FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-206361-08 |
Free Writing Prospectus dated February 28, 2017 | ||
The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (866) 669-7629 or by emailing the ABS Syndicate Desk atabs_synd@jpmorgan.com. | ||
The information in this file (the “File”) is an electronic copy of the information set forth in the Appendix titled “Certain Characteristics of the Mortgage Loans and Mortgaged Properties” to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. | ||
The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale. | ||
Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value. | ||
Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another email system. | ||
ANNEX A-1
Number of | Property | Property | Year | Unit of | ||||||||||
Loan # | Seller(1) | Property Name | Street Address | City | State | Zip Code | County | Properties | Type | Subtype | Year Built | Renovated | Units(2) | Measure |
1 | JPMCB | Hilton Hawaiian Village | 2005 Kalia Road | Honolulu | HI | 96815 | Honolulu | 1 | Hotel | Full Service | 1961 | 2016 | 2,860 | Rooms |
2 | JPMCB | Moffett Gateway | 1225-1265 Crossman Avenue | Sunnyvale | CA | 94089 | Santa Clara | 1 | Office | Suburban | 2016 | 612,691 | Square Feet | |
3 | JPMCB | Dallas Design District | Various | Dallas | TX | 75207 | Dallas | 1 | Industrial | Flex | Various | Various | 728,452 | Square Feet |
4 | JPMCB | Fresno Fashion Fair Mall | 645 East Shaw Avenue | Fresno | CA | 93710 | Fresno | 1 | Retail | Super Regional Mall | 1970 | 2003 | 536,106 | Square Feet |
5 | JPMCB | Riverway | 6133 North River Road, 9377 West Higgins Road, 9399 West Higgins Road and 6107 North River Road | Rosemont | IL | 60018 | Cook | 1 | Office | Suburban | 1988, 1994 | 2016 | 869,120 | Square Feet |
6 | JPMCB | 55 Hawthorne | 55 Hawthorne Street | San Francisco | CA | 94105 | San Francisco | 1 | Office | CBD | 1970 | 2016 | 136,432 | Square Feet |
7 | JPMCB | Bardmoor Palms | 8285 & 8333 Bryan Dairy Road | Largo | FL | 33777 | Pinellas | 1 | Mixed Use | Office/Industrial | 1973 | 2016 | 553,485 | Square Feet |
8 | JPMCB | Landmark Square | 1-7 Landmark Square | Stamford | CT | 06901 | Fairfield | 1 | Mixed Use | Office/Retail | 1974, 1976, 1977, 1981, 1983, 2006 | 757,917 | Square Feet | |
9 | JPMCB | Centre Market Building | 1100 Raymond Boulevard | Newark | NJ | 07102 | Essex | 1 | Office | CBD | 1922, 1967 | 2016 | 388,122 | Square Feet |
10 | JPMCB | Courtyard Marriott - King Kamehameha | 75-5660 Palani Road | Kailua-Kona | HI | 96740 | Hawaii | 1 | Hotel | Full Service | 1975 | 2011 | 452 | Rooms |
11 | JPMCB | Milton Park | 30000 Mill Creek Avenue & 11175 Cicero Drive | Alpharetta | GA | 30022 | Fulton | 1 | Office | Suburban | 2001, 2007 | 318,945 | Square Feet | |
12 | JPMCB | Reston EastPointe | 11091 Sunset Hills Road | Reston | VA | 20190 | Fairfax | 1 | Office | Suburban | 2007 | 195,230 | Square Feet | |
13 | JPMCB | Orchard Hill Park | 10-82 Orchard Hill Park Drive | Leominster | MA | 01453 | Worcester | 1 | Retail | Anchored | 2006 | 190,788 | Square Feet | |
14 | JPMCB | 11200 Rockville Pike | 11200 Rockville Pike | Rockville | MD | 20852 | Montgomery | 1 | Office | Suburban | 1986 | 185,219 | Square Feet | |
15 | JPMCB | Marriott Galleria | 1750 West Loop South | Houston | TX | 77027 | Harris | 1 | Hotel | Full Service | 1976 | 2016 | 301 | Rooms |
16 | JPMCB | Royal Oaks Plaza | 15400, 15406, 15410-15432, 15434-15512 & 15516-15544 Northwest 77th Court | Miami Lakes | FL | 33016 | Miami-Dade | 1 | Retail | Anchored | 1987 | 165,710 | Square Feet | |
17 | JPMCB | Las Palmas | 803 Castroville Road | San Antonio | TX | 78237 | Bexar | 1 | Retail | Anchored | 1956 | 2000 | 256,213 | Square Feet |
18 | SMF VI | Liberty Center | 50-100 West Big Beaver Road | Troy | MI | 48084 | Oakland | 1 | Office | Suburban | 1988 | 279,519 | Square Feet | |
19 | SMF VI | Ocotillo Plaza | 2405-2505 East Tropicana Avenue | Las Vegas | NV | 89121 | Clark | 1 | Retail | Anchored | 1976, 1977, 1987, 1988 | 114,301 | Square Feet | |
20 | JPMCB | Gwinnett Commerce Center | 3700 Crestwood Parkway Northwest | Duluth | GA | 30096 | Gwinnett | 1 | Office | Suburban | 1989 | 213,644 | Square Feet | |
21 | SMF VI | Hilton Durham | 3800 and 3806 Hillsborough Road | Durham | NC | 27705 | Durham | 1 | Hotel | Full Service | 1987 | 2013 | 195 | Rooms |
22 | JPMCB | Woodglen Village | 11111 West Montgomery Road | Houston | TX | 77088 | Harris | 1 | Multifamily | Garden | 2000 | 2015 | 249 | Units |
23 | JPMCB | Partridge Inn Augusta | 2110 Walton Way | Augusta | GA | 30904 | Richmond | 1 | Hotel | Full Service | 1836 | 2015 | 143 | Rooms |
24 | JPMCB | 4400 Dixie Highway | 4400 Dixie Highway | Fairfield | OH | 45014 | Butler | 1 | Industrial | Warehouse | 1946 | 2005 | 1,071,600 | Square Feet |
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 900 West Walnut Hill Lane | Irving | TX | 75038 | Dallas | 1 | Hotel | Extended Stay | 1998 | 2014 | 135 | Rooms |
26 | SMF VI | 100 North Citrus | 100 North Citrus Street | West Covina | CA | 91791 | Los Angeles | 1 | Office | Suburban | 1975 | 2014 | 79,001 | Square Feet |
27 | SMF VI | Pangea 15 | Various | Various | IL | Various | Cook | 16 | Multifamily | Garden | Various | 2016 | 204 | Units |
27.01 | SMF VI | 701 South Karlov Avenue | 701 South Karlov Avenue | Chicago | IL | 60624 | Cook | 1 | Multifamily | Garden | 1921 | 2016 | 26 | Units |
27.02 | SMF VI | 1236 South Lawndale Avenue | 1236 South Lawndale Avenue | Chicago | IL | 60623 | Cook | 1 | Multifamily | Garden | 1929 | 2016 | 16 | Units |
27.03 | SMF VI | 6125-6129 South Wabash Avenue | 6125-6129 South Wabash Avenue | Chicago | IL | 60637 | Cook | 1 | Multifamily | Garden | 1955 | 2016 | 18 | Units |
27.04 | SMF VI | 11932 South Stewart Avenue | 11932 South Stewart Avenue | Chicago | IL | 60628 | Cook | 1 | Multifamily | Garden | 1930 | 2016 | 20 | Units |
27.05 | SMF VI | 7954 South Justine Street | 7954 South Justine Street | Chicago | IL | 60620 | Cook | 1 | Multifamily | Garden | 1925 | 2016 | 15 | Units |
27.06 | SMF VI | 10 West 137th Street | 10 West 137th Street | Riverdale | IL | 60827 | Cook | 1 | Multifamily | Garden | 1957 | 2016 | 14 | Units |
27.07 | SMF VI | 6715 South Dorchester Avenue | 6715 South Dorchester Avenue | Chicago | IL | 60637 | Cook | 1 | Multifamily | Garden | 1927 | 2016 | 12 | Units |
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | 10201 South Saint Lawrence Avenue | Chicago | IL | 60628 | Cook | 1 | Multifamily | Garden | 1927 | 2016 | 15 | Units |
27.09 | SMF VI | 5800-04 South Artesian Avenue | 5800-04 South Artesian Avenue | Chicago | IL | 60629 | Cook | 1 | Multifamily | Garden | 1927 | 2016 | 10 | Units |
27.10 | SMF VI | 8201 South Drexel Avenue | 8201 South Drexel Avenue | Chicago | IL | 60619 | Cook | 1 | Multifamily | Garden | 1925 | 2016 | 10 | Units |
27.11 | SMF VI | 7229 South Yates Boulevard | 7229 South Yates Boulevard | Chicago | IL | 60649 | Cook | 1 | Multifamily | Garden | 1930 | 2016 | 12 | Units |
27.12 | SMF VI | 7653 South Loomis Boulevard | 7653 South Loomis Boulevard | Chicago | IL | 60620 | Cook | 1 | Multifamily | Garden | 1926 | 2016 | 9 | Units |
27.13 | SMF VI | 7700 South Carpenter Street | 7700 South Carpenter Street | Chicago | IL | 60620 | Cook | 1 | Multifamily | Garden | 1928 | 2016 | 9 | Units |
27.14 | SMF VI | 2062 135th Place | 2062 135th Place | Blue Island | IL | 60406 | Cook | 1 | Multifamily | Garden | 1952 | 2016 | 6 | Units |
27.15 | SMF VI | 2066 135th Place | 2066 135th Place | Blue Island | IL | 60406 | Cook | 1 | Multifamily | Garden | 1952 | 2016 | 6 | Units |
27.16 | SMF VI | 9600 South Avenue L | 9600 South Avenue L | Chicago | IL | 60617 | Cook | 1 | Multifamily | Garden | 1940 | 2016 | 6 | Units |
28 | SMF VI | The Shoppes at Letson Farms | 4750 Eastern Valley Road | McCalla | AL | 35111 | Jefferson | 1 | Retail | Anchored | 2004 | 95,092 | Square Feet | |
29 | SMF VI | Montgomery Triangle Gateway | 9366-9386 Montgomery Road | Cincinnati | OH | 45242 | Hamilton | 1 | Mixed Use | Office/Retail | 2006-2007 | 39,563 | Square Feet | |
30 | SMF VI | Neilson Square | 3322-3518 West Owen K. Garriott Road | Enid | OK | 73703 | Garfield | 1 | Retail | Shadow Anchored | 2000 | 65,837 | Square Feet | |
31 | SMF VI | Studio City Apartments | 2255-2319 Winter Parkway & 290 Munroe Falls Avenue | Cuyahoga Falls | OH | 44221 | Summit | 1 | Multifamily | Mid-Rise | 1968 | 375 | Units | |
32 | SMF VI | St. Albans & Camino Commons | Various | Newtown Square | PA | 19073 | Delaware | 2 | Various | Various | Various | Various | 53,206 | Square Feet |
32.01 | SMF VI | Camino Commons | 5038-5050 West Chester Pike | Newtown Square | PA | 19073 | Delaware | 1 | Retail | Unanchored | 1971 | 32,485 | Square Feet | |
32.02 | SMF VI | St. Albans Circle | 2-8 St. Albans Avenue, 12 St. Albans Circle and 3610-3612 Chapel Road | Newtown Square | PA | 19073 | Delaware | 1 | Mixed Use | Office/Retail | 1948 | 2016 | 20,721 | Square Feet |
33 | SMF VI | Lake Geneva Commons | 200 Edwards Boulevard | Lake Geneva | WI | 53147 | Walworth | 1 | Retail | Anchored | 1989 | 2006 | 51,369 | Square Feet |
34 | SMF VI | Hampton Inn & Suites Huntsville | 120 Ravenwood Village Drive | Huntsville | TX | 77340 | Walker | 1 | Hotel | Limited Service | 2015 | 75 | Rooms | |
35 | SMF VI | Holiday Inn Express Orangeburg | 118 Sleep Inn Drive | Orangeburg | SC | 29118 | Orangeburg | 1 | Hotel | Limited Service | 2001 | 2013 | 78 | Rooms |
36 | SMF VI | 3200 North Hayden | 3200 North Hayden Road | Scottsdale | AZ | 85251 | Maricopa | 1 | Office | Suburban | 1981 | 2016 | 65,731 | Square Feet |
37 | SMF VI | Bellfort Village Apartments | 6405 West Bellfort Street | Houston | TX | 77035 | Harris | 1 | Multifamily | Garden | 1976 | 2016 | 194 | Units |
38 | SMF VI | Courtyard Business Center | 10190-10288 Northwest 47th Street | Sunrise | FL | 33351 | Broward | 1 | Industrial | Flex | 1989 | 65,373 | Square Feet | |
39 | SMF VI | Northgate Business Park III | 11805-11819 & 11845-11895 Forestgate Drive and 11969, 11999 & 12021 Plano Road | Dallas | TX | 75243 | Dallas | 1 | Industrial | Flex | 1983-1984 | 155,494 | Square Feet | |
40 | SMF VI | Aldine Plaza | 12850 and 12900 Aldine Westfield Road | Houston | TX | 77039 | Harris | 1 | Retail | Unanchored | 1992, 2016 | 2013 | 28,848 | Square Feet |
41 | SMF VI | Walgreens Cooper City | 11105 Stirling Road | Cooper City | FL | 33328 | Broward | 1 | Retail | Freestanding | 2001 | 15,120 | Square Feet | |
42 | SMF VI | North Star Terrace MHP | 101 East Jupiter Drive | East Grand Forks | MN | 56721 | Polk | 1 | Manufactured Housing | Manufactured Housing | 1968 | 177 | Pads | |
43 | SMF VI | Rite Aid Sugar Hill | 4470 Nelson Brogdon Boulevard | Sugar Hill | GA | 30518 | Gwinnett | 1 | Retail | Freestanding | 2004 | 13,824 | Square Feet |
A-1-1
ANNEX A-1
Original | Current | Net | ||||||||||||||||||
Occupancy | Appraised | Appraisal | Current | Original | Balance | Current | Balance | % of Initial | Crossed | Related | Interest | Admin. | Mortgage | Monthly Debt | Annual Debt | |||||
Loan # | Seller(1) | Property Name | Occupancy %(3) | Date | Value ($)(4) | Date | LTV %(4) | Balance ($)(5)(6) | per Unit ($) | Balance ($)(5)(6) | per Unit ($) | Pool Balance | Loan | Borrower(7) | Rate %(8) | Fee %(8) | Rate %(8) | Accrual Type | Service ($)(9)(10) | Service ($)(10) |
1 | JPMCB | Hilton Hawaiian Village | 94.6% | 09/30/16 | 2,230,000,000 | 08/30/16 | 31.2% | 80,000,000 | 243,566 | 80,000,000 | 243,566 | 7.3% | No | No | 4.19950 | 0.01015 | 4.18935 | Actual/360 | 283,855.09 | 3,406,261.11 |
2 | JPMCB | Moffett Gateway | 100.0% | 03/01/17 | 525,000,000 | 07/20/16 | 46.3% | 80,000,000 | 397 | 80,000,000 | 397 | 7.3% | No | No | 3.31940 | 0.01140 | 3.30800 | Actual/360 | 388,810.63 | 4,665,727.58 |
3 | JPMCB | Dallas Design District | 98.7% | 12/28/16 | 193,085,000 | Various | 62.1% | 75,000,000 | 165 | 75,000,000 | 165 | 6.9% | No | No | 5.25700 | 0.01501 | 5.24199 | Actual/360 | 414,478.01 | 4,973,736.12 |
4 | JPMCB | Fresno Fashion Fair Mall | 89.3% | 01/31/17 | 565,000,000 | 08/24/16 | 57.5% | 69,000,000 | 606 | 69,000,000 | 606 | 6.3% | No | No | 3.58700 | 0.01140 | 3.57560 | Actual/360 | 209,117.12 | 2,509,405.42 |
5 | JPMCB | Riverway | 95.0% | 09/30/16 | 176,200,000 | 09/07/16 | 72.4% | 65,000,000 | 147 | 64,763,123 | 147 | 5.9% | No | Yes - Group 1 | 4.96000 | 0.01140 | 4.94860 | Actual/360 | 347,346.78 | 4,168,161.36 |
6 | JPMCB | 55 Hawthorne | 100.0% | 03/01/17 | 123,000,000 | 12/09/16 | 50.0% | 61,500,000 | 451 | 61,500,000 | 451 | 5.6% | No | No | 4.12300 | 0.01501 | 4.10799 | Actual/360 | 214,238.52 | 2,570,862.29 |
7 | JPMCB | Bardmoor Palms | 100.0% | 12/01/16 | 75,000,000 | 12/01/16 | 73.8% | 55,500,000 | 100 | 55,352,648 | 100 | 5.1% | No | No | 4.74400 | 0.01501 | 4.72899 | Actual/360 | 289,313.59 | 3,471,763.08 |
8 | JPMCB | Landmark Square | 84.9% | 12/31/16 | 175,700,000 | 11/09/16 | 56.9% | 51,000,000 | 132 | 51,000,000 | 132 | 4.7% | No | No | 4.97000 | 0.01501 | 4.95499 | Actual/360 | 214,158.68 | 2,569,904.17 |
9 | JPMCB | Centre Market Building | 88.1% | 10/17/16 | 89,000,000 | 10/25/16 | 47.0% | 42,000,000 | 108 | 41,842,074 | 108 | 3.8% | No | No | 4.47500 | 0.07751 | 4.39749 | Actual/360 | 232,854.06 | 2,794,248.72 |
10 | JPMCB | Courtyard Marriott - King Kamehameha | 85.1% | 11/30/16 | 133,000,000 | 10/03/16 | 30.0% | 40,000,000 | 88,496 | 39,945,058 | 88,374 | 3.7% | No | No | 4.81000 | 0.01501 | 4.79499 | Actual/360 | 202,449.33 | 2,429,392.02 |
11 | JPMCB | Milton Park | 87.8% | 12/12/16 | 57,300,000 | 12/08/16 | 69.6% | 39,900,000 | 125 | 39,900,000 | 125 | 3.7% | No | Yes - Group 1 | 4.94000 | 0.01501 | 4.92499 | Actual/360 | 212,731.11 | 2,552,773.32 |
12 | JPMCB | Reston EastPointe | 85.6% | 08/31/16 | 61,200,000 | 10/05/16 | 62.1% | 38,000,000 | 195 | 38,000,000 | 195 | 3.5% | No | No | 4.20000 | 0.01501 | 4.18499 | Actual/360 | 134,847.22 | 1,618,166.67 |
13 | JPMCB | Orchard Hill Park | 98.1% | 11/01/16 | 47,100,000 | 09/07/16 | 71.0% | 33,500,000 | 176 | 33,424,589 | 175 | 3.1% | No | No | 5.75200 | 0.03501 | 5.71699 | Actual/360 | 195,539.47 | 2,346,473.64 |
14 | JPMCB | 11200 Rockville Pike | 79.0% | 11/23/16 | 45,100,000 | 12/06/16 | 73.7% | 33,250,000 | 180 | 33,250,000 | 180 | 3.0% | No | No | 4.77500 | 0.03501 | 4.73999 | Actual/360 | 173,949.13 | 2,087,389.56 |
15 | JPMCB | Marriott Galleria | 68.3% | 10/31/16 | 51,000,000 | 11/01/16 | 62.6% | 32,000,000 | 106,312 | 31,921,895 | 106,053 | 2.9% | No | No | 5.25800 | 0.01501 | 5.24299 | Actual/360 | 176,863.78 | 2,122,365.36 |
16 | JPMCB | Royal Oaks Plaza | 86.4% | 12/27/16 | 50,000,000 | 01/02/17 | 59.9% | 30,000,000 | 181 | 29,953,572 | 181 | 2.7% | No | No | 4.60600 | 0.03251 | 4.57349 | Actual/360 | 153,900.90 | 1,846,810.80 |
17 | JPMCB | Las Palmas | 92.5% | 12/08/16 | 31,400,000 | 12/13/16 | 74.8% | 23,500,000 | 92 | 23,500,000 | 92 | 2.2% | No | No | 4.75800 | 0.01501 | 4.74299 | Actual/360 | 122,700.47 | 1,472,405.64 |
18 | SMF VI | Liberty Center | 71.7% | 02/01/17 | 33,000,000 | 01/04/17 | 63.9% | 21,100,000 | 75 | 21,100,000 | 75 | 1.9% | No | No | 5.23000 | 0.06251 | 5.16749 | Actual/360 | 116,253.74 | 1,395,044.88 |
19 | SMF VI | Ocotillo Plaza | 100.0% | 01/01/17 | 30,500,000 | 11/07/16 | 64.8% | 19,750,000 | 173 | 19,750,000 | 173 | 1.8% | No | No | 5.07000 | 0.01501 | 5.05499 | Actual/360 | 106,868.80 | 1,282,425.60 |
20 | JPMCB | Gwinnett Commerce Center | 84.5% | 01/01/17 | 27,800,000 | 10/18/16 | 67.3% | 18,700,000 | 88 | 18,700,000 | 88 | 1.7% | No | No | 4.72000 | 0.01501 | 4.70499 | Actual/360 | 97,210.19 | 1,166,522.28 |
21 | SMF VI | Hilton Durham | 69.2% | 11/30/16 | 25,300,000 | 12/01/16 | 65.1% | 16,500,000 | 84,615 | 16,475,654 | 84,491 | 1.5% | No | No | 5.02300 | 0.01501 | 5.00799 | Actual/360 | 88,807.65 | 1,065,691.80 |
22 | JPMCB | Woodglen Village | 94.8% | 12/01/16 | 21,685,000 | 11/15/16 | 74.6% | 16,222,000 | 65,149 | 16,184,557 | 64,998 | 1.5% | No | No | 5.59900 | 0.04501 | 5.55399 | Actual/360 | 93,116.86 | 1,117,402.32 |
23 | JPMCB | Partridge Inn Augusta | 60.9% | 12/31/16 | 23,700,000 | 10/01/16 | 63.1% | 15,000,000 | 104,895 | 14,945,235 | 104,512 | 1.4% | No | No | 4.95000 | 0.01501 | 4.93499 | Actual/360 | 80,065.50 | 960,786.00 |
24 | JPMCB | 4400 Dixie Highway | 90.7% | 12/01/16 | 19,650,000 | 09/30/16 | 72.3% | 14,250,000 | 13 | 14,215,053 | 13 | 1.3% | No | No | 5.22900 | 0.06501 | 5.16399 | Actual/360 | 78,503.78 | 942,045.36 |
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 76.7% | 11/30/16 | 17,810,000 | 11/17/16 | 66.7% | 11,900,000 | 88,148 | 11,882,296 | 88,017 | 1.1% | No | No | 4.95000 | 0.01501 | 4.93499 | Actual/360 | 63,518.63 | 762,223.56 |
26 | SMF VI | 100 North Citrus | 94.2% | 02/06/17 | 18,300,000 | 01/17/17 | 64.8% | 11,850,000 | 150 | 11,850,000 | 150 | 1.1% | No | No | 4.82000 | 0.01501 | 4.80499 | Actual/360 | 62,316.18 | 747,794.16 |
27 | SMF VI | Pangea 15 | 96.1% | 12/19/16 | 15,750,000 | 10/28/16 | 57.1% | 9,000,000 | 44,118 | 9,000,000 | 44,118 | 0.8% | No | No | 5.26000 | 0.01501 | 5.24499 | Actual/360 | 49,754.09 | 597,049.08 |
27.01 | SMF VI | 701 South Karlov Avenue | 100.0% | 12/19/16 | 2,300,000 | 10/28/16 | 1,314,286 | 1,314,286 | 0.1% | |||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | 75.0% | 12/19/16 | 1,400,000 | 10/28/16 | 800,000 | 800,000 | 0.1% | |||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | 100.0% | 12/19/16 | 1,400,000 | 10/28/16 | 800,000 | 800,000 | 0.1% | |||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | 100.0% | 12/19/16 | 1,200,000 | 10/28/16 | 685,714 | 685,714 | 0.1% | |||||||||||
27.05 | SMF VI | 7954 South Justine Street | 93.3% | 12/19/16 | 1,150,000 | 10/28/16 | 657,143 | 657,143 | 0.1% | |||||||||||
27.06 | SMF VI | 10 West 137th Street | 100.0% | 12/19/16 | 1,100,000 | 10/28/16 | 628,571 | 628,571 | 0.1% | |||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | 100.0% | 12/19/16 | 1,100,000 | 10/28/16 | 628,571 | 628,571 | 0.1% | |||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | 100.0% | 12/19/16 | 1,050,000 | 10/28/16 | 600,000 | 600,000 | 0.1% | |||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | 80.0% | 12/19/16 | 800,000 | 10/28/16 | 457,143 | 457,143 | 0.0% | |||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | 100.0% | 12/19/16 | 750,000 | 10/28/16 | 428,571 | 428,571 | 0.0% | |||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | 100.0% | 12/19/16 | 700,000 | 10/28/16 | 400,000 | 400,000 | 0.0% | |||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | 100.0% | 12/19/16 | 700,000 | 10/28/16 | 400,000 | 400,000 | 0.0% | |||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | 88.9% | 12/19/16 | 700,000 | 10/28/16 | 400,000 | 400,000 | 0.0% | |||||||||||
27.14 | SMF VI | 2062 135th Place | 100.0% | 12/19/16 | 500,000 | 10/28/16 | 285,714 | 285,714 | 0.0% | |||||||||||
27.15 | SMF VI | 2066 135th Place | 100.0% | 12/19/16 | 500,000 | 10/28/16 | 285,714 | 285,714 | 0.0% | |||||||||||
27.16 | SMF VI | 9600 South Avenue L | 100.0% | 12/19/16 | 400,000 | 10/28/16 | 228,571 | 228,571 | 0.0% | |||||||||||
28 | SMF VI | The Shoppes at Letson Farms | 94.5% | 12/12/16 | 11,880,000 | 11/09/16 | 74.5% | 8,850,000 | 93 | 8,850,000 | 93 | 0.8% | No | No | 5.40000 | 0.05501 | 5.34499 | Actual/360 | 49,695.48 | 596,345.76 |
29 | SMF VI | Montgomery Triangle Gateway | 98.7% | 01/25/17 | 10,700,000 | 12/20/16 | 69.6% | 7,460,000 | 189 | 7,449,442 | 188 | 0.7% | No | No | 5.40000 | 0.05501 | 5.34499 | Actual/360 | 41,890.20 | 502,682.40 |
30 | SMF VI | Neilson Square | 93.9% | 01/01/17 | 8,785,000 | 01/01/17 | 74.9% | 6,581,000 | 100 | 6,581,000 | 100 | 0.6% | No | No | 4.87000 | 0.01501 | 4.85499 | Actual/360 | 34,807.22 | 417,686.64 |
31 | SMF VI | Studio City Apartments | 95.5% | 01/23/17 | 11,690,000 | 12/12/16 | 55.1% | 6,450,000 | 17,200 | 6,438,005 | 17,168 | 0.6% | No | No | 5.51900 | 0.09501 | 5.42399 | Actual/360 | 39,681.86 | 476,182.32 |
32 | SMF VI | St. Albans & Camino Commons | 98.2% | 12/01/16 | 9,620,000 | 11/29/16 | 66.4% | 6,400,000 | 120 | 6,385,157 | 120 | 0.6% | No | No | 5.57000 | 0.01501 | 5.55499 | Actual/360 | 36,620.07 | 439,440.84 |
32.01 | SMF VI | Camino Commons | 100.0% | 12/01/16 | 5,000,000 | 11/29/16 | 3,400,000 | 3,392,115 | 0.3% | |||||||||||
32.02 | SMF VI | St. Albans Circle | 95.3% | 12/01/16 | 4,620,000 | 11/29/16 | 3,000,000 | 2,993,042 | 0.3% | |||||||||||
33 | SMF VI | Lake Geneva Commons | 100.0% | 12/20/16 | 8,670,000 | 11/25/16 | 73.1% | 6,350,000 | 124 | 6,335,152 | 123 | 0.6% | No | No | 5.52000 | 0.01501 | 5.50499 | Actual/360 | 36,134.32 | 433,611.84 |
34 | SMF VI | Hampton Inn & Suites Huntsville | 64.7% | 11/30/16 | 10,200,000 | 12/01/16 | 62.1% | 6,350,000 | 84,667 | 6,334,993 | 84,467 | 0.6% | No | No | 5.45500 | 0.01501 | 5.43999 | Actual/360 | 35,875.52 | 430,506.24 |
35 | SMF VI | Holiday Inn Express Orangeburg | 79.2% | 10/31/16 | 9,000,000 | 10/01/16 | 68.6% | 6,200,000 | 79,487 | 6,170,852 | 79,113 | 0.6% | No | No | 5.48600 | 0.01501 | 5.47099 | Actual/360 | 38,021.61 | 456,259.32 |
36 | SMF VI | 3200 North Hayden | 100.0% | 12/01/16 | 8,380,000 | 11/29/16 | 70.7% | 5,925,000 | 90 | 5,925,000 | 90 | 0.5% | No | No | 5.21000 | 0.06501 | 5.14499 | Actual/360 | 32,571.43 | 390,857.16 |
37 | SMF VI | Bellfort Village Apartments | 97.4% | 12/20/16 | 8,600,000 | 11/30/16 | 68.4% | 5,900,000 | 30,412 | 5,880,067 | 30,310 | 0.5% | No | No | 5.26800 | 0.01501 | 5.25299 | Actual/360 | 35,418.30 | 425,019.60 |
38 | SMF VI | Courtyard Business Center | 96.6% | 01/13/17 | 9,500,000 | 12/14/16 | 60.0% | 5,700,000 | 87 | 5,700,000 | 87 | 0.5% | No | No | 5.21500 | 0.01501 | 5.19999 | Actual/360 | 25,115.30 | 301,383.54 |
39 | SMF VI | Northgate Business Park III | 91.4% | 01/01/17 | 7,450,000 | 10/28/16 | 70.5% | 5,250,000 | 34 | 5,250,000 | 34 | 0.5% | No | No | 4.85000 | 0.01501 | 4.83499 | Actual/360 | 27,703.82 | 332,445.84 |
40 | SMF VI | Aldine Plaza | 100.0% | 12/01/16 | 5,800,000 | 11/29/16 | 74.8% | 4,350,000 | 151 | 4,339,694 | 150 | 0.4% | No | No | 5.44000 | 0.01501 | 5.42499 | Actual/360 | 24,535.32 | 294,423.84 |
41 | SMF VI | Walgreens Cooper City | 100.0% | 03/06/17 | 6,700,000 | 11/27/16 | 49.3% | 3,300,000 | 218 | 3,300,000 | 218 | 0.3% | No | No | 5.30400 | 0.01501 | 5.28899 | Actual/360 | 14,788.58 | 177,463.00 |
42 | SMF VI | North Star Terrace MHP | 77.4% | 11/01/16 | 3,920,000 | 12/21/16 | 71.4% | 2,800,000 | 15,819 | 2,800,000 | 15,819 | 0.3% | No | No | 5.21200 | 0.05501 | 5.15699 | Actual/360 | 15,395.87 | 184,750.44 |
43 | SMF VI | Rite Aid Sugar Hill | 100.0% | 03/06/17 | 4,330,000 | 10/27/16 | 64.4% | 2,800,000 | 203 | 2,786,930 | 202 | 0.3% | No | No | 5.53300 | 0.01501 | 5.51799 | Actual/360 | 17,249.67 | 206,996.04 |
A-1-2
ANNEX A-1
First | Partial IO | Partial IO Loan | Rem. | Rem. | Payment | Grace Period | Grace Period | Final | Maturity | Maturity | Prepayment | |||||||||
Loan # | Seller(1) | Property Name | Note Date | Payment Date | Last IO Payment | First P&I Payment | Term | Amort | I/O Period | Seasoning | Due Date | (Late Payment) | (Default) | Maturity Date | ARD Loan | Mat Date | Balance ($)(5) | LTV %(4) | Provision (Payments)(11) | |
1 | JPMCB | Hilton Hawaiian Village | 10/24/16 | 12/01/16 | 116 | 0 | 120 | 4 | 1 | 0 | 0 | 11/01/26 | No | 80,000,000 | 31.2% | L(28),DeforGrtr1%orYM(85),O(7) | ||||
2 | JPMCB | Moffett Gateway | 09/22/16 | 11/01/16 | 10/01/21 | 11/01/21 | 121 | 360 | 60 | 5 | 1 | 0 | 0 | 04/01/27 | No | 67,962,660 | 39.3% | L(29),Def(90),O(7) | ||
3 | JPMCB | Dallas Design District | 01/05/17 | 03/01/17 | 02/01/20 | 03/01/20 | 119 | 360 | 36 | 1 | 1 | 0 | 0 | 02/01/27 | No | 66,758,419 | 55.3% | L(25),Grtr1%orYM(91),O(4) | ||
4 | JPMCB | Fresno Fashion Fair Mall | 10/06/16 | 12/01/16 | 116 | 0 | 120 | 4 | 1 | 5 | 0 | 11/01/26 | No | 69,000,000 | 57.5% | L(28),DeforGrtr1%orYM(88),O(4) | ||||
5 | JPMCB | Riverway | 11/02/16 | 01/01/17 | 117 | 357 | 0 | 3 | 1 | 0 | 0 | 12/01/26 | No | 53,363,224 | 59.6% | L(27),Def(90),O(3) | ||||
6 | JPMCB | 55 Hawthorne | 12/22/16 | 02/01/17 | 118 | 0 | 120 | 2 | 1 | 0 | 5 (Twice per year) | 01/01/27 | No | 61,500,000 | 50.0% | L(26),Def(87),O(7) | ||||
7 | JPMCB | Bardmoor Palms | 12/15/16 | 02/01/17 | 118 | 358 | 0 | 2 | 1 | 0 | 0 | 01/01/27 | No | 45,235,666 | 60.3% | L(25),Grtr1%orYM(92),O(3) | ||||
8 | JPMCB | Landmark Square | 12/02/16 | 02/01/17 | 118 | 0 | 120 | 2 | 1 | 0 | 0 | 01/01/27 | No | 51,000,000 | 56.9% | L(26),Def(90),O(4) | ||||
9 | JPMCB | Centre Market Building | 12/08/16 | 02/01/17 | 118 | 298 | 0 | 2 | 1 | 0 | 0 | 01/01/27 | No | 30,789,103 | 34.6% | L(25),Grtr1%orYM(92),O(3) | ||||
10 | JPMCB | Courtyard Marriott - King Kamehameha | 01/10/17 | 03/01/17 | 119 | 359 | 0 | 1 | 1 | 0 | 0 | 02/01/27 | No | 33,587,481 | 25.3% | L(25),Grtr1%orYM(90),O(5) | ||||
11 | JPMCB | Milton Park | 12/29/16 | 02/01/17 | 01/01/19 | 02/01/19 | 58 | 360 | 24 | 2 | 1 | 0 | 0 | 01/01/22 | No | 38,114,571 | 66.5% | L(25),Grtr1%orYM(32),O(3) | ||
12 | JPMCB | Reston EastPointe | 11/08/16 | 01/01/17 | 81 | 0 | 84 | 3 | 1 | 0 | 0 | 12/01/23 | No | 38,000,000 | 62.1% | L(27),Def(51),O(6) | ||||
13 | JPMCB | Orchard Hill Park | 12/23/16 | 02/01/17 | 118 | 358 | 0 | 2 | 1 | 0 | 0 | 01/01/27 | No | 28,193,721 | 59.9% | L(26),Def(90),O(4) | ||||
14 | JPMCB | 11200 Rockville Pike | 12/22/16 | 02/01/17 | 01/01/20 | 02/01/20 | 118 | 360 | 36 | 2 | 1 | 0 | 0 | 01/01/27 | No | 29,288,535 | 64.9% | L(26),Def(92),O(2) | ||
15 | JPMCB | Marriott Galleria | 12/23/16 | 02/01/17 | 58 | 358 | 0 | 2 | 1 | 0 | 0 | 01/01/22 | No | 29,623,451 | 58.1% | L(26),Def(10),O(24) | ||||
16 | JPMCB | Royal Oaks Plaza | 02/01/17 | 03/01/17 | 119 | 359 | 0 | 1 | 1 | 0 | 0 | 02/01/27 | No | 24,336,484 | 48.7% | L(25),Def(91),O(4) | ||||
17 | JPMCB | Las Palmas | 02/01/17 | 03/01/17 | 02/01/19 | 03/01/19 | 119 | 360 | 24 | 1 | 1 | 0 | 0 | 02/01/27 | No | 20,205,725 | 64.3% | L(25),Grtr1%orYM(92),O(3) | ||
18 | SMF VI | Liberty Center | 01/31/17 | 03/06/17 | 02/06/19 | 03/06/19 | 119 | 360 | 24 | 1 | 6 | 0 | 0 | 02/06/27 | No | 18,360,223 | 55.6% | L(25),Def(91),O(4) | ||
19 | SMF VI | Ocotillo Plaza | 02/01/17 | 03/06/17 | 02/06/19 | 03/06/19 | 119 | 360 | 24 | 1 | 6 | 0 | 0 | 02/06/27 | No | 17,117,256 | 56.1% | L(25),DeforGrtr1%orYM(90),O(5) | ||
20 | JPMCB | Gwinnett Commerce Center | 11/22/16 | 01/01/17 | 12/01/19 | 01/01/20 | 117 | 360 | 36 | 3 | 1 | 0 | 0 | 12/01/26 | No | 16,452,415 | 59.2% | L(27),Def(90),O(3) | ||
21 | SMF VI | Hilton Durham | 01/12/17 | 03/06/17 | 119 | 359 | 0 | 1 | 6 | 0 | 0 | 02/06/27 | No | 13,571,755 | 53.6% | L(25),DeforGrtr1%orYM(90),O(5) | ||||
22 | JPMCB | Woodglen Village | 12/09/16 | 02/01/17 | 58 | 358 | 0 | 2 | 1 | 0 | 0 | 01/01/22 | No | 15,090,737 | 69.6% | L(25),Grtr1%orYM(32),O(3) | ||||
23 | JPMCB | Partridge Inn Augusta | 11/30/16 | 01/01/17 | 117 | 357 | 0 | 3 | 1 | 0 | 0 | 12/01/26 | No | 12,310,553 | 51.9% | L(25),Grtr1%orYM(92),O(3) | ||||
24 | JPMCB | 4400 Dixie Highway | 12/30/16 | 02/01/17 | 118 | 358 | 0 | 2 | 1 | 0 | 0 | 01/01/27 | No | 11,800,005 | 60.1% | L(25),Grtr1%orYM(89),O(6) | ||||
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 01/18/17 | 03/01/17 | 119 | 359 | 0 | 1 | 1 | 0 | 0 | 02/01/27 | No | 9,764,827 | 54.8% | L(25),Def(92),O(3) | ||||
26 | SMF VI | 100 North Citrus | 02/08/17 | 04/06/17 | 120 | 360 | 0 | 0 | 6 | 0 | 0 | 03/06/27 | No | 9,685,331 | 52.9% | L(24),Def(91),O(5) | ||||
27 | SMF VI | Pangea 15 | 12/21/16 | 02/06/17 | 01/06/22 | 02/06/22 | 118 | 360 | 60 | 2 | 6 | 0 | 0 | 01/06/27 | No | 8,331,938 | 52.9% | L(26),Def(88),O(6) | ||
27.01 | SMF VI | 701 South Karlov Avenue | 1,216,727 | |||||||||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | 740,617 | |||||||||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | 740,617 | |||||||||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | 634,814 | |||||||||||||||||
27.05 | SMF VI | 7954 South Justine Street | 608,364 | |||||||||||||||||
27.06 | SMF VI | 10 West 137th Street | 581,913 | |||||||||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | 581,913 | |||||||||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | 555,463 | |||||||||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | 423,210 | |||||||||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | 396,759 | |||||||||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | 370,308 | |||||||||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | 370,308 | |||||||||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | 370,308 | |||||||||||||||||
27.14 | SMF VI | 2062 135th Place | 264,506 | |||||||||||||||||
27.15 | SMF VI | 2066 135th Place | 264,506 | |||||||||||||||||
27.16 | SMF VI | 9600 South Avenue L | 211,605 | |||||||||||||||||
28 | SMF VI | The Shoppes at Letson Farms | 12/15/16 | 02/06/17 | 01/06/19 | 02/06/19 | 118 | 360 | 24 | 2 | 6 | 0 | 0 | 01/06/27 | No | 7,733,390 | 65.1% | L(26),Def(90),O(4) | ||
29 | SMF VI | Montgomery Triangle Gateway | 01/27/17 | 03/06/17 | 119 | 359 | 0 | 1 | 6 | 0 | 0 | 02/06/27 | No | 6,210,270 | 58.0% | L(25),Def(91),O(4) | ||||
30 | SMF VI | Neilson Square | 01/31/17 | 03/06/17 | 02/06/20 | 03/06/20 | 119 | 360 | 36 | 1 | 6 | 0 | 0 | 02/06/27 | No | 5,808,945 | 66.1% | L(25),Def(91),O(4) | ||
31 | SMF VI | Studio City Apartments | 01/25/17 | 03/06/17 | 119 | 299 | 0 | 1 | 6 | 0 | 0 | 02/06/27 | No | 4,910,974 | 42.0% | L(25),Def(91),O(4) | ||||
32 | SMF VI | St. Albans & Camino Commons | 01/06/17 | 02/06/17 | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 01/06/27 | No | 5,356,501 | 55.7% | L(26),Def(90),O(4) | ||||
32.01 | SMF VI | Camino Commons | 2,845,642 | |||||||||||||||||
32.02 | SMF VI | St. Albans Circle | 2,510,860 | |||||||||||||||||
33 | SMF VI | Lake Geneva Commons | 12/22/16 | 02/06/17 | 01/06/27 | 02/06/17 | 118 | 358 | 24 | 2 | 6 | 0 | 0 | 01/06/27 | No | 5,564,518 | 64.2% | L(26),Def(90),O(4) | ||
34 | SMF VI | Hampton Inn & Suites Huntsville | 01/05/17 | 02/06/17 | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 01/06/27 | No | 5,295,788 | 51.9% | L(26),Def(90),O(4) | ||||
35 | SMF VI | Holiday Inn Express Orangeburg | 11/30/16 | 01/06/17 | 117 | 297 | 0 | 3 | 6 | 0 | 0 | 12/06/26 | No | 4,716,238 | 52.4% | L(27),Def(89),O(4) | ||||
36 | SMF VI | 3200 North Hayden | 12/23/16 | 02/06/17 | 07/06/18 | 08/06/18 | 118 | 360 | 18 | 2 | 6 | 0 | 0 | 01/06/27 | No | 5,095,377 | 60.8% | L(26),Def(90),O(4) | ||
37 | SMF VI | Bellfort Village Apartments | 12/30/16 | 02/06/17 | 118 | 298 | 0 | 2 | 6 | 0 | 0 | 01/06/27 | No | 4,453,087 | 51.8% | L(26),Def(90),O(4) | ||||
38 | SMF VI | Courtyard Business Center | 01/20/17 | 03/06/17 | 119 | 0 | 120 | 1 | 6 | 0 | 0 | 02/06/27 | No | 5,700,000 | 60.0% | L(25),Def(91),O(4) | ||||
39 | SMF VI | Northgate Business Park III | 01/13/17 | 03/06/17 | 02/06/21 | 03/06/21 | 119 | 360 | 48 | 1 | 6 | 0 | 0 | 02/06/27 | No | 4,733,139 | 63.5% | L(25),Def(91),O(4) | ||
40 | SMF VI | Aldine Plaza | 12/20/16 | 02/06/17 | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 01/06/27 | No | 3,626,128 | 62.5% | L(26),Def(90),O(4) | ||||
41 | SMF VI | Walgreens Cooper City | 12/22/16 | 02/06/17 | 118 | 0 | 120 | 2 | 6 | 0 | 0 | 01/06/27 | No | 3,300,000 | 49.3% | L(26),Def(90),O(4) | ||||
42 | SMF VI | North Star Terrace MHP | 01/12/17 | 03/06/17 | 02/06/18 | 03/06/18 | 119 | 360 | 12 | 1 | 6 | 0 | 0 | 02/06/27 | No | 2,377,801 | 60.7% | L(25),Grtr1%orYM(91),O(4) | ||
43 | SMF VI | Rite Aid Sugar Hill | 12/02/16 | 01/06/17 | 117 | 297 | 0 | 3 | 6 | 0 | 0 | 12/06/26 | No | 2,133,423 | 49.3% | L(27),Def(89),O(4) |
A-1-3
ANNEX A-1
HISTORICAL FINANCIALS(12) | |||||||||||||||
2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | Most Recent | Most Recent | Most Recent | ||||
Loan # | Seller(1) | Property Name | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | As of |
1 | JPMCB | Hilton Hawaiian Village | 324,974,888 | 214,010,053 | 110,964,835 | 346,089,627 | 226,228,808 | 119,860,819 | 366,791,222 | 238,053,500 | 128,737,723 | 376,987,438 | 245,094,318 | 131,893,120 | 09/30/16 |
2 | JPMCB | Moffett Gateway | |||||||||||||
3 | JPMCB | Dallas Design District | 11,762,840 | 4,136,520 | 7,626,320 | 13,056,367 | 4,051,248 | 9,005,119 | 12,606,620 | 4,108,165 | 8,498,455 | 13,673,772 | 4,035,907 | 9,637,865 | 09/30/16 |
4 | JPMCB | Fresno Fashion Fair Mall | 31,587,519 | 6,451,070 | 25,136,449 | 32,794,192 | 6,442,883 | 26,351,309 | 33,828,408 | 5,653,406 | 28,175,002 | 33,587,207 | 5,947,307 | 27,639,900 | 12/31/16 |
5 | JPMCB | Riverway | 25,489,463 | 11,004,945 | 14,484,517 | 23,349,290 | 11,652,689 | 11,696,602 | 24,694,712 | 12,493,997 | 12,200,715 | 24,766,779 | 12,494,418 | 12,272,361 | 08/31/16 |
6 | JPMCB | 55 Hawthorne | 3,923,280 | 2,548,006 | 1,375,274 | 6,478,417 | 2,617,646 | 3,860,771 | 11/30/16 | ||||||
7 | JPMCB | Bardmoor Palms | 3,302,262 | 1,819,752 | 1,482,510 | 3,279,768 | 1,794,069 | 1,485,699 | 2,557,369 | 1,911,205 | 646,165 | 4,074,118 | 2,017,161 | 2,056,957 | 09/30/16 |
8 | JPMCB | Landmark Square | 21,090,032 | 11,173,914 | 9,916,119 | 22,206,765 | 11,760,507 | 10,446,258 | 19,852,023 | 12,384,894 | 7,467,129 | 22,240,746 | 12,516,518 | 9,724,228 | 12/31/16 |
9 | JPMCB | Centre Market Building | 17,356,041 | 6,079,872 | 11,276,169 | 16,670,681 | 6,213,521 | 10,457,160 | 16,964,386 | 6,121,740 | 10,842,646 | 15,993,117 | 6,258,861 | 9,734,256 | 09/30/16 |
10 | JPMCB | Courtyard Marriott - King Kamehameha | 25,075,960 | 20,458,619 | 4,617,341 | 27,285,291 | 21,230,062 | 6,055,229 | 28,621,022 | 21,831,444 | 6,789,578 | 30,185,741 | 22,663,084 | 7,522,657 | 11/30/16 |
11 | JPMCB | Milton Park | 6,167,878 | 2,409,405 | 3,758,473 | 6,031,997 | 2,527,892 | 3,504,105 | 6,473,666 | 2,525,462 | 3,948,204 | 5,712,222 | 2,513,387 | 3,198,835 | 10/31/16 |
12 | JPMCB | Reston EastPointe | 6,142,572 | 1,797,695 | 4,344,877 | 6,374,053 | 1,904,880 | 4,469,173 | 6,949,747 | 1,881,013 | 5,068,734 | 6,941,243 | 1,916,979 | 5,024,264 | 09/30/16 |
13 | JPMCB | Orchard Hill Park | 3,575,814 | 622,489 | 2,953,325 | 3,704,459 | 740,369 | 2,964,090 | 3,808,565 | 820,162 | 2,988,403 | 3,737,399 | 607,194 | 3,130,205 | 11/30/16 |
14 | JPMCB | 11200 Rockville Pike | 5,306,525 | 2,037,730 | 3,268,795 | 5,117,970 | 1,967,147 | 3,150,823 | 5,688,267 | 1,878,386 | 3,809,881 | 5,581,849 | 1,784,525 | 3,797,324 | 10/31/16 |
15 | JPMCB | Marriott Galleria | 16,537,157 | 12,463,158 | 4,073,999 | 16,468,082 | 12,746,690 | 3,721,392 | 17,387,276 | 13,426,031 | 3,961,245 | 15,875,688 | 12,594,472 | 3,281,215 | 10/31/16 |
16 | JPMCB | Royal Oaks Plaza | 3,644,571 | 1,062,533 | 2,582,038 | 3,615,553 | 1,073,386 | 2,542,167 | 4,033,781 | 1,044,171 | 2,989,610 | 3,900,503 | 1,190,639 | 2,709,864 | 12/31/16 |
17 | JPMCB | Las Palmas | 2,908,363 | 966,905 | 1,941,458 | 2,960,052 | 1,017,781 | 1,942,271 | 3,167,744 | 1,138,038 | 2,029,705 | 3,312,959 | 1,243,425 | 2,069,534 | 12/31/16 |
18 | SMF VI | Liberty Center | 5,482,326 | 2,302,992 | 3,179,334 | 4,890,564 | 2,075,331 | 2,815,233 | 3,565,621 | 1,757,693 | 1,807,928 | 3,911,422 | 1,784,364 | 2,127,058 | 12/31/16 |
19 | SMF VI | Ocotillo Plaza | 2,133,815 | 436,884 | 1,696,931 | 2,134,220 | 400,516 | 1,733,704 | 2,264,041 | 412,067 | 1,851,974 | 2,283,477 | 426,649 | 1,856,828 | 12/31/16 |
20 | JPMCB | Gwinnett Commerce Center | 3,197,676 | 1,409,947 | 1,787,729 | 3,398,136 | 1,503,083 | 1,895,053 | 3,586,875 | 1,522,715 | 2,064,160 | 3,633,759 | 1,519,571 | 2,114,188 | 08/31/16 |
21 | SMF VI | Hilton Durham | 7,557,119 | 5,821,475 | 1,735,644 | 7,851,152 | 5,955,688 | 1,895,464 | 8,486,200 | 6,453,804 | 2,032,396 | 8,264,062 | 6,376,768 | 1,887,294 | 11/30/16 |
22 | JPMCB | Woodglen Village | 1,957,321 | 1,259,076 | 698,244 | 2,243,790 | 1,240,264 | 1,003,526 | 2,375,887 | 1,197,028 | 1,178,859 | 2,541,364 | 1,280,747 | 1,260,616 | 11/30/16 |
23 | JPMCB | Partridge Inn Augusta | 3,943,492 | 3,944,313 | -821 | 3,403,721 | 3,170,907 | 232,814 | 3,315,466 | 2,669,743 | 645,723 | 6,407,984 | 4,643,346 | 1,764,638 | 12/31/16 |
24 | JPMCB | 4400 Dixie Highway | 1,912,448 | 895,336 | 1,017,112 | 2,296,639 | 868,844 | 1,427,795 | 2,606,188 | 878,064 | 1,728,124 | 2,760,853 | 848,153 | 1,912,700 | 11/30/16 |
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 2,872,265 | 2,086,035 | 786,230 | 2,916,873 | 2,011,931 | 904,942 | 3,637,302 | 2,285,394 | 1,351,908 | 3,832,153 | 2,490,820 | 1,341,333 | 11/30/16 |
26 | SMF VI | 100 North Citrus | 948,336 | 690,003 | 258,333 | 1,349,544 | 780,021 | 569,523 | 1,532,429 | 798,860 | 733,569 | 1,676,892 | 830,878 | 846,013 | 11/30/16 |
27 | SMF VI | Pangea 15 | 1,394,058 | 710,797 | 683,261 | 10/31/16 | |||||||||
27.01 | SMF VI | 701 South Karlov Avenue | |||||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | |||||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | |||||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | |||||||||||||
27.05 | SMF VI | 7954 South Justine Street | |||||||||||||
27.06 | SMF VI | 10 West 137th Street | |||||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | |||||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | |||||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | |||||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | |||||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | |||||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | |||||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | |||||||||||||
27.14 | SMF VI | 2062 135th Place | |||||||||||||
27.15 | SMF VI | 2066 135th Place | |||||||||||||
27.16 | SMF VI | 9600 South Avenue L | |||||||||||||
28 | SMF VI | The Shoppes at Letson Farms | 1,128,811 | 257,551 | 871,260 | 1,130,082 | 258,080 | 872,002 | 1,047,233 | 302,753 | 744,480 | 09/30/16 | |||
29 | SMF VI | Montgomery Triangle Gateway | 978,490 | 353,508 | 624,982 | 1,000,558 | 369,043 | 631,515 | 1,023,967 | 394,615 | 629,352 | 1,128,258 | 381,728 | 746,530 | 12/31/16 |
30 | SMF VI | Neilson Square | 811,136 | 148,512 | 662,624 | 858,220 | 167,287 | 690,933 | 868,057 | 162,294 | 705,763 | 864,839 | 157,779 | 707,060 | 11/30/16 |
31 | SMF VI | Studio City Apartments | 2,274,390 | 1,581,651 | 692,739 | 2,358,885 | 1,545,439 | 813,446 | 2,404,913 | 1,514,693 | 890,220 | 2,487,594 | 1,583,259 | 904,334 | 09/30/16 |
32 | SMF VI | St. Albans & Camino Commons | 725,486 | 213,067 | 512,419 | 702,396 | 175,992 | 526,404 | 839,106 | 186,693 | 652,413 | Various | |||
32.01 | SMF VI | Camino Commons | 318,987 | 115,440 | 203,548 | 335,361 | 90,215 | 245,146 | 428,279 | 108,783 | 319,496 | 12/09/16 | |||
32.02 | SMF VI | St. Albans Circle | 406,499 | 97,628 | 308,871 | 367,035 | 85,777 | 281,259 | 410,827 | 77,910 | 332,917 | 12/02/16 | |||
33 | SMF VI | Lake Geneva Commons | 524,903 | 213,957 | 310,946 | 588,361 | 223,152 | 365,209 | 815,107 | 232,945 | 582,162 | 10/31/16 | |||
34 | SMF VI | Hampton Inn & Suites Huntsville | 2,163,467 | 1,353,443 | 810,025 | 11/30/16 | |||||||||
35 | SMF VI | Holiday Inn Express Orangeburg | 2,126,322 | 1,368,441 | 757,882 | 2,485,615 | 1,484,181 | 1,001,434 | 2,463,669 | 1,574,459 | 889,210 | 2,529,100 | 1,590,978 | 938,121 | 10/31/16 |
36 | SMF VI | 3200 North Hayden | 924,424 | 383,852 | 540,572 | 900,848 | 365,212 | 535,636 | 854,677 | 354,218 | 500,459 | 857,876 | 350,391 | 507,485 | 11/30/16 |
37 | SMF VI | Bellfort Village Apartments | 1,055,080 | 576,757 | 478,323 | 1,360,083 | 697,846 | 662,237 | 1,260,358 | 808,143 | 452,215 | 1,389,176 | 667,069 | 722,107 | 11/30/16 |
38 | SMF VI | Courtyard Business Center | 957,042 | 313,598 | 643,444 | 1,021,237 | 289,696 | 731,541 | 1,055,300 | 323,035 | 732,265 | 1,071,919 | 293,270 | 778,649 | 12/31/16 |
39 | SMF VI | Northgate Business Park III | 920,634 | 346,256 | 574,378 | 07/31/16 | |||||||||
40 | SMF VI | Aldine Plaza | 238,516 | 148,602 | 89,914 | 459,138 | 194,023 | 265,116 | 538,566 | 207,439 | 331,127 | 09/30/16 | |||
41 | SMF VI | Walgreens Cooper City | |||||||||||||
42 | SMF VI | North Star Terrace MHP | 552,247 | 299,057 | 253,189 | 556,784 | 326,981 | 229,803 | 563,362 | 304,327 | 259,035 | 573,669 | 307,433 | 266,236 | 11/30/16 |
43 | SMF VI | Rite Aid Sugar Hill |
A-1-4
ANNEX A-1
UW Economic | UW | UW Total | UW | UW Capital | UW | UW | UW NCF | UW NOI | UW NCF | Ground Lease | Ground Lease | |||||
Loan # | Seller(1) | Property Name | Occupancy % | Revenues ($)(3) | Expenses ($) | NOI ($)(3)(13) | Items ($) | NCF ($)(3)(13) | NOI DSCR(14) | DSCR(14) | Debt Yield % | Debt Yield % | Title Type(22) | Expiration | Extension Terms | PML % |
1 | JPMCB | Hilton Hawaiian Village | 94.6% | 374,437,742 | 241,850,768 | 132,586,975 | 0 | 132,586,975 | 4.47 | 4.47 | 19.0% | 19.0% | Fee/Leasehold | 07/31/35 | None | |
2 | JPMCB | Moffett Gateway | 95.0% | 35,097,235 | 6,170,971 | 28,926,265 | 1,294,985 | 27,631,280 | 2.04 | 1.95 | 11.9% | 11.4% | Fee | 15% | ||
3 | JPMCB | Dallas Design District | 95.0% | 15,304,762 | 4,048,471 | 11,256,291 | 1,051,292 | 10,204,999 | 1.41 | 1.28 | 9.4% | 8.5% | Fee/Leasehold | 12/20/51 | None | |
4 | JPMCB | Fresno Fashion Fair Mall | 90.8% | 33,363,299 | 6,507,414 | 26,855,885 | 1,019,015 | 25,836,869 | 2.27 | 2.19 | 8.3% | 7.9% | Fee | 7% | ||
5 | JPMCB | Riverway | 90.0% | 25,871,039 | 12,713,001 | 13,158,038 | 1,479,065 | 11,678,973 | 1.60 | 1.42 | 10.3% | 9.2% | Fee | |||
6 | JPMCB | 55 Hawthorne | 94.6% | 10,472,045 | 3,220,717 | 7,251,328 | 552,636 | 6,698,692 | 2.82 | 2.61 | 11.8% | 10.9% | Fee | 12% | ||
7 | JPMCB | Bardmoor Palms | 93.0% | 7,514,480 | 2,324,477 | 5,190,003 | 359,765 | 4,830,238 | 1.49 | 1.39 | 9.4% | 8.7% | Fee | |||
8 | JPMCB | Landmark Square | 85.4% | 24,368,179 | 12,347,514 | 12,020,665 | 962,555 | 11,058,110 | 2.39 | 2.19 | 12.0% | 11.1% | Fee/Leasehold | 02/28/82 | Year to year | |
9 | JPMCB | Centre Market Building | 85.0% | 13,947,168 | 6,326,894 | 7,620,274 | 698,620 | 6,921,654 | 2.73 | 2.48 | 18.2% | 16.5% | Fee | |||
10 | JPMCB | Courtyard Marriott - King Kamehameha | 85.1% | 30,134,131 | 22,711,533 | 7,422,598 | 0 | 7,422,598 | 3.06 | 3.06 | 18.6% | 18.6% | Leasehold | 06/30/96 | None | 16% |
11 | JPMCB | Milton Park | 86.9% | 6,664,316 | 2,644,155 | 4,020,160 | 542,207 | 3,477,954 | 1.57 | 1.36 | 10.1% | 8.7% | Fee | |||
12 | JPMCB | Reston EastPointe | 87.1% | 6,041,200 | 2,077,266 | 3,963,934 | 434,752 | 3,529,182 | 2.45 | 2.18 | 10.4% | 9.3% | Fee | |||
13 | JPMCB | Orchard Hill Park | 95.0% | 3,686,777 | 795,612 | 2,891,166 | 57,236 | 2,833,929 | 1.23 | 1.21 | 8.6% | 8.5% | Fee | |||
14 | JPMCB | 11200 Rockville Pike | 81.7% | 5,241,842 | 1,887,448 | 3,354,394 | 323,120 | 3,031,273 | 1.61 | 1.45 | 10.1% | 9.1% | Fee | |||
15 | JPMCB | Marriott Galleria | 68.3% | 15,832,406 | 12,627,330 | 3,205,075 | 0 | 3,205,075 | 1.51 | 1.51 | 10.0% | 10.0% | Fee | |||
16 | JPMCB | Royal Oaks Plaza | 86.0% | 4,329,968 | 1,238,012 | 3,091,956 | 217,343 | 2,874,613 | 1.67 | 1.56 | 10.3% | 9.6% | Fee | |||
17 | JPMCB | Las Palmas | 89.8% | 3,441,418 | 1,343,093 | 2,098,325 | 179,559 | 1,918,766 | 1.43 | 1.30 | 8.9% | 8.2% | Fee | |||
18 | SMF VI | Liberty Center | 79.8% | 4,326,031 | 1,804,282 | 2,521,749 | 435,896 | 2,085,853 | 1.81 | 1.50 | 12.0% | 9.9% | Fee | |||
19 | SMF VI | Ocotillo Plaza | 92.5% | 2,250,646 | 409,166 | 1,841,480 | 137,161 | 1,704,319 | 1.44 | 1.33 | 9.3% | 8.6% | Fee | |||
20 | JPMCB | Gwinnett Commerce Center | 84.2% | 3,689,227 | 1,643,224 | 2,046,003 | 404,268 | 1,641,735 | 1.75 | 1.41 | 10.9% | 8.8% | Fee | |||
21 | SMF VI | Hilton Durham | 69.2% | 8,247,775 | 6,238,806 | 2,008,969 | 0 | 2,008,969 | 1.89 | 1.89 | 12.2% | 12.2% | Fee | |||
22 | JPMCB | Woodglen Village | 93.4% | 2,765,975 | 1,203,889 | 1,562,087 | 62,250 | 1,499,837 | 1.40 | 1.34 | 9.7% | 9.3% | Fee | |||
23 | JPMCB | Partridge Inn Augusta | 60.9% | 6,390,017 | 4,674,345 | 1,715,672 | 0 | 1,715,672 | 1.79 | 1.79 | 11.5% | 11.5% | Fee | |||
24 | JPMCB | 4400 Dixie Highway | 88.0% | 2,627,332 | 993,330 | 1,634,002 | 321,480 | 1,312,522 | 1.73 | 1.39 | 11.5% | 9.2% | Fee | |||
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 76.7% | 3,821,865 | 2,523,331 | 1,298,534 | 0 | 1,298,534 | 1.70 | 1.70 | 10.9% | 10.9% | Fee | |||
26 | SMF VI | 100 North Citrus | 91.1% | 2,044,177 | 881,766 | 1,162,411 | 79,800 | 1,082,611 | 1.55 | 1.45 | 9.8% | 9.1% | Fee | 18% | ||
27 | SMF VI | Pangea 15 | 92.6% | 1,868,348 | 722,565 | 1,145,783 | 51,000 | 1,094,783 | 1.92 | 1.83 | 12.7% | 12.2% | Fee | |||
27.01 | SMF VI | 701 South Karlov Avenue | Fee | |||||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | Fee | |||||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | Fee | |||||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | Fee | |||||||||||||
27.05 | SMF VI | 7954 South Justine Street | Fee | |||||||||||||
27.06 | SMF VI | 10 West 137th Street | Fee | |||||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | Fee | |||||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | Fee | |||||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | Fee | |||||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | Fee | |||||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | Fee | |||||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | Fee | |||||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | Fee | |||||||||||||
27.14 | SMF VI | 2062 135th Place | Fee | |||||||||||||
27.15 | SMF VI | 2066 135th Place | Fee | |||||||||||||
27.16 | SMF VI | 9600 South Avenue L | Fee | |||||||||||||
28 | SMF VI | The Shoppes at Letson Farms | 93.1% | 1,192,251 | 324,082 | 868,169 | 67,268 | 800,901 | 1.46 | 1.34 | 9.8% | 9.0% | Fee | |||
29 | SMF VI | Montgomery Triangle Gateway | 93.0% | 1,099,229 | 375,815 | 723,414 | 16,029 | 707,385 | 1.44 | 1.41 | 9.7% | 9.5% | Fee | |||
30 | SMF VI | Neilson Square | 94.0% | 883,450 | 189,623 | 693,827 | 65,107 | 628,720 | 1.66 | 1.51 | 10.5% | 9.6% | Fee | |||
31 | SMF VI | Studio City Apartments | 87.2% | 2,487,594 | 1,583,145 | 904,449 | 93,750 | 810,699 | 1.90 | 1.70 | 14.0% | 12.6% | Fee | |||
32 | SMF VI | St. Albans & Camino Commons | 94.0% | 846,048 | 206,932 | 639,116 | 54,535 | 584,581 | 1.45 | 1.33 | 10.0% | 9.2% | Fee | |||
32.01 | SMF VI | Camino Commons | 95.0% | 443,289 | 102,545 | 340,744 | 26,168 | 314,576 | Fee | |||||||
32.02 | SMF VI | St. Albans Circle | 93.0% | 402,759 | 104,387 | 298,372 | 28,368 | 270,004 | Fee | |||||||
33 | SMF VI | Lake Geneva Commons | 95.0% | 789,807 | 200,904 | 588,903 | 35,958 | 552,945 | 1.36 | 1.28 | 9.3% | 8.7% | Fee | |||
34 | SMF VI | Hampton Inn & Suites Huntsville | 64.7% | 2,157,709 | 1,370,501 | 787,208 | 0 | 787,208 | 1.83 | 1.83 | 12.4% | 12.4% | Fee | |||
35 | SMF VI | Holiday Inn Express Orangeburg | 79.2% | 2,522,237 | 1,652,233 | 870,005 | 0 | 870,005 | 1.91 | 1.91 | 14.1% | 14.1% | Fee | |||
36 | SMF VI | 3200 North Hayden | 89.2% | 994,140 | 364,285 | 629,855 | 83,478 | 546,377 | 1.61 | 1.40 | 10.6% | 9.2% | Fee | |||
37 | SMF VI | Bellfort Village Apartments | 91.3% | 1,467,633 | 755,082 | 712,551 | 58,200 | 654,351 | 1.68 | 1.54 | 12.1% | 11.1% | Fee | |||
38 | SMF VI | Courtyard Business Center | 95.0% | 1,025,736 | 301,123 | 724,613 | 86,452 | 638,160 | 2.40 | 2.12 | 12.7% | 11.2% | Fee | |||
39 | SMF VI | Northgate Business Park III | 91.5% | 992,047 | 351,436 | 640,610 | 101,071 | 539,539 | 1.93 | 1.62 | 12.2% | 10.3% | Fee | |||
40 | SMF VI | Aldine Plaza | 93.1% | 656,740 | 232,193 | 424,547 | 35,240 | 389,308 | 1.44 | 1.32 | 9.8% | 9.0% | Fee | |||
41 | SMF VI | Walgreens Cooper City | 98.0% | 327,320 | 18,716 | 308,604 | 2,268 | 306,336 | 1.74 | 1.73 | 9.4% | 9.3% | Fee | |||
42 | SMF VI | North Star Terrace MHP | 75.6% | 573,669 | 291,646 | 282,023 | 8,850 | 273,173 | 1.53 | 1.48 | 10.1% | 9.8% | Fee | |||
43 | SMF VI | Rite Aid Sugar Hill | 95.0% | 298,247 | 5,965 | 292,282 | 21,567 | 270,715 | 1.41 | 1.31 | 10.5% | 9.7% | Fee |
A-1-5
ANNEX A-1
UPFRONT ESCROW(15) | |||||||||||
Upfront Capex | Upfront Engin. | Upfront Envir. | Upfront TI/LC | Upfront RE Tax | Upfront Ins. | Upfront Debt Service | Upfront Other | Other Upfront | |||
Loan # | Seller(1) | Property Name | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Description ($) |
1 | JPMCB | Hilton Hawaiian Village | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
2 | JPMCB | Moffett Gateway | 0 | 0 | 0 | 0 | 180,864 | 0 | 0 | 86,961,915 | Outstanding TI/LC Reserve: 49,386,882; Free Rent Reserve: 37,575,033 |
3 | JPMCB | Dallas Design District | 374,106 | 123,125 | 0 | 3,278,052 | 316,270 | 200,000 | 0 | 2,032,511 | Outstanding TI/LC Reserve: 1,693,764; Free Rent Reserve: 320,671; Ground Rent Reserve: 18,076 |
4 | JPMCB | Fresno Fashion Fair Mall | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
5 | JPMCB | Riverway | 14,485 | 81,825 | 0 | 108,640 | 360,173 | 0 | 0 | 7,256,297 | Outstanding TI/LC Reserve: 6,984,788; Free Rent Reserve: 271,509 |
6 | JPMCB | 55 Hawthorne | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,531,359 | Outstanding TI/LC Reserve: 1,484,875; Free Rent Reserve: 1,046,484 |
7 | JPMCB | Bardmoor Palms | 7,110 | 0 | 0 | 28,425 | 93,078 | 0 | 0 | 770,000 | Outstanding TI/LC Reserve |
8 | JPMCB | Landmark Square | 0 | 0 | 0 | 0 | 1,325,844 | 0 | 0 | 0 | |
9 | JPMCB | Centre Market Building | 6,469 | 0 | 0 | 250,000 | 565,953 | 0 | 0 | 0 | |
10 | JPMCB | Courtyard Marriott - King Kamehameha | 81,532 | 0 | 0 | 0 | 38,955 | 0 | 0 | 459,021 | Ground Lease Reserve |
11 | JPMCB | Milton Park | 5,316 | 0 | 0 | 39,868 | 250,282 | 0 | 0 | 837,490 | Outstanding TI Reserve: 800,717; Free Rent Reserve: 36,773 |
12 | JPMCB | Reston EastPointe | 3,254 | 0 | 0 | 1,150,000 | 59,736 | 0 | 0 | 2,023,260 | Accretive Leasing Reserve: 2,000,000; Free Rent Reserve: 23,260.03 |
13 | JPMCB | Orchard Hill Park | 1,202 | 0 | 0 | 15,900 | 75,423 | 6,890 | 0 | 0 | |
14 | JPMCB | 11200 Rockville Pike | 4,014 | 13,781 | 0 | 300,000 | 172,630 | 12,951 | 0 | 266,846 | Free Rent Reserve: 232,617.46; Outstanding TI/LC Reserve: 34,228.05 |
15 | JPMCB | Marriott Galleria | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
16 | JPMCB | Royal Oaks Plaza | 6,214 | 334,625 | 0 | 13,809 | 133,792 | 30,317 | 75,000 | 540,000 | Winn-Dixie Reserve |
17 | JPMCB | Las Palmas | 3,185 | 479,820 | 80,000 | 13,750 | 87,500 | 0 | 0 | 200,000 | Outstanding TI Reserve |
18 | SMF VI | Liberty Center | 0 | 53,438 | 0 | 0 | 146,906 | 10,638 | 0 | 371,964 | Outstanding TI Reserve: 307,212; Free Rent Reserve: 64,752 |
19 | SMF VI | Ocotillo Plaza | 0 | 132,757 | 0 | 0 | 6,190 | 0 | 0 | 1,264,400 | Marketon Reserve: 1,250,000; Oportun Allowance Reserve: 14,400 |
20 | JPMCB | Gwinnett Commerce Center | 5,876 | 68,438 | 0 | 28,486 | 36,370 | 3,824 | 0 | 119,325 | Outstanding TI/LC Reserve: 107,055; Free Rent Reserve: 12,270 |
21 | SMF VI | Hilton Durham | 0 | 0 | 0 | 0 | 38,525 | 70,233 | 0 | 3,202,753 | PIP Reserve |
22 | JPMCB | Woodglen Village | 5,188 | 16,313 | 0 | 0 | 32,618 | 0 | 0 | 0 | |
23 | JPMCB | Partridge Inn Augusta | 20,461 | 0 | 0 | 0 | 12,100 | 38,500 | 0 | 150,000 | Seasonality Reserve |
24 | JPMCB | 4400 Dixie Highway | 8,930 | 0 | 0 | 600,000 | 156,993 | 0 | 0 | 100,000 | Outstanding TI/LC Reserve |
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 12,775 | 0 | 0 | 0 | 91,990 | 12,675 | 0 | 105,100 | PIP Reserve |
26 | SMF VI | 100 North Citrus | 0 | 14,669 | 0 | 150,000 | 8,589 | 10,415 | 0 | 170,858 | Wells Fargo TI Reserve: 107,695.80; Free Rent Reserve: 63,162.05 |
27 | SMF VI | Pangea 15 | 0 | 0 | 0 | 0 | 52,121 | 32,791 | 0 | 0 | |
27.01 | SMF VI | 701 South Karlov Avenue | |||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | |||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | |||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | |||||||||
27.05 | SMF VI | 7954 South Justine Street | |||||||||
27.06 | SMF VI | 10 West 137th Street | |||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | |||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | |||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | |||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | |||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | |||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | |||||||||
27.13 | SMF VI | 7700 South Carpenter Street | |||||||||
27.14 | SMF VI | 2062 135th Place | |||||||||
27.15 | SMF VI | 2066 135th Place | |||||||||
27.16 | SMF VI | 9600 South Avenue L | |||||||||
28 | SMF VI | The Shoppes at Letson Farms | 0 | 22,750 | 0 | 100,000 | 38,787 | 14,822 | 0 | 104,135 | Outstanding TI/LC Reserve: 93,027; Rent Gap Reserve: 11,108 |
29 | SMF VI | Montgomery Triangle Gateway | 0 | 0 | 0 | 400,000 | 40,750 | 11,552 | 0 | 48,000 | Green Diamond Tenant Improvement Reserve |
30 | SMF VI | Neilson Square | 100,271 | 17,813 | 0 | 200,000 | 18,011 | 16,530 | 0 | 0 | |
31 | SMF VI | Studio City Apartments | 0 | 112,106 | 119,515 | 0 | 33,830 | 25,579 | 0 | 0 | |
32 | SMF VI | St. Albans & Camino Commons | 0 | 0 | 0 | 0 | 64,241 | 2,917 | 0 | 0 | |
32.01 | SMF VI | Camino Commons | |||||||||
32.02 | SMF VI | St. Albans Circle | |||||||||
33 | SMF VI | Lake Geneva Commons | 0 | 1,875 | 0 | 0 | 9,126 | 18,707 | 0 | 338,338 | Aldi Rent Reserve: 298,338; Outstanding TI/LC Reserve: 40,000 |
34 | SMF VI | Hampton Inn & Suites Huntsville | 0 | 0 | 0 | 0 | 10,638 | 12,889 | 0 | 0 | |
35 | SMF VI | Holiday Inn Express Orangeburg | 0 | 29,313 | 0 | 0 | 0 | 56,437 | 0 | 350,000 | PIP Reserve |
36 | SMF VI | 3200 North Hayden | 0 | 0 | 0 | 0 | 30,221 | 2,676 | 0 | 98,575 | EZ Links TI/LC Reserve: 51,918.60; EZ Links Free Rent Reserve: 24,043.67; NFS TI/LC Reserve: 22,612.35 |
37 | SMF VI | Bellfort Village Apartments | 0 | 54,875 | 0 | 0 | 9,448 | 119,861 | 0 | 0 | |
38 | SMF VI | Courtyard Business Center | 0 | 0 | 0 | 0 | 33,735 | 0 | 0 | 0 | |
39 | SMF VI | Northgate Business Park III | 0 | 106,344 | 0 | 0 | 44,671 | 12,656 | 0 | 0 | |
40 | SMF VI | Aldine Plaza | 0 | 0 | 0 | 0 | 7,559 | 5,772 | 0 | 0 | |
41 | SMF VI | Walgreens Cooper City | 0 | 0 | 0 | 0 | 0 | 2,028 | 0 | 0 | |
42 | SMF VI | North Star Terrace MHP | 0 | 8,625 | 0 | 0 | 23,711 | 1,966 | 0 | 0 | |
43 | SMF VI | Rite Aid Sugar Hill | 0 | 5,000 | 0 | 75,000 | 0 | 91 | 0 | 0 |
A-1-6
ANNEX A-1
MONTHLY ESCROW(16) | |||||||||
Monthly Capex | Monthly Envir. | Monthly TI/LC | Monthly RE Tax | Monthly Ins. | Monthly Other | Other Monthly | |||
Loan # | Seller(1) | Property Name | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Description ($) |
1 | JPMCB | Hilton Hawaiian Village | Springing | 0 | 0 | Springing | Springing | 0 | |
2 | JPMCB | Moffett Gateway | 0 | 0 | 0 | 180,864 | Springing | 0 | |
3 | JPMCB | Dallas Design District | Springing | 0 | Springing | 316,270 | Springing | 6,025 | Ground Rent Reserve |
4 | JPMCB | Fresno Fashion Fair Mall | Springing | 0 | Springing | Springing | Springing | 0 | |
5 | JPMCB | Riverway | 14,485 | 0 | 108,640 | 500,000 | Springing | 0 | |
6 | JPMCB | 55 Hawthorne | 0 | 0 | Springing | Springing | Springing | 0 | |
7 | JPMCB | Bardmoor Palms | 7,110 | 0 | 28,425 | 46,539 | Springing | 0 | |
8 | JPMCB | Landmark Square | Springing | 0 | Springing | 220,974 | Springing | 0 | |
9 | JPMCB | Centre Market Building | 6,469 | 0 | 250,000 | 143,863 | Springing | 0 | |
10 | JPMCB | Courtyard Marriott - King Kamehameha | 4% of Gross Revenues | 0 | 0 | 38,984 | Springing | 421,178 | Ground Lease Reserve: 229,510.50; PIP Reserve: 191,667 |
11 | JPMCB | Milton Park | 5,316 | 0 | 39,868 | 62,571 | Springing | 0 | |
12 | JPMCB | Reston EastPointe | 3,254 | 0 | 48,808 | 59,736 | Springing | 0 | |
13 | JPMCB | Orchard Hill Park | 1,202 | 0 | 15,900 | 25,141 | Springing | 0 | |
14 | JPMCB | 11200 Rockville Pike | 4,014 | 0 | 19,294 | 43,157 | 3,548 | 0 | |
15 | JPMCB | Marriott Galleria | Springing | 0 | 0 | Springing | Springing | 0 | |
16 | JPMCB | Royal Oaks Plaza | 6,214 | 0 | 13,809 | 33,448 | 15,159 | 0 | |
17 | JPMCB | Las Palmas | 3,185 | 0 | 13,750 | 43,750 | Springing | 0 | |
18 | SMF VI | Liberty Center | 8,391 | 0 | 46,640 | 36,726 | 3,546 | 0 | |
19 | SMF VI | Ocotillo Plaza | 1,905 | 0 | 9,525 | 6,190 | Springing | 0 | |
20 | JPMCB | Gwinnett Commerce Center | 5,876 | 0 | 28,486 | 36,370 | 3,823 | 0 | |
21 | SMF VI | Hilton Durham | 4% of Gross Revenues | 0 | 0 | 19,262 | 5,403 | 0 | |
22 | JPMCB | Woodglen Village | 5,188 | 0 | 0 | 23,526 | Springing | 0 | |
23 | JPMCB | Partridge Inn Augusta | 4% of Gross Revenues | 0 | 0 | 6,050 | Springing | Springing | PIP Reserve; Seasonality Reserve |
24 | JPMCB | 4400 Dixie Highway | 8,930 | 0 | 26,790 | 23,002 | Springing | 0 | |
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 4% of Gross Revenues | 0 | 0 | 18,400 | 6,337 | 0 | |
26 | SMF VI | 100 North Citrus | 1,317 | 0 | 6,583 | 8,589 | 1,302 | 0 | |
27 | SMF VI | Pangea 15 | 4,250 | 0 | 0 | 8,687 | 3,643 | 0 | |
27.01 | SMF VI | 701 South Karlov Avenue | |||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | |||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | |||||||
27.04 | SMF VI | 11932 South Stewart Avenue | |||||||
27.05 | SMF VI | 7954 South Justine Street | |||||||
27.06 | SMF VI | 10 West 137th Street | |||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | |||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | |||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | |||||||
27.10 | SMF VI | 8201 South Drexel Avenue | |||||||
27.11 | SMF VI | 7229 South Yates Boulevard | |||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | |||||||
27.13 | SMF VI | 7700 South Carpenter Street | |||||||
27.14 | SMF VI | 2062 135th Place | |||||||
27.15 | SMF VI | 2066 135th Place | |||||||
27.16 | SMF VI | 9600 South Avenue L | |||||||
28 | SMF VI | The Shoppes at Letson Farms | 2,298 | 0 | 7,924 | 9,697 | 1,235 | Springing | Major Tenant Reserve |
29 | SMF VI | Montgomery Triangle Gateway | 495 | 0 | 3,321 | 13,583 | 1,050 | 0 | |
30 | SMF VI | Neilson Square | 1,311 | 0 | Springing | 6,004 | 1,272 | Springing | Major Tenant Reserve |
31 | SMF VI | Studio City Apartments | 10,938 | 0 | 0 | 16,915 | 5,116 | 0 | |
32 | SMF VI | St. Albans & Camino Commons | 598 | 0 | 4,417 | 8,405 | 1,459 | Springing | Major Tenant Reserve |
32.01 | SMF VI | Camino Commons | |||||||
32.02 | SMF VI | St. Albans Circle | |||||||
33 | SMF VI | Lake Geneva Commons | 856 | 0 | 2,140 | 9,126 | 1,701 | Springing | Major Tenant Reserve |
34 | SMF VI | Hampton Inn & Suites Huntsville | 2% of Gross Revenues | 0 | 0 | 10,638 | 3,223 | 0 | |
35 | SMF VI | Holiday Inn Express Orangeburg | 5% of Gross Revenues | 0 | 0 | 7,381 | 4,341 | 0 | |
36 | SMF VI | 3200 North Hayden | 1,462 | 0 | 5,414 | 5,037 | 1,338 | 0 | |
37 | SMF VI | Bellfort Village Apartments | 4,850 | 0 | 0 | 9,448 | 12,860 | 0 | |
38 | SMF VI | Courtyard Business Center | 1,581 | 0 | Springing | 8,434 | Springing | 0 | |
39 | SMF VI | Northgate Business Park III | 1,944 | 0 | 6,479 | 14,891 | 1,266 | 0 | |
40 | SMF VI | Aldine Plaza | 361 | 0 | 2,084 | 7,559 | 1,154 | Springing | Dollar Tree Reserve |
41 | SMF VI | Walgreens Cooper City | 189 | 0 | 0 | Springing | 1,014 | Springing | Walgreens Space Reserve |
42 | SMF VI | North Star Terrace MHP | 738 | 0 | 0 | 4,742 | 655 | 0 | |
43 | SMF VI | Rite Aid Sugar Hill | 358 | 0 | 1,440 | Springing | 46 | 0 |
A-1-7
ANNEX A-1
RESERVE CAPS(17) | LARGEST TENANT(3), (18), (19), (20) | |||||||||||||
CapEx | Envir. | TI/LC | RE Tax | Insur. | Debt Service | Other | Single | Lease | ||||||
Loan # | Seller(1) | Property Name | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Tenant | Largest Tenant | Unit Size | Expiration | |
1 | JPMCB | Hilton Hawaiian Village | No | |||||||||||
2 | JPMCB | Moffett Gateway | Yes | 612,691 | 03/31/27 | |||||||||
3 | JPMCB | Dallas Design District | 372,816 | 3,278,052 | No | Regulus Group LLC | 44,345 | 03/31/17 | ||||||
4 | JPMCB | Fresno Fashion Fair Mall | 184,080 | 1,112,820 | No | JCPenney | 153,769 | 11/30/17 | ||||||
5 | JPMCB | Riverway | 869,100 | No | U.S. Foods | 320,341 | 09/30/23 | |||||||
6 | JPMCB | 55 Hawthorne | Yes | Yelp | 136,432 | 07/31/25 | ||||||||
7 | JPMCB | Bardmoor Palms | 1,500,000 | No | Allstate | 127,669 | 09/30/26 | |||||||
8 | JPMCB | Landmark Square | 500,000 | No | Cummings & Lockwood | 55,643 | 04/30/26 | |||||||
9 | JPMCB | Centre Market Building | 388,120 | 7,750,000 | No | US Customs and Border Protection | 217,419 | 05/31/20 | ||||||
10 | JPMCB | Courtyard Marriott - King Kamehameha | No | |||||||||||
11 | JPMCB | Milton Park | 127,584 | No | Landis+Gyr | 101,011 | 02/28/22 | |||||||
12 | JPMCB | Reston EastPointe | 39,046 | No | Vencore, Inc | 107,075 | 11/30/20 | |||||||
13 | JPMCB | Orchard Hill Park | 43,272 | 572,400 | No | Kohl’s | 88,925 | 01/31/26 | ||||||
14 | JPMCB | 11200 Rockville Pike | 1,157,640 | No | RR Donnelley Financial, Inc. | 28,116 | 02/28/21 | |||||||
15 | JPMCB | Marriott Galleria | No | |||||||||||
16 | JPMCB | Royal Oaks Plaza | 300,000 | 497,130 | No | Winn-Dixie | 35,922 | 10/28/17 | ||||||
17 | JPMCB | Las Palmas | 330,000 | No | HEB | 91,553 | 09/30/27 | |||||||
18 | SMF VI | Liberty Center | 1,450,000 | No | Micro Focus | 25,232 | 10/31/21 | |||||||
19 | SMF VI | Ocotillo Plaza | 342,903 | No | Marketon | 43,130 | 12/31/21 | |||||||
20 | JPMCB | Gwinnett Commerce Center | 1,800,000 | No | GSA Department of Veterans Affairs | 21,411 | 09/30/25 | |||||||
21 | SMF VI | Hilton Durham | No | |||||||||||
22 | JPMCB | Woodglen Village | No | |||||||||||
23 | JPMCB | Partridge Inn Augusta | No | |||||||||||
24 | JPMCB | 4400 Dixie Highway | 1,100,000 | No | Gardens Alive | 407,600 | 06/30/23 | |||||||
25 | JPMCB | TownePlace Suites Dallas Las Colinas | No | |||||||||||
26 | SMF VI | 100 North Citrus | 237,000 | No | Wells Fargo Bank N.A. | 8,767 | 11/30/25 | |||||||
27 | SMF VI | Pangea 15 | 153,000 | No | ||||||||||
27.01 | SMF VI | 701 South Karlov Avenue | No | |||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | No | |||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | No | |||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | No | |||||||||||
27.05 | SMF VI | 7954 South Justine Street | No | |||||||||||
27.06 | SMF VI | 10 West 137th Street | No | |||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | No | |||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | No | |||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | No | |||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | No | |||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | No | |||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | No | |||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | No | |||||||||||
27.14 | SMF VI | 2062 135th Place | No | |||||||||||
27.15 | SMF VI | 2066 135th Place | No | |||||||||||
27.16 | SMF VI | 9600 South Avenue L | No | |||||||||||
28 | SMF VI | The Shoppes at Letson Farms | 650,000 | No | Piggly Wiggly | 43,442 | 11/30/26 | |||||||
29 | SMF VI | Montgomery Triangle Gateway | 500,000 | No | Stone Creek Dining Company | 7,000 | 10/31/17 | |||||||
30 | SMF VI | Neilson Square | 125,000 | 200,000 | No | Staples | 19,192 | 04/30/22 | ||||||
31 | SMF VI | Studio City Apartments | No | |||||||||||
32 | SMF VI | St. Albans & Camino Commons | 150,000 | No | ||||||||||
32.01 | SMF VI | Camino Commons | No | McDade School | 5,889 | 07/31/20 | ||||||||
32.02 | SMF VI | St. Albans Circle | No | ReMax | 5,456 | 05/31/21 | ||||||||
33 | SMF VI | Lake Geneva Commons | No | Aldi | 18,866 | 03/16/32 | ||||||||
34 | SMF VI | Hampton Inn & Suites Huntsville | No | |||||||||||
35 | SMF VI | Holiday Inn Express Orangeburg | 936,000 | No | ||||||||||
36 | SMF VI | 3200 North Hayden | 194,904 | No | Strickbine Publishing, Inc. | 8,447 | 11/30/19 | |||||||
37 | SMF VI | Bellfort Village Apartments | No | |||||||||||
38 | SMF VI | Courtyard Business Center | No | Oxford Academy at Sunrise | 5,744 | 11/30/26 | ||||||||
39 | SMF VI | Northgate Business Park III | 69,984 | 233,241 | No | Signazon Corporation | 20,900 | 01/31/18 | ||||||
40 | SMF VI | Aldine Plaza | 12,996 | 125,000 | No | Dollar Tree | 10,133 | 02/29/24 | ||||||
41 | SMF VI | Walgreens Cooper City | Yes | Walgreens | 15,120 | 07/31/68 | ||||||||
42 | SMF VI | North Star Terrace MHP | No | |||||||||||
43 | SMF VI | Rite Aid Sugar Hill | Yes | Rite Aid | 13,824 | 01/14/24 |
A-1-8
ANNEX A-1
2nd LARGEST TENANT(3), (18), (19), (20) | 3rd LARGEST TENANT(3), (18), (19), (20) | 4th LARGEST TENANT(3), (18), (19), (20) | 5th LARGEST TENANT(3), (18), (19), (20) | ||||||||||||||
Lease | Lease | Lease | Lease | ||||||||||||||
Loan # | Seller(1) | Property Name | 2nd Largest Tenant | Unit Size | Expiration | 3rd Largest Tenant | Unit Size | Expiration | 4th Largest Tenant | Unit Size | Expiration | 5th Largest Tenant | Unit Size | Expiration | |||
1 | JPMCB | Hilton Hawaiian Village | |||||||||||||||
2 | JPMCB | Moffett Gateway | |||||||||||||||
3 | JPMCB | Dallas Design District | Walter Lee Culp Associates, Inc. | 30,650 | 10/31/28 | David Sutherland, Inc. | 29,937 | 05/31/23 | Interior Design Collections, Ltd. | 24,651 | 06/30/26 | E.C. Dicken, Inc. | 23,083 | 05/31/20 | |||
4 | JPMCB | Fresno Fashion Fair Mall | Victoria’s Secret | 14,530 | 01/31/27 | Love Culture | 14,135 | 10/31/20 | Bank of the West | 14,114 | 12/31/18 | Anthropologie | 10,928 | 10/31/17 | |||
5 | JPMCB | Riverway | Central States Pension Fund | 190,077 | 12/31/19 | Culligan International Company | 53,133 | 12/31/21 | The NPD Group Inc. | 38,917 | 03/31/20 | Appleton GRP LLC | 38,003 | 07/31/21 | |||
6 | JPMCB | 55 Hawthorne | |||||||||||||||
7 | JPMCB | Bardmoor Palms | HIT Promotional Products | 76,648 | 11/30/22 | National Forensic Science Technology Center | 71,614 | 04/30/24 | ThinkDirect Marketing | 61,063 | 10/31/20 | Renew Life Formulas, Inc. | 54,100 | 02/29/20 | |||
8 | JPMCB | Landmark Square | B and E Theaters LLC | 50,247 | 05/31/21 | Finn Dixon & Herling | 26,385 | 12/31/32 | Morgan Stanley Smith Barney | 23,062 | 11/30/20 | Blaire Corp. | 21,840 | 06/30/25 | |||
9 | JPMCB | Centre Market Building | Drug Enforcement Administration | 89,469 | 06/30/23 | US Social Security Administration | 25,412 | 09/30/20 | Cambridge Security | 9,575 | 08/31/22 | ||||||
10 | JPMCB | Courtyard Marriott - King Kamehameha | |||||||||||||||
11 | JPMCB | Milton Park | Pegasystems, Inc. | 26,762 | 06/30/21 | Northpoint Executive Suites | 22,007 | 10/31/21 | GE Capital | 21,563 | 05/31/19 | Graebel Relocation Services | 18,187 | 07/31/19 | |||
12 | JPMCB | Reston EastPointe | Blue Canopy, LLC | 40,026 | 02/28/19 | Vistronix, LLC | 10,374 | 11/30/24 | Acclaim Technical Services | 7,241 | 06/30/25 | Uptown Reston East, Inc | 2,485 | 12/31/20 | |||
13 | JPMCB | Orchard Hill Park | Dick’s Sporting Goods | 52,900 | 01/31/21 | Bed Bath & Beyond | 26,718 | 01/31/21 | Chili’s | 5,756 | 10/31/20 | Sleepy’s | 3,360 | 11/30/22 | |||
14 | JPMCB | 11200 Rockville Pike | Snyder Cohn PC | 19,709 | 11/30/22 | ASBMB | 18,747 | 04/30/21 | Capreit | 14,934 | 12/31/21 | Berlin, Ramos & Company, P.A. | 11,929 | 11/30/19 | |||
15 | JPMCB | Marriott Galleria | |||||||||||||||
16 | JPMCB | Royal Oaks Plaza | Children’s Paradise Learning | 8,600 | 11/30/21 | The Billiard Club Inc. | 7,504 | 12/31/19 | Outback Steak House | 6,487 | 11/30/18 | Cancun Grill, Inc. | 5,268 | 05/31/23 | |||
17 | JPMCB | Las Palmas | CPS Energy | 17,421 | 01/31/21 | Fresenius | 12,025 | 06/30/18 | Texas EZ Pawn | 11,900 | 06/30/22 | Luby’s | 11,100 | 07/31/20 | |||
18 | SMF VI | Liberty Center | Regus National Business Centers | 24,105 | 12/31/20 | Rexair LLC | 20,199 | 12/31/20 | Farmers Insurance Exchange | 14,645 | 09/30/20 | Cornerstone Municipal | 7,178 | 02/28/23 | |||
19 | SMF VI | Ocotillo Plaza | 99 Cents Only | 19,050 | 01/31/23 | Auto Zone | 6,000 | 04/30/20 | Hollywood Furniture | 4,913 | 07/09/17 | Spin Cycle | 4,383 | 01/31/20 | |||
20 | JPMCB | Gwinnett Commerce Center | College Entrance Examination Board | 20,259 | 10/31/18 | Pension Financial Services, Inc. | 13,432 | 09/30/18 | Penske Truck Leasing Co., LLC | 9,321 | 09/30/20 | GSA Federal Energy Regulatory Commission | 8,574 | 09/30/18 | |||
21 | SMF VI | Hilton Durham | |||||||||||||||
22 | JPMCB | Woodglen Village | |||||||||||||||
23 | JPMCB | Partridge Inn Augusta | |||||||||||||||
24 | JPMCB | 4400 Dixie Highway | Commonwealth, Inc. | 128,000 | 02/28/18 | Bentley World-Packaging, Ltd. | 102,400 | 12/31/20 | Metalworking Group Holdings Inc. | 90,240 | 06/30/21 | Wulco, Inc. | 83,200 | 06/30/18 | |||
25 | JPMCB | TownePlace Suites Dallas Las Colinas | |||||||||||||||
26 | SMF VI | 100 North Citrus | Jason Bao & Xue Feng Gao | 6,253 | 09/30/20 | JMH Covina Holdings, Inc. | 6,060 | 11/30/20 | Lam Robinson & Company | 5,674 | 08/31/17 | Hospice MD, Inc. | 4,188 | 04/30/18 | |||
27 | SMF VI | Pangea 15 | |||||||||||||||
27.01 | SMF VI | 701 South Karlov Avenue | |||||||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | |||||||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | |||||||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | |||||||||||||||
27.05 | SMF VI | 7954 South Justine Street | |||||||||||||||
27.06 | SMF VI | 10 West 137th Street | |||||||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | |||||||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | |||||||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | |||||||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | |||||||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | |||||||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | |||||||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | |||||||||||||||
27.14 | SMF VI | 2062 135th Place | |||||||||||||||
27.15 | SMF VI | 2066 135th Place | |||||||||||||||
27.16 | SMF VI | 9600 South Avenue L | |||||||||||||||
28 | SMF VI | The Shoppes at Letson Farms | San Antonio Grill | 4,600 | 04/30/18 | Brookwood Hospital Outpatient | 3,450 | 03/31/22 | Realty South | 3,250 | 06/30/17 | Jakes Soul Food | 3,200 | 02/28/24 | |||
29 | SMF VI | Montgomery Triangle Gateway | Woodhouse Day Spa | 6,093 | 07/31/27 | Centric Consulting | 5,290 | 05/31/18 | Green Diamond | 4,821 | 12/31/19 | Data Image (Rev Spring) | 3,175 | 05/31/17 | |||
30 | SMF VI | Neilson Square | Old Navy | 12,381 | 07/31/20 | Anytime Fitness | 7,619 | 01/31/19 | Petsense | 5,040 | 08/31/20 | CATO | 4,160 | 01/31/21 | |||
31 | SMF VI | Studio City Apartments | |||||||||||||||
32 | SMF VI | St. Albans & Camino Commons | |||||||||||||||
32.01 | SMF VI | Camino Commons | Edgemont Beverage | 3,866 | 11/30/26 | Post Office | 3,789 | 11/30/21 | Edgemont Auto | 3,376 | 11/30/21 | Ted’s Pool | 3,123 | 02/28/19 | |||
32.02 | SMF VI | St. Albans Circle | Professional Realty Advisors | 3,594 | 01/31/27 | Veterinary Hospital | 3,063 | 09/30/26 | Mi Sun Kim | 2,683 | 06/30/26 | Fit Tribe | 1,837 | 05/31/20 | |||
33 | SMF VI | Lake Geneva Commons | HomeGoods | 18,224 | 09/30/25 | Petco | 14,279 | 01/31/23 | |||||||||
34 | SMF VI | Hampton Inn & Suites Huntsville | |||||||||||||||
35 | SMF VI | Holiday Inn Express Orangeburg | |||||||||||||||
36 | SMF VI | 3200 North Hayden | Bennett & Porter Insurance Services LLC | 6,783 | 12/31/21 | Scottsdale Treatment | 5,012 | 07/31/18 | Thunderbird Collection Specialists | 4,761 | 04/30/18 | EZ-Links Golf LLC | 4,243 | 05/31/22 | |||
37 | SMF VI | Bellfort Village Apartments | |||||||||||||||
38 | SMF VI | Courtyard Business Center | All Step Sales & Marketing Inc | 2,871 | 05/31/21 | 800.com Inc | 2,643 | 04/30/18 | United Fire | 2,600 | 01/31/18 | Associated Credit Reporting, Inc. | 2,400 | 01/31/18 | |||
39 | SMF VI | Northgate Business Park III | Hives and Honey | 10,222 | 05/31/20 | Atkinson-Crawford Sales | 9,575 | 06/30/19 | Quality High Tech Services, Inc. | 8,554 | 08/31/17 | Selim’s Doener Kebap House | 7,060 | 06/30/18 | |||
40 | SMF VI | Aldine Plaza | Jefferson Dental | 4,165 | 12/31/24 | Tierra Caliente | 4,000 | 03/31/21 | Tacos La Bala | 2,600 | 03/31/19 | Sunrise Check Cash | 1,650 | 06/30/23 | |||
41 | SMF VI | Walgreens Cooper City | |||||||||||||||
42 | SMF VI | North Star Terrace MHP | |||||||||||||||
43 | SMF VI | Rite Aid Sugar Hill |
A-1-9
ANNEX A-1
Loan | Lockbox | Lockbox | ||||
Loan # | Seller(1) | Property Name | Purpose | Principal / Carve-out Guarantor(21) | (Y/N) | Type(23) |
1 | JPMCB | Hilton Hawaiian Village | Refinance | Park Intermediate Holdings LLC | Yes | CMA |
2 | JPMCB | Moffett Gateway | Refinance | Joseph K. Paul, Jay Paul Revocable Living Trust Dated November 9, 1999, as Amended and Restated on March 19, 2010, Paul Guarantor LLC | Yes | Hard |
3 | JPMCB | Dallas Design District | Refinance | Donald Engle, William L. Hutchinson | Yes | Hard |
4 | JPMCB | Fresno Fashion Fair Mall | Recapitalization | The Macerich Partnership, L.P. | Yes | CMA |
5 | JPMCB | Riverway | Acquisition | Adventus Holdings LP | Yes | CMA |
6 | JPMCB | 55 Hawthorne | Acquisition | CIM Urban Income Investments, L.P. | Yes | CMA |
7 | JPMCB | Bardmoor Palms | Refinance | Gary W. Harrod | Yes | CMA |
8 | JPMCB | Landmark Square | Refinance | SL Green Operating Partnership, L.P. | Yes | CMA |
9 | JPMCB | Centre Market Building | Refinance | Gerald S. Kaufman, B. Jeremy Kaufman | Yes | CMA |
10 | JPMCB | Courtyard Marriott - King Kamehameha | Refinance | Invest West Financial Corporation | Yes | CMA |
11 | JPMCB | Milton Park | Acquisition | Adventus Holdings LP | Yes | CMA |
12 | JPMCB | Reston EastPointe | Acquisition | LPC Commercial Services, Inc. | Yes | Hard |
13 | JPMCB | Orchard Hill Park | Refinance | Gregg P. Lisciotti | Yes | Hard |
14 | JPMCB | 11200 Rockville Pike | Acquisition | William F. Peel, Barbara K. Peel | Yes | CMA |
15 | JPMCB | Marriott Galleria | Refinance | WHI Real Estate Partners II, L.P., WHI Real Estate Partners II-PF, L.P., WHI Real Estate Partners II-TE, L.P., WHI Real Estate Partners III, L.P., WHI Real Estate Partners III-PF, L.P., WHI Real Estate Partners III-TE, L.P. | Yes | Springing |
16 | JPMCB | Royal Oaks Plaza | Refinance | Alicia E. Nevarez, Ricardo A. Nevarez | Yes | Springing |
17 | JPMCB | Las Palmas | Refinance | Robert B. Neely | Yes | Springing |
18 | SMF VI | Liberty Center | Refinance | Thomas A. Duke, Jr. | Yes | Springing |
19 | SMF VI | Ocotillo Plaza | Refinance | Michael Pashaie | Yes | Springing |
20 | JPMCB | Gwinnett Commerce Center | Acquisition | Joseph Popack, Moshe Popack | Yes | Springing |
21 | SMF VI | Hilton Durham | Acquisition | Driftwood Acquisition & Development L.P., Carlos J. Rodriguez, David Buddemeyer | Yes | CMA |
22 | JPMCB | Woodglen Village | Refinance | Swapnil Agarwal | Yes | Springing |
23 | JPMCB | Partridge Inn Augusta | Refinance | Richard M. Patton | Yes | CMA |
24 | JPMCB | 4400 Dixie Highway | Refinance | Peter Murphy, Jonathan Stott, Peter O’Connor, Kevin Smith | Yes | CMA |
25 | JPMCB | TownePlace Suites Dallas Las Colinas | Acquisition | Anthony Jon Sherman | Yes | CMA |
26 | SMF VI | 100 North Citrus | Refinance | John Davenport, Thomas A. Herta, Jeffrey K. Nickell, Mark Valentine | Yes | Springing |
27 | SMF VI | Pangea 15 | Recapitalization | Pangea Properties | No | None |
27.01 | SMF VI | 701 South Karlov Avenue | ||||
27.02 | SMF VI | 1236 South Lawndale Avenue | ||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | ||||
27.04 | SMF VI | 11932 South Stewart Avenue | ||||
27.05 | SMF VI | 7954 South Justine Street | ||||
27.06 | SMF VI | 10 West 137th Street | ||||
27.07 | SMF VI | 6715 South Dorchester Avenue | ||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | ||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | ||||
27.10 | SMF VI | 8201 South Drexel Avenue | ||||
27.11 | SMF VI | 7229 South Yates Boulevard | ||||
27.12 | SMF VI | 7653 South Loomis Boulevard | ||||
27.13 | SMF VI | 7700 South Carpenter Street | ||||
27.14 | SMF VI | 2062 135th Place | ||||
27.15 | SMF VI | 2066 135th Place | ||||
27.16 | SMF VI | 9600 South Avenue L | ||||
28 | SMF VI | The Shoppes at Letson Farms | Acquisition | Daniel W. Samford, Thomas B. Miles, David F. Arnholt | Yes | Springing |
29 | SMF VI | Montgomery Triangle Gateway | Refinance | William Heckman, Lisa Gabrielle | Yes | Springing |
30 | SMF VI | Neilson Square | Acquisition | Alan Scott Mann, Nelson S. Billups | Yes | Springing |
31 | SMF VI | Studio City Apartments | Acquisition | Ross Benedict Licata | No | None |
32 | SMF VI | St. Albans & Camino Commons | Refinance | Timothy Patrick Dever, Vincent Placid Anastasi, Jr. | Yes | Springing |
32.01 | SMF VI | Camino Commons | ||||
32.02 | SMF VI | St. Albans Circle | ||||
33 | SMF VI | Lake Geneva Commons | Refinance | Jacob Polatsek | Yes | Springing |
34 | SMF VI | Hampton Inn & Suites Huntsville | Refinance | Amirali Zindani | Yes | Springing |
35 | SMF VI | Holiday Inn Express Orangeburg | Refinance | Sudhir D. Patel, Hemalata S. Patel | Yes | Springing |
36 | SMF VI | 3200 North Hayden | Acquisition | Harjinder Singh, Harbans Singh | Yes | Springing |
37 | SMF VI | Bellfort Village Apartments | Refinance | Shafqat Ali | Yes | Springing |
38 | SMF VI | Courtyard Business Center | Refinance | Joseph Vitolo | Yes | Springing |
39 | SMF VI | Northgate Business Park III | Acquisition | Jeffrey Katke, Daniel Culler, Richard Kent | Yes | Springing |
40 | SMF VI | Aldine Plaza | Refinance | Danny A. Kuperman, Mervyn Blieden | Yes | Springing |
41 | SMF VI | Walgreens Cooper City | Acquisition | Bela Bako, Annika Bako | Yes | CMA |
42 | SMF VI | North Star Terrace MHP | Acquisition | Jefferson Damon Lilly, Bradley Johnson | Yes | Springing |
43 | SMF VI | Rite Aid Sugar Hill | Acquisition | Frederick Stein | Yes | Springing |
A-1-10
ANNEX A-1
Pari Passu Debt | Additional Debt(24) | Total Debt | ||||||||||||||||
Pari Passu | Pari Passu | Pari Passu | Total Cut-off | Additional | Total Debt | Total Debt | ||||||||||||
Pari Passu | Note Control | Piece In Trust | Piece Non Trust | Date Pari | Addit Debt | Addit Debt | Additional | Debt Cut off | Additional Debt | Total Debt | UW NCF | Total Debt | UW NOI | |||||
Loan # | Seller(1) | Property Name | (Y/N) | (Y/N) | Cut-Off Balance | Cut-Off Balance | Passu Debt | Permitted (Y/N) | Exist (Y/N)(24) | Debt Type(s) | Date Balance | Interest Rate | Cut-off Balance | DSCR | Current LTV % | Debt Yield % | ||
1 | JPMCB | Hilton Hawaiian Village | Yes | No | 80,000,000 | 616,600,000 | 696,600,000 | No | Yes | Subordinate Debt | 578,400,000 | 4.19950 | 1,275,000,000 | 2.44 | 57.2% | 10.4% | ||
2 | JPMCB | Moffett Gateway | Yes | No | 80,000,000 | 163,000,000 | 243,000,000 | No | Yes | B-Note (102,000,000)/Mezzanine Loan (50,000,000) | 152,000,000 | 5.44408 | 395,000,000 | 1.22 | 75.2% | 7.3% | ||
3 | JPMCB | Dallas Design District | Yes | Yes | 75,000,000 | 45,000,000 | 120,000,000 | No | No | NAP | NAP | NAP | 120,000,000 | 1.28 | 62.1% | 9.4% | ||
4 | JPMCB | Fresno Fashion Fair Mall | Yes | No | 69,000,000 | 256,000,000 | 325,000,000 | No | No | NAP | NAP | NAP | 325,000,000 | 2.19 | 57.5% | 8.3% | ||
5 | JPMCB | Riverway | Yes | No | 64,763,123 | 62,770,411 | 127,533,534 | No | No | NAP | NAP | NAP | 127,533,534 | 1.42 | 72.4% | 10.3% | ||
6 | JPMCB | 55 Hawthorne | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
7 | JPMCB | Bardmoor Palms | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
8 | JPMCB | Landmark Square | Yes | Yes | 51,000,000 | 49,000,000 | 100,000,000 | Yes | No | Permitted Mezzanine | NAP | NAP | 100,000,000 | 2.19 | 56.9% | 12.0% | ||
9 | JPMCB | Centre Market Building | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
10 | JPMCB | Courtyard Marriott - King Kamehameha | No | NAP | NAP | NAP | NAP | Yes | Yes | B-Note/Permitted Mezzanine | 14,979,397 | 8.00000 | 54,924,454 | 1.94 | 41.3% | 13.5% | ||
11 | JPMCB | Milton Park | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
12 | JPMCB | Reston EastPointe | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
13 | JPMCB | Orchard Hill Park | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
14 | JPMCB | 11200 Rockville Pike | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
15 | JPMCB | Marriott Galleria | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
16 | JPMCB | Royal Oaks Plaza | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
17 | JPMCB | Las Palmas | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
18 | SMF VI | Liberty Center | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
19 | SMF VI | Ocotillo Plaza | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
20 | JPMCB | Gwinnett Commerce Center | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
21 | SMF VI | Hilton Durham | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
22 | JPMCB | Woodglen Village | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
23 | JPMCB | Partridge Inn Augusta | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
24 | JPMCB | 4400 Dixie Highway | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
25 | JPMCB | TownePlace Suites Dallas Las Colinas | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
26 | SMF VI | 100 North Citrus | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
27 | SMF VI | Pangea 15 | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
27.01 | SMF VI | 701 South Karlov Avenue | NAP | NAP | NAP | |||||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | NAP | NAP | NAP | |||||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | NAP | NAP | NAP | |||||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | NAP | NAP | NAP | |||||||||||||
27.05 | SMF VI | 7954 South Justine Street | NAP | NAP | NAP | |||||||||||||
27.06 | SMF VI | 10 West 137th Street | NAP | NAP | NAP | |||||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | NAP | NAP | NAP | |||||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | NAP | NAP | NAP | |||||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | NAP | NAP | NAP | |||||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | NAP | NAP | NAP | |||||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | NAP | NAP | NAP | |||||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | NAP | NAP | NAP | |||||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | NAP | NAP | NAP | |||||||||||||
27.14 | SMF VI | 2062 135th Place | NAP | NAP | NAP | |||||||||||||
27.15 | SMF VI | 2066 135th Place | NAP | NAP | NAP | |||||||||||||
27.16 | SMF VI | 9600 South Avenue L | NAP | NAP | NAP | |||||||||||||
28 | SMF VI | The Shoppes at Letson Farms | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
29 | SMF VI | Montgomery Triangle Gateway | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
30 | SMF VI | Neilson Square | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
31 | SMF VI | Studio City Apartments | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
32 | SMF VI | St. Albans & Camino Commons | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
32.01 | SMF VI | Camino Commons | NAP | NAP | NAP | |||||||||||||
32.02 | SMF VI | St. Albans Circle | NAP | NAP | NAP | |||||||||||||
33 | SMF VI | Lake Geneva Commons | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
34 | SMF VI | Hampton Inn & Suites Huntsville | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
35 | SMF VI | Holiday Inn Express Orangeburg | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
36 | SMF VI | 3200 North Hayden | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
37 | SMF VI | Bellfort Village Apartments | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
38 | SMF VI | Courtyard Business Center | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
39 | SMF VI | Northgate Business Park III | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
40 | SMF VI | Aldine Plaza | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
41 | SMF VI | Walgreens Cooper City | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
42 | SMF VI | North Star Terrace MHP | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
43 | SMF VI | Rite Aid Sugar Hill | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-11
ANNEX A-1
HOTEL OPERATING STATISTICS | |||||||||||||||||||
2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | Most Recent | Most Recent | Most Recent | UW | UW | UW | |||||
Loan # | Seller(1) | Property Name | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Loan # | |
1 | JPMCB | Hilton Hawaiian Village | 89.9% | 247.48 | 222.57 | 90.7% | 259.85 | 235.77 | 94.4% | 240.62 | 227.20 | 94.6% | 250.09 | 236.65 | 94.6% | 250.09 | 236.65 | 1 | |
2 | JPMCB | Moffett Gateway | 2 | ||||||||||||||||
3 | JPMCB | Dallas Design District | 3 | ||||||||||||||||
4 | JPMCB | Fresno Fashion Fair Mall | 4 | ||||||||||||||||
5 | JPMCB | Riverway | 5 | ||||||||||||||||
6 | JPMCB | 55 Hawthorne | 6 | ||||||||||||||||
7 | JPMCB | Bardmoor Palms | 7 | ||||||||||||||||
8 | JPMCB | Landmark Square | 8 | ||||||||||||||||
9 | JPMCB | Centre Market Building | 9 | ||||||||||||||||
10 | JPMCB | Courtyard Marriott - King Kamehameha | 81.2% | 131.64 | 106.95 | 84.3% | 138.94 | 117.06 | 83.8% | 146.13 | 122.41 | 85.1% | 152.16 | 129.41 | 85.1% | 152.16 | 129.42 | 10 | |
11 | JPMCB | Milton Park | 11 | ||||||||||||||||
12 | JPMCB | Reston EastPointe | 12 | ||||||||||||||||
13 | JPMCB | Orchard Hill Park | 13 | ||||||||||||||||
14 | JPMCB | 11200 Rockville Pike | 14 | ||||||||||||||||
15 | JPMCB | Marriott Galleria | 66.7% | 163.15 | 108.82 | 68.6% | 160.17 | 109.90 | 74.7% | 149.78 | 111.85 | 68.3% | 149.77 | 102.22 | 68.3% | 149.77 | 102.22 | 15 | |
16 | JPMCB | Royal Oaks Plaza | 16 | ||||||||||||||||
17 | JPMCB | Las Palmas | 17 | ||||||||||||||||
18 | SMF VI | Liberty Center | 18 | ||||||||||||||||
19 | SMF VI | Ocotillo Plaza | 19 | ||||||||||||||||
20 | JPMCB | Gwinnett Commerce Center | 20 | ||||||||||||||||
21 | SMF VI | Hilton Durham | 64.4% | 118.08 | 76.03 | 68.6% | 117.43 | 80.52 | 72.5% | 119.23 | 86.49 | 69.2% | 120.62 | 83.52 | 69.2% | 120.62 | 83.52 | 21 | |
22 | JPMCB | Woodglen Village | 22 | ||||||||||||||||
23 | JPMCB | Partridge Inn Augusta | 33.9% | 144.19 | 48.82 | 38.0% | 143.96 | 54.71 | 38.2% | 147.94 | 56.51 | 60.9% | 145.89 | 88.85 | 60.9% | 145.89 | 88.85 | 23 | |
24 | JPMCB | 4400 Dixie Highway | 24 | ||||||||||||||||
25 | JPMCB | TownePlace Suites Dallas Las Colinas | 70.8% | 81.55 | 57.71 | 65.0% | 90.26 | 58.66 | 74.6% | 98.09 | 73.22 | 76.7% | 100.36 | 77.01 | 76.7% | 100.36 | 77.01 | 25 | |
26 | SMF VI | 100 North Citrus | 26 | ||||||||||||||||
27 | SMF VI | Pangea 15 | 27 | ||||||||||||||||
27.01 | SMF VI | 701 South Karlov Avenue | 27.01 | ||||||||||||||||
27.02 | SMF VI | 1236 South Lawndale Avenue | 27.02 | ||||||||||||||||
27.03 | SMF VI | 6125-6129 South Wabash Avenue | 27.03 | ||||||||||||||||
27.04 | SMF VI | 11932 South Stewart Avenue | 27.04 | ||||||||||||||||
27.05 | SMF VI | 7954 South Justine Street | 27.05 | ||||||||||||||||
27.06 | SMF VI | 10 West 137th Street | 27.06 | ||||||||||||||||
27.07 | SMF VI | 6715 South Dorchester Avenue | 27.07 | ||||||||||||||||
27.08 | SMF VI | 10201 South Saint Lawrence Avenue | 27.08 | ||||||||||||||||
27.09 | SMF VI | 5800-04 South Artesian Avenue | 27.09 | ||||||||||||||||
27.10 | SMF VI | 8201 South Drexel Avenue | 27.10 | ||||||||||||||||
27.11 | SMF VI | 7229 South Yates Boulevard | 27.11 | ||||||||||||||||
27.12 | SMF VI | 7653 South Loomis Boulevard | 27.12 | ||||||||||||||||
27.13 | SMF VI | 7700 South Carpenter Street | 27.13 | ||||||||||||||||
27.14 | SMF VI | 2062 135th Place | 27.14 | ||||||||||||||||
27.15 | SMF VI | 2066 135th Place | 27.15 | ||||||||||||||||
27.16 | SMF VI | 9600 South Avenue L | 27.16 | ||||||||||||||||
28 | SMF VI | The Shoppes at Letson Farms | 28 | ||||||||||||||||
29 | SMF VI | Montgomery Triangle Gateway | 29 | ||||||||||||||||
30 | SMF VI | Neilson Square | 30 | ||||||||||||||||
31 | SMF VI | Studio City Apartments | 31 | ||||||||||||||||
32 | SMF VI | St. Albans & Camino Commons | 32 | ||||||||||||||||
32.01 | SMF VI | Camino Commons | 32.01 | ||||||||||||||||
32.02 | SMF VI | St. Albans Circle | 32.02 | ||||||||||||||||
33 | SMF VI | Lake Geneva Commons | 33 | ||||||||||||||||
34 | SMF VI | Hampton Inn & Suites Huntsville | 64.7% | 118.67 | 76.78 | 64.7% | 118.67 | 76.78 | 34 | ||||||||||
35 | SMF VI | Holiday Inn Express Orangeburg | 77.6% | 95.56 | 74.15 | 87.8% | 98.97 | 86.89 | 79.5% | 107.04 | 85.10 | 79.2% | 111.09 | 87.98 | 79.2% | 111.09 | 87.98 | 35 | |
36 | SMF VI | 3200 North Hayden | 36 | ||||||||||||||||
37 | SMF VI | Bellfort Village Apartments | 37 | ||||||||||||||||
38 | SMF VI | Courtyard Business Center | 38 | ||||||||||||||||
39 | SMF VI | Northgate Business Park III | 39 | ||||||||||||||||
40 | SMF VI | Aldine Plaza | 40 | ||||||||||||||||
41 | SMF VI | Walgreens Cooper City | 41 | ||||||||||||||||
42 | SMF VI | North Star Terrace MHP | 42 | ||||||||||||||||
43 | SMF VI | Rite Aid Sugar Hill | 43 |
A-1-12
JPMCC Commercial Mortgage Securities 2017-JP5 | |
Footnotes to Annex A-1 | |
(1) | “JPMCB” denotes JPMorgan Chase Bank, National Association, as Mortgage Loan Seller; and “SMF VI” denotes Starwood Mortgage Funding VI LLC, as Mortgage Loan Seller. |
With respect to Loan No. 1, Hilton Hawaiian Village, the Hilton Hawaiian Village Whole Loan (as defined below) was co-originated by JPMCB, Deutsche Bank AG, New York Branch, Goldman Sachs Mortgage Company, Barclays Bank PLC and Morgan Stanley Bank, N.A. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, the Fresno Fashion Fair Mall Whole Loan (as defined below) was co-originated by JPMCB and Société Générale. | |
(2) | Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property. |
With respect to Loan No. 1, Hilton Hawaiian Village, the mortgaged property includes 14 hotel units and 26 commercial units of a condominium. The remaining units in the condominium consist of six time share units, which are owned by third parties and not part of collateral for the mortgage loan. The borrower controls the related board of directors for the association and is responsible for maintaining the common areas of the condominium. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, BJ’s Restaurant, Chick-fil-A and Fleming’s ground lease their premises from the borrower. Chick-fil-A ground leases its premises through February 2035 and pays annual ground rent of $120,000. BJ’s Restaurant ground leases its premises through May 2024 and pays annual ground rent of $121,000. Fleming’s ground leases its premises through May 2021 and pays annual ground rent of $102,850. | |
With respect to Loan No. 5, Riverway, the mortgaged property consists of three, 11-story multi-tenant office buildings totaling 858,711 square feet and one daycare facility totaling 10,409 square feet. The daycare facility is 100% leased to Bright Horizons under a lease that expires in March 2027. Bright Horizons also has the right to terminate the lease annually on each anniversary of the lease commencement date. | |
With respect to Loan No. 13, Orchard Hill Park, Chili’s ground leases its premises from the borrowers. Chili’s ground leases its premises through October 2020 and pays annual ground rent of $137,500. | |
(3) | In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but have not yet commenced paying rent and/or are not in occupancy. |
With respect to Loan No. 1, Hilton Hawaiian Village, approximately 18.4% of UW Revenues ($) is attributable to the food and beverage outlets at the mortgaged property and approximately 5.1% of UW Revenues ($) is attributable to the retail component of the mortgaged property. | |
With respect to Loan No. 2, Moffett Gateway, Occupancy %, UW Revenues ($), UW NOI ($) and UW NCF ($) include the sole tenant, Google, which has executed its leases but has not yet taken occupancy or commenced paying rent under either lease. Google leases the mortgaged property under two separate leases, one for 1225 Crossman Avenue (“Building One”) and the second for 1265 Crossman Avenue (“Building Two”). According to the loan sponsor, Google is expected to take occupancy of both spaces by September 2017 and, subsequent to any applicable free rent periods, will commence paying rent under each lease as follows: Building One in July 2018 and Building Two in July 2017. In addition, UW Revenues ($), UW NOI ($) and UW NCF ($) are calculated using the average rent of the sole tenant, Google, over the term of the related leases inclusive of the free rent reserve. | |
With respect to Loan No. 3, Dallas Design District, Occupancy %, UW Revenues ($), UW NOI ($) and UW NCF ($) include three tenants, Janus et Cie, Interior Specifics LLC and Codarus, which have executed leases but have not yet taken occupancy or commenced paying rent. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, Occupancy % includes only permanent leases. Occupancy % including specialty tenants with leases over six months for December 31, 2013, December 31, 2014, December 31, 2015 and January 31, 2017 is 96.8%, 98.4%, 98.1% and 92.2%, respectively. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, the borrower is permitted to engage in several redevelopment activities at the mortgaged property under the loan documents. If there is any decrease in underwritten net operating income (as defined in the loan documents) as a result of the redevelopment activities (including as the result of any modification or termination of the Macy’s Men’s & Children’s or JCPenney leases), then the borrower is required to enter into a master lease with the guarantor for all such applicable space and all then vacant space at the mortgaged property. The loan documents provide that rent will be reduced if and to the extent underwritten net operating income with respect to the mortgaged property increases, as determined on a quarterly basis. With respect to any termination of the Macy’s Men’s & Children’s lease or JCPenney lease, the master lease will terminate if: (x) the underwritten net operating income with respect to the mortgaged property is restored to the greater of (i) pre-development levels and (ii) $27,000,000 and (y) the areas impacted by such redevelopment activities are 90% or more occupied with tenants in possession and paying rent. With respect to any modification of the Macy’s Men’s & Children’s lease |
A-1-13
and/or the JCPenney lease resulting in a decrease in underwritten net operating income, the master lease will terminate when the underwritten net operating income is restored to the greater of (i) pre-modification levels or (ii) $27,000,000. | |
With respect to Loan No. 6, 55 Hawthorne, approximately 11.1% of UW Revenues ($) is attributable to a 272-stall five-level parking garage located at the mortgaged property. | |
With respect to Loan No. 7, Bardmoor Palms, UW Revenues ($), UW NOI ($) and UW NCF ($) are calculated using the average rent steps through the termination options of the Largest Tenant, Allstate. | |
With respect to Loan No. 9, Centre Market Building, UW Revenues ($), UW NOI ($) and UW NCF ($) are calculated using the average rent of the Largest Tenant, the US Customs and Border Protection, over the term of the related lease. | |
With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, approximately 21.6%, 4.2% and 2.7% of UW Revenues ($) are attributable to the food and beverage outlets, the self and valet parking and the retail component of the mortgaged property, respectively. | |
With respect to Loan No. 14, 11200 Rockville Pike, approximately 8.3% of UW Revenues ($) is attributable to a three-level subterranean parking garage with 425 parking spaces located at the mortgaged property. | |
With respect to Loan No. 15, Marriott Galleria, approximately 25.5% of UW Revenues ($) is attributable to the food and beverage outlet at the mortgaged property. | |
With respect to Loan No. 23, Partridge Inn Augusta, approximately 26.9% of UW Revenues ($) is attributable to the food and beverage outlets at the mortgaged property. | |
With respect to Loan No. 28, The Shoppes at Letson Farms, the 5th Largest Tenant, Jakes Soul Food, has executed a lease, has taken possession of the leased premises and is expected to open for business in April 2017. Jakes Soul Food is expected to commence paying rent on the earlier of (i) the opening date for business or (ii) 120 days after the landlord has tendered possession of the leased premises to the tenant. | |
With respect to Loan No. 33, Lake Geneva Commons, the Largest Tenant, Aldi, has executed a lease and is currently building out the related space. Build-out is expected to be completed by March 2017. Aldi will commence paying rent on the earlier of (i) the opening date for business or (ii) March 13, 2017. | |
(4) | With respect to all mortgage loans, with the exceptions of the mortgage loans listed below, the Current LTV % and the Maturity LTV % are based on the “as-is” Appraisal Value ($) even though, for certain mortgage loans, the appraiser provided “as-stabilized” values based on certain criteria being met. |
With respect to Loan No. 2, Moffett Gateway, the Appraised Value ($) represents the “Hypothetical Value As-Stabilized” value of $525,000,000, which assumes that all tenant improvement construction is complete and all contractual free rent obligations have burned off as of the stabilized value date of July 20, 2016. At origination, the borrower was required to reserve $43,642,904 into the Upfront Other Reserve ($) for outstanding tenant improvements, $5,743,978 for outstanding leasing commissions and $37,575,033 for outstanding free rent. The “as-is” value as of July 20, 2016 was $430,000,000, which results in a Current LTV % and Maturity LTV % of 56.5% and 48.0%, respectively. | |
With respect to Loan No. 12, Reston EastPointe, the Appraised Value ($) represents the “Hypothetical As-Is” value of $61,200,000, which assumes that the costs for re-leasing certain vacant space at the mortgaged property has been paid or reserved. At origination, the borrower was required to reserve $1,150,000 for future tenant improvements and leasing commissions and $2,000,000 for tenant improvements and leasing commissions related to the vacant space at the mortgaged property. The “as-is” value as of October 5, 2016 is $58,000,000, which results in a Current LTV % and Maturity LTV % of 65.5%. | |
With respect to Loan No. 21, Hilton Durham, the Appraised Value ($) represents the “Hypothetical Market Value As-Is” value of $25,300,000, which assumes that the property improvement plan (“PIP”) required by the related franchise agreement in connection with the borrower’s acquisition of the mortgaged property was completed as of December 1, 2016. At origination, the borrower was required to reserve $3,202,753 for the related PIP. The “as-is” value as of December 1, 2016 is $23,000,000, which results in a Current LTV % and Maturity LTV % of 71.6% and 59.0%, respectively. | |
(5) | For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Current Balance ($) and Maturity Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation. |
(6) | With respect to Loan No. 1, Hilton Hawaiian Village, the mortgage loan is part of a whole loan with an original principal balance of $1,275,000,000 (the “Hilton Hawaiian Village Whole Loan”), which is comprised of 16pari passu components (Note A-1-A, Note A-1-B, Note A-1-C, Note A-1-D, Note A-1-E, Note A-2-A-1, Note A-2-A-2, Note A-2-A-3, Note A-2-A-4, Note A-2-B-1, Note A-2-B-2, Note A-2-B-3, Note A-2-D-1, Note A-2-D-2, Note A-2-E-1 and Note A-2-E-2) and five subordinate companion loans (Note B-1, Note B-2, Note B-3, Note B-4 and Note B-5). Note A-2-A-2 has an outstanding principal balance as of the Cut-off Date of $80,000,000 and is being contributed to the JPMCC 2017-JP5 Trust. Notes A-2-A-1, A-2-B-1, A-2-D-1, A-2-D-2, A-2- |
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E-1, A-2-E-2 and A-2-B-3, with an aggregate outstanding principal balance as of the Cut-off Date of $326,125,000, have been contributed to other securitization trusts. Notes A-1-A, A-1-B, A-1-C, A-1-D and A-1-E, with an aggregate outstanding principal balance as of the Cut-off Date of $171,600,000, and the subordinate companion loans with an aggregate outstanding principal balance as of the Cut-off Date of $578,400,000, were contributed to a private securitization trust. The remaining threepari passucomponents have an aggregate outstanding principal balance as of the Cut-off Date of $118,875,000 and are expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Hilton Hawaiian Village Whole Loan balance excluding the subordinate companion loans. | |
With respect to Loan No. 2, Moffett Gateway, the mortgage loan is part of a whole loan with an original principal balance of $345,000,000 (the “Moffett Gateway Whole Loan”) which is comprised of fivepari passu components (Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5) and one subordinate companion loan (Note B-1). Note A-1 has an outstanding principal balance as of the Cut-off Date of $80,000,000 and is being contributed to the JPMCC 2017-JP5 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $60,000,000 and was contributed to the JPMCC 2016-JP4 trust. Note A-5 has an outstanding principal balance as of the Cut-off Date of $43,000,000 and was contributed to the JPMDB 2016-C4 trust. Note A-3 and Note A-4 have an aggregate outstanding principal balance as of the Cut-off Date of $60,000,000 and are expected to be contributed to one or more future securitization trusts. Note B-1 has an outstanding balance as of the Cut-off Date of $102,000,000 and was sold to a third-party investor. All loan level metrics are based on the Moffett Gateway Whole Loan balance excluding the subordinate companion loan. | |
With respect to Loan No. 3, Dallas Design District, the mortgage loan is part of a whole loan with an original principal balance of $120,000,000 (the “Dallas Design District Whole Loan”) which is comprised of twopari passu components (Note A-1 and Note A-2). Note A-1 has an outstanding principal balance as of the Cut-off Date of $75,000,000 and is being contributed to the JPMCC 2017-JP5 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $45,000,000 and is expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Dallas Design District Whole Loan balance. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, the mortgage loan is part of a whole loan with an original principal balance of $325,000,000 (the “Fresno Fashion Fair Mall Whole Loan”) which is comprised of sevenpari passu components. Note A-1-C has an outstanding principal balance as of the Cut-off Date of $69,000,000 and is being contributed to the JPMCC 2017-JP5 Trust. Note A-1-B has an outstanding principal balance as of the Cut-off Date of $80,000,000 and was contributed to the JPMCC 2016-JP4 trust. Note A-1-A has an outstanding principal balance as of the Cut-off Date of $60,000,000 and was contributed to the JPMDB 2016-C4 trust. Note A-2-A has an outstanding principal balance as of the Cut-off Date of $40,000,000 and was contributed to the CFCRE 2016-C6 trust. Note A-2-B and Note A-2-D have an aggregate outstanding principal balance as of the Cut-off Date of $41,000,000 and were contributed to the CFCRE 2016-C7 trust. Note A-2-C has an outstanding principal balance as of the Cut-off Date of $35,000,000 and was contributed to the CGCMT 2016-P6 trust. All loan level metrics are based on the Fresno Fashion Fair Mall Whole Loan balance. | |
With respect to Loan No. 5, Riverway, the mortgage loan is part of a whole loan with an original principal balance of $128,000,000 (the “Riverway Whole Loan”) which is comprised of twopari passu components (Note A-1 and Note A-2). Note A-2 has an outstanding principal balance as of the Cut-off Date of $62,770,411 and was contributed to the JPMCC 2016-JP4 trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $64,763,123 and is being contributed to the JPMCC 2017-JP5 Trust. All loan level metrics are based on the Riverway Whole Loan balance. | |
With respect to Loan No. 8, Landmark Square, the mortgage loan is part of a whole loan with an original principal balance of $100,000,000 (the “Landmark Square Whole Loan”) which is comprised of twopari passu components (Note A-1 and Note A-2). Note A-1 has an outstanding principal balance as of the Cut-off Date of $51,000,000 and is being contributed to the JPMCC 2017-JP5 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $49,000,000 and is expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Landmark Square Whole Loan balance. | |
With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, the mortgage loan is part of a whole loan with an original principal balance of $55,000,000 (the “Courtyard Marriott - King Kamehameha Whole Loan”) which is comprised of a senior Note A and one subordinate Note B. Note A has an outstanding principal balance as of the Cut-off Date of $39,945,058 and is being contributed to the JPMCC 2017-JP5 Trust. Note B has an outstanding principal balance as of the Cut-off Date of $14,979,397 and was sold to a third-party investor. All loan level metrics are based on the Courtyard Marriott - King Kamehameha Whole Loan balance excluding Note B. | |
(7) | Each number identifies a group of related borrowers. |
With respect to Loan No. 3, Dallas Design District, two of the borrowers own the majority of the mortgaged property as tenants-in-common. The third borrower, 1500 Dragon Dunhill LLC, owns the fee interest to its parcel located at 1500 Dragon Street, Dallas, Texas. | |
With respect to Loan No. 30, Neilson Square, the borrowers own the mortgaged property as tenants-in-common. | |
(8) | For each mortgage loan, the excess of the related Interest Rate % over the related Servicing Fee Rate, the Trustee Fee Rate (including the Certificate Administrator Fee Rate), the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate (collectively, the “Admin Fee %”). |
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(9) | For the mortgage loans that are interest-only for the entire term and accrue interest on an Actual/360 basis, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360. |
With respect to Loan No. 33, Lake Geneva Commons, the mortgage loan has a 10-year term, amortizes over a 30-year schedule, with the final 24-months of the loan term being interest only. | |
(10) | With respect to all mortgage loans, except for the mortgage loan(s) listed below, Annual Debt Service ($) is calculated by multiplying the Monthly Debt Service ($) by 12. |
With respect to Loan No. 2, Moffett Gateway, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments after the expiration of the interest-only period based on the assumed principal payment schedule set forth on Annex F to this Preliminary Prospectus. As such, the Current Balance ($), Maturity Balance ($), Monthly Debt Service ($), UW NOI DSCR and UW NCF DSCR all reflect this principal payment schedule and a fixed interest rate of 3.319403%. | |
With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments allocable to the mortgage loan following the Cut-off Date and is based on a pro rata allocation between the A-Note and Subordinate Companion Loan of principal payable on the Courtyard Marriott - King Kamehameha Whole Loan. The assumed principal payment schedule set forth on Annex G to this Preliminary Prospectus. As such, the Current Balance ($), Maturity Balance ($), Monthly Debt Service ($), UW NOI DSCR and UW NCF DSCR all reflect this principal payment schedule and a fixed interest rate of 4.81000%. | |
(11) | The “L” component of the prepayment provision represents lockout payments. |
The “Def” component of the prepayment provision represents defeasance payments. | |
The “YM” component of the prepayment provision represents yield maintenance payments. | |
The “O” Component of the prepayment provision represents the free payments including the Maturity Date. | |
With respect to Loan No. 1, Hilton Hawaiian Village, the lockout period will be at least 28 payments beginning with and including the first payment on December 1, 2016. Defeasance of the full $1,275,00,000 Hilton Hawaiian Village Whole Loan is permitted after the earlier to occur of (i) May 1, 2019 and (ii) the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Hilton Hawaiian Village Defeasance Date”). Following the expiration of the Hilton Hawaiian Village Defeasance Date, the borrower is also permitted to prepay the Hilton Hawaiian Village Whole Loan (in whole but not in part) with the payment of a yield maintenance premium. The assumed lockout period is based on the expected JPMCC 2017-JP5 securitization closing date in March 2017. The actual lockout period may be longer. | |
With respect to Loan No. 2, Moffett Gateway, the lockout period will be at least 29 payments beginning with and including the first payment on November 1, 2016. Defeasance of the full $345.0 million Moffett Gateway Whole Loan is permitted after the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Moffett Gateway Defeasance Date”). If the Moffett Gateway Defeasance Date has not occurred by November 1, 2020, the borrower is permitted to prepay the Moffett Gateway Whole Loan (in whole but not in part) with the payment of a yield maintenance premium. The assumed lockout period is based on the expected JPMCC 2017-JP5 securitization closing date in March 2017. The actual lockout period may be longer. | |
With respect to Loan No. 8, Landmark Square, the lockout period will be at least 26 payments beginning with and including the first payment on February 1, 2017. Defeasance of the full $100.0 million Landmark Square Whole Loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last note to be securitized and (ii) February 1, 2020. The assumed lockout period is based on the expected JPMCC 2017-JP5 securitization closing date in March 2017. The actual lockout period may be longer. | |
With respect to Loan No. 32, St. Albans & Camino Commons, the borrowers are permitted to release an individual mortgaged property after the expiration of the applicable lockout period in connection with a partial defeasance (no earlier than two years from the closing date), subject to, among other things, the following conditions: (i) no event of default or loan trigger event has occurred and is continuing, (ii) the borrowers prepay the mortgage loan in an amount equal to the greater of (a) 125% of the initial loan amount allocated to the individual mortgaged property being released and (b) with respect to the remaining individual mortgaged property, the amount that results in (1) the LTV not exceeding the lesser of (x) 67.5% and (y) the LTV immediately prior to the release, (2) the Debt Yield being at least equal to the greater of (x) 9.75% and (y) the Debt Yield immediately prior to the release and (3) the DSCR being at least equal to the greater of (x) 1.30x and (y) the DSCR immediately prior to the release. The allocated Current Balance ($), UW NCF DSCR, UW NOI Debt Yield % and Current LTV % as of the Cut-off Date for the mortgaged properties are: Camino Commons: $3,392,115, 1.35x, 10.0% and 67.8% respectively, and St. Albans Circle: $2,993,042, 1.31x, 10.0% and 64.8%, respectively. | |
(12) | With respect to some mortgage loans, historical financial information may not be available due to the when the properties were constructed and/or acquired. |
With respect to Loan No. 2, Moffett Gateway, the mortgaged property is newly constructed and limited historical financial information is available. | |
With respect to Loan No. 6, 55 Hawthorne, historical financial information for 2013 and 2014 is not available as the previous owner acquired the mortgaged property in July 2014 and historical cash flows were not provided at the time of acquisition. Additionally, between 2014 and 2015, the mortgaged property underwent an extensive renovation. |
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With respect to Loan No. 27, Pangea 15, the mortgaged properties were purchased via several transactions and recently renovated in 2016. As a result, full year 2013, 2014 and 2015 financial information is not available. | |
With respect to Loan No. 28, The Shoppes at Letson Farms, the mortgaged property was acquired in October 2015. As a result, full year 2015 financial information is not available. | |
With respect to Loan No. 32, St. Albans & Camino Commons, the individual Camino Commons mortgaged property was acquired in 2013. As a result, full year 2013 financial information is not available. | |
With respect to Loan No. 33, Lake Geneva Commons, the mortgaged property was acquired in December 2013. As a result, full year 2013 financial information is not available. | |
With respect to Loan No. 34, Hampton Inn & Suites Huntsville, the mortgaged property was opened in November 2015. As a result, full year 2013, 2014 and 2015 financial information is not available. | |
With respect to Loan No. 39, Northgate Business Park III, the mortgaged property was acquired in May 2015. As a result, full year 2013, 2014 and 2015 financial information is not available. | |
With respect to Loan No. 40, Aldine Plaza, the mortgaged property was acquired in July 2013. As a result, full year 2013 financial information is not available. | |
With respect to Loan No. 41, Walgreens Cooper City, historical financial information is not presented as the leases are on an absolute-net basis. | |
With respect to Loan No. 43, Rite Aid Sugar Hill, historical financial information is not presented as the leases are on an absolute-net basis. | |
(13) | With respect to all hotel properties, the UW NOI ($) is shown after taking a deduction for an FF&E reserve, and as such, the UW NOI ($) and UW NCF ($) for these properties are the same. |
(14) | The UW NOI DSCR and UW NCF DSCR for all partial interest-only mortgage loans were calculated based on the first principal and interest payment after the Note Date during the term of the mortgage loan. |
With respect to Loan No. 2, Moffett Gateway, UW NOI DSCR and UW NCF DSCR were calculated based on the sum of the first 12 payments after the expiration of the interest-only period assumed principal payment schedule set forth on Annex F to this Preliminary Prospectus. | |
With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments allocable to the mortgage loan following the Cut-off Date and is based on a pro rata allocation between the A-Note and Subordinate Companion Loan of principal payable on the Courtyard Marriott - King Kamehameha Whole Loan. The assumed principal payment schedule set forth on Annex G to this Preliminary Prospectus. As such, the Current Balance ($), Maturity Balance ($), Monthly Debt Service ($), UW NOI DSCR and UW NCF DSCR all reflect this principal payment schedule and a fixed interest rate of 4.81000%. | |
(15) | Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related loan documents. |
With respect to Loan No. 2, Moffett Gateway, the borrower was required at origination to deposit $37,575,033 for a free rent reserve into the Upfront Other Reserve ($). | |
With respect to Loan No. 5, Riverway, the borrower was required at origination to deposit into the Upfront Other Reserve ($) $271,509 for a free rent reserve, $6,984,788 for an outstanding tenant improvement reserve and $81,825 for a required immediate repairs reserve. | |
With respect to Loan No. 8, Landmark Square, so long as an affiliate of the borrower maintains a long term, unsecured debt rating of “BBB-” (or its equivalent) from each of Moody’s and Fitch or has total assets in excess of $500.0 million and maintains a net worth of at least $250.0 million (in each case, exclusive of any interest in the mortgaged property), the borrower may deliver a partial payment guaranty from such entity in lieu of the borrower’s requirement to make the following deposits: (i) the deposits into the Upfront TI/LC Reserve ($); (ii) the deposits into the Upfront Other Reserve ($) for free rent and outstanding tenant improvements and leasing commissions; and (iii) the deposits into the Upfront CapEx Reserve ($). The amount of this partial payment guaranty is required to be equal to the lesser of (A) the amount that would be contained in each reserve if not for the delivery of the partial payment guaranty and (B) the then outstanding principal balance of the Whole Loan. The borrower is also permitted to deliver a letter of credit in an amount required by the loan documents, or a combination of a partial payment guaranty and letter of credit, in lieu of such deposits. The Principal / Carve-out Guarantor delivered the partial payment guaranty referenced above at origination of the mortgage loan in lieu of making such deposits. |
A-1-17
With respect to Loan No. 16, Royal Oaks Plaza, the borrower was required at origination to deposit into the Upfront Other Reserve ($) $540,000 in connection with the potential renewal of the Winn-Dixie lease. The escrow is required to be released in the event the borrower provides evidence that Winn-Dixie has renewed its lease on or before July 28, 2017. | |
With respect to Loan No. 18, Liberty Center, the borrower was required to deposit $64,752 at origination of the mortgage loan in a free rent reserve, $23,549.87 of which was reserved for the Largest Tenant, Micro Focus, for the period from July 1, 2017 to August 31, 2017, and the remaining amount for other tenants. | |
With respect to Loan No. 19, Ocotillo Plaza, the borrower was required at origination to deposit $1,250,000 in a reserve for the Largest Tenant, Marketon. In the event the tenant exercises its one-time termination right commencing June 1, 2017 and expiring July 14, 2017, amounts on deposit in such reserve may be used for approved leasing expenses in connection with the leased premises, and upon termination of the related trigger event period or, subject to the conditions set forth in the loan documents, if the tenant fails to exercise or waives its termination right, any remaining amounts will be released to the borrower. | |
With respect to Loan No. 23, Partridge Inn Augusta, the borrower was required at origination to deposit into the Upfront Other Reserve ($) $150,000 for a seasonality reserve. The loan documents provide that on the payment date in each June, July, November, December, January and February (the “Seasonality Disbursement Period”), the lender is required to release funds from the reserve in an amount representing any shortfall in net cash flow for such month, provided that the borrower complies with the terms and conditions in the loan documents. In addition, on the payment date occurring in April of each year, if the amount on deposit in the reserve is greater than the aggregate shortfall in net cash flow for the immediately preceding Seasonality Disbursement Period as determined by the lender in its discretion, then the lender is required to disburse such excess amount to the borrower. | |
With respect to Loan No. 26, 100 North Citrus, the borrower was required to deposit $63,162.05 at origination of the mortgage loan in a free rent reserve. The reserve will be disbursed (i) to the 2nd Largest Tenant, Jason Bao & Xue Feng Gao in installments of $11,723.95, $12,009.90 and $12,296 in April 2018, April 2019 and April 2020, respectively, (ii) to the 5th Largest Tenant, Hospice MD, Inc. in the amount of $8,075 in May 2017 and (iii) the remaining amount will be disbursed to other tenants. | |
With respect to Loan No. 28, The Shoppes at Letson Farms, the borrower was required to deposit $11,108 at origination of the mortgage loan in a rent gap reserve, $9,328 of which was reserved for the 5th Largest Tenant, Jakes Soul Food, for the period from April 2017 to May 2017, and the remaining amount of $1,780 for another tenant. | |
With respect to Loan No. 33, Lake Geneva Commons, the borrower was required to deposit $298,338 at origination of the mortgage loan in a rent reserve for its Largest Tenant, Aldi, for the payment of monthly mortgage loan payments for the period during the build-out of the Aldi space, which is expected to be completed by March 2017, and any remaining amounts will be disbursed to the borrower. | |
With respect to Loan No. 36, 3200 North Hayden, the borrower was required to deposit $24,043.67 at origination of the mortgage loan in a free rent reserve for its 5th Largest Tenant, EZ-Links Golf LLC, and the reserve will be disbursed to the borrower upon lender’s receipt of satisfactory evidence that the tenant is paying full unabated rent, which is expected to occur by June 1, 2017. | |
(16) | Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related loan documents. In certain cases, reserves with $0 balances are springing and are collected in the event of certain conditions being triggered in the respective mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being triggered in the respective mortgage loan documents. |
With respect to Loan No. 1, Hilton Hawaiian Village, the borrower is required to deposit into the Monthly CapEx Reserve ($), on a monthly basis to fund the cost of replacements, an amount equal to the greater of (i) the aggregate amount of all deposits for replacements required to be deposited pursuant to any franchise or management agreement or (ii) 4.0% of gross income from operations for the two calendar months prior to the date on which the borrower is required make such deposit. To the extent no event of default exists, the loan documents provide that the borrower will receive a credit against each monthly deposit on a dollar for dollar basis to the extent the borrower makes deposits into a similar reserve or if such amounts otherwise accounted for pursuant to the working capital balance held in either operating account. In addition, the Monthly RE Tax Reserve ($) and Monthly Ins. Reserve ($) are waived to the extent there is no cash sweep period continuing under the loan documents or to the extent the borrower reserves such funds with the manager or the manager pays such taxes and insurance premiums in accordance with the management agreement. | |
With respect to Loan No. 3, Dallas Design District, the Monthly CapEx Reserve ($) and the Monthly TI/LC Reserve ($) are waived provided that the balance of each reserve equals $372,816 and $3,278,052, respectively. Following the occurrence of either reserve balance falling below the required cap, the borrowers will be required to deposit into escrow the respective amount that would bring the balance of each respective reserve up to, but not above, the required cap. | |
With respect to Loan No. 3, Dallas Design District, the borrowers are required to deposit into the Monthly Other Reserve ($), on a monthly basis, a reserve for ground rent in the amount of 1/12 of the base rents due under the ground lease that the lender estimates will be payable under the ground lease during the following 12-month period. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, the Monthly RE Tax Reserve ($), Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($) are waived provided that there is no trigger period in effect. A trigger period will commence upon the |
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occurrence and continuance of an event of default or the occurrence of the date on which the debt service coverage ratio falls below 1.45x. Following the occurrence and during the continuance of a trigger period, the borrower is required to deposit $7,670 into the Monthly CapEx Reserve ($) for replacement reserves and $46,368 into the Monthly TI/LC Reserve ($) for tenant improvements and leasing commissions. | |
With respect to Loan No. 5, Riverway, in addition to the regular deposits of $108,640 into the Monthly TI/LC Reserve ($), following the occurrence of (a) any of the following with respect to the Largest Tenant, U.S. Foods, or the 2nd Largest Tenant, Central States Pension Fund (or their respective replacement tenants): (i) any termination or giving of notice for any termination of the related lease; (ii) the tenant going dark, vacating or ceasing operations at the related leased premises; (iii) any insolvency or bankruptcy action; or (iv) any failure to renew the related lease(s) in accordance with its terms (each, a “Tenant Trigger Event”) or (b) a withdrawal of U.S. Foods’ credit rating (unless U.S. Foods’ rating is withdrawn solely as the result of no longer having public debt necessary to enable such rating and it maintains a net worth of at least $1 billion) or downgrading of such rating below “B2” or “B” (or the equivalent) or less by each of S&P, Moody’s and Fitch (each, a “Downgrade Trigger Event”), the borrower is required to deposit all excess cash flow after debt service, required reserves and operating expenses into the Monthly TI/LC Reserve ($). If (x) a Tenant Trigger Event has occurred with respect to U.S. Foods and one or more of Central States Pension Fund or any replacement tenant or (y) if a Tenant Trigger Event and a Downgrade Trigger Event have occurred and are simultaneously continuing, the excess cash flow deposited into the Monthly TI/LC Reserve ($) is required to be allocated to the U.S. Foods subaccount in such proportion as the lender determines in its sole but reasonable discretion. The borrower is also required to deposit any contraction or termination fees into the Monthly TI/LC Reserve ($). | |
With respect to Loan No. 6, 55 Hawthorne, the loan documents provide that during a cash sweep event solely caused by (i) the Largest Tenant, Yelp delivering notice of its intention not to renew its lease, (ii) Yelp delivering notice of its intention to terminate its lease for a portion of the building that results in a vacancy of more than 2.5 floors (unless such portion of terminated space has been re-leased to a replacement tenant in accordance with the loan documents), (iii) Yelp failing to renew its lease on or prior to the date required for such renewal, (iv) Yelp going dark, vacating or abandoning a portion of its space greater than 2.5 floors for a period of more than 180 consecutive days or (v) any bankruptcy or insolvency action with respect to Yelp, all excess cash flow after payment of debt service, required reserves and operating expenses are required to be deposited into the Monthly TI/LC Reserve ($). In addition, the Monthly RE Tax Reserve ($) is waived provided there is no event of default and the borrower provides the lender with satisfactory evidence that all taxes have been paid on or prior to the date when due. | |
With respect to Loan No. 8, Landmark Square, so long as an affiliate of the borrower maintains a long term unsecured debt rating of “BBB-” (or its equivalent) from each of Moody’s and Fitch or has total assets in excess of $500.0 million and maintains a net worth of at least $250.0 million (in each case, exclusive of any interest in the mortgaged property), the borrower may deliver a partial payment guaranty from such entity in lieu of the borrower’s requirement to make (i) the deposits into the Monthly TI/LC Reserve ($), and (ii) the deposits into the Monthly CapEx Reserve ($). The amount of this partial payment guaranty is required to be equal to the lesser of (A) the amount that would be contained in each reserve if not for the delivery of the partial payment guaranty and (B) the then outstanding principal balance of the Whole Loan. The borrower is also permitted to deliver a letter of credit in an amount required by the loan documents, or a combination of a partial payment guaranty and letter of credit, in lieu of such deposits. The Principal / Carve-out Guarantor delivered the partial payment guaranty referenced above at origination of the mortgage loan in lieu of making such deposits. | |
With respect to Loan No. 9, Centre Market Building, the borrower is required to deposit into the Monthly TI/LC Reserve ($) the following deposits monthly: (i) $250,000 on each payment date through and including the payment date in January 2021; (ii) beginning on the payment date in February 2021 and on each payment date through and including the payment date in September 2023, an amount equal to $208,333; and (iii) beginning on the payment date occurring in October 2023 and on each payment date thereafter, an amount equal to $56,000 for TI/LC reserves. | |
With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, the borrower is required to deposit into the Monthly Other Reserve ($) 1/12 of the aggregate rents payable under the ground lease (including, without limitation, base rent, additional rents and any percentage rent) that the lender estimates will be payable under the ground lease. In addition, the borrower is required to deposit into the Monthly Other Reserve ($) an amount equal to $191,667 for a PIP that is currently being negotiated between the borrower and franchisor, and the borrower may elect to deposit 50% of the Monthly CapEx Reserve ($) into the Monthly Other Reserve ($) for the first 24 payment dates of the loan term. The borrower will not be required to make any additional deposits for any future or additional PIP so long as such costs are included in the annual budget approved in accordance with the loan documents. If such amounts are not accounted for in the approved annual budget, a monthly PIP deposit amount will be established in an amount that lender reasonably determines sufficient to make up such deficiency. In lieu of depositing cash for the PIP reserve, the borrower may deliver to lender a letter of credit for all or any portion of such reserve funds. | |
With respect to Loan No. 11, Milton Park, the loan documents provide that the borrower is required to deposit the following into the Monthly TI/LC Reserve ($): (i) during a cash sweep event caused by the Largest Tenant, Landis+Gyr (or any tenant leasing such space) terminating its lease, giving notice of its intent to terminate the lease, going dark, vacating or ceasing operations, becoming insolvent or subject to a bankruptcy proceeding or failing to renew or extend its lease in accordance with the loan documents, all excess cash flow after payment of debt service, required reserves and operating expenses (until the occurrence of the applicable cash sweep trigger cure under the loan documents); (ii) any amounts paid to borrower in connection with any termination or contraction rights under any tenant’s lease and (iii) any amounts paid to the borrower pursuant to any letter of credit issued in connection with any lease. In addition, if (a) on May 1, 2020, Landis+Gyr has not renewed or extended its lease for a term expiring on or after January 1, 2024 and (b) the lender determines that amounts on deposit in the Monthly TI/LC Reserve ($) (exclusive of certain amounts set forth in the loan documents) are less than $1,000,000, the borrower is required to deposit in the Monthly TI/LC Reserve ($), no later than May 31, 2020, an amount sufficient to ensure the reserve (exclusive |
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of certain amounts set forth in the loan documents) equals $1,000,000. In addition, if a cash sweep event triggered by an event set forth in subpart (i) above has occurred and is continuing, the excess cash flow deposited into the Monthly TI/LC Reserve ($) and the $2.2 million deposit that the borrower may use to cure a cash sweep event triggered by Landis+Gyr going dark are required to be allocated to a Landis+Gyr subaccount. Funds allocated to the Landis+Gyr subaccount will be used solely for tenant improvements and leasing commissions in connection with the Landis+Gyr leased premises; provided, however, in the event all other funds in the reserve (exclusive of the funds allocated to the Landis+Gyr subaccount) have been disbursed in accordance with the loan agreement, the lender is required to make disbursements from the portion of the funds allocated to the Landis+Gyr subaccount to pay for tenant improvement and leasing commission obligations incurred in connection with new leases. From and after May 31, 2020, the lender is not required to disburse any funds from the reserve if such disbursement will result in the funds (exclusive of the Landis+Gyr go dark deposit and any excess cash flow deposited during a Landis+Gyr go dark event) on deposit in the TI/LC reserve to be less than $1,000,000 unless (i) Landis+Gyr has renewed or extended the Landis+Gyr lease for a term expiring on or after January 1, 2024 or (ii) such disbursement is in connection with a re-tenant event of the Landis+Gyr leased premises pursuant to a lease for a term expiring on or after January 1, 2024 and is reasonably acceptable to lender. | |
With respect to Loan No. 13, Orchard Hill Park, the loan documents provide that during a cash sweep event solely caused by any of the Largest Tenant, Kohl’s, the 2nd Largest Tenant, Dick’s Sporting Goods, or the 3rd Largest Tenant, Bed Bath & Beyond, (a) failing to extend or renew its respective lease on or before the earlier of (i) the date required by the related lease or (ii) the date that is 12 months prior to the related expiration date, (b) exercising any termination option, (c) giving any notice that it intends to terminate, abandon, vacate or otherwise cancel its respective lease or (d) terminating or cancelling its related lease (including any rejection of the lease in bankruptcy), all excess cash flow after payment of debt service, required reserves and operating expenses will be deposited into the Monthly TI/LC Reserve ($) until the TI/LC Reserve Cap ($) has been reached. | |
With respect to Loan No. 14, 11200 Rockville Pike, the loan documents also require that the borrower deposit any termination fee or other consideration payable to the borrower in connection with any tenant’s election to exercise any early termination option or in connection with any other termination, amendment or modification of a lease, reduction of rent, shortening of the term or surrender of space, which amounts must be deposited into the Monthly TI/LC Reserve ($). In addition, the borrower is required to deposit an amount equal to any free rent and rent abatements under any lease entered into after the origination date into the Monthly Other Reserve ($). | |
With respect to Loan No. 15, Marriott Galleria, the borrowers are entitled to a credit (on a dollar-for-dollar basis) against the requirements to make deposits into the Monthly RE Tax Reserve ($), Monthly Ins. Reserve ($) and Monthly CapEx Reserve ($) to the extent the borrowers are required to make deposits into a tax, insurance and FF&E reserve or escrow account maintained by the property manager pursuant to the hotel management agreement between the manager and the borrowers, provided that the lender receives satisfactory evidence that such deposits are being made with the manager and that the manager is expending such funds on reserves for the payments of taxes and other charges, insurance premiums and FF&E replacements. The loan documents require the borrowers to deposit into the Monthly CapEx Reserve ($) an amount equal to the greater of (i) 4.0% of gross income from operations for the calendar month two months prior to the applicable payment date, (ii) amounts required to be made into an FF&E reserve account maintained by the hotel manager pursuant to the hotel management agreement, and (iii) if the mortgaged property becomes subject to a franchise agreement, the amount required by such franchise agreement. | |
With respect to Loan No. 16, Royal Oaks Plaza, the loan documents provide that in the event of a cash sweep period caused by (i) any notice of non-renewal, notice of termination or failure to renew the Winn-Dixie lease prior to the date that is three months prior to its current expiration date of October 28, 2017, (ii) after July 28, 2017, any notice of non-renewal, notice of termination or failure to renew the Winn-Dixie lease prior the date that is nine months prior to the then current expiration date of the lease or (iii) Winn-Dixie going dark, vacating or abandoning the leased premises or being the subject of a bankruptcy or insolvency action, all excess cash flow after payment of debt service, required reserves and operating expenses, as well as any cash or letter of credit delivered by the borrower to cure such cash sweep period, will be deposited into the Monthly Other Reserve ($) for costs and expenses associated with re-tenanting the leased premises. | |
With respect to Loan No. 18, Liberty Center, the borrower is required to deposit the sum of $46,640 on each monthly payment date for the first 24 months of the mortgage loan into the Monthly TI/LC Reserve ($), decreasing to $23,320 monthly thereafter. The Monthly TI/LC Reserve ($) is initially capped at $1,450,000. If the borrower provides to the lender satisfactory evidence that all outstanding tenant improvement obligations under the lease with the 2nd Largest Tenant, Regus National Business Centers, have been satisfied, the TI/LC Reserve Cap ($) will be reduced to $1,250,000. | |
With respect to Loan No. 20, Gwinnett Commerce Center, the loan documents provide that during a cash sweep event solely caused by a tenant trigger event, all excess cash flow will be deposited into the Monthly TI/LC Reserve ($) until the TI/LC Reserve Cap ($) of $1,800,000 in the aggregate has been reached. | |
With respect to Loan No. 23, Partridge Inn Augusta, the Monthly Other Reserve ($) consists of a seasonality reserve. On the payment date in May of each year during the loan term, the borrower is required to deposit into the Monthly Other Reserve ($) an amount equal to at least the aggregate shortfall in net cash flow for the immediately preceding June, July, November, December, January and February months, as determined by lender in March of each year and based upon actual net cash flow in such months during the 12 months immediately prior to the date of lender determination. | |
With respect to Loan No. 30, Neilson Square, the borrower was required to fund an upfront deposit of $100,271 into the Upfront CapEx Reserve ($). In addition, the borrower was required to make ongoing monthly deposits of $1,311 for the Monthly CapEx |
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Reserve ($) up to and including the monthly payment date in February 2020. In the event the funds in the related reserve are drawn below $125,000 prior to replacement of the roof, the borrower will be required to deposit $1,311 monthly until the CapEx Reserve Cap ($) of $125,000 is reached. Following completion of the roof, the CapEx Reserve Cap ($) will be reduced to $25,000 and if funds on deposit in the related reserve fall below $25,000, the borrower will be required to deposit $1,311 monthly into the Monthly CapEx Reserve ($) until the cap of $25,000 is achieved again. | |
With respect to Loan No. 34, Hampton Inn & Suites Huntsville, the borrower is required to deposit on each monthly payment date in the Monthly Capex Reserve ($) an amount equal to 1/12 of 2% of gross revenue for the first 24 months of the mortgage loan term, and thereafter an amount equal to 1/12 of 4% of gross revenue subject to any reassessment by the lender of the required work. | |
With respect to Loan No. 35, Holiday Inn Express Orangeburg, the borrower is required to deposit 1/12 of 5% of gross revenues at the mortgaged property into an FF&E reserve subject to a cap of $936,000, provided that so long as the franchisor does not require the borrower to maintain a capital reserve in accordance with the franchise agreement, upon completion of the PIP, such monthly deposit will be reduced to 1/12 of 4% of annual gross revenues. Beginning on November 27, 2023 and through the date on which the borrower executes a replacement franchise agreement (or an extension of the existing franchise agreement) to expire no earlier than November 2031 in form satisfactory to the lender, the borrower will be required to make monthly deposits into an FF&E reserve in an amount equal to the greater of (a) 1/12 of 4% of gross revenues at the mortgaged property and (b) the quotient resulting from (i) the difference between $936,000 less the balance then on deposit in the related reserve divided by (ii) 36. During this time, the borrower will not have the ability to draw from or otherwise retain a release of funds on deposit in the related reserve. In lieu of the monthly deposits into an FF&E reserve during this time, the borrower will have the option to deliver to the lender on or prior to the commencement of the foregoing referenced 36-month period an “evergreen” letter of credit in the amount of $936,000 less the balance then on deposit in an FF&E reserve (the “LOC”). In the event that the borrower elects to deliver the LOC in lieu of making the monthly deposits into an FF&E reserve during this 36-month period, the borrower will not be entitled to make any draws under the LOC or to receive reimbursements from the lender with respect to any FF&E work, any costs associated with entering into, negotiating or executing a replacement franchise agreement (or any extension of the existing franchise agreement) or any work required in connection therewith. | |
With respect to Loan No. 38, Courtyard Business Center, deposits into the Monthly TI/LC Reserve ($) will be suspended so long as the mortgaged property maintains a physical and economic occupancy equal to or greater than 80%. If the mortgaged property is less than 80% physically and economically occupied, the borrower will be required to deposit $8,333 monthly into the Monthly TI/LC Reserve ($). | |
(17) | Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. |
With respect to Loan No. 9, Centre Market Building, the loan documents provide for a TI/LC Reserve Cap ($) in an amount equal to $7,750,000; provided, however, commencing on October 1, 2023 through and including the maturity date, (i) if the Largest Tenant, US Customs and Border Protection (“CBP”), executes a new lease with the borrower for a term expiring between September 30, 2023 and September 29, 2028, the TI/LC Reserve Cap ($) is required to be reduced to $5,500,000, (ii) If CBP and the borrower execute a new lease for a term expiring between September 30, 2028 and September 30, 2030, the TI/LC Reserve Cap ($) is required to be reduced to $2,500,000, or (iii) if CBP and the borrower execute a new lease for a term expiring after September 30, 2030 and the 2nd Largest Tenant, US Drug Enforcement Administration (“DEA”), and the borrower renew the DEA’s lease in accordance with the loan documents or execute a new lease with base rent of not less than 85% of the then-current base rent for a term expiring after June 30 2028, in each case among certain other conditions, the TI/LC Reserve Cap ($) will be reduced to $0. | |
With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, the loan documents provide that the deposits made into the PIP reserve, in the aggregate, have an Other Reserve Cap ($) of the greater of (i) the total estimated cost of the PIP or (ii) if borrower has commenced work on the PIP, the amount necessary to complete the initial PIP. Any portion of the FF&E monthly deposit deposited into the PIP reserve will be applied in the determination of whether the cap has been reached. | |
With respect to Loan No. 13, Orchard Hill Park, the loan documents provide that the deposits made into the Monthly CapEx Reserve ($) have a CapEx Reserve Cap ($) of $43,272 in the aggregate. During a cash sweep event caused solely by a tenant trigger event, all excess cash flow, until the Monthly TI/LC Reserve Cap ($) of $572,400 has been reached, will be deposited into the Monthly TI/LC Reserve ($) account. | |
With respect to Loan No. 20, Gwinnett Commerce Center, the loan documents provide that the deposits made into the Monthly TI/LC Reserve ($) have a TI/LC Reserve Cap ($) of $1,800,000 in the aggregate, which includes all excess cash flow during a cash sweep event caused solely by a tenant trigger event. | |
(18) | With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any Mortgaged Property. |
(19) | In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date, and may not include smaller spaces with different expiration dates. |
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With respect to Loan No. 6, 55 Hawthorne, except as noted below, the Largest Tenant, Yelp, is contractually obligated under its lease to occupy 100% of the building upon expiration of the current leases. All current leases expire by October 2017. There is one tenant, Make-a-Wish Foundation, with one, five-year renewal option, however, the loan sponsor does not expect Make-a-Wish Foundation to exercise the renewal option, which would increase its rent from $32.00 per square foot to market value, which the appraisal concluded to be $72.00 per square foot. If Make-a-Wish Foundation does exercise its renewal option, Yelp has the right but not the obligation to lease such space at the expiration of the extension term. | |
With respect to Loan No. 11, Milton Park, the 4th Largest Tenant, GE Capital, subleases 11,209 square feet to Antares Capital. | |
With respect to Loan No. 12, Reston EastPointe, the Largest Tenant, Vencore, Inc. subleases (i) 37,243 square feet to STG, Inc., (ii) 11,556 square feet to Cyveillance, and (iii) 11,051 square feet to the 3rd Largest Tenant, Vistronix, LLC. The 2nd Largest Tenant, Blue Canopy, LLC, subleases 25,171 square feet from Farmers Insurance Exchange. The space subleased by Blue Canopy, LLC expires February 28, 2019, and the tenant’s direct lease of 14,855 square feet expires February 28, 2023. | |
(20) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease its leased premises and be released from its obligations under the subject lease. |
With respect to Loan No. 3, Dallas Design District, the 3rd Largest Tenant, David Sutherland, Inc., has the right to terminate its lease on June 1, 2018, with notice on or prior to June 1, 2017 and the payment of a termination fee. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, the Largest Tenant, JCPenney, has the right to purchase its leased parcel under the related lease if the tenant determines that the lease has become “uneconomical” in accordance with the lease. The borrower may nullify this purchase option and the loan agreement requires the borrower to reject any offer to purchase the leased parcel, however, the lease provides that if the borrower rejects the offer to purchase, the lease will be terminated. | |
With respect to Loan No. 4, Fresno Fashion Fair Mall, the lease for the 2nd Largest Tenant, Victoria’s Secret, contains a co-tenancy clause that requires (i) more than three “Major Tenants” (as defined in the lease) to be open for business or (ii) 70% of other stores having storefronts or entrances on the enclosed mall excluding any “Major Tenants” (each of the foregoing (i) and (ii), the “VS Co-Tenancy Requirement”) to be open for business for reasons other than temporary permitted closures in accordance with the lease agreement. If the VS Co-Tenancy Requirement is breached (A) for 180 consecutive days, after such period, the tenant may pay a reduced rent of 5% of gross sales and (B) for 365 consecutive days, after such period, the tenant may terminate the lease with notice prior to the later of (i) 395 consecutive days from date the tenant was entitled to commence payment of the alternative rent, or (ii) 60 days following the date of the tenant’s notice that it is beginning the payment of alternative rent. If the tenant does not provide notice of termination as provided in the preceding sentence, the tenant is required to resume paying full rent. In addition, the lease for the 5th Largest Tenant, Anthropologie, contains a co-tenancy clause that requires (i) three or more tenants of 90,000 square feet or more to be operating or (ii) more than 65% of the total square footage of the mall (excluding the leased premises) to be occupied by tenants operating their business (each of the foregoing (i) and (ii), the “Anthropologie Co-Tenancy Requirement”). If the Anthropologie Co-Tenancy Requirement is breached (A) for six months or more, the tenant may pay a reduced rent of 6% of gross sales, and (B) for 365 consecutive days, after such period, the tenant may terminate the lease with 60 days notice following such 365 day period. If the tenant does not provide notice of termination as provided in the preceding sentence, the tenant is required to resume paying full rent. | |
With respect to Loan No. 5, Riverway, the 3rd Largest Tenant, Culligan International Company, has the right to terminate its lease as of December 31, 2019 with nine months’ notice and the payment of a termination fee. | |
With respect to Loan No. 5, Riverway, the 2nd Largest Tenant, Central States Pension Fund, the loan sponsor has indicated that the tenant may be facing insolvency issues in the future. According to the loan sponsor, as of December 31, 2015, the total number of participants and beneficiaries covered by the pension plan was 397,492. Of that number, 64,527 were current employees and the remaining members were either retired and receiving benefits or retired with a right to future benefits. In May 2016, the US Department of the Treasury rejected a plan put forth by the tenant to partially reduce the pensions of 115,000 retirees and the future benefits of 155,000 current workers. According to the loan sponsor, it is anticipated that without federal assistance, the pension fund will become insolvent by the end of 2025. | |
With respect to Loan No. 6, 55 Hawthorne, the Largest Tenant, Yelp, has the right to contract its leased space by (i) up to two entire floors, effective as of the last day of the 72nd calendar month of the lease term, and (ii) up to one entire floor, effective as of the last day of the 96th calendar month of the lease term, provided in each case that the tenant is leasing at least 65% of the total net rentable area in the building. The tenant is required to terminate the lowest floors being leased. | |
With respect to Loan No. 7, Bardmoor Palms, the Largest Tenant, Allstate, has the right to terminate its lease with respect to (i) 37,411 square feet in the east building at any time beginning October 1, 2021 with 12 months’ written notice and the payment of a termination fee and (ii) 90,258 square feet in the west building at any time beginning October 1, 2023 with 12 months’ written notice and the payment of a termination fee. | |
With respect to Loan No. 8, Landmark Square, the Largest Tenant, Cummings & Lockwood has the right to contract its leased space by 5,000-10,000 square feet as of April 30, 2021, with 12 months’ notice and the payment of a contraction fee. The 3rd Largest Tenant, Finn Dixon & Herling, has a one-time right to terminate 3,240 square feet of its 26,385 total square as of January |
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1, 2023 with 18 months’ written notice. The 4th Largest Tenant, Morgan Stanley Smith Barney, has a one-time right to terminate its lease as of August 23, 2019 with 12 months’ written notice and the payment of a termination fee. | |
With respect to Loan No. 9, Centre Market Building, the Largest Tenant, US Customs and Border Protection, has the right to terminate its lease on May 31, 2019 with 180 days’ notice. The 3rd Largest Tenant, US Social Security Administration, has the right to terminate its lease at any time with 90 days’ notice. | |
With respect to Loan No. 11, Milton Park, the 2nd Largest Tenant, Pegasystems, Inc., has the right to terminate its lease as of July 31, 2019 in the event there is a change in control of the tenant (whether by the change of 50% or more of the direct or indirect ownership interests in the tenant or possession of the right to vote more than 50% of the ownership interests in the tenant), with notice by January 31, 2019 and the payment of a termination fee. | |
With respect to Loan No. 12, Reston EastPointe, the 2nd Largest Tenant (when including subleased space), Blue Canopy, LLC, has the right to terminate its lease on July 31, 2019 with 12 months’ notice and payment of a termination fee. The 3rd Largest Tenant (when including subleased space), Vistronix, LLC, has the right to terminate its lease on November 30, 2020 with nine months’ notice and payment of a termination fee. | |
With respect to Loan No. 13, Orchard Hill Park, the lease for the 2nd Largest Tenant, Dick’s Sporting Goods, contains a co-tenancy clause that requires at least 65% of the leasable floor area to be occupied/opened by a (i) a national occupant operating a minimum of 50 high-quality retail stores or (ii) a regional occupant operating high-quality retail stores, both of types found in first-class shopping centers. If the co-tenancy requirement is not satisfied in excess of 90 consecutive days, tenant will pay substitute rent of 3% of gross sales (but not more than the lease rent) at the beginning of the first calendar month following such co-tenancy violation and ending on the last day of the calendar month such violation ends. If such co-tenancy violation continues for a period up to 24 months tenant has the right to continue to pay substitute rent or may terminate its lease with 60 days’ notice. If such co-tenancy violation continues for a period over 24 months (“Violation Period”), then tenant, within 30 days after such period, will either (a) terminate its lease with 60 days written notice or (b) resume full payment of rent in the first calendar month after 60 days from the Violation Period. The lease for the 3rd Largest Tenant, Bed Bath & Beyond, contains a co-tenancy clause that requires at least 75,000 square feet of the leasable floor area to be used for the operation of a retail business by a national or regional tenant typically found in first class shopping centers. If the co-tenancy requirement is violated for more than 365 days, the tenant will have the right to pay an alternative rent of 3% of gross sales or 50% of the tenants current fixed rent during the period the violation continues in excess of 365 days. If such violation continues for a period in excess of 730 continuous days the tenant will have the right, within 120 days after the expiration of such 730-day period and with 60 days’ written notice to terminate its lease. If the tenant does not terminate its lease within 120 days after the expiration of such 730-day period the tenant will resume paying full rent. The lease for the 4th Largest Tenant, Chili’s, contains a co-tenancy clause that requires 65% of Orchard Hill Park (excluding Target and Chili’s) to be open and operating. If the co-tenancy requirement is not satisfied in excess of 150 consecutive days, then tenant will have the right to cease operations and at any time tenant will have the right to terminate its lease with 90 days’ notice to landlord. The lease for the 5th Largest Tenant, Sleepy’s, contains a co-tenancy clause that states the tenant will have the right to pay a substitute rent equal to 50% of the tenants current minimum annual rent as substitute rent if either of the following exists for a continuous period of 90 days after written notice to landlord: (1) Target and Kohl’s space becomes vacant or (2) less than 50% of the remaining stores in Orchard Hill Park (not including Target and Kohl’s space) will be vacant (a “Co-Tenancy Failure”). If a Co-Tenancy Failure continues for six months following written notice to landlord, the tenant can either terminate its lease with 10 days’ notice or resume paying full rent. The lease for the 5th Largest Tenant, Sleepy’s, has a one-time option to terminate its lease, effective as of November 30, 2017, at any time within a 30-day period after February 28, 2017, if its gross sales do not exceed $875,000 for at least one 12-month period between January 1, 2013 and February 28, 2017, with notice on or prior to the expiration of such 30-day period. | |
With respect to Loan No. 14, 11200 Rockville Pike, the Largest Tenant, RR Donnelly Financial, Inc., has the right to terminate its lease or contract its space of the entire third or fifth floors on February 28, 2019, with 12 months’ notice and the payment of a termination fee. The 2nd Largest Tenant, Snyder Cohn PC, has the right to terminate its lease on November 30, 2020, with notice on or before 210 days prior to exercising such option and the payment of a termination fee. | |
With respect to Loan No. 17, Las Palmas, the 2nd Largest Tenant, CPS Energy, has the one-time right to terminate its lease as of January 31, 2019, with 90 days’ notice and payment of a termination fee. | |
With respect to Loan No. 18, Liberty Center, the 3rd Largest Tenant, Rexair LLC, has the one-time right to terminate its lease during the month of January 2018 with at least six months’ notice but no more than 12 months’ prior written notice and payment of an early termination fee equal to 107.5% of the total unamortized sum of landlord’s work and leasing commissions. Additionally, the 4th Largest Tenant, Farmers Insurance Exchange, has an ongoing right to contract space by up to 25% on or after May 1, 2017 with 90 days’ prior written notice and a contraction fee equal to 120% of the total unamortized sum of landlord’s work and leasing commissions. Farmers Insurance Exchange also has the right to terminate its lease as of April 30, 2018 with 90 days’ prior written notice and payment of an early termination fee equal to 120% of the total unamortized sum of landlord’s work and leasing commissions. The 5th Largest Tenant, Cornerstone Municipal, has the right to terminate its lease as of February 29, 2020 and expiring on January 31, 2021 with six months’ prior written notice and payment of an early termination fee equal to 120% of the total unamortized sum of tenant improvements and leasing commissions, if there is a buyout, merger or sale of the company. | |
With respect to Loan No. 19, Ocotillo Plaza, the Largest Tenant, Marketon, has the one-time right to terminate its lease effective June 1, 2017 and expiring on July 14, 2017 if gross sales for the then-previous 12-month period fail to exceed $36,000,000. |
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With respect to Loan No. 20, Gwinnett Commerce Center, the Largest Tenant, GSA Department of Veteran Affairs, has the right to terminate its lease after November 1, 2020 with 90 days’ notice. The 5th Largest Tenant, GSA Federal Energy Regulatory Commission, has the right to terminate its lease at any time with 60 days’ notice. | |
With respect to Loan No. 24, 4400 Dixie Highway, the 4th Largest Tenant, Metalworking Group Holdings, Inc., has the one-time right to terminate its lease as of October 31, 2017, with notice by April 1, 2017. | |
With respect to Loan No. 26, 100 North Citrus, the Largest Tenant, Wells Fargo Bank N.A., has the one-time right to terminate its lease effective November 30, 2022 with 12 months’ prior written notice and payment of an early termination fee equal to the total unamortized sum of landlord’s work and leasing commissions. | |
With respect to Loan No. 33, Lake Geneva Commons, the 2nd Largest Tenant, HomeGoods, has the option to terminate its lease if Petco or Aldi is closed for more than 18 consecutive months. The borrower anticipates that Aldi will open for business in April 2017. Additionally, the 3rd Largest Tenant, Petco, has the option to pay the 5% of gross sales in lieu of base rent if, during any 30 consecutive day period, the mortgaged property is less than 33% occupied. If the related co-tenancy provision continues for 12 months, Petco may terminate its lease. | |
With respect to Loan No. 36, 3200 North Hayden, the Largest Tenant, Strickbine Publishing, Inc., vacated its premises and has subleased approximately half of its leased space (4,224 square feet) to one sub-lessee and the remaining portion of the premises to another sub-lessee. Strickbine Publishing, Inc. is liable for its obligations under the lease. | |
With respect to Loan No. 40, Aldine Plaza, the Largest Tenant, Dollar Tree, has the option to pay the 3% of gross sales in lieu of base rent, beginning in March 2017, if the mortgaged property is less than 75% occupied. If the related co-tenancy provision continues for six months, Dollar Tree may terminate its lease. | |
(21) | In certain cases, the Principal / Carve-out Guarantor name was shortened for spacing purposes. |
With respect to Loan No. 1, Hilton Hawaiian Village, the aggregate liability of the Principal / Carve-out Guarantor with respect to all full recourse carve-outs in the loan documents may not exceed an amount equal to 10% of the principal balance of the Hilton Hawaiian Village Whole Loan outstanding at the time of the occurrence of such event, plus any and all reasonable third-party collection costs actually incurred by the lender (including reasonable attorneys’ fees and costs reasonably incurred). In addition, the Principal / Carve-out Guarantor is not a party to the environmental indemnity, and the borrowers are the sole parties liable for any breaches or violations of the indemnity. In lieu of the Principal / Carve-out Guarantor signing the indemnity, the borrowers were required to obtain an environmental insurance policy in accordance with the loan documents. | |
With respect to Loan No. 2, Moffett Gateway, the borrower is permitted to obtain the release of Joseph K. Paul and Jay Paul Revocable Living Trust Dated November 9, 1999, as Amended and Restated on March 19, 2010, on certain terms and conditions in the loan documents, which include, without limitation (i) no event of default has occurred and is then continuing, (ii) such release is permitted by then applicable REMIC requirements and (iii) Paul Guarantor LLC has a net worth of not less than $300,000,000 and liquidity of not less than $20,000,000. | |
With respect to Loan No. 3, Dallas Design District, the aggregate liability of one of the Principal / Carve-out Guarantor, Donald Engle, with respect to all nonrecourse carve-out provisions in the loan documents is limited to only breaches or violations of the nonrecourse carve-outs related to the tenant-in-common borrower owned by such Principal / Carve-out Guarantor, and Donald Engle is not a party to the environmental indemnity. The other Principal / Carve-out Guarantor, William L. Hutchinson, has signed the environmental indemnity and is responsible for any violation or breach of the nonrecourse carve-out provisions. | |
With respect to Loan No. 9, Centre Market Building, one of the Principals / Carve-out Guarantors, Gerald Scott Kaufman, and his estate are permitted to obtain the release from liabilities upon his death or incapacity on certain terms and conditions in the loan documents, which include, without limitation (i) the other Principal / Carve-out Guarantor, B. Jeremy Kaufman, remains liable under all loan documents to which he is a party, (ii) B. Jeremy Kaufman has a net worth of not less than $21,000,000 and liquidity of not less than $2,000,000 and (iii) B. Jeremy Kaufman reaffirms and ratifies all of his obligations under the loan documents to which he is a party. | |
(22) | With respect to Loan No. 1, Hilton Hawaiian Village, 5,900 square feet of the mortgaged property is a leasehold interest owned by one of the borrowers under a ground lease, and, except as noted in the footnote below, the remainder of the mortgaged property is owned by the borrower in fee simple. |
With respect to Loan Nos. 1 and 8, Hilton Hawaiian Village and Landmark Square, the respective borrowers have pledged both the fee interest in the mortgaged property held by the borrower which owns the mortgaged property (“Owner Borrower”) as well as the leasehold interest of the related borrower which is the operating lessee of the property (“Lessee Borrower”) under an operating lease between Owner Borrower and Lessee Borrower. | |
With respect to Loan No. 3, Dallas Design District, a portion of the mortgaged property located at 1621 Oak Lawn, Dallas, Texas, is a leasehold interest owned by two of the borrowers under a ground lease, which expires December 20, 2051. | |
With respect to Loan No. 8, Landmark Square, a portion of the mortgaged property consisting of 1 Landmark Square is a leasehold interest in an air rights parcel owned by the borrower which expires February 28, 2082, and the remainder of the mortgaged property is owned by the borrower in fee simple. |
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With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, the mortgaged property is secured by two ground leases. One ground lease covers the hotel improvements and the eastern portion of the mortgaged property, and the other ground lease covers the remaining western portion of the mortgaged property, which mostly consists of parking. Both ground leases expire June 30, 2096. | |
(23) | The classification of the lockbox types is described in the preliminary prospectus. See “Description of the Mortgage Pool – Lockbox Accounts” for further details. |
With respect to Loan Nos. 8, 15 and 16, Landmark Square, Marriott Galleria and Royal Oaks Plaza the respective borrowers may cure an excess cash sweep event caused by a low debt service coverage ratio and/or tenant-related trigger events by providing (i) a letter of credit in an amount that, if used to reduce the outstanding principal amount of the loan, would otherwise prevent or cure such trigger, or (ii) in the case of Landmark Square, a partial payment guaranty in the amount set forth in the loan documents. | |
(24) | Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Debt—Mezzanine Indebtedness,” “—Future Mezzanine Debt” and “—Preferred Equity” and “Certain Legal Aspects of the Mortgage Loans” in the preliminary prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future. |
With respect to Loan No. 4, Fresno Fashion Fair Mall, the loan documents permit the borrower to enter into a property assessed clean energy (PACE) loan that is repaid through multi-year assessments against the mortgaged property in an amount not to exceed $10,000,000, subject to the lender’s consent (which may not be unreasonably withheld, conditioned or delayed) and delivery of a rating agency confirmation. The borrower may also incur personal property purchase money financing and leases up to an aggregate amount of not greater than $2,000,000 (except for equipment leases associated with sustainability and environmental initiatives provided the same do not, in and of themselves, secure an aggregate amount in excess of $5,000,000). See “Description of the Mortgage Pool—Additional Debt—Other Secured Indebtedness” in the preliminary prospectus for additional information. | |
With respect to Loan No. 10, Courtyard Marriott - King Kamehameha, the franchisor committed $1,500,000 in unsecured “key money” financing for development, renovations and operation of the mortgaged property. The franchise agreement obligates the borrower to repay the “key money” only if (i) the franchise agreement is terminated prior to the expiration date of the franchise agreement or (ii) the agreement is assumed in connection with a permitted transfer under the agreement, unless the transferee after such transfer (A) continues to operate as a Marriott; (B) assumes the obligations under the franchise agreement (including the obligation to repay the unamortized portion of the key money); and (C) does not request any modifications to the terms of the franchise agreement that may trigger an obligation by the franchisor to write off on its financial statements the unamortized portion of the key money. In the event the franchisee is required to repay the “key money”, the borrower is required to pay, on or before the effective date of termination, the full amount of the “key money” less than $75,000 for each 12-month period that the agreement is in effect after the payment of the “key money” by the franchisor. See “Description of the Mortgage Pool—Additional Debt—Unsecured Indebtedness” in the preliminary prospectus for additional information. |
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