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CSAIL 2021-C20 Commercial Mortgage Trust

Filed: 15 Mar 21, 3:27pm
 

 

  FREE WRITING PROSPECTUS
  FILED PURSUANT TO RULE 433
  REGISTRATION FILE NO.: 333-227081-06
   

 

 

The Information contained herein (the "Information") is preliminary and subject to change.  The information will be superseded by similar information delivered to you as part of the offering document relating to the Commercial Mortgage Pass-Through Certificates, Series CSAIL 2021-C20 (the "Offering Document").  The Information supersedes any such information previously delivered.  The Information should be reviewed only in conjunction with the entire Offering Document. All of the Information is subject to the same limitations and qualifications contained in the Offering Document.  The Information does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document.  The Information contained herein will be more fully described elsewhere in the Offering Document.  The Information should not be viewed as projections, forecasts, predictions or opinions with respect to value.  Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. The privately offered securities described in the Offering Document as to which the Information relates have not been and will not be registered under the United States Securities Act of 1933, as amended. This material should be not construed as an effort to sell or the solicitation of any offer to buy any security in any jurisdiction where such offer of solicitation could be illegal.  

For investors in publicly offered securities as to which the Information relates: The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-227081) for the offering to which this communication relates.  Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering.  You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, the depositor or the underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-221-1037.

The information in this file (the “File”) is an electronic copy of the information set forth in the Annex 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 subject securities 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 free 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 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

          
Loan No.FootnotesFlag Deal Name% of Initial Pool Balance Mortgage Loan OriginatorMortgage Loan Seller(1)Original Balance(2)Cut-off Date Balance(2)(3)Maturity/ARD Balance(2)
1 LoanThe Grace Building9.2%Column Financial, Inc.; Bank of America, N.A.; DBR Investments Co. Limited; JPMorgan Chase Bank, National AssociationColumn; GACC$60,000,000$60,000,000$60,000,000
2 LoanMiami Design District9.2%Bank of America, N.A.3650 REIT $60,000,000$60,000,000$60,000,000
3 Loan888 Figueroa6.2%MUFG UNION BANK, N.A.3650 REIT $40,000,000$40,000,000$40,000,000
4(23)LoanMGM Grand & Mandalay Bay6.0%Barclays Capital Real Estate Inc.; Citi Real Estate Funding Inc.; Deutsche Bank AG, New York Branch; Societe Generale Financial CorporationGACC$39,055,333$39,055,333$39,055,333
4.01 PropertyMGM Grand   $21,285,156$21,285,156$21,285,156
4.02 PropertyMandalay Bay   $17,770,177$17,770,177$17,770,177
5 LoanThe Westchester5.4%Column Financial, Inc.Column$35,000,000$35,000,000$35,000,000
6 LoanHollywest Promenade4.9%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $31,600,000$31,600,000$31,600,000
7 LoanBedford Park4.8%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $31,500,000$31,500,000$31,500,000
8 LoanUSSC Group Headquarters4.8%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $31,500,000$31,500,000$28,276,666
9 LoanMemphis Self Storage Portfolio4.8%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $31,000,000$31,000,000$26,274,086
9.01 PropertyStorage at Highway 70   $5,700,000$5,700,000$4,831,042
9.02 PropertyStorage at Fontaine Road   $4,370,000$4,370,000$3,703,799
9.03 PropertyStorage at Hacks Cross Road   $4,300,000$4,300,000$3,644,470
9.04 PropertyStorage at Country Park   $4,110,000$4,110,000$3,483,435
9.05 PropertyStorage at Commerce Drive   $4,060,000$4,060,000$3,441,058
9.06 PropertyStorage at Highway 51   $4,030,000$4,030,000$3,415,631
9.07 PropertyStorage at Titus Road   $3,250,000$3,250,000$2,754,541
9.08 PropertyStorage at Winchester Road   $1,180,000$1,180,000$1,000,110
10 LoanLegacy Commons4.7%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $30,500,000$30,500,000$30,500,000
11 LoanVoyant Industrial Portfolio3.6%Bayview Commercial Mortgage Finance, LLC3650 REIT $23,700,000$23,700,000$21,397,519
11.01 PropertyVoyant - Roanoke   $15,450,000$15,450,000$13,949,016
11.02 PropertyVoyant - New Albany   $8,250,000$8,250,000$7,448,504
12 LoanCobblestone Commons3.5%UBS AGUBS AG$22,800,000$22,800,000$22,800,000
13 LoanStanford Oaks 3.2%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $21,000,000$21,000,000$21,000,000
14 LoanSpringHill Suites Boise2.9%DBR Investments Co. LimitedGACC$18,800,000$18,800,000$16,163,430
15 LoanSunset Hills2.6%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $17,100,000$17,100,000$15,016,215
16 LoanHighline Apartments2.6%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $17,000,000$17,000,000$14,573,140
17 LoanIndian Rock2.6%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $17,000,000$17,000,000$14,895,777
18 LoanArts Building2.3%Column Financial, Inc.Column$15,000,000$15,000,000$15,000,000
19 LoanRoyal Pines2.3%UBS AGUBS AG$15,000,000$15,000,000$13,726,120
20 LoanTBC Corporate Office2.2%UBS AGUBS AG$14,000,000$14,000,000$14,000,000
21 Loan880 Technology Drive2.0%UBS AGUBS AG$12,700,000$12,700,000$12,700,000
22 LoanThe Gables at Lakeside1.9%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $12,250,000$12,250,000$10,765,288
23 LoanFox Hills Apartments1.8%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $11,550,000$11,550,000$11,550,000
24 LoanSun Belt Office Portfolio1.6%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $10,150,000$10,096,253$8,121,721
24.01 PropertyRainbow Park Office   $6,700,000$6,664,522$5,361,136
24.02 PropertyChandler Medical Office   $3,450,000$3,431,731$2,760,585
25 LoanIron Gate Mega Storage1.5%UBS AGUBS AG$10,000,000$10,000,000$10,000,000
26 Loan280 Commerce Street1.3%UBS AGUBS AG$9,000,000$8,758,608$6,507,280
27 LoanThe Bristol1.0%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $6,187,000$6,187,000$5,202,143
28(24)LoanRachel Drive Apartments0.6%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $3,690,000$3,690,000$3,250,847
29(24)LoanChambersburg Portfolio0.5%Grass River Real Estate Credit Partners Loan Funding, LLC3650 REIT $3,307,500$3,307,500$2,913,869
29.01 PropertyKelhigh Drive Apartments   $1,822,500$1,822,500$1,605,601
29.02 PropertyCheree Drive Apartments   $1,485,000$1,485,000$1,308,268

 

A-1-1

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

        
Loan No.FootnotesFlag Deal NameCut-off Date Balance per SF/Units/RoomsLoan PurposeSponsorNon-Recourse Carveout Guarantor
1 LoanThe Grace Building$567.13     RefinanceBrookfield Office Properties, Inc.BOP NYC OP LLC; Swig Investment Company, LLC
2 LoanMiami Design District$804.68     RefinanceMiami Design District Associates, LLCMiami Design District Associates, LLC
3 Loan888 Figueroa$277.62     RefinanceDavid TabanDavid Taban
4(23)LoanMGM Grand & Mandalay Bay$167,644.65     AcquisitionBREIT Operating Partnership L.P.; MGM Growth Properties Operating Partnership LPBREIT Operating Partnership L.P.; MGM Growth Properties Operating Partnership LP
4.01 PropertyMGM Grand$167,644.65        
4.02 PropertyMandalay Bay$167,644.65        
5 LoanThe Westchester$421.39     RefinanceSimon Property Group, L.P.; Institutional Mall Investors LLCSimon Property Group, L.P.
6 LoanHollywest Promenade$260.87     RefinanceFarzad Shooshani; Farshad T. ShooshaniFarshad T. Shooshani and Farzad Shooshani, as Co-Trustees of the Said Shooshani Irrevocable Grantor Trust U/D/T dated November 9, 2012; Farshad T. Shooshani and Farzad Shooshani, as Co-Trustees of the Homa Shooshani Irrevocable Grantor Trust U/D/T dated November 9, 2012
7 LoanBedford Park$115,808.82     RefinanceGideon D. LevyGideon D. Levy
8 LoanUSSC Group Headquarters$74.43     RecapitalizationAG Net Lease IV Corp.; AG Net Lease IV (Q) Corp.; AG Net Lease Realty Fund IV Investments (H-1), L.P.AG Net Lease IV Corp.; AG Net Lease IV (Q) Corp.; AG Net Lease Realty Fund IV Investments (H-1), L.P.
9 LoanMemphis Self Storage Portfolio$7,840.16     AcquisitionDamian Langere; Keith Wasserman, Steve Wasserman; Wasserman Family TrustDamian Langere; Keith Wasserman, Steve Wasserman; Wasserman Family Trust
9.01 PropertyStorage at Highway 70$7,840.16        
9.02 PropertyStorage at Fontaine Road$7,840.16        
9.03 PropertyStorage at Hacks Cross Road$7,840.16        
9.04 PropertyStorage at Country Park$7,840.16        
9.05 PropertyStorage at Commerce Drive$7,840.16        
9.06 PropertyStorage at Highway 51$7,840.16        
9.07 PropertyStorage at Titus Road$7,840.16        
9.08 PropertyStorage at Winchester Road$7,840.16        
10 LoanLegacy Commons$105,902.78     RefinanceGideon D. LevyGideon D. Levy
11 LoanVoyant Industrial Portfolio$43.63     AcquisitionLCN North American Fund III REITLCN North American Fund III REIT
11.01 PropertyVoyant - Roanoke$43.63        
11.02 PropertyVoyant - New Albany$43.63        
12 LoanCobblestone Commons$256.85     AcquisitionJose Chacalo Hilu; Isidoro Attie LaniadoJose Chacalo Hilu; Isidoro Attie Laniado
13 LoanStanford Oaks $103,960.40     RefinanceGideon D. LevyGideon D. Levy
14 LoanSpringHill Suites Boise$81,739.13     AcquisitionBakulesh G. PatelBakulesh G. Patel; Jatin N. Patel; Maulin P. Patel; Manmohan N. Patel; Depan B. Patel; Karshanbhai Patel
15 LoanSunset Hills$142,500.00     AcquisitionInvestment Concepts, Inc.Investment Concepts, Inc.
16 LoanHighline Apartments$94,444.44     RefinanceDavid A. Trottier; Dustin Dale EmmertDavid A. Trottier; Dustin Dale Emmert
17 LoanIndian Rock$315.63     RefinanceAbraham GuttmanAbraham Guttman
18 LoanArts Building$89.10     RefinanceIGS Realty CompanyPhilippe Ifrah
19 LoanRoyal Pines$168,539.33     RefinanceGraham O. Jones, Jr.; Gregory P. Jones; John Burke Salib; Paul A. SalibGraham O. Jones, Jr.; Gregory P. Jones; John Burke Salib; Paul A. Salib
20 LoanTBC Corporate Office$229.51     AcquisitionJose Chacalo Hilu; Isidoro Attie LaniadoJose Chacalo Hilu; Isidoro Attie Laniado
21 Loan880 Technology Drive$147.96     RefinanceSamuel Surnow; Max SurnowSamuel Surnow; Max Surnow
22 LoanThe Gables at Lakeside$92,105.26     RefinanceMichael J. UccelliniMichael J. Uccellini
23 LoanFox Hills Apartments$481,250.00     RefinanceYouram NassirYouram Nassir
24 LoanSun Belt Office Portfolio$151.95     RecapitalizationTolisTolis Investment Strategies Master Fund Ltd.
24.01 PropertyRainbow Park Office$151.95        
24.02 PropertyChandler Medical Office$151.95        
25 LoanIron Gate Mega Storage$12,642.23     RefinanceGlen Aronson; Patrick O. LennonGlen Aronson; Patrick O. Lennon
26 Loan280 Commerce Street$93.42     RefinanceChristie AbercrombieChristie Abercrombie
27 LoanThe Bristol$73,654.76     RefinanceEric Weber; Andrew MillardEric Weber; Andrew Millard
28(24)LoanRachel Drive Apartments$120,646.55     RefinanceBen ShaoolBen Shaool
29(24)LoanChambersburg Portfolio$120,646.55     RefinanceBen ShaoolBen Shaool
29.01 PropertyKelhigh Drive Apartments$120,646.55        
29.02 PropertyCheree Drive Apartments$120,646.55        

 

A-1-2

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

     MORTGAGED PROPERTY CHARACTERISTICS
Loan No.FootnotesFlag Deal Name No. of Properties General Property Type Detailed Property Type Title Type(4)Ground Lease Initial Lease Expiration DateAddress City County State Zip Code Year Built 
1 LoanThe Grace Building 1OfficeCBDFeeNAP1114 Avenue of the AmericasNew YorkNew YorkNY100361974
2 LoanMiami Design District 1RetailLuxury RetailFeeNAP151 Northeast 40th StreetMiamiMiami-DadeFL331372014-2019
3 Loan888 Figueroa 1OfficeCBDFeeNAP888 South Figueroa Street Los AngelesLos AngelesCA900171985
4(23)LoanMGM Grand & Mandalay Bay 2HotelFull ServiceFeeNAPVariousLas VegasClarkNVVariousVarious
4.01 PropertyMGM Grand 1HotelFull ServiceFeeNAP3799 South Las Vegas BoulevardLas VegasClarkNV891091993
4.02 PropertyMandalay Bay 1HotelFull ServiceFeeNAP3950 South Las Vegas BoulevardLas VegasClarkNV891191999
5 LoanThe Westchester 1RetailSuper-Regional MallFee & Leasehold12/30/2091125 Westchester AvenueWhite PlainsWestchesterNY106011995
6 LoanHollywest Promenade 1RetailAnchoredFeeNAP5455 Hollywood BoulevardLos AngelesLos AngelesCA900272002
7 LoanBedford Park 1MultifamilyGardenFeeNAP2739 Shallowford RoadAtlantaDekalbGA303411965
8 LoanUSSC Group Headquarters 1IndustrialWarehouse/DistributionFeeNAP101 Gordon DriveExtonChesterPA193411978, 2020
9 LoanMemphis Self Storage Portfolio 8Self StorageSelf StorageFeeNAPVariousVariousVariousVariousVariousVarious
9.01 PropertyStorage at Highway 70 1Self StorageSelf StorageFeeNAP8036 US Highway 70BartlettShelbyTN381331985
9.02 PropertyStorage at Fontaine Road 1Self StorageSelf StorageFeeNAP3417 Fontaine RoadMemphisShelbyTN381161972
9.03 PropertyStorage at Hacks Cross Road 1Self StorageSelf StorageFeeNAP7911 Hacks Cross RoadOlive BranchDesotoMS386541995
9.04 PropertyStorage at Country Park 1Self StorageSelf StorageFeeNAP6780 Country Park DriveMemphisShelbyTN381331980
9.05 PropertyStorage at Commerce Drive 1Self StorageSelf StorageFeeNAP7097 Commerce DriveOlive BranchDesotoMS386542003
9.06 PropertyStorage at Highway 51 1Self StorageSelf StorageFeeNAP2274 US Highway 51NesbitDesotoMS386512003
9.07 PropertyStorage at Titus Road 1Self StorageSelf StorageFeeNAP1880 Titus RoadMemphisShelbyTN381111975
9.08 PropertyStorage at Winchester Road 1Self StorageSelf StorageFeeNAP4175 Winchester RoadMemphisShelbyTN381161984
10 LoanLegacy Commons 1MultifamilyGardenFeeNAP6259 South Norcross Tucker RoadTuckerGwinnettGA300841974
11 LoanVoyant Industrial Portfolio 2IndustrialWarehouse/DistributionFeeNAPVariousVariousVariousVariousVariousVarious
11.01 PropertyVoyant - Roanoke 1IndustrialWarehouse/DistributionFeeNAP4411 Plantation Road NortheastRoanokeCity of RoanokeVA240121959, 1963, 1975
11.02 PropertyVoyant - New Albany 1IndustrialWarehouse/DistributionFeeNAP9040 Smith's Mill RoadNew AlbanyLickingOH430542011
12 LoanCobblestone Commons 1RetailAnchoredFeeNAP8855 West Boynton Beach BoulevardBoynton BeachPalm BeachFL334722019
13 LoanStanford Oaks  1MultifamilyGardenFeeNAP2035 Idlewood DriveTuckerDeKalbGA300841968
14 LoanSpringHill Suites Boise 1HotelLimited ServiceFeeNAP424 East Parkcenter BoulevardBoiseAdaID837051991
15 LoanSunset Hills 1MultifamilyGardenFeeNAP2825 Bluegrass LaneHendersonClarkNV890741988
16 LoanHighline Apartments 1MultifamilyGardenFeeNAP405 Bills Lane Columbia FallsFlatheadMT599122020
17 LoanIndian Rock 1Mixed UseOffice/RetailFeeNAP1 Route 59SuffernRocklandNY109011996
18 LoanArts Building 1OfficeCBDFeeNAP336 West 37th StreetNew YorkNew YorkNY100181928
19 LoanRoyal Pines 1MultifamilyGardenFeeNAP362 U.S. Route 9Marlboro TownshipMonmouthNJ077262009
20 LoanTBC Corporate Office 1OfficeSuburbanFeeNAP4260 Design Center DrivePalm Beach GardensPalm BeachFL334102020
21 Loan880 Technology Drive 1OfficeSuburbanFeeNAP880 Technology DriveAnn ArborWashtenawMI481081997
22 LoanThe Gables at Lakeside 1MultifamilyGardenFeeNAP1209 Bermuda Lakes LaneKissimmeeOsceolaFL347411993
23 LoanFox Hills Apartments 1MultifamilyLow RiseFeeNAP2300 Fox Hills Drive & 2306 Fox Hills DriveLos AngelesLos AngelesCA900641968; 2005
24 LoanSun Belt Office Portfolio 2OfficeVariousFeeNAPVariousVariousVariousVariousVariousVarious
24.01 PropertyRainbow Park Office 1OfficeSuburbanFeeNAP5920 and 5940 South Rainbow BoulevardLas VegasClarkNV891182005
24.02 PropertyChandler Medical Office 1OfficeMedicalFeeNAP655 South Dobson Road, Building AChandlerMaricopaAZ852242000
25 LoanIron Gate Mega Storage 1Self StorageSelf StorageFeeNAP7920 Northeast 117th AvenueVancouverClarkWA986621999
26 Loan280 Commerce Street 1RetailUnanchoredFeeNAP280 Commerce StreetSouthlakeTarrantTX760921986
27 LoanThe Bristol 1MultifamilyGardenFeeNAP250 East Bristol StreetElkhartElkhartIN465141967
28(24)LoanRachel Drive Apartments 1MultifamilyGardenFeeNAP1-84 Rachel DriveChambersburgFranklinPA172012018
29(24)LoanChambersburg Portfolio 2MultifamilyGardenFeeNAPVariousChambersburgFranklinPA172012018
29.01 PropertyKelhigh Drive Apartments 1MultifamilyGardenFeeNAP18-48 Kelhigh DriveChambersburgFranklinPA172012018
29.02 PropertyCheree Drive Apartments 1MultifamilyGardenFeeNAP100-111 Cheree DriveChambersburgFranklinPA172012018

 

A-1-3

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

 

    MORTGAGED PROPERTY CHARACTERISTICS MORTGAGE LOAN CHARACTERISTICS
Loan No.FootnotesFlag Deal NameYear RenovatedNet Rentable Area SF/Units/ Rooms(5)(6)Units of Measure Occupancy Rate(5)(6)(7)Occupancy Rate As-of DateAppraised Value(7)Appraisal As-of Date(8) Interest Rate %Admin Fee Rate %(9)Net Mortgage Rate %Interest Accrual  Basis Seasoning (mos.)ARD (Yes/No) Original Term to Maturity (mos.) Remaining Term to Maturity (mos.)Original Interest-Only Period (mos.) Remaining Interest-Only Period (mos.) 
1 LoanThe Grace Building20181,556,972Square Feet94.8%10/19/2020$2,150,000,0009/8/2020 2.6921%0.01845%2.67365%Actual/3603No120117120117
2 LoanMiami Design DistrictNAP497,094Square Feet88.5%9/1/2020$856,000,0003/1/2020 4.1325%0.04845%4.08405%Actual/36012No120108120108
3 Loan888 FigueroaNAP414,232Square Feet81.9%12/31/2020$194,000,00011/17/2020 3.7250%0.05595%3.66905%Actual/36020No120100120100
4(23)LoanMGM Grand & Mandalay BayNAP9,748Rooms71.4%9/30/2020$4,600,000,0001/10/2020 3.5580%0.01658%3.54143%Actual/36012Yes120108120108
4.01 PropertyMGM GrandNAP4,998Rooms68.5%9/30/2020$2,505,000,0001/10/2020           
4.02 PropertyMandalay BayNAP4,750Rooms74.8%9/30/2020$2,095,000,0001/10/2020           
5 LoanThe Westchester2015-2017813,979Square Feet89.0%10/9/2020$647,000,0001/12/2021 3.2500%0.01720%3.23280%Actual/36013No120107120107
6 LoanHollywest PromenadeNAP121,135Square Feet96.1%12/20/2020$60,000,00011/22/2020 3.0350%0.04720%2.98780%Actual/3602No122120122120
7 LoanBedford Park2020272Units97.4%1/31/2021$50,000,0009/25/2020 3.9730%0.04720%3.92580%Actual/3604No124120124120
8 LoanUSSC Group Headquarters2018423,217Square Feet100.0%12/1/2020$48,800,0009/11/2020 3.8300%0.04720%3.78280%Actual/3604No1241206056
9 LoanMemphis Self Storage Portfolio20173,954Units82.8%12/31/2020$42,625,0005/20/2020 4.5250%0.04720%4.47780%Actual/3608No1241162416
9.01 PropertyStorage at Highway 702017627Units83.3%12/31/2020$7,850,0005/20/2020           
9.02 PropertyStorage at Fontaine Road2017750Units80.8%12/31/2020$6,050,0005/20/2020           
9.03 PropertyStorage at Hacks Cross Road2017397Units90.9%12/31/2020$5,850,0005/20/2020           
9.04 PropertyStorage at Country Park2017512Units81.8%12/31/2020$5,675,0005/20/2020           
9.05 PropertyStorage at Commerce Drive2017389Units85.3%12/31/2020$5,575,0005/20/2020           
9.06 PropertyStorage at Highway 512017467Units88.7%12/31/2020$5,550,0005/20/2020           
9.07 PropertyStorage at Titus Road2017477Units75.5%12/31/2020$4,450,0005/20/2020           
9.08 PropertyStorage at Winchester Road2017335Units77.3%12/31/2020$1,625,0005/20/2020           
10 LoanLegacy Commons2019288Units97.6%1/31/2021$49,550,00011/16/2020 3.8800%0.04720%3.83280%Actual/3603No123120123120
11 LoanVoyant Industrial PortfolioVarious543,161Square Feet100.0%12/1/2020$37,300,000Various 3.7000%0.04720%3.65280%Actual/36012No1201086048
11.01 PropertyVoyant - RoanokeNAP376,000Square Feet100.0%12/1/2020$24,100,0001/23/2020           
11.02 PropertyVoyant - New Albany2015167,161Square Feet100.0%12/1/2020$13,200,0002/3/2020           
12 LoanCobblestone CommonsNAP88,768Square Feet95.5%1/5/2021$38,300,00012/11/2020 4.1040%0.01720%4.08680%Actual/3600No120120120120
13 LoanStanford Oaks 2019202Units97.0%1/31/2021$34,000,0002/27/2020 4.2500%0.04720%4.20280%Actual/3608No124116124116
14 LoanSpringHill Suites Boise2019230Rooms48.9%12/31/2020$26,200,0003/1/2021 3.7500%0.01720%3.73280%Actual/36012No1201083624
15 LoanSunset Hills2019120Units96.7%11/9/2020$22,800,00010/27/2020 3.7500%0.04720%3.70280%Actual/3602No1221204846
16 LoanHighline ApartmentsNAP180Units98.3%1/8/2021$24,000,0001/19/2021 4.6350%0.04720%4.58780%Actual/3600No1201202424
17 LoanIndian Rock202053,861Square Feet96.4%11/1/2020$21,000,0009/17/2020 3.8400%0.04720%3.79280%Actual/3604No1241204844
18 LoanArts Building2000168,350Square Feet63.1%12/31/2020$64,000,00010/20/2020 2.5610%0.01720%2.54380%Actual/3602No120118120118
19 LoanRoyal PinesNAP89Units94.4%10/5/2020$23,300,0008/3/2020 4.5000%0.01720%4.48280%Actual/3605No1201156055
20 LoanTBC Corporate OfficeNAP61,000Square Feet100.0%2/16/2021$23,700,0001/11/2021 4.0140%0.01720%3.99680%Actual/3600No120120120120
21 Loan880 Technology Drive201985,833Square Feet91.8%11/1/2020$21,800,0009/29/2020 4.2450%0.01720%4.22780%Actual/3603No120117120117
22 LoanThe Gables at Lakeside2015-2019133Units97.0%7/13/2020$16,400,0006/1/2020 5.0000%0.04720%4.95280%Actual/3607No1241173629
23 LoanFox Hills ApartmentsNAP24Units100.0%10/27/2020$17,880,00010/23/2020 3.8600%0.04720%3.81280%Actual/3603No123120123120
24 LoanSun Belt Office PortfolioNAP66,444Square Feet95.6%1/31/2021$15,030,000Various 4.5000%0.04720%4.45280%Actual/3604No12412000
24.01 PropertyRainbow Park OfficeNAP43,944Square Feet93.3%1/31/2021$8,930,0007/7/2020           
24.02 PropertyChandler Medical OfficeNAP22,500Square Feet100.0%1/31/2021$6,100,0008/3/2020           
25 LoanIron Gate Mega StorageNAP791Units95.6%12/4/2020$17,370,00011/27/2020 3.0380%0.07595%2.96205%Actual/3602No120118120118
26 Loan280 Commerce Street200793,754Square Feet94.0%1/20/2021$14,870,00010/23/2019 4.1105%0.01720%4.09330%Actual/36014No12010600
27 LoanThe Bristol2018-201984Units95.2%2/19/2021$8,300,0002/26/2020 4.2500%0.04720%4.20280%Actual/3607No1241172417
28(24)LoanRachel Drive ApartmentsNAP30Units100.0%10/31/2020$4,920,0003/10/2020 4.0750%0.04720%4.02780%Actual/3607No1241174841
29(24)LoanChambersburg PortfolioNAP28Units100.0%10/31/2020$4,410,0003/10/2020 4.0750%0.04720%4.02780%Actual/3607No1241174841
29.01 PropertyKelhigh Drive ApartmentsNAP16Units100.0%10/31/2020$2,430,0003/10/2020           
29.02 PropertyCheree Drive ApartmentsNAP12Units100.0%10/31/2020$1,980,0003/10/2020           

 

A-1-4

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

 

    MORTGAGE LOAN CHARACTERISTICS
Loan No.FootnotesFlag Deal NameOriginal Amortization Term (mos.) Remaining Amortization Term (mos.) Note Date(10)First Payment DateFirst P&I Payment Date (Partial IO Loans)Maturity  DateARD Loan Stated Maturity DateMonthly Debt Service (P&I)Monthly Debt Service (IO)Annual Debt Service (P&I)Annual Debt Service (IO)Lockbox Type(11)Cash Management Status
1 LoanThe Grace Building0011/17/20201/6/2021NAP12/6/203012/6/2030NAP$136,474.51NAP$1,637,694.12HardSpringing
2 LoanMiami Design District002/28/20204/1/2020NAP3/1/20303/1/2030NAP$209,494.79NAP$2,513,937.48HardSpringing
3 Loan888 Figueroa006/18/20198/1/2019NAP7/1/20297/1/2029NAP$125,891.20NAP$1,510,694.40SpringingSpringing
4(23)LoanMGM Grand & Mandalay Bay002/14/20204/5/2020NAP3/5/20323/5/2030NAP$117,407.38NAP$1,408,888.56HardSpringing
4.01 PropertyMGM Grand             
4.02 PropertyMandalay Bay             
5 LoanThe Westchester001/21/20203/1/2020NAP2/1/20302/1/2030NAP$96,108.22NAP$1,153,298.64HardSpringing
6 LoanHollywest Promenade0012/31/20202/5/2021NAP3/5/20313/5/2031NAP$81,031.69NAP$972,380.28HardSpringing
7 LoanBedford Park0010/9/202012/5/2020NAP3/5/20313/5/2031NAP$105,739.74NAP$1,268,876.88SpringingSpringing
8 LoanUSSC Group Headquarters36036010/30/202012/5/202012/5/20253/5/20313/5/2031$147,315.04$101,933.85$1,767,780.48$1,223,206.20HardSpringing
9 LoanMemphis Self Storage Portfolio3603606/18/20208/5/20208/5/202211/5/203011/5/2030$157,533.27$118,519.39$1,890,399.24$1,422,232.68SoftSpringing
9.01 PropertyStorage at Highway 70             
9.02 PropertyStorage at Fontaine Road             
9.03 PropertyStorage at Hacks Cross Road             
9.04 PropertyStorage at Country Park             
9.05 PropertyStorage at Commerce Drive             
9.06 PropertyStorage at Highway 51             
9.07 PropertyStorage at Titus Road             
9.08 PropertyStorage at Winchester Road             
10 LoanLegacy Commons0011/25/20201/5/2021NAP3/5/20313/5/2031NAP$99,986.34NAP$1,199,836.08SpringingSpringing
11 LoanVoyant Industrial Portfolio3603603/6/20204/6/20204/6/20253/6/20303/6/2030$109,087.07$74,089.93$1,309,044.84$889,079.16HardIn-place
11.01 PropertyVoyant - Roanoke             
11.02 PropertyVoyant - New Albany             
12 LoanCobblestone Commons002/26/20214/6/2021NAP3/6/20313/6/2031NAP$79,059.00NAP$948,708.00HardSpringing
13 LoanStanford Oaks 006/30/20208/5/2020NAP11/5/203011/5/2030NAP$75,407.99NAP$904,895.88SpringingSpringing
14 LoanSpringHill Suites Boise3603602/27/20204/6/20204/6/20233/6/20303/6/2030$87,065.73$59,565.97$1,044,788.76$714,791.64HardSpringing
15 LoanSunset Hills36036012/9/20202/5/20212/5/20253/5/20313/5/2031$79,192.77$54,179.69$950,313.24$650,156.28SpringingSpringing
16 LoanHighline Apartments3603603/2/20214/5/20214/5/20233/5/20313/5/2031$87,505.49$66,574.48$1,050,065.88$798,893.76SpringingSpringing
17 LoanIndian Rock36036011/5/202012/5/202012/5/20243/5/20313/5/2031$79,600.35$55,155.56$955,204.20$661,866.72HardSpringing
18 LoanArts Building0012/23/20202/6/2021NAP1/6/20311/6/2031NAP$32,457.12NAP$389,485.44SpringingSpringing
19 LoanRoyal Pines36036010/8/202011/6/202011/6/202510/6/203010/6/2030$76,002.80$57,031.25$912,033.60$684,375.00SpringingSpringing
20 LoanTBC Corporate Office002/26/20214/6/2021NAP3/6/20313/6/2031NAP$47,480.42NAP$569,765.04HardSpringing
21 Loan880 Technology Drive0011/30/20201/6/2021NAP12/6/203012/6/2030NAP$45,550.23NAP$546,602.76HardSpringing
22 LoanThe Gables at Lakeside3603607/24/20209/5/20209/5/202312/5/203012/5/2030$65,760.65$51,750.58$789,127.80$621,006.96SoftSpringing
23 LoanFox Hills Apartments0011/12/20201/5/2021NAP3/5/20313/5/2031NAP$37,668.51NAP$452,022.12SoftSpringing
24 LoanSun Belt Office Portfolio36035610/23/202012/5/2020NAP3/5/20313/5/2031$51,428.56NAP$617,142.72NAPHardIn-place
24.01 PropertyRainbow Park Office             
24.02 PropertyChandler Medical Office             
25 LoanIron Gate Mega Storage0012/30/20202/6/2021NAP1/6/20311/6/2031NAP$25,668.29NAP$308,019.48SpringingSpringing
26 Loan280 Commerce Street30028612/30/20192/6/2020NAP1/6/20301/6/2030$48,056.15NAP$576,673.80NAPSpringingSpringing
27 LoanThe Bristol3603607/17/20209/5/20209/5/202212/5/203012/5/2030$30,436.32$22,216.63$365,235.84$266,599.56SoftSpringing
28(24)LoanRachel Drive Apartments3603608/3/20209/5/20209/5/202412/5/203012/5/2030$17,776.55$12,704.66$213,318.60$152,455.92SoftSpringing
29(24)LoanChambersburg Portfolio3603608/3/20209/5/20209/5/202412/5/203012/5/2030$15,933.86$11,387.71$191,206.32$136,652.52SoftSpringing
29.01 PropertyKelhigh Drive Apartments             
29.02 PropertyCheree Drive Apartments             

 

 

A-1-5

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

    MORTGAGE LOAN CHARACTERISTICS
Loan No.FootnotesFlag Deal NameCrossed With Other LoansRelated-Borrower LoansUW NOI DSCR (P&I)(12)UW NOI DSCR (I2)UW NCF DSCR (P&I)(12)UW NCF DSCR (IO)Cut-Off Date LTV Ratio(8)Maturity Date LTV Ratio(8)Grace Period to Late Charge (Days)Grace Period to Default (Days)Due DatePrepayment Provisions (No. of Payments)(13)(14)
1 LoanThe Grace BuildingNoNoNAP4.33xNAP4.25x41.1%41.1%0   0   6L(27), Def or YM1(86), O(7)
2 LoanMiami Design DistrictNoNoNAP2.21xNAP2.14x46.7%46.7%5   2 (Once per year)1L(36), Def(77), O(7)
3 Loan888 FigueroaNoNoNAP2.43xNAP2.15x59.3%59.3%0   5   1L(44), Def or YM1(69), O(7)
4(23)LoanMGM Grand & Mandalay BayNoNoNAP4.95xNAP4.95x35.5%35.5%0   0   5YM0.5(35), Def or YM0.5(78), O(7)
4.01 PropertyMGM Grand  NAP4.95xNAP4.95x35.5%35.5%    
4.02 PropertyMandalay Bay  NAP4.95xNAP4.95x35.5%35.5%    
5 LoanThe WestchesterNoNoNAP3.75xNAP3.61x53.0%53.0%0   0   1L(35), YM1(1), Def or YM1(1), Def(76), O(7)
6 LoanHollywest PromenadeNoNoNAP3.42xNAP3.27x52.7%52.7%0   0   5L(26), Def(91), O(5)
7 LoanBedford ParkNoGroup ANAP2.06xNAP2.00x63.0%63.0%0   5 (1 time during loan term)5L(28), Def(93), O(3)
8 LoanUSSC Group HeadquartersNoNo1.62x2.35x1.60x2.31x64.5%57.9%0   0   5L(28), Def or YM1(85), O(11)
9 LoanMemphis Self Storage PortfolioNoNo1.48x1.97x1.44x1.91x72.7%61.6%0   0   5L(35), Def(82), O(7)
9.01 PropertyStorage at Highway 70  1.48x1.97x1.44x1.91x72.7%61.6%    
9.02 PropertyStorage at Fontaine Road  1.48x1.97x1.44x1.91x72.7%61.6%    
9.03 PropertyStorage at Hacks Cross Road  1.48x1.97x1.44x1.91x72.7%61.6%    
9.04 PropertyStorage at Country Park  1.48x1.97x1.44x1.91x72.7%61.6%    
9.05 PropertyStorage at Commerce Drive  1.48x1.97x1.44x1.91x72.7%61.6%    
9.06 PropertyStorage at Highway 51  1.48x1.97x1.44x1.91x72.7%61.6%    
9.07 PropertyStorage at Titus Road  1.48x1.97x1.44x1.91x72.7%61.6%    
9.08 PropertyStorage at Winchester Road  1.48x1.97x1.44x1.91x72.7%61.6%    
10 LoanLegacy CommonsNoGroup ANAP2.08xNAP2.02x61.6%61.6%0   5 (1 time during loan term)5L(27), Def(92), O(4)
11 LoanVoyant Industrial PortfolioNoNo1.70x2.50x1.58x2.33x63.5%57.4%0   0   6L(36), Def(79), O(5)
11.01 PropertyVoyant - Roanoke  1.70x2.50x1.58x2.33x63.5%57.4%    
11.02 PropertyVoyant - New Albany  1.70x2.50x1.58x2.33x63.5%57.4%    
12 LoanCobblestone CommonsNoGroup BNAP2.66xNAP2.53x59.5%59.5%0   0   6L(24), def(91), O(5)
13 LoanStanford Oaks NoGroup ANAP2.10xNAP2.04x61.8%61.8%0   5 (1 time during loan term)5L(32), Def(89), O(3)
14 LoanSpringHill Suites BoiseNoNo3.10x4.53x2.82x4.12x71.8%61.7%0   0   6L(36), Def(79), O(5)
15 LoanSunset HillsNoNo1.24x1.82x1.22x1.78x75.0%65.9%0   0   5L(26), Def(91), O(5)
16 LoanHighline ApartmentsNoNo1.30x1.71x1.28x1.68x70.8%60.7%0   0   5L(24), Def(93), O(3)
17 LoanIndian RockNoNo1.61x2.32x1.55x2.24x81.0%70.9%0   0   5L(36), Def(84), O(4)
18 LoanArts BuildingNoNoNAP4.76xNAP4.18x23.4%23.4%5 (1 time during loan term)0   6L(35), Def(81), O(4)
19 LoanRoyal PinesNoNo1.35x1.79x1.32x1.76x64.4%58.9%0   0   6L(24), YM2(92), O(4)
20 LoanTBC Corporate OfficeNoGroup BNAP2.26xNAP2.19x59.1%59.1%0   0   6L(24), Def(91), O(5)
21 Loan880 Technology DriveNoNoNAP2.48xNAP2.46x58.3%58.3%0   0   6L(27), Def(89), O(4)
22 LoanThe Gables at LakesideNoNo1.19x1.52x1.14x1.45x74.7%65.6%0   0   5L(31), Def(86), O(7)
23 LoanFox Hills ApartmentsNoNoNAP1.73xNAP1.72x64.6%64.6%0   0   5L(27), Def(92), O(4)
24 LoanSun Belt Office PortfolioNoNo1.71xNAP1.46xNAP67.2%54.0%0   0   5L(35), Def(86), O(3)
24.01 PropertyRainbow Park Office  1.71xNAP1.46xNAP67.2%54.0%    
24.02 PropertyChandler Medical Office  1.71xNAP1.46xNAP67.2%54.0%    
25 LoanIron Gate Mega StorageNoNoNAP3.24xNAP3.21x57.6%57.6%0   0   6L(24), YM1(92), O(4)
26 Loan280 Commerce StreetNoNo2.12xNAP1.97xNAP58.9%43.8%0   0   6L(38), Def(78), O(4)
27 LoanThe BristolNoNo1.51x2.07x1.45x1.99x74.5%62.7%0   0   5L(31), Def(90), O(3)
28(24)LoanRachel Drive ApartmentsYes - Group 1Group C1.42x1.99x1.39x1.95x75.0%66.1%0   0   5L(43), Def(78), O(3)
29(24)LoanChambersburg PortfolioYes - Group 1Group C1.42x1.99x1.39x1.95x75.0%66.1%0   0   5L(43), Def(78), O(3)
29.01 PropertyKelhigh Drive Apartments  1.42x1.99x1.39x1.95x75.0%66.1%    
29.02 PropertyCheree Drive Apartments  1.42x1.99x1.39x1.95x75.0%66.1%    

 

A-1-6

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

 

     MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS(15)
Loan No.FootnotesFlag Deal Name Third Most Recent RevenuesThird Most Recent ExpensesThird Most Recent NOI Third Most Recent NOI Date Third Most Recent NOI Debt YieldSecond Most Recent RevenuesSecond Most Recent ExpensesSecond Most Recent NOI Second Most Recent NOI Date Second Most Recent NOI Debt YieldMost Recent RevenuesMost Recent Expenses
1 LoanThe Grace Building $122,739,552$49,532,888$73,206,66412/31/20188.3%$102,917,243$50,379,050$52,538,19312/31/20195.9%$97,004,029$50,731,490
2 LoanMiami Design District $48,127,178$15,993,554$32,133,62412/31/20188.0%$50,574,148$16,756,756$33,817,39212/31/20198.5%$46,835,731$14,024,835
3 Loan888 Figueroa $14,908,169$5,265,468$9,642,70112/31/20188.4%$15,583,027$5,404,616$10,178,41112/31/20198.9%$14,769,001$4,854,407
4(23)LoanMGM Grand & Mandalay Bay $2,191,540,530$1,574,171,264$617,369,26612/31/201817.9%$2,106,295,488$1,586,215,135$520,080,35312/31/201917.9%$1,157,516,861$1,017,852,945
4.01 PropertyMGM Grand $1,226,105,346$854,539,115$371,566,23112/31/201817.9%$1,161,850,748$879,242,083$282,608,66512/31/201917.9%$662,869,240$578,848,778
4.02 PropertyMandalay Bay $965,435,184$719,632,149$245,803,03512/31/201817.9%$944,444,740$706,973,052$237,471,68812/31/201917.9%$494,647,621$439,004,166
5 LoanThe Westchester $63,904,028$22,030,551$41,873,47712/31/201812.2%$63,982,892$22,487,940$41,494,95212/31/201912.1%$53,590,580$20,000,247
6 LoanHollywest Promenade $4,792,411$1,650,685$3,141,72612/31/20189.9%$4,785,840$1,637,500$3,148,34012/31/201910.0%$4,700,034$1,688,688
7 LoanBedford Park N/AN/AN/AN/ANAP$3,096,836$1,248,135$1,848,70112/31/20185.9%$3,790,156$1,102,747
8 LoanUSSC Group Headquarters N/AN/AN/AN/ANAPN/AN/AN/AN/ANAPN/AN/A
9 LoanMemphis Self Storage Portfolio $3,914,921$1,747,074$2,167,84712/31/20187.0%$4,498,933$1,743,699$2,755,23412/31/20198.9%$4,588,417$1,723,044
9.01 PropertyStorage at Highway 70 $746,358$279,793$466,56512/31/20187.0%$798,927$258,746$540,18212/31/20198.9%$755,835$257,715
9.02 PropertyStorage at Fontaine Road $532,923$243,238$289,68512/31/20187.0%$671,231$270,585$400,64512/31/20198.9%$718,896$254,963
9.03 PropertyStorage at Hacks Cross Road $519,262$194,149$325,11312/31/20187.0%$581,921$209,827$372,09512/31/20198.9%$602,327$200,288
9.04 PropertyStorage at Country Park $560,450$245,128$315,32212/31/20187.0%$629,663$227,144$402,51912/31/20198.9%$611,130$224,387
9.05 PropertyStorage at Commerce Drive $472,699$194,657$278,04212/31/20187.0%$536,795$191,480$345,31512/31/20198.9%$555,022$191,122
9.06 PropertyStorage at Highway 51 $430,616$186,868$243,74812/31/20187.0%$524,662$175,658$349,00412/31/20198.9%$565,723$185,387
9.07 PropertyStorage at Titus Road $411,081$228,728$182,35312/31/20187.0%$483,893$222,549$261,34412/31/20198.9%$492,480$223,114
9.08 PropertyStorage at Winchester Road $241,532$174,514$67,01812/31/20187.0%$271,841$187,711$84,13012/31/20198.9%$287,004$186,068
10 LoanLegacy Commons $3,371,373$1,251,369$2,120,00412/31/20187.0%$3,575,041$1,391,451$2,183,59012/31/20197.2%$3,942,665$1,466,407
11 LoanVoyant Industrial Portfolio N/AN/AN/AN/ANAPN/AN/AN/AN/ANAPN/AN/A
11.01 PropertyVoyant - Roanoke N/AN/AN/AN/ANAPN/AN/AN/AN/ANAPN/AN/A
11.02 PropertyVoyant - New Albany N/AN/AN/AN/ANAPN/AN/AN/AN/ANAPN/AN/A
12 LoanCobblestone Commons N/AN/AN/AN/ANAP$980,128$413,122$567,00612/31/20192.5%$2,146,339$784,720
13 LoanStanford Oaks  N/AN/AN/AN/ANAP$2,684,258$914,722$1,769,53612/31/20198.4%$2,871,078$979,798
14 LoanSpringHill Suites Boise $6,975,443$3,815,731$3,159,71212/31/201816.8%$7,309,354$4,044,902$3,264,45212/31/201917.4%$3,784,975$2,685,094
15 LoanSunset Hills $1,375,510$472,090$903,42012/31/20185.3%$1,540,743$554,517$986,22612/31/20195.8%$1,532,607$559,384
16 LoanHighline Apartments N/AN/AN/AN/ANAPN/AN/AN/AN/ANAP$1,304,866$453,008
17 LoanIndian Rock $1,377,726$542,068$835,65812/31/20184.9%$1,490,139$567,542$922,59712/31/20195.4%$1,507,903$592,147
18 LoanArts Building $5,974,451$3,386,032$2,588,41912/31/201817.3%$5,841,442$3,491,624$2,349,81812/31/201915.7%$6,235,225$3,004,906
19 LoanRoyal Pines $1,873,526$871,321$1,002,20512/31/20186.7%$1,843,737$691,545$1,152,19212/31/20197.7%$1,766,704$766,578
20 LoanTBC Corporate Office N/AN/AN/AN/ANAPN/AN/AN/AN/ANAP$1,358,255$135,762
21 Loan880 Technology Drive $1,327,623$679,430$648,19312/31/20185.1%$1,426,398$699,353$727,04512/31/20195.7%$1,838,450$784,467
22 LoanThe Gables at Lakeside $1,862,821$1,010,077$852,74512/31/20187.0%$1,948,360$987,685$960,67612/31/20197.8%$2,055,643$1,062,300
23 LoanFox Hills Apartments $995,984$251,328$744,65612/31/20186.4%$1,036,788$255,591$781,19712/31/20196.8%$1,056,038$257,227
24 LoanSun Belt Office Portfolio $1,215,773$358,389$857,38312/31/20188.5%$1,306,146$410,842$895,30412/31/20198.9%$1,248,822$308,735
24.01 PropertyRainbow Park Office $789,163$165,262$623,90012/31/20188.5%$896,371$211,991$684,38012/31/20198.9%$680,278$126,282
24.02 PropertyChandler Medical Office $426,610$193,127$233,48312/31/20188.5%$409,775$198,851$210,92412/31/20198.9%$568,544$182,453
25 LoanIron Gate Mega Storage $1,363,095$413,870$949,22512/31/20189.5%$1,415,257$423,403$991,85412/31/20199.9%$1,343,004$425,758
26 Loan280 Commerce Street $1,446,991$441,423$1,005,56812/31/201811.5%$1,522,977$381,153$1,141,824T12 10/31/201913.0%$1,154,507$431,493
27 LoanThe Bristol N/AN/AN/AN/ANAPN/AN/AN/AN/ANAP$789,624$215,279
28(24)LoanRachel Drive Apartments $260,627$98,541$162,08612/31/20184.8%$421,652$130,325$291,32712/31/20197.9%$429,641$161,031
29(24)LoanChambersburg Portfolio $235,856$60,549$175,30712/31/20184.8%$380,384$119,677$260,70712/31/20197.9%$384,002$146,758
29.01 PropertyKelhigh Drive Apartments $166,868$49,697$117,17112/31/20184.8%$201,721$66,939$134,78212/31/20197.9%$207,284$72,873
29.02 PropertyCheree Drive Apartments $68,988$10,852$58,13612/31/20184.8%$178,663$52,739$125,92412/31/20197.9%$176,718$73,885

 

A-1-7

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

 

    MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS(15)
Loan No.FootnotesFlag Deal NameMost Recent NOI Most Recent NOI Date Most Recent NOI Debt YieldUW OccupancyUW RevenuesUW Expenses UW NOIUW NOI Debt YieldUW Capital ItemsUW NCFUW NCF Debt Yield
1 LoanThe Grace Building$46,272,539T12 9/30/20205.2%95.4%$157,612,989$53,319,272$104,293,71711.8%$1,946,215$102,347,50211.6%
2 LoanMiami Design District$32,810,89512/31/20208.2%88.6%$53,041,550$16,007,449$37,034,1019.3%$1,093,607$35,940,4959.0%
3 Loan888 Figueroa$9,914,59312/31/20208.6%85.5%$15,961,561$5,407,238$10,554,3239.2%$1,213,700$9,340,6238.1%
4(23)LoanMGM Grand & Mandalay Bay$222,041,347T12 9/30/202017.9%92.1%$2,106,295,488$1,586,215,135$520,080,35317.9%$32,774,592$487,305,76117.9%
4.01 PropertyMGM Grand$128,958,680T12 9/30/202017.9%91.4%$1,161,850,748$879,242,083$282,608,66517.9%$16,011,953$266,596,71217.9%
4.02 PropertyMandalay Bay$93,082,667T12 9/30/202017.9%92.8%$944,444,740$706,973,052$237,471,68817.9%$16,762,639$220,709,04917.9%
5 LoanThe Westchester$33,590,333T12 9/30/20209.8%95.1%$64,364,071$22,017,611$42,346,46012.3%$1,504,196$40,842,26411.9%
6 LoanHollywest Promenade$3,011,346T12 11/30/20209.5%94.4%$5,010,877$1,681,619$3,329,25810.5%$145,362$3,183,89610.1%
7 LoanBedford Park$2,687,40912/31/20208.5%95.0%$3,967,665$1,355,794$2,611,8718.3%$68,000$2,543,8718.1%
8 LoanUSSC Group HeadquartersN/AN/ANAP95.0%$3,667,182$794,819$2,872,3639.1%$50,786$2,821,5779.0%
9 LoanMemphis Self Storage Portfolio$2,865,37312/31/20209.2%83.3%$4,482,886$1,686,871$2,796,0169.0%$73,486$2,722,5298.8%
9.01 PropertyStorage at Highway 70$498,12012/31/20209.2%87.8%$724,365$252,906$471,4599.0%$10,024$461,4358.8%
9.02 PropertyStorage at Fontaine Road$463,93412/31/20209.2%78.2%$724,254$251,715$472,5399.0%$12,968$459,5718.8%
9.03 PropertyStorage at Hacks Cross Road$402,03912/31/20209.2%83.6%$580,813$198,147$382,6659.0%$10,189$372,4778.8%
9.04 PropertyStorage at Country Park$386,74212/31/20209.2%83.7%$593,122$222,976$370,1479.0%$8,521$361,6268.8%
9.05 PropertyStorage at Commerce Drive$363,90012/31/20209.2%84.3%$541,070$185,610$355,4609.0%$8,488$346,9728.8%
9.06 PropertyStorage at Highway 51$380,33612/31/20209.2%86.5%$546,007$179,630$366,3779.0%$8,078$358,3008.8%
9.07 PropertyStorage at Titus Road$269,36612/31/20209.2%79.3%$471,872$209,912$261,9609.0%$10,044$251,9168.8%
9.08 PropertyStorage at Winchester Road$100,93612/31/20209.2%83.0%$301,384$185,975$115,4099.0%$5,176$110,2338.8%
10 LoanLegacy Commons$2,476,25812/31/20208.1%90.0%$3,940,583$1,440,181$2,500,4028.2%$72,000$2,428,4028.0%
11 LoanVoyant Industrial PortfolioN/AN/ANAP95.2%$2,412,693$193,498$2,219,1969.4%$146,653$2,072,5428.7%
11.01 PropertyVoyant - RoanokeN/AN/ANAPN/AN/AN/AN/A9.4%N/AN/A8.7%
11.02 PropertyVoyant - New AlbanyN/AN/ANAPN/AN/AN/AN/A9.4%N/AN/A8.7%
12 LoanCobblestone Commons$1,361,620Annualized T11 11/30/20206.0%93.9%$3,474,514$948,063$2,526,45111.1%$127,254$2,399,19710.5%
13 LoanStanford Oaks $1,891,28012/31/20209.0%95.0%$2,853,909$956,561$1,897,3489.0%$50,298$1,847,0508.8%
14 LoanSpringHill Suites Boise$1,099,88112/31/20205.9%73.5%$7,309,354$4,072,828$3,236,52517.2%$292,374$2,944,15115.7%
15 LoanSunset Hills$973,223T12 10/31/20205.7%95.3%$1,744,221$562,711$1,181,5106.9%$24,000$1,157,5106.8%
16 LoanHighline Apartments$851,85712/31/20205.0%95.0%$2,066,315$697,984$1,368,3308.0%$22,500$1,345,8307.9%
17 LoanIndian Rock$915,756T12 6/30/20205.4%95.0%$2,137,248$602,343$1,534,9059.0%$51,124$1,483,7818.7%
18 LoanArts Building$3,230,319T12 8/31/202021.5%66.7%$5,248,811$3,396,287$1,852,52412.4%$225,488$1,627,03610.8%
19 LoanRoyal Pines$1,000,12612/31/20206.7%94.0%$2,033,750$805,670$1,228,0798.2%$23,875$1,204,2048.0%
20 LoanTBC Corporate Office$1,222,493 Annualized T5 10/31/20208.7%95.0%$1,952,900$665,071$1,287,8289.2%$42,700$1,245,1288.9%
21 Loan880 Technology Drive$1,053,98312/31/20208.3%90.3%$2,170,065$814,840$1,355,22410.7%$12,875$1,342,34910.6%
22 LoanThe Gables at Lakeside$993,34312/31/20208.1%90.0%$1,998,495$1,056,645$941,8517.7%$39,900$901,9517.4%
23 LoanFox Hills Apartments$798,811T12 9/30/20206.9%96.0%$1,048,399$265,274$783,1256.8%$6,144$776,9816.7%
24 LoanSun Belt Office Portfolio$940,087T12 1/31/20219.3%92.0%$1,445,856$389,155$1,056,70110.5%$153,139$903,5628.9%
24.01 PropertyRainbow Park Office$553,996T12 1/31/20219.3%90.0%$852,673$189,458$663,21510.5%$114,254$548,9618.9%
24.02 PropertyChandler Medical Office$386,091T12 1/31/20219.3%95.0%$593,183$199,698$393,48610.5%$38,885$354,6018.9%
25 LoanIron Gate Mega Storage$917,24612/31/20209.2%91.3%$1,410,509$411,737$998,77210.0%$10,176$988,5969.9%
26 Loan280 Commerce Street$723,01412/31/20208.3%93.3%$1,653,197$432,454$1,220,74213.9%$86,900$1,133,84212.9%
27 LoanThe Bristol$574,34512/31/20209.3%88.0%$787,576$235,269$552,3078.9%$21,000$531,3078.6%
28(24)LoanRachel Drive Apartments$268,610T12 10/31/20207.2%95.0%$441,046$135,488$305,5588.2%$6,000$299,5588.0%
29(24)LoanChambersburg Portfolio$237,244T12 10/31/20207.2%95.0%$399,614$131,045$268,5688.2%$5,600$262,9688.0%
29.01 PropertyKelhigh Drive Apartments$134,411T12 10/31/20207.2%95.0%$222,985$73,809$149,1768.2%$3,200$145,9768.0%
29.02 PropertyCheree Drive Apartments$102,833T12 10/31/20207.2%95.0%$176,629$57,236$119,3928.2%$2,400$116,9928.0%

 

A-1-8

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

     LARGEST TENANT INFORMATION(16)(17)(18) 2ND LARGEST TENANT INFORMATION(16)(17)(18)
Loan No.FootnotesFlag Deal Name Largest TenantLargest Tenant Lease ExpirationLargest Tenant NRA Largest Tenant % of NRA 2nd Largest Tenant2nd Largest Tenant Lease Expiration2nd Largest Tenant NRA2nd Largest Tenant % of NRA
1 LoanThe Grace Building Bank of America, N.A.5/31/2042155,27010.0% The Trade Desk8/31/2030154,5589.9%
2 LoanMiami Design District Holly Hunt4/30/202524,8975.0% Fendi Casa/Luxury Living4/16/202722,4394.5%
3 Loan888 Figueroa NBC Operating, LP12/31/203198,46723.8% State of CA6,697 SF (11/30/2023); 18,514 SF (11/30/2024); 5,039 SF (11/30/2026); 7,205 SF (9/30/2027); 19,364 SF (1/31/2028)56,81913.7%
4(23)LoanMGM Grand & Mandalay Bay NAPNAPNAPNAP NAPNAPNAPNAP
4.01 PropertyMGM Grand NAPNAPNAPNAP NAPNAPNAPNAP
4.02 PropertyMandalay Bay NAPNAPNAPNAP NAPNAPNAPNAP
5 LoanThe Westchester Nordstrom3/17/2035206,19725.3% Neiman Marcus1/21/2027143,19617.6%
6 LoanHollywest Promenade Ralphs Grocery Company6/30/202746,78038.6% Ross Stores, Incorporated1/31/202329,21024.1%
7 LoanBedford Park NAPNAPNAPNAP NAPNAPNAPNAP
8 LoanUSSC Group Headquarters USSC Acquisition Corp.7/7/2035423,217100.0% NAPNAPNAPNAP
9 LoanMemphis Self Storage Portfolio NAPNAPNAPNAP NAPNAPNAPNAP
9.01 PropertyStorage at Highway 70 NAPNAPNAPNAP NAPNAPNAPNAP
9.02 PropertyStorage at Fontaine Road NAPNAPNAPNAP NAPNAPNAPNAP
9.03 PropertyStorage at Hacks Cross Road NAPNAPNAPNAP NAPNAPNAPNAP
9.04 PropertyStorage at Country Park NAPNAPNAPNAP NAPNAPNAPNAP
9.05 PropertyStorage at Commerce Drive NAPNAPNAPNAP NAPNAPNAPNAP
9.06 PropertyStorage at Highway 51 NAPNAPNAPNAP NAPNAPNAPNAP
9.07 PropertyStorage at Titus Road NAPNAPNAPNAP NAPNAPNAPNAP
9.08 PropertyStorage at Winchester Road NAPNAPNAPNAP NAPNAPNAPNAP
10 LoanLegacy Commons NAPNAPNAPNAP NAPNAPNAPNAP
11 LoanVoyant Industrial Portfolio Voyant Beauty Holdings, LLC3/31/2040543,161100.0% NAPNAPNAPNAP
11.01 PropertyVoyant - Roanoke Voyant Beauty Holdings, LLC3/31/2040376,000100.0% NAPNAPNAPNAP
11.02 PropertyVoyant - New Albany Voyant Beauty Holdings, LLC3/31/2040167,161100.0% NAPNAPNAPNAP
12 LoanCobblestone Commons Winn Dixie3/31/203428,02031.6% PetSmart3/31/202922,04024.8%
13 LoanStanford Oaks  NAPNAPNAPNAP NAPNAPNAPNAP
14 LoanSpringHill Suites Boise NAPNAPNAPNAP NAPNAPNAPNAP
15 LoanSunset Hills NAPNAPNAPNAP NAPNAPNAPNAP
16 LoanHighline Apartments NAPNAPNAPNAP NAPNAPNAPNAP
17 LoanIndian Rock Hudson HeartMTM; 2/28/203620,50138.1% CVS1/31/203912,70823.6%
18 LoanArts Building Roller Rabbit9/30/20239,0005.3% ABC Imaging2/28/20317,0004.2%
19 LoanRoyal Pines NAPNAPNAPNAP NAPNAPNAPNAP
20 LoanTBC Corporate Office TBC Corporation4/30/203061,000100.0% NAPNAPNAPNAP
21 Loan880 Technology Drive Audatex North America, Inc12/31/202136,07542.0% Merit Network, Inc.5/31/203533,74539.3%
22 LoanThe Gables at Lakeside NAPNAPNAPNAP NAPNAPNAPNAP
23 LoanFox Hills Apartments NAPNAPNAPNAP NAPNAPNAPNAP
24 LoanSun Belt Office Portfolio VariousVariousVariousVarious VariousVariousVariousVarious
24.01 PropertyRainbow Park Office Premier Business Centers, Inc.12/31/202522,00050.1% Remington Commercial1/31/20234,3119.8%
24.02 PropertyChandler Medical Office Sun Life Family Health Center1/31/20286,55329.1% Arizona Pain2/28/20224,31419.2%
25 LoanIron Gate Mega Storage NAPNAPNAPNAP NAPNAPNAPNAP
26 Loan280 Commerce Street Southlake Gymnastics1/4/202515,37816.4% Southlake Baseball7/31/202913,80014.7%
27 LoanThe Bristol NAPNAPNAPNAP NAPNAPNAPNAP
28(24)LoanRachel Drive Apartments NAPNAPNAPNAP NAPNAPNAPNAP
29(24)LoanChambersburg Portfolio NAPNAPNAPNAP NAPNAPNAPNAP
29.01 PropertyKelhigh Drive Apartments NAPNAPNAPNAP NAPNAPNAPNAP
29.02 PropertyCheree Drive Apartments NAPNAPNAPNAP NAPNAPNAPNAP

 

A-1-9

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

     3RD LARGEST TENANT INFORMATION(16)(17)(18) 4TH LARGEST TENANT INFORMATION(16)(17)(18) 5TH LARGEST TENANT INFORMATION(16)(17)(18)
Loan No.FootnotesFlag Deal Name 3rd Largest Tenant3rd Largest Tenant Lease Expiration3rd Largest Tenant NRA3rd Largest Tenant  % of NRA 4th Largest Tenant4th Largest Tenant Lease Expiration4th Largest Tenant NRA 4th Largest Tenant % of NRA 5th Largest Tenant5th Largest Tenant Lease Expiration5th Largest Tenant NRA 5th Largest Tenant % of NRA
1 LoanThe Grace Building Israel Discount Bank12/31/2040142,5339.2% Bain & Company, Inc.2/28/2030121,2627.8% Insight Venture Management LLC2/28/203093,9986.0%
2 LoanMiami Design District Dacra1/31/202318,8283.8% Luxury Brand Partners8/17/202218,0773.6% Luminaire1/31/202415,0003.0%
3 Loan888 Figueroa GSA8,638 SF (3/17/2024); 2,079 SF (8/13/2025); 4,624 SF (11/7/2026); 6,555 SF (6/4/2027); 4,366 SF (8/12/2027); 1,902 SF (9/30/2028); 14,446 SF (8/31/2029)42,61010.3% Engineering Employees Services3/31/202919,5164.7% First Republic Bank9/30/202715,0933.6%
4(23)LoanMGM Grand & Mandalay Bay NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
4.01 PropertyMGM Grand NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
4.02 PropertyMandalay Bay NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
5 LoanThe Westchester Crate & Barrel1/31/202133,5004.1% Urban Outfitters1/31/202310,4241.3% Victoria’s Secret1/31/202510,0001.2%
6 LoanHollywest Promenade Daiso California, Inc.4/30/20287,0145.8% Norms Restaurants, LLC12/31/20316,5985.4% JPMorgan Chase Bank, N.A.12/31/20214,1503.4%
7 LoanBedford Park NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
8 LoanUSSC Group Headquarters NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9 LoanMemphis Self Storage Portfolio NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.01 PropertyStorage at Highway 70 NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.02 PropertyStorage at Fontaine Road NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.03 PropertyStorage at Hacks Cross Road NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.04 PropertyStorage at Country Park NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.05 PropertyStorage at Commerce Drive NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.06 PropertyStorage at Highway 51 NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.07 PropertyStorage at Titus Road NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
9.08 PropertyStorage at Winchester Road NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
10 LoanLegacy Commons NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
11 LoanVoyant Industrial Portfolio NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
11.01 PropertyVoyant - Roanoke NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
11.02 PropertyVoyant - New Albany NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
12 LoanCobblestone Commons Toi Spa8/1/20313,5204.0% Cucina Moderna8/31/20293,0133.4% First Watch4/30/20303,0043.4%
13 LoanStanford Oaks  NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
14 LoanSpringHill Suites Boise NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
15 LoanSunset Hills NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
16 LoanHighline Apartments NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
17 LoanIndian Rock Irm PTPC11/30/20353,4716.4% McDonalds8/29/20322,7375.1% Airmont Animal Clinic PC1/31/20281,6603.1%
18 LoanArts Building Mixlab8/31/20225,9003.5% Security USA10/30/20235,5003.3% Kimberly McDonald5/31/20214,7002.8%
19 LoanRoyal Pines NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
20 LoanTBC Corporate Office NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
21 Loan880 Technology Drive Center for Automotive Research6/30/20338,95810.4% NAPNAPNAPNAP NAPNAPNAPNAP
22 LoanThe Gables at Lakeside NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
23 LoanFox Hills Apartments NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
24 LoanSun Belt Office Portfolio VariousVariousVariousVarious VariousVariousVariousVarious VariousVariousVariousVarious
24.01 PropertyRainbow Park Office Bell Design, LLC4/30/20213,6898.4% THR Property Management4/30/20243,1277.1% XPAND, LLC9/30/20252,9136.6%
24.02 PropertyChandler Medical Office Lilac Healthcare1/31/20253,41815.2% Lifetime Cardiovascular1/31/20223,17114.1% Pinnacle Pain & Spine Consultants 6/30/20252,84712.7%
25 LoanIron Gate Mega Storage NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
26 Loan280 Commerce Street Tempest Academy8/1/202811,55212.3% Escape Entertainment9/30/20218,0808.6% 280 Fitness2/29/20246,9007.4%
27 LoanThe Bristol NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
28(24)LoanRachel Drive Apartments NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
29(24)LoanChambersburg Portfolio NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
29.01 PropertyKelhigh Drive Apartments NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP
29.02 PropertyCheree Drive Apartments NAPNAPNAPNAP NAPNAPNAPNAP NAPNAPNAPNAP

 

A-1-10

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

 

     MORTGAGE LOAN RESERVE INFORMATION
Loan No.FootnotesFlag Deal Name Upfront Replacement Reserves(19)Monthly Replacement Reserves(20)Replacement Reserve Cap(21)Upfront TI/LC  Reserves(19)Monthly TI/LC Reserves(20)TI/LC Reserve Cap(21)Upfront Tax Reserves (19)Monthly Tax Reserves(20)Upfront  Insurance Reserves (19)Monthly  Insurance Reserves(20)
1 LoanThe Grace Building $0SpringingNAP$56,172,399SpringingNAP$0Springing$0Springing
2 LoanMiami Design District $0$8,285NAP$4,907,050$82,849NAP$2,100,000$525,000$0Springing
3 Loan888 Figueroa $0$5,050$60,600$0$17,055$204,660$314,024$77,201$0Springing
4(23)LoanMGM Grand & Mandalay Bay $0SpringingNAP$0$0NAP$0Springing$0Springing
4.01 PropertyMGM Grand           
4.02 PropertyMandalay Bay           
5 LoanThe Westchester $0Springing$543,990$8,006,075Springing$2,322,930$0Springing$0Springing
6 LoanHollywest Promenade $0$2,019$170,000$150,000$10,095$550,000$126,546$42,182$0Springing
7 LoanBedford Park $0$5,667NAP$0$0NAP$44,510$44,510$0Springing
8 LoanUSSC Group Headquarters $0$0NAP$0$0NAP$0Springing$0Springing
9 LoanMemphis Self Storage Portfolio $0$6,126NAP$0$0NAP$215,222$28,085$0$5,367
9.01 PropertyStorage at Highway 70           
9.02 PropertyStorage at Fontaine Road           
9.03 PropertyStorage at Hacks Cross Road           
9.04 PropertyStorage at Country Park           
9.05 PropertyStorage at Commerce Drive           
9.06 PropertyStorage at Highway 51           
9.07 PropertyStorage at Titus Road           
9.08 PropertyStorage at Winchester Road           
10 LoanLegacy Commons $0$6,000NAP$0$0NAP$29,696$29,696$0Springing
11 LoanVoyant Industrial Portfolio $0SpringingNAP$0SpringingNAP$0Springing$0Springing
11.01 PropertyVoyant - Roanoke           
11.02 PropertyVoyant - New Albany           
12 LoanCobblestone Commons $0$1,110NAP$399,087$4,809$346,273$146,087$32,107$17,906$6,887
13 LoanStanford Oaks  $0$4,191NAP$0$0NAP$85,924$17,185$0$6,599
14 LoanSpringHill Suites Boise $0The greater of (i) 4.0% of the prior month's gross revenues, (ii) the current amount required under the Management Agreement or (iii) the current amount required under the Franchise Agreement for FF&E WorkNAP$00NAP$73,369$22,576$0Springing
15 LoanSunset Hills $0$2,000NAP$0$0NAP$34,745$6,949$0Springing
16 LoanHighline Apartments $0$1,875$67,500$0$0NAP$95,899$15,983$16,638$3,711
17 LoanIndian Rock $0$1,065NAP$3,500,000$3,195$107,000$155,047$26,433$18,269$3,654
18 LoanArts Building $0SpringingNAP$0SpringingNAP$0Springing$0Springing
19 LoanRoyal Pines $0$1,990$66,750$0$0NAP$0$23,405$151,135Springing
20 LoanTBC Corporate Office $0$1,017$61,000$0$2,542NAP$0Springing$11,881$4,570
21 Loan880 Technology Drive $0$1,073NAP$975,000Springing$550,000$95,036$20,660$4,478$1,244
22 LoanThe Gables at Lakeside $0$3,879NAP$0$0NAP$103,025$10,303$23,093$2,099
23 LoanFox Hills Apartments $0$512NAP$0$0NAP$50,223$10,044$16,949$1,685
24 LoanSun Belt Office Portfolio $0$1,107NAP$196,153$13,289NAP$23,580$9,761$17,908$1,628
24.01 PropertyRainbow Park Office           
24.02 PropertyChandler Medical Office           
25 LoanIron Gate Mega Storage $0$848$30,528$0$0NAP$28,492$6,194$5,839$885
26 Loan280 Commerce Street $0$1,554$55,934$0$7,769$279,669$14,286$8,929$27,693$2,613
27 LoanThe Bristol $0$1,750NAP$0$0NAP$17,570$2,928$0Springing
28(24)LoanRachel Drive Apartments $0$500NAP$0$0NAP$8,058$8,058$1,717$143
29(24)LoanChambersburg Portfolio $0$467NAP$0$0NAP$7,864$7,864$8,583$715
29.01 PropertyKelhigh Drive Apartments           
29.02 PropertyCheree Drive Apartments           

 

A-1-11

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

 

    MORTGAGE LOAN RESERVE INFORMATION
Loan No.FootnotesFlag Deal NameUpfront Deferred
Maint. Reserve
(19)
Upfront Debt
Service
Reserves(19)
Monthly Debt
Service
Reserves(20)
Upfront
Environmental
Reserves(19)
Initial Other
Reserves(19)
Initial Other Reserves Description(19)Ongoing Other Reserves(20)
1 LoanThe Grace Building$0$0$0$0$33,543,750Free Rent Reserve ($25,964,570); Parking Rent Shortfall Reserve ($1,608,940); Lobby/Elevator Work Reserve ($5,970,240)$0
2 LoanMiami Design District$0$10,474,740$0$0$1,724,567Free Rent Reserve ($1,263,811); Gap Rent Reserve ($460,756)$0
3 Loan888 Figueroa$0$0$0$0$8,558,141Free Rent Reserve ($312,549); Outstanding TI/LC ($1,645,592); Earn Out Reserve ($6,600,000)$0
4(23)LoanMGM Grand & Mandalay Bay$0$0$0$0$0$0$0
4.01 PropertyMGM Grand       
4.02 PropertyMandalay Bay       
5 LoanThe Westchester$0$0$0$0$0NAPNM Reserve Fund (Springing)
6 LoanHollywest Promenade$125,000$265,771$0$0$1,882,467Elevator/Escalator Work Reserve ($1,000,000); Rent Replication Reserve ($774,838.74); Free Rent Reserve ($107,628.68)Rent Replication Reserve (Springing); Low Debt Yield Cure Reserve (Springing)
7 LoanBedford Park$19,563$1,268,877$0$0$0NAP$0
8 LoanUSSC Group Headquarters$0$0$0$0$0NAPLease Sweep Reserve (Springing); Immediate Repair Reserve (Springing)
9 LoanMemphis Self Storage Portfolio$63,594$1,422,233$0$0$1,623,832Special Repair Reserve ($1,375,000); Tenant Insurance Reserve ($205,087); Management Fee Reserve ($43,745)$0
9.01 PropertyStorage at Highway 70       
9.02 PropertyStorage at Fontaine Road       
9.03 PropertyStorage at Hacks Cross Road       
9.04 PropertyStorage at Country Park       
9.05 PropertyStorage at Commerce Drive       
9.06 PropertyStorage at Highway 51       
9.07 PropertyStorage at Titus Road       
9.08 PropertyStorage at Winchester Road       
10 LoanLegacy Commons$126,064$1,199,836$0$0$264,375Radon Remediation Reserve$0
11 LoanVoyant Industrial Portfolio$0$0$0$0$0NAP$0
11.01 PropertyVoyant - Roanoke       
11.02 PropertyVoyant - New Albany       
12 LoanCobblestone Commons$0$316,453$0$0$187,154Rent Replication FundsLease Sweep Reserve (Springing)
13 LoanStanford Oaks $0$904,896$0$0$750,000Unit Vacancy ReserveDSCR Trigger Reserve (Springing)
14 LoanSpringHill Suites Boise$21,540$0$0$0$2,150,775PIP ReserveSeasonal Working Capital Reserve
15 LoanSunset Hills$2,000$237,578$0$0$0NAP$0
16 LoanHighline Apartments$0$0$0$0$0NAP$0
17 LoanIndian Rock$161,578$0$0$0$1,133,638Free Rent ReserveLease Sweep Reserve (Springing)
18 LoanArts Building$0$0$0$0$0NAP$0
19 LoanRoyal Pines$5,000$0$0$0$0NAP$0
20 LoanTBC Corporate Office$0$0$0$0$1,228,388Rent Replication FundsLease Sweep Reserve (Springing)
21 Loan880 Technology Drive$202,500$0$0$0$42,296TATILC Funds ($12,081); Condo Assessments Reserve ($15,000); Rent Concession Funds ($15,215)Material Tenant Rollover Reserve (Springing); Audatex Rollover Reserve (Springing)
22 LoanThe Gables at Lakeside$17,023$313,056$25,875$0$166,459Common Charges Static Deposit$0
23 LoanFox Hills Apartments$0$111,458$0$0$0NAP$0
24 LoanSun Belt Office Portfolio$0$462,857$0$0$406,815Outstanding Tenant Improvements ($330,000); Free Rent Reserve ($73,022.56); Common Charge Reserve ($3,792.37)Lease Sweep Reserve (Springing); Excess Sweep Reserve; Free Rent Reserve (Springing); Common Charges Reserve ($3,792.37)
24.01 PropertyRainbow Park Office       
24.02 PropertyChandler Medical Office       
25 LoanIron Gate Mega Storage$0$0$0$0$0NAP$0
26 Loan280 Commerce Street$0$0$0$0$30,000TATILC Funds$0
27 LoanThe Bristol$0$266,600$0$0$0NAP$0
28(24)LoanRachel Drive Apartments$0$152,456$0$0$8,000Radon Mitigation Reseve$0
29(24)LoanChambersburg Portfolio$0$136,654$0$0$17,000Radon Mitigation Reseve$0
29.01 PropertyKelhigh Drive Apartments       
29.02 PropertyCheree Drive Apartments       

 

A-1-12

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

    MORTGAGE LOAN RESERVE INFORMATION
Loan No.FootnotesFlag Deal NameOngoing Other Reserves Description(20)
1 LoanThe Grace BuildingNAP
2 LoanMiami Design DistrictNAP
3 Loan888 FigueroaNAP
4(23)LoanMGM Grand & Mandalay Bay0
4.01 PropertyMGM Grand 
4.02 PropertyMandalay Bay 
5 LoanThe WestchesterBorrower is required to make Monthly payments (a) if a Reserve Trigger Period wherein the DSCR < 2.50x (or 2 consecutive calendar quarters based on the trailing 4 calendar quarter immediately preceding the date of such determination) does not exist and a Simon Control Event wherein a Simon Key Principal not owning at least 40.0% of the direct or indirect interests in borrower or does not control borrower, has occurred, the period commencing on the occurrence of a Major Tenant Trigger Event and ending on a Major Tenant Trigger Event Cure or (b) if a Reserve Trigger Period wherein the DSCR < 2.50x (or 2 consecutive calendar quarters based on the trailing 4 calendar quarter immediately preceding the date of such determination) exists, the period commencing on the occurrence of a Major Tenant Trigger Event and ending on the earlier to occur of (x) a Major Tenant Trigger Event Cure and (y) so long as a Simon Control Event wherein a Simon Key Principal not owning at least 40.0% of the direct or indirect interests in borrower or does not control borrower has not occurred, a Reserve Trigger Event Cure. A “Major Tenant Trigger Event” means the earlier to occur of (i) bankruptcy of Neiman Marcus, (ii) the date on which Neiman Marcus goes dark or vacates its space at the Property or (iii) the earlier of the date on which Neiman Marcus gives notice that it will not be renewing its lease or the date that is six months prior to the date of expiration of the Neiman Marcus lease.
6 LoanHollywest PromenadeRent Replication Reserve: During the initial cash management period, all excess cash will be deposited into the rent replication reserve up to the rent replication transfer amount. Low Debt Yield Cure Reserve: To avoid a cash trap period caused by a low debt yield trigger event, the borrower may deposit an amount that, if applied to reduce the outstanding principal balance of the mortgage loan, would be sufficient to increase the debt yield to amount equal to or greater than 8.25%.
7 LoanBedford ParkNAP
8 LoanUSSC Group HeadquartersLease Sweep Reserve: Upon the first monthly payment date following the occurrence of a bankruptcy or insolvency of USSC Group or the applicable lease guarantor or an event of default under the USSC lease, all available cash shall be deposited into the lease sweep reserve subaccount. Immediate Repair Reserve: On a monthly basis occurring during the continuance of an Immediate Repairs Sweep Period (as defined below and provided no other Cash Trap Event Period  is then continuing), all excess cash will be deposited into replacement reserve.
9 LoanMemphis Self Storage PortfolioNAP
9.01 PropertyStorage at Highway 70 
9.02 PropertyStorage at Fontaine Road 
9.03 PropertyStorage at Hacks Cross Road 
9.04 PropertyStorage at Country Park 
9.05 PropertyStorage at Commerce Drive 
9.06 PropertyStorage at Highway 51 
9.07 PropertyStorage at Titus Road 
9.08 PropertyStorage at Winchester Road 
10 LoanLegacy CommonsNAP
11 LoanVoyant Industrial PortfolioNAP
11.01 PropertyVoyant - Roanoke 
11.02 PropertyVoyant - New Albany 
12 LoanCobblestone CommonsLease Sweep Reserve: During a lease sweep period, all excess cash flow is required to be deposited.
13 LoanStanford Oaks DSCR Trigger Reserve: Upon commencement of a DSCR Trigger Event Period, the borrower will deposit $267,750 into the DSCR Trigger Reserve.  If the DSCR Trigger Event Period has not been cured, on each yearly anniversary of the occurrence of such DSCR Trigger Event Period, the borrower will be required to deposit additional funds into the DSCR Trigger Reserve pursuant to the loan agreement.
14 LoanSpringHill Suites BoiseSeasonal Working Capital Reserve: Commencing October 2020 and November 2020, and every July through August thereafter, borrower shall deposit an amount equal to $25,000
15 LoanSunset HillsNAP
16 LoanHighline ApartmentsNAP
17 LoanIndian RockLease Sweep Reserve: During a lease sweep period, all excess cash flow is required to be deposited.
18 LoanArts BuildingNAP
19 LoanRoyal PinesNAP
20 LoanTBC Corporate OfficeLease Sweep Reserve: During a lease sweep period, all excess cash flow is required to be deposited.
21 Loan880 Technology DriveMaterial Tenant Rollover Reserve: On each monthly payment date during a Material Tenant Trigger Event Period or a Material Tenant Trigger Event Period and a Audatex Trigger Event Period, the borrower shall deposit all Material Tenant Event Excess Cash. Audatex Rollover Reserve: On each monthly payment date during a Audatex Trigger Event Period (provided that no Material Tenant Trigger Event Period is continuing) the borrower shall deposit all Audatex Trigger Event Excess Cash.
22 LoanThe Gables at LakesideNAP
23 LoanFox Hills ApartmentsNAP
24 LoanSun Belt Office PortfolioLease Sweep Reserve: On each monthly payment date occuring during the continuance of a lease sweep period, all excess cash will be deposited into a lease sweep reserve for qualified leasing expenses with respect to lease sweep space demised pursuant to a qualified lease that may be incurred following the date hereof. Excess Sweep Reserve: On each monthly payment date through the payment date in November 2023, provided no lease sweep period is continuing, all excess cash will be depoisted ito the excess sweep reserve. Free Rent Reserve: Prior to the monthly payment date of the final disbursement of free rent reserve as set forth in the loan agreement with respect to any tenant under a free rent lease, to the extent such tenant has not yet taken occupancy of the its premises under the applicable free rent lease and has not yet commenced the payment of unabated rent in accordance with such free rent lease, the lender may, in its sole discretion, require the borrower to deposit with the lender an amount equal to 3 months of unabated rent from such tenant under the applicable free rent lease
24.01 PropertyRainbow Park Office 
24.02 PropertyChandler Medical Office 
25 LoanIron Gate Mega StorageNAP
26 Loan280 Commerce StreetNAP
27 LoanThe BristolNAP
28(24)LoanRachel Drive ApartmentsNAP
29(24)LoanChambersburg PortfolioNAP
29.01 PropertyKelhigh Drive Apartments 
29.02 PropertyCheree Drive Apartments 

 

A-1-13

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

    MORTGAGE LOAN RESERVE INFORMATION
Loan No.FootnotesFlag Deal NameOther Reserves Cap(21)Holdback(19)Holdback Amount(19)Holdback Description(19)Letter of CreditLetter of Credit Description
1 LoanThe Grace BuildingNAPNoNAPNAPNoNAP
2 LoanMiami Design DistrictNAPNoNAPNAPNoNAP
3 Loan888 FigueroaNAPYes$6,000,000To be released upon subject to, amongst other things: (i) no event of default, (ii) no cash sweep trigger event has occurred, (iii) DY>= 9.55%.NoNAP
4(23)LoanMGM Grand & Mandalay BayNAPNoNAPNAPNoNAP
4.01 PropertyMGM Grand      
4.02 PropertyMandalay Bay      
5 LoanThe Westchester$7,159,800NoNAPNAPNoNAP
6 LoanHollywest PromenadeNAPNoNAPNAPNoNAP
7 LoanBedford ParkNAPNoNAPNAPNoNAP
8 LoanUSSC Group HeadquartersImmediate Repair ($133,500)NoNAPNAPNoNAP
9 LoanMemphis Self Storage PortfolioNAPNoNAPNAPNoNAP
9.01 PropertyStorage at Highway 70      
9.02 PropertyStorage at Fontaine Road      
9.03 PropertyStorage at Hacks Cross Road      
9.04 PropertyStorage at Country Park      
9.05 PropertyStorage at Commerce Drive      
9.06 PropertyStorage at Highway 51      
9.07 PropertyStorage at Titus Road      
9.08 PropertyStorage at Winchester Road      
10 LoanLegacy CommonsNAPNoNAPNAPNoNAP
11 LoanVoyant Industrial PortfolioNAPNoNAPNAPNoNAP
11.01 PropertyVoyant - Roanoke      
11.02 PropertyVoyant - New Albany      
12 LoanCobblestone CommonsNAPNoNAPNAPNoNAP
13 LoanStanford Oaks NAPNoNAPNAPNoNAP
14 LoanSpringHill Suites BoiseNAPNoNAPNAPNoNAP
15 LoanSunset HillsNAPNoNAPNAPNoNAP
16 LoanHighline ApartmentsNAPNoNAPNAPNoNAP
17 LoanIndian RockNAPNoNAPNAPNoNAP
18 LoanArts BuildingNAPNoNAPNAPNoNAP
19 LoanRoyal PinesNAPNoNAPNAPNoNAP
20 LoanTBC Corporate OfficeNAPNoNAPNAPNoNAP
21 Loan880 Technology DriveMaterial Tenant Rollover Reserve: $3,491,000; Audatex Rollover Reserve: $1,803,750NoNAPNAPNoNAP
22 LoanThe Gables at LakesideNAPNoNAPNAPNoNAP
23 LoanFox Hills ApartmentsNAPNoNAPNAPNoNAP
24 LoanSun Belt Office PortfolioNAPNoNAPNAPNoNAP
24.01 PropertyRainbow Park Office      
24.02 PropertyChandler Medical Office      
25 LoanIron Gate Mega StorageNAPNoNAPNAPNoNAP
26 Loan280 Commerce StreetNAPNoNAPNAPNoNAP
27 LoanThe BristolNAPNoNAPNAPNoNAP
28(24)LoanRachel Drive ApartmentsNAPNoNAPNAPNoNAP
29(24)LoanChambersburg PortfolioNAPNoNAPNAPNoNAP
29.01 PropertyKelhigh Drive Apartments      
29.02 PropertyCheree Drive Apartments      

 

A-1-14

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

     THIRD PARTY REPORTS ADDITIONAL PERMITTED DEBT
Loan No.FootnotesFlag Deal Name Appraisal Value Date Environmental Phase I Report Date(22)Phase II Performed(22)Engineering Report Date Seismic Zone (Y/N)Seismic Report DatePML % Additional Future Debt PermittedAdditional Future Debt Permitted Description
1 LoanThe Grace Building 9/8/20209/22/2020No9/22/2020NAPNAPNAP YesMezzanine debt is permitted provided that, among other things, (i) the principal balance when added to the outstanding principal balance of the loan, will result in (x) a combined LTV less than 58.14% and (z) a combined Debt Yield greater than 8.35%, (ii) an intercreditor agreement is required, and (iii) Rating Agency Confirmation is required
2 LoanMiami Design District 3/1/20202/20/2020No2/20/2020NAPNAPNAP NoNAP
3 Loan888 Figueroa 11/17/20204/23/2019No4/23/201944/23/201914.0% NoNAP
4(23)LoanMGM Grand & Mandalay Bay 1/10/20202/11/2020No2/11/2020NAPNAPNAP YesMezzanine Debt subject to, amongst other things: (i) No event of default, (ii) the principal amount of the Mezzanine Loan shall in no event be greater than the amount equal to the amount which shall yield an aggregate LTV ratio of 67% and a DSCR equal to the 4.81x and (iii) enter into intercreditor agreement
4.01 PropertyMGM Grand 1/10/20202/11/2020No2/11/2020NAPNAPNAP   
4.02 PropertyMandalay Bay 1/10/20202/11/2020No2/11/2020NAPNAPNAP   
5 LoanThe Westchester 1/12/20211/6/2020No1/6/2020NAPNAPNAP NoNAP
6 LoanHollywest Promenade 11/22/202012/4/2020No12/4/2020412/4/202014.0% NoNAP
7 LoanBedford Park 9/25/20209/30/2020No10/1/2020NAPNAPNAP NoNAP
8 LoanUSSC Group Headquarters 9/11/20205/22/2020Yes9/23/2020NAPNAPNAP YesMezzanine Debt subject to, among other things: (i) Combined NCF DSCR >= 2.50x (IO); (ii) Combined  NCF DY >= 9.5%, (iii) Combined LTV <= 65.0%, (iv) Intercreditor Agreement, (v) Rating Agency Confirmation
9 LoanMemphis Self Storage Portfolio 5/20/2020VariousNo3/9/2020VariousVariousNAP NoNAP
9.01 PropertyStorage at Highway 70 5/20/20203/9/2020No3/9/2020NAPNAPNAP   
9.02 PropertyStorage at Fontaine Road 5/20/20203/9/2020No3/9/202033/11/20209.0%   
9.03 PropertyStorage at Hacks Cross Road 5/20/20203/10/2020No3/9/2020NAPNAPNAP   
9.04 PropertyStorage at Country Park 5/20/20203/9/2020No3/9/202033/11/20206.0%   
9.05 PropertyStorage at Commerce Drive 5/20/20203/9/2020No3/9/2020NAPNAPNAP   
9.06 PropertyStorage at Highway 51 5/20/20203/9/2020No3/9/2020NAPNAPNAP   
9.07 PropertyStorage at Titus Road 5/20/20203/9/2020No3/9/202033/11/202014.0%   
9.08 PropertyStorage at Winchester Road 5/20/20203/9/2020No3/9/202033/11/20209.0%   
10 LoanLegacy Commons 11/16/202011/25/2020No11/19/2020NAPNAPNAP NoNAP
11 LoanVoyant Industrial Portfolio VariousVariousNoVariousNAPNAPNAP NoNAP
11.01 PropertyVoyant - Roanoke 1/23/20201/29/2020No10/9/2019NAPNAPNAP   
11.02 PropertyVoyant - New Albany 2/3/20201/28/2020No1/28/2020NAPNAPNAP   
12 LoanCobblestone Commons 12/11/202012/18/2020No12/17/2020NAPNAPNAP NoNAP
13 LoanStanford Oaks  2/27/20203/18/2020No3/17/2020NAPNAPNAP NoNAP
14 LoanSpringHill Suites Boise 3/1/20211/15/2020No1/16/2020NAPNAPNAP NoNAP
15 LoanSunset Hills 10/27/202011/11/2020No11/2/2020NAPNAPNAP NoNAP
16 LoanHighline Apartments 1/19/20211/25/2021No1/25/20213NAPNAP NoNAP
17 LoanIndian Rock 9/17/20209/30/2020No9/30/2020NAPNAPNAP NoNAP
18 LoanArts Building 10/20/202012/18/2020No12/18/2020NAPNAPNAP NoNAP
19 LoanRoyal Pines 8/3/20203/5/2020No3/6/2020NAPNAPNAP YesMezzanine Debt subject to, among other things: (i) Combined DSCR >= DSCR at closing, (ii) Combined LTV <= LTV at closing, (iii) Combined DY >=DY at closing, (iv) Intercreditor Agreement, (v) Rating Agency Confirmation
20 LoanTBC Corporate Office 1/11/20211/15/2021No10/26/2020NAPNAPNAP NoNAP
21 Loan880 Technology Drive 9/29/20209/28/2020No10/1/2020NAPNAPNAP NoNAP
22 LoanThe Gables at Lakeside 6/1/20206/9/2020No6/9/2020NAPNAPNAP NoNAP
23 LoanFox Hills Apartments 10/23/202010/23/2020No10/23/2020410/23/202012.0% NoNAP
24 LoanSun Belt Office Portfolio VariousVariousNoVariousNAPNAPNAP NoNAP
24.01 PropertyRainbow Park Office 7/7/20207/24/2020No7/24/2020NAPNAPNAP   
24.02 PropertyChandler Medical Office 8/3/20208/14/2020No8/14/2020NAPNAPNAP   
25 LoanIron Gate Mega Storage 11/27/202012/4/2020No12/4/2020312/4/20206.0% NoNAP
26 Loan280 Commerce Street 10/23/201910/24/2019No10/24/2019NAPNAPNAP NoNAP
27 LoanThe Bristol 2/26/20203/9/2020No3/6/2020NAPNAPNAP NoNAP
28(24)LoanRachel Drive Apartments 3/10/202010/2/2020No3/11/2020NAPNAPNAP NoNAP
29(24)LoanChambersburg Portfolio 3/10/202010/2/2020No3/11/2020NAPNAPNAP NoNAP
29.01 PropertyKelhigh Drive Apartments 3/10/202010/2/2020No3/11/2020NAPNAPNAP   
29.02 PropertyCheree Drive Apartments 3/10/202010/2/2020No3/11/2020NAPNAPNAP   

 

A-1-15

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 

     TOTAL MORTGAGE DEBT INFORMATION TOTAL DEBT INFORMATION
Loan No.FootnotesFlag Deal Name Cut-off Date Pari Passu Mortgage Debt Balance(3)Cut-off Date Subord. Mortgage Debt BalanceTotal Mortgage Debt Cut-off Date LTV RatioTotal Mortgage Debt UW NCF DSCRTotal Mortgage Debt UW NOI Debt Yield Cut-off Date Mezzanine Debt BalanceTotal Debt Cut-off Date LTV RatioTotal Debt UW NCF DSCRTotal Debt UW NOI Debt Yield
1 LoanThe Grace Building $883,000,000$367,000,00058.1%3.00x8.3% NAP58.1%3.00x8.3%
2 LoanMiami Design District $400,000,000$100,000,00058.4%1.72x7.4% NAP58.4%1.72x7.4%
3 Loan888 Figueroa $115,000,000NAP59.3%2.15x9.2% NAP59.3%2.15x9.2%
4(23)LoanMGM Grand & Mandalay Bay $1,634,200,000$1,365,800,00065.2%2.70x9.7% NAP65.2%2.70x9.7%
4.01 PropertyMGM Grand   65.2%2.70x9.7%  65.2%2.70x9.7%
4.02 PropertyMandalay Bay   65.2%2.70x9.7%  65.2%2.70x9.7%
5 LoanThe Westchester $343,000,000$57,000,00061.8%3.10x10.6% NAP61.8%3.10x10.6%
6 LoanHollywest Promenade NAPNAP52.7%3.27x10.5% NAP52.7%3.27x10.5%
7 LoanBedford Park NAPNAP63.0%2.00x8.3% NAP63.0%2.00x8.3%
8 LoanUSSC Group Headquarters NAPNAP64.5%1.60x9.1% NAP64.5%1.60x9.1%
9 LoanMemphis Self Storage Portfolio NAPNAP72.7%1.44x9.0% NAP72.7%1.44x9.0%
9.01 PropertyStorage at Highway 70   72.7%1.44x9.0%  72.7%1.44x9.0%
9.02 PropertyStorage at Fontaine Road   72.7%1.44x9.0%  72.7%1.44x9.0%
9.03 PropertyStorage at Hacks Cross Road   72.7%1.44x9.0%  72.7%1.44x9.0%
9.04 PropertyStorage at Country Park   72.7%1.44x9.0%  72.7%1.44x9.0%
9.05 PropertyStorage at Commerce Drive   72.7%1.44x9.0%  72.7%1.44x9.0%
9.06 PropertyStorage at Highway 51   72.7%1.44x9.0%  72.7%1.44x9.0%
9.07 PropertyStorage at Titus Road   72.7%1.44x9.0%  72.7%1.44x9.0%
9.08 PropertyStorage at Winchester Road   72.7%1.44x9.0%  72.7%1.44x9.0%
10 LoanLegacy Commons NAPNAP61.6%2.02x8.2% NAP61.6%2.02x8.2%
11 LoanVoyant Industrial Portfolio NAPNAP63.5%1.58x9.4% NAP63.5%1.58x9.4%
11.01 PropertyVoyant - Roanoke   63.5%1.58x9.4%  63.5%1.58x9.4%
11.02 PropertyVoyant - New Albany   63.5%1.58x9.4%  63.5%1.58x9.4%
12 LoanCobblestone Commons NAPNAP59.5%2.53x11.1% NAP59.5%2.53x11.1%
13 LoanStanford Oaks  NAPNAP61.8%2.04x9.0% NAP61.8%2.04x9.0%
14 LoanSpringHill Suites Boise NAPNAP71.8%2.82x17.2% NAP71.8%2.82x17.2%
15 LoanSunset Hills NAPNAP75.0%1.22x6.9% NAP75.0%1.22x6.9%
16 LoanHighline Apartments NAPNAP70.8%1.28x8.0% NAP70.8%1.28x8.0%
17 LoanIndian Rock NAPNAP81.0%1.55x9.0% NAP81.0%1.55x9.0%
18 LoanArts Building NAPNAP23.4%4.18x12.4% NAP23.4%4.18x12.4%
19 LoanRoyal Pines NAPNAP64.4%1.32x8.2% NAP64.4%1.32x8.2%
20 LoanTBC Corporate Office NAPNAP59.1%2.19x9.2% NAP59.1%2.19x9.2%
21 Loan880 Technology Drive NAPNAP58.3%2.46x10.7% NAP58.3%2.46x10.7%
22 LoanThe Gables at Lakeside NAPNAP74.7%1.14x7.7% NAP74.7%1.14x7.7%
23 LoanFox Hills Apartments NAPNAP64.6%1.72x6.8% NAP64.6%1.72x6.8%
24 LoanSun Belt Office Portfolio NAPNAP67.2%1.46x10.5% NAP67.2%1.46x10.5%
24.01 PropertyRainbow Park Office   67.2%1.46x10.5%  67.2%1.46x10.5%
24.02 PropertyChandler Medical Office   67.2%1.46x10.5%  67.2%1.46x10.5%
25 LoanIron Gate Mega Storage NAPNAP57.6%3.21x10.0% NAP57.6%3.21x10.0%
26 Loan280 Commerce Street NAPNAP58.9%1.97x13.9% NAP58.9%1.97x13.9%
27 LoanThe Bristol NAPNAP74.5%1.45x8.9% NAP74.5%1.45x8.9%
28(24)LoanRachel Drive Apartments NAPNAP75.0%1.39x8.2% NAP75.0%1.39x8.2%
29(24)LoanChambersburg Portfolio NAPNAP75.0%1.39x8.2% NAP75.0%1.39x8.2%
29.01 PropertyKelhigh Drive Apartments   75.0%1.39x8.2%  75.0%1.39x8.2%
29.02 PropertyCheree Drive Apartments   75.0%1.39x8.2%  75.0%1.39x8.2%

 

A-1-16

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

 

 CSAIL 2021-C20
 FOOTNOTES TO ANNEX A-1
  
(1)"Column" denotes Column Financial, Inc., "3650 REIT" denotes Grass River Real Estate Credit Partners Loan Funding, LLC, “UBS AG” denotes UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York and “GACC” denotes  German American Capital Corporation.
  
(2)With respect to any mortgaged property securing a multi-property mortgage loan, the amounts listed under the headings Original Balance, Cut-off Date Balance and Maturity/ARD Balance reflect the allocated loan amount related to such mortgaged property.
  
(3)Each of Loan Nos. 1, 2, 3, 4 and 5 is part of a whole loan related to the issuing entity. For further information, see “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans”, “—The Non-Serviced Pari Passu Whole Loans”, “—The Non-Serviced AB Whole Loans”, and “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans”, as applicable, in the prospectus.
  
(4)Loan No. 5, The Westchester - The collateral for the Mortgage Loan includes a leasehold interest in an air rights parcel for a portion of the property.
  
(5)

Loan No. 12, Cobblestone Commons – The mortgaged property is a shopping center that, along with three outparcels, is part of a retail development subject to a Declaration of Reciprocal Easements and Restrictive Covenants (the “Cobblestone Declaration”), pursuant to which property owners that are part of the development covenant to comply with, among other things (i) maintenance obligations, (ii) insurance and parking requirements, (iii) outparcel building restrictions, (iv) prohibited uses for the outparcels and all the parcels within the mortgaged property, (v) exclusive uses in favor of Winn Dixie and PetSmart tenants and certain outparcel occupants and (vi) an obligation on the outparcel owners to pay the related borrower for operating costs of the common areas of, and providing sanitation, surface water detention, retention and drainage, sewage and other similar services for, the common areas of the mortgaged property.

 

Loan No. 14, SpringHill Suites Boise – The mortgaged property, along with parcels of property, owned by three other property owners, is part of a larger development known as Regent Center, (the “Regent Center Development”), which is subject to a Master Declaration of Covenants, Conditions, Restrictions and Easements (the “Regent Declaration”) with the related owner’s association (the “Regent Owner’s Association”) that subjects lots on the Regent Center Development to certain deed restrictions and covenants, including (i) maintenance requirements, including a requirement for the owner of a lot damaged by casualty or taken by eminent domain to restore such lot in accordance with plans approved by the Design Review Committee (“DRC”) established by the Regent Owner’s Association, and (ii) use restrictions, such that lots subject to the Regent Declaration may only be used for offices, financial institutions, specialty retail and commercial shops, residential and certain other permitted uses. The lender obtained an estoppel from the three other property owners that own the other parcels included in the Regent Center Development expressly approving the use of the mortgaged property as a hospitality property, and agreeing that no additional approvals are required in connection with the rebuilding of the mortgaged property in the event of a casualty. Because the Regent Owner’s Association was dissolved in 1998 and the DRC is now believed to be defunct, the lender was unable to obtain an estoppel from such parties.

  
 

Loan No. 19, Royal Pines – The mortgaged property was developed as an age restricted multifamily apartment complex pursuant to a certain zoning board resolution, requiring that at least 80% of residents are age 55 or older.

 

Loan No. 20, TBC Corporate Office – The mortgaged property is part of a commercial development subject to a Declaration of Covenants for Parcel 5B (the “5B Declaration”), that, among other things, (i) provides for common areas including parking areas, sidewalks and landscaping and (ii) creates an association to which property owners that are part of the development pay assessments. Pursuant to the 5B Declaration, such property owners also covenant to comply with prohibited uses including, without limitation, use of the mortgaged property as a hotel for so long as the “Brock Parcel” (as defined in the 5B Declaration) is operating as a hotel.

 

A-1-17

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

  
(6)

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. For example:

 

Loan No. 5, The Westchester - NRA and PSF reflect tenant improvements, which are owned by Nordstrom (206,197 SF), which ground leases the related parcel from the borrower.

 

Loan No. 17, Indian Rock, contains one tenant, McDonalds, on a ground leased outparcel totaling 2,737 SF (5.1% of the total SF of the property).

  
(7)

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. For example, with respect to the 5 largest tenants at each mortgaged property:

 

Loan No. 1, The Grace Building - The following tenants, among others, are each in a free rent period: (a) the Largest Tenant, Bank of America, N.A. (representing approximately 10.0% of the net rentable square footage at the Mortgaged Property) was in a free rent period through January 2021 (provided, however, the tenant began paying rent with respect to a portion of its premises in February 2021 and with respect to the remaining portion of its premises, is expected to commence paying rent in April 2021); (b) the Second Largest Tenant, The Trade Desk (representing approximately 9.9% of the net rentable square footage at the Mortgaged Property), is in a free rent period through September 2021; and (c) the Fifth Largest Tenant, Insight Venture Management LLC (representing approximately 6.0% of the net rentable square footage at the Mortgaged Property), is in a free rent period through May 2022. In addition, the Third Largest Tenant, Israel Discount Bank (representing approximately 9.2% of the net rentable square footage at the Mortgaged Property), is in a gap rent period. With respect to Israel Discount Bank, the landlord has completed its required work and delivered the space to the tenant, and, therefore, the tenant took possession of the space and commenced paying rent in January 2021 and is expected to commence paying operating expenses and real estate taxes in January 2022. Further, with regard to The Trade Desk, the lease commencement date for the 26th and 27th floors will occur upon the earlier of (i) substantial completion of the work to be performed by the landlord and (ii) the date that The Trade Desk first takes possession of the space for any purpose other than taking measurements, performing layouts and surveys or preparing plans and specifications. To cover the foregoing, along with free rent periods for other smaller tenants, the borrower reserved approximately $25,964,570 at origination.

 

Loan No. 6, Hollywest Promenade - The fourth largest tenant, Norms Restaurants, LLC, is in the process of either expanding or relocating its space within the mortgaged property and are not yet in occupancy of such space. The respective tenants do not have the ability to terminate their expanded/relocated space and at origination the borrower deposited $1,133,638 into a free rent reserve and $3,500,000 into a tenant improvement and leasing commission reserve.

  
 

Loan No. 12, Cobblestone Commons – The largest tenant, Winn Dixie, has 4,000 SF designated as liquor store space that had a lease commencement date of February 21, 2021, with an initial 12-month free rent period. The build-out is in progress, and the liquor store is expected to open on March 17, 2021. At origination, $349,996 was reserved related to outstanding tenant improvements and the initial 12-month free rent period for such space. The third largest tenant, Toi Spa, has taken possession of its space and is in the process of completing its build-out. The rent commencement date is August 1, 2021. At origination, $114,402 was reserved related to the free rent period and outstanding tenant improvements for Toi Spa. Based on the underwritten rent roll dated January 5, 2021, the mortgaged property is 95.5% leased. Excluding space in build-out, the mortgaged property has a physical occupancy of 85.4%.

 

Loan No. 17, Indian Rock - The largest tenant, Hudson Heart, and the third largest tenant, Irm PTPC, are each in the process of either expanding or relocating its space within the mortgaged property and are not yet in occupancy of such space. The respective tenants do not have the ability to terminate their expanded/relocated space and at origination the borrower deposited $1,133,638 into a free rent reserve and $2,956,649 into a tenant improvement and leasing commission reserve for such tenants.

 

Loan No. 20, TBC Corporate Office – The sole tenant, TBC Corporation, was given a rent credit for the first 48 months of its lease term through April 30, 2024. At origination, approximately $1,228,388 was reserved in connection with the outstanding free rent credit remaining to the tenant.

 

Loan No. 26, 280 Commerce Street – The fifth largest tenant, 280 Fitness, an affiliate of the borrower, has not taken occupancy of its space. The tenant had a rent commencement date of March 1, 2021.

  

 

A-1-18

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

(8)

With respect to all mortgage loans, except as described below, the Cut-Off Date LTV Ratio and the Maturity Date/ARD LTV Ratio are based on the “as-is” appraised value even though, for certain mortgage loans, the appraiser provided a portfolio appraised value or an “as-stabilized” appraised value based on certain criteria being met.

 

Loan No. 3, 888 Figueroa - At origination, MUFG UNION BANK, N.A. obtained an appraisal dated June 13, 2019 with an as-is value of $205,000,000 as of April 18, 2019. 3650 REIT obtained a new appraisal dated December 1, 2020 with an as-is value of $194,000,000 as of November 17, 2020 and a prospective as-stabilized value of $215,000,000 as of August 1, 2023. Based on the prospective as-stabilized value, the Cut-off Date LTV and Maturity Date LTV would be 53.5% and 53.5%, respectively.

  
 

Loan No. 4, MGM Grand & Mandalay Bay - the Appraised Value ($) of $4,600,000,000 as of January 10, 2020, set forth above is the appraised value solely with respect to real property at the MGM Grand & Mandalay Bay Mortgaged Properties, excluding personal property and intangible property attributable to the MGM Grand & Mandalay Bay Properties (the “Aggregate Real Property Appraised Value”). The appraisal also includes an “As Leased–Sale–Leaseback Appraised Value,” which is equal to the Aggregate Real Property Appraised Value. The Appraised Value of $7,352,600,000 (“Aggregate As Is Appraised Value”) as of January 10, 2020, includes personal property and intangible property attributable to the MGM Grand & Mandalay Bay Mortgaged Properties. The personal property and intangible property relating to the MGM Grand & Mandalay Bay Mortgaged Properties is owned by the MGM tenant or certain sublessees at the MGM Grand & Mandalay Bay Mortgaged Properties that are wholly owned subsidiaries of MGM (the “MGM/Mandalay Operating Subtenants”) (as more particularly provided in the master lease), which granted a security interest in certain property of the MGM tenant and the MGM/Mandalay Operating Subtenants (with certain exclusions, including an exclusion for the intellectual property of MGM tenant (as more particularly described in the master lease); and provided that the FF&E is only transferred to the MGM Grand & Mandalay Bay Borrowers at no cost in the event of a termination of the master lease due to an event of default by the MGM tenant thereunder, in favor of the MGM Grand & Mandalay Bay Borrowers, and such security interest was collaterally assigned by the MGM Grand & Mandalay Bay Borrowers to the lender. The Current LTV % and the Maturity % based on the "Aggregate As Is Appraised Value" are 22.2% and 22.2%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan. The Current LTV % and the Maturity % based on the Aggregate Real Property Appraised Value are 40.8% and 40.8%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan.

 

Loan No. 5, The Westchester - At origination, Column obtained an appraisal dated January 15, 2020 with an as-is value of $810,000,000 as of November 26, 2019. Column obtained a new appraisal dated February 3, 2021 with an as-is value of $647,000,000 as of January 12, 2021 and a prospective as-stabilized value of $699,000,000 as of February 1, 2024. Based on the prospective as-stabilized value, the Cut-off Date LTV is 49.1%.

 

Loan No. 14, SpringHill Suites Boise - At origination, GACC obtained an appraisal dated February 12, 2020 with an as-is value of $33,500,000 as of January 10, 2020. GACC obtained a new appraisal dated March 4, 2021 with an as-is value of $26,200,000 as of March 1, 2021 and a prospective as-stabilized value of $33,600,000 as of March 1, 2023. Based on the prospective as-stabilized value, the Cut-off Date LTV and Maturity Date LTV would be 56.0% and 48.1%, respectively.

  
(9)For each mortgage loan, the Admin Fee Rate % is equal to the excess of the related Interest Rate % over the sum of the related Servicing Fee Rate, the Trustee/Certificate Administrator Fee Rate, the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate.
  
(10)Certain of the Mortgage Loans were originated prior to the emergence of the novel coronavirus and the economic disruption resulting from measures to combat the coronavirus.  As such, for these loans, all DSCR, LTV and Debt Yield metrics were calculated, and the related Mortgaged Properties were underwritten, based on such prior information.  The cumulative effects of the COVID-19 on the global economy may cause tenants to be unable to pay their rent and borrowers to be unable to pay debt service under the Mortgage Loans.  See “Risk Factors – Special Risks – Current Coronavirus Pandemic Has Adversely Affected the Global Economy and Will Likely Adversely Affect the Performance of the Mortgage Loans” in the Prospectus.
  
(11)The classification of the lockbox types is described in the prospectus. See “Description of the Mortgage Pool—Mortgaged Property Accounts—Lockbox Accounts” for further details.
  

A-1-19

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

(12)For each partial interest-only mortgage loan, the UW NOI DSCR and UW NCF DSCR were calculated based on the first principal and interest payment during the term of the mortgage loan once amortization has commenced.
  
(13)

The “L” component of the prepayment provision represents lockout payments.

The “Def” component of the prepayment provision represents defeasance payment.

The “YM0.5” component of the prepayment provision represents the greater of 0.5% of the principal balance or yield maintenance payments (where the 0.5 represents the specific YM percentage).

The “YM1” component of the prepayment provision represents the greater of 1.0% of the principal balance or yield maintenance payments.

The “YM2” component of the prepayment provision represents the greater of 2.0% of the principal balance or yield maintenance payments.

  
(14)With respect to Loan Nos. 4, 5, 16, and 24, the related mortgage loan documents permit a partial collateral release subject to LTV, DSCR and/or Debt Yield tests, or other release conditions in connection with a partial defeasance or prepayment of the related mortgage loan. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Defeasance; Collateral Substitution” and “—Partial Releases” in the prospectus.
  
(15)With respect to Loan Nos. 7, 8, 11, 12, 13, 16, 20 and 27, certain mortgaged properties (i) were constructed or the subject of a major renovation that was completed within 12 calendar months prior to the cut-off date and, therefore, the related mortgaged property has no or limited prior operating history, (ii) have a borrower or an affiliate under the related mortgage loan that acquired the related mortgaged property within 12 calendar months prior to the cut-off date and such borrower or affiliate was unable to provide the related mortgage loan seller with historical financial information for such acquired mortgaged property and/or (iii) are single tenant properties subject to triple-net leases with the related tenant where the related borrower did not provide the related mortgage loan seller with historical financial information for the related mortgaged property.
  
(16)With regards to the footnotes hereto, footnotes are only provided with respect to tenants that are among the five largest tenants by square footage for any mortgaged property.
  
(17)In certain cases, the data for tenants occupying multiple spaces includes square footage for all leases and is presented with the expiration date of the largest square footage expiring.
  
(18)

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 the leased premises and be released from its obligations under the subject lease. For example, with respect to the 5 largest tenants at mortgaged properties securing mortgage loans not included in the top 15 mortgage loans:

 

Loan No. 17, Indian Rock – The largest tenant, Hudson Heart, and the third largest tenant, Irm PTPC, are each in the process of either expanding or relocating its space within the mortgaged property and are not yet in occupancy of such space. The respective tenants do not have the ability to terminate their expanded/relocated space and at origination the borrower deposited $1,133,638 into a free rent reserve and $2,956,649 into a tenant improvement and leasing commission reserve for such tenants.

 

Loan No. 21, 880 Technology Drive – The third largest tenant, Center for Automotive Research, has an option to terminate its lease effective any time after June 30, 2028 with 12 months' notice. The termination fee includes the unamortized balance of the tenant improvement allowance, free rent and leasing commissions, amortized over 14 years. In addition, the tenant must pay three months of minimum monthly rent in effect at the time such early termination option is exercised.

 

See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” in the preliminary prospectus for information regarding certain lease termination options affecting the 5 largest tenants at mortgaged properties securing the 15 largest mortgage loans.

  

A-1-20

 
 
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

(19)

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 mortgage loan documents.

 

Loan No. 14, SpringHill Suites Boise – As part of a loan modification entered into on June 4, 2020, approximately $216,007 of the PIP reserve funds were released to the borrower to help pay debt service due on the monthly payment dates that occurred in each of June, July and August 2020. The borrower replenished the $216,007 into the PIP reserve account as well as $9,697 into the FF&E reserve account as part of a second loan modification on February 22, 2021.

 

Loan No. 3, 888 Figueroa – The borrower deposited $6,600,000 into an earn out reserve, consisting of $6,000,000 in holdback funds and $600,000 in estimated prepayment premium funds. As of the cut-off date, all amounts in the earn out reserve have been fully funded to the borrower.

  
(20)Represents the upfront and monthly amounts required to be deposited by the borrower. The monthly required amounts may be increased or decreased pursuant to the terms of the related mortgage 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.
  
(21)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.
  
(22)Loan No. 4, MGM Grand & Mandalay Bay – Only the MGM Grand & Mandalay Bay Borrowers are liable for breaches of environmental covenants; provided, however, that if the MGM Grand & Mandalay Bay Borrowers fail to maintain an environmental insurance policy required under the MGM Grand & Mandalay Bay Whole Loan documents, the guarantors are liable for losses other than (x) for any amounts in excess of the applicable coverage amounts under the environmental policy had the same been renewed, replaced or extended as required under the loan agreement and (y) for any amounts recovered under the environmental policy.
  
(23)Loan No. 4, MGM Grand & Mandalay Bay – The MGM Grand & Mandalay Bay Whole Loan is structured with an Anticipated Repayment Date (“ARD”) of March 5, 2030 and a final maturity date of March 5, 2032. After the ARD, the following structure would apply: (i) the interest rate will increase by 200 basis points over the greater of (x) 3.5580%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”) plus (2) 1.7700%, (ii) amounts in the Excess Cash Flow Reserve (as defined in the related loan agreement) will be applied first to pay monthly additional interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest Rate) and added to the principal balance of the applicable note(s) comprising a portion of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents, and (iii) a full cash flow sweep to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—ARD Loans” in this Preliminary Prospectus.
  
(24)Loan No. 28, Rachel Drive Apartments and Loan No 29, Chambersburg Portfolio – The loans are cross collateralized and cross defaulted. The loan metrics for loan-to-value, debt service coverage ratio and debt yields are based on the aggregate of both loans.

 

A-1-21