February 23, 2012
FREE WRITING PROSPECTUS |
COLLATERAL TERM SHEET
COMM 2012-LC4 |
Deutsche Mortgage & Asset Receiving Corporation
Depositor
German American Capital Corporation
Ladder Capital Finance LLC
Guggenheim Life and Annuity Company, LLC
Sponsors and Mortgage Loan Sellers
Deutsche Bank Securities |
Sole Bookrunner and Lead Manager
Ladder Capital Securities | Guggenheim Securities |
Co-Managers
The Information contained herein (the "Information") is preliminary and subject to change. The information will be superseded by similar information delivered to you as part of the offering document relating to the Commercial Mortgage Pass-Through Certificates, Series COMM 2012-LC4 (the "Offering Document"). The Information supersedes any such information previously delivered. The Information should be reviewed only in conjunction with the entire Offering Document. All of the Information is subject to the same limitations and qualifications contained in the Offering Document. The Information does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The Information contained herein will be more fully described elsewhere in the Offering Document. The Information should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. The privately offered securities described in the Offering Document as to which the Information relates have not been and will not be registered under the United States Securities Act of 1933, as amended. This material should be not construed as an effort to sell or the solicitation of any offer to buy any security in any jurisdiction where such offer of solicitation would be illegal. For investor in publicly offered securities as to which the Information relates: The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to prospectus@cpdg@db.com.
1201 Broadway Saugus, MA 01906 | Collateral Asset Summary Square One Mall | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $99,779,556 49.6% 1.93x 13.2% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Mayflower Realty LLC |
Borrower: | Mayflower Square One, LLC |
Original Balance: | $100,000,000 |
Cut-off Date Balance: | $99,779,556 |
% by Initial UPB: | [10.1]% |
Interest Rate: | 5.4730% |
Payment Date: | 6th of each month |
First Payment Date: | February 6, 2012 |
Maturity Date: | January 6, 2022 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(26), D(90), O(4) |
Lockbox / Cash Management: | Hard / In Place |
Reserves(1) | ||
Initial | Monthly | |
Taxes: | $0 | Springing |
Insurance: | $0 | Springing |
Replacement: | $0 | Springing |
TI/LC: | $0 | Springing |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.(2): | $184 | |
Balloon Balance / Sq. Ft.(2): | $154 | |
Cut-off Date LTV: | 49.6% | |
Balloon LTV: | 41.5% | |
Underwritten NOI DSCR: | 1.93x | |
Underwritten NCF DSCR: | 1.84x | |
Underwritten NOI Debt Yield: | 13.2% | |
Underwritten NCF Debt Yield: | 12.5% |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Regional Mall |
Collateral: | Fee Simple |
Location: | Saugus, MA |
Year Built / Renovated: | 1959 / 1994, 2001 |
Total Sq. Ft.: | 928,667 |
Total Collateral Sq. Ft.(3): | 541,128 |
Property Management: | Simon Management Associates, LLC |
Underwritten NOI: | $13,141,569 |
Underwritten NCF: | $12,519,255 |
Appraised Value: | $201,000,000 |
Appraisal Date: | November 11, 2011 |
Historical NOI | |
TTM NOI: | $14,209,439 (T-12 October 31, 2011) |
2010 NOI: | $14,172,910 (December 31, 2010) |
2009 NOI: | $15,021,283 (December 31, 2009) |
2008 NOI: | $15,215,979 (December 31, 2008) |
2007 NOI: | NAV |
2006 NOI: | NAV |
Historical Occupancy(4) | |
Current Occupancy: | 90.0% (December 1, 2011) |
2010 Occupancy: | 93.6% (December 31, 2010) |
2009 Occupancy: | 97.2% (December 31, 2009) |
2008 Occupancy: | 93.5% (December 31, 2008) |
2007 Occupancy: | NAV |
2006 Occupancy: | NAV |
Historical Annual Rent PSF(5) | |
Current Rent PSF: | $27.66 (October 31, 2011) |
2010 Rent PSF: | $xx.xx (December 31, 2010) |
2009 Rent PSF: | $xx.xx (December 31, 2009) |
2008 Rent PSF: | $xx.xx (December 31, 2008) |
(1) | See “Initial Reserves” and “Ongoing Reserves” herein. |
(2) | Based on the Total Collateral Sq. Ft. of 541,128. |
(3) | Excludes Sears (210,427 sq. ft.) and Macy’s (177,112 sq. ft.), which are not part of the collateral. |
(4) | Current Occupancy does not include non-collateral anchor space. Historical occupancy percentages include the non-collateral anchor space. Including the non-collateral anchor space, Current Occupancy would be 94.2%. |
(5) | Historical Rent PSF shown in the table above is based on historical operating statements and occupancy rates provided by the borrower. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-2
1201 Broadway Saugus, MA 01906 | Collateral Asset Summary Square One Mall | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $99,779,556 49.6% 1.93x 13.2% |
Anchor and Major Tenant Summary | |||||||
Anchor Tenants | Ratings (Fitch/Moody’s/S&P)(1) | Total Sq. Ft. | % of Total Sq. Ft. | Lease Expiration | Total Sales (000s)(2) | Sales PSF(2) | Occupancy Cost (% of Sales)(2) |
Dick’s Clothing & Sporting Goods | NR/NR/NR | 68,500 | 12.7% | 1/31/2023 | $10,279 | $150 | 15.0% |
Best Buy (3) | BBB-/Baa2/BBB- | 60,000 | 11.1% | 2/28/2013 | NAP | NAP | NAP |
T.J. Maxx & More | NR/A3/A | 58,075 | 10.7% | 1/31/2014 | $11,824 | $204 | 12.3% |
Subtotal | 186,575 | 34.5% | $22,103 | $175 | 13.5% | ||
Non-Collateral Anchors | |||||||
Sears | NR/NR/CCC+ | 210,427 | NAP | NAP | NAP | NAP | NAP |
Macy’s | NR/Baa3/BBB- | 177,112 | NAP | NAP | NAP | NAP | NAP |
Subtotal | 387,539 | ||||||
Major In-Line Tenants | |||||||
Old Navy | BBB-/Baa3/BB+ | 18,800 | 3.5% | 5/31/2021 | $3,925 | $209 | 11.5% |
Gap(4) | BBB-/Baa3/BB+ | 11,977 | 2.2% | MTM | $1,678 | $140 | 22.8% |
Express | BB+/Ba2/BB+ | 8,529 | 1.6% | 1/31/2021 | $3,406 | $399 | 13.7% |
American Eagle Outfitters | NR/NR/NR | 8,359 | 1.5% | 1/31/2021 | $1,940 | $232 | 27.1% |
New York & Company | NR/NR/NR | 7,432 | 1.4% | 1/31/2016 | $2,005 | $270 | 23.7% |
Subtotal | 55,097 | 10.2% | $12,954 | $235 | 17.7% | ||
Remaining Tenants | |||||||
Other In-line | 203,514 | 37.6% | $62,023 | $328 | 18.7% | ||
Temporary | 32,022 | 5.9% | NAP | NAP | NAP | ||
Food Court | 8,405 | 1.6% | $5,236 | $699 | 23.4% | ||
Kiosk | 1,294 | 0.2% | $1,939 | $1,498 | 33.4% | ||
Subtotal | 245,235 | 45.3% | |||||
Total Occupied Collateral | 486,907 | 90.0% | |||||
Vacant | 54,221 | 10.0% | |||||
Total/(5) | 541,128 | 100.0% | |||||
(1) | Certain ratings may be those of the parent company whether or not the parent company guarantees the lease. |
(2) | Total Sales (000s), Sales PSF and Occupancy Cost provided by the borrower as of December 31, 2011 and only include tenants reporting sales. |
(3) | Blast Fitness subleases 21,668 sq. ft. of the Best Buy space. |
(4) | Gap’s current lease expired at the end of January 2012. A one-year lease extension is out for signature. Gap is open and currently paying rent. |
(5) | Does not include non-collateral anchor tenants. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-3
1201 Broadway Saugus, MA 01906 | Collateral Asset Summary Square One Mall | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $99,779,556 49.6% 1.93x 13.2% |
Lease Rollover Schedule(1) | ||||||||
Year | # of Leases Expiring | Total Expiring Sq. Ft. | % of Total Sq. Ft. Expiring | Cumulative Sq. Ft. Expiring | Cumulative % of Sq. Ft. Expiring | Annual U/W Base Rent Per Sq. Ft.(3) | % U/W Base Rent Rolling(3) | Cumulative % of U/W Base Rent |
Temp Tenants(2) | 13 | 32,022 | 5.9% | 32,022 | 5.9% | $0.00 | 0.0% | 0.0% |
MTM | 5 | 31,271 | 5.8% | 63,293 | 11.7% | $26.61 | 6.6% | 6.6% |
2012 | 10 | 8,831 | 1.6% | 72,124 | 13.3% | $82.47 | 5.8% | 12.4% |
2013 | 13 | 89,610 | 16.6% | 161,734 | 29.9% | $16.40 | 11.7% | 24.1% |
2014 | 19 | 88,768 | 16.4% | 250,502 | 46.3% | $28.60 | 20.2% | 44.3% |
2015 | 11 | 35,330 | 6.5% | 285,832 | 52.8% | $40.77 | 11.4% | 55.7% |
2016 | 10 | 24,574 | 4.5% | 310,406 | 57.4% | $42.05 | 8.2% | 63.9% |
2017 | 6 | 30,165 | 5.6% | 340,571 | 62.9% | $31.12 | 7.5% | 71.4% |
2018 | 7 | 12,759 | 2.4% | 353,330 | 65.3% | $39.53 | 4.0% | 75.4% |
2019 | 1 | 2,176 | 0.4% | 355,506 | 65.7% | $40.84 | 0.7% | 76.1% |
2020 | 3 | 4,332 | 0.8% | 359,838 | 66.5% | $34.52 | 1.2% | 77.3% |
2021 | 11 | 56,485 | 10.4% | 416,323 | 76.9% | $25.35 | 11.4% | 88.7% |
2022 | 1 | 2,084 | 0.4% | 418,407 | 77.3% | $35.00 | 0.6% | 89.2% |
Thereafter | 1 | 68,500 | 12.74% | 486,907 | 90.0% | $19.75 | 10.8% | 100.0% |
Vacant | NAP | 54,221 | 10.0% | 541,128 | 100.0% | NAP | NAP | |
Total / Wtd. Avg. | 111 | 541,128 | 100.0% | $27.66 | 100.0% |
(1) | Excludes non-collateral anchor tenants, Sears and Macy’s. |
(2) | Temp Tenants represent tenants with leases of less than a year. |
(3) | Total / Wtd. Avg. Annual U/W Base Rent Per Sq. Ft. and % U/W Base Rent Rolling excludes Temp Tenant space. |
The Loan. The Square One Mall loan (the “Square One Mall Loan”) is a fixed rate loan secured by the borrower’s fee simple interest in the 541,128 square foot regional mall located at 1201 Broadway in Saugus, Massachusetts (the “Square One Mall Property”) with an original principal balance of $100.0 million. The Square One Mall Loan has a 10-year term and amortizes on a 30-year schedule. The Square One Mall Loan accrues interest at a fixed rate equal to 5.4730% and has a cut-off date balance of approximately $99.8 million. Proceeds were used to retire existing debt of approximately $83.3 million, resulting in a cash-out of $15.6 million. Based on the appraised value of $201.0 million as of November 11, 2011, the cut-off date LTV is 49.6% and the remaining implied equity is $101.0 million. The most recent prior financing of the Square One Mall Property was included in the LBUBS 2002-C2 transaction.
Sources and Uses | ||||||
Sources | Proceeds | % of Total | Uses | Proceeds | % of Total | |
Loan Amount | $100,000,000 | 100.0% | Loan Payoff | $83,337,494 | 83.3% | |
Closing Costs | 1,052,394 | 1.1% | ||||
Cash Out | 15,610,112 | 15.6% | ||||
Total Sources | $100,000,000 | 100.0% | Total Uses | $100,000,000 | 100.0% |
The Borrower / Sponsor. The borrower, Mayflower Square One, LLC, is a single purpose Delaware limited liability company structured to be bankruptcy-remote, with two independent directors in its organizational structure. The sponsor of the borrower and the nonrecourse carve-out guarantor is Mayflower Realty LLC, solely with respect to its assets that secure its Series B shares. Mayflower Realty LLC is a joint venture between Simon Property Group, L.P., The Canada Pension Plan Investment Board and Teachers Insurance and Annuity Association of America.
Simon Property Group, L.P. (“SPG”), rated A-/Baa1/A- by Fitch/Moody’s/S&P, is an S&P 500 company, and one of the largest real estate companies in the United States, owning or having an interest in 391 retail properties comprising 261 million square feet of gross leasable area in North America, Europe and Asia. On October 5, 2011, the company entered into a new, unsecured revolving credit facility that increased the company’s borrowing capacity by $4.0 billion and matures in 2015, and in November 2011, SPG issued $1.2 billion of investment grade debt, rated A- with a “stable” outlook by both Fitch and S&P.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-4
1201 Broadway Saugus, MA 01906 | Collateral Asset Summary Square One Mall | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $99,779,556 49.6% 1.93x 13.2% |
Canadian Pension Plan (“CPP”) Fund is a contributory, earnings-related insurance program, forming one of the two major components of Canada’s public retirement income system. As of September 30, 2011, the Net Asset Value (CAN) was $152.3 billion, with approximately $13.9 billion invested in real estate.
Teachers Insurance and Annuity Association of America (“TIAA”) is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAA made its first real estate investments in 1947 and today is one of the largest commercial real estate owners in the nation. TIAA has more than 400 real estate investments in the United States and Europe with an equity investment of approximately $15 billion. More than half of TIAA’s real estate holdings belong to the TIAA Real Estate Account, which was created in 1995 to allow retirement savers to invest directly in a broadly diversified portfolio of income-producing real estate properties. TIAA serves 3.7 million active and retired employees participating at more than 15,000 institutions and has $440.7 billion in combined assets under management as of September 30, 2011.
The Property. The Square One Mall Property is a two-story, enclosed super-regional shopping center totaling 928,667 square feet, of which 541,128 square feet is collateral for the Square One Mall Loan. Located in Saugus, Massachusetts, the Square One Mall Property was originally constructed in 1959, renovated in 1994 and expanded in 2001. The sponsor purchased the Square One Mall Property in 1998 for an undisclosed price. As of year-end 2011, reporting in-line tenants had trailing-12 month sales of $307 PSF and an occupancy cost of 17.6%. As of December 1, 2011, the Square One Mall Property is 90.0% occupied not including non-collateral anchor tenants and 94.2% occupied including non-collateral anchor tenants. Occupancy at the Square One Mall Property has averaged 94.6% (including non-collateral anchors) since 2008.
The Square One Mall Property is anchored by Sears, Macy’s, Dick’s Clothing & Sporting Goods, Best Buy and T.J. Maxx & More. Sears (210,427 sq. ft.) and Macy’s (177,112 sq. ft.) own their stores and are not collateral for the Square One Mall Loan. Dick’s Clothing & Sporting Goods and T.J. Maxx & More are the only anchors that report sales; Dick’s Clothing & Sporting Goods reported year-end 2011 sales of $150 PSF and an occupancy cost of 15.0%, while T.J. Maxx & More reported sales of $204 PSF and an occupancy cost of 12.3%. In addition, the Square One Mall Property is occupied by a diverse roster of national tenants including Old Navy, The Gap/Gap Kids, H&M, Express, American Eagle Outfitters, Victoria’s Secret, Hollister Co. and Aeropostale.
Historical Sales PSF(1)(2) | |||||
2007 | 2008 | 2009 | 2010 | 2011 | |
Dick’s Clothing & Sporting Goods | $108 | $147 | $136 | $146 | $150 |
T.J. Maxx & More | $193 | $199 | $202 | $203 | $204 |
In-Line Tenants | $360 | $357 | $319 | $287 | $307 |
(1) | Historical Sales PSF are based on historical operating statements provided by the borrower. |
(2) | Approximately 92% of in-line tenants report sales. |
Environmental Matters. The Phase I environmental report dated November 17, 2011 recommended the continued implementation of an Asbestos Operations and Maintenance Plan at the Square One Mall Property, which is already in place.
The Market. The Square One Mall Property is located on the west side of Route 1 in the southwestern portion of Saugus, Massachusetts, about 10 miles north of downtown Boston. U.S. Route 1 is a multi-lane state highway that links the local area with the center of Boston and most of the North Shore communities. According to the appraisal, within a three-mile radius of the Square One Mall Property, the 2010 population was 122,726, increasing to 416,419 people at five miles, and over one million people within 10 miles. The average household income was $78,025 within three miles of the site.
The Square One Mall Property is part of the Route 128 North Submarket, which accounts for 30.9 million square feet of total retail space. Per the CoStar Q4 2011 report, the Route 128 North retail market has a vacancy rate of 4.3% and the quoted net rate is $18.72 PSF. Malls located in the Route 128 North Submarket total 5.7 million square feet of space, representing approximately 19% of total mall space in the Boston retail market. The Square One Mall Property competes directly with four other mall properties located within 14 miles. The four mall properties are considered super regional malls, with an average size of 1.1 million square feet and average occupancy of 94.5%. Northshore Mall and Burlington Mall are also owned by Simon Property Group. The competitive set is detailed in the following chart:
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-5
1201 Broadway Saugus, MA 01906 | Collateral Asset Summary Square One Mall | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $99,779,556 49.6% 1.93x 13.2% |
Competitive Set(1) | ||||||
Square One Mall Property(2) | Northshore Mall | Burlington Mall | CambridgeSide Galleria | Liberty Tree Mall | ||
Distance from Subject | NAP | 10 miles North | 14 miles West | 9 miles South | 11 miles North | |
Property Type | Regional Mall | Regional Mall | Regional Mall | Regional Mall | Regional Mall | |
Year Built / Renovated | 1959 / 1994 | 1958 / 1993 | 1968 / 1996 | 1991 / NAP | 1972 / 1996 | |
Total Occupancy | 94.2% | 94.0% | 97.0% | 96.0% | 91.0% | |
Size (Sq. Ft.) | 928,667 | 1,579,820 | 1,317,061 | 636,847 | 859,087 | |
Anchors / Major Tenants | Sears Macy’s Dick’s Clothing & Sporting Goods Best Buy T.J. Maxx & More | Macy's JCPenney Macy's Men & Furniture Nordstrom Sears | Macy's Lord & Taylor Sears Crate & Barrel Nordstrom | Best Buy H&M Macy's Macy's Home Sears | Best Buy Kohl's Marshalls Nordstrom Rack Target Stop & Shop | |
(1) | Source: Appraisal |
(2) | Includes non-collateral anchor tenants Sears and Macy’s. |
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | T-12 10/31/2011 | U/W | U/W PSF | |
Base Rent(1) | $13,643,864 | $13,680,131 | $13,523,162 | $13,938,060 | $25.76 |
Value of Vacant Space | 0 | 0 | 0 | 818,535 | 1.51 |
Gross Potential Rent | $13,643,864 | $13,680,131 | $13,523,162 | $14,756,595 | $27.27 |
Total Recoveries | 8,847,648 | 7,866,668 | 8,278,893 | 7,409,608 | 13.69 |
Total Other Income | 895,129 | 926,087 | 883,310 | 824,960 | 1.52 |
Less: Vacancy(2) | 256,376 | (110,199) | (140,052) | (1,757,983) | (3.25) |
Effective Gross Income | $23,643,017 | $22,362,687 | $22,545,313 | $21,233,180 | $39.24 |
Total Operating Expenses | 8,621,734 | 8,189,777 | 8,335,874 | 8,091,611 | 14.95 |
Net Operating Income | $15,021,283 | $14,172,910 | $14,209,439 | $13,141,569 | $24.29 |
TI/LC | 0 | 0 | 0 | 439,808 | 0.81 |
Capital Expenditures | 0 | 0 | 0 | 182,506 | 0.34 |
Net Cash Flow | $15,021,283 | $14,172,910 | $14,209,439 | $12,519,255 | $23.14 |
(1) | U/W Base Rent includes $149,024 in contractual step rent through November 2012. |
(2) | Underwritten vacancy of 7.6% of gross income. |
Property Management. The Square One Mall Property is managed by Simon Management Associates, LLC, a borrower affiliate.
Lockbox / Cash Management. The Square One Mall Loan is structured with a hard lockbox and in place cash management.
Additionally, all excess cash will be swept into a lender controlled account upon (i) an event of default, (ii) a bankruptcy action by the manager, or (iii) if the debt service coverage ratio for the trailing four calendar quarters is less than 1.10x for two consecutive quarters, as calculated on the last day of the calendar quarter.
Initial Reserves. None.
Ongoing Reserves. The Square One Loan provides for springing reserves as follows: if (i) the DSCR falls below 1.30x for two consecutive calendar quarters, (ii) there is an event of default, or (iii) there is a bankruptcy action by the manager, then the borrower will be required to make monthly deposits of (i) 1/12 of the annual tax premium into a tax reserve account, (ii) 1/12 of the annual insurance premium into an insurance reserve account; however monthly insurance deposits will not be required so long as (a) an acceptable blanket policy is in place and (b) the insurance premiums for the subsequent 12 months have been paid, (iii) $9,019 into a capital expenditure account, subject to a cap of $216,452 and (iv) $44,167 into a TI/LC reserve account, subject to a cap of $1,060,000.
Current Mezzanine or Subordinate Indebtedness. None.
Future Mezzanine or Subordinate Indebtedness Permitted. None.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-6
One Union Square South New York, NY 10003 | Collateral Asset Summary Union Square Retail | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $75,000,000 24.2% 4.34x 21.5% |
Mortgage Loan Information | |
Loan Seller: | LCF |
Loan Purpose: | Refinance |
Sponsor: | The Related Companies, L.P. (“Related”); OTR, an Ohio general partnership acting as the duly designated nominee of the Board of the State Teachers Retirement System of Ohio (“STRSO”) |
Borrower: | Union Square Retail Lessee, LLC |
Original Balance: | $75,000,000 |
Cut-off Date Balance: | $75,000,000 |
% by Initial UPB: | 7.6% |
Interest Rate: | 4.8800% |
Payment Date: | 6th of each month |
First Payment Date: | October 6, 2011 |
Maturity Date: | September 6, 2021 |
Amortization: | Interest Only |
Additional Debt: | None |
Call Protection: | L(30), D(86), O(4) |
Lockbox / Cash Management(1): | None |
Reserves | ||
Initial | Monthly | |
None | NAP | NAP |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $318 | |
Balloon Balance / Sq. Ft.: | $318 | |
Cut-off Date LTV: | 24.2% | |
Balloon LTV: | 24.2% | |
Underwritten NOI DSCR: | 4.34x | |
Underwritten NCF DSCR: | 4.12x | |
Underwritten NOI Debt Yield: | 21.5% | |
Underwritten NCF Debt Yield: | 20.4% |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Anchored Retail |
Collateral: | Leasehold |
Location: | New York, NY |
Year Built / Renovated: | 1999 / NAP |
Total Sq. Ft.: | 236,215 |
Property Management: | Related Management Company, L.P. |
Underwritten NOI: | $16,090,296 |
Underwritten NCF: | $15,293,527 |
Appraised Value: | $310,000,000 |
Appraisal Date: | January 4, 2012 |
Historical NOI | |
2011 NOI: | $18,885,516 (YTD November 30, 2011 Ann.) |
2010 NOI: | $9,205,430 (December 31, 2010) |
2009 NOI: | $3,334,520 (December 31, 2009) |
2008 NOI: | $6,285,738 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 100.0% (November 30, 2011) |
2010 Occupancy: | 88.2% (December 31, 2010) |
2009 Occupancy: | 73.1% (December 31, 2009) |
2008 Occupancy: | 100.0% (December 31, 2008) |
(1) | See “Lockbox / Cash Management” herein. |
Tenant Summary | |||||||
Tenant | Ratings (Fitch/Moody’s/S&P)(1) | Net Rentable Area (Sq. Ft.) | % of Net Rentable Area | U/W Base Rent PSF | % of Total U/W Base Rent | Lease Expiration | |
Regal Cinemas | B+/B3/B+ | 118,779 | 50.3% | $42.24 | 23.2% | 4/30/2023 | |
Best Buy(2) | BBB-/Baa2/BBB- | 46,088 | 19.5% | $74.00 | 15.8% | 1/31/2025 | |
Nordstrom Rack(2) | A-/Baa1/A- | 32,136 | 13.6% | $124.47 | 18.5% | 5/31/2020 | |
Duane Reade(2) | NR/A2/A | 13,947 | 5.9% | $238.40 | 15.4% | 9/30/2030 | |
Citibank, N.A. (2) | A/A3/A- | 9,755 | 4.1% | $500.00 | 22.6% | 3/31/2020 | |
Total Major Tenants | 220,705 | 93.4% | $93.48 | 95.5% | |||
Remaining Tenants | 15,510 | 6.6% | $62.46 | 4.5% | |||
Total Occupied Collateral | 236,215 | 100.0% | $91.44 | 100.0% | |||
Vacant | 0 | 0.0% | |||||
Total | 236,215 | 100.0% | |||||
(1) | Certain ratings are those of the parent company whether or not the parent company guarantees the lease |
(2) | Tenant listed is a sub-subtenant. See “The Property” herein. |
No securities are being offered by these summary materials. If the securities described herein or other securities are ultimately offered, they will only be offered pursuant to a definitive Offering Circular, and prospective investors who consider purchasing any such securities should make their investment decisions based only upon the information provided therein and consultation with their own advisors. Information contained in this material is current as of the date appearing on this material only. All information in this Term Sheet, whether regarding the securities or the mortgage assets backing the securities discussed herein, will be superseded by the information contained in the final Offering Circular for any securities actually sold.
B-10
One Union Square South New York, NY 10003 | Collateral Asset Summary Union Square Retail | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $75,000,000 24.2% 4.34x 21.5% |
Lease Rollover Schedule | ||||||||
Year | # of Leases Expiring | Total Expiring Sq. Ft. | % of Total Sq. Ft. Expiring | Cumulative Sq. Ft. Expiring | Cumulative % of Sq. Ft. Expiring | Annual U/W Base Rent Per Sq. Ft. | % U/W Base Rent Rolling | Cumulative % of U/W Base Rent |
MTM | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2012 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2013 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2014 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2015 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2016 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2017 | 1 | 9,091 | 3.8% | 9,091 | 3.8% | $46.66 | 2.0% | 2.0% |
2018 | 0 | 0 | 0.0% | 9,091 | 3.8% | $0.00 | 0.0% | 2.0% |
2019 | 0 | 0 | 0.0% | 9,091 | 3.8% | $0.00 | 0.0% | 2.0% |
2020 | 3 | 48,310 | 20.5% | 57,401 | 24.3% | $195.03 | 43.6% | 45.6% |
2021 | 0 | 0 | 0.0% | 57,401 | 24.3% | $0.0 | 0.0% | 45.6% |
2022 | 0 | 0 | 0.0% | 57,401 | 24.3% | $0.0 | 0.0% | 45.6% |
Thereafter | 3 | 178,814 | 75.7% | 236,215 | 100.0% | $65.73 | 54.4% | 100.0% |
Vacant | NAP | 0 | 0.0% | 236,215 | 100.0% | NAP | NAP | |
Total / Wtd. Avg. | 7 | 236,215 | 100.0% | $91.44 | 100.0% |
The Loan. The Union Square Retail loan (the “Union Square Retail Loan”) is a fixed rate loan secured by the borrower’s leasehold interest in the 236,215 square foot Class A, anchored retail located at One Union Square South in New York, New York (the “ Union Square Retail Property”) with an original principal balance of $75.0 million. The Union Square Retail Loan has a 10-year term and is interest-only throughout the term. The Union Square Retail Loan accrues interest at a fixed rate equal to 4.8800% and has a Cut-off Date balance of $75.0 million. Loan proceeds were used to pay off a prior mezzanine loan secured by the borrower’s equity interest in the Union Square Retail Property for approximately $32.8 million, giving the borrower a cash-out of $39.4 million. Based on the appraised value of $310.0 million as of January 4, 2012 the Cut-off Date LTV is 24.2% and the remaining implied equity is $235.0 million. The most recent prior financing of the Union Square Retail Property was not included in a securitization.
Sources and Uses | ||||||
Sources | $ | % | Uses | $ | % | |
Loan Amount | $75,000,000 | 100% | Loan Payoff | $32,754,946 | 43.7% | |
Borrower Recapitalization | $39,357,952 | 52.5% | ||||
Closing Costs | $2,887,102 | 3.8% | ||||
Total Sources | $75,000,000 | 100.0% | Total Uses | $75,000,000 | 100.0% |
The Borrower / Sponsors. The borrower, Union Square Retail Lessee, LLC is a single purpose Delaware limited liability company structured to be bankruptcy-remote, with two independent directors in its organizational structure. The sponsors of the borrower are The Related Companies, L.P. and OTR, an Ohio general partnership acting as the duly designated nominee of the Board of the State Teachers Retirement System of Ohio (“STRSO”) and the nonrecourse carve-out guarantor is The Related Companies, L.P. (“Related”). Related owns and operates a premier portfolio of high quality assets with an estimated value over $12 billion, consisting of a diversified mix of real estate properties. Related’s operating portfolio includes 19 luxury rental buildings with approximately 4,700 units, 18 retail assets totaling more than 3.5 million square feet, and approximately 13,000 affordable housing apartments located throughout the United States. Their operating assets also include over 5 million square feet of office and trade show space. Related developed a majority of their operating properties and maintains management responsibilities for a majority of the assets.
No securities are being offered by these summary materials. If the securities described herein or other securities are ultimately offered, they will only be offered pursuant to a definitive Offering Circular, and prospective investors who consider purchasing any such securities should make their investment decisions based only upon the information provided therein and consultation with their own advisors. Information contained in this material is current as of the date appearing on this material only. All information in this Term Sheet, whether regarding the securities or the mortgage assets backing the securities discussed herein, will be superseded by the information contained in the final Offering Circular for any securities actually sold.
B-11
One Union Square South New York, NY 10003 | Collateral Asset Summary Union Square Retail | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $75,000,000 24.2% 4.34x 21.5% |
The Property. The Union Square Retail Property comprises a multi-level retail building totaling 236,215 square feet of net rentable area within four above grade levels and one below grade level, within the luxury mixed-use development located at One Union Square South. The entire One Union Square South mixed-use development is a 22-story building on a 48,223 square foot parcel of land, with a four-story retail component and an 18-story luxury residential component above. The retail component, which serves as the collateral for the Union Square Retail Loan, contains a total gross building area of 431,677 square feet on a 48,223 square foot parcel of land. The entire mixed-use development contains 240 residential rental apartment units (208,961 square feet), and 236,215 square feet of retail space. The Union Square Retail Property is leased by the Borrower pursuant to three subleases to (i) Regal Cinemas, (ii) Union Square Development Associates, LLC (“USDA”), a wholly-owned subsidiary of the Borrower and (iii) Union Square Development Associates II, LLC (“USDA II”), a wholly-owned subsidiary of the Borrower (the subleases to USDA and USDA II are, collectively, the “Affiliate Subleases”). USDA sub-subleases its tenant space to Best Buy. USDA II sub-subleases its tenant space to Nordstrom Rack, Duane Reade, Citibank N.A., Park South Imaging and Union Square Wines. The Union Square Retail Property is anchored by Regal Cinemas, Best Buy and Nordstrom Rack, which occupy 83.4% of the Union Square Retail Property. The site is ground leased through December 31, 2095 with no renewal options.
The Union Square Retail Property was constructed in 1999 and is a retail “air rights” development parcel established pursuant to a reciprocal easement and operating agreement with the owner of the luxury residential apartment tower above the Union Square Retail Property. The residential tower is separately owned and managed by Related. The ground floor of the Union Square Retail Property is comprised of an entrance for each of the seven tenants along with a lobby for the residential component of the building.
The Union Square Retail Property, which was originally owned 100% by STRSO, was developed in 1996 and leased by STRSO to its initial subtenants, Circuit City, Virgin Megastore, and United Artists Theaters. In March 2008, STRSO sold a 49% interest in the ownership of the Union Square Retail Property to Related Union Square Retail Associates, LLC, an affiliate of Related (“Related Owner”). USDA acquired the Circuit City sublease out of the Circuit City bankruptcy and USDA II acquired the Virgin Megastore sublease in connection with an acquisition of Virgin Megastore.
Environmental Matters. The Phase I environmental report dated February 1, 2012 recommended no further action at the property.
Major Tenants.
Regal Cinemas (118,779 sq. ft., 50.3% of NRA, 23.2% of U/W Base Rent)
Regal Cinemas, Inc. (successor-in-interest to United Artists Theatre Circuit, Inc.) is the tenant under the Regal Cinemas lease. Regal Cinemas, Inc. is a wholly-owned subsidiary of Regal Entertainment Group (S&P/Moody’s/Fitch rated B+/B3/B+). Regal Entertainment Group (NYSE: RGC), through its subsidiaries, operates a theatre circuit in the United States. It develops, acquires, and operates multi-screen theatres primarily in mid-sized metropolitan markets and suburban growth areas of larger metropolitan markets under Regal Cinemas, United Artists, and Edwards brand names. As of December 31, 2010, Regal Entertainment Group operated 6,698 screens in 539 theatres in 37 states and the District of Columbia. The company was founded in 2002 and is based in Knoxville, Tennessee. The location reportedly represents the second-highest gross theater in the tenant’s chain. Regal has been at the location since its original development.
Best Buy (46,088 sq. ft., 19.5% of NRA, 15.8% of U/W Base Rent)
Best Buy Co., Inc. (NYSE: BBY) (S&P/Moody’s/Fitch rated BBB-/Baa2/BBB-) operates as a retailer of consumer electronics, home office products, entertainment software, appliances, and related services. In addition, the company offers service contracts, warranties, repair, delivery, and computer-related services, as well as installation services for home theaters, and mobile audio and appliances. It operates its retail stores and call centers, as well as online retail operations under various brand names, such as Best Buy, The Carphone Warehouse, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Napster, Pacific Sales, The Phone House, and Speakeasy. Best Buy was formerly known as Sound of Music, Inc. and changed its name to Best Buy Co., Inc. in 1983. Best Buy Co., Inc. was founded in 1966 and is headquartered in Richfield, Minnesota. Best Buy began operations at the Union Square Retail Property in 2009, and replaced Circuit City, which vacated in 2009 upon the liquidation of the company.
Nordstrom Rack (32,136 sq. ft., 13.6% of NRA, 18.5% of U/W Base Rent)
Nordstrom, Inc. (NYSE: JWN) (S&P/Moody’s/Fitch rated A-/Baa1/A-) is a fashion specialty retailer, offering apparel, shoes, cosmetics, and accessories for women, men, and children in the United States. The company offers a selection of brand name and private label merchandise. It sells its products through various channels, including Nordstrom full-line stores, Nordstrom Rack off-price stores, Last Chance clearance stores, and Jeffrey boutiques; and through catalog and the Internet. Nordstrom, Inc. also provides a private label card, two Nordstrom VISA credit cards, and a debit card for Nordstrom purchases. Its credit and debit cards feature a shopping-based loyalty program. The company also designs and contracts to manufacture private label merchandise sold in its retail stores. As of March 19, 2010, it had 187 retail stores located in 28 states. The company was founded in 1901 and is based in Seattle, Washington.
No securities are being offered by these summary materials. If the securities described herein or other securities are ultimately offered, they will only be offered pursuant to a definitive Offering Circular, and prospective investors who consider purchasing any such securities should make their investment decisions based only upon the information provided therein and consultation with their own advisors. Information contained in this material is current as of the date appearing on this material only. All information in this Term Sheet, whether regarding the securities or the mortgage assets backing the securities discussed herein, will be superseded by the information contained in the final Offering Circular for any securities actually sold.
B-12
One Union Square South New York, NY 10003 | Collateral Asset Summary Union Square Retail | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $75,000,000 24.2% 4.34x 21.5% |
Nordstrom Rack opened at the property in 2009, replacing a portion of the space vacated by the Virgin Megastore previously at the Union Square Retail Property.
The Market. The Union Square Retail Property is located along the south side of Union Square Park in Union Square, a destination location in downtown Manhattan. Union Square is located at one of New York City’s largest transportation hubs, with seven subway lines stopping at the location. The Union Square subway station boasts 35.5 million people passing through every year, and the area is one of the most convenient destinations in Manhattan attracting residents, tourists, and businesses alike. The Union Square area further benefits from its proximity to NYU, creating a strong, stable demand for the property’s retail tenancy.
Competitive Set(1) | ||||||
Name | 10 Union Square East | 156 Fifth Avenue | 541 Broadway | 110 Fifth Avenue | 530 Fifth Avenue | 38 E. 14th Street |
Distance from Subject | 0.1 miles | 0.5 miles | 1.0 miles | 0.3 miles | 1.7 miles | 0.1 miles |
Property Type | Retail | Retail | Retail | Retail | Retail | Retail |
Total Occupancy | 100% | 100% | 100% | 100% | 100% | 100% |
Size (Sq. Ft.) | 4,556 SF | 9,000 SF | 4,800 SF | 12,300 SF | 11,100 SF | 4,000 SF |
Tenant | Panera Bread | Nike | Lacoste | Joe Fresh | Chase Bank | Bank of America |
(1) | Source: Appraisal |
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | YTD 11/30/2011 (Annualized) | U/W | U/W PSF | |
Base Rent(1) | $8,374,149 | $13,994,963 | $21,946,605 | $22,587,984 | $95.62 |
Value of Vacant Space | 0 | 0 | 0 | 0 | 0.00 |
Gross Potential Rent | $8,374,149 | $13,994,963 | $21,946,605 | $22,587,984 | $95.62 |
Total Recoveries | 3,338,748 | 3,706,990 | 3,757,727 | 3,782,263 | 16.01 |
Total Other Income | 0 | 56,042 | 6,479 | 6,479 | 0.03 |
Less: Vacancy(2) | 0 | 0 | 0 | (1,318,512) | (5.58) |
Effective Gross Income | $11,712,897 | $17,757,995 | $25,706,810 | $25,058,213 | $106.08 |
Total Operating Expenses | 8,378,377 | 8,552,565 | 6,821,294 | 8,967,917 | 37.97 |
Net Operating Income | $3,334,520 | $9,205,430 | $18,885,516 | $16,090,296 | $68.12 |
TI/LC | 0 | 0 | 0 | 749,526 | 3.17 |
Capital Expenditures | 0 | 0 | 0 | 47,243 | 0.20 |
Net Cash Flow | $3,334,520 | $9,205,430 | $18,885,516 | $15,293,527 | $64.74 |
(1) | U/W Base Rent includes $65,845 in contractual step rent through August 2012 and $988,662 in straight-line rent over the term of the loan for investment grade tenants. |
(2) | U/W vacancy of 5.0% of gross income. |
Property Management. The Union Square Retail Property is managed by Related Management Company, L.P., an affiliate of the sponsor.
Lockbox / Cash Management. The Union Square Retail Loan is structured with no initial lockbox or cash management at the tenant level. Any sums that are distributable by the Borrower to the Related Owner are paid into an account controlled by STRSO (the “STRSO Account”) and then transferred to an account controlled by the lender and, provided no Event of Default exists under the Union Square Retail Loan, are transferred to Related Owner. Following the occurrence of an Event of Default, all such sums are transferred to an account of the lender, to be applied as determined by the lender.
In the event that STRSO no longer controls the STRSO Account or in the event that STRSO no longer controls the Borrower, the Borrower is required to establish a lockbox account controlled by the lender (the “Springing Lockbox”). Borrower shall cause all subtenants to deposit their rent payable to the Borrower into the Springing Lockbox and shall require all subtenants to deposit any sub-subrent payable to the subtenants (which is not already payable to the Borrower) into the Springing Lockbox. All sums deposited into the Springing Lockbox shall be applied by Lender to the payment of ground rent, debt service payments and operating expenses, with any excess sums distributed to the Borrower provided no Event of Default exists.
No securities are being offered by these summary materials. If the securities described herein or other securities are ultimately offered, they will only be offered pursuant to a definitive Offering Circular, and prospective investors who consider purchasing any such securities should make their investment decisions based only upon the information provided therein and consultation with their own advisors. Information contained in this material is current as of the date appearing on this material only. All information in this Term Sheet, whether regarding the securities or the mortgage assets backing the securities discussed herein, will be superseded by the information contained in the final Offering Circular for any securities actually sold.
B-13
One Union Square South New York, NY 10003 | Collateral Asset Summary Union Square Retail | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $75,000,000 24.2% 4.34x 21.5% |
Initial Reserves. None.
Ongoing Reserves. None.
Current Mezzanine or Subordinate Indebtedness. None.
Future Mezzanine or Subordinate Indebtedness Permitted. None.
Ground Lease. The Union Square Retail Property is subject to a ground lease through December 31, 2095 (the “Ground Lease”). The Ground Lease was executed on December 13, 1996 between First Sterling Corporation and West Realty Co., LLC as landlord and STRSO, as tenant. STRSO assigned its leasehold interest to Union Square Retail Trust, the borrower, on February 29, 2008 (the borrower converted from a trust to a limited liability company and changed its name prior to the closing of the Union Square Retail Loan). The Ground Lease carried an initial base rent of $2,500,000 per annum. The Ground Lease includes rent steps every five years of 12%, with rent revaluations every 25 years. The current base rent under the Ground lease is $3,136,000. The next base rent step occurs on July 1, 2013, to a rate of $3,512,320 per annum.
There is currently ongoing litigation pertaining to the ground lease, which litigation was filed in 2010 by the ground landlords thereunder against the Borrower, Related, STRSO, USDA and USDA II. The litigation alleges improprieties in the Affiliate Subleases and in certain of the sub-subleases, including allegations of violations of use restrictions by certain sub-subtenants. The litigation makes claims for increase in the ground rent payable by the Borrower (and reimbursement for additional historical ground rent payments). See “Risk Factors – Risks Related to the Mortgage Loans - Mortgage Loans Secured by Leasehold Interests May Expose Investors to Greater Risks of Default and Loss” for additional information.
No securities are being offered by these summary materials. If the securities described herein or other securities are ultimately offered, they will only be offered pursuant to a definitive Offering Circular, and prospective investors who consider purchasing any such securities should make their investment decisions based only upon the information provided therein and consultation with their own advisors. Information contained in this material is current as of the date appearing on this material only. All information in this Term Sheet, whether regarding the securities or the mortgage assets backing the securities discussed herein, will be superseded by the information contained in the final Offering Circular for any securities actually sold.
B-14
Collateral Asset Summary Puerto Rico Retail Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $57,750,000 67.6% 1.69x 12.0% |
Mortgage Loan Information | |
Loan Seller: | LCF |
Loan Purpose: | Acquisition |
Sponsor: | Community Reinvestment Partners II LP |
Borrowers: | CRP II – Juncos, LLC; CRP II – Los Prados, LLC; CRP II – Manati, LLC; CRP II – University, LLC |
Original Balance: | $57,750,000 |
Cut-off Date Balance: | $57,750,000 |
% by Initial UPB: | 5.8% |
Interest Rate: | 5.8500% |
Payment Date: | 6th of each month |
First Payment Date: | April 6, 2012 |
Maturity Date: | March 6, 2022 |
Amortization: | 360 months |
Additional Debt(1): | Mezzanine |
Call Protection(2): | L(24), D(93), O(3) |
Lockbox / Cash Management: | Hard / In Place |
Reserves(3) | ||
Initial | Monthly | |
Taxes: | $128,080 | $42,693 |
Insurance: | $0 | Springing |
Replacement: | $0 | $13,862 |
TI/LC: | $0 | $19,407 |
Tank Permit Reserve: | $69,375 | $0 |
Required Repairs: | $121,141 | NAP |
Financial Information | ||
Mortgage Loan | Total Debt(4) | |
Cut-off Date Balance / Sq. Ft.: | $104 | $131 |
Balloon Balance / Sq. Ft.: | $88 | $115 |
Cut-off Date LTV: | 67.6% | 85.2% |
Balloon LTV: | 57.1% | 74.7% |
Underwritten NOI DSCR: | 1.69x | 1.20x |
Underwritten NCF DSCR: | 1.59x | 1.13x |
Underwritten NOI Debt Yield: | 12.0% | 9.5% |
Underwritten NCF Debt Yield: | 11.3% | 9.0% |
Property Information | |
Single Asset / Portfolio: | Portfolio |
Property Type: | Anchored Retail |
Collateral: | Fee Simple |
Location: | Various, Puerto Rico |
Year Built / Renovated: | 1999-2008 / NAP |
Total Sq. Ft.: | 554,490 |
Property Management: | The Sembler Company of Puerto Rico, Inc. |
Underwritten NOI: | $6,922,251 |
Underwritten NCF: | $6,514,823 |
Appraised Value: | $85,400,000 |
Appraisal Dates: | November 21-22, 2011 |
Historical NOI(5) | |
TTM NOI: | $6,478,922 (T-12 October 31, 2011) |
2010 NOI: | $6,148,240 (December 31, 2010) |
2009 NOI: | $6,489,963 (December 31, 2009) |
2008 NOI: | $6,751,118 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 88.5% (January 5, 2012) |
2011 Occupancy: | 87.2% (October 31, 2011) |
2010 Occupancy: | 87.4% (December 31, 2010) |
2009 Occupancy: | 90.3% (December 31, 2009) |
(1) | See “Current Mezzanine or Subordinate Indebtedness” herein. |
(2) | See “Partial Release” herein. |
(3) | See “Initial Reserves” and “Ongoing Reserves” herein. |
(4) | Total Debt includes the mezzanine loan described under “Current Mezzanine or Subordinate Indebtedness” herein. The mezzanine loan currently has an interest rate of 11.0%. |
(5) | The Walgreens building at the Plaza Los Prados property was recently constructed and opened and commenced paying rent in May 2011. Walgreens pays underwritten total rent of $680,366. The rental income from Walgreens is not included in the 2008, 2009, 2010 or TTM NOI. Including the rental income from Walgreens, the 2008, 2009, 2010 and TTM NOI are $7,431,484, $7,170,329, $6,828,606, and $7,159,288, respectively. |
Property Name | Location | Sq. Ft. | Year Built / Renovated | Allocated Loan Amount | Appraised Value | Occupancy |
Juncos Plaza | Juncos, PR | 208,080 | 1999 / NAP | $14,250,000 | $23,000,000 | 76.3% |
Plaza Los Prados | Caguas, PR | 163,532 | 2008 / NAP | 22,700,000 | 32,600,000 | 94.5% |
Manati Centro Plaza | Manati, PR | 117,872 | 2001 / NAP | 13,800,000 | 20,300,000 | 95.3% |
University Plaza | Mayaguez, PR | 65,006 | 1999 / NAP | 7,000,000 | 9,500,000 | 100.0% |
Total / Wtd. Average: | 554,490 | $57,750,000 | $85,400,000 | 88.5% |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-17
Collateral Asset Summary Puerto Rico Retail Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $57,750,000 67.6% 1.69x 12.0% |
Tenant Summary | |||||||
Tenant | Ratings (Fitch/Moody’s/S&P)(1) | Net Rentable Area (Sq. Ft.) | % of Net Rentable Area | U/W Base Rent PSF | % of Total U/W Base Rent | Lease Expiration | |
Capri(2) | NR/NR/NR | 90,903 | 16.4% | $10.96 | 13.2% | Various | |
PITUSA (Todo a Peso) | NR/NR/NR | 35,000 | 6.3% | $7.87 | 3.6% | 12/31/2019 | |
Selectos | NR/NR/NR | 32,081 | 5.8% | $8.00 | 3.4% | 3/31/2027 | |
Supermercado Amigo | AA/Aa2/AA | 30,046 | 5.4% | $7.00 | 2.8% | 11/30/2018 | |
Marshall’s | NR/A3/A | 29,500 | 5.3% | $13.50 | 5.3% | 1/31/2017 | |
Gatsby(3) | NR/NR/NR | 27,760 | 5.0% | $15.48 | 5.7% | Various | |
Total Major Tenants | 245,290 | 44.2% | $10.46 | 33.9% | |||
Remaining Tenants | 245,304 | 44.3% | $20.41 | 66.1% | |||
Total Occupied Collateral | 490,594 | 88.5% | $15.44 | 100.0% | |||
Vacant | 63,896 | 11.5% | |||||
Total | 554,490 | 100.0% | |||||
(1) | Certain ratings are those of the parent company whether or not the parent company guarantees the lease |
(2) | The Capri leases expire January 2015 (25,789 sq. ft.), October 2016 (30,000 sq. ft.) and July 2027 (35,114 sq. ft.) |
(3) | The Gatsby lease at Manati Centro Plaza includes a termination option at either April 2013 or April 2014 with 180 days advance notice. Gatsby leases expire February 2015 (13,248 sq. ft.) and March 2017 (14,512 sq. ft.). |
Lease Rollover Schedule | ||||||||
Year | # of Leases Expiring | Total Expiring Sq. Ft. | % of Total Sq. Ft. Expiring | Cumulative Sq. Ft. Expiring | Cumulative % of Sq. Ft. Expiring | Annual U/W Base Rent Per Sq. Ft. | % U/W Base Rent Rolling | Cumulative % of U/W Base Rent |
MTM | 2 | 2,151 | 0.4% | 2,151 | 0.4% | $23.13 | 0.7% | 0.7% |
2012 | 21 | 41,836 | 7.5% | 43,987 | 7.9% | $22.49 | 12.4% | 13.1% |
2013 | 8 | 21,022 | 3.8% | 65,009 | 11.7% | $19.27 | 5.3% | 18.4% |
2014 | 14 | 48,429 | 8.7% | 113,438 | 20.5% | $14.14 | 9.0% | 27.5% |
2015 | 14 | 66,827 | 12.1% | 180,265 | 32.5% | $15.69 | 13.8% | 41.3% |
2016 | 13 | 51,260 | 9.2% | 231,525 | 41.8% | $15.44 | 10.5% | 51.8% |
2017 | 10 | 63,575 | 11.5% | 295,100 | 53.2% | $16.73 | 14.0% | 65.8% |
2018 | 4 | 54,720 | 9.9% | 349,820 | 63.1% | $8.48 | 6.1% | 71.9% |
2019 | 1 | 35,000 | 6.3% | 384,820 | 69.4% | $7.87 | 3.6% | 75.6% |
2020 | 0 | 0 | 0.0% | 384,820 | 69.4% | $0.00 | 0.0% | 75.6% |
2021 | 4 | 15,760 | 2.8% | 400,580 | 72.2% | $23.89 | 5.0% | 80.5% |
2022 | 0 | 0 | 0.0% | 400,580 | 72.2% | $0.00 | 0.0% | 80.5% |
Thereafter | 5 | 90,014 | 16.2% | 490,594 | 88.5% | $16.37 | 19.5% | 100.0% |
Vacant | NAP | 63,896 | 11.5% | 554,490 | 100.0% | NAP | NAP | |
Total / Wtd. Avg. | 96 | 554,490 | 100.0% | $15.44 | 100.0% |
The Loan. The Puerto Rico Retail Portfolio loan (the “Puerto Rico Retail Portfolio Loan”) is a fixed rate loan secured by the borrower’s fee simple interest in the 554,490 sq. ft. anchored retail Puerto Rico Retail Portfolio properties located in Puerto Rico (the “Puerto Rico Retail Portfolio Properties”) with an original principal balance of $57.75 million. The Puerto Rico Retail Portfolio Loan has a 10-year term and amortizes on a 30-year schedule. The Puerto Rico Retail Portfolio Loan accrues interest at a fixed rate equal to 5.8500% and has a Cut-off Date balance of $57.75 million. The Puerto Rico Retail Portfolio Loan proceeds along with mezzanine debt of $15.00 million and $10.59 million of equity from the borrower were used to acquire the property for a total cost of approximately $83.34 million. Based on the appraised value of $85.40 million as of November 21 and 22, 2011, the Cut-off Date LTV of the Puerto Rico Portfolio Loan is 67.6%.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-18
Collateral Asset Summary Puerto Rico Retail Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $57,750,000 67.6% 1.69x 12.0% |
Sources and Uses | ||||||
Sources | $ | % | Uses | $ | % | |
Loan Amount | $57,750,000 | 69.3% | Purchase Price | $80,000,000 | 96.0% | |
Mezzanine Loan | 15,000,000 | 18.0% | Escrow at Closing | 318,596 | 0.4% | |
Borrower Equity | 10,593,233 | 12.7% | Closing Costs | 3,024,637 | 3.6% | |
Total Sources | $83,343,233 | 100.0% | Total Uses | $83,343,233 | 100.0% |
The Borrower / Sponsor. The borrowers, CRP II – Juncos, LLC, CRP II – Los Prados, LLC, CRP II – University, LLC, and CRP II Manati, LLC, are single purpose Delaware limited liability companies structured to be bankruptcy-remote, with two independent directors in their organizational structure. The sponsor of the borrowers and the nonrecourse carve-out guarantor is Community Reinvestment Partners II LP. Community Reinvestment Partners II LP (“CRP II”) is the second private equity fund launched by Forge Capital Partners, LLC to develop, redevelop and invest in retail shopping centers in Florida, Georgia, Alabama, South Carolina, North Carolina, and Puerto Rico.
As of September 30, 2011, CRP II held 21 properties, including 11 retail properties, five vacant land properties for development, two multifamily properties, one mixed use property, one student housing property, and one office property. The properties were all acquired between 2008 and 2011. The properties are all located in the southeastern US, primarily in Florida, with additional properties in Georgia and South Carolina.
The Properties: The Puerto Rico Retail Portfolio Properties consist of the borrowers’ fee interests in four retail properties totaling 554,490 sq. ft. of space in Puerto Rico.
Juncos Plaza
Juncos Plaza is a 208,080 sq. ft., grocery-anchored shopping center built in 1999 and located in the Municipality of Juncos, with a 2009 estimated population of 121,296 population within a five-mile radius It is located approximately 11 miles east of Caguas and approximately 24 miles south of San Juan (Largest municipality in Puerto Rico). The Juncos Plaza property is located directly across PR-31 from Amgen’s Puerto Rico manufacturing facility. Amgen has been located in Juncos for over a decade, and is a multi-million SF facility. Amgen recently completed an expansion, constructing an additional 500,000 SF to create a state-of-the-art biotechnology facility for bulk manufacturing. The Juncos Plaza property is anchored by Supermercado Amigo (subsidiary of Walmart, 2010 sales of $440 PSF, 2.0% occupancy cost). The Juncos Plaza property is currently 76.3% leased, with the majority of the vacancy attributed to a 30,680 SF vacant anchor space currently being marketed for lease. Other major tenants at the Juncos Plaza property include Capri (T-12 sales of $242 PSF, 5.3% occupancy cost), and National Lumber & Hardware.
Plaza Los Prados
Plaza Los Prados is a 163,532 sq. ft., anchored shopping center built in 2008 and located in the Municipality of Caguas, with a 2009 estimated population of 182,085 population within a five-mile radius. It is located approximately 16 miles south of San Juan. The direct area has significant commercial development, with shopping malls including Plaza Centro (enclosed mall anchored by Sam’s Club, Costco, and JCPenney), Plaza Villa Blanca (community center anchored by Marshall’s and Grande Supermarket) and Las Catalinas Mall (enclosed mall anchored by Kmart and Sears). The Plaza Los Prados property is anchored by Selectos supermarket (T-12 sales of $481 PSF, 2.4% occupancy cost) and Capri (T-12 sales of $300 PSF, 5.2% occupancy cost). A newly constructed Walgreens (completed in 2011) is additionally located at the Plaza Los Prados property and included in the collateral for the Loan. The Plaza Los Prados property is currently 94.5% leased, and has been greater than 90% leased for at least the past three years.
Manati Centro Plaza
Manati Centro Plaza is a 117,872 sq. ft., anchored shopping center built in 2001 and located in the Municipality of Manati, with a 2009 estimated population of 74,538 population within a five-mile radius. It is located approximately 17 miles east of Arecibo and 23 miles west of Bayamon. The Manati Centro Plaza property is located directly across PR-2 from the Doctors’ Center Hospital. The hospital, founded in 1959, has undergone several expansions and renovations, with the most recent renovation completed in 2005, and currently holds more than 240 beds, with 238 specialists and sub-specialists on staff and 16,000 admissions per year. The hospital also boasts the Doctors’ Cancer Center, the only center for treatment of oncological and hematological conditions using radiotherapy and chemotherapy in the region, providing a significant draw throughout the island as well as throughout the Caribbean. The Manati Centro Plaza property is anchored by Marshall’s (TJX Companies) (T-12 sales of $393 PSF, 4.3% occupancy cost) and Capri (T-12 sales of
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-19
Collateral Asset Summary Puerto Rico Retail Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $57,750,000 67.6% 1.69x 12.0% |
$312 PSF, 5.3% occupancy cost). The Manati Centro Plaza property is currently 95.3% leased, and has been greater than 90% leased for at least the past three years.
University Plaza
University Plaza is a 65,006 sq. ft. anchored retail shopping center built in 1999 and located in the Municipality of Mayaguez, with a 2009 estimated population of 104,482 population within a five-mile radius. The University Plaza property is located approximately one-half (0.5) mile north of the University of Puerto Rico – Mayaguez campus. With approximately 13,000 students, the campus is the second largest campus in the 65,000 student, eleven campus University of Puerto Rico system. The University Plaza property is anchored by PITUS (Todo a Peso). The University Plaza property is currently 100% leased, and has been greater than 95% leased for at least the past three years.
Environmental Matters. The Phase I environmental reports dated December 22, 2011 recommended no further action at the Puerto Rico Retail Portfolio Properties.
Market. The Puerto Rico Retail Portfolio Properties are located in various municipalities within Puerto Rico, an island located between the Dominican Republic and the US Virgin Islands. The island has a population of approximately 4.0 million and the island’s major industries are pharmaceutical manufacturing, textiles, and tourism. The Puerto Rico Retail Portfolio Properties are all located within infill locations within their respective markets. The Puerto Rico retail market benefits from a limited existing supply, driving significant demand for retail space in existing properties. According to a report from ICSC, Puerto Rico has between 10 sq. ft. and 12 sq. ft. of retail per capita, representing less than 50% of the US mainland ratio of approximately 24 sq. ft. per capita.
The appraisals identified 13 comparable retail properties located throughout the island. With the exception of one property (Rexville Plaza in Bayamon, PR) all of the properties exhibited occupancy rates greater than 93%. Rexville Plaza was adversely affected by the recent vacating of Pueblos Supermarket (a local grocery chain which filed for bankruptcy due to the increased competition when Amigos entered the market). Rents for retail properties in Puerto Rico vary depending on market location. Retail rents in the larger municipalities generally range from $25 PSF NNN and higher, with secondary municipalities commanding rents in the $15 PSF to $25 PSF NNN range. Outparcel buildings generally command a premium to inline space.
Juncos Plaza Competitive Set(1) | |||||
Name | Plaza Los Prados | Perez Hermanos Plaza | Plaza Centro 2 | Plaza Junana Diaz | Plaza Villa Blanca |
Distance from Subject | Approx 13 miles | Approx 15 miles | Approx 7 miles | Approx 25 miles | Approx 6 miles |
Property Type | Retail | Retail | Retail | Retail | Retail |
Year Built / Renovated | 2008 | 1994 | 1995 | 1989 | 1985 |
Total Occupancy | 95% | 100% | 97% | 100% | 94% |
Size (Sq. Ft.) | 163,532 | 156,399 | 366,346 | 234,823 | 138,274 |
Anchors / Major Tenants | Selectos, Capri, Walgreens | Xtra Supermarket, Kmart | Sam’s Club, Costco, Office Max | Big Kmart, Pueblo Supermarket, Walgreens | Marshall’s, Grande Supermarket |
(1) | Source: Appraisal and Rent Roll |
Plaza Los Prados Competitive Set(1) | ||||
Name | Montehiedra Town Center | Plaza Centro 2 | Plaza Escorial | Plaza Villa Blanca |
Distance from Subject | Approx 10 miles | Approx 2 miles | Approx 14 miles | Approx 2 miles |
Property Type | Retail | Retail | Retail | Retail |
Year Built / Renovated | 1999 | 1995 | 1997 | 1985 |
Total Occupancy | 99% | 97% | 100% | 94% |
Size (Sq. Ft.) | 610,911 | 366,346 | 636,415 | 138,274 |
Anchors / Major Tenants | Kmart, Home Depot, Caribbean Cinemas, Mega Marshall’s | Sam’s Club, Costco, Office Max | Sam's Club, WalMart, Home Depot, Caribbean Cinemas, Office Max | Marshall’s, Grande Supermarket |
Source: Appraisal
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-20
Collateral Asset Summary Puerto Rico Retail Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $57,750,000 67.6% 1.69x 12.0% |
Manati Centro Plaza Competitive Set(1) | |||||
Name | Plaza Isabela SC | Plaza Vega Baja SC | Rexville Plaza | Rexville Towne Center | Western Plaza II SC |
Distance from Subject | Approx 38 miles | Approx 10 miles | Approx 30 miles | Approx 30 miles | Approx 50 miles |
Property Type | Retail | Retail | Retail | Retail | Retail |
Year Built / Renovated | 1994 | 1990 | 1980 | 1975 | 1998 |
Total Occupancy | 99% | 95% | 71% | 96% | 97% |
Size (Sq. Ft.) | 255,520 | 184,938 | 132,309 | 366,400 | 224,655 |
Anchors / Major Tenants | WalMart, Selectos, Pep Boys, Caribbean Cinemas | WalMart, Econo Supermarket, Walgreens | Capri, CVS, Western Auto Parts | Supermercado Amigo, Office Max. | Caribbean Cinemas, Sam’s Club, Pep Boys |
(1) | Source: Appraisal |
University Plaza Competitive Set(1) | |||||
Name | Manati Centro Plaza | Plaza Del Oeste SC | Plaza Isabela SC | Western Plaza II SC | Yauco Plaza 2 |
Distance from Subject | Approx 55 miles | Approx 18 miles | Approx 22 miles | Approx 1 miles | Approx 28 miles |
Property Type | Retail | Retail | Retail | Retail | Retail |
Year Built / Renovated | 2001 | 1991 | 1994 | 1998 | N/A |
Total Occupancy | 95% | 99% | 99% | 97% | 100% |
Size (Sq. Ft.) | 134,685 | 184,746 | 255,250 | 224,655 | 205,714 |
Anchors / Major Tenants | Marshall's, Capri, Gatsby | Kmart, Pueblo Supermarket | WalMart, Selectos, Pep Boys, Caribbean Cinemas | Caribbean Cinemas, Sam's Club, Pep Boys | Kmart, Walgreens, Grande Supermarket |
(1) | Source: Appraisal and Rent Roll |
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | T-12 10/31/11 | U/W | U/W PSF | |
Base Rent(1) | $6,736,219 | $6,434,525 | $6,764,521 | $7,573,089 | $13.66 |
Value of Vacant Space | 0 | 0 | 0 | 811,205 | 1.46 |
Gross Potential Rent | $6,736,219 | $6,434,525 | $6,764,521 | $8,384,294 | $15.12 |
Total Recoveries | 2,125,693 | 2,169,553 | 2,331,883 | 2,471,049 | 4.46 |
Total Other Income | 305,091 | 289,192 | 335,265 | 302,750 | 0.55 |
Less: Vacancy(2) | 0 | 0 | 0 | (1,119,387) | (2.02) |
Effective Gross Income | $9,167,003 | $8,893,270 | $9,431,669 | $10,038,706 | $18.10 |
Total Operating Expenses | 2,677,040 | 2,745,030 | 2,952,747 | 3,116,456 | 5.62 |
Net Operating Income | $6,489,963 | $6,148,240 | $6,478,922 | $6,922,251 | $12.48 |
TI/LC | 399 | 599 | 3,787 | 241,081 | 0.43 |
Capital Expenditures | 16,870 | 22,596 | 12,135 | 166,347 | 0.30 |
Net Cash Flow | $6,472,694 | $6,125,045 | $6,463,000 | $6,514,823 | $11.75 |
(1) | U/W Base Rent includes $143,176 in contractual step rent through November 2012. |
(2) | U/W vacancy of 10.0% of gross income. |
Property Management. The Puerto Rico Retail Portfolio Properties are managed by The Sembler Company of Puerto Rico, Inc. Affiliates of The Sembler Company of Puerto Rico, Inc. sold the Puerto Rico Retail Portfolio Properties to the borrowers. Additionally, Greg and Brent Sembler, members of The Sembler Company of Puerto Rico, Inc. collectively own a 30% indirect interest in the borrowers.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-21
Collateral Asset Summary Puerto Rico Retail Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $57,750,000 67.6% 1.69x 12.0% |
Lockbox / Cash Management. The Puerto Rico Retail Portfolio Loan is structured with a hard lockbox and in place cash management.
Additionally, all excess cash will be swept into a lender controlled account upon (i) an event of default, (ii) the debt service coverage ratio for the trailing 12-month period is less than 1.20x, or (iii) if any tenant occupying more than 20% of the Puerto Rico Retail Properties (either physical or economic occupancy) goes dark, notifies of intent to vacate or surrender, becomes insolvent or files for bankruptcy protection. The borrower may exit the excess cash flow sweep (but not cash management) once during the loan if the sweep was caused by item (ii) above, the Puerto Rico Retail Portfolio Properties achieves a debt service coverage ratio of 1.45x or better for two consecutive quarters and no other sweep trigger event has occurred.
Initial Reserves. At closing, the borrower deposited (i) $128,080 into a tax reserve account, (ii) $121,141 into the required repair reserve account and (iii) $69,375 into the Tank Permit reserve account.
Ongoing Reserves. On a monthly basis, the borrower is required to deposit reserves of (i) $42,693 into a monthly tax reserve account, (ii) $13,862 into a replacement reserve account and (iii) $19,407 into a TI/LC reserve account. The TI/LC reserve account is capped at $825,000. Insurance is currently covered under a blanket policy. In the event that the Puerto Rico Retail Portfolio Properties are held in individual policies in the future, insurance reserves will be taken on an ongoing monthly basis.
Current Mezzanine or Subordinate Indebtedness. In conjunction with the Puerto Rico Retail Portfolio Loan, Ladder Capital Finance LLC provided $15,000,000 co-terminus mezzanine financing. The mezzanine loan borrower is required to make interest-only payments for the full ten-year term of the mezzanine loan. The mezzanine loan bears interest at an annual rate of 11.0% for the first five years and 12.0% for the last five years.
Future Mezzanine or Subordinate Indebtedness Permitted. None
Partial Release. A vacant land parcel of 2,315.0251 square meters located at the northwest corner of the Juncos Plaza property (the “Juncos Release Parcel”) may be released from the collateral subject to a paydown of the Puerto Rico Retail Portfolio Loan in the amount of the greater of: (i) the gross sales proceeds of the sale for the Juncos Release Parcel less actual closing costs not to exceed 6.0% of such gross sales proceeds, and (ii) $660,000, and upon payment of the applicable yield maintenance premium as determined by the related loan documents. No other partial releases are permitted during the term of the Puerto Rico Retail Portfolio Loan.
Substitution of Properties. None permitted.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-22
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
Mortgage Loan Information | |
Loan Seller(1): | GACC |
Loan Purpose: | Refinance |
Sponsor: | Allen R. Hartman; Hartman Income REIT, Inc. |
Borrower: | Hartman Income REIT Property Holdings, LLC |
Original Balance: | $57,600,000 |
Cut-off Date Balance: | $56,675,372 |
% by Initial UPB: | [0.0]% |
Interest Rate: | 6.5000% |
Payment Date: | 1st of each month |
First Payment Date: | November 1, 2008 |
Maturity Date: | October 1, 2018 |
Amortization(2): | 360 months |
Additional Debt(3): | $10,000,000 Non-Pooled Junior Trust Component |
Call Protection: | YM1(117), O(3) |
Lockbox / Cash Management: | None |
Reserves | ||
Initial | Monthly | |
None | NAP | NAP |
Financial Information | ||
Mortgage Loan | Total Debt | |
Cut-off Date Balance / Sq. Ft.: | $35 | $41 |
Balloon Balance / Sq. Ft.: | $31 | $37 |
Cut-off Date LTV: | 62.8% | 73.7% |
Balloon LTV: | 56.6% | 66.4% |
Underwritten NOI DSCR: | 1.62x | 1.38x |
Underwritten NCF DSCR: | 1.34x | 1.14x |
Underwritten NOI Debt Yield: | 12.5% | 10.6% |
Underwritten NCF Debt Yield: | 10.3% | 8.8% |
Property Information | |
Single Asset / Portfolio: | Portfolio of 12 Properties |
Property Type: | Office, Retail and Industrial |
Collateral: | Fee Simple |
Location: | Various, TX |
Year Built / Renovated: | 1970-1984 / Various |
Total Sq. Ft.: | 1,638,830 |
Property Management: | Hartman Income REIT Management, LLC |
Underwritten NOI: | $7,074,166 |
Underwritten NCF: | $5,841,945 |
“As-is” Appraised Value: | $90,200,000 |
“As-is” Appraisal Date: | May-July 2011 |
“As Stabilized” Appraised Value(4): | $96,540,000 |
“As Stabilized” Appraisal Date(4): | July 2012-May 2014 |
Historical NOI | |
TTM NOI: | $7,755,639 (T-12 October 31, 2011) |
2010 NOI: | $8,824,245 (December 31, 2010) |
2009 NOI: | $8,834,836 (December 31, 2009) |
2008 NOI: | $7,169,586 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 70.5% (November 14, 2011) |
2010 Occupancy: | 71.6% (December 31, 2010) |
2009 Occupancy: | 76.8% (December 31, 2009) |
2008 Occupancy: | 82.6% (December 31, 2008) |
(1) | At origination in September 2008, J. P. Morgan Investment Management Inc. funded a loan with an original principal balance of $67.6 million. GACC purchased the loan in June 2011. |
(2) | The Hartman Portfolio Loan was structured with an initial 2-year Interest Only period that expired after the payment date in October 2010. |
(3) | The loan has been split into a pooled senior trust component of $57.6 million and a non-pooled junior trust component of $10.0 million. See “Current Mezzanine or Subordinate Indebtedness” herein. |
(4) | The “As Stabilized” LTV is 58.7% based on the Mortgage Loan amount and certain properties achieving stabilized occupancy levels. Total Debt As Stabilized LTV is 68.9%. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-25
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
Property Name | Location | Sq. Ft. | Year Built / Renovated | Allocated Mortgage Loan Amount | Appraised Value | Occupancy |
Westheimer Central Plaza | Houston, Texas | 182,506 | 1982 / NAP | $9,578,074 | $14,750,000 | 71.2% |
The Preserve | Houston, Texas | 218,689 | 1970 / NAP | 7,013,534 | 10,000,000 | 78.3% |
North Central Plaza | Dallas, Texas | 198,374 | 1982 / NAP | 6,229,951 | 13,000,000 | 75.7% |
Walzem Plaza | San Antonio, Texas | 182,713 | 1981 / NAP | 5,901,273 | 11,560,000 | 79.9% |
3100 Timmons Lane | Houston, Texas | 111,265 | 1975 / 2000 | 4,647,946 | 10,750,000 | 94.6% |
One Mason Plaza | Katy, Texas | 75,183 | 1983 / NAP | 4,442,946 | 6,900,000 | 82.1% |
Northbelt Atrium I | Houston, Texas | 118,461 | 1980 / NAP | 4,331,786 | 3,350,000 | 57.5% |
Park Central | Dallas, Texas | 127,913 | 1974 / NAP | 3,967,243 | 6,000,000 | 85.4% |
Northbelt Atrium II | Houston, Texas | 106,677 | 1983 / NAP | 3,723,877 | 2,800,000 | 16.1% |
11811 North Freeway | Houston, Texas | 156,361 | 1982 / 2000 | 3,544,234 | 4,500,000 | 50.9% |
Tower Pavilion | Houston, Texas | 87,589 | 1981 / NAP | 2,404,838 | 3,550,000 | 80.8% |
Central Park Business Center | Richardson, Texas | 73,099 | 1984 / NAP | 1,814,299 | 3,040,000 | 63.7% |
Total / Wtd. Avg. | 1,638,830 | $57,600,000 | $90,200,000 | 70.5% |
Tenant Summary | |||||||||
Tenant | Property | Ratings (Fitch/Moody’s/S&P)(1) | Net Rentable Area (Sq. Ft.) | % of Net Rentable Area | U/W Base Rent PSF | % of Total U/W Base Rent | Lease Expiration | ||
Alon USA Energy, Inc. | Park Central | NR/NR/B | 41,969 | 2.6% | $17.70 | 4.5% | 12/31/2012 | ||
Harris County Sheriff’s Department | Norhtbelt Atrium I | NR/NR/NR | 27,303 | 1.7% | $14.57 | 2.4% | 6/30/2020 | ||
Fallas Paredes / J & M Sales | Walzem Plaza | NR/NR/NR | 25,000 | 1.5% | $5.00 | 0.8% | 7/31/2018 | ||
F.E.S. Management | Westheimer Central Plaza | NR/NR/NR | 20,565 | 1.3% | $18.00 | 2.2% | MTM(2) | ||
Harbor Freight Tools | Walzem Plaza | NR/NR/NR | 18,125 | 1.1% | $5.52 | 0.6% | 1/31/2017 | ||
Total Major Tenants | 132,962 | 8.1% | $13.05 | 10.4% | |||||
Remaining Tenants | 1,023,017 | 62.4% | $14.55 | 89.6% | |||||
Total Occupied Collateral | 1,155,979 | 70.5% | $14.38 | 100.0% | |||||
Vacant | 482,851 | 29.5% | |||||||
Total | 1,638,830 | 100.0% | |||||||
(1) | Certain ratings are those of the parent company whether or not the parent company guarantees the lease. |
(2) | F.E.S. Management has been at the property since July 2003 and has been on a MTM lease since March 2008. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles�� generated by us, will not create binding contractual obligations for you or us.
B-26
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
Lease Rollover Schedule | ||||||||
Year | # of Leases Expiring | Total Expiring Sq. Ft. | % of Total Sq. Ft. Expiring | Cumulative Sq. Ft. Expiring | Cumulative % of Sq. Ft. Expiring | Annual U/W Base Rent Per Sq. Ft. | % U/W Base Rent Rolling | Cumulative % of U/W Base Rent |
MTM | 33 | 73,523 | 4.5% | 73,523 | 4.5% | $16.15 | 7.1% | 7.1% |
2012 | 65 | 201,252 | 12.3% | 274,775 | 16.8% | $16.46 | 19.9% | 27.1% |
2013 | 74 | 200,926 | 12.3% | 475,701 | 29.0% | $14.36 | 17.4% | 44.4% |
2014 | 43 | 128,162 | 7.8% | 603,863 | 36.8% | $15.15 | 11.7% | 56.1% |
2015 | 62 | 184,920 | 11.3% | 788,783 | 48.1% | $14.97 | 16.7% | 72.8% |
2016 | 52 | 146,366 | 8.9% | 935,149 | 57.1% | $15.05 | 13.3% | 86.0% |
2017 | 16 | 106,918 | 6.5% | 1,042,067 | 63.6% | $11.33 | 7.3% | 93.3% |
2018 | 11 | 36,969 | 2.3% | 1,079,036 | 65.8% | $7.49 | 1.7% | 95.0% |
2019 | 2 | 6,628 | 0.4% | 1,085,664 | 66.2% | $16.67 | 0.7% | 95.6% |
2020 | 6 | 50,753 | 3.1% | 1,136,417 | 69.3% | $13.78 | 4.2% | 99.9% |
2021 | 0 | 0 | 0.0% | 1,136,417 | 69.3% | $0.00 | 0.0% | 99.9% |
2022 | 0 | 0 | 0.0% | 1,136,417 | 69.3% | $0.00 | 0.0% | 99.9% |
Thereafter | 13 | 19,562 | 1.2% | 1,155,979 | 70.5% | $1.21 | 0.1% | 100.0% |
Vacant | NAP | 482,851 | 29.5% | 1,638,830 | 100.0% | NAP | NAP | |
Total / Wtd. Avg. | 377 | 1,638,830 | 100.0% | $14.38 | 100.0% |
The Loan. The Hartman Portfolio loan (the “Hartman Portfolio Loan”) is a fixed rate loan secured by the borrower’s fee simple interest in the 1,638,830 square foot portfolio of office, retail and industrial properties located in Harris, Dallas, and Bexar counties in Texas (the “Hartman Portfolio Properties”). The Hartman Portfolio Loan was originated by an affiliate of J.P. Morgan Investment Management Inc. in September 2008 with an original principal balance of $67.6 million, and subsequently acquired by GACC in June 2011. The Hartman Portfolio Loan has a 10-year term and currently amortizes on a 30-year schedule, as the 24-month Interest Only period expired after the October 2010 payment. The Hartman Portfolio Loan accrues interest at a fixed rate equal to 6.5000% and has a cut-off date balance of approximately $56.7 million, along with a non-pooled junior trust component with a cut-off date balance of $[10.0] million. Loan proceeds were used to retire existing debt of approximately $52.8 million, giving the borrower a cash out of approximately $13.3 million. Based on the “As-is” appraised value of $90.2 million as of May 2011 through July 2011, the cut-off date LTV is 62.8% based on the pooled senior trust amount and the remaining implied equity is $22.6 million. Based on the “As Stabilized” appraised value of $96.54 million as of July 2012 to May 2014, the “As Stabilized” LTV is 58.7% based on the pooled senior trust amount and 69.8% based on the Total Debt amount. The most recent prior financing for the Hartman Portfolio Properties was not included in a securitization.
Sources and Uses | ||||||
Sources | Proceeds | % of Total | Uses | Proceeds | % of Total | |
Mortgage Loan | $57,600,000 | 85.2% | Loan Payoff | $52,841,825 | 78.2% | |
Non-Pooled Junior Trust Component | $10,000,000 | 14.8% | Closing Costs | 1,429,967 | 2.1% | |
Borrower Cash Out | 13,328,208 | 19.7% | ||||
Total Sources | $67,600,000 | 100.0% | Total Uses | $67,600,000 | 100.0% |
The Borrower / Sponsor. The borrower, Hartman Income REIT Property Holdings, LLC, is a single purpose Delaware limited liability company, with no independent directors in its organizational structure, but lender consent is required for material actions. The sponsor of the borrower and the nonrecourse carve-out guarantor is Allen R. Hartman and Hartman Income REIT, Inc.
Hartman Income REIT, Inc. is a Real Estate Investment Trust founded in 1983 by Allen R. Hartman. Hartman Income REIT, Inc. owns and/or manages 31 properties with 4.2 million square feet of office, industrial and retail space located in Houston, Dallas and San Antonio, Texas. As of Q1 2011, Hartman Income REIT, Inc. reported total assets of $115.2 million and total shareholders’ equity $31.8 million. Allen R. Hartman is the President, Chief Executive Officer and Chairman of the Board of Directors of Hartman Income REIT, Inc. Hartman, as well as his wholly owned affiliates, holds a 20.4% interest in the securities of Hartman Income REIT, Inc. and its subsidiaries.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-27
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
The Properties. The Hartman Portfolio Properties consist of 12 properties totaling 1,638,830 square feet, and located in Houston, Dallas, San Antonio, Katy and Richardson, Texas. The collateral consists of nine Class B office buildings that total 1,307,835 square feet (79.8% of Total Sq. Ft. and 85.0% of Annual U/W Base Rent), two retail properties that total 257,896 square feet (15.7% of Total Sq. Ft. and 12.8% of Annual U/W Base Rent) and one industrial property that totals 73,099 square feet (4.5% of Total Sq. Ft. and 2.2% of Annual U/W Base Rent). Overall, the Hartman Portfolio Properties are 70.5% leased to approximately 380 tenants as of November 14, 2011.
Westheimer Central Plaza (11.1% of Portfolio NRA, 14.8% of Annual U/W Base Rent) is a 182,506 square foot Class B office property located 12 miles west of the Houston CBD in the Westchase District. Westheimer Central was built in 1982 and is 71.2% leased to 38 tenants as of November 14, 2011. The top three tenants are F.E.S. Management, Lifestyles Unlimited, Inc. and Triple Point Technology, Inc., which make up 24.3% of the property NRA. The property was purchased in June 2003 for an undisclosed price.
The Preserve (13.3% of Portfolio NRA, 14.0% of Annual U/W Base Rent) is a 218,689 square foot Class B office property consisting of seven low-rise buildings located 10 miles west of the Houston CBD. The Preserve was built in 1970 and is 78.3% leased to 82 tenants as of November 14, 2011. The top three tenants are General Welding Works, Pacific Industrial Contractor Screening and The Reyna Group, which make up 10.5% of the property NRA. The property was purchased in September 2002 for an undisclosed price.
North Central Plaza (12.1% of Portfolio NRA, 15.2% of Annual U/W Base Rent) is a 198,374 square foot, 10-story Class B office building located approximately 10 miles north of the Dallas CBD. North Central Plaza was built in 1982, and is 75.7% leased to 40 tenants as of November 14, 2011. The top three tenants are Allied Interstate, Inc. d/b/a Iqor, Inc., Pyke & Pyke, P.C. and Prosperity Bank, which make up 17.9% of the property NRA. The property also includes a four-story parking garage. Its location along U.S. Highway 75 (North Central Expressway) and Interstate Highway 635 (LBJ Freeway) offer access to DFW International Airport, Love Field Airport, and the Dallas CBD. The property was purchased in September 2008 for an undisclosed price.
Walzem Plaza (11.1% of Portfolio NRA, 7.7% of Annual U/W Base Rent) is a 182,713 square foot community retail center located approximately 7 miles from the San Antonio CBD and approximately 4 miles from the San Antonio International Airport. Walzem Plaza was built in 1981, and is 79.9% leased to 29 tenants as of November 14, 2011. The top three tenants are Fallas Paredes / J & M Sales, Harbor Freight Tools and 99 Cent Only Store, which make up 33.4% of the property NRA. The immediate area surrounding Walzem Plaza consists mainly of retail and single-family residential properties. The property was purchased in August 2008 for an undisclosed price.
3100 Timmons Lane (6.8% of Portfolio NRA, 11.5% of Annual U/W Base Rent) is a 111,265 square foot, five-story Class B office building located approximately six miles west of the Houston CBD. 3100 Timmons was built in 1975, renovated in 2000 and is 94.6% leased to 33 tenants as of November 14, 2011. The top three tenants are The Methodist Hospital, Techcess Solutions, Inc. and RWS Architects, Inc., which make up 22.5% of the property NRA. There is a minimal amount of vacant land in the immediate neighborhood, which is considered to be approximately 95% built-out. The property was purchased in December 2004 for an undisclosed price.
One Mason Plaza (4.6% of Portfolio NRA, 5.1% of Annual U/W Base Rent) is a 75,183 square foot neighborhood retail center located in the city of Katy, approximately 25 miles southwest of the Houston CBD. One Mason Plaza Shopping Center was built in 1983 and is 82.1% leased to 23 tenants as of November 14, 2011. The top three tenants are El Mene, Inc. d/b/a Einstein's Pub, Katy Quilt N' Sew, Inc. and Alsafa Imports, Inc., which make up 24.6% of the property NRA. The immediate area surrounding the subject is an area of development, consisting primarily of residential uses with much of the development being built from 1999 to the present. The property was purchased in December 2001 for an undisclosed price.
Northbelt Atrium I (7.2% of Portfolio NRA, 5.9% of Annual U/W Base Rent) is a 118,461 square foot office building, built in 1980 and is 57.5% leased to 19 tenants as of November 14, 2011. The top three tenants are Harris County Sheriff's Department, Tradenet Enterprise, Inc. and Alhlers & Stoll P.C., which make up 30.4% of the property NRA. Northbelt Atrium II (6.5% of Portfolio NRA, 1.7% of Annual U/W Base Rent) is a 106,677 square foot Class B office building, built in 1983 and is 16.1% leased to four tenants as of November 14, 2011. The top three tenants are Leschaco Inc., USA-General Services Administration and Mothers Against Drunk Driving, which make up 13.7% of the property NRA. Both properties are located in the northern Houston MSA, across the street from each other. The properties are located in close proximity to the George Bush Intercontinental Airport, within an energy sector known as Greenspoint. The two properties had previously been largely occupied by Baker Hughes, the world’s third largest oil field services company. Baker Hughes had been a tenant at these properties since 1989 during which time they once occupied approximately 37% of the total square feet at Northbelt Atrium I and approximately 60% of the square feet at Northbelt Atrium II, a total of approximately 107,850 square feet at both properties. Baker Hughes undertook development of an office building in North Houston for the stated purpose of consolidating a number of Houston area office locations, and relocated various Houston area offices, including the offices at Northbelt Atrium I and II. The properties were purchased in December 2003 for an undisclosed price.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-28
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
Park Central (7.8% of Portfolio NRA, 10.0% of Annual U/W Base Rent) is a 127,913 square foot, eight-story Class B office building located in north Dallas County, approximately 10 miles north of the Dallas CBD, near the intersection of LBJ Freeway and North Central Expressway. Park Central was built in 1974 and is 85.4% leased as to 29 tenants of November 14, 2011. The top three tenants are Alon USA Energy, Inc., Always Home Health Services, Inc. and Saturn Learning Solutions, which make up 42.9% of the property NRA. Its location offers access to DFW International Airport, Love Field Airport, and the Dallas CBD. The property was purchased in September 2008 for an undisclosed price.
11811 North Freeway (9.5% of Portfolio NRA, 6.0% of Annual U/W Base Rent) is a 156,361 square foot, nine-story Class B office property located in the northern Houston MSA. 11811 North Freeway was built in 1982, renovated in 2000, and is 50.9% leased to 39 tenants as of November 14, 2011. The top three tenants are Meridian Business Centers SW Partners LP, Wisco Inc. and Naca Logistics, which make up 21.3% of the property NRA. The property is located in close proximity to the George Bush Intercontinental Airport, within an energy sector known as Greenspoint. FMA Alliance, a Houston based collection agency, occupied 41,264 square feet of office space (approximately 26.4% of property NRA) and moved out in October 2010 when their 5 year lease expired. The property was purchased in June 2003 for an undisclosed price.
Tower Pavilion (5.3% of Portfolio NRA, 5.9% of Annual U/W Base Rent) is a 87,589 square foot, six-story Class B office property located eight miles southwest of the Houston CBD. Tower Pavilion was built in 1981 and is 80.8% leased to 38 tenants as of November 14, 2011. The top three tenants are Hartman Management, Unity Church and Busby & Associates, which make up 26.1% of the property NRA. The property has a structured parking garage attached to the building and is located one block south of the Westheimer Central property. The property was purchased in August 2002 for an undisclosed price.
Central Park Business Center (4.5% of Portfolio NRA, 2.2% of Annual U/W Base Rent) is a 73,099 square foot industrial property located in the city of Richardson, approximately 15 miles north of the Dallas CBD. Central Park Business Center was built in 1984 and is 63.7% leased to 5 tenants as of November 14, 2011. The top three tenants are Sipera Systems, Inc., Adolfson & Peterson and USA Signal Technology, LLC, which make up 54.4% of the property NRA. The property was purchased in February 2008 for an undisclosed price.
Environmental Matters. The Phase I environmental reports dated June 29, 2011 recommended no further action at the Westheimer Central Plaza, North Central Plaza, One Mason Plaza, Northbelt Atrium II, Tower Pavilion and Central Park Business Center Properties. An Asbestos Operation and Maintenance Plan was recommended at The Preserve, 3100 Timmons, Northbelt Atrium I, and Park Central Properties, which is already in place. Routine maintenance was recommended at Walzem Plaza (replacing mold-impacted ceiling tiles) and 11811 North Freeway (installment of a secondary containment beam or similar structure around the on-site 130-gallon AST).
The Market. The Hartman Portfolio Properties are located throughout five cities in Texas. Seven properties (59.9% of Total Sq. Ft.) are located in Houston, two properties are located in Dallas (19.9% of Total Sq. Ft.) and the remaining three properties are located in San Antonio (11.1% of Total Sq. Ft.), Katy (4.6% of Total Sq. Ft.) and Richardson (4.5% of Total Sq. Ft.). A summary of submarket rental rates and occupancy information is presented in the following chart. Average market lease rates and occupancy percentages are presented in the chart below.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-29
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
Hartman Portfolio Market Comparison | ||||||||
CoStar Property Type(1) | Occupancy | Rental Rate PSF | ||||||
Property Name | City | CoStar Submaket(1) | Phys.(2) | U/W | Mkt.(1) | U/W | Mkt. (1) | |
Westheimer Central Plaza | Houston, TX | Class B Office | Westchase | 71.2% | 71.1% | 85.8% | $19.00 | $18.22 |
The Preserve | Houston, TX | Class B Office | North Loop West | 78.3% | 78.6% | 76.4% | $13.60 | $16.33 |
North Central Plaza | Dallas, TX | Class B Office | East LBJ Freeway | 75.7% | 76.7% | 75.9% | $16.80 | $16.03 |
Walzem Plaza | San Antonio, TX | Retail Shopping Center | Northeast | 79.9% | 80.4% | 88.9% | $8.80 | $11.29 |
3100 Timmons Lane | Houston, TX | Class B Office | Greenway Plaza | 94.6% | 94.8% | 91.6% | $18.12 | $22.38 |
One Mason Plaza | Katy, TX | Retail Shopping Center | Far Katy South Ret | 82.1% | 82.2% | 91.5% | $13.71 | $18.97 |
Northbelt Atrium I | Houston, TX | Class B Office | Greenspoint/IAH | 57.5% | 57.6% | 87.1% | $14.50 | $16.67 |
Park Central | Dallas, TX | Class B Office | East LBJ Freeway | 85.4% | 86.3% | 75.9% | $15.21 | $16.03 |
Northbelt Atrium II | Houston, TX | Class B Office | Greenspoint/IAH | 16.1% | 16.1% | 87.1% | $16.01 | $16.67 |
11811 North Freeway | Houston, TX | Class B Office | Greenspoint/N Belt West | 50.9% | 51.2% | 80.7% | $12.53 | $15.32 |
Tower Pavilion | Houston, TX | Class B Office | Richmond/Fountainview | 80.8% | 81.1% | 89.5% | $13.82 | $15.97 |
Central Park Business Center | Richardson, TX | Flex Industrial | Richardson Ind | 63.7% | 62.4% | 75.8% | $7.69 | $8.48 |
Total / Wtd. Avg. | 70.5% | 71.4% | 83.0% | $14.38 | $16.03 |
(1) | Market information is based on Q3 2011 CoStar Reports, and represents submarket Occupancy and Rent Rates PSF. |
(2) | Physical Occupancy based on the rent rolls dated November 14, 2011. |
Houston Market
Fueled by high energy prices, Houston’s economy has been steadily growing in 2011, with job growth more than doubling the national average. Total employment gained nearly 70,000 new jobs from November 2010 to November 2011, largely supported by the professional and business services. Houston is home to the headquarters of over 20 Fortune 500 companies, with the large majority being in the energy sector. According to CoStar Q3 2011, the Houston office market’s inventory totaled in excess of 265 million square feet within over 5,400 buildings. Its current inventory is represented by 107.1 million square feet of Class A space, 118.5 million square feet of Class B space and 40.0 million square feet of Class C space. Direct vacancy for the overall Houston office market was 13.3% with the average quoted rental rate at $22.77 PSF. Direct vacancy for Class B properties in the Houston office market was 14.0% with the average quoted rental rate at $19.22 PSF.
Houston’s retail inventory consists mainly of shopping centers (including neighborhood, community, and strip centers) and general retail. Malls (11%) and power centers (6%) make up a small portion of the retail stock in Houston. Shopping center vacancies peaked in Q4 2008 at 12.3% and have fallen by approximately 2.5% since then. According to CoStar Q3 2011, direct vacancy for the Houston retail market was 6.9%, and has ranged between 6.9% and 8.7% since 2007. The Q3 2011 average quoted rental rate for Houston retail was $14.48 PSF.
Dallas/Fort Worth Market
According to the U.S. Bureau of Labor Statistics, Dallas Fort Worth has added more than 80,000 jobs since November 2010, one of the largest nominal gains of any metro area in the U.S. The Dallas/Fort Worth metro is home to a number of corporate headquarters in a variety of industry sectors, as a result employment growth here is not solely reliant on any singular sector. The Dallas forecast is positive as a result of strengthening national demand and growth in the IT industry. According to CoStar Q3 2011, the Dallas/Fort Worth office market’s inventory totaled approximately 336.1 million square feet within over 9,800 buildings. Its current inventory is represented by 120.8 million square feet of Class A space, 164.9 million square feet of Class B space and 50.5 million square feet of Class C space. Direct vacancy for the overall Dallas/Fort Worth office market was 16.7%, with the average quoted rental rate at $19.22 PSF. Direct vacancy for Class B properties in the Dallas/Fort Worth office market was 17.4%, with the average quoted rental rate at $17.57 PSF.
Key market indicators in the 1st quarter of 2011 signify that recovery continues to move forward at a moderate pace in the Dallas/Fort Worth industrial market. After first experiencing a wave of recovery at the end of 2010 with marked improvements in absorption, vacancy rates and overall economic conditions, the market has shown no signs of slowing down. Considering the recent trends in absorption and the lack of new construction, the local market area is projected to maintain a stabilized occupancy position. According to CoStar Q3 2011, the Dallas/Fort Worth industrial market’s inventory totaled approximately 764.7 million square feet within
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-30
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
approximately 19,000 buildings. Its current inventory is represented by 140.3 square feet of Flex space and 624.4 million square feet of warehouse space. Direct vacancy for the Dallas/Fort Worth market was 10.5% with the average quoted rental rate at $4.32 PSF.
San Antonio Retail Market
PPR projects San Antonio to have some of the strongest employment growth in the nation exceeding 2.0% per year through 2015, and boding well for in-migration, population growth, and retail sales growth here. Strong retail demand drivers coupled with very limited supply should result in a decline in vacancies. San Antonio also maintains a burgeoning tourism industry, which will bolster above-average retail sales per capita. According to CoStar Q3 2011, the San Antonio retail market’s inventory totaled in excess of 123.4 million square feet within over 11,800 buildings. Its current inventory is represented by 59.5 million square feet of general retail space, 14.7 million square feet of mall space, 6.2 million square feet of power center space, and 43.1 million square feet of specialty and shopping center space. Direct vacancy for the San Antonio retail market was 6.5% with the average quoted rental rate at $14.25 PSF.
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | T-12 10/31/2011 | U/W | U/W PSF | |
Base Rent(1) | $19,355,695 | $18,916,707 | $16,418,858 | $16,915,297 | $10.32 |
Value of Vacant Space | 0 | 0 | 0 | 7,250,666 | 4.42 |
Gross Potential Rent | $19,355,695 | $18,916,707 | $16,418,858 | $24,165,962 | $14.75 |
Total Recoveries | 1,479,976 | 1,240,763 | 1,391,373 | 807,022 | 0.49 |
Total Other Income | 399,640 | 389,891 | 383,371 | 394,692 | 0.24 |
Credit Loss | (193,795) | (608,846) | 355,484 | 0 | 0.00 |
Less: Vacancy(2) | 0 | 0 | 0 | (7,250,666) | (4.42) |
Effective Gross Income | $21,041,517 | $19,938,515 | $18,549,086 | $18,117,011 | $11.05 |
Total Operating Expenses | 12,206,681 | 11,114,270 | 10,793,447 | 11,042,844 | 6.74 |
Net Operating Income | $8,834,836 | $8,824,245 | $7,755,639 | $7,074,166 | $4.32 |
TI/LC | 0 | 0 | 0 | 904,455 | 0.55 |
Capital Expenditures | 0 | 0 | 0 | 327,766 | 0.20 |
Net Cash Flow | $8,834,836 | $8,824,245 | $7,755,639 | $5,841,945 | $3.56 |
(1) | U/W Base Rent includes $295,890 in contractual step rent through December 2012. |
(2) | Underwritten vacancy of 28.6% of gross income, compared to Q3 2011 overall market vacancy of 17.0%. |
Property Management. The Hartman Portfolio Properties are managed by Hartman Income REIT Management, LLC, a borrower affiliate.
Lockbox / Cash Management. None.
Initial Reserves. None.
Ongoing Reserves. None.
Current Mezzanine or Subordinate Indebtedness. The Hartman Portfolio Loan will be divided into a “Pooled Senior Trust Component” having a cut-off date balance of $56,675,372 and a “Non-Pooled Junior Trust Component” having a cut-off date balance of $[10,000,000].
Future Mezzanine or Subordinate Indebtedness Permitted. None
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-31
Various, Texas | Collateral Asset Summary Hartman Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $56,675,372 62.8% 1.62x 12.5% |
Partial Release. At any time prior to two years before the Hartman Portfolio Loan maturity date, any one individual property may be released from the lien upon satisfaction of each of the following conditions, including but not limited to: (a) prior written notice specifying the release property and the date on which the partial prepayment of the Hartman Portfolio Loan is to be made; (b) payment to lender the release price, which is 115% of the allocated loan amount for each property; (c) payment of the partial payment make-whole amount if the release occurs at least 90 days before the stated maturity date; (d) payment of all lender’s costs and expenses incurred in connection with the release; (e) the debt service coverage ratio for the loan after the release is equal to or greater than 1.90x; and (f) receipt of evidence reasonably satisfactory to lender that borrower is solvent and will not be rendered insolvent by the release of the property.
Substitution of Properties. None permitted.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-32
180 Peachtree Street Northwest & 150 Carnegie Way Northwest Atlanta, GA 30303 | Collateral Asset Summary 180 Peachtree Street | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,888,798 57.8% 1.73x 12.4% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Acquisition |
Sponsor: | Carter/Validus Operating Partnership, LP |
Borrower: | DC-180 Peachtree, LLC |
Original Balance: | $55,000,000 |
Cut-off Date Balance: | $54,888,798 |
% by Initial UPB: | TBD |
Interest Rate: | 5.9300% |
Payment Date: | 6th of each month |
First Payment Date: | February 6, 2012 |
Maturity Date: | January 6, 2022 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(26), D(89), O(5) |
Lockbox / Cash Management: | Hard / In Place |
Reserves(1) | ||
Initial | Monthly | |
Taxes: | $233,781 | $51,234 |
Insurance: | $29,971 | $5,994 |
Replacement: | $0 | $10,763 |
TI/LC(2): | $313,289 | Springing |
Required Repairs: | $1,052,823 | NAP |
Ground Rent: | $0 | $4,792 |
Common Charges: | $0 | Springing |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $157 | |
Balloon Balance / Sq. Ft.: | $133 | |
Cut-off Date LTV: | 57.8% | |
Balloon LTV: | 49.0% | |
Underwritten NOI DSCR: | 1.73x | |
Underwritten NCF DSCR: | 1.62x | |
Underwritten NOI Debt Yield: | 12.4% | |
Underwritten NCF Debt Yield: | 11.6% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Office / Data Center |
Collateral: | Fee Simple / Leasehold |
Location: | Atlanta, GA |
Year Built / Renovated: | 1927 / 2000 |
Total Sq. Ft.(3): | 350,267 |
Property Management: | Carter Validus Real Estate Management Services, LLC |
Underwritten NOI: | $6,782,969 |
Underwritten NCF: | $6,352,551 |
Appraised Value: | $95,000,000 |
Appraisal Date: | November 18, 2011 |
Historical NOI | |
TTM NOI: | $7,364,036 (T-12 August 31, 2011) |
2010 NOI: | $7,102,209 (December 31, 2010) |
2009 NOI: | $5,638,145 (December 31, 2009) |
2008 NOI: | $4,742,280 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 100.0% (December 22, 2011) |
2010 Occupancy: | 99.2% (December 31, 2010) |
2009 Occupancy: | 99.2% (December 31, 2009) |
2008 Occupancy: | 77.0% (December 31, 2008) |
(1) | See “Initial Reserves” herein and “Ongoing Reserves” herein. |
(2) | Initial Reserve represents the City of Atlanta rental payments collected at closing for months February through June 2012. See “City of Atlanta Reserve” herein. |
(3) | Total Sq. Ft. represents the total square feet of the fee simple interest in the office and data center property located at 180 Peachtree Street Northwest. It excludes the 4-story garage adjacent to the 180 Peachtree Street Northwest building and the leasehold interest in the 9-story garage located at 150 Carnegie Way Northwest. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-35
180 Peachtree Street Northwest & 150 Carnegie Way Northwest Atlanta, GA 30303 | Collateral Asset Summary 180 Peachtree Street | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,888,798 57.8% 1.73x 12.4% |
Tenant Summary | |||||||
Tenant | Ratings (Fitch/Moody’s/S&P)(1) | Total Sq. Ft. | % of Total Sq. Ft. | U/W Base Rent PSF | % of Total U/W Base Rent | Lease Expiration | |
Level 3 Communications | B-/Caa2/B- | 158,073 | 45.1% | $24.46 | 57.5% | 5/31/2021 | |
Equinix | NR/Ba2/BB- | 83,473 | 23.8% | $12.39 | 15.4% | 11/30/2023 | |
City of Atlanta | NR/Aa2/A | 54,485 | 15.6% | $13.80 | 11.2% | 6/30/2037 | |
Stanley Beaman Sears | NR/NR/NR | 24,728 | 7.1% | $18.68 | 6.9% | 1/31/2016 | |
Time Warner Telecom | NR/B2/BB- | 17,704 | 5.1% | $26.82 | 7.1% | 6/30/2016 | |
Total Major Tenants | 338,463 | 96.6% | $19.47 | 98.1% | |||
Remaining Tenants | 11,804 | 3.4% | $11.04 | 1.9% | |||
Total Occupied Collateral | 350,267 | 100.0% | $19.18 | 100.0% | |||
Vacant | 0 | 0.0% | |||||
Total | 350,267 | 100.0% | |||||
(1) | Certain ratings are those of the parent company whether or not the parent company guarantees the lease |
Lease Rollover Schedule | ||||||||
Year | # of Leases Expiring | Total Expiring Sq. Ft. | % of Total Sq. Ft. Expiring | Cumulative Sq. Ft. Expiring | Cumulative % of Sq. Ft. Expiring | Annual U/W Base Rent Per Sq. Ft. | % U/W Base Rent Rolling | Cumulative % of U/W Base Rent |
MTM | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2012 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2013 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2014 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2015 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2016 | 3 | 54,236 | 15.5% | 54,236 | 15.5% | $19.67 | 15.9% | 15.9% |
2017 | 0 | 0 | 0.0% | 54,236 | 15.5% | $0.00 | 0.0% | 15.9% |
2018 | 0 | 0 | 0.0% | 54,236 | 15.5% | $0.00 | 0.0% | 15.9% |
2019 | 0 | 0 | 0.0% | 54,236 | 15.5% | $0.00 | 0.0% | 15.9% |
2020 | 0 | 0 | 0.0% | 54,236 | 15.5% | $0.00 | 0.0% | 15.9% |
2021 | 1 | 158,073 | 45.1% | 212,309 | 60.6% | $24.46 | 57.5% | 73.4% |
2022 | 0 | 0 | 0.0% | 212,309 | 60.6% | $0.00 | 0.0% | 73.4% |
Thereafter | 2 | 137,958 | 39.4% | 350,267 | 100.0% | $12.95 | 26.6% | 100.0% |
Vacant | NAP | 0 | 0.0% | 350,267 | 100.0% | NAP | NAP | |
Total / Wtd. Avg. | 6 | 350,267 | 100.0% | $19.18 | 100.0% |
The Loan. The 180 Peachtree Street loan (the “180 Peachtree Street Loan”) is a fixed rate loan secured by the borrower’s fee simple interest in the 350,267 square foot office and data center building located at 180 Peachtree Street Northwest, the adjacent parking lot located at 171 Carnegie Way Northwest and leasehold interest in the parking structure located at 150 Carnegie Way Northwest in Atlanta, Georgia (collectively, the “180 Peachtree Street Property”) with an original principal balance of $55.0 million. The 180 Peachtree Street Loan has a 10-year term and amortizes on a 30-year schedule. The 180 Peachtree Street Loan accrues interest at a fixed rate equal to 5.930% and has a cut-off date balance of approximately $54.9 million. Loan proceeds along with approximately $43.3 million from the borrower were used to acquire the property for approximately $94.8 million. Based on the appraised value of $95.0 million as of November 18, 2011, the cut-off date LTV is 57.8%. The most recent prior financing of the 180 Peachtree Street Property was not included in a securitization.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-36
180 Peachtree Street Northwest & 150 Carnegie Way Northwest Atlanta, GA 30303 | Collateral Asset Summary 180 Peachtree Street | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,888,798 57.8% 1.73x 12.4% |
Sources and Uses | ||||||
Sources | Proceeds | % of Total | Uses | Proceeds | % of Total | |
Loan Amount | $55,000,000 | 55.9% | Acquisition of Property | $94,750,000 | 96.4% | |
Sponsor Equity | 43,337,272 | 44.1% | Closing Costs | 1,957,409 | 2.0% | |
Reserves | 1,629,863 | 1.6% | ||||
Total Sources | $98,337,272 | 100.0% | Total Uses | $98,337,272 | 100.0% |
The Borrower / Sponsor. The borrower, DC-180 Peachtree, LLC is a single purpose Delaware limited liability company structured to be bankruptcy-remote, with at least two independent directors in its organizational structure. The sponsor of the borrower and the nonrecourse carve-out guarantor is Carter/Validus Operating Partnership, LP, whose sole general partner is Carter Validus Mission Critical REIT, Inc.
Carter Validus Mission Critical REIT, Inc. (the “REIT”) is a Maryland corporation that intends to invest primarily in quality income-producing commercial real estate with a focus on the data center and medical sectors, net leased to investment grade and other creditworthy tenants. The REIT is a subsidiary of Carter & Associates (“Carter”), which is a full service real estate firm with over 50 years of experience in development, acquisition, asset management and reposition. Carter provides specialized site selection, brokerage services and project management for large corporations, including AT&T, Atmos Energy and Global Payments. As of December 2010, Carter has been involved in over 13.8 million square feet of data center space in 120 projects with over $590.0 million in projects under construction. Carter currently owns, manages or leases 25 million square feet of space in 15 states.
The Property. The collateral consists of a 350,267 square foot office and data center building with a parking garage located at 180 Peachtree Street Northwest and an additional parking structure located at 150 Carnegie Way Northwest in Atlanta, Georgia. The 180 Peachtree Street Property is a 6-story building located at the corner of Peachtree and Ellis Streets in the downtown Atlanta submarket. The building consists of approximately 233,261 square feet leased to data center tenants, 25,602 square feet of leased rooftop space, 79,213 square feet leased to office tenants and a 12,191 square foot fuel farm. The adjacent parking structure at 150 Carnegie Way Northwest is partially subject to a ground lease that expires in 2055 with one 40-year extension option.
The 180 Peachtree Street Property was built in 1927 by R.H. Macy to house Davidson’s Department Store. It operated as Davidson’s for nearly 60 years until Federated Department Stores (“Federated”) changed the name to Macy’s in 1985. In 2000, Federated sold the 180 Peachtree Street Property to Taconic Investment Partners (“Taconic”). Taconic invested over $24.0 million in capital improvements into the building, which included converting the upper floors for telecom and data use. Taconic sold the building to Peachtree Carnegie LLC in 2007 and in December 2011, Carter/Validus Operating Partnership, LP acquired the 180 Peachtree Street Property.
The 180 Peachtree Street Property currently operates under a condominium structure, whereby the owners of the mortgaged 180 Peachtree Street Property control 65.5% of the votes with the remaining 34.5% controlled by the owners of the retail center and conference hall. In addition, the 180 Peachtree Street Property is served by two parking structures which are also part of the collateral. The 5-story annex garage has 153 spaces and is leased to Central Parking on a 10-year lease expiring in 2015. The main user for this garage is the Westin Hotel adjacent to the 180 Peachtree Street Property. The 9-story parking garage at 150 Carnegie Way Northwest, which is connected to the office and data center building by a pedestrian sky bridge, consists of 1,296 parking spaces, with 475 of these spaces leased to the retail center. The remaining spaces are under a management agreement with Midtown Lanier Parking, Inc. There are spaces allocated to data center tenants per lease with the balance of these spaces leased to contract users and public parking.
Environmental Matters. The Phase I environmental report dated November 1, 2011 recommended the development and implementation of an Asbestos Operation and Maintenance Plan at the 180 Peachtree Street Property, which is already in place.
Major Tenants.
Level 3 Communications (158,073 sq. ft., 45.1% of NRA, 57.5% of GPR)
Level 3 Communications (“Level 3”) initially took space at the 180 Peachtree Property in 2000 and has invested approximately $55 million ($348 PSF) in equipment and improvements to its space. The tenant uses this space for colocation, fiber traffic and its own network. As the backup location for Level 3’s main office in Colorado, the 180 Peachtree Street Property is a critical facility for Level 3. The tenant has two 10-year options to extend its current lease.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-37
180 Peachtree Street Northwest & 150 Carnegie Way Northwest Atlanta, GA 30303 | Collateral Asset Summary 180 Peachtree Street | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,888,798 57.8% 1.73x 12.4% |
Equinix (83,473 sq. ft., 23.8% of NRA, 15.4% of GPR)
Equinix has been in occupancy in the 180 Peachtree Street Property since 2008 and has invested $65 million ($779 PSF) into its space and will have a total of $100 million ($1,198 PSF) invested once the space is fully built out. Equinix operates in North America, South America, Europe and Asia and facilitates interconnection and peering to enable companies to quickly and efficiently reach traffic sources and end-users, improving performance of online applications and content. The tenant uses the 180 Peachtree Street Property for colocation. Equinix has two data centers in the Atlanta area and 98 worldwide, with the 180 Peachtree Street Property representing the tenant’s main presence in Atlanta. Equinix has one 10-year or one 15-year option to extend its current lease.
City of Atlanta (54,485 sq. ft., 15.6% of NRA, 11.2% of GPR)
The City of Atlanta began its occupancy at the 180 Peachtree Street Property in 2007 with a 30-year lease. The City of Atlanta space is mission-critical for the city’s operations and houses the Atlanta 911 call center facility. This location is the only one of such use for the City of Atlanta. In the event of a disaster, this location can also serve as mission control for emergency response units.
The Market. The 180 Peachtree Street Property is located within the downtown Atlanta submarket, with easy access to Interstate 75/85 and Interstate 20. Downtown Atlanta is home to an extensive mixture of hotels, entertainment and convention facilities including the Georgia Dome, World Congress Center, Phillips Arena and Fox Theater. The downtown area is also home to the Georgia Institute of Technology and Georgia State University. The greater Atlanta area tied for fourth with Minneapolis in the number of Fortune 500 & Fortune 1000 companies headquartered within city boundaries, behind New York City, Houston and Dallas. Several major national and international companies are headquartered in Atlanta or its suburbs, including 12 Fortune 500 companies. According to a 2009 Milken Institute report, the Atlanta-Sandy Springs-Marietta metropolitan statistical area is the nation’s 12th largest high-tech employment center, with an estimated 164,126 high-tech jobs. The same report ranked Atlanta first nationally in telecommunication employment.
Per the appraisal, the turbulence in the capital markets between 2008 and 2010 severely impacted data center construction and expansions and will constrain supply. According to a 2011 Tier1 Research report, the change in demand for multi-tenant data center space in Atlanta outpaced the change in supply by 2.0% in 2010 and 5.0% in 2011, and is projected to outpace supply by 7.0% in 2012 and 4.5% in 2013. Tier1 Research also estimates that multi-tenant data center utilization in Atlanta will increase from 82% in 2011 to 87% in 2012 and 91% in 2013. According to the appraisal, many enterprise and Fortune 100 companies who originally planned to build data centers are now seeking to lease turn-key data center space with smaller footprints. The appraiser states the “outsource model” will continue to be favorable in the coming years due to the high costs of construction associated with a data center, and predicts supply of data center space will continue to be constrained.
The appraisal categorizes the data center space at the 180 Peachtree Street Property as cold-shell space, warm-shell space and Legacy or 2nd generation space. Cold-shell space is considered to be shell space with no in-place connectivity. Warm-shell space is considered underdeveloped space with in-place power and connectivity. The space leased by the City of Atlanta and Equinix (collectively, 39.4% of NRA), which permits tenants to remove equipment from the premises at the end of their lease terms, is considered to be warm-shell data center space. The space occupied by Verizon and Level 3 (collectively, 48.5% of NRA) is considered 2nd generation space where the equipment reverts back to the landlord at the end of their leases. A summary of weighted average terms for comparable recent leases is presented below:
Data Center Market Rents(1) | |||
Category | Lease Term | Annual Initial Rent PSF | Rent Abatement |
Cold-Shell Data Center Space | 15 years | $12.50 | 6 months |
Warm-Shell Data Center Space | 15 years | $20.00 | 6 months |
2nd Generation Data Center Space | 15 years | $33.48 | 6 months |
(1) | Source: Appraisal |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-38
180 Peachtree Street Northwest & 150 Carnegie Way Northwest Atlanta, GA 30303 | Collateral Asset Summary 180 Peachtree Street | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,888,798 57.8% 1.73x 12.4% |
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | T-12 8/31/2011 | U/W | U/W PSF | |
Base Rent(1) | $5,391,195 | $6,372,046 | $6,483,934 | $6,932,543 | $19.79 |
Value of Vacant Space | 0 | 0 | 0 | 0 | 0.00 |
Gross Potential Rent | $5,391,195 | $6,372,046 | $6,483,934 | $6,932,543 | $19.79 |
Total Recoveries | 2,973,705 | 3,536,660 | 4,123,522 | 4,554,238 | 13.00 |
Total Other Income | 789,638 | 1,323,589 | 1,366,358 | 1,514,198 | 4.32 |
Less: Vacancy(2) | 0 | 0 | 0 | (1,118,084) | (3.19) |
Effective Gross Income | $9,154,538 | $11,232,296 | $11,973,814 | $11,882,895 | $33.93 |
Total Operating Expenses | 3,516,392 | 4,130,087 | 4,609,778 | 5,099,926 | 14.56 |
Net Operating Income | $5,638,145 | $7,102,209 | $7,364,036 | $6,782,969 | $19.37 |
TI/LC | 0 | 0 | 0 | 301,256 | 0.86 |
Capital Expenditures | 23,750 | 73,344 | 0 | 129,162 | 0.37 |
Net Cash Flow | $5,614,396 | $7,028,865 | $7,364,036 | $6,352,551 | $18.14 |
(1) | U/W Base Rent includes $147,912 in contractual step rent through October 2012. |
(2) | Underwritten vacancy of 8.6% of gross income. |
Property Management. The 180 Peachtree Street Property is managed by Carter Validus Real Estate Management Services, LLC, a borrower affiliate.
Lockbox / Cash Management. The 180 Peachtree Street Loan is structured with a hard lockbox and in place cash management. Additionally, all excess cash will be swept into a lender-controlled account upon an event of default, if the debt service coverage ratio is less than 1.25x on the last day of the calendar quarter, or if the 2016 Cash Sweep or Level 3 Cash Sweep is occurring.
2016 Cash Sweep. A cash sweep will begin 12 months prior to the expiration of the earliest to expire of the Stanley Beaman Sears, Verizon and Time Warner leases in 2016. All excess cash flow will be swept to a 2016 rollover reserve to be used to fund qualified tenant improvement costs related to the roll of such 2016 rolling leases. The sweep will continue until $30 PSF for each of the 2016 roll leases has been deposited into the 2016 rollover reserve. In the event Stanley Beaman Sears, Verizon or Time Warner renew, the cash flow sweep will cease for the corresponding portion of the rolling NRA.
Level 3 Cash Sweep. A cash sweep will begin 18 months prior to the expiration of the Level 3 lease in 2021. All excess cash flow will be swept to a Level 3 rollover reserve to be used to fund qualified tenant improvement costs related to the roll of the Level 3 lease. The reserve is subject to a cap of $4,742,190 when combining (i) the TI/LC reserve and (ii) the Level 3 reserve. This sweep is waived if at least 30 days prior to commencement of the sweep, the borrower delivers a letter of credit that is satisfactory to lender. In the event that Level 3 renews its lease, the cash flow sweep will cease.
Initial Reserves. At closing, the borrower deposited (i) $233,781 into a tax reserve account, (ii) $29,971 into an insurance reserve account, (iii) $313,289 into the TI/LC reserve account (which represents rents due under the City of Atlanta lease) and (iv) $1,052,823 into the required repairs reserve account.
Ongoing Reserves. On a monthly basis, the borrower is required to deposit reserves of (i) $51,234 into a monthly tax reserve account, (ii) $5,994 into a monthly insurance reserve account, (iii) $10,763 into a capital expenditure account and (iv) $4,792 into a ground rent reserve account. The TI/LC reserve is waived for the first 12 months of the loan term with monthly payments of $8,333 commencing thereafter, subject to a cap of $500,000. In addition, the City of Atlanta currently pays its full annual rent in July of each year. The total annual rent will be deposited into the City of Atlanta reserve each July and will be added to the rents disbursed on such monthly payment date in an amount equal to 1/12 of the annual payment. During a trigger period not initiated from a cash sweep period, the borrower is required to deposit into the common charges reserve account an amount equal to the monthly amount set forth in the approved annual budget for common charges.
Current Mezzanine or Subordinate Indebtedness. None.
Future Mezzanine or Subordinate Indebtedness Permitted. None.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-39
180 Peachtree Street Northwest & 150 Carnegie Way Northwest Atlanta, GA 30303 | Collateral Asset Summary 180 Peachtree Street | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,888,798 57.8% 1.73x 12.4% |
Ground Lease. The 180 Peachtree Street Property is subject to a long term ground lease on a portion of the adjacent parking garage at 150 Carnegie Way Northwest. The lessors on the ground lease are Dennie R. Peteet, Jr. and Dorothy Peteet Mitchell. The lease commenced in December 1960 and expires in December 31, 2055 with one renewal option for 40 years, extending the ground lease to December 31, 2095. The ground rent is currently $57,500 per year and increases $7,500 every ten years beginning in January 2021.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-40
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Tomas Rosenthal; Henri Schmidt; The JR Family Credit Shelter Trust, U/T/A Dated January 3, 1996; The TR Family Trust, U/T/A Dated December 26, 1995 |
Borrower: | Riverwood Holdings LLC; Spyglass Holdings LLC; Villa Nova Holdings LLC; Westlake Properties LLC; Wind Drift Holdings LLC; Woods Edge Holdings LLC |
Original Balance: | $55,000,000 |
Cut-off Date Balance: | $54,793,389 |
% by Initial UPB: | 5.5% |
Interest Rate: | 6.1100% |
Payment Date: | 6th of each month |
First Payment Date: | December 6, 2011 |
Maturity Date: | November 6, 2021 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(28), D(88), O(4) |
Lockbox / Cash Management: | Springing Soft / Springing |
Reserves(1) | ||
Initial | Monthly | |
Taxes: | $92,291 | $92,291 |
Insurance: | $160,976 | $26,829 |
Replacement: | $0 | $59,312 |
Required Repairs: | $735,260 | NAP |
Financial Information | ||
Cut-off Date Balance / Unit: | $26,055 | |
Balloon Balance / Unit: | $22,253 | |
Cut-off Date LTV: | 65.9% | |
Balloon LTV: | 56.3% | |
Underwritten NOI DSCR: | 1.50x | |
Underwritten NCF DSCR: | 1.32x | |
Underwritten NOI Debt Yield: | 10.9% | |
Underwritten NCF Debt Yield: | 9.6% | |
Property Information | |
Single Asset / Portfolio: | Portfolio |
Property Type: | Conventional Multifamily |
Collateral: | Fee Simple |
Location: | Indianapolis, IN |
Year Built / Renovated: | 1967-1981 / Various |
Total Units: | 2,103 |
Property Management(2): | Flaherty & Collins, Inc.; Buckingham Management, LLC |
Underwritten NOI: | $5,997,401 |
Underwritten NCF: | $5,286,411 |
Appraised Value: | $83,090,000 |
Appraisal Date: | October 2011 |
Historical NOI | |
TTM NOI: | $6,379,655 (T-12 September 30, 2011) |
2010 NOI: | $6,125,553 (December 31, 2010) |
2009 NOI: | $5,963,154 (December 31, 2009) |
2008 NOI: | NAV |
Historical Occupancy | |
Current Occupancy: | 93.8% (September – October 2011) |
2010 Occupancy: | 88.3% (December 31, 2010) |
2009 Occupancy: | 89.0% (December 31, 2009) |
2008 Occupancy: | NAV |
(1) | See “Initial Reserves” herein and “Ongoing Reserves” herein. |
(2) | Flaherty & Collins, Inc. manages Westlake Apartments and Wind Drift Apartments, and Buckingham Management, LLC manages Woods Edge Apartments, Riverwood Apartments, Spyglass Apartments and Villa Nova Apartments. |
Property Name | Location | Units | Year Built / Renovated | Allocated Loan Amount | Appraised Value | Occupancy(1) |
Westlake Apartments | Indianapolis, IN | 1,381 | 1967-1976 / 2009-2011 | $32,025,774 | $45,100,000 | 93.6% |
Woods Edge Apartments | Indianapolis, IN | 190 | 1981 / NAP | 7,360,361 | 10,490,000 | 98.9% |
Wind Drift Apartments | Indianapolis, IN | 166 | 1979 / NAP | 5,511,655 | 7,870,000 | 92.8% |
Riverwood Apartments | Indianapolis, IN | 120 | 1977 / NAP | 4,111,166 | 8,030,000 | 90.8% |
Spyglass Apartments | Indianapolis, IN | 120 | 1979 / 2009-2010 | 3,810,391 | 6,800,000 | 95.0% |
Villa Nova Apartments | Indianapolis, IN | 126 | 1972 / NAP | 2,180,651 | 4,800,000 | 91.3% |
Total / Wtd. Avg | 2,103 | $55,000,000 | $83,090,000 | 93.8% |
(1) | Based on borrower rent rolls dated September – October 2011. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates.�� Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-43
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
Unit Mix(1) | ||||||
Unit Type | # of Units | % of Total | Occupied Units | Occupancy | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate(2) |
Studio | 232 | 11.0% | 217 | 93.5% | 454 | $377 |
1 Bedroom | 741 | 35.2% | 698 | 94.2% | 625 | $476 |
2 Bedroom | 1,012 | 48.1% | 948 | 93.7% | 946 | $608 |
3 Bedroom | 118 | 5.6% | 109 | 92.4% | 1,300 | $897 |
Total / Wtd. Avg. | 2,103 | 100.0% | 1,972 | 93.8% | 799 | $539 |
(1) | Based on borrower rent rolls dated September – October 2011. |
(2) | Average Monthly Rental Rate does not include Section 8 units and is based off occupied units only. |
The Loan. The Hampshire Multifamily Portfolio loan (the “Hampshire Multifamily Portfolio Loan”) is a fixed rate loan secured by the borrower’s fee simple interest in six multifamily apartment properties containing 2,103 units located in Indianapolis, Indiana (the “Hampshire Multifamily Portfolio Properties”) with an original principal balance of $55.0 million. The Hampshire Multifamily Portfolio Loan has a 10-year term and amortizes on a 30-year schedule. The Hampshire Multifamily Portfolio Loan accrues interest at a fixed rate equal to 6.110% and has a cut-off date balance of approximately $54.8 million. Loan proceeds were used to retire existing debt of approximately $44.3 million, giving the borrower a cash-out of approximately $9.4 million. Based on the appraised value of approximately $83.1 million as of October 2011, the cut-off date LTV is 65.9% and the remaining implied equity is approximately $28.3 million. The most recent prior financing of the Hampshire Multifamily Portfolio Properties was not included in a securitization.
Sources and Uses(1) | ||||||
Sources | Proceeds | % of Total | Uses | Proceeds | % of Total | |
First Mortgage | $55,000,000 | 100.0% | Loan Payoff | $44,321,844 | 80.6% | |
Reserves | 988,527 | 1.8% | ||||
Closing Costs | 275,601 | 0.5% | ||||
Borrower Cash Out | 9,414,028 | 17.1% | ||||
Total Sources | $55,000,000 | 100.0% | Total Uses | $55,000,000 | 100.0% |
(1) | The sponsors initially acquired the Hampshire Multifamily Portfolio Properties in 2008 for a total of $44.5 million. Approximately $3.5 million ($1,662/Unit) of capital expenditures have been invested into the properties since acquisition. |
The Borrower / Sponsor. The borrowers, Riverwood Holdings LLC, Spyglass Holdings LLC, Villa Nova Holdings LLC, Westlake Properties LLC, Wind Drift Holdings LLC and Woods Edge Holdings LLC, are single purpose Delaware limited liability companies structured to be bankruptcy-remote, with at least two independent directors in their respective organizational structures. The sponsors of the borrowers and the nonrecourse carve-out guarantors are Tomas Rosenthal, Henri Schmidt, The TR Family Trust, U/T/A Dated December 26, 1995 and The JR Family Credit Shelter Trust, U/T/A Dated January 3, 1996.
In 1988, Henri Schmidt co-founded Hampshire Properties with partner Tomas Rosenthal. For eleven years prior to co-founding Hampshire Properties, Tomas Rosenthal developed his real estate career at K&J Management in Brooklyn, New York, with positions involving lease negotiations, rehab and maintenance supervision and real estate project purchasing for the company. Since its inception, Hampshire Properties has been actively involved in the acquisition and management of multifamily and commercial projects across the United States and Canada. According to its website, Hampshire Properties’ current holdings are valued in excess of $500 million.
The Properties. The Hampshire Multifamily Portfolio Properties consist of six Class B and C multifamily properties located throughout the Indianapolis metropolitan statistical area, containing 2,103 units within 170 two- and three-story buildings. The Hampshire Multifamily Portfolio Properties were built between 1967 and 1981 with renovations and upgrades occurring at Westlake Apartments between 2009 and 2011 and Spyglass Apartments between 2009 and 2010. Overall, as of September-October 2011, the Hampshire Multifamily Portfolio Properties are 93.8% occupied. Spyglass Apartments has 25 Section 8 units (20.8% of total units), Woods Edge Apartments has one Section 8 unit (0.5% of total units), and Villa Nova Apartments has four Section 8 units (3.2% of total units).
Westlake Apartments (1,381 units, 65.7% of total portfolio units) The Westlake Apartments property consists of 101 two-story buildings located approximately five miles west of the Indianapolis central business district. The Westlake Apartments property was developed in three phases in 1967, 1974 and 1976 and as of October 17, 2011 was 93.6% occupied. Since 2009, the Westlake Apartments property has undergone approximately $1.8 million in renovations ($1,303/Unit), which included exterior, floor, appliance and common area replacements and upgrades. The Westlake Apartments property benefits from access to the I-465 Beltway (less than 1 mile) which connects to two cross-country interstates, I-70 and I-74. Amenities at Westlake Apartments include a fitness center,
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-44
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
laundry rooms, tennis and volleyball courts, a pool, a tanning salon, a business center and a daycare facility, among others. The daycare facility, Open Door School of Learning, is leased to a third party operator for $1,250 per month through July 2013. There are no subsidized housing units at the property.
Westlake Apartments Unit Mix(1) | ||||||
Unit Type | # of Units | % of Total | Occupied Units | Occupancy | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate(2) |
Studio | 232 | 16.8% | 217 | 93.5% | 454 | $377 |
1 BR – 1 BA(3) | 493 | 35.7% | 457 | 92.7% | 591 | $451 |
2 BR – 1 BA | 472 | 34.2% | 444 | 94.1% | 825 | $536 |
2 BR – 1.5 BA | 72 | 5.2% | 68 | 94.4% | 1,066 | $656 |
2 BR – 2 BA | 72 | 5.2% | 70 | 97.2% | 1,134 | $653 |
2 BR – 2.5 BA | 24 | 1.7% | 21 | 87.5% | 1,276 | $699 |
3 BR – 1.5 BA | 16 | 1.2% | 15 | 93.8% | 1,200 | $786 |
Total / Wtd. Avg. | 1,381 | 100.0% | 1,292 | 93.6% | 720 | $497 |
(1) | Based on the October 17, 2011 rent roll. |
(2) | Average Monthly Rental Rate is based on occupied units only. |
(3) | The 1 BR – 1 BA unit type includes the Open Door School of Learning space which pays $1,250 per month. |
Woods Edge Apartments (190 units, 9.0% of total portfolio units) The Woods Edge Apartments property consists of 16 two- and three-story buildings built in 1981 and was 98.9% occupied as of October 6, 2011. The Woods Edge Apartments property is located in the Castleton submarket, is proximate to multiple retail centers and the nearby Community Hospital North and benefits from access to the I-465 Beltway (less than 1.5 miles). Woods Edge Apartments has undergone $496,805 ($2,615 per unit) in capital expenditures since acquisition, with the majority invested in property improvements and unit upgrades. Amenities at Woods Edge Apartments include a fitness center, laundry room, pool, tennis and volleyball courts and a playground, among others. Unit amenities include standard appliances, balconies and fireplaces in select units. The Woods Edge Apartment property has one Section 8 tenant.
Woods Edge Apartments Unit Mix(1) | ||||||
Unit Type | # of Units | % of Total | Occupied Units | Occupancy | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate(2) |
1 BR – 1 BA | 96 | 50.5% | 96 | 100.0% | 671 | $549 |
2 BR – 1.5 BA | 22 | 11.6% | 21 | 95.5% | 1,170 | $770 |
2 BR – 2 BA | 56 | 29.5% | 55 | 98.2% | 974 | $691 |
3 BR – 2.5 BA | 16 | 8.4% | 16 | 100.0% | 1,345 | $972 |
Total / Wtd. Avg. | 190 | 100.0% | 188 | 98.9% | 875 | $650 |
(1) | Based on the October 6, 2011 rent roll. |
(2) | Average Monthly Rental Rate does not include Section 8 unit (1 unit is 3BR – 2.5 BA) and is based off occupied units only. |
Wind Drift Apartments (166 units, 7.9% of total portfolio units) The Wind Drift Apartments property consists of 12 two- and three-story buildings built in 1979 and was 92.8% occupied as of October 17, 2011. The Wind Drift Apartments property is located approximately seven miles northwest of the Indianapolis central business district and provides access to the I-465 Beltway, which is less than one mile away from the Wind Drift Apartments property. The Wind Drift Apartments property is convenient to retail development, employment centers and commercial support services, with a Target, Marsh Supermarket, Starbucks and other restaurants located in a shopping development approximately half a mile east of the property. Since acquisition, the sponsor has invested $351,320 ($2,116 per unit) in the property. Renovations included clubhouse improvements, such as the installation of tanning beds, a business center and improvements to a party room. Other amenities at the Wind Drift Apartments property include a fitness center, laundry rooms, a pool and a playground. Unit amenities include standard appliances, balconies and fireplaces. There are no subsidized housing units at the property.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-45
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
Wind Drift Apartments Unit Mix(1) | ||||||
Unit Type | # of Units | % of Total | Occupied Units | Occupancy | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate(2) |
1 BR – 1 BA | 72 | 43.4% | 69 | 95.8% | 671 | $513 |
2 BR – 1 BA | 48 | 28.9% | 44 | 91.7% | 956 | $650 |
2 BR – 1.5 BA | 24 | 14.5% | 22 | 91.7% | 1,170 | $754 |
3 BR – 2.5 BA | 22 | 13.3% | 19 | 86.4% | 1,345 | $891 |
Total / Wtd. Avg. | 166 | 100.0% | 154 | 92.8% | 915 | $633 |
(1) | Based on the October 17, 2011 rent roll. |
(2) | Average Monthly Rental Rate is based off occupied units only. |
Riverwood Apartments (120 units, 5.7% of total portfolio units) The Riverwood Apartments property consists of 18 two- and three-story buildings built in 1977, with occupancy of 90.8% as of September 26, 2011. The Riverwood Apartments property is located in the Castleton submarket, approximately 11 northeast from downtown Indianapolis and provides access to the I-465 Beltway, which is less than 1.5 miles from the Riverwood Apartments property. The submarket is home to the largest mall in the state of Indiana, the Castleton Square Mall, as well as the nearby Community Hospital North. Since acquisition, the sponsor has invested $218,525 ($1,821 per unit) in improvements to the Riverwood Apartments property, including exterior and recreational amenity improvements. Amenities at the Riverwood Apartments property include a club house, laundry room, pool, tennis and basketball courts and a playground. Unit amenities include standard appliances, balconies, and fireplaces in select units. There are no subsidized housing units at the property.
Riverwood Apartments Unit Mix(1) | ||||||
Unit Type | # of Units | % of Total | Occupied Units | Occupancy | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate(2) |
2 BR – 1.5 BA | 80 | 66.7% | 73 | 91.3% | 1,024 | $733 |
3 BR – 2.5 BA | 40 | 33.3% | 36 | 90.0% | 1,271 | $890 |
Total / Wtd. Avg. | 120 | 100.0% | 109 | 90.8% | 1,106 | $784 |
(1) | Based on the September 26, 2011 rent roll. |
(2) | Average Monthly Rental Rate is based off occupied units only. |
Spyglass Apartments (120 units, 5.7% of total portfolio units) The Spyglass Apartments property consists of 13 two- and three-story buildings built in 1979 and renovated in 2009-2010, with occupancy of 95.0% as of October 6, 2011. The Spyglass Apartments property is located in the Far Northwest submarket, approximately 9 miles north of the Indianapolis central business district in an accessible and highly-trafficked area of Indianapolis with extensive retail facilities in the immediate vicinity, as well as the St. Vincent Indianapolis Hospital. Since acquisition, the sponsor has invested $197,428 ($1,645 per unit) in capital expenditures at the Spyglass Apartments property, primarily for land and common area improvements. Amenities at the Spyglass Apartments property include a club house, laundry room, pool, basketball, volleyball and tennis courts and a playground. Unit amenities include standard appliances, balconies, ceiling fans and fireplaces in select units. The Spyglass Apartments property currently has 25 Section 8 units.
Spyglass Apartments Unit Mix(1) | ||||||
Unit Type | # of Units | % of Total | Occupied Units | Occupancy | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate(2) |
1 BR – 1 BA | 36 | 30.0% | 34 | 94.4% | 671 | $484 |
2 BR – 1.5 BA | 28 | 23.3% | 27 | 96.4% | 1,170 | $679 |
2 BR – 2 BA | 32 | 26.7% | 30 | 93.8% | 974 | $658 |
3 BR – 2.5 BA | 24 | 20.0% | 23 | 95.8% | 1,345 | NAP |
Total / Wtd. Avg. | 120 | 100.0% | 114 | 95.0% | 1,003 | $598 |
(1) | Based on the October 6, 2011 rent roll. |
(2) | Average Monthly Rental Rate does not include Section 8 units (1 unit is 2 BR – 1.5 BA and 24 units are 3 BR – 2.5 BA) and is based off occupied units only. |
Villa Nova Apartments (126 units, 6.0% of total portfolio units) The Villa Nova Apartments property consists of 10 two-story buildings built in 1972 and as of October 6, 2011 was 91.3% occupied. The Villa Nova Apartments property is located in the Far Northwest submarket, approximately 12 miles from the Indianapolis central business district in an accessible and highly-trafficked area of Indianapolis with extensive retail facilities in the immediate vicinity, as well as the St. Vincent Indianapolis Hospital. Since acquisition, $390,785 ($3,101 per unit) in capital expenditures has been invested into the Villa Nova Apartments property, including both exterior and land improvements and appliance upgrades. Other amenities at the Villa Nova Apartments property include a club house, laundry room, pool, tennis courts and outdoor grills. Unit amenities include standard appliances, balconies and ceiling fans. The Villa Nova Apartments property currently has four Section 8 units.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-46
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
Villa Nova Apartments Unit Mix(1) | ||||||
Unit Type | # of Units | % of Total | Occupied Units | Occupancy | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate(2) |
1 BR – 1 BA | 44 | 34.9% | 42 | 95.5% | 792 | $521 |
2 BR – 1.5 BA | 82 | 65.1% | 73 | 89.0% | 966 | $576 |
Total / Wtd. Avg. | 126 | 100.0% | 115 | 91.3% | 905 | $556 |
(1) | Based on the October 6, 2011 rent roll. |
(2) | Average Monthly Rental Rate does not include Section 8 units (1 unit is 1 BR – 1 BA and 3 units are 2 BR – 1.5 BA) and is based off occupied units only. |
Environmental Matters. According to the Phase I environmental reports dated October 3, 2011, there were no recommendations for further action at the Hampshire Multifamily Portfolio Properties other than (a) with respect to all of the Hampshire Multifamily Portfolio Properties, the implementation of Operations and Maintenance (O&M) Plans for asbestos and (b) with respect to the Riverwood Apartments property, the implementation of an O&M plan for lead-based paint, all of which are in place at the properties.
The Market. The Hampshire Multifamily Portfolio Properties are all located in Indianapolis, Indiana. According to a September 2011 PPR report, population growth in Indianapolis is slightly above the national average and is expected to grow by 100,000 residents over the next five years. Indianapolis is also one of the most affordable cities in the nation to live or conduct business, with the cost of living approximately 12% below the national average.
Per the REIS Apartment Asset Advisor Q4 2011 report, the vacancy rate in the 110,200-unit Indianapolis apartment sector has fallen below its pre-recession level and continues to decrease. Class B/C Q4 2011 apartment vacancy for the Indianapolis metro area is 6.8%, down from 7.3% in Q3 2011 and 9.2% in Q4 2010.
Rents, which increased 2.6% in 2011 based on preliminary fourth quarter data, are projected to increase 3.0% in 2012, and have responded strongly to the rapid improvements in occupancy, having increased each quarter since Q4 2009. According to REIS, Q4 2011 asking rent for the overall Indianapolis metro is $696 per month, increasing 0.2% from the previous quarter.
West Indianapolis Submarket – Westlake Apartments The West Indianapolis submarket is located within 10 miles of Indianapolis’ central business district and Indianapolis International Airport. According to REIS, the average effective rent for the submarket in Q4 2011 was $571 per unit, up 2.9% from year-end 2010 levels and 4.2% from year-end 2009. Over the next five years, asking rent growth is expected to be above normal, with an expected increase of 4.7% by year-end 2016. The average physical vacancy rate for the West Indianapolis submarket during Q4 2011 was 7.5%, 3.2% lower than year-end 2010 and 5.5% lower than year-end 2009. Over the next four years, vacancies are expected to steadily decrease each year to approximately 3.8% in 2016.
Westlake Apartments - Competitive Set(1) | ||||||
Property Name | Location | Year Built | Occupancy | Number of Units | Average Unit Size (Sq. Ft.) | Effective Average Rent Per Month |
Westlake Apartments | Indianapolis, IN | 1967-1976 | 93.6% | 1,381 | 720 | $503 |
Ashton Pointe | Indianapolis, IN | 1968 | 95% | 250 | 900 | $689 |
Auburn Hills Apartments | Indianapolis, IN | 2000 | 95% | 160 | 981 | $766 |
Port O’Call Apartments | Indianapolis, IN | 1970 | 96% | 587 | 884 | $577 |
Forest Hills Apartments | Indianapolis, IN | 1975 | 98% | 420 | 790 | $466 |
Chapel Hill Apartments | Indianapolis, IN | 1968 | 93% | 148 | 1,277 | $660 |
(1) | Source: Appraisal |
Near Northwest Submarket – Wind Drift Apartments Wind Drift Apartments is located within the Near Northwest submarket approximately 7 miles northwest of the Indianapolis central business district. The Near Northwest submarket is also home to the Indianapolis Motor Speedway, located to the south of the Wind Drift Apartments property. According to REIS, the average effective rent for the submarket in Q4 2011 was $597, up 1.7% from year-end 2010 levels and 4.0% from year-end 2009. Over the next five years, asking rent growth is expected to below normal, with an expected increase of 1.1% by year-end 2016. The average physical vacancy rate for the Near Northwest submarket during Q4 2011 was 5.5%, 1.0% lower than year-end 2010 and 3.5% lower than year-end 2009. Over the next four years, vacancies are expected to decrease to approximately 4.2% in 2016.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-47
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
Wind Drift Apartments - Competitive Set(1) | ||||||
Property Name | Location | Year Built | Occupancy | Number of Units | Average Unit Size (Sq. Ft.) | Effective Average Rent Per Month |
Wind Drift Apartments | Indianapolis, IN | 1979 | 92.8% | 166 | 915 | $638 |
Deercross Apartments | Indianapolis, IN | 1979 | 93% | 372 | 820 | $603 |
Spinnaker Apartments | Indianapolis, IN | 1987 | 92% | 532 | 743 | $603 |
Idlewood Apartments | Indianapolis, IN | 1990 | 95% | 320 | 808 | $639 |
Bayhead Village | Indianapolis, IN | 1978 | 89% | 202 | 1,002 | $624 |
Eagle Pointe Apartments | Indianapolis, IN | 1987 | 93% | 256 | 789 | $657 |
(1) | Source: Appraisal |
Far Northwest Submarket – Villa Nova Apartments and Spyglass Apartments The Far Northwest submarket is located approximately 9 miles from the Indianapolis central business district. The submarket offers numerous retail centers and a wide variety of other property types, including a new shopping center within walking distance of the two properties. According to REIS, the Q4 2011 physical vacancy rate for the Far Northwest Indianapolis submarket was 4.0%, down from 4.7% at year-end 2010 and 7.6% at year-end 2009. Over the next five years, asking rent growth is expected to be below average, with an expected increase of 3.0% by year-end 2016. The average effective rents for the submarket in Q4 2011 were $656 per unit, a 2.7% increase from year-end 2010 levels and a 5.3% increase from year-end 2009. Over the next four years, vacancies are expected to increase to 6.1% by 2016.
Villa Nova Apartments - Competitive Set(1) | ||||||
Property Name | Location | Year Built | Occupancy | Number of Units | Average Unit Size (Sq. Ft.) | Effective Average Rent Per Month |
Villa Nova Apartments | Indianapolis, IN | 1972 | 91.3% | 126 | 907 | $564 |
Spyglass Apartments | Indianapolis, IN | 1981 | 95% | 120 | 1,003 | $733 |
Carlton Apartments | Indianapolis, IN | 1986 | 95% | 701 | 707 | $552 |
Villages of Bent Tree | Indianapolis, IN | 1982 | 96% | 616 | 868 | $688 |
North Willow Apartments | Indianapolis, IN | 1971 | 96% | 130 | 1,198 | $823 |
Reflections Apartments | Indianapolis, IN | 1973 | 96% | 582 | 789 | $616 |
(1) | Source: Appraisal |
Spyglass Apartments - Competitive Set(1) | ||||||
Property Name | Location | Year Built | Occupancy | Number of Units | Average Unit Size (Sq. Ft.) | Effective Average Rent Per Month |
Spyglass Apartments | Indianapolis, IN | 1979 | 95.0% | 120 | 1,003 | $707 |
Carlton Apartments | Indianapolis, IN | 1986 | 95% | 701 | 707 | $552 |
Dogwood Glen | Indianapolis, IN | 1986 | 89% | 160 | 580 | $449 |
North Willow Apartments | Indianapolis, IN | 1971 | 96% | 130 | 1,198 | $823 |
Pickwick Place | Indianapolis, IN | 1976 | 96% | 336 | 1,035 | $696 |
Villa Nova Apartments | Indianapolis, IN | 1972 | 91% | 126 | 907 | $538 |
(1) | Source: Appraisal |
Castleton Submarket – Riverwood Apartments and Woods Edge Apartments The Castleton submarket is a heavily-commercialized region that lies 11 miles from downtown Indianapolis. According to REIS, average Q4 2011 effective rent for the Castleton submarket was $731, up 1.0% from year-end 2010 levels and 2.5% from year-end 2009. Over the next five years, asking rent growth is expected to be below average, with an expected increase of 2.7% by year-end 2016. Average physical vacancy for the submarket during Q4 2011 was 4.3%, 2.4% lower than the year-end 2010 vacancy rate and 4.8% lower than at year-end 2009. Through 2016, vacancies in the submarket are expected to decrease slightly to 3.9%.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-48
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
Riverwood Apartments - Competitive Set(1) | ||||||
Property Name | Location | Year Built | Occupancy | Number of Units | Average Unit Size (Sq. Ft.) | Effective Average Rent Per Month |
Riverwood Apartments | Indianapolis, IN | 1977 | 90.8% | 120 | 1,106 | $793 |
Woodbridge at Castleton | Indianapolis, IN | 1980 | 93% | 318 | 882 | $689 |
Scandia | Indianapolis, IN | 1979 | 94% | 444 | 1,132 | $758 |
Autumn Woods | Indianapolis, IN | 1978 | 98% | 424 | 959 | $690 |
Core Riverbend | Indianapolis, IN | 1982 | 93% | 996 | 821 | $664 |
Woods Edge Apartments | Indianapolis, IN | 1981 | 99% | 190 | 875 | $653 |
(1) | Source: Appraisal |
Woods Edge Apartments - Competitive Set(1) | ||||||
Property Name | Location | Year Built | Occupancy | Number of Units | Average Unit Size (Sq. Ft.) | Effective Average Rent Per Month |
Woods Edge Apartments | Indianapolis, IN | 1981 | 98.9% | 190 | 875 | $653 |
Avery Point Apartments | Indianapolis, IN | 1980 | 97% | 512 | 912 | $739 |
The Masters | Indianapolis, IN | 1986 | 94% | 400 | 880 | $742 |
Autumn Woods Apartments | Indianapolis, IN | 1978 | 98% | 424 | 959 | $690 |
Riverwood Apartments | Indianapolis, IN | 1978 | 91% | 120 | 1,106 | $793 |
Woodbridge at Castleton | Indianapolis, IN | 1980 | 93% | 318 | 882 | $689 |
(1) | Source: Appraisal |
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | T-12 9/30/2011 | U/W | U/W per Unit | |
Gross Potential Rent | $13,613,403 | $13,869,758 | $13,914,227 | $13,982,318 | $6,649 |
Total Recoveries | 727,055 | 793,212 | 843,696 | 843,696 | 401 |
Total Other Income | 691,498 | 698,496 | 805,892 | 804,037 | 382 |
Less: Vacancy & Credit Loss | (1,947,180) | (1,948,508) | (1,671,567) | (1,739,641) | (827) |
Effective Gross Income | $13,084,777 | $13,412,958 | $13,892,248 | $13,890,410 | $6,605 |
Total Operating Expenses | 7,121,623 | 7,287,406 | 7,512,594 | 7,893,009 | 3,753 |
Net Operating Income | $5,963,154 | $6,125,553 | $6,379,655 | $5,997,401 | $2,852 |
Capital Expenditures | 0 | 0 | 0 | 710,990 | 338 |
Net Cash Flow | $5,963,154 | $6,125,553 | $6,379,655 | $5,286,411 | $2,514 |
Property Management. Westlake Apartments and Wind Drift Apartments are managed by Flaherty & Collins, Inc. Woods Edge Apartments, Riverwood Apartments, Spyglass Apartments and Villa Nova Apartments are managed by Buckingham Management, LLC. Neither management company is an affiliate of the borrower.
Lockbox / Cash Management. The Hampshire Multifamily Portfolio Loan is structured with a springing soft lockbox and springing cash management. If the debt service coverage ratio for the trailing 12-month period falls below 1.30x, all revenue from the property is required to be deposited by the borrower or manager into the clearing account within two business days of receipt.
Additionally, all excess cash will be swept into a lender controlled account on a daily basis upon an event of default or if the debt service coverage ratio for the trailing 12-month period is less than 1.20x on the last day of the calendar quarter.
Initial Reserves. At closing, the borrower deposited (i) $92,291 into a tax reserve account, (ii) $160,976 into an insurance reserve account and (iii) $735,260 into the required repairs reserve account, which represents 120% of the $612,717 in immediate repairs recommended in the engineering reports.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-49
Indianapolis, IN | Collateral Asset Summary Hampshire Multifamily Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $54,793,389 65.9% 1.50x 10.9% |
Ongoing Reserves. On a monthly basis, the borrower is required to deposit reserves of (i) $92,291 into a monthly tax reserve account, (ii) $26,829 into a monthly insurance reserve account and (iii) $59,312 into a capital expenditure account.
Current Mezzanine or Subordinate Indebtedness. None.
Future Mezzanine or Subordinate Indebtedness Permitted. None.
Partial Release. On any date after the defeasance period begins, in connection with the sale of one or more individual properties to a bona fide third party purchaser, the borrower may obtain the release of such property or properties, upon the satisfaction of certain conditions, including but not limited to the following: (i) the borrower must defease an amount of principal equal to the greater of (a) 100% of net sales proceeds for such property or properties, and (b) 125% of the allocated loan amount for such property or properties, (ii) after such release the LTV for the remaining properties is not more than the lesser of (a) the LTV percentage immediately preceding the release and (b) 66.2%, and (iii) the DSCR is not below the greater of (a) the DSCR immediately preceding the release and (b) 1.32x.
Substitution of Properties. None permitted.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-50
1080 Piper Lane Burlington, NC 27215 | Collateral Asset Summary Alamance Crossing | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $50,454,122 69.4% 1.44x 10.2% |
Mortgage Loan Information | |
Loan Seller: | GLAC |
Loan Purpose: | Refinance |
Sponsor: | CBL & Associates Properties, Inc. |
Borrower: | Alamance Crossing CMBS, LLC |
Original Balance: | $50,800,000 |
Cut-off Date Balance: | $50,454,122 |
% by Initial UPB: | 5.1% |
Interest Rate: | 5.8300% |
Payment Date: | 1st of each month |
First Payment Date: | September 1, 2011 |
Maturity Date: | July 1, 2021 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(31), D(83), O(5) |
Lockbox / Cash Management: | Hard / Springing |
Reserves(1) | ||
Initial | Monthly | |
Taxes: | $334,788 | $41,849 |
Insurance: | $0 | $0 |
Replacement: | $0 | $4,199 |
TI/LC: | $0 | $27,990 |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.(2): | $110 | |
Balloon Balance / Sq. Ft.(2): | $94 | |
Cut-off Date LTV: | 69.4% | |
Balloon LTV: | 59.1% | |
Underwritten NOI DSCR: | 1.44x | |
Underwritten NCF DSCR: | 1.35x | |
Underwritten NOI Debt Yield: | 10.2% | |
Underwritten NCF Debt Yield: | 9.6% | |
Property Information | ||
Single Asset / Portfolio: | Single Asset | |
Property Type: | Regional Mall | |
Collateral: | Fee Simple | |
Location: | Burlington, NC | |
Year Built / Renovated: | 2006 / 2008 | |
Total Sq. Ft.: | 684,498 | |
Total Collateral Sq. Ft.(3): | 456,989 | |
Property Management: | CBL & Associates Management, Inc. | |
Underwritten NOI: | $5,169,275 | |
Underwritten NCF: | $4,857,350 | |
Appraised Value: | $72,670,000 | |
Appraisal Date: | April 20, 2011 | |
Historical NOI | ||
TTM NOI: | $5,972,814 (T-12 November 30, 2011) | |
2010 NOI: | $5,988,307 (December 31, 2010) | |
2009 NOI: | $5,683,662 (December 31, 2009) | |
2008 NOI: | $3,802,792 (December 31, 2008) | |
Historical Occupancy(3) | ||
Current Occupancy: | 84.3% (November 23, 2011) | |
2010 Occupancy: | 91.2% (December 31, 2010) | |
2009 Occupancy: | 91.7% (December 31, 2009) | |
2008 Occupancy: | 86.7% (December 31, 2008) |
(1) | See “Initial Reserves” herein and “Ongoing Reserves” herein. |
(2) | Based on the Total Collateral Sq. Ft. of 456,989. |
(3) | Excludes JCPenney (102,826 sq. ft.) and Dillard’s (124,683 sq. ft.), which are not part of the collateral. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-53
1080 Piper Lane Burlington, NC 27215 | Collateral Asset Summary Alamance Crossing | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $50,454,122 69.4% 1.44x 10.2% |
Anchor and Major Tenant Summary | |||||||
Anchor Tenants | Ratings Fitch/Moody’s/S&P(1) | Total Sq. Ft. | % of Total Sq. Ft. | Lease Expiration | Total Sales (000s)(2) | Sales PSF | Occupancy Cost (% of Sales) |
Belk | NR/NR/NR | 96,485 | 21.1% | 10/16/2027 | $12,600 | $131 | 4.7% |
Hobby Lobby | NR/NR/NR | 52,500 | 11.5% | 5/31/2024 | NAP | NAP | NAP |
Carousel Cinemas | NR/NR/NR | 52,000 | 11.4% | 6/30/2028 | $5,254 | $101 | 13.0% |
Subtotal | 200,985 | 44.0% | $120 | 7.6% | |||
Non-Collateral Anchors | |||||||
Dillard’s | BB/B2 /BB- | 124,683 | NAP | NAP | $15,000 | $120 | NAP |
JCPenney | BBB-/NR/BB+ | 102,826 | NAP | NAP | $7,400 | $72 | NAP |
Subtotal | 227,509 | NAP | $98 | NAP | |||
Major In-Line Tenants | |||||||
Barnes and Noble | NR/NR/NR | 26,848 | 5.9% | 7/31/2017 | $4,364 | $163 | 9.4% |
Victoria’s Secret | BB+/Ba2/BB+ | 8,090 | 1.8% | 1/31/2018 | $2,087 | $258 | 12.2% |
Subtotal | 34,938 | 7.6% | $185 | 10.0% | |||
Other In-line Tenants | 126,299 | 27.6% | |||||
Restaurants (3) | 23,000 | 5.0% | |||||
Total Occupied Collateral | 385,222 | 84.3% | |||||
Vacant | 71,767 | 15.7% | |||||
Total(4) | 456,989 | 100.0% | |||||
(1) | Certain ratings may be those of the parent company whether or not the parent company guarantees the lease. |
(2) | Total Sales and Sales PSF for all tenants listed above are as of year-end 2011, except Belk, Dillard’s and JCPenney are as of year-end 2010. |
(3) | Includes 12,200 sq. ft. of restaurant tenants that are on a ground lease. |
(4) | Does not include non-collateral anchor tenants. |
Lease Rollover Schedule | ||||||||
Year | # of Leases Expiring | Total Expiring Sq. Ft. | % of Total Sq. Ft. Expiring | Cumulative Sq. Ft. Expiring | Cumulative % of Sq. Ft. Expiring | Annual U/W Base Rent Per Sq. Ft. | % U/W Base Rent Rolling | Cumulative % of U/W Base Rent |
MTM | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2012 | 8 | 18,270 | 4.0% | 18,270 | 4.0% | $27.68 | 9.2% | 9.2% |
2013 | 3 | 9,640 | 2.1% | 27,910 | 6.1% | $24.01 | 4.2% | 13.4% |
2014 | 2 | 10,529 | 2.3% | 38,439 | 8.4% | $31.19 | 6.0% | 19.3% |
2015 | 0 | 0 | 0.0% | 38,439 | 8.4% | $0.00 | 0.0% | 19.3% |
2016 | 1 | 4,064 | 0.9% | 42,503 | 9.3% | $10.00 | 0.7% | 20.1% |
2017 | 7 | 42,955 | 9.4% | 85,458 | 18.7% | $19.10 | 14.9% | 34.9% |
2018 | 12 | 53,987 | 11.8% | 139,445 | 30.5% | $21.46 | 21.0% | 56.0% |
2019 | 5 | 17,792 | 3.9% | 157,237 | 34.4% | $26.20 | 8.5% | 64.4% |
2020 | 1 | 6,000 | 1.3% | 163,237 | 35.7% | $18.60 | 2.0% | 66.5% |
2021 | 0 | 0 | 0.0% | 163,237 | 35.7% | $0.00 | 0.0% | 66.5% |
2022 | 2 | 9,300 | 2.0% | 172,537 | 37.8% | $14.73 | 2.5% | 68.9% |
Thereafter | 12 | 212,685 | 46.5% | 385,222 | 84.3% | $8.05 | 31.1% | 100.0% |
Vacant | NAP | 71,767 | 15.7% | 456,989 | 100.0% | NAP | NAP | |
Total / Wtd. Avg. | 53 | 456,989 | 100.0% | $14.31 | 100.0% |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-54
1080 Piper Lane Burlington, NC 27215 | Collateral Asset Summary Alamance Crossing | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $50,454,122 69.4% 1.44x 10.2% |
The Loan. The Alamance Crossing loan (the “Alamance Crossing Loan”) is a fixed rate loan secured by the borrower’s fee simple interest in the Class A, regional mall and lifestyle center located at 1080 Piper Lane in Burlington, NC (the “Alamance Crossing Property”) with an original principal balance of $50.8 million. The Alamance Crossing Loan has a 119-month term and amortizes on a 30-year schedule. The Alamance Crossing Loan accrues interest at a fixed rate equal to 5.8300% and has a cut-off date balance of approximately $50.5 million. Loan proceeds were used to retire existing debt of approximately $52.0 million. Based on the appraised value of approximately $72.7 million as of April 20, 2011, the cut-off date LTV is 69.4%. The borrower developed the property in 2006 for a total cost of approximately $95.6 million and has remaining equity in excess of $44.8 million. The most recent prior financing of the Property was not included in a securitization.
Sources and Uses | ||||||
Sources | Proceeds | % of Total | Uses | Proceeds | % of Total | |
Loan Amount | $50,800,000 | 96.4% | Loan Payoff | $51,963,364 | 98.6% | |
Sponsor Equity | 1,906,847 | 3.6% | Reserves | 334,788 | 0.6% | |
Closing Costs | 408,695 | 0.8% | ||||
Total Sources | $52,706,847 | 100.0% | Total Uses | $52,706,847 | 100.0% |
The Borrower / Sponsor. The borrower, Alamance Crossing CMBS, LLC, is a single purpose Delaware limited liability company structured to be bankruptcy-remote, with two independent directors in its organizational structure. The sponsor of the borrower and the nonrecourse carve-out guarantor is CBL & Associates Properties, Inc. (“CBL”).
Founded in 1978 and headquartered in Chattangooga, Tennessee, CBL is one of the largest mall REITs in the United States, with controlling interests in 76 regional malls/open-air centers, 30 associated centers, eight community centers and 14 office buildings; non-controlling interests in seven regional malls, four associated centers, four community centers and six office buildings. CBL’s properties are located in 26 states, primarily in the southeastern and midwestern United States. The company is a publicly traded REIT listed on the New York Stock Exchange under the symbol CBL. As of February 2012, CBL had an equity market capitalization of approximately $2.60 billion.
The Property. The Alamance Crossing Property is a 684,498 square foot Class A regional mall and lifestyle center, of which 456,989 square feet is collateral, located in Burlington, North Carolina. The Alamance Crossing Property is anchored by Dillard’s (non-owned), JCPenney (non-owned), Belk (ground lease), Hobby Lobby and Carousel Cinemas. The mall was developed in 2006 for a total cost of approximately $95.6 million. Since the completion of the Alamance Crossing Property, the sponsor has also developed the second phase of the property, Alamance West, for a total cost of approximately $20 million, which opened in Q4 2011, and is anchored by Kohl’s, BJ’s Wholesale Club, Inc. and Dick’s Sporting Goods.
Major in-line tenants at the mall include Barnes & Noble, Victoria’s Secret, American Eagle Outfitters, and The Children’s Place. The Alamance Crossing Property includes 39 in-line tenants and 4 restaurants. For the YE 2011, comparable in-line tenants (comparable tenants include those tenants with lease start dates greater than one year prior to sales reporting date) generated $31.3 million or $218 PSF in sales with occupancy costs of 15.0%.
Based on a rent roll dated November 23, 2011, the Alamance Crossing Property is 84.3% occupied (excluding non-collateral tenants).
Historical Sales PSF/Screen(1) | |||||
2008 | 2009 | 2010 | 2011 | ||
Belk | $136 | $125 | $131 | NAV | |
Carousel Cinemas(2) | $140,810(3) | $326,179 | $324,112 | $328,353 | |
In-Line Tenants(4) | NAV | $198 | $219 | $218 | |
(1) | Historical Sales PSF is based on historical operating statements provided by the borrower. |
(2) | Historical Sales per Screen for Carousel Cinemas is based on 16 screens. |
(3) | Sales presented above for Carousel Cinemas tenant for 2008 are for a partial year, as the tenant’s lease commencement date is July 1, 2008. |
(4) | In-Line Tenants sales for comparable in-line tenants only. |
Environmental Matters. The Phase I environmental report dated May 9, 2011 recommended no further action at the Alamance Crossing Property.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-55
1080 Piper Lane Burlington, NC 27215 | Collateral Asset Summary Alamance Crossing | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $50,454,122 69.4% 1.44x 10.2% |
The Market. The Alamance Crossing Property is located in Burlington, Alamance County, North Carolina. Burlington is located in the North Carolina Piedmont Triad, a region of North Carolina in the Piedmont that is comprised of 12 counties surrounding the cities of Greensboro, Winston-Salem, and High Point. The Piedmont Triad has an estimated population of roughly 1.7 million, making it the 30th largest Combined Statistical Area in the United States. The Alamance Crossing property is located approximately 5 miles southwest of downtown Burlington and approximately 15 miles east of Greensboro’s central business district.
The mall is situated in the dominant retail node between Greensboro and Raleigh, NC just off of I-40/85, the major highway connecting the two cities. Nearby retailers include: Kohl's, BJ's Wholesale Club, Inc., and Dick’s Sporting Goods (at Alamance West); Target, Best Buy, Michael’s Stores, PetsMart, Old Navy, Ross Stores, Bed Bath & Beyond (at University Crossing); and a Walmart Supercenter, one mile east of the subject. It is approximately four miles south of Elon University, whose 575-acre campus houses 4,995 undergraduate students and 671 graduate students. There is also a new 283-bed regional hospital, Alamance Regional Medical Center, located on the south side of Interstate 85. The Center's trade area spans a 10-mile radius and, as of 2010, had a population of 131,819 in 52,078 households with an average household income was $54,320. The area has grown at an annual compounded rate of 1.32% over the last ten years, and is projected to grow at a 1.24% rate over the next five years.
Per CoStar, the Alamance Crossing Property is located in the Alamance County retail market. As of year-end 2011, the Alamance County mall market had an inventory of 3.1 million square feet, with a vacancy rate of 7.2% and rental rates of $12.77 PSF NNN. Similarly, the overall Alamance County retail market had an inventory of 13.1 million square feet, with a vacancy rate of 5.9% and rental rates of $10.42 PSF NNN.
The primary competitive set consists of the Friendly Shopping Center (953,149 SF, 18 miles W), Shops at Friendly Center (307,419 SF, 18 miles W), and Tanger Factory Outlet (318,990 SF, 15 miles E). The primary competitive set totals approximately 1.6 million square feet and is located within a 20 mile radius from the property. The local competitive set comprises Burlington Mall (415,944 SF, 2 miles NE), University Crossing (233,746 SF, adjacent to the subject), and Huffman Mill Plaza (200,000 SF, 1 mile east). Due to their distance from the Alamance Crossing Property, Streets of Southpoint (1,326,000 SF, 32 miles SE) and Cameron Village (630,123 SF, 57 miles E) are considered secondary competitors, and are not presented in the table below.
Burlington Mall is the closest competitor to the Property, and has struggled since the subject’s opening, having lost two of its three anchors (JCPenney and Belk) to the subject. Friendly Shopping Center and Shops at Friendly Center are adjacent one another. The former is an enclosed mall, while the latter is a lifestyle center, both are owned by CBL.
Competitive Set(1) | ||||||
Friendly Shopping Center | Shops at Friendly Center | Tanger Factory Outlets | Burlington Mall | University Crossing | Huffman Mill Plaza | |
Distance from Subject | 18 miles | 18 miles | 15 miles | 2 miles | Adjacent to subject | 1 mile |
Property Type | Regional Center | Lifestyle Center | Outlet Center | Regional Mall | Power Center | Community Center |
Owner | CBL & Associates Properties, Inc. | CBL & Associates Properties, Inc. | NAV | NAV | NAV | NAV |
Year Built / Renovated | 1957 / 1996 | 2006-2008 / NAP | 2010 / NAP | 1969 / 2004 | 2005 / NAP | 1988 / 1993 |
Size (Sq. Ft.) | 953,149 | 307,419 | 318,990 | 415,944 | 233,746 | 200,000 |
Anchors / Major Tenants | Barnes & Noble, Belk, Grande Cinema, Macy’s, Sears | Harris Teeter, REI, DSW | Saks Fifth Avenue, J. Crew, Banana Republic, Polo Ralph Lauren, Gap | Sears | Target, Best Buy, Michael’s Stores, PetsMart, Old Navy, Ross Stores, Bed Bath & Beyond | WalMart Supercenter |
(1) | Source: Appraisal |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-56
1080 Piper Lane Burlington, NC 27215 | Collateral Asset Summary Alamance Crossing | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $50,454,122 69.4% 1.44x 10.2% |
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | T-12 11/30/2011 | U/W | U/W PSF | |
Base Rent(1) | $5,453,670 | $5,589,943 | $5,646,857 | $7,224,709 | $15.81 |
Total Recoveries | 1,870,173 | 1,794,157 | 1,832,009 | 1,884,447 | 4.12 |
Total Other Income | 244,314 | 373,145 | 345,531 | 406,364 | 0.89 |
Less: Vacancy & Credit Loss(2) | (6,396) | (1,088) | 0 | (2,199,803) | (4.81) |
Effective Gross Income | $7,561,761 | $7,756,157 | $7,824,397 | $7,315,718 | $16.01 |
Total Operating Expenses | 1,878,099 | 1,767,850 | 1,851,582 | 2,146,443 | 4.70 |
Net Operating Income | $5,683,662 | $5,988,307 | $5,972,814 | $5,169,275 | $11.31 |
TI/LC | 0 | 0 | 0 | 220,527 | 0.48 |
Capital Expenditures | 0 | 0 | 0 | 91,398 | 0.20 |
Net Cash Flow | $5,683,662 | $5,988,307 | $5,972,814 | $4,857,350 | $10.63 |
(1) | U/W Base Rent includes value of vacant space. |
(2) | Underwritten Vacancy and Credit Loss was 18.0%, with additional adjustments made to rents, including mark downs to market levels and also rent reduction to meet certain sustainable occupancy cost thresholds. |
Property Management. The Alamance Crossing Property is managed by CBL & Associates Management, Inc., an affiliate of CBL and the borrower. CBL & Associates Management, Inc. manages all of the properties that are owned by CBL.
Lockbox / Cash Management. The Alamance Crossing Loan is structured with a hard lockbox and springing cash management. All excess cash will be swept into a lender controlled account upon an event of default or if the debt service coverage ratio for the trailing 12-month period is less than 1.10x on the last day of the calendar quarter, or if the Barnes & Noble tenant becomes subject or bankruptcy proceedings or goes dark at the subject.
Initial Reserves. At closing, the borrower deposited $334,788 into a tax reserve account.
Ongoing Reserves. On a monthly basis, the borrower is required to deposit reserves of (i) $41,849 into a monthly tax reserve account, (ii) $4,199 into a capital expenditure account and (iii) $27,990 into a TI/LC reserve account.
Current Mezzanine or Subordinate Indebtedness. None.
Future Mezzanine or Subordinate Indebtedness Permitted. None
Partial Release. The borrower is permitted to release a certain Release Parcel provided, (i) the remaining DSCR shall be no less than 1.10x and (ii) the LTV shall be no more than 69.0%. No underwritten cash flow or appraised value was assigned for such Release Parcel.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-57
9999 Hamilton Boulevard Breinigsville, PA 18031 | Collateral Asset Summary Tek Park Business Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $45,000,000 67.4% 1.87x 13.3% |
Sources and Uses | ||||||
Sources | Proceeds | % of Total | Uses | Proceeds | % of Total | |
Loan Amount | $45,000,000 | 73.0% | Purchase Price | $57,000,000 | 92.5% | |
Sponsor Equity | $16,626,269 | 27.0% | Reserves | $3,626,269 | 5.9% | |
Closing Costs | $1,000,000 | 1.6% | ||||
Total Sources | $61,626,269 | 100.0% | Total Uses | $61,626,269 | 100.0% |
The Borrower / Sponsor. The borrower, Hamilton 9999 Associates L.P. is a single purpose Delaware limited liability company structured to be bankruptcy-remote, with two independent directors in its organizational structure at the general partner level. The sponsor of the borrower and the nonrecourse carve-out guarantor is [Pinchos D. Shemano]
[SPONSOR DESCRIPTION]
The Property. Tek Park Business Center Property is a nine-building campus comprising 510,638 square feet, featuring 199,769 square feet of office space (39.1% of NRA, 22.7% of GPR, 59.3% leased), 188,532 square feet of lab space (36.9% of NRA, 32.0% of GPR, 100.0% leased) and 122,337 square feet of data center space (24.0% of NRA, 45.4% of GPR, 100.0% leased). The Tek Park Business Center Property offers many amenities, including on-site helipad, conferencing, on-site 24 hour maintenance, on-site daycare, full-service cafeteria and fitness and recreation options.
The TEK Park Business Center Property was originally developed in 1987 by AT&T as a build-to-suit space, and was sold to the MRA Group for $9.3 million. MRA Group invested approximately $18.9 million on tenant spaces and capital improvements to convert the Tek Park Business Center Property into a multi-tenant office campus. Since its development and expansion, over $280 million has been invested into the Tek Park Business Center Property.
Environmental Matters. The Phase I environmental report dated August 26, 2011 revealed no evidence of recognized environmental conditions, but recommended repair and routine maintenance of a hydraulic line in building 1, and routine maintenance of water damage in building 2.
Major Tenants.
Data Based Systems International, Inc. (122,337 sq. ft., 24.0% of NRA, 45.4% of GPR) Data Based Systems International, Inc. (“DBSI”) offers infrastructure and technology services, focusing on disaster recovery, managed hosting, and data center services. DBSI signed a ten year lease in 2008 for all of building 4. DBSI is considered to be a Tier III Data Center and Tier IV capable (highest ranked tier rating). The tenant has invested $8 million to date and is [projected to spend an additional $20 million]. DBSI has two 10-year renewal options.
CyOptics (117,379 sq. ft., 23.0% of NRA, 19.7% of GPR) CyOptics designs, develops and markets a full line of optical chips and components for integration into access, metro and long-haul communications systems. They also provide complete contract design, foundry and packaging services. CyOptics was a spinoff of Triquent Semiconductor, a former owner of the TEK Park Business Center Property, which afforded them the opportunity to inherit their space at no cost. CyOptics leases all of building 2 and portions of buildings 1 and 3. In 2005, CyOptics signed a lease for office and laboratory spaces previously occupied by TriQuint Semiconductor. CyOptics was the sole tenant, occupying 70,000 square feet, and has since expanded to 117,379 square feet. CyOptics has two 5-year renewal options.
Buckeye Partners (79,795 sq. ft., 15.6% of NRA, 15.9% of GPR) Buckeye Partners (NYSE: BPL) is headquartered at the Tek Park Business Center Property and is one of the primary distributors of petroleum in the northeastern and mid-western portions of the United States. With approximately 600 employees, Buckeye Partners manages over 5,400 miles of petroleum pipeline distribution in the area. Buckeye Partners signed a fifteen year lease in 2006 for 79,795 square feet in Building 5. This space serves as the command and control center for Buckeye Partners' gas pipelines in the Northeast region. Buckeye Partners spent $1.4 million on their space, and MRA Group spent an additional $3.2 million on the Buckeye Partners space. Buckeye Partners has the option to terminate its lease on October 15, 2016 with one year’s notice and payment of a $250,000 termination fee. In addition, a cash flow sweep (the “Buckeye Sweep Period”) will spring on the earlier of (i) the date Buckeye Partners gives notice to exercise its termination option, or (ii) 12 months prior to the lease termination date (see “Ongoing Reserves” for additional information). Buckeye Partners has two 5-year renewal options.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-63
9999 Hamilton Boulevard Breinigsville, PA 18031 | Collateral Asset Summary Tek Park Business Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $45,000,000 67.4% 1.87x 13.3% |
The Market.
Office Market
The Tek Park Business Center Property features 199,769 square feet of office space in buildings 1, 5 and 10. The Tek Park Business Center Property is located within the Lehigh and Northampton County office submarket, commonly known as the Lehigh Valley market. As of Q3 2011, the submarket comprised approximately 5.8 million square feet of office space, with no new projects under construction. Overall absorption in the submarket through Q3 2011 was just over 159,000 square feet, averaging approximately 72,000 square feet of positive quarterly absorption since the beginning of 2010. As of Q3 2011, Lehigh Valley had an overall vacancy rate of 10.6%, well below the regional average of 14.7% and the suburban average of 16.1%. Average rent for all classes in Lehigh Valley was $18.01 PSF Gross, with Class A space at $19.24 PSF Gross. Both rental rate averages are the lowest among all of the regional submarkets and significantly below the regional average of $23.64 PSF for all classes and $25.85 PSF for Class A space.
Laboratory/R&D Market
The Tek Park Business Center Property features 188,532 square feet of lab space in buildings 2, 3 and 8. The Philadelphia market contains approximately 808,000 square feet of laboratory space within 15 buildings. This level of inventory has remained unchanged over the preceding four year period and there have been no significant additions to the market over this same time frame. Vacancy rates have fluctuated over the preceding four years, extending from a low of 13.1% in Q3 2008 to the current high of 23.2% as of Q3 2011. Over this same four year period, net absorption figures have fallen from their highs witnessed in Q3 2007. Concurrently, annual gross absorption figures have decreased significantly over the preceding four year period. The total reported average asking rental rate for laboratory space is $16.80 PSF on a net basis.
Philadelphia Laboratory Market(1) | |||||||||||
Period | # Bldgs | Total SF | Vacant Sq. Ft. | Vacant % | Occupied Sq. Ft. | Annual Net Absorption | Annual Gross Absorption | Total Leased SF | SF Delivered | SF Under Construction | Total Average Rate (NNN) |
2011 3Q | 15 | 808,054 | 187,330 | 23.2% | 620,724 | (40,165) | 28,035 | 64,853 | 0 | 0 | $16.80 |
2010 3Q | 15 | 808,054 | 147,165 | 18.2% | 660,889 | 21,508 | 59,087 | 162,587 | 0 | 0 | $21.70 |
2009 3Q | 15 | 808,054 | 168,673 | 20.9% | 639,381 | (62,623) | 19,328 | 21,928 | 0 | 0 | $22.50 |
2008 3Q | 15 | 808,054 | 106,050 | 13.1% | 702,004 | 78,780 | 100,039 | 42,460 | 0 | 0 | $23.27 |
2007 3Q | 15 | 808,054 | 184,830 | 22.9% | 623,224 | 212,085 | 241,631 | 127,374 | 0 | 0 | $16.74 |
(1) | Source: Appraisal; CoStar Group |
Data Center Market
The Tek Park Business Center features 122,337 square feet of warm-shell data center space occupied by DBSI in building 4. The data for warm shell data center space includes 14 comparables ranging from approximately 42,000 to 710,000 square feet of rentable space. Rental rates for warm shell deliveries range from $24.00 to $42.00 PSF NNN. The rental rates achieved for these warm shell deliveries were signed before the economic recession in 2008. With no new construction over the past couple of years, the market has been supply constrained. The most recent lease was signed in May 2011 for 27,130 square feet at $36.00 PSF NNN. The appraiser determined warm shell market rent of $24.96 PSF NNN.
The overall average rent for the Tek Park Business Center Property as determined by the appraiser is $16.94 PSF.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-64
9999 Hamilton Boulevard Breinigsville, PA 18031 | Collateral Asset Summary Tek Park Business Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $45,000,000 67.4% 1.87x 13.3% |
Cash Flow Analysis.
Cash Flow Analysis | |||||
2009 | 2010 | T-12 5/31/2011 | U/W | U/W PSF | |
Base Rent | $4,156,094 | $5,252,254 | $5,537,314 | $6,890,833 | $13.49 |
Value of Vacant Space | 0 | 0 | 0 | 1,639,761 | 3.21 |
Gross Potential Rent | $4,156,094 | $5,252,254 | $5,537,314 | $8,530,594 | $16.71 |
Total Recoveries | 1,854,532 | 1,928,661 | 1,502,015 | 2,204,831 | 4.32 |
Total Other Income | 19,207 | 14,425 | 14,430 | 31,415 | 0.06 |
Less: Vacancy(1) | 0 | 0 | 0 | (1,639,761) | (3.21) |
Effective Gross Income | $6,029,833 | $7,195,340 | $7,053,759 | $9,127,079 | $17.87 |
Total Operating Expenses | 2,882,835 | 2,700,750 | 2,817,430 | 3,153,478 | 6.18 |
Net Operating Income | $3,146,998 | $4,494,590 | $4,236,329 | $5,973,601 | $11.70 |
TI/LC | 0 | 0 | 0 | 380,356 | 0.74 |
Capital Expenditures | 0 | 0 | 0 | 127,660 | 0.25 |
Net Cash Flow | $3,146,998 | $4,494,590 | $4,236,329 | $5,465,585 | $10.70 |
(1) | Underwritten vacancy of 15.2% of gross income. |
Property Management. The Tek Park Business Center Property is managed by David Stern Management Corp., a borrower affiliate.
Lockbox / Cash Management. The Tek Park Business Center Loan is structured with a hard lockbox and in place cash management.
Additionally, all excess cash will be swept into a lender controlled account upon (i) an event of default, (ii) if the debt service coverage ratio for the trailing 12-month period is less than 1.20x on the first day of the calendar quarter, or (iii) on the earlier of (a) the date the Buckeye Partners tenants gives notification that it is exercising its right to terminate its lease, and (b) October 15, 2015, which is the date Buckeye Partners is required to give notification of its intent to terminate its lease, and shall end, with respect to clause (i), when the event of default has been cured and is acceptable to lender, with respect to clause (ii), when the debt service coverage ratio is greater than or equal to 1.25x and, with respect to clause (iii), when the Buckeye space has been re-tenanted or net cash flow is equal to or greater than the net cash flow at closing and the balance in the TI/LC reserve is at least $3,200,000. Any excess cash swept as a result of clause (iii) above, may be used to re-tenant the space in accordance with the provision of the loan agreement.
Initial Reserves. At closing, the borrower deposited (i) $202,269 into a tax reserve account, (ii) $__ into an insurance reserve account, (iii) $3,200,000 into the TI/LC reserve account and (iv) $72,265 into the required repairs reserve.
Ongoing Reserves. On a monthly basis, the borrower is required to deposit reserves of (i) $35,036 into a monthly tax reserve account, (ii) $____ into a monthly insurance reserve account, and (iii) $10,036 into a capital expenditure account. In addition, at any time the TI/LC reserve falls below $1,500,000 the borrower will be required to make monthly deposits of $42,553.
Current Mezzanine or Subordinate Indebtedness. None.
Future Mezzanine or Subordinate Indebtedness Permitted. The sponsor shall be permitted to incur mezzanine debt secured by equity interests in the borrower, provided, among other things per the loan documents, (i) a combined LTV shall not be above 78%, (ii) a combined DSCR of no less than 1.35x and (iii) a combined debt yield of no less than 10.5%.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-65
835 East Imperial Highway and 1647 East Imperial Highway Brea, CA 92821 | Collateral Asset Summary Brea Plaza Shopping Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $43,451,656 65.8% 1.28x 9.6% |
Mortgage Loan Information | |
Loan Seller: | LCF |
Loan Purpose: | Refinance |
Sponsor: | BOSC Realty Advisors LLC |
Borrower: | BPI Brea LLC |
Original Balance: | $43,500,000 |
Cut-off Date Balance: | $43,451,656 |
% by Initial UPB: | 4.4% |
Interest Rate: | 6.3220% |
Payment Date: | 6th of each month |
First Payment Date: | March 6, 2012 |
Maturity Date: | February 6, 2022 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(25), D(91), O(4) |
Lockbox / Cash Management: | Hard / In Place |
Reserves(1) | ||
Initial | Monthly | |
Taxes: | $382,220 | $76,444 |
Insurance: | $63,199 | $5,745 |
Replacement: | $0 | $2,756 |
TI/LC: | $81,158 | $13,778 |
Casual Male Reserve: | $150,225 | $0 |
DSW Reserve: | $522,500 | $0 |
Casual Male Delivery Reserve: | $260,000 | $0 |
DSW Delivery Reserve: | $366,450 | $0 |
Free Rent Holdback Reserve: | $300,429 | $0 |
Build Out Reserve: | $1,099,351 | $0 |
Loftus Channel Completion Reserve: | $60,000 | $0 |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $263 | |
Balloon Balance / Sq. Ft.: | $225 | |
Cut-off Date LTV: | 65.8% | |
Balloon LTV: | 56.4% | |
Underwritten NOI DSCR: | 1.28x | |
Underwritten NCF DSCR: | 1.22x | |
Underwritten NOI Debt Yield: | 9.6% | |
Underwritten NCF Debt Yield: | 9.1% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Anchored Retail |
Collateral: | Fee Simple / Leasehold |
Location: | Brea, CA |
Year Built / Renovated: | 1976 / 1993-1994, 2008-2011 |
Total Sq. Ft.: | 165,337 |
Property Management: | Coreland Companies |
Underwritten NOI: | $4,161,126 |
Underwritten NCF: | $3,943,614 |
Appraised Value: | $66,000,000 |
Appraisal Date: | December 7, 2011 |
Historical NOI | |
TTM NOI: | $3,117,192 (T-12 October 31, 2011) |
2010 NOI: | NAV |
2009 NOI: | NAV |
2008 NOI: | NAV |
Historical Occupancy | |
Current Occupancy(2): | 98.0% (January 4, 2012) |
2010 Occupancy: | NAV |
2009 Occupancy: | NAV |
2008 Occupancy: | NAV |
(1) | See “Initial Reserves” herein and “Ongoing Reserves” herein. |
(2) | Current Occupancy includes DSW and DXL, which have signed leases and are in the process of performing build out of their respective spaces. DXL is anticipated to receive their space in April, 2012 and DSW is expected to receive their space by July 2012. Rent will commence for DSW three months after delivery and for DXL 4 months after delivery. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-68
835 East Imperial Highway and 1647 East Imperial Highway Brea, CA 92821 | Collateral Asset Summary Brea Plaza Shopping Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $43,451,656 65.8% 1.28x 9.6% |
Tenant Summary | |||||||
Tenant | Ratings (Fitch/Moody’s/S&P) | Net Rentable Area (sq. ft.) | % of Net Rentable Area | U/W Base Rent PSF | % of Total U/W Base Rent | Lease Expiration | |
Tristone Cinemas | NR/NR/NR | 18,450 | 11.2% | $9.59 | 4.1% | 7/31/2020 | |
Total Wines | NR/NR/NR | 18,013 | 10.9% | $16.00 | 6.7% | 6/30/2020 | |
DSW | NR/NR/NR | 17,450 | 10.6% | $21.00 | 8.6% | 8/31/2022(1) | |
Mother’s Market | NR/NR/NR | 13,006 | 7.9% | $19.25 | 5.9% | 8/31/2031 | |
Lucille’s Smokehouse | NR/NR/NR | 11,829 | 7.2% | $14.58 | 4.0% | 3/30/2013 | |
Total Major Tenants | 78,748 | 47.6% | $15.93 | 29.3% | |||
Non-Major Tenants | 83,359 | 50.4% | $36.24 | 70.7% | |||
Total Occupied Collateral | 162,107 | 98.0% | $26.37 | 100.0% | |||
Vacant | 3,230 | 2.0% | |||||
Total / Wtd. Avg. | 165,337 | 100.0% | |||||
(1) | The DSW lease includes a termination option after the 5th lease year (year ending 8/2017) if the gross sales do not exceed $4.0 million in year 5 of the lease term. |
Lease Rollover Schedule | ||||||||
Year | # of Leases Expiring | Total Expiring Sq. Ft. | % of Total Sq. Ft. Expiring | Cumulative Sq. Ft. Expiring | Cumulative % of Sq. Ft. Expiring | Annual U/W Base Rent Per Sq. Ft. | % U/W Base Rent Rolling | Cumulative % of U/W Base Rent |
MTM | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2012 | 0 | 0 | 0.0% | 0 | 0.0% | $0.00 | 0.0% | 0.0% |
2013 | 1 | 11,829 | 7.2% | 11,829 | 7.2% | $14.58 | 4.0% | 4.0% |
2014 | 1 | 7,500 | 4.5% | 19,329 | 11.7% | $16.13 | 2.8% | 6.9% |
2015 | 4 | 8,061 | 4.9% | 27,390 | 16.6% | $50.50 | 9.5% | 16.4% |
2016 | 6 | 10,933 | 6.6% | 38,323 | 23.2% | $37.80 | 9.7% | 26.1% |
2017 | 1 | 4,000 | 2.4% | 42,323 | 25.6% | $29.00 | 2.7% | 28.8% |
2018 | 0 | 0 | 0.0% | 42,323 | 25.6% | $0.00 | 0.0% | 28.8% |
2019 | 1 | 1,365 | 0.8% | 43,688 | 26.4% | $26.88 | 0.9% | 29.6% |
2020 | 6 | 54,655 | 33.1% | 98,343 | 59.5% | $19.91 | 25.4% | 55.1% |
2021 | 6 | 13,549 | 8.2% | 111,892 | 67.7% | $40.94 | 13.0% | 68.0% |
2022 | 2 | 27,450 | 16.6% | 139,342 | 84.3% | $22.82 | 14.7% | 82.7% |
Thereafter | 3 | 22,765 | 13.8% | 162,107 | 98.0% | $32.49 | 17.3% | 100.0% |
Vacant | NAP | 3,230 | 2.0% | 165,337 | 100.0% | NAP | NAP | |
Total / Wtd. Avg. | 31 | 165,337 | 100.0% | $26.37 | 100.0% |
The Loan. The Brea Plaza Shopping Center Loan (the “Brea Plaza Shopping Center Loan”) is a fixed rate loan secured by the borrower’s fee simple and leasehold interest in the Brea Plaza Shopping Center, a 165,337 square foot Class A, anchored retail shopping center located at the intersection of Imperial Highway and the Orange Freeway in Brea, California (the “Brea Plaza Shopping Center Property”) with an original principal balance of $43.5 million. The Brea Plaza Shopping Center Loan has a 10-year term and amortizes on a 30-year schedule. The Brea Plaza Shopping Center Loan accrues interest at a fixed rate equal to 6.3220% and has a Cut-off Date Balance of $43.5 million. Loan proceeds were used to retire existing debt of approximately $39.3 million, fund the purchase of the Jared Building Improvements and fund escrows for outstanding tenant build-out and free rent reserves. Based on the appraised value of $66.0 million as of December 7, 2011, the Cut-off Date LTV is 65.8% and the remaining implied equity is $22.5 million. The most recent prior financing of the Brea Plaza Shopping Center Property was not included in a securitization.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-69
835 East Imperial Highway and 1647 East Imperial Highway Brea, CA 92821 | Collateral Asset Summary Brea Plaza Shopping Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $43,451,656 65.8% 1.28x 9.6% |
Sources and Uses | ||||||
Sources | $ | % | Uses | $ | % | |
Loan Amount | $43,500,000 | 99.9% | Loan Payoff | $39,300,000 | 90.3% | |
Borrower Equity | $40,000 | 0.1% | Prior Loan Reserves Refund | ($2,756,839) | (6.3%) | |
Loan Reserves | $3,285,531 | 7.5% | ||||
Jared Building Purchase | $1,500,000 | 3.4% | ||||
Deferred Development Costs | $1,098,014 | 2.5% | ||||
Closing Costs | $1,113,293 | 2.6% | ||||
Total Sources | $43,540,000 | 100.0% | Total Uses | $43,540,000 | 100.0% |
The Borrower / Sponsor. The borrower, BPI Brea, LLC is a single purpose Delaware limited liability company structured to be bankruptcy-remote, with two independent directors in its organizational structure. The sponsor of the borrower is BOSC Realty Advisors LLC and the nonrecourse carve-out guarantors are Najwa Nadhir, Ronald Shunia, and Nedal Denha. Affiliated entities of the sponsor have owned the Brea Plaza Shopping Center Property since 1992, and have renovated and redeveloped the Brea Plaza Shopping Center Property several times over the past 20 years. Affiliates of the sponsor have developed and/or leased over 1 million square feet of retail space representing several hundred million dollars in value, including retail properties in TX, CA and FL, as well as retail and office properties in MI.
The Property. The Brea Plaza Shopping Center Property is located at the intersection of the Orange Freeway & Imperial Highway, Brea, California. The site consists of a 13.13‐acre irregular‐shaped parcel developed with 15 single‐story retail buildings with a total of 165,337 square feet of net rentable area. The Brea Plaza Shopping Center Property was originally constructed in 1976 and most recently renovated between 2008 and 2011 with ongoing renovations including the completion of an 8,400 sq. ft. outparcel tenanted by Jared Jewelers (6,000 sq. ft.), Pinkberry (1,141 sq. ft.) and one additional speculative retail tenant. Other recent renovations include the construction of buildings C, T and U, which total 24,461 sq. ft. and are currently leased to Mother’s Market (13,006 sq. ft.), AT&T Wireless (4,704 sq. ft.), Chick-Fil-A (3,759 sq. ft.), Bonny Bridal (2,277 sq. ft.) and Eyebrow Beauty (715 sq. ft.).
Environmental Matters. The Phase I environmental report dated December 12, 2011 recommended no further action at the Brea Plaza Shopping Center Property.
Major Tenants.
Tristone Cinemas (18,450 sq. ft., 11.2% of NRA, 4.1% of U/W Base Rent)
Tristone Cinemas, dba Brea Plaza 5 Cinemas, is a late run movie-theater featuring five screens with standard seating. Tristone Cinemas operates five theaters in southern California. It is noted that with regards to the Tristone Cinemas sales, as a late-run theater, the theater has significantly lower costs to show movies and sells tickets for lower prices than typical first-run theaters. The theater typically runs movies after two week runs at first-run theaters. Tristone currently operates five similar theaters in the market and has reportedly been profitable at all of its locations. Tristone provided a personal guarantee from the operator. Tristone Cinemas reported sales of $185,868 per screen for the T-12 period ending October 2011.
Total Wines (18,013 sq. ft., 10.9% of NRA, 6.7% of U/W Base Rent)
Total Wines is an American alcohol retailer founded in 1991 by David and Robert Trone through the opening of two wine stores in Delaware. In 1998, Total Wines purchased five Total Beverage stores from the Dart Group. Following the purchase, Total Wine grew slowly until 2002, when other executives were brought in from major retailers like BJ's, Hechinger, The Home Depot, Hecht's, and others; this allowed steady expansion thereafter. Total Wines currently has over 80 locations in 10 states (Delaware, Florida, New Jersey, North Carolina, South Carolina, Georgia, Arizona, California, Virginia, and Nevada). Total Wines has become one of the largest independent fine wine retailers in the United States and is among a select few of fine wine retailers who operate in multiple states. It is the leading non-supermarket seller of fine wine in the United States.
DSW (17,450 sq. ft., 10.6% of NRA, 8.6% of U/W Base Rent)
DSW Inc. is a leading branded footwear and accessories retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear and accessories for women, men and kids. As of January 10, 2012, DSW operated 326 stores in 40 states and 336 leased departments for other retailers in the United States. As of December 14, 2011, DSW (NYSE: DSW) was trading at $44.54 per share, with a market capitalization of $1.93 billion. For the year ending January 29, 2011, DSW reported total revenues of $1.8
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-70
835 East Imperial Highway and 1647 East Imperial Highway Brea, CA 92821 | Collateral Asset Summary Brea Plaza Shopping Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $43,451,656 65.8% 1.28x 9.6% |
billion and operating income of $173.6 million. The tenant space for DSW is currently being built out by the borrower and is anticipated to be delivered to DSW in July 2012. DSW has the right to terminate its lease if the space is not delivered by October 1, 2012. Sufficient funds to complete all of the landlord’s obligations under the lease, as well as one year of rent, have been reserved.
The Market. The Brea Plaza Shopping Center Property is located in the southern portion of the city of Brea. The City of Brea is within northern Orange County and is 35 miles south of Los Angeles and 90 miles north of San Diego. Reis, Inc. classifies the Brea Plaza Shopping Center Property in the North submarket of Orange County which contains 5,708,000 sq. ft., or 14.2% of the region’s inventory.
As of third quarter 2011, the overall vacancy rate for the region was 6.4%, according to Reis, Inc. The North submarket has an overall vacancy rate of 6.3%. The average asking rental rate for all types of space in the region is $30.58 PSF. The highest average asking rent of $40.63 PSF is being achieved in the Coastal submarket. Conversely, the lowest rent is being achieved in the West submarket at $23.75 PSF. The Brea Plaza Shopping Center Property’s North submarket has an average asking rental rate of $29.60 PSF.
Competitive Set(1) | ||||||
Name | Brea Gateway Center | Brea Center | Morningside Plaza | Imperial Center East | Fullerton University Center | Fullerton Crossroads |
Distance from Subject | 0.5 miles | 1.1 miles | 1.4 miles | 1.7 miles | 2.0 miles | 2.2 miles |
Property Type | Community SC | Neighborhood SC | Neighborhood SC | Community SC | Community SC | Community SC |
Year Built / Renovated | 1994 | 1967 | 1992 | 1989 | 1975 | 1970 / 2005 |
Total Occupancy | 99% | 98% | 95% | 98% | 100% | 99% |
Size (Sq. Ft.) | 181,854 | 56,945 | 91,209 | 221,224 | 189,000 | 226,000 |
Anchors / Major Tenants | Ralph’s, Cost Plus World Market | Vons | Stater Brothers | Albertsons, TJ Maxx, Trader Joe’s | Target | Ralph’s, Kohl’s |
(1) | Source: Appraisal |
Cash Flow Analysis.
Cash Flow Analysis | |||
T-12 10/31/2011 | U/W | U/W PSF | |
Base Rent(1) | $2,944,060 | $4,275,387 | $25.86 |
Value of Vacant Space | 0 | 140,201 | 0.85 |
Gross Potential Rent | $2,944,060 | $4,415,588 | $26.71 |
Total Recoveries | 879,230 | 1,695,992 | 10.26 |
Total Other Income | 303,770 | 300,000 | 1.81 |
Less: Vacancy(2) | 0 | (320,579) | (1.94) |
Effective Gross Income | $4,127,060 | $6,091,001 | $36.84 |
Total Operating Expenses | 1,009,868 | 1,929,875 | 11.67 |
Net Operating Income | $3,117,192 | $4,161,126 | $25.17 |
TI/LC | 0 | 184,445 | 1.12 |
Capital Expenditures | 0 | 33,067 | 0.20 |
Net Cash Flow | $3,117,192 | $3,943,614 | $23.85 |
(1) | U/W Base Rent includes $24,253 in contractual step rent through November 2012. |
(2) | U/W vacancy of 5.0% of gross income. |
Property Management. The Brea Plaza Shopping Center Property is managed by Coreland Companies, which is not an affiliate of the borrower.
Lockbox / Cash Management. The Brea Plaza Shopping Center Loan is structured with a hard lockbox and in place cash management.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-71
835 East Imperial Highway and 1647 East Imperial Highway Brea, CA 92821 | Collateral Asset Summary Brea Plaza Shopping Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $43,451,656 65.8% 1.28x 9.6% |
Additionally, all excess cash will be swept into a lender controlled account upon an (i) event of default of loan or management agreement, (ii) a borrower cooperation failure event, (iii) or if the debt service coverage ratio for the Brea Plaza Shopping Center Property is less than 1.05x on a trailing 12-month basis for any applicable period.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-72
835 East Imperial Highway and 1647 East Imperial Highway Brea, CA 92821 | Collateral Asset Summary Brea Plaza Shopping Center | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $43,451,656 65.8% 1.28x 9.6% |
Initial Reserves. At closing, the borrower deposited (i) $382,220 into a tax reserve account, (ii) $63,199 into an insurance reserve account, (iii) $81,158 into the TI/LC reserve account, (iv) $60,000 into a Loftus Channel Completion Reserve for outstanding fees asserted by the Orange County Flood District to be owed with the development of the parking area over the flood channel along the eastern end of the Property, (v) $150,225 into a Casual Male TI/LC Reserve for TI/LC costs to be paid in connection with the Casual Male space, (vi) $522,500 into a DSW TI/LC Reserve for TI/LC costs to be paid in connection with the DSW space, (vii) $260,000 into a Casual Male Deliver Reserve to be released upon Casual Male taking occupancy and opening for business, (viii) $366,450 into a DSW Delivery Reserve to be released upon DSW taking occupancy and opening for business,(ix) $300,429 in a Free Rent Reserve for remaining free rent and, (x) $1,099,351 in a Build Out Reserve to cover build-out costs associated with the DSW and Casual Male spaces.
Ongoing Reserves. On a monthly basis, the borrower is required to deposit reserves of (i) $76,444 into a monthly tax reserve account, (ii) $5,745 into a monthly insurance reserve account, (iii) $2,756 into a capital expenditure account and (iv) $13,778 into a TI/LC reserve account. TI/LC reserve is capped at $500,000, except during the last three years of the Brea Plaza Shopping Center Loan term.
Current Mezzanine or Subordinate Indebtedness. None
Future Mezzanine or Subordinate Indebtedness Permitted. None
Ground Lease. A portion of the parking area running to the benefit of the Brea Plaza Shopping Center Property (including the land currently improved with the drive-thru for Chick-Fil-A) is subject to a ground lease between borrower (as tenant) and Orange County Flood Control District (as landlord). This parking area was constructed above a flood channel running along the eastern portion of the Brea Plaza Shopping Center Property. The ground lease for the Loftus Channel Land carries a 30-year term (expiring October 31, 2040), with two 10-year extension options. The initial rent under the lease is $16,274 per month. Rent will increase every five years based upon increases in CPI for the initial term beginning on November 1, 2015, as well as the extension terms. Under the terms of the ground lease, certain construction costs (plus interest at the greater of (a) 10% or (b) average interest+2% per annum) associated with the development of the parking area above the flood channel are considered to be prepaid rent, and will offset such rent obligations during the initial 30-year term of the lease. Based upon estoppels received from Orange County, the above referenced construction costs were sufficient to cover all rent payments during the initial 30-year term of the ground lease and no ground rent is due during such term.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-73
Miami, FL | Collateral Asset Summary Rio and Treetop Apartments | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $34,462,582 65.4% 1.52x 11.5% |
Mortgage Loan Information | |
Loan Seller: | LCF |
Loan Purpose: | Refinance |
Sponsor: | Belinda Meruelo |
Borrower: | Rio Apartments, Inc.; Residences at 107 Ave., Inc. |
Original Balance: | $34,500,000 |
Cut-off Date Balance: | $34,462,582 |
% by Initial UPB: | 3.5% |
Interest Rate: | 6.5000% |
Payment Date: | 6th of each month |
First Payment Date: | March 6, 2012 |
Maturity Date: | February 6, 2017 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | YM1(59), O(1) |
Lockbox / Cash Management: | Soft / In Place |
Reserves(1) | ||
Initial | Monthly | |
Taxes: | $162,720 | $54,240 |
Insurance: | $189,411 | $36,324 |
Replacement: | $0 | $16,246 |
Required Repairs: | $537,638 | NAP |
Debt Service Reserve: | $218,064 | NAP |
Security Deposit Reserve: | $485,370 | $0 |
Financial Information | |
Cut-off Date Balance / Unit: | $61,872 |
Balloon Balance / Unit: | $58,322 |
Cut-off Date LTV: | 65.4% |
Balloon LTV: | 61.6% |
Underwritten NOI DSCR: | 1.52x |
Underwritten NCF DSCR: | 1.45x |
Underwritten NOI Debt Yield: | 11.5% |
Underwritten NCF Debt Yield: | 11.0% |
Property Information | |
Single Asset / Portfolio: | Two crossed single assets |
Property Type: | Multifamily |
Collateral: | Fee Simple |
Location: | Miami, FL |
Year Built / Renovated: | 1971,1974 / NAP |
Total Units: | 557 |
Property Management: | Self Managed |
Underwritten NOI: | $3,978,909 |
Underwritten NCF: | $3,783,959 |
Appraised Value: | $52,700,000 |
Appraisal Date: | November 10, 2011 |
Historical NOI | |
TTM NOI: | $4,461,028 (T-12 November 30, 2011) |
2010 NOI: | $3,496,226 (December 31, 2010) |
2009 NOI: | $3,741,858 (December 31, 2009) |
2008 NOI: | $3,114,394 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 97.8% (November 28, 2011) |
2010 Occupancy: | 95.1% (December 31, 2010) |
2009 Occupancy: | 93.9% (December 31, 2009) |
2008 Occupancy: | 93.0% (December 31, 2008) |
(1) | See “Initial Reserves” and “Ongoing Reserves” herein. |
Property Name | Location | Units | Year Built / Renovated | Allocated Loan Amount | Appraised Value | Occupancy |
Rio Apartments | Miami, FL | 294 | 1971 / NAP | $18,500,000 | $27,700,000 | 98.0% |
Treetop Apartments | Miami, FL | 263 | 1974 / NAP | $16,000,000 | $25,000,000 | 97.7% |
Total / Wtd. Average: | 557 | $34,500,000 | $52,700,000 | 97.8% |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-76
Miami, FL | Collateral Asset Summary Rio and Treetop Apartments | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $34,462,582 65.4% 1.52x 11.5% |
Unit Mix – Rio Apartments(1) | ||||||
Unit Type | # of Units | % of Total | Sq. Ft. | Occupied Units | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate |
1 Bed / 1 Bath | 90 | 30.6% | 58,950 | 89 | 655 | $923 |
1 Bed / 1.5 Bath | 95 | 32.3% | 86,260 | 92 | 908 | $1,114 |
2 Bed / 1 Bath | 109 | 37.1% | 99,190 | 107 | 910 | $1,116 |
Total / Wtd. Avg. | 294 | 100.0% | 244,400 | 288 | 831 | $1,056 |
(1) | Based on an appraiser utilized rent roll dated November 28, 2011. |
Unit Mix – Treetop Apartments(1) | ||||||
Unit Type | # of Units | % of Total | Sq. Ft. | Occupied Units | Average Unit Size (Sq. Ft.) | Average Monthly Rental Rate |
1 Bed / 1 Bath | 17 | 6.5% | 13,141 | 17 | 773 | $893 |
1 Bed / 1.5 Bath | 140 | 53.2% | 130,760 | 136 | 934 | $990 |
2 Bed / 1 Bath | 70 | 26.6% | 68,460 | 68 | 978 | $1,114 |
2 Bed / 1.5 Bath | 36 | 13.7% | 36,504 | 36 | 1,014 | $1,140 |
Total / Wtd. Avg. | 263 | 100.0% | 248,865 | 257 | 946 | $1,037 |
(1) | Based on an appraiser utilized rent roll dated November 28, 2011. |
The Loans. The Rio Apartments and Treetop Apartments loans (the “Rio and Treetop Apartments Loans”) are cross collateralized/cross defaulted fixed rate loans secured by the borrower’s fee simple interest in the Rio Apartments, a 294 unit multifamily apartment complex located in Miami, Florida and Treetop Apartments, a 263 unit multifamily apartment complex located in Miami, Florida (each a “Property” and collectively, the “Rio and Treetop Apartments Properties”) with an original principal balance of $18.5 million and $16.0 million, respectively. The Rio and Treetop Apartments Loan has a 5-year term and amortizes on a 30-year schedule. The Rio and Treetop Apartments Loan accrues interest at a fixed rate equal to 6.5000% and has a Cut-off Date balance of $18.48 million and $15.98 million, respectively. Loan proceeds were used to retire existing debt of approximately $21.75 million and fund reserves and closing costs of approximately $2.75 million giving the borrower a cash-out of approximately $10 million. Based on the appraised value of $52.7 million as of November 10, 2011, the Cut-off Date LTV is 65.4%. The most recent prior financing of the Rio Apartments was included in the BACM 2000-2 transaction. The most recent prior financing of the Treetop Apartments was not included in a securitization.
Sources and Uses – Rio Apartments | ||||||
Sources | $ | % | Uses | $ | % | |
Loan Amount | $18,500,000 | 100% | Loan Payoff | $11,211,284 | 60.6% | |
Reserves | $1,054,693 | 5.7% | ||||
Cash to Borrower | $5,577,765 | 30.2% | ||||
Closing Costs | $656,258 | 3.5% | ||||
Total Sources | $18,500,000 | 100.0% | Total Uses | $18,500,000 | 100.0% |
Sources and Uses – Treetop Apartments | ||||||
Sources | $ | % | Uses | $ | % | |
Loan Amount | $16,000,000 | 100% | Loan Payoff | $10,540,035 | 65.9% | |
Reserves | $538,509 | 3.4% | ||||
Cash to Borrower | $4,424,660 | 27.6% | ||||
Closing Costs | $496,796 | 3.1% | ||||
Total Sources | $16,000,000 | 100.0% | Total Uses | $16,000,000 | 100.0% |
The Borrower / Sponsor. Each borrower is a Florida Sub-S Corporation with an independent director in its organizational structure. The sponsor of the borrower and the nonrecourse carve-out guarantor is Belinda Meruelo. Ms. Meruelo is a long-time experienced and established real estate investor, developer, and property manager who has resided and been heavily active in the South Florida real estate market for the past thirty years. Her portfolio, which she has both developed and managed, consists of over 2,000 units. Ms. Meruelo has owned Rio Apartments since 1991 and Treetop Apartments since 1994.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-77
Miami, FL | Collateral Asset Summary Rio and Treetop Apartments | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $34,462,582 65.4% 1.52x 11.5% |
The Properties.
Rio Apartments – The Rio Apartments property is a Class B/C property located at 8801-8871 Fontainebleau Boulevard, Miami, Florida (the “Rio Apartments Property”). The site consists of a 9.23‐acre irregular‐shaped parcel developed with twelve garden-style multifamily apartment buildings ranging from two to five-stories with a total of 294 units, all developed in 1971. The site is also improved with two swimming pools, a tennis court, a clubhouse building, laundry facility and 375 parking spaces. The sponsor accepts Section 8 housing credits for the Rio Apartments Property and approximately 50% of the income is from Section 8 tenants that are mostly senior citizens.
Treetop Apartments - The Treetop Apartments property is a Class B/C property is located at 8532 SW 107th Avenue, Miami, Florida (the “Treetop Apartments Property”). The site consists of a 10.21‐acre irregular‐shaped parcel developed with nine two‐story multifamily garden style apartment buildings with a total of 263 units, all developed in 1974. The site is also improved with two swimming pools, a tennis court, clubhouse building, and seven laundry facilities. The sponsor accepts Section 8 housing credits for the Treetop Apartments Property and approximately 50% of the income is from Section 8 tenants that are mostly senior citizens.
Environmental Matters. The Phase I environmental report dated November 17, 2011 recommended the development and implementation of an Asbestos Operation and Maintenance Plan at the each property. The Phase I for the Rio Apartments Property also noted that due to the Property’s age, the Property’s utility owned pad-mounted electrical transformers may contain PCBs. Overall the transformers appeared to be in good condition with the exception of dielectric fluid staining observed on the concrete pad of the transformer located on the eastern corner of Building 8851. In accordance with Section 761 of the Toxic Substance Control Act, the transformers’ owner, Florida Power & Light, is responsible for their maintenance and remediation in the event of a leak. The Phase I report recommends the utility company should be notified of the leaking transformers, the PCB content of the released dielectric fluid should be determined, the transformer should be either replaced or repaired and the areas exhibiting dielectric fluid staining be properly cleaned.
The Market. Both the Rio Apartments Property and the Treetop Apartments Property are located in Miami-Dade County, in the southeastern part of the state of Florida. Within the Miami-Dade County, the Rio Apartments Property is located in the Miami area which is in the Airport West submarket and the Treetop Apartments Property is located in the Miami area, which is in the Kendall West submarket. The county’s population makes up approximately half of the South Florida metropolitan area population. Miami-Dade County is part of the Miami-Fort Lauderdale-Pompano Beach-Homestead, FL MSA. Miami-Dade County has an estimated 2011 population of 2,521,036, which represents an average annual 1.0% increase over the 2000 census of 2,253,362. Miami-Dade County added an average of 24,334 residents per year over the 2000-2011 period. Miami-Dade County's population is projected to increase at a 0.8% annual rate from 2011-2016, equivalent to the addition of an average of 21,347 residents per year.
Airport West Submarket - The Airport West submarket contains an overall inventory of 14,266 units, of which 8,231 units or 58% are Class B/C units. Due to the mature nature of the market, limited new construction has occurred within the Property’s submarket over the past few years and only one traditional apartment property is proposed at this time. The most recent new development was Cordoba which was a 224 unit apartment development completed in July 2010. Overall submarket vacancy (all classes of properties combined) is estimated at 5.8% as of 2011, which represents a modest decrease from a high mark of 6.5% in 2010. Class B/C vacancy is higher at 7.0%. The average effective rent for the overall submarket is $1,101 per unit, which represents an increase from the low mark of $1,054 per unit in 2009. Effective rents have increased an overall average of 4.5% since that time. The Class B/C asking rental rate is lower at $1,023 per unit and has also been moving upward since its low point of $988 per unit in 2009. Class B/C asking rents have increased an overall average of 3.5% since that time.
Kendall West Submarket - The Kendall West submarket contains an overall inventory of 4,416 units, of which 2,990 units or 68% are Class B/C units. Due to the mature nature of the market limited new construction has occurred within the Property submarket over the past few years and no traditional apartments are proposed at this time. The most recent new development was Cordoba which was a 224 unit apartment development completed in July 2010. Overall submarket vacancy (all classes of properties combined) is estimated at 3.6% as of 2011, which represents a modest decrease from a high mark of 5.5% in 2010. Class B/C vacancy is lower at 3.2%. The average effective rent for the overall submarket is $1,018 per unit, which represents an increase from the low mark of $971 per unit in 2009. Effective rents have increased an overall average of 4.8% since that time. The Class B/C asking rental rate is lower at $994 per unit and has also been moving upward since its low point of $941 per unit in 2009. Class B/C asking rents have increased an overall average of 5.6% since that time.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-78
Miami, FL | Collateral Asset Summary Rio and Treetop Apartments | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $34,462,582 65.4% 1.52x 11.5% |
Competitive Set (1) – Rio Apartments | ||||
Blue Riviera | Fontainbleau Milton | Vista Verde at Westchester | Birchwood | |
Distance from Subject | 1.4 mi | 0.8 mi | 3.3 mi | 0.6 mi |
Property Type | Garden style | High rise | Garden style | Garden style |
Year Built / Renovated | 1986 | 1992 | 1993 | 1972 |
Total Occupancy | 100% | 97% | 94% | 98% |
Size (units) | 310 | 1,351 | 306 | 330 |
(1) | Source: Appraisal |
Competitive Set(1) – Treetop Apartments | ||||
Nob Hill Apartments | Harbour Key | Wellington Manor | Sherwood West | |
Distance from Subject | 1.4 mi | 0.9 mi | 0.5 mi | 1.0 mi |
Property Type | Garden style | Garden style | Garden style | Garden style |
Year Built / Renovated | 1969 | 1969 | 1968 | 1970 |
Total Occupancy | 99% | 97% | 96% | 92% |
Size (units) | 314 | 300 | 205 | 184 |
(1) | Source: Appraisal |
Cash Flow Analysis.
Cash Flow Analysis – Rio Apartments | |||||
2009 | 2010 | T-12 11/30/2011 | U/W | U/W per Unit | |
Gross Potential Rent | $3,251,254 | $3,280,102 | $3,342,920 | $3,726,876 | $12,676 |
Total Other Income | 67,826 | 70,510 | 71,341 | 73,500 | 250 |
Less: Vacancy & Credit Loss | 0 | 0 | 0 | (186,344) | ($634) |
Effective Gross Income | $3,319,080 | $3,350,612 | $3,414,261 | $3,614,032 | $12,293 |
Total Operating Expenses | 1,281,123 | 1,299,947 | 1,004,434 | 1,477,948 | 5,027 |
Net Operating Income | $2,037,957 | $2,050,664 | $2,409,827 | $2,136,084 | $7,266 |
Capital Expenditures | 0 | 0 | 0 | 102,900 | 350 |
Net Cash Flow | $2,037,957 | $2,050,664 | $2,409,827 | $2,033,184 | $6,916 |
Cash Flow Analysis – Treetop Apartments | |||||
2009 | 2010 | T-12 11/30/2011 | U/W | U/W per Unit | |
Gross Potential Rent | $2,636,006 | $2,661,737 | $2,828,348 | $3,148,572 | $11,972 |
Total Other Income | 82,522 | 88,123 | 72,909 | 85,475 | 325 |
Less: Vacancy & Credit Loss | 0 | 0 | 0 | (157,429) | (599) |
Effective Gross Income | $2,718,528 | $2,749,860 | $2,901,257 | $3,076,618 | $11,698 |
Total Operating Expenses | 1,014,627 | 1,304,298 | 850,056 | 1,233,794 | 4,691 |
Net Operating Income | $1,703,901 | $1,445,562 | $2,051,201 | $1,842,825 | $7,007 |
Capital Expenditures | 0 | 0 | 0 | 92,050 | 350 |
Net Cash Flow | $1,703,901 | $1,445,562 | $2,051,201 | $1,750,775 | $6,657 |
Property Management. Both the Rio Apartments Property and the Treetop Apartments Property are each self managed by the borrower.
Lockbox / Cash Management. The Rio and Treetop Apartments Loans are structured with a soft lockbox and in place cash management.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-79
Miami, FL | Collateral Asset Summary Rio and Treetop Apartments | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $34,462,582 65.4% 1.52x 11.5% |
Initial Reserves.
Rio Apartments - At closing, the borrower deposited (i) $85,369 into a tax reserve account, (ii) $174,957 into an insurance reserve account, (iii) $412,638 into the required repairs reserve account, and (iv) $264,797 into the security deposit reserve account and (v) $116,933 into the debt service reserve account.
Treetop Apartments - At closing, the borrower deposited (i) $77,351 into a tax reserve account, (ii) $14,455 into an insurance reserve account, (iii) $125,000 into the required repairs reserve account, and (iv) $220,573 into the security deposit reserve account and (v) $101,131 into the debt service reserve account.
Ongoing Reserves.
Rio Apartments - On a monthly basis, the borrower is required to deposit reserves of (i) $28,456 into a monthly tax reserve account, (ii) $21,870 into a monthly insurance reserve account and (iii) $8,575 into a replacement reserve account.
Treetop Apartments - On a monthly basis, the borrower is required to deposit reserves of (i) $25,784 into a monthly tax reserve account, (ii) $14,455 into a monthly insurance reserve account and (iii) $7,671 into a replacement reserve account.
Current Mezzanine or Subordinate Indebtedness. None.
Future Mezzanine or Subordinate Indebtedness Permitted. None.
Partial Release. Each Property may be released, pursuant to the Cross Collateralization Agreement with a release price equal to 120% of the allocated loan amount provided that (a) such prepayment is accompanied by a prepayment fee equal to the greater of (i) 1% or (ii) YM premium; (b) DSCR for the remaining loan will be equal to or greater than the greater of (i) the combined DSCR of both loans as of origination and (ii) combined DSCR of both loans prior to the release; (c) LTV for the remaining loan will be equal to or less than the lesser of (i) the combined LTV of both loans as of origination and (ii) combined LTV of both loans prior to the release.
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-80
301 Fifth Avenue Pittsburgh, PA 15222 | Collateral Asset Summary Piatt Place | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $33,500,000 74.3% 1.49x 10.2% |
Mortgage Loan Information | |
Loan Seller: | GLAC |
Loan Purpose: | Refinance |
Sponsor: | Millcraft Investments, Inc.; Kathleen S. Piatt Marital Trust; Jack B. Piatt Family Trust No. 2; Lucas B. Piatt; Piatt Place NMTC Lender, LLC |
Borrower: | Piatt Place Downtown Pittsburgh, L.P. |
Original Balance: | $33,500,000 |
Cut-off Date Balance: | $33,500,000 |
% by Initial UPB: | [3.4]% |
Interest Rate: | 5.5000% |
Payment Date: | 6th of each month |
First Payment Date: | April 6, 2012 |
Maturity Date: | March, 6, 2022 |
Amortization: | Interest only for first 24 months; 360 months thereafter |
Additional Debt(1): | $16,813,000 Subordinate Debt |
Call Protection: | L(24), YM1(89), O(7) |
Lockbox / Cash Management: | Hard / In Place |
Reserves | ||
Initial | Monthly | |
Taxes(2): | $0 | Springing |
Insurance(2): | $0 | Springing |
Replacement: | $3,132 | $3,132 |
TI/LC: | $0 | $0 |
Phoenix Reserve Fund(3): | $1,250,000 | $0 |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $151 | |
Balloon Balance / Sq. Ft.: | $132 | |
Cut-off Date LTV: | 74.3% | |
Balloon LTV: | 65.1% | |
Underwritten NOI DSCR: | 1.49x | |
Underwritten NCF DSCR: | 1.45x | |
Underwritten NOI Debt Yield: | 10.2% | |
Underwritten NCF Debt Yield: | 9.9% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Office / Retail |
Collateral: | Fee Simple |
Location: | Pittsburgh, PA |
Year Built / Renovated: | 1998 / 2006-2007 |
Total Sq. Ft.: | 222,155 |
Property Management: | Millcraft Property Management Services, LLC |
Underwritten NOI: | $3,404,707 |
Underwritten NCF: | $3,309,898 |
Appraised Value(3): | $45,100,000 |
Appraisal Date: | April 1, 2012 |
Historical NOI | |
TTM NOI: | $2,167,925 (T-12 October 31, 2011) |
2010 NOI: | $1,280,550 (T-12 October 31, 2010) |
2009 NOI: | $224,192 (T-12 October 31, 2009) |
2008 NOI: | NAV |
Historical Occupancy | |
Current Occupancy(3): | 93.8% (February 1, 2012) |
2010 Occupancy: | 87.0% (October 31, 2010) |
2009 Occupancy: | 10.4% (October 31, 2009) |
2008 Occupancy: | NAV |
(1) | The Piatt Place property is encumbered by several subordinated financings structured as subordinate mortgages to qualify for certain tax credits under the New Markets Tax Credits program. See “Description of the Mortgage Pool – Certain Terms and Conditions of the Mortgage Loans – New Markets Tax Credits” in the free writing prospectus. |
(2) | On each payment date, the borrower will be required to deposit 1/12th of the estimated annual taxes and other related charges that the lender estimates will be payable in the next ensuing 12 months, and 1/12th of the estimated insurance premiums lender estimates will payable for renewal coverage. Such requirement will be waived, provided (a) no event of default has occurred and is continuing, (b) no cash sweep period exists, (c) borrower delivers proof reasonably satisfactory to lender that all insurance premiums and taxes and other related charges have been paid at least 10 days prior to the date upon which such required payments are delinquent. |
(3) | Current Occupancy assumes that the University of Phoenix tenant has taken occupancy. University of Phoenix has signed a lease and the tenant’s space is currently being built-out. $1.25 million was escrowed upfront in a reserve account to cover the costs associated with the tenant build-out of the University of Phoenix space. |
TRANSACTION HIGHLIGHTS |
§ | Location/ Asset Quality. The Piatt Place property is a Class A office building located in downtown Pittsburgh, Pennsylvania and recently underwent an extensive renovation. The Piatt Place property was formerly a Lazarus Department Stores, and was redeveloped to its current use as an office and retail building in 2006-2007. |
§ | Strong Tenancy. The Commonwealth of Pennsylvania – Department of General Services (AA+/Aa1/AA by Fitch/Moody’s/S&P) occupies 80.7% (currently 74.5%, with the obligation to add an additional 13,700 square feet or 6.2% of the net rentable area commencing March 2012) of the net rentable area on a long term lease with an expiration date in December 2029. Overall, 87.0%, including the 13,700 square feet of possible expansion space, of the property’s net rentable area is leased by investment grade rated tenants. |
§ | Strong Sponsorship. Millcraft Investments, Inc., the sponsor for the Piatt Place loan, is a wholly owned subsidiary of Millcraft Industries, Inc., a Pittsburgh based real estate developer and management company with a fifty-year history of successfully creating and maintaining prominent large-scale office, retail and mixed-used developments. Jack B. Piatt, founder and chairman of Millcraft Industries, Inc., is a recognized leading industrialist in the Pittsburgh area, with extensive experience in the real estate development and management, industrial fabrication, and manufacturing of steel related products. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-1
1 Susquehanna Valley Mall Drive Selinsgrove, PA 17870 | Collateral Asset Summary Susquehanna Valley Mall | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $27,895,902 64.9% 2.15x 15.8% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Alma O. Cohen; Edwin Lakin; Albert Boscov; Mid-Island Properties, Inc. |
Borrower: | Susquehanna Valley Mall Associates, L.P. |
Original Balance: | $27,950,000 |
Cut-off Date Balance: | $27,895,902 |
% by Initial UPB: | [2.8]% |
Interest Rate: | 6.1580% |
Payment Date: | 6th of each month |
First Payment Date: | February 6, 2012 |
Maturity Date: | January 6, 2022 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(26), D(90), O(4) |
Lockbox / Cash Management(1): | Hard / Springing |
Reserves | ||
Initial | Monthly | |
Taxes: | $238,948 | $89,218 |
Insurance: | $132,776 | $12,071 |
Replacement: | $0 | $18,842 |
TI/LC(2): | $0 | $31,250 |
Required Repairs | $55,375 | NAP |
Accretive Leasing(3): | $1,075,000 | $0 |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.(4): | $44 | |
Balloon Balance / Sq. Ft.(4): | $38 | |
Cut-off Date LTV: | 64.9% | |
Balloon LTV: | 55.4% | |
Underwritten NOI DSCR: | 2.15x | |
Underwritten NCF DSCR: | 1.94x | |
Underwritten NOI Debt Yield: | 15.8% | |
Underwritten NCF Debt Yield: | 14.2% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Regional Mall |
Collateral: | Fee Simple |
Location: | Selinsgrove, PA |
Year Built / Renovated: | 1977 / 1998 |
Total Sq. Ft.: | 744,790 |
Total Collateral Sq. Ft.(5): | 628,063 |
Property Management: | PREIT-Rubin, Inc. |
Underwritten NOI: | $4,398,476 |
Underwritten NCF: | $3,964,818 |
Appraised Value: | $43,000,000 |
Appraisal Date: | October 8, 2011 |
Historical NOI | |
TTM NOI: | $4,132,081 (T-12 August 31, 2011) |
2010 NOI: | $4,042,399 (December 31, 2010) |
2009 NOI: | $4,551,774 (December 31, 2009) |
2008 NOI: | $5,133,826 (December 31, 2008) |
Historical Occupancy(6) | |
Current Occupancy(4)(5): | 94.7% (December 31, 2011) |
2010 Occupancy: | 96.1% (December 31, 2010) |
2009 Occupancy: | 95.1% (December 31, 2009) |
2008 Occupancy: | 96.1% (December 31, 2008) |
(1) | Cash management will be triggered upon (i) an event of default, (ii) DSCR less than 1.20x, (iii) a “Partial Lease Sweep Period”, commencing 12 months prior to the end of any anchor tenant lease, or (iv) a “Full Lease Sweep Period”, commencing when any anchor tenant vacates the premises, terminates or cancels its lease, or discontinues its business, provided that either (a) non-anchor tenant occupancy is less than 85% or (b) remaining DSCR is less than either (x) 1.45x if there is less than $500,000 in the TI/LC account, or (y) 1.35x if there is $500,000 or more in the TI/LC account. |
(2) | Beginning in year 3 of the loan term, so long as no Partial or Full Lease Sweep Period is in effect and Bon-Ton and Weis Markets have exercised their extension options, the TI/LC reserve is subject to a cap of $750,000. |
(3) | The Accretive Leasing reserve will be used for TI/LCs on vacant space or to enable short term leases to be converted into permanent leases. Funds will only be released provided: (i) in-line occupancy is at least 85%, (ii) annualized in-line sales for reporting tenants are at least $240 PSF, (iii) the debt yield exceeds 11.0% and (iv) the lease for the proposed tenant is not less than $10 PSF for at least four years and otherwise provides for terms comparable to existing local market rates. |
(4) | Based on Total Collateral Sq. Ft. of 628,063. |
(5) | Excludes Applebee’s (4,738 sq. ft.), Friendly’s (3,950 sq. ft.), Sears (106,206 sq. ft.) and Taco Bell (1,833 sq. ft.), all of which own their improvements. Including these tenants, overall mall occupancy is 95.5% |
(6) | Historical occupancy is based on the total mall square footage of 744,790. |
TRANSACTION HIGHLIGHTS |
§ | Stable Tenancy. Susquehanna Valley Mall is 94.7% leased (based on Total Collateral Sq. Ft.) to approximately 69 tenants, with three of the five largest tenants having been in place since the late 1970s. Occupancy has remained steady, averaging 95.8% since 2007 and the mall has an overall occupancy cost as of August 2011 of 5.9%, with in-line tenants having an occupancy cost of 9.3%. |
§ | Experienced Sponsorship. The sponsors are well capitalized, with a combined net worth in excess of $164 million, and contributed approximately $2.65 million of fresh equity as part of the loan refinancing. In addition, the property manager is a subsidiary of Pennsylvania Real Estate Investment Trust (“PREIT”), one of the first equity REITs in the United States. PREIT is headquartered in Philadelphia, Pennsylvania and has a primary investment focus on retail shopping malls. PREIT’s portfolio consists of 49 retail properties in 13 states, totaling over 34 million square feet. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-2
6205-6477 Pats Ranch Road Mira Loma, CA 91752 | Collateral Asset Summary Vernola Marketplace | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $23,561,921 53.8% 1.98x 13.0% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Vestar Development Co.; Rockwood V REIT, Inc.; Equity One, Inc. |
Borrower: | Vernola Marketplace, LLC |
Original Balance: | $23,750,000 |
Cut-off Date Balance: | $23,561,921 |
% by Initial UPB: | 2.2% |
Interest Rate: | 5.1070% |
Payment Date: | 6th of each month |
First Payment Date: | September 6, 2011 |
Maturity Date: | August 6, 2021 |
Amortization: | 360 Months |
Additional Debt(1): | Future Mezzanine |
Call Protection: | L(11), YM1(105), O(4) |
Lockbox / Cash Management: | Hard / In Place |
Reserves | ||
Initial | Monthly | |
Taxes: | $140,947 | $46,947 |
Insurance(2): | $0 | Springing |
Replacement(3): | $0 | $4,396 |
TI/LC: | $46,309 | $14,928 |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $112 | |
Balloon Balance / Sq. Ft.: | $93 | |
Cut-off Date LTV: | 53.8% | |
Balloon LTV: | 44.7% | |
Underwritten NOI DSCR: | 1.98x | |
Underwritten NCF DSCR: | 1.83x | |
Underwritten NOI Debt Yield: | 13.0% | |
Underwritten NCF Debt Yield: | 12.0% | |
Property Information | |||
Single Asset / Portfolio: | Single Asset | ||
Property Type: | Anchored Retail | ||
Collateral: | Fee Simple | ||
Location: | Mira Loma, CA | ||
Year Built / Renovated: | 2007 / NAP | ||
Total Sq. Ft.: | 210,963 | ||
Property Management: | Vestar Properties, Inc. | ||
Underwritten NOI: | $3,068,823 | ||
Underwritten NCF: | $2,836,941 | ||
“As-Is” Appraised Value: | $43,800,000 | ||
“As-Is” Appraisal Date: | June 25, 2011 | ||
“As Stabilized” Appraised Value(5): | $44,800,000 | ||
“As Stabilized” Appraisal Date(5): | December 25, 2012 | ||
Historical NOI | |||
TTM NOI: | $3,017,293 (YTD October 31, 2011 Ann.) | ||
2010 NOI: | $3,195,868 (December 31, 2010) | ||
2009 NOI: | $3,628,225 (December 31, 2009) | ||
2008 NOI: | $3,807,037 (December 31, 2008) | ||
Historical Occupancy(4) | |||
Current Occupancy: | 82.9% (October 31, 2011) | ||
2010 Occupancy: | 81.9% (December 31, 2010) | ||
2009 Occupancy: | 76.9% (December 31, 2009) | ||
2008 Occupancy: | 81.4% (December 31, 2008) |
(1) | Future mezzanine debt is allowed provided, among other things, the combined LTV is not greater than 65%, the combined DSCR is not less than 1.50x and the combined debt yield is not less than 10.8%. |
(2) | If an acceptable blanket policy is not in place, borrower is required to make monthly deposits equal to 1/12 of the insurance premiums into the insurance reserve. |
(3) | Replacement reserve cap of $158,250. |
(4) | Historical Occupancy excludes Lowe’s Home Improvement Warehouse (“Lowe’s”), which is a shadow anchor and not collateral for the loan. Including Lowe’s, the shopping center is 90.6% occupied. In addition, occupancy includes Michael’s Stores (“Michael’s”), which lease contains a prohibition that the landlord may not use, sell, or lease space to a gym/health club. This covenant was breached when a lease was entered into with Fitness 19 in March 2010. Michael’s lease provides that, after certain time periods, it may reduce its rent or terminate its lease after providing notice of the violation to the landlord. Michael’s has not notified the landlord of the breach or of any intention to exercise remedies under its lease. Michael’s reported 2010 sales of $144 PSF and an occupancy cost ratio of 15.4%. |
(5) | “As Stabilized” LTV is 52.6% assuming a stabilized occupancy of 94.0%. |
TRANSACTION HIGHLIGHTS |
§ | Credit Tenants. The tenant mix consists of approximately 30 tenants, with 29.1% of the center’s Total Sq. Ft. occupied by investment grade tenants that include Bed Bath & Beyond (NR/NR/BBB+ by Fitch/Moody’s/S&P), Ross Stores (NR/NR/BBB+ by Fitch/Moody’s/S&P) and H&R Block (NR/NR/BBB by Fitch/Moody’s/S&P). |
§ | Experienced Sponsorship. Vestar Development Co., Rockwood V REIT, Inc. and Equity One, Inc. collectively have a net worth of approximately $1.7 billion and liquidity of approximately $39 million. As of September 30, 2011, the Equity One, Inc. portfolio comprised 199 properties totaling approximately 20.7 million square feet, including 176 shopping centers. Since the acquisition in December 2010, the sponsors have executed three new leases with Five Guys Burgers, Subway, and Health Source. |
§ | Strong Credit Metrics. The Vernola Marketplace loan has a 53.8% Cut-off Date LTV, 1.83x Underwritten NCF DSCR and a 13.0% Underwritten NOI Debt Yield. |
§ | Location. The Vernola Marketplace property has frontage along the Interstate 15 Freeway at a major off ramp with good visibility and desirable access. Interstate 15 has over 158,000 average daily cars per day. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-3
Houston, TX and Bedford Park, IL | Collateral Asset Summary GRM Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $19,967,806 65.6% 1.54x 11.9% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Moishe Mana |
Borrower: | Bedford Park Holdings, LLC; Harwin Holdings, LLC |
Original Balance: | $20,000,000 |
Cut-off Date Balance: | $19,967,806 |
% by Initial UPB: | [1.9]% |
Interest Rate: | 6.0000% |
Payment Date: | 6th of each month |
First Payment Date: | March 6, 2012 |
Maturity Date: | February 6, 2022 |
Amortization: | 300 months |
Additional Debt: | None |
Call Protection(1): | L(25), D(91), O(4) |
Lockbox / Cash Management: | Hard / In Place |
Reserves | ||
Initial | Monthly | |
Taxes: | $153,852 | $59,000 |
Insurance(2): | $0 | Springing |
Replacement: | $0 | $7,595 |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $33 | |
Balloon Balance / Sq. Ft.: | $25 | |
Cut-off Date LTV: | 65.6% | |
Balloon LTV: | 50.9% | |
Underwritten NOI DSCR: | 1.54x | |
Underwritten NCF DSCR: | 1.39x | |
Underwritten NOI Debt Yield: | 11.9% | |
Underwritten NCF Debt Yield: | 10.7% | |
Property Information | |
Single Asset / Portfolio: | Portfolio of 2 Properties |
Property Type: | Warehouse / Distribution Industrial |
Collateral: | Fee Simple |
Location(3): | Texas and Illinois |
Year Built / Renovated: | 1971 / 2009 and 2005 / NAP |
Total Sq. Ft.: | 607,633 |
Property Management: | M Management, Inc. |
Underwritten NOI: | $2,384,849 |
Underwritten NCF: | $2,142,310 |
Appraised Value(4): | $30,440,000 |
Appraisal Date: | November 2011 |
Historical NOI(5) | |
TTM NOI: | NAV |
2010 NOI: | NAV |
2009 NOI: | NAV |
2008 NOI: | NAV |
Historical Occupancy(5) | |
Current Occupancy: | 100.0% (January 19, 2012) |
2010 Occupancy: | NAV |
2009 Occupancy: | NAV |
2008 Occupancy: | NAV |
(1) | During the defeasance period, the borrower may release one of the properties, subject to pay down of 125% of the allocated loan amount and satisfaction of DSCR, LTV and Debt Yield tests on the remaining property. |
(2) | If an acceptable blanket insurance policy is not in place, borrower is required to make monthly deposits equal to 1/12 of the insurance premiums into the insurance reserve. |
(3) | The properties are located at 10310 Harwin Drive in Houston, Texas (the “Harwin Drive Property”) and 7123 West 65th Street in Bedford Park, Illinois (the “Bedford Park Property”). |
(4) | The appraisals also reported a “Go Dark” value totaling $23,570,000. |
(5) | The Bedford Park Property was acquired in 2010 and the Harwin Drive Property was acquired in 2011; historical NOI and occupancy was not made available by the previous owner. |
TRANSACTION HIGHLIGHTS |
§ | Portfolio Lease Guarantees. The lease of GRM Information Management of Chicago, LLC (“GRM Chicago”), which comprises 100.0% of the NRA at the Bedford Park Property and the lease of GRM Document Storage, LLC (“GRM Texas”), which comprises 55.6% of the NRA at the Harwin Drive Property, are guaranteed by the loan sponsor, Moishe Mana. If GRM Chicago or GRM Texas fails to pay its contractual rent in any month, the sponsor will deposit such rent shortfall directly into the lockbox prior to the next monthly payment. Iron Mountain occupies the remaining 44.4% of NRA at the Harwin Drive Property. In the event Iron Mountain does not renew its lease when it expires in 2016, GRM Texas is obligated to execute a lease for the entirety of the space vacated by Iron Mountain on the same terms as the then-current GRM Texas lease. As such, the portfolio is under guaranty to remain 100.0% leased throughout the term of the loan. |
§ | Experienced Sponsorship. Moishe Mana founded GRM Information Management Services, Inc. (“GRM”), the parent company of GRM Chicago and GRM Texas, in 1987. In addition, Mr. Mana has developed several businesses, including, M Management, Inc. (the property manager of the portfolio). Mr. Mana has reported net worth of $87.9 million and liquidity of $2.2 million as of May 2011. The sponsor has put approximately $5.6 million into the two properties for tenant improvements and capital expenditures to build out space for the document storage business. |
§ | Tenancy. GRM provides information and records management solutions worldwide with approximately 400 employees, and leases 77.2% of the portfolio NRA. GRM has been at the Bedford Park Property since the sponsor acquired it in April 2010 and the Harwin Drive Property since the sponsor acquired it in August 2011. Iron Mountain is one of the world’s largest records storage and information management companies, assisting more than 140,000 organizations in 39 countries on five continents with storing, protecting and managing information. Iron Mountain has been in occupancy at the Harwin Drive Property since 1995, and exercised a five-year extension option in October 2011 which extended the expiration date of the lease to June 30, 2016. In addition, Iron Mountain has invested over $5.0 million into its space since being at the Harwin Drive Property. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-4
Collateral Asset Summary Evergreen Portfolio | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $16,964,976 66.8% 1.41x 10.5% |
Mortgage Loan Information | |
Loan Seller: | LCF |
Loan Purpose: | Refinance |
Sponsor: | Ross H. Partrich |
Borrower: | Vance Associates, LLC; Yorktowne Associates, LLC; Pondarosa Associates, LLC |
Original Balance: | $17,500,000 |
Cut-off Date Balance(1): | $16,964,976 |
% by Initial UPB: | 1.7% |
Interest Rate: | 6.0490% |
Payment Date: | 6th of each month |
First Payment Date: | January 6, 2012 |
Maturity Date: | December 6, 2021 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection(2): | L(27), D(90), O(3) |
Lockbox / Cash Management(3): | Soft / Springing |
Reserves | ||
Initial | Monthly | |
Taxes: | $95,144 | $20,484 |
Insurance: | $8,990 | $4,495 |
Replacement: | $0 | $3,099 |
Yorktowne Deficiency Reserve: | $47,814 | $0 |
Evergreen Monitoring Reserve: | $45,000 | $0 |
Well Closure Reserve: | $3,750 | $0 |
Yorktowne Remediation Reserve: | $352,186 | $0 |
Required Repairs: | $53,565 | NAP |
Financial Information | ||
Cut-off Date Balance / Pad: | $28,513 | |
Balloon Balance / Pad: | $23,499 | |
Cut-off Date LTV: | 66.8% | |
Balloon LTV: | 55.0% | |
Underwritten NOI DSCR: | 1.41x | |
Underwritten NCF DSCR: | 1.38x | |
Underwritten NOI Debt Yield: | 10.5% | |
Underwritten NCF Debt Yield: | 10.3% | |
Property Information | |
Single Asset / Portfolio: | Portfolio of 3 Properties(2) |
Property Type: | Manufactured Housing Community |
Collateral: | Fee Simple |
Location: | Ohio – 2 properties Indiana – 1 property |
Year Built / Renovated: | 1965,1970 / NAP |
Total Pads: | 595 |
Property Management: | Newbury Management Company |
Underwritten NOI: | $1,785,964 |
Underwritten NCF: | $1,748,891 |
Appraised Value: | $25,400,000 |
Appraisal Date: | October 11, 2011 |
Historical NOI | |
TTM NOI: | $1,776,372 (T-12 September 30, 2011) |
2010 NOI: | $1,702,429 (December 31, 2010) |
2009 NOI: | $1,735,953 (December 31, 2009) |
2008 NOI: | $1,605,636 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 84.9% (November 1, 2011) |
2010 Occupancy: | 89.3% (December 31, 2010) |
2009 Occupancy: | 89.5% (December 31, 2009) |
2008 Occupancy: | 89.3% (December 31, 2008) |
(1) | A portion of the Environmental Reserve in an amount equal to $483,618 was applied to prepay the loan upon completion of certain recommended environmental work at the Pondarosa MHP property. |
(2) | Partial release via partial defeasance is permitted after the lockout date subject to (i) DSCR of the remaining properties is equal to or greater than both (a) DSCR of all Individual Properties at origination and (b) DSCR of all individual properties prior to such partial defeasance; (ii) LTV of the remaining properties is equal to or less than both (a) LTV of all Individual Properties at origination and (b) LTV of all individual properties prior to such partial defeasance; and (iii) paying a release price equal to 125% of the allocated loan amount for such individual property. |
(3) | Cash management will spring upon the occurrence of any of the following (i) the occurrence of an event of default under the loan or the property management agreement, (ii) the trailing 12 month DSCR falling to 1.05x or below for three consecutive calendar quarters, or (iii) September 6, 2021. Borrower is permitted to cure a sweep event caused by an event described in clause (ii) above two times during the term of the loan by the property achieving a trailing 12 month DSCR in excess of 1.15x for three consecutive calendar quarters. |
TRANSACTION HIGHLIGHTS |
§ | Experienced Sponsorship / Management. Ross H. Partrich is the fourth largest private owner of manufactured housing communities in the country with over 15,000 pads. Currently he owns, operates and manages 124 properties with 28,771 housing units and sites in 20 states. Newbury Management Company (established 1988) manages all of these units and acts as a third party manager at 31 properties located in 8 states comprised of approximately 8,000 sites. Newbury Management Company’s institutional clients include Fortress Investment Group, Midland Loan Services, CW Capital, Natixis, Berkadia and JER Partners. |
§ | Locations. The three properties are located in two different states and three MSAs. The portfolio has diversified exposure to three local area economies, all of which have different employment and economic drivers. Indianapolis (Pondarosa MHP) is the capital of Indiana with government and healthcare as major contributors to the local economy. The Marion, Ohio (Vance MHP) economic drivers include industrial production and transportation and the Sharonville, Ohio (Yorktowne MHP) economic drivers include retail and healthcare. |
§ | Consistent Total Income. Since 2008 the total income generated from the properties has increased each year, helping to drive the portfolio NOI higher over the same period. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-5
25 Matheson Street Healdsburg, CA 95448 | Collateral Asset Summary Healdsburg Hotel | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $16,883,352 66.2% 1.78x 13.4% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Merritt Sher; Pamela Sher |
Borrower: | HH Healdsburg Investment Group, LLC |
Original Balance: | $17,000,000 |
Cut-off Date Balance: | $16,883,352 |
% by Initial UPB: | 1.7% |
Interest Rate: | 6.3500% |
Payment Date: | 6th of each month |
First Payment Date: | August 6, 2011 |
Maturity Date: | July 6, 2016 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(32), D(24), O(4) |
Lockbox / Cash Management(1): | Hard / Springing |
Reserves | ||
Initial | Monthly | |
Taxes: | $102,031 | $17,005 |
Insurance: | $3,893 | $3,893 |
Replacement(2): | $0 | 1/12 of 2.0% of Gross Revenue |
Required Repairs: | $16,133 | NAP |
Seasonality Reserve(3): | $250,000 | Excess Cash Flow |
Financial Information | ||
Cut-off Date Balance / Room: | $306,970 | |
Balloon Balance / Room: | $290,537 | |
Cut-off Date LTV: | 66.2% | |
Balloon LTV: | 62.7% | |
Underwritten NOI DSCR: | 1.78x | |
Underwritten NCF DSCR: | 1.46x | |
Underwritten NOI Debt Yield: | 13.4% | |
Underwritten NCF Debt Yield: | 11.0% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Full Service Hospitality |
Collateral: | Fee Simple |
Location: | Healdsburg, CA |
Year Built / Renovated: | 2001 / NAP |
Total Rooms: | 55 |
Property Management: | Piazza Hotel Management, LLC |
Underwritten NOI: | $2,261,915 |
Underwritten NCF: | $1,853,788 |
Appraised Value: | $25,500,000 |
Appraisal Date: | April 13, 2011 |
Historical NOI | |
TTM NOI: | $2,206,115 (T-12 October 31,2011) |
2010 NOI: | $2,179,193 (December 31, 2010) |
2009 NOI: | $1,631,717 (December 31, 2009) |
2008 NOI: | $2,325,474 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 70.2% (October 31, 2011) |
2010 Occupancy: | 70.9% (December 31, 2010) |
2009 Occupancy: | 71.1% (December 31, 2009) |
2008 Occupancy: | 79.7% (December 31, 2008) |
(1) | Cash management will be triggered upon (i) an event of default or (ii) if the DSCR is less than 1.15x on the last calendar day of the quarter, and will cease when, with respect to clause (i) the event of default has been cured and such cure has been accepted by Lender and, with respect to clause (ii) when the DSCR has been at least 1.15x for two consecutive calendar quarter ends, as reasonably determined by Lender. |
(2) | Initial monthly Replacement Reserves shall be 1/12 of 2.0% of the prior year Gross Revenues, increasing by 0.5% on each subsequent August payment date until reaching 4.0%, and remaining 4.0% thereafter. |
(3) | The amount of excess cash flow deposited into the Seasonality Reserve shall not exceed $150,000 per month and is subject to a cap of $700,000 inclusive of the initial Seasonality Reserve amount. The balance as of the February 2012 payment date was $396,520. |
TRANSACTION HIGHLIGHTS |
§ | Unique Property and Location. The Healdsburg Hotel is located directly on Healdsburg Plaza, where plots have been completely built-out, minimizing the potential for future projects to serve as competition. The Healdsburg Plaza, which is surrounded by local shops, restaurants and wineries, is a venue for weekly concerts that draw large local crowds. The location benefits from a variety of tourist and leisure attractions in the area. |
§ | High Quality Collateral. The Healdsburg Hotel was completed in 2001 and the sponsors have since invested $851,002 ($15,473 per room) in upgrades and renovations including improvements to the guestrooms, spa, meeting spaces, restaurants and lounges. |
§ | Experienced Sponsorship. The sponsors have extensive experience in the real estate and hospitality industries. Merritt Sher has been a board member, real estate consultant and early stage investor for several national retail companies and was the founder of Terranomics Retail Services, a retail real estate brokerage which specialized in tenant representation, project leasing and institutional property management. |
§ | Performance. October 31, 2011 occupancy is 70.2%, ADR is $341.96 and RevPAR is $239.93. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-6
1445 North Montebello Boulevard Montebello, CA 90640 | Collateral Asset Summary Montebello Town Square | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $15,978,416 31.2% 3.14x 20.1% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Kimco Income Operating Partnership, L.P. |
Borrower: | KIR Montebello, L.P. |
Original Balance: | $16,000,000 |
Cut-off Date Balance: | $15,978,416 |
% by Initial UPB: | 1.6% |
Interest Rate: | 4.9560% |
Payment Date: | 6th of each month |
First Payment Date: | March 6, 2012 |
Maturity Date: | February 6, 2022 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(25), D(91), O(4) |
Lockbox / Cash Management(1): | Springing Hard / Springing |
Reserves(2) | ||
Initial | Monthly | |
Taxes: | $0 | Springing |
Insurance: | $0 | Springing |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $64 | |
Balloon Balance / Sq. Ft.: | $52 | |
Cut-off Date LTV: | 31.2% | |
Balloon LTV: | 25.7% | |
Underwritten NOI DSCR: | 3.14x | |
Underwritten NCF DSCR: | 2.97x | |
Underwritten NOI Debt Yield: | 20.1% | |
Underwritten NCF Debt Yield: | 19.1% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Anchored Retail |
Collateral: | Fee Simple |
Location: | Montebello, CA |
Year Built / Renovated: | 1992 / NAP |
Total Sq. Ft.: | 251,489 |
Property Management: | KRC Property Management I, Inc. |
Underwritten NOI: | $3,219,000 |
Underwritten NCF: | $3,046,942 |
Appraised Value: | $51,190,000 |
Appraisal Date: | January 4, 2012 |
Historical NOI | |
2011 NOI: | $3,339,657 (December 31, 2011) |
2010 NOI: | $3,201,101 (December 31, 2010) |
2009 NOI: | $3,195,362 (December 31, 2009) |
2008 NOI: | $3,181,560 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 98.5% (February 2, 2012) |
2010 Occupancy: | 98.5% (December 31, 2010) |
2009 Occupancy: | 97.3% (December 31, 2009) |
2008 Occupancy: | 99.3% (December 31, 2008) |
(1) | A hard lockbox with cash management will be triggered upon an event of default or if the debt service coverage ratio is less than 1.20x on the last day of the calendar quarter. |
(2) | During the continuance of an event of default or if the debt service coverage ratio is less than 1.20x on the last day of the calendar quarter, the borrower will be required to deposit (i) 1/12 of the annual tax payment into the tax reserve and (ii) 1/12 of the annual insurance premiums into the insurance reserve. |
TRANSACTION HIGHLIGHTS |
§ | Stable Tenancy. Montebello Town Square is 98.5% leased as of February 2, 2012. The majority of tenants (86.8% of NRA) have been at the property since 1992, including Petco, which renewed its lease in December 2011 for 10 years. Additionally, for tenants that report sales (60.8% of NRA), 2010 total sales PSF were $151.51 with an occupancy cost of 11.7%. AMC Theatres reported 2010 sales of $418,078 per screen. |
§ | Experienced Sponsorship. Kimco Income Operating Partnership, L.P. (“KIOP”) is closely related to Kimco Realty Corporation (NYSE: KIM), a publicly traded REIT that owns and operates one of North America’s largest portfolios of neighborhood and community shopping centers. As of December 31 2011, Kimco Realty Corporation owned interest in 946 shopping centers comprising 138 million square feet across 44 states, Puerto Rico, Canada, New Mexico and South America. As of December 31, 2011, KIOP reported $1.26 billion in assets with $16.9 million in liquidity. The sponsor initially acquired the Property in 2000 for $25.14 million and has since spent approximately $600,000 in tenant and building improvements. |
§ | Strong Credit Metrics. The loan exhibits an Underwritten NOI Debt Yield of 20.1% and Underwritten NCF DSCR of 2.97x. Based on the appraised value of $51.19 million ($204 PSF), the Cut-off Date LTV is 31.2% and the borrower’s implied equity is approximately $35.2 million. |
§ | Strong Market. The Southeast Los Angeles submarket consists of approximately 17.3 million square feet of retail inventory, with a Q4 2011 vacancy rate of 4.7%. Vacancy has averaged 4.7% over the past five years, with no new inventory added in the last year and only one retail project of approximately 3,750 square feet under construction that will be added in the near term. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-7
2205 Veterans Boulevard Del Rio, TX 78840 | Collateral Asset Summary Plaza del Sol | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $15,732,025 66.0% 1.63x 11.9% |
Mortgage Loan Information | |
Loan Seller: | GACC |
Loan Purpose: | Refinance |
Sponsor: | Herbert L. Levine; Elliott Aintabi |
Borrower: | Plaza-Al, LLC |
Original Balance: | $15,750,000 |
Cut-off Date Balance: | $15,732,025 |
% by Initial UPB: | 1.6% |
Interest Rate: | 6.1300% |
Payment Date: | 6th of each month |
First Payment Date: | March 6, 2012 |
Maturity Date: | February 6, 2022 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(25), D(91), O(4) |
Lockbox / Cash Management(1): | Springing Hard / Springing |
Reserves | ||
Initial | Monthly | |
Taxes: | $18,062 | $18,062 |
Insurance(2): | $0 | Springing |
Replacement: | $0 | $6,905 |
TI/LC(3): | $0 | $11,317 |
Required Repairs: | $93,875 | NAP |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $60 | |
Balloon Balance / Sq. Ft.: | $51 | |
Cut-off Date LTV: | 66.0% | |
Balloon LTV: | 56.2% | |
Underwritten NOI DSCR: | 1.63x | |
Underwritten NCF DSCR: | 1.44x | |
Underwritten NOI Debt Yield: | 11.9% | |
Underwritten NCF Debt Yield: | 10.5% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Regional Mall |
Collateral: | Fee Simple |
Location: | Del Rio, TX |
Year Built / Renovated: | 1977 / NAP |
Total Sq. Ft.: | 260,538 |
Property Management: | Levcor, Inc. |
Underwritten NOI: | $1,874,038 |
Underwritten NCF: | $1,656,476 |
Appraised Value: | $23,850,000 |
Appraisal Date: | December 1, 2011 |
Historical NOI | |
TTM NOI: | $1,573,994 (T-12 October 31, 2011) |
2010 NOI: | $1,369,444 (December 31, 2010) |
2009 NOI: | $1,378,946 (December 31, 2009) |
2008 NOI: | $1,488,947 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 99.6% (December 1, 2011) |
2010 Occupancy: | 84.1% (December 31, 2010) |
2009 Occupancy: | 83.9% (December 31, 2009) |
2008 Occupancy: | 84.6% (December 31, 2008) |
(1) | A hard lockbox with cash management will be triggered upon (i) an event of default, (ii) if the DSCR is less than 1.20x on the last day of a calendar quarter, or (iii) the commencement of a JCPenney or Cinemark Trigger Period, which will occur upon (a) the date that is twelve months prior to the tenant’s lease expiration date, (b) the early termination or cancellation of the tenant’s lease, (c) if the tenant goes dark at the property, or (d) if there is a bankruptcy or insolvency proceeding of the tenant or its parent entity. The JCPenney Sweep Account is subject to a cap of $287,000 and the Cinemark Sweep Account is subject to a cap of $248,000. |
(2) | If an acceptable blanket policy is not in place, borrower is required to make monthly deposits equal to 1/12 of the annual insurance premiums into the insurance reserve. |
(3) | TI/LC reserves subject to a cap of $400,000. |
TRANSACTION HIGHLIGHTS |
§ | Historical Sales. Sales PSF for reporting anchor tenants has increased from an average of $137 PSF in 2009 to $141 PSF in 2010 and $145 PSF for the trailing twelve months. For reporting in-line tenants, sales PSF have increased from an average of $169 in 2009 to $181 in 2010 and $194 for the trailing twelve months. Tenant sales were reported on a trailing twelve month basis as of August, September or October 2011. 70.8% of in-line tenants report sales. |
§ | National Retailer Presence. The Plaza del Sol property currently operates with a strong national tenant presence, with 18 national tenants comprising 88.5% of total square feet. National anchor tenants have demonstrated strong retention, with a weighted average lease term of 18.2 years. |
§ | Recent Leasing. Since acquisition by the current sponsorship in 2010, 9 new leases totaling 47,002 square feet have been signed, of which 41,136 square feet have been leased to three national tenants – Marshall’s, The Children’s Place and Kirkland’s. |
§ | Experienced Sponsorship. Sponsor Herbert L. Levine, who also serves as president of the property manager, Levcor, Inc., has been involved with the development, leasing and management of over 15 million square feet of retail centers and office buildings, with a focus on the Texas market and the repositioning of under-performing properties. Elliott Aintabi is chairman and CEO of the Jesta Group, which acquires, develops and manages real estate in North America and Europe. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-8
701 South Dobson Road Mesa, AZ 85202 | Collateral Asset Summary Holiday Village | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $15,454,232 49.9% 1.80x 12.7% |
Mortgage Loan Information | |
Loan Seller: | LCF |
Loan Purpose: | Refinance |
Sponsor: | Ross H. Partrich |
Borrower: | Holiday MHC Limited Partnership |
Original Balance: | $15,500,000 |
Cut-off Date Balance: | $15,454,232 |
% by Initial UPB: | 1.6% |
Interest Rate: | 5.8020% |
Payment Date: | 6th of each month |
First Payment Date: | January 6, 2012 |
Maturity Date: | December 6, 2021 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(27), D(90), O(3) |
Lockbox / Cash Management(1): | Soft / Springing |
Reserves | ||
Initial | Monthly | |
Taxes: | $38,224 | $7,645 |
Insurance: | $8,926 | $2,975 |
Replacement: | $0 | $2,063 |
Required Repairs: | $5,013 | NAP |
Financial Information | ||
Cut-off Date Balance / Pad(2): | $31,221 | |
Balloon Balance / Pad(2): | $26,404 | |
Cut-off Date LTV: | 49.9% | |
Balloon LTV: | 42.2% | |
Underwritten NOI DSCR: | 1.80x | |
Underwritten NCF DSCR: | 1.78x | |
Underwritten NOI Debt Yield: | 12.7% | |
Underwritten NCF Debt Yield: | 12.6% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Manufactured Housing Community |
Collateral: | Fee Simple |
Location: | Mesa, AZ |
Year Built / Renovated: | 1963 / NAP |
Total Pads(2): | 495 |
Property Management: | Newbury Management Company |
Underwritten NOI: | $1,969,500 |
Underwritten NCF: | $1,944,750 |
Appraised Value: | $31,000,000 |
Appraisal Date: | October 25, 2011 |
Historical NOI | |
TTM NOI: | $1,934,069 (T-12 October 31, 2011) |
2010 NOI: | $1,880,636 (December 31, 2010) |
2009 NOI: | $1,916,457 (December 31, 2009) |
2008 NOI: | $1,802,398 (December 31, 2008) |
Historical Occupancy | |
Current Occupancy: | 88.3% (November 1, 2011) |
2010 Occupancy: | 91.0% (December 31, 2010) |
2009 Occupancy: | 93.0% (December 31, 2009) |
2008 Occupancy: | NAV |
(1) | Cash management will be triggered upon (i) an event of default under the loan or the management agreement, (ii) the DSCR based on the trailing twelve month period is 1.05x or less for three consecutive calendar quarters, or (iii) September 6, 2021. Two times during the term of the loan, the borrower is permitted to cure a sweep event caused by an event described in clause (ii) above, by the property achieving a trailing twelve month DSCR in excess of 1.20x for three consecutive calendar quarters. |
(2) | In addition to the 495 home sites, there are also 83 RV sites located at the property. Cut-off Date Balance / Pad and Balloon Balance / Pad are based on the 495 home sites only. |
TRANSACTION HIGHLIGHTS |
§ | Experienced Sponsorship / Management. Ross H. Partrich is the fourth largest private owner of manufactured housing communities in the country with over 15,000 pads. Currently he owns, operates and manages 124 properties with 28,771 housing units and sites in 20 states. Newbury Management Company (established 1988) manages all of these units and acts as a third party manager at 31 properties located in eight states comprised of approximately 8,000 sites. Newbury Management Company’s institutional clients include Fortress Investment Group, Midland Loan Services, CW Capital, Natixis, Berkadia and JER Partners. |
§ | Location. The Holiday Village property is located in Mesa, Arizona. Mesa is the third most populous city in Arizona. The 2010 median household income for the MSA was 11.5% higher than the national average, while the Cost of Living Index is 98.3% of the national average. The annual number of households growth rate in the area is projected to be 2.1% from 2010 to 2015. |
§ | Strong Credit Metrics and Performance. The Holiday Village loan has a 49.9% Cut-off Date LTV based on the appraised value of $31.0 million as of October 25, 2011, a 1.78x Underwritten NCF DSCR and an Underwritten NOI Debt Yield of 12.7%. |
§ | Consistent Rental Collections. The annual collections have varied minimally from $2,161,073 in 2008 to $2,241,484 as of T-12 October 2011, with no period lower. Debt service coverage for the same periods based on today’s loan metrics are between 1.65x DSCR and 1.77x DSCR, respectively. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-9
830-1140 Biddle Road Medford, OR 97504 | Collateral Asset Summary Bear Creek Plaza | Cut-off Date Balance: Cut-off Date LTV: U/W NOI DSCR: U/W NOI Debt Yield: | $15,381,462 67.8% 1.54x 10.8% |
Mortgage Loan Information | |
Loan Seller: | GLAC |
Loan Purpose: | Refinance |
Sponsor: | Flamey Damian; Egla Damian |
Borrower: | Bear Creek Ventures, LLC |
Original Balance: | $15,400,000 |
Cut-off Date Balance: | $15,381,462 |
% by Initial UPB: | [1.6%] |
Interest Rate: | 5.7500% |
Payment Date: | 6th of each month |
First Payment Date: | March 6, 2012 |
Maturity Date: | February 6, 2022 |
Amortization: | 360 months |
Additional Debt: | None |
Call Protection: | L(25), D(91), O(4) |
Lockbox / Cash Management: | None |
Reserves | ||
Initial | Monthly | |
Taxes: | $22,417 | $22,417 |
Insurance: | $5,042 | $1,260 |
Replacement(1): | $80,000 | Springing |
TI/LC(2): | $250,000 | Springing |
Financial Information | ||
Cut-off Date Balance / Sq. Ft.: | $81 | |
Balloon Balance / Sq. Ft.: | $68 | |
Cut-off Date LTV: | 67.8% | |
Balloon LTV: | 57.1% | |
Underwritten NOI DSCR: | 1.54x | |
Underwritten NCF DSCR: | 1.35x | |
Underwritten NOI Debt Yield: | 10.8% | |
Underwritten NCF Debt Yield: | 9.5% | |
Property Information | |
Single Asset / Portfolio: | Single Asset |
Property Type: | Anchored Retail |
Collateral: | Fee Simple |
Location: | Medford, OR |
Year Built / Renovated: | 1977 / 2010 |
Total Sq. Ft.: | 189,953 |
Property Management: | Self-Managed |
Underwritten NOI: | $1,656,950 |
Underwritten NCF: | $1,453,825 |
Appraised Value: | $22,700,000 |
Appraisal Date: | November 2, 2011 |
Historical NOI | |
TTM NOI: | $1,600,538 (T-12 November 30, 2011) |
2010 NOI: | $1,551,654 (December 31, 2010) |
2009 NOI: | $1,470,759 (December 31, 2009) |
2008 NOI: | NAV |
Historical Occupancy | |
Current Occupancy: | 92.9% (January 1, 2012) |
2010 Occupancy: | 88.0% (December 31, 2010) |
2009 Occupancy: | 87.0% (December 31, 2009) |
2008 Occupancy: | NAV |
(1) | Any time the balance of the replacement reserve account falls below $80,000, the borrower will be required to make monthly deposits in the amount of $2,374, till such time the balance of the replacement reserve account is equal to $80,000. |
(2) | Any time the balance of the TI/LC reserve account falls below $250,000, the borrower will be required to make monthly deposits in the amount of $7,915, till such time the balance of the replacement reserve escrow account is equal to $250,000. |
TRANSACTION HIGHLIGHTS |
§ | Strong Location/Market. The Bear Creek Plaza property is well-located within the central retail corridor of Medford, Oregon and has excellent frontage and visibility along Biddle Road and Interstate 5 (traffic count in excess of 50,000 vehicles per day). Per the appraisal, the Medford retail inventory was over 4.6 million square feet with a 4.8% vacancy rate as of Q3 2011. There was no additional inventory delivered in Q3 2011 and no new deliveries are expected in the next year. |
§ | Tenant Mix/Granular Rent Roll. Bear Creek Plaza benefits from a diverse tenant mix, with a variety of local and national tenants. In addition, no single tenant occupies more than 15.8% of the NRA, or 12.7% of GPR. Thirteen tenants occupying over 66.6% of the NRA and contributing 55.7% of the GPR have been at the Bear Creek Plaza property for over 10 years, of which 6 tenants occupying 25.3% of the NRA and contributing 20.7% of the GPR have been at the Bear Creek Plaza property for over 25 years. |
§ | Equity. The borrower under the Bear Creek Plaza loan acquired the Bear Creek Plaza property in 2007 for approximately $19.25 million, and has made over $1.4 million in capital improvements. After the subject loan and closing costs/reserves of roughly $0.5 million, the borrower has approximately $5.8 million or 27.8% remaining equity in the property. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
B-10
The Information contained herein (the "Information") is preliminary and subject to change. The information will be superseded by similar information delivered to you as part of the offering document relating to the Commercial Mortgage Pass-Through Certificates, Series COMM 2012-LC4 (the "Offering Document"). The Information supersedes any such information previously delivered. The Information should be reviewed only in conjunction with the entire Offering Document. All of the Information is subject to the same limitations and qualifications contained in the Offering Document. The Information does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The Information contained herein will be more fully described elsewhere in the Offering Document. The Information should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. The privately offered securities described in the Offering Document as to which the Information relates have not been and will not be registered under the United States Securities Act of 1933, as amended. This material should be not construed as an effort to sell or the solicitation of any offer to buy any security in any jurisdiction where such offer of solicitation would be illegal.
For investor in publicly offered securities as to which the Information relates: The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-172143) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to prospectus@cpdg@db.com
COMM 2012-LC4
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Remaining | ||||||||||||||||||||
% of | Mortgage | Mortgage | Cut-off | Maturity | General | Detailed | Interest | Original | Term to | Original | ||||||||||
Property | Initial Pool | # of | Loan | Loan | Original | Date | or ARD | Property | Property | Interest | Administrative | Accrual | Term to | Maturity | Amortization | |||||
Flag | ID | Property Name | Balance | Properties | Originator | Seller | Balance($) | Balance($) | Balance($) | Type | Type | Rate | Fee Rate | Basis | Maturity or ARD | or ARD | Term | |||
Loan | Square One Mall | 10.1% | 1 | GACC | GACC | 100,000,000 | 99,779,556 | 83,468,450 | Retail | Regional Mall | 5.4730% | 0.1037% | Actual/360 | 120 | 118 | 360 | ||||
Loan | Union Square Retail | 7.6% | 1 | LCF | LCF | 75,000,000 | 75,000,000 | 75,000,000 | Retail | Anchored | 4.8800% | 0.1037% | Actual/360 | 120 | 114 | 0 | ||||
Loan | Puerto Rico Retail Portfolio | 5.8% | 4 | LCF | LCF | 57,750,000 | 57,750,000 | 48,760,748 | Retail | Anchored | 5.8500% | 0.1037% | Actual/360 | 120 | 120 | 360 | ||||
Property | Plaza Los Prados | 2.3% | 1 | LCF | LCF | 22,700,000 | 22,700,000 | Retail | Anchored | |||||||||||
Property | Juncos Plaza | 1.4% | 1 | LCF | LCF | 14,250,000 | 14,250,000 | Retail | Anchored | |||||||||||
Property | Manati Centro Plaza | 1.4% | 1 | LCF | LCF | 13,800,000 | 13,800,000 | Retail | Anchored | |||||||||||
Property | University Plaza | 0.7% | 1 | LCF | LCF | 7,000,000 | 7,000,000 | Retail | Anchored | |||||||||||
Loan | Hartman Portfolio | 5.7% | 12 | JPMIM | GACC | 57,600,000 | 56,675,372 | 51,066,246 | Various | Various | 6.5000% | 0.1037% | 30/360 | 120 | 79 | 360 | ||||
Property | Westheimer Central Plaza | 1.0% | 1 | JPMIM | GACC | 9,578,074 | 9,424,321 | Office | Suburban | |||||||||||
Property | The Preserve | 0.7% | 1 | JPMIM | GACC | 7,013,534 | 6,900,948 | Office | Suburban | |||||||||||
Property | North Central Plaza | 0.6% | 1 | JPMIM | GACC | 6,229,951 | 6,129,945 | Office | Suburban | |||||||||||
Property | Walzem Plaza | 0.6% | 1 | JPMIM | GACC | 5,901,273 | 5,806,543 | Retail | Unanchored | |||||||||||
Property | 3100 Timmons Lane | 0.5% | 1 | JPMIM | GACC | 4,647,946 | 4,573,334 | Office | Suburban | |||||||||||
Property | One Mason Plaza | 0.4% | 1 | JPMIM | GACC | 4,442,946 | 4,371,625 | Retail | Unanchored | |||||||||||
Property | Northbelt Atrium I | 0.4% | 1 | JPMIM | GACC | 4,331,786 | 4,262,250 | Office | Suburban | |||||||||||
Property | Park Central | 0.4% | 1 | JPMIM | GACC | 3,967,243 | 3,903,558 | Office | Suburban | |||||||||||
Property | Northbelt Atrium II | 0.4% | 1 | JPMIM | GACC | 3,723,877 | 3,664,099 | Office | Suburban | |||||||||||
Property | 11811 North Freeway | 0.4% | 1 | JPMIM | GACC | 3,544,234 | 3,487,340 | Office | Suburban | |||||||||||
Property | Tower Pavilion | 0.2% | 1 | JPMIM | GACC | 2,404,838 | 2,366,235 | Office | Suburban | |||||||||||
Property | Central Park Business Center | 0.2% | 1 | JPMIM | GACC | 1,814,299 | 1,785,174 | Industrial | Flex | |||||||||||
Loan | 180 Peachtree Street | 5.5% | 1 | GACC | GACC | 55,000,000 | 54,888,798 | 46,549,648 | Mixed Use | Office/Data Center | 5.9300% | 0.1037% | Actual/360 | 120 | 118 | 360 | ||||
Loan | Hampshire Multifamily Portfolio | 5.5% | 6 | GACC | GACC | 55,000,000 | 54,793,389 | 46,797,672 | Multifamily | Garden | 6.1100% | 0.1037% | Actual/360 | 120 | 116 | 360 | ||||
Property | Westlake Apartments | 3.2% | 1 | GACC | GACC | 32,025,774 | 31,905,468 | Multifamily | Garden | |||||||||||
Property | Woods Edge Apartments | 0.7% | 1 | GACC | GACC | 7,360,361 | 7,332,712 | Multifamily | Garden | |||||||||||
Property | Wind Drift Apartments | 0.6% | 1 | GACC | GACC | 5,511,655 | 5,490,950 | Multifamily | Garden | |||||||||||
Property | Riverwood Apartments | 0.4% | 1 | GACC | GACC | 4,111,166 | 4,095,722 | Multifamily | Garden | |||||||||||
Property | Spyglass Apartments | 0.4% | 1 | GACC | GACC | 3,810,391 | 3,796,077 | Multifamily | Garden | |||||||||||
Property | Villa Nova Apartments | 0.2% | 1 | GACC | GACC | 2,180,651 | 2,172,460 | Multifamily | Garden | |||||||||||
Loan | Alamance Crossing | 5.1% | 1 | GLAC | GLAC | 50,800,000 | 50,454,122 | 42,956,557 | Retail | Regional Mall | 5.8300% | 0.1337% | Actual/360 | 119 | 112 | 360 | ||||
Loan | Brea Plaza Shopping Center | 4.4% | 1 | LCF | LCF | 43,500,000 | 43,451,656 | 37,233,966 | Retail | Anchored | 6.3220% | 0.1037% | Actual/360 | 120 | 119 | 360 | ||||
Loan | Rio Apartments | 1.9% | 1 | LCF | LCF | 18,500,000 | 18,479,935 | 17,419,793 | Multifamily | Garden | 6.5000% | 0.1037% | Actual/360 | 60 | 59 | 360 | ||||
Loan | Treetop Apartments | 1.6% | 1 | LCF | LCF | 16,000,000 | 15,982,647 | 15,065,767 | Multifamily | Garden | 6.5000% | 0.1037% | Actual/360 | 60 | 59 | 360 | ||||
Loan | Piatt Place | 3.4% | 1 | GLAC | GLAC | 33,500,000 | 33,500,000 | 29,349,475 | Mixed Use | Office/Retail | 5.5000% | 0.1337% | Actual/360 | 120 | 120 | 360 | ||||
Loan | Susquehanna Valley Mall | 2.8% | 1 | GACC | GACC | 27,950,000 | 27,895,902 | 23,814,333 | Retail | Regional Mall | 6.1580% | 0.1037% | Actual/360 | 120 | 118 | 360 | ||||
Loan | Vernola Marketplace | 2.4% | 1 | GACC | GACC | 23,750,000 | 23,561,921 | 19,597,244 | Retail | Anchored | 5.1070% | 0.1037% | Actual/360 | 120 | 113 | 360 | ||||
Loan | GRM Portfolio | 2.0% | 2 | GACC | GACC | 20,000,000 | 19,967,806 | 15,486,300 | Industrial | Warehouse/Distribution | 6.0000% | 0.1037% | Actual/360 | 120 | 119 | 300 | ||||
Property | 10310 Harwin Drive | 1.1% | 1 | GACC | GACC | 10,600,000 | 10,582,937 | Industrial | Warehouse/Distribution | |||||||||||
Property | Chicago Building | 0.9% | 1 | GACC | GACC | 9,400,000 | 9,384,869 | Industrial | Warehouse/Distribution | |||||||||||
Loan | Evergreen Portfolio | 1.7% | 3 | LCF | LCF | 17,500,000 | 16,964,976 | 13,982,104 | Manufactured Housing Community | Manufactured Housing Community | 6.0490% | 0.1037% | Actual/360 | 120 | 117 | 360 | ||||
Property | Yorktowne MHP | 1.2% | 1 | LCF | LCF | 12,400,000 | 12,365,245 | Manufactured Housing Community | Manufactured Housing Community | |||||||||||
Property | Pondarosa MHP | 0.2% | 1 | LCF | LCF | 2,950,000 | 2,455,757 | Manufactured Housing Community | Manufactured Housing Community | |||||||||||
Property | Vance MHP | 0.2% | 1 | LCF | LCF | 2,150,000 | 2,143,974 | Manufactured Housing Community | Manufactured Housing Community | |||||||||||
Loan | Healdsburg Hotel | 1.7% | 1 | GACC | GACC | 17,000,000 | 16,883,352 | 15,979,515 | Hospitality | Full Service | 6.3500% | 0.1037% | Actual/360 | 60 | 52 | 360 | ||||
Loan | Montebello Town Square | 1.6% | 1 | GACC | GACC | 16,000,000 | 15,978,416 | 13,135,029 | Retail | Anchored | 4.9560% | 0.1037% | Actual/360 | 120 | 119 | 360 | ||||
Loan | Plaza del Sol | 1.6% | 1 | GACC | GACC | 15,750,000 | 15,732,025 | 13,407,113 | Retail | Regional Mall | 6.1300% | 0.1037% | Actual/360 | 120 | 119 | 360 | ||||
Loan | Holiday Village | 1.6% | 1 | LCF | LCF | 15,500,000 | 15,454,232 | 13,069,812 | Manufactured Housing Community | Manufactured Housing Community | 5.8020% | 0.1037% | Actual/360 | 120 | 117 | 360 | ||||
Loan | Bear Creek Plaza | 1.6% | 1 | GLAC | GLAC | 15,400,000 | 15,381,462 | 12,962,517 | Retail | Anchored | 5.7500% | 0.1337% | Actual/360 | 120 | 119 | 360 | ||||
Loan | BB&T Headquarters Building | 1.5% | 1 | LCF | LCF | 15,360,750 | 15,328,964 | 12,953,409 | Office | CBD | 5.8080% | 0.1037% | Actual/360 | 120 | 118 | 360 | ||||
Loan | Rancho Penasquitos Towne Center I | 1.4% | 1 | GACC | GACC | 14,465,000 | 14,364,196 | 11,903,046 | Retail | Anchored | 5.0250% | 0.1037% | Actual/360 | 120 | 114 | 360 | ||||
Loan | Johnstown Galleria - Ground Lease | 1.4% | 1 | LCF | LCF | 13,551,525 | 13,551,525 | 13,551,525 | Other | Leased Fee | 5.1500% | 0.1037% | Actual/360 | 120 | 113 | 0 | ||||
Loan | Rancho Penasquitos Towne Center II | 1.1% | 1 | GACC | GACC | 11,100,000 | 11,022,646 | 9,134,035 | Retail | Anchored | 5.0250% | 0.1037% | Actual/360 | 120 | 114 | 360 | ||||
Loan | Southwood Manor MHC | 1.1% | 1 | LCF | LCF | 11,050,000 | 11,000,933 | 9,441,304 | Manufactured Housing Community | Manufactured Housing Community | 6.2500% | 0.1037% | Actual/360 | 120 | 115 | 360 | ||||
Loan | BJ's Wholesale Pittsfield | 1.1% | 1 | LCF | LCF | 11,000,000 | 11,000,000 | 11,000,000 | Retail | Single Tenant | 5.5000% | 0.1037% | Actual/360 | 120 | 120 | 0 | ||||
Loan | Penland Park MHC | 1.1% | 1 | LCF | LCF | 11,000,000 | 10,951,155 | 9,398,584 | Manufactured Housing Community | Manufactured Housing Community | 6.2500% | 0.1037% | Actual/360 | 120 | 115 | 360 | ||||
Loan | Eagle Crest MHC | 1.1% | 1 | LCF | LCF | 10,750,000 | 10,720,004 | 9,136,943 | Manufactured Housing Community | Manufactured Housing Community | 6.0700% | 0.1037% | Actual/360 | 120 | 117 | 360 | ||||
Loan | Fingerlakes Crossing Shopping Center | 1.1% | 1 | LCF | LCF | 10,500,000 | 10,440,050 | 9,823,781 | Retail | Anchored | 6.0000% | 0.1037% | Actual/360 | 60 | 54 | 360 | ||||
Loan | Hickory Glen Apartments | 0.9% | 1 | LCF | LCF | 9,000,000 | 8,989,011 | 7,552,532 | Multifamily | Age Restricted | 5.6500% | 0.1037% | Actual/360 | 120 | 119 | 360 | ||||
Loan | Comfort Inn JFK At Ozone Park | 0.9% | 1 | LCF | LCF | 9,000,000 | 8,985,600 | 6,980,563 | Hospitality | Limited Service | 6.0500% | 0.1037% | Actual/360 | 120 | 119 | 300 | ||||
Loan | Staybridge Suites SeaWorld | 0.9% | 1 | GLAC | GLAC | 9,000,000 | 8,933,110 | 7,838,470 | Hospitality | Limited Service | 6.7500% | 0.1337% | Actual/360 | 84 | 78 | 300 | ||||
Loan | Boulevard Estates MHC | 0.8% | 1 | LCF | LCF | 8,100,000 | 8,078,896 | 6,948,088 | Manufactured Housing Community | Manufactured Housing Community | 6.3890% | 0.1037% | Actual/360 | 120 | 117 | 360 | ||||
Loan | Northcross & Victoria | 0.8% | 1 | LCF | LCF | 7,700,000 | 7,683,737 | 6,472,096 | Retail | Anchored | 5.7000% | 0.1037% | Actual/360 | 120 | 118 | 360 | ||||
Loan | Hampton Inn & Suites | 0.8% | 1 | LCF | LCF | 7,700,000 | 7,679,065 | 6,042,726 | Hospitality | Limited Service | 6.4000% | 0.1037% | Actual/360 | 120 | 118 | 300 | ||||
Loan | Westchester I Office | 0.8% | 1 | LCF | LCF | 7,635,000 | 7,619,234 | 6,440,568 | Office | Suburban | 5.8190% | 0.1037% | Actual/360 | 120 | 118 | 360 | ||||
Loan | Marina Towers | 0.8% | 1 | GLAC | GLAC | 7,550,000 | 7,507,794 | 7,073,151 | Office | Suburban | 6.1000% | 0.1337% | Actual/360 | 60 | 54 | 360 | ||||
Loan | Spalding Building | 0.8% | 1 | LCF | LCF | 7,500,000 | 7,478,533 | 6,352,120 | Office | CBD | 5.9500% | 0.1037% | Actual/360 | 120 | 117 | 360 | ||||
Loan | Addison Place North | 0.7% | 1 | GACC | GACC | 6,950,000 | 6,950,000 | 5,831,886 | Retail | Unanchored | 5.6450% | 0.1037% | Actual/360 | 120 | 120 | 360 | ||||
Loan | Hotel Provincial | 0.7% | 1 | GLAC | GLAC | 7,000,000 | 6,938,735 | 5,378,894 | Hospitality | Limited Service | 5.7700% | 0.1337% | Actual/360 | 120 | 114 | 300 | ||||
Loan | Alrig Portfolio | 0.7% | 3 | LCF | LCF | 6,800,000 | 6,800,000 | 5,734,122 | Various | Various | 5.8070% | 0.1537% | Actual/360 | 120 | 120 | 360 | ||||
Property | Bloomfield Office Pavilion | 0.3% | 1 | LCF | LCF | 3,410,000 | 3,410,000 | Office | Suburban | |||||||||||
Property | Willow Office Center | 0.2% | 1 | LCF | LCF | 2,190,000 | 2,190,000 | Office | Suburban | |||||||||||
Property | Cady Office Centre | 0.1% | 1 | LCF | LCF | 1,200,000 | 1,200,000 | Mixed Use | Office/Retail | |||||||||||
Loan | Wood Forest Apartments | 0.7% | 1 | GLAC | GLAC | 6,800,000 | 6,780,333 | 5,266,016 | Multifamily | Garden | 6.0000% | 0.1337% | Actual/360 | 120 | 118 | 300 | ||||
Loan | Fox Hunt Apartments | 0.4% | 1 | LCF | LCF | 4,075,000 | 4,049,455 | 3,789,042 | Multifamily | Garden | 5.5500% | 0.1037% | Actual/360 | 60 | 54 | 360 | ||||
Remaining | First | Annual | Monthly | Remaining | Crossed | |||||||||||||
Property | Amortization | Payment | Maturity | ARD Loan | Final | Debt | Debt | Interest Only | Cash | With | Related | Underwritten | Underwritten | Grace | Payment | |||
Flag | ID | Property Name | Term | Date | or ARD Date | (Yes/No) | Maturity Date | Service($) | Service($) | Period | Lockbox | Management | Other Loans | Borrower | NOI DSCR | NCF DSCR | Period | Date |
Loan | Square One Mall | 358 | 02/06/2012 | 01/06/2022 | No | 01/06/2022 | 6,793,154 | 566,096 | Hard | In Place | No | 1.93x | 1.84x | 0 | 6 | |||
Loan | Union Square Retail | 0 | 10/06/2011 | 09/06/2021 | No | 09/06/2021 | 3,710,833 | 309,236 | 114 | None | None | No | 4.34x | 4.12x | 0 | 6 | ||
Loan | Puerto Rico Retail Portfolio | 360 | 04/06/2012 | 03/06/2022 | No | 03/06/2022 | 4,088,291 | 340,691 | Hard | In Place | No | 1.69x | 1.59x | 0 | 6 | |||
Property | Plaza Los Prados | |||||||||||||||||
Property | Juncos Plaza | |||||||||||||||||
Property | Manati Centro Plaza | |||||||||||||||||
Property | University Plaza | |||||||||||||||||
Loan | Hartman Portfolio | 343 | 11/01/2008 | 10/01/2018 | No | 10/01/2018 | 4,368,854 | 364,071 | None | None | No | 1.62x | 1.34x | 5 | 1 | |||
Property | Westheimer Central Plaza | |||||||||||||||||
Property | The Preserve | |||||||||||||||||
Property | North Central Plaza | |||||||||||||||||
Property | Walzem Plaza | |||||||||||||||||
Property | 3100 Timmons Lane | |||||||||||||||||
Property | One Mason Plaza | |||||||||||||||||
Property | Northbelt Atrium I | |||||||||||||||||
Property | Park Central | |||||||||||||||||
Property | Northbelt Atrium II | |||||||||||||||||
Property | 11811 North Freeway | |||||||||||||||||
Property | Tower Pavilion | |||||||||||||||||
Property | Central Park Business Center | |||||||||||||||||
Loan | 180 Peachtree Street | 358 | 02/06/2012 | 01/06/2022 | No | 01/06/2022 | 3,927,380 | 327,282 | Hard | In Place | No | 1.73x | 1.62x | 0 | 6 | |||
Loan | Hampshire Multifamily Portfolio | 356 | 12/06/2011 | 11/06/2021 | No | 11/06/2021 | 4,003,830 | 333,652 | Springing Soft | Springing | No | 1.50x | 1.32x | 0 | 6 | |||
Property | Westlake Apartments | |||||||||||||||||
Property | Woods Edge Apartments | |||||||||||||||||
Property | Wind Drift Apartments | |||||||||||||||||
Property | Riverwood Apartments | |||||||||||||||||
Property | Spyglass Apartments | |||||||||||||||||
Property | Villa Nova Apartments | |||||||||||||||||
Loan | Alamance Crossing | 353 | 09/01/2011 | 07/01/2021 | No | 07/01/2021 | 3,588,501 | 299,042 | Hard | Springing | No | 1.44x | 1.35x | 5 | 1 | |||
Loan | Brea Plaza Shopping Center | 359 | 03/06/2012 | 02/06/2022 | No | 02/06/2022 | 3,238,527 | 269,877 | Hard | In Place | No | 1.28x | 1.22x | 0 | 6 | |||
Loan | Rio Apartments | 359 | 03/06/2012 | 02/06/2017 | No | 02/06/2017 | 1,403,191 | 116,933 | Soft | In Place | Yes - A | Yes - A | 1.52x | 1.45x | 0 | 6 | ||
Loan | Treetop Apartments | 359 | 03/06/2012 | 02/06/2017 | No | 02/06/2017 | 1,213,571 | 101,131 | Soft | In Place | Yes - A | Yes - A | 1.52x | 1.45x | 0 | 6 | ||
Loan | Piatt Place | 360 | 04/06/2012 | 03/06/2022 | No | 03/06/2022 | 2,282,512 | 190,209 | 24 | Hard | In Place | No | 1.49x | 1.45x | 0 | 6 | ||
Loan | Susquehanna Valley Mall | 358 | 02/06/2012 | 01/06/2022 | No | 01/06/2022 | 2,045,089 | 170,424 | Hard | Springing | No | 2.15x | 1.94x | 0 | 6 | |||
Loan | Vernola Marketplace | 353 | 09/06/2011 | 08/06/2021 | No | 08/06/2021 | 1,548,633 | 129,053 | Hard | In Place | No | 1.98x | 1.83x | 0 | 6 | |||
Loan | GRM Portfolio | 299 | 03/06/2012 | 02/06/2022 | No | 02/06/2022 | 1,546,323 | 128,860 | Hard | In Place | No | 1.54x | 1.39x | 0 | 6 | |||
Property | 10310 Harwin Drive | |||||||||||||||||
Property | Chicago Building | |||||||||||||||||
Loan | Evergreen Portfolio | 357 | 01/06/2012 | 12/06/2021 | No | 12/06/2021 | 1,265,679 | 105,473 | Soft | Springing | No | Yes - B | 1.41x | 1.38x | 0 | 6 | ||
Property | Yorktowne MHP | |||||||||||||||||
Property | Pondarosa MHP | |||||||||||||||||
Property | Vance MHP | |||||||||||||||||
Loan | Healdsburg Hotel | 352 | 08/06/2011 | 07/06/2016 | No | 07/06/2016 | 1,269,361 | 105,780 | Hard | Springing | No | 1.78x | 1.46x | 0 | 6 | |||
Loan | Montebello Town Square | 359 | 03/06/2012 | 02/06/2022 | No | 02/06/2022 | 1,025,541 | 85,462 | Springing Hard | Springing | No | Yes - C | 3.14x | 2.97x | 0 | 6 | ||
Loan | Plaza del Sol | 359 | 03/06/2012 | 02/06/2022 | No | 02/06/2022 | 1,148,995 | 95,750 | Springing Hard | Springing | No | 1.63x | 1.44x | 0 | 6 | |||
Loan | Holiday Village | 357 | 01/06/2012 | 12/06/2021 | No | 12/06/2021 | 1,091,598 | 90,966 | Soft | Springing | No | Yes - B | 1.80x | 1.78x | 0 | 6 | ||
Loan | Bear Creek Plaza | 359 | 03/06/2012 | 02/06/2022 | No | 02/06/2022 | 1,078,443 | 89,870 | None | None | No | 1.54x | 1.35x | 0 | 6 | |||
Loan | BB&T Headquarters Building | 358 | 02/06/2012 | 01/06/2022 | Yes | 01/06/2037 | 1,082,495 | 90,208 | Hard | In Place | No | 2.44x | 2.29x | 0 | 6 | |||
Loan | Rancho Penasquitos Towne Center I | 354 | 10/06/2011 | 09/06/2021 | No | 09/06/2021 | 934,469 | 77,872 | Springing Hard | Springing | No | Yes - C | 1.73x | 1.65x | 0 | 6 | ||
Loan | Johnstown Galleria - Ground Lease | 0 | 09/06/2011 | 08/06/2021 | No | 08/06/2021 | 707,597 | 58,966 | 113 | Hard | In Place | No | 1.98x | 1.98x | 0 | 6 | ||
Loan | Rancho Penasquitos Towne Center II | 354 | 10/06/2011 | 09/06/2021 | No | 09/06/2021 | 717,083 | 59,757 | Springing Hard | Springing | No | Yes - C | 1.86x | 1.76x | 0 | 6 | ||
Loan | Southwood Manor MHC | 355 | 11/06/2011 | 10/06/2021 | No | 10/06/2021 | 816,441 | 68,037 | Soft | Springing | No | Yes - D | 1.36x | 1.33x | 0 | 6 | ||
Loan | BJ's Wholesale Pittsfield | 0 | 04/06/2012 | 03/06/2022 | No | 03/06/2022 | 613,403 | 51,117 | 120 | Hard | In Place | No | 1.67x | 1.66x | 0 | 6 | ||
Loan | Penland Park MHC | 355 | 11/06/2011 | 10/06/2021 | No | 10/06/2021 | 812,747 | 67,729 | Soft | Springing | No | Yes - D | 1.43x | 1.40x | 0 | 6 | ||
Loan | Eagle Crest MHC | 357 | 01/06/2012 | 12/06/2021 | No | 12/06/2021 | 779,235 | 64,936 | Soft | Springing | No | Yes - B | 1.35x | 1.33x | 0 | 6 | ||
Loan | Fingerlakes Crossing Shopping Center | 354 | 10/06/2011 | 09/06/2016 | No | 09/06/2016 | 755,434 | 62,953 | Hard | Springing | No | 1.42x | 1.27x | 0 | 6 | |||
Loan | Hickory Glen Apartments | 359 | 03/06/2012 | 02/06/2022 | No | 02/06/2022 | 623,415 | 51,951 | Springing Soft | Springing | No | 1.56x | 1.50x | 0 | 6 | |||
Loan | Comfort Inn JFK At Ozone Park | 299 | 03/06/2012 | 02/06/2022 | No | 02/06/2022 | 699,150 | 58,263 | Hard | Springing | No | 1.65x | 1.51x | 0 | 6 | |||
Loan | Staybridge Suites SeaWorld | 294 | 10/06/2011 | 09/06/2018 | No | 09/06/2018 | 746,184 | 62,182 | Hard | In Place | No | 1.54x | 1.39x | 0 | 6 | |||
Loan | Boulevard Estates MHC | 357 | 01/06/2012 | 12/06/2021 | No | 12/06/2021 | 607,292 | 50,608 | Soft | Springing | No | Yes - B | 1.30x | 1.28x | 0 | 6 | ||
Loan | Northcross & Victoria | 358 | 02/06/2012 | 01/06/2022 | No | 01/06/2022 | 536,290 | 44,691 | Hard | Springing | No | 1.94x | 1.66x | 0 | 6 | |||
Loan | Hampton Inn & Suites | 298 | 02/06/2012 | 01/06/2022 | No | 01/06/2022 | 618,130 | 51,511 | Hard | Springing | No | 2.17x | 1.98x | 0 | 6 | |||
Loan | Westchester I Office | 358 | 02/06/2012 | 01/06/2022 | No | 01/06/2022 | 538,692 | 44,891 | Hard | Springing | No | 1.45x | 1.32x | 0 | 6 | |||
Loan | Marina Towers | 354 | 10/06/2011 | 09/06/2016 | No | 09/06/2016 | 549,031 | 45,753 | Hard | In Place | No | 1.47x | 1.31x | 0 | 6 | |||
Loan | Spalding Building | 357 | 01/06/2012 | 12/06/2021 | No | 12/06/2021 | 536,706 | 44,725 | Springing Hard | Springing | No | 1.75x | 1.46x | 0 | 6 | |||
Loan | Addison Place North | 360 | 04/06/2012 | 03/06/2022 | No | 03/06/2022 | 481,151 | 40,096 | Springing Hard | Springing | No | 1.56x | 1.50x | 0 | 6 | |||
Loan | Hotel Provincial | 294 | 10/01/2011 | 09/01/2021 | No | 09/01/2021 | 529,465 | 44,122 | None | None | No | 2.24x | 1.95x | 5 | 1 | |||
Loan | Alrig Portfolio | 360 | 04/06/2012 | 03/06/2022 | No | 03/06/2022 | 479,154 | 39,930 | Hard | Springing | No | 1.76x | 1.42x | 0 | 6 | |||
Property | Bloomfield Office Pavilion | |||||||||||||||||
Property | Willow Office Center | |||||||||||||||||
Property | Cady Office Centre | |||||||||||||||||
Loan | Wood Forest Apartments | 298 | 02/06/2012 | 01/06/2022 | No | 01/06/2022 | 525,750 | 43,813 | Hard | In Place | No | 1.51x | 1.43x | 0 | 6 | |||
Loan | Fox Hunt Apartments | 354 | 10/06/2011 | 09/06/2016 | No | 09/06/2016 | 279,185 | 23,265 | Springing Soft | Springing | No | 2.03x | 1.74x | 0 | 6 | |||
Cut-Off | |||||||||||||
Property | Appraised | Appraisal | Date LTV | LTV Ratio at | Year | Year | |||||||
Flag | ID | Property Name | Value ($) | As-of Date | Ratio | Maturity or ARD | Address | City | County | State | Zip Code | Built | Renovated |
Loan | Square One Mall | 201,000,000 | 11/11/2011 | 49.6% | 41.5% | 1201 Broadway | Saugus | Essex | MA | 01906 | 1959 | 1994, 2001 | |
Loan | Union Square Retail | 310,000,000 | 01/04/2012 | 24.2% | 24.2% | One Union Square South | New York | New York | NY | 10003 | 1999 | NAP | |
Loan | Puerto Rico Retail Portfolio | 85,400,000 | Various | 67.6% | 57.1% | Various | Various | NAP | PR | Various | Various | NAP | |
Property | Plaza Los Prados | 32,600,000 | 11/22/2011 | PR-156, Km. 56.3 | Caguas | NAP | PR | 00725 | 2008 | NAP | |||
Property | Juncos Plaza | 23,000,000 | 11/21/2011 | State Road PR-31, KM 24, Ceiba Norte Ward | Juncos | NAP | PR | 00777 | 1999 | NAP | |||
Property | Manati Centro Plaza | 20,300,000 | 11/21/2011 | SE/c PR-149 & PR-2 | Manati | NAP | PR | 00674 | 2001 | NAP | |||
Property | University Plaza | 9,500,000 | 11/21/2011 | State Road PR-2, km 150.7 | Mayaguez | NAP | PR | 00682 | 1999 | NAP | |||
Loan | Hartman Portfolio | 90,200,000 | Various | 62.8% | 56.6% | Various | Various | Various | TX | Various | Various | Various | |
Property | Westheimer Central Plaza | 14,750,000 | 07/06/2011 | 11200 Westheimer Road | Houston | Harris | TX | 77042 | 1982 | NAP | |||
Property | The Preserve | 10,000,000 | 05/04/2011 | 2000-2060 North Loop Freeway West | Houston | Harris | TX | 77018 | 1970 | NAP | |||
Property | North Central Plaza | 13,000,000 | 06/27/2011 | 12655 North Central Expressway | Dallas | Dallas | TX | 75243 | 1982 | NAP | |||
Property | Walzem Plaza | 11,560,000 | 05/03/2011 | 5332-5493 Walzem Road | San Antonio | Bexar | TX | 78218 | 1981 | NAP | |||
Property | 3100 Timmons Lane | 10,750,000 | 07/14/2011 | 3100 Timmons Lane | Houston | Harris | TX | 77027 | 1975 | 2000 | |||
Property | One Mason Plaza | 6,900,000 | 07/05/2011 | 811 South Mason Road | Katy | Harris | TX | 77450 | 1983 | NAP | |||
Property | Northbelt Atrium I | 3,350,000 | 06/21/2011 | 15311 Vantage Parkway West | Houston | Harris | TX | 77032 | 1980 | NAP | |||
Property | Park Central | 6,000,000 | 06/27/2011 | 7616 LBJ Freeway | Dallas | Dallas | TX | 75251 | 1974 | NAP | |||
Property | Northbelt Atrium II | 2,800,000 | 06/21/2011 | 15355 Vantage Parkway West | Houston | Harris | TX | 77032 | 1983 | NAP | |||
Property | 11811 North Freeway | 4,500,000 | 06/21/2011 | 11811 North Freeway | Houston | Harris | TX | 77060 | 1982 | 2000 | |||
Property | Tower Pavilion | 3,550,000 | 06/30/2011 | 2909 Hillcroft Avenue | Houston | Harris | TX | 77057 | 1981 | NAP | |||
Property | Central Park Business Center | 3,040,000 | 06/01/2011 | 1900 Firman Drive and 1901 North Glenville Drive | Richardson | Dallas | TX | 75081 | 1984 | NAP | |||
Loan | 180 Peachtree Street | 95,000,000 | 11/18/2011 | 57.8% | 49.0% | 180 Peachtree Street Northwest and 150 Carnegie Way Northwest | Atlanta | Fulton | GA | 30303 | 1927 | 2000 | |
Loan | Hampshire Multifamily Portfolio | 83,090,000 | Various | 65.9% | 56.3% | Various | Indianapolis | Marion | IN | Various | Various | Various | |
Property | Westlake Apartments | 45,100,000 | 10/07/2011 | 6000 Westlake Drive | Indianapolis | Marion | IN | 46224 | 1967-1976 | 2009-2011 | |||
Property | Woods Edge Apartments | 10,490,000 | 10/07/2011 | 6401 Woods Edge North Drive | Indianapolis | Marion | IN | 46250 | 1981 | NAP | |||
Property | Wind Drift Apartments | 7,870,000 | 10/11/2011 | 3833 Wind Drift Drive | Indianapolis | Marion | IN | 46254 | 1979 | NAP | |||
Property | Riverwood Apartments | 8,030,000 | 10/07/2011 | 5830 Riverwood Drive | Indianapolis | Marion | IN | 46250 | 1977 | NAP | |||
Property | Spyglass Apartments | 6,800,000 | 10/07/2011 | 8320 Spyglass Drive | Indianapolis | Marion | IN | 46260 | 1979 | 2009-2010 | |||
Property | Villa Nova Apartments | 4,800,000 | 10/07/2011 | 8760 LeMode Court | Indianapolis | Marion | IN | 46268 | 1972 | NAP | |||
Loan | Alamance Crossing | 72,670,000 | 04/20/2011 | 69.4% | 59.1% | 1080 Piper Lane | Burlington | Alamance | NC | 27215 | 2006 | 2008 | |
Loan | Brea Plaza Shopping Center | 66,000,000 | 12/07/2011 | 65.8% | 56.4% | 835 East Imperial Highway and 1647 East Imperial Highway | Brea | Orange | CA | 92821 | 1976 | 1993-1994, 2008-2011 | |
Loan | Rio Apartments | 27,700,000 | 11/10/2011 | 65.4% | 61.6% | 8801-8871 Fontainebleau Boulevard | Miami | Miami-Dade | FL | 33172 | 1971 | NAP | |
Loan | Treetop Apartments | 25,000,000 | 11/10/2011 | 65.4% | 61.6% | 8532 SW 107th Avenue | Miami | Miami-Dade | FL | 33173 | 1974 | NAP | |
Loan | Piatt Place | 45,100,000 | 04/01/2012 | 74.3% | 65.1% | 301 Fifth Avenue | Pittsburgh | Allegheny | PA | 15222 | 1998 | 2006-2007 | |
Loan | Susquehanna Valley Mall | 43,000,000 | 10/08/2011 | 64.9% | 55.4% | 1 Susquehanna Valley Mall Drive | Selinsgrove | Snyder | PA | 17870 | 1977 | 1998 | |
Loan | Vernola Marketplace | 43,800,000 | 06/25/2011 | 53.8% | 44.7% | 6205-6477 Pats Ranch Road | Mira Loma | Riverside | CA | 91752 | 2007 | NAP | |
Loan | GRM Portfolio | 30,440,000 | Various | 65.6% | 50.9% | Various | Various | Various | Various | Various | Various | Various | |
Property | 10310 Harwin Drive | 16,140,000 | 11/14/2011 | 10310 Harwin Drive | Houston | Harris | TX | 77036 | 1971 | 2009 | |||
Property | Chicago Building | 14,300,000 | 11/11/2011 | 7123 West 65th Street | Bedford Park | Cook | IL | 60638 | 2005 | NAP | |||
Loan | Evergreen Portfolio | 25,400,000 | 10/11/2011 | 66.8% | 55.0% | Various | Various | Various | Various | Various | Various | NAP | |
Property | Yorktowne MHP | 17,700,000 | 10/11/2011 | 7260 Fields Ertel Road | Sharonville | Butler & Warren | OH | 45241 | 1970 | NAP | |||
Property | Pondarosa MHP | 4,300,000 | 10/11/2011 | 3559 Cossell Road | Indianapolis | Marion | IN | 46222 | 1965 | NAP | |||
Property | Vance MHP | 3,400,000 | 10/11/2011 | 1639 Marion-Waldo Road | Marion | Marion | OH | 43302 | 1970 | NAP | |||
Loan | Healdsburg Hotel | 25,500,000 | 04/13/2011 | 66.2% | 62.7% | 25 Matheson Street | Healdsburg | Sonoma | CA | 95448 | 2001 | NAP | |
Loan | Montebello Town Square | 51,190,000 | 01/04/2012 | 31.2% | 25.7% | 1445 North Montebello Boulevard | Montebello | Los Angeles | CA | 90640 | 1992 | NAP | |
Loan | Plaza del Sol | 23,850,000 | 12/01/2011 | 66.0% | 56.2% | 2205 Veterans Boulevard | Del Rio | Val Verde | TX | 78840 | 1977 | NAP | |
Loan | Holiday Village | 31,000,000 | 10/25/2011 | 49.9% | 42.2% | 701 South Dobson Road | Mesa | Maricopa | AZ | 85202 | 1963 | NAP | |
Loan | Bear Creek Plaza | 22,700,000 | 11/02/2011 | 67.8% | 57.1% | 830-1140 Biddle Road | Medford | Jackson | OR | 97504 | 1977 | 2010 | |
Loan | BB&T Headquarters Building | 34,800,000 | 11/09/2011 | 44.0% | 37.2% | 200 West Second Street | Winston-Salem | Forsyth | NC | 27101 | 1987 | 2001-2003 | |
Loan | Rancho Penasquitos Towne Center I | 22,400,000 | 07/06/2011 | 64.1% | 53.1% | 13205-13297 Black Mountain Road and 9335 Paseo Montalban | San Diego | San Diego | CA | 92129 | 1987-1990 | NAP | |
Loan | Johnstown Galleria - Ground Lease | 20,790,000 | 06/18/2011 | 65.2% | 65.2% | 500 Galleria Drive | Johnstown | Cambria | PA | 15904 | NAP | NAP | |
Loan | Rancho Penasquitos Towne Center II | 19,400,000 | 07/06/2011 | 56.8% | 47.1% | 13161-13181 Black Mountain Road and 13173-13181 Twin Trails Drive | San Diego | San Diego | CA | 92129 | 1987-1990 | NAP | |
Loan | Southwood Manor MHC | 15,500,000 | 06/03/2011 | 71.0% | 60.9% | 9499 Brayton Drive | Anchorage | Anchorage | AK | 99507 | 1976,1978 | NAP | |
Loan | BJ's Wholesale Pittsfield | 14,700,000 | 01/02/2012 | 74.8% | 74.8% | 495 Hubbard Avenue | Pittsfield | Berkshire | MA | 01201 | 2011 | NAP | |
Loan | Penland Park MHC | 15,400,000 | 06/03/2011 | 71.1% | 61.0% | 801 Airport Heights Drive | Anchorage | Anchorage | AK | 99508 | 1975 | NAP | |
Loan | Eagle Crest MHC | 17,500,000 | 10/10/2011 | 61.3% | 52.2% | 3629 Big Tree Road | Hamburg | Erie | NY | 14075 | 1988 | NAP | |
Loan | Fingerlakes Crossing Shopping Center | 16,700,000 | 05/19/2011 | 62.5% | 58.8% | 1634 Clark Street Road | Aurelius | Cayuga | NY | 13021 | 2006-2008 | NAP | |
Loan | Hickory Glen Apartments | 12,900,000 | 12/02/2011 | 69.7% | 58.5% | 1700 West Washington Street | Springfield | Sangamon | IL | 62702 | 1987 | 2006-2010 | |
Loan | Comfort Inn JFK At Ozone Park | 15,100,000 | 12/07/2011 | 59.5% | 46.2% | 137-30 Redding Street | Ozone Park | Queens | NY | 11417 | 2009 | NAP | |
Loan | Staybridge Suites SeaWorld | 15,000,000 | 05/19/2011 | 59.6% | 52.3% | 10919 Town Center Drive | San Antonio | Bexar | TX | 78251 | 2009 | NAP | |
Loan | Boulevard Estates MHC | 11,100,000 | 10/06/2011 | 72.8% | 62.6% | 2266 Gulf to Bay Boulevard | Clearwater | Pinellas | FL | 33765 | 1965 | NAP | |
Loan | Northcross & Victoria | 12,500,000 | 12/05/2011 | 61.5% | 51.8% | 5201, 5209-5223, 5303-5319, 5301 and 5106 North Navarro Street | Victoria | Victoria | TX | 77904 | 1977 (Victoria); 1978 and 1992 (Northcross) | NAP | |
Loan | Hampton Inn & Suites | 11,500,000 | 11/14/2011 | 66.8% | 52.5% | 6124 West Calhoun Drive | Alexandria | Rapides | LA | 71303 | 2008 | NAP | |
Loan | Westchester I Office | 10,600,000 | 12/01/2011 | 71.9% | 60.8% | 15871 City View Drive | Midlothian | Chesterfield | VA | 23113 | 2008 | NAP | |
Loan | Marina Towers | 11,000,000 | 06/16/2011 | 68.3% | 64.3% | 709 South Harbor City Boulevard | Melbourne | Brevard | FL | 32901 | 1994 | NAP | |
Loan | Spalding Building | 11,800,000 | 08/12/2011 | 63.4% | 53.8% | 319 SW Washington Street | Portland | Multnomah | OR | 97204 | 1912 | 2009-2011 | |
Loan | Addison Place North | 10,000,000 | 05/27/2011 | 69.5% | 58.3% | 16850 Jog Road | Delray Beach | Palm Beach | FL | 33446 | 2001 | NAP | |
Loan | Hotel Provincial | 13,000,000 | 06/23/2011 | 53.4% | 41.4% | 1024 Rue Chartres | New Orleans | Orleans | LA | 70116 | 1877, 1961 | 1968-1972, 2002 | |
Loan | Alrig Portfolio | 9,895,000 | 12/14/2011 | 68.7% | 57.9% | Various | Various | Various | MI | Various | Various | NAP | |
Property | Bloomfield Office Pavilion | 4,630,000 | 12/14/2011 | 2550 South Telegraph Road | Bloomfield Township | Oakland | MI | 48302 | 1978 | NAP | |||
Property | Willow Office Center | 3,125,000 | 12/14/2011 | 525 East Big Beaver Road | Troy | Oakland | MI | 48083 | 2000 | NAP | |||
Property | Cady Office Centre | 2,140,000 | 12/14/2011 | 105 East Cady Street | Northville | Wayne | MI | 48167 | 1998 | NAP | |||
Loan | Wood Forest Apartments | 9,850,000 | 06/30/2011 | 68.8% | 53.5% | 2614 North University Drive | Nacogdoches | Nacogdoches | TX | 75965 | 1974 | 2007-2011 | |
Loan | Fox Hunt Apartments | 6,975,000 | 07/11/2011 | 58.1% | 54.3% | 2095 Valley Greene Drive | Dayton | Montgomery | OH | 45440 | 1978 | NAP | |
Net | Loan per Net | ||||||||||||||||
Rentabl | Rentable | ||||||||||||||||
Areae | Units | Area | |||||||||||||||
Property | (SF/Units | of | (SF/Units/ | Prepayment Provisions | Trailing 12 Operating | Trailing 12 | Trailing 12 | Trailing 12 | 2010 Operating | 2010 | 2010 | 2010 | 2009 Operating | ||||
Flag | ID | Property Name | Rooms/Pads) | Measure | Rooms/Pads) ($) | (# of payments) (11) | Statements Date | EGI ($) | Expenses($) | NOI($) | Statements Date | EGI($) | Expenses($) | NOI($) | Statements Date | ||
Loan | Square One Mall | 541,128 | Sq. Ft. | 184 | L(26), D(90), O(4) | T-12 10/31/2011 | 22,545,313 | 8,335,874 | 14,209,439 | 12/31/2010 | 22,362,687 | 8,189,777 | 14,172,910 | 12/31/2009 | |||
Loan | Union Square Retail | 236,215 | Sq. Ft. | 318 | L(30), D(86), O(4) | YTD 11/30/2011 Ann. | 25,706,810 | 6,821,294 | 18,885,516 | 12/31/2010 | 17,757,995 | 8,552,565 | 9,205,430 | 12/31/2009 | |||
Loan | Puerto Rico Retail Portfolio | 554,490 | Sq. Ft. | 104 | L(24), D(93), O(3) | T-12 10/31/2011 | 9,431,669 | 2,952,747 | 6,478,922 | 12/31/2010 | 8,893,270 | 2,745,030 | 6,148,240 | 12/31/2009 | |||
Property | Plaza Los Prados | 163,532 | Sq. Ft. | 139 | T-12 10/31/2011 | 2,894,465 | 903,567 | 1,990,898 | 12/31/2010 | 2,582,839 | 869,166 | 1,713,673 | 12/31/2009 | ||||
Property | Juncos Plaza | 208,080 | Sq. Ft. | 68 | T-12 10/31/2011 | 2,565,948 | 855,466 | 1,710,482 | 12/31/2010 | 2,460,254 | 800,384 | 1,659,870 | 12/31/2009 | ||||
Property | Manati Centro Plaza | 117,872 | Sq. Ft. | 117 | T-12 10/31/2011 | 2,732,153 | 786,394 | 1,945,759 | 12/31/2010 | 2,624,361 | 700,338 | 1,924,023 | 12/31/2009 | ||||
Property | University Plaza | 65,006 | Sq. Ft. | 108 | T-12 10/31/2011 | 1,239,103 | 407,320 | 831,783 | 12/31/2010 | 1,225,816 | 375,142 | 850,674 | 12/31/2009 | ||||
Loan | Hartman Portfolio | 1,638,830 | Sq. Ft. | 35 | YM1(117), O(3) | T-12 10/31/2011 | 18,549,086 | 10,793,447 | 7,755,639 | 12/31/2010 | 19,938,515 | 11,114,270 | 8,824,245 | 12/31/2009 | |||
Property | Westheimer Central Plaza | 182,506 | Sq. Ft. | 52 | T-12 10/31/2011 | 2,649,847 | 1,488,449 | 1,161,398 | 12/31/2010 | 3,336,882 | 1,353,256 | 1,983,627 | 12/31/2009 | ||||
Property | The Preserve | 218,689 | Sq. Ft. | 32 | T-12 10/31/2011 | 2,377,148 | 1,379,918 | 997,230 | 12/31/2010 | 2,154,378 | 1,407,046 | 747,332 | 12/31/2009 | ||||
Property | North Central Plaza | 198,374 | Sq. Ft. | 31 | T-12 10/31/2011 | 2,954,631 | 1,586,717 | 1,367,914 | 12/31/2010 | 2,312,388 | 1,547,095 | 765,294 | 12/31/2009 | ||||
Property | Walzem Plaza | 182,713 | Sq. Ft. | 32 | T-12 10/31/2011 | 1,530,626 | 593,306 | 937,320 | 12/31/2010 | 1,390,587 | 662,366 | 728,221 | 12/31/2009 | ||||
Property | 3100 Timmons Lane | 111,265 | Sq. Ft. | 41 | T-12 10/31/2011 | 1,948,242 | 942,350 | 1,005,892 | 12/31/2010 | 1,811,668 | 941,530 | 870,138 | 12/31/2009 | ||||
Property | One Mason Plaza | 75,183 | Sq. Ft. | 58 | T-12 10/31/2011 | 1,039,256 | 364,136 | 675,120 | 12/31/2010 | 995,475 | 406,080 | 589,396 | 12/31/2009 | ||||
Property | Northbelt Atrium I | 118,461 | Sq. Ft. | 36 | T-12 10/31/2011 | 1,110,288 | 754,075 | 356,213 | 12/31/2010 | 1,492,099 | 869,259 | 622,840 | 12/31/2009 | ||||
Property | Park Central | 127,913 | Sq. Ft. | 31 | T-12 10/31/2011 | 1,734,326 | 1,099,339 | 634,987 | 12/31/2010 | 1,575,021 | 1,056,940 | 518,081 | 12/31/2009 | ||||
Property | Northbelt Atrium II | 106,677 | Sq. Ft. | 34 | T-12 10/31/2011 | 580,071 | 676,559 | -96,488 | 12/31/2010 | 1,531,441 | 848,521 | 682,920 | 12/31/2009 | ||||
Property | 11811 North Freeway | 156,361 | Sq. Ft. | 22 | T-12 10/31/2011 | 1,138,651 | 915,417 | 223,234 | 12/31/2010 | 1,877,503 | 1,088,302 | 789,202 | 12/31/2009 | ||||
Property | Tower Pavilion | 87,589 | Sq. Ft. | 27 | T-12 10/31/2011 | 1,062,737 | 776,979 | 285,758 | 12/31/2010 | 1,108,704 | 723,602 | 385,102 | 12/31/2009 | ||||
Property | Central Park Business Center | 73,099 | Sq. Ft. | 24 | T-12 10/31/2011 | 423,263 | 216,202 | 207,061 | 12/31/2010 | 352,367 | 210,275 | 142,092 | 12/31/2009 | ||||
Loan | 180 Peachtree Street | 350,267 | Sq. Ft. | 157 | L(26), D(89), O(5) | T-12 8/31/2011 | 11,973,814 | 4,609,778 | 7,364,036 | 12/31/2010 | 11,232,296 | 4,130,087 | 7,102,209 | 12/31/2009 | |||
Loan | Hampshire Multifamily Portfolio | 2,103 | Units | 26,055 | L(28), D(88), O(4) | T-12 9/30/2011 | 13,892,248 | 7,512,594 | 6,379,655 | 12/31/2010 | 13,412,958 | 7,287,406 | 6,125,553 | 12/31/2009 | |||
Property | Westlake Apartments | 1,381 | Units | 23,103 | T-12 9/30/2011 | 8,210,290 | 4,412,511 | 3,797,780 | 12/31/2010 | 7,735,712 | 4,340,605 | 3,395,107 | 12/31/2009 | ||||
Property | Woods Edge Apartments | 190 | Units | 38,593 | T-12 9/30/2011 | 1,479,026 | 689,756 | 789,271 | 12/31/2010 | 1,453,886 | 665,861 | 788,025 | 12/31/2009 | ||||
Property | Wind Drift Apartments | 166 | Units | 33,078 | T-12 9/30/2011 | 1,259,185 | 636,008 | 623,178 | 12/31/2010 | 1,229,841 | 624,285 | 605,556 | 12/31/2009 | ||||
Property | Riverwood Apartments | 120 | Units | 34,131 | T-12 9/30/2011 | 1,086,477 | 624,540 | 461,937 | 12/31/2010 | 1,108,575 | 569,759 | 538,816 | 12/31/2009 | ||||
Property | Spyglass Apartments | 120 | Units | 31,634 | T-12 9/30/2011 | 991,949 | 556,025 | 435,925 | 12/31/2010 | 1,022,028 | 536,572 | 485,457 | 12/31/2009 | ||||
Property | Villa Nova Apartments | 126 | Units | 17,242 | T-12 9/30/2011 | 865,320 | 593,755 | 271,565 | 12/31/2010 | 862,915 | 550,324 | 312,592 | 12/31/2009 | ||||
Loan | Alamance Crossing | 456,989 | Sq. Ft. | 110 | L(31), D(83), O(5) | T-12 11/30/2011 | 7,824,397 | 1,851,582 | 5,972,814 | 12/31/2010 | 7,756,157 | 1,767,850 | 5,988,307 | 12/31/2009 | |||
Loan | Brea Plaza Shopping Center | 165,337 | Sq. Ft. | 263 | L(25), D(91), O(4) | T-12 10/31/2011 | 4,127,060 | 1,009,868 | 3,117,192 | ||||||||
Loan | Rio Apartments | 294 | Units | 62,857 | YM1(59), O(1) | T-12 11/30/2011 | 3,414,261 | 1,004,434 | 2,409,827 | 12/31/2010 | 3,350,612 | 1,299,947 | 2,050,664 | 12/31/2009 | |||
Loan | Treetop Apartments | 263 | Units | 60,771 | YM1(59), O(1) | T-12 11/30/2011 | 2,901,257 | 850,056 | 2,051,201 | 12/31/2010 | 2,749,860 | 1,304,298 | 1,445,562 | 12/31/2009 | |||
Loan | Piatt Place | 222,155 | Sq. Ft. | 151 | L(24), YM1(89), O(7) | T-12 10/31/2011 | 4,393,584 | 2,225,659 | 2,167,925 | T-12 10/31/2010 | 3,185,724 | 1,905,174 | 1,280,550 | T-12 10/31/2009 | |||
Loan | Susquehanna Valley Mall | 628,063 | Sq. Ft. | 44 | L(26), D(90), O(4) | T-12 8/31/2011 | 7,630,478 | 3,498,397 | 4,132,081 | 12/31/2010 | 7,546,097 | 3,503,698 | 4,042,399 | 12/31/2009 | |||
Loan | Vernola Marketplace | 210,963 | Sq. Ft. | 112 | L(11), YM1(105), O(4) | YTD 10/31/2011 Ann. | 4,725,494 | 1,708,201 | 3,017,293 | 12/31/2010 | 4,526,415 | 1,330,547 | 3,195,868 | 12/31/2009 | |||
Loan | GRM Portfolio | 607,633 | Sq. Ft. | 33 | L(25), D(91), O(4) | ||||||||||||
Property | 10310 Harwin Drive | 311,486 | Sq. Ft. | 34 | |||||||||||||
Property | Chicago Building | 296,147 | Sq. Ft. | 32 | |||||||||||||
Loan | Evergreen Portfolio | 595 | Pads | 28,513 | L(27), D(90), O(3) | T-12 9/30/2011 | 2,843,633 | 1,067,261 | 1,776,372 | 12/31/2010 | 2,769,185 | 1,066,756 | 1,702,429 | 12/31/2009 | |||
Property | Yorktowne MHP | 354 | Pads | 34,930 | T-12 9/30/2011 | 1,813,328 | 597,526 | 1,215,802 | 12/31/2010 | 1,748,565 | 588,412 | 1,160,153 | 12/31/2009 | ||||
Property | Pondarosa MHP | 146 | Pads | 16,820 | T-12 9/30/2011 | 604,048 | 293,162 | 310,886 | 12/31/2010 | 594,541 | 296,542 | 297,999 | 12/31/2009 | ||||
Property | Vance MHP | 95 | Pads | 22,568 | T-12 9/30/2011 | 426,257 | 176,573 | 249,684 | 12/31/2010 | 426,079 | 181,802 | 244,277 | 12/31/2009 | ||||
Loan | Healdsburg Hotel | 55 | Rooms | 306,970 | L(32), D(24), O(4) | T-12 10/31/2011 | 10,203,179 | 7,997,064 | 2,206,115 | 12/31/2010 | 9,994,992 | 7,815,799 | 2,179,193 | 12/31/2009 | |||
Loan | Montebello Town Square | 251,489 | Sq. Ft. | 64 | L(25), D(91), O(4) | 12/31/2011 | 4,324,970 | 985,313 | 3,339,657 | 12/31/2010 | 4,246,088 | 1,044,987 | 3,201,101 | 12/31/2009 | |||
Loan | Plaza del Sol | 260,538 | Sq. Ft. | 60 | L(25), D(91), O(4) | T-12 10/31/2011 | 2,719,482 | 1,145,488 | 1,573,994 | 12/31/2010 | 2,574,249 | 1,204,805 | 1,369,444 | 12/31/2009 | |||
Loan | Holiday Village | 495 | Pads | 31,221 | L(27), D(90), O(3) | T-12 10/31/2011 | 3,055,785 | 1,121,716 | 1,934,069 | 12/31/2010 | 2,977,104 | 1,096,468 | 1,880,636 | 12/31/2009 | |||
Loan | Bear Creek Plaza | 189,953 | Sq. Ft. | 81 | L(25), D(91), O(4) | T-12 11/30/2011 | 2,100,276 | 499,738 | 1,600,538 | 12/31/2010 | 2,019,324 | 467,670 | 1,551,654 | 12/31/2009 | |||
Loan | BB&T Headquarters Building | 239,854 | Sq. Ft. | 64 | L(26), YM1(90), O(4) | YTD 9/30/2011 Ann. | 3,933,431 | 1,691,761 | 2,241,670 | 12/31/2010 | 4,644,944 | 1,724,553 | 2,920,391 | 12/31/2009 | |||
Loan | Rancho Penasquitos Towne Center I | 57,411 | Sq. Ft. | 250 | L(30), D(86), O(4) | YTD 9/30/2011 Ann. | 2,100,296 | 537,871 | 1,562,425 | 12/31/2010 | 2,179,178 | 633,455 | 1,545,723 | 12/31/2009 | |||
Loan | Johnstown Galleria - Ground Lease | 46 | Acres | NAP | L(31), D(86), O(3) | 12/31/2010 | 1,373,328 | 1,373,328 | 12/31/2009 | ||||||||
Loan | Rancho Penasquitos Towne Center II | 59,414 | Sq. Ft. | 186 | L(30), D(86), O(4) | YTD 9/30/2011 Ann. | 1,738,307 | 583,704 | 1,154,603 | 12/31/2010 | 1,822,838 | 629,316 | 1,193,522 | 12/31/2009 | |||
Loan | Southwood Manor MHC | 417 | Pads | 26,381 | L(29), D(88), O(3) | T-12 6/30/2011 | 2,131,379 | 1,010,500 | 1,120,878 | 12/31/2010 | 2,096,819 | 990,999 | 1,105,820 | 12/31/2009 | |||
Loan | BJ's Wholesale Pittsfield | 85,188 | Sq. Ft. | 129 | L(24), D(92), O(4) | ||||||||||||
Loan | Penland Park MHC | 389 | Pads | 28,152 | L(29), D(88), O(3) | T-12 6/30/2011 | 1,848,140 | 660,824 | 1,187,315 | 12/31/2010 | 1,811,949 | 658,061 | 1,153,888 | 12/31/2009 | |||
Loan | Eagle Crest MHC | 273 | Pads | 39,267 | L(27), D(90), O(3) | T-12 10/31/2011 | 1,755,250 | 635,795 | 1,119,455 | 12/31/2010 | 1,712,823 | 629,442 | 1,083,381 | 12/31/2009 | |||
Loan | Fingerlakes Crossing Shopping Center | 252,822 | Sq. Ft. | 41 | L(30), D(27), O(3) | T-12 3/31/2011 | 1,629,081 | 511,851 | 1,117,230 | 12/31/2010 | 1,632,693 | 511,995 | 1,120,698 | 12/31/2009 | |||
Loan | Hickory Glen Apartments | 129 | Units | 69,682 | L(25), D(92), O(3) | T-12 10/31/2011 | 2,670,046 | 1,634,681 | 1,035,365 | 12/31/2010 | 2,779,675 | 1,602,455 | 1,177,220 | 12/31/2009 | |||
Loan | Comfort Inn JFK At Ozone Park | 75 | Rooms | 119,808 | L(25), D(91), O(4) | 12/31/2011 | 2,596,478 | 1,156,785 | 1,439,692 | 12/31/2010 | 2,259,335 | 1,035,655 | 1,223,680 | ||||
Loan | Staybridge Suites SeaWorld | 98 | Rooms | 91,154 | L(30), D(51), O(3) | 12/31/2011 | 2,805,390 | 1,801,024 | 1,004,366 | 12/31/2010 | 2,555,497 | 1,550,935 | 1,004,562 | ||||
Loan | Boulevard Estates MHC | 287 | Pads | 28,149 | L(27), D(90), O(3) | T-12 9/30/2011 | 1,419,164 | 727,248 | 691,916 | 12/31/2010 | 1,402,851 | 720,872 | 681,979 | 12/31/2009 | |||
Loan | Northcross & Victoria | 204,091 | Sq. Ft. | 38 | L(26), D(90), O(4) | T-12 11/30/2011 | 1,574,660 | 446,751 | 1,127,909 | 12/31/2010 | 1,403,473 | 581,136 | 822,336 | 12/31/2009 | |||
Loan | Hampton Inn & Suites | 106 | Rooms | 72,444 | L(26), D(91), O(3) | T-12 9/30/2011 | 3,050,707 | 1,618,757 | 1,431,950 | 12/31/2010 | 3,036,460 | 1,597,710 | 1,438,750 | 12/31/2009 | |||
Loan | Westchester I Office | 57,135 | Sq. Ft. | 133 | L(26), D(91), O(3) | T-12 7/31/2011 | 1,071,208 | 313,518 | 757,690 | 12/31/2010 | 1,056,135 | 309,478 | 746,657 | 12/31/2009 | |||
Loan | Marina Towers | 68,090 | Sq. Ft. | 110 | L(30), D(27), O(3) | YTD 11/30/2011 Ann. | 1,403,269 | 430,073 | 973,196 | 12/31/2010 | 1,266,947 | 445,889 | 821,058 | 12/31/2009 | |||
Loan | Spalding Building | 91,060 | Sq. Ft. | 82 | L(27), D(89), O(4) | T-12 7/31/2011 | 1,400,742 | 674,820 | 725,921 | 12/31/2010 | 1,364,633 | 633,612 | 731,021 | 12/31/2009 | |||
Loan | Addison Place North | 24,000 | Sq. Ft. | 290 | L(35), D(80), O(5) | 12/31/2011 | 956,634 | 278,484 | 678,150 | 12/31/2010 | 1,086,883 | 270,880 | 816,003 | 12/31/2009 | |||
Loan | Hotel Provincial | 92 | Rooms | 75,421 | L(30), D(86), O(4) | T-12 11/30/2011 | 3,856,249 | 2,535,062 | 1,321,187 | 12/31/2010 | 3,539,032 | 2,436,891 | 1,102,141 | 12/31/2009 | |||
Loan | Alrig Portfolio | 119,817 | Sq. Ft. | 57 | L(24), YM1(93), O(3) | 12/31/2011 | 1,067,475 | 848,745 | 218,730 | ||||||||
Property | Bloomfield Office Pavilion | 60,836 | Sq. Ft. | 56 | 12/31/2011 | 500,662 | 361,446 | 139,216 | |||||||||
Property | Willow Office Center | 37,167 | Sq. Ft. | 59 | 12/31/2011 | 379,648 | 213,494 | 166,154 | |||||||||
Property | Cady Office Centre | 21,814 | Sq. Ft. | 55 | 12/31/2011 | 187,164 | 273,804 | -86,640 | |||||||||
Loan | Wood Forest Apartments | 152 | Units | 44,607 | L(26), D(90), O(4) | T-12 11/30/2011 | 1,693,372 | 856,717 | 836,655 | 12/31/2010 | 1,686,449 | 906,145 | 780,304 | 12/31/2009 | |||
Loan | Fox Hunt Apartments | 250 | Units | 16,198 | L(30), D(26), O(4) | T-12 6/30/2011 | 1,555,425 | 961,842 | 593,583 | 12/31/2010 | 1,461,162 | 808,567 | 652,595 | 12/31/2009 | |||
Underwritten | Underwritten | |||||||||||||||
Property | 2009 | 2009 | 2009 | NOI | NCF | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Ownership | |||
Flag | ID | Property Name | EGI($) | Expenses($) | NOI($) | Debt Yield | Debt Yield | Revenue($) | EGI($) | Expenses($) | NOI ($) | Reserves($) | TI/LC($) | NCF ($) | Interest | |
Loan | Square One Mall | 23,643,017 | 8,621,734 | 15,021,283 | 13.2% | 12.5% | 14,756,595 | 21,233,180 | 8,091,611 | 13,141,569 | 182,506 | 439,808 | 12,519,255 | Fee Simple | ||
Loan | Union Square Retail | 11,712,897 | 8,378,377 | 3,334,520 | 21.5% | 20.4% | 21,599,322 | 25,058,213 | 8,967,917 | 16,090,296 | 47,243 | 749,526 | 15,293,527 | Leasehold | ||
Loan | Puerto Rico Retail Portfolio | 9,167,003 | 2,677,040 | 6,489,963 | 12.0% | 11.3% | 8,384,294 | 10,038,706 | 3,116,456 | 6,922,251 | 166,347 | 241,081 | 6,514,823 | Fee Simple | ||
Property | Plaza Los Prados | 2,620,088 | 809,788 | 1,810,300 | 3,041,260 | 3,573,092 | 975,393 | 2,597,700 | 49,060 | 71,100 | 2,477,540 | Fee Simple | ||||
Property | Juncos Plaza | 2,728,222 | 814,171 | 1,914,051 | 2,443,064 | 2,614,279 | 912,867 | 1,701,412 | 62,424 | 90,469 | 1,548,519 | Fee Simple | ||||
Property | Manati Centro Plaza | 2,612,176 | 686,560 | 1,925,616 | 1,974,274 | 2,560,971 | 800,464 | 1,760,507 | 35,362 | 51,248 | 1,673,897 | Fee Simple | ||||
Property | University Plaza | 1,206,517 | 366,521 | 839,996 | 925,696 | 1,290,364 | 427,732 | 862,632 | 19,502 | 28,263 | 814,867 | Fee Simple | ||||
Loan | Hartman Portfolio | 21,041,517 | 12,206,681 | 8,834,836 | 12.5% | 10.3% | 24,165,962 | 18,117,011 | 11,042,844 | 7,074,166 | 327,766 | 904,455 | 5,841,945 | Fee Simple | ||
Property | Westheimer Central Plaza | 3,222,807 | 1,592,789 | 1,630,019 | 3,526,278 | 2,560,351 | 1,571,364 | 988,987 | 36,501 | 135,717 | 816,768 | Fee Simple | ||||
Property | The Preserve | 2,325,474 | 1,914,916 | 410,558 | 3,041,991 | 2,404,095 | 1,437,932 | 966,163 | 43,738 | 126,934 | 795,492 | Fee Simple | ||||
Property | North Central Plaza | 2,640,581 | 1,440,361 | 1,200,221 | 3,410,112 | 2,771,049 | 1,567,246 | 1,203,803 | 39,675 | 122,782 | 1,041,346 | Fee Simple | ||||
Property | Walzem Plaza | 1,427,397 | 633,308 | 794,089 | 1,735,136 | 1,728,638 | 652,742 | 1,075,896 | 36,543 | 89,634 | 949,720 | Fee Simple | ||||
Property | 3100 Timmons Lane | 1,821,098 | 984,063 | 837,035 | 2,062,196 | 1,991,020 | 923,750 | 1,067,271 | 22,253 | 113,324 | 931,693 | Fee Simple | ||||
Property | One Mason Plaza | 921,588 | 493,706 | 427,882 | 1,100,966 | 1,118,934 | 365,201 | 753,732 | 15,037 | 46,239 | 692,457 | Fee Simple | ||||
Property | Northbelt Atrium I | 1,885,929 | 908,207 | 977,722 | 1,717,075 | 990,253 | 843,136 | 147,117 | 23,692 | 40,254 | 83,170 | Fee Simple | ||||
Property | Park Central | 1,390,017 | 995,335 | 394,682 | 1,976,822 | 1,766,035 | 1,033,514 | 732,521 | 25,583 | 86,328 | 620,610 | Fee Simple | ||||
Property | Northbelt Atrium II | 1,854,325 | 938,951 | 915,374 | 1,708,405 | 275,284 | 718,545 | -443,261 | 21,335 | 11,869 | -476,465 | Fee Simple | ||||
Property | 11811 North Freeway | 1,889,006 | 1,342,218 | 546,788 | 2,010,347 | 1,034,304 | 1,048,532 | -14,228 | 31,272 | 51,233 | -96,734 | Fee Simple | ||||
Property | Tower Pavilion | 1,232,264 | 744,957 | 487,307 | 1,236,937 | 1,020,418 | 679,333 | 341,086 | 17,518 | 57,006 | 266,562 | Fee Simple | ||||
Property | Central Park Business Center | 431,030 | 217,870 | 213,160 | 639,695 | 456,630 | 201,549 | 255,080 | 14,620 | 23,135 | 217,326 | Fee Simple | ||||
Loan | 180 Peachtree Street | 9,154,538 | 3,516,392 | 5,638,145 | 12.4% | 11.6% | 6,932,543 | 11,882,895 | 5,099,926 | 6,782,969 | 129,162 | 301,256 | 6,352,551 | Fee Simple/Leasehold | ||
Loan | Hampshire Multifamily Portfolio | 13,084,777 | 7,121,623 | 5,963,154 | 10.9% | 9.6% | 13,982,318 | 13,890,410 | 7,893,009 | 5,997,401 | 710,990 | 5,286,411 | Fee Simple | |||
Property | Westlake Apartments | 7,787,288 | 4,299,518 | 3,487,770 | 8,231,376 | 8,208,882 | 4,699,802 | 3,509,080 | 430,872 | 3,078,208 | Fee Simple | |||||
Property | Woods Edge Apartments | 1,359,932 | 668,991 | 690,942 | 1,483,836 | 1,478,843 | 709,830 | 769,013 | 61,560 | 707,453 | Fee Simple | |||||
Property | Wind Drift Apartments | 1,181,430 | 577,430 | 604,000 | 1,270,500 | 1,259,092 | 657,784 | 601,308 | 71,546 | 529,762 | Fee Simple | |||||
Property | Riverwood Apartments | 1,022,009 | 551,682 | 470,327 | 1,136,076 | 1,086,448 | 641,017 | 445,431 | 50,280 | 395,151 | Fee Simple | |||||
Property | Spyglass Apartments | 934,429 | 488,307 | 446,122 | 1,014,811 | 991,878 | 574,516 | 417,362 | 51,120 | 366,242 | Fee Simple | |||||
Property | Villa Nova Apartments | 799,689 | 535,695 | 263,994 | 845,720 | 865,268 | 610,060 | 255,209 | 45,612 | 209,597 | Fee Simple | |||||
Loan | Alamance Crossing | 7,561,761 | 1,878,099 | 5,683,662 | 10.2% | 9.6% | 7,224,709 | 7,315,718 | 2,146,443 | 5,169,275 | 91,398 | 220,527 | 4,857,350 | Fee Simple | ||
Loan | Brea Plaza Shopping Center | 9.6% | 9.1% | 4,415,588 | 6,091,001 | 1,929,875 | 4,161,126 | 33,067 | 184,445 | 3,943,614 | Fee Simple/Leasehold | |||||
Loan | Rio Apartments | 3,319,080 | 1,281,123 | 2,037,957 | 11.5% | 11.0% | 3,726,876 | 3,614,032 | 1,477,948 | 2,136,084 | 102,900 | 2,033,184 | Fee Simple | |||
Loan | Treetop Apartments | 2,718,528 | 1,014,627 | 1,703,901 | 11.5% | 11.0% | 3,148,572 | 3,076,618 | 1,233,794 | 1,842,825 | 92,050 | 1,750,775 | Fee Simple | |||
Loan | Piatt Place | 1,018,729 | 794,537 | 224,192 | 10.2% | 9.9% | 3,251,322 | 5,578,027 | 2,173,320 | 3,404,707 | 44,431 | 50,378 | 3,309,898 | Fee Simple | ||
Loan | Susquehanna Valley Mall | 8,070,990 | 3,519,216 | 4,551,774 | 15.8% | 14.2% | 6,360,779 | 8,046,610 | 3,648,135 | 4,398,476 | 226,103 | 207,555 | 3,964,818 | Fee Simple | ||
Loan | Vernola Marketplace | 5,077,051 | 1,448,827 | 3,628,225 | 13.0% | 12.0% | 4,491,379 | 4,859,119 | 1,790,296 | 3,068,823 | 52,741 | 179,141 | 2,836,941 | Fee Simple | ||
Loan | GRM Portfolio | 11.9% | 10.7% | 2,816,055 | 3,886,526 | 1,501,677 | 2,384,849 | 91,145 | 151,394 | 2,142,310 | Fee Simple | |||||
Property | 10310 Harwin Drive | Fee Simple | ||||||||||||||
Property | Chicago Building | Fee Simple | ||||||||||||||
Loan | Evergreen Portfolio | 2,771,339 | 1,035,386 | 1,735,953 | 10.5% | 10.3% | 3,053,496 | 2,843,633 | 1,057,669 | 1,785,964 | 37,073 | 1,748,891 | Fee Simple | |||
Property | Yorktowne MHP | 1,806,001 | 588,187 | 1,217,814 | 2,004,420 | 1,813,328 | 590,372 | 1,222,956 | 20,178 | 1,202,778 | Fee Simple | |||||
Property | Pondarosa MHP | 540,084 | 266,226 | 273,858 | 653,496 | 604,048 | 286,728 | 317,320 | 7,300 | 310,020 | Fee Simple | |||||
Property | Vance MHP | 425,254 | 180,973 | 244,281 | 395,580 | 426,257 | 180,569 | 245,688 | 9,595 | 236,093 | Fee Simple | |||||
Loan | Healdsburg Hotel | 9,385,952 | 7,754,235 | 1,631,717 | 13.4% | 11.0% | 4,816,544 | 10,203,179 | 7,941,264 | 2,261,915 | 408,127 | 1,853,788 | Fee Simple | |||
Loan | Montebello Town Square | 4,212,269 | 1,016,907 | 3,195,362 | 20.1% | 19.1% | 3,617,220 | 4,294,855 | 1,075,856 | 3,219,000 | 40,238 | 131,819 | 3,046,942 | Fee Simple | ||
Loan | Plaza del Sol | 2,555,639 | 1,176,693 | 1,378,946 | 11.9% | 10.5% | 2,442,474 | 3,000,784 | 1,126,746 | 1,874,038 | 81,764 | 135,797 | 1,656,476 | Fee Simple | ||
Loan | Holiday Village | 2,995,541 | 1,079,084 | 1,916,457 | 12.7% | 12.6% | 2,897,904 | 3,079,385 | 1,109,885 | 1,969,500 | 24,750 | 1,944,750 | Fee Simple | |||
Loan | Bear Creek Plaza | 1,922,507 | 451,748 | 1,470,759 | 10.8% | 9.5% | 1,807,354 | 2,181,952 | 525,002 | 1,656,950 | 27,870 | 175,255 | 1,453,825 | Fee Simple | ||
Loan | BB&T Headquarters Building | 4,699,988 | 1,683,549 | 3,016,439 | 17.2% | 16.2% | 4,190,452 | 4,366,595 | 1,725,722 | 2,640,873 | 71,956 | 90,254 | 2,478,662 | Fee Simple | ||
Loan | Rancho Penasquitos Towne Center I | 2,216,216 | 525,844 | 1,690,372 | 11.3% | 10.7% | 1,853,896 | 2,255,600 | 639,271 | 1,616,330 | 14,353 | 60,583 | 1,541,393 | Fee Simple | ||
Loan | Johnstown Galleria - Ground Lease | 1,346,400 | 1,346,400 | 10.3% | 10.3% | 1,400,795 | 1,400,795 | 1,400,795 | 1,400,795 | Fee Simple | ||||||
Loan | Rancho Penasquitos Towne Center II | 1,958,779 | 620,977 | 1,337,802 | 12.1% | 11.4% | 1,640,989 | 1,965,455 | 633,459 | 1,331,996 | 14,854 | 55,520 | 1,261,622 | Fee Simple | ||
Loan | Southwood Manor MHC | 2,036,156 | 967,883 | 1,068,273 | 10.1% | 9.9% | 2,126,700 | 2,057,289 | 950,479 | 1,106,810 | 20,850 | 1,085,960 | Fee Simple | |||
Loan | BJ's Wholesale Pittsfield | 9.3% | 9.3% | 1,064,850 | 1,043,553 | 16,817 | 1,026,736 | 8,519 | 1,018,218 | Fee Simple | ||||||
Loan | Penland Park MHC | 1,784,663 | 695,987 | 1,088,676 | 10.6% | 10.4% | 1,997,904 | 1,848,140 | 687,376 | 1,160,764 | 19,450 | 1,141,314 | Fee Simple | |||
Loan | Eagle Crest MHC | 1,662,559 | 624,659 | 1,037,900 | 9.8% | 9.7% | 1,746,540 | 1,720,713 | 670,180 | 1,050,533 | 13,650 | 1,036,883 | Fee Simple | |||
Loan | Fingerlakes Crossing Shopping Center | 1,741,025 | 483,678 | 1,257,347 | 10.3% | 9.2% | 1,302,582 | 1,602,625 | 532,221 | 1,070,404 | 20,181 | 93,383 | 956,841 | Fee Simple | ||
Loan | Hickory Glen Apartments | 2,926,730 | 1,611,471 | 1,315,259 | 10.8% | 10.4% | 2,898,000 | 2,680,984 | 1,706,597 | 974,387 | 38,700 | 935,687 | Fee Simple | |||
Loan | Comfort Inn JFK At Ozone Park | 12.8% | 11.7% | 2,477,119 | 2,477,119 | 1,324,439 | 1,152,680 | 99,085 | 1,053,596 | Fee Simple | ||||||
Loan | Staybridge Suites SeaWorld | 12.9% | 11.6% | 2,781,833 | 2,808,087 | 1,656,836 | 1,151,251 | 112,323 | 1,038,928 | Fee Simple | ||||||
Loan | Boulevard Estates MHC | 1,353,895 | 605,829 | 748,066 | 9.8% | 9.6% | 1,646,691 | 1,508,770 | 718,528 | 790,242 | 14,350 | 775,892 | Fee Simple | |||
Loan | Northcross & Victoria | 1,321,197 | 813,378 | 507,819 | 13.5% | 11.6% | 1,684,664 | 1,572,669 | 531,744 | 1,040,925 | 40,818 | 108,926 | 891,180 | Fee Simple | ||
Loan | Hampton Inn & Suites | 2,995,462 | 1,611,369 | 1,384,093 | 17.5% | 15.9% | 3,007,998 | 3,050,707 | 1,707,514 | 1,343,193 | 122,028 | 1,221,164 | Fee Simple | |||
Loan | Westchester I Office | 896,571 | 305,348 | 591,223 | 10.2% | 9.3% | 1,261,397 | 1,103,409 | 324,905 | 778,504 | 11,413 | 57,136 | 709,955 | Fee Simple | ||
Loan | Marina Towers | 1,033,919 | 460,369 | 573,550 | 10.7% | 9.6% | 1,388,936 | 1,273,720 | 469,204 | 804,516 | 19,065 | 64,612 | 720,839 | Fee Simple | ||
Loan | Spalding Building | 1,361,402 | 664,339 | 697,063 | 12.6% | 10.5% | 1,855,955 | 1,668,036 | 727,547 | 940,489 | 31,871 | 124,342 | 784,276 | Fee Simple | ||
Loan | Addison Place North | 1,048,359 | 265,830 | 782,529 | 10.8% | 10.4% | 874,410 | 1,047,438 | 297,794 | 749,644 | 6,000 | 24,000 | 719,644 | Fee Simple | ||
Loan | Hotel Provincial | 3,219,373 | 2,317,905 | 901,468 | 17.1% | 14.9% | 3,335,908 | 3,839,218 | 2,654,756 | 1,184,462 | 153,569 | 1,030,893 | Fee Simple | |||
Loan | Alrig Portfolio | 12.4% | 10.0% | 1,826,001 | 1,702,290 | 859,183 | 843,107 | 37,171 | 124,520 | 681,415 | Fee Simple | |||||
Property | Bloomfield Office Pavilion | 910,030 | 840,567 | 394,670 | 445,897 | 21,901 | 63,224 | 360,772 | Fee Simple | |||||||
Property | Willow Office Center | 578,958 | 524,099 | 258,240 | 265,859 | 10,035 | 38,626 | 217,198 | Fee Simple | |||||||
Property | Cady Office Centre | 337,014 | 337,624 | 206,274 | 131,350 | 5,235 | 22,670 | 103,445 | Fee Simple | |||||||
Loan | Wood Forest Apartments | 1,329,607 | 723,006 | 606,601 | 11.7% | 11.1% | 1,461,960 | 1,693,372 | 900,947 | 792,425 | 38,000 | 754,425 | Fee Simple | |||
Loan | Fox Hunt Apartments | 1,305,238 | 830,711 | 474,527 | 14.0% | 12.0% | 1,642,390 | 1,539,101 | 971,916 | 567,185 | 81,000 | 486,185 | Fee Simple | |||
Property | Ground Lease | Ground Lease | Lease | Lease | ||||||||
Flag | ID | Property Name | Expiration | Extension Terms | Largest Tenant | SF | Expiration | 2nd Largest Tenant | SF | Expiration | 3rd Largest Tenant | |
Loan | Square One Mall | Dick's Clothing & Sporting Goods | 68,500 | 01/31/2023 | Best Buy | 60,000 | 02/28/2013 | T.J. Maxx & More | ||||
Loan | Union Square Retail | 12/31/2095 | None | Regal Cinemas | 118,779 | 04/30/2023 | Best Buy | 46,088 | 01/31/2025 | Nordstrom Rack | ||
Loan | Puerto Rico Retail Portfolio | |||||||||||
Property | Plaza Los Prados | Capri | 35,114 | 07/31/2027 | Selectos | 32,081 | 03/31/2027 | Walgreens | ||||
Property | Juncos Plaza | Supermercado Amigo | 30,046 | 11/30/2018 | Capri | 25,789 | 01/31/2015 | National Lumber & Hardware | ||||
Property | Manati Centro Plaza | Capri | 30,000 | 10/31/2016 | Marshall's | 29,500 | 01/31/2017 | Gatsby | ||||
Property | University Plaza | PITUSA (Todo a Peso) | 35,000 | 12/31/2019 | Gatsby | 13,248 | 02/28/2015 | AT&T Mobility | ||||
Loan | Hartman Portfolio | |||||||||||
Property | Westheimer Central Plaza | F.E.S. Management | 20,565 | MTM | Lifestyles Unlimited, Inc. | 13,750 | 11/30/2017 | Triple Point Technology, Inc. | ||||
Property | The Preserve | General Welding Works | 9,932 | 02/28/2013 | Pacific Industrial Contractor Screening | 6,517 | 09/30/2015 | The Reyna Group | ||||
Property | North Central Plaza | Allied Interstate, Inc. d/b/a Iqor, Inc. | 14,165 | 07/31/2014 | Pyke & Pyke, P.C. | 10,898 | 10/31/2012 | Prosperity Bank | ||||
Property | Walzem Plaza | Fallas Paredes / J & M Sales | 25,000 | 07/31/2018 | Harbor Freight Tools | 18,125 | 01/31/2017 | 99 Cent Only Store | ||||
Property | 3100 Timmons Lane | The Methodist Hospital | 9,835 | 07/31/2016 | Techcess Solutions, Inc. | 7,814 | 01/31/2015 | RWS Architects, Inc. | ||||
Property | One Mason Plaza | El Mene, Inc. d/b/a Einstein's Pub | 7,220 | 01/31/2017 | Katy Quilt N' Sew, Inc. | 6,280 | 12/31/2013 | Alsafa Imports, Inc. | ||||
Property | Northbelt Atrium I | Harris County Sheriff's Department | 27,303 | 06/30/2020 | Tradenet Enterprise, Inc. | 5,080 | MTM | Alhlers & Stoll P.C. | ||||
Property | Park Central | Alon USA Energy, Inc. | 41,969 | 12/31/2012 | Always Home Health Services, Inc. | 6,596 | 08/31/2017 | Saturn Learning Solutions | ||||
Property | Northbelt Atrium II | Leschaco Inc. | 7,882 | 08/31/2016 | USA - General Services Administration | 3,716 | 09/14/2016 | Mothers Against Drunk Driving | ||||
Property | 11811 North Freeway | Meridian Business Centers SW Partners LP | 17,300 | 11/30/2013 | Wisco Inc. | 10,021 | 03/31/2013 | Naca Logistics | ||||
Property | Tower Pavilion | Hartman Management | 8,264 | 12/31/2020 | Unity Church | 8,166 | 05/31/2012 | Busby & Associates | ||||
Property | Central Park Business Center | Sipera Systems, Inc. | 16,726 | 01/31/2017 | Adolfson & Peterson | 15,930 | 03/31/2013 | USA Signal Technology, LLC | ||||
Loan | 180 Peachtree Street | 12/31/2055 | 1, 40 year option | Level 3 Communications | 158,073 | 05/31/2021 | Equinix | 83,473 | 11/30/2023 | City of Atlanta | ||
Loan | Hampshire Multifamily Portfolio | |||||||||||
Property | Westlake Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Property | Woods Edge Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Property | Wind Drift Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Property | Riverwood Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Property | Spyglass Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Property | Villa Nova Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Alamance Crossing | Belk | 96,485 | 10/16/2027 | Hobby Lobby | 52,500 | 05/31/2024 | Carousel Cinemas | ||||
Loan | Brea Plaza Shopping Center | 10/31/2040 | 2, 10 year option | Tristone Cinemas | 18,450 | 07/31/2020 | Total Wines | 18,013 | 06/30/2020 | DSW | ||
Loan | Rio Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Treetop Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Piatt Place | Commonwealth of PA - Department of General Services | 165,500 | 12/31/2029 | University of Phoenix | 15,182 | 12/31/2018 | The Capital Grille | ||||
Loan | Susquehanna Valley Mall | Boscov's Department Store | 156,471 | 04/30/2023 | Bon-Ton | 90,000 | 01/31/2014 | JCPenney | ||||
Loan | Vernola Marketplace | Ross Stores | 30,146 | 01/31/2018 | Bed Bath & Beyond | 29,984 | 01/31/2018 | Michael's Stores | ||||
Loan | GRM Portfolio | |||||||||||
Property | 10310 Harwin Drive | GRM | 173,095 | 01/31/2027 | Iron Mountain | 138,391 | 06/30/2016 | NAP | ||||
Property | Chicago Building | GRM | 296,147 | 01/31/2027 | NAP | NAP | NAP | NAP | ||||
Loan | Evergreen Portfolio | |||||||||||
Property | Yorktowne MHP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Property | Pondarosa MHP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Property | Vance MHP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Healdsburg Hotel | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Montebello Town Square | Sears | 105,000 | 02/17/2017 | Toys "R" Us | 46,270 | 01/31/2018 | AMC Theatres | ||||
Loan | Plaza del Sol | JCPenney | 57,463 | 08/31/2019 | Bealls | 36,258 | 03/31/2014 | Ross Stores | ||||
Loan | Holiday Village | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Bear Creek Plaza | Bi-Mart | 30,000 | 08/09/2017 | T.J. Maxx | 28,269 | 01/31/2022 | Big Lots | ||||
Loan | BB&T Headquarters Building | BB&T | 219,261 | 03/31/2023 | Piedmont Club | 13,762 | 03/31/2017 | Chicago Title Insurance Company | ||||
Loan | Rancho Penasquitos Towne Center I | JPMorgan Chase Bank | 7,130 | 08/31/2021 | Bank of America | 4,000 | 05/31/2012 | Cafe 56 | ||||
Loan | Johnstown Galleria - Ground Lease | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Rancho Penasquitos Towne Center II | Kahoots | 5,500 | 04/30/2017 | Bertrand's Music Mart | 5,500 | 01/31/2016 | Union Bank | ||||
Loan | Southwood Manor MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | BJ's Wholesale Pittsfield | BJ's Wholesale Club, Inc. | 85,188 | 10/29/2031 | NAP | NAP | NAP | NAP | ||||
Loan | Penland Park MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Eagle Crest MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Fingerlakes Crossing Shopping Center | Home Depot | 140,000 | 01/31/2037 | Dick's Sporting Goods | 45,000 | 01/31/2018 | Famous Labels | ||||
Loan | Hickory Glen Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Comfort Inn JFK At Ozone Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Staybridge Suites SeaWorld | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Boulevard Estates MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Northcross & Victoria | Stimson & Son's, Inc. (d/b/a Ashley Furniture) | 35,000 | 05/31/2019 | J&M Sales of Texas, LLC (d/b/a Fallas) | 30,000 | 03/27/2016 | Office Depot | ||||
Loan | Hampton Inn & Suites | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Westchester I Office | Balzer & Associates | 12,530 | 12/31/2021 | Main Street Homes | 10,929 | 12/31/2021 | The Rebkee Company | ||||
Loan | Marina Towers | Modus Operandi, Inc | 14,533 | 03/31/2014 | Gary M. Weiss, MD, P.A. | 13,796 | 04/30/2017 | Support Systems Associates, Inc. | ||||
Loan | Spalding Building | Premier Source, LLC | 13,321 | 11/30/2013 | The Aldrich Law Office, PC | 7,701 | 09/30/2013 | Integral Consulting, Inc. | ||||
Loan | Addison Place North | Henry's | 4,900 | 12/22/2020 | Twice Upon a Bagel | 3,150 | 12/13/2020 | Hair by Scott & Co. | ||||
Loan | Hotel Provincial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Alrig Portfolio | |||||||||||
Property | Bloomfield Office Pavilion | Princeton Management, LLC | 15,522 | 04/30/2016 | Oakland Psychological Clinic | 6,100 | 12/31/2013 | Vision Specialists of Michigan, LLC | ||||
Property | Willow Office Center | Syntel, Inc | 6,430 | 08/31/2015 | Loancraft, LLC | 4,439 | 07/31/2016 | Cornerstone Benefit Plans, Inc. | ||||
Property | Cady Office Centre | CB Weir Manuel | 8,884 | 01/31/2017 | The Accounting Office | 3,000 | 12/31/2018 | Gregory Barber | ||||
Loan | Wood Forest Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Loan | Fox Hunt Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||||
Upfront | ||||||||||||||
Property | Lease | Lease | Lease | Occupancy | Replacement | |||||||||
Flag | ID | Property Name | SF | Expiration | 4th Largest Tenant | SF | Expiration | 5th Largest Tenant | SF | Expiration | Occupancy | As-of Date | Reserves($) | |
Loan | Square One Mall | 58,075 | 01/31/2014 | Old Navy | 18,800 | 05/31/2021 | Gap | 11,977 | MTM | 90.0% | 12/01/2011 | |||
Loan | Union Square Retail | 32,136 | 05/31/2020 | Duane Reade | 13,947 | 09/30/2030 | Citibank, N.A. | 9,755 | 03/31/2020 | 100.0% | 11/30/2011 | |||
Loan | Puerto Rico Retail Portfolio | 88.5% | 01/05/2012 | |||||||||||
Property | Plaza Los Prados | 15,660 | 05/31/2036 | Almancenes Colon | 6,560 | 10/31/2015 | Kress | 5,000 | 05/31/2017 | 94.5% | 01/05/2012 | |||
Property | Juncos Plaza | 21,680 | 06/30/2014 | Pep Boys | 19,674 | 12/31/2018 | Atlantis Healthcare Group PR | 7,080 | 09/30/2021 | 76.3% | 01/05/2012 | |||
Property | Manati Centro Plaza | 14,512 | 03/31/2017 | La Nueva Era | 4,340 | 09/30/2015 | Rent-A-Center | 4,340 | 05/31/2017 | 95.3% | 01/05/2012 | |||
Property | University Plaza | 3,473 | 10/31/2012 | Rent-A-Center | 2,909 | 02/28/2014 | Claro | 1,843 | 01/31/2017 | 100.0% | 01/05/2012 | |||
Loan | Hartman Portfolio | 70.5% | 11/14/2011 | |||||||||||
Property | Westheimer Central Plaza | 9,966 | 09/30/2014 | Riverstone Resident Group | 6,166 | 06/30/2012 | CHK Directional Drilling | 6,084 | 07/31/2012 | 71.2% | 11/14/2011 | |||
Property | The Preserve | 6,450 | 08/31/2016 | Direct Marketing Network, Inc. | 6,339 | 04/30/2012 | Dr. Gerald Maness | 5,963 | 11/30/2016 | 78.3% | 11/14/2011 | |||
Property | North Central Plaza | 10,504 | 10/31/2012 | Vendere Partners Ltd. | 9,441 | 10/31/2015 | Muscular Dystrophy Association, Inc. | 8,725 | 08/31/2015 | 75.7% | 11/14/2011 | |||
Property | Walzem Plaza | 17,961 | 01/31/2017 | Citi Trends, Inc. | 12,000 | 03/31/2014 | Javco / Firehouse Tavern | 5,968 | 08/31/2015 | 79.9% | 11/14/2011 | |||
Property | 3100 Timmons Lane | 7,374 | 03/31/2013 | Southwest Energy, LP | 6,374 | 10/31/2015 | K. Renee Salon | 5,886 | 09/30/2016 | 94.6% | 11/14/2011 | |||
Property | One Mason Plaza | 5,000 | 05/31/2019 | Hao Cheng d/b/a Shaolin Martial Arts | 4,251 | 01/15/2013 | Cici's Pizza | 4,201 | 03/31/2013 | 82.1% | 11/14/2011 | |||
Property | Northbelt Atrium I | 3,660 | 11/30/2015 | Select Medical Corp. / Healthsouth | 3,644 | 06/30/2015 | Pennsylvania Life Insurance Company | 3,388 | 04/30/2014 | 57.5% | 11/14/2011 | |||
Property | Park Central | 6,263 | 05/31/2012 | Risk Management | 5,874 | 08/31/2013 | Nucor Vulcraft Group | 4,745 | 06/30/2020 | 85.4% | 11/14/2011 | |||
Property | Northbelt Atrium II | 3,044 | 02/28/2014 | Air-Sea Forwarders, Inc. | 2,485 | 08/31/2014 | NAP | NAP | NAP | 16.1% | 11/14/2011 | |||
Property | 11811 North Freeway | 6,027 | 08/31/2016 | American Realty Inv./Fidinam Inv. | 4,855 | 06/30/2016 | Radiology Facilities Co. | 3,567 | 04/30/2015 | 50.9% | 11/14/2011 | |||
Property | Tower Pavilion | 6,424 | 11/30/2015 | Insurepointe of Texas, Inc. | 5,727 | 06/30/2014 | Best Dental Care, Inc. | 3,279 | 02/28/2016 | 80.8% | 11/14/2011 | |||
Property | Central Park Business Center | 7,120 | 06/30/2013 | Lutheran Social Services of the South | 4,289 | 12/31/2015 | Print City, LLC | 2,518 | MTM | 63.7% | 11/14/2011 | |||
Loan | 180 Peachtree Street | 54,485 | 06/30/2037 | Stanley Beaman Sears | 24,728 | 01/31/2016 | Time Warner Telecom | 17,704 | 06/30/2016 | 100.0% | 12/22/2011 | |||
Loan | Hampshire Multifamily Portfolio | 93.8% | Various | |||||||||||
Property | Westlake Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 93.6% | 10/17/2011 | |||
Property | Woods Edge Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 98.9% | 10/06/2011 | |||
Property | Wind Drift Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 92.8% | 10/17/2011 | |||
Property | Riverwood Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 90.8% | 09/26/2011 | |||
Property | Spyglass Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 95.0% | 10/06/2011 | |||
Property | Villa Nova Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 91.3% | 10/06/2011 | |||
Loan | Alamance Crossing | 52,000 | 06/30/2028 | Barnes & Noble | 26,848 | 07/31/2017 | Victoria's Secret | 8,090 | 01/31/2018 | 84.3% | 11/23/2011 | |||
Loan | Brea Plaza Shopping Center | 17,450 | 08/31/2022 | Mother's Market | 13,006 | 08/31/2031 | Lucille's Smokehouse | 11,829 | 03/30/2013 | 98.0% | 01/04/2012 | |||
Loan | Rio Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 98.0% | 11/28/2011 | |||
Loan | Treetop Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 97.7% | 11/28/2011 | |||
Loan | Piatt Place | 10,533 | 08/31/2017 | McCormick & Schmick | 8,918 | 04/30/2018 | Izzazu, Inc. | 3,874 | 02/28/2026 | 93.8% | 02/01/2012 | 3,132 | ||
Loan | Susquehanna Valley Mall | 68,100 | 11/30/2015 | Weis Markets | 52,532 | 11/30/2013 | Cinema Center | 40,000 | 02/28/2022 | 94.7% | 12/31/2011 | |||
Loan | Vernola Marketplace | 21,360 | 10/31/2017 | Petco | 15,000 | 01/31/2018 | Fitness 19 | 9,760 | 03/31/2021 | 82.9% | 10/31/2011 | |||
Loan | GRM Portfolio | 100.0% | 01/19/2012 | |||||||||||
Property | 10310 Harwin Drive | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 01/19/2012 | |||
Property | Chicago Building | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 01/19/2012 | |||
Loan | Evergreen Portfolio | 84.9% | 11/01/2011 | |||||||||||
Property | Yorktowne MHP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 79.4% | 11/01/2011 | |||
Property | Pondarosa MHP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 93.2% | 11/01/2011 | |||
Property | Vance MHP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 92.6% | 11/01/2011 | |||
Loan | Healdsburg Hotel | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 70.2% | 10/31/2011 | |||
Loan | Montebello Town Square | 39,263 | 11/30/2012 | Petco | 20,000 | 11/30/2022 | AAA Auto Club | 7,550 | 09/30/2015 | 98.5% | 02/02/2012 | |||
Loan | Plaza del Sol | 30,307 | 01/31/2016 | Marshall's | 30,036 | 10/31/2021 | Cinemark USA, Inc. | 24,814 | 11/30/2016 | 99.6% | 12/01/2011 | |||
Loan | Holiday Village | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 88.3% | 11/01/2011 | |||
Loan | Bear Creek Plaza | 25,570 | 01/31/2013 | Dollar Tree | 18,708 | 02/28/2021 | Boot Barn | 9,000 | 10/17/2021 | 92.9% | 01/01/2012 | 80,000 | ||
Loan | BB&T Headquarters Building | 4,212 | 09/30/2012 | Parkway Realty Services, LLC | 2,619 | 01/31/2013 | NAP | NAP | NAP | 100.0% | 12/01/2011 | 750,000 | ||
Loan | Rancho Penasquitos Towne Center I | 3,925 | 10/31/2020 | Elam's Hallmark | 3,200 | 08/31/2012 | Jack in the Box | 3,000 | 12/31/2012 | 96.9% | 09/30/2011 | |||
Loan | Johnstown Galleria - Ground Lease | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | NAP | |||
Loan | Rancho Penasquitos Towne Center II | 5,040 | 04/30/2021 | Kragen Auto Parts | 4,965 | 02/29/2016 | Goodyear Tire | 4,830 | 02/29/2016 | 91.7% | 09/30/2011 | |||
Loan | Southwood Manor MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 96.9% | 12/01/2011 | |||
Loan | BJ's Wholesale Pittsfield | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 03/06/2012 | |||
Loan | Penland Park MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 97.2% | 06/30/2011 | |||
Loan | Eagle Crest MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 98.2% | 11/01/2011 | |||
Loan | Fingerlakes Crossing Shopping Center | 20,311 | 05/01/2017 | Petco | 13,867 | 03/31/2018 | Buffalo Wild Wings | 6,000 | 12/31/2017 | 96.4% | 07/31/2011 | |||
Loan | Hickory Glen Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 86.0% | 12/30/2011 | |||
Loan | Comfort Inn JFK At Ozone Park | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 82.8% | 12/31/2011 | |||
Loan | Staybridge Suites SeaWorld | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 76.9% | 12/31/2011 | |||
Loan | Boulevard Estates MHC | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 87.5% | 08/12/2011 | |||
Loan | Northcross & Victoria | 21,965 | 12/31/2015 | Gold's Texas Holdings Group, Inc. | 18,710 | 07/31/2021 | Dollar General | 12,530 | 11/30/2012 | 80.2% | 01/01/2012 | |||
Loan | Hampton Inn & Suites | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 70.0% | 09/30/2011 | |||
Loan | Westchester I Office | 8,178 | 12/31/2021 | Keller Williams | 5,971 | 09/30/2018 | Gregg & Bailey | 4,925 | 12/31/2021 | 95.4% | 02/01/2012 | |||
Loan | Marina Towers | 13,248 | 09/01/2012 | UBS Financial Services Inc. | 8,945 | 07/31/2017 | Clear Choice Health Care, LLC | 6,864 | 06/30/2012 | 96.6% | 01/01/2012 | 1,759 | ||
Loan | Spalding Building | 5,379 | 09/30/2013 | Sleep Country USA, Inc. | 5,000 | 05/31/2014 | DHI, Inc. | 4,639 | 05/31/2012 | 79.0% | 09/30/2011 | |||
Loan | Addison Place North | 3,150 | 12/13/2020 | Jezebelle (d/b/a Wish Apparel) | 3,025 | 09/30/2016 | Infinity | 2,800 | 12/13/2020 | 91.4% | 02/01/2012 | |||
Loan | Hotel Provincial | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 77.0% | 11/30/2011 | |||
Loan | Alrig Portfolio | 92.4% | 02/07/2012 | |||||||||||
Property | Bloomfield Office Pavilion | 4,110 | 12/31/2018 | Witzke Berry | 4,071 | 01/31/2017 | Jawood | 3,303 | 03/31/2015 | 90.7% | 02/07/2012 | |||
Property | Willow Office Center | 3,077 | 07/31/2017 | Doug Angell, DDS | 2,456 | 03/31/2022 | Theodore A. Golden | 2,320 | 03/31/2014 | 90.7% | 02/07/2012 | |||
Property | Cady Office Centre | 2,728 | 01/31/2019 | Bailey Shammoun | 2,672 | 09/30/2016 | Michael Ladwig-UPS Store | 1,589 | 11/30/2013 | 100.0% | 02/07/2012 | |||
Loan | Wood Forest Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 99.3% | 09/06/2011 | |||
Loan | Fox Hunt Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | 94.8% | 02/03/2012 | |||
Monthly | Upfront | Monthly | Upfront | Monthly | Upfront | Monthly | Upfront | |||||
Property | Replacement | TI/LC | TI/LC | Tax | Tax | Insurance | Insurance | Engineering | Other | |||
Flag | ID | Property Name | Reserves ($) | Reserves ($) | Reserves ($) | Reserves ($) | Reserves ($) | Reserves($) | Reserves ($) | Reserve($) | Reserves ($) | |
Loan | Square One Mall | Springing | Springing | Springing | Springing | |||||||
Loan | Union Square Retail | |||||||||||
Loan | Puerto Rico Retail Portfolio | 13,862 | 19,407 | 128,080 | 42,693 | Springing | 121,141 | 69,375 | ||||
Property | Plaza Los Prados | |||||||||||
Property | Juncos Plaza | |||||||||||
Property | Manati Centro Plaza | |||||||||||
Property | University Plaza | |||||||||||
Loan | Hartman Portfolio | |||||||||||
Property | Westheimer Central Plaza | |||||||||||
Property | The Preserve | |||||||||||
Property | North Central Plaza | |||||||||||
Property | Walzem Plaza | |||||||||||
Property | 3100 Timmons Lane | |||||||||||
Property | One Mason Plaza | |||||||||||
Property | Northbelt Atrium I | |||||||||||
Property | Park Central | |||||||||||
Property | Northbelt Atrium II | |||||||||||
Property | 11811 North Freeway | |||||||||||
Property | Tower Pavilion | |||||||||||
Property | Central Park Business Center | |||||||||||
Loan | 180 Peachtree Street | 10,763 | 313,289 | Springing | 233,781 | 51,234 | 29,971 | 5,994 | 1,052,823 | 4,792 | ||
Loan | Hampshire Multifamily Portfolio | 59,312 | 92,291 | 92,291 | 160,976 | 26,829 | 735,260 | |||||
Property | Westlake Apartments | |||||||||||
Property | Woods Edge Apartments | |||||||||||
Property | Wind Drift Apartments | |||||||||||
Property | Riverwood Apartments | |||||||||||
Property | Spyglass Apartments | |||||||||||
Property | Villa Nova Apartments | |||||||||||
Loan | Alamance Crossing | 4,199 | 27,990 | 334,788 | 41,849 | |||||||
Loan | Brea Plaza Shopping Center | 2,756 | 81,158 | 13,778 | 382,220 | 76,444 | 63,199 | 5,745 | 2,758,955 | |||
Loan | Rio Apartments | 8,575 | 85,369 | 28,456 | 174,957 | 21,870 | 412,638 | 381,730 | ||||
Loan | Treetop Apartments | 7,671 | 77,351 | 25,784 | 14,455 | 14,455 | 125,000 | 321,704 | ||||
Loan | Piatt Place | 3,132 | Springing | Springing | 1,250,000 | |||||||
Loan | Susquehanna Valley Mall | 18,842 | 31,250 | 238,948 | 89,218 | 132,776 | 12,071 | 55,375 | 1,075,000 | |||
Loan | Vernola Marketplace | 4,396 | 46,309 | 14,928 | 140,947 | 46,947 | Springing | |||||
Loan | GRM Portfolio | 7,595 | 153,852 | 59,000 | Springing | |||||||
Property | 10310 Harwin Drive | |||||||||||
Property | Chicago Building | |||||||||||
Loan | Evergreen Portfolio | 3,099 | 95,144 | 20,484 | 8,990 | 4,495 | 53,565 | 448,750 | ||||
Property | Yorktowne MHP | |||||||||||
Property | Pondarosa MHP | |||||||||||
Property | Vance MHP | |||||||||||
Loan | Healdsburg Hotel | 1/12 of 2% of Gross Revenues based on the prior year | 102,031 | 17,005 | 3,893 | 3,893 | 16,133 | 250,000 | ||||
Loan | Montebello Town Square | Springing | Springing | |||||||||
Loan | Plaza del Sol | 6,905 | 11,317 | 18,062 | 18,062 | Springing | 93,875 | |||||
Loan | Holiday Village | 2,063 | 38,224 | 7,645 | 8,926 | 2,975 | 5,013 | |||||
Loan | Bear Creek Plaza | Springing | 250,000 | Springing | 22,417 | 22,417 | 5,042 | 1,260 | ||||
Loan | BB&T Headquarters Building | 1/12 of the Scheduled Annual Capital Expenditure amount for such year | 206,430 | 91,889 | 30,630 | Springing | ||||||
Loan | Rancho Penasquitos Towne Center I | Springing | Springing | |||||||||
Loan | Johnstown Galleria - Ground Lease | |||||||||||
Loan | Rancho Penasquitos Towne Center II | Springing | Springing | |||||||||
Loan | Southwood Manor MHC | 1,738 | 26,714 | 13,357 | 21,779 | 1,980 | 36,875 | 368,250 | ||||
Loan | BJ's Wholesale Pittsfield | Springing | Springing | |||||||||
Loan | Penland Park MHC | 1,621 | 24,079 | 12,040 | 19,181 | 1,744 | 21,250 | 230,875 | ||||
Loan | Eagle Crest MHC | 1,138 | 202,236 | 27,210 | 6,894 | 2,298 | 16,106 | |||||
Loan | Fingerlakes Crossing Shopping Center | 1,682 | 6,792 | 163,000 | 24,899 | 15,458 | 5,153 | 4,625 | 16,268 | |||
Loan | Hickory Glen Apartments | 3,225 | 79,665 | 13,278 | 19,912 | 1,991 | 33,219 | 185,000 | ||||
Loan | Comfort Inn JFK At Ozone Park | 4% of Gross Revenues for the prior month | 20,453 | 6,818 | 5,924 | 2,962 | 60,000 | |||||
Loan | Staybridge Suites SeaWorld | 1/12 of 4% of Gross Revenues based on the prior year | 65,750 | 16,438 | 15,905 | 1,590 | ||||||
Loan | Boulevard Estates MHC | 1,196 | 30,655 | 10,218 | 2,750 | 1,375 | 7,220 | |||||
Loan | Northcross & Victoria | 3,402 | 200,000 | 49,456 | 16,485 | 33,609 | 2,585 | 93,313 | 71,939 | |||
Loan | Hampton Inn & Suites | 2% of Gross Revenues for the prior month (during the first year of the term of the loan; 4.0% thereafter) | 13,372 | 6,686 | 6,667 | 6,667 | 750,000 | |||||
Loan | Westchester I Office | 955 | 4,975 | 18,372 | 6,124 | 4,214 | 702 | |||||
Loan | Marina Towers | 1,759 | 5,674 | 70,217 | 6,383 | 27,955 | 5,591 | 16,100 | ||||
Loan | Spalding Building | 2,000 | 250,000 | 8,500 | 6,276 | 6,276 | 54,055 | 4,158 | 96,000 | Springing | ||
Loan | Addison Place North | 500 | 2,000 | 25,095 | 6,274 | 19,209 | 3,842 | 25,669 | ||||
Loan | Hotel Provincial | 1/12 of 4% of Gross Revenues based on the prior year | 59,797 | 5,980 | 90,015 | 10,315 | 21,287 | |||||
Loan | Alrig Portfolio | 3,095 | 200,000 | 11,950 | 76,537 | 25,512 | 3,930 | 1,965 | 98,373 | |||
Property | Bloomfield Office Pavilion | |||||||||||
Property | Willow Office Center | |||||||||||
Property | Cady Office Centre | |||||||||||
Loan | Wood Forest Apartments | 4,345 | 7,605 | 7,605 | 10,950 | 3,650 | 82,375 | |||||
Loan | Fox Hunt Apartments | 6,250 | 35,829 | 11,943 | 40,106 | 3,342 | 67,995 | |||||
Other | Environmental | ||||||
Property | Reserves | Report | Engineering | Loan | |||
Flag | ID | Property Name | Description | Date | Report Date | Purpose | Sponsor |
Loan | Square One Mall | 11/17/2011 | 11/16/2011 | Refinance | Mayflower Realty LLC | ||
Loan | Union Square Retail | 02/01/2012 | 02/01/2012 | Refinance | The Related Companies, L.P.; Board of the State Teachers Retirement System of Ohio | ||
Loan | Puerto Rico Retail Portfolio | Tank Permit Reserve | Acquisition | Community Reinvestment Partners II LP | |||
Property | Plaza Los Prados | 12/22/2011 | 12/22/2011 | ||||
Property | Juncos Plaza | 12/22/2011 | 12/22/2011 | ||||
Property | Manati Centro Plaza | 12/22/2011 | 12/22/2011 | ||||
Property | University Plaza | 12/22/2011 | 12/22/2011 | ||||
Loan | Hartman Portfolio | Refinance | Allen R. Hartman; Hartman Income REIT, Inc. | ||||
Property | Westheimer Central Plaza | 06/29/2011 | 06/29/2011 | ||||
Property | The Preserve | 06/29/2011 | 06/29/2011 | ||||
Property | North Central Plaza | 06/29/2011 | 06/29/2011 | ||||
Property | Walzem Plaza | 06/29/2011 | 06/29/2011 | ||||
Property | 3100 Timmons Lane | 06/29/2011 | 06/29/2011 | ||||
Property | One Mason Plaza | 06/29/2011 | 06/29/2011 | ||||
Property | Northbelt Atrium I | 06/29/2011 | 06/29/2011 | ||||
Property | Park Central | 06/29/2011 | 06/29/2011 | ||||
Property | Northbelt Atrium II | 06/29/2011 | 06/29/2011 | ||||
Property | 11811 North Freeway | 06/29/2011 | 06/29/2011 | ||||
Property | Tower Pavilion | 06/29/2011 | 06/29/2011 | ||||
Property | Central Park Business Center | 06/29/2011 | 06/29/2011 | ||||
Loan | 180 Peachtree Street | Ground Rent Reserve (1/12 of the aggregate Ground Rent, Currently $4,792); Common Charges Reserve (Springing) | 11/01/2011 | 10/31/2011 | Acquisition | Carter/Validus Operating Partnership, LP | |
Loan | Hampshire Multifamily Portfolio | Refinance | Tomas Rosenthal; Henri Schmidt; The JR Family Credit Shelter Trust, U/T/A Dated January 3, 1996; The TR Family Trust, U/T/A Dated December 26, 1995 | ||||
Property | Westlake Apartments | 10/03/2011 | 10/03/2011 | ||||
Property | Woods Edge Apartments | 10/03/2011 | 10/03/2011 | ||||
Property | Wind Drift Apartments | 10/03/2011 | 10/03/2011 | ||||
Property | Riverwood Apartments | 10/03/2011 | 10/03/2011 | ||||
Property | Spyglass Apartments | 10/03/2011 | 10/03/2011 | ||||
Property | Villa Nova Apartments | 10/03/2011 | 10/03/2011 | ||||
Loan | Alamance Crossing | 05/09/2011 | 05/09/2011 | Refinance | CBL & Associates Properties, Inc. | ||
Loan | Brea Plaza Shopping Center | Tenant Specific Reserves ($1,299,175); Free Rent Holdback Reserve (Upfront: $300,429); Build Out Reserve (Upfront: $1,099,351); Loftus Channel Completion Reserve (Upfront: $60,000) | 12/12/2011 | 12/12/2011 | Refinance | BOSC Realty Advisors LLC | |
Loan | Rio Apartments | Security Deposit Reserve (Upfront: $264,797); Debt Service Reserve (Upfront: $116,933) | 11/17/2011 | 11/16/2011 | Refinance | Belinda Meruelo | |
Loan | Treetop Apartments | Security Deposit Reserve (Upfront: $220,573); Debt Service Reserve (Upfront: $101,131) | 11/17/2011 | 11/16/2011 | Refinance | Belinda Meruelo | |
Loan | Piatt Place | Phoenix Reserve | 12/15/2011 | 12/12/2011 | Refinance | Millcraft Investments, Inc.; Kathleen S. Piatt Marital Trust; Jack B. Piatt Family Trust No. 2; Lucas B. Piatt; Piatt Place NMTC Lender, LLC | |
Loan | Susquehanna Valley Mall | Accretive Lease Reserve | 10/13/2011 | 10/13/2011 | Refinance | Alma O. Cohen; Edwin Lakin; Albert Boscov; Mid-Island Properties, Inc. | |
Loan | Vernola Marketplace | 06/28/2011 | 06/28/2011 | Refinance | Vestar Development Co.; Rockwood V REIT, Inc.; Equity One, Inc. | ||
Loan | GRM Portfolio | Refinance | Moishe Mana | ||||
Property | 10310 Harwin Drive | 11/22/2011 | 11/22/2011 | ||||
Property | Chicago Building | 11/22/2011 | 11/21/2011 | ||||
Loan | Evergreen Portfolio | Environmental Reserves | Refinance | Ross H. Partrich | |||
Property | Yorktowne MHP | 11/11/2011 | 11/11/2011 | ||||
Property | Pondarosa MHP | 11/11/2011 | 11/11/2011 | ||||
Property | Vance MHP | 11/11/2011 | 11/11/2011 | ||||
Loan | Healdsburg Hotel | Seasonality Reserve (Upfront: $250,000; Monthly: Excess Cash Flow) | 06/07/2011 | 04/21/2011 | Refinance | Merritt Sher; Pamela Sher | |
Loan | Montebello Town Square | 01/09/2012 | 01/09/2012 | Refinance | Kimco Income Operating Partnership, L.P. | ||
Loan | Plaza del Sol | 12/14/2011 | 12/14/2011 | Refinance | Herbert L. Levine; Elliott Aintabi | ||
Loan | Holiday Village | 10/26/2011 | 11/11/2011 | Refinance | Ross H. Partrich | ||
Loan | Bear Creek Plaza | 11/11/2011 | 11/15/2011 | Refinance | Flamey Damian; Egla Damian | ||
Loan | BB&T Headquarters Building | 11/06/2011 | 11/07/2011 | Acquisition | Inland Private Capital Corporation | ||
Loan | Rancho Penasquitos Towne Center I | 07/12/2011 | 07/11/2011 | Refinance | KUBS Income Fund I, L.P. | ||
Loan | Johnstown Galleria - Ground Lease | NAP | NAP | Acquisition | Richard Ader; David Ledy; David Silvers; Jack Genende; Warren Schwartz | ||
Loan | Rancho Penasquitos Towne Center II | 07/12/2011 | 07/12/2011 | Refinance | KUBS Income Fund I, L.P. | ||
Loan | Southwood Manor MHC | Environmental Reserve (Upfront: $280,750); Lease Settlement Reserve (Upfront: $87,500) | 06/02/2011 | 06/03/2011 | Refinance | Richard M. Nodel; Ronald K. Weiss | |
Loan | BJ's Wholesale Pittsfield | 01/10/2012 | 01/10/2012 | Acquisition | Ladder Capital Finance Holdings LLC | ||
Loan | Penland Park MHC | Environmental Reserve | 06/02/2011 | 06/03/2011 | Refinance | Richard M. Nodel; Ronald K. Weiss | |
Loan | Eagle Crest MHC | 11/11/2011 | 11/11/2011 | Refinance | Ross H. Partrich | ||
Loan | Fingerlakes Crossing Shopping Center | MRI Rent Reserve | 05/24/2011 | 05/23/2011 | Refinance | Cameron Group & IGB Group of Germany | |
Loan | Hickory Glen Apartments | Clearing Account Reserve (Upfront: $98,049); Debt Service Reserve (Upfront: $51,951); Radon Remediation Reserve (Upfront: $35,000) | 12/14/2011 | 12/15/2011 | Refinance | Everest SIR 2 Properties, LP | |
Loan | Comfort Inn JFK At Ozone Park | Seasonal Working Capital Reserve (Upfront $60,000; $10,000 Monthly, each month from April through September if balance falls below $60,000; Cap: $60,000) | 12/13/2011 | 12/14/2011 | Refinance | Riverbrook Holdings LLC; Superior Redding Hotel LLC | |
Loan | Staybridge Suites SeaWorld | 05/31/2011 | 05/27/2011 | Refinance | Anand Bhakta; Sanmukh Patel; Babubhai Patel; Kishor Patel; Jagdish Bhakta; Rajesh Bhakta; Dinesh Bhakta | ||
Loan | Boulevard Estates MHC | 11/11/2011 | 11/11/2011 | Refinance | Ross H. Partrich | ||
Loan | Northcross & Victoria | Gold's Gym Rent Reserve (Upfront: $71,939); Prepaid Rent Reserve ($140,000 on or before 6/1/2018); Specific Tenant Rollover Reserves (Springing) | 12/12/2011 | 12/09/2011 | Refinance/Acquisition | VN Shopping Center, Inc. | |
Loan | Hampton Inn & Suites | PIP Reserve (Upfront: $600,000); Operating Reserve (Upfront: $150,000) | 11/16/2011 | 11/16/2011 | Acquisition | Mercury Investment Co. VII | |
Loan | Westchester I Office | 12/07/2011 | 12/07/2011 | Refinance | Robert Hargett; Kevin T. McFadden; W. Vernon McClure, Jr. | ||
Loan | Marina Towers | 06/17/2011 | 06/20/2011 | Refinance | Christian C. Romandetti | ||
Loan | Spalding Building | Specific Tenant Rollover Reserves (Springing) | 08/24/2011 | 08/24/2011 | Refinance | John F. Swift; Manchester Capital Management, LLC | |
Loan | Addison Place North | Wish Apparel Tenant Free Rent Reserve (Upfront: $13,130); Wish Apparel TI/LC Reserve (Upfront: $12,539) | 06/10/2011 | 06/08/2011 | Refinance | Richard F. Caster | |
Loan | Hotel Provincial | 07/08/2011 | 07/11/2011 | Refinance | Bryan V. Dupepe, Sr.; Verna Dupepe Devlin; Bryan V. Dupepe Jr. | ||
Loan | Alrig Portfolio | Free Rent Reserve | Refinance | Gabriel Schuchman; Ehud Rieger | |||
Property | Bloomfield Office Pavilion | 12/12/2011 | 12/12/2011 | ||||
Property | Willow Office Center | 12/12/2011 | 12/12/2011 | ||||
Property | Cady Office Centre | 12/13/2011 | 12/12/2011 | ||||
Loan | Wood Forest Apartments | 07/07/2011 | 07/06/2011 | Refinance | Ralph Yaney; Lucile Yaney; Larisa Storozhenko | ||
Loan | Fox Hunt Apartments | 07/19/2011 | 07/19/2011 | Refinance | Matthew B. Lester | ||
Property Flag | ID | Property Name | Guarantor |
Loan | Square One Mall | Mayflower Realty LLC | |
Loan | Union Square Retail | The Related Companies, L.P. | |
Loan | Puerto Rico Retail Portfolio | Community Reinvestment Partners II LP | |
Property | Plaza Los Prados | ||
Property | Juncos Plaza | ||
Property | Manati Centro Plaza | ||
Property | University Plaza | ||
Loan | Hartman Portfolio | Allen R. Hartman; Hartman Income REIT, Inc. | |
Property | Westheimer Central Plaza | ||
Property | The Preserve | ||
Property | North Central Plaza | ||
Property | Walzem Plaza | ||
Property | 3100 Timmons Lane | ||
Property | One Mason Plaza | ||
Property | Northbelt Atrium I | ||
Property | Park Central | ||
Property | Northbelt Atrium II | ||
Property | 11811 North Freeway | ||
Property | Tower Pavilion | ||
Property | Central Park Business Center | ||
Loan | 180 Peachtree Street | Carter/Validus Operating Partnership, LP | |
Loan | Hampshire Multifamily Portfolio | Tomas Rosenthal; Henri Schmidt; The JR Family Credit Shelter Trust, U/T/A Dated January 3, 1996; The TR Family Trust, U/T/A Dated December 26, 1995 | |
Property | Westlake Apartments | ||
Property | Woods Edge Apartments | ||
Property | Wind Drift Apartments | ||
Property | Riverwood Apartments | ||
Property | Spyglass Apartments | ||
Property | Villa Nova Apartments | ||
Loan | Alamance Crossing | CBL & Associates Properties, Inc. | |
Loan | Brea Plaza Shopping Center | Najwa Nadhir; Nedal Denha; Ronald Shunia | |
Loan | Rio Apartments | Belinda Meruelo | |
Loan | Treetop Apartments | Belinda Meruelo | |
Loan | Piatt Place | Millcraft Investments, Inc.; Kathleen S. Piatt Marital Trust; Jack B. Piatt Family Trust No. 2; Lucas B. Piatt; Piatt Place NMTC Lender, LLC | |
Loan | Susquehanna Valley Mall | Alma O. Cohen; Edwin Lakin; Albert Boscov; Mid-Island Properties, Inc. | |
Loan | Vernola Marketplace | Vestar Development Co.; Rockwood V REIT, Inc.; Equity One, Inc. | |
Loan | GRM Portfolio | Moishe Mana | |
Property | 10310 Harwin Drive | ||
Property | Chicago Building | ||
Loan | Evergreen Portfolio | Ross H. Partrich | |
Property | Yorktowne MHP | ||
Property | Pondarosa MHP | ||
Property | Vance MHP | ||
Loan | Healdsburg Hotel | Merritt Sher; Pamela Sher | |
Loan | Montebello Town Square | Kimco Income Operating Partnership, L.P. | |
Loan | Plaza del Sol | Herbert L. Levine; Elliott Aintabi | |
Loan | Holiday Village | Ross H. Partrich | |
Loan | Bear Creek Plaza | Flamey Damian; Egla Damian | |
Loan | BB&T Headquarters Building | Winston-Salem Leaseco, L.L.C.; Inland Private Capital Corporation | |
Loan | Rancho Penasquitos Towne Center I | KUBS Income Fund I, L.P. | |
Loan | Johnstown Galleria - Ground Lease | Richard Ader; David Ledy; David Silvers; Jack Genende; Warren Schwartz | |
Loan | Rancho Penasquitos Towne Center II | KUBS Income Fund I, L.P. | |
Loan | Southwood Manor MHC | Richard M. Nodel; Ronald K. Weiss | |
Loan | BJ's Wholesale Pittsfield | NAP | |
Loan | Penland Park MHC | Richard M. Nodel; Ronald K. Weiss | |
Loan | Eagle Crest MHC | Ross H. Partrich | |
Loan | Fingerlakes Crossing Shopping Center | Joseph J. Goethe; Eric M. Alderman; Thomas J. Valenti; Lawrence Alder; Frederick R. Burrows, Jr.; Kevin Eldred; Joel C. Ramey | |
Loan | Hickory Glen Apartments | Everest SIR 2 Properties, LP | |
Loan | Comfort Inn JFK At Ozone Park | Steven G. Mendel; Kuldip Singh | |
Loan | Staybridge Suites SeaWorld | Anand Bhakta; Sanmukh Patel; Babubhai Patel; Kishor Patel; Jagdish Bhakta; Rajesh Bhakta; Dinesh Bhakta | |
Loan | Boulevard Estates MHC | Ross H. Partrich | |
Loan | Northcross & Victoria | Alan S. Mann; Nelson S. Billups | |
Loan | Hampton Inn & Suites | Abbot G. Apter; Maureen A. Spanier; Karen M. Stelmak | |
Loan | Westchester I Office | Robert Hargett; Kevin T. McFadden; W. Vernon McClure, Jr. | |
Loan | Marina Towers | Christian C. Romandetti | |
Loan | Spalding Building | John F. Swift | |
Loan | Addison Place North | Richard F. Caster | |
Loan | Hotel Provincial | Bryan V. Dupepe, Sr.; Verna Dupepe Devlin; Bryan V. Dupepe Jr. | |
Loan | Alrig Portfolio | Gabriel Schuchman; Ehud Rieger | |
Property | Bloomfield Office Pavilion | ||
Property | Willow Office Center | ||
Property | Cady Office Centre | ||
Loan | Wood Forest Apartments | Ralph Yaney; Lucile Yaney; Larisa Storozhenko | |
Loan | Fox Hunt Apartments | Matthew B. Lester | |