NOTICE TO ALL POTENTIAL INVESTORS INFORMATION CONTAINED IN THIS MATERIAL IS CURRENT AS OF THE DATE APPEARING ON THIS MATERIAL ONLY. INFORMATION IN THIS MATERIAL REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN, WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR OTHERWISE, SUPERSEDES ALL PRIOR INFORMATION PROVIDED TO YOU REGARDING SUCH ASSETS AND WILL BE SUPERSEDED BY THE INFORMATION CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU. THIS MATERIAL IS SOLELY FOR YOUR INFORMATION AND WE ARE NOT SOLICITING ANY ACTION BASED UPON IT. THIS MATERIAL IS NOT TO BE CONSTRUED AS AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY SECURITY IN ANY JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD BE ILLEGAL. THIS MATERIAL IS BASED ON INFORMATION THAT WE CONSIDER RELIABLE, BUT WE DO NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. BY ACCEPTING THIS MATERIAL THE RECIPIENT AGREES THAT IT WILL NOT DISTRIBUTE OR PROVIDE THE MATERIAL TO ANY OTHER PERSON. THE INFORMATION CONTAINED IN THIS MATERIAL MAY BE BASED ON ASSUMPTIONS REGARDING MARKET CONDITIONS AND OTHER MATTERS AS REFLECTED THEREIN. WE MAKE NO REPRESENTATIONS REGARDING THE REASONABLENESS OF SUCH ASSUMPTIONS OR THE LIKELIHOOD THAT ANY OF SUCH ASSUMPTIONS WILL COINCIDE WITH ACTUAL MARKET CONDITIONS OR EVENTS, AND THIS MATERIAL SHOULD NOT BE RELIED UPON FOR SUCH PURPOSES. EACH UNDERWRITER AND ITS AFFILIATES, OFFICERS, DIRECTORS, PARTNERS AND EMPLOYEES, INCLUDING PERSONS INVOLVED IN THE PREPARATION OR ISSUANCE OF THIS MATERIAL MAY, FROM TIME TO TIME, HAVE LONG OR SHORT POSITIONS IN, AND BUY AND SELL, THE SECURITIES MENTIONED THEREIN OR DERIVATIVES THEREOF (INCLUDING OPTIONS). THIS MATERIAL IS FURNISHED TO YOU BY AN UNDERWRITER, AND NOT BY THE ISSUER OF ANY PROPOSED SECURITIES BACKED BY ANY ASSETS DISCUSSED HEREIN. NO UNDERWRITER IS ACTING AS AN AGENT FOR THE ISSUER OR ITS AFFILIATES IN CONNECTION WITH THE PROPOSED TRANSACTION. THE ISSUER HAS NOT PREPARED OR TAKEN PART IN THE PREPARATION OF THESE MATERIALS. CGCMT 2005-C3 COLLATERAL TERM SHEET DATED MAY 10, 2005 FREDDIE MAC FIELDS --------------------------------------------- STUDIO ONE CONTROL MORTGAGE PROPERTY STUDIO AVERAGE BEDROOM ONE BEDROOM NUMBER LOAN SELLER LOAN / PROPERTY NAME TYPE UNITS RENT UNITS AVERAGE RENT - ------------------------------------------------------------------------------------------------------------------------------------ EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri Multifamily 48 529-549; 537 36 584-635; 596 7009425 CGM Jefferson Commons - Texas Tech Multifamily NAP NAP 23 610-685; 663 EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue Multifamily NAP NAP 66 199-681; 528 7010708 CGM Jefferson Commons - Univ. of Ohio State Multifamily NAP NAP 22 705-770; 732 7010736 CGM Jefferson Commons Multifamily NAP NAP 96 528-615; 566 7010373 CGM Sierra Sun Apartments Multifamily NAP NAP 27 900-985; 959 7012600 CGM Glendale Park Apartments Multifamily 106 227-471; 429 428 227-471; 436 7013389 CGM Governor's Point Apartments Multifamily NAP NAP 144 345-875; 548 7010404 CGM South Park Lofts Multifamily NAP NAP 28 1,550-2,550; 1,922 7009795 CGM Arbors at Centennial Park Multifamily NAP NAP NAP NAP 7012748 CGM Governours Square Apartments Multifamily NAP NAP 82 494-556; 527 7009645 CGM Brookstone Apartments Multifamily NAP NAP 32 600-620; 610 7011696 CGM Corner House Lofts Multifamily NAP NAP NAP NAP 7011776 CGM Copper Run at Reserve Multifamily 27 496-546; 513 78 600-702; 647 7011825 CGM Stone Creek Apartments Multifamily NAP NAP 96 570-660; 620 7012074 CGM Villa del Rio Apartments Multifamily NAP NAP 48 610-625; 615 7011238 CGM North Bay Residences Multifamily 1 795-795; 795 77 675-1,595; 796 7010821 CGM Crest Club Apartments Multifamily NAP NAP 46 395-560; 478 7012416 CGM Gentry's Walk Apartments Multifamily 84 328-460; 389 106 431-620; 503 7012050 CGM Little Creek Apartments Multifamily NAP NAP NAP NAP 7012533 CGM Palm Vista Multifamily NAP NAP 40 535-629; 574 7012411 CGM Tremont Village Apartments Multifamily NAP NAP 12 650-1,500; 792 7012633 CGM Winthrop Court Apartments Multifamily 16 525-570; 540 24 665-690; 667 7012634 CGM Woodruff Court Apartments Multifamily NAP NAP 16 785-805; 788 7012632 CGM Brookgate Apartments Multifamily 18 485-485; 485 36 595-610; 595 7012635 CGM Holly House Apartments Multifamily 1 475-475; 475 10 735-735; 735 IXIS13 IXIS Real Estate Capital Reno Cascade Mobile Home Park IXIS14 IXIS Real Estate Capital Bent Tree Brooks Multifamily NAP NAP 136 460-790; 585 IXIS16 IXIS Real Estate Capital Bent Tree Oaks Multifamily NAP NAP 104 495-785; 598 IXIS17 IXIS Real Estate Capital Windsong Multifamily 55 500-840; 586 143 415-860; 579 IXIS18 IXIS Real Estate Capital Bent Tree Fountains Multifamily 35 450-688; 522 63 472-1,080; 593 IXIS26 IXIS Real Estate Capital Oakwood Village Apartments Multifamily NAP NAP 60 420-509; 499 IXIS30 IXIS Real Estate Capital Forest Point Apartments Multifamily NAP NAP 33 350-450; 406 FREDDIE MAC FIELDS ---------------------------------------------------------- TWO THREE CONTROL MORTGAGE BEDROOM TWO BEDROOM BEDROOM THREE BEDROOM NUMBER LOAN SELLER LOAN / PROPERTY NAME UNITS AVERAGE RENT UNITS AVERAGE RENT - ------------------------------------------------------------------------------------------------------------------------------------ EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri 36 440-970; 899 40 814-1,290; 1,176 7009425 CGM Jefferson Commons - Texas Tech 59 420-980; 814 48 660-1,296; 949 EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue 54 383-868; 740 78 297-1077; 950 7010708 CGM Jefferson Commons - Univ. of Ohio State 32 600-1210; 1147 64 490-1555; 1371 7010736 CGM Jefferson Commons 48 396-960; 870 36 575-1,275; 1,179 7010373 CGM Sierra Sun Apartments 73 985-1,680; 1,183 50 1,250-1,450; 1,373 7012600 CGM Glendale Park Apartments 244 240-626; 501 32 715-1,042; 838 7013389 CGM Governor's Point Apartments 190 320-1,120; 674 10 800-915; 880 7010404 CGM South Park Lofts 21 2,600-3,350; 2,931 NAP NAP 7009795 CGM Arbors at Centennial Park 91 995-1,270; 1,121 49 1,075-1,270; 1,246 7012748 CGM Governours Square Apartments 112 570-781; 662 25 748-909; 800 7009645 CGM Brookstone Apartments 136 695-850; 709 25 840-855; 843 7011696 CGM Corner House Lofts 35 1,244-1,988; 1,617 21 1,795-2,548; 2,148 7011776 CGM Copper Run at Reserve 87 669-881; 750 NAP NAP 7011825 CGM Stone Creek Apartments 96 710-850; 767 NAP NAP 7012074 CGM Villa del Rio Apartments 104 699-725; 725 16 825-865; 847 7011238 CGM North Bay Residences 60 740-1,050; 876 NAP NAP 7010821 CGM Crest Club Apartments 146 345-1,066; 548 16 600-765; 665 7012416 CGM Gentry's Walk Apartments 76 555-830; 651 NAP NAP 7012050 CGM Little Creek Apartments 108 425-1,100; 534 72 260-650; 628 7012533 CGM Palm Vista 96 625-729; 680 NAP NAP 7012411 CGM Tremont Village Apartments 28 646-1,700; 737 29 700-770; 747 7012633 CGM Winthrop Court Apartments 20 765-840; 787 NAP NAP 7012634 CGM Woodruff Court Apartments 16 905-970; 926 4 1,055-1,055; 1,055 7012632 CGM Brookgate Apartments NAP NAP NAP NAP 7012635 CGM Holly House Apartments 11 905-940; 924 NAP NAP IXIS13 IXIS Real Estate Capital Reno Cascade IXIS14 IXIS Real Estate Capital Bent Tree Brooks 96 420-1,205; 817 16 955-1,080; 1,038 IXIS16 IXIS Real Estate Capital Bent Tree Oaks 84 655-1,045; 837 8 995-1,045; 1,012 IXIS17 IXIS Real Estate Capital Windsong 66 400-870; 775 NAP NAP IXIS18 IXIS Real Estate Capital Bent Tree Fountains 80 575-1,150; 903 6 963-1,100; 1,029 IXIS26 IXIS Real Estate Capital Oakwood Village Apartments 128 465-649; 586 NAP NAP IXIS30 IXIS Real Estate Capital Forest Point Apartments 47 250-800; 478 24 100-675; 565 FREDDIE MAC FIELDS ------------------------------------------------------------- FOUR CONTROL MORTGAGE BEDROOM FOUR BEDROOM TENANT PAID NUMBER OF NUMBER LOAN SELLER LOAN / PROPERTY NAME UNITS AVERAGE RENT UTILITIES ELEVATORS - --------------------------------------------------------------------------------------------------------------------------------------- EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri 100 1,020-1,505; 1,369 Electric 0 7009425 CGM Jefferson Commons - Texas Tech 113 325-1,501; 1,100 Electric 0 EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue 138 199-1,377; 1,129 Electric 0 7010708 CGM Jefferson Commons - Univ. of Ohio State 64 1197-1796; 1594 Electric 1 7010736 CGM Jefferson Commons 144 398-1,620; 1433 Electric 0 7010373 CGM Sierra Sun Apartments NAP NAP Electric, Water, Sewer 0 7012600 CGM Glendale Park Apartments NAP NAP None 0 7013389 CGM Governor's Point Apartments NAP NAP Electric 0 7010404 CGM South Park Lofts NAP NAP Electric, Gas, Water 1 7009795 CGM Arbors at Centennial Park NAP NAP Electric 0 7012748 CGM Governours Square Apartments NAP NAP Electric 0 7009645 CGM Brookstone Apartments NAP NAP Electric 0 7011696 CGM Corner House Lofts NAP NAP Electric 1 7011776 CGM Copper Run at Reserve NAP NAP Electric, Gas 0 7011825 CGM Stone Creek Apartments NAP NAP Electric 0 7012074 CGM Villa del Rio Apartments NAP NAP Electric 0 7011238 CGM North Bay Residences NAP NAP Electric 0 7010821 CGM Crest Club Apartments NAP NAP Electric, Water 0 7012416 CGM Gentry's Walk Apartments NAP NAP Electric, Water, Sewer 0 7012050 CGM Little Creek Apartments NAP NAP Electric 0 7012533 CGM Palm Vista NAP NAP Electric 0 7012411 CGM Tremont Village Apartments NAP NAP Electric, Water, Sewer 0 7012633 CGM Winthrop Court Apartments NAP NAP Electric 0 7012634 CGM Woodruff Court Apartments NAP NAP Electric 0 7012632 CGM Brookgate Apartments NAP NAP Electric 0 7012635 CGM Holly House Apartments NAP NAP Electric 0 IXIS13 IXIS Real Estate Capital Reno Cascade Electric, Gas 0 IXIS14 IXIS Real Estate Capital Bent Tree Brooks NAP NAP Electric, Water, Sewer 0 IXIS16 IXIS Real Estate Capital Bent Tree Oaks NAP NAP Electric, Water, Sewer 0 IXIS17 IXIS Real Estate Capital Windsong NAP NAP Electric, Water, Sewer 0 IXIS18 IXIS Real Estate Capital Bent Tree Fountains NAP NAP Electric, Water, Sewer 0 IXIS26 IXIS Real Estate Capital Oakwood Village Apartments NAP NAP Electric, Water, Sewer 0 IXIS30 IXIS Real Estate Capital Forest Point Apartments NAP NAP Electric 0 FINANCIAL FIELDS ---------------------------------------------------------- SECOND SECOND SECOND MOST MOST MOST RECENT RECENT SECOND SECOND RECENT YEAR YEAR MOST MOST YEAR STATEMENT STATEMENT RECENT RECENT CONTROL MORTGAGE STATEMENT NUMBER OF ENDING YEAR YEAR NUMBER LOAN SELLER LOAN / PROPERTY NAME TYPE MONTHS DATE REVENUES EXPENSES - ------------------------------------------------------------------------------------------------------------------------------------ EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri CY Ended 12 12/31/03 2,992,014 1,103,213 7009425 CGM Jefferson Commons - Texas Tech CY Ended 12 12/31/03 3,022,303 1,367,106 EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue CY Ended 12 12/31/03 3,722,127 1,616,130 7010708 CGM Jefferson Commons - Univ. of Ohio State CY Ended 12 12/31/03 2,688,939 1,122,710 7010736 CGM Jefferson Commons CY Ended 12 12/31/03 4,107,152 1,610,077 7010373 CGM Sierra Sun Apartments UAV UAV UAV UAV UAV 7012600 CGM Glendale Park Apartments CY Ended 12 12/31/04 4,510,729 2,784,121 7013389 CGM Governor's Point Apartments CY Ended 12 12/31/03 2,348,774 1,140,085 7010404 CGM South Park Lofts UAV UAV UAV UAV UAV 7009795 CGM Arbors at Centennial Park UAV UAV UAV UAV UAV 7012748 CGM Governours Square Apartments CY Ended 12 12/31/03 1,538,831 767,146 7009645 CGM Brookstone Apartments CY Ended 12 12/31/03 1,497,486 613,463 7011696 CGM Corner House Lofts UAV UAV UAV UAV UAV 7011776 CGM Copper Run at Reserve UAV UAV UAV UAV UAV 7011825 CGM Stone Creek Apartments CY Ended 12 12/31/03 1,419,384 675,622 7012074 CGM Villa del Rio Apartments UAV UAV UAV UAV UAV 7011238 CGM North Bay Residences UAV UAV UAV UAV UAV 7010821 CGM Crest Club Apartments CY Ended 12 12/31/03 1,073,030 340,491 7012416 CGM Gentry's Walk Apartments CY Ended 12 12/31/03 1,585,282 950,415 7012050 CGM Little Creek Apartments CY Ended 12 12/31/03 1,037,291 507,265 7012533 CGM Palm Vista CY Ended 12 12/31/03 888,805 529,787 7012411 CGM Tremont Village Apartments UAV UAV UAV UAV UAV 7012633 CGM Winthrop Court Apartments CY Ended 12 12/31/03 467,318 238,292 7012634 CGM Woodruff Court Apartments CY Ended 12 12/31/03 368,103 151,160 7012632 CGM Brookgate Apartments CY Ended 12 12/31/03 364,389 137,396 7012635 CGM Holly House Apartments CY Ended 12 12/31/03 209,814 106,417 IXIS13 IXIS Real Estate Capital Reno Cascade Full Year 12 12/31/03 1,561,737 786,988 IXIS14 IXIS Real Estate Capital Bent Tree Brooks Full Year 12 12/31/03 1,951,398 1,105,123 IXIS16 IXIS Real Estate Capital Bent Tree Oaks Full Year 12 12/31/03 1,442,557 854,756 IXIS17 IXIS Real Estate Capital Windsong Full Year 12 12/31/03 1,604,496 948,735 IXIS18 IXIS Real Estate Capital Bent Tree Fountains Full Year 12 12/31/03 1,526,122 818,476 IXIS26 IXIS Real Estate Capital Oakwood Village Apartments Full Year 12 12/31/03 1,176,116 645,205 IXIS30 IXIS Real Estate Capital Forest Point Apartments Full Year 12 12/31/03 584,943 229,976 FINANCIAL FIELDS ---------------------------------------------------------- MOST MOST SECOND MOST CURRENT CURRENT SECOND MOST CURRENT YEAR YEAR MOST RECENT YEAR STATEMENT STATEMENT CONTROL MORTGAGE RECENT YEAR NOI STATEMENT NUMBER OF ENDING NUMBER LOAN SELLER LOAN / PROPERTY NAME YEAR NOI DSCR TYPE MONTHS DATE - ------------------------------------------------------------------------------------------------------------------------------------ EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri 1,888,801 1.54 CY Ended 12 12/31/04 7009425 CGM Jefferson Commons - Texas Tech 1,655,197 1.54 CY Ended 12 12/31/04 EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue 2,105,997 1.83 CY Ended 12 12/31/04 7010708 CGM Jefferson Commons - Univ. of Ohio State 1,566,229 1.83 CY Ended 12 12/31/04 7010736 CGM Jefferson Commons 2,497,075 1.70 CY Ended 12 12/31/04 7010373 CGM Sierra Sun Apartments UAV UAV UAV UAV UAV 7012600 CGM Glendale Park Apartments 1,726,608 1.48 Trailing-12 12 01/31/05 7013389 CGM Governor's Point Apartments 1,208,689 1.36 CY Ended 12 12/31/04 7010404 CGM South Park Lofts UAV UAV UAV UAV UAV 7009795 CGM Arbors at Centennial Park UAV UAV UAV UAV UAV 7012748 CGM Governours Square Apartments 771,685 1.18 CY Ended 12 12/31/04 7009645 CGM Brookstone Apartments 884,023 1.29 Trailing-12 12 08/31/04 7011696 CGM Corner House Lofts UAV UAV Annualized 2 02/28/05 7011776 CGM Copper Run at Reserve UAV UAV Trailing-12 12 09/30/04 7011825 CGM Stone Creek Apartments 743,762 1.37 Annualized 11 11/30/04 7012074 CGM Villa del Rio Apartments UAV UAV Trailing-12 12 10/31/04 7011238 CGM North Bay Residences UAV UAV Annualized 9 09/30/04 7010821 CGM Crest Club Apartments 732,539 1.30 Trailing-12 12 10/31/04 7012416 CGM Gentry's Walk Apartments 634,867 1.53 CY Ended 12 12/31/04 7012050 CGM Little Creek Apartments 530,026 1.32 Annualized 7 07/31/04 7012533 CGM Palm Vista 359,018 1.04 Annualized 11 11/30/04 7012411 CGM Tremont Village Apartments UAV UAV CY Ended 12 12/31/04 7012633 CGM Winthrop Court Apartments 229,026 1.22 CY Ended 12 12/31/04 7012634 CGM Woodruff Court Apartments 216,943 1.20 CY Ended 12 12/31/04 7012632 CGM Brookgate Apartments 226,993 1.54 CY Ended 12 12/31/04 7012635 CGM Holly House Apartments 103,397 1.16 CY Ended 12 12/31/04 IXIS13 IXIS Real Estate Capital Reno Cascade 774,749 1.19 Full Year 12 12/31/04 IXIS14 IXIS Real Estate Capital Bent Tree Brooks 846,275 1.43 Full Year 12 12/31/04 IXIS16 IXIS Real Estate Capital Bent Tree Oaks 587,801 1.22 Full Year 12 12/31/04 IXIS17 IXIS Real Estate Capital Windsong 655,761 1.38 Full Year 12 12/31/04 IXIS18 IXIS Real Estate Capital Bent Tree Fountains 707,646 1.51 Full Year 12 12/31/04 IXIS26 IXIS Real Estate Capital Oakwood Village Apartments 530,911 2.06 Full Year 12 12/31/04 IXIS30 IXIS Real Estate Capital Forest Point Apartments 354,967 2.01 Full Year 12 12/31/04 FINANCIAL FIELDS ---------------------------------------------------------- MOST MOST MOST CURRENT CURRENT MOST CURRENT CONTROL MORTGAGE YEAR YEAR CURRENT YEAR NOI U/W NUMBER LOAN SELLER LOAN / PROPERTY NAME REVENUES EXPENSES YEAR NOI DSCR REVENUES - ------------------------------------------------------------------------------------------------------------------------------------ EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri 3,173,804 1,230,783 1,943,021 1.50 3,204,135 7009425 CGM Jefferson Commons - Texas Tech 3,077,845 1,567,952 1,509,893 1.50 3,073,868 EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue 3,496,683 1,886,277 1,610,406 1.55 3,621,203 7010708 CGM Jefferson Commons - Univ. of Ohio State 2,762,374 1,258,769 1,503,605 1.55 2,864,866 7010736 CGM Jefferson Commons 3,957,864 1,948,499 2,009,365 1.37 3,966,738 7010373 CGM Sierra Sun Apartments UAV UAV UAV UAV 1,896,775 7012600 CGM Glendale Park Apartments 4,534,519 2,809,795 1,724,724 1.48 4,510,694 7013389 CGM Governor's Point Apartments 2,426,502 1,189,906 1,236,596 1.40 2,453,950 7010404 CGM South Park Lofts UAV UAV UAV UAV 1,409,279 7009795 CGM Arbors at Centennial Park UAV UAV UAV UAV 1,610,306 7012748 CGM Governours Square Apartments 1,630,144 765,335 864,809 1.32 1,596,990 7009645 CGM Brookstone Apartments 1,526,341 638,383 887,958 1.30 1,563,541 7011696 CGM Corner House Lofts 1,148,220 171,270 976,950 1.61 1,195,518 7011776 CGM Copper Run at Reserve 1,013,403 455,435 557,968 0.99 1,477,585 7011825 CGM Stone Creek Apartments 1,416,020 692,191 723,829 1.33 1,423,512 7012074 CGM Villa del Rio Apartments 1,284,191 576,621 707,570 1.28 1,327,144 7011238 CGM North Bay Residences 1,247,658 396,739 850,919 1.60 1,249,014 7010821 CGM Crest Club Apartments 1,146,503 345,197 801,306 1.42 1,168,474 7012416 CGM Gentry's Walk Apartments 1,596,356 923,842 672,514 1.62 1,598,584 7012050 CGM Little Creek Apartments 1,107,192 422,627 684,565 1.70 1,147,445 7012533 CGM Palm Vista 948,080 590,198 357,881 1.04 1,055,910 7012411 CGM Tremont Village Apartments 540,792 131,195 409,597 1.49 577,827 7012633 CGM Winthrop Court Apartments 498,518 238,102 260,416 1.39 477,414 7012634 CGM Woodruff Court Apartments 374,254 121,752 252,502 1.40 365,675 7012632 CGM Brookgate Apartments 360,773 120,244 240,529 1.64 355,246 7012635 CGM Holly House Apartments 209,711 91,312 118,399 1.33 209,807 IXIS13 IXIS Real Estate Capital Reno Cascade 1,567,897 735,886 832,011 1.27 1,623,364 IXIS14 IXIS Real Estate Capital Bent Tree Brooks 1,856,761 1,057,717 799,044 1.35 1,841,343 IXIS16 IXIS Real Estate Capital Bent Tree Oaks 1,469,444 822,501 646,943 1.34 1,461,286 IXIS17 IXIS Real Estate Capital Windsong 1,588,487 943,420 645,067 1.36 1,596,850 IXIS18 IXIS Real Estate Capital Bent Tree Fountains 1,444,784 765,521 679,263 1.45 1,416,610 IXIS26 IXIS Real Estate Capital Oakwood Village Apartments 1,022,004 642,406 379,598 1.47 1,062,338 IXIS30 IXIS Real Estate Capital Forest Point Apartments 587,838 301,365 286,473 1.62 616,071 FINANCIAL FIELDS ------------------------------------------------- CONTROL MORTGAGE U/W U/W NCF NUMBER LOAN SELLER LOAN / PROPERTY NAME EXPENSES U/W NOI U/W NCF DSCR - -------------------------------------------------------------------------------------------------------------------------- EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri 1,259,948 1,944,187 1,859,687 1.48 7009425 CGM Jefferson Commons - Texas Tech 1,609,514 1,464,354 1,372,257 1.48 EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue 1,964,139 1,657,064 1,537,064 1.61 7010708 CGM Jefferson Commons - Univ. of Ohio State 1,302,694 1,562,173 1,499,425 1.61 7010736 CGM Jefferson Commons 1,933,909 2,032,830 1,923,318 1.38 7010373 CGM Sierra Sun Apartments 667,261 1,229,514 1,192,014 1.20 7012600 CGM Glendale Park Apartments 2,842,058 1,668,637 1,466,137 1.43 7013389 CGM Governor's Point Apartments 1,128,031 1,325,919 1,239,919 1.50 7010404 CGM South Park Lofts 312,303 1,096,975 1,084,725 1.22 7009795 CGM Arbors at Centennial Park 532,937 1,077,369 1,042,369 1.27 7012748 CGM Governours Square Apartments 756,686 840,304 785,554 1.28 7009645 CGM Brookstone Apartments 672,640 890,901 841,686 1.30 7011696 CGM Corner House Lofts 456,533 738,985 724,649 1.21 7011776 CGM Copper Run at Reserve 626,497 851,088 803,088 1.51 7011825 CGM Stone Creek Apartments 715,748 707,764 656,308 1.30 7012074 CGM Villa del Rio Apartments 586,090 741,055 697,879 1.34 7011238 CGM North Bay Residences 494,024 754,990 716,764 1.42 7010821 CGM Crest Club Apartments 459,022 709,452 657,456 1.25 7012416 CGM Gentry's Walk Apartments 1,020,046 578,538 512,038 1.39 7012050 CGM Little Creek Apartments 526,618 620,827 571,687 1.55 7012533 CGM Palm Vista 585,188 470,722 425,978 1.37 7012411 CGM Tremont Village Apartments 195,451 382,377 365,127 1.39 7012633 CGM Winthrop Court Apartments 228,354 249,060 234,060 1.33 7012634 CGM Woodruff Court Apartments 136,719 228,956 219,956 1.27 7012632 CGM Brookgate Apartments 161,050 194,195 180,695 1.32 7012635 CGM Holly House Apartments 93,017 116,790 111,290 1.31 IXIS13 IXIS Real Estate Capital Reno Cascade 785,199 838,165 821,973 1.26 IXIS14 IXIS Real Estate Capital Bent Tree Brooks 1,049,695 791,648 729,648 1.23 IXIS16 IXIS Real Estate Capital Bent Tree Oaks 817,829 643,457 594,457 1.23 IXIS17 IXIS Real Estate Capital Windsong 954,528 642,322 575,596 1.21 IXIS18 IXIS Real Estate Capital Bent Tree Fountains 769,599 647,011 601,011 1.28 IXIS26 IXIS Real Estate Capital Oakwood Village Apartments 643,810 418,528 370,485 1.44 IXIS30 IXIS Real Estate Capital Forest Point Apartments 327,120 288,951 262,951 1.49 CONTROL MORTGAGE NUMBER LOAN SELLER LOAN / PROPERTY NAME HOLDBACK - ------- ------------------------------------------------------------- -------- EDR Portfolio I 7010711 CGM Jefferson Commons - Univ. of Missouri 7009425 CGM Jefferson Commons - Texas Tech EDR Portfolio II 7010712 CGM Jefferson Commons - Purdue 7010708 CGM Jefferson Commons - Univ. of Ohio State 7010736 CGM Jefferson Commons 7010373 CGM Sierra Sun Apartments Release Conditions: (a) no Event of Default shall exist, and (b) (i) Full Release Conditions: The Deposit shall be released if and only if, at any time on or before December 31, 2007 ("Outside Date"), the full loan amount of Seventeen Million Six Hundred Sixty Thousand and 00/100 Dollars ($17,660,000.00) results in a "Debt Service Coverage Ratio" of not less than 1:20:1. "Debt Service Coverage Ratio" means the ratio of (a) Lender's estimated net underwritable cash flow from the Property over a trailing six (6) month period (as determined by Lender and in accordance with the requirements of any rating agency selected by Lender in its sole discretion) adjusted, if necessary, to reflect the results of an audit of the Property cash flows, over (b) the sum of six (6) regularly scheduled principal and interest payments on the Loan); or (ii) Partial Release Conditions: A portion of the Deposit shall be released by Lender to Borrower, up to three times (provided there can only be three requests by Borrower for the full or partial release of the Deposit), on or before the Outside Date, such that the resulted funded portion of the Loan, after the release of a portion of the Deposit, has a Debt Service Coverage Ratio of not less than 1:20:1. ~~UNCF Calculation:~-As of the date of determination, Gross Potential Income will be determined by annualizing the current month rent roll, with vacant units grossed to then market rates and in-place above market rents marked to market. Other income based on lesser of T-1 or amount used at initial underwriting. A bad debt/ vacancy/ concession factor equal to the greater of actual (as verified by bank statements), underwritten or market will be applied to Gross Potential Income (including "Other Income" subject to vacancy). Following the initial funding, Underwritten EGI to be determined based on the lesser of T-1 and T-3 collections. ~~- Expenses will be based upon the greater of trailing six months (annualized), borrower's budget, market or initial underwritten expenses. In any event, a 4% management fee will be applied and a $250 per/unit replacement and repair reserve will be applied. Lender reserves the right to make reasonable adjustments to UNCF. 7012600 CGM Glendale Park Apartments 7013389 CGM Governor's Point Apartments 7010404 CGM South Park Lofts The lender shall disburse the entire Holdback Reserve Funds to Borrower upon the satisfaction of each of the following conditions:~~(i) No event of Default shall exist, nor shall any condition exist which with the giving of notice or the pass of time, shall constitute an Event of Default, and Borrower shall have provided to Lender a written certificate certifying matters.~~(ii) The request for disbursement must occur no later than three (3) years from date hereof, and within said thre (3) years, Borrower shall only be entitled to make three (3) such requests for the disbursement of the Holdback Reserve Funds.~~(iii) Borrower shall have provided evidence satisfactory to Lender that the property has achieved a Debt Service Coverage Ratio (as defined below) of at least 1.20x to 1.00x in aggregate based on the following definitions:~ (a) "Debt Service Coverage Ratio" means the ratio of Adjusted Actual Property Net Cash Flow to Adjusted Debt Service~ (b) "Adjusted Actual Property Net Cash Flow" to be calculated as sum of: [ (i) base rents and monthly recoveries and (ii) any other incom minus Project expenses allocable to such time period.~ (c) "Adjusted Debt Service" will be determined on a product of (i) t greater of the then current interest rate on the Loan, as set forth in the Note, and 6.50% multiplied by (ii) the outstandi principal balance of the loan. 7009795 CGM Arbors at Centennial Park Reserve released when property achieves a 1.20x DSCR at a 7% constant (1.27x on a the actual 6.59% constant) in accordance with the terms of the Holdback Reserve and Security Agreement executed at closing. 7012748 CGM Governours Square Apartments 7009645 CGM Brookstone Apartments 7011696 CGM Corner House Lofts Funds released upon satisfaction of (i) EGI shall be a minimum of 1,267,144 (ii) DSCR at least 1.20x. Release, if it is to occur, must occur within three (3) years of closing date. 7011776 CGM Copper Run at Reserve 7011825 CGM Stone Creek Apartments 7012074 CGM Villa del Rio Apartments 7011238 CGM North Bay Residences 7010821 CGM Crest Club Apartments 7012416 CGM Gentry's Walk Apartments 7012050 CGM Little Creek Apartments 7012533 CGM Palm Vista 7012411 CGM Tremont Village Apartments 7012633 CGM Winthrop Court Apartments 7012634 CGM Woodruff Court Apartments 7012632 CGM Brookgate Apartments 7012635 CGM Holly House Apartments IXIS13 IXIS Real Estate Capital Reno Cascade IXIS14 IXIS Real Estate Capital Bent Tree Brooks IXIS16 IXIS Real Estate Capital Bent Tree Oaks IXIS17 IXIS Real Estate Capital Windsong IXIS18 IXIS Real Estate Capital Bent Tree Fountains IXIS26 IXIS Real Estate Capital Oakwood Village Apartments IXIS30 IXIS Real Estate Capital Forest Point Apartments
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Filed: 12 May 05, 12:00am