facilities and operational characteristics of all three hotels are consistent with the overall character of Universal Theme Park. Each of the hotels has been designed and marketed to cater to a different price point in the market. (1) Certain information was obtained from the Universal Hotels Portfolio appraisal dated 04/01/05. 24 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- UNIVERSAL HOTELS UCF - -------------------------------------------------------------------------------- PORTOFINO BAY HOTEL - ------------------- The Portofino Bay Hotel is a full-service lodging facility, consisting of 750 guestrooms and approximately 35,000 square feet of meeting room space (with over 9,000 square feet of outdoor space) situated on an approximately 52-acre site. The property was built in 1999 as a six-story structure and was developed to replicate the village of Portofino, Italy. Hotel amenities include a business center, eight food and beverage outlets, two outdoor swimming pools, one outdoor themed swimming pool, a 12,300 square foot fitness center and full-service spa, upscale shops and a babysitting/children's camp. Recreational amenities include water taxi transportation, early admission to the theme park, Universal Express access to theme park attractions and priority seating at restaurants. The improvements consist of a main building with three wings. Portofino Bay Hotel was named to Conde Nast Traveler magazine's 2003 - 2004 Gold List of the "World's Best Places to Stay" and Travel + Leisure magazine's 2002 - 2004 list of Top 500 Hotels in the world. HARD ROCK HOTEL - --------------- The Hard Rock Hotel is a full-service lodging facility, consisting of approximately 650 guestrooms and approximately 4,200 square feet of meeting room space (with over 10,000 square feet of pre-function and outdoor space) situated on an approximately 20-acre site. The property was developed in 2001. Hotel amenities include six food and beverage outlets, an outdoor swimming pool, a fitness center, a Hard Rock merchandising store, and a children's camp. The Hard Rock Hotel is designed in a California Mission architectural style with music-filled areas as well as Hard Rock memorabilia displayed throughout the hotel. The property consists of one main building structure spread out over six different wings. ROYAL PACIFIC HOTEL - ------------------- The Royal Pacific Hotel is a full-service lodging facility consisting of approximately 1,000 rooms and approximately 58,800 square feet of meeting room space (with over 17,000 square feet of pre-function and outdoor space) situated on an approximately 53-acre site. The hotel was developed in 1989. Hotel amenities include a full service business center, five food and beverage outlets, an activity center, a themed outdoor swimming pool with a sand beach, and a fitness center. The design of the hotel has a South Pacific island theme, with a bamboo forest entrance, palm trees, outdoor gardens, and a tropical lagoon. The property consists of one main building with four wings. The main wing houses Emeril's restaurant. THE MARKET(1). The Portofino Bay Hotel, Hard Rock Hotel, and the Royal Pacific Hotel are located within the Universal Theme Park in Orlando, Florida, approximately 9 miles southwest of Downtown Orlando and northeast of Walt Disney World. In addition to the Universal Theme Park, the Orange County Convention Center and International Drive are demand generators in the area. The properties are accessible from a variety of local, county, state, and interstate highways, including Interstate 4, the Bee Line Expressway, International Drive, and the Florida Turnpike. Interstate 4 is a six-lane divided highway that traverses the State of Florida and can be accessed less than one mile west of the properties. The Bee Line Expressway, located three miles from the properties, serves as a link between Universal Florida and the Walt Disney World attractions and the Orlando International Airport. The Universal Theme Park is located approximately two miles south of the junction of the Florida Turnpike and Interstate 4, a major intersection in the Orlando metropolitan area. Over the past three decades, the Orlando market has consistently been one of the fastest growing metropolitan areas in the nation. Orlando's annual population growth has consistently outpaced national averages. Orlando is known as a major tourist destination due primarily to the Walt Disney World and Universal Studios theme parks. Universal Studios is the second largest tourist attraction in the Orlando metropolitan area and is only one component of an approximately 838--acre master planned resort development, known as Universal Studios Escape. Over the past 10 years, the average annual compounded growth in attendance at Universal Orlando has been 5.4%, the highest growth over both a 10-year and 5-year period in comparison to the top 3 tourist attractions in the Orlando market. In 2004, Universal Theme parks experienced 13 million in attendance. Due to Orlando's status as an international tourist destination, fluctuations in tourist demand have historically affected the overall economic health of the area. Over the past decade, however, there has been a concerted effort to diversify the area's economy. Total visitor traffic has increased at an annual compounded growth rate of 4.7% per year from 1993 to 2003. The average household income in the Orlando metropolitan area is approximately $61,000. Following the events of September 11, 2001 the U.S. hospitality sector experienced a slowdown in 2002 and 2003. Orlando, an air travel dependent tourist destination, experienced declines in revenue per available room ("RevPAR") in 2002 into 2003. As a result of this slowdown, the construction of new properties slowed to historic lows in Orlando. With the recovery of the U.S. economy in 2004 and increased domestic and international travel to destinations such as Orlando, hotel performance rebounded in 2004. According to Smith Travel Research, average RevPAR for hotels in Orlando was up 17.0% in 2004 as compared to 2003 levels (the properties experienced a 16.8% increase over the same period). The growth trend continued in 2005, with RevPAR increasing 10.9% for the first five months of the year as compared to the same period in 2004. The Universal Hotel Portfolio properties experienced a 11.7% increase in RevPAR in the first five months of 2005 compared with the same period in 2004 with net operating income increasing 9.6%. According to Smith Travel Research ("STR"), the existing market penetration rates for the properties are summarized below. The index is based upon a property's performance relative to its competitive set as determined by STR. An index above 100% indicates a property is performing above the average of its competitive set. Properties considered competitive to the Universal Hotel Portfolio properties include the approximately 750-room Hyatt Regency Grand Cypress (9.5 miles south), the approximately 2000-room Marriott World Center (approximately 11.1 miles south), the 891-room Peabody (approximately 5.3 miles south), the approximately 758-room Westin Walt Disney World Swan and the approximately 1509-room Sheraton Walt Disney World Dolphin (approximately 14.2 miles south). (1) Certain information was obtained from the Universal Hotels Portfolio appraisal dated April 1, 2005. 25 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- UNIVERSAL HOTELS UCF - -------------------------------------------------------------------------------- <TABLE> - ----------------------------------------------------------------------------------------------------------------------------------- INDIVIDUAL PROPERTY HISTORICAL OPERATING STATISTICS BY INDEX PROPERTY TTM (FEBRUARY 2003) TTM (FEBRUARY 2004) TTM (FEBRUARY 2005) -------------------------------- -------------------------------- -------------------------------- OCCUPANCY ADR REVPAR OCCUPANCY ADR REVPAR OCCUPANCY ADR REVPAR - ----------------------------------------------------------------------------------------------------------------------------------- HARD ROCK HOTEL 108.6% 114.0% 123.7% 114.3% 118.0% 134.8% 112.3% 125.1% 140.4% PORTOFINO BAY 107.4% 81.5% 87.6% 120.8% 94.2% 113.9% 119.5% 98.2% 117.4% ROYAL PACIFIC 118.6% 107.7% 127.8% 123.0% 112.8% 138.7% 120.9% 121.2% 146.5% - ----------------------------------------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE 110.8% 98.8% 109.8% 119.4% 106.7% 127.2% 117.6% 112.8% 132.5% - ----------------------------------------------------------------------------------------------------------------------------------- </TABLE> As of the trailing 12 month period ending February 2005, the portfolio had a weighted average RevPAR penetration index of 132.5%, suggesting they are outperforming their competitive set. The properties' room night demand generators are largely from the transient leisure segment with meeting and group demand also comprising a material component of the room night demand. According to the property appraisals, the existing demand generators for the Mortgaged Properties are summarized as follows: - ------------------------------------------------------- DEMAND GENERATORS PROPERTY TRANSIENT MEETINGS & GROUP - ------------------------------------------------------- PORTOFINO BAY 61% 39% ROYAL PACIFIC 57% 43% HARD ROCK HOTEL 82% 18% - ------------------------------------------------------- PROPERTY MANAGEMENT. The properties are managed by Loews Orlando Operating Company, Inc. ("Loews"). Loews currently owns and/or operates 18 hotels and resorts in the U.S. and Canada. 26 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- UNIVERSAL HOTELS UCF - -------------------------------------------------------------------------------- [2 MAPS OF UNIVERSAL HOTELS UCF OMITTED] 27 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- FOUR SEASONS BOSTON - -------------------------------------------------------------------------------- [3 PHOTOS OF FOUR SEASONS BOSTON OMITTED] 28 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- FOUR SEASONS BOSTON - -------------------------------------------------------------------------------- - ----------------------------------------------------------------- MORTGAGE LOAN INFORMATION - ----------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $80,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $80,000,000 % OF POOL BY IPB: 3.9% SHADOW RATING (S&P): BBB- LOAN SELLER: JP Morgan Chase Bank, N.A. BORROWER: FSH Boylston, Inc. SPONSOR: Enpro International Inc. ORIGINATION DATE: 07/07/05 INTEREST RATE: 4.92700% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 08/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 300 months REMAINING AMORTIZATION: 300 months CALL PROTECTION: L(24),Def(95),O(1) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Refinance - ----------------------------------------------------------------- - --------------------------------------------- ESCROWS - --------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------------ OTHER: $12,047,723(1) $0 - --------------------------------------------- - ---------------------------------------------------- PROPERTY INFORMATION - ---------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Hotel -- Full Service ROOMS: 273 LOCATION: Boston, MA YEAR BUILT/RENOVATED: 1985 / 2005 OCCUPANCY: 75.9% OCCUPANCY DATE: 04/22/05 HISTORICAL NOI: 2003: $7,435,100 2004: $9,697,200 TTM AS OF 06/30/05: $11,240,500 UW REVENUES: $59,147,405 UW EXPENSES: $46,820,372 UW NOI: $12,327,034 UW NET CASH FLOW: $10,552,612 APPRAISED VALUE: $164,600,000 APPRAISAL DATE: 06/03/05 - ---------------------------------------- FINANCIAL INFORMATION - ---------------------------------------- CUT-OFF DATE LOAN/UNIT: $294,118 CUT-OFF DATE LTV: 48.6% MATURITY LTV: 43.2% UW DSCR: 1.89x - ---------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------ HOTEL OPERATING HISTORY 2003 2004 TTM - 06/30/05 UNDERWRITTEN - ------------------------------------------------------------------------------------------------------ OCCUPANCY 67.0% 74.0% 75.9% 75.9% AVERAGE DAILY RATE (ADR) $ 348 $ 356 $ 356 $ 370 REVPAR $ 233 $ 264 $ 270 $ 281 - ------------------------------------------------------------------------------------------------------ REVENUE $47,317,800 $52,383,300 $56,310,900 $59,147,405 EXPENSES $39,882,700 $42,686,100 $45,070,400 $46,820,372 NOI $ 7,435,100 $ 9,697,200 $11,240,500 $12,327,034 FF&E N/A N/A N/A $ 1,774,422 CASH FLOW $ 7,435,100 $ 9,697,200 $11,240,500 $10,552,612 - ------------------------------------------------------------------------------------------------------ </TABLE> (1) At closing, Borrower made a deposit of $12,047,723 in a Lender controlled account for room renovations. The account will be pledged by Borrower as additional collateral for the Loan. The Borrower is entitled to replace a portion of the cash on hand with a letter of credit. 29 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- FOUR SEASONS BOSTON - -------------------------------------------------------------------------------- THE LOAN. The loan is secured by a fee simple condominium interest in the 273-room full-service luxury Four Seasons hotel located in Boston, Massachusetts. THE BORROWER. The borrower is FSH Boylston, Inc., a newly formed, special purpose entity which will own and manage the property. The indemnitor and managing agent for FSH Boylston, Inc. is Enpro International Inc. ("Enpro"). Enpro has a net worth in excess of $500 million and represents the interests of two foreign nationals from Saudi Arabia. Enpro was part of the original development team for the Four Seasons Boston and has since consolidated its ownership through a series of buyouts of the original partners (Equitable in 1991 and The Four Seasons, Inc. in 1994). In addition to the Four Seasons Boston, the sponsor also owns the Westin Copley Place in Boston. THE PROPERTY. The Four Seasons Boston is a 273-room (including 71 suites) full-service luxury hotel located at 200 Boylston Street in Boston, Massachusetts. The hotel is highly amenitized and includes over 16,000 square feet of meeting space, two restaurants, spa, gift shop, business center, a 7,000-square foot fitness center, an indoor swimming pool and sauna, whirlpool and 88 underground parking spaces for hotel use. All guest rooms and suites are equipped with high speed internet access, a work desk, a telephone with voice mail and data port, on-command movie, full mini-bar, adjustable thermostat, flat-panel televisions and bay windows that open to views of the city. The Four Seasons Boston is home to Aujourd'hui Restaurant, an award winning restaurant specializing in modern French cuisine. Aujourd'hui was named Best Hotel Dining in the 2005/2006 Zagat Survey of Boston Restaurants and was awarded Boston's Top Table by Gourmet magazine and Boston's Best Restaurant and Best Wine List by Food & Wine magazine. Among its many awards and accolades, Aujourd'hui was only one of two restaurants in Massachusetts to receive the coveted AAA Five Diamond Award for Restaurants. The Spa at Four Seasons was voted the #1 urban hotel spa in North America and the Caribbean by the Conde Naste Travelers 2005 Readers' Poll. The Four Seasons Boston is part of a mixed-use hotel and condominium development constructed in 1985 known as Four Seasons Place. The improvements on the site include the Four Seasons Boston and 91 residential condominium units. The hotel is in the process of completing a $48 million renovation of the entire hotel. In addition to the renovation, an extension of the building was constructed and completed in May 2004. The extension included the addition of approximately 5,900 square feet of meeting space, an extension of the Bristol Lounge and Aujourd'hui Restaurant and the addition of approximately 4,000 square feet of retail space (which is currently vacant). Most of the facilities, with the exception of the guest rooms, corridors, suites, and elevator, were renovated in 2003 and 2004. The remaining renovations totaling approximately $12 million will focus on guest rooms and suites and is expected to be completed by March 2006. The demand generators for the Four Seasons Boston consists of 48% commercial, 33% meetings and groups, and 19% leisure compared to the overall markets accommodations of 39% commercial, 38% meeting and group, and 22% leisure. The Four Season Boston has received many awards including the AAA Five Diamond Award for Hotels, Andrew Harper's Hideaway Reports Annual Readers Survey 2004 Top 20 U.S. City Hotels (#19), Institutional Investor World's Best Hotels 2004 (#34), Mobil Five Star Award for 2005 and Zagat 2005 Top 50 Hotels. THE MARKET(1). The Four Season Boston is located on the south side of Boylston Street in Boston, Massachusetts. It comprises the entire block between Hadassah Way and Charles Street and is located directly across from the Boston Commons and historic Boston Common Public Gardens. The hotel is easily accessible by foot or taxi from the Financial District, Copley Plaza and Beacon Hill and is within walking distance of several subway stations. Access to Interstate 90 (Massachusetts Turnpike) is located approximately one-quarter mile south and access to Interstate 93 is located approximately one-quarter mile east. Logan International Airport is located approximately 3 miles northeast of the property. Boston is the capital of Massachusetts and a major hub for finance, communications, transportation, and trade. It is also a major international port and a popular convention destination. Whereas the Boston area lodging market had been one of the nation's strongest markets between 1995-2000, the local lodging market experienced a significant decline following the events of September 11, 2001 and in line with the economic downturn experienced by the national economy in 2002-2003. The lodging sector began to stabilize in late 2003 and began a recovery in 2004. The recovery in Boston was bolstered by the Democratic National Convention held in July 2004. The Boston Convention & Exhibition Center, which offers approximately 600,000 square feet of exhibition space and approximately 193,000 square feet of meeting space was opened in June 2004 in response to the need for a large scale convention venue in the state. Boston is a popular leisure travel destination. According to the appraisal, total visitations increased at an annual rate 1.7% between 2000 and 2004, with a strong 5.2% increase noted in 2003. The Boston-Cambridge-Quincy metropolitan area is home to 65 colleges and universities with total enrollment of approximately 275,000 students. Educational institutions are significant demand generators for hotels in the MSA. These institutions generate strong leisure visitations during weekends and host numerous banquets and similar functions that require the type of meeting space found in hotels. (1) Certain information was obtained from the Four Seasons Boston appraisal dated 06/03/05. 30 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- FOUR SEASONS BOSTON - -------------------------------------------------------------------------------- The Boston market contains a total of 17,900 rooms (contained in 61 properties), of which 5,429 rooms, or 11 hotels, are located in the properties competitive market. The competitive set is composed of hotels located in the Financial District, Back Bay, Chinatown and the Theatre District. According to Smith Travel Research ("STR"), the existing market penetration rates for the Mortgaged Properties are summarized below. The index is based upon a property's performance relative to its competitive set as determined by STR. An index above 100% indicates a property is performing above the average of its competitive set. Properties considered competitive to the Four Seasons Boston include the Ritz-Carlton Boston, the Ritz-Carlton Boston Common, the Boston Harbor Hotel and the Langham Hotel. <TABLE> - ---------------------------------------------------------------------------------------------------- HISTORICAL PENETRATION RATES YTD APRIL YTD APRIL FOUR SEASONS BOSTON 2002 2003 2004 2004 2005 - ---------------------------------------------------------------------------------------------------- OCCUPANCY 102.4% 96.5% 101.2% 94.3% 100.5% AVERAGE DAILY RATE 181.1% 178.6% 169.6% 173.0% 167.1% REVENUE PER AVAILABLE ROOM 185.5% 172.4% 171.6% 163.2% 167.9% - ---------------------------------------------------------------------------------------------------- </TABLE> PROPERTY MANAGEMENT. The property is managed by the Four Seasons Hotel Limited. The company currently manages 65 luxury hotels and resorts in 29 countries with 20 additional hotels under development. 31 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- FOUR SEASONS BOSTON - -------------------------------------------------------------------------------- [MAP OF FOUR SEASONS BOSTON OMITTED] 32 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 [THIS PAGE INTENTIONALLY LEFT BLANK] 33 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SIKES SENTER - -------------------------------------------------------------------------------- [4 PHOTOS OF SIKES SENTER OMITTED] 34 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SIKES SENTER - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------ MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $65,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $64,858,541 % OF POOL BY IPB: 3.1% LOAN SELLER: LaSalle Bank National Association BORROWER: Sikes Senter, L.P. SPONSOR: General Growth Properties, Inc. ORIGINATION DATE: 05/09/05 INTEREST RATE: 5.20000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 06/01/12 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 358 months CALL PROTECTION: L(24),Def(51),O(7) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: Mezzanine Debt Permitted(1) LOAN PURPOSE: Refinance - ------------------------------------------------------------------------ - ------------------------------------------ ESCROWS - ------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY --------------------- TAXES: $0 Springing(2) INSURANCE: $0 Springing(2) CAPEX: $0 Springing(3) TI/LC: $0 Springing(4) - ------------------------------------------ - ------------------------------------------------------ PROPERTY INFORMATION - ------------------------------------------------------ SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Regional Mall SQUARE FOOTAGE: 668,086 LOCATION: Wichita Falls, TX YEAR BUILT/RENOVATED: 1974/2002 OCCUPANCY: 97.6% OCCUPANCY DATE: 06/15/05 NUMBER OF TENANTS: 69 HISTORICAL NOI: 2002: $5,123,567 2003: $4,784,757 2004: $6,156,048 TTM AS OF 04/30/05: $6,467,375 UW REVENUES: $10,498,865 UW EXPENSES: $4,149,261 UW NOI: $6,349,604 UW NET CASH FLOW: $5,545,395 APPRAISED VALUE: $84,000,000 APPRAISAL DATE: 06/01/05 - ------------------------------------------------------ - ----------------------------------- FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $ 96 CUT-OFF DATE LTV: 77.2% MATURITY DATE LTV: 68.8% UW DSCR: 1.29x - ----------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY MOODY'S/ S&P(5) FEET GLA PSF YEAR - ---------------------------------------------------------------------------------------------------------------------------- DILLARD'S Dillard's Inc. B1/BB 152,979 22.9% $ 3.43 2009 J.C. PENNEY J.C. Penney Company, Inc. Ba1/BB+ 129,064 19.3% $ 2.17 2009 SEARS Sears, Roebuck & Co. Ba1/BB+ 92,647 13.8% $ 3.50 2011 SIKES TEN THEATRES Carmike Cinemas, Inc. NR 30,834 4.6% $ 8.96 2018 OLD NAVY Gap, Inc. Baa3/BBB- 25,002 3.7% $ 11.00 2008 - ---------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Future mezzanine financing is allowed upon the satisfaction of certain conditions, including a loan-to-value ratio no greater than 80% (in the aggregate based on the principal balances of the mortgage loan and the mezzanine loan) and a combined debt service coverage ratio of not less than 1.20x, in each case immediately following the closing of such mezzanine loan. (2) During an event of default or if the debt service coverage ratio is less than 1.20x (a "Sikes Trigger Event"), the borrower is required to pay monthly 1/12th of the annual estimated taxes and insurance premiums. (3) During a Sikes Trigger Event and if the amount in such reserve is less than $167,533.50, the borrower is required to pay $13,961.13 monthly. (4) During a Sikes Trigger Event and if the amount in such reserve is less than $263,566.00, the borrower is required to pay $21,963.00 monthly. (5) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 35 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SIKES SENTER - -------------------------------------------------------------------------------- THE LOAN. The Sikes Senter loan is secured by a first mortgage interest in approximately 668,086 square feet of anchor and in-line retail space at the regional mall known as Sikes Senter Mall ("Sikes Senter") located in Wichita Falls, Texas. THE BORROWER. The borrower is Sikes Senter, L.P., a Delaware limited partnership structured as a single purpose entity with an independent director, for which a non-consolidated opinion was obtained at origination. The borrower is sponsored by General Growth Properties, Inc. ("GGP"). GGP acquired Sikes Senter in 2003. GGP (NYSE: GGP) is headquartered in Chicago, Illinois and as of December 31, 2004, reported total assets of $25.7 billion. In August 2004, GGP completed the acquisition of the Rouse Company. The merger added 37 regional shopping malls, four community centers, and six mixed use projects totaling 40 million square feet to GGP's portfolio of owned shopping centers. GGP owns, develops, operates, and/or manages shopping malls in 44 states with ownership interests in and/or management responsibilities for more than 200 regional shopping malls totaling more than 200 million square feet of retail space. THE PROPERTY.(1) Sikes Senter is an approximately 668,086 square feet enclosed regional mall situated on approximately 59 acres and located at 3111 Midwestern Parkway in Wichita Falls, Texas. Sikes Senter has approximately 405,524 square feet of retail anchor space and approximately 262,562 square feet of in-line retail space. Sikes Senter is located approximately 140 miles north of Dallas, Texas and 140 miles south of Oklahoma City, Oklahoma, within the Wichita Falls MSA (population 140,300). Sikes Senter is anchored by Dillard's, J.C. Penney, Sears, and Sikes Ten Theatres. Renovation to Sikes Senter in 2002 included four new entrances, six carpeted soft seating areas, new interior and exterior color schemes, refurbishment of the Sikes pylon tower and a new Sikes monument sign. The property manager estimated that the cost of the renovations was approximately $800,000. Dillard's underwent minor renovations to its space in 2002, while J.C. Penney and Sears underwent major renovations in 2001 and 2002, respectively, with substantially all of the costs associated with such renovations incurred by the related tenant. Dillard's and J.C. Penney have been in tenancy for over 30 years and Sears has been in tenancy for almost 15 years. The in-line space, which includes tenants such as: Old Navy, Hollister & Co., American Eagle Outfitters, Jos A. Bank, GNC, Payless ShoeSource, PacSun, Victoria's Secret, Aeropostale, Radio Shack, Buffalo Wild Wings and On The Border was approximately 93.7% occupied as of June 15, 2005 (inclusive of anchor space the property was approximately 97.6% occupied). The in-line sales yielded comparable sales per square foot, for tenants less than 10,000 square feet, of approximately $290.34, as of December 31, 2004. This equates to an average occupancy cost for the in-line tenants of approximately 11.4%. THE MARKET(1). Wichita Falls is the largest city within a 100 mile radius of Sikes Senter, with a population of more than 104,000. Sikes Senter is the only shopping mall located in the Wichita Falls MSA. The nearest shopping mall is located in Lawton, Oklahoma, which is approximately 57 miles north of Wichita Falls. Other retailers in the immediate area include: Target, Walgreens, Best Buy, Pier 1 Imports, Linens N Things, Albertson's, Wal-Mart, Circuit City, Home Depot, Shoe Carnival, Lowes, Office Depot, and Petco. The area is accessible from Interstate 44 as well as US Highways 281, 82 and 287. The city of Wichita Falls has several organizations that provide a modest amount of diversification in the local business environment. For example, Sheppard Air Force Base is the largest employer in Wichita Falls and conducts the Euro-NATO Joint Jet Training Program for the 13 member nations. Sheppard Air Force Base also provides training in medical services, aircraft maintenance and other specialized technical fields. Sikes Senter provides a shuttle bus to and from Sheppard Air Force Base every 30-minutes. In addition, Midwestern State University has approximately 6,000 students and over 200 full time faculty members. Wichita Falls is also a provider of regional healthcare services and has over 350 physicians practicing in 35 clinics throughout the city. PROPERTY MANAGEMENT. Sikes Senter is managed by the borrower. (1) Certain information was obtained from the Sikes Senter appraisal dated 06/01/05. 36 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SIKES SENTER - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------------------------------------------------------------------------------------------------------------------------------- VACANT 16,126 2.4% N/A N/A N/A N/A N/A N/A 2005 + MTM 4 7,582 1.1 189,896 3.6 23,708 3.5% $ 187,896 3.6% 2006 6 9,198 1.4 286,104 5.4 32,906 4.9% $ 474,000 9.0% 2007 9 13,535 2.0 352,056 6.7 46,441 7.0% $ 826,056 15.7% 2008 6 54,585 8.2 585,528 11.1 101,026 15.1% $1,411,584 26.8% 2009 4 284,355 42.6 766,968 14.6 385,381 57.7% $2,178,552 41.4% 2010 15 33,497 5.0 804,984 15.3 418,878 62.7% $2,983,536 56.7% 2011 5 135,190 20.2 714,771 13.6 554,068 82.9% $3,698,307 70.3% 2012 8 40,380 6.0 655,292 12.5 594,448 89.0% $4,353,600 82.8% 2013 6 17,495 2.6 291,348 5.5 611,943 91.6% $4,644,948 88.3% 2014 3 8,728 1.3 158,904 3.0 620,671 92.9% $4,803,852 91.3% 2015 3 16,581 2.5 178,788 3.4 637,252 95.4% $4,982,640 94.7% AFTER 1 30,834 4.6 276,276 5.3 668,086 100.0% $5,258,916 100.0% - --------------------------------------------------------------------------------------------------------------------------------- TOTAL 70 668,086 100.0% $5,258,916 100.0% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 37 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SIKES SENTER - -------------------------------------------------------------------------------- [MAP OF SIKES SENTER OMITTED] 38 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- SIKES SENTER - -------------------------------------------------------------------------------- [SITE MAP OF SIKES SENTER OMITTED] 39 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- RREEF - PACIFIC CENTER - -------------------------------------------------------------------------------- [2 PHOTOS OF RREEF - PACIFIC CENTER OMITTED] 40 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- RREEF -- PACIFIC CENTER - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------ MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $63,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $63,000,000 % OF POOL BY IPB: 3.0% LOAN SELLER: LaSalle Bank National Association BORROWER: RREEF America REIT III Corp. K SPONSOR: RREEF America REIT III, Inc. ORIGINATION DATE: 07/01/05 INTEREST RATE: 4.97000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 07/01/10 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24),Def(31),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - ------------------------------------------------------------------------ - ------------------------------------------ ESCROWS - ------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY --------------------- TAXES: $0 Springing(1) INSURANCE: $0 Springing(1) CAPEX: $0 Springing(2) TI/LC: $0 Springing(3) - ------------------------------------------ - ----------------------------------------------- PROPERTY INFORMATION - ----------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 384,832 LOCATION: San Diego, CA YEAR BUILT/RENOVATED: 1998 and 2000 OCCUPANCY: 96.5%(4) OCCUPANCY DATE: 06/22/05 NUMBER OF TENANTS: 14(4) HISTORICAL NOI: 2002: $4,523,665 2003: $6,237,571 2004: $3,073,832 TTM AS OF 04/30/05: $4,758,865 UW REVENUES: $10,049,791 UW EXPENSES: $3,336,933 UW NOI: $6,712,858 UW NET CASH FLOW: $6,159,099 APPRAISED VALUE: $107,000,000 APPRAISAL DATE: 05/18/05 - ------------------------------------- FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $156 CUT-OFF DATE LTV: 58.9% MATURITY DATE LTV: 58.9% UW DSCR: 1.94x - ------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS - ------------------------------------------------------------------------------------------------------------------------------------ LEASE SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY MOODY'S/S&P(5) FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------------------ QUALCOMM Qualcomm Incorporated Ba2/NR 103,103 26.8% $26.40 2011 STATE COMPENSATION INSURANCE FUND State Compensation Insurance Fund NR 100,073 26.0% $28.80 2013 CAPTIVA SOFTWARE CORPORATION Captiva Software Corporation NR 25,498 6.6% $23.91 2009 ROHM LSI SYSTEMS Rohm Electronics, Inc. U.S.A., LLC NR 20,951 5.4% $27.84 2010 ZTE SAN DIEGO ZTE San Diego NR 19,312 5.0% $27.96 2007 - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Borrower is required to pay monthly 1/12th of the estimated annual taxes and insurance premiums monthly; provided that such amount will not be required if (i) no event of default has occurred and (ii) the borrower provides lender evidence that all taxes and insurance premiums have been paid no later than 30 days after the due date thereof. (2) Borrower is required to deposit $6,413.83 monthly unless: (i) no event of default is continuing; (ii) borrower or an assignee that has been approved by lender is the borrower and the lender has agreed no reserves are required; and (iii) the property is maintained as required in the loan documents as determined by lender. The lender has the right to require an increase in monthly reserves if lender reasonably determines that an increase is necessary to maintain proper operation of the property. (3) During an event of default, the borrower is required to pay $40,403.33 monthly. (4) A lease covering 25,406 square feet expired on July 31, 2005. Qualcomm Incorporated has leased approximately 12,703 square feet of the expired space. The remaining approximately 12,703 square feet of expired space is currently vacant. The occupancy rate of the property as of August 1, 2005 was approximately 93.2%. (5) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 41 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- RREEF -- PACIFIC CENTER - -------------------------------------------------------------------------------- THE LOAN. The RREEF -- Pacific Center loan is secured by a first mortgage interest in approximately 384,832 square feet of office space located in two adjacent Class A mid-rise office buildings in an office complex known as "Pacific Center." The refinanced loan-to-value ratio is 58.9%. THE BORROWER. The borrower, RREEF America REIT III Corp. K, a Maryland corporation is structured as a single purpose entity with an independent director, for which a non-consolidated opinion was obtained at origination. The borrower is wholly owned by RREEF America REIT III, Inc. RREEF America REIT III, Inc. is a private real estate investment trust that manages a portfolio of multi-family, industrial, retail and office properties. THE PROPERTY(1). The Pacific Center site totals approximately 7.0 acres, is located at 10105 and 10145 Pacific Heights Boulevard in San Diego, California. and is comprised of two adjacent mid-rise ten- and six-story buildings built in 1998 and 2000, respectively. Pacific Center amenities include a five level deck parking structure and a separate gym/health club facility. The ten story building totals approximately 243,388 square feet and as of the June 22, 2005 rent roll, was approximately 97.1% occupied by 9 tenants, including Qualcomm, Incorporated (one of the leases in the ten-story building expired on July 31, 2005, leaving 8 tenants and opening 25,406 square feet of space, approximately half of which was leased by Qualcomm Incorporated as of August 1, 2005). The six-story building totals approximately 141,444 square feet and as of the June 22, 2005 rent roll, was approximately 95.5% occupied by 5 tenants, including the State Compensation Insurance Fund. The occupancy rate of the property as of June 22, 2005 was approximately 96.5% (and as of August 1, 2005 was approximately 93.2%). The largest tenant, Qualcomm Incorporated engages in the development, design, manufacture, and marketing of digital wireless telecommunications products and services. As of its fiscal year end 2004, Qualcomm Incorporated reported revenues of $3.51 billion and net income of $1.7 billion. Pursuant to the Qualcomm Incorporated lease, Qualcomm Incorporated is required to lease an additional 12,651 square feet, as of February 28, 2006. The second largest tenant, the State Compensation Insurance Fund (the "Fund"), is a non-profit, public enterprise fund that operates like a mutual insurance carrier. Unused premiums, in excess of Fund operating expenses, claims costs and expenses, and necessary surplus are returned in the form of dividends to policyholders. The Fund has returned in excess of $4.8 billion to its policyholders since its founding. The space leased by the Fund has expanded from 80,000 square feet to 100,073 square feet since March 31, 2003. THE MARKET(1). Pacific Center is located in the Sorrento Mesa high-tech industrial/office business district, in the City of San Diego, in the north-central portion of San Diego County, California. Sorrento Mesa is part of the larger North City/Golden Triangle area, which also includes the University Town Center, Torrey Pines, Sorrento Valley and Governor Park business districts. As of 2004, San Diego County ranked third in population among California's 58 counties behind Los Angeles and Orange and fourth as the most populous county in the nation, with an approximate population of 3,017,200. As of March 2005, the San Diego County unemployment rate was approximately 4.3 percent. San Diego County added an estimated 8,200 jobs in the first quarter of 2005. Sorrento Mesa is a mixed-use, master planned business community generally located on the east side of Interstate 805. Sorrento Mesa is primarily characterized by a conforming mix of newer low and mid-rise office buildings, high tech industrial and R&D uses, and some traditional industrial and manufacturing properties. Major companies with a presence in the Sorrento Mesa business district include Qualcomm, Sony, Quidel, Motorola and General Instrument. As of the first quarter 2005, Sorrento Mesa has an existing base of 4.2 million square feet of office space, making it the fourth largest office submarket in the City of San Diego behind Downtown, Mission Valley, and Kearny Mesa. The first quarter 2005 office vacancy rate for Sorrento Mesa was approximately 13.1% as compared to approximately 21% in 2001. Market rents for Pacific Center were appraised to range from $26.40 per square foot to $28.80 per square foot. PROPERTY MANAGEMENT. Pacific Center is managed by RREEF Management Company, an affiliate of the borrower. As of the second quarter 2005, RREEF Management Company had approximately $23.6 billion is assets under management, representing approximately 165 million square feet of commercial space. (1) Certain information was obtained from the RREEF -- Pacific Center appraisal dated 05/18/05. 42 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- RREEF -- PACIFIC CENTER - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER % OF CUMULATIVE CUMULATIVE % OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE OF BASE LEASES FEET GLA BASE RENT RENT FEET % OF GLA BASE RENT RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - -------------------------------------------------------------------------------------------------------------------------------- VACANT N/A 13,377 3.5% N/A N/A N/A N/A N/A N/A 2005 + MTM 2 25,354 6.6 $ 250,490 2.7% 38,731 10.1% $ 250,490 2.7% 2006 2 35,861 9.3 696,248 7.5 74,592 19.4% $ 946,738 10.1% 2007 2 19,312 5.0 547,433 5.9 93,904 24.4% $1,494,171 16.0% 2008 0 0 0.0 0 0.0 93,904 24.4% $1,494,171 16.0% 2009 1 25,498 6.6 609,580 6.5 119,402 31.0% $2,103,751 22.5% 2010 4 28,314 7.4 749,892 8.0 147,716 38.4% $2,853,643 30.6% 2011 6 124,054 32.2 3,305,195 35.4 271,770 70.6% $6,158,838 66.0% 2012 0 0 0.0 0 0.0 271,770 70.6% $6,158,838 66.0% 2013 4 100,073 26.0 2,882,102 30.9 371,843 96.6% $9,040,941 96.9% 2014 1 12,703 3.3 290,472 3.1 384,546 99.9% $9,331,413 100.0% 2015 0 0 0.0 0 0.0 384,546 99.9% $9,331,413 100.0% AFTER 2 286 0.1 0 0.0 384,832 100.0% $9,331,413 100.0% - -------------------------------------------------------------------------------------------------------------------------------- TOTAL 24 384,832 100.0% $9,331,413 100.0% - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> 43 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- RREEF -- PACIFIC CENTER - -------------------------------------------------------------------------------- [2 GRAPHICS OF RREEF - PACIFIC CENTER OMITTED] 44 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- RREEF -- PACIFIC CENTER - -------------------------------------------------------------------------------- [2 MAPS OF RREEF - PACIFIC CENTER OMITTED] 45 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- NEW CENTER ONE BUILDING - -------------------------------------------------------------------------------- [3 PHOTOS OF NEW CENTER ONE BUILDING OMITTED] 46 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- NEW CENTER ONE BUILDING - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $45,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $45,000,000 % OF POOL BY IPB: 2.2% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: New Center LLC & NCO Parking LLC SPONSOR: Lubent-Alder and the Farbman Group ORIGINATION DATE: 07/15/05 INTEREST RATE: 5.33000% INTEREST ONLY PERIOD: 36 months MATURITY DATE: 08/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Springing ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: Mezzanine Debt Permitted(1) LOAN PURPOSE: Refinance - ------------------------------------------------------------------------- - ----------------------------------------------------- ESCROWS - ----------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ----------------------------- TAXES: $ 308,648 $ 41,998 INSURANCE: $ 20,024 $ 10,012 CAPEX: $ 0 $ 4,503 TI/LC: $ 732,185(2) Springing(3) OTHER: $1,000,000(4) $ 0 - ----------------------------------------------------- - --------------------------------------------- PROPERTY INFORMATION - --------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office - CBD SQUARE FOOTAGE: 487,996 LOCATION: Detroit, MI YEAR BUILT/RENOVATED: 1982 / 2003 OCCUPANCY: 75.0% OCCUPANCY DATE: 06/14/05 NUMBER OF TENANTS: 62 HISTORICAL NOI: 2003: $1,706,413 2004: $1,732,187 TTM AS OF 03/31/05: $1,936,121 UW REVENUES: $7,686,158 UW EXPENSES: $3,513,777 UW NOI(5): $4,172,381 UW NET CASH FLOW: $3,673,956 APPRAISED VALUE: $60,000,000(6) APPRAISAL DATE: 05/01/07 - --------------------------------------------- - ------------------------------------- FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $92 CUT-OFF DATE LTV: 75.0% MATURITY DATE LTV: 66.9% UW DSCR: 1.22x - ------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS LEASE SQUARE BASE RENT EXPIRATION TENANT NAME PARENT COMPANY MOODY'S/S&P(7) FEET % OF GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------------ HENRY FORD HEALTH SYSTEMS N/A NR 83,529 16.5% $ 13.54 2015 DETROIT PUBLIC SCHOOLS N/A NR 73,691 14.5% $ 17.54 2013 GMAC SERVICES, INC. General Motors Acceptance Corp. Baa2/BB 22,950 4.5% $ 18.00 2006 - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) The Borrower is permitted to incur mezzanine debt in the future subject to LTV for combined debt being no greater than 85% and the DSCR for the combined debt being no less than 1.07x. (2) The $732,185.49 TI/LC reserve consists of a hold back of five months rent ($140,510.40) on the Kaplan Higher Education space, as well as $25psf TI allowance that the Borrower is obligated to pay to Kaplan, and will release once Lender receives a clean estoppel and evidence that Kaplan is in occupancy and paying rent. (3) Lender will begin paying monthly escrows of $50,000 for TI/LC in the event the actual DSCR falls below 1.10x. Payments will be required until enough space is leased and the operations exceed a 1.25x DSCR for 90 days, at which point the collections would be refunded to the Borrower. (4) At closing, lender held back $1,000,000 in escrow. The conditions to release are: no event of default, a signed lease to lender's satisfaction to occupy vacant space in the subject property that will be at a minimum of $102,000 of annual rent and reimbursements, receipt of a clean estoppel and evidence that the tenant of the subject leased space is in occupancy and paying rent, and the DSCR shall be no less than 1.25x. (5) The increase in UW NOI from the historical NOI is due lease up from 41.0% when the property was purchased in March 2003 to its current level of 75.0%. (6) Appraisal value is based on a stabilized value. The "as-is" value is $55,000,000. (7) Ratings provided are for the entitiy listed in the "Parent Company" field whether or not the parent company guarantees the lease. 47 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- NEW CENTER ONE BUILDING - -------------------------------------------------------------------------------- THE LOAN. The New Center One Building loan is secured by a fee interest in an approximately 487,996 square foot multi-tenant office building and 10-story parking garage located in Detroit, Michigan. THE BORROWER. The borrowing entities are New Center LLC and NCO Parking LLC, both of which are special purpose entities wholly owned by NCO Acquisition Parking LLC and managed by NCO Manager, Inc. The sponsors of the borrowing entity are Lubent-Alder and the Farbman Group. The Farbman Group is a full service real estate company founded in 1976. The company employs over 200 professionals and has developed over 15 million square feet of office, industrial, and retail space in southeast Michigan. The Farbman Group offers a wide range of services including: development and acquisitions, property management, leasing and brokerage, adaptive reuse, construction, and Fbuilding maintenance. Lubert-Adler is a 90% owner of NCO Acquisition Parking LLC through four funds. Lubert-Adler is a real estate private equity firm specializing in redevelopments through joint ventures with local operating partners. Since its inception in 1997 Lubert-Adler has invested in approximately $10 billion of real estate assets. THE PROPERTY. The New Center One Building is an eight-story, Class B, office building that contains approximately 487,996 square feet of space located in Detroit, Michigan, approximately 4 miles north of the central business district. The office building is a multi-tenant office development which includes storage units in the basement level, approximately 38,300 square feet of retail space on the first and second floors and six levels of office suites. Built in 1982, the New Center One Building is connected to two adjacent office buildings, the Fisher Building and the Albert Kahn building, through two skywalks. Also included in the collateral is the New Center One Parking Garage which represents three separate parking facilities; the approximately 1,747 space, ten-story New Center Parking Garage, the 149 space surface lot and 68 spaces located in two underground levels of parking at the office building. Demand for these spaces comes primarily from the office and retail tenants of the building, transient parking and validation books. As of June 14, 2005, the property was approximately 75.0% occupied by 62 tenants including Henry Ford Health Systems ("HFHS"), Detroit Public Schools, Kaplan Higher Education and GMAC Home services. HFHS, founded in 1915 by auto pioneer Henry Ford, is one of the nation's leading health care providers. HFHS, a Michigan non-profit health care enterprise, records $2.6 billion in revenues annually with $105 million in uncompensated care. More than 12,700 full-time equivalent employees, including 3,000 nurses and more than 4,000 allied health professionals provide care during more than 2.5 million patient contacts. Henry Ford health care providers perform more than 50,000 ambulatory surgery procedures each year. Nearly 65,000 patients are admitted to Henry Ford hospitals each year. HFHS has a letter of intent for an additional 7,019 square feet of office space at the property. Since the borrowers, purchase of the building in 2003, they have successfully increased occupancy from 43% to the current level of 75.0%. THE MARKET(1). New Center One Building is located on the north side of West Grand Boulevard in the New Center submarket of Detroit, Michigan. The property is easily accessible from and in close proximity to Interstate 75 to the east, the John C. Lodge freeway to the west, the Davison freeway to the north, and Interstate 94 to the south. Woodward Avenue, which is one block east of the subject, is a major corridor through the city of Detroit and the entire metropolitan area. Woodward Avenue runs northwest to southeast from Pontiac to downtown Detroit. The appealing characteristic of the New Center area of Detroit, in comparison to Detroit's central business district, is the availability of parking for office tenants. The vacancy rate and average rent for office properties in the Detroit metropolitan area are 22.5% and $20.16 per square foot (modified gross), respectively, during the first quarter of 2005. The vacancy rate and average rent for office properties in the New Center submarket are 17.6% and $19.70 per square foot (modified gross), respectively, during the first quarter of 2005. PROPERTY MANAGEMENT. The New Center One Building is managed by Farbman Management Group, an affiliate of the borrowers. (1) Certain information was obtained from the New Center One Building appraisal dated 05/04/05. 48 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- NEW CENTER ONE BUILDING - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE BASE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------------------------------------------------------------------------------------------------------------------------------- VACANT N/A 138,564 27.3% N/A N/A N/A N/A N/A N/A 2005 + MTM 23 53,897 10.6 $ 425,338 8.4% 192,461 37.9% $ 425,338 8.4% 2006 7 37,991 7.5 647,180 12.8 230,452 45.4% $1,072,518 21.2% 2007 8 14,201 2.8 217,852 4.3 244,653 48.2% $1,290,370 25.5% 2008 17 37,543 7.4 610,099 12.1 282,196 55.6% $1,900,469 37.6% 2009 8 30,671 6.0 487,119 9.6 312,867 61.7% $2,387,588 47.3% 2010 4 6,669 1.3 98,926 2.0 319,536 63.0% $2,486,514 49.2% 2011 0 0 0.0 0 0.0 319,536 63.0% $2,486,514 49.2% 2012 6 58,736 11.6 644,959 12.8 378,272 74.6% $3,131,472 62.0% 2013 1 45,024 8.9 776,664 15.4 423,296 83.5% $3,908,136 77.3% 2014 0 0 0.0 0 0.0 423,296 83.5% $3,908,136 77.3% 2015 2 83,529 16.5 1,130,414 22.4 506,825 99.9% $5,038,551 99.7% AFTER 1 404 0.1 14,544 0.3 507,229 100.0% $5,053,095 100.0% - --------------------------------------------------------------------------------------------------------------------------------- TOTAL 77 507,229 100.0% $5,053,095 100.0% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 49 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- NEW CENTER ONE BUILDING - -------------------------------------------------------------------------------- [2 MAPS OF NEW CENTER ONE BUILDING OMITTED] 50 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 [THIS PAGE INTENTIONALLY LEFT BLANK] 51 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- ENCINO FINANCIAL CENTER - -------------------------------------------------------------------------------- [3 PHOTOS OF ENCINO FINANCIAL CENTER OMITTED] 52 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- ENCINO FINANCIAL CENTER - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $44,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $44,000,000 % OF POOL BY IPB: 2.1% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: EFC Investors, Ltd. SPONSOR: Robert J. Lowe ORIGINATION DATE: 06/23/05 INTEREST RATE: 5.59000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 07/11/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Springing ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - ---------------------------------------------------------------------- - ------------------------------------------------- ESCROWS - ------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ----------------------- TAXES: $ 50,941 $16,980 INSURANCE: $177,179 $16,107 CAPEX: $ 0 $ 4,374 ENGINEERING RESERVE $ 14,688 $ 0 - ------------------------------------------------- - -------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 227,223 LOCATION: Encino, CA YEAR BUILT/RENOVATED: 1974 OCCUPANCY: 92.9% OCCUPANCY DATE: 04/30/05 NUMBER OF TENANTS: 84 HISTORICAL NOI: 2003 $4,003,706 2004: $4,154,300 TTM AS OF 03/31/05: $4,069,749 UW REVENUES: $6,459,387 UW EXPENSES: $2,454,117 UW NOI: $4,005,270 UW NET CASH FLOW: $3,715,434 APPRAISED VALUE: $55,000,000 APPRAISAL DATE: 04/20/05 - -------------------------------------------------- - ------------------------------------ FINANCIAL INFORMATION - ------------------------------------ CUT-OFF DATE LOAN/SF: $ 194 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 74.4% UW DSCR: 1.23x - ------------------------------------ <TABLE> - --------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF YEAR - --------------------------------------------------------------------------------------------------------------------- BARRISTER EXECUTIVE SUITES Barrister Executive Suites NR 18,916 8.3% $ 25.57 2011 CITY NATIONAL BANK City National Bank NR 10,051 4.4% $ 27.44 2009 OLDMAN & HOFFMAN Oldman & Hoffman NR 9,487 4.2% $ 25.16 2010 HEARTHSTONE Hearthstone NR 9,429 4.1% $ 26.96 2005 SYNOVATE INC. Synovate Inc. NR 7,376 3.2% $ 24.92 2006 - --------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 53 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- ENCINO FINANCIAL CENTER - -------------------------------------------------------------------------------- THE LOAN. Encino Financial Center is secured by a first mortgage fee interest in approximately 227,223 square foot office tower located in Encino, Los Angeles County, California. THE BORROWER. The property was completed in 1974 and has been owned since that time by EFC Investors Ltd. EFC Investors Ltd. is controlled by general partner EFC, LLC and its limited partners. EFC Investors Ltd.'s largest owners are Robert Lowe, current chairman and Chief Executive Officer of Lowe Enterprises, Inc. and Brian Prinn, recently retired vice chairman and partner of Lowe Enterprises, Inc. As Chairman and Chief Executive of Lowe Enterprises, Inc., Robert Lowe oversees the operations of a real estate company. Mr. Lowe was the principal founding shareholder in 1972 of the corporation which became Lowe Enterprises, Inc. Lowe Enterprises, Inc. is a vertically integrated real estate development, investment advisory and management firm with an executive staff of 200 persons and a total employment of over 7,000, including hospitality operations. Headquartered in Los Angeles, the firm has regional offices in San Francisco, Orange County, Sacramento, Denver, Phoenix and Washington DC. Lowe Enterprises Real Estate Group oversees the development and property management of the firm's commercial and residential projects throughout the United States. Lowe Enterprises, Inc. has developed, acquired or managed more than $6 billion of real estate assets since 1973. THE PROPERTY. Constructed in 1974, Encino Financial Center is an approximately 227,223 square foot, 13-story office tower with an approximately 755 space parking garage located at 16133 Ventura Boulevard in Encino, California. Encino Financial Center is situated along the prominent east / west thoroughfare of Ventura Boulevard and is 92.9% occupied by 84 upscale professional and medical tenants. The property has undergone renovations in 1995 and 2005. Directly adjacent to the property is the upscale Encino Place, featuring several restaurants and retail stores. One block away on the opposing side of the property is the Encino-Tarzana Hospital serving the needs of doctors and dentists who comprise approximately 25% of the tenant base. The property is nearby the San Diego (405) and Ventura (101) freeways, connecting tenants to all of Southern California. The Burbank Airport is 11 miles northeast of the property and Los Angeles International is 18 miles south. THE MARKET(1). As of year-end 2004, the San Fernando Valley had one of the tightest office market in the Los Angeles Basin, with a vacancy rate of just 9.0%. Demand was strong, particularly from tenants in finance, insurance and professional services. Net absorption in 2004 totaled 89,000 square feet, significantly exceeding the total for 2003 of 38,000 square feet. Comparable "Class A" properties along Ventura Boulevard fare far better than the overall San Fernando Valley market. These properties have maintained historically high occupancy rates and currently have vacancy of 6.7%. Average asking rental rates are between $21.60 and $25.80 per square foot. PROPERTY MANAGEMENT. The property is managed by Lowe Enterprises Real Estate Group-West, Inc., an affiliate of the Borrower. (1) Certain information was obtained from the Encino Financial Center appraisal dated 04/20/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. <TABLE> - ---------------------------------------------------------------- ENCINO FINANCIAL CERNTER NUMBER OF YEAR AT LEASES SQUARE FEET % OF EXPIRATION EXPIRING EXPIRING TOTAL SF REVENUES - ---------------------------------------------------------------- VACANT 16,220 7.1% N/A 2005 & MTM 10 26,301 11.6 $ 677,787 2006 51 35,278 15.5 897,750 2007 29 60,876 26.8 1,549,525 2008 13 22,258 9.8 532,877 2009 8 30,497 13.4 792,236 2010 4 16,877 7.4 425,021 2011 1 18,916 8.3 483,603 2012 0 -- 0.0 -- 2013 0 -- 0.0 -- 2014 0 -- 0.0 -- 2015 0 -- 0.0 -- AFTER 0 -- 0.0 -- - ---------------------------------------------------------------- TOTAL 116 227,223 100.0% $5,358,797 - ---------------------------------------------------------------- - ------------------------------------------------------------------------------------- % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE % YEAR AT ACTUAL RENT CUMULATIVE % OF TOTAL OF BASE ACTUAL EXPIRATION ROLLING TOTAL SF TOTAL SF REVENUES RENT ROLLING - ------------------------------------------------------------------------------------- VACANT N/A N/A N/A N/A N/A 2005 & MTM 12.6% 42,521 18.7% $ 677,787 12.6% 2006 16.8 77,799 34.2% $1,575,536 29.4% 2007 28.9 138,675 61.0% $3,125,061 58.3% 2008 9.9 160,933 70.8% $3,657,938 68.3% 2009 14.8 191,430 84.2% $4,450,174 83.0% 2010 7.9 208,307 91.7% $4,875,195 91.0% 2011 9.0 227,223 100.0% $5,358,797 100.0% 2012 0.0 227,223 100.0% $5,358,797 100.0% 2013 0.0 227,223 100.0% $5,358,797 100.0% 2014 0.0 227,223 100.0% $5,358,797 100.0% 2015 0.0 227,223 100.0% $5,358,797 100.0% AFTER 0.0 227,223 100.0% $5,358,797 100.0% - ------------------------------------------------------------------------------------- TOTAL 100.0% 227,223 100.0% $5,358,797 100.0% - ------------------------------------------------------------------------------------- </TABLE> 54 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- ENCINO FINANCIAL CENTER - -------------------------------------------------------------------------------- [MAP OF ENCINO FINANCIAL CENTER OMITTED] 55 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LOWE'S ALISO VIEJO - -------------------------------------------------------------------------------- [3 PHOTOS OF LOWE'S ALISO VIEJO OMITTED] 56 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LOWE'S ALISO VIEJO - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------ MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $42,125,000 CUT-OFF DATE PRINCIPAL BALANCE: $42,125,000 % OF POOL BY IPB: 2.0% LOAN SELLER: LaSalle Bank National Association BORROWER: CLF Aliso Viejo Business Trust SPONSOR: CapLease Credit LLC ORIGINATION DATE: 06/21/05 INTEREST RATE: 5.09500% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 07/01/15(1) AMORTIZATION TYPE: IO-ARD ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: Yes ADDITIONAL DEBT TYPE: B-Note(2) LOAN PURPOSE: Refinance - ------------------------------------------------------------------------ - ---------------------------------------------- ESCROWS - ---------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- ---------- TAXES: $0 Springing(5) INSURANCE: $0 Springing(5) - ---------------------------------------------- - -------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 208,050(3) LOCATION: Aliso Viejo, CA YEAR BUILT/RENOVATED: 1995/2004 OCCUPANCY: 100.0%(4) OCCUPANCY DATE: 08/01/05 NUMBER OF TENANTS: 3 HISTORICAL NOI: 2002: N/A 2003: N/A 2004: N/A UW REVENUES: $4,568,844 UW EXPENSES: $1,217,291 UW NOI: $3,351,553 UW NET CASH FLOW: $3,315,644 APPRAISED VALUE: $53,000,000 APPRAISAL DATE: 03/18/05 - -------------------------------------------------- - ----------------------------------- FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $ 202 CUT-OFF DATE LTV: 79.5% MATURITY DATE LTV: 73.4% UW DSCR: 1.21x - ----------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P(6) SQUARE FEET % OF GLA PSF YEAR - ---------------------------------------------------------------------------------------------------------------------- LOWE'S Lowe's Company, Inc. A2/A+ 175,000(3) 84.1% $ 16.00 2023 MICHAELS Michaels Stores, Inc. Ba1/BB+ 25,050 12.0% $ 21.00 2015 TUESDAY MORNING Tuesday Morning, Inc. NR 8,000(4) 3.8% $ 15.50 2010(7) - ---------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Represents the anticipated repayment date; the actual maturity date is 07/01/24. (2) B-Note in the amount of $3.85 million is held by CapLease, LP, the parent of the borrower. (3) Includes 30,000 square feet of garden center space. (4) Tuesday Morning has commenced paying rent, but has not yet taken occupancy of its leased space. (5) During an event of default, the borrower is required to pay monthly 1/12th of the estimated annual taxes and insurance premiums. (6) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. (7) The tenant has an option, without any penalty payment to landlord, to terminate the lease within a 30 day period following December 31, 2007 in the event that gross sales, as defined in the lease, have not been greater than $1,750,000 for the preceding 12 month period. 57 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 LOWE'S ALISO VIEJO THE LOAN. The Lowe's Aliso Viejo Loan ("Lowe's Aliso Viejo") is secured by a first mortgage interest in an approximately 208,050 square foot Class A retail center anchored by a Lowe's Super Center, which includes approximately 30,000 square feet of garden center space. Lowe's Aliso Viejo is located in the City of Aliso Viejo, in Orange County, California. THE BORROWER. The borrower, CLF Aliso Viejo Business Trust, a Virginia business trust, is structured as a newly formed, single purpose entity with an independent director, for which a non-consolidation opinion was obtained at origination. The borrower is sponsored by CapLease Credit LLC. CapLease, LP owns 100% of the beneficial interest of the borrower and of CapLease Credit LLC. In consideration of CapLease Credit LLC providing a guaranty on behalf of the borrower, CapLease, LP provided a demand promissory note for the benefit of CapLease Credit LLC in the amount of $25 million. Capital Lease Funding, Inc. (NYSE: LSE) conducts substantially all of its business through its operating partnership Caplease, LP, or its subsidiaries. Capital Lease Funding, Inc. reported total assets of approximately $581 million and total stockholder's equity of approximately $253 million as of December 31, 2004. THE PROPERTY(1). Lowe's Aliso Viejo is an approximately 208,050 square foot master planned anchored retail center that includes an approximately 30,000 square foot gardening center occupied by a Lowe's Super Center. Lowe's Aliso Viejo is situated on approximately 14.5 acres and is located at 26501 Aliso Creek Road. Lowe's Aliso Viejo has approximately 6.5 parking spaces per 1,000 square feet. Lowe's Aliso Viejo is presently 100% leased by three tenants: Lowe's Super Center, Michaels Stores, Inc. and Tuesday Morning, Inc. Lowe's Companies, Inc. (NYSE: LOW) is a home improvement retailer and was ranked 43 on the Fortune 500 in 2005 and operated more than 1,125 stores in 49 states. Michaels Stores, Inc. (NYSE: MLK) is an arts and crafts specialty retailer that offers a selection of arts and crafts materials. As of January 31, 2004, Michaels Stores, Inc. operated 805 stores in 48 states and Canada. Tuesday Morning, Inc. (NASDAQ: TUES) operates as a closeout retailer of home furnishings, gifts, and related items. As of May 2005, Tuesday Morning, Inc. operated 700 stores in 43 states. THE MARKET(1). Aliso Viejo is a master planned, mixed use community surrounded by the City of Laguna Beach to the west, Laguna Niguel to the south and Laguna Hills to the east and north. Orange County represents approximately 8.1% of California's population and has an unemployment rate of approximately 2.9%. In 2004, the Orange County retail vacancy rate dropped more than 8% in the fourth quarter to 4.4%. As of 2003, Aliso Viejo's population within a 1-, 3-, and 5-mile radius was approximately 22,180, 120,846, and 269,312, respectively. Average household income in 2003 within the same radii was approximately $89,604, $96,909, and $99,201, respectively. Included in the Aliso Viejo mixed use community is "Pacific Park" a 900 acre master planned complex, which is the second largest business park in Orange County. Also within Pacific Park is the "Aliso Viejo Town Center", located on the west side of Aliso Creek Road, north of Pacific Park Drive. This 300-acre center accommodates a broad range of shopping, medical and health care, places of worship, professional and corporate offices, hotel and restaurant uses, entertainment, and community facilities. The first phase of Aliso Viejo Town Center includes a Ralph's grocery store, a Super K-Mart, 360,000 square feet of other retail space and an Edward's 20 screen cinema. PROPERTY MANAGEMENT. Lowe's Aliso Viejo is managed by the borrower. (1) Certain information was obtained from the Lowe's Aliso Viejo appraisal dated 03/18/05. 58 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LOWE'S ALISO VIEJO - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - -------------------------------------------------------------------------------------------------------------------------------- VACANT N/A N/A N/A N/A N/A N/A N/A N/A N/A 2005 & MTM 0 0 0.0% $ 0 0.0% 0 0.0% $ 0 0.0% 2006 0 0 0.0 0 0.0 0 0.0% $ 0 0.0% 2007 0 0 0.0 0 0.0 0 0.0% $ 0 0.0% 2008 0 0 0.0 0 0.0 0 0.0% $ 0 0.0% 2009 0 0 0.0 0 0.0 0 0.0% $ 0 0.0% 2010 1 8,000 3.8 124,000 3.6 8,000 3.8% $ 124,000 3.6% 2011 0 0 0.0 0 0.0 8,000 3.8% $ 124,000 3.6% 2012 0 0 0.0 0 0.0 8,000 3.8% $ 124,000 3.6% 2013 0 0 0.0 0 0.0 8,000 3.8% $ 124,000 3.6% 2014 0 0 0.0 0 0.0 8,000 3.8% $ 124,000 3.6% 2015 1 25,050 12.0 526,050 15.2 33,050 15.9% $ 650,050 18.8% AFTER 1 175,000 84.1 2,799,996 81.2 208,050 100.0% $3,450,046 100.0% - -------------------------------------------------------------------------------------------------------------------------------- TOTAL 3 208,050 100.0% $3,450,046 100.0% - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> 59 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LOWE'S ALISO VIEJO - -------------------------------------------------------------------------------- [2 MAPS OF LOWE'S ALISO VIEJO OMITTED] 60 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 [THIS PAGE INTENTIONALLY LEFT BLANK] 61 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LXP-NISSAN - -------------------------------------------------------------------------------- [2 PHOTOS OF LXP-NISSAN OMITTED] 62 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LXP - NISSAN - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - --------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $40,920,690 CUT-OFF DATE PRINCIPAL BALANCE: $40,920,690 % OF POOL BY IPB: 2.0% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Lexington TNI Irving L.P. SPONSOR: Lexington Corporate Properties Trust ORIGINATION DATE: 04/13/05 INTEREST RATE: 5.21800% INTEREST ONLY PERIOD: 12 months MATURITY DATE: 05/01/13 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(66),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition - --------------------------------------------------------------------------- - ----------------------------------------------- ESCROWS - ----------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------------ CAPEX: $0 $4,474 TI/LC: $0 Springing(1) - ----------------------------------------------- - ----------------------------------------------- PROPERTY INFORMATION - ----------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 268,445 LOCATION: Irving, TX YEAR BUILT: 2003 OCCUPANCY: 100% OCCUPANCY DATE: 03/24/05 NUMBER OF TENANTS: 1 HISTORICAL NOI: 2004: $ 4,259,043 UW REVENUES: $ 5,633,861 UW EXPENSES: $ 1,427,494 UW NOI: $ 4,206,368 UW NET CASH FLOW: $ 3,999,665 APPRAISED VALUE: $59,000,000 APPRAISAL DATE: 01/20/05 - ----------------------------------------------- - ------------------------------------- FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $152 CUT-OFF DATE LTV: 69.4% MATURITY DATE LTV: 61.7% UW DSCR: 1.48x - ------------------------------------- <TABLE> - ----------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS - ----------------------------------------------------------------------------------------------------------------------------- LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P(2) FEET GLA PSF YEAR - ----------------------------------------------------------------------------------------------------------------------------- NISSAN MOTOR ACCEPTANCE CORPORATION Nissan Motor Corporation Ltd. Baa1/BBB+ 268,445 100% $ 17.91 2013 - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Nissan is required to give 13 months notice on its lease renewal. In the event Nissan does not renew, a rollover reserve composed of a cash flow sweep for the last 13 months of the loan will be established. (2) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 63 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LXP - NISSAN - -------------------------------------------------------------------------------- THE LOAN. The LXP-Nissan loan is secured by a fee interest in a 268,445 square foot Class A office building located in Irving, Texas. THE BORROWER. The borrower, Lexington TNI Irving LP, is a single asset, special purpose entity owned by Lexington Corporate Properties Trust ("Lexington"), a self-managed and self-administrated real estate investment trust ("REIT") that acquires, owns and manages a portfolio of office, industrial and retail properties net-leased to major corporations throughout the United States. Lexington has been a publicly traded company since October 1993, trading on the New York Stock Exchange under the symbol LXP. The borrower and its predecessor firms have been in the business of investing in net-leased single tenant properties since 1973. The New York-based borrower was formed by a merger of two of these predecessor firms in 1993 and currently owns and manages a portfolio of over 190 properties in 37 states totaling approximately 37 million square feet. The borrower also provides institutional advisory and asset management services to institutional investors in the net-lease area. Lexington acquired the LXP-Nissan property as part of a larger acquisition of 39 properties from Wells REIT, totaling approximately 6.4 million square feet, consisting of mostly single-tenant office buildings and some industrial properties leased to credit and nationally recognized tenants. As of June 30, 2005, Lexington had total assets of approximately $2.1 billion. THE PROPERTY. LXP-Nissan building is a 268,445 square foot three-story office building located in Irving, Texas, approximately 20 miles west of the Dallas central business district. The Class A office building is situated on 14.87 acres of land and was developed in 2003. The property is currently 100% leased and occupied by Nissan Motor Acceptance Corporation through March 31, 2013. The tenant has two, 5-year, renewal options at 95% of fair market rent, but not less than the previous years rent. In addition, Nissan North America, Inc. is a signed guarantor on the subject lease. The property is part of a four building campus of Nissan buildings, including Nissan's South Central regional office, service training facility and parts distribution center. The three other buildings are not part of the loan collateral. The subject property houses approximately 800 employees with capacity for expansion. Amenities at the property include a fitness center, a day care center, conference center, employee cafeteria and several break rooms/employee lounges. Nissan Motor Acceptance Corporation (NMAC) is the automotive financial services arm of Nissan North America. Established in 1982, NMAC's primary emphasis is to purchase from its Nissan and Infiniti dealers retail and lease contracts for their customers. NMAC also provides wholesale inventory and capital and mortgage loan financing to Nissan and Infiniti dealers. The company offers financing for the complete line of Nissan and Infinity vehicles sold in the United States. THE MARKET(1). LXP-Nissan is located in the City of Irving, Dallas County, Texas. The area is located in the central portion of the state and is part of the Dallas/Fort Worth Metroplex. Primary access to the subject is provided by the LBJ Freeway (Interstate-635), State Highway 114 (John Carpenter Freeway), Freeport Parkway, MacArthur Boulevard, Beltline Road, Valley View Lane (Highway 161), and Valley Ranch Parkway. The LBJ Highway is an eight-lane highway which traverses in an east-west direction and connects the subject with Dallas Central Business District which is approximately 15 minutes to the east. LXP-Nissan is approximately 5 miles from the Dallas/Fort Worth Airport. The property is located in the Irving submarket, part of the larger Dallas/Fort Worth market. The submarket vacancy peaked at 25.6% in the first quarter 2003. However, since then a decreasing trend has been reflected in the submarket vacancy level while three out of the past four quarters up to the third quarter of 2004 have recorded positive rental rate growth. For the first time since 2000, the Dallas/Fort Worth office market has recorded annual positive net absorption. The year-end 2004 vacancy rate of 23.8% is the lowest recorded in the last five quarters. As of 2004, the population within a 3 and 5-mile radius of the subject were 22,160 and 108,206, respectively. The average household income within a 3 and 5-mile radius of the subject were $126,028 and $95,734, respectively. The average asking rent in the Irving submarket for third quarter 2004 is $17.24 per square foot, as reported by REIS. PROPERTY MANAGEMENT. The property is managed by Lexington Corporate Properties Trust, an affiliate of the borrower. (1) Certain information was obtained from the LXP-Nissan appraisal dated 01/20/05. 64 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- LXP-NISSAN - -------------------------------------------------------------------------------- [2 MAPS OF LXP-NISSAN OMITTED] 65 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- 915 BROADWAY - -------------------------------------------------------------------------------- [2 PHOTOS OF 915 BROADWAY OMITTED] 66 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- 915 BROADWAY - -------------------------------------------------------------------------------- - ------------------------------------------------------------------ MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $37,500,000 CUT-OFF DATE PRINCIPAL BALANCE: $37,500,000 % OF POOL BY IPB: 1.8% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: 915 Broadway Associates LLC SPONSOR: AB Partners ORIGINATION DATE: 06/24/05 INTEREST RATE: 5.33000% INTEREST ONLY PERIOD: 120 months MATURITY DATE: 07/01/15 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(58),Grt1%orYM(57),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - ------------------------------------------------------------------ - ------------------------------------------ ESCROWS - ------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY --------------------- TAXES: $0 Springing(1) INSURANCE: $0 Springing(1) CAPEX: $0 Springing(1) TI/LC: $0 Springing(1) - ------------------------------------------ - ---------------------------------------------- PROPERTY INFORMATION - ---------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 214,721 LOCATION: New York, NY YEAR BUILT/RENOVATED: 1926 / 1982 OCCUPANCY: 97.4% OCCUPANCY DATE: 05/11/05 NUMBER OF TENANTS: 43 HISTORICAL NOI: 2003: $2,106,183 2004: $2,119,229 TTM AS OF 04/30/05: $2,673,083 UW REVENUES: $6,626,572 UW EXPENSES: $3,218,547 UW NOI(2): $3,408,025 UW NET CASH FLOW: $3,161,191 APPRAISED VALUE: $56,500,000 APPRAISAL DATE: 05/25/05 - ---------------------------------------------- - ------------------------------------- FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $175 CUT-OFF DATE LTV: 66.4% MATURITY DATE LTV: 66.4% UW DSCR: 1.56x - ------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P FEET GLA PSF YEAR - -------------------------------------------------------------------------------------------------------------------------- PACIFIC SYMPOSIUM, INC. N/A NR 29,781 13.9% $ 23.60 2013 SEEDCO N/A NR 18,579 8.7% $ 29.94 2013 ROSCOMMON ENTERPRISES, INC. N/A NR 13,947 6.5% $ 54.53 2009 - -------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) In the event the DSCR falls below 1.20x, monthly escrows for real estate taxes, insurance, replacement reserves, and tenant improvements and leasing commissions will commence. (2) The increase in UW NOI from TTM as of 04/30/05 is due to new leases signed in 2005 and contractual rent steps. 67 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- 915 BROADWAY - -------------------------------------------------------------------------------- THE LOAN. The 915 Broadway loan is secured by a first mortgage on a fee interest in a 214,721 square foot office building located in New York, New York. THE BORROWER. The property is owned (50%/50%) by 915 Broadway Associates LLC and Annabelle Limited Partnership. The borrowing entity, 915 Broadway Associates LLC, is controlled by AB Partners LLC ("AB Partners"), an affiliate of Murray Hill Properties. AB Partners LLC is a New York based real estate investment, brokerage, management and consulting firm specializing in the acquisition repositioning and development of commercial and residential properties. AB Partners control and/or manage approximately 1.5 million square feet of Class B office space in proximity to the property and are excellent hands on real estate operators within the property's sub-market. Murray Hill Properties ("MHP") provides a broad array of asset management, property management and leasing services for a diverse range of institutions and individual owners in addition to its own properties. THE PROPERTY. 915 Broadway is a 20-story (with an additional penthouse floor), 214,721 square foot office building located on the southwest corner of the intersection of Broadway and East 21st Street in Manhattan, New York. The Class B office building was originally built in 1926 and offers 13,947 square feet of ground floor retail and mezzanine space, in addition to 6,519 square feet of basement level retail space. As of May 2004, the property is 97.4% occupied. Major tenants at the property include Seedco, Pacific Symposium and Roscommon Enterprises. THE MARKET. 915 Broadway is located on the southwest corner of the intersection of Broadway and East 21st Street in Manhattan, New York. East 21st Street is a one-way, west-bound cross-town commercial artery while Broadway is a major, one-way, south-bound thoroughfare. The neighborhood has excellent access to public transportation with easy access to subway stations and bus routes. Additionally, the property is located only 7 blocks northwest of Union Square. Union Square has become a successful commercial and residential center in recent years and is also a major subway hub providing multiple transportation linkages to the property. The immediate area is developed with a mix of mid-rise office, residential and retail buildings. There are numerous restaurants, art galleries and boutiques located in the area. The subject is located in the Gramercy Park submarket of the Midtown South office market of Manhattan. The Gramercy Park submarket is defined as the area between East 12th and East 30th Streets, east of Fifth Avenue. This neighborhood consists of a mix of mid-rise office, residential and retail buildings. Numerous restaurants, art galleries and boutiques are located in the area generating strong pedestrian traffic and retail demand. The subject's market is home to a variety of corporations including the financial services, advertising, publishing, technology and retail industries. According to CoStar, there are 1,037 office buildings containing 91.2 million square feet of space in the Midtown South office market with 98.2% classified as Class B and C. For the first quarter of 2005, overall vacancy rates and average rents for office properties in Midtown South were 7.9% and $33.08 per square foot modified gross, respectively. Midtown South consists of 5 submarkets: SoHo, Greenwich Village, Gramercy Park, Hudson Square and Chelsea. According to CoStar, there are 240 office buildings containing 25.7 million square feet of space in the Gramercy Park submarket with 97.1% classified as Class B and C. For the first quarter of 2005, overall vacancy rates and average rents for office properties in the Gramercy Park submarket were 5.9% and $35.00 per square foot modified gross, respectively. PROPERTY MANAGEMENT. 915 Broadway is managed by AB Partners LLC, an affiliate of MHP. (1) Certain information was obtained from the 915 Broadway appraisal dated 05/25/05. 68 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- 915 BROADWAY - -------------------------------------------------------------------------------- <TABLE> - ----------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE LEASES FEET % OF GLA BASE RENT RENT FEET % OF GL A BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING RENT EXPIRING - ----------------------------------------------------------------------------------------------------------------------------- VACANT N/A 5,605 2.6% N/A N/A N/A N/A N/A N/A 2005 7 11,955 5.6 $ 396,548 6.7% 17,560 8.2% $ 396,548 6.7% 2006 5 28,324 13.2 648,255 10.9 45,884 21.4% $1,044,803 17.6% 2007 4 13,370 6.2 339,941 5.7 59,254 27.6% $1,384,744 23.3% 2008 10 24,381 11.4 641,936 10.8 83,635 39.0% $2,026,680 34.1% 2009 10 42,018 19.6 1,511,315 25.5 125,653 58.5% $3,537,995 59.6% 2010 3 11,555 5.4 345,467 5.8 137,208 63.9% $3,883,462 65.4% 2011 0 0 0.0 0 0.0 137,208 63.9% $3,883,462 65.4% 2012 1 11,040 5.1 353,280 5.9 148,248 69.0% $4,236,742 71.4% 2013 3 51,699 24.1 1,342,674 22.6 199,947 93.1% $5,579,416 94.0% 2014 2 14,774 6.9 358,310 6.0 214,721 100.0% $5,937,726 100.0% 2015 0 0 0.0 0 0.0 214,721 100.0% $5,937,726 100.0% AFTER 0 0 0.0 0 0.0 214,721 100.0% $5,937,726 100.0% - ----------------------------------------------------------------------------------------------------------------------------- TOTAL 45 214,721 100.0% $5,937,726 100.0% - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> 69 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- 915 BROADWAY - -------------------------------------------------------------------------------- [MAP OF 915 BROADWAY OMITTED] 70 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 [THIS PAGE INTENTIONALLY LEFT BLANK] 71 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- BROWNSTONES APARTMENTS - -------------------------------------------------------------------------------- [PHOTO AND MAP OF BROWNSTONES APARTMENTS OMITTED] 72 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- BROWNSTONES APARTMENTS - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------ MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $35,400,000 CUT-OFF DATE PRINCIPAL BALANCE: $35,400,000 % OF POOL BY IPB: 1.7% LOAN SELLER: LaSalle Bank National Association BORROWER: Brownstones Singh, L.L.C. SPONSOR: Jeat Grewal ORIGINATION DATE: 05/25/05 INTEREST RATE: 5.17000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 06/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(91),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - ------------------------------------------------------------------------ - -------------------------------------------------- ESCROWS - -------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY -------------------------- TAXES: $409,833 $45,537 INSURANCE: $ 0 Springing(1) CAPEX: $ 0 Springing(2) OTHER: $ 10,000 $0 - -------------------------------------------------- - ------------------------------------------------------ PROPERTY INFORMATION - ------------------------------------------------------ SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Multifamily -- Garden UNITS: 260 LOCATION: Novi, MI YEAR BUILT: 2001 OCCUPANCY: 97.7% OCCUPANCY DATE: 06/24/05 HISTORICAL NOI: 2003: $238,735 2004: $1,603,778 TTM AS OF 04/30/05: $2,281,577 UW REVENUES: $4,226,806 UW EXPENSES: $1,204,088 UW NOI: $3,022,718 UW NET CASH FLOW: $2,957,649 APPRAISED VALUE: $44,250,000 APPRAISAL DATE: 04/27/05 - ------------------------------------------------------ - ------------------------------------------ FINANCIAL INFORMATION - ------------------------------------------ CUT-OFF DATE LOAN/UNIT: $136,154 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 74.0% UW DSCR: 1.27x - ------------------------------------------ <TABLE> - ---------------------------------------------------------------------------------------------------- MULTIFAMILY INFORMATION APPROXIMATE AVERAGE UNIT NET RENTABLE % OF TOTAL UNIT MIX NO. OF UNITS SQUARE FEET SF SF - ---------------------------------------------------------------------------------------------------- ONE BEDROOM 54 1,140 61,560 18.3% TWO BEDROOM 164 1,279 209,756 62.3% THREE BEDROOM 42 1,554 65,268 19.4% - ---------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 260 1,295 336,584 100.0% - ---------------------------------------------------------------------------------------------------- </TABLE> (1) Borrower is required to deposit 1/12th of the estimated annual insurance premiums; provided, however, that no reserve amount is required so long as, among other things, (i) no event of default has occurred, (ii) the borrower provides lender with written evidence that the insurance premiums have been paid in advance not less than 30 days prior to any policy renewal date and (iii) that lender is included in all policies of insurance as an "additional insured". (2) Borrower is required to deposit $5,417, provided, however, that no reserve amount is required so long as, among other things, (i) no event of default has occurred, (ii) the borrower furnishes evidence demonstrating to the satisfaction of lender that the borrower is expending the amounts set forth in the annual capital expenditures budget approved by lender in accordance with the loan documents and (iii) the property is, in the judgment of lender, being properly maintained by borrower as required by the loan documents. 73 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- KAISER FOUNDATION - -------------------------------------------------------------------------------- [PHOTO AND MAP OF KAISER FOUNDATION OMITTED] 74 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- KAISER FOUNDATION - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $32,670,000 CUT-OFF DATE PRINCIPAL BALANCE: $32,670,000 % OF POOL BY IPB: 1.6% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: Inland Western Cupertino Tantau, L.L.C. SPONSOR: Inland Western Retail Real Estate Trust, Inc ORIGINATION DATE: 06/27/05 INTEREST RATE: 4.45000% INTEREST ONLY PERIOD: 60 Months MATURITY DATE: 07/11/10 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(36),Grt1% or YM(19),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Springing ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition - ---------------------------------------------------------------------- - ------------------------------------------ ESCROWS - ------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY --------------------- TAXES: $0 Springing(3) INSURANCE: $0 Springing(3) CAPEX: $0 Springing(3) - ------------------------------------------ - ----------------------------------------------- PROPERTY INFORMATION - ----------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office - Suburban SQUARE FOOTAGE: 100,352 LOCATION: Cupertino, CA YEAR BUILT/RENOVATED: 1968/2005 OCCUPANCY(1): 100% OCCUPANCY DATE: 03/24/05 NUMBER OF TENANTS: 1 UW REVENUES: $4,834,396 UW EXPENSES: $959,091 UW NOI: $3,875,305 UW NET CASH FLOW: $3,859,249 APPRAISED VALUE: $59,400,000 APPRAISAL DATE: 04/11/05 - ----------------------------------------------- - ------------------------------------- FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $326 CUT-OFF DATE LTV: 55.0% MATURITY DATE LTV: 55.0% UW DSCR: 2.65x - ------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS LEASE MOODY'S/ % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P(2) SQUARE FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------------ KAISER FOUNDATION HOSPITALS Kaiser Permanente A3/NR 100,352 100% $ 34.08 2023 - ------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Kaiser Foundation Hospitals currently occupies approximately 50% of the square footage as they complete build out of the remainder of the collateral. The tenant is solely responsible for this work and expects to be in occupancy by September 2005. (2) Ratings provided are for the entity listed as "Kaiser Foundation Hospitals" whether or not the parent company guarantees the lease. (3) In the event Borrower fails to satisfactorily pay tax and insurance expenses, Lender reserves right to implement reserves. Replacement Reserve deposits will be required in the event of default or if property is not properly maintained. 75 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- BIG V TOWN CENTRE - -------------------------------------------------------------------------------- [2 PHOTOS AND MAP OF BIG V TOWN CENTRE OMITTED] 76 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- BIG V TOWN CENTRE - -------------------------------------------------------------------------------- - ------------------------------------------------------------------ MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $30,800,000 CUT-OFF DATE PRINCIPAL BALANCE: $30,800,000 % OF POOL BY IPB: 1.5% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: WVR Real Estate II, LLC, a Delaware Limited Liability Company SPONSOR: Jeffrey Rosenberg ORIGINATION DATE: 07/07/05 INTEREST RATE: 5.12000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 07/11/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(91),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Soft ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE(1): Subordinate Debt Permitted LOAN PURPOSE: Refinance - ------------------------------------------------------------------ - -------------------------------------- ESCROWS - -------------------------------------- LETTER OF CREDIT(2): $726,388 - -------------------------------------- - -------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail - Anchored SQUARE FOOTAGE: 241,074 LOCATION: New Windsor, NY YEAR BUILT/RENOVATED: 1977/2001 OCCUPANCY: 100% OCCUPANCY DATE: 06/01/05 NUMBER OF TENANTS: 22 HISTORICAL NOI: 2003: $2,431,877 2004: $2,642,157 TTM AS OF 03/31/05: $2,885.811 UW REVENUES: $3,962,600 UW EXPENSES: $1,246,463 UW NOI: $2,716,137 UW NET CASH FLOW: $2,610,670 APPRAISED VALUE: $38,500,000 APPRAISAL DATE: 05/20/05 - -------------------------------------------------- - ------------------------------------- FINANCIAL INFORMATION - ------------------------------------- CUT-OFF DATE LOAN/SF: $128 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 73.9% UW DSCR: 1.30x - ------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P(3) FEET % OF GLA PSF SALES PSF YEAR - -------------------------------------------------------------------------------------------------------------------------------- KMART Kmart N/R 87,000 36.1% $ 3.93 $ 147.70 2021 SHOPRITE ShopRite N/R 82,401 34.2% $ 18.48 $ 440.12 2026 GOODWILL Goodwill N/R 12,753 5.3% $ 11.41 N/A 2015 TUTOR TIME CHILD CARE Tutor Time Child SYSTEMS Care Systems N/R 11,085 4.6% $ 16.77 N/A 2016 JUST A BUCK Just a Buck N/R 6,821 2.8% $ 15.00 N/A 2010 - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Related borrowers are permitted to incur future unsecured financing up to $1,000,000. (2) In lieu of ongoing Real Estate Tax Reserves, the Borrower posted an Irrevocable Letter of Credit in an amount equal to the current Real Estate Tax expense. This Letter of Credit will be maintained as additional Collateral for the Loan and will be held for the term of the Loan. (3) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 77 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- PRESTON HILLS AT MILLS CREEK - -------------------------------------------------------------------------------- [2 PHOTOS AND MAP OF PRESTON HILLS AT MILLS CREEK OMITTED] 78 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- PRESTON HILLS AT MILLS CREEK - -------------------------------------------------------------------------------- - -------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $29,600,000 CUT-OFF DATE PRINCIPAL BALANCE: $29,600,000 % OF POOL BY IPB: 1.4% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: Tenants in Common SPONSOR: Robert P. Jacobsen ORIGINATION DATE: 06/13/05 INTEREST RATE: 5.16000% INTEREST ONLY PERIOD: 36 months MATURITY DATE: 07/11/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(89),O(6) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition - -------------------------------------------------------------------- - --------------------------------------------- ESCROWS - --------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------------ TAXES: $373,264 $ 33.933 INSURANCE: $ 51,625 $ 8,604 CAPEX: $ 0 $ 7,733 - --------------------------------------------- - ------------------------------------------------------ PROPERTY INFORMATION - ------------------------------------------------------ SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Multifamily -- Garden UNITS: 464 LOCATION: Buford, GA YEAR BUILT: 2000 OCCUPANCY: 92.7% OCCUPANCY DATE: 05/04/05 HISTORICAL NOI: 2004: $2,435,830 TTM AS OF 02/28/05: $2,463,030 UW REVENUES: $4,263,646 UW EXPENSES: $1,673,389 UW NOI: $2,590,257 UW NET CASH FLOW: $2,497,457 APPRAISED VALUE: $40,650,000 APPRAISAL DATE: 03/28/05 - ------------------------------------------------------ - --------------------------------------- FINANCIAL INFORMATION - --------------------------------------- CUT-OFF DATE LOAN/SF: $63,793 CUT-OFF DATE LTV: 72.8% MATURITY DATE LTV: 64.7% UW DSCR: 1.29x - --------------------------------------- <TABLE> - ----------------------------------------------------------------------------------------------------------------- MULTIFAMILY INFORMATION AVERAGE APPROXIMATE MONTHLY AVERAGE UNIT NET RENTABLE % OF TOTAL ASKING UNIT MIX NO. OF UNITS SQUARE FEET SF SF RENT - ----------------------------------------------------------------------------------------------------------------- ONE BEDROOM 166 882 146,412 28.4% $ 863 TWO BEDROOM 252 1,205 303,660 58.8 $1,025 THREE BEDROOM 46 1,436 66,056 12.8 $1,283 - ----------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 464 1,112 516,128 100.0% $ 996 - ----------------------------------------------------------------------------------------------------------------- </TABLE> 79 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- CHARLES CENTER SOUTH - -------------------------------------------------------------------------------- [PHOTO AND MAP OF CHARLES CENTER SOUTH OMITTED] 80 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 - -------------------------------------------------------------------------------- CHARLES CENTER SOUTH - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $28,400,000 CUT-OFF DATE PRINCIPAL BALANCE: $28,400,000 % OF POOL BY IPB: 1.4% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: Area 16B Associates Limited Partnership SPONSOR: Clark Enterprises, Inc., 16B, Inc. ORIGINATION DATE: 05/26/05 INTEREST RATE: 5.40000% INTEREST ONLY PERIOD: 12 months MATURITY DATE: 06/05/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(88),O(6) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE:(1) Secured Debt Permitted LOAN PURPOSE: Refinance - ------------------------------------------------------------------------- - -------------------------------------------- ESCROWS - -------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ---------------------- IMMEDIATE REPAIRS: $ 21,250 $0 TI/LC: $1,275,000 $0 - -------------------------------------------- - ---------------------------------------------- PROPERTY INFORMATION - ---------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FEET: 318,766 LOCATION: Baltimore, MD YEAR BUILT/RENOVATED: 1975 OCCUPANCY: 81.7% OCCUPANCY DATE: 04/12/05 NUMBER OF TENANTS: 49 UW REVENUES: $5,601,717 UW EXPENSES: $2,950,229 UW NOI: $2,651,488 UW NET CASH FLOW: $2,473,987 APPRAISED VALUE: $37,500,000 APPRAISAL DATE: 04/13/05 - ---------------------------------------------- - --------------------------------------- FINANCIAL INFORMATION - --------------------------------------- CUT-OFF DATE LOAN/UNIT: $89 CUT-OFF DATE LTV: 75.7% MATURITY DATE LTV: 64.7% UW DSCR: 1.29x - --------------------------------------- <TABLE> - ---------------------------------------------------------------------------------- SIGNIFICANT TENANTS MOODY'S/ TENANT NAME PARENT COMPANY S&P(2) - ---------------------------------------------------------------------------------- GSA-USA ATTORNEY(3) United States of America AAA/Aaa SHAPIRO, SHER, GUINOTT & SANDLER Shapiro, Sher, Guinott & Sandler NR FUNK & BOLTON, P.A. Funk & Bolton, P.A. NR GROSS MENDELSOHN & ASSOCIATES Gross Mendelsohn & Associates NR DEHAY & ELLINSTON, L.L.N. Lord & Whip, P.A. NR - ---------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------- LEASE SQUARE % OF BASE RENT EXPIRATION TENANT NAME FEET GLA PSF SALES PSF YEAR - ---------------------------------------------------------------------------------------------- GSA-USA ATTORNEY(3) 56,995 17.9% $ 22.52 N/A 2014 SHAPIRO, SHER, GUINOTT & SANDLER 24,500 7.6% $ 19.20 N/A 2012 FUNK & BOLTON, P.A. 15,465 4.9% $ 23.87 N/A 2017 GROSS MENDELSOHN & ASSOCIATES 14,014 4.4% $ 19.43 N/A 2009 DEHAY & ELLINSTON, L.L.N. 12,083 3.8% $ 21.22 N/A 2007 - ---------------------------------------------------------------------------------------------- </TABLE> (1) Future secured subordinate debt is allowed upon satisfaction of certain conditions including a loan-to-value ratio of no greater than 80% and a debt service coverage ratio of not less than 1.20x. (2) Ratings provided are for the entity listed in the "Parent Company" field whether or not parent company guarantees the lease. (3) In the event the GSA exercises its termination right upon expiration of the 7th lease year (November 1, 2011), all excess cash flow up to $1,000,000 maximum will be deposited into the TI/LC Reserve, to be released in connection with re-tenanting 100% of the space. 81 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP3 [THIS PAGE INTENTIONALLY LEFT BLANK] 82 of 82 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE.
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