FWP 1 n1728-x4_anxa1.htm FREE WRITING PROSPECTUS

 

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226943-03

 

 

CD 2019-CD8

 

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-226943) 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 Securities and Exchange Commission 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 Securities and Exchange Commission website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by emailing: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.

This free writing prospectus does not contain all information that is required to be included in the prospectus.

 

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

 

This material is for your information, and none of Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Cantor Fitzgerald & Co., MUFG Securities Americas Inc., Academy Securities, Inc. and Drexel Hamilton, LLC or any other underwriter, (collectively, the “Underwriters”) are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

 

Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. The information contained herein is preliminary as of the date hereof. These materials are subject to change, completion or amendment from time to time. The information contained herein will be superseded by similar information delivered to you as part of the preliminary prospectus relating to the CD 2019-CD8 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series CD8 (the "Offering Document").  The information contained herein supersedes any such information previously delivered and should be reviewed only in conjunction with the entire Offering Document. All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document.  The information contained herein 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 contained herein 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. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Underwriters or any of their respective affiliates makes any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities.

 

This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth herein. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, the depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the issuer’s view only as of the date hereof.

 

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

 

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, 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 system.

 

 

 

CD 2019-CD8

 

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

                                         
      % of   Mortgage   Cut-off       General Detailed     Interest Original Remaining Original Remaining  
      Initial Pool # of Loan Original Date   Maturity   Property Property Interest Administrative Accrual Term to Term to Amortization Amortization Origination
Loan ID Property Name(2) Balance Properties Seller(1) Balance($)(3) Balance($)(3)   or ARD Balance($)   Type(5) Type Rate(6) Fee Rate(7) Basis Maturity or ARD Maturity or ARD Term Term Date
Loan 1 888 Figueroa 9.2% 1 MPCC 75,000,000 75,000,000   75,000,000   Office CBD 3.7250% 0.0242% Actual/360 120 119 0 0 06/18/2019
Loan 2 Woodlands Mall(31)(32)(33) 8.6% 1 GACC 70,000,000 70,000,000   70,000,000   Retail Super Regional Mall 4.2560% 0.0141% Actual/360 120 120 0 0 07/05/2019
Loan 3 Hilton Penn’s Landing 8.6% 1 GACC 70,000,000 70,000,000   70,000,000   Hospitality Full Service 4.8800% 0.0141% Actual/360 120 120 0 0 07/10/2019
Loan 4 Uline Arena(33) 5.2% 1 CCRE 42,000,000 42,000,000   42,000,000   Mixed Use Office/Retail 4.0400% 0.0165% Actual/360 120 120 0 0 07/29/2019
Loan 5 171 N Aberdeen 5.1% 1 MPCC 41,000,000 41,000,000   41,000,000   Mixed Use Multifamily/Office/Retail 4.6700% 0.0228% Actual/360 120 113 0 0 12/10/2018
Loan 6 Lakewood Square 5.1% 1 GACC 41,000,000 41,000,000   41,000,000   Retail Anchored 3.9700% 0.0141% Actual/360 120 119 0 0 07/01/2019
Loan 7 505 Fulton Street 4.9% 1 CREFI 40,000,000 40,000,000   40,000,000   Retail Anchored 3.5300% 0.0141% Actual/360 120 119 0 0 07/03/2019
Loan 8 Pharr Town Center 4.9% 1 GACC 40,000,000 40,000,000   34,975,262   Retail Anchored 4.4500% 0.0166% Actual/360 120 120 360 360 07/08/2019
Loan 9 Wind Creek Leased Fee 4.9% 1 CCRE/GACC 40,000,000 40,000,000   34,243,441   Other Leased Fee 4.3800% 0.0141% Actual/360 120 120 420 420 07/23/2019
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) 4.2% 1 GACC 34,450,000 34,450,000   34,450,000   Office Suburban 3.7639% 0.0141% Actual/360 120 119 0 0 06/19/2019
Loan 11 The Citizen Hotel Sacramento(31)(34) 4.2% 1 CREFI 34,000,000 34,000,000   34,000,000   Hospitality Full Service 4.1100% 0.0141% Actual/360 120 120 0 0 07/23/2019
Loan 12 Crescent Club(32) 3.4% 1 CCRE 27,500,000 27,500,000   27,500,000   Multifamily High-Rise 3.1320% 0.0341% Actual/360 120 120 0 0 07/26/2019
Loan 13 Victory Plaza(33) 3.3% 1 MPCC 27,000,000 27,000,000   27,000,000   Retail Anchored 4.8600% 0.0528% Actual/360 120 113 0 0 12/21/2018
Loan 14 Boca Raton Design Center 3.0% 1 MPCC 24,000,000 24,000,000   24,000,000   Mixed Use Industrial/Self Storage 4.9500% 0.0228% Actual/360 120 113 0 0 12/28/2018
Loan 15 Liberty MA Portfolio 2.5% 3 CCRE 20,000,000 20,000,000   14,568,744   Various Various 4.3000% 0.0391% Actual/360 120 120 300 300 07/26/2019
Property 15.01 10-14 New Bond 1.9% 1 CCRE 15,042,254 15,042,254       Industrial Manufacturing                
Property 15.02 151 West Boylston 0.4% 1 CCRE 3,154,930 3,154,930       Industrial Flex                
Property 15.03 8 New Bond 0.2% 1 CCRE 1,802,817 1,802,817       Mixed Use Office/Industrial                
Loan 16 1440 N Dayton 2.3% 1 MPCC 19,000,000 19,000,000   19,000,000   Office CBD 4.0500% 0.0228% Actual/360 120 119 0 0 06/28/2019
Loan 17 63 Spring Street 2.3% 1 MPCC 18,500,000 18,500,000   18,500,000   Mixed Use Multifamily/Retail 4.1500% 0.0228% Actual/360 120 118 0 0 05/28/2019
Loan 18 Visions Hotel Portfolio II 2.1% 10 CCRE 17,000,000 16,979,965   13,770,668   Hospitality Various 4.5500% 0.0153% Actual/360 120 119 360 359 06/11/2019
Property 18.01 Courtyard Horseheads 0.3% 1 CCRE 2,675,127 2,671,974       Hospitality Limited Service                
Property 18.02 Home2 Suites Oswego 0.3% 1 CCRE 2,157,360 2,154,818       Hospitality Limited Service                
Property 18.03 Holiday Inn & Suites Rochester Marketplace 0.3% 1 CCRE 2,071,066 2,068,625       Hospitality Full Service                
Property 18.04 Hampton Inn Corning Painted Post 0.2% 1 CCRE 1,898,477 1,896,240       Hospitality Limited Service                
Property 18.05 Home2 Suites Rochester Henrietta 0.2% 1 CCRE 1,725,888 1,723,854       Hospitality Limited Service                
Property 18.06 Holiday Inn Express Olean 0.2% 1 CCRE 1,605,076 1,603,184       Hospitality Limited Service                
Property 18.07 Fairfield Inn Watertown 0.2% 1 CCRE 1,397,970 1,396,322       Hospitality Limited Service                
Property 18.08 Holiday Inn Express Canandaigua 0.2% 1 CCRE 1,346,193 1,344,606       Hospitality Limited Service                
Property 18.09 Candlewood Suites Watertown 0.2% 1 CCRE 1,294,416 1,292,891       Hospitality Limited Service                
Property 18.10 Candlewood Suites Sayre 0.1% 1 CCRE 828,426 827,450       Hospitality Limited Service                
Loan 19 Hilton Garden Inn Sugarland 2.1% 1 MPCC 16,800,000 16,800,000   14,978,460   Hospitality Select Service 5.3350% 0.0228% Actual/360 120 113 360 360 12/28/2018
Loan 20 Timlin Portfolio(33) 1.8% 14 CREFI 14,850,000 14,850,000   12,541,491   Various Various 4.0900% 0.0628% Actual/360 120 120 360 360 07/19/2019
Property 20.01 Timlin Portfolio - Industrial 1.1% 12 CREFI 9,100,000 9,100,000       Industrial Warehouse/Distribution                
Property 20.02 Timlin Portfolio - Medical Office 0.5% 1 CREFI 4,250,000 4,250,000       Office Medical Office                
Property 20.03 Timlin Portfolio - Retail 0.2% 1 CREFI 1,500,000 1,500,000       Retail Unanchored                
Loan 21 The Real Real 1.8% 1 GACC 14,560,000 14,560,000   14,560,000   Office CBD 4.5500% 0.0141% Actual/360 120 120 0 0 07/15/2019
Loan 22 Heritage & Villa Apartments 1.5% 2 CCRE 12,000,000 12,000,000   10,588,424   Multifamily Garden 4.8500% 0.0341% Actual/360 120 120 360 360 07/26/2019
Property 22.01 Heritage Place Apartments 0.8% 1 CCRE 6,571,429 6,571,429       Multifamily Garden                
Property 22.02 Villa Glen Apartments 0.7% 1 CCRE 5,428,571 5,428,571       Multifamily Garden                
Loan 23 Cypress Corporate Plaza 1.1% 1 GACC 9,295,000 9,295,000   9,295,000   Office Suburban 4.1500% 0.0141% Actual/360 120 119 0 0 06/10/2019
Loan 24 Bountiful Plaza 1.1% 1 MPCC 8,900,000 8,900,000   7,863,956   Retail Anchored 4.9100% 0.0228% Actual/360 120 117 360 360 04/10/2019
Loan 25 Holiday Inn Express - Bluffton(33) 1.1% 1 CREFI 8,650,000 8,639,341   7,897,535   Hospitality Limited Service 4.3500% 0.0141% Actual/360 60 59 360 359 07/05/2019
Loan 26 Walmart Palm Desert 0.9% 1 MPCC 7,425,000 7,425,000   7,425,000   Retail Single Tenant 5.1300% 0.0228% Actual/360 120 112 0 0 11/15/2018
Loan 27 Surfside Storage 0.9% 1 CREFI 6,900,000 6,900,000   6,033,233   Self Storage Self Storage 4.4500% 0.0141% Actual/360 120 120 360 360 07/10/2019
Loan 28 Crown on 7th 0.8% 1 MPCC 6,780,000 6,780,000   6,780,000   Retail Unanchored 4.4000% 0.0228% Actual/360 120 120 0 0 07/16/2019
Loan 29 Compass Self Storage Largo 0.8% 1 CREFI 6,525,000 6,525,000   6,525,000   Self Storage Self Storage 4.3900% 0.0978% Actual/360 120 119 0 0 06/18/2019
Loan 30 Floresta 0.8% 1 MPCC 6,300,000 6,300,000   5,348,938   Industrial Warehouse 4.2800% 0.0228% Actual/360 120 119 360 360 06/26/2019
Loan 31 Giardino aPodments 0.8% 1 CCRE 6,240,000 6,240,000   6,240,000   Multifamily Mid-Rise 4.5000% 0.0341% Actual/360 120 120 0 0 07/19/2019
Loan 32 Landmark Self Storage 0.3% 1 CREFI 2,775,000 2,775,000   2,775,000   Self Storage Self Storage 3.7700% 0.0141% Actual/360 120 120 0 0 07/17/2019
Loan 33 183 Eldert 0.3% 1 CCRE 2,700,000 2,700,000   2,700,000   Multifamily Low-Rise 4.8500% 0.0341% Actual/360 120 120 0 0 07/18/2019

 

A-1-1 

 

 

CD 2019-CD8

 

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

 

                  Pari Passu Pari Passu              
      First       Monthly Annual Companion Loan Companion Loan Remaining     Crossed      
      Payment Maturity ARD Loan Final Debt Debt Monthly Debt Annual Debt Interest Only   Cash With Related Underwritten Underwritten
Loan ID Property Name(2) Date or ARD Date (Yes/No) Maturity Date Service($)(8) Service($)(8) Service($) Service($) Period  Lockbox(9)  Management(10) Other Loans Borrower NOI DSCR(8)(11) NCF DSCR(8)(11)
Loan 1 888 Figueroa 08/01/2019 07/01/2029 No 07/01/2029 236,046 2,832,552 125,891 1,510,694 119 Springing Hard Springing No   2.69x 2.53x
Loan 2 Woodlands Mall(31)(32)(33) 09/01/2019 08/01/2029 No 08/01/2029 251,715 3,020,578 638,636 7,663,637 120 Hard Springing No   4.04x 3.95x
Loan 3 Hilton Penn’s Landing 09/06/2019 08/06/2029 No 08/06/2029 288,620 3,463,444     120 Hard Springing No   2.52x 2.12x
Loan 4 Uline Arena(33) 09/06/2019 08/06/2029 No 08/06/2029 143,364 1,720,367 266,247 3,194,967 120 Hard Springing No   1.81x 1.75x
Loan 5 171 N Aberdeen 02/01/2019 01/01/2029 No 01/01/2029 161,774 1,941,293     113 Hard Springing No   1.90x 1.86x
Loan 6 Lakewood Square 08/06/2019 07/06/2029 No 07/06/2029 137,526 1,650,307     119 Hard Springing No   2.23x 2.10x
Loan 7 505 Fulton Street 08/06/2019 07/06/2029 No 07/06/2029 119,301 1,431,611 134,214 1,610,562 119 Springing Hard Springing No   2.78x 2.67x
Loan 8 Pharr Town Center 09/06/2019 08/06/2029 No 08/06/2029 201,488 2,417,850 151,116 1,813,388 36 Hard Springing No   1.42x 1.36x
Loan 9 Wind Creek Leased Fee 09/06/2019 08/06/2029 No 08/06/2029 186,341 2,236,093 496,599 5,959,187   Hard In Place No   1.27x 1.27x
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) 08/06/2019 07/06/2029 Yes 06/06/2034 109,555 1,314,659 1,003,485 12,041,817 119 Hard In Place No   3.47x 3.46x
Loan 11 The Citizen Hotel Sacramento(31)(34) 09/06/2019 08/06/2029 No 08/06/2029 118,067 1,416,808     120 Hard Springing No   3.58x 2.95x
Loan 12 Crescent Club(32) 09/01/2019 08/01/2029 No 08/01/2029 72,772 873,263     120 Soft(Residential); Hard(Commercial) In Place No   4.61x 4.58x
Loan 13 Victory Plaza(33) 02/01/2019 01/01/2029 No 01/01/2029 110,869 1,330,425     113 Springing Hard Springing No Group 1 2.09x 2.02x
Loan 14 Boca Raton Design Center 02/01/2019 01/01/2029 No 01/01/2029 100,375 1,204,500     113 Springing Hard Springing No   1.96x 1.89x
Loan 15 Liberty MA Portfolio 09/01/2019 08/01/2029 No 08/01/2029 108,908 1,306,900 84,404 1,012,847   Soft Springing Hard Springing No   1.66x 1.52x
Property 15.01 10-14 New Bond                              
Property 15.02 151 West Boylston                              
Property 15.03 8 New Bond                              
Loan 16 1440 N Dayton 08/01/2019 07/01/2029 No 07/01/2029 65,016 780,188     119 Hard Springing No   2.19x 2.14x
Loan 17 63 Spring Street 07/01/2019 06/01/2029 No 06/01/2029 64,868 778,413     118 Hard Springing No   1.66x 1.65x
Loan 18 Visions Hotel Portfolio II 08/06/2019 07/06/2029 No 07/06/2029 86,642 1,039,707 230,367 2,764,399   Springing Hard Springing No   2.33x 2.08x
Property 18.01 Courtyard Horseheads                              
Property 18.02 Home2 Suites Oswego                              
Property 18.03 Holiday Inn & Suites Rochester Marketplace                              
Property 18.04 Hampton Inn Corning Painted Post                              
Property 18.05 Home2 Suites Rochester Henrietta                              
Property 18.06 Holiday Inn Express Olean                              
Property 18.07 Fairfield Inn Watertown                              
Property 18.08 Holiday Inn Express Canandaigua                              
Property 18.09 Candlewood Suites Watertown                              
Property 18.10 Candlewood Suites Sayre                              
Loan 19 Hilton Garden Inn Sugarland 02/01/2019 01/01/2029 No 01/01/2029 93,657 1,123,880     29 Hard Springing No   1.65x 1.40x
Loan 20 Timlin Portfolio(33) 09/06/2019 08/06/2029 No 08/06/2029 71,669 860,026     24 Springing Hard Springing No   1.81x 1.66x
Property 20.01 Timlin Portfolio - Industrial                              
Property 20.02 Timlin Portfolio - Medical Office                              
Property 20.03 Timlin Portfolio - Retail                              
Loan 21 The Real Real 09/06/2019 08/06/2029 No 08/06/2029 55,973 671,681     120 Hard Springing No   1.87x 1.80x
Loan 22 Heritage & Villa Apartments 09/06/2019 08/06/2029 No 08/06/2029 63,323 759,876     36 Springing Soft Springing No   1.42x 1.33x
Property 22.01 Heritage Place Apartments                              
Property 22.02 Villa Glen Apartments                              
Loan 23 Cypress Corporate Plaza 08/06/2019 07/06/2029 No 07/06/2029 32,592 391,100     119 Hard Springing No   2.97x 2.80x
Loan 24 Bountiful Plaza 06/01/2019 05/01/2029 No 05/01/2029 47,289 567,465     33 Springing Hard Springing No Group 1 1.59x 1.51x
Loan 25 Holiday Inn Express - Bluffton(33) 08/06/2019 07/06/2024 No 07/06/2024 43,061 516,729       Springing Hard Springing No   2.39x 2.13x
Loan 26 Walmart Palm Desert 01/01/2019 12/01/2028 No 12/01/2028 32,183 386,193     112 Hard Springing No   1.75x 1.68x
Loan 27 Surfside Storage 09/06/2019 08/06/2029 No 08/06/2029 34,757 417,079     36 Springing Hard Springing No   1.42x 1.40x
Loan 28 Crown on 7th 09/01/2019 08/01/2029 No 08/01/2029 25,205 302,463     120 Springing Hard Springing No   2.23x 2.13x
Loan 29 Compass Self Storage Largo 08/06/2019 07/06/2029 No 07/06/2029 24,202 290,426     119 Springing Soft Springing No   2.01x 1.98x
Loan 30 Floresta 08/01/2019 07/01/2029 No 07/01/2029 31,103 373,236     23 Springing Hard Springing No   2.72x 2.46x
Loan 31 Giardino aPodments 09/06/2019 08/06/2029 No 08/06/2029 23,725 284,700     120 Springing Soft Springing No   1.72x 1.69x
Loan 32 Landmark Self Storage 09/06/2019 08/06/2029 No 08/06/2029 8,839 106,071     120 Springing Hard Springing No   3.23x 3.15x
Loan 33 183 Eldert 09/01/2019 08/01/2029 No 08/01/2029 11,064 132,769     120 Springing Soft Springing No   1.45x 1.44x

 

A-1-2 

 

 

CD 2019-CD8

 

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

                               
              FIRREA Cut-Off              
      Grace Payment Appraised Appraisal Compliant Date LTV LTV Ratio at           Year
Loan ID Property Name(2) Period(13) Date Value ($)(14)(15) As-of Date (Yes/No) Ratio(11)(15) Maturity or ARD(11)(15) Address City County State Zip Code Built
Loan 1 888 Figueroa 5 1 210,000,000 04/18/2019 Yes 54.8% 54.8% 888 South Figueroa Street Los Angeles Los Angeles CA 90017 1985
Loan 2 Woodlands Mall(31)(32)(33) 1 business day once every 12 month period 1 953,400,000 04/20/2019 Yes 26.0% 26.0% 1201 Lake Woodlands Drive The Woodlands Montgomery TX 77380 1994; 2003; 2016
Loan 3 Hilton Penn’s Landing 0 6 114,000,000 06/01/2019 Yes 61.4% 61.4% 201 South Christopher Columbus Boulevard Philadelphia Philadelphia PA 19106 2000
Loan 4 Uline Arena(33) 0 6 212,000,000 07/01/2021 Yes 56.6% 56.6% 1140 3rd Street Northeast Washington District of Columbia DC 20002 1945
Loan 5 171 N Aberdeen 5 1 73,100,000 10/09/2018 Yes 56.1% 56.1% 171 North Aberdeen Street Chicago Cook IL 60607 2018
Loan 6 Lakewood Square 0 6 63,500,000 05/02/2019 Yes 64.6% 64.6% 4949-5227 Lakewood Boulevard Lakewood Los Angeles CA 90712 1983
Loan 7 505 Fulton Street 0 6 175,000,000 06/18/2019 Yes 48.6% 48.6% 505 Fulton Street Brooklyn Kings NY 11201 1890
Loan 8 Pharr Town Center 0 6 104,360,000 05/16/2019 Yes 67.1% 58.6% 600 North Jackson Road Pharr Hildalgo TX 78577 2013-2019
Loan 9 Wind Creek Leased Fee 0 6 172,500,000 04/23/2019 Yes 85.0% 72.8% 77 Sands Boulevard Bethlehem Northampton PA 18015 NAP
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) 0 6 790,000,000 12/1/2019; 1/1/2020 Yes 44.3% 44.3% 1190 Discovery Way, 900 5th Avenue Sunnyvale Santa Clara CA 94089 2019
Loan 11 The Citizen Hotel Sacramento(31)(34) 0 6 63,700,000 07/01/2020 Yes 53.4% 53.4% 926 J Street Sacramento Sacramento CA 95814 2008
Loan 12 Crescent Club(32) 0 1 97,200,000 06/21/2019 Yes 28.3% 28.3% 41-23 Crescent Street Long Island City Queens NY 11101 2012
Loan 13 Victory Plaza(33) 5 1 54,900,000 10/17/2018 Yes 49.2% 49.2% 13003-13075 Victory Boulevard North Hollywood Los Angeles CA 91606 1949, 1977-1978
Loan 14 Boca Raton Design Center 5 1 38,200,000 11/02/2018 Yes 62.8% 62.8% 3100-3500 Northwest 2nd Avenue Boca Raton Palm Beach FL 33431 1998
Loan 15 Liberty MA Portfolio 0 1 53,660,000 07/02/2019 Yes 66.2% 48.2% Various Worcester Worcester MA 01606 Various
Property 15.01 10-14 New Bond     38,900,000 07/02/2019 Yes     10-14 New Bond Street Worcester Worcester MA 01606 1901
Property 15.02 151 West Boylston     10,100,000 07/02/2019 Yes     151 West Boylston Drive Worcester Worcester MA 01606 1920
Property 15.03 8 New Bond     4,660,000 07/02/2019 Yes     8 New Bond Street Worcester Worcester MA 01606 1890
Loan 16 1440 N Dayton 5 1 29,600,000 05/28/2019 Yes 64.2% 64.2% 1440 and 1448 North Dayton Street Chicago Cook IL 60642 1923
Loan 17 63 Spring Street 5 1 29,800,000 02/05/2019 Yes 62.1% 62.1% 63 Spring Street New York New York NY 10012 1910
Loan 18 Visions Hotel Portfolio II 0 6 105,000,000 05/01/2019 Yes 59.2% 48.0% Various Various Various Various Various Various
Property 18.01 Courtyard Horseheads     15,500,000 05/01/2019 Yes     202 Colonial Drive Horseheads Chemung NY 14845 2016
Property 18.02 Home2 Suites Oswego     12,500,000 05/01/2019 Yes     252 New York State Route 104 Oswego Oswego NY 13126 2017
Property 18.03 Holiday Inn & Suites Rochester Marketplace     12,000,000 05/01/2019 Yes     800 Jefferson Road Rochester Monroe NY 14623 1968
Property 18.04 Hampton Inn Corning Painted Post     11,000,000 05/01/2019 Yes     248 Town Center Road Painted Post Steuben  NY 14870 2014
Property 18.05 Home2 Suites Rochester Henrietta     10,000,000 05/01/2019 Yes     999 Jefferson Road Rochester Monroe NY 14623 2014
Property 18.06 Holiday Inn Express Olean     10,500,000 05/01/2019 Yes     101 Main Street Olean Cattaraugus NY 14760 1999
Property 18.07 Fairfield Inn Watertown     8,100,000 05/01/2019 Yes     250 Commerce Park Drive Watertown Jefferson NY 13601 2012
Property 18.08 Holiday Inn Express Canandaigua     7,800,000 05/01/2019 Yes     330 Eastern Boulevard & 4420 Routes 5 & 20 Canandaigua Ontario NY 14424 2012
Property 18.09 Candlewood Suites Watertown     7,500,000 05/01/2019 Yes     26513 Herrick Drive Evans Mills Jefferson NY 13637 2009
Property 18.10 Candlewood Suites Sayre     4,800,000 05/01/2019 Yes     2775 Elmira Street Sayre Bradford PA 18840 2014
Loan 19 Hilton Garden Inn Sugarland 5 1 30,800,000 12/07/2018 Yes 54.5% 48.6% 722 Bonaventure Way Sugar Land Fort Bend TX 77479 2007
Loan 20 Timlin Portfolio(33) 0 6 20,420,000 Various Yes 72.7% 61.4% Various Various Various MI Various Various
Property 20.01 Timlin Portfolio - Industrial     12,050,000 Various Yes     Various Various Various MI Various Various
Property 20.02 Timlin Portfolio - Medical Office     5,640,000 06/01/2019 Yes     31815 Southfield Road Beverly Hills Oakland MI 48025 1970
Property 20.03 Timlin Portfolio - Retail     2,730,000 06/01/2019 Yes     30730-80 Orchard Lake Road Farmington Hills Oakland MI 48334 1989
Loan 21 The Real Real 0 6 22,400,000 12/01/2019 Yes 65.0% 65.0% 3317 Exposition Place Los Angeles Los Angeles CA 90018 1950
Loan 22 Heritage & Villa Apartments 0 6 16,800,000 Various Yes 71.4% 63.0% Various Various Various Various Various Various
Property 22.01 Heritage Place Apartments     9,200,000 06/26/2019 Yes     3830 Poplar Springs Drive Meridian Lauderdale MS 39305 1968
Property 22.02 Villa Glen Apartments     7,600,000 06/24/2019 Yes     900 Division Street Bessemer Jefferson AL 35020 1973
Loan 23 Cypress Corporate Plaza 0 6 14,900,000 05/13/2019 Yes 62.4% 62.4% 10805 Holder Street Cypress Orange CA 90630 1989
Loan 24 Bountiful Plaza 5 1 12,900,000 01/05/2019 Yes 69.0% 61.0% 123, 155, 195 West 500 South & 545 South 200 West Bountiful Davis UT 84010 1990, 2014
Loan 25 Holiday Inn Express - Bluffton(33) 0 6 14,100,000 06/11/2020 Yes 61.3% 56.0% 35 Bluffton Road Bluffton Beaufort SC 29910 2002
Loan 26 Walmart Palm Desert 5 1 13,500,000 10/11/2018 Yes 55.0% 55.0% 72314 Highway 111 Palm Desert Riverside CA 92260 1989
Loan 27 Surfside Storage 0 6 10,490,000 06/24/2019 Yes 65.8% 57.5% 323 Alf Coleman Road Panama City Beach Bay FL 32407 2004-2017
Loan 28 Crown on 7th 5 1 11,730,000 06/14/2019 Yes 57.8% 57.8% 5739, 5749 & 5801-5813 North 7th Street Phoenix Maricopa AZ 85014 1959, 1966, 1979
Loan 29 Compass Self Storage Largo 0 6 10,250,000 04/23/2019 Yes 63.7% 63.7% 12700 Walsingham Road Largo Pinellas FL 33774 1981-2016
Loan 30 Floresta 5 1 17,400,000 04/17/2019 Yes 36.2% 30.7% 3050, 3070, 3100 & 3120 Sirius Avenue Las Vegas Clark NV 89102 1963
Loan 31 Giardino aPodments 0 6 9,600,000 05/30/2019 Yes 65.0% 65.0% 1514 Northwest 52nd Street Seattle King WA 98107 2018
Loan 32 Landmark Self Storage 0 6 5,800,000 06/13/2019 Yes 47.8% 47.8% 5485 East Highway 150 Lincolnton Lincoln NC 28092 2007
Loan 33 183 Eldert 0 1 4,300,000 06/05/2019 Yes 62.8% 62.8% 183 Eldert Street Brooklyn Kings NY 11207 1905

 

A-1-3 

 

 

CD 2019-CD8

 

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

                               
        Net Units Loan per Net             Second Most Second Second
      Year Rentable Area of Rentable Area   Prepayment Provisions Most Recent Operating Most Recent Most Recent Most Recent Recent Operating Most Recent Most Recent
Loan ID Property Name(2) Renovated (SF/Units/Rooms)(4) Measure (SF/Units/Rooms) $(4)(11)(15)   (# of payments)(16)(17)(18) Statements Date EGI ($) Expenses($) NOI($)(12) Statements Date EGI($) Expenses($)
Loan 1 888 Figueroa NAP 404,136 Sq. Ft. 285   L(25), DorYM1(88), O(7) 03/31/2019 14,936,640 5,254,851 9,681,789 12/31/2018 14,908,171 5,100,819
Loan 2 Woodlands Mall(31)(32)(33) NAP 758,231 Sq. Ft. 327   L(24), D(91), O(5) 05/31/2019 53,807,988 10,101,329 43,706,659 12/31/2018 52,962,351 9,785,492
Loan 3 Hilton Penn’s Landing 2017-2018 350 Rooms 200,000   L(24), D(92), O(4) 05/31/2019 34,817,309 25,895,644 8,921,665 12/31/2018 33,883,722 25,895,811
Loan 4 Uline Arena(33) 2016 248,381 Sq. Ft. 483   YM1(24), DorYM1(90), O(6) 05/31/2019 7,638,927 4,040,587 3,598,340 12/31/2018 6,513,196 3,653,287
Loan 5 171 N Aberdeen NAP 120,020 Sq. Ft. 342   L(31), D(82), O(7)              
Loan 6 Lakewood Square 2002 187,542 Sq. Ft. 219   L(25), D(90), O(5) 03/31/2019 4,864,747 1,187,049 3,677,698 12/31/2018 4,853,269 1,155,774
Loan 7 505 Fulton Street 2013 114,209 Sq. Ft. 744   L(25), D(91), O(4) 05/31/2019 8,282,436 825,128 7,457,308 12/31/2018 9,569,700 832,107
Loan 8 Pharr Town Center NAP 437,815 Sq. Ft. 160   L(24), D(92), O(4) 03/31/2019 8,576,261 2,873,627 5,702,634 12/31/2018 8,282,654 2,827,010
Loan 9 Wind Creek Leased Fee NAP 2,608,541 Sq. Ft. 56   L(24), D(91), O(5)              
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) NAP 701,266 Sq. Ft. 499   L(24), YM1(1), DorYM1(88), O(7)              
Loan 11 The Citizen Hotel Sacramento(31)(34) NAP 196 Rooms 173,469   L(24), D(93), O(3) 05/31/2019 22,354,546 16,501,536 5,853,010 12/31/2018 21,710,880 16,278,047
Loan 12 Crescent Club(32) NAP 130 Units 211,538   L(24), D(93), O(3) 05/31/2019 5,334,258 1,109,303 4,224,955 12/31/2018 5,343,321 1,104,464
Loan 13 Victory Plaza(33) 2016-2017 136,580 Sq. Ft. 198   L(17), YM1(96), O(7) 03/31/2019 3,322,697 758,367 2,564,330 12/31/2018 3,169,173 715,508
Loan 14 Boca Raton Design Center NAP 201,455 Sq. Ft. 119   L(31), D(85), O(4) 06/30/2019 3,286,733 956,632 2,330,101 12/31/2018 3,288,049 948,527
Loan 15 Liberty MA Portfolio Various 360,469 Sq. Ft. 98   L(24), D(93), O(3) 04/30/2019 5,715,870 1,740,559 3,975,311 12/31/2018 5,498,954 1,740,559
Property 15.01 10-14 New Bond 2008 277,575 Sq. Ft. 96     04/30/2019 3,711,639 847,161 2,864,478 12/31/2018 3,514,047 847,161
Property 15.02 151 West Boylston 2014 50,370 Sq. Ft. 111     04/30/2019 1,286,704 550,616 736,089 12/31/2018 1,285,484 550,616
Property 15.03 8 New Bond 2015 32,524 Sq. Ft. 98     04/30/2019 717,527 342,783 374,744 12/31/2018 699,422 342,783
Loan 16 1440 N Dayton 2018 65,614 Sq. Ft. 290   L(25), D(90), O(5) 03/31/2019 333,843 341,775 -7,932 12/31/2018 313,477 321,529
Loan 17 63 Spring Street 2014 5,540 Sq. Ft. 3,339   L(26), D(90), O(4) 3/31/2019 Annualized 1,477,156 111,117 1,366,039 12/31/2018 1,445,152 114,796
Loan 18 Visions Hotel Portfolio II Various 955 Rooms 65,054   L(25), D(91), O(4) 03/31/2019 24,478,404 15,120,031 9,358,373 12/31/2018 23,844,625 14,863,211
Property 18.01 Courtyard Horseheads NAP 98 Rooms 99,758     03/31/2019 2,689,847 1,594,884 1,094,963 12/31/2018 2,622,608 1,580,289
Property 18.02 Home2 Suites Oswego NAP 89 Rooms 88,585     03/31/2019 2,549,099 1,147,217 1,401,882 12/31/2018 1,978,583 1,016,078
Property 18.03 Holiday Inn & Suites Rochester Marketplace 2019 120 Rooms 63,073     03/31/2019 3,292,028 2,373,446 918,582 12/31/2018 3,376,073 2,434,683
Property 18.04 Hampton Inn Corning Painted Post NAP 98 Rooms 70,796     03/31/2019 2,335,704 1,409,675 926,029 12/31/2018 2,367,623 1,434,682
Property 18.05 Home2 Suites Rochester Henrietta NAP 89 Rooms 70,868     03/31/2019 2,988,510 1,850,421 1,138,089 12/31/2018 2,941,519 1,788,068
Property 18.06 Holiday Inn Express Olean 2016 76 Rooms 77,181     03/31/2019 2,292,219 1,387,128 905,091 12/31/2018 2,249,579 1,345,563
Property 18.07 Fairfield Inn Watertown NAP 103 Rooms 49,601     03/31/2019 2,460,572 1,625,424 835,149 12/31/2018 2,494,622 1,630,513
Property 18.08 Holiday Inn Express Canandaigua NAP 75 Rooms 65,596     03/31/2019 2,094,518 1,385,527 708,991 12/31/2018 1,998,337 1,308,081
Property 18.09 Candlewood Suites Watertown NAP 112 Rooms 42,236     03/31/2019 2,216,056 1,267,597 948,459 12/31/2018 2,251,932 1,280,974
Property 18.10 Candlewood Suites Sayre NAP 95 Rooms 31,868     03/31/2019 1,559,850 1,078,711 481,139 12/31/2018 1,563,748 1,044,280
Loan 19 Hilton Garden Inn Sugarland NAP 202 Rooms 83,168   L(31), D(85), O(4) 05/31/2019 6,894,320 5,074,867 1,819,453 12/31/2018 7,167,402 5,241,293
Loan 20 Timlin Portfolio(33) Various 210,816 Sq. Ft. 70   L(24), D(92), O(4) 03/30/2019 1,956,038 397,090 1,558,947 12/31/2018 1,976,943 371,382
Property 20.01 Timlin Portfolio - Industrial Various 171,287 Sq. Ft. 53     03/30/2019 1,095,249 155,231 940,018 12/31/2018 1,096,898 136,069
Property 20.02 Timlin Portfolio - Medical Office 2015 30,878 Sq. Ft. 138     03/30/2019 655,411 204,388 451,022 12/31/2018 675,024 201,455
Property 20.03 Timlin Portfolio - Retail 2005 8,651 Sq. Ft. 173     03/30/2019 205,378 37,471 167,907 12/31/2018 205,021 33,859
Loan 21 The Real Real 2018 29,690 Sq. Ft. 490   L(24), D(91), O(5)              
Loan 22 Heritage & Villa Apartments NAP 243 Units 49,383   L(24), D(93), O(3) 05/31/2019 1,901,610 886,729 1,014,881 12/31/2017 1,760,030 884,571
Property 22.01 Heritage Place Apartments NAP 127 Units 51,744     05/31/2019 1,032,234 496,149 536,085 12/31/2017 982,380 470,253
Property 22.02 Villa Glen Apartments NAP 116 Units 46,798     05/31/2019 869,376 390,580 478,796 12/31/2017 777,650 414,318
Loan 23 Cypress Corporate Plaza NAP 85,522 Sq. Ft. 109   L(25), D(90), O(5) 03/31/2019 1,384,205 852,057 532,148 12/31/2018 1,218,449 905,243
Loan 24 Bountiful Plaza NAP 68,373 Sq. Ft. 130   L(14), YM1(99), O(7) 03/31/2019 1,167,717 313,129 854,588 12/31/2018 1,031,042 316,016
Loan 25 Holiday Inn Express - Bluffton(33) 2015 112 Rooms 77,137   L(25), D(29), O(6) 05/31/2019 3,438,489 2,167,458 1,271,031 12/31/2018 3,286,897 2,099,625
Loan 26 Walmart Palm Desert NAP 45,648 Sq. Ft. 163   L(32), D(84), O(4) 03/31/2019 1,033,162 363,658 669,504 12/31/2018 721,721 57,176
Loan 27 Surfside Storage NAP 81,450 Sq. Ft. 85   L(24), D(91), O(5) 06/30/2019 794,957 184,178 610,779 12/31/2018 785,108 192,888
Loan 28 Crown on 7th 2015, 2016, 2017 25,442 Sq. Ft. 266   L(24), D(89), O(7) 04/30/2019 837,628 197,277 640,351 12/31/2018 715,202 192,982
Loan 29 Compass Self Storage Largo NAP 91,364 Sq. Ft. 71   L(25), D(92), O(3) 04/30/2019 953,272 323,113 630,159 12/31/2018 948,515 325,483
Loan 30 Floresta NAP 199,435 Sq. Ft. 32   L(25), D(91), O(4) 4/30/2019 Annualized 1,333,723 214,499 1,119,224 12/31/2018 1,124,609 256,940
Loan 31 Giardino aPodments NAP 62 Units 100,645   L(24), D(92), O(4)              
Loan 32 Landmark Self Storage 2017 84,120 Sq. Ft. 33   L(24), YM1(93), O(3) 05/31/2019 526,895 179,879 347,016 12/31/2018 490,491 174,676
Loan 33 183 Eldert 2018 6 Units 450,000   L(24), D(93), O(3) 05/31/2019 194,064 20,303 173,761      

 

A-1-4 

 

 

CD 2019-CD8

 

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

                                     
      Second Third Most Third Third Third                      
      Most Recent Recent Operating Most Recent Most Recent Most Recent Underwritten NOI Underwritten NCF  Underwritten  Underwritten  Underwritten  Underwritten  Underwritten Underwritten Underwritten Ownership Ground Lease
Loan ID Property Name(2) NOI($) Statements Date EGI($) Expenses($) NOI($) Debt Yield(11) Debt Yield(11)  Revenue($)  EGI($)  Expenses($)  NOI ($)(12)  Reserves($) TI/LC($) NCF ($) Interest  Expiration(19)
Loan 1 888 Figueroa 9,807,352 12/31/2017 14,519,558 4,343,871 10,175,687 10.1% 9.5% 19,934,661 17,410,098 5,742,216 11,667,882 80,827 606,204 10,980,851 Fee Simple  
Loan 2 Woodlands Mall(31)(32)(33) 43,176,859 12/31/2017 51,530,705 10,009,375 41,521,330 17.4% 17.0% 56,897,203 53,931,267 10,814,593 43,116,674 151,646 758,231 42,206,797 Fee Simple  
Loan 3 Hilton Penn’s Landing 7,987,911 12/31/2017 30,581,117 23,737,187 6,843,930 12.5% 10.5% 34,817,309 34,817,309 26,090,071 8,727,238 1,392,692   7,334,546 Leasehold 10/02/2029
Loan 4 Uline Arena(33) 2,859,908         7.4% 7.2% 14,470,452 13,322,582 4,431,507 8,891,075 24,838 248,381 8,617,856 Fee Simple  
Loan 5 171 N Aberdeen           9.0% 8.8% 5,174,334 4,908,103 1,215,032 3,693,071 26,404 60,010 3,606,657 Fee Simple  
Loan 6 Lakewood Square 3,697,495 12/31/2017 4,624,003 1,127,792 3,496,211 9.0% 8.4% 5,134,909 4,879,333 1,191,551 3,687,782 41,259 187,542 3,458,981 Fee Simple  
Loan 7 505 Fulton Street 8,737,593 12/31/2017 9,688,129 883,675 8,804,454 9.9% 9.6% 10,027,509 9,606,189 1,161,763 8,444,426 17,131 293,224 8,134,071 Fee Simple  
Loan 8 Pharr Town Center 5,455,644         8.6% 8.2% 9,390,414 8,952,839 2,942,618 6,010,221 52,538 218,908 5,738,775 Fee Simple  
Loan 9 Wind Creek Leased Fee           7.1% 7.1% 10,402,235 10,402,235   10,402,235     10,402,235 Fee Simple  
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32)           13.2% 13.2% 59,107,320 57,629,637 11,259,997 46,369,641 145,025   46,224,616 Fee Simple  
Loan 11 The Citizen Hotel Sacramento(31)(34) 5,432,833 12/31/2017 20,601,861 15,840,158 4,761,703 14.9% 12.3% 22,354,546 22,354,546 17,279,442 5,075,104 894,182   4,180,922 Fee Simple  
Loan 12 Crescent Club(32) 4,238,857 12/31/2017 5,321,470 1,181,343 4,140,127 14.6% 14.5% 6,245,187 5,847,996 1,819,317 4,028,679 28,924   3,999,755 Fee Simple  
Loan 13 Victory Plaza(33) 2,453,665 12/31/2017 2,331,678 665,594 1,666,084 10.3% 9.9% 3,880,860 3,688,129 912,743 2,775,386 23,219 68,276 2,683,891 Fee Simple  
Loan 14 Boca Raton Design Center 2,339,522 12/31/2017 3,181,622 980,412 2,201,210 9.8% 9.5% 3,430,442 3,290,829 934,514 2,356,315 38,229 39,912 2,278,174 Fee Simple  
Loan 15 Liberty MA Portfolio 3,758,395 12/31/2017 4,686,493 1,458,815 3,227,678 10.9% 10.0% 6,169,598 5,713,521 1,854,129 3,859,392 54,070 270,352 3,534,970 Fee Simple  
Property 15.01 10-14 New Bond 2,666,887 12/31/2017 2,760,566 695,256 2,065,310     4,083,892 3,732,100 968,845 2,763,255 41,636 208,181 2,513,438 Fee Simple  
Property 15.02 151 West Boylston 734,869 12/31/2017 1,246,603 473,362 773,241     1,346,935 1,279,588 541,003 738,585 7,556 37,778 693,252 Fee Simple  
Property 15.03 8 New Bond 356,640 12/31/2017 679,324 290,197 389,127     738,771 701,832 344,280 357,552 4,879 24,393 328,280 Fee Simple  
Loan 16 1440 N Dayton -8,052         9.0% 8.8% 2,489,221 2,304,521 597,247 1,707,274 13,123 23,918 1,670,233 Fee Simple  
Loan 17 63 Spring Street 1,330,356 12/31/2017 1,507,057 111,117 1,395,940 7.0% 7.0% 1,496,958 1,428,072 138,912 1,289,160 1,308 1,140 1,286,712 Fee Simple  
Loan 18 Visions Hotel Portfolio II 8,981,414 12/31/2017 21,496,761 13,798,733 7,698,028 14.3% 12.7% 24,478,404 24,478,404 15,598,613 8,879,791 979,136   7,900,655 Various  
Property 18.01 Courtyard Horseheads 1,042,319 12/31/2017 2,345,420 1,477,187 868,233     2,689,847 2,689,847 1,650,391 1,039,456 107,594   931,862 Fee Simple  
Property 18.02 Home2 Suites Oswego 962,505 12/31/2017 770,079 534,999 235,080     2,549,099 2,549,099 1,297,825 1,251,274 101,964   1,149,310 Fee Simple  
Property 18.03 Holiday Inn & Suites Rochester Marketplace 941,390 12/31/2017 3,611,778 2,451,965 1,159,813     3,292,028 3,292,028 2,412,968 879,060 131,681   747,379 Leasehold 08/31/2050
Property 18.04 Hampton Inn Corning Painted Post 932,941 12/31/2017 2,338,694 1,376,969 961,725     2,335,704 2,335,704 1,481,764 853,939 93,428   760,511 Fee Simple  
Property 18.05 Home2 Suites Rochester Henrietta 1,153,451 12/31/2017 2,843,589 1,680,601 1,162,988     2,988,510 2,988,510 1,943,923 1,044,587 119,540   925,047 Leasehold 12/31/2051
Property 18.06 Holiday Inn Express Olean 904,016 12/31/2017 2,120,985 1,328,436 792,549     2,292,219 2,292,219 1,398,357 893,862 91,689   802,173 Fee Simple  
Property 18.07 Fairfield Inn Watertown 864,109 12/31/2017 2,395,724 1,559,674 836,050     2,460,572 2,460,572 1,599,236 861,336 98,423   762,913 Fee Simple  
Property 18.08 Holiday Inn Express Canandaigua 690,256 12/31/2017 1,838,441 1,240,247 598,194     2,094,518 2,094,518 1,407,496 687,023 83,781   603,242 Fee Simple  
Property 18.09 Candlewood Suites Watertown 970,958 12/31/2017 1,995,727 1,186,461 809,266     2,216,056 2,216,056 1,295,547 920,508 88,642   831,866 Fee Simple  
Property 18.10 Candlewood Suites Sayre 519,468 12/31/2017 1,236,324 962,194 274,130     1,559,850 1,559,850 1,111,103 448,747 62,394   386,353 Leasehold 12/02/2041
Loan 19 Hilton Garden Inn Sugarland 1,926,109 12/31/2017 7,542,542 5,254,537 2,288,005 11.0% 9.4% 6,896,970 6,896,970 5,044,321 1,852,649 275,879   1,576,770 Fee Simple  
Loan 20 Timlin Portfolio(33) 1,605,561 12/31/2017 1,847,003 379,433 1,467,570 10.5% 9.6% 2,367,322 2,163,710 607,475 1,556,235 59,428 69,771 1,427,037 Fee Simple  
Property 20.01 Timlin Portfolio - Industrial 960,829 12/31/2017 1,000,358 145,784 854,574     1,329,675 1,263,191 333,838 929,353 46,247 21,960 861,146 Fee Simple  
Property 20.02 Timlin Portfolio - Medical Office 473,569 12/31/2017 631,091 203,143 427,948     738,843 616,655 204,703 411,951 10,499 24,121 377,332 Fee Simple  
Property 20.03 Timlin Portfolio - Retail 171,162 12/31/2017 215,554 30,506 185,048     298,805 283,865 68,934 214,931 2,682 23,690 188,559 Fee Simple  
Loan 21 The Real Real           8.6% 8.3% 1,482,218 1,410,387 154,021 1,256,365 4,750 44,535 1,207,080 Fee Simple  
Loan 22 Heritage & Villa Apartments 875,459         9.0% 8.5% 2,034,312 1,959,028 879,620 1,079,409 65,031   1,014,378 Fee Simple  
Property 22.01 Heritage Place Apartments 512,127             1,110,240 1,056,823 497,886 558,937 33,332   525,604 Fee Simple  
Property 22.02 Villa Glen Apartments 363,331             924,072 902,205 381,733 520,472 31,698   488,774 Fee Simple  
Loan 23 Cypress Corporate Plaza 313,206 12/31/2017 1,136,067 691,722 444,345 12.5% 11.8% 2,178,193 2,017,711 855,273 1,162,438 27,367 38,485 1,096,586 Fee Simple  
Loan 24 Bountiful Plaza 715,026 12/31/2017 1,085,061 269,190 815,871 10.2% 9.6% 1,296,807 1,176,878 272,922 903,956 15,726 34,186 854,044 Fee Simple  
Loan 25 Holiday Inn Express - Bluffton(33) 1,187,272 12/31/2017 3,241,890 2,106,300 1,135,590 14.3% 12.7% 3,438,489 3,438,489 2,201,287 1,237,202 137,540   1,099,662 Fee Simple  
Loan 26 Walmart Palm Desert 664,545 12/31/2017 988,391 246,534 741,857 9.1% 8.7% 1,050,310 997,794 320,934 676,860 6,847 22,824 647,189 Fee Simple  
Loan 27 Surfside Storage 592,220 12/31/2017 766,014 177,718 588,297 8.6% 8.5% 892,949 794,957 201,166 593,791 8,145   585,646 Fee Simple  
Loan 28 Crown on 7th 522,220 12/31/2017 505,138 149,726 355,412 9.9% 9.5% 992,693 916,377 242,726 673,651 4,071 25,442 644,138 Fee Simple  
Loan 29 Compass Self Storage Largo 623,032 12/31/2017 848,607 318,504 530,103 8.9% 8.8% 1,052,783 953,272 369,746 583,526 9,136   574,389 Fee Simple  
Loan 30 Floresta 867,669 12/31/2017 923,727 242,530 681,197 16.1% 14.6% 1,396,935 1,292,618 277,575 1,015,043 37,893 59,830 917,320 Fee Simple  
Loan 31 Giardino aPodments           7.9% 7.7% 718,380 699,961 209,977 489,984 9,300   480,684 Fee Simple  
Loan 32 Landmark Self Storage 315,816 12/31/2017 435,147 165,945 269,202 12.4% 12.1% 694,980 526,895 183,873 343,022 8,412   334,610 Fee Simple  
Loan 33 183 Eldert           7.1% 7.1% 230,640 223,721 31,426 192,295 1,500   190,795 Fee Simple  

 

A-1-5 

 

 

CD 2019-CD8

 

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

                         
      Ground Lease     Lease     Lease     Lease
Loan ID Property Name(2)  Extension Terms(19) Largest Tenant(21)(22)(23) SF   Expiration 2nd Largest Tenant(20)(21)(23) SF Expiration 3rd Largest Tenant(20)(21)(22)(23) SF Expiration
Loan 1 888 Figueroa   NBC Operating (TJX Companies) 98,467 12/31/2031 State of CA 49,180 11/30/2024 GSA 42,610 10/31/2029
Loan 2 Woodlands Mall(31)(32)(33)   Forever 21 85,150 06/30/2025 Dick’s Sporting Goods 83,075 01/31/2027 Barnes & Noble Bookseller 30,471 01/31/2020
Loan 3 Hilton Penn’s Landing 1 24-year extension option, 1 21-year, 7 month extension opton NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 4 Uline Arena(33)   Recreational Equipment, Inc. 51,159 02/29/2032 RGN National Business Center 43,680 10/31/2033 Pact, Inc. 39,137 04/30/2035
Loan 5 171 N Aberdeen   Medici 63,815 09/30/2028 Industrious 41,612 12/31/2027 Northwestern Memorial Hospital 5,995 06/30/2029
Loan 6 Lakewood Square   Hobby Lobby 48,857 07/31/2022 Michaels Stores, Inc. 20,800 07/31/2022 Cost Plus 20,032 01/31/2023
Loan 7 505 Fulton Street   Nordstrom Rack 40,523 04/30/2024 H&M 29,600 01/31/2029 Old Navy 22,477 06/30/2025
Loan 8 Pharr Town Center   Academy 71,821 03/31/2031 Cinemark 63,504 12/31/2028 Main Event 58,000 08/31/2029
Loan 9 Wind Creek Leased Fee   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32)   Facebook, Inc. 701,266 05/31/2034 NAP NAP NAP NAP NAP NAP
Loan 11 The Citizen Hotel Sacramento(31)(34)   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 12 Crescent Club(32)   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 13 Victory Plaza(33)   Vallarta Supermarket 31,117 11/30/2033 LA Fitness 28,830 12/31/2025 Petco 15,000 01/31/2028
Loan 14 Boca Raton Design Center   Broadbandone Inc. 32,850 01/31/2021 Twisters 14,750 05/31/2020 Kabafusion 7,000 12/31/2019
Loan 15 Liberty MA Portfolio                    
Property 15.01 10-14 New Bond   Central MA Spec. Ed 118,068 08/31/2027 A. Schulman, Inc. 73,859 09/30/2020 Reed Machinery, Inc 25,242 12/31/2021
Property 15.02 151 West Boylston   Commonwealth of Mass (DCF East) 24,268 08/03/2024 Commonwealth of Mass (Lottery) 17,400 01/22/2021 U.S Government (USDA Asian Beetle) 8,702 08/31/2019
Property 15.03 8 New Bond   Commonwealth of MA (DEP) 32,524 11/16/2024 NAP NAP NAP NAP NAP NAP
Loan 16 1440 N Dayton   Ann & Robert H. Lurie Children’s Hospital of Chicago 41,696 05/31/2031 Fusion Learning, Inc. 10,248 10/31/2027 Nth Degree Fitness 3,368 08/31/2024
Loan 17 63 Spring Street   L’Occitane 800 01/31/2029 Brodo 300 03/31/2030 Baked by Melissa (Window) 40 08/31/2027
Loan 18 Visions Hotel Portfolio II                    
Property 18.01 Courtyard Horseheads   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.02 Home2 Suites Oswego   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.03 Holiday Inn & Suites Rochester Marketplace No NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.04 Hampton Inn Corning Painted Post   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.05 Home2 Suites Rochester Henrietta No NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.06 Holiday Inn Express Olean   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.07 Fairfield Inn Watertown   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.08 Holiday Inn Express Canandaigua   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.09 Candlewood Suites Watertown   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 18.10 Candlewood Suites Sayre Yes NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 19 Hilton Garden Inn Sugarland   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 20 Timlin Portfolio(33)                    
Property 20.01 Timlin Portfolio - Industrial   Dal-Tile Corporation 21,744 06/30/2021 World Stone Group 17,250 05/31/2023 Suburban Motors 13,633 03/31/2020
Property 20.02 Timlin Portfolio - Medical Office   Krystyna Ejsmont, Inc. 3,750 02/28/2025 Cari M. Zupko, DDS, MS, PLLC 2,900 06/30/2022 Body of Learning 2,455 04/30/2024
Property 20.03 Timlin Portfolio - Retail   Vitamin Shoppe 4,672 10/31/2022 Aspen + Grey 2,080 05/31/2024 Batteries Plus 1,899 10/31/2023
Loan 21 The Real Real   The Real Real 29,690 06/30/2027 NAP NAP NAP NAP NAP NAP
Loan 22 Heritage & Villa Apartments                    
Property 22.01 Heritage Place Apartments   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 22.02 Villa Glen Apartments   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 23 Cypress Corporate Plaza   Exemplis, LLC 22,889 01/31/2024 Rockwell Automation 17,622 11/22/2023 Bowermaster and Associates Insurance Agency, Inc 10,718 03/31/2022
Loan 24 Bountiful Plaza   Savers (Subleased to DownEast) 25,633 05/31/2024 Planet Fitness 18,472 05/31/2024 Carl’s JR 5,049 12/31/2027
Loan 25 Holiday Inn Express - Bluffton(33)   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 26 Walmart Palm Desert   Walmart 45,648 02/19/2027 NAP NAP NAP NAP NAP NAP
Loan 27 Surfside Storage   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 28 Crown on 7th   The Smelly Dog 4,936 10/31/2028 Wildflower Bread Company 4,111 07/31/2027 Phoenix Ale Brewery Central Kitchen 3,617 01/31/2026
Loan 29 Compass Self Storage Largo   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 30 Floresta   MMC Inc 19,870 03/31/2022 All American Finishing 18,265 08/14/2019 Vegas VIP, LLC 15,000 03/31/2020
Loan 31 Giardino aPodments   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 32 Landmark Self Storage   NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 33 183 Eldert   NAP NAP NAP NAP NAP NAP NAP NAP NAP

 

A-1-6 

 

 

CD 2019-CD8

 

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

                       
                      Upfront
          Lease     Lease   Occupancy Replacement
Loan ID Property Name(2) 4th Largest Tenant(21)(23) SF Expiration 5th Largest Tenant(20)(21)(23) SF Expiration Occupancy As-of Date Reserves($)(25)
Loan 1 888 Figueroa Englekirk Structural Engineers 19,516 03/31/2029 First Republic Bank 15,093 09/30/2027 84.8% 07/23/2019  
Loan 2 Woodlands Mall(31)(32)(33) Woodlands Financial Group 22,359 03/31/2027 Macy’s Children’s 17,161 01/31/2022 95.8% 05/28/2019  
Loan 3 Hilton Penn’s Landing NAP NAP NAP NAP NAP NAP 86.8% 05/31/2019  
Loan 4 Uline Arena(33) Davis Memorial Goodwill 23,968 07/31/2035 Antunovich Associates 10,353 09/30/2029 92.1% 07/26/2019  
Loan 5 171 N Aberdeen Dream Town Shoes 3,546 07/31/2024 Capriotti’s Sandwich Shop 2,115 08/31/2027 100.0% 06/19/2019  
Loan 6 Lakewood Square CVS Pharmacy, Inc. 14,000 07/31/2021 CEC Entertainment, Inc. 12,185 02/05/2024 100.0% 03/31/2019  
Loan 7 505 Fulton Street TJ Maxx 21,609 04/30/2024 NAP NAP NAP 100.0% 07/01/2019  
Loan 8 Pharr Town Center Ross Dress for Less 28,000 01/31/2028 Buy Buy Baby 25,056 01/31/2028 97.3% 06/25/2019  
Loan 9 Wind Creek Leased Fee NAP NAP NAP NAP NAP NAP NAP NAP  
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) NAP NAP NAP NAP NAP NAP 100.0% 08/06/2019  
Loan 11 The Citizen Hotel Sacramento(31)(34) NAP NAP NAP NAP NAP NAP 84.7% 05/31/2019  
Loan 12 Crescent Club(32) NAP NAP NAP NAP NAP NAP 96.2% 06/24/2019 100,000
Loan 13 Victory Plaza(33) CVS Pharmacy 13,478 10/21/2022 US Renal Care 12,199 12/31/2029 100.0% 07/22/2019  
Loan 14 Boca Raton Design Center MDG Advertising Inc. 5,950 08/31/2019 Merle Wood Associates 5,800 04/30/2020 95.9% 07/19/2019  
Loan 15 Liberty MA Portfolio             86.1% 06/20/2019 100,000
Property 15.01 10-14 New Bond United Rentals 10,150 02/28/2027 NAP NAP NAP 81.9% 06/20/2019  
Property 15.02 151 West Boylston NAP NAP NAP NAP NAP NAP 100.0% 06/20/2019  
Property 15.03 8 New Bond NAP NAP NAP NAP NAP NAP 100.0% 06/20/2019  
Loan 16 1440 N Dayton Codeverse 2,914 12/31/2026 NAP NAP NAP 88.7% 06/28/2019  
Loan 17 63 Spring Street NAP NAP NAP NAP NAP NAP 100.0% 05/01/2019  
Loan 18 Visions Hotel Portfolio II             64.1% 03/31/2019  
Property 18.01 Courtyard Horseheads NAP NAP NAP NAP NAP NAP 55.7% 03/31/2019  
Property 18.02 Home2 Suites Oswego NAP NAP NAP NAP NAP NAP 61.5% 03/31/2019  
Property 18.03 Holiday Inn & Suites Rochester Marketplace NAP NAP NAP NAP NAP NAP 62.2% 03/31/2019  
Property 18.04 Hampton Inn Corning Painted Post NAP NAP NAP NAP NAP NAP 49.7% 03/31/2019  
Property 18.05 Home2 Suites Rochester Henrietta NAP NAP NAP NAP NAP NAP 78.3% 03/31/2019  
Property 18.06 Holiday Inn Express Olean NAP NAP NAP NAP NAP NAP 68.5% 03/31/2019  
Property 18.07 Fairfield Inn Watertown NAP NAP NAP NAP NAP NAP 65.7% 03/31/2019  
Property 18.08 Holiday Inn Express Canandaigua NAP NAP NAP NAP NAP NAP 61.8% 03/31/2019  
Property 18.09 Candlewood Suites Watertown NAP NAP NAP NAP NAP NAP 68.9% 03/31/2019  
Property 18.10 Candlewood Suites Sayre NAP NAP NAP NAP NAP NAP 69.5% 03/31/2019  
Loan 19 Hilton Garden Inn Sugarland NAP NAP NAP NAP NAP NAP 66.2% 05/31/2019  
Loan 20 Timlin Portfolio(33)             98.5% 06/01/2019 228,234
Property 20.01 Timlin Portfolio - Industrial NorthStar Sourcing 13,633 04/30/2024 Global Alliance 12,657 06/30/2024 100.0% 06/01/2019  
Property 20.02 Timlin Portfolio - Medical Office Beverly Hills Group Therapy 2,250 08/31/2026 Paul Darmon, DDS, PC 2,000 06/30/2024 90.0% 06/01/2019  
Property 20.03 Timlin Portfolio - Retail NAP NAP NAP NAP NAP NAP 100.0% 06/01/2019  
Loan 21 The Real Real NAP NAP NAP NAP NAP NAP 100.0% 08/06/2019  
Loan 22 Heritage & Villa Apartments             97.5% 05/31/2019  
Property 22.01 Heritage Place Apartments NAP NAP NAP NAP NAP NAP 96.9% 05/31/2019  
Property 22.02 Villa Glen Apartments NAP NAP NAP NAP NAP NAP 98.3% 05/31/2019  
Loan 23 Cypress Corporate Plaza Tad PGS, Inc dba Adecco 5,367 09/30/2024 Reid Group Enterprises, Inc dba Twentytwenty Insurance Services 5,037 05/31/2023 96.0% 04/30/2019  
Loan 24 Bountiful Plaza Corner Bakery 3,850 07/31/2024 Brain Balance Achievement Centers 3,562 12/31/2022 92.8% 05/31/2019  
Loan 25 Holiday Inn Express - Bluffton(33) NAP NAP NAP NAP NAP NAP 71.3% 05/31/2019  
Loan 26 Walmart Palm Desert NAP NAP NAP NAP NAP NAP 100.0% 08/01/2019  
Loan 27 Surfside Storage NAP NAP NAP NAP NAP NAP 98.3% 06/30/2019  
Loan 28 Crown on 7th Pubblico Italian Eatery 2,647 11/30/2027 The Womack 2,155 10/31/2026 100.0% 06/10/2019  
Loan 29 Compass Self Storage Largo NAP NAP NAP NAP NAP NAP 89.1% 04/17/2019  
Loan 30 Floresta M-Core Construction 14,930 09/30/2020 All Convention Services, Inc. 10,000 02/28/2022 97.5% 06/26/2019  
Loan 31 Giardino aPodments NAP NAP NAP NAP NAP NAP 100.0% 06/30/2019  
Loan 32 Landmark Self Storage NAP NAP NAP NAP NAP NAP 80.1% 06/10/2019  
Loan 33 183 Eldert NAP NAP NAP NAP NAP NAP 100.0% 06/24/2019 7,500

 

A-1-7 

 

 

CD 2019-CD8

 

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

                   
      Monthly Upfront Monthly Upfront Monthly Upfront Monthly
      Replacement TI/LC TI/LC Tax Tax Insurance Insurance
Loan ID Property Name(2) Reserves ($)(26)(27)(28) Reserves ($)(25) Reserves ($)(26)(28) Reserves ($)(25) Reserves ($)(26) Reserves($)(25) Reserves ($)(26)
Loan 1 888 Figueroa 5,050 1,645,592 17,055 314,024 78,506   Springing
Loan 2 Woodlands Mall(31)(32)(33) Springing   Springing   Springing   Springing
Loan 3 Hilton Penn’s Landing Greatest of (i) four percent (4.0%) of the projected Gross Revenue for the Property for the prior month as set forth in the most recent Approved Annual Budget, (ii) the then-current amount required by the Management Agreement and (iii) the then-current amount required by the Franchise Agreement for Approved Capital Expenditures and the repair and replacement of the FF&E     545,572 77,939 28,176 4,025
Loan 4 Uline Arena(33) 2,070   20,698 1,215,000 202,500   Springing
Loan 5 171 N Aberdeen 500 705,700 1,000 83,596 13,933 48,192 5,355
Loan 6 Lakewood Square 3,438   15,629 157,467 39,367   Springing
Loan 7 505 Fulton Street 1,428     77,234 38,617   Springing
Loan 8 Pharr Town Center 4,378 101,284 18,242   Springing 37,602 Springing
Loan 9 Wind Creek Leased Fee Springing       Springing   Springing
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) Springing 23,165,933   525,523 87,587   Springing
Loan 11 The Citizen Hotel Sacramento(31)(34) Greatest of (i) the deposit required by Franchisor on account of FF&E under the Franchise Agreement, (ii) 1/12th of 4% of the gross income for the Property during the immediately preceding calendar year, and (iii) 1/12th of 4% of the gross income for the Property in the projected budget for the immediately succeeding year     131,970 26,394 98,383 6,887
Loan 12 Crescent Club(32) Springing     10,500 5,250 27,181 5,256
Loan 13 Victory Plaza(33) 1,932 1,164,688 8,523 82,970 21,530   Springing
Loan 14 Boca Raton Design Center 3,183   3,326 67,050 33,525 110,838 12,758
Loan 15 Liberty MA Portfolio Springing 500,000 22,529 50,850 50,850 100,000  
Property 15.01 10-14 New Bond              
Property 15.02 151 West Boylston              
Property 15.03 8 New Bond              
Loan 16 1440 N Dayton 1,367 796,516 5,471 9,863 9,863 21,091 2,109
Loan 17 63 Spring Street 109   96 5,971 5,971 6,074 1,026
Loan 18 Visions Hotel Portfolio II 1/12th of 2% of the monthly Total Gross Revenues     950,268 112,167 83,002 27,620
Property 18.01 Courtyard Horseheads              
Property 18.02 Home2 Suites Oswego              
Property 18.03 Holiday Inn & Suites Rochester Marketplace              
Property 18.04 Hampton Inn Corning Painted Post              
Property 18.05 Home2 Suites Rochester Henrietta              
Property 18.06 Holiday Inn Express Olean              
Property 18.07 Fairfield Inn Watertown              
Property 18.08 Holiday Inn Express Canandaigua              
Property 18.09 Candlewood Suites Watertown              
Property 18.10 Candlewood Suites Sayre              
Loan 19 Hilton Garden Inn Sugarland 1/12th of 4% of the monthly Total Gross Revenues       51,049 19,132 9,566
Loan 20 Timlin Portfolio(33) 4,943 100,000 8,333 150,000 Springing 16,180 5,393
Property 20.01 Timlin Portfolio - Industrial              
Property 20.02 Timlin Portfolio - Medical Office              
Property 20.03 Timlin Portfolio - Retail              
Loan 21 The Real Real 399 742,250 3,711 30,501 7,625 1,890 1,890
Loan 22 Heritage & Villa Apartments 5,419     97,736 12,217 70,083 7,008
Property 22.01 Heritage Place Apartments              
Property 22.02 Villa Glen Apartments              
Loan 23 Cypress Corporate Plaza 2,281 229,529 10,690 59,345 14,836 2,576 1,288
Loan 24 Bountiful Plaza 1,310 223,437 5,679 40,947 6,825   Springing
Loan 25 Holiday Inn Express - Bluffton(33) Springing     79,870 11,410 22,494 4,499
Loan 26 Walmart Palm Desert 532   950   Springing   Springing
Loan 27 Surfside Storage 679     23,007 2,556 5,915 1,972
Loan 28 Crown on 7th 339 105,100 2,123 88,421 9,825 1,305 1,305
Loan 29 Compass Self Storage Largo 761     64,510 7,168   Springing
Loan 30 Floresta 3,158   2,500 59,004 4,917 27,324 2,732
Loan 31 Giardino aPodments 775     7,083 1,417   Springing
Loan 32 Landmark Self Storage 701     1,744 1,744 5,795 828
Loan 33 183 Eldert Springing     1,500 750 2,668 334

 

A-1-8 

 

 

CD 2019-CD8

 

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

                   
      Upfront Upfront Monthly Other Environmental    
      Engineering Other Other Reserves Report Engineering  
Loan ID Property Name(2) Reserve($)(25) Reserves ($)(25) Reserves ($)(26)(27) Description Date(29)(30) Report Date PML/SEL (%)
Loan 1 888 Figueroa   6,912,549   Free Rent Reserve ($312,549); Earnout Reserve ($6,600,000) 04/23/2019 04/23/2019 13.0%; 14.0%
Loan 2 Woodlands Mall(31)(32)(33)   2,174,886 Springing Tenant Improvement Reserve ($2,174,886); Major Anchor Sweep Reserve Funds (Monthly Springing: Excess Cash Flow) 05/03/2019 04/28/2019 NAP
Loan 3 Hilton Penn’s Landing   51,250 483,334 Ground Rent Funds (Upfront: $51,250, Monthly Springing: $17,083); Seasonal Working Capital Reserve ($483,334 September-November); PIP Reserve (Monthly Springing: Excess Cash Flow) 06/13/2019 06/13/2019 NAP
Loan 4 Uline Arena(33)   22,995,169 Springing Major Tenant Cash Trap Reserve (Monthly Springing: Excess Cash Flow); Free Rent Reserve ($3,300,274); PACT Gap Rent Reserve ($1,533,592); Why Hotel Gap Rent Reserve ($56,708); PACT Additional Gap Rent Reserve (Upfront: $191,699, Monthly: Springing); PACT Free Rent Reserve ($4,156,468); PACT Mezzanine Space Reserve ($1,000,000); PACT Post-Delivery Work Item Reserve ($225,000); Occupancy Reserve ($3,800,000); Why Hotel Free Rent Reserve ($86,497); Why Hotel Landlord Work Reserve ($415,183); Initial TI/LC ($8,229,748) 07/24/2019 07/24/2019 NAP
Loan 5 171 N Aberdeen   3,837,929   Free Rent ($537,929) Cash Collateral ($3,300,000) 10/19/2018 10/17/2018 NAP
Loan 6 Lakewood Square   45,000 Springing Approved Leasing Expenses Reserve ($45,000); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) 05/14/2019 05/15/2019 12.00%
Loan 7 505 Fulton Street     Springing Condominium Common Charge Funds (Monthly: Springing) 06/25/2019 06/25/2019 NAP
Loan 8 Pharr Town Center     Springing Cinemark Tenant Sweep Account Funds (Monthly Springing: Excess Cash Flow) 06/03/2019 06/03/2019 NAP
Loan 9 Wind Creek Leased Fee   1,365,880   Debt Service Reserve (Upfront: $1,365,879.90); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) 07/17/2019 NAP NAP
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32)   16,127,329 Springing Rent Concession Reseve (Upfront: 16,127,329); Debt Service Reserve Funds (Monthly: Springing); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) 05/13/2019 05/09/2019 3.00%
Loan 11 The Citizen Hotel Sacramento(31)(34) 24,375 6,147,912   PIP Reserve 06/28/2019 06/28/2019 16.00%
Loan 12 Crescent Club(32) 55,770       07/10/2019 07/09/2019 NAP
Loan 13 Victory Plaza(33)     Springing Vallarta Trigger Reserve (Springing) 10/22/2018 10/22/2018 9.00%
Loan 14 Boca Raton Design Center         11/06/2018 11/06/2018 NAP
Loan 15 Liberty MA Portfolio 64,125   Springing A. Shulman Reserve (Monthly Springing: Excess Cash Flow); Central MA Special Ed. Reserve (Monthly Springing: Excess Cash Flow) 07/11/2019 07/29/2019 NAP
Property 15.01 10-14 New Bond         07/11/2019 07/29/2019 NAP
Property 15.02 151 West Boylston         07/11/2019 07/29/2019 NAP
Property 15.03 8 New Bond         07/11/2019 07/29/2019 NAP
Loan 16 1440 N Dayton   162,792   Free Rent Holdback ($62,792); ADA Compliance Escrow ($100,000) 06/24/2019 10/12/2018 NAP
Loan 17 63 Spring Street 14,375   Springing L’Occitane Reserve (Springing) 04/12/2019 04/12/2019 NAP
Loan 18 Visions Hotel Portfolio II   1,939,245 Springing PIP Reserve ($1,900,000); Ground Rent Reserve (Upfront: $39,245, Monthly: Springing) Various 05/01/2019 NAP
Property 18.01 Courtyard Horseheads         05/01/2019 05/01/2019 NAP
Property 18.02 Home2 Suites Oswego         05/01/2019 05/01/2019 NAP
Property 18.03 Holiday Inn & Suites Rochester Marketplace         05/01/2019 05/01/2019 NAP
Property 18.04 Hampton Inn Corning Painted Post         05/01/2019 05/01/2019 NAP
Property 18.05 Home2 Suites Rochester Henrietta         05/10/2019 05/01/2019 NAP
Property 18.06 Holiday Inn Express Olean         05/10/2019 05/01/2019 NAP
Property 18.07 Fairfield Inn Watertown         05/01/2019 05/01/2019 NAP
Property 18.08 Holiday Inn Express Canandaigua         05/02/2019 05/01/2019 NAP
Property 18.09 Candlewood Suites Watertown         05/01/2019 05/01/2019 NAP
Property 18.10 Candlewood Suites Sayre         05/01/2019 05/01/2019 NAP
Loan 19 Hilton Garden Inn Sugarland   5,264,750   PIP Reserve (Springing) 11/07/2018 11/07/2018 NAP
Loan 20 Timlin Portfolio(33) 71,766 47,646   Unfunded Obligations Reserve Various Various NAP
Property 20.01 Timlin Portfolio - Industrial         06/07/2019 06/07/2019 NAP
Property 20.02 Timlin Portfolio - Medical Office         06/07/2019 06/07/2019 NAP
Property 20.03 Timlin Portfolio - Retail         06/10/2019 06/06/2019 NAP
Loan 21 The Real Real   400,652 11,147 Free Rent Reserve (Upfront: $400,652; Monthly: $11,147); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) 06/13/2019 06/14/2019 14.00%
Loan 22 Heritage & Villa Apartments 90,638       Various 07/24/2019 NAP
Property 22.01 Heritage Place Apartments         06/13/2019 07/24/2019 NAP
Property 22.02 Villa Glen Apartments         06/12/2019 07/24/2019 NAP
Loan 23 Cypress Corporate Plaza 53,020   Springing Lease Sweep Funds (Monthly Springing: Excess Cash Flow) 05/17/2019 05/17/2019 14.00%
Loan 24 Bountiful Plaza     Springing Junior Anchor Lease First Renewal Reserve (Springing); Junior Anchor Lease Second Renewal Reserve (Springing) 03/13/2019 01/17/2019 8.00%
Loan 25 Holiday Inn Express - Bluffton(33) 22,563 2,865,776   PIP Reserve 06/18/2019 06/18/2019 NAP
Loan 26 Walmart Palm Desert         10/11/2018 10/11/2018 13.00%
Loan 27 Surfside Storage         05/16/2019 05/16/2019 NAP
Loan 28 Crown on 7th   4,362   Free Rent Reserve 06/12/2019 06/12/2019 NAP
Loan 29 Compass Self Storage Largo         04/12/2019 04/10/2019 NAP
Loan 30 Floresta 46,191 4,533   Code Violations Reserve 04/24/2019 04/24/2019 NAP
Loan 31 Giardino aPodments         06/21/2019 06/21/2019 8.00%
Loan 32 Landmark Self Storage         06/24/2019 06/24/2019 NAP
Loan 33 183 Eldert 1,800       06/18/2019 07/23/2019 NAP

 

A-1-9 

 

 

CD 2019-CD8

 

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

                 
      Franchise          
      Expiration Loan        
Loan ID Property Name(2) Date Purpose Sponsor(24) Guarantor Previous Securitization Non-Trust Pari Passu Original Balance
Loan 1 888 Figueroa NAP Refinance David Taban David Taban NAP 40,000,000
Loan 2 Woodlands Mall(31)(32)(33) NAP Refinance Brookfield Property REIT Inc.; Brookfield Property Partners L.P.; Brookfield Asset Management Inc. BPR OP, LP (F/K/A GGP Operating Partnership, LP) NAP 177,600,000
Loan 3 Hilton Penn’s Landing 02/28/2035 Refinance Daniel J. Keating, III Daniel J. Keating, III NAP  
Loan 4 Uline Arena(33) NAP Refinance Norman Jemal Norman Jemal NAP 78,000,000
Loan 5 171 N Aberdeen NAP Refinance Michael Golden; Thaddeus Wong Michael Golden; Thaddeus Wong NAP  
Loan 6 Lakewood Square NAP Refinance D. John Miller; Lindsay Parton; Eric Sahn D. John Miller; Lindsay Parton; Eric Sahn NAP  
Loan 7 505 Fulton Street NAP Refinance Albert Laboz; Jason Laboz; Joseph Jody Laboz Albert Laboz; Jason Laboz; Joseph Jody Laboz NAP 45,000,000
Loan 8 Pharr Town Center NAP Refinance Herbert L. Levine Herbert L. Levine NAP 30,000,000
Loan 9 Wind Creek Leased Fee NAP Recapitalization Jeffery Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein Jeffery Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein NAP 106,600,000
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) NAP Refinance The Jay Paul Company Paul Guarantor LLC NAP 315,550,000
Loan 11 The Citizen Hotel Sacramento(31)(34) 09/01/2040 Acquisition Joao Woiler; Pedro Miranda Joao Woiler; Pedro Miranda NAP  
Loan 12 Crescent Club(32) NAP Refinance Leah Weiss; SW Trust Leah Weiss; SW Trust NAP  
Loan 13 Victory Plaza(33) NAP Refinance Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC NAP  
Loan 14 Boca Raton Design Center NAP Refinance Timothy R. Lewis Timothy R. Lewis DBUBS 2011-LC2A  
Loan 15 Liberty MA Portfolio   Refinance Andrew M. Cable; Cabfam LLC Andrew M. Cable; Cabfam LLC NAP 15,500,000
Property 15.01 10-14 New Bond NAP          
Property 15.02 151 West Boylston NAP          
Property 15.03 8 New Bond NAP          
Loan 16 1440 N Dayton NAP Refinance Sarah M. Potter; Thomas Melk Sarah M. Potter; Thomas Melk NAP  
Loan 17 63 Spring Street NAP Refinance Jack Terzi Jack Terzi NAP  
Loan 18 Visions Hotel Portfolio II   Refinance Arun Patel; Hemant Patel Arun Patel; Hemant Patel MSC 2019-H7 45,200,000
Property 18.01 Courtyard Horseheads 04/01/2036          
Property 18.02 Home2 Suites Oswego 06/01/2037          
Property 18.03 Holiday Inn & Suites Rochester Marketplace 12/21/2031          
Property 18.04 Hampton Inn Corning Painted Post 11/30/2033          
Property 18.05 Home2 Suites Rochester Henrietta 02/28/2034          
Property 18.06 Holiday Inn Express Olean 08/12/2030          
Property 18.07 Fairfield Inn Watertown 08/31/2034          
Property 18.08 Holiday Inn Express Canandaigua 01/25/2022          
Property 18.09 Candlewood Suites Watertown 06/30/2034          
Property 18.10 Candlewood Suites Sayre 12/28/2021          
Loan 19 Hilton Garden Inn Sugarland 12/31/2033 Acquisition Tom Huang; Yongjian (Eugene) Ning; Ruoxu (Scott) Hu Tom Huang; Yongjian (Eugene) Ning; Ruoxu (Scott) Hu NAP  
Loan 20 Timlin Portfolio(33)   Acquisition Patrick Timlin Patrick Timlin NAP  
Property 20.01 Timlin Portfolio - Industrial NAP          
Property 20.02 Timlin Portfolio - Medical Office NAP          
Property 20.03 Timlin Portfolio - Retail NAP          
Loan 21 The Real Real NAP Refinance Mark Borman; Jeffrey Michael Weller; Mory Barak Mark Borman; Jeffrey Michael Weller; Mory Barak NAP  
Loan 22 Heritage & Villa Apartments   Refinance Heyme Bleier Heyme Bleier NAP  
Property 22.01 Heritage Place Apartments NAP          
Property 22.02 Villa Glen Apartments NAP          
Loan 23 Cypress Corporate Plaza NAP Acquisition Bryan S. Kang; Kyung Sup Choi Bryan S. Kang; Kyung Sup Choi NAP  
Loan 24 Bountiful Plaza NAP Recapitalization Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC; Duane Moss Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC; Duane Moss NAP  
Loan 25 Holiday Inn Express - Bluffton(33) 07/03/2034 Refinance Rakesh Chauhan; Manoj Chauhan; Andy Chopra Rakesh Chauhan; Manoj Chauhan; Andy Chopra CGCMT 2014-GC23  
Loan 26 Walmart Palm Desert NAP Acquisition Shayle Fox Shayle Fox NAP  
Loan 27 Surfside Storage NAP Acquisition Jacob Ramage Jacob Ramage NAP  
Loan 28 Crown on 7th NAP Refinance Niels Kreipke; Daniel W. Gosnell Niels Kreipke; Daniel W. Gosnell NAP  
Loan 29 Compass Self Storage Largo NAP Acquisition Robert J. Amsdell; Barry L. Amsdell Robert J. Amsdell; Barry L. Amsdell NAP  
Loan 30 Floresta NAP Recapitalization Robert A. Davidsohn; Luis Davidsohn Robert A. Davidsohn; Luis Davidsohn NAP  
Loan 31 Giardino aPodments NAP Refinance John Keister; Gary Mulhair; Sandra Mulhair; Dirk Mulhair John Keister; Gary Mulhair; Sandra Mulhair; Dirk Mulhair NAP  
Loan 32 Landmark Self Storage NAP Refinance Mark A. Robinson; Terrence L. Wilson Mark A. Robinson; Terrence L. Wilson NAP  
Loan 33 183 Eldert NAP Refinance Pinchas Halperin; Avrohom N. Neiman Pinchas Halperin; Avrohom N. Neiman NAP  

 

A-1-10 

 

 

CD 2019-CD8

 

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

               
          Existing   Future Debt
          Additional Sub Debt   Permitted
Loan ID Property Name(2) Non-Trust Pari Passu Cut-off Date Balance Non-Trust Pari Passu Balloon Balance Amount Existing Additional Sub Debt Description(31)(32)(34) Type(33)
Loan 1 888 Figueroa 40,000,000 40,000,000   None NAP
Loan 2 Woodlands Mall(31)(32)(33) 177,600,000 177,600,000 217,400,000 $177,400,000 B Note; $40,000,000 Mezzanine Mezzanine
Loan 3 Hilton Penn’s Landing       None NAP
Loan 4 Uline Arena(33) 78,000,000 78,000,000   None Mezzanine
Loan 5 171 N Aberdeen       None NAP
Loan 6 Lakewood Square       None NAP
Loan 7 505 Fulton Street 45,000,000 45,000,000   None NAP
Loan 8 Pharr Town Center 30,000,000 26,231,446   None NAP
Loan 9 Wind Creek Leased Fee 106,600,000 91,258,770   None NAP
Loan 10 Moffett Towers II - Buildings 3 & 4(31)(32) 315,550,000 315,550,000 240,000,000 $155,000,000 B Note; $85,000,000 Mezzanine NAP
Loan 11 The Citizen Hotel Sacramento(31)(34)     11,950,000 $6,000,000 B Note; $5,950,000 Subordinate RASA Loan NAP
Loan 12 Crescent Club(32)     34,000,000 Mezzanine NAP
Loan 13 Victory Plaza(33)       None Mezzanine
Loan 14 Boca Raton Design Center       None NAP
Loan 15 Liberty MA Portfolio 15,500,000 11,290,777   None NAP
Property 15.01 10-14 New Bond          
Property 15.02 151 West Boylston          
Property 15.03 8 New Bond          
Loan 16 1440 N Dayton       None NAP
Loan 17 63 Spring Street       None NAP
Loan 18 Visions Hotel Portfolio II 45,146,730 36,613,777   None NAP
Property 18.01 Courtyard Horseheads          
Property 18.02 Home2 Suites Oswego          
Property 18.03 Holiday Inn & Suites Rochester Marketplace          
Property 18.04 Hampton Inn Corning Painted Post          
Property 18.05 Home2 Suites Rochester Henrietta          
Property 18.06 Holiday Inn Express Olean          
Property 18.07 Fairfield Inn Watertown          
Property 18.08 Holiday Inn Express Canandaigua          
Property 18.09 Candlewood Suites Watertown          
Property 18.10 Candlewood Suites Sayre          
Loan 19 Hilton Garden Inn Sugarland       None NAP
Loan 20 Timlin Portfolio(33)       None Mezzanine
Property 20.01 Timlin Portfolio - Industrial          
Property 20.02 Timlin Portfolio - Medical Office          
Property 20.03 Timlin Portfolio - Retail          
Loan 21 The Real Real       None NAP
Loan 22 Heritage & Villa Apartments       None NAP
Property 22.01 Heritage Place Apartments          
Property 22.02 Villa Glen Apartments          
Loan 23 Cypress Corporate Plaza       None NAP
Loan 24 Bountiful Plaza       None NAP
Loan 25 Holiday Inn Express - Bluffton(33)       None Mezzanine
Loan 26 Walmart Palm Desert       None NAP
Loan 27 Surfside Storage       None NAP
Loan 28 Crown on 7th       None NAP
Loan 29 Compass Self Storage Largo       None NAP
Loan 30 Floresta       None NAP
Loan 31 Giardino aPodments       None NAP
Loan 32 Landmark Self Storage       None NAP
Loan 33 183 Eldert       None NAP

 

A-1-11 

 

 

FOOTNOTES TO ANNEX A-1

   

(1) GACC—German American Capital Corporation or one of its affiliates; CCRE—Cantor Commercial Real Estate Lending, L.P.; CREFI—Citi Real Estate Funding Inc; MPCC— MUFG Principal Commercial Capital, or one of its affiliates.
   
  Loan No. 4 – Uline Arena— CCRE and Natixis Real Estate Capital LLC co-originated the Whole Loan. CCRE is contributing $42.0 million of the Uline Arena Mortgage Loan to CD 2019-CD8.
   
  Loan No. 9 – Wind Creek Leased Fee—CCRE originated the Whole Loan, and is expected to sell a portion of its interest in the Whole Loan to DBR Investments Co. Limited (“DBRI”) DBRI is expected to subsequently sell its interest in the Whole Loan to its affiliate, GACC. CCRE is contributing $30.0 million and GACC is contributing $10.0 million of the Wind Creek Leased Fee Mortgage Loan to CD 2019-CD8.
   
  Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – Barclays Capital Real Estate Inc., Goldman Sachs Bank USA and Deutsche Bank AG, acting through its New York branch (“DBNY”) co-originated the Whole Loan. DBNY subsequently sold its interest in the Whole Loan to its affiliate, GACC. GACC is contributing $34,450,000 of the Moffett Towers II – Buildings 3 & 4 Mortgage Loan to CD 2019-CD8.
   
  Loan No. 18 –Visions Hotel Portfolio II – The loan is part of a whole loan that was originated by Starwood Mortgage Capital LLC, a portion of which was subsequently acquired by CCRE.
   
(2) With respect to the pari passu loans referenced below, the Underwritten NOI DSCR, Underwritten NCF DSCR, Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, Underwritten NOI Debt Yield, Underwritten NCF Debt Yield and Loan per Net Rentable Area (SF/Units/Rooms) ($) are calculated based on the Mortgage Loan included in the issuing entity and the related pari passu companion loans in the aggregate and exclude the mezzanine debt and, in the case of any loans structured with A/B Notes, the secured subordinate debt. For additional information see “Description of the Mortgage Pool – The Whole Loans – General – Whole Loan Control Notes and Non-Control Notes” in this Preliminary Prospectus.
   
  ●         Loan No. 1 – 888 Figueroa
   
  ●         Loan No. 2 – Woodlands Mall
   
  ●         Loan No. 4 – Uline Arena
   
  ●         Loan No. 7 – 505 Fulton Street
   
  ●         Loan No. 8 – Pharr Town Center
   
  ●         Loan No. 9 – Wind Creek Leased Fee
   
  ●         Loan No. 10 – Moffett Towers II – Buildings 3 & 4
   
  ●         Loan No. 11 – The Citizen Hotel Sacramento
   
  ●         Loan No. 15 – Liberty MA Portfolio
   
  ●         Loan No. 18 – Visions Hotel Portfolio II
   
(3) With respect to any Mortgaged Property securing a multi-property Mortgage Loan, the amounts listed under the headings “Original Balance ($)” and “Cut-off Date Balance ($)” reflect the Allocated Loan Amount related to such Mortgaged Property.
   
  ●         Loan No. 15 – Liberty MA Portfolio
   
  ●         Loan No. 18 – Visions Hotel Portfolio II
   
  ●         Loan No. 20 - Timlin Portfolio
   
  ●         Loan No. 22 – Heritage & Villa Apartments

 

A-1-12 

 

 

  With respect to Loan No. 20 – Timlin Portfolio - Industrial, the allocated loan amounts are set forth below (and in some cases individual appraised values were not obtained, as indicated below):

 

Property Name   Address   Appraised Value ($)   Allocated Loan
Amount
600 Oliver property   598-600 Oliver Street, Troy, Michigan   (1)   $777,500
1415 Combermere property   1411-1415 Combermere Street, Troy, Michigan   (2)   $600,500
1441 Combermere property   1441 Combermere Street, Troy, Michigan   (2)   $560,000
1465 Combermere property   1463-1465 Combermere Street, Troy, Michigan   (2)   $712,000
Wayne property   12830-12852 Wayne Road, Livonia, Michigan   $890,000   $700,000
23460 Industrial property   23460 Industrial Park Road Farmington Hills, Michigan   $730,000   $512,000
Drake property   24600, 24620 and 24640 Drake Road, Farmington Hills, Michigan   $2,250,000   $1,725,000
1405 Combermere property   1405 Combermere Street, Tory, Michigan   (2)   $524,100
1339 Combermere property   1339 Combermere Street, Troy, Michigan   (2)   $672,000
1355 Combermere property   1351-1355 Combermere Street, Troy, Michigan   (2)   $651,400
550 Oliver property   550 Oliver Street, Troy, Michigan   (1)   $777,400
23640 Industrial property   23630-23640 Industrial Park Road, Farmington Hills, Michigan   $1,110,000   $888,000

(1)Per the appraisal, the 600 Oliver property and the 550 Oliver property were valued at $2,130,000 and not as individual properties.

(2)Per the appraisal, the 1415 Combermere property, 1441 Combermere property, 1465 Combermere property, 1405 Combermere property, 1339 Combermere property, and the 1355 Combermere property were valued at $4,940,000 and not as individual properties.

 

    NRA Office Retail Multifamily Industrial Self Storage
 Loan No. Mortgage Loan sq. ft. NRA % of NRA Occ NRA % of NRA Occ Units % of NRA Occ NRA % of NRA Occ NRA % of NRA Occ
4 Uline Arena 248,381 181,685 73.1% 92.3% 66,696 26.9% 91.5%                  
5 171 N Aberdeen 120,020 41,612 34.7% 100.0% 14,593 12.2% 100.0% 75 53.2% 100.0%            
14 Boca Raton Design Center 201,455                   159,650 79.2% 97.5% 41,805 20.8% 89.6%
15 Liberty MA Portfolio 360,469 183,562 50.9% 100.0%             176,907 49.1% 100.0%      
17 63 Spring Street 5,540       1,140 20.6% 100.0% 4 79.4% 100.0%            
20 Timlin Portfolio 210,816 30,878 14.6% 90.0% 8,651 4.1% 100.0%       171,287 81.2% 100.0%      

 

(4) Loan No. 5 - 171 N Aberdeen – The Mortgaged Property is a mixed use building comprised of multifamily (100.0% leased to a co-living operator), office (100.0% leased to a co-working operator) and retail (100.0% leased to five tenants).  These components generate 48.5%, 28.5% and 16.5% of Underwritten Revenue ($) respectively.  The remainder of the Underwritten Revenues ($) is generated from parking income.
 

Loan No. 14 – Boca Raton Design Center– The Mortgaged Property is a mixed use building comprised of warehouse space and self storage units. The industrial component of the Mortgaged Property is 97.5% leased to approximately 76 distinct warehouse tenants. In addition, approximately 18.6% of Underwritten Revenue ($) income is generated through 265 climate controlled storage units. The Most Recent Physical Occupancy is based upon the warehouse and self storage components of the Mortgaged Property while the Second Most Recent Occupancy and Third Most Recent Occupany are based only on the industrial component of the Mortgaged Property. 

  Loan No. 15 – Liberty MA Portfolio – The Mortgaged Property consists of 183,562 sq. ft. of office space (50.9% of NRA) and 176,907 sq. ft. of industrial/warehouse space (49.1% of NRA).
  Loan No. 17  – 63 Spring Street – The Mortgaged Property is a mixed use building comprised of multifamily and retail. The retail portion of the Mortgaged Property is 100.0% leased to three retail tenants. In addition, approximately 22.0% of Underwritten Revenue ($) income is generated through four free market residential units, of which one unit is month-to-month.
   
(5) Loan No. 3 – Hilton Penn’s Landing – The ground sublease requires (i) that the Mortgaged Property be operated as a full service, open market, first class hotel affiliated by a flag with a nationally recognized hotel company containing no less than 300 nor more than 400 rooms, meeting rooms, ballroom, swimming pool, fitness center and other amenities, and a kitchen, storage, offices, gift shop, and a restaurant and club and a parking garage containing a minimum of 500 parking spaces which is open to the general public 365 days per year, (ii) that the ground subtenant will use not less than 5,000 square feet for ballroom space, not more than 4,000 sq. ft. for a restaurant, not more than 2,500 sq. ft. for ground floor retail use and not more than 750 sq. ft. for a gift shop, (iii) that the ground subtenant must reserve 10 parking spaces for the Independence Seaport Museum, five parking spaces for the ground sublessor, and make available 100 spaces to the ground sublessor, at the ground sublessor’s option, at an agreed upon rate, and (iv) that the ground subtenant may not change the hotel brand except to another brand reasonably approved by the ground sublessor with such approval based on industry standards for a first class full hotel in the city of Philadelphia, and may not change the hotel manager except to a hotel management company approved by the ground sublessor in its reasonable discretion.
   
(6) Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – The related Mortgage Loan has an anticipated repayment date (the “ARD”) of July 6, 2029 and a stated maturity date of June 6, 2034. If the Moffett Towers II – Buildings 3 & 4 Whole Loan is not paid by the ARD, from and after the ARD, the Moffett Towers II – Buildings 3 & 4 Senior Loans (as defined in Annex A-3 to the Preliminary Prospectus) and the Moffett Towers II – Buildings 3 & 4 Subordinate Loans (as definedin Annex A-3 to the Preliminary Prospectus) will accrue interest at the adjusted interest rate; however, interest accrued at the excess of the adjusted interest rate over the initial interest rate (“Excess Interest”) will be deferred. In addition, from and after the ARD, all excess cash flow from the Moffett Towers II – Buildings 3 & 4 Property after the payment of the reserves for tax and insurance, and mortgage and mezzanine loan interest calculated at the initial interest rate will be applied (i) first, to repay the outstanding principal balance of the Moffett

 

A-1-13 

 

 

  Towers II – Buildings 3 & 4 Senior Loans, in the amount required to fully amortize (based on a 30-year amortization schedule) the outstanding principal balance of the entire Moffett Towers II – Buildings 3 & 4 Whole Loan, (ii) second, if the Moffett Towers II – Buildings 3 & 4 Senior Loan has been repaid in full, to repay the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Subordinate Loans, in the amount required to fully amortize (based on a 30-year amortization schedule) the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Whole Loan, (iii) third, if lender elects, to make reserve payments for capital expenditures, (iv) fourth, to pay operating costs, (v) fifth, to repay the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Senior Loans until the entire outstanding principal balance is paid, (vi) sixth, to repay the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Subordinate Loans until the entire outstanding principal balance is paid, (vii) seventh, to the payment of Excess Interest under the Moffett Towers II – Buildings 3 & 4 Senior Loans and (viii) eighth, to the payment of Excess Interest under the Moffett Towers II – Buildings 3 & 4 Subordinate Loans.
   
(7) The Administrative Cost Rate includes the respective per annum rates applicable to the calculation of the servicing fee, any sub-servicing fee, trustee/certificate administrator fee, operating advisor fee, and CREFC® license fee with respect to each Mortgage Loan. For purposes of this Annex A-1, the definition of Administrative Fee Rate as it relates to any Non-Serviced Mortgage Loan includes the related Pari Passu Loan Primary Servicing Fee Rate which includes the “primary servicing fee rate” (as defined or set forth in the applicable pooling and servicing agreement) and any other related servicing or any sub-servicing fee rate (other than those payable to the applicable special servicer) applicable to such Non-Serviced Mortgage Loan that constitutes a portion of the “servicing fee rate” applicable to the other master servicer under the applicable other pooling and servicing agreement. See “Summary of Terms – Offered Certificates – Servicing and Administration Fees – Non-Serviced Whole Loans” in this Preliminary Prospectus.
   
(8) Annual Debt Service ($), Monthly Debt Service ($), Underwritten NOI DSCR and Underwritten NCF DSCR for Mortgage Loans (i) except as described above for loans with planned amortization, with partial interest only periods are shown based on the monthly debt service payment immediately following the expiration of the interest only period and (ii) that are interest only until the related maturity date are shown based on the interest only payments during the 12 month period following the Cut off Date (or, in the case of Monthly Debt Service ($), the average of such interest only payments) without regard to leap year adjustments.
   
(9) “Hard” generally means each tenant is required to transfer its rent directly to the lender controlled lockbox account. However, with respect to hospitality properties, “Hard” means all credit card receipts are deposited directly into the lockbox by the card processing company and all over the-counter cash and equivalents are required to be deposited by the property manager or borrower into the lockbox. “Soft” means the borrower has established a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. “Springing Soft” means that upon the occurrence of a trigger event (as specified in the related Mortgage Loan Documents), the borrower is required to establish a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. “Springing Hard” means that upon a trigger event (as specified in the related Mortgage Loan Documents), each tenant will be required to transfer its rent directly to a lender controlled lockbox. “Soft Springing Hard” means the borrower has established a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account, but upon a trigger event (as specified in the related Mortgage Loan Documents), each tenant will be required to transfer its rent directly to a lender controlled lockbox.
   
(10) In Place” means that related property cash flows go through a waterfall of required reserve or other payment amounts due before the lender either (i) disburses excess cash to the related borrower or (ii) retains excess cash as additional collateral for the Mortgage Loan. “Springing” means that upon the occurrence of a trigger event, as defined in the related Mortgage Loan Documents, In Place cash management (as described above) will take effect, and will generally continue until all trigger events are cured (to the extent a cure is permitted under the related Mortgage Loan Documents).
   
  Loan No. 9 – Wind Creek Leased Fee –  The Wind Creek Leased Fee Whole Loan requires a hard lockbox and in place cash management. The borrower is required to establish a cash management account (which will also function as a lockbox account), and enter into a cash management agreement, within 45 days of the loan origination date.

 

A-1-14 

 

 

(11)

With respect to the loans referenced below structured with A/B Notes, the Underwritten NOI DSCR, Underwritten NCF DSCR, Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, Underwritten NOI Debt Yield, Underwritten NCF Debt Yield and Loan per Net Rentable Area (SF/Units/Rooms) ($) calculations exclude the subordinate secured debt.

 
●    Loan No. 2 – Woodlands Mall

 


●    Loan No. 10 – Moffett Towers II – Buildings 3 & 4

 


●    Loan No. 11 – The Citizen Hotel Sacramento

   
(12) Loan No. 1 – 888 Figueroa – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is primarily due to six new tenants for a total of approximately $1.87 million in U/W Base Rent. This is comprised of GSA: Office of Disability Adjudication & Review ($578,707 U/W Base Rent), State of CA: Dept of Rehabilitation ($537,360 U/W Base Rent), State of CA: Dept of Social Services-State Hearings ($348,720 U/W Base Rent), State of CA: Dept of Social Services ($236,200 U/W Base Rent), Dr. Jennifer Nguyen, DDS ($75,652 U/W Base Rent) and James Y. Wang MD ($96,478 U/W Base Rent). In addition, United Valet Parking, Inc. recently signed an amendment which increased annual rent by $420,000 effective May 1, 2019.
   
  Loan No. 4 – Uline Arena –The increase from Historical NOI to Underwritten NOI ($) is primarily due to recently  executed leases. U/W Base Rent includes contractual first year rent associated with Pact, Inc. ($2,300,388) and WHYHOTEL, Inc. ($340,250), which tenants have signed leases but are not yet in occupancy or paying rent. At origination, the Uline Arena borrower deposited $1,781,999 million into a gap rent reserve, which represents the total gap rent for Pact, Inc. and WHYHOTEL, Inc. Additionally, the increase in U/W Base Rent from T-12 5/31/2019 includes $2,075,116 of rent attributed to four new leases (15.8% of NRA) and one lease extension (19.3% of NRA) at the Uline Arena Property since April 2019. At origination, the Uline Arena borrower reserved $3,228,430 in a free rent reserve in connection with these leases.
   
  Loan No. 7 – 505 Fulton Street – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is attributable to $245,250 of contractual rent steps through September 1, 2019 for H&M and  $277,778 which represents the present value of rent steps for Old Navy. In addition, in December of 2018, H&M indicated  that they had overpaid their percentage rent by $708,739. Subsequently, the landlord gave them a credit for $227,083 in December. In 2019, after further review, they H&M indicated that they had overpaid their percentage rent by an additional $236,754 for which they received a credit from January-April 2019, which represents the decrease in base rent in Most Recent NOI($) (if past 2018) The credit for their overpaid percentage rent is fully used. H&M is not currently paying percentage rent.
   
  Loan No. 16 - 1440 N Dayton – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is primarily attributable to new leasing at the Mortgaged Property following the gut renovation and addition of the fourth floor that occurred between 2016 and 2018 with the first tenant taking occupancy in May 2017.
   
  Loan No. 23 – Cypress Corporate Plaza – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is primarily attributable to leases executed in April 2019 accounting for 13.7% of NRA and 14.0% of Underwritten Base Rent at the Mortgaged Property, respectively.
   
  Loan No. 28 – Crown on 7th – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to new leasing at the Mortgaged Property.
   
(13) The grace periods noted under “Grace Period” reflect the number of days of grace before a payment default is an event of default. Certain jurisdictions impose a statutorily longer grace period. Certain of the Mortgage Loans may additionally be subject to grace periods with respect to the occurrence of an event of default (other than a payment default) and/or commencement of late charges which are not addressed in Annex A 1 to this Preliminary Prospectus.

Loan No. 2 — Woodlands Mall - A grace period of one business day for monthly debt service is permitted once in every 12 month period.
   
(14) In certain cases, in addition to an “as-is” value, the appraisal states an “as complete” or “as-stabilized” or “hypothetical” value for the related Mortgaged Property that assumes that certain events will occur with respect to retenanting, construction, renovation or repairs at such Mortgaged Property. The Appraised Value set forth on Annex A-1 is the “as-is” value unless otherwise specified in this Preliminary Prospectus. With respect to the Mortgaged Properties that secure the Mortgage Loans listed in the following table, the respective Cut-off Date LTV

 

A-1-15 

 

 

  Ratio was calculated using the related “as complete”, “as-stabilized” or “hypothetical” Appraised Values, as opposed to the “as-is” Appraised Values, each as set forth in the following table:

 

Mortgage Loan   % of initial Pool Balance   Mortgage Loan Cut-off Date LTV Ratio (Other Than “As-Is”)  

Mortgage Loan LTV Ratio at Maturity or ARO Ratio (Other

Than “As-Is”)

 

Appraised Value (Other Than “As-Is”) 

  Mortgage Loan Cut-off Date LTV Ratio (“As-Is”)   Mortgage Loan LTV Ratio at Maturity or ARD Ratio (“As-ls”)   Appraised Value (“As-ls”)
888 Figueroa(1)   9.2%   54.8%   54.8%   $210,000,000   56.1%   56.1%   $205,000,000
Uilne Arena(2)   5.2%   56.6%   56.6%   $212,000,000   61.9%   61.9%   $194,000,000
Moffett Towers II – Buildings 3 & 4(3)   4.2%   44.3%   44.3%   $790,000,000   48.2%   48.2%   $726,000,000
The Citizen Hotel Sacramento(4)   4.2%   53.4%   53.4%   $63,700,000   59.3%   59.3%   $57,300,000
1440 N Dayton(5)   2.3%   64.2%   64.2%   $29,600,000   66.0%   66.0%   $28,800,000
Visions Hotel Portfolio II(6)   2.1%   59.2%   48.0%   $105,000,000   63.7%   51.6%   $97,600,000
Hilton Garden Inn Sugarland(7)   2.1%   54.5%   48.6%   $30,800,000   69.1%   61.6%   $24,300,000
The Real Real(8)   1.8%   65.0%   65.0%   $22,400,000   71.4%   71.4%   $20,400,000
Holiday Inn Express – Bluffton(9)   1.1%   61.3%   56.0%   $14,100,000   78.5%   71.8%   $11,000,000

  

  (1) The Appraised Value (Other Than As-Is) reflects the “Hypothetical As-Leased value” appraised value, as of April 18, 2019, which assumes that (i) with respect to Suites 360, 700 and 900, the State of California and (ii) with respect to Suite 800, the GSA have taken occupancy and are paying rent and all lease up costs were incurred. Reserves were taken at origination for outstanding free rent for GSA and for all outstanding tenant improvements and leasing commissions.
   
  (2) The Appraised Value (Other Than As-Is) is based on the “prospective value upon completion” appraised value as of July 1, 2021, which assumes that all tenants with executed leases are in occupancy and paying rent.  The occupancy as of July 26, 2019 is 92.1%, which includes 69,901 sq. ft. that is leased to three different tenants but not yet occupied by such tenants. In addition, pursuant to certain leases, certain tenants are now or will at a future date be in a full or partial rent abatement period. At origination, the borrower reserved approximately $1.8 million for gap rent (related to the period prior to rent commencement with respect to two tenants) and $7.5 million for free (or partial) rent obligations (related to current or future rent abatement provisions in certain leases). The “as is” appraised value is $194 million.
   
  (3) The Appraised Value (Other Than As-Is) is based on the “prospective market value upon stabilization” appraised value as of December 1, 2019 and January 1, 2020, which assumes that any remaining construction costs have been paid and that Facebook, the sole tenant, has taken occupancy, completed construction, and commenced rental payments (expected January 1, 2020 for Building 3 and December 1, 2019 for Building 4, pursuant to its leases).  At origination, the borrower reserved $23,165,933 for remaining construction costs and $16,127,329 representing 100% of the free rent. The “as-is” appraised value of the Mortgaged Property as of May 3, 2019 was $726.0 million. The appraisal also employs the extraordinary assumption that the Mortgaged Property can be subdivided so that each building can be sold separately. Additionally, the Loan-to-Value Ratio is calculated including any related Pari Passu Companion Loans, but excludes the related Subordinate Companion Loans.
   
  (4) The Appraised Value (Other Than As-Is) represents the “as complete” value of $63,700,000, effective July 1, 2020, which assumes the completion of certain required PIP at the Mortgaged Property. At origination, the borrower reserved $6,147,912, representing approximately 125% of the anticipated cost of completion of the PIP.
   
  (5) The Appraised Value (Other Than As-Is) reflects the “Hypothetical As-Leased value” Appraised Value, as of May 28, 2019, which assumes that all lease-up costs for Ann & Robert H. Lurie Children’s Hospital of Chicago, Nth Degree Fitness and Codeverse, the first, third and fourth largest tenants, representing approximately 73.1% of NRA in the aggregate, have been expended. Reserves of approximately $859,308 were taken at origination for all outstanding free rent and tenant improvements and leasing commissions.
   
  (6) The Appraised Value (Other Than As-Is) reflects an approximate 5.3% portfolio premium to the aggregate “As-Is” and “Hypothetical – As-Complete” Appraised Value of the individual Mortgaged Properties and an approximate 7.6% premium to the aggregate “As-Is” Appraised Value of the individual Mortgaged Properties. The aggregate “As-Is” and “Hypothetical – As-Complete” Appraised Value for the individual Mortgaged Properties as of May 1, 2019 is $99,700,000, based on the “As-Is” Appraised Value of each Mortgaged Property other than the Fairfield Inn Watertown Mortgaged Property and Candlewood Suites Watertown Mortgaged Property, for which “Hypothetical – As-Complete Market Values” of $8,100,000 and $7,500,000 (that assume scheduled property improvement plans have been completed at each property) are used.  Based on such “Hypothetical – As Complete Market Values” and the “As-Is” Appraised Values of the other Mortgaged Properties, the Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD Ratio are 62.4% and 50.7%, respectively.  At origination, the related borrower deposited $500,000 and $1,400,000 for PIP work at the Fairfield Inn Watertown Mortgaged Property and the Candlewood Suites Watertown Mortgaged Property, respectively.  The “As-Is” Appraised Values for the Fairfield Inn Watertown Mortgaged Property and the Candlewood Suites Watertown Mortgaged Property are $7,500,000 and $6,000,000, respectively.  

 

A-1-16 

 

 

  (7) The Appraised Value (Other Than As-Is) reflects the “As-Complete” Appraised Value, as of December 7, 2019, which assumes completion of the franchisor-mandated PIP at the Mortgaged Property. At origination, the borrower deposited $5,264,750 with the lender, for the cost to complete the PIP at the Mortgaged Property.
   
  (8) The Appraised Value (Other Than As-Is) is based on the “Prospective at Stabilization” appraised value as of December 1, 2019, which assumes the Mortgaged Property has  achieved stabilization as of the future date. The appraisal notes that the Mortgaged Property may or may not achieve stabilization as of that date, and that four months of free rent remain after the stabilization date. The appraisal also notes that its prospective value by default assumes the tenant is in place and paying rent, and also that the Mortgaged Property has a certificate of occupancy and all final city approvals for use as a creative office.  The tenant is expected to take occupancy in or around August 2019.  The tenant has three months of free rent from September through November 2019, totaling $320,652, which was reserved for at origination.  The tenant also has free rent for the months of August and September 2020 and August and September 2021, which were not reserved for at origination, other than an initial deposit of $80,000.   The borrower is required to deposit with the lender $11,147 on each payment date from August 2019 through July 2020, and $17,814 on each payment date from August 2020 through July 2021, to be held and applied to pay the foregoing free rent for 2020 and 2021. The “as is” appraised value of the Mortgaged Property as of May 20, 2019 was $20,400,000.
   
  (9) The Appraised Value (Other than As-Is) represents the “as complete” value of $14,100,000 as of June 11, 2020, which assumes the completion of certain required PIP at the Mortgaged Property. At origination, the borrower reserved $2,865,776, representing approximately 110% of the anticipated cost of completion of the PIP.
   
(15) Loan No. 9 – Wind Creek Leased Fee – The Net Rentable Area (SF/Units/Rooms) shown is based on the total square footage of the land.
   
  Loan No. 9 – Wind Creek Leased Fee – The Cut-off Date LTV and LTV Ratio at Maturity or ARD Ratios are based on the “as is” appraised value of the leased fee interest. The “as is” appraised value, inclusive of the Wind Creek Casino and Resort Bethlehem improvements is $1.14 billion, which results in a Cut-off Date LTV Ratio of 12.9%.
   
(16) Prepayment Provisions are shown from the respective Mortgage Loan First Payment Date.
   
  “L(x)” means lock-out for x payments.
  “D(x)” means may be defeased for x payments.
  “YM(x)” means may be prepaid for x payments with payment of a yield maintenance charge.
  “YM1(x)” means may be prepaid for x payments with payment of the greater of a yield maintenance charge and 1% of the amount prepaid.
   “DorYM1(x)” means may be prepaid for x payments with either defeasance or a yield maintenance charge or 1% of the amount prepaid.
  “O(x)” means freely prepayable for x payments, including the maturity date or anticipated repayment date.
   
  Certain of the Mortgage Loans permit the release of a portion of a Mortgaged Property (or an individual Mortgaged Property, in connection with a portfolio Mortgage Loan) under various circumstances, as described in this Preliminary Prospectus. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases” in this Preliminary Prospectus. In addition, certain of the Mortgage Loans permit the borrower to prepay a portion of the Mortgage Loan to avoid or cure a cash sweep period due to a low debt yield or debt service coverage ratio trigger. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Voluntary Prepayments” in this Preliminary Prospectus.
   
(17) Loan No. 1 – 888 Figueroa – The lockout period will be at least 25 payment dates beginning with and including the first payment date of August 1, 2019.  The borrower has the option to (i) prepay the full $115.0 million 888 Figueroa Whole Loan after August 31, 2021, with payment of a yield maintenance premium, or (ii) defease the full $115.0 million 888 Figueroa Whole Loan at any time after the date that is the earlier to occur of (i) 25 payments after the closing date of the securitization that includes the last pari passu note to be securitized or (ii) August 1, 2023. For the purposes of this Preliminary Prospectus, the assumed lockout period of 25 payments is based upon the expected CD 2019-CD8 securitization closing date in August 2019.  The actual lockout period may be longer.   
   
  Loan No. 2 – Woodlands Mall – The lockout period will be at least 24 payments beginning with and including the first payment date of September 1, 2019. The borrower has the option to defease the full $425.0 million Woodlands Mall Whole Loan after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) the third anniversary of the first payment date. The actual lockout period may be longer.   

 

A-1-17 

 

 

  Loan No. 4 – Uline Arena – The lockout period for defeasance will be at least 24 payment dates beginning with and including the first payment date of September 6, 2019. Defeasance of the full $120.0 million Uline Arena Whole Loan is permitted after the date that is the earlier to occur of (i) September 6, 2022 or (ii) two years after the closing date of the securitization that includes the last pari passu note to be securitized. The assumed defeasance lockout period of 24 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual defeasance lockout period may be longer. In the case of a prepayment using Yield Maintenance, there is no lockout period.
   
  Loan No. 7 – 505 Fulton Street - The lockout period will be at least 25 payment dates beginning with and including the First Due Date of August 6, 2019. Defeasance of the full $85.0 million 505 Fulton Whole Loan is permitted after the date that is the earlier to occur of (i) July 8, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected CGCMT 2019-GC41 securitization closing date in August 2019. The actual lockout period may be longer
   
  Loan No. 8 – Pharr Town Center - The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 6, 2019. Defeasance of the full $70.0 million Pharr Town Center Whole Loan is permitted after the date that is the earlier to occur of (i) July 8, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 24 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer.
   
  Loan No. 9 – Wind Creek Leased Fee – The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 6, 2019. Defeasance of the full $146.6 million Wind Creek Leased Fee Whole Loan is permitted after the date that is the earlier to occur of (i) July 23, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 24 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer.
   
  Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – The lockout period will be at least 25 payment dates beginning with and including the first payment date of August 6, 2019. Defeasance of the full $505.0 million Moffett Towers II – Buildings 3 & 4 Whole Loan is permitted after the date that is the earlier to occur of (i) June 19, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer.
   
  Loan No. 15 – Liberty MA Portfolio – The lockout period for defeasance will be at least 24 payment dates beginning with and including the first payment date of September 1, 2019. Following the lockout period, the borrower has the right to defease the Whole Loan in whole, but not in part, on any date after August 31, 2021. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) June 1, 2023. The assumed lockout period of 24 months is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer.
   
  Loan No. 18 – Visions Hotel Portfolio II – The lockout period will be at least 25 payment dates beginning with and including the first payment date of August 6, 2019. Defeasance of the full $62.2 million Visions Hotel Portfolio II Whole Loan is permitted after the date that is the earlier to occur of (i) June 11, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer.
   
(18) Partial release in connection with a partial prepayment or partial defeasance or substitution or a free release is permitted for the following loans. See “Description of the Mortgage Pool – Certain Terms of the Mortgage Loans – Partial Releases” in this Preliminary Prospectus for the terms of the releases.
   
  ●         Loan No. 2 – Woodlands Mall
   
  ●         Loan No. 15 – Liberty MA Portfolio
   
  ●         Loan No. 18 – Visions Hotel Portfolio II
   
  ●         Loan No. 20 - Timlin Portfolio
   
(19) Loan No. 3 – Hilton Penn’s Landing - The initial term of the borrower’s ground lease with the Delaware River Waterfront Corporation expires in October 2029, at which point there are two (2) remaining extension options. The

 

A-1-18 

 

 

  first extension option is for a term of 24 years, and the second for a term of 21 years and 7 months, providing for over 55 years of fully-extended term remaining. Annual rent through the remainder of the current term is fixed at $205,000. Annual rent during the first extension period increases to $292,000, and annual rent during the second extension period increases to $503,000.
   
  Loan No. 18 – Visions Hotel Portfolio II – The Visions Hotel Portfolio II has three properties, Holiday Inn & Suites Rochester Marketplace, Home2 Suites Rochester Henrietta and Candlewood Suites Sayre, that operate under a ground lease. The Holiday Inn & Suites Rochester Marketplace ground lease expires in August 2050 and has no extension options. Annual rent under the Holiday Inn & Suites Rochester Marketplace ground lease is currently estimated by the appraiser to be $73,675 and is subject to increases as described in the ground lease. The Home2 Suites Rochester Henrietta ground lease expires in December 2051 and has no extension options. Annual rent under the Home2 Suites Rochester Henrietta ground lease is currently estimated by the appraiser to be $69,396 and is subject to increases as described in the ground lease. The intial term of the Candlewood Suites Sayre ground lease expires in December 2041, at which point there are four (5) remaining extension options. All four extension options are for a term of five (5) years. Annual rent under the Candlewood Suites Sayre ground lease is currently $59,400 and is subject to increases as described in the ground lease.
   
(20) Loan No. 1 – 888 Figueroa – The  2nd Largest Tenant, State of CA, leases 49,180 sq. ft. at the Mortgaged Property that is comprised of six different suites (five different state agencies) with Lease Expirations that range from 2023 to 2027 (5,565 sq. ft. in 2023, 16,412 sq. ft. in 2024, 9,133 sq. ft. in 2026, and 18,070 sq. ft. in 2027).  The 3rd Largest Tenant, GSA, leases a total of 42,610 sq. ft. of space that is comprised of seven different suites (all different agencies) with Lease Expirations that range from 2024 to 2029 (8,638 sq. ft. in 2024, 2,079 sq. ft. in 2025, 4,624 sq. ft. in 2026, 10,921 sq. ft. in 2027, 1,902 sq. ft. in 2028 and 14,446 sq. ft. in 2029). See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this Preliminary Prospectus.
   
  Loan No. 14 – Boca Raton Design Center – The 5th Largest Tenant, Merle Wood Associates, leases 3,200 sq. ft. of space that expires on March 31, 2020 and 2,600 sq. ft. of space that expires on April 30, 2020.
   
  Loan No. 23 – Cypress Corporate Plaza – The 2nd Largest Tenant, Rockwell Automation, leases 15,090 sq. ft. of space for which the lease term expires on November 22, 2023, and an additional 2,532 sq. ft. of space for which the lease term expires on September  22, 2023.
   
  Loan No. 30 – Floresta – The 2nd Largest Tenant, All American Finishing, leases 13,330 sq. ft. of space that expires on August 14, 2019 and 4,935 sq. ft. of space that expires on August 31, 2020.
   
(21) Loan No. 1 - 888 Figueroa – The Largest Tenant, NBC Operating (TJX Companies), has a one-time right to terminate its lease effective January 31, 2029 if the landlord cannot accommodate tenant’s request for a premises expansion.  The 2nd Largest Tenant, State of CA leases six different suites, which include: the entire 2nd floor (16,412 sq. ft. expiring in 2024; on-going termination option beginning in 2020); 9,133 sq. ft. on the 3rd floor expiring in 2026 (on-going termination option beginning in 2022); 7,205 sq. ft. on the 7th floor expiring in 2027 (on-going termination option beginning in 2023); 10,865 sq. ft. on the 9th floor expiring in 2027 (on-going termination option beginning in 2023); and 5,565 sq. ft. on the 20th floor expiring in 2023 (on-going termination option beginning in November 2019). All termination options are subject to notice periods ranging from 30 days to 60 days.  The 3rd Largest Tenant, GSA, leases seven different suites, which include: 6,555 sq. ft. on the 4th floor expiring in 2027 (on-going termination option in 2022); 2,079 sq. ft. on the 6th floor expiring in 2025 (on-going termination option beginning in 2020); 14,446 sq. ft. on the 8th floor expiring in 2029 (on-going termination option beginning in 2024); 4,366 sq. ft. on the 10th floor expiring in 2027 (on-going termination option beginning in 2022); 4,624 sq. ft. on the 11th floor expiring in 2026 (on-going termination option beginning in 2021); 8,638 sq. ft. on the 17th floor expiring in 2024 (termination option at any time with 90 days’ notice); and 1,902 sq. ft. on the 20th floor expiring in 2028 (on-going termination option beginning in 2023). All termination options are subject to notice periods ranging from 30 days to 120 days. Additionally there are termination options for Suites 700 and 900 if not delivered on time.
   
  Loan No. 2 – Woodlands Mall -  The Largest Tenant, Forever 21, has the right to terminate its lease at any time upon 180 days’ notice and payment of a termination fee equal to twelve months of minimum annual rent.
   
  Loan No. 4 – Uline Arena – The 5th Largest Tenant, Antunovich Associates, has a one-time right to terminate its lease on October 1, 2025 if the tenant has not exercised its right of first offer to lease the space directly contiguous to the leased premises, provided Antunovich Associates provides the Uline Arena Borrower with 12 months prior written notice.
   
  Loan No. 5 - 171 N Aberdeen – The 2nd Largest Tenant, Industrious, has a one-time right to terminate its lease effective April 30, 2026 with 12 months’ notice and payment of a termination fee equal to the unamortized tenant improvement allowance, rental abatement and leasing commissions discounted at an 8.0% rate.  The 3rd Largest

 

A-1-19 

 

 

  Tenant, Northwestern Memorial Hospital, has a one-time right to terminate its lease effective August 31, 2025 with nine months’ notice and payment of a termination fee equal to $341,586.56.
   
  Loan No. 6 – Lakewood Square – The largest tenant, Hobby Lobby, has the right to terminate its lease at any time upon six months’ notice, provided that Hobby Lobby is not in default under its lease,  if Hobby Lobby determines that the premises has become uneconomical for its current use.
   
  Loan No. 13  – Victory Plaza – The Largest Tenant, Vallarta Supermarket, has a one-time right to terminate its lease effective November 30, 2022 if it is unable to obtain permits for tenant’s work by December 31, 2019 (“Required Permit Date”) by providing written notice to landlord on or prior to the Required Permit Date. In the event of such termination, (i) tenant may not proceed with tenant’s work and landlord shall have no TI allowance obligation ($1,000,000); and (ii) rent shall remain at $4.24 per sq. ft. from December 1, 2019 through November 30, 2022 (vs. bumping up to $7.49 per sq. ft.).  The 5th Largest Tenant, US Renal Care, is currently terminable by either party upon written notice delivered to the other party by August 23, 2019. In addition, if the borrower fails to deliver the premises within 90 days after the required delivery date, US Renal Care has the right to terminate upon written notice; however, if the borrower causes the term commencement to occur within 10 business days after receipt of written notice, the termination notice is null and void. US Renal Care also has a one-time right to terminate its lease in year five of its lease term with written notice any time during the first 60 day of the 5th lease year and payment of a termination fee equal to the sum of (i) the unamortized amount of the tenant improvement allowance and leasing comissions, (ii) six months of minimum rent and estimated reimbursement charges that would have been payable by tenant during the six month period after the effective termination date and (iii) unamortized amount of the broker commissions paid by the lender.  
   
  Loan No. 16 – 1440 N Dayton – The 4th Largest Tenant, Codeverse, has a one-time right to terminate its lease effective June 30, 2024 with 9 months’ notice and payment of a termination fee equal to nine monthly base rent payments plus nine monthly escalation rent payments in addition to the unamortized amount, as of the early termination date, of the brokerage commissions and legal fees paid or incurred by landlord as well as all rent abatements and cash allowances provided by landlord which unamortized costs include interest at a rate of 8.0% per annum.
   
  Loan No. 23 – Cypress Corporate Plaza – The 2nd Largest Tenant, Rockwell Automation, has a termination option commencing the last day of the 36th full calendar month of its lease (July 26, 2021), upon at least 180 days notice and payment of a termination fee. The 4th Largest Tenant, Tad PGS, has a termination option commencing the last day of the 48th full calendar month of its lease (February 3, 2022) upon at least 270 days notice and payment of a termination fee.
   
(22) The following major tenants (listed on Annex A-1) are currently subleasing all or a significant portion of its leased space:
   
  Loan No. 4 – Uline Arena – The Largest Tenant at the Uline Arena Property, Recreational Equipment, Inc., has subleased 1,052 sq. ft. of its space to La Columbe, which uses the space to operate a coffee shop within Recreational Equipment, Inc. La Columbe’s sublease expires in January 2027 and includes one five-year extension option. Under the sublease, La Columbe has an option to terminate if it fails to meet or exceed $600,000 in gross receipts for any calendar year after the fourth sublease year (2020) and Recreational Equipment, Inc. has a right to terminate the sublease if La Columbe fails to produce its gross receipt report. Notwithstanding the sublease, Recreational Equipment, Inc. remains liable for its obligations under the primary lease with the Uline Arena borrower.
   
  Loan No. 5 - 171 N Aberdeen – The 3rd Largest tenant, Northwestern Memorial Hospital (5.0% of NRA), subleases its entire leased space to an affiliate, Northwestern Medical Faculty Foundation d/b/a Northwestern Medical Group.
   
  Loan No. 24 - Bountiful Plaza – The Largest Tenant, Savers, (37.5% of NRA), subleases its space to DownEast through April 30, 2024, which is one month prior to the Savers lease expiration.
   
(23) Tenants under certain leases included in the Underwritten Net Cash Flow, Underwritten NOI and/or Occupancy may not be in physical occupancy, may not have begun paying rent or may be in negotiation. With respect to the largest 15 Mortgage Loans and certain tenants representing more than 25% of the NRA of a Mortgaged Property, see “Description of the Mortgage Pool—Tenant Issues—Other” in this Preliminary Prospectus.
   
  The tenants shown in the Annex A-1 have signed leases but may or may not be open for business as of the Cut-off Date of the securitization.

 

A-1-20 

 

 

  Loan No. 1 – 888 Figueroa – The 2nd Largest Tenant, the State of California (“State of CA”), is leasing 49,180 sq. ft. of space through six separately leased suites, three of which, totaling 23,008 sq. ft. (5.7% of NRA), are not yet in occupancy.  The State of CA is projected to take occupancy of and begin paying rent for said three suites between September 2019 and November 2019.  In addition, the 3rd Largest Tenant, the General Services Administration (“GSA”), is leasing 42,610 sq. ft. of space through seven separately leased suites, one of which, consisting of 14,446 sq. ft. (3.58% of NRA), is not yet in occupancy or paying rent.  The GSA is projected to take occupancy in November 2019.  The GSA has four months of free rent for this suite.
   
  Loan No. 4 – Uline Arena – The 3rd Largest Tenant, Pact, Inc., executed a lease in April 2019 for 37,144 sq. ft. of traditional office space and 1,993 sq. ft. of mezzanine office space, each of which expire in April 2035 and include one five-year renewal option and no termination options. The Pact, Inc. space is currently being built out, and Pact. Inc. is not in occupancy or paying rent under the lease. Per the terms of the Pact, Inc. lease, Pact, Inc. is required to take occupancy and begin paying rent by May 1, 2020 (absent construction delays caused by the landlord). With respect to the 1,993 sq.ft of mezzanine office space, such space requires government approval before any construction may commence. In the event the tenant does not receive government approval for all or a portion of the space, the total space leased by Pact, Inc. may be reduced.
   
  Loan No. 4 – Uline Arena – The 4th Largest Tenant, Davis Memorial Goodwill, executed its lease in April 2019. It expires in July 2035, and includes one five-year renewal option and no termination options. Davis Memorial Goodwill is in the process of building out its space and is not yet in occupancy. Davis Memorial Goodwill is anticipated to take occupancy in October 2019.
   
  Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – The Sole Tenant, Facebook, has not completed its build-out.  The leases commenced when Facebook took possession on May 1, 2019 with respect to Building 4 and June 1, 2019 with respect to Building 3. Facebook is required to begin paying rent on the rent commencement date, which is expected to occur on December 1, 2019 with respect to Building 4 and January 1, 2020 with respect to Building 3. At origination, the borrower funded a reserve  in the amount of $16,127,329 in connection with such free rent periods. In addition, total rental income is inclusive of straight-line office rent and straight-line amenities rent.
   
  Loan No. 13 – Victory Plaza – The 5th Largest Tenant, US Renal Care, executed a lease after loan origination and is not in occupancy or paying rent. The US Renal Care lease is expected to commence upon delivery of the possession of the premises to US Renal Care with the borrower’s work substantially completed, which delivery is required to occur within six weeks after the issuance of permits for the borrower’s work.  Rent will commence 120 days from lease commencement.
   
  Loan No. 21 –The Real Real—The Sole Tenant, The Real Real, is not yet in occupancy. The tenant is expected to take occupancy in or around August 2019.  The tenant has three months of free rent from September through November 2019, totaling $320,652, which was reserved for at origination.  The tenant also has free rent for the months of August and September 2020 and August and September 2021, which were not reserved for at origination, other than an initial deposit of $80,000.  The borrower is required to deposit with the lender $11,147 on each payment date from August 2019 through July 2020, and $17,814 on each payment date from August 2020 through July 2021, to be held and applied to pay the foregoing free rent for 2020 and 2021.  
   
(24) The following loans have one or more borrowers that own all or a portion of the related Mortgaged Property as tenants-in-common. See “Description of the Mortgage Pool – Mortgage Pool Characteristics – Tenancies-in-Common” in this Preliminary Prospectus for further information.
   
  ●         Loan No. 23 – Cypress Corporate Plaza
   
  ●         Loan No. 24 – Bountiful Plaza
   
  ●         Loan No. 26 – Walmart Palm Desert
   
(25) All upfront reserve balances reflect the upfront reserve amount at loan origination. The current balance may be less than the amount shown.
   
(26) All ongoing reserve balances reflect the ongoing reserve amount at loan origination. The current balance may be greater than or less than the amount shown. Monthly reserves required to be deposited in such accounts may be capped pursuant to the related Mortgage Loan documents.
   
  Loan No. 3 – Hilton Penn’s Landing - Monthly seasonality reserve deposits will commence in September of the first year of the Mortgage Loan term, three months prior to the annual shortfall period (which is December through

 

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  February). The monthly deposits are equivalent to one third of the annual seasonality reserve (115.0% of the estimated total debt service shortfall).
   
  Loan No. 4 – Uline Arena - The Uline Arena borrower is required to make monthly deposits in an amount equal to $20,698 into a rollover reserve account, subject to a cap of $496,762. The cap will be suspended if (i) occupancy at the Uline Arena Property falls below 80.0%, (ii) the debt service coverage ratio falls below 1.15x, or (iii) a cash trap period occurs.
   
  Loan No. 9 – Wind Creek Leased Fee - On a monthly basis, immediately following the date on which a quarterly installment of base rent is paid under the ground lease (other than the first installment of rent due on July 30, 2019 under the ground lease documents), the borrower is required to deposit an amount equal to the monthly debt service payment amount due on each of the next two succeeding monthly payment dates, which amounts are required to be transferred into the interest reserve account.
   
  Loan No 12 – Crescent Club – Monthly replacement reserve deposits will be suspended after the amount of funds in the replacement reserve equals or exceeds $100,000. After the amount of funds in the replacement reserve is less than $75,000, monthly replacement reserve deposits will be reinstated until the amount of funds in the replacement reserve again equals or exceeds $100,000.
   
  Loan No. 15 – Liberty MA Portfolio - The borrower will not be obligated to make the monthly TI/LC reserve deposit at such time that (i) no event of default is continuing, (ii) the Central MA Spec. Ed. lease is extended for three years past the maturity date of the Liberty MA Portfolio Whole Loan, such extension is acceptable to the lender, and Central MA Special Education delivers an acceptable estoppel to the lender, and (iii) the debt service coverage ratio is greater than or equal to 1.25x.
   
(27) Loan No. 3 – Hilton Penn’s Landing - With respect to Mortgage Loan No. 3, Hilton Penn’s Landing, the borrowers are required to make monthly seasonal working capital reserve deposits equal to $483,334 in September through November of 2019, and thereafter, on each monthly payment date from June through November of each year, the borrower is required to make monthly deposits of $241,667.
   
  Loan No. 10 – Moffett Towers II – Buildings 3 & 4 - The Monthly Other Reserves ($) are capped at $24,544,310 (i.e., $35.00 per rentable square foot that is leased pursuant to the lease sweep lease in existence on the date hereof); or (ii) with respect to a lease sweep trigger continuing solely pursuant to clause (i)(b) of the defined term lease sweep period, $35.00 per rentable square foot of terminated space; or (iii) with respect to a lease sweep trigger continuing pursuant to a dark period event (clause (i)(c) of the defined term “Lease Sweep Period”), whether or not a lease sweep trigger pursuant to clauses (i)(b) and/or (i)(d) of the defined term “Lease Sweep Period” is concurrently continuing, $50.00 per rentable square foot of dark space; or (iv) with respect to a lease sweep trigger continuing pursuant to a Facebook downgrade event (clause (i)(f) of the defined term “Lease Sweep Period”), whether or not a lease sweep trigger pursuant to clauses (i)(b), (i)(c) and/or (i)(d) of the defined term “Lease Sweep Period” is concurrently continuing, $35,063,300.
   
  Loan No. 18 – Visions Hotel Portfolio II - With respect to Mortgage Loan No. 18, Visions Hotel Portfolio II, the borrowers are required to make monthly FF&E deposits equal to 1/12 of: (i) 2% of annual gross revenue for the first two years of the loan term, (ii) 3% of annual gross revenue for the third, fourth and fifth years of the loan term and (iii) 4% of annual gross revenue thereafter.
   
  Loan No. 24 - Bountiful Plaza – In the event either Savers or Planet Fitness fail to renew their leases 12 months prior to their respective lease expirations, the borrower is required to deposit either cash or a letter of credit in an amount equal to $120,000.  If the borrower does not deposit said funds by June 1, 2023, then commencing on July 1, 2023 and continuing until November 1, 2023, the borrower must deposit $24,000 per month.  In the event either Savers or Planet Fitness still has not renewed their leases six months prior to their respective lease expirations, the borrower must deposit either cash or a letter of credit in an amount equal to an additional $120,000.  If the borrower does not deposit said funds by December 1, 2023, then commencing on January 1, 2024 and continuing until May 1, 2024, the borrower must deposit $24,000 per month.  Failure to make said deposits will constitute a trigger event under the Bountiful Plaza loan documents.
   
(28) Loan No. 1 – 888 Figueroa – On each payment date, the borrower is required to deposit $5,050 into a replacement reserve subject to a cap of $60,600.  If during the loan term, the debt service coverage ratio is less than 1.25x, the monthly deposit is required to increase to $6,733 subject to a cap of $80,797.  On each payment date, the borrower is required to deposit $17,055 into a TI/LC reserve subject to a cap of $204,660.  If during the loan term, the debt service coverage ratio is less than 1.25x, the monthly deposit  is required to increase to $34,110 subject to a cap of $409,320.

 

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  Loan No. 18 – Visions Hotel Portfolio II - With respect to Mortgage Loan No. 18, Visions Hotel Portfolio II, the borrowers are required to make monthly FF&E deposits equal to 1/12 of: (i) 2% of annual gross revenue for the first two years of the loan term, (ii) 3% of annual gross revenue for the third, fourth and fifth years of the loan term and (iii) 4% of annual gross revenue thereafter.
   
  Loan No. 19 - Hilton Garden Inn Sugarland – Commencing on the first payment date and continuing until the Mortgage Loan is paid in full, the borrower is required to deposit with the lender a monthly amount equal to $24,966.00 per month for FF&E Replacements, which amount shall be equal to 1/12 of four percent (4%) of the monthly Total Gross Revenues pursuant to the borrower’s current fiscal year budget for the Mortgaged Property approved by the lender to cover the projected cost of the FF&E Replacements.  The monthy amount will be adjusted quarterly based on the lender’s review of the current fiscal year budget for the Mortgaged Property.  
   
(29) With respect to the Mortgage Loans identified below, the lender is insured under an environmental insurance policy obtained (i) in lieu of obtaining a Phase II Environmental Site Assessment, (ii) in lieu of providing an indemnity or guaranty from a sponsor or (iii) to address environmental conditions or concerns. For additional information, see “Risk Factors—Risks Related to the Mortgage Loans—Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses” and “Description of the Mortgage Pool – Mortgage Pool Characteristics – Environmental Considerations” in this Preliminary Prospectus.

 

Loan No.  Mortgage Loan  Mortgage Loan Cut-off Date Balance  % of Initial Outstanding Pool Balance  Maximum Policy Amount  Premium Paid in Full  Expiration Date
9  Wind Creek Leased Fee(1)  $40,000,000  4.9%  $10,000,000  Yes  05/31/2029
15  Liberty MA Portfolio  $20,000,000  2.5%  $3,000,000  Yes  07/26/2032
18  Visions Hotel Portfolio II(2)  $16,979,965  2.1%  $1,000,000  Yes  06/11/2032

(1)The policy was purchased at the borrower’s election and was not required by the lender. The policy is cancellable at the borrower’s option.

(2)The environmental insurance policy obtained only covers the Holiday Inn Express Olean Property.

 

(30) Loan No. 14 - Boca Raton Design Center – The Phase I environmental report recommended that a Phase II report be completed for the Boca Raton Design Center Mortgaged Property to assess impacts to groundwater as a result of historical truss manufacturing facility. The Phase II investigation was completed and no further action is recommended at the Boca Raton Design Center Mortgaged Property.
   
  Loan No. 16 - 1440 N Dayton – The Phase I environmental report recommended that a Phase II report be completed for the 1440 N Dayton Mortgaged Property to assess any potential impact related to historical operations. The Phase II investigation was completed and no further action is recommended at the 1440 N Dayton Mortgaged Property.
   
(31)  

 

Loan No.  Mortgage Loan  A-Note Cut-off
Date Balance
  B-Note Cut-off
Date Balance
  Total Mortgage Debt Cut-off Date Balance(1)  Total
Senior
Notes
U/W NCF
DSCR
 

Total
Mortgage
Debt U/W

NCF DSCR

  Total
Senior
Notes
Cut-off
Date
LTV
  Total Mortgage Debt Cut- off Date LTV Ratio  Total
Senior
Notes
U/W
NOI
Debt
Yield
  Total Mortgage Debt U/W NOI Debt Yield
2  Woodlands Mall  $247,600,000  $177,400,000  $425,000,000  3.95X  2.30x  26.0%  44.6%  17.4%  10.1%
10  Moffett Towers II – Buildings 3 & 4  $350,000,000  $155,000,000  $505,000,000  3.46X  2.40x  44.3%  63.9%  13.2%  9.2%
11  The Citizen Hotel Sacramento  $34,000,000  $6,000,000  $40,000,000  2.95X  2.06X  53.4%  62.8%  14.9%  12.7%

(1)Total mortgage debt includes additional pari passu debt and excludes mezzanine debt.

 

(32)  

 

Loan No.  Mortgage Loan  Mortgage Loan Cut-off Date Balance  % or Initial Outstanding Pool Balance  Mezzanine
Debt Cut-off Date Balance
  Annual
Interest Rate
on Mezzanine Loan
  Mezzanine
Loan
Maturity
Date or ARD
  Intercreditor Agreement  Total
Debt Cut-off Date LTV Ratio(1)
 

Total
Debt
U/W

NCF
DSCR(1)

  Total
Debt U/W
NOI
Debt Yield(1)
2  Woodlands Mall  $70,000,000  8.6%  $40,000,000  5.50000%  8/1/2029  Yes  48.8%  1.79x  9.3%
10 

Moffett Towers II Buildings

3 & 4 

  $34,450,000  4.2%  $85,000,000  5.75000%  7/6/2029  Yes  74.7%  1.91x  7 9%
12  Crescent Club  $27,500,000  3.4%  $34,000,000  5.10000%  8/1/2029  Yes  63.3%  1.08x(2)  6 6%

(1)Calculated including any related pari passu companion loan(s), related subordinate companion loan (s) and mezzanine debt.

(2)With respect to the Crescent Club mortgage loan, the total Debt U/W NCF DSCR is calculated (only for the mezzanine loan) based on an annual debt service amount equal to the aggregate of the first 12 principal and interest payments based on an assumed principal payment schedule.

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(33)  

 

Loan No.  Mortgage Loan  Mortgage Loan
Cut-off Date
Balance
  % of Initial Outstanding
Pool Balance
  Intercreditor
Agreement
Required
  Combined
Minimum
DSCR
  Combined
Maximum LTV
  Combined
Minimum Debt Yield
2  Woodlands Mall(1)  $70,000,000  8.6%  Yes  1.25x  52.0%  8.6%
4  Uline Arena  $42,000,000  5.2%  Yes  1.75x  57.7%  7.18%
13  Victory Plaza(2)  $27,000,000  3.3%  Yes  (2)  49.0%  8.6%
20  Timlin Portfolio  $14,850,000  1.8%  Yes  1.20x  80.0%  N/A
25  Holiday Inn Express- Bluffton  $8,639,341  1.1%  Yes  2.10x  61.35%  12.4%

 

(1)Borrower shall have a one-time right to cause a Permitted Mezzanine Borrower to incur additional indebtedness in the form of a mezzanine loan, that will be in no event greater than $35,000,000.

(2)The Combined Minimum DSCR can be no less than what it was at loan origination Which was 1.75x. Also subject to a lease rollover for any given year not greater than 30%.

 

 

(34) Loan No. 11 – The Citizen Hotel Sacramento -The Mortgaged Property is subject to and encumbered by two (2) deeds of trust held by the Redevelopment Agency Successor Agency of the City of Sacramento (“RASA”), securing the repayment of (1) a $5,100,000 loan (the “Hotel Development Loan”) made in connection with the development of the hotel portion of The Citizen Hotel Sacramento Property and (2) $850,000 loan (the “Restaurant Development Loan” and collectively with the Hotel Development Loan, the “RASA Loans”). The Hotel Development Loan matures in 50 years following the date that amortization payments are first required, and The Restaurant Development Loan was recently extended and matures on December 1, 2023. Both the Hotel Development Loan and the Restaurant Development Loan bear no interest.

 

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