FWP 1 n1886-x9_anxa1.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226943-05
     

 

     
     
 

COMM 2019-GC44

 

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., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Academy Securities, Inc., 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 COMM 2019-GC44 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-GC44 (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.

 
     
     

 

 

 

 

COMM 2019-GC44

 

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

 

                                             
      % of   Mortgage   Cut-off       General Detailed     Interest Original Remaining Original Remaining   First  
      Initial Pool # of Loan Original Date   Maturity   Property Property Interest Administrative Accrual Term to Term to Amortization Amortization Origination Payment Maturity
Loan ID Property Name Balance Properties Seller(1) Balance($)(3) Balance($)(3)   or ARD Balance($)   Type(4)(5) Type Rate(6) Fee Rate(7) Basis Maturity or ARD Maturity or ARD Term Term Date Date or ARD Date
Loan 1 Century Plaza Towers(2)(32)(34) 7.3% 1 GACC 75,000,000 75,000,000   75,000,000   Office CBD 3.0045% 0.01188% Actual/360 120 119 0 0 10/21/2019 12/09/2019 11/09/2029
Loan 2 180 Water(2)(32)(33)(34) 6.1% 1 GACC 62,500,000 62,500,000   62,500,000   Multifamily High Rise 3.410377% 0.01188% Actual/360 60 59 0 0 10/18/2019 12/06/2019 11/06/2024
Loan 3 The Shoppes at Blackstone Valley(2)(34) 5.4% 1 GSMC 55,000,000 55,000,000   46,125,464   Retail Anchored 3.8443% 0.01188% Actual/360 120 119 360 360 11/01/2019 12/01/2019 11/06/2029
Loan 4 Weston Kentucky Portfolio 5.1% 3 GSMC 52,253,500 52,253,500   52,253,500   Industrial Various 3.3530% 0.02188% Actual/360 120 119 0 0 11/01/2019 12/06/2019 11/06/2029
Property 4.01 Westport Distribution Center 2.5% 1 GSMC 25,541,823 25,541,823       Industrial Warehouse/Distribution                  
Property 4.02 Bluegrass Corporate Center 1.3% 1 GSMC 13,518,318 13,518,318       Industrial Flex                    
Property 4.03 Jefferson Trade Center 1.3% 1 GSMC 13,193,359 13,193,359       Industrial Flex                    
Loan 5 225 Bush(2)(32) 4.9% 1 GACC 50,000,000 50,000,000   50,000,000   Office CBD 3.3030% 0.01188% Actual/360 60 59 0 0 10/11/2019 12/06/2019 11/06/2024
Loan 6 USAA Office Portfolio(2) 4.4% 4 GSMC 45,000,000 45,000,000   45,000,000   Office Suburban 3.3700% 0.01188% Actual/360 121 116 0 0 07/02/2019 08/06/2019 08/06/2029
Property 6.01 Legacy Corporate Centre I & II 1.3% 1 GSMC 13,589,109 13,589,109       Office Suburban                    
Property 6.02 Crosstown Center I 1.2% 1 GSMC 12,549,505 12,549,505       Office Suburban                    
Property 6.03 Crosstown Center II 1.1% 1 GSMC 11,138,614 11,138,614       Office Suburban                    
Property 6.04 Legacy Corporate Centre III 0.8% 1 GSMC 7,722,772 7,722,772       Office Suburban                    
Loan 7 PCI Pharma Portfolio(2) 3.9% 5 GSMC 40,000,000 40,000,000   40,000,000   Various Various 3.3790% 0.01188% Actual/360 120 119 0 0 10/31/2019 12/06/2019 11/06/2029
Property 7.01 3001 Red Lion Road 1.8% 1 GSMC 18,102,929 18,102,929       Industrial R&D/Flex                    
Property 7.02 4536 & 4545 Assembly Drive 1.2% 1 GSMC 12,679,282 12,679,282       Industrial Warehouse/Distribution                  
Property 7.03 6166 Nancy Ridge Drive 0.5% 1 GSMC 4,772,810 4,772,810       Office Suburban Flex                    
Property 7.04 6146 Nancy Ridge Drive 0.3% 1 GSMC 3,133,663 3,133,663       Office Suburban Flex                    
Property 7.05 1635 & 1639 New Milford School Road 0.1% 1 GSMC 1,311,317 1,311,317       Industrial Warehouse                    
Loan 8 Elston Retail Collection(2) 3.9% 1 CREFI 40,000,000 39,918,185   28,397,553   Retail Anchored 3.6500% 0.02188% Actual/360 120 119 300 299 10/31/2019 12/06/2019 11/06/2029
Loan 9 55 Green Street 3.6% 1 GSMC 36,600,000 36,600,000   36,600,000   Office CBD 3.4510% 0.03188% Actual/360 120 119 0 0 11/01/2019 12/06/2019 11/06/2029
Loan 10 The Essex Site 2(2)(20)(32)(33) 3.4% 1 GSMC 35,100,000 35,100,000   35,100,000   Mixed Use Multifamily/Retail 2.7590% 0.01188% Actual/360 84 83 0 0 10/25/2019 12/01/2019 11/01/2026
Loan 11 Legends at Village West(2) 3.4% 1 CREFI 35,000,000 34,948,301   31,690,606   Retail Anchored 3.8600% 0.03063% Actual/360 60 59 360 359 10/22/2019 12/06/2019 11/06/2024
Loan 12 Midtown Center(2)(32) 3.2% 1 GSMC 32,525,000 32,525,000   32,525,000   Office CBD 3.0850% 0.01188% Actual/360 120 118 0 0 09/30/2019 11/11/2019 10/11/2029
Loan 13 Broadcasting Square(2) 3.1% 1 CREFI 32,000,000 32,000,000   32,000,000   Retail Power Center 3.1600% 0.02188% Actual/360 120 119 0 0 11/01/2019 12/06/2019 11/06/2029
Loan 14 Westland Fair 3.1% 1 GSMC 31,500,000 31,500,000   28,285,300   Retail Anchored 3.4000% 0.03188% Actual/360 120 119 360 360 10/30/2019 12/06/2019 11/06/2029
Loan 15 Cobb Place(2) 2.4% 1 GSMC 25,000,000 25,000,000   22,506,615   Retail Anchored 3.5420% 0.02188% Actual/360 84 83 360 360 10/24/2019 12/06/2019 11/06/2026
Loan 16 Tri Pointe Plaza 2.2% 1 CREFI 22,165,000 22,165,000   22,165,000   Mixed Use Office/Retail 3.6600% 0.01188% Actual/360 120 119 0 0 10/17/2019 12/06/2019 11/06/2029
Loan 17 Villa Carlotta(34) 2.0% 1 CREFI 20,500,000 20,500,000   20,500,000   Multifamily Mid Rise 4.0100% 0.04188% Actual/360 120 119 0 0 11/06/2019 12/06/2019 11/06/2029
Loan 18 Wind Creek Leased Fee(2) 1.9% 1 GACC 20,000,000 19,923,773   17,121,720   Other Leased Fee 4.3800% 0.01188% Actual/360 120 116 420 416 07/23/2019 09/06/2019 08/06/2029
Loan 19 BOA Building Tulsa 1.8% 1 GACC 18,340,000 18,133,706   13,741,487   Office CBD 5.0500% 0.01188% Actual/360 120 113 300 293 04/18/2019 06/06/2019 05/06/2029
Loan 20 Embassy Suites Laredo(34) 1.8% 1 GACC 18,000,000 18,000,000   15,093,878   Hospitality Full Service 3.8390% 0.01188% Actual/360 120 118 360 360 10/03/2019 11/06/2019 10/06/2029
Loan 21 Brookside Park Apartments 1.7% 1 CREFI 17,525,000 17,525,000   17,525,000   Multifamily Garden 3.7500% 0.01188% Actual/360 120 119 0 0 11/05/2019 12/06/2019 11/06/2029
Loan 22 Brentwood Town Center 1.7% 1 GSMC 17,500,000 17,500,000   17,500,000   Retail Unanchored 3.2570% 0.01188% Actual/360 120 119 0 0 10/18/2019 12/06/2019 11/06/2029
Loan 23 Residence Inn Phoenix Chandler South 1.7% 1 GSMC 17,500,000 17,500,000   14,864,822   Hospitality Extended Stay 4.3000% 0.01188% Actual/360 120 119 360 360 10/23/2019 12/06/2019 11/06/2029
Loan 24 Spectrum Apartments 1.7% 1 CREFI 17,500,000 17,500,000   17,500,000   Multifamily Mid Rise 4.0500% 0.01188% Actual/360 120 119 0 0 10/31/2019 12/06/2019 11/06/2029
Loan 25 874 Springfield 1.7% 1 CREFI 17,500,000 17,474,012   13,816,029   Retail Anchored 3.8300% 0.01188% Actual/360 120 119 360 359 10/29/2019 12/06/2019 11/06/2029
Loan 26 Keystone Crossing 1.6% 1 GSMC 16,750,000 16,724,346   13,138,352   Mixed Use Office/Retail 3.6550% 0.01188% Actual/360 120 119 360 359 10/10/2019 12/06/2019 11/06/2029
Loan 27 Townhomes at Highfield Commons 1.6% 1 GSMC 16,600,000 16,600,000   15,041,958   Multifamily Townhomes 3.9123% 0.01188% Actual/360 120 119 360 360 11/01/2019 12/06/2019 11/06/2029
Loan 28 Millennium Park Plaza(2) 1.5% 1 GSMC 15,000,000 15,000,000   15,000,000   Mixed Use Multifamily/Office/Retail 3.6600% 0.01188% Actual/360 120 116 0 0 07/19/2019 09/06/2019 08/06/2029
Loan 29 Claremont Apartments 1.5% 1 GSMC 14,880,000 14,880,000   14,880,000   Multifamily Garden 3.4200% 0.06063% Actual/360 120 119 0 0 10/11/2019 12/06/2019 11/06/2029
Loan 30 Ledges One 1.4% 1 GSMC 14,500,000 14,500,000   14,500,000   Multifamily Garden 3.6840% 0.01188% Actual/360 120 119 0 0 10/23/2019 12/06/2019 11/06/2029
Loan 31 North Attleboro Center 1.4% 1 GACC 13,923,000 13,923,000   13,923,000   Retail Anchored 3.6550% 0.01188% Actual/360 120 119 0 0 11/04/2019 12/06/2019 11/06/2029
Loan 32 Hampton Inn Summerlin 1.3% 1 CREFI 13,800,000 13,772,964   9,915,286   Hospitality Limited Service 3.9500% 0.01188% Actual/360 120 119 300 299 10/31/2019 12/06/2019 11/06/2029
Loan 33 Home2 Suites Hanford Lemoore 1.3% 1 GSMC 13,000,000 12,981,269   10,327,159   Hospitality Extended Stay 4.0000% 0.01188% Actual/360 120 119 360 359 10/17/2019 12/06/2019 11/06/2029
Loan 34 Young Innovations Portfolio 1.1% 2 GACC 11,110,290 11,110,290   11,110,290   Industrial Flex 3.5780% 0.01188% Actual/360 120 119 0 0 10/11/2019 12/06/2019 11/06/2029
Property 34.01 Young Innovations Earth City 0.6% 1 GACC 6,588,660 6,588,660       Industrial Flex                    
Property 34.02 Young Innovations Algonquin 0.4% 1 GACC 4,521,630 4,521,630       Industrial Flex                    
Loan 35 Oxy Lofts 0.9% 1 GSMC 9,000,000 9,000,000   9,000,000   Multifamily Garden 3.7280% 0.01188% Actual/360 120 119 0 0 10/31/2019 12/06/2019 11/06/2029
Loan 36 Bushwick Multifamily Portfolio 0.8% 3 CREFI 8,500,000 8,500,000   8,500,000   Multifamily Mid Rise 3.8700% 0.01188% Actual/360 120 119 0 0 10/30/2019 12/06/2019 11/06/2029
Property 36.01 682 Chauncey Street 0.4% 1 CREFI 4,100,000 4,100,000       Multifamily Mid Rise                    
Property 36.02 1441 Bushwick Ave 0.2% 1 CREFI 2,290,000 2,290,000       Multifamily Mid Rise                    
Property 36.03 22 Granite Street 0.2% 1 CREFI 2,110,000 2,110,000       Multifamily Mid Rise                    
Loan 37 Newpark Flats Apartments 0.8% 1 GSMC 8,000,000 8,000,000   8,000,000   Multifamily Garden 3.3500% 0.06063% Actual/360 120 119 0 0 10/31/2019 12/06/2019 11/06/2029
Loan 38 City Pointe Apartments & Townhomes 0.7% 1 GACC 7,250,000 7,250,000   6,546,766   Multifamily Garden 3.7130% 0.04063% Actual/360 120 119 360 360 10/25/2019 12/06/2019 11/06/2029
Loan 39 Hub at Vista Palomar Park(34) 0.7% 1 GSMC 7,200,000 7,200,000   7,200,000   Retail Unanchored 3.6490% 0.01188% Actual/360 120 119 0 0 10/28/2019 12/06/2019 11/06/2029
Loan 40 152 South 4th Street 0.6% 1 CREFI 5,750,000 5,750,000   5,750,000   Multifamily Mid Rise 3.7000% 0.01188% Actual/360 120 119 0 0 10/25/2019 12/06/2019 11/06/2029
Loan 41 155 Meserole Street 0.5% 1 CREFI 5,450,000 5,450,000   5,450,000   Multifamily Mid Rise 3.7000% 0.01188% Actual/360 120 119 0 0 10/25/2019 12/06/2019 11/06/2029
Loan 42 119 Guernsey Street 0.5% 1 CREFI 5,090,000 5,090,000   5,090,000   Multifamily Mid Rise 3.7000% 0.01188% Actual/360 120 119 0 0 10/25/2019 12/06/2019 11/06/2029
Loan 43 273 Leonard Street 0.5% 1 CREFI 5,000,000 5,000,000   5,000,000   Multifamily Mid Rise 3.7000% 0.01188% Actual/360 120 119 0 0 10/25/2019 12/06/2019 11/06/2029

 

 

 

 

COMM 2019-GC44

 

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

 

              Pari Passu Pari Passu                            
          Monthly Annual Companion Loan Companion Loan Remaining     Crossed               FIRREA Cut-Off  
      ARD Loan Final Debt Debt Monthly Debt Annual Debt Interest Only   Cash With Related Underwritten Underwritten Grace Payment Appraised Appraisal Compliant Date LTV LTV Ratio at
Loan ID Property Name (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) Period(13) Date Value ($)(14)(15) As-of Date(14) (Yes/No) Ratio(11)(14)(15) Maturity or ARD(11)(14)
Loan 1 Century Plaza Towers(2)(32)(34) No 11/09/2029 190,389 2,284,672 2,094,283 25,131,391 119 Hard Springing No No 4.42x 4.09x 0 9 2,302,000,000 09/24/2019 Yes 39.1% 39.1%
Loan 2 180 Water(2)(32)(33)(34) No 11/06/2024 180,091 2,161,090 216,109 2,593,308 59 Hard In Place No No 3.17x 3.15x 0 6 451,500,000 09/18/2019 Yes 30.5% 30.5%
Loan 3 The Shoppes at Blackstone Valley(2)(34) No 11/06/2029 257,666 3,091,986 510,646 6,127,755 23 Hard Springing No No 1.61x 1.53x 5 days grace, other than the payment due on the Maturity Date 1 238,700,000 08/14/2019 Yes 68.7% 57.6%
Loan 4 Weston Kentucky Portfolio No 11/06/2029 148,033 1,776,394     119 Springing Hard Springing No No 3.32x 3.06x 0 6 80,400,000 09/25/2019 Yes 65.0% 65.0%
Property 4.01 Westport Distribution Center                               37,800,000 08/28/2019 Yes    
Property 4.02 Bluegrass Corporate Center                               20,100,000 08/28/2019 Yes    
Property 4.03 Jefferson Trade Center                               19,600,000 08/28/2019 Yes    
Loan 5 225 Bush(2)(32) No 11/06/2024 139,536 1,674,438 428,656 5,143,872 59 Hard Springing No No 4.00x 3.85x 0 6 589,000,000 09/05/2019 Yes 34.6% 34.6%
Loan 6 USAA Office Portfolio(2) No 08/06/2029 128,130 1,537,563 562,065 6,744,774 116 Hard Springing No No 2.86x 2.84x 0 6 380,000,000 06/07/2019 Yes 63.8% 63.8%
Property 6.01 Legacy Corporate Centre I & II                               114,824,056 06/07/2019 Yes    
Property 6.02 Crosstown Center I                               106,065,678 06/07/2019 Yes    
Property 6.03 Crosstown Center II                               93,934,322 06/07/2019 Yes    
Property 6.04 Legacy Corporate Centre III                               65,175,943 06/07/2019 Yes    
Loan 7 PCI Pharma Portfolio(2) No 11/06/2029 114,198 1,370,372 195,564 2,346,762 119 Hard Springing No Yes - A 2.77x 2.61x 0 6 165,940,000 Various Yes 65.4% 65.4%
Property 7.01 3001 Red Lion Road                               75,100,000 10/10/2019 Yes    
Property 7.02 4536 & 4545 Assembly Drive                               52,600,000 10/11/2019 Yes    
Property 7.03 6166 Nancy Ridge Drive                               19,800,000 10/10/2019 Yes    
Property 7.04 6146 Nancy Ridge Drive                               13,000,000 10/10/2019 Yes    
Property 7.05 1635 & 1639 New Milford School Road                               5,440,000 10/11/2019 Yes    
Loan 8 Elston Retail Collection(2) No 11/06/2029 203,482 2,441,780 152,611 1,831,335 0 Springing Hard Springing No No 1.46x 1.44x 0 6 105,000,000 09/04/2019 Yes 66.5% 47.3%
Loan 9 55 Green Street No 11/06/2029 106,717 1,280,609     119 Hard In Place No No 2.53x 2.46x 0 6 64,300,000 02/01/2020 Yes 56.9% 56.9%
Loan 10 The Essex Site 2(2)(20)(32)(33) No 11/01/2026 81,822 981,859 190,917 2,291,005 83 Hard Springing No No 3.68x 3.66x 0 1 293,000,000 08/21/2019 Yes 39.9% 39.9%
Loan 11 Legends at Village West(2) No 11/06/2024 164,283 1,971,394 398,973 4,787,671 0 Hard Springing No No 1.68x 1.67x 5 6 225,000,000 09/01/2021 Yes 53.3% 48.3%
Loan 12 Midtown Center(2)(32) Yes 09/30/2033 84,778 1,017,332 910,920 10,931,044 118 Hard Springing No No 4.02x 3.98x 0 11 960,000,000 08/23/2019 Yes 39.8% 39.8%
Loan 13 Broadcasting Square(2) No 11/06/2029 85,437 1,025,244 80,097 961,167 119 Hard In Place No No 3.83x 3.50x 0 6 120,000,000 09/09/2019 Yes 51.7% 51.7%
Loan 14 Westland Fair No 11/06/2029 139,697 1,676,359     59 Hard Springing No No 2.01x 1.91x 0 6 45,100,000 09/10/2019 Yes 69.8% 62.7%
Loan 15 Cobb Place(2) No 11/06/2026 112,848 1,354,177 67,709 812,506 23 Hard In Place No No 2.00x 1.90x 0 6 54,500,000 09/25/2019 Yes 73.4% 66.1%
Loan 16 Tri Pointe Plaza No 11/06/2029 68,542 822,506     119 Hard Springing No No 2.60x 2.45x 0 6 34,100,000 09/23/2019 Yes 65.0% 65.0%
Loan 17 Villa Carlotta(34) No 11/06/2029 69,456 833,467     119 Springing Hard Springing No No 1.98x 1.97x 0 6 33,900,000 09/20/2019 Yes 60.5% 60.5%
Loan 18 Wind Creek Leased Fee(2) No 08/06/2029 93,171 1,118,046 589,769 7,077,233 0 Hard In Place No No 1.27x 1.27x 0 6 172,500,000 04/23/2019 Yes 84.7% 72.8%
Loan 19 BOA Building Tulsa No 05/06/2029 107,749 1,292,985     0 Hard Springing No No 1.75x 1.55x 0 6 26,200,000 02/14/2019 Yes 69.2% 52.4%
Loan 20 Embassy Suites Laredo(34) No 10/06/2029 84,272 1,011,269     22 Hard Springing No No 2.51x 2.18x 0 6 25,800,000 09/06/2020 Yes 69.8% 58.5%
Loan 21 Brookside Park Apartments No 11/06/2029 55,526 666,315     119 Springing Hard Springing No No 2.25x 2.17x 0 6 29,600,000 10/10/2019 Yes 59.2% 59.2%
Loan 22 Brentwood Town Center No 11/06/2029 48,158 577,891     119 Springing Hard Springing No No 2.89x 2.85x 0 6 35,000,000 09/22/2019 Yes 50.0% 50.0%
Loan 23 Residence Inn Phoenix Chandler South No 11/06/2029 86,603 1,039,230     23 None In Place No No 2.04x 1.84x 0 6 29,900,000 08/14/2019 Yes 58.5% 49.7%
Loan 24 Spectrum Apartments No 11/06/2029 59,883 718,594     119 Springing Hard Springing No No 1.85x 1.82x 0 6 26,000,000 10/09/2019 Yes 67.3% 67.3%
Loan 25 874 Springfield No 11/06/2029 81,842 982,100     0 Hard Springing No No 1.73x 1.61x 0 6 24,600,000 07/01/2019 Yes 71.0% 56.2%
Loan 26 Keystone Crossing No 11/06/2029 76,672 920,060     0 Hard Springing No No 2.07x 1.91x 0 6 23,900,000 07/30/2019 Yes 70.0% 55.0%
Loan 27 Townhomes at Highfield Commons No 11/06/2029 78,414 940,967     59 Soft In Place No No 1.53x 1.50x 0 6 24,700,000 09/24/2019 Yes 67.2% 60.9%
Loan 28 Millennium Park Plaza(2) No 08/06/2029 46,385 556,625 603,010 7,236,125 116 Soft (Residential) / Hard (Nonresidential) Springing No No 2.01x 2.01x 0 6 319,000,000 06/10/2019 Yes 65.8% 65.8%
Loan 29 Claremont Apartments No 11/06/2029 42,997 515,964     119 None None No No 2.45x 2.42x 0 6 21,600,000 09/12/2019 Yes 68.9% 68.9%
Loan 30 Ledges One No 11/06/2029 45,133 541,599     119 None None No No 2.29x 2.26x 0 6 22,450,000 09/11/2019 Yes 64.6% 64.6%
Loan 31 North Attleboro Center No 11/06/2029 42,996 515,954     119 Hard Springing No No 3.76x 3.46x 0 6 27,000,000 09/11/2019 Yes 51.6% 51.6%
Loan 32 Hampton Inn Summerlin No 11/06/2029 72,461 869,532     0 Hard Springing No No 1.95x 1.76x 0 6 22,000,000 09/01/2020 Yes 62.6% 45.1%
Loan 33 Home2 Suites Hanford Lemoore No 11/06/2029 62,064 744,768     0 Springing Hard Springing No No 2.40x 2.22x 0 6 20,200,000 08/30/2019 Yes 64.3% 51.1%
Loan 34 Young Innovations Portfolio No 11/06/2029 33,587 403,047     119 Hard Springing No Yes - A 2.83x 2.75x 0 6 17,200,000 Various Yes 64.6% 64.6%
Property 34.01 Young Innovations Earth City                               10,200,000 09/11/2019 Yes    
Property 34.02 Young Innovations Algonquin                               7,000,000 09/12/2019 Yes    
Loan 35 Oxy Lofts No 11/06/2029 28,348 340,180     119 Soft Springing No No 1.98x 1.96x 0 6 14,900,000 09/23/2019 Yes 60.4% 60.4%
Loan 36 Bushwick Multifamily Portfolio No 11/06/2029 27,793 333,519     119 Springing Soft Springing No No 1.92x 1.89x 0 6 13,300,000 08/22/2019 Yes 63.9% 63.9%
Property 36.01 682 Chauncey Street                               6,420,000 08/22/2019 Yes    
Property 36.02 1441 Bushwick Ave                               3,300,000 08/22/2019 Yes    
Property 36.03 22 Granite Street                               3,580,000 08/22/2019 Yes    
Loan 37 Newpark Flats Apartments No 11/06/2029 22,644 271,722     119 None None No No 2.67x 2.64x 0 6 15,300,000 09/26/2019 Yes 52.3% 52.3%
Loan 38 City Pointe Apartments & Townhomes No 11/06/2029 33,424 401,086     59 Springing Soft Springing No No 1.75x 1.69x 0 6 11,400,000 09/05/2019 Yes 63.6% 57.4%
Loan 39 Hub at Vista Palomar Park(34) No 11/06/2029 22,198 266,377     119 Springing Hard Springing No No 2.75x 2.68x 0 6 11,750,000 09/12/2019 Yes 61.3% 61.3%
Loan 40 152 South 4th Street No 11/06/2029 17,975 215,705     119 Springing Soft Springing No Yes - B 1.90x 1.89x 0 6 8,900,000 08/27/2019 Yes 64.6% 64.6%
Loan 41 155 Meserole Street No 11/06/2029 17,038 204,451     119 Springing Soft Springing No Yes - B 1.90x 1.88x 0 6 8,500,000 08/27/2019 Yes 64.1% 64.1%
Loan 42 119 Guernsey Street No 11/06/2029 15,912 190,946     119 Springing Soft Springing No Yes - B 1.89x 1.87x 0 6 7,800,000 08/27/2019 Yes 65.3% 65.3%
Loan 43 273 Leonard Street No 11/06/2029 15,631 187,569     119 Springing Soft Springing No Yes - B 1.96x 1.95x 0 6 7,700,000 08/27/2019 Yes 64.9% 64.9%

 

 

 

 

COMM 2019-GC44

 

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

 

                                             
                    Net Units Loan per Net             Second Most Second Second Second
                Year Year Rentable Area of Rentable Area   Prepayment Provisions Most Recent Operating Most Recent Most Recent Most Recent Recent Operating Most Recent Most Recent Most Recent
Loan ID Property Name Address City County State Zip Code Built Renovated (SF/Units/Rooms)(4)(15) Measure (SF/Units/Rooms) $(11)   (# of payments)(16)(17)(18) Statements Date(12) EGI ($)(12) Expenses($)(12) NOI($)(12) Statements Date EGI($) Expenses($) NOI($)
Loan 1 Century Plaza Towers(2)(32)(34) 2029 & 2049 Century Park East Los Angeles Los Angeles CA 90067 1975 2015 2,401,641 Sq. Ft. 375   YM1(25), DorYM1(90), O(5) 09/30/2019 120,890,660 37,547,742 83,342,918 12/31/2018 125,317,446 36,292,891 89,024,555
Loan 2 180 Water(2)(32)(33)(34) 180 Water Street New York New York NY 10038 1971 2017 573 Units 239,965   L(25), D(31), O(4) 06/30/2019 27,974,070 14,855,308 13,118,762 12/31/2018 26,646,594 14,981,570 11,665,024
Loan 3 The Shoppes at Blackstone Valley(2)(34) 70 Worcester Providence Turnpike Millbury Worcester MA 01527 2003-2004 NAP 787,071 Sq. Ft. 208   L(25), D(88), O(7) 08/31/2019 18,578,998 4,518,587 14,060,411 12/31/2018 18,936,797 4,833,324 14,103,473
Loan 4 Weston Kentucky Portfolio Various Louisville Jefferson KY Various Various NAP 1,446,260 Sq. Ft. 36   L(25), YM1(90), O(5) 08/31/2019 8,018,493 1,912,935 6,105,558 12/31/2018 7,803,720 1,929,927 5,873,793
Property 4.01 Westport Distribution Center 12710 Westport Road Louisville Jefferson KY 40245 1981-1990 NAP 690,160 Sq. Ft. 37                    
Property 4.02 Bluegrass Corporate Center 10100 Bluegrass Parkway Louisville Jefferson KY 40299 1972 NAP 394,200 Sq. Ft. 34                    
Property 4.03 Jefferson Trade Center 3600 Chamberlain Lane Louisville Jefferson KY 40241 1981 NAP 361,900 Sq. Ft. 36                    
Loan 5 225 Bush(2)(32) 225 Bush Street San Francisco San Francisco CA 94104 1922, 1955 2010-2013 579,987 Sq. Ft. 351   L(25), D(29), O(6) 08/31/2019 36,531,101 12,018,844 24,512,257 12/31/2018 36,782,955 11,108,481 25,674,474
Loan 6 USAA Office Portfolio(2) Various Various Various Various Various Various NAP 881,490 Sq. Ft. 275   L(11), YM1(106), O(4)                
Property 6.01 Legacy Corporate Centre I & II 5601 Legacy Drive and 7300 Parkwood Boulevard Plano Collin TX 75024 1999 NAP 238,926 Sq. Ft. 306                    
Property 6.02 Crosstown Center I 9527 Delaney Creek Boulevard Tampa Hillsborough FL 33619 2015 NAP 260,869 Sq. Ft. 259                    
Property 6.03 Crosstown Center II 9519 Delaney Creek Boulevard Tampa Hillsborough FL 33619 2018 NAP 236,550 Sq. Ft. 254                    
Property 6.04 Legacy Corporate Centre III 7400 Parkwood Boulevard Plano Collin TX 75024 2019 NAP 145,145 Sq. Ft. 287                    
Loan 7 PCI Pharma Portfolio(2) Various Various Various Various Various Various Various 1,356,188 Sq. Ft. 80   L(23), YM1(2), DorYM1(91), O(4)                
Property 7.01 3001 Red Lion Road 3001 Red Lion Road Philadelphia Philadelphia PA 19114 1954 2002 447,000 Sq. Ft. 110                    
Property 7.02 4536 & 4545 Assembly Drive 4536 & 4545 Assembly Drive Rockford Winnebago IL 61109 1989 2003, 2005, 2012, 2018 768,400 Sq. Ft. 45                    
Property 7.03 6166 Nancy Ridge Drive 6166 Nancy Ridge Drive San Diego San Diego CA 92121 1996 2016 37,583 Sq. Ft. 344                    
Property 7.04 6146 Nancy Ridge Drive 6146 Nancy Ridge Drive San Diego San Diego CA 92121 1987 2017 24,785 Sq. Ft. 343                    
Property 7.05 1635 & 1639 New Milford School Road 1635 & 1639 New Milford School Road Rockford Winnebago IL 61109 1996 2001 78,420 Sq. Ft. 45                    
Loan 8 Elston Retail Collection(2) 2100 North Elston Avenue Chicago Cook IL 60614 2004 NAP 178,704 Sq. Ft. 391   L(25), D(92), O(3) T-7 7/31/2019 Ann. 6,436,828 236,566 6,200,262 12/31/2018 6,407,444 215,823 6,191,621
Loan 9 55 Green Street 55 Green Street San Francisco San Francisco CA 94111 1984 2019 54,414 Sq. Ft. 673   L(11), YM1(102), O(7)                
Loan 10 The Essex Site 2(2)(20)(32)(33) 125 Delancey Street New York New York NY 10002 2019 NAP 205,070 Sq. Ft. 571   L(25), D(54), O(5)                
Loan 11 Legends at Village West(2) 1843 Village West Parkway Kansas City Wyandotte KS 66111 2005 2019 702,750 Sq. Ft. 171   L(25), D(31), O(4) 08/31/2019 23,089,427 11,476,129 11,613,298 12/31/2018 22,260,380 10,976,852 11,283,528
Loan 12 Midtown Center(2)(32) 1100 15th Street Northwest Washington District of Columbia DC 20005 2017 NAP 867,654 Sq. Ft. 440   L(26), D(87), O(7)                
Loan 13 Broadcasting Square(2) 2756 Paper Mill Road Wyomissing Berks PA 19610 2000 NAP 471,735 Sq. Ft. 131   L(25), D(92), O(3) 08/31/2019 11,207,977 2,744,042 8,463,935 12/31/2018 11,308,845 2,756,142 8,552,703
Loan 14 Westland Fair 1251-1291 South Decatur Boulevard Las Vegas Clark NV 89102 1971-2006 2006 214,127 Sq. Ft. 147   L(25), D(91), O(4) 12/31/2018 4,284,623 977,870 3,306,753 12/31/2017 4,314,878 934,494 3,380,384
Loan 15 Cobb Place(2) 840 Ernest W Barrett Parkway Northwest Kennesaw Cobb GA 30144 1987 NAP 335,191 Sq. Ft. 119   L(25), D(54), O(5) 06/30/2019 5,807,016 1,457,779 4,349,237 12/31/2018 5,718,934 1,284,751 4,434,183
Loan 16 Tri Pointe Plaza 4400, 4410 & 4488 West Boy Scout Boulevard Tampa Hillsborough FL 33607 2008 NAP 72,608 Sq. Ft. 305   L(25), D(92), O(3) 08/31/2019 2,992,375 852,919 2,139,456 12/31/2018 2,856,878 843,084 2,013,794
Loan 17 Villa Carlotta(34) 5959 Franklin Avenue Los Angeles Los Angeles CA 90028 1922, 1926 2016-2018 52 Units 394,231   L(25), D(91), O(4) 09/30/2019 2,323,672 1,218,092 1,105,580        
Loan 18 Wind Creek Leased Fee(2) 77 Sands Boulevard Bethlehem Northampton PA 18015 NAP NAP 2,608,541 Sq. Ft. 56   L(28), D(87), O(5)                
Loan 19 BOA Building Tulsa 15 West 6th Street Tulsa Tulsa OK 74119 1968 NAP 299,342 Sq. Ft. 61   L(31), D(86), O(3) 01/31/2019 4,034,576 1,945,304 2,089,272 12/31/2018 4,009,599 1,984,627 2,024,972
Loan 20 Embassy Suites Laredo(34) 110 Calle del Norte Laredo Webb TX 78041 2005 2016 154 Rooms 116,883   L(26), D(87), O(7) 08/31/2019 8,304,939 5,631,452 2,673,486 12/31/2018 7,811,725 5,456,208 2,355,517
Loan 21 Brookside Park Apartments 565 St. Johns Avenue Southwest Atlanta Fulton GA 30315 2005 2015 201 Units 87,189   L(25), D(91), O(4) 09/30/2019 3,039,118 1,362,516 1,676,602 12/31/2018 2,913,568 1,299,714 1,613,854
Loan 22 Brentwood Town Center 13050 San Vicente Boulevard Los Angeles Los Angeles CA 90049 1992 NAP 12,962 Sq. Ft. 1,350   L(25), D(91), O(4) 12/31/2018 1,905,024 619,111 1,285,913 12/31/2017 1,817,067 583,111 1,233,956
Loan 23 Residence Inn Phoenix Chandler South 2727 West Queen Creek Road Chandler Maricopa AZ 85248 2018 NAP 142 Rooms 123,239   L(25), D(91), O(4) 09/30/2019 5,105,186 2,918,394 2,186,792        
Loan 24 Spectrum Apartments 815 Southeast 9th Avenue Minneapolis Hennepin MN 55414 2017 NAP 118 Units 148,305   L(25), YM1(91), O(4) 08/31/2019 2,306,658 967,156 1,339,502 12/31/2018 2,300,922 825,941 1,474,982
Loan 25 874 Springfield 874 Springfield Avenue Irvington Essex NJ 07111 1990 NAP 98,250 Sq. Ft. 178   L(25), D(90), O(5) 07/31/2019 2,124,983 707,356 1,417,627 12/31/2018 2,079,557 657,191 1,422,366
Loan 26 Keystone Crossing 8480, 8500 & 8520 Keystone Crossing Indianapolis Marion IN 46240 1984, 2007 NAP 117,779 Sq. Ft. 142   L(25), D(91), O(4) 05/31/2019 2,602,093 1,030,177 1,571,915 12/31/2018 2,650,109 966,716 1,683,393
Loan 27 Townhomes at Highfield Commons 6 & 12 Truman Circle and 33, 38, 43, 46, 52, 55, 58, 63, 64 & 71 Monroe Drive Rochester Strafford NH 03867 2016-2019 NAP 96 Units 172,917   L(25), D(91), O(4) 08/31/2019 1,845,651 498,908 1,346,743 12/31/2018 1,397,009 497,601 899,408
Loan 28 Millennium Park Plaza(2) 151-155 North Michigan Avenue Chicago Cook IL 60601 1982 2015 560,083 Sq. Ft. 375   L(28), D(85), O(7) 05/31/2019 22,194,678 6,549,845 15,644,833 12/31/2018 21,775,900 6,410,039 15,365,861
Loan 29 Claremont Apartments 500 North Quincy Street Abington Plymouth MA 02351 1971 2016-2018 91 Units 163,516   L(25), D(91), O(4) 08/31/2019 1,769,982 638,854 1,131,128 12/31/2018 1,693,511 652,649 1,040,861
Loan 30 Ledges One 505 Everhope Avenue Greer Spartanburg SC 29651 2015-2017 NAP 103 Units 140,777   L(25), D(91), O(4) T-1 8/31/2019 Ann. 1,841,099 699,763 1,141,336        
Loan 31 North Attleboro Center 1505 South Washington Street & 40 Cumberland Avenue North Attleboro Bristol MA 02760 1994, 1999 NAP 157,024 Sq. Ft. 89   L(25), D(90), O(5) 08/31/2019 2,554,722 681,452 1,873,270 12/31/2018 2,060,643 575,336 1,485,307
Loan 32 Hampton Inn Summerlin 7100 Cascade Valley Court Las Vegas Clark NV 89128 1998 NAP 127 Rooms 108,449   L(25), D(92), O(3) 08/31/2019 4,184,540 2,374,136 1,810,404 12/31/2018 4,040,806 2,339,702 1,701,104
Loan 33 Home2 Suites Hanford Lemoore 1589 Glendale Avenue Hanford Kings CA 93230 2017 NAP 87 Rooms 149,210   L(25), D(91), O(4) 08/31/2019 3,488,641 1,695,140 1,793,501 12/31/2018 3,211,562 1,687,753 1,523,809
Loan 34 Young Innovations Portfolio Various Various Various Various Various Various Various 212,400 Sq. Ft. 52   L(23), YM1(2), DorYM1(90), O(5)                
Property 34.01 Young Innovations Earth City 13705 Shoreline Court East Earth City Saint Louis MO 63045 1981 1991 117,400 Sq. Ft. 56                    
Property 34.02 Young Innovations Algonquin 2260 Wendt Street Algonquin McHenry IL 60102 2007 NAP 95,000 Sq. Ft. 48                    
Loan 35 Oxy Lofts 4547 Eagle Rock Boulevard Los Angeles Los Angeles CA 90041 2011 NAP 32 Units 281,250   L(25), D(91), O(4) 08/31/2019 1,039,930 389,230 650,700 12/31/2018 976,112 379,173 596,939
Loan 36 Bushwick Multifamily Portfolio Various Brooklyn Kings NY 11207 Various Various 22 Units 386,364   L(25), D(91), O(4) Various 691,024 81,733 609,291        
Property 36.01 682 Chauncey Street 682 Chauncey Street Brooklyn Kings NY 11207 2017 NAP 10 Units 410,000     10/31/2019 283,742 22,990 260,752        
Property 36.02 1441 Bushwick Ave 1441 Bushwick Avenue Brooklyn Kings NY 11207 1911 2017 6 Units 381,667     10/31/2019 196,747 28,307 168,440 12/31/2018 189,372 24,377 164,995
Property 36.03 22 Granite Street 22 Granite Street Brooklyn Kings NY 11207 1911 2017 6 Units 351,667     09/30/2019 210,534 30,436 180,098 12/31/2018 207,309 31,301 176,009
Loan 37 Newpark Flats Apartments 6033 Park Lane South Park City Summit UT 84098 2018 NAP 43 Units 186,047   L(25), D(91), O(4)                
Loan 38 City Pointe Apartments & Townhomes 401 Jeanette Benton Drive Evansville Vanderburgh IN 47713 1999 2019 112 Units 64,732   L(25), D(91), O(4) 08/31/2019 980,091 343,228 636,862 12/31/2018 743,782 334,342 409,440
Loan 39 Hub at Vista Palomar Park(34) 3211-3265 Business Park Drive Vista San Diego CA 92081 1999 2017 27,650 Sq. Ft. 260   L(25), D(91), O(4) 07/31/2019 1,017,136 336,440 680,696 12/31/2018 889,103 324,039 565,064
Loan 40 152 South 4th Street 152 South 4th Street Brooklyn Kings NY 11211 1887 2015 8 Units 718,750   L(25), D(92), O(3) 06/30/2019 467,372 57,817 409,554 12/31/2018 465,570 59,421 406,149
Loan 41 155 Meserole Street 155 Meserole Street Brooklyn Kings NY 11206 1887 2015 12 Units 454,167   L(25), D(92), O(3) 06/30/2019 506,324 114,116 392,208 12/31/2018 500,648 111,534 389,114
Loan 42 119 Guernsey Street 119 Guernsey Street Brooklyn Kings NY 11222 1916 2015 8 Units 636,250   L(25), D(92), O(3) 06/30/2019 420,927 60,484 360,442 12/31/2018 420,525 57,420 363,105
Loan 43 273 Leonard Street 273 Leonard Street Brooklyn Kings NY 11211 1901 2015 7 Units 714,286   L(25), D(92), O(3) 06/30/2019 395,232 45,384 349,848 12/31/2018 377,950 45,578 332,372

 

 

 

 

COMM 2019-GC44

 

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

 

                                             
      Third Most Third Third Third                                
      Recent Operating Most Recent Most Recent Most Recent Underwritten NOI Underwritten NCF  Underwritten  Underwritten  Underwritten  Underwritten  Underwritten Underwritten Underwritten Ownership Ground Lease Ground Lease     Lease  
Loan ID Property Name Statements Date EGI($) Expenses($) NOI($) Debt Yield(11) Debt Yield(11)  Revenue($)  EGI($)  Expenses($)  NOI ($)(12)  Reserves($) TI/LC($) NCF ($) Interest  Expiration(19)  Extension Terms(19) Largest Tenant(21)(22)(23)(24)(25) SF   Expiration(23) 2nd Largest Tenant(23)(25)
Loan 1 Century Plaza Towers(2)(32)(34) 12/31/2017 117,379,087 34,178,955 83,200,132 13.5% 12.5% 167,331,712 158,615,968 37,470,212 121,145,756 480,328 8,415,062 112,250,366 Fee Simple     Bank of America 149,508 09/30/2029 Manatt Phelps
Loan 2 180 Water(2)(32)(33)(34)         11.0% 10.9% 32,826,742 30,028,135 14,955,048 15,073,087 117,355   14,955,732 Fee Simple     Citibank 3,496 04/30/2029 180 Water Donuts LLC
Loan 3 The Shoppes at Blackstone Valley(2)(34) 12/31/2017 19,150,138 4,783,415 14,366,723 9.0% 8.6% 20,054,088 19,047,577 4,228,958 14,818,619 68,703 666,997 14,082,919 Fee Simple     Target 127,000 01/31/2029 Kohl’s
Loan 4 Weston Kentucky Portfolio 12/31/2017 7,616,869 1,868,742 5,748,127 11.3% 10.4% 8,261,325 7,829,482 1,931,595 5,897,886 280,011 174,172 5,443,704 Fee Simple            
Property 4.01 Westport Distribution Center                           Fee Simple     Westport Axle Corporation 231,000 05/31/2020 Dana Driveshaft Manufacturing, LLC
Property 4.02 Bluegrass Corporate Center                           Fee Simple     ABB EP Industrial Solutions 37,000 07/31/2022 Vision Dynamics LLC
Property 4.03 Jefferson Trade Center                           Fee Simple     Hexagon Chemical 18,700 06/30/2022 DC Ventures
Loan 5 225 Bush(2)(32) 12/31/2017 35,806,940 11,018,547 24,788,393 13.4% 12.9% 44,006,816 41,830,321 14,566,655 27,263,666 115,997 869,981 26,277,688 Fee Simple     Twitch Interactive 84,035 08/18/2021 LiveRamp, Inc
Loan 6 USAA Office Portfolio(2)         9.8% 9.7% 32,829,436 31,543,524 7,885,881 23,657,643 176,298   23,481,345 Fee Simple            
Property 6.01 Legacy Corporate Centre I & II             9,256,484 8,793,660 2,198,415 6,595,245 47,785   6,547,460 Fee Simple     USAA 238,926 12/31/2029 NAP
Property 6.02 Crosstown Center I             9,350,565 8,883,037 2,220,759 6,662,278 52,174   6,610,104 Fee Simple     USAA 260,869 08/31/2030 NAP
Property 6.03 Crosstown Center II             8,692,763 8,475,444 2,118,861 6,356,583 47,310   6,309,273 Fee Simple     USAA 236,550 12/31/2033 NAP
Property 6.04 Legacy Corporate Centre III             5,529,624 5,391,383 1,347,846 4,043,538 29,029   4,014,509 Fee Simple     USAA 145,145 10/31/2033 NAP
Loan 7 PCI Pharma Portfolio(2)         9.5% 8.9% 11,159,629 10,601,648 318,049 10,283,599 203,428 386,514 9,693,657 Fee Simple            
Property 7.01 3001 Red Lion Road             4,971,878 4,723,284 141,699 4,581,586 67,050 127,395 4,387,141 Fee Simple     PCI Pharma 447,000 10/31/2039 NAP
Property 7.02 4536 & 4545 Assembly Drive             3,590,085 3,410,581 102,317 3,308,263 115,260 218,994 2,974,009 Fee Simple     PCI Pharma 768,400 10/31/2039 NAP
Property 7.03 6166 Nancy Ridge Drive             1,369,404 1,300,934 39,028 1,261,906 5,637 10,711 1,245,557 Fee Simple     PCI Pharma 37,583 10/31/2039 NAP
Property 7.04 6146 Nancy Ridge Drive             903,040 857,888 25,737 832,151 3,718 7,064 821,370 Fee Simple     PCI Pharma 24,785 10/31/2039 NAP
Property 7.05 1635 & 1639 New Milford School Road             325,223 308,962 9,269 299,693 11,763 22,350 265,580 Fee Simple     PCI Pharma 78,420 10/31/2039 NAP
Loan 8 Elston Retail Collection(2) 12/31/2017 6,312,553 226,063 6,086,490 8.9% 8.8% 8,762,869 8,557,400 2,317,867 6,239,532 26,806 60,786 6,151,940 Fee Simple     Kohl’s 128,234 05/31/2030 Best Buy
Loan 9 55 Green Street         8.8% 8.6% 4,585,179 4,355,920 1,117,620 3,238,300 10,883 77,540 3,149,877 Fee Simple     Getaround 54,414 06/30/2029 NAP
Loan 10 The Essex Site 2(2)(20)(32)(33)         10.3% 10.3% 15,499,658 14,909,246 2,857,283 12,051,963 58,500   11,993,463 Fee Simple     Regal Cinemas 65,000 03/31/2039 NAP
Loan 11 Legends at Village West(2) 12/31/2017 22,860,496 11,073,853 11,786,643 9.5% 9.4% 23,956,373 22,757,007 11,382,857 11,374,151 119,463   11,254,688 Fee Simple     American Multi-Cinema, Inc. 88,270 08/31/2028 Dave & Busters
Loan 12 Midtown Center(2)(32)         12.6% 12.4% 47,058,790 68,757,739 20,725,125 48,032,614 173,531 307,921 47,551,162 Fee Simple     Fannie Mae 713,500 09/30/2033 WeWork
Loan 13 Broadcasting Square(2) 12/31/2017 11,120,033 2,553,077 8,566,956 12.3% 11.2% 11,914,944 10,775,794 3,168,868 7,606,926 155,673 507,923 6,943,331 Fee Simple     Weis Markets, Inc. 52,976 09/30/2025 Dick’s Sporting Goods
Loan 14 Westland Fair 12/31/2016 4,212,063 950,766 3,261,297 10.7% 10.2% 5,168,861 4,448,918 1,072,552 3,376,366 42,825 134,302 3,199,238 Fee Simple     Michael’s 24,975 02/28/2021 PetSmart
Loan 15 Cobb Place(2) 12/31/2017 5,587,471 1,300,499 4,286,971 10.8% 10.3% 6,005,975 5,711,389 1,385,911 4,325,478 70,390 149,132 4,105,956 Fee Simple     American Signature Home 50,000 01/31/2024 Ashley Furniture
Loan 16 Tri Pointe Plaza 12/31/2017 2,511,755 767,215 1,744,540 9.7% 9.1% 3,291,173 3,061,991 919,868 2,142,123 16,700 108,637 2,016,786 Fee Simple     Synovus Bank 15,765 01/31/2029 Eddie V’s Holdings
Loan 17 Villa Carlotta(34)         8.1% 8.0% 3,116,796 2,871,861 1,219,320 1,652,541 13,000   1,639,541 Fee Simple     NAP NAP NAP NAP
Loan 18 Wind Creek Leased Fee(2)         7.1% 7.1% 10,402,235 10,402,235   10,402,235     10,402,235 Fee Simple     NAP NAP NAP NAP
Loan 19 BOA Building Tulsa 12/31/2017 3,943,781 2,088,919 1,854,862 12.5% 11.0% 4,673,128 4,364,826 2,101,104 2,263,722 74,836 186,093 2,002,794 Fee Simple     Laredo Petroleum, Inc 94,582 01/31/2023 The Summit Corporation
Loan 20 Embassy Suites Laredo(34) 12/31/2017 7,561,405 5,191,662 2,369,742 14.1% 12.3% 7,184,592 8,304,939 5,766,915 2,538,023 332,198   2,205,826 Fee Simple     NAP NAP NAP NAP
Loan 21 Brookside Park Apartments 12/31/2017 2,673,773 1,316,469 1,357,304 8.5% 8.3% 2,950,788 3,039,118 1,542,415 1,496,703 50,250   1,446,453 Fee Simple     NAP NAP NAP NAP
Loan 22 Brentwood Town Center         9.5% 9.4% 2,390,544 2,275,186 604,173 1,671,013 3,241 23,178 1,644,595 Fee Simple     Blatteis & Schnur 2,115 06/01/2025 Le Pain Quotidien
Loan 23 Residence Inn Phoenix Chandler South         12.1% 11.0% 4,910,933 5,105,186 2,983,900 2,121,286 204,207   1,917,078 Fee Simple     NAP NAP NAP NAP
Loan 24 Spectrum Apartments         7.6% 7.5% 2,292,177 2,423,469 1,092,249 1,331,220 23,600   1,307,620 Fee Simple     NAP NAP NAP NAP
Loan 25 874 Springfield 12/31/2017 1,986,434 645,676 1,340,758 9.7% 9.0% 2,548,182 2,420,773 720,233 1,700,540 14,738 109,359 1,576,443 Fee Simple     Springfield Foods Inc 30,000 09/30/2030 Blink Irvington Inc
Loan 26 Keystone Crossing 12/31/2017 2,305,568 920,405 1,385,163 11.4% 10.5% 3,193,585 2,963,664 1,063,280 1,900,384 30,623 108,901 1,760,861 Leasehold 10/31/2067 None Salem University, LLC 12,328 05/31/2027 Sterling Jewelers, LLC
Loan 27 Townhomes at Highfield Commons 12/31/2017 1,237,504 527,753 709,751 8.7% 8.5% 2,088,360 2,087,340 649,988 1,437,352 24,000   1,413,352 Fee Simple     NAP NAP NAP NAP
Loan 28 Millennium Park Plaza(2) 12/31/2017 20,409,860 6,198,041 14,211,819 7.5% 7.5% 15,260,112 22,411,024 6,752,423 15,658,602 11,400   15,647,202 Fee Simple     CenturyLink, Inc. 9,558 09/30/2023 Broadwing Communications
Loan 29 Claremont Apartments 12/31/2017 1,608,323 592,648 1,015,675 8.5% 8.4% 1,936,980 1,885,282 618,876 1,266,406 18,200   1,248,206 Fee Simple     NAP NAP NAP NAP
Loan 30 Ledges One         8.6% 8.4% 1,838,664 1,866,201 624,437 1,241,764 17,293   1,224,472 Fee Simple     NAP NAP NAP NAP
Loan 31 North Attleboro Center 12/31/2017 1,912,487 592,753 1,319,734 13.9% 12.8% 2,819,532 2,617,532 679,512 1,938,020 36,116 117,768 1,784,137 Fee Simple     Christmas Tree Shops 51,074 08/31/2028 Altitude Trampoline
Loan 32 Hampton Inn Summerlin 12/31/2017 3,974,328 2,316,702 1,657,626 12.3% 11.1% 4,184,703 4,184,540 2,485,039 1,699,501 167,382   1,532,119 Fee Simple     NAP NAP NAP NAP
Loan 33 Home2 Suites Hanford Lemoore         13.8% 12.7% 3,488,381 3,488,641 1,699,010 1,789,631 139,546   1,650,086 Fee Simple     NAP NAP NAP NAP
Loan 34 Young Innovations Portfolio         10.3% 10.0% 1,238,279 1,176,365 35,291 1,141,074 31,860   1,109,214 Fee Simple            
Property 34.01 Young Innovations Earth City                           Fee Simple     Young Innovations 117,400 08/31/2039 NAP
Property 34.02 Young Innovations Algonquin                           Fee Simple     Young Innovations 95,000 08/31/2039 NAP
Loan 35 Oxy Lofts 12/31/2017 992,331 283,066 709,265 7.5% 7.4% 1,069,945 1,051,520 377,069 674,452 7,840   666,612 Fee Simple     NAP NAP NAP NAP
Loan 36 Bushwick Multifamily Portfolio         7.5% 7.4% 754,800 739,390 99,222 640,169 8,448   631,721 Fee Simple            
Property 36.01 682 Chauncey Street             333,600 339,250 35,860 303,390 3,390   300,000 Fee Simple     NAP NAP NAP NAP
Property 36.02 1441 Bushwick Ave 12/31/2017 203,630 20,692 182,938     208,500 198,075 30,998 167,077 2,562   164,515 Fee Simple     NAP NAP NAP NAP
Property 36.03 22 Granite Street 12/31/2017 211,684 40,257 171,427     212,700 202,065 32,364 169,701 2,496   167,205 Fee Simple     NAP NAP NAP NAP
Loan 37 Newpark Flats Apartments         9.1% 9.0% 1,048,800 1,081,189 355,848 725,341 8,600   716,741 Fee Simple     NAP NAP NAP NAP
Loan 38 City Pointe Apartments & Townhomes 12/31/2017 219,227 187,461 31,766 9.7% 9.4% 1,168,458 1,223,314 522,499 700,815 22,400   678,415 Fee Simple     NAP NAP NAP NAP
Loan 39 Hub at Vista Palomar Park(34)         10.2% 9.9% 1,131,538 1,074,961 341,983 732,978 5,530 13,768 713,681 Fee Simple     Carlsbad Ranch Market 3,564 06/22/2027 Wells Fargo
Loan 40 152 South 4th Street 12/31/2017 454,055 61,009 393,047 7.1% 7.1% 481,320 469,280 59,835 409,445 2,272   407,173 Fee Simple     NAP NAP NAP NAP
Loan 41 155 Meserole Street 12/31/2017 474,969 89,483 385,486 7.1% 7.1% 523,200 511,104 121,961 389,143 3,828   385,315 Fee Simple     NAP NAP NAP NAP
Loan 42 119 Guernsey Street 12/31/2017 341,075 55,841 285,234 7.1% 7.0% 434,640 424,001 63,528 360,473 2,520   357,953 Fee Simple     NAP NAP NAP NAP
Loan 43 273 Leonard Street 12/31/2017 404,275 44,218 360,057 7.3% 7.3% 427,200 414,384 47,366 367,018 1,764   365,254 Fee Simple     NAP NAP NAP NAP

 

 

 

 

COMM 2019-GC44

 

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

 

                                             
                                Upfront Monthly Upfront Monthly Upfront Monthly Upfront
        Lease     Lease     Lease     Lease   Occupancy Replacement Replacement TI/LC TI/LC Tax Tax Insurance
Loan ID Property Name SF Expiration(23) 3rd Largest Tenant(23) SF Expiration(23) 4th Largest Tenant(23) SF Expiration(23) 5th Largest Tenant(22)(23) SF Expiration(23) Occupancy(4)(20)(25) As-of Date Reserves($)(27) Reserves ($)(28)(30) Reserves ($)(27) Reserves ($)(28)(29) Reserves ($)(27) Reserves ($)(28) Reserves($)(27)
Loan 1 Century Plaza Towers(2)(32)(34) 116,366 04/30/2035 JPMorgan 97,726 08/31/2021 Kirkland & Ellis 85,664 12/31/2034 Greenberg Glusker 83,199 02/28/2035 92.9% 10/01/2019           Springing  
Loan 2 180 Water(2)(32)(33)(34) 750 08/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP 97.0% 10/17/2019   11,936 333,406   2,830,078 739,930 100,505
Loan 3 The Shoppes at Blackstone Valley(2)(34) 87,141 02/03/2024 Cinema de Lux 72,000 06/30/2024 Dick’s Sporting Goods 54,159 01/31/2024 Marshalls 42,000 05/31/2024 96.3% 10/31/2019   13,118   114,781   Springing  
Loan 4 Weston Kentucky Portfolio                       97.8% 10/31/2019   23,334 1,000,000 Springing   Springing  
Property 4.01 Westport Distribution Center 156,170 02/28/2026 Conagra Foods 128,990 12/31/2019 Dakkota Integrated Systems, LLC 74,000 10/31/2020 Grindmaster Corporation 37,500 07/31/2021 100.0% 10/31/2019              
Property 4.02 Bluegrass Corporate Center 28,000 03/31/2025 Logicmark LLC 15,000 08/31/2020 Kentucky Farm Bureau 14,184 10/31/2022 Revolution Church of KY 10,416 12/31/2022 94.2% 10/31/2019              
Property 4.03 Jefferson Trade Center 17,000 03/31/2021 Fastenal Company 16,000 05/31/2023 Ladder Now, LLC 15,000 07/31/2021 Eventualities 13,600 12/31/2020 97.5% 10/31/2019              
Loan 5 225 Bush(2)(32) 76,724 05/04/2022 Benefit Cosmetics, LLC 61,917 08/31/2020 Handshake 52,735 07/30/2027 SunRun 43,850 05/31/2024 97.8% 09/30/2019   9,666   96,665 3,012,292 376,536 838,031
Loan 6 USAA Office Portfolio(2)                       100.0% 11/06/2019   Springing   Springing   Springing  
Property 6.01 Legacy Corporate Centre I & II NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/06/2019              
Property 6.02 Crosstown Center I NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/06/2019              
Property 6.03 Crosstown Center II NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/06/2019              
Property 6.04 Legacy Corporate Centre III NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/06/2019              
Loan 7 PCI Pharma Portfolio(2)                       100.0% 11/01/2019   Springing   Springing   Springing  
Property 7.01 3001 Red Lion Road NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/01/2019              
Property 7.02 4536 & 4545 Assembly Drive NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/01/2019              
Property 7.03 6166 Nancy Ridge Drive NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/01/2019              
Property 7.04 6146 Nancy Ridge Drive NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/01/2019              
Property 7.05 1635 & 1639 New Milford School Road NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/01/2019              
Loan 8 Elston Retail Collection(2) 45,720 01/31/2026 BMO Harris Bank 4,750 08/31/2025 NAP NAP NAP NAP NAP NAP 100.0% 08/31/2019   2,234   5,065   Springing  
Loan 9 55 Green Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 11/01/2019   6,805     58,299 29,150  
Loan 10 The Essex Site 2(2)(20)(32)(33) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/10/2019 4,875 5,415     311,439 62,288  
Loan 11 Legends at Village West(2) 46,953 11/30/2022 TJ Maxx 29,956 10/31/2020 H&M 25,025 01/31/2028 Off Broadway Shoes 21,554 01/31/2026 92.1% 09/15/2019   9,955 10,000,000 Springing 3,569,900 594,983  
Loan 12 Midtown Center(2)(32) 109,943 11/30/2036 Philotimo Hospitality Group LLC 12,319 03/31/2030 Shoto / Akedo 11,616 12/31/2029 Dauphine 6,465 05/31/2029 99.7% 08/31/2019   Springing   Springing   Springing  
Loan 13 Broadcasting Square(2) 45,101 01/31/2021 Bed Bath & Beyond 30,066 01/31/2021 Marmaxx Corp. 30,000 01/31/2023 Ross 29,828 01/31/2022 93.8% 09/27/2019   12,561   28,548 551,285 137,821  
Loan 14 Westland Fair 24,880 04/30/2025 Smart and Final 21,000 12/31/2020 Skechers Outlet 15,000 06/30/2026 Office Depot 14,990 06/30/2024 93.3% 07/01/2019   3,569 500,000 Springing 83,851 14,161 14,919
Loan 15 Cobb Place(2) 42,871 04/14/2022 DSW Shoes 36,899 01/31/2024 Bed Bath & Beyond 35,096 01/31/2024 Hobbytown USA 30,277 12/31/2028 94.7% 10/01/2019   5,866 500,000 20,833 107,436 53,718 13,234
Loan 16 Tri Pointe Plaza 10,895 04/30/2028 Benchmark International 10,176 05/31/2020 BNY Mellon, NA 7,269 06/30/2024 Body Sculpt of Tampa, LLC 5,460 05/31/2023 100.0% 09/09/2019   1,183   9,076 183,789 20,421  
Loan 17 Villa Carlotta(34) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 90.4% 10/22/2019   1,083     80,502 16,480 11,095
Loan 18 Wind Creek Leased Fee(2) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP   Springing   Springing   Springing  
Loan 19 BOA Building Tulsa 31,430 12/31/2029 Bank of America, National Association 18,888 04/30/2024 Petroflow Energy Corporation 10,357 12/31/2019 Olifant Energy L.L.C. 10,357 09/30/2020 93.1% 11/01/2019 250,000 5,936 500,000 17,682 123,770 20,628 27,769
Loan 20 Embassy Suites Laredo(34) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 89.4% 08/31/2019   Greater of (i) (x) from November 2019 to October 2020, 2.0%, (y) from November 2020 to October 2021, 3.0% and (z) from November 2021 and thereafter, 4.0% of the projected Gross Revenue for the Property for the prior month, (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.     169,170 18,797  
Loan 21 Brookside Park Apartments NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 93.0% 09/30/2019 298,564 4,188     68,231 34,115 79,475
Loan 22 Brentwood Town Center 1,527 02/29/2024 CosBar 1,474 03/31/2027 Bar Method 1,320 07/31/2020 Paige 1,188 06/24/2027 95.1% 08/01/2019   270 200,000 Springing 34,794 17,397  
Loan 23 Residence Inn Phoenix Chandler South NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 69.7% 09/30/2019   17,017     37,895 18,947  
Loan 24 Spectrum Apartments NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.8% 10/04/2019   2,458     69,458 34,729 20,897
Loan 25 874 Springfield 12,000 05/31/2034 Dollar Tree 10,500 05/31/2024 BK Springfield 9,450 10/31/2023 Valley Fair Laundry LLC 5,200 05/31/2024 99.4% 08/28/2019   1,228   8,188 38,825 38,825  
Loan 26 Keystone Crossing 9,193 01/31/2028 Body Contour Centers 9,160 05/31/2028 General Services Administration 8,600 10/31/2020 Fidelity Real Estate Company/CBRE 7,730 12/31/2022 90.9% 10/03/2019   2,454   9,815   28,756  
Loan 27 Townhomes at Highfield Commons NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 96.9% 10/24/2019   2,000       33,943 5,958
Loan 28 Millennium Park Plaza(2) 6,000 01/27/2020 Nandos of Michigan Ave LLC 4,055 10/31/2032 Angelini Ori Abate Law 3,900 11/30/2025 Ferrero USA Inc 2,785 05/31/2027 99.2% 05/31/2019 1,000,000 Springing   Springing   Springing  
Loan 29 Claremont Apartments NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/20/2019   1,517     29,565 14,783  
Loan 30 Ledges One NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 99.0% 10/22/2019   1,717     234,592 18,587  
Loan 31 North Attleboro Center 30,100 09/30/2028 Planet Fitness 16,900 05/31/2028 Guitar Center 16,800 05/31/2028 David’s Bridal 11,700 12/31/2021 93.6% 06/30/2019   3,010 50,000 9,814 105,374 26,684 24,242
Loan 32 Hampton Inn Summerlin NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 78.1% 08/31/2019   13,949     39,656 6,609 5,182
Loan 33 Home2 Suites Hanford Lemoore NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 80.1% 08/31/2019   11,629     90,602 11,325 17,125
Loan 34 Young Innovations Portfolio                       100.0% 12/06/2019   Springing   Springing   Springing  
Property 34.01 Young Innovations Earth City NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 12/06/2019              
Property 34.02 Young Innovations Algonquin NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 12/06/2019              
Loan 35 Oxy Lofts NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 90.6% 10/28/2019   667     20,407 10,203  
Loan 36 Bushwick Multifamily Portfolio                       100.0% Various 704 704     7,724 1,287 2,910
Property 36.01 682 Chauncey Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 10/01/2019              
Property 36.02 1441 Bushwick Ave NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/01/2019              
Property 36.03 22 Granite Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/01/2019              
Loan 37 Newpark Flats Apartments NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.3% 09/30/2019   717     5,166 5,166 1,591
Loan 38 City Pointe Apartments & Townhomes NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 92.0% 10/18/2019   1,867     4,568 4,568 22,787
Loan 39 Hub at Vista Palomar Park(34) 3,250 10/31/2020 My Gym 2,800 04/30/2024 Cat & Craft 2,484 08/31/2023 Reform Yoga 2,361 02/28/2023 100.0% 08/01/2019   460 125,000 Springing 15,551 7,776  
Loan 40 152 South 4th Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/27/2019   133     8,990 1,798 2,606
Loan 41 155 Meserole Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/27/2019   200     29,559 5,912 5,005
Loan 42 119 Guernsey Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/27/2019   133     8,588 1,718 3,850
Loan 43 273 Leonard Street NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100.0% 09/27/2019   117     3,221 644 4,151

 

 

 

 

COMM 2019-GC44

 

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

 

                                           
      Monthly Upfront Upfront Monthly Other Environmental     Franchise               Existing   Future Debt
      Insurance Engineering Other Other Reserves Report Engineering   Expiration Loan             Additional Sub Debt   Permitted
Loan ID Property Name Reserves ($)(28) Reserve($)(27) Reserves ($)(27) Reserves ($)(28) Description Date(31) Report Date PML/SEL (%) Date Purpose Sponsor(26) Guarantor(32) Previous Securitization Non-Trust Pari Passu Original Balance Non-Trust Pari Passu Cut-off Date Balance Non-Trust Pari Passu Balloon Balance Amount Existing Additional Sub Debt Description Type
Loan 1 Century Plaza Towers(2)(32)(34) Springing   100,769,680   Outstanding TI/LC Reserve (Upfront: 71,223,945.39); Free Rent Funds (Upfront: 29,545,734.88) 10/15/2019 10/11/2019 18.0% NAP Refinance SPF JVP LLC; Luminance Acquisition Venture LLC NAP MSC 2014-CPT 825,000,000 825,000,000 825,000,000 300,000,000 B Note Mezzanine
Loan 2 180 Water(2)(32)(33)(34) 82,813   4,100,046 Springing Conversion Reserve (Upfront: 1,808,900); Operating Shortfall Reserve (Upfront: 1,200,000); Prepaid Rent Reserve (Upfront: 891,145.89; Monthly: Springing); Shortfall Reserve (Upfront: 200,000) 09/30/2019 09/27/2019 NAP NAP Refinance Nathan Berman Nathan Berman   75,000,000 75,000,000 75,000,000 227,500,000 $127,500,000 B Note; $100,000,000 Mezzanine Mezzanine
Loan 3 The Shoppes at Blackstone Valley(2)(34) Springing   806,129   Unfunded Obligations Reserve 10/04/2019 09/30/2019 NAP NAP Refinance Stephen R. Weiner; Adam J. Weiner; Jeremy M. Sclar; Thomas J. DeSimone; Richard A. Marks; Raanan Katz; David Katz; Samantha Perry David; Eric Smookler; Daniel Preysman SDM Holdings LLC; WV Holdings LLC; Raanan Katz   109,000,000 109,000,000 91,412,282   None Mezzanine
Loan 4 Weston Kentucky Portfolio Springing   5,166,085   Earnout Reserve (Upfront: 4,840,000); Unfunded Obligations Reserve (Upfront: 326,084.66) Various 09/13/2019 NAP   Refinance Weston Inc. Legacy Properties Group, Inc.           None NAP
Property 4.01 Westport Distribution Center           09/13/2019 09/13/2019 NAP NAP                    
Property 4.02 Bluegrass Corporate Center           09/13/2019 09/13/2019 NAP NAP                    
Property 4.03 Jefferson Trade Center           09/18/2019 09/13/2019 NAP NAP                    
Loan 5 225 Bush(2)(32) 119,719   4,983,228   Outstanding TI/LC Reserve (Upfront: 4,097,105.82); Rent Concession Reserve (Upfront: 886,121.68) 08/15/2019 08/12/2019 19.0% NAP Refinance Kylli Inc. Kylli Inc. GSMS 2017-GS5 153,600,000 153,600,000 153,600,000 146,400,000 B Note NAP
Loan 6 USAA Office Portfolio(2) Springing         06/21/2019 Various NAP   Acquisition JDM Real Estate Funds, LLC JDM Real Estate Funds, LLC   197,400,000 197,400,000 197,400,000   None NAP
Property 6.01 Legacy Corporate Centre I & II           06/21/2019 06/24/2019 NAP NAP         59,610,891 59,610,891 59,610,891      
Property 6.02 Crosstown Center I           06/21/2019 06/19/2019 NAP NAP         55,050,495 55,050,495 55,050,495      
Property 6.03 Crosstown Center II           06/21/2019 06/19/2019 NAP NAP         48,861,386 48,861,386 48,861,386      
Property 6.04 Legacy Corporate Centre III           06/21/2019 06/21/2019 NAP NAP         33,877,228 33,877,228 33,877,228      
Loan 7 PCI Pharma Portfolio(2) Springing         Various Various Various   Acquisition New Mountain Net Lease Corporation; New Mountain Net Lease Partners Corporation New Mountain Net Lease Corporation; New Mountain Net Lease Partners Corporation   68,500,000 68,500,000 68,500,000   None NAP
Property 7.01 3001 Red Lion Road           06/06/2019 10/15/2019 NAP NAP         31,001,265 31,001,265 31,001,265      
Property 7.02 4536 & 4545 Assembly Drive           06/06/2019 10/15/2019 NAP NAP         21,713,270 21,713,270 21,713,270      
Property 7.03 6166 Nancy Ridge Drive           08/21/2019 08/21/2019 6.0% NAP         8,173,436 8,173,436 8,173,436      
Property 7.04 6146 Nancy Ridge Drive           08/21/2019 08/21/2019 12.0% NAP         5,366,397 5,366,397 5,366,397      
Property 7.05 1635 & 1639 New Milford School Road           06/06/2019 10/15/2019 NAP NAP         2,245,631 2,245,631 2,245,631      
Loan 8 Elston Retail Collection(2) Springing 78,950       10/04/2019 10/02/2019 NAP NAP Refinance Warren H. Baker; Marc A. Kahan Warren H. Baker; Marc A. Kahan JPMCC 2012-CIBX 30,000,000 29,938,639 21,298,164   None NAP
Loan 9 55 Green Street Springing         08/15/2019 08/15/2019 15.0% NAP Refinance David Sacks; Glenn A. Gilmore Sacks Realty LLC; Glenn A. Gilmore           None NAP
Loan 10 The Essex Site 2(2)(20)(32)(33) Springing         08/27/2019 08/27/2019 NAP NAP Refinance Taconic Development Capital LLC; L&M Development Partners Inc.; Donald Capoccia; Brandon Baron; Joseph Ferrara Taconic Development Capital LLC; L&M Development Partners Inc.; Donald Capoccia; Brandon Baron; Joseph Ferrara   81,900,000 81,900,000 81,900,000 98,000,000 $58,000,000 B Notes; $40,000,000 Mezzanine NAP
Loan 11 Legends at Village West(2) Springing 227,700       10/03/2019 10/03/2019 NAP NAP Refinance Walton Street Real Estate FUND VII, L.P., Walton Street Real Estate Investors VII, L.P., Walton Street Real Estate Fund VII-Q, L.P., Walton Street Real Estate Fund VII-E, L.P., Walton Street Real Estate Partners VII, L.P., Walton Street Real Estate Partners VII-NGE, L.P., Walton Street Real Estate Fund VII-NUS, L.P. and WSC Capital Holdings VII, L.P. Walton Street Real Estate FUND VII, L.P., Walton Street Real Estate Investors VII, L.P., Walton Street Real Estate Fund VII-Q, L.P., Walton Street Real Estate Fund VII-E, L.P., Walton Street Real Estate Partners VII, L.P., Walton Street Real Estate Partners VII-NGE, L.P., Walton Street Real Estate Fund VII-NUS, L.P. and WSC Capital Holdings VII, L.P. 85,000,000 84,874,444 76,962,902   None NAP
Loan 12 Midtown Center(2)(32) Springing   32,330,342   Existing TI/LC Obligations Reserve (Upfront: 31,164,158.86); Rent Concession Reserve (Upfront: 1,166,183.54) 09/09/2019 09/09/2019 NAP NAP Refinance Carr Properties OC LLC Carr Properties OC LLC   349,475,000 349,475,000 349,475,000 143,000,000 B Note NAP
Loan 13 Broadcasting Square(2) Springing 5,000       09/23/2019 09/23/2019 NAP NAP Refinance POA Trust U/I/T Louise B. Grass 9/14/1994; Martin L. Grass Irrevocable Trust POA Trust U/I/T Louise B. Grass 9/14/1994; Martin L. Grass Irrevocable Trust MSBAM 2013-C8 30,000,000 30,000,000 30,000,000   None NAP
Loan 14 Westland Fair 7,459 6,600 35,000   Unfunded Obligations Reserve 09/23/2019 09/20/2019 NAP NAP Acquisition Kamyar Mateen; Tyler Mateen Kamyar Mateen; Tyler Mateen           None NAP
Loan 15 Cobb Place(2) 6,617 32,588 291,231   Unfunded Obligations Reserve 08/26/2019 08/26/2019 NAP NAP Acquisition Blake R. Berg; Mark C. Ibanez; Samuel H. Heide WPCM Relative Value Fund I, LLC GSMS 2005-GG4 15,000,000 15,000,000 13,503,969   None NAP
Loan 16 Tri Pointe Plaza Springing         08/01/2019 08/01/2019 NAP NAP Acquisition Jeffrey J. Feil; Feil Properties L.L.C. Jeffrey J.Feil           None NAP
Loan 17 Villa Carlotta(34) 2,774         10/17/2019 10/17/2019 19.0% NAP Refinance Gidi Cohen; Adrian Goldstein Gidi Cohen; Adrian Goldstein           None Mezzanine
Loan 18 Wind Creek Leased Fee(2) Springing   1,365,880 Springing Debt Service Reserve (Upfront: 1,365,879.90); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) 07/17/2019 NAP NAP NAP Recapitalization Jeffrey Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein Jeffrey Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein   126,600,000 126,117,481 108,380,491   None NAP
Loan 19 BOA Building Tulsa 4,628   513,125   Concessions Reserve Funds (Upfront: 443,215); Free Rent Reserve (Upfront: 69,910) 03/22/2019 03/13/2019 NAP NAP Refinance Jacqueline E. Price Johannsen Jacqueline E. Price Johannsen           None NAP
Loan 20 Embassy Suites Laredo(34) Springing 73,700 4,550,000   PIP Reserve 09/12/2019 07/15/2019 NAP 10/31/2034 Acquisition Russell Flicker; Jonathan Rosenfeld; Bernard Michael; Chad Cooley Russell Flicker; Jonathan Rosenfeld; Bernard Michael; Chad Cooley           None Mezzanine
Loan 21 Brookside Park Apartments 8,831 3,125 180,024   Debt Service Reserve (Upfront: 101,899.15); Radon Remediation Reserve (Upfront: 78,125) 10/16/2019 10/16/2019 NAP NAP Refinance Alon Ossip; Ossip (2011) Trust; OSGA LP Alon Ossip; Ossip (2011) Trust; OSGA LP           None NAP
Loan 22 Brentwood Town Center Springing   126,412   Unfunded Obligations Reserve 10/17/2019 10/15/2019 10.0% NAP Refinance Daniel J. Blatteis Daniel J. Blatteis           None NAP
Loan 23 Residence Inn Phoenix Chandler South Springing         08/26/2019 08/26/2019 NAP 06/01/2038 Refinance Richard E. Huffman; Santo M. Catanese; Alana M. Mann; Thomas B. Nelson Richard E. Huffman; Santo M. Catanese; Alana M. Mann; Thomas B. Nelson           None NAP
Loan 24 Spectrum Apartments 5,224         10/18/2019 10/16/2019 NAP NAP Refinance Kent J. Roers; Brian J. Roers; Nicholas Walton Kent J. Roers; Brian J. Roers; Nicholas Walton           None NAP
Loan 25 874 Springfield Springing         09/06/2019 09/24/2019 NAP NAP Refinance Ronnie Levy; Maurice Levy Ronnie Levy; Maurice Levy           None NAP
Loan 26 Keystone Crossing Springing 20,449 870,480 9,000 Unfunded Obligations Reserve (Upfront: 816,479.94); Ground Rent Reserve (Upfront: 54,000; Monthly: 9,000) 07/31/2019 07/30/2019 NAP NAP Refinance JMS Capital Group, LLC; John M. Schneider JMS Capital Group, LLC; John M. Schneider COMM 2010-C1         None NAP
Loan 27 Townhomes at Highfield Commons 2,979         09/27/2019 09/27/2019 NAP NAP Refinance Raymond B. Johnson III; Courtney Donaldson Raymond B. Johnson III; Courtney Donaldson           None NAP
Loan 28 Millennium Park Plaza(2) Springing   77,030   Unfunded Obligations Reserve 06/11/2019 06/12/2019 NAP NAP Refinance Donal P. Barry, Sr. Donal P. Barry, Sr.   195,000,000 195,000,000 195,000,000   None NAP
Loan 29 Claremont Apartments Springing         09/18/2019 09/18/2019 NAP NAP Refinance Thomas L. Bendheim Thomas L. Bendheim           None NAP
Loan 30 Ledges One Springing         09/19/2019 09/19/2019 NAP NAP Refinance David M. Conwill; Steven B. Kimmelman; Leslie S.R. Leohr David M. Conwill; Steven B. Kimmelman; Leslie S.R. Leohr           None NAP
Loan 31 North Attleboro Center Springing         09/05/2019 09/06/2019 NAP NAP Refinance Jacob Wintner Jacob Wintner           None NAP
Loan 32 Hampton Inn Summerlin 2,591   1,921,340   PIP Reserve 09/10/2019 09/10/2019 NAP 08/31/2033 Acquisition Rup Kumar Nagala; Vani Nagala Rup Kumar Nagala; Vani Nagala           None NAP
Loan 33 Home2 Suites Hanford Lemoore 1,903         09/03/2019 09/03/2019 5.0% 03/31/2037 Refinance Jayantilal M. Patel Jayantilal M. Patel           None NAP
Loan 34 Young Innovations Portfolio Springing         Various Various NAP   Recapitalization New Mountain Net Lease Corporation New Mountain Net Lease Corporation           None NAP
Property 34.01 Young Innovations Earth City           08/27/2019 08/27/2019 NAP NAP                    
Property 34.02 Young Innovations Algonquin           08/28/2019 08/26/2019 NAP NAP                    
Loan 35 Oxy Lofts Springing 16,830       10/01/2019 10/01/2019 9.0% NAP Refinance Dario De Luca; Robert Colucci, Trustee of The Amended and Restated DPD Generational Trust dated 4/1/2004; Dario De Luca, Trustee of The Dario and Patricia De Luca Revocable Living Trust U/D/T 8/9/2000; Dario De Luca, Trustee of The DPD Ranch Trust dated 11/21/2008 Dario De Luca; Robert Colucci, Trustee of The Amended and Restated DPD Generational Trust dated 4/1/2004; Dario De Luca, Trustee of The Dario and Patricia De Luca Revocable Living Trust U/D/T 8/9/2000; Dario De Luca, Trustee of The DPD Ranch Trust dated 11/21/2008 FREMF 2013-K713         None NAP
Loan 36 Bushwick Multifamily Portfolio 1,455         09/03/2019 09/03/2019 NAP   Refinance Avrohom Schlaff Avrohom Schlaff           None NAP
Property 36.01 682 Chauncey Street           09/03/2019 09/03/2019 NAP NAP                    
Property 36.02 1441 Bushwick Ave           09/03/2019 09/03/2019 NAP NAP       FRESB 2018-SB50            
Property 36.03 22 Granite Street           09/03/2019 09/03/2019 NAP NAP                    
Loan 37 Newpark Flats Apartments 799         10/01/2019 09/30/2019 5.0% NAP Acquisition Glenn L. Goldman Glenn L. Goldman           None NAP
Loan 38 City Pointe Apartments & Townhomes 2,715 15,625       09/16/2019 09/18/2019 NAP NAP Refinance Alexander Olympus Zarris Alexander Olympus Zarris           None NAP
Loan 39 Hub at Vista Palomar Park(34) Springing         09/20/2019 09/20/2019 4.0% NAP Refinance Steven Michael Bram Steven Michael Bram GSMS 2007-GG10         None Mezzanine
Loan 40 152 South 4th Street 237 1,250       09/06/2019 09/06/2019 NAP NAP Refinance Shaindy Schwartz; Joel Schwartz Shaindy Schwartz FRESB 2016-SB17         None NAP
Loan 41 155 Meserole Street 385 3,063       09/06/2019 09/06/2019 NAP NAP Refinance Shaindy Schwartz; Joel Schwartz Shaindy Schwartz FRESB 2016-SB17         None NAP
Loan 42 119 Guernsey Street 385 7,250       09/06/2019 09/06/2019 NAP NAP Refinance Shaindy Schwartz; Joel Schwartz Shaindy Schwartz FRESB 2016-SB17         None NAP
Loan 43 273 Leonard Street 377 3,500       09/06/2019 09/06/2019 NAP NAP Refinance Shaindy Schwartz; Joel Schwartz Shaindy Schwartz FRESB 2016-SB17         None NAP

 

 

 

 

COMM 2019-GC44
 
FOOTNOTES TO ANNEX A-1
 
(1) GACC—German American Capital Corporation or one of its affiliates; GSMC—Goldman Sachs Mortgage Company or one of its affiliates; CREFI—Citi Real Estate Funding Inc. or one of its affiliates.
   
(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 the table titled “Whole Loan Control Notes and Non-Control Notes” under “Description of the Mortgage Pool—The Whole Loans—General” in this Preliminary Prospectus.

 

  Loan Number Mortgage Loan Seller Property Name Cut-off Date Balance ($) Non-Trust Pari Passu Cut-off Date Balance Controlling Note Governing PSA
  1 GACC Century Plaza Towers $75,000,000 $825,000,000 No CPTS 2019-CPT
  2 GACC 180 Water $62,500,000 $75,000,000 Yes COMM 2019-GC44
  3 GSMC The Shoppes at Blackstone Valley $55,000,000 $109,000,000 Yes COMM 2019-GC44
  5 GACC 225 Bush $50,000,000 $153,600,000 No Benchmark 2019-B14
  6 GSMC USAA Office Portfolio $45,000,000 $197,400,000 No CGCMT 2019-GC41
  7 GSMC PCI Pharma Portfolio $40,000,000 $68,500,000 Yes COMM 2019-GC44
  8 CREFI Elston Retail Collection $39,918,185 $29,938,639 Yes COMM 2019-GC44
  10 GSMC The Essex Site 2 $35,100,000 $81,900,000 No Benchmark 2019-B14
  11 CREFI Legends at Village West $34,948,301 $84,874,444 No Benchmark 2019-B13
  12 GSMC Midtown Center $32,525,000 $349,475,000 No DC Office Trust 2019-MTC
  13 CREFI Broadcasting Square $32,000,000 $30,000,000 Yes COMM 2019-GC44
  15 GSMC Cobb Place $25,000,000 $15,000,000 Yes COMM 2019-GC44
  18 GACC Wind Creek Leased Fee $19,923,773 $126,117,481 No Benchmark 2019-B13
  28 GSMC Millennium Park Plaza $15,000,000 $195,000,000 No CGCMT 2019-GC41

 

(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 for such Mortgaged Property.
  ●         Loan No. 6 – USAA Office Portfolio
  ●         Loan No. 7 – PCI Pharma Portfolio
  ●         Loan No. 34 – Young Innovations Portfolio
  ●         Loan No. 36 – Bushwick Multifamily Portfolio
   
  Loan No. 4 – Weston Kentucky Portfolio – The amounts listed under the headings “Original Balance ($)” and “Cut off Date Balance ($)” for each Mortgaged Property are based upon the portfolio value allocations as stated in the appraisal.

 

(4)       Office Retail Multifamily
  Loan No. Mortgage Loan NRA NRA Occ. % of GPR NRA Occ. % of GPR Units Occ. % of GPR
  (sq. ft.) (sq. ft.) (sq. ft.)
  10

The Essex

Site 2

205,070 NAP NAP NAP 65,000 100.00% 33.10% 195 100.00% 60.50%
  26

Keystone

Crossing(1)

117,779 100,856 89.40% 62.20% 16,923 100.00% 24.20% NAP NAP NAP
  28

M illennium

Park Plaza(1)

560,083 85,017 99.80% 18.40% 18,450 75.60% 9.30% 557 100.00% 68.10%

 

  (1)     Office information includes telecom tenants.

 

 

 

 

(5) Loan No. 10 – The Essex Site 2 – in the event 40,000 sq. ft. of the Mortgaged Property is not used for a movie theater, the borrowers must provide notice of the inability to the New York City Economic Development Corporation (“NYCEDC”) documenting the commercially reasonable efforts made by the borrowers, over a period of not less than 12 months, to lease the space to a theater operator. In such event, the borrowers (following consultation with the NYCEDC) must (a) identify a party who will use the retail space in a manner reasonably acceptable to the NYCEDC and consistent with the overall objectives of the “retail mix” to be maintained within the project, and (b) develop (with the approval of NYCEDC) an alternate plan for the use of the space, subject to the following limitations: (i) retailers larger than 18,000 sq. ft. must be located above or below the ground floor level, (ii) retail spaces must not exceed 30,000 sq. ft. with the exception of the grocery store, fitness center and movie theater, (iii) not including the supermarket/grocery store, movie theater, bowling alley and fitness facilities, there must be no more than three retailers within the project larger than 18,000 sq. ft., and (iv) there must be at least 40 micro retail spaces within the project as a whole.
   
(6) Loan No. 12 – Midtown Center – commencing on the anticipated repayment date, the interest rate increases to the greater of (a) 1.585% plus (i) 1.50% and (ii) 250 basis points or (b) the mid-market swap rate which swap has a maturity date with the closest approximation of the final maturity date as of the anticipated repayment date plus (i) 1.50% and (ii) 250 basis points.
   
(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 the table titled “Non-Serviced Whole Loans” under “Summary of Terms—Offered Certificates—Servicing and Administration Fees” in this Preliminary Prospectus.
   
(8) Annual Debt Service ($), Monthly Debt Service ($), Underwritten NOI DSCR and Underwritten NCF DSCR for Mortgage Loans (i) except for loans 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.
   
  Loan No. 28 – Millennium Park Plaza – The related Mortgaged Property has a hard lockbox for commercial tenants and a soft lockbox for the residential tenants.
   
(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. 2 – 180 Water– the 180 Water Whole Loan is in a cash sweep period as of the Cut-off Date.
   
(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, 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. 1 – Century Plaza Towers
  ●         Loan No. 2 – 180 Water
  ●         Loan No. 5 – 225 Bush
  ●         Loan No. 10 – The Essex Site 2

 

 

 

 

  ●         Loan No. 12 – Midtown Center

 

(12) Loan No. 1 – Century Plaza Towers – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to (i) $2,354,778 in straight line rent taken through the earlier of the loan term or the lease term for thirteen tenants, (ii) $3,269,254 of rent steps taken through October 2020 and (iii) new leasing that has been executed since September 2019, accounting for 20.6% of net rentable area and 24.6% of UW Gross Potential Revenue.
   
  Loan No. 2 – 180 Water - The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent lease-up of the commercial units and burn-off of concessions.
   
  Loan No. 5 – 225 Bush - The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to new leases being signed at market rent.
   
  Loan No. 22 – Brentwood Town Center – The Underwritten NOI ($) is over 10% higher than Most Recent NOI ($). The increase in Underwritten NOI ($) over historical period is primarily attributable to (i) $70,395 of rent steps taken through November 2020 and (ii) new leasing that has been executed since 2018, accounting for 21% of net rentable area and 13% of underwritten base rent.
   
  Loan No. 25 – 874 Springfield – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to Blink Irvington Inc signing a new 15-year lease, expiring in May 2034 and accounting for $280,000 of underwritten base rent.
   
  Loan No. 26 – Keystone Crossing – The Underwritten NOI ($) is over 10% higher than Most Recent NOI ($). The increase in Underwritten NOI ($) over historical period is primarily driven by the recent lease-up of previously vacant office suites.
   
  Loan No. 29 – Claremont Apartments – The Underwritten NOI ($) is over 10% higher than Most Recent NOI ($). The increase in Underwritten NOI ($) over historical period is primarily driven by an approximately $2.82 million renovation the borrower sponsor completed, as well as the borrower sponsor’s construction of one additional unit.
   
  Loan No. 30 – Ledges One – The related Mortgaged Property completed construction in November 2017 and reached stabilization in August 2019. The related TTM historical financials represent the one-month August 2019 financials annualized over a twelve month period.
   
  Loan No. 38 – City Pointe Apartments & Townhomes - The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to lease up of the Mortgaged Properties following the loan sponsor’s acquisition in 2017, with occupancy increasing from 40.2% as of year-end 2017, 64.3% as of year-end 2018 to current occupancy of 92.0% as of October 2019.
   
(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. 1 — Century Plaza Towers – One late payment charge is waived each calendar year if paid within 10 days after payment is due.
   
  Loan No. 3 – The Shoppes at Blackstone Valley – The Mortgage Loan documents provide the borrower with a five day grace period for any payments due on a payment date (other than the maturity date).
   
(14) In certain cases, in addition to an “as-is” value, the appraisal states an “as complete”, “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 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 (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 (“As-Is”)

Appraised Value (“As-Is”)  
  Weston Kentucky Portfolio(1) 5.1% 65.0% 65.0% $ 80,400,000 67.4% 67.4% $ 77,500,000  
  55 Green Street(2) 3.6% 56.9% 56.9% $ 64,300,000 61.2% 61.2% $ 59,800,000  
  Legends at Village West(3) 3.4% 53.3% 48.3% 225,000,000 58.5% 53.0% $ 205,000,000  
  Embassy Suites Laredo(4) 1.8% 69.8% 58.5% $ 25,800,000 87.8% 73.6% $ 20,500,000  
  Hampton Inn Summerlin(5) 1.3% 62.6% 45.1% 22,000,000 76.9% 55.4% $ 17,900,000  

  (1)     The Appraised Value (Other than As-Is) reflects the aggregate “as-is” appraised value plus an approximately 3.74% portfolio premium. Excluding the portfolio premium, the aggregate “as-is” appraised value is $77,500,000 as of August 28, 2019, which results in a Cut-off Date LTV Ratio and Maturity or ARD Date LTV Ratio of 67.4%.
  (2)     The Appraised Value (Other than As-Is) reflects the “prospective stabilized” value as of February 1, 2020, which assumes approximately $5.9 million of tenant improvements are completed at the Mortgaged Property. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the “as-is” appraised value of $59,800,000 are both 61.2%.
  (3)     This represents the aggregate “as-stabilized” appraised value of the Legends at Village West Property as of September 1, 2021 which assumes the mortgaged property achieves stabilized occupancy. On the origination date of the Legends at Village West, an upfront reserve of $10,000,000 was deposited into the leasing reserve account. The Cut-off Date LTV Ratio and LTV Ratio at Maturity / ARD, calculated based on the aggregate “as-is” Appraised Value of $205,000,000, are 58.5% and 53.0% respectively.
  (4)     The Appraised Value (Other Than As-Is) reflects the “As Complete” of $25,800,000 for the Mortgaged Property, as of September 6, 2020, which assumes that the renovations estimated to cost approximately $4,600,000 in capital expenditures are completed within the first 18 months. The “as-is” appraised value of the Mortgaged Property is $20,500,000 as of September 6, 2019.

 

 

 

 

  (5)     The Appraised Value (Other than As-Is) represents the “as complete” value of $22,000,000, effective September 1, 2020, which assumes that an approximately  $3.0 million PIP is complete, of which approximately $1.9 million was reserved at origination.

 

(15) Loan No. 18 – Wind Creek Leased Fee – The Net Rentable Area (SF/Units/Rooms) shown is based on the total square footage of the land.
   
  Loan No. 18 – Wind Creek Leased Fee – The Cut-off Date LTV and LTV Ratio at Maturity or ARD 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 12.8%.
   
(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.
   
  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 – Century Plaza Towers – Defeasance of the full $1.2 billion Century Plaza Towers Whole Loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last senior pari passu note to be securitized and (ii) October 21, 2022. Prepayment in whole, but not in part, of the Century Plaza Towers Whole Loan is permitted with the payment of yield maintenance prior to July 9, 2029 at any time.
   
  Loan No. 2 – 180 Water – the lockout period will be at least 25 payment dates beginning with and including the first payment date of December 6, 2019. Defeasance of the 180 Water whole loan in full is permitted after the date that is the earlier to occur of (i) December 6, 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 COMM 2019-GC44 securitization closing date in December 2019. The actual lockout period may be longer.
   
  Loan No. 3 – The Shoppes at Blackstone Valley – The lockout period will be at least 25 payment dates beginning with and including the first payment date of December 1, 2019. Defeasance of The Shoppes at Blackstone Valley Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last pari passu note to be securitized or (ii) November 1, 2022. The assumed lockout period of 25 payment dates is based on the expected COMM 2019-GC44 securitization closing date in December 2019. The actual lockout period may be longer.
   
  Loan No. 5 – 225 Bush – the lockout period will be at least 25 payment dates beginning with and including the first payment date of December 6, 2019. Defeasance of the 225 Bush whole loan in full is permitted after the date that is the earlier to occur of (i) October 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 COMM 2019-GC44 securitization closing date in December 2019. The actual lockout period may be longer.
   
  Loan No. 7 – PCI Pharma Portfolio – Yield Maintenance of the full $108.5 million PCI Pharma Portfolio whole loan is permitted at any time after the prepayment lockout period, which is October 31, 2021. In addition, defeasance of the full $108.5 million PCI Pharma Portfolio Whole Loan is permitted at any time after the defeasance lockout period, which date is the earlier to occur of (a) October 31, 2022 and (b) the second anniversary of the closing date of the securitization into which the last pari passu note to be securitized. The assumed defeasance lockout period of 25 payment dates is based on the expected COMM 2019-GC44 securitization closing date in December 2019. The actual lockout period may be longer.
   
  Loan No. 8 – Elston Retail Collection – The lockout period will be at least 25 payments beginning with and including the first payment date of December 6, 2019. The borrower has the option to defease the full $70.0 million Elston Retail Collection 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) October 31, 2023. The assumed lockout period of 25 payments is based on the expected COMM 2019-GC44 securitization closing date in December 2019. The actual lockout period may be longer.
   
  Loan No. 10 – The Essex Site 2 – The lockout period will be at least 25 payment dates beginning with and including the first payment date of December 1, 2019. Defeasance of the full $215.0 million Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last pari passu note to be securitized and (ii) December 1, 2022. The assumed lockout period of 25 payment dates is based on the expected COMM 2019-GC44 securitization closing date in December 2019. The actual lockout period may be longer.

 

 

 

 

  Loan No. 11 – Legends at Village West – The lockout period will be at least 25 payments beginning with and including the first payment date of December 6, 2019. The borrower has the option to defease the full $120.0 million Legends at Village West 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) October 22, 2022. The assumed lockout period of 25 payments is based on the expected COMM 2019-GC44  securitization closing date in December 2019. The actual lockout period may be longer.
   
  Loan No. 13 – Broadcasting Square – The lockout period will be at least 25 payments beginning with and including the first payment date of December 6, 2019. The borrower has the option to defease the full $62.5 million Broadcasting Square 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) November 1, 2023. The assumed lockout period of 25 payments is based on the expected COMM 2019-GC44 securitization closing date in December 2019. The actual lockout period may be longer.
   
  Loan No. 15 – Cobb Place – The lockout period will be at least 25 payment dates beginning with and including the first payment date of December 6, 2019. Defeasance of the full $40.0 million Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last pari passu note to be securitized and (ii) October 24, 2022. The assumed lockout period of 25 payment dates is based on the expected COMM 2019-GC44 securitization closing date in December 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. 1 – Century Plaza Towers
  ●         Loan No. 4 – Weston Kentucky Portfolio
  ●         Loan No. 6 – USAA Office Portfolio
  ●         Loan No. 7 – PCI Pharma Portfolio
  ●         Loan No. 8 – Elston Retail Collection
  ●         Loan No. 34 – Young Innovations Portfolio
  ●         Loan No. 36 – Bushwick Multifamily Portfolio

 

(19) Loan No. 26 – Keystone Crossing – The Mortgaged Property is subject to a ground lease that commenced on July 16, 1984, expires on October 31, 2067 and has no extension options. The borrower is required to pay annual ground rent payments equal to 5% of underwritten effective gross revenue less (i) operating expenses (excluding ground rent, managment fees, and $70,948 of salaries) and (ii) minimum annual rent of $17,070. The annual ground rent payment as of the Cut-off Date is $107,535. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—Fee & Leasehold Estates; Ground Leases” in the Preliminary Prospectus.
   
(20) Loan No. 10 – The Essex Site 2 – The affordable housing unit at the Mortgaged Property is subject to a master lease (the “Master Lease”) between the Residential Borrower and Site 2 DSA Affordable MT LLC (“Master Tenant”), pursuant to which the Master Tenant is required to operate the affordable housing unit and enter into subleases with residential tenants. The Master Tenant and the lender entered into a subordination, non-disturbance and attornment agreement with respect to the Master Lease whereby the Master Tenant agreed to subordinate the Master Lease to the lien of the mortgage in exchange for non-disturbance so long as the Master Tenant is not in default under the Master Lease. The Master Tenant is a joint venture between Site 2 DSA Affordable Managers LLC, an affiliate of the Residential Borrower (“Site 2 Affordable Managers”), and Wells Fargo Affordable Housing Community Development Corporation (“Investor Member”). Site 2 Affordable Managers owns 0.01% of the interests in the Master Tenant and controls the day to day operations of Master Tenant, and Investor Member owns 99.99% of the interests in Master Tenant. The lender has taken a pledge of Site 2 Affordable Manager’s equity interests in the Master Tenant so that, upon foreclosure, an affiliate of Residential Borrower will not control the Master Tenant.
   
(21) Loan No. 22 – Brentwood Town Center – The Largest Tenant, Blatteis & Schnur, representing approximately 16.3% of the net rentable area, is affiliated with the borrower.  The rent commencement date is April 1, 2020, and $126,411.88 was reserved for gap rent.
   
(22) Loan No. 1 – Century Plaza Towers – the Largest Tenant, Bank of America has various lease expiration dates: (i) 106,890 sq. ft. with a lease expiration date of September 30, 2029, (ii) 17,833 sq. ft. with a lease expiration date of September 30, 2024 and (iii) 24,785 sq. ft. related to the Merrill Lynch space, with a lease expiration date of June 30, 2022.
   
  Loan No. 4.01 – Westport Distribution Center – The Largest Tenant, Westport Axle Corporation, leases 181,000 sq. ft. with an expiration date in May 2020, and 50,000 sq. ft. with an expiration date in May 2021.
   
  Loan No. 4.02 – Bluegrass Corporate Center – The Largest Tenant, ABB EP Industrial Solutions, leases (i) 33,000 sq. ft. with an expiration date in July 2022, and (ii) 4,000 sq. ft. with an expiration date in April 2020.
   
  Loan No. 20 – BOA Building Tulsa – The Fifth Largest Tenant, Petroflow Energy Corporation, also has various lease expiration dates: (i) 10,357 sq. ft. with a lease expiration date of December 31, 2019 and (ii) a storage space that is 533 sq. ft., which is currently operating on a month to month lease.

 

 

 

 

  Loan No. 28 – Millennium Park Plaza – The Largest Tenant, CenturyLink, Inc., leases 9,128 sq. ft. with an expiration date in September 2023, and 430 sq. ft. with an expiration date in July 2023.
   
(23) The lease expiration dates shown are based on full lease terms. However, in certain cases, a tenant may have the option to terminate its lease or abate rent prior to the stated lease expiration date for no reason after a specified period of time and/or upon notice to the landlord or upon the occurrence of certain contingencies including, without limitation, if the landlord violates the lease or fails to provide utilities or certain essential services for a specified period or allows certain restricted uses, upon interference with such tenant’s use of access or parking, upon casualty or condemnation, for zoning violations, if certain anchor or key tenants (including at an adjacent property) or a certain number of tenants go dark or cease operations, if a certain percentage of the net rentable area at the Mortgaged Property is not occupied, if the tenant fails to meet sales targets or business objectives, or, in the case of a government tenant, for lack of appropriations or other reasons. In addition, in some instances, a tenant may have the right to assign its lease and be released from its obligations under the subject lease. Furthermore, some tenants may have the option to downsize their rented space without terminating the lease completely.
   
  Loan No. 1 – Century Plaza Towers – the Largest Tenant, Bank of America, representing approximately 6.2% of the net rentable area at the Mortgaged Property, has the right to terminate its lease as of September 30, 2026 upon written notice on or before September 30, 2025 and the payment of a termination fee in the amount of $1,908,666. The Fourth Largest Tenant Kirkland & Ellis, representing approximately 3.6% of the net rentable area at the Mortgaged Property, has the one-time right to terminate its lease as of January 1, 2032 upon written notice on or before January 1, 2031 and payment of a termination fee equal to the sum of (a) an amount equal to the base rent that would have been payable with respect to the terminated premises during the four (4) month period after the termination date had tenant not terminated this lease and (b) the unamortized amount, as of the termination date, calculated with interest in an amount equal to 8% per annum. The Fifth Largest Tenant, Greenberg Glusker, has the one-time right to terminate its lease as of March 1, 2032 upon written notice on or before March 1, 2031 and the payment of a termination fee.
   
  Loan No. 1 – Century Plaza Towers – the Second Largest Tenant, Manatt Phelps, representing approximately 4.8% of the net rentable area at the Mortgaged Property, has the right to contract its lease by terminating the lease on the 4th floor of the space on the last day of the 5th or 10th year of the lease term.
   
  Loan No. 12 – Midtown Center – the Largest Tenant, Fannie Mae, representing approximately 82.2% of the net rentable area at the Mortgaged Property, has (i) a unilateral termination option effective May 31, 2029 upon 32 months’ notice and (ii) the right to contract its premises by one full floor per year upon at least 18 months’ notice
   
  Loan No. 19 – BOA Building Tulsa – the Third Largest Tenant, Bank of America, National Association, representing approximately 6.3% of the net rentable area at the Mortgaged Property has a one-time right to terminate its lease with respect to all or a portion of its space with an effective termination on May 1, 2022 by providing the lender a minimum of 12 months’ prior written notice. The lease also provides for an additional contraction option with written notice on or before April 30, 2021, whereby the tenant may contract up to 25% of its space on May 1, 2022. The fee for exercising the cancellation option or the termination option will be equal to the unamortized tenant allowances and brokerage commissions incurred by the landlord during the applicable renewal term, discounted at an eight percent (8%) interest rate.
   
  Loan No. 26 – Keystone Crossing – The Fourth Largest Tenant, General Services Administration, representing approximately 7.3% of the net rentable area at the Mortgaged Property, has the right to terminate its lease at any time upon 60 days’ notice.
   
  Loan No. 28 – Millennium Park Plaza – The Fifth Largest Tenant, Ferrero USA Inc, representing approximately 0.5% of the net rentable area at the Mortgaged Property, has the right to terminate its lease after May 31, 2020 with three months’ notice and payment of a termination fee.
   
(24) The following major tenants (listed on Annex A-1) are currently subleasing all or a significant portion of its leased space:
   
  Loan No. 7.01 – 3001 Red Lion Road – The sole tenant, PCI Pharma, subleases 49,566 sq. ft. to MedImmune (wholly owned by AstraZeneca).
   
  Loan No. 14 –  Westland Fair – The Largest Tenant, Michael’s, representing approximately 11.7% of the net rentable area, subleases its space from CFSMC Las Vegas, LLC.
   
(25) 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 net rentable area 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.

 

 

 

 

  Loan No. 1 – Century Plaza Towers – the Largest Tenant, Bank of America, representing approximately 6.2% of the net rentable area at the Mortgaged Property, has signed a lease for an additional 26,664 sq. ft. on the 13th floor of the South Tower and is expected to being paying rent and take occupancy in January 2020. The Second Largest Tenant, Manatt Phelps, representing approximately 4.8% of the net rentable area at the Mortgaged Property, has signed a lease for five suites in the South Tower on the 4th, 14th, 15th, 16th and 17th floors totaling 116,366 sq. ft. and is expected to begin paying rent and take occupancy in stages starting in March 2020, with full occupancy of the space expected by May 2020. The Fourth Largest Tenant, Kirkland & Ellis, representing approximately 3.6% of net rentable area at the Mortgaged Property, has not yet taken occupancy and is expected to occupy three suites in the South Tower on the 37th, 38th, and 39th floors totaling 85,664 sq. ft. starting in January 2020. The Fifth largest tenant, Greenberg Glusker, representing approximately 3.5% of the net rentable area at the Mortgaged Property has signed a lease for three suites in the South Tower on the 26th, 27th and 31st floors totaling 83,199 sq. ft. and is expected to being paying rent and take occupancy in March 2020. We cannot assure you whether these tenants will take occupancy and begin paying rent as expected or at all.
   
  Loan No. 12 – Midtown Center – The Second Largest Tenant, WeWork, representing approximately 12.7% of the net rentable area at the Mortgage Property, is entitled to free rent through December 2019. A rent concession reserve was required at origination for full abated amounts.
   
(26) The following Mortgage 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 or Diversified Ownership” in this Preliminary Prospectus for further information.
   
  Loan No. 16 – Tri Pointe Plaza
   
  Loan No. 35 – Oxy Lofts
   
(27) All upfront reserve balances reflect the upfront reserve amount at loan origination. The current balance may be less than the amount shown.
   
(28) 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. 4 – Weston Kentucky Portfolio – the borrower has requested the release of the $4,400,000 Earnout Amount based on the satisfaction of the applicable conditions, which include, among other things, a renewal of a particular lease. We cannot assure you that the earnout reserve will be released as expected or at all.
   
  Loan No. 19 – 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.
   
(29) Loan No. 4 – Weston Kentucky Portfolio – If the TI/LC reserve falls below the TI/LC reserve cap of $1,000,000, the borrower is required to deposit $20,833 on each monthly payment date until the TI/LC reserve cap is met.
   
  Loan No. 14 – Westland Fair – If the TI/LC reserve falls below the TI/LC reserve cap of $500,000, the borrower is required to deposit approximately $17,844 on each monthly payment date until the TI/LC reserve cap is met.
   
  Loan No. 22 – Brentwood Town Center – If the TI/LC reserve falls below the TI/LC reserve cap of $75,000, the borrower is required to deposit $6,250 on each monthly payment date until the TI/LC reserve cap is met.
   
  Loan No. 39 – Hub at Vista Palomar Park – If the TI/LC reserve falls below the TI/LC reserve cap of $125,000, the borrower is required to deposit approximately $2,304 on each monthly payment date until the TI/LC reserve cap is met.
   
(30) Loan No. 20- – Embassy Suites Laredo – The Monthly Replacement Reserve is an FF&E reserve in an amount equal to the greater (i) of the then-current amount required under the management agreement, (ii) the then-current amount required under the franchise agremenet for approved capital expenditures and (iii) (a) for the payment dates occurring in November 2019 through October 2020, 2% of the prior month’s gross revenue, (b) for the payment dates occurring in November 2020 through October 2021, 3% of the prior month’s gross revenue and (c) for the payment dates occurring from November 2021 and thereafter, 4% of the prior month’s gross revenue.
   
  Loan No. 23 – Residence Inn Phoenix Chandler South – The Monthly Replacement Reserve is an FF&E reserve in an amount equal to (i) for the payment dates occurring in December 2019 through November 2020, approximately $17,017 and (ii) thereafter the greater of (a) the monthly amount required to be reserved pursuant to the franchise agreement for the replacement of FF&E or (b) 1/12 of 4% of the operating income of the Mortgaged Property for the previous 12-month period as determined on the anniversary of the last day of the calendar month in October.

 

 

 

 

  Loan No. 33 – Home2 Suites Hanford Lemoore – The Monthly Replacement Reserve is an FF&E reserve in an amount equal to (i) for the payment dates occurring in December 2019 through November 2020, approximately $11,629 and (ii) thereafter the greater of (a) the monthly amount required to be reserved pursuant to the franchise agreement for the replacement of FF&E or (b) 1/12th of 4% of the operating income of the Mortgaged Property for the previous 12-month period as determined on the anniversary of the last day of the calendar month in October.
   
(31) 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  
  1

Century Plaza

Towers(1)

$ 75,000,000 7.30% $ 50,000,000 Yes 6/24/2021  

  (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.
   
(32) Loan No. 1 – Century Plaza Towers – There is no non-recourse carveout guarantor or separate environmental indemnitor with respect to the Century Plaza Towers Whole Loan.

  Loan No. Mortgage Loan

Senior Notes Cut-off Date Balance

Subordinate Notes 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(1)

Total Senior Notes Cut-off Date LTV

Total Mortgage Debt Cut-off Date LTV Ratio(1)

Total Senior Notes U/W NOI Debt Yield

Total Mortgage Debt U/W NOI Debt Yield(1)

  1

Century Plaza

Towers

$ 900,000,000 $ 300,000,000 $ 1,200,000,000 4.09x 3.07x 39.1% 52.1% 13.5% 10.1%
  2 180 Water $ 137,500,000 $ 127,500,000 $ 265,000,000 3.15x 1.63x 30.5% 58.7% 11.0% 5.7%
  5 225 Bush $ 203,600,000 $ 146,400,000 $ 350,000,000 3.85x 2.24x 34.6% 59.4% 13.4% 7.8%
  10

The Essex

Site 2

$ 117,000,000 $ 58,000,000 $ 175,000,000 3.66x 1.89x 39.9% 59.7% 10.3% 6.9%
  12

Midtown

Center

$ 382,000,000 $ 143,000,000 $ 525,000,000 3.98x 2.90x 39.8% 54.7% 12.6% 9.1%

  (1)     Includes any related pari passu companion loan(s) and subordinate secured companion loan(s)

 

(33) Loan No. Mortgage Loan

Mortgage Loan Cut- off Date

Balance

% of 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 Cut-off Debt U/W NOI Debt Yield(1)

 
  2 180 Water $ 62,500,000 6.1% $ 100,000,000 8.3% 11/6/2024 Yes 80.8% 0.85x 4.1%  
  10

The Essex

Site 2

$ 35,100,000 3.4% $ 40,000,000 6.6% 11/1/2026 Yes 73.4% 1.33x 5.6%  

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

 

(34) 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

 
  1

Century Plaza

Towers

$ 75,000,000 7.3% Yes 3.12x 52.1% 9.5%  
  2 180 Water(1) $ 62,500,000 6.1% Yes 0.85x N/A 4.1%  
  3 The Shoppes at Blackstone Valley(2) $ 55,000,000 5.4% Yes 1.25x 70.0% 9.1%  
  17 Villa Carlotta $ 20,500,000 2.0% Yes 1.25x 80.0% 7.0%  
  20

Embassy

Suites Laredo

$ 18,000,000 1.8% Yes 2.18x 69.8% 12.3%  
  39 Hub at Vista Palomar Park $ 7,200,000 0.7% Yes 2.74x 61.3% 10.1%  

  (1)     The borrower has a one-time right to cause to incur additional indebtedness in the form of a mezzanine loan, that will be in no event greater than $100,000,000.
   
  (2)     The borrower has the right to incur additional indebtedness in the form of a mezzanine loan, that will be in no event greater than $40,000,000.